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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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Scout Motors has introduced pre-production models of the Terra pickup and Traveler SUV, set for production in 2027. Both vehicles will offer fully electric and extended-range options, targeting affordability in the U.S. EV market. Reservations are now open with starting prices below $60,000.
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China has filed a lawsuit with the WTO against the EU's newly imposed tariffs on Chinese electric vehicles, which can reach up to 35.3%. The tariffs, seen as protectionist measures, have raised concerns about escalating trade tensions and potential retaliatory actions from China.
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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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Ford is reducing work hours for its Cologne plant workers due to lower demand for electric vehicles, while Stellantis will cut shifts at its Toledo plant amid declining Jeep Gladiator sales. Both companies are adjusting to market pressures and high inventory levels.
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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.