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Ford plans to cut 4,000 jobs in Europe by 2027 due to economic pressures and weak EV sales. Meanwhile, Jaguar halts new vehicle sales in the UK until 2026 as it transitions to an all-electric lineup. These moves reflect broader challenges in the automotive industry amid shifting consumer preferences and regulatory pressures.
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Amazon, Microsoft, and Google are increasingly investing in nuclear energy to meet the rising electricity demands of AI technologies. Amazon has signed agreements to develop small modular reactors (SMRs) and purchase nuclear power, while Google has partnered with Kairos Power for a groundbreaking energy deal. Microsoft is reviving the Three Mile Island reactor.
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The UK electric vehicle (EV) market is experiencing significant changes, with a notable 57% increase in used EV sales from July to September 2024. Despite a general decline in new car registrations, the demand for used EVs and hybrids is rising, driven by price reductions and increased availability.
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Toyota, Nissan, and Honda report significant profit declines due to fierce competition in China and a slow transition to electric vehicles. Toyota's profits dropped to $3.7 billion, while Nissan announced job cuts and a 70% reduction in profit outlook. The automakers face challenges from local rivals like BYD, which are rapidly gaining market share.
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In a significant shift in the electric vehicle market, BYD has reported third-quarter revenues of 201.1 billion yuan ($28.2 billion), surpassing Tesla's $25.2 billion for the first time. This milestone highlights the growing competition and challenges facing Tesla amid increasing tariffs and regulatory scrutiny on Chinese automakers.
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Chinese electric vehicle manufacturers are rapidly innovating and undercutting Western competitors on price and technology. Companies like Xpeng and Xiaomi are leading the charge with advanced features and competitive pricing, while traditional automakers like Volkswagen and Rivian struggle to adapt to the changing market landscape as of November 13, 2024.
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Several automakers have unveiled new electric SUVs, including the Polestar 3 Long Range Single Motor, Kia Sorento PHEV, and Cadillac Vistiq. These models aim to enhance range, efficiency, and performance, catering to the growing demand for electric vehicles as the market diversifies.
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Donald Trump's recent election victory is prompting significant changes in global economic strategies. Countries and companies are adjusting their supply chains and defense spending in anticipation of his protectionist policies, particularly regarding tariffs on imports from China and other nations. This shift could reshape international trade dynamics.