SEOUL (Reuters) — South Korea’s antitrust regulator said it would impose a 2.85 billion won ($2.2 million) fine on Tesla for failing to tell its customers about the shorter driving range of its electric vehicles in low temperatures. The Korea Fair Trade Commission said that Tesla had exaggerated the “driving ranges of its cars on… Continue reading South Korea fines Tesla $2.2m for exaggerating driving range of EVs
Author: Nikki News Feed
Hyundai Motor and Kia expect sales to jump nearly 10% in 2023
SEOUL (Reuters) — South Korea’s Hyundai Motor and affiliate Kia on Tuesday forecast that their combined global sales will jump nearly 10% in 2023, even as last year’s sales fell short of target due to supply chain disruptions. The companies sold 6.85 million vehicles in 2022, about 4% less than their combined target of 7.16… Continue reading Hyundai Motor and Kia expect sales to jump nearly 10% in 2023
Tesla deliveries miss Wall Street estimates as competition heats up
(Reuters) — Tesla on Monday reported record production and deliveries for fourth-quarter electric vehicles, but it missed Wall Street estimates, burdened by logistics problems, slowing demand, rising interest rates and fears of recession. The world’s most valuable automaker delivered 405,278 vehicles in the last three months of the year, compared with Wall Street expectations of 431,117 vehicles,… Continue reading Tesla deliveries miss Wall Street estimates as competition heats up
Tesla reports record quarterly deliveries but misses estimates
(Reuters) — Tesla on Monday reported record production and deliveries for electric vehicles in the fourth quarter but fell short of Wall Street estimates, burdened by lingering logistics problems and slowing demand amid rising interest rates and recession fears. The world’s most valuable automaker delivered 405,278 vehicles in the last three months of the year,… Continue reading Tesla reports record quarterly deliveries but misses estimates
China EV makers worried by end of subsidies and chip crunch
GUANGZHOU, China — Chinese electric vehicle makers expect to be under pressure after a bumper year with the withdrawal of friendly government subsidies and uncertainties driven by the shift to living with COVID-19. The global shortage of semiconductors for EVs was another concern raised by industry players at the 2022 Auto Guangzhou motor show, which… Continue reading China EV makers worried by end of subsidies and chip crunch
Geely, Changan join Honda-led effort against fake auto parts in China
BEIJING — Eleven major automakers are coming together to tackle the persistent problem of counterfeit parts in China, the world’s largest auto market, working with partners including Chinese authorities and Alibaba Group Holding. The companies will share information on trademark violations and jointly work to raise awareness and build relationships with authorities as producers of… Continue reading Geely, Changan join Honda-led effort against fake auto parts in China
How success in hybrid cars turned Japan into an EV laggard
TOKYO — Chinese and Western automakers now control 90% or so of the global electric-vehicle market, while their Japanese counterparts that similarly dominated a dozen years ago have fallen to less than 5%, Nikkei calculations show. The starkly different trajectories of Japan and the rest are due in part to the massive success that Japanese… Continue reading How success in hybrid cars turned Japan into an EV laggard
Chinese self-driving startup Freetech raises nearly $100m
BEIJING — Chinese autonomous driving startup Freetech Intelligent System has raised nearly $100 million in a series B funding round led by Chaos Investment. Other investors participating in the latest funding round include Hengxu Capital, a unit of SAIC Motor, BAIC Capital and TCL Industries Holdings. Go to Source
Toyota set to lead global auto sales for 3rd straight year
TOKYO — Toyota Motor said Monday it sold 9.56 million vehicles worldwide from January to November, on par with the same period of 2021, putting it on track to beat Volkswagen and lead the global market for a third straight year. The Japanese automaker sold 2.14 million more vehicles than Volkswagen, including sales by group automakers… Continue reading Toyota set to lead global auto sales for 3rd straight year
Toyota’s Nov vehicle output rises 1.5% to record 833,104 cars
TOKYO (Reuters) — Toyota Motor reported on Monday a 1.5% rise in November global vehicle output, reaching a record of 833,104 units. Domestic production slid 3.3% to 266,174 vehicles, while overseas output rose 3.8% to an all-time high of 566,930 for the month. Global sales and production in November exceeded last year’s levels due to… Continue reading Toyota’s Nov vehicle output rises 1.5% to record 833,104 cars