electriccar
US presidential hopeful Donald Trump said that he “certainly would” name Tesla CEO Elon Musk to a cabinet or advisory role if elected after saying he would end tax credits for electric vehicle purchases. "Tax credits and tax incentives are not generally a very good thing," Trump told Reuters after a campaign event in Pennsylvania on Monday. When asked about naming Musk to a particular role in his administration Trump said: "He's a very smart guy. I certainly would, if he would do it, I certainly would. He's a brilliant guy". Musk has endorsed Trump and reportedly said in July he was planning t...
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Struggling firm Varta has reached an agreement with creditors to secure fresh capital and alleviate its debt, notably by accepting the support of car manufacturer Porsche. According to new proposals, Porsche will take a 32% stake in Varta after injecting €60m into the company. The same cut will also be acquired by current majority owner Michael Tojner, who has agreed to invest €60m. Existing lenders, who will own the remaining 36% of Varta, have agreed to pay €60m by December 2027 in senior secured loans. This type of debt must be repaid before other loans in the case of company bankruptcy. Se...
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The Chinese government said on Friday that it had filed a complaint with the World Trade Organisation over European Union tariffs on electric vehicles made in China. The Commerce Ministry said that China had resorted to the WTO dispute settlement mechanism "to safeguard the development rights and interests of the electric vehicle industry and cooperation on the global green transformation." The EU has imposed provisional tariffs on EVs made in China, in the range of 17.4% to 37.6%. That is on top of a 10% duty already imposed on Chinese auto imports. The European Commission maintains that Chin...
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The popular ride-sharing app Uber has unveiled a partnership with Tesla competitor BYD to bring the Chinese carmaker's EVs to the platform in Europe and Latin America. The two companies announced they plan to introduce 100,000 BYD model EVs on the Uber platform and eventually expand to other markets. It would offer Uber drivers access to better pricing, insurance, financing and other services for BYD vehicles, according to the companies. They said the plan would help accelerate the switch to EVs and that they also plan to collaborate in introducing autonomous-capable EVs on the Uber platform. ...
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A new trial production line of the electric version of Fiat's Grande Panda car was inaugurated in Kragujevac last Monday. Built at the factory known for producing the Italian brand's vehicles since it was rebranded under Fiat Chrysler — now Stellantis — in 2008, it's set to become the first-ever electric car to be mass-produced in Serbia, with production expected to begin this October. Its launch follows a deal on lithium reached with the EU in early July in Belgrade that could reduce Europe’s dependency on China and push Serbia, which has close ties to Moscow and Beijing, closer to Brussels. ...
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Mercedes-Benz AG, the renowned German luxury automaker, reported a decline in revenue for the last quarter and issued a profit guidance that fell short of expectations, as the company anticipates continued weak customer demand for the rest of the year. Shares of Mercedes-Benz AG dropped more than 2% at the market open in Frankfurt to €61, reaching their lowest level since late January 2024. Revenue for the second quarter of 2024 stood at €36.7bn, down from €38.2bn in the same period last year and below analyst predictions of €37.2bn. The cars division achieved a 10.2% return on sales during th...
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Luxury car maker Porsche has abandoned its sales target for electric vehicles (EVs) because of a lack of demand from customers. The super brand sports car maker had previously insisted EVs would be worth up to 80% of its new sales targets by 2030. However, company bosses have now diluted that figure and say only it will depend on uptake. Brakes on Porsche profit outlook as alloy supply shortage kicks inVW mulls putting the brakes on Brussels Audi plant due to low demand for EVsIn a statement reported by The Telegraph, Porsche said: "The transition to electric vehicles will take longer than we ...
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Registrations of battery-electric cars declined by 1% in the EU last month, to 156,408 units, the European Automobile Manufacturers' Association (ACEA) said on Thursday. The total market share of these vehicles dropped from 15.1% to 14.4%, compared to the same month a year earlier. This was despite robust annual increases in a number of countries, notably Croatia (+161.4), Czechia (+140.8), and Hungary (+123.8). Respectively, these nations registered 298; 1,524; and 864 new battery electric cars in June. To rank numbers as opposed to growth rates, Germany stormed ahead with 43,412 new battery ...
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Industry groups have warned Europe’s energy transition could be hampered if incoming rules on battery manufacturing do not allow firms to factor in long-term contracts for renewable electricity when calculating their carbon emissions. The EU has been actively promoting domestic battery production amid growing geopolitical tensions and fears of undercutting by market leader China – with strict environmental criteria designed to favour greener, European manufacturers. But draft rules on calculating indirect ‘scope 2’ emissions do count ‘power purchase agreements’ (PPA) for green electricity desp...
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German automobile manufacturer Volkswagen recently denounced the EU’s plans to implement import duties of up to 38% on Chinese electric vehicles, highlighting that they would have adverse effects on the European automotive industry. The company emphasised that it would undermine the competitiveness of European auto manufacturers in the long run. The EU announced these tariff increases back in June, citing concerns over Chinese electric vehicle makers receiving subsidies from the government, thus allowing them to sell their vehicles at unfairly low prices in the EU, compared to European automob...
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