FRANKFURT — Europe’s five biggest automakers reported falling profits for the first half due to weak demand for electric vehicles, cost competition from China and ballooning research and development costs. Volkswagen CEO Oliver Blume repeatedly touched on the escalating expenses that came on top of the company’s lower factory utilization rate during an earnings conference call… Continue reading VW, other European carmakers weighed down by EVs, China and R&D
Author: Nikki News Feed
Honda to report record Q1 $3bn-plus profit on strong U.S. hybrid sales
TOKYO — Honda Motor is set to report a group operating profit surpassing 450 billion yen ($3.08 billion) for the first quarter ended June, it was learned Monday, a new quarterly record fueled by strong sales of hybrid vehicles in the U.S. market. Operating profit apparently jumped by roughly 20% on the year. This would… Continue reading Honda to report record Q1 $3bn-plus profit on strong U.S. hybrid sales
What the world gets wrong about China’s overcapacity
Tristan Kenderdine is research director at Future Risk. There is cyclical confusion in the analytical community whenever China’s industrial overcapacity gets out of whack, with analysts, policymakers and even the European Commission confusing productive capacity with production output. Go to Source
Tesla sets up insurance brokerage in China
SHANGHAI — Tesla has established a new insurance brokerage in China as the U.S. electric vehicle maker looks to offer auto insurance-related services in the market. Launched on Tuesday, the new company is headquartered in Beijing, with capital of 50 million yuan (about $7 million), according to corporate information service Qichacha. Tesla Senior Vice President Tom Zhu… Continue reading Tesla sets up insurance brokerage in China
China’s Xiaomi breaks ground on 2nd EV plant in Beijing
GUANGZHOU — Chinese technology group Xiaomi has started building its second electric vehicle plant in Beijing. Xiaomi, one of China’s top smartphone makers, acquired the land on July 25 and broke ground on the project the next day, according to documents released by the city of Beijing. Construction is taking place next to the company’s first EV plant.… Continue reading China’s Xiaomi breaks ground on 2nd EV plant in Beijing
Toyota scandals batter suppliers while group posts record profit
NAGOYA– Though Toyota Motor logged a record profit for the most recent quarter, the suppliers that form the group’s backbone are groaning under cost increases and production cuts forced by a series of certification scandals. “The production stoppages have placed a financial burden on suppliers and dealers,” Toyota accounting chief Masahiro Yamamoto said at Thursday’s… Continue reading Toyota scandals batter suppliers while group posts record profit
South Korea’s top 3 battery makers see earnings slide on EV slowdown
SEOUL — South Korea’s three leading EV battery makers have reported lower sales and profits for the second quarter, hit by a downturn in electric vehicle production in North America and Europe. SK On took in 1.55 trillion won ($1.13 billion) in sales during the three months through June, down 58% from the same period… Continue reading South Korea’s top 3 battery makers see earnings slide on EV slowdown
Vietnam’s VinFast rolls out mini e-SUV for under $13,000
HANOI — Vietnamese EV maker VinFast began shipping its new electric VF 3 mini SUV on Thursday, priced at 322 million dong ($12,800), with plans to deliver at least 20,000 units this year. The electric sport utility vehicle is about 3.2 meters long and less than 1.7 meters wide and has a maximum range of 215… Continue reading Vietnam’s VinFast rolls out mini e-SUV for under $13,000
Nissan and Honda to jointly develop tech-savvy cars, share EV parts
TOKYO — Nissan Motor and Honda Motor will jointly develop software-defined vehicles and also explore using the same batteries and other components that go into electric cars, their presidents said on Thursday as the Japanese rivals endeavor to meet the challenges of an increasingly competitive automotive market. Mitsubishi Motors, in which Nissan holds a 34.01%… Continue reading Nissan and Honda to jointly develop tech-savvy cars, share EV parts
China EV price wars weigh on BYD, Japan automaker stocks
TOKYO — A prolonged EV price war in China is weighing on industry leaders like BYD, with the stocks of Japanese automakers involved in the market also taking a hit. After Warren Buffett-led Berkshire Hathaway sold some BYD shares last week, Chinese social media was abuzz with speculation that the move was due to the intense electric vehicle price war. Go… Continue reading China EV price wars weigh on BYD, Japan automaker stocks