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...Another heavily-traded company that until recently was a penny stock is Mullen Automotive....
...The people with knowledge of Tesla’s plans said it would send a team from the US by late April to study sites for the plant, focusing on states with existing automotive hubs, including Maharashtra and Gujarat...
...US-based Group 1 Automotive, which already has 55 UK sites, will buy its retail business, consisting of more than 80 forecourts across the country, Inchcape said on Monday....
...If you back out the new IRA US tax credits (which Tesla doesn’t seem to disclose) then automotive gross margin looks to have fallen even further, to around 14.1 per cent....
...Look at the company’s spending decisions and it seems as if everything is targeted towards addressing the 13 per cent drop in automotive revenues....
...While the number of car suppliers worldwide have risen, thanks to growth in China and the US, Germany’s network of suppliers have continued to lose market share to Chinese rivals....
...The lay-offs and lower-than-expected production projection come as EV sales are growing at a slower rate in the US....
...Most big US carmakers have reported a drop in electric vehicle sales due to softening consumer demand, a shift in preference to hybrids and increased competition from low-cost options from Chinese brands...
...In the last quarter, US chip designer Nvidia revealed that revenue from its automotive business fell 4 per cent year over year. In some regards, Apple had the right idea....
...German automotive supplier ZF, which is building a chip factory in the western region of Saarland with US group Wolfspeed, said it was worried about the consequences for Germany as a place to do business...
...Daniel Kollar, an automotive expert at consultancy Intralink, said Tesla’s China performance had remained strong but the company faced challenges from local competition, a renaissance of hybrid cars and...
...Ansys, which has headquarters in Pennsylvania and has its origins in structural analysis tools, makes engineering simulation software used in industries from automotive and construction to healthcare and...
...The automotive industry nonetheless expects EVs to become dominant in time as governments push to decarbonise road transport....
...The industry-leading gross profit margin on Tesla’s automotive operations briefly topped 30 per cent in 2021....
...The acquisition by Berkshire, whose related interests include car insurer Geico and dealership Berkshire Hathaway Automotive, was regarded as a vote of confidence in the US economy and more particularly...
...US group Lithia, which already has 50 UK sites, will buy the showrooms, Pendragon said on Monday....
...Renesas, a key supplier of chips to the automotive industry, has been on a deal spree as it looks to diversify, which included adding the Apple supplier Dialog to its stable....
...“Those global corporates already proved that even the biggest automotive [manufacturers] today have to purchase China’s solutions in order to save time as well as get a lot more competitive products,” Li...
...A record 313,000 electric vehicles were sold in the US in the third quarter, according to data group Cox Automotive....
...The US electric-car maker told investors in an earnings report released after the stock market closed on Wednesday that it was “between two major growth waves”....
...There are also times when our hedge book can go against us and overwhelm the performance of our long positions.”...
...According to Mastercard SpendingPulse, which measures activity in stores and online across all forms of payment, US retail sales on Friday excluding automotive categories were up 2.5 per cent year on year...
...“In 2019, Tesla created a frenzy at the Cybertruck reveal by claiming the electric pickup’s starting price would come in below $40K,” said Jessica Caldwell, an analyst at automotive industry insights platform...
...At midnight last night the biggest US car workers’ union began its first ever co-ordinated strike against all three of the major Detroit carmakers....
...“The company is facing tougher competition in the US and Europe as more automakers opt for cheaper LFP [lithium iron phosphate] batteries,” said Lee from the automotive institute....
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