Detroit, USA, July 6, 2024 – Ford Motor Company has reported impressive growth in electric vehicle sales in its latest quarterly sales figures, trailing only industry leader Tesla. This marks significant progress for Ford in the electric vehicle market, showcasing ongoing efforts and achievements in transitioning to an electric vehicle manufacturer. According to Ford’s report, electric vehicle sales surged in the second quarter, particularly highlighted by strong performances from flagship models such as the Ford F-150 Lightning and Mustang Mach-E. These models not only gained widespread consumer acclaim but also achieved record sales in the market. Ford CEO James Farley stated, “We are very proud of our performance […]
On July 4, local time, the European Commission issued a notice saying that it had decided to impose temporary countervailing duties on imports of electric vehicles (BEVs) from China after a nine-month countervailing investigation into BEVs. The temporary tariffs apply to some Chinese automakers, including a 37.6% increase on SAIC, 19.9% on Geely, and 17.4% on BYD; an average of 20.8% for other automakers that cooperated with the EU investigation, and 37.6% for those that did not. Compared with the data disclosed by the EU on June 12, the tariff rate determined this time has been slightly reduced. […]
VinFast, the Vietnamese automaker renowned for its innovative approach to electric vehicles (EVs), is contemplating a strategic move into the Indian market with plans to manufacture electric cars. This expansion initiative aims to capitalize on India’s burgeoning demand for sustainable mobility solutions and marks a significant step in VinFast’s global expansion strategy. With India emerging as a pivotal market for electric vehicles due to increasing environmental awareness and government incentives, VinFast’s potential entry promises to introduce advanced automotive technology and enhance competition in the sector. The move aligns with VinFast’s commitment to revolutionizing urban mobility through cutting-edge EV designs and sustainable manufacturing practices. VinFast’s consideration of establishing a […]
In a landmark projection, industry analysts foresee Chinese automakers seizing a commanding 33% share of the global automotive market by the year 2030. This ambitious growth target underscores China’s rapid ascent as a powerhouse in the automotive industry, driven by technological innovation, robust domestic demand, and strategic global expansions. With China already standing as the world’s largest automotive market, surpassing traditional leaders such as the United States and Europe, its automakers are poised to further capitalize on this momentum. The projected increase in market share reflects a concerted effort by Chinese companies to enhance product quality, expand electric and autonomous vehicle offerings, and strengthen their global footprint through partnerships and […]
According to industry analysts, the Russian car market is poised for significant growth in 2024, with projected new car sales reaching up to 1.45 million units for the year. This expectation reflects optimism in the market driven by economic recovery and increased consumer confidence. As global supply chain issues gradually ease, Russian car manufacturers and importers are gearing up to ramp up production and supply to meet demand across various vehicle segments. These measures are expected to intensify market competition and offer consumers a wider range of choices. The growth of the Russian car market is bolstered not only by domestic demand but also by supportive government […]
A new report released by the consulting company ALIXPARTNERS recently shows that it is expected that Chinese auto manufacturers will continue to expand rapidly in overseas markets, and will account for 33%of the global automotive market by 2030. In contrast, the share of Chinese car companies in the global automotive market this year is expected to be 21%. The growth of most market share will come from markets outside China. It is expected that by 2030, the sales of Chinese car companies in overseas regions will increase from 3 million this year to 9 […]