Tag: Automotive

BERLIN, July 27 (Reuters) – Volkswagen (VOWG_p.DE) on Thursday cut its full year sales target and pledged to improve its cash position in the second half by hiking prices and cutting costs as the German carmaker seeks to fend off tough competition in China, its top market.

Carmaker Stellantis on Wednesday posted a 12% year-on-year jump in net revenues and 37% spike in net profit for the first half of 2023, boosted by higher shipments.

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TOKYO/PARIS, July 26 (Reuters) – Nissan will invest up to $663 million in Renault’s (RENA.PA) new electric vehicle unit, the automakers said on Wednesday, as they finalised terms of their restructured partnership after months of negotiation clouded by tension.

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General Motors is raising its 2023 guidance for a second time this year after the automaker reported second-quarter results Tuesday that were up sharply year over year.

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Tesla posted an all-time high quarterly revenue, but operating margin dropped to 9.6%

Carvana has reached a deal with noteholders to reduce the used car retailer’s total debt outstanding by more than $1.2 billion, the company said Wednesday.

Rivian Automotive was rising Friday after the price target on shares of the electric-vehicle maker was raised by an analyst who said the company was “making a major turn
towards executing on its longer-term business model.”

Legacy automakers continue to promise big increases in production and sales of electric vehicles, but their efforts so far have done little to change the highly watched market.

Shares of Rivian Automotive jumped 17.4% on Monday after the electric vehicle maker beat Wall Street expectations for quarterly deliveries.

Tesla shares jumped 6% on Monday after better-than-expected quarterly deliveries showed that Chief Executive Elon Musk’s plan of boosting volumes through discounts was working.

Shares of Rivian Automotive jumped more than 16% in early trading Monday after the electric vehicle maker beat Wall Street expectations for quarterly deliveries.

Luxury sports automaker Ferrari on Thursday unveiled two new plug-in hybrid models, produced in limited series and hitting the top end of the its price range.

Tesla is set to hit another record quarter with its China sales while it faces mounting pressure from local competitors such as BYD eating into its share in the world’s largest auto market, analysts say.

British luxury carmaker Aston Martin unnerved investors on Tuesday by leaving out a sales volume target as it stuck to its medium-term financial goals.

Lucid ‘s largest shareholder is showing growing support for its electric vehicle investment.

British luxury carmaker Aston Martin has reached a deal that will give U.S. electric vehicle (EV) maker Lucid Group a 3.7% stake in the company in return for access to its “high performance” technology, Aston Martin said on Monday.

Ford Motor Corp. will announce a new round of layoffs of salaried employees as early as next week, The Wall Street Journal reported, citing people familiar with the matter.

Volkswagen plans to use silicon carbide (SiC) chips in electric cars for the first time this year, German media outlet The Pioneer reported on Thursday.

The government of Abu Dhabi is taking a 7% stake in Nio Inc. and will gain a board seat, giving the electric carmaker a capital infusion as it contends with losses and uncertain demand in China’s competitive EV market.

Hyundai Motor will raise average annual investment in electrification by nearly two-thirds, spending $28 billion in the next decade, and further restructure its struggling China business as part of a strategy to boost electric vehicle (EV) sales.