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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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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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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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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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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.