OEM news
Tesla takes hit - as Elon Musk says shift towards affordable models is proving expensive
Market analysts suggest promises of riches tomorrow are wearing thin for investors, with shares plunging by 8% in after-hours trading following the company's latest results.
Shares in Tesla have taken a hit after the electric vehicle maker published a 45% decline in quarterly profits and warned cost reduction targets were off track.
China Tesla rival BYD signs $1bn Turkey plant deal
China's biggest electric-car maker, BYD, has agreed a $1bn (£780m) deal to set up a manufacturing plant in Turkey, as it continues to expand outside its home country.
The new plant will be able to produce up to 150,000 vehicles a year, according to Turkish state news agency Anadolu.The facility is expected to create around 5,000 jobs and start production by the end of 2026.
Ford chief says Americans need to fall ‘back in love’ with smaller cars
It is time for the US to “get back in love” with smaller cars, according to the chief executive of Ford.
In a wide-ranging interview at the Aspen Ideas festival, Jim Farley said the auto industry needs to focus on smaller EVs and commercial vehicles. He acknowledged that American consumers are in “love with these monster vehicles” but said they need to “get back in love” with small cars.
JLR will cut five Jaguar models to boost profits – F-Pace to remain sole Jag until 2025
JLR CEO Adrian Mardell has told investors that the company will cut five models with ‘close to zero profitability’ this year, according to Automotive News Europe (ANE).
Speaking at an investor’s days last month, Mardell revealed that the XE, XF, F-Type, E-Pace and I-Pace are all due for retirement, as JLR pivots to become a luxury all-electric brand.
Hyundai Motor, LG Energy Solution launch Indonesia's first EV battery plant
South Korea's Hyundai Motor Group and LG Energy Solution (LGES) on Wednesday inaugurated Indonesia's first battery cell production plant for electric vehicles with an annual capacity of 10 Gigawatt hours (GWh) of battery cells.
The plant is part of a commitment by Hyundai Motor and LGES to invest up to $9.8 billion, opens new tab in Southeast Asia's largest economy to develop an EV supply chain, the Indonesian government said, to benefit from rich resources of nickel and copper.
Rolls-Royce boss warns of prolonged supply chain strains
The supply chain strains hampering the aerospace industry could persist for another two years, the head of Rolls-Royce has warned, in one of the bleakest assessments yet of the challenges facing manufacturers.
Tufan Erginbilgic, chief executive of the UK engineer whose engines power some of the world’s largest aircraft including the Airbus A350, said the industry was in the throes of “one of the worst supply chain environments it has ever experienced”.
Opel starts launching the Frontera in Europe
Opel is now accepting orders for the new Frontera Electric. In Germany, the model is available from €28,990 - with the small battery. The electric Frontera can also be ordered in the Netherlands, Spain, Italy and other European countries.
Image: OpelBy Chris Randall03.07.2024 - 12:35OpelFronteraEurope1In its home market of Germany, the battery-electric Frontera is available for 28,990 euros with an 83 kW electric drive and a 44 kWh battery, which should provide a range of up to 305 kilometres according to WLTP. Opel mentioned this data at the world premiere in May, but the price is new at the start of ordering.