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...Indian steelmaker JSW last month launched a $1.5bn tie-up with China’s SAIC Motor to build and sell EVs in India....
...Under its ownership, Morrisons’ sales have lagged behind many UK competitors. Lewis said he did not have “any formal involvement” with Morrisons or MFG....
...The company recruited as co-president Wang Fengying, a former chief executive at Great Wall Motor who helped that company become the first Chinese group to export locally made cars....
...Drew Baglino, senior vice-president leading Tesla’s engineering and technology development for batteries, motors and energy products, announced on X today that he would leave after 18 years at the auto group...
...The transaction is also the latest in a series of takeovers in the UK motor retail sector where consolidation has meant only Vertu and Caffyns remain....
...Total hybrid sales of about 1.2mn cars matched EV sales figures. For Toyota, hybrid sales increased 47 per cent year on year in the December quarter, far outpacing total group sales growth of a tenth....
...Sales growth of electric cars has slowed in the past year, with carmakers increasingly forced to discount models in order to generate sufficient consumer demand, while companies from General Motors and Ford...
...That was down from 49 12 months earlier, as it exited stakes in companies including General Motors, UPS and Procter & Gamble earlier in the year....
...Cruise, the self-driving car subsidiary of General Motors, targeted annual revenues of $1bn by 2025. Last year, the business reported sales of just $102mn amid a $3.4bn loss....
...In January, Tesla warned that flagging demand, high interest rates and intensifying competition would lead to slower sales growth rates this year....
...Shanghai’s state-owned carmaker SAIC Motor, for example, had its 15 per cent tax rate for being a “high-tech enterprise” renewed four times since 2008....
...Ford, General Motors and Tesla have all pumped the brakes on expanding EV production capacity in recent weeks....
...Sales grew by 55 per cent between January 2022 and January 2023....
...A number of EV makers have recently scaled back expansion plans, including Ford and General Motors, while rental group Hertz is selling one-third of its electric fleet to buy more petrol vehicles....
...Then, last week, fellow start-ups Rivian and Lucid Motors also announced lacklustre results, sending their shares tumbling....
...Bert Hesselink, client relationship director at Czech warehouse developer CTP, said the company had also been introducing more features that “you would expect in a higher-end [business] park”....
...The company disclosed it had sold off its remaining position in carmaker General Motors during the three months to the end of September, an investment that was worth roughly $850mn in the previous quarter...
...The deal comes as Morrisons seeks to improve its sales performance under new chief executive Rami Baitiéh and service its £5.5bn net debt pile following sale-and-leaseback deals on some of its properties...
...Tesla, General Motors and Rivian all reported strong US sales and deliveries for EVs during the second quarter, as did BYD in China....
...Signs of distress and dislocation abound in the New York City office market, the world’s largest, where Stacom bagged many of her biggest deals, including the $2.8bn sale of the General Motors Building in...
...An independent panel revealed that Daihatsu Motor, a subsidiary of Toyota Motor, had been cheating on safety and quality tests for over 30 years, delivering a blow to the auto group’s reputation — the most...
...Saying goodbye to ice cream means hiving off a division that accounts for about 16 per cent of Unilever’s overall sales....
...“The strategic partnership with Pinewood Technologies and acquisition of Pendragon’s UK motor and vehicle management divisions is a massive step in delivering on our longer term growth strategy,” said Lithia...
...The downbeat outlook comes as automakers including Tesla, General Motors and Ford slow their EV factory expansions in expectation of weaker demand for cars owing to higher rates increasing financing costs...
...Utilities have long been dependable motors of Warren Buffett’s Berkshire Hathaway conglomerate, turning out steady profits at rates of return approved by regulators....
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