Tag: Automotive

German automotive giant Volkswagen is bracing for a showdown with trade unions shortly after it said it cannot rule out shutting factories in its home country for the first time in its nearly 90-year history.

Chinese electric car giant BYD sold a record number of passenger vehicles in August, with sales of hybrids growing faster than those of battery-only cars.

Shares of Advance Auto Parts were tumbling as a tough quarterly report from the car-parts retailer outweighed the announcement of a $1.5 billion sale of a parts distribution business.

The European Union on Tuesday said planned tariffs on Tesla vehicles being imported from China would be cut to 9% from 20.8%, while also reducing a number of planned import duties on other Chinese electric vehicle firms.

 BMW reported a lower-than-expected profit margin in its core automotive segment during the second quarter on Thursday, hitting its shares as heightened competition and weaker demand in China weighs on the sector.

Mobileye (MBLY) saw its shares tumble 10% in premarket trading Thursday after the autonomous driving company reduced its revenue guidance for the full fiscal 2024, missing consensus estimates.

Ferrari N.V. reported better-than-expected earnings for the fiscal Q2 and raised its adjusted EBITDA forecast for the full fiscal 2024.

Shares in Mitsubishi Motors surged on Monday following media reports that the Japanese automaker is in talks to join Nissan’s and Honda’s planned strategic partnership.

Με αύξηση 12% στον κύκλο εργασιών έκλεισε το α’ εξάμηνο του 2024 για τη Μοτοδυναμική με τις πωλήσεις να ανέρχονται σε 86,1 εκατ. ευρώ.

Mercedes-Benz lowered its annual profit margin forecast after weak second quarter sales and earnings on Friday but expects new models to help it battle stiff competition in China in the second half of the year.

Harley-Davidson reported a better-than-expected quarterly profit on Thursday, helped by strong demand for its pricier Touring bikes during the summer riding season, sending the company’s shares up about 5% before the bell.

Shares of Ford Motor Co. fell 11.6% in the extended session Wednesday after the car maker reported quarterly profits well below Wall Street’s expectations and notched another billion-dollar loss on EVs.

 Israeli battery technology company Addionics has raised $39 million from investors including General Motors’ venture capital arm to help commercialise its copper and aluminium electrodes for electric vehicle batteries, it said on Thursday.

 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.

General Motors is raising several key financial targets for 2024 after easily beating Wall Street’s earnings expectations for the second quarter, while it restructures money-losing operations such as autonomous vehicles and its China business.

Shares of Volvo Cars rose sharply on Thursday after the company reported a jump in annual operating profit for the second quarter.

Volkswagen shares dipped Wednesday after the company issued an overnight profit warning and announced it was considering the potential closure of an Audi plant in Brussels.

German sportscar maker Porsche said on Tuesday that global vehicle deliveries were down 7% in the first half of the year compared to the same period in 2023, primarily driven by a 33% year-on-year drop in China.

Ford Motor’s hybrid and all-electric vehicle sales continue to be the standouts in 2024. Investors are warming to the stock.

Tesla shareholders will appear in court on Monday to argue that an unprecedented request for more than $7 billion in attorneys’ fees to be paid by the company is “outlandish,” the latest twist in a legal showdown over Musk’s $56 billion pay package.