electriccars
Automotive giant Volvo released its Q2 2024 earnings on Thursday morning, seeing operating earnings come in quite significantly above market expectations. However, the company still reduced its retail sales growth forecasts for 2024. Volvo reported net sales of SEK 140.2 billion (€12.16 billion) for the second quarter this year, which was more or less the same as the corresponding quarter last year. Adjusted operating income was SEK 19.4 billion, down from SEK 21.9 billion in Q1 2024. Similarly, the operating income margin also fell to 13.9% in Q2 2024, down from 15.4% in the same quarter in 2...
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For the new venture, the two companies will operate approximately 3,000 high power charging points over the next five years, which will equate to 150kW or more and will be distributed across 300 EV hubs. The fast-charging stations are expected to be able to fully charge an EV battery in up to one hour, due to the use of direct current, instead of alternating current. The hubs will be located in key areas in and around cities and will be provided with renewable energy from both SSE and TotalEnergies. Many hubs are already under construction with the development research needed for several other...
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Europe's top carmaker, Volkswagen, has announced the possible closure of its Audi factory in Brussels due to a significant drop in demand for luxury EVs. Since investing heavily in advanced technology, Audi said its sales have fallen in 2024 even though it has it introduced new car models at lower prices. Volkswagen said the cost of finding other uses for the plant or closing it altogether would result in a price hit of some €2.6 billion in the 2024 financial year. The company's forecast saw returns fall from 7.5% to 6.5%; Porsche SE, also part of the VW group, followed VW's lead and lowered i...
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Under the agreement, VW said it will initially invest €0.94 billion in the electric truck and SUV maker, with another €3.74bn to be put into the company by 2026. Founded in 2009, Rivian has not yet posted a quarterly profit. In the first three months of 2024 the company saw a net loss of more than $1.4bn (€1.31bn). It comes as the electric car sector faces challenges from weakening demand and a trade war which has seen the European Union say it will impose tariffs on Chinese vehicles which have been rapidly expanding globally. A months-long investigation by the European Commission found that C...
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Regardless of what you think of the phrase "the customer is always right", there is a key truth to it: customers are the ones who set consumption habits and trends. Nowhere is this fact more important to keep in mind than in today’s automotive sector. As both governments and automakers seek solutions to the global challenge of decarbonised mobility at scale, they need to ensure they deliver options to consumers that are well-suited to consumer needs. There’s no one-size-fits-all approach to sustainable mobility. In Europe, we’ve seen significant growth in adoption of electric vehicles (EVs) ov...
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China's Commerce Ministry has voiced strong objections against the European Union's decision to escalate tariffs on Chinese electric vehicles, accusing Brussels of imposing unreasonable demands during its investigation into Chinese imports. The EU plans to impose provisional tariffs ranging from 17.4% to 38.1% starting 4 July, citing concerns over alleged subsidies benefiting Chinese automakers. Ministry spokesman He Yadong criticised the EU on Thursday for what he described as excessive information demands on Chinese companies, claiming the requirements surpassed standard anti-subsidy investi...
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The news, unconfirmed by Ferrari, comes as the luxury carmaker prepares to inaugurate a new production site in Maranello, Northern Italy, on Friday. Based in the town where the firm began making cars, the plant could boost group production by up to a third. The floated figure for an electric Ferrari is well above the average sale price for other vehicles made by the manufacturer. This cost doesn't include extras which typically add 15 to 20%. At the start of this year, the average price of a Ferrari was €350,000, including bonus features and personal touches. To compare this with other manufac...
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The Ministry of Commerce of China has launched an "anti-dumping investigation" into imports of "relevant pork and pork by-products" from the European Union, a move that paves the way for trade restrictions on a sensitive sector for the bloc. The investigation was triggered by a complaint filed by the China Animal Husbandry Group, a state-owned company that deals in animal farming. Monday's announcement is seen as a prelude to retaliation for the upcoming EU tariffs on China-made battery electric vehicles (BEVs), which are suspected of being heavily subsidised and sold at artificially low price...
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Shareholders of Tesla voted to reinstate CEO Elon Musk’s $55.8 billion(€52 billion) pay package which was nullified by a judge in Delaware in January. Now the value of the package plan dropped to $48.4 billion (€45 billion) due to a 26% decline in Tesla’s shares this year, despite a 2.9% increase on Thursday. Tesla’s investors have also voted in favour of moving the company’s incorporation to Texas from Delaware. Both resolutions were “passing by side margins” as posted by Elon Musk on his privately owned social media platform X, formerly known as Twitter. The mammoth compensation plan, initia...
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The European Union (EU) has recently revealed that it has provisionally concluded that it would be applying tariffs to Chinese electric vehicles (EVs) of up to 38.1%. This is in order to curb the flood of much cheaper Chinese electric vehicles that are being imported into the EU, which in turn is posing a competition threat to European-made EVs. The main Chinese automakers which could potentially face increased tariffs are Geely, which could see tariffs of 20%, BYD, at 17.4% and SAIC, at 38.1%. Other Chinese EV producers are also likely to see tariffs range between 21% to 38.1%, depending on w...
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