Browsing: Autos
An employee performs final inspection on a Mercedes-Benz C-Class sedan at the Mercedes-Benz U.S. International Plant in Vance, Alabama.Andrew Caballero-Reynolds | AFP | Getty ImagesBenz The company’s shares fell more than 8% on Friday, becoming the latest automaker to cut its guidance this year as sluggish demand in China and trade disputes weigh on the industry.The company said late on Thursday it now expects group earnings before interest and tax (EBIT) to be “significantly lower” than the previous year, with adjusted return on sales to be between 7.5% and 8.5%, down from its previous forecast of 10% to 11%.The stock…
Cylib, a startup backed by Porsche and Bosch, is building a large-scale electric vehicle battery recycling facility in the small town of Dormagen in Germany’s North Rhine-Westphalia region.SelibCylib is building a massive battery recycling plant in Germany, a startup working to reduce waste from electric vehicle batteries that have reached the end of their useful life.Cylib, backed by luxury sports car company Porsche Home appliance maker Bosch started construction on Monday on a new factory in the town of Dormagen in the German federal state of North Rhine-Westphalia.With an investment of more than €180 million ($200 million), the 236,000-square-foot facility…
A Volvo logo is displayed at the Volvo Cars Hill Country dealership in Austin, Texas on September 4, 2024.Brandon Bell | Getty Images News | Getty ImagesEuropean car giants face a host of challenges on the road to full electrification, including a lack of affordable models, a slower-than-expected rollout of charging stations and the potential impact of European tariffs on Chinese-made electric vehicles.Volvo Cars announced on Wednesday it had abandoned its heavily promoted plan to sell only electric cars by 2030, citing the need to be “pragmatic and flexible” in changing market conditions.The Swedish automaker said it currently aims to…
Employees leave the Volkswagen plant in Zwickau after a work meeting. Europe’s largest carmaker announced it would once again tighten austerity measures at Volkswagen’s core brands amid worsening conditions.Image Alliance | Image Alliance | Getty ImagesGerman car giant Volkswagen said on Tuesday it would scrap six labor agreements as the company’s standoff with unions and its works council intensifies.”The company believes it is forced to do this due to the current economic challenges,” Volkswagen said in a statement translated by CNBC.Volkswagen said it would end employment protection agreements in place for German employees since 1994, as well as salary agreements…
Toyota’s “We Roll Deep Anthem” commercial features fans and NFL stars “embarking on an adrenaline-filled NFL adventure.”screenshotAfter a slowdown in recent years, automakers are getting back into advertising during the National Football League season.Toyota Motor Corporation, Hyundai Motor Company The Detroit automaker is expected to use the NFL and its games as a major advertising platform in the coming months. In particular, Toyota will enter the football season as the “Official Automotive Partner of the NFL,” a first for the world’s largest automaker.”There [are] There are many variables affecting budgets, but automakers are already starting to rebound. Paramount CBS Sports,…
General Motors Chairman and CEO Mary Barra and Hyundai Motor Group Executive Chairman Euisun Chung signed an agreement between the two companies to explore future collaboration in key strategic areas.courtesy picturesDetroit- General Motors and modern car The two companies announced on Thursday that they had reached an agreement to explore “future collaboration across key strategic areas” to reduce capital expenditures and increase efficiencies.Potential areas of interest include joint development and production of passenger and commercial vehicles, internal combustion engines, and clean energy, electricity and hydrogen technologies, the two carmakers said in a joint press release.The agreement, a non-binding memorandum of…
Ford Pro CEO Ted Cannis speaks during an interview on Thursday, July 28, 2022, in New York.Victor J. Blue | Bloomberg | Getty ImagesDetroit — Director Ford Motor CompanyThe company said on Thursday that its highly profitable “Pro” commercial and fleet businesses will exit at the end of this month.The automaker said Ford Pro CEO Ted Cannis, a 35-year veteran of the company, will be succeeded on an interim basis by Andrew Frick, president of Ford’s legacy “blue” operations until the company Announcing new leaders.”Ted’s energy and passion for customers have been instrumental in building Ford Pro into a company…
Stellantis CEO Carlos Tavares speaks at the New York International Auto Show in Manhattan, New York, April 5, 2023.David Dee Delgado | David Dee Delgado ReutersDetroit – StrantisU.S. dealer networks have joined the United Auto Workers in criticizing Chief Executive Carlos Tavares over recent sales declines, factory cuts and other decisions they say are detrimental to the automaker’s business .In an open letter to Tavares this week, Kevin Farrish, president of the Stratis U.S. Dealer Council, chastised the CEO for prioritizing company profits over Sales, market share and reputation of Chrysler, Dodge, Jeep and Ram. The committee represents the company’s…
A Volkswagen ID.4 electric vehicle (EV) is charged at a Rivian charging station in San Francisco, California, on Tuesday, June 25, 2024. David Paul Morris | David Paul Morris Bloomberg | Getty Imageselectric truck manufacturer Rivian $5 billion deal Volkswagen Group Bringing some much-needed cash to Rivian. But it also opens up a path to the future for Volkswagen in a car industry that has always been self-made.In its short life, Rivian has received rave reviews from the automotive press, earned top-notch customer satisfaction ratings, and experienced one of the largest initial public offerings in history, and saw its market…
Young man charges his electric car.Tashdique Mehtaj Ahmed | Tashdique Mehtaj Ahmed Moments | Getty ImagesWhen Carmelita Fernandes, who lives in the Indian city of Pune, switched from a regular car to an electric Tata Nixon for the first time in December 2021, she was excited about the journey ahead. After all, she said, it was a “five-star car and sales were really soaring in India at the time.”More than two years after the switch, Fernandez regrets his decision: “I will never buy an electric car again.”Within the first five months of purchase, Fernandez’s car battery died during the 180-kilometer…