WASHINGTON — The ratio of leases among electric vehicle sales in the U.S. has risen as high as 90% for some models, as overseas automakers take advantage of a loophole that allows some foreign-made cars to receive the same tax credits as those assembled in America. South Korea’s Hyundai Motor and Germany’s BMW are both… Continue reading Non U.S.-made EVs secure tax credits via lease loophole
Author: Nikki News Feed
South Korean, European EVs secure U.S. tax credits via lease loophole
WASHINGTON — The ratio of leases among electric vehicle sales in the U.S. has risen as high as 90% for some models, as overseas automakers take advantage of a loophole that allows some foreign-made cars to receive the same tax credits as those assembled in America. South Korea’s Hyundai Motor and Germany’s BMW are both offering… Continue reading South Korean, European EVs secure U.S. tax credits via lease loophole
China’s BYD eyes luxury brands to boost profit margins
GUANGZHOU — Chinese electric vehicle leader BYD may have no choice but to turn to its luxury brands like Denza and Fang Cheng Bao to boost profit margins, amid a relentless EV price war that has seen sales per car drop by 17,000 yuan ($2,350) on the year. BYD announced its annual results in late… Continue reading China’s BYD eyes luxury brands to boost profit margins
South Korean tiremakers eye EV market for new growth
SEOUL — South Korean tiremakers are setting their sights on electric vehicles as demand for original and replacement equipment is expected to grow steadily despite a recent EV market slowdown. In the original equipment sector, Hankook Tire & Technology, the country’s largest tiremaker, expects 25% of its total sales this year to be to EV… Continue reading South Korean tiremakers eye EV market for new growth
China’s Didi, GAC to roll out self-driving EV robotaxis
BEIJING — A joint venture between China’s leading ride-hailing app Didi Global and Guangzhou Automobile Group’s (GAC) electric-vehicle unit plans to mass-produce robotaxis next year. Didi and GAC Aion New Energy Automobile established the 50-50 venture named Andi Technology in late March, and authorities recently granted it a business license, Didi said Sunday. Go to Source
China top EV forum to be held in California in May
BEIJING (Reuters) — China’s top electric-vehicle forum, the World New Energy Vehicle Congress (WNEVC), will hold a conference in Sacramento, California, from May 16-17, according to a statement from the Chinese Society of Automotive Engineers on Sunday. With a highly developed, low-cost supply chain led by companies such as BYD and Geely, China is a… Continue reading China top EV forum to be held in California in May
Toyota valuation doubles in new CEO’s 1st year, nearing Tesla
NAGOYA, Japan — In the year since Koji Sato took the wheel as Toyota Motor’s president and CEO, the Japanese automaker reached new highs in valuation and earnings while also grappling with quality control scandals at group members. On March 1, Toyota became the first-ever Japanese company with a market capitalization above 60 trillion yen… Continue reading Toyota valuation doubles in new CEO’s 1st year, nearing Tesla
Chinese auto giants to sell hybrid, EV pickup trucks in Thailand
BANGKOK — Chinese auto giants are poised to challenge Japan’s dominance in Thailand’s pickup truck market by rolling out hybrid and electric pickups, pointing to upheaval in the Thai automotive industry. Japanese auto titans like Toyota Motor and Isuzu Motors hold nearly 90% of Thailand’s pickup truck market, but Chinese automakers have set their sights… Continue reading Chinese auto giants to sell hybrid, EV pickup trucks in Thailand
Japan’s auto industry opens door to foreign car mechanics
TOKYO — Young people from developing countries in Asia are flocking to Japan to enroll in technical colleges for auto mechanics, hoping to fill a void in the nation’s workforce created by its falling birthrate. The schools, operated by automakers like Toyota, Honda and Nissan or independently, are welcoming the post-COVID surge as they seek… Continue reading Japan’s auto industry opens door to foreign car mechanics
China’s Chery to set up $800m automobile factory in Vietnam
HANOI (Reuters) — Vietnam’s trade ministry said on Thursday that automaker Chery had signed a joint venture agreement with a local company to set up an $800 million plant, becoming the first Chinese electric vehicle maker to set up a facility in Vietnam. The manufacturing plant, which will be jointly established by Chery’s Omoda&Jaecoo unit… Continue reading China’s Chery to set up $800m automobile factory in Vietnam