Nio Founder and CEO William Li poses outside of the New York Stock Exchange to celebrate his company’s IPO. Photo: NYSE BEIJING — Chinese electric car start-ups Nio and Xpeng are turning to a lower-priced segment of the market with plans to release newly branded cars this year. Nio’s first such mass market car will… Continue reading Chinese EV start-ups Nio and Xpeng turn to the mass market for growth
Author: CNBC Online news
Former Tesla SVP Drew Baglino is selling $181.5 million worth of stock, SEC filing says
In an aerial view, brand new Tesla cars sit parked in a lot at the Tesla Fremont Factory on April 24, 2024 in Fremont, California. Justin Sullivan | Getty Images Former Tesla executive Drew Baglino, who announced his resignation earlier this month, sold shares in the electric vehicle company worth around $181.5 million, according to… Continue reading Former Tesla SVP Drew Baglino is selling $181.5 million worth of stock, SEC filing says
India ‘confident’ new EV policy measures will allow more foreign players to enter market
watch now India is confident that its new electric vehicle policy measures will open up the market to more global players, said the country’s secretary of the Department of Promotion of Industry and Internal Trade. Last month, the government rolled out key initiatives aimed at bolstering the country’s position in EV manufacturing. “It involves concessional… Continue reading India ‘confident’ new EV policy measures will allow more foreign players to enter market
Honda to build $11 billion electric vehicle hub in Canada
A brand-new Honda Pilot is displayed on the sales lot at Honda Marin in San Rafael, California, on Feb. 6, 2024. Justin Sullivan | Getty Images DETROIT — Honda Motor and yet-to-be-named joint venture partners plan to invest $11 billion in Ontario, Canada, to create a “comprehensive EV value chain,” the Japanese automaker announced Thursday.… Continue reading Honda to build $11 billion electric vehicle hub in Canada
Xpeng’s Gu says robotaxis won’t be a real business for at least five years
A Xpeng G9 is displayed at a store in a mall in Beijing on Feb. 29, 2024. Wang Zhao | AFP | Getty Images BEIJING — Self-driving taxis won’t be a significant business for at least five years, Xpeng Vice Chairman and Co-President Brian Gu said Thursday. That prediction comes as Elon Musk has promoted… Continue reading Xpeng’s Gu says robotaxis won’t be a real business for at least five years
Geely-backed luxury EV brand Zeekr says it’s already beating Tesla in parts of China
Pictured here is the Zeekr 001 electric car at a services trade fair in Beijing on Aug. 31, 2023. China News Service | China News Service | Getty Images BEIJING — Chinese electric car brand Zeekr is selling more vehicles than Tesla in parts of China, and plans to expand in Europe and Latin America… Continue reading Geely-backed luxury EV brand Zeekr says it’s already beating Tesla in parts of China
Ford’s earnings beat, rosy 2024 outlook, and cost discipline show the automaker is getting its house in order
Ford Motor on Wednesday evening delivered higher than expected profits in the first quarter, driven by strength in its commercial business. Positive updates to its full-year outlook helped send shares rallying by roughly 2.5% in after-hours trading. Automotive revenue increased 2% year over year, to $38.89 billion, missing analysts’ forecasts of $40.1 billion, according to… Continue reading Ford’s earnings beat, rosy 2024 outlook, and cost discipline show the automaker is getting its house in order
Ford tops first-quarter earnings estimates as commercial unit offsets EV losses
The Ford display at the New York International Auto Show on March 28, 2024. Danielle DeVries | CNBC DETROIT — Sales of Ford Motor trucks and other commercial vehicles led the automaker to beat Wall Street’s earnings estimates for the first quarter, offsetting losses of its electric vehicles. The company maintained its 2024 earnings guidance… Continue reading Ford tops first-quarter earnings estimates as commercial unit offsets EV losses
Tesla surges after Elon Musk says new affordable EV models coming
watch now Tesla shares closed up 12% on Wednesday after CEO Elon Musk said the electric-vehicle company plans to begin production of new affordable EV models by early 2025. Musk’s comments came during Tesla’s earnings call on Tuesday after the company reported disappointing first-quarter numbers. Revenue fell 9% year over year, its steepest annual decline… Continue reading Tesla surges after Elon Musk says new affordable EV models coming
Elon Musk is keeping investors’ dreams of a Tesla robotaxi alive
watch now By just about every measure, Tesla’s first-quarter earnings report on Tuesday was dreary. The company missed estimates on the top and bottom lines. Revenue fell by 9% year over year, the worst decline since 2012. Auto sales dropped 13% from the same period in 2023. Free cash flow turned negative. But CEO Elon Musk downplayed most… Continue reading Elon Musk is keeping investors’ dreams of a Tesla robotaxi alive