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...But late last year, following a collapse in the resale value of EVs and citing higher repair costs than expected, Hertz said it would sell some of the Tesla cars it purchased and that it would not meet the...
...It also owns assets including petrol station operator Motor Fuel Group and part of car windscreen repair company Belron. CD&R has explored the possibility of selling MFG....
...This shift will have major ramifications for both the auto industry and the energy sector.”...
...All efforts must be directed at trying to repair Wood’s damaged reputation, after years of overpromising and underdelivering....
...Meanwhile, car insurance and auto repair shot up 2 per cent and 3 per cent, respectively, in March....
...BYD profits rose last year but fell short of expectations as Tesla’s main Chinese rival felt the brunt of intensifying competition and slowing sales growth....
...Tesla’s sales figures also “suggested a sharp deterioration in growth” in the US, said Tom Narayan, an auto analyst at RBC Capital Market, while the Model Y and 3, which account for more than 90 per cent...
...The pressure is especially high in China, the world’s biggest auto market and the US EV maker’s second-largest market by sales, where competition between local EV makers and foreign carmakers is heating...
...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...
...I’m gonna wait and buy it at the bottom’,” said Stephen Dyer, partner and managing director at consultancy AlixPartners in Shanghai. “It actually slowed down sales when that happened.”...
...The lull in EV sales is having a damaging impact on the auto industry....
...The slowing pace of sales growth has fuelled expectations among auto executives for a wave of consolidation that will leave only a handful of companies in the world’s largest car market....
...Citi was also a leader on a $310mn loan to Sunbit, a buy-now, pay-later company that specialises in auto repair shops and dentist offices....
...EVs were facing higher incidents of accidents and damage that were more costly to repair than expected....
...It was something tenable on the horizon, so was a reason to look past the current EV sales slump....
...Among the bigger companies are Copart and Insurance Auto Auctions, which auction off junked cars; LKQ, which sells salvaged parts to repair shops and retail customers; and Boyd Group Services, which buys...
...Yet sales, the same data set predicts, will lag even further behind. EV interest last year resulted in sales of 9.5mn vehicles, but the figure is only expected to be 9.8mn this year....
...Less than two years into entering Thailand, the region’s second-biggest auto market, BYD holds the position as the biggest EV maker and the third-largest automaker for the overall passenger car market, according...
...Sales grew by 55 per cent between January 2022 and January 2023....
...Revenue rose 5 per cent from the same period a year earlier, to $44bn, with Jacobson citing strong sales and “healthy” pricing....
...Indeed, John Lewis has suspended sales of its EV policies by request of French underwriter Covéa as it reassesses the cost of repairs....
...Sales growth has fallen. In the last quarter, it was 16 per cent, down from 33 per cent the previous year. The co-founders have left....
...Daniel Roeska, an auto analyst with Bernstein, said that consumers had perceived a “chasm” between the industry leaders — Tesla and BYD — and the “traditional [original equipment manufacturers]” such as...
...The company has lodged two legal cases as it tries to keep its sales business in the country operational....
...The United Auto Workers, the influential US union, is targeting Tesla as it aims to widen its base beyond the traditional Detroit carmakers of Ford, General Motors and Chrysler following its historic pay...
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