September 25, 2024 – According to the latest data from the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI), new car sales in the country increased by 7% year-on-year in August 2024, reflecting a rebound in consumer confidence and a recovery in the automotive market. The figures show that new car sales totaled approximately 35,000 units in August, up from 33,000 units in the same month last year. This growth is largely attributed to the gradual economic recovery, stable auto loan interest rates, and government-supported infrastructure projects. Major players in the Philippine automotive market, such as Toyota, Honda, and Mitsubishi, continue to dominate, with Toyota accounting for […]
Vehicle registration data released by the Norwegian Road Federation (OFV) shows that Norway is the first country in the world to have more electric cars than gasoline cars. OFV said that as of now, 26.3% of the 2.8 million passenger cars registered in Norway are pure electric vehicles, slightly higher than the share of gasoline cars (26.2%). Diesel cars are still the most common type, accounting for 35% of all car registrations in Norway. By 2030, the number of passenger cars in Norway may increase to 3.1 million. “The electrification of the passenger car fleet is developing rapidly, and Norway is quickly becoming the first country in the […]
September 23, 2024, Madrid-According to Automotive News Europe, Volkswagen Group has ceased production of the Polo small car at its Pamplona plant in Spain and plans to shift to producing affordable pure electric small SUVs. While the Pamplona plant will stop making the Polo, Volkswagen will continue selling the model produced at its Kariega plant in South Africa. Since starting production in 1984, the Pamplona plant has manufactured a total of 8.4 million Polo vehicles. According to Volkswagen’s plans, the factory will launch two new electric SUVs in 2026: the ID.2all SUV from the Volkswagen brand and the Epiq from the Skoda brand, with an expected starting price of […]
According to Reuters, Stefan Hartung, chief executive officer of German auto parts supplier Bosch Group, said that growth in the global automotive and commercial vehicle markets is expected to be very slow this year and next. Stefan Hartung said in the off-site area of the IAA Transportation Trade Fair in Hannover, Germany, that the demand in the global automotive market is currently lower than what the automotive industry expected five years ago, in which the number of cars produced in Europe is expected to be a few million units less than the expected number five years ago. At the same time, […]
Mercedes-Benz has cut its full-year financial expectations due to weak results in China, delivering another blow to the struggling German auto industry, Bloomberg reports. On Sept. 19, Mercedes-Benz said it lowered its adjusted profit margin forecast for its main automotive business to “7.5-8.5 percent” from 11 percent previously. Sales of Mercedes-Benz’s most expensive models, such as the S-Class and Maybach sedans, have been hit by a further cooling of demand in China, the company’s biggest market. Meanwhile, Mercedes-Benz said it expects its earnings before interest and taxes (EBIT) this year to be “significantly […]
The latest data shows that new car sales in the EU in August 2024 unexpectedly fell to a three-year low, showing that the auto market is facing severe challenges. Statistics show that new car registrations in August fell by more than 10% year-on-year, hitting the lowest level since 2021. Analysts pointed out that this trend was mainly affected by multiple factors such as global supply chain problems, inflationary pressures and weakening consumer confidence. At the same time, as governments around the world implement stricter environmental protection policies and promote electric vehicles, sales of traditional fuel vehicles have also been significantly impacted. More and more consumers are beginning to […]