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Fisker has reversed its stance on repair costs for two recalls affecting its Ocean electric vehicle, now stating it will cover both parts and labor. This change comes amid ongoing challenges for the bankrupt company, which has left many owners frustrated with undrivable vehicles. The National Highway Traffic Safety Administration emphasizes that recall repairs must be free for vehicles under 15 years old.
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Dock workers across the East and Gulf Coasts of the U.S. began a strike on October 1, 2024, potentially disrupting vehicle imports. While immediate impacts may be limited due to existing inventory, European automakers could face significant challenges. Meanwhile, the electric vehicle market in Europe continues to struggle amid declining registrations and job cuts at Northvolt.
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Stellantis is grappling with declining sales and pressure from U.S. dealers and unions. The company has issued a profit warning, anticipating a negative cash flow of up to €10 billion. Labor strikes and inventory issues further complicate its recovery efforts as CEO Carlos Tavares's future remains uncertain.
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During a speech in Savannah, Georgia, Donald Trump outlined his vision for a 'new American industrialism,' proposing tax cuts and tariffs to boost U.S. manufacturing. He criticized Vice President Kamala Harris's economic policies while promising to create jobs and raise wages, despite previous unfulfilled pledges.
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Aston Martin and Stellantis have issued profit warnings due to declining sales in China and supply chain disruptions. Aston Martin plans to produce 1,000 fewer cars this year, while Stellantis anticipates lower profit margins amid increased competition from Chinese automakers. Both companies reflect broader challenges in the European automotive market.
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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.