LEGACY AUTOMAKERS
Rivian jumps 36% as $5 bln Volkswagen investment signals 'vote of confidence'
The investment is set to reinforce Rivian's dwindling cash reserves, push the startup nearer to profitability, and enhance its competitive stance in a market led by Tesla. As part of the agreement, Rivian will establish a joint venture with Volkswagen that is equally managed by both companies. This partnership will involve sharing electric vehicle architecture and software, which could later be utilized by Volkswagen's brands such as Audi, Porsche, and Lamborghini.
Volkswagen's $5 billion investment in Rivian boosts EV maker's shares
Rivian secures vital funding through Volkswagen's investment, enabling the launch of new EV models. The partnership signifies a significant step towards technological advancement and financial sustainability in the competitive electric vehicle market.
Renault, Geely create joint venture for hybrid, combustion engines
Renault and Geely's joint venture, HORSE Powertrain, aims to develop combustion and hybrid engines, bolstering competitiveness and addressing decarbonization challenges. With anticipated annual revenue of 15 billion euros and a production target of five million units. The venture, led by Matias Giannini as CEO and Daniel Li as chairman, signifies both companies' strategic partnership efforts.
How China's EV makers aim to beat Tesla, legacy automakers in Europe
Chinese EV titans BYD, Chery and Great Wall Motor (GWM) are preparing a fusillade of product launches - about 20 over the next five years - and spending heavily on sales and marketing in their most important export market.
Anand Mahindra's 'Kitne Scorpio the' response goes viral, netizens share hilarious memes
Anand Mahindra engages humorously on social media, referencing 'Sholay' and the iconic Scorpio SUV. The Mahindra Group chairman's witty interactions and the Scorpio's market dominance showcase the brand's enduring popularity and success in India.
Tesla doing damage-control, discounts for European fleet buyers
Tesla faces challenges in Europe as repeated price cuts hurt leasing companies' fleets and slow service alienates corporate customers. Tesla is offering unofficial discounts and addressing service complaints, but struggles with falling resale values and competition from Chinese and legacy automakers. Fleet customers demand better service and lower repair costs.
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Ford losing $100,000 per every electric vehicle: Report
Ford Motor Co faces losses from electric vehicles, cutting orders and fast-tracking small EVs to compete with Tesla. CEO Jim Farley acknowledges challenges. Tesla, Elon Musk, and CFO John Lawler's comments on pricing pressure and EV costs are key. Ford focuses on hybrids, delays launches, and addresses quality issues.
Mercedes retreats to gas guzzlers as EVs fail to boost profit
Mercedes-Benz Group AG is adjusting its electric-vehicle goals due to weakening sales, opting for combustion engines longer. CEO Ola Källenius cites slower transformation, pledging to make combustion and hybrid vehicles into the 2030s if demand persists. Disappointing electric model orders and lower margins prompt the shift, reflecting wider industry challenges.
Why BYD's EV exports sell for twice the China price
BYD strategically hikes export prices to maximize profit margins, significantly exceeding domestic prices. This approach aims to offset domestic price wars and boost profitability amid fierce competition in the global EV market.
Tesla's plan for affordable cars takes page from Detroit rivals
Tesla's new strategy focuses on offering more affordable models using existing platforms, steering away from the Model 2. The shift mirrors traditional automakers, sparking investor optimism despite concerns about execution risk.
China's BYD seeks to redefine luxury for the EV generation
BYD's Denza Z9GT challenges Mercedes-Benz in the premium EV market, showcasing advanced technology and upmarket push to increase profitability amid a saturated domestic market and international scrutiny.
US autocos race to build more hybrids as EV sales slow
US sees rising hybrid vehicle sales amid declining electric-vehicle sales. Automakers shift focus to meet consumer demand for hybrids, navigating Biden administration's EV policies and environmental concerns about CO2 emissions.
In EV catch-up race, legacy automakers hitch a lift with Formula E
Formula E has struggled to win over many motorsports enthusiasts, with Formula One still attracting significantly bigger audiences because electric cars lack the sustained power and noise of the internal combustion engine. But legacy automakers with electric teams say the race to maximize or regenerate power - Formula E cars start each race with only 60% of the battery capacity they need and have to generate the rest through braking - helps them develop more efficient motors and invertors, and software to enhance performance and range.
Hyundai Creta: Automaker unveils new features; ADAS and other key features confirmed
Hyundai India is gearing up to enhance its existing lineup in the country by launching the updated Creta Facelift on January 16, 2024. Bookings for the 2024 version of the Creta have already begun, with an initial booking amount of Rs. 25,000. The South Korean automaker anticipates a higher pricing for the new model compared to the current one. In an official statement, Hyundai described the Creta 2024 as a technologically advanced SUV that excels in features related to technology, safety, and comfort. The company aims to position the new Creta as the ultimate SUV in its segment.
Chinese auto giant BYD sells more electric vehicles than ever
But BYD last year sold 1.6 million fully electric vehicles and another 1.4 million hybrids, which are powered by both batteries and gasoline. Together that is a 62% increase over 2022. BYD is also making money, tripling its profit to $1.5 billion in the first half of last year. All told, Chinese automakers are expected to have sold about 9.4 million electric vehicles and hybrids last year, an increase from 6.9 million in 2022, according to the China Association of Automobile Manufacturers. The group said it expected sales in 2024 to rise again, to 11.5 million.
China poses another threat to the West, this time aimed at automakers
Chinese electric vehicle (EV) manufacturers are expected to almost double their global market share to 33% by the end of the decade, causing Western automakers to lose a fifth of their market share, according to UBS Group AG analysts. Chinese automakers, led by BYD Co., have a cost advantage over North American and European brands, allowing them to undercut rivals.
E-scooter launch: startups outpace legacy auto companies
Established players continue to dominate the electric passenger vehicle segment
Jimny to have positive rub off effect on Maruti brand as automaker eyes top spot in SUV space
Maruti Suzuki India expects its new offering Jimny to not only bring in volumes but also establish its credentials as a formidable player in the rapidly growing sports utility vehicle segment where it is eyeing the top slot, according to a senior company executive. The company, which is set to launch the model in the country next month, expects it to play a role along with other models like Brezza, Fronx and Grand Vitara to take the top position in the SUV segment.
China's Huawei partners with more automakers to produce Aito EVs
Huawei will team up with Chery Automobile, BAIC Motor and Anhui Jianghuai Automobile Group in jointly developing and manufacturing Aito-branded vehicles, Richard Yux, Huawei's Smart Car CEO, said at the China EV 100 forum in Beijing.
Rivian stock skids as legacy automakers rev up EV targets
Rivian's stock has slumped about 14% since the start of Wednesday, when Amazon.com Inc, one of Rivian's biggest investors, said it teamed up with carmaker Stellantis NV .
India urges its automakers to cut reliance on imports from China
While India’s government is pushing local automakers to shift to EVs, the shift is happening far more slowly than other countries, with battery models accounting for only 1% of the nation’s annual car sales.
Pratap Bose resigns as Tata Motors design head, Martin Uhlarik to succeed him
Uhlarik will continue to operate from Tata Motors European Technical Centre (TMETC) in the UK and will lead teams across the three Tata Motors Design centres in Coventry (UK), Turin (Italy) and Pune, as per a statement by the company.
Tata Motors to tap JLR synergy for SUVs
The firm, which on Monday launched the all-new Safari SUV with introductory prices ranging from Rs 14.69 lakh to Rs 21.45 lakh, is seeking to build on the legacy of the Safari brand which “has played a leading role in shaping the Indian SUV market”.
High on nationalism: It's 'Chak De India' for homegrown automakers
“All brands live within an ecosystem and brands believe that if they wear nationalism on their sleeves, it rubs off on the consumer,” said Harish Bijoor, a brand strategy expert and founder of Harish Bijoor Consults.
Tesla CEO Elon Musk says open to supplying batteries to other automakers
Tesla has previously supplied batteries to Mercedes and Toyota Motor under separate partnership deals. Battery manufacturing is an area that analysts and industry officials say the U.S. electric car maker has a competitive edge compared with legacy automakers.
Can Jeep Compass steer around Fiat’s fortunes in India?
Fiat has been in India longer than any other foreign carmaker and yet, had little to show for it in recent years. Jeep Compass is steering its fortunes around.
No collusion with testing agencies, committed to expansion in India: Lowell Paddock, MD of GM
GM India has corrected the variations in Tavera and is getting the vehicle re-tested,says MD Lowell Paddock.
Hyundai leads automakers in October vehicle sales
Hyundai Motor America, the largest automaker to report Tuesday, said its US sales rose 38 per cent last month to 42,656 vehicles from 31,005 the previous year.
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