Nissan shares see biggest plunge in two decades as China worries deepen
Shares in Nissan Motor (7201.T), opens new tab tumbled 12% on Friday, their biggest decline in more than two decades, after quarterly earnings undershot expectations by a large margin and it cut estimates for car sales due to stiff competition in China. The emergence of fast-growing, Chinese brands such as BYD (002594.SZ), opens new tab that have rolled out affordable electric cars tailor-made for younger Chinese drivers has led to a steady loss of market share for foreign rivals in the world's biggest auto market.
Japanese automaker’s stance on limited appetite for fully electric vehicles is being reassessed
After spending the past decade as the car industry’s loudest champions of hybrid vehicles, Toyota executives could be forgiven for feeling some measure of vindication. The Japanese carmaker’s dogged determination to pour billions into hybrid vehicles that combine batteries with the traditional internal combustion engine drew criticism from investors and environmentalists alike.
Tesla rival launches electric supercar that can reach 60mph in under three seconds
BYD has launched an all-electric supercar that can hit 60 miles per hour (mph) in under three seconds, as the Chinese start-up seeks to challenge luxury brands such as Ferrari and Lamborghini. The Tesla rival’s Yangwang U9, which will initially go on sale in China with a price tag of 1.68 million yuan (£184,000), has claimed a top speed of 192mph.
Volkswagen recalls 261,000 vehicles over fuel tank issue
Volkswagen is recalling approximately 261,000 vehicles over potentially faulty fuel tank suction pumps. A host of models are affected, including some Audi A3, VW Jetta and VW Golf vehicles ranging from 2015 to 2020 model years.
Volvo’s Divorce With Polestar Is Official, Geely Picks Up The Pieces
Volvo announced it will distribute 62.7 percent of its shares in Polestar to other shareholders, reducing its stake in the EV maker to 18 percent. Volvo Cars won’t provide any further funding to Polestar, but the two companies will retain a “strong operational collaboration across R&D, manufacturing, after-sales, and commercial” channels.
Renault 5 reborn as retro electric supermini for £25,000
As promised, the road car is a faithful translation of the acclaimed concept from 2021, taking heavy inspiration from the original 1970s Renault 5, and it will eventually be joined in dealerships by evolved versions of the similarly nostalgic Renault 4Ever and Twingo concepts. Renault is aiming to defend its position in the increasingly competitive small car market, and the 5 E-Tech is testament to the company’s commitment to providing affordable cars in the EV era.
Advanced Safety Features Are Making Car Crashes More Expensive
Modern vehicles come equipped with advanced driver assistance systems (ADAS) that enhance safety and convenience on the road. These systems, including automatic emergency braking, blind spot monitoring, and lane departure warning, have become increasingly common in today's automobiles. However, a recent study conducted by AAA sheds light on an important aspect often overlooked by consumers – the repair costs associated with these sophisticated technologies.
Minimise risk to keep EV insurance premiums low, fleets told
Fleets are being urged by insurers to minimise risk if they want to keep insurance premiums for electric vehicles (EVs) under control. Last year, the Association of Fleet Professionals (AFP) called on the insurance industry to better understand the fleet risk around EVs, accusing some firms of hiking up premiums based on “incorrect and irrelevant” information.
Mitsubishi Launches Digital Retail Program as Auto Manufacturers Tap Omnichannel Tech
As the process of making large-ticket purchases becomes increasingly digital across industries, Mitsubishi Motors has announced a new digital retail program. Mitsubishi Motors North America, Inc. (MMNA) on Monday (Feb. 5) announced the launch of its new online solution, ClickShop 2.0, to link the process of shopping on its own digital platforms and on dealer’s websites to its showrooms, with the auto company claiming that this platform reduces the time it takes to buy a vehicle by 70%.
Automotive News Video: Navigating disruption in the retail model
Addressing the challenge of navigating disruption in the retail model, Michael Cottone, president of Volvo’s U.S. and Canada regions, spoke about the transition to EVs, the expansion of charging infrastructure and how it is all pushing the automotive retail industry to evolve. Cottone’s remarks were part of a panel at the Automotive News Retail Forum: NADA.
EV shopping beats buying an ICE vehicle, according to buyers
Electric vehicle buyers reported the highest satisfaction with the process last year. With 80% of new EV buyers saying they were “highly satisfied” with the process, buying an EV was reportedly much easier than an ICE vehicle.
Telematics will unleash the power of data for EV fleets
Electric vehicles (EVs) have emerged as a revolutionary force in the automotive industry, quickly changing transport and logistics. During the first wave of electrification, hardware was the central discussion point: the industry needed EVs and infrastructure to charge them.
Fleets crucial to EV demand | Small fleet impact for agency model
Without a “dramatic turnaround” in consumer appetite for electric vehicles (EVs), fleets will be crucial to zero-emission vehicle (ZEV) targets being hit, according to Cox Automotive. In 2023, fleets were responsible for almost two-thirds (64%) of all new battery electric vehicles (BEVs) registered and more than half of all new registrations.
Data collection of modern cars sparks concerns
In the age of interconnectedness, our cars have become more than just vehicles; they’re rolling data hubs, capable of streaming music, providing directions, and even sending messages. However, with these conveniences, a growing concern looms over the data collection practices of automotive giants like Toyota.
Mexico’s car output reach pre-pandemic levels
Mexico's car industry started the year with a notable rise in output in January, making it the best month for the automotive industry in the last years, according to the latest data from the Mexican Automotive Industry Association (AMIA).
China challenges the west for driverless car supremacy
Since early 2020, Wuhan has been infamous as ground zero for the Covid-19 pandemic. But the central Chinese city might now be on the cusp of global recognition for a different reason: boasting the world’s biggest fleet of cars that drive themselves.
Do electric cars have an air pollution problem?
Toxic smog has been a part of big city life since the Industrial Revolution: a pea-soup blanket of harmful particulates that can be so thick that seeing and breathing is difficult. Yet in many cities in the rich world that dirty pall has been banished as car engines have got cleaner and factories have moved away. (Poorer cities are not yet so lucky.)
Car market analysis enhanced by JATO Dynamics and S&P Global tie-up
Data and forecasting firms JATO Dynamics and S&P Global Mobility are teaming up to help auto industry customers with their rapid decision-making. JATO says the partnership will enhance and optimise the capabilities of its Volumes intelligence tool.
Strong demand for EVs sees new vehicle registrations in Europe hit highest level since pandemic
European new vehicle registrations hit their highest point since the pandemic last year, thanks to strong demand for electric cars. That’s according to data specialists and Car Dealer Podcast series sponsor JATO Dynamics, which revealed that registrations rocketed by 14 per cent on the previous year to 12,792,151 units.
The Tesla Model Y finished 2023 as the year's best selling car
The Tesla Model Y was Europe’s best-selling car in 2023, becoming the first ever EV to top the chart - and the first car from outside of Europe to do so. On sale since 2020 and built in the US, China and Germany, the crossover finished the year with 251,604 units sold, according to figures from industry analyst Jato Dynamics – a rise of 84% over 2022.
Europe
January registrations for the Italian market saw a rise on 2023 numbers at 141,946 units, 10.6% more (128,329). However, there is still a significant gap compared to January 2019 (-16.5%).
To date, no Government incentives have been offered to boost sales in Italy as expected. However, it has been reported that at some point next month an ‘Incentives Act’ will be published in the official gazette, where laws and decree are officialized. Parliament is currently approving steps and implementing decree procedures.
For the first time since 2022, market share for BEVs in Switzerland have decreased (-16.8%), most likely due to the introduction of an increased 4% EV tax from the start of the year.
In the French market, a new Transport Minister has been nominated and a new EV bonus system has been published (with a new subsidy of EUR 4,000 compared to EUR 5,000 previously). It is understood that most Chinese makes are not eligible because of their CO2 footprint when considering production and logisitics.
Additional news for the French market includes new legislation being considered for five-seat pick-ups to be classified as passenger cars as opposed to light commercial vehicles (as such, they will be taxable). The scrappage bonus launched in December 2014 will cease at some point this year and a new taxation project for Paris is being planned that will triple parking costs for SUV body types that weigh more than 1.6 tonnes.
Elsewhere in Europe, Palexpo opened its doors this week to the Geneva International Motor Show in Switzerland for the first time in five years. Not to be confused with the 2023 show in Qatar, the Geneva show is a seminal motoring event and is celebrating its 100-year anniversary. However, unlike in previous years, a much-reduced OEM presence meant fewer major global introductions.
Common themes at the show were focussed on the increasingly popular SUV body style, as well as electrification.
Renault showcased its revival of the 5 model, with an updated all-electric five-door version, featuring many styling cues from yesteryear. The Scenic model also received an overhaul with a new SUV body style (not to mention a Car of the Year accolade) and E-Tech powertrains. Sister brand Dacia offered an all-new Duster and a small SUV - the revised EV-only Spring.
Chinese brands featured heavily with BYD displaying the new Seal U and Tang SUVs. In addition, its new luxury sub-brand YangWang showcased the colossal U8, claimed as the world’s most powerful SUV and with the ability to float on water in an emergency.
MG also celebrated the event’s centenary with the global launch of its Cyberster and an all-new MG3 hatch. Plus, US firm Lucid promoted its Gravity SUV, as well as a new performance version of the Air sedan.
Asia Pacific
Mercedes-Benz Thailand has introduced their "Retail of the Future" business model, putting more emphasis on the online retail experience and nationwide one-price policy. Thailand is world's 11th market under this new business model.
BYD plans to launch electric passenger cars in South Korea by this summer, according to industry sources. The launch model will be a passenger sedan, which is reportedly undergoing performance certification evaluations by Korea Environment Corporation under the Ministry of Environment. BYD's models likely to be eligible for subsidies are the Seal sedan, Dolphin and Atto SUVs.
According to local reports, Hyundai Motor is developing hybrid models for its premium Genesis brand, scheduled to be released in 2025, due to low demand for full electric vehicles.
Last November, Stellantis announced that it had been evaluating the Malaysian manufacturing plant in Gurun, Kedah. They were considering its potential as a regional manufacturing hub for its battery-electric vehicles, to produce models for domestic and export markets in the ASEAN region. As such, the group is on a heavy recruitment drive in the market.
Americas
In the US, General Motors confirmed that the Cadillac Lyriq midsize electric crossover has regained eligibility for the full federal USD 7,500 tax credit on purchases of new electric vehicles. Buyers of the model temporarily lost access to the credit as two minor components did not meet new battery sourcing rules effective this year. The vehicle is now expected to comply with the rules after GM pulled ahead a change in how those components are sourced.
Following a series of price reductions across several markets in 2023, Tesla has now raised Model 3 pricing for the third time in a month in the US.
Ford Motor Co said it had cut prices on its Mustang Mach-E electric SUV by up to USD 8,100 after sales fell sharply in January, a sign of slowing demand for full EV models. Ford said the price cuts come as the automaker continues "to adapt to the market to achieve the optimal mix of sales growth and customer value."
Due to the recent trend of slower-than-expected demand for EVs, Mercedes-Benz is recalibrating its EV transition in the US. Previously, the German manufacturer had pledged to go fully electric by 2030, but now plans to continue selling ICE cars well into the next decade. It has now halved its EV goals, and pure electric models and hybrids will account for up to 50% of its sales by 2030.