Automobile

BLOOMBERG Ford Motor Co said that it would reduce the number of workers making its F-150 Lightning truck as demand for electric vehicles continues to weaken. About 1,400 employees will be impacted as the Rouge Electric Vehicle Center transitions to one shift beginning from April 1, the Dearborn, Michigan-based automaker said. The company said it expects continued growth in global …

BLOOMBERG Honda Motor Co expects sales in the US to hit 1.4 million vehicles this year for the first time in three years, fuelled mostly by demand for its hybrid and gas-powered models. The Japanese automaker aims to grow sales 10% in 2024, including as many as 1.3 million Honda brand vehicles and some 150,000 upscale Acura cars and SUVs, …

BLOOMBERG Europe’s automakers are bracing for slower growth this year after sales fell for the first time in 17 months in December on waning enthusiasm for electric vehicles. New-vehicle registrations declined 3.8% to 1.05 million units last month, the European Automobile Manufacturers’ Association said. Sales slumped nearly a quarter in the region’s biggest market Germany after EV incentives ran out, …

BLOOMBERG Thailand’s electric vehicle (EV) sales may double this year as Chinese manufacturers prepare to roll out their first locally manufactured models and about $2.4 billion in government incentives boosts consumer demand. New battery EV registrations are likely to top 150,000 by the end of the year, Krisda Utamote, president of the Electric Vehicle Association of Thailand, said in an …

BLOOMBERG Hyundai Motor Co will give as much as $7,500 in cash bonuses for electric-vehicle buyers in the US, seeking to keep its cars competitive with automakers qualifying for tax credits under President Joe Biden’s Inflation Reduction Act. The discounts apply to the Ioniq 5, Ioniq 6 and Kona Electric, and the month-long incentive will last through January 31, according …

BLOOMBERG Owners of BMW AG’s carmaking partner in China are considering options to raise funds, including selling the company’s stake in its joint venture with the German manufacturer, according to people familiar with the matter. Preliminary talks regarding Brilliance China Automotive Holdings Ltd’s 25% stake in its joint venture with BMW are ongoing, no final decision has been made and …

BLOOMBERG BYD Co, the world’s largest maker of electric vehicles, will invest 100 billion yuan ($14 billion) to develop smart-car features, its founder and chief executive officer said. Wang Chuanfu didn’t give a specific time frame for the investment or more details. The move comes as the Chinese carmaker tries to narrow the gap with rivals making vehicles with driver-assistance …

BLOOMBERG Tesla Inc delivered more vehicles than expected in the fourth quarter as the Elon Musk-led company dropped behind China’s BYD Co in global electric-car sales. Tesla handed over 484,507 vehicles in the last three months, beating analysts’ average estimate for 483,173 deliveries. BYD sold 526,409 fully electric vehicles in the quarter to become the new No 1 in EVs, …

BLOOMBERG General Motors (GM) Co said in a lawsuit that San Francisco unfairly taxed it $108 million over seven years, despite the automaker having very low sales and almost no personnel in the city. The company said that San Francisco used the presence of its Cruise self-driving unit to tie its tax bill to a portion of GM’s global revenue, …

BLOOMBERG The billionaire co-founder of Xiaomi Corp Lei Jun unveiled the company’s first electric vehicle (EV), declaring ambitions to become a top global carmaker in 15 to 20 years and compete against Tesla Inc and Porsche AG. Lei spent hours detailing the SU7’s features, which include a range of up to 800 kilometres (500 miles) on a single charge, adjustable …