(Reuters) – A new form of sticker shock has hit American car buyers like Darin Davis.
In January, when the 56-year-old Dallas real estate agent renewed the insurance on the pearly-white 2024 Cadillac XT4 that he bought just a few months earlier, the rate nearly doubled. Continue reading “Soaring insurance costs hit as US buyers get a break on car prices”
Summary
(Reuters) – Tesla has canceled the long-promised inexpensive car that investors have been counting on to drive its growth into a mass-market automaker, according to three sources familiar with the matter and company messages seen by Reuters. Continue reading “Exclusive: Tesla scraps low-cost car plans amid fierce Chinese EV competition”
(Reuters) – A made-in-China electric vehicle will hit U.S. dealers this summer offering power and efficiency similar to the Tesla Model Y, the world’s best-selling EV, but for about $8,000 less.
The EX30 from Volvo Cars, the Swedish luxury brand owned by China’s Geely, foreshadows the fierce competitive threat U.S. automakers could face from Chinese EV manufacturers that have surged far ahead of global rivals, especially on affordability. Continue reading “How Volvo landed a cheap Chinese EV on U.S. shores in a trade war”
(Reuters) – Former Tesla executive Drew Baglino has sold shares worth around $181.5 million in the world’s top EV maker, according to a SEC filing on Thursday.
Baglino, a Tesla veteran who began his career as an engineer in 2006 and was one of four members, along with Elon Musk, on the company’s leadership team. Continue reading “Former exec Baglino sells Tesla shares worth $181.5 mln, SEC filing shows”
BEIJING, (Reuters) – It’s taken Huawei just four years to become a force in smart car technology, navigating the devastation of trade sanctions on its smartphones business while simultaneously developing a driver assistance system that is the darling of the Beijing auto show.
Huawei Technologies has two huge booths at this week’s event, and there are at least seven Chinese automakers touting its Qiankun installed in their cars as the most sophisticated advanced driving assistance system (ADAS) to date. Continue reading “Huawei’s smart car tech offers automakers route to China sales”
SAN FRANCISCO/AUSTIN, Texas, (Reuters) – Elon Musk’s new plan to use current product lines as the basis for new affordable vehicles — rather than springing for all-new models — follows the playbook of Tesla’s old-school Detroit rivals, as some Tesla investors and analysts see it.
The shift toward incremental improvement, mirroring a common strategy of Ford and General Motors, suggests the future of car-making that Musk has promised to disrupt may still look a lot like the past. Continue reading “Tesla’s plan for affordable cars takes page from Detroit rivals”
LONDON, (Reuters) – U.S. and European politicians have raised alarms that their domestic auto industries could be destroyed by a wave of cheap Chinese electric vehicles. But so far, China’s top EV maker, BYD, has dramatically hiked export prices compared to what it charges at home rather than undercut foreign rivals.
The goal: to rake in hefty profit margins the automaker can’t get in China amid fierce competition. Continue reading “Insight: Why BYD’s EV exports sell for twice the China price”
WASHINGTON, (Reuters) – U.S. auto safety regulators said on Friday they have opened an investigation into whether Tesla’s recall of more than 2 million vehicles announced in December to install new Autopilot safeguards is adequate following a series of crashes.
The National Highway Traffic Safety Administration (NHTSA) said it opened the probe after receiving reports of 20 crashes involving vehicles that had the new Autopilot software updates installed under Tesla’s recall. Continue reading “US probes Tesla recall of 2 million vehicles over Autopilot”
SAN FRANCISCO, (Reuters) – Tesla plans to lay off 693 employees at its facilities in Sparks, Nevada, a government notice showed, as part of its plan to cut more than 10% of its global workforce amid dropping sales and rising competition.
The notice was submitted to the Nevada Department of Employment, Training, and Rehabilitation earlier this week. Continue reading “Tesla to lay off 693 employees in Nevada, government notice says”
(Reuters) – Daimler Truck agreed to a new labor contract on Friday with over 7,300 hourly workers represented by the United Auto Workers (UAW) at six facilities in the U.S. South, averting a strike at the 11th hour.
“For months, we said that record profits should mean a record contract with no concessions,” UAW President Shawn Fain said in a late-night appearance on YouTube from Charlotte, North Carolina, near where the company has plants. Continue reading “Daimler Truck reaches deal with United Auto Workers, averts U.S. strike”
WASHINGTON, (Reuters) – The Biden administration is not taking any options off the table to respond to China’s excess industrial capacity, which is a top concern for the U.S. and its allies, U.S. Treasury Secretary Janet Yellen told Reuters on Thursday.
China exporting its way to full employment is not acceptable to the rest of the world, Yellen said in a Reuters Next interview in Washington. Continue reading “Nothing off the table in US response to China overcapacity, Yellen says”
TOKYO, (Reuters) – Honda Motor plans to invest C$15 billion ($11 billion) in new EV and battery production plants alongside its existing facilities in Ontario, it said on Thursday, the Japanese automaker’s largest ever investment in Canada.
The investment, announced by company executives and Canadian Prime Minister Justin Trudeau, signals Honda’s expectation for more growth in North American demand for EVs. Continue reading “Honda to set up $11 bln electric vehicle, battery plants in Canada”
INDIA
MG Motor India Installs 500 EV Chargers in 500 Days APN News
Volkswagen India launches new variants – Taigun GT Line and GT Plus Sport WAF
Tata Passenger Electric Mobility to supply 2,000 XPRES-T units to Vertelo WAF Continue reading “WAF Auto News | The Auto World This Week (26th April 2024)”
FRANKFURT, (Reuters) – Mercedes-Benz is planning to launch a luxury electric van for the Chinese market based on its VAN.EA platform, the head of the carmaker’s vans division told German magazine WirtschaftsWoche.
“A super-luxury variant, so to speak. We want to significantly increase our sales share in China,” Mathias Geisen was quoted as saying. “In China, demand for vans is growing rapidly, especially in the luxury segment.” Continue reading “Mercedes-Benz to launch luxury electric van for Chinese market”
BEIJING, (Reuters) – Mercedes-Benz executives said on Thursday the company would continue to invest in tie-ups with Chinese partners including automaker BAIC Group (1958.HK), opens new tab, underscoring the importance of China to its global strategy.
China is “the most dynamic new energy vehicle market”, country chief Hubertus Troska said at a press conference on the opening day of the Beijing auto show. Continue reading “Mercedes-Benz says it will continue to invest in Chinese tie-ups”
BEIJING, (Reuters) – Nissan Motor and Mazda Motor unveiled new cars tailored for Chinese drivers on Thursday, signalling a fresh push by Japanese automakers to regain ground in the world’s largest auto market.
The models, including some concept cars, were introduced at the Beijing auto show and mark an attempt to better respond to demand from Chinese consumers for software-loaded, electric-powered vehicles. Continue reading “Nissan, Mazda roll out new models for China as they aim for comeback”
BEIJING, (Reuters) – Chinese smartphone maker Xiaomi has locked in 75,723 orders for its sporty SU7 electric sedan as of April 24, and aims to deliver over 10,000 units in June, founder Lei Jun said on Thursday.
The delivery target sets a record for an electric vehicle (EV) startup, Lei said during an event on the first media day of the Beijing auto show. Continue reading “Xiaomi locks in over 75,000 orders for SU7 car, targets over 10,000 deliveries in June”
BEIJING, (Reuters) – China’s largest auto show opened in Beijing on Thursday with the biggest names showing off their latest electric vehicles (EVs), underlining how the world’s largest auto market is already in an all-electric state of mind, and isn’t looking back.
Automakers are set to unveil 117 new models versus 93 at last year’s show in Shanghai，while overall 278 new energy vehicles (NEVs) will go on display, seven more than last year, organisers said. Continue reading “China’s largest auto show showcases all-electric future, local brands dominate”
BEIJING, (Reuters) – Chinese electric vehicle (EV) battery maker CATL on Thursday unveiled a lithium iron phosphate (LFP) battery with a driving range of more than 1,000 kilometres (621 miles) on a single charge.
The Shenxing Plus is the world’s first LFP battery boasting such a range, Chief Technology Officer Gao Huan of CATL’s e-car division said on the first media day of the Beijing auto show. Continue reading “Chinese EV battery maker CATL unveils LFP battery with 1,000 km range”
TOKYO, (Reuters) – Toyota Motor said on Thursday its global sales and production hit record highs in the year ended March 31, supported by robust demand and the absence of semiconductor supply constraints it had to endure in recent years.
Still, Toyota plans to delay the start of its electric vehicle (EV) production in the U.S. and trim domestic production to ensure product safety and quality after a series of scandals at its group firms, the Mid Japan Economist newspaper said. read more Continue reading “Toyota hits record annual output, sales on robust demand”
PARIS, (Reuters) – Production at three Stellantis assembly plants in Europe has been stopped for several days due to a strike at a plant run by supplier MA France, a spokesperson told Reuters.
“Three sites have seen a production halt since the start of the week,” the spokesperson said, adding two are in France (Poissy and Hordain) and one in Britain (Luton). Continue reading “Three Stellantis plants halted due to strike at supplier”
LOS ANGELES/SAN FRANCISCO, (Reuters) – UPS and FedEx are facing uncertainty in U.S. supplies of big, boxy electric step vans they need to replace their gas guzzlers and make a dent in the country’s climate-warming tailpipe emissions.
The path to electrification by the package delivery giants is critical to U.S. President Joe Biden’s transportation climate goals. Achieving that aim, however, is hampered by battery shortages that are limiting EV supplies and keeping prices high, and by startup electric van makers that are running out of money and shutting down. Continue reading “UPS, FedEx transition to electric vans slowed by battery shortages, low supply”
Source : PTI | New Delhi: Tata Passenger Electric Mobility on Wednesday said it has secured an order to supply 2,000 units of XPRES-T electric sedans from integrated fleet electrification platform Vertelo. The company, a unit of Tata Motors, has inked a non-binding memorandum of understanding, with Macquarie managed Vertelo for the delivery of EV units.
The company will begin deliveries of the cars to Vertelo in a phased manner, Tata Passenger Electric Mobility (TPEM) said in a statement. Continue reading “Tata Passenger Electric Mobility to supply 2,000 XPRES-T units to Vertelo”
BEIJING, (Reuters) – Chinese-backed Swedish electric vehicle (EV) maker Polestar Automotive is accelerating efforts to produce more vehicles outside China in view of rising geopolitical tensions, its CEO said.
Asked how Polestar is preparing for the possibility a European probe into Chinese-made EVs might lead to increased tariffs, Thomas Ingenlath said the automaker was exploring the idea of speeding up exporting the Polestar 3 made in South Carolina to the European Union. Continue reading “Polestar speeds plans to make more cars outside China as EU-China tensions rise”
Summary
BEIJING/FRANKFURT, (Reuters) – Volkswagen aims to keep its Chinese market share roughly stable until the end of the decade, the head of its China business said, betting heavy investment will support sales despite a raging price war with local electric vehicle (EV) rivals. Continue reading “Volkswagen aims to keep China market share stable as price war rages”
(Reuters) – General Motors CEO Mary Barra’s total compensation in 2023 fell 4% to $27.8 million, the largest U.S. automaker said Wednesday.
The Detroit automaker also said GM President Mark Reuss’ total compensation in 2023 rose to just under $18 million, up from $14.3 million, while Chief Financial Officer Paul Jacobson’s compensation rose to $11.1 million last year, up from $10.2 million. GM general counsel Craig Glidden, who was also named president and chief administrative officer at self-driving unit Cruise last year, received $11.5 million. Continue reading “GM CEO Barra compensation fell 4% in 2023 to $27.8 million”
(Reuters) – Ford Motor Co posted first-quarter earnings on Wednesday that beat Wall Street’s expectations, bolstered by a strong performance in its commercial vehicle division and an increase in its hybrid vehicle sales.
The company said it expects to achieve the higher end of its projected annual guidance of $10 billion to $12 billion in earnings before interest and taxes. Ford shares rose more than 3% in after-market trading on the news. Continue reading “Ford profit beats on commercial sales; EVs still dragging”
Source : PTI | The government on Tuesday said it received bids from seven companies including Reliance Industries and JSW Neo Energy for production-linked incentives to set up battery manufacturing facilities of 10 GWh capacity with an outlay of INR 3,620 crore. The other bidders on the list included ACME Cleantech Solutions Private Limited, Amara Raja Advanced Cell Technologies Private Limited, Anvi Power Industries Private Limited, Lucas TVS Limited, and Waaree Energies Limited.
The bids for manufacturing facilities with a cumulative capacity of 70 GWh came in response to a global tender issued by the Heavy Industries Ministry on January 24 this year. Continue reading “Reliance, JSW Neo Energy and 5 others bid for govt incentives to set up battery manufacturing units”
Source : PTI | German automaker Volkswagen has rolled out two new variants of its popular sports utility vehicle Taigun, the company said on Tuesday.
Widening its product portfolio, the company has launched Taigun GT Line equipped with a 1.0L TSI engine at INR 14.08 lakh, while the Taigun GT Plus Sport 1.5L TSI will be available at INR 18.53 lakh, both ex-showroom prices. The two new variants were formally unveiled at the Volkswagen Annual Brand Conference which showcased its all-electric vehicle ID.4 in March. Continue reading “Volkswagen India launches new variants – Taigun GT Line and GT Plus Sport”
Reuters – The European Union launched an investigation into China’s procurement of medical devices on Wednesday in a latest effort to protect home-grown manufacturers.
It has also launched several probes into whether Chinese clean tech producers are dumping subsidised goods on its market and whether Chinese-owned companies unfairly benefit from subsidies while operating inside the EU. Continue reading “EU probes on Chinese subsidies and imports”
STOCKHOLM, (Reuters) – Swedish automaker Volvo Cars said on Wednesday it expects good demand for its vehicles this year after a rise in first-quarter unit sales, though operating earnings missed forecasts due to lower revenues and losses at its Polestar business.
Operating income (EBIT) for the first quarter fell to 4.7 billion Swedish crowns ($434.78 million) from 5.1 billion a year ago on the back of a decline in sales due to a negative foreign exchange rate and lower contract manufacturing sales, it said. Continue reading “Volvo Cars sees good demand this year after higher Q1 unit sales”
April 23 (Reuters) – Tesla said it will lay off 6,020 employees in Texas and California ahead of its quarterly results on Tuesday when CEO Elon Musk is expected to outline the electric-vehicle maker’s strategy to combat slowing demand and falling margins.
Last week, Tesla announced a more than 10% cut in its global workforce under pressure from dropping sales and an intensifying price war among EV makers, without revealing the number of employees the job cuts would impact. Continue reading “Tesla to cut more than 6,000 jobs in Texas, California, notices show”
Source : PTI | New Delhi: There has been a significant increase in demand for women apprentices in the manufacturing sector, as factories are increasingly adopting gender-agnostic recruitment practices, a sharp departure from traditional hiring norms and underscore the industry’s commitment to fostering inclusive work environments.
According to staffing company TeamLease, in the past 8-10 months, there has been a remarkable five-fold surge in demand for young women who have completed class 10/12 to be appointed as apprentices, reflecting a shifting landscape in India’s workforce dynamics. Continue reading “Representation of women apprentices in manufacturing sector to touch 40% by year-end: TeamLease”
(Reuters) – Shares of Tesla gained on Tuesday ahead of the electric car maker’s first-quarter results, with analysts expecting its lowest gross profit margin in more than six years due to price cuts and slowing demand.
The stock rose 2.9% to $146.19 ahead of the report, due after the closing bell.
Tesla also launched an all-wheel drive performance variant of the Model 3 on Tuesday, priced at $52,990. Unlike other variants of the compact sedan, the new version qualifies for federal tax credits, according to the EV maker’s website. Continue reading “Tesla shares rise ahead of quarterly results”
LONDON, (Reuters) – Electric car sales will rise strongly in 2024 and increasingly undercut oil demand, the International Energy Agency (IEA) forecast on Tuesday, adding affordability and charging infrastructure would be key to future growth.
Electric car sales will hit 17 million this year, compared to 14 million in 2023, with more than one in five cars sold globally set to be electric, the IEA said, predicting 10 million of those sales would be in China. Continue reading “Electric car sales to rise but affordability in focus, IEA says”
PARIS, (Reuters) – Renault expects its sales growth to accelerate this year as it launches a number of new models, the French automaker said on Tuesday, as it confirmed its profit margin and cash flow forecasts for 2024 and pushes ahead with cost cuts.
Renault posted a 1.8% rise in first-quarter revenue on Tuesday, with high interest rates lifting sales at its financing arm and car sales volumes by 2.6% versus a year earlier. Continue reading “Renault says new models to lift 2024 sales, confirms profit outlook”
FRANKFURT, (Reuters) – Tesla is targeting around 400 job cuts at its German gigafactory near Berlin, or about 3% of the plant’s total workforce, it said on Tuesday, adding it was hoping to achieve this without forced layoffs.
That is less severe than group-wide efforts to slash over 10% of Tesla’s more than 140,000 global employees, a response to an intensifying price war for electric vehicles that is pressuring automakers to reduce costs. Continue reading “Tesla targeting about 400 voluntary job cuts in Germany”
BEIJING, (Reuters) – China’s Xiaomi has secured locked-in orders for more than 70,000 of its SU7 electric cars as of Saturday and the company intends to keep its automotive business “100% focused” on the Chinese market for the next three years, founder Lei Jun said on Tuesday.
The smartphone maker is targeting more than 100,000 deliveries for the SU7 in 2024, he said in comments at an investor conference posted on his official WeChat account. Continue reading “Xiaomi’s SU7 orders reach 70,000, EV business to stay focused on China”
MILAN, (Reuters) – Porsche AG’s ability to close a hefty valuation discount to top rival Ferrari could hinge on whether its main owner, Volkswagen, is prepared to take a step back, giving the German sports car maker more freedom to cut costs and shape its future.
The maker of the iconic 911 has started the seventh quarter since its listing with a discount to Ferrari on a price-to-earnings (PE) basis just off a record 69%, disappointing hopes it could command a luxury-like valuation. Continue reading “Volkswagen holds keys to Porsche’s race against Ferrari”
DETROIT, (Reuters) – General Motors on Tuesday posted quarterly results that topped Wall Street targets and raised its annual forecast, citing stable pricing and demand for its gas-engine vehicles, sending shares up 5%.
The Michigan automaker upped its adjusted pre-tax profit projection for the year to $12.5 billion to $14.5 billion, from its previous range of $12 billion to $14 billion. Continue reading “General Motors beats quarterly results targets, raises forecast”
