Tag: Electric Vehicle

Tesla reported third-quarter earnings Wednesday that topped analysts’ estimates even as revenue came in just shy of expectations. The stock popped 10.7% in premarket trading.

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.

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.

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.

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.

Tesla posted its third-quarter vehicle production and deliveries report on Wednesday. The stock fell about 2% in premarket trading after the report.

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

NIO stock rose after the Chinese electric vehicle maker reported a narrower-than-expected second-quarter loss Thursday.

Tesla is yet to receive regulatory permission to launch its FSD product in Europe and China, but Musk in July said that he expects to get this clearance by the end of 2024.

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.

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.

Rivian has temporarily suspended production of its commercial delivery vans used by retail giant Amazon.com  due to a shortage of parts, a spokesperson for the electric vehicle manufacturer said on Friday.

Rivian on Tuesday stuck to its forecast that production would not rise this year and said deliveries in the third quarter would be slightly lower, as the EV maker races to rebuild inventory after a factory shutdown in April designed to cut costs.

U.S. automaker Tesla’s sales of China-made electric vehicles rose 15.3% from a year earlier to 74,117 units in July, data from the China Passenger Car Association (CPCA) showed on Friday.

 Uber and Chinese automaker BYD announced a multi-year partnership on Wednesday aimed at bringing 100,000 new electric vehicles to the ride-hailing platform globally.

Tesla reported weaker-than-expected earnings for the second quarter as automotive sales dropped for a second straight period. The stock slid more than 8% in extended trading

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.

China announced on Friday the next step in its anti-dumping investigation into European brandy imports, ramping up tension on the same day the European Commission’s provisional tariffs on Chinese-made electric vehicles take effect.