Tag: Automotive

Continental AG shares jumped 10% on Thursday after the German car parts manufacturer told analysts it expects strong growth in China, paired with its push to increase its margins and cut its costs, will boost its profits in the second quarter of 2024.

China’s BYD posted a 21% rise in second-quarter electric vehicle sales, closing the gap with Tesla after handing back the world’s top EV vendor title to the U.S. rival in the first quarter.

Tesla is expected to report second-quarter deliveries on Tuesday. For the second quarter, the most current Wall Street estimates point to about 420,000 cars delivered, down from some 466,000 delivered in the second quarter of 2023.

Geely-owned Zeekr delivered 20,106 cars last month, bringing year-to-date deliveries to 87,870 vehicles. That’s slightly more than Nio’s 87,426 deliveries for the first six months of 2024, although Nio continued to recover from sluggish performance earlier in the year with a record 21,209 deliveries in June.

Electric vehicle (EV) maker Polestar said it will have to take steps to offset hefty EU and U.S. import tariffs on its Chinese-made electric cars as it posted a first-quarter operating loss on Tuesday.

Rivian (RIVN) shares surged in premarket trading Wednesday after the EV maker announced a joint venture deal with Volkswagen (VWAGY), crucially bringing fresh capital into Rivian’s coffers.

Nissan Motor will produce electric vehicles for its Chinese joint-venture partner Dongfeng Motor at its Wuhan factory by year-end, the Nikkei newspaper reported on Tuesday, a sign of pressure on the automaker’s China business.

More U.S. auto dealers flagged a hit from an outage of CDK’s software system due to a cyber attack on Monday as the company worked to restore systems used by over 15,000 retail locations across North America.

CarMax stock was rising Friday after the used-car retailer posted fiscal first-quarter earnings that beat analysts’ estimates but said macroeconomic pressures continue to have a negative impact on sales.

Automotive companies in China sold more cars than their U.S. counterparts for the first time last year, boosted by BYD
and growth in emerging markets, researcher Jato Dynamics said in a report published Thursday.

Tesla’s largest outside investor Vanguard said it voted in favor of CEO Elon Musk’s $56 billion pay package, citing the company’s performance, contributing to the passage of the record-setting arrangement on Thursday.

Shares of Tesla popped in premarket trading, after Elon Musk said shareholders are set to approve his controversial $56 billion pay package and a resolution to move the electric carmaker’s incorporation to Texas.

Tesla on Thursday said it will likely increase the Europe prices of its Model 3 vehicle from July 1 after the European Union said it could impose provisional higher tariffs on electric cars imported from China.

Shares of European carmakers fell on Wednesday following a report that some of the world’s largest auto manufacturers face possible lawsuits in Britain for allegedly cheating emissions tests.

Τη στρατηγική συνεργασία τους ανακοίνωσαν ο Όμιλος Autohellas, εισαγωγέας αυτοκινήτων, διανομέας και πάροχος υπηρεσιών κινητικότητας στην Ελλάδα, με την κινεζική εταιρεία XPENG, που κατασκευάζει Smart ηλεκτρικά αυτοκίνητα.

General Motors is returning more cash to shareholders. Investors were pleased.

 Rental car firm Hertz is weighing a sale of at least $700 million in secured debt and a convertible notes offering, as it looks to shore up its balance sheet, Bloomberg News reported on Thursday, citing people with knowledge of the matter.

Shares of Chinese electric vehicle maker NIO were lower after the company reported weaker-than-expected sales. Things are improving though, and the car maker expects better results in the second quarter.

Billionaire investor Ron Baron, longtime Tesla bull and shareholder, wrote an open letter in support of CEO Elon Musk’s controversial $56 billion pay package.

Volvo Cars’ sales rose to 68,034 cars in May, up 13% from a year earlier, buoyed by a 27% jump in Europe and a strong performance by its fully electric EX30, the group said on Wednesday.