LG Energy Solution reported a significant operating profit drop of nearly 40% for the third quarter, attributing the decline to sluggish demand for electric vehicles (EVs). For the three months ending September 30, the South Korean battery maker’s operating profit stood at 448.3 billion won ($323 million), slightly exceeding analyst expectations but down 39% from…
Mercedes-Benz Group AG was once a standard-bearer of automotive refinement, but swooning sales and profits underscore how even the lucrative upscale end of the car market is feeling the heat from China. Manufacturers led by BYD Co. have opened a new front in the fight for dominance of the auto industry by redefining “Made in…
Top stories U.S. Energy Department races to finalize $1.7 billion in EV plant conversion grants. Read More Trump proposes tax breaks for U.S.-made car purchases as election nears. Read More Honda Recalls 720,000 vehicles over fuel pump leak risk. Read More U.S. electric vehicle market sees record growth as EV sales hit new milestones. Read…
Electric vehicle (EV) sales in the U.S. reached record levels in the third quarter of 2024, with an 11% year-over-year increase, according to Kelley Blue Book. A total of 346,309 EVs were sold, marking a 5% jump from Q2 and bringing the EV market share to 8.9%, the highest on record. This is a significant…
Michigan officials push back on Trump’s comment about Detroit Michigan officials push back on Trump’s comment about Detroit 02:38 Donald Trump is now pitching a new tax cut that, on the face of it, would seem to benefit almost every American who owns a car. The former president on Thursday proposed making interest on auto…
Chevrolet is launching a nationwide training program to promote the adoption of electric vehicles (EVs). The program aims to improve the knowledge and confidence of dealership sales staff in selling EVs. It is expected to attract 7,000 employees and will be held in five states throughout the summer and fall. The initiative will include educational…
By: Reuters | Updated on: 28 Sep 2024, 11:58 AM Brazil is the eighth-largest car producer in the world and the sixth-largest domestic market by sales. New fully electric or hybrid car sales could reach over 90% of Brazil’s domestic market in 2040, from the current 7% (Image used only for representational purpose) (Bloomberg) The…
China has strongly urged the United States to stop what it describes as “unreasonable suppression” of its companies. This follows U.S. proposals to ban Chinese software and hardware in vehicles due to national security concerns. The Chinese Ministry of Commerce criticized the U.S. government’s move, labeling it protectionist and a violation of fair competition and…
Toyota Motor Corp. has lowered its global production target for electric vehicles for 2026 by around 30 percent, saying it now aims to produce around 1 million units, amid slowing demand for all-electric cars, sources familiar with the matter said Friday. The move comes as sluggish sales of EVs are pressuring global automakers to reconsider…