Tag: Electric Vehicle

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.

Beijing wants the EU to scrap plans to impose preliminary tariffs on Chinese electric vehicle imports by July 4, China’s state-controlled Global Times reported, after both sides agreed to negotiate a possible compromise.

Canadian prime minister Justin Trudeau is reportedly weighing up plans to impose new tariffs on Chinese-made electric vehicles in order to align Canada with the policies taken by the U.S. and European Union.

U.S. electric vehicle (EV) maker Fisker filed for bankruptcy protection late on Monday, looking to sell its assets and restructure its debt, after succumbing to rapid cash burn to deliver its “Ocean” SUVs in the United States and Europe.

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.

The European Union on Wednesday said it would slap higher tariffs on Chinese electric vehicle imports, which it found benefit “heavily from unfair subsidies” and pose a “threat of economic injury” to EV producers in Europe.

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.

Electric vehicle sales are recovering in China. That’s some good news for automotive investors starting a new month. Hybrids, however, are still outpacing all-electric vehicle sales. That can make the coming months tougher on all-electric EV giant Tesla .

Tesla has cut output of its best-selling Model Y electric car by a double-digit percentage number at its Shanghai plant since March, according to industry data and a source.

Lucid Group will reduce its workforce in the United States by 6%, or around 400 employees, it said on Friday, becoming the latest electric-vehicle maker to cut jobs as the industry grapples with slower growth.

Rivian Automotive stock was sliding after the company reported earnings after the close on Tuesday.