On November 7, Faraday Future (FF), a global shared smart electric mobility ecosystem company, announced its financial results for the third quarter of 2024. Among the results, operating expenses fell 92.6% year-over-year to $3.8 million; operating loss decreased to $25.2 million from $66.4 million in the same period last year. FF said it continued to achieve significant results in controlling costs and reducing operating expenses. As of September 30, 2024, FF had assets of $449 million and liabilities of $292.3 million, with a book value of $156.7 million. FF considers the […]
According to foreign media reports, the European Union’s climate commissioner reiterated on Nov. 7 that the EU plans to stop selling cars that contain carbon dioxide emissions by 2035 and tighten carbon dioxide emission limits next year. Previously, some member state governments and automakers pressured the EU to reconsider the policy. The EU has previously passed a law banning the sale of new cars that emit CO2 from 2035, effectively outlawing diesel and gasoline new cars. Stricter EU limits on CO2 emissions from carmakers’ fleets will also come into effect next year. […]
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 […]
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 […]
On November 5, Italian luxury automaker Ferrari announced that in the third quarter of this year, its net revenue rose 6.5% year-on-year to 1.644 billion euros; adjusted EBITDA rose 10.3% year-on-year to 467 million U.S. dollars; adjusted EBITDA margin was as high as 28.4%, higher than that of the same period of the year-ago period of 27.4%; and adjusted net profit rose 13% year-on-year to 375 million U.S. dollars; Adjusted EBITDA rose 7 percent year-on-year to 638 million euros, slightly higher than analysts’ expectations. However, in the third quarter of this year, Ferrari’s total car shipments fell 2% […]