CARMAKER
India can be among top five Maybach markets globally: Mercedes
India is becoming a significant market for the Maybach range, with Mercedes-Maybach Head Daniel Lescow noting potential for India to be in the top five global markets. Sales in India have surged by 140 percent, prompting further expansion, including the introduction of the Maybach SL 680 Monogram Series.
Audi announces massive job cuts, sends big message to luxury car industry
Audi employs about 88,000 people worldwide, including 55,000 in Germany.
Foreign CEOs to flock to China for key summit, Xi meeting, sources say
Dozens of foreign CEOs, including leaders from FedEx, Siemens, BMW, and Mercedes-Benz, will attend the China Development Forum in Beijing on March 23-24. The conference aims to attract foreign investment amidst geopolitical tensions. President Xi may meet selected CEOs following the summit, highlighting efforts to bolster domestic consumption and counter U.S. tariffs.
As Tesla tanks, Musk’s chosen board chair stands strong as a badass woman in business world
Elon Musk faces criticism over right-wing causes and cuts to the U.S. federal workforce, affecting Tesla's sales and stock. Robyn Denholm, Tesla's highly paid chair, faces scrutiny over her compensation and oversight of Musk. Despite recent stock declines, Denholm has profited immensely from Tesla shares, raising concerns about her independence and focus amid her growing ventures in Australia.
Tata Motors to hike commercial vehicle prices up to 2% starting 1st April, 2025
Tata Motors has announced a price increase of up to 2% for its commercial vehicles from April 2025, due to rising input costs. Maruti Suzuki also plans to raise its vehicle prices by up to 4%, citing increased operational expenses and inflationary pressures impacting the automotive industry.
Maruti Suzuki to hike car prices by up to 4% from April
Maruti Suzuki will increase car prices by up to 4% starting April 2025 due to rising input costs and operational expenses. The price adjustment will vary by model, as the company aims to balance cost optimization with the need to pass on some expenses to customers.
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Maruti Suzuki to hike car prices by up to 4% from April
Maruti Suzuki, India's leading car manufacturer, will raise vehicle prices by up to 4% from April 2025 due to increased input costs and operational expenses. The price hike will vary by model. Despite efforts to manage costs, the company must transfer part of the burden to consumers amidst ongoing inflation, higher raw material, and logistics costs.
When push comes to Musk
Sajjan Jindal and Sunil Mittal raise concerns over Tesla and Starlink's impact on Indian industries. While Jindal doubts Tesla's competition with local automakers, Mittal urges collaboration in telecom to enhance rural coverage, noting potential advantages of satellite services and the implications of partnerships with Musk's ventures.
European car companies step on gas for a footing in India
Czech carmaker Skoda Auto's India unit is aiming to sell over 100,000 vehicles annually by 2026, targeting younger customers with affordable, feature-rich models designed specifically for Indian market. This ambitious goal comes amid the dominance of Japanese, Korean, and local automakers, with Skoda striving to carve out a competitive niche through strategic positioning.
Driverless 'bus of the future' is up for free ride. Here's how to travel
Renault is testing a new driverless mini-bus in Barcelona this week.
India may not be the promised land for Elon Musk
Elon Musk's ventures, Tesla and Starlink, face significant hurdles in India's market due to customer preferences, regulation, and competition. Starlink's high costs limit its appeal to urban users, while Tesla struggles with pricing and strong local competitors. Despite potential collaborations, India's regulatory landscape and market dynamics make substantial disruption unlikely for Musk's businesses.
From Trump dividend to Trump risk, Musk faces new reality
Tesla is grappling with the repercussions of CEO Elon Musk's support for Trump and his involvement in the Trump administration. The company is facing retaliatory tariffs, declining vehicle deliveries, and protests impacting its sales and operations. Musk's political activities are increasingly seen as detrimental to Tesla's business prospects.
BMW expects 1 billion euro hit to earnings as tariff war escalates
BMW anticipates trade tariffs will cost the company 1 billion euros in 2024, impacting its earnings margin. Tariffs, including 25% on steel and aluminium, and import tariffs on BMW vehicles to the U.S., are affecting global trade. Net profit fell by over a third due to weak sales in China and Germany. Investors were disappointed by the lower-than-expected margin forecast.
BMW does not expect U.S. tariffs to stay in place all year, says CEO
BMW does not expect the recently imposed U.S. tariffs to stay in effect until year-end. The carmaker's 2025 earnings margin forecast of 5-7% for its automotive sector is predicated on the current tariffs remaining unchanged. CFO Walter Mertl stressed that any changes in the tariff situation would necessitate a revised outlook for the company.
European shares set for weekly loss on heightened trade tensions
European shares remained steady on Friday but were set for a weekly decline due to escalating trade tensions and concerns over economic slowdown. BMW's profit drop and tariffs announced by President Trump impacted investor sentiment, with significant declines in auto stocks and Universal Music Group.
Volkswagen's Skoda to invest in manufacturing EVs in India despite $1.4 billion tax demand overhang
Skoda Auto plans to manufacture electric vehicles in India, investing independently if necessary. While facing a significant tax dispute, Skoda remains committed to collaborating with partners for growth in the Indian market. With India's new vehicle efficiency standards, Skoda aims to leverage Volkswagen Group's EV technology to gain a competitive edge.
Tesla chair exits operating partner role at Australia's biggest VC firm
Sydney-based Denholm, who was appointed by the government last December to run a review of Australia's research and development performance, had also said on Wednesday she was stepping down as chair of the Tech Council of Australia, a role she held since the industry group started in 2021. She will remain a board member there, as well.
Its car profits down, Volkswagen has a new idea: Tanks
Volkswagen is considering a shift towards military production as its auto business faces challenges, including high costs and declining profits. CEO Oliver Blume stated the company is open to exploring military vehicle production. This move comes amid increased European military spending and Volkswagen's need to support its struggling business. Potential collaborations with defence companies like Rheinmetall are being discussed.
Trump’s $1.4 trillion tariff threat spurs companies to seek cover
Companies like Novo Nordisk, Boeing, and Walmart are preparing for the impacts of President Donald Trump’s tariffs. Executives are assessing the potential costs and strategising responses, with some firms planning to increase U.S. production. However, the tariffs' effects are uncertain, causing supply chain concerns and potential price increases for consumers.
Trump doubles tariffs on Canada to 50%, hints at unification in trade war twist
President Donald Trump has intensified the trade war with Canada by doubling tariffs on steel and aluminum imports to 50%. He also threatened auto tariffs and proposed that Canada should join the US as its 51st state. The move has sparked economic concerns and political tensions between the two nations.
How Trump's efforts to help Musk's Tesla could hurt it
President Trump pledges to buy a Tesla to support Elon Musk, but this may exacerbate negative sentiment towards the brand associated with Trump and far-right causes. Tesla faces significant sales declines globally due to increased competition and Musk's controversial political endorsements.
Nissan picks chief planning officer Espinosa as successor for CEO Makoto Uchida
Nissan announced that Ivan Espinosa will take over as chief planning officer from April 1, succeeding Makoto Uchida. Uchida steps down amid pressure from declining earnings and failed merger talks with Honda. Espinosa's extensive experience in product planning and development is expected to drive Nissan's electric vehicle initiatives forward.
Wall Street ends sharply lower as recession fears loom
The S&P 500 had its biggest one-day drop since December 18 and the tech-loaded Nasdaq slid 4.0%, its biggest single-day percentage drop since September 2022.
Tesla is flailing in China and the rapid rise of BYD is to blame
Tesla Inc.'s decline in China's EV market continues, with a significant drop in shipments and market share. Aggressive pricing and advanced driver-assistance features from competitors like BYD are contributing to the decline, challenging Tesla's dominance with more affordable and technologically advanced options for consumers.
Honda could get BYD-ed in key Indian scooter market
Chinese electric vehicle-maker BYD and its local rivals have dramatically disrupted the automotive market, leading to a significant decline in sales for major global brands like Ford, Nissan, GM, and Honda in China. This pattern is expected to extend to scooters and motorbikes, currently dominated by Japanese brands, as electrification efforts lag behind market growth.
Europe to protect auto sector from 'mortal danger': EU industry chief
The EU is spearheading a major initiative to save its auto industry amid factory closures and trade threats. The plan includes boosting electric vehicle demand and increasing European production. Measures include tax incentives, mandatory company vehicle quotas, and significant investment in charging infrastructure.
EU emissions reprieve for carmakers may slow EV shift
The European Commission proposes to ease emission targets for automakers, granting them three years to meet the 2025 CO2 reduction goal. This move aims to safeguard profit margins and avoid fines amid struggling EV sales and Chinese competition, but may hinder Europe's climate progress and EV adoption.
Mercedes-Benz to cut headcount, lower pay increases amid cost-cutting drive
Mercedes-Benz has secured agreement from its works council to implement cost-saving measures, including job buy-outs and halving planned salary increases. The company aims to cut production costs by 10% by 2027, further reducing them by 2030. No redundancies are planned, and management has extended a job security guarantee until 2034, focusing on outsourcing and voluntary redundancies.
Trump tariffs pose challenge for Europe's carmakers
The new 25 percent customs duties, set to be imposed soon, could either force manufacturers to absorb costs or raise prices, impacting their profits and market dynamics.
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