November 7, 2024, Crewe, UK – In a significant shift of strategy, luxury automaker Bentley Motors has announced that it will delay its transition to exclusively selling electric vehicles (EVs) by five years. Originally slated to achieve this milestone by 2030, the company now plans to complete the transition by 2035. The delay comes in response to disappointing sales figures for electric vehicles across the industry, which have failed to meet expectations. During a virtual press conference on November 7, Bentley Chairman and CEO Frank-Steffen Walliser shared that the company is extending its “Beyond100” strategy, originally set for completion in 2030, to 2035. As part of this update, the initiative […]
November 9, 2024, Gothenburg, Sweden – Volvo Cars has announced that starting with the 2025 model year, its new electric SUV, the EX90, along with other EV models such as the EX40 and EC40, will be compatible with Tesla’s Supercharger network in North America. Customers purchasing these vehicles will receive a dedicated adapter that allows them to charge their vehicles at Tesla Supercharger stations and other stations compatible with the North American Charging Standard (NACS). This move marks a significant step forward for Volvo in the electric vehicle sector, addressing consumer concerns about charging infrastructure in North America. While the adoption of electric vehicles has grown, limited access to charging […]
On November 6, Toyota announced that its second fiscal quarter (July to September) net sales of 11.4 trillion yen, basically unchanged from the same period last year; operating profit of 1.16 trillion yen, a year-on-year drop of 19.4%, lower than the same period last year of 1.44 trillion yen, but also lower than analysts’ average estimate of 1.25 trillion yen; net profit of 573.7 billion yen, compared to the same period a year ago 128 million yen almost cut, down 55%. In the first half of the fiscal year (April-September this year), Toyota’s revenue rose 5.9% year-on-year to […]
Massachusetts voters passed a ballot measure on Nov. 5 that would allow online taxi drivers to unionize, making it the first U.S. state to allow drivers for ride-hailing companies such as Uber and Lyft to unionize, according to foreign media reports. U.S. media reported that results were in from 94 percent of precincts, with 53.9 percent of voters backing a new framework that would allow online ride-hailing drivers, who are considered independent contractors by the companies, to organize and collectively bargain with the companies over pay and benefits. American Media announced the results of the vote on Nov. 6 […]
On November 6, South Korean Trade Minister Cheong In-kyo said he expects local Korean companies to invest more in the U.S. if the next U.S. administration raises tariffs on imported products. If the U.S. adopts protectionist measures, the South Korean government will engage in trade diplomacy, while individual companies may move faster, Cheong In-kyo said. Asked how the next U.S. President Trump’s trade and tariff policies will affect the Korean auto industry, Cheong In-kyo said: “If U.S. import tariffs are raised, the first alternative that Korean automakers can consider will be to increase direct investment and local production activities in the United States.” Cheong In-kyo added: “The Korean auto […]
Electric car manufacturer Lucid Group (NASDAQ: LCID) released an exciting third-quarter financial report, showing that the company’s revenue exceeded Wall Street expectations, thanks to strong market demand for its luxury electric sedans. With the rapid development of the electric vehicle market, Lucid’s performance has attracted great attention from investors, causing its stock price to rise 8% in after-hours trading. Lucid’s third-quarter revenue was US$225 million, higher than the average Wall Street analyst expectation of US$208 million. This performance shows Lucid’s competitiveness in the electric vehicle market, especially in the field of high-end luxury electric sedans. The company’s Lucid Air model continues to attract a lot of consumers’ attention with its […]