Automobile

BLOOMBERG Volvo AB’s second-largest shareholder Geely said while it’s not currently planning any changes to its position, “anything is possible” in future. Zhejiang Geely Holding Group Co, controlled by Chinese billionaire Li Shufu, is in “good dialog” with Volvo, Hans Oscarsson, the head of Geely’s Sweden branch, said in emailed comments ahead of the world’s second-biggest truckmaker’s annual general meeting. ...

BLOOMBERG BMW AG expects 2023 profit margins around last year’s level as sales of its most expensive vehicles like the 7-Series offset weaker pricing for entry-level luxury models. Automaking returns are expected to stay between 8% and 10% this year, in line with long term targets, the Munich-based carmaker said. BMW said deliveries will likely tick higher after dropping nearly ...

BLOOMBERG Egineering students from across the US compete in the American Solar Challenge, where around 10 schools cobble together a car designed to go as far as possible, powered exclusively by the sun. In 2022, the Massachusetts Institute of Technology (MIT) took the top prize with a car that looks sort of like a ping-pong table sprouted wheels. On its ...

BLOOMBERG Porsche Automobil Holding SE won a crucial ruling in a €900 million ($976 million) class-action style lawsuit from investors who claimed the company should have warned shareholders about the diesel-emission software rigging at Volkswagen AG. The Stuttgart Higher Regional Court said the company didn’t fail to inform markets about the use of a defeat device at Volkswagen long before ...

BLOOMBERG VinFast, an electric car maker backed by Vietnam’s richest man, plans to ship its second batch of EVs to North America on April 4. The company will send 900 VF 8 standard vehicles to California and 900 to Canada, VinFast Chief Executive Officer Le Thi Thu Thuy said in a statement to Bloomberg. VinFast sent 999 VF 8 City ...

BLOOMBERG Genesis, the South Korean luxury sister brand to Hyundai, wants to be mentioned in the same breath as BMW and Mercedes-Benz. That’s why it’s putting so much pressure on the folks at the factory in Montgomery, Alabama, to get its newest offering, the Genesis Electrified GV70, exactly right. The $65,850 SUV is the third electric vehicle from Genesis, and ...

BLOOMBERG  China Evergrande New Energy Vehicle (NEV) Group Ltd warned it may have to stop making electric cars if it can’t obtain new financing, having delivered just 900 of its much-delayed flagship model. The company said it is seeking to cut costs by reducing staff numbers and improving management efficiency. However, “in face of the inability to obtain additional liquidity, ...

BLOOMBERG Mercedes-Benz Group AG suffered a setback in a dispute at the European Union’s top court over its duty to compensate owners of cars equipped with illegal computer technology that overrides anti-pollution systems in order to protect components at low temperatures. In a suit referred from a court in Germany, the owner of a Mercedes car equipped with a so-called ...

BLOOMBERG Auto sales in Europe increased for a seventh straight month, aided by strong growth in the UK and Spain and improving supply chains. Registrations jumped 12% in February to 902,775 vehicles, the European Automobile Manufacturers’ Association said. Sales of battery-electric vehicles surged 34%, expanding more than any other type of powertrain. Shortages of semiconductors and other components are becoming ...

BLOOMBERG Markus Duesmann, the chief executive officer (CEO) of Audi, flew to China last week to tackle a problem that’s indicative of the challenges facing Germany: how to compete with its biggest trading partner on new technology. The head of the German luxury brand went to visit Audi’s Chinese joint venture (JV) partners — China FAW Group Co. and SAIC ...