In a strategic shift, Volvo Cars has announced its decision to exit the vehicle subscription business. This move marks the end of a significant chapter in the company’s efforts to diversify its business model and adapt to changing consumer preferences in the automotive industry. Volvo Cars launched its subscription service, Care by Volvo, with the aim of offering customers a flexible and convenient alternative to traditional car ownership. The service allowed users to subscribe to a vehicle for a set period, covering all costs including insurance, maintenance, and repairs, under a single monthly fee. Despite its innovative approach and initial market interest, Volvo has decided to withdraw from this […]
Chinese automotive giant Chery Automobile has announced a major investment in promoting its Omoda and Jaecoo brands in the European market. This strategic move marks a significant expansion of Chery’s international business and underscores its commitment and ambition in the European market. According to Chery’s statement, the company will invest hundreds of millions of euros into marketing, sales network development, and brand awareness efforts for the Omoda and Jaecoo brands. Omoda and Jaecoo represent Chery’s latest ventures in the fields of new energy and high-performance vehicles, with Omoda focusing on smart electric vehicles and Jaecoo on sporty SUVs. Chery’s CEO, Li Ming, stated, “The European market has high […]
According to the latest data, global electric vehicle (EV) sales in August 2024 surged by 20% compared to the same month last year. This increase highlights the robust growth trajectory of the EV market and underscores ongoing consumer interest in environmentally-friendly transportation solutions. The report released by Rho Motion reveals that August saw record-breaking global EV sales figures. This growth not only indicates a higher acceptance of electric vehicles in the global market but also reflects the concerted efforts of governments and automakers to promote green transportation. Several factors contribute to this growth. Firstly, increased government support worldwide-including purchase subsidies, tax breaks, and the development of EV infrastructure-has […]
According to Reuters, on September 12, market research firm Rho Motion said that in August this year, despite a sharp decline in European electric vehicle sales, but driven by China’s record sales of electric vehicles, global sales of electric vehicles (including pure electric vehicles and plug-in hybrids) still rose 20% year-on-year to 1.47 million units. Regionally, Rho Motion’s data shows that EV sales in China jumped 42% to a record of more than 1 million units in August this year, while EV sales in the U.S. and Canada also edged up 8% year-on-year to 160,000 units. However, […]
According to Reuters, a group of major Thai automakers comprising Chinese and Japanese majors has asked the government to extend the production deadline set by incentives to meet planned electric vehicle production targets as sales of electric vehicles in the Thai market have fallen short of expectations. Previously, the Thai government’s EV incentives successfully attracted Chinese EV makers such as BYD and Great Wall Motors to invest more than $1.44 billion in Thailand to build production facilities, making the country a production center for EVs in Southeast Asia. But with EV […]
On September 10, the Canadian government announced that it is considering expanding the scope of tariffs on Chinese products, expanding from electric vehicles, steel and aluminum previously to key minerals, batteries and parts, solar products and semiconductors. To that end, Canada launched a second 30-day public consultation period, beginning on September 10 and ending on October 10, to solicit comments on the possibility of additional duties on key Chinese mineral products, batteries and battery parts, solar products and semiconductors, as well as on the timing of the entry into force of the potential measures. The measures will be based on an Aug. 26 announcement […]