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Autoindustry

All articles tagged with #autoindustry

automotive-electric-vehicles2 years ago

"BYD Surpasses Tesla: The Rise of China's Leading EV Maker in the Global Market"

BYD and Tesla continue to dominate the global electric vehicle market, with BYD leading in sales and Tesla maintaining a strong presence. Other brands like SGMW JV, BMW, Volkswagen, and Li Auto are also showing significant growth in EV sales. Geely's various brands, including Zeekr, Lynk & Co, and the Galaxy sub-brand, are contributing to its rise in the market. The article also highlights the competitive landscape among EV manufacturers, with Chinese brands gaining market share and traditional automakers like Audi and Volkswagen working to expand their EV lineups. The future of the EV market looks to be shaped by continued growth from BYD and Tesla, as well as emerging players like Geely-Volvo and new models from various brands.

via CleanTechnica|
##autoindustry#automotive-electric-vehicles
business-and-economy2 years ago

"BYD Surpasses Tesla as Global EV Leader, Shocks Industry with Competitive Pricing"

Chinese electric vehicle maker BYD, backed by Warren Buffett's Berkshire Hathaway, has surpassed Tesla in global EV sales, largely due to its competitive pricing strategy. BYD's ability to maintain low costs is attributed to its control over the entire supply chain for its EV batteries. With a significant price advantage, BYD's vehicles, such as the $11,000 Seagull in China and the $33,000 Dolphin in Britain, are poised to disrupt global markets. The company is considering a manufacturing plant in Mexico to potentially circumvent U.S. tariffs and gain access to the American market, where the average new car price is around $48,000. BYD's success is also credited to CEO Wang Chuanfu's cost-cutting and production efficiency, earning high praise from industry observers.

via Fortune|
##autoindustry#business-and-economy
automotive2 years ago

"2023 Auto Sales: Surprising Winners, Losers, and the Rise of Compact Crossovers"

The automotive industry saw significant sales surges in various models from 2022 to 2023, with the Cadillac Lyriq leading the pack at a 7,434 percent increase. Electric vehicles and hybrids like the Nissan Ariya, Subaru Solterra, and Toyota bZ4X also experienced substantial growth, indicating a rising consumer interest in eco-friendly options. Traditional models such as the Chevrolet Trax and Toyota Sequoia also posted impressive gains, showcasing a diverse market expansion across different vehicle types.

via Jalopnik|
##autoindustry#automotive
business-and-finance2 years ago

"Fisker Shifts Strategy with Dealer Partnerships Amid Sales Target Challenges"

Fisker Inc. (FSR) is adopting a Dealer Partnership model in North America to expand its sales and delivery network, aiming to establish around 100 dealer locations across North America and Europe. The company plans to integrate Fisker Oceans into existing dealerships by Q1 2024, with a focus on no-haggle pricing and larger market territories for dealers. This model is expected to help Fisker reach more customers, particularly those interested in electric vehicles, and improve the customer experience without requiring dealers to make costly facility changes. Despite this strategic move, Fisker currently holds a Zacks Rank #4 (Sell), with other auto companies like Volvo, NIO, and Toyota Motor Corporation ranking higher.

via Yahoo Finance|
##autoindustry#business-and-finance
automotive-business2 years ago

"Stellantis Ends Century-Long Presence at Chicago Auto Show Amid Budget Constraints"

Stellantis is not participating in the 2024 Chicago Auto Show as a cost-saving measure following a challenging market and a UAW strike. This decision ends the nearly 20-year presence of the Camp Jeep test track and marks the first absence of Stellantis (and its predecessor brands) at the show in nearly a century. Despite this, the show will continue with 17 other automakers and several test tracks. Stellantis is focusing on retooling the Belvidere plant for future production, including a new midsize truck and an electric vehicle battery plant, with production expected to begin in 2027.

via Chicago Tribune|
##autoindustry#automotive-business
legalconsumer-protection2 years ago

"Manchester Nissan Faces Allegations of Consumer Deception and Imposing Unwarranted Fees"

The FTC and the State of Connecticut have filed a complaint against Manchester City Nissan for deceptive practices, including charging consumers for bogus certification fees, unwanted add-ons, and inflated government charges. The dealership and key staff are accused of violating the FTC Act and the Connecticut Unfair Trade Practices Act by misleading customers about the cost of certified pre-owned vehicles and the necessity of certain fees, potentially costing consumers thousands of dollars in unauthorized charges. The case, which highlights the FTC's ongoing efforts to combat deceit in the auto industry, will be decided in court.

via Federal Trade Commission News|
##autoindustry#connecticutlaw
business-and-finance2 years ago

"Ford Celebrates Robust 7.1% Sales Growth in 2023, Leading in Trucks Despite Slower EV Expansion"

Ford's sales in the US increased by 7.1% in 2023, reaching nearly 2 million vehicles, marking the company's best performance since 2020. The growth was driven by strong truck sales, including a significant rise in sales of hybrids and EVs, with Ford becoming the second-largest EV seller in the US. Despite a modest Q4 increase due to a labor strike, Ford's CEO Jim Farley anticipates a strong 2024 with new vehicle launches. However, the company faced challenges with numerous recalls, including a recent one affecting the F-150 pickup.

via Yahoo Finance|
##autoindustry#automotiverecalls
business-automotive2 years ago

"Ford Adjusts F-150 Lightning EV Prices Amidst Rising Demand and Competition"

Ford is increasing the price of its entry-level F-150 Lightning electric pickup by $5,000, bringing it to $54,995, while also raising the price of the XLT model by $10,000. However, the company is reducing the prices of some higher-end models, such as the Platinum and Platinum Black, by up to $7,000. A new model, the F-150 Lightning Flash, has been introduced with advanced tech features. Ford has also streamlined its lineup by removing two models. Despite retaining the full $7,500 US tax credit, Ford's electric vehicle sales have been weak, contributing to a significant loss for the company in the previous year.

via Engadget|
##autoindustry#business-automotive
automotive-business2 years ago

Ford Revises F-150 Lightning EV Pricing Amidst Trim Changes and Market Competition

Ford has adjusted the pricing for its 2024 F-150 Lightning electric pickup range, with increases of up to $10,000 for the more affordable trims and decreases of up to $7,000 for the premium Platinum models. The changes come as the company experiences a slowdown in EV sales and follows a decision to cut production of the F-150 Lightning. The pricing strategy aims to optimize sales growth and profitability, as well as customer access to tax benefits, although the two Platinum models do not qualify for the federal tax credit. This move is part of Ford's broader strategy to adjust to the current demand for EVs, which has also led to a pause in plans for a new battery factory in Kentucky.

via The Verge|
##autoindustry#automotive-business
business-and-finance2 years ago

"GM Counters EV Tax Credit Changes with $7500 Discount on Select Models"

General Motors is offering a $7,500 incentive on its electric vehicles that no longer qualify for a U.S. government tax credit due to new battery sourcing requirements. This move comes after the Treasury's guidelines, which aim to reduce reliance on China for EV supply chains, resulted in a reduction of eligible EV models from 43 to 19. Meanwhile, Ford is adjusting prices on its F-150 EVs, with increases on lower-priced models and cuts on premium ones. GM expects its EVs to regain eligibility for the credit in early 2024 after a sourcing change. The new U.S. EV tax credit rules are part of the 2022 Inflation Reduction Act, which requires vehicles to be assembled in North America to qualify.

via Reuters|
##autoindustry#business-and-finance
automotive2 years ago

"Ford Recalls Over 112K F-150 Trucks Amid Rollaway and Rear Axle Hazards"

Ford is recalling over 112,000 F-150 trucks from model years 2021-2023 due to a defect in the rear axle hub bolt that could cause the vehicles to roll away when parked or lose drive power, increasing the risk of a crash. The affected trucks have the Trailer Tow Max Duty package and a specific heavy-duty axle. Owners may notice a clicking or rattling noise and are advised to use the electronic parking brake until a repair is available. No accidents or injuries have been reported in connection with this issue.

via NPR|
##autoindustry#automotive
automotive-business2 years ago

"GM Counters Shrinking EV Tax Credit List with $7500 Discount Offer"

General Motors is offering a $7,500 incentive to buyers of certain electric vehicle (EV) models that no longer qualify for the U.S. federal EV tax credit due to recent changes in eligibility requirements. This move is aimed at mitigating the impact of the exclusion of models like the Chevy Blazer EV and Cadillac Lyriq, which lost their tax credit eligibility due to sourcing issues with two minor components. GM is committed to ensuring its upcoming EVs, such as the Chevy Equinox, GMC Sierra Denali, and Cadillac OPTIQ, will meet the criteria for the full tax credit following a change in sourcing. The incentive is GM's way of maintaining competitiveness in the EV market, as other manufacturers like Tesla and Ford continue to see success with their qualifying models.

via Electrek.co|
##autoindustry#automotive-business
automotive-business2 years ago

"Ford Revises 2024 F-150 Lightning Pricing and Trims Amidst Market Shifts"

Ford has updated the pricing for its 2024 F-150 Lightning, the best-selling electric pickup in the US, with price increases for most trims and reductions for the high-end Platinum models. The base Pro trim now starts at $54,995, while the new Flash trim is introduced at $73,495. Despite the changes, all trims under $80,000 remain eligible for a $7,500 EV tax credit. The price adjustments aim to balance sales growth, profitability, and customer access to tax benefits.

via Electrek.co|
##autoindustry#automotive-business
automotive-finance2 years ago

"Updated EV Tax Credit Eligibility: 13 Models Qualify, with Alternatives for Faster Discounts"

The IRS has updated the electric vehicle tax credit rules for 2024, reducing the number of eligible vehicles for the federal tax credit and the maximum amount available. However, consumers can now receive the credit at the time of purchase rather than waiting for tax filing, and leasing offers a way to benefit from credits on ineligible vehicles. State and local incentives remain unaffected. Automakers are adapting to these changes by shifting their supply chains, which could make more models eligible in the future. The eligibility of specific vehicles, including popular models like the Tesla Model 3 and Ford F-150 Lightning, can be checked using the VIN on the IRS website.

via CNN|
##autoindustry#automotive-finance