Summary

• Stellantis, Nissan profits hit by problems in U.S. market
• Shares hit by poor results
• Ford’s EV business weights on earnings
• Stellantis ready to axe unprofitable brands

LONDON/DETROIT, (Reuters) – Problems in the highly competitive U.S. car market including weak prices, high inventories and difficult logistics dented profits and hit shares of automakers including Ford Motor, Stellantis and Nissan on Thursday, as they scramble to find a fix. Continue reading “US market proves a headache for global carmakers”

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World breaks hottest day record again, despite El Nino’s end WAF Continue reading “WAF Auto News | The Auto World This Week (26th July 2024)”

Summary

• Record set despite absence of warming El Nino weather pattern
• Wildfires blaze in parts of Mediterranean, Siberia, Canada, US
• Excess ocean heat may be helping fuel typhoon nearing Taiwan

LONDON, (Reuters) – The world again registered its hottest day on record on Monday, inching past the previous high recorded just 24 hours earlier on Sunday, according to preliminary data from a European Union monitoring agency. Continue reading “World breaks hottest day record again, despite El Nino’s end”

BANGKOK, (Reuters) – Car production in Thailand fell 20.11% in June from a year earlier due to tighter financing rules and high consumer debt, and full-year production is now expected to be lower than in 2023, the Federation of Thai Industries (FTI) said on Thursday.

The figure compared with May’s 16.19% year-on-year drop. Continue reading “Thailand car production drops sharply in June, local sales fall”

TOKYO, (Reuters) – Japan’s Nissan Motor slashed its annual outlook on Thursday after deep discounting in the United States almost completely wiped out the automaker’s first-quarter profit.

The figures confounded the expectations of analysts who saw profit exceeding last year’s, sending Nissan stock plunging 7%. Continue reading “Nissan profit wiped out by US discounts; shares hammered”

Summary

• Strong sales of premium vehicles, hybrids drive record profit
• Shares close down 2.7% prior to results
• Co expects US Inflation Reduction Act unlikely to be scrapped

SEOUL, (Reuters) – Hyundai Motor reported record quarterly profit and revenue on Thursday on strong sales of high-margin cars and said it would expand hybrid lineups to brace for possible changes in U.S. electric vehicle (EV) policies following the election. Continue reading “Hyundai Motor posts record Q2 profit on strong US sales, to boost hybrid lineups”

Summary

• In change of stance, CEO says may axe unprofitable brands
• Company expects to launch 20 new models this year
• North America ‘needs the most work’ – exec
• To reduce North America output, prices

MILAN, (Reuters) – Stellantis is taking steps to fix weak margins and high inventory at its U.S. operations and will not hesitate to axe underperforming brands in its sprawling portfolio, its chief executive Carlos Tavares said on Thursday. Continue reading “Stellantis ready to axe brands and fix US problems, CEO says”

MEXICO CITY, (Reuters) – Mexico’s president on Wednesday pushed back on Tesla CEO Elon Musk’s comments that the EV maker has paused plans for a plant in Mexico and would reassess investing in a new gigafactory in the country after the U.S. presidential election.

President Andres Manuel Lopez Obrador said the comments are “not serious.” Continue reading “Mexico president says Musk ‘not serious’ about possibly scrapping Mexican investment”

(Reuters) – Software vendors can band together as a class to sue automotive technology giant CDK Global for allegedly restricting access to data and causing them to pay hundreds of millions of dollars in overcharges, a federal judge in Chicago has ruled.

Chief U.S. District Judge Rebecca Pallmeyer on Tuesday said, AutoLoop, which sells software to thousands of dealerships, had met the legal standard to certify its 2018 lawsuit against CDK into a class action with hundreds of other auto industry vendors. Continue reading “Automotive tech company CDK must face antitrust class action, judge says”

Summary

• Ford operating profit misses analysts’ expectations
• Ford maintains full-year outlook
• Investors express frustration with Ford’s progress despite management’s optimism

(Reuters) – Ford Motor reported a dip in second-quarter adjusted profit on Wednesday as the automaker continues to battle costly quality issues and an EV business that is weighing on its bottom line, sending shares tumbling 11% in after-hours trading. Continue reading “Ford profit disappoints, stock falls 11% as quality issues dog automaker”

SINGAPORE, (Reuters) – China’s BYD widened its sales lead over Tesla in Singapore in the first half of this year, government data showed, highlighting the challenge facing the world’s biggest electric vehicle maker by sales from Chinese rivals.

BYD’s strong growth in Singapore, one of the region’s smallest auto markets, underscores the Chinese firm’s ambition to dominate the Southeast Asia market, where gasoline car brands from Japan and South Korea are popular and Tesla has yet to establish a big presence. Continue reading “China’s BYD widens EV lead over Tesla in Singapore, Southeast Asia, data shows”

Summary

• Investors welcome Q2 results, concerned by supply chain problems Porsche cut outlook on Tuesday on supply chain shortage
• Q2 results largely meet analyst expectations
• Model launches, weak sales in China dampen revenue

BERLIN, (Reuters) – Porsche said on Wednesday it was fighting to restore production volumes and re-prioritise spending towards a more flexible product line-up after months of supply chain snags, slow EV demand and a sales slump in China. Continue reading “Porsche bids to restore output, tackle supply chain risks in second half”

(Reuters) – Electric car maker Rivian Automotive will go on trial over allegations that it encouraged its employees who defected from Elon Musk’s Tesla to steal trade secrets, according to a tentative ruling issued by a California judge.

Judge Theodore C. Zayner of the Santa Clara County Superior Court tentatively denied Rivian’s motion to dismiss the lawsuit, stating Tesla presented sufficient evidence for a trial. Continue reading “Rivian to face trial in Tesla trade secrets theft case, judge says”

(Reuters) – BMW is recalling 291,112 vehicles in the U.S. as their interior cargo rails could detach during a rear crash, increasing the risk of injury, the U.S. National Highway Traffic Safety Administration said on Wednesday.

Dealers will replace the rear cargo rail attachment bolts for free, the regulator said. Continue reading “BMW to recall 290,000 faulty vehicles in US on safety fears”

Summary

• Shares lose 11% after disappointing results
• EV deliveries down for second straight quarter
• Auto margins decline on competition

(Reuters) – Tesla shares sank more than 11% on Wednesday as its shrinking auto-sales margins disappointed investors after top boss Elon Musk hyped the company’s investment plans for AI and self-driving technologies. Continue reading “Tesla’s bleak margins sour investors as Musk hypes everything but cars”

Source : PTI | Porsche India on Wednesday said its retail sales increased 40% year-on-year to 489 units in the January-June period. The company saw robust sales of Cayenne and Macan models during the period under review, the luxury sports carmaker said in a statement.

“The desire to own a Porsche in India continues to grow and we are elated to see that the first half of 2024 has been our best ever,” said Manolito Vujicic, Brand Director, Porsche India. Continue reading “Porsche India retail sales grow 40% in January-June period”

Summary

• GM raises adjusted pre-tax profit projection for the year to $13 billion to $15 billion from previous range of $12.5 billion to $14.5 billion
• GM shifts focus to next-generation Chevrolet Bolt for Cruise self-driving unit
• GM’s China operations face scrutiny, $104 million loss reported

DETROIT, Reuters) – General Motors reported second-quarter profit and revenue on Tuesday that beat Wall Street’s expectations, and raised its annual profit forecast for a second time this year, buoyed by strong pricing and demand for gas-powered Continue reading “GM beats quarterly expectations and raises forecast, but shares dive”

(Reuters) – Tesla CEO Elon Musk said on Tuesday that U.S. presidential candidate Donald Trump’s potential removal of support for electric vehicles would hurt other automakers more than the Austin, Texas-based firm.

“It would be devastating for our competitors, and it would hurt Tesla slightly but long term probably actually helps Tesla would be my guess,” Musk said in a post-earnings conference call after the EV maker reported its lowest profit margin in more than five years. Continue reading “Musk says any Trump move against EV support would hurt competitors more than Tesla”

Summary

• Tesla’s Q2 automotive gross margin to 14.6% vs. analysts’ estimates of 16.3%
• Musk forecasts self-driving software to drive Tesla vehicles without human supervision next year
• Musk says Tesla likely to win approval for “supervised” FSD in China, Europe this year
• Tesla’s sales of regulatory credits triple in Q2
• Tesla delays Robotaxi unveiling to Oct. 10 for vehicle improvements

(Reuters) – Tesla on Tuesday reported its lowest profit margin in more than five years and missed Wall Street earnings targets in the second quarter, as the electric vehicle maker cut prices to revive demand while it increased spending on AI projects. Continue reading “Tesla profit margins worst in five years as price cuts, incentives weigh”

Source : PTI | The extent to which renewables should dominate Australia’s energy grids is a major issue in science and politics. Solar and wind are clearly now the cheapest form of electricity. But limits to these technologies can undermine the case for a renewables-only electricity mix. The challenges posed by solar and wind generators are real. They are inherently variable, producing electricity only when the sun is shining and the wind is blowing. To ensure reliable energy supplies, grids dominated by renewables need “firming” capacity: back-up technology that can supply electricity on demand.

Some, including the Albanese government, argue gas-fired generators are needed to fill the gap. Others, such as the Coalition, say renewables can’t “keep the lights on” at all and Australia should pursue nuclear energy instead. Continue reading “Sodium-ion batteries are set to spark a renewable energy revolution – and Australia must be ready”

(Reuters) – Porsche AG cut its sales and profit outlook on Tuesday due to an unexpected aluminium alloy supply shortage, sending the German company’s shares down 4% to the bottom of Frankfurt’s blue-chip index.

Flooding at an unspecified European contractor has hurt supply of aluminium alloy, the luxury sports car maker said, affecting production of all its models and possibly leading to shutdowns for one or more vehicle series. Continue reading “Porsche cuts forecasts, shares fall, amid alloy shortage”

TOKYO, (Reuters) – Toyota Motor said on Tuesday it would launch an 807 billion yen ($5.16 billion) tender offer for its own shares.

The buyback comes amid a governance push by the Tokyo Stock Exchange that has prompted major companies to unwind cross-shareholdings. Continue reading “Toyota to launch $5.16 billion tender offer for own shares”

Summary

• Forvia, BYD to bring Asian partnership to Europe for the first time
• Partnership to take place in BYD’s new Hungarian factory
• Spokesperson- no comment on scale of operations

(Reuters) – The world’s seventh largest car parts supplier Forvia will bring its partnership with Chinese battery specialist and car maker BYD to Europe, it said on Tuesday. Continue reading “Forvia and BYD to bring Asian partnership to Europe”

DETROIT, (Reuters) – General Motors reported second-quarter profit and revenue on Tuesday that beat Wall Street’s expectations, and raised its annual profit forecast for a second time this year, buoyed by strong pricing and demand for gas-powered trucks.

The Michigan automaker is leaning heavily on its gasoline-engine offerings to fuel its profits through a slower-than-anticipated transition to electric vehicles. GM executives say it has now laid the foundation necessary to meet ambitious ramp-up targets on EVs. Continue reading “GM beats second-quarter expectations, raises forecast again”

(Reuters) – Stellantis owned Chrysler is recalling 19,516 hybrid mini-vans in the U.S. as their battery pack may cause a fire when parked, even when the ignition is switched off, the U.S. National Highway Traffic Safety Administration said on Tuesday.

The recall affects certain Pacifica Plug-In Hybrid Electric (PHEV) vehicles manufactured between 2017-2021, said the NHTSA, advising the owners to not charge their vehicles, and to park outside and away from structures, until they are repaired. Continue reading “Stellantis to recall about 19,500 hybrid mini-vans in U.S. over battery fire risk”

(Reuters) – General Motors’ Cruise self-driving unit will focus its development efforts on a next-generation Chevrolet Bolt rather than its planned futuristic Origin vehicle that would not have a steering wheel or other human controls, the automaker said on Tuesday.

In 2022, GM filed a petition with the National Highway Traffic Safety Administration seeking permission to deploy up to 2,500 self-driving Origin vehicles annually without human controls such as brake pedals or mirrors. The agency still has not acted on the request. Continue reading “GM puts self-driving vehicle without steering wheel on hold”

KRAGUJEVAC, Serbia, (Reuters) – Stellantis is ready to “fight” for its place in Europe’s electric vehicle market against strong competition from Chinese carmakers, its CEO Carlos Tavares said on Monday, as the group presented its new EV production line in Serbia.

“We are going to be challenged and I would say brutally challenged by the Chinese offensive on the European market,” Tavares said on Monday. “At Stellantis we are ready for the fight.” Continue reading “Stellantis ready to ‘fight’ for place in Europe’s EV market, CEO says”

Source : PTI | New Delhi: Delhi Congress chief Devender Yadav Sunday alleged that 600 PUC centres, which check vehicles for their emission levels, have closed due to the AAP government’s “internal churn”, and lakhs of vehicles are plying on the road without pollution clearance certificates. He said the BJP and the Aam Aadmi Party should emulate the governance model of the Sheila Dikshit-led Congress dispensation to eradicate air pollution from the city, he said.

“Due to the Kejriwal government’s internal churn, 600 PUC (Pollution Under Control) centres have been closed — lakhs of vehicles ply on roads without getting pollution clearance certificates in the Capital,” Delhi Congress chief Devender Yadav said. Continue reading “600 PUC centres in Delhi shut due to AAP govt’s internal churn: Cong”

(Reuters) – General Motors and Ford may post lower profit when they report quarterly results this week, as the industry’s high-stakes bet on EVs fails to pay off, while a cyberattack on a crucial computer network used by dealerships disrupted sales.

GM is expected to report a 7.7% drop in second-quarter net income, while Ford is expected to post a 10% drop in profit, according to data from LSEG. GM is scheduled to report its results on Tuesday and Ford the following day. Continue reading “GM, Ford profit may take a hit from cooling EV demand, US dealer software outage”

Summary

• Shares plunge as much as 80%
• Turnaround plans foresee equity wipe-out
• CEO says Varta needs double digit mln eur sum in fresh fundingCEO Ostermann says significant debt relief also a must

MUNICH,(Reuters) – Varta stock plunged as much as 80% to a record low on Monday after the German battery maker said restructuring options to avert insolvency, potentially with the help of Porsche, would leave shareholders with nothing. Continue reading “Varta’s Porsche-led rescue would leave investors empty-handed”

SALMON-CHALLIS NATIONAL FOREST, Idaho, (Reuters) – The only U.S. cobalt mine sits fallow in the northern Idaho woods, a mothballed hunk of steel and dirt that is too expensive for its owner to operate because Chinese rivals have flooded global markets with cheap supplies of the bluish metal used in electric vehicle batteries and electronics.

Jervois Global, which dug the mine into the side of a nearly 8,000-foot (2,400-meter) mountain, watched helplessly last year as cobalt prices plunged after China’s CMOC Group opened the Kisanfu mine in the Democratic Republic of Congo, pushing global production of the metal to an all-time high. Continue reading “Western miners push for higher metals prices to ward off Chinese rivals”

PARIS, (Reuters) – Renault’s CEO Luca De Meo expressed doubts over the timeline for transitioning to electric vehicles in Europe, adding the carmaker has to bring down costs if it wants to deliver on its EV goals, in comments to business daily Les Echos published on Monday.

WHY IT’S IMPORTANT

The transition to electric vehicles plays a crucial role in reducing global carbon emissions, and the pace at which this shift occurs will reshape automotive industry and the environment. Continue reading “Renault CEO calls for flexibility in European EV transition timeline”

(Reuters) – Tesla’s second-quarter margin hit a more than five-year low, the electric vehicle maker is likely to report on Tuesday, and its CEO Elon Musk is expected to double down on the company’s robotaxi plans and AI products.

Discounts to clear inventory, price cuts and incentives such as cheaper financing options offered to boost EV sales have squeezed Tesla’s margin over the past two years, while sales dropped as customers grew tired of its old model lineup. Continue reading “Tesla margins likely dipped in Q2; robotaxi, AI ventures in focus”

(Reuters) – The U.S. National Highway Traffic Safety Administration (NHTSA) said on Monday that it has opened a preliminary evaluation into about 150,000 Stellantis vehicles over reports of loss of motive power that is causing the engine to shut down, with intermittent ability to restart.

The NHTSA has received 80 such consumer complaints affecting 2022 RAM 1500 pickup trucks and 2022 Jeep Wagoneer SUV vehicles. Continue reading “US opens probe into 150,000 Stellantis vehicles over loss of motive power”

Source : PTI | Tyre maker CEAT Ltd expects double-digit growth in replacement and international business this fiscal despite a high natural rubber price forcing it to hike product rates, according to its MD and CEO Arnab Banerjee. The company, which has taken price hikes of 2-2.5% in the replacement segment since May, expects another round of increase towards the end of July but is betting on robust demand across categories and turnaround of the rural market to drive growth.

“We would like to think that unless there are some unforeseen headwinds, the growth will be steady and positive. We would like to maintain double-digit growth in the replacement segment and international business,” Banerjee told PTI. Continue reading “Expect double-digit growth in replacement, international business despite rubber price hike: CEAT”

BANGKOK, (Reuters) – A Thai investigation into discounts from China’s BYD, will continue despite a cash-back programme from its distributor in response to a backlash from consumers who felt they overpaid for their EVs, a senior official said Friday.

Thailand, a regional auto assembly and export hub, is BYD’s largest overseas market, where it is the top-selling electric vehicle brand. BYD last month opened a factory in Thailand, its first in Southeast Asia. Continue reading “Thai investigation into BYD EV discounts moves ahead despite cash-back offer”

BEIJING, (Reuters) – A decision by the Trump administration to sanction China’s Xiaomi Corp in early 2021 was the catalyst for the company’s decision to build its first electric car, CEO Lei Jun said on Friday.

Best known for its smartphones and home appliances, Xiaomi entered China’s crowded EV market this year, part of its strategy to diversify its product portfolio. Continue reading “Trump sanctions prompted China Xiaomi’s EV entry, CEO says”

(Reuters) – Chinese electric vehicle (EV) maker Xpeng said on Monday it has established a project house in partnership with German automaker Volkswagen AG for engineers to accelerate the development process of new architecture for EVs. Continue reading “Xpeng, Volkswagen set up project house to roll out new EV architecture”