Volkswagen has warned that it may close the Brussels site of its luxury brand Audi due to a sharp drop in demand for high-end electric cars that has hit Europe’s top carmaker, forcing it to cut its margin target for the current year. Volkswagen has not shut down a plant since it closed the Westmoreland site
The European Union will impose tariffs of up to 37.6% on imports of electric vehicles made in China, EU officials said, ratcheting up tensions with Beijing in Brussels’ largest trade case yet. There is however a four-month window during which the tariffs are provisional and intensive talks are expected to continue between the two sides
Tesla shareholders approved CEO Elon Musk’s $56 billion pay package, the electric vehicle-maker said, a big thumbs-up to his leadership and an incentive to keep his focus on his biggest source of wealth. The approval underscores the support that Musk enjoys from Tesla’s retail investor base, many of whom are vocal fans of the mercurial
Cardino, a pioneer in the used electric vehicle (EV) market, announced a €4 million seed funding round spearheaded by Point Nine. The funding round was supported by an array of distinguished angel investors and notable figures, including key investors from platforms like Rosberg Ventures, Vinted.com, Bolt, HomeToGo, Dance and HeyJobs. Cardino was founded in 2022
European governments may be wary of budget Chinese electric vehicles flooding their markets but they’re also fiercely competing for a share of the manufacturing investment and jobs the new competitors bring. While the European Union investigates China’s auto subsidies and considers tariffs on imports, national governments across the bloc are dangling their own incentives to
Toyota Motor and Mazda Motor have temporarily halted shipments or sales of some vehicles after Japan’s transport ministry found irregularities in applications to certify their models. The ministry said irregularities were found in applications to certify models from the two automakers and also from Honda Motor, Suzuki Motor and Yamaha Motor. It had ordered Toyota,
Toyota Motor has showcased next-generation engines that can be used in cars as varied as hybrids and those running on biofuel, as it targets tougher emissions standards and doubles down on its strategy of selling more than just EVs. With peers Subaru and Mazda Motor, the world’s biggest automaker by volume displayed in-development 1.5 litre
Bolt,the global shared mobility business founded in 2013 and headquartered in Tallinn, has announced the successful closure of its inaugural €220 million syndicated revolving credit facility (RCF). The facility, initially met with robust demand, was substantially upsized during syndication and ultimately oversubscribed, underscoring the confidence of financial institutions in Bolt’s trajectory and financial strength. Provided
Auto safety regulators in the USA said recently that they have opened an investigation into whether Tesla’s recall of more than two million vehicles announced in December to install new autopilot safeguards is adequate. The National Highway Traffic Safety Administration (NHTSA) said it was opening an investigation after the agency identified concerns due to crash
Tesla shares surged 10% after the electric-car maker eased some worries about growth with a prediction that sales would rise this year and said it would roll out more affordable models in early 2025. The news cheered up investors who were bracing for the worst after a tumultuous week at Tesla that saw big layoffs,
