“A large number of Luxeed S7 vehicles have already rolled off the production line and are now being transported for delivery to customers,” Richard Yu, managing director and chairman of Huawei’s smart car solutions announced on social media. The premium EV already has over 20,000 orders and is priced at 249,800 yuan ($34,600).

In addition to overcoming the production setbacks, Huawei also revealed that its smart car unit would be transitioned into a new company. In April, the company expects to turn a profit, thereby beginning its recovery after losing billions of yuan last year. Such losses aside, the company earned its highest revenue in 2023 over the past four years from new businesses such as its smart car unit.

The post Huawei Reveals That Chery’s Luxeed S7 EV Begn Mass Delivery appeared first on theprimarymarket.com.

“All U.S. cars that are capable of FSD will be enabled for a one-month trial this week,” Musk wrote on social media platform X.

Priced at $12,000, the FSD technology has fallen short of expectations in terms of being a profit driver. This comes after Tesla was faced with regulatory and legal hurdles regarding its safety and marketing efforts. In response, Musk claimed that critics do not understand how well the FSD works while supervised.

Tesla’s decision to provide a trial of the FSD to U.S. consumers comes across as a sales push amid declining adoption rates of the technology. While 53% of Tesla customers opted for the driver-assist technology in the third quarter of 2019, only 14% of customers purchased the FSD in the third quarter of 2022.

The post Tesla Offers One-Month Trial of Driver-Assist Technology appeared first on theprimarymarket.com.

Initially, Renault CEO Luca de Meo revealed that the company was seeking a valuation ranging between €8 billion and €10 billion for the EV business, known as Ampere, stopping short of Renault’s €10.1 billion valuation. De Meo insisted that improved cash flow in the EV unit has reduced the need for a share sale.

Still, de Meo did admit that falling EV demand had a role in his company’s decision. “Is the context influencing the decision? It’s one of the elements,” De Meo told reporters. “Being totally blind and not looking left and right would’ve been not been responsible.”

The post Renault Shares Rise After Scrapping EV IPO appeared first on theprimarymarket.com.

“We hope that this collaboration will help us gain a deeper understanding of the Chinese market and develop strategies that better meet the needs of customers in China,” Nissan President and Chief Executive Makoto Uchida declared. This is an extension of the partnership that Nissan has had with Tsinghua since 2016 when the focus was on intelligent mobility and autonomous driving technology.

The automaker is looking to export its existing lineup of internal combustion engine vehicles as well as upcoming pure electric and plug-in hybrid vehicles. China currently makes up a little over a fifth of Nissan’s total sales, with about 2.8 million vehicles sold during the first 10 months of 2023.

The post Nissan to Export China-Developed EVs Globally appeared first on theprimarymarket.com.

Q3’s EV sales were almost a 50% rise from last year as well as 15,000 more sales than the 298,000 in the second quarter. According to KBB, total EV sales for the year are expected to exceed one million. “Higher inventory levels, more product availability, and downward pricing pressure have helped spur continued linear growth of EV sales in the US market,” Cox Automotive’s chief economist Jonathan Smoke observed.

Despite more than 150,000 sales in the third quarter, Tesla saw its market share fall to 50% from 62% at the same point last year. Still, the company’s sales are growing, up 19.5% year-over-year and beating the industry growth rate of 16.3%.

The post EV Sales Hit Record in Q3 appeared first on theprimarymarket.com.

Unlike the NCM cathodes, the factory will produce lithium-phosphate-iron (LFP) cathode materials. The South Korean chemical maker stated that it’s looking to produce 50,000 LFP materials annually at the plant – enough to install in 500,000 entry-class EVs. Production at the facility is slated to begin in 2026.

The South Korean company explained that the LFP materials produced at the Moroccan plant will be supplied to the North American market and will be eligible to receive subsidies under the U.S. Inflation Reduction Act (IRA) because Morocco is a free-trade partner with the United States.

The post LG Chem to Build EV Battery Material Plant in Morocco appeared first on theprimarymarket.com.

A spokesperson from the heavy-duty EV company revealed that a total of 209 battery-powered electric trucks from Nikola are currently in the marketplace. The company is making contact with dealers and buyers in an effort to recall all of these vehicles.

Internal investigations are underway, with Nikola’s safety and engineering teams convinced that a single supplier component is the sole source of the issue. While the company suspected foul play during a June investigation after trucks at its Phoenix, Arizona, headquarters, it has since ruled out this possibility. “Foul play or other external factors were unlikely to have caused the incident,” Nikola confirmed in a public statement.

The post Nikola Recalls EV Trucks Following Fire Probe appeared first on theprimarymarket.com.

Five new EV models are set to be introduced by Hyundai by 2032, while the company hopes to grow its charging station network to 439 by 2027. Currently, the carmaker already sells two EV models in India, namely the Kona and Ioniq 5 SUVs.

With a current market share in India of 6.7%, Hyundai is aiming to capture 10% of the Indian market. In pursuit of this goal, Hyundai aims to start producing small EVs in 2025 while also expanding its charging infrastructure and doubling its sales network.

The company expects its EV sales in India to hit one million units by 2030. Hyundai only sold 48,105 EVs in the country in fiscal 2023, government data revealed.

The post Hyundai to Introduce More EVs to Indian Market appeared first on theprimarymarket.com.

Lucid cut the price of the Air Pure model by $5,000 from $87,400 to $82,400, while slashing the prices of the more high-end Touring and Grand Touring versions by $12,400. The Touring now costs $95,000, while the Grand Touring retails for $125,600.

Tesla sparked the ongoing price war by slashing the price of its Model S and Model S Plaid (the performance version) from $104,990 and $135,990 to $88,490 and $108,490 respectively at the start of the year.

Since the Covid pandemic, Lucid has struggled with rising raw material costs along with supply chain bottlenecks that have affected the automotive industry at large. The company is expected to report sustained losses when it releases its second-quarter earnings on Monday.

The post Lucid Slashes Price of Air Sedan to Remain Competitive in EV Market appeared first on theprimarymarket.com.

Top-line revenue for Q2 was $45 billion, outpacing an expected $40.17 billion and improving 12% from the $37.91 billion reported a year earlier. Adjusted earnings per share amounted to $0.72, beating the Wall Street consensus estimate of $0.54 per share. Adjusted EBIT amounted to $3.8 billion.

In terms of its full-year guidance, Ford expects its Ford Blue unit as well as its Ford Ford Pro unit to attain an EBIT of $8 billion a piece. The company’s electric vehicle (EV) unit is expected to continue struggling,however, with its Model E unit expected to incur a full-year loss of $4.5 billion.

Still, Ford CEO Jim Farley expects the company to achieve its EV goals despite this hiccup, explaining, “The near-term pace of EV adoption will be a little slower than expected, which is going to benefit early movers like Ford. EV customers are brand loyal and we’re winning lots of them with our high-volume, first-generation products; we’re making smart investments in capabilities and capacity around the world; and, while others are trying to catch up, we have clean-sheet, next-generation products in advanced development that will blow people away.”

The company expects to reach a 600,000-unit EV production run rate in 2024, en route to achieving its manufacturing goal of 2 million EV units per year.

The post Ford Beats Q2 Profit Estimates Amid EV Unit Slump appeared first on theprimarymarket.com.

“A large number of Luxeed S7 vehicles have already rolled off the production line and are now being transported for delivery to customers,” Richard Yu, managing director and chairman of Huawei’s smart car solutions announced on social media. The premium EV already has over 20,000 orders and is priced at 249,800 yuan ($34,600).

In addition to overcoming the production setbacks, Huawei also revealed that its smart car unit would be transitioned into a new company. In April, the company expects to turn a profit, thereby beginning its recovery after losing billions of yuan last year. Such losses aside, the company earned its highest revenue in 2023 over the past four years from new businesses such as its smart car unit.

The post Huawei Reveals That Chery’s Luxeed S7 EV Begn Mass Delivery appeared first on theprimarymarket.com.

“All U.S. cars that are capable of FSD will be enabled for a one-month trial this week,” Musk wrote on social media platform X.

Priced at $12,000, the FSD technology has fallen short of expectations in terms of being a profit driver. This comes after Tesla was faced with regulatory and legal hurdles regarding its safety and marketing efforts. In response, Musk claimed that critics do not understand how well the FSD works while supervised.

Tesla’s decision to provide a trial of the FSD to U.S. consumers comes across as a sales push amid declining adoption rates of the technology. While 53% of Tesla customers opted for the driver-assist technology in the third quarter of 2019, only 14% of customers purchased the FSD in the third quarter of 2022.

The post Tesla Offers One-Month Trial of Driver-Assist Technology appeared first on theprimarymarket.com.

Initially, Renault CEO Luca de Meo revealed that the company was seeking a valuation ranging between €8 billion and €10 billion for the EV business, known as Ampere, stopping short of Renault’s €10.1 billion valuation. De Meo insisted that improved cash flow in the EV unit has reduced the need for a share sale.

Still, de Meo did admit that falling EV demand had a role in his company’s decision. “Is the context influencing the decision? It’s one of the elements,” De Meo told reporters. “Being totally blind and not looking left and right would’ve been not been responsible.”

The post Renault Shares Rise After Scrapping EV IPO appeared first on theprimarymarket.com.

“We hope that this collaboration will help us gain a deeper understanding of the Chinese market and develop strategies that better meet the needs of customers in China,” Nissan President and Chief Executive Makoto Uchida declared. This is an extension of the partnership that Nissan has had with Tsinghua since 2016 when the focus was on intelligent mobility and autonomous driving technology.

The automaker is looking to export its existing lineup of internal combustion engine vehicles as well as upcoming pure electric and plug-in hybrid vehicles. China currently makes up a little over a fifth of Nissan’s total sales, with about 2.8 million vehicles sold during the first 10 months of 2023.

The post Nissan to Export China-Developed EVs Globally appeared first on theprimarymarket.com.

Q3’s EV sales were almost a 50% rise from last year as well as 15,000 more sales than the 298,000 in the second quarter. According to KBB, total EV sales for the year are expected to exceed one million. “Higher inventory levels, more product availability, and downward pricing pressure have helped spur continued linear growth of EV sales in the US market,” Cox Automotive’s chief economist Jonathan Smoke observed.

Despite more than 150,000 sales in the third quarter, Tesla saw its market share fall to 50% from 62% at the same point last year. Still, the company’s sales are growing, up 19.5% year-over-year and beating the industry growth rate of 16.3%.

The post EV Sales Hit Record in Q3 appeared first on theprimarymarket.com.

Unlike the NCM cathodes, the factory will produce lithium-phosphate-iron (LFP) cathode materials. The South Korean chemical maker stated that it’s looking to produce 50,000 LFP materials annually at the plant – enough to install in 500,000 entry-class EVs. Production at the facility is slated to begin in 2026.

The South Korean company explained that the LFP materials produced at the Moroccan plant will be supplied to the North American market and will be eligible to receive subsidies under the U.S. Inflation Reduction Act (IRA) because Morocco is a free-trade partner with the United States.

The post LG Chem to Build EV Battery Material Plant in Morocco appeared first on theprimarymarket.com.

A spokesperson from the heavy-duty EV company revealed that a total of 209 battery-powered electric trucks from Nikola are currently in the marketplace. The company is making contact with dealers and buyers in an effort to recall all of these vehicles.

Internal investigations are underway, with Nikola’s safety and engineering teams convinced that a single supplier component is the sole source of the issue. While the company suspected foul play during a June investigation after trucks at its Phoenix, Arizona, headquarters, it has since ruled out this possibility. “Foul play or other external factors were unlikely to have caused the incident,” Nikola confirmed in a public statement.

The post Nikola Recalls EV Trucks Following Fire Probe appeared first on theprimarymarket.com.

Five new EV models are set to be introduced by Hyundai by 2032, while the company hopes to grow its charging station network to 439 by 2027. Currently, the carmaker already sells two EV models in India, namely the Kona and Ioniq 5 SUVs.

With a current market share in India of 6.7%, Hyundai is aiming to capture 10% of the Indian market. In pursuit of this goal, Hyundai aims to start producing small EVs in 2025 while also expanding its charging infrastructure and doubling its sales network.

The company expects its EV sales in India to hit one million units by 2030. Hyundai only sold 48,105 EVs in the country in fiscal 2023, government data revealed.

The post Hyundai to Introduce More EVs to Indian Market appeared first on theprimarymarket.com.

Lucid cut the price of the Air Pure model by $5,000 from $87,400 to $82,400, while slashing the prices of the more high-end Touring and Grand Touring versions by $12,400. The Touring now costs $95,000, while the Grand Touring retails for $125,600.

Tesla sparked the ongoing price war by slashing the price of its Model S and Model S Plaid (the performance version) from $104,990 and $135,990 to $88,490 and $108,490 respectively at the start of the year.

Since the Covid pandemic, Lucid has struggled with rising raw material costs along with supply chain bottlenecks that have affected the automotive industry at large. The company is expected to report sustained losses when it releases its second-quarter earnings on Monday.

The post Lucid Slashes Price of Air Sedan to Remain Competitive in EV Market appeared first on theprimarymarket.com.

Top-line revenue for Q2 was $45 billion, outpacing an expected $40.17 billion and improving 12% from the $37.91 billion reported a year earlier. Adjusted earnings per share amounted to $0.72, beating the Wall Street consensus estimate of $0.54 per share. Adjusted EBIT amounted to $3.8 billion.

In terms of its full-year guidance, Ford expects its Ford Blue unit as well as its Ford Ford Pro unit to attain an EBIT of $8 billion a piece. The company’s electric vehicle (EV) unit is expected to continue struggling,however, with its Model E unit expected to incur a full-year loss of $4.5 billion.

Still, Ford CEO Jim Farley expects the company to achieve its EV goals despite this hiccup, explaining, “The near-term pace of EV adoption will be a little slower than expected, which is going to benefit early movers like Ford. EV customers are brand loyal and we’re winning lots of them with our high-volume, first-generation products; we’re making smart investments in capabilities and capacity around the world; and, while others are trying to catch up, we have clean-sheet, next-generation products in advanced development that will blow people away.”

The company expects to reach a 600,000-unit EV production run rate in 2024, en route to achieving its manufacturing goal of 2 million EV units per year.

The post Ford Beats Q2 Profit Estimates Amid EV Unit Slump appeared first on theprimarymarket.com.