Ford Motor reports a 10.2% decline in July U.S. vehicle sales, attributing the drop to the intentional phase-out of select models (Ford Escape, Lincoln Corsair) and reduction of low-margin rental fleet sales by 96%, prioritizing retail sales of F-Series pickups amidst production recovery.
Electric vehicle sales in India nearly doubled in July, surging 82% year-on-year to 31,788 units, driven by higher fuel prices due to the US-Iran war. This boosted EVs' share in new car sales to 7.8%, with major automakers like Maruti Suzuki, Kia, and Tata Motors ramping up production to meet demand.
India's passenger vehicle industry recorded a 33% year-on-year increase in domestic dispatches in July, reaching nearly 4.7 lakh units. Major manufacturers like Maruti Suzuki and Hyundai achieved record sales, bolstered by demand-supporting measures such as GST 2.0 and lower repo rates.
Tesla reported a Q2 net income of $1.11 billion, down from last year, as increased R&D spending cut into profits despite a 26% revenue surge to $28.24 billion and a 25% increase in vehicle deliveries, which beat analyst forecasts.
Tesla reported second-quarter vehicle deliveries and production significantly exceeding Wall Street expectations, yet its shares fell by 6%. The company is working to recover from consecutive annual sales declines, facing increased competition and consumer backlash against Elon Musk, while also expanding into new products like Semi trucks and Cybercab.
Ford Motor reported a 10.3% decline in its second-quarter U.S. new vehicle sales, primarily due to an 11% drop in F-Series trucks from a supplier issue and a 40.7% fall in all-electric vehicle sales. Despite the overall decline, F-Series remained America's top-selling truck, and Ford's results slightly surpassed analyst expectations.
Stellantis-backed Leapmotor reported record electric vehicle deliveries of 93,376 units last month, a 94.5% year-on-year increase. The company, which offers midsize EVs at about half the price of Tesla models, has seen sales jump due to technological advancements and new models.
Automakers with strong hybrid offerings are outperforming competitors as high gas prices and waning EV demand impact U.S. vehicle sales. Toyota, Honda, Hyundai, and Kia reported significant hybrid sales growth, while GM saw a decline due to its limited hybrid lineup.
Global EV sales surged due to the Middle East oil crisis, with Australia seeing a 150% jump. Despite record sales and falling battery prices, concerns persist regarding battery costs, fire risks, road damage, and exploitative critical mineral supply chains, particularly cobalt from the Democratic Republic of the Congo.
Passenger vehicle sales in India are projected to grow 4-6% this fiscal, driven by strong demand, improved affordability post-GST cuts, and the popularity of utility vehicles. Wholesale and retail sales saw significant growth last fiscal, though rising fuel costs and monsoon concerns are noted.
The UK government is considering reducing its 2030 target for electric vehicle (EV) sales from 80% to between 50%-70%. Car makers and unions cite cost and job concerns, while sustainability groups warn of climate goal impacts. A consultation will determine the final target.
The UK government is considering reducing the 2030 target for electric vehicle sales from 80% to between 50% and 70%. Car makers and unions cite cost and job concerns, while sustainability groups warn of climate goal impacts.
The UK government is considering reducing the 2030 target for electric vehicle sales from 80% to between 50% and 70%. Car makers and unions cite cost and job concerns, while sustainability groups warn of climate goal impacts.
The UK government is reportedly considering lowering the 2030 target for electric vehicle sales from 80% to between 50%-70%. This move follows lobbying from car makers and unions concerned about costs and jobs, while sustainability groups warn it could jeopardize climate goals.
The UK government is reportedly planning to relax its 2030 electric vehicle sales targets, potentially lowering the mandate for pure EVs from 80% to 50% and allowing a larger share for hybrids. This move follows intense lobbying from the car industry and unions concerned about job security and manufacturing penalties.
Electric vehicle sales worldwide increase significantly following the implementation of stricter emission standards.
Hainan's first duty-free modified vehicle sale under a 30% value-added tariff exemption policy has been completed. A company modified an imported vehicle into a specialized ambulance, which was then sold to Guangdong Province without import duties.
