Tag: Automotive

Mercedes-Benz will step up cost cuts after earnings halved in the third quarter hit by tepid demand and fierce competition in China, it said on Friday.

Investors misinterpreted a public offering on Wednesday by Lucid Group that raised roughly $1.75 billion — and led to the stock’s worst daily performance in nearly three years, CEO Peter Rawlinson told CNBC.

Automaker Stellantis plans to shutter and sell its large vehicle proving grounds in Arizona at the end of this year, CNBC has learned.

General Motors easily outperformed Wall Street’s third-quarter earnings expectations, leading the Detroit automaker in raising key guidance targets for 2024.

Swedish truck maker AB Volvo forecast stagnant demand next year and posted a bigger-than-expected slide in quarterly adjusted earnings on Friday, after reduced freight and construction activity limited vehicle sales.

Lucid Group stock fell sharply after the electric-vehicle manufacturer said it was planning a substantial public offering and projected wider-than-anticipated losses for the third quarter.

Stellantis said on Wednesday that it is recalling 20,755 hybrid crossover SUVs in the U.S. due to a concern with the brake pedal on impacted models.

Canadian miner Lithium Americas said on Wednesday General Motors will contribute $625 million to their new joint venture for developing the Thacker Pass project in Nevada.

Hyundai India will start taking orders for its $3.3 billion initial public offering in Mumbai on Monday, the company said in regulatory filings, a deal that will be the country’s largest ever share offering and world’s second biggest IPO in 2024.

Shares of electric vehicle maker Tesla tumbled Friday after the company’s long-awaited robotaxi event — where CEO Elon Musk unveiled the firm’s Cybercab self-driving concept car — failed to impress investors.

Chrysler parent Stellantis confirmed on Thursday that CEO Carlos Tavares would retire at the end of his contract in early 2026 and announced major senior management changes as it struggles to turn around its lagging North American operations.

Mercedes-Benz saw a slight drop in cars sales in the third quarter as weaker demand, particularly in Asia, outweighed improved product availability, the carmaker said on Thursday.

Swedish automaker Volvo Cars on Wednesday announced deputy CEO Björn Annwall will step down from his current role as part of a management reshuffle designed to increase simplicity and collaboration in the organization.

General Motors CEO Mary Barra sought to soothe shareholder worries that lagging demand for electric vehicles and perceived peak demand for gasoline-powered trucks will create a rough road ahead for the automaker.

Brussels will stick to plans to impose hefty tariffs on China-made electric vehicles, the EU executive said on Friday, even after the bloc’s leading economy Germany rejected them and exposed a rift over its biggest trade row with Beijing in a decade.

Rivian said on Friday it slashed its full-year production forecast and delivered fewer vehicles in the third quarter than analysts had expected, as the startup grapples with a parts shortage and slowing growth in electric-vehicle demand.

Stellantis CEO Carlos Tavares pledged on Thursday to keep its dividend and share buyback programme in place this year, but did not rule out cuts in 2025, as investors worry that the carmaker’s financial woes will hamper future payouts

U.S. auto sales are projected to grow at a weaker pace in the third quarter from a year earlier, according to industry experts, as inflationary headwinds continue to push consumers away from considering new vehicles.

Stocks of European carmakers hemorrhaged early on Monday as Stellantis and British luxury brand Aston Martin issued profit warnings, citing broader industry challenges and difficulties in the world’s largest auto market, China.

Chinese electric vehicle maker NIO is getting fresh capital, sending shares soaring.