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Hyundai has commenced production of its Ioniq 5 EV in Georgia, ahead of schedule, while Toyota has delayed its EV rollout in the U.S. amid declining demand. Tesla has discontinued its cheapest Model 3 variant, reflecting market pressures. Ford is addressing charging concerns with a new incentive program for EV buyers.
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Tesla's stock has dropped 7% following its third-quarter vehicle delivery report, which showed 462,890 sales. Analysts express concerns about the company's growth potential, especially with increasing competition from Chinese EV makers, which reported record sales in September. JPMorgan has set a price target of $130 for Tesla shares, indicating significant downside risk.
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On October 4, 2024, the EU voted to impose tariffs of up to 45% on Chinese electric vehicles (EVs) due to concerns over unfair subsidies. This decision aligns with a broader strategy to protect European automakers and follows a year-long investigation into China's trade practices. The tariffs will take effect on October 31, 2024.
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Tesla has removed its Standard Range Rear-Wheel Drive Model 3 from its website, raising the entry price for its vehicles. This decision comes amid rising tariffs on Chinese EVs and a shift in focus towards the Long Range Model 3. Analysts view this as a strategic move in a competitive market.
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Tesla's third-quarter vehicle deliveries rose 6.4% to 462,890 but fell short of analyst expectations, causing shares to drop. The company must deliver a record 516,344 vehicles in Q4 to avoid its first annual decline in deliveries amid rising competition and changing consumer preferences.
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China has announced tariffs of up to 39% on EU brandy imports, escalating trade tensions following the EU's decision to impose tariffs on Chinese electric vehicles. The move has led to significant stock declines for major European brandy producers and raised concerns about retaliatory measures affecting other sectors.
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Stellantis is grappling with a national metal workers strike in Italy as it faces pressure from the government regarding production plans. CEO Carlos Tavares has warned of potential plant closures and job cuts due to rising costs and competition from Chinese automakers. The company anticipates a significant financial loss this year.
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Mexico is navigating complex economic and political landscapes, with significant foreign investments announced amid concerns over judicial reforms and trade relations with China. Recent investments include a $15 billion LNG terminal and a $6 billion commitment from Amazon, but challenges remain regarding foreign confidence and migration issues.