OEM news
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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.
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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.
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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.
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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.
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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.
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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”.
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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.
Insurance news
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Electric cars safer than ICE equivalents, new research indicates
Analysis by Mercia Fleet Management for a major client with a high proportion of EVs found that although electric car repair costs were slightly higher per vehicle, the overall costs came out cheaper due to the lower rate of incidents.
This was attributed to the high levels of advanced driver assistance systems (ADAS) typically found in the latest EVs, including lane departure warning, lane assist, automatic emergency braking, forward collision warning, parking assistance and blind spot monitoring.
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Industry Voices | Transforming the Future of Vehicle Ownership With ADAS Technology
Evolving consumer preferences have led enterprises in nearly every industry to re-invent their business models. In the automotive sector, the unwavering prioritization of safety paired with on-demand and alternative consumer transportation needs has increased the focus on differentiated and innovative mobility services.
Consider the history of the vehicle, where enhanced safety features once meant adding seatbelts to cars. Over time, automakers have come to realize safety is the customer’s top priority.
Digital marketing & retail news
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Why automotive manufacturers are struggling to crack online sales
At a conference last month, Volvo Deputy CEO Bjorn Annwall spoke about the difficulty for car makers in conducting vehicle sales entirely online – revealing that the company had abandoned its ambitious target of completing half of global vehicle transactions online by 2025.
When asked how many private customers at Volvo conduct their entire transaction online, Annwall frankly admitted that the figure was “zero percent” – adding that one difficulty with online sales targets was defining exactly what constitutes an online sale.
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As Sales Slump, Sonic Automotive Ramps up Chain of Used Car Omnichannel Stores
The auto industry is in a steady decline thanks to supply chain hang-ups, chip shortages and other factors, but that isn’t stopping Sonic Automotive from continuing to expand its EchoPark Automotive brand with the opening of its newest retail hub in Raleigh, North Carolina, according to a Tuesday (April 5) press release.
The new spot is EchoPark’s 37th location and the third in North Carolina, joining a retail hub in Charlotte and a delivery center in Greensboro, the release stated.
Fleet and leasing news
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BYD partners with European fleet management firm
China’s BYD has signed a memorandum of understanding (MoU) with Ayvens, the leasing and fleet management firm back by French bank Societe Generale, to try to improve its chances of taking a chunk out of Europe’s passenger and light commercial vehicle fleet market.
Through the partnership, Ayvens’ European clients will be able to access tailored electric vehicle fleet solutions — from advisory services and operational leases to end-to-end charging services — across BYD’s EV full range. White labelled full-service leasing services will also be provided by Ayvens to SME and private individuals through BYD’s dealer network.
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Strong fleet and EV demand helps new car market hold steady
A total 147,678 units were registered in the 22nd consecutive month of growth, marking the best May market performance since 2021, according to the Society of Motor Manufacturers and Traders (SMMT) figures. However, performance still remains down on a pre-pandemic level, with a shortfall of some 19.6% on 2019.
Fleets and businesses continued to fuel market growth in May, up 14.0% to 86,870 and 9.5% to 3,355 units respectively, countering a 12.9% decline in private retail uptake.
Other news
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Mixed fortunes for major European new-car markets in June
June proved to be a mixed month for three of Europe’s major new-car markets, with incentives and politics affecting proceedings. Autovista24 special content editor Phil Curry explores the numbers.
There was a range of emotions across the new-car markets of France, Spain and Italy during June. The latest figures from the industry associations of all three countries suggest that the remainder of 2024 will be tough, with incentives potentially playing a role in registration performances.
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EU opens new front with China over car chips
BRUSSELS — The European Union is eyeing action against Chinese rivals to protect one of Europe's remaining tech successes: chips for its mighty car industry.
This could open up a new battleground in an escalating trade war with Beijing, adding to tension over EU import duties on Chinese electric vehicles.
The European Commission has been asking European semiconductor producers whether and how Chinese rivals might be undermining them, according to a questionnaire seen by POLITICO.
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US new-vehicle sales growth slows after CDK cyberattack
July 2 (Reuters) - Top U.S. automakers posted slower sales growth for the second quarter as a cyberattack at software systems provider CDK hit operations at several dealerships during the crucial selling period of late June.
General Motors (GM.N), opens new tab reported a 0.6% rise in new-vehicle sales, compared with a jump of 19% last year, and said some sales would shift to the current quarter due to the hack.
Toyota Motor North America's (7203.T), opens new tab sales rose roughly 9%, much lower than last year's jump of about 20%.
JATO in the news
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Tesla's dominance wanes as EV market heats up. Here’s why
After a record-breaking 2023 that solidified Tesla’s position as the world’s leading electric vehicle (EV) manufacturer, the company has encountered a more challenging landscape in 2024. Data from JATO Dynamics reveals a significant downturn in sales for both the United States and Europe, with declines of 8 per cent and 13 per cent respectively, a report by CarScoop stated.
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Chinese EVs Defend Market Share in Europe as Trade Tension Escalates
Chinese electric-car brands held on to their share of the slumping European EV market in May, ahead of new tariffs designed to protect local carmakers from their lower-cost imports.
Automakers like BYD Co. made up 8.7% of total EV sales, roughly on par with a year ago, as Chinese firms pressure European counterparts with new, inexpensive models, according to researcher Dataforce.
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Tesla Is losing ground in the US and Europe: Here's Why
In the first half of 2024, Tesla's US sales fell eight percent. It's worse in Europe with a 13-percent drop.
It doesn't seem to be a good year for Tesla. After the record results of 2023—when it was the most popular EV manufacturer with the best-selling vehicle in the world—2024 isn't nearly as robust. The latest data collected by JATO Dynamics for the first half of this year shows Tesla losing ground in both the United States and Europe, where sales fell by 8 percent and 13 percent respectively.
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European demand for battery-electric vehicles slows in first half of 2024, data suggests
Analysis of the European electric vehicle market by JATO Dynamics has revealed ‘worrying signs of deceleration’ during the first half of 2024.
According to the industry experts, new passenger car registrations increased by just 4.4% between January and June 2024 compared with the same period in 2023, with volume increasing from 6,559,213 units in H1 2023, to 6,847,842 units in H1 2024.
JATO’s overview of local markets
Europe
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As we enter the summer period, there’s less activity across OEMs and markets in Europe.
Following the European Commission’s decision to impose heavy tariffs on Chinese EV manufacturers, Germany’s VDA automotive governing body raised their objections. There have been no formal further discussions yet, but we expect to see further news on this throughout the remainder of 2024.
After new incentives were offered earlier this year, Italy’s uptake of hybrids and BEVs has not improved. In fact, in H1, 14% more ICE vehicles were sold compared to the previous half year and electrified sales have remained stagnant.
The Austrian government is planning to lower the taxation threshold based on CO2 emissions from 2025, with every year seeing a drop of 3 g/100 km (currently at 97 g). However, with elections proposed in late October, this may change if new policyholders are introduced.
Swiss sales of mild hybrids and hybrids have increased in the first half of 2024. However, plug-in hybrid sales have dipped due to the new taxation policy introduced earlier in the year.
Asia Pacific
Chinese manufacturer Geely has unveiled a new lithium-iron-phosphate battery for EVs, which it says will be good for driving one million km and last as long as 50 years. It will also charge more quickly and will operate better in colder conditions.
Tesla has been given approval to test its advanced driver assistance systems on Shanghai’s district Nanhui New City. They city green-lighted the use of ten Tesla vehicles for a full self-driving (FSD) trial and has officially confirmed to local media.
Turkey is set to impose a 40% tariff on Chinese vehicle imports to protect its domestic EV industry and address trade imbalances. The move is in line with stiffer charges across Europe.
Italian luxury vehicle brand Maserati has launched a sales unit, Maserati Korea, in South Korea and also announced a plan to release new models in the country each month until the end of the year. Previously, Maserati had sold its vehicles through importer and distributor Forza Motors Korea since 2007. The company said the decision to establish a local unit was reached to solidify the brand's position in Korea. They also unveiled its latest GranTurismo and GranCabrio models in the market.
Hyundai announced that it has established the 'Hyundai EV Charging Alliance' with six Indonesian private charging businesses at the Gailindo Indonesia International Auto Show 2024. Through this, Hyundai electric vehicle customers can use the charging facilities of other companies belonging to the alliance without registering as a separate member or payment method using the 'My Hyundai' app. In addition, Hyundai will introduce an 'EV Charging Service Program' that provides new EV customers with 50 kWh of charging capacity every month that can be used for one year at charging station belonging to Hyundai EV Charging Alliance companies from August.
Sime Darby and Porsche have jointly announced the expansion of the carmaker’s assembly facility at Inokom, Malaysia, Sime Darby’s vehicle production and assembly facility in Kulim, Kedah. The larger facility is also rolling out a second model – the Porsche Cayenne S E-Hybrid Coupe, which is the first Malaysian-assembled Porsche to be exported to Thailand. Porsche’s facility in Kulim – now expanded to 11,000 square metres – was the first of its kind outside of Europe when it opened in 2022. To date, the plant has rolled out two generations and over 2,000 units of the Cayenne and is now ready for the next phase – PHEV and exports to Thailand.
Americas
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Japanese automaker Toyota has just announced that it will be joining a group of other manufacturers to help build a North American high-speed electric vehicle (EV) charging network. Seven other manufacturers including Mercedes-Benz, General Motors, Stellantis, Honda, BMW, Hyundai and Kia formed ‘IONNA’ as a joint venture last year to compete with Tesla’s Supercharger network. As a result, Toyota has taken the decision to join this group, which the company announced last week. However, the group’s announcement contained no commercial value or investment details.
Jaguar is looking to launch a series of ‘boutique’ stores across several cities as the brand repositions itself, according to CCO Gerry McGovern. The first store will be launched in Paris, with outlets in Miami, London, Tokyo and Shanghai expected to follow soon. The stores will offer a more ‘luxury’ experience to higher-end customers as the brand looks to move away from the mass premium sector.
About us
JATO Dynamics, founded in 1984, now has representation in over 51 countries around the world. We provide precision under pressure, providing the world’s most timely, accurate and up-to-date automotive information on vehicle specifications, pricing, sales and registrations for over 30 years. We offer more than just data, as we have watched the world change, and consumer mindsets alter with it we have been able to offer insights that help inform the industry. We are able to react to short-term market movements, plan for long-term developments and ultimately to meet the needs of our clients.
Contact
Donny Gow | Research Manager
donny.gow@jato.com
Alice Song | Content and Communication Manager
alice.song@jato.com