Focus on EU tariffs on electric vehicles from China
EU votes in favor of imposing high tariffs on Chinese made electric vehicles
On October 4th, EU member states voted in favor of imposing import tariffs of up to 45% on Chinese made electric vehicles, which will be officially implemented from next month for a period of 5 years. It is reported that in the vote, 10 EU member states voted in favor, while Germany, Hungary, Malta, Slovakia, and Slovenia voted against, and another 12 countries abstained.
Germany calls for China Europe negotiations to resolve tariff disputes
Germany has always opposed the EU imposing tariffs on Chinese made electric vehicles, although it failed to prevent other EU member states from voting in favor. Germany insists that the European Commission should not trigger a trade war and that China and Europe need to negotiate a solution. Hildegard Mueller, the president of the German automotive lobbying group VDA, said, "The proposed tariffs will not only further increase the risk of mutual trade conflicts, but also make cars more expensive for consumers. Therefore, the potential damage that tariffs may cause outweighs the potential benefits they may bring
Spain hopes to continue negotiations between China and Europe on electric vehicle tariffs
The Spanish government believes that the EU should not impose tariffs on Chinese electric vehicles, but should keep negotiations open. Spanish Economy Minister Carlos Cuerpo said, "We need to strike the right balance to ensure that we can defend our automotive industry interests while avoiding a large-scale trade confrontation with China, which is harmful to everyone
France supports imposing tariffs on electric vehicles from China
France supports imposing tariffs on Chinese made electric vehicles in the vote. A spokesperson for the French Automobile Manufacturers Association said, "The EU's decision has received support from member states, which is a good thing. We support free trade, but within fair rules and frameworks
Volkswagen: EU's imposition of tariffs is a wrong approach
Volkswagen stated, "We adhere to our previous position that the EU's imposition of tariffs on Chinese made electric vehicles is a wrong approach and will not enhance the competitiveness of the European automotive industry. On the contrary, any potential retaliatory tariffs from China are particularly dangerous for the German automotive industry. We call on the European Commission and the Chinese government to continue constructive negotiations
BMW CEO: EU final vote result is a 'fatal signal'
BMW Group CEO Oliver Zipse stated that the EU's vote on October 4th to impose tariffs of up to 45% on Chinese made electric vehicles is a "fatal signal to the European automotive industry," and that a quick solution needs to be found between the European Commission and China to avoid a trade conflict that benefits no one.
Sweden and Volvo Cars hope to reach a better agreement between China and Europe on electric vehicle tariffs
Sweden's stance on the EU's tariffs on electric vehicles from China is that it hopes both sides can reach a better agreement on this issue and avoid paying high tariffs when importing Chinese made electric vehicles into Europe.
Geely Holding: Very disappointed with the EU's tariff decision
Regarding the latest voting decision by the European Union, Geely Holding Group expressed great disappointment, stating that this decision is not constructive and may hinder the economic and trade relations between the EU and China, ultimately harming the interests of European companies and consumers.
Focus on Production and Economy
Trump threatens to impose a 200% tariff on cars imported from Mexico
Republican presidential candidate Donald Trump recently announced at a rally in Wisconsin that he will impose tariffs of up to 200% on cars imported from Mexico, doubling the previously threatened 100% tariff on imported cars.
The strike of American port workers will affect the automotive industry
Earlier on October 1st local time, tens of thousands of workers went on strike at over 30 ports along the East Coast and Gulf Coast of the United States. According to Automotive News, this strike may have a significant impact on the automotive supply chain. According to data from Standard&Poor's Global Market Intelligence, the ports affected by this strike processed $37.8 billion worth of imported automotive products in the 12 months ending June 30, 2024.
Focus on the new trends of traditional car companies
Stellantis and Renault CEOs deny that the two companies will merge
On October 3rd, Carlos Tavares, CEO of Stellantis, stated during a visit to a Renault factory in eastern France that reports of a possible merger between Stellantis and Renault were "purely speculative". On the same day, Renault CEO Luca de Mayo gave a speech at a Renault event in Paris, refusing to comment on what he called "rumors".
Stellantis lowers its financial forecast for 2024
Due to the slowdown in global car sales and intensified competition with Chinese electric vehicle manufacturers, Stellantis has lowered its financial forecast for 2024. The company now expects its adjusted operating profit margin for 2024 to be between 5.5% and 7.0%, lower than the previous expectation of a "double-digit profit margin". At the same time, its full year free cash flow forecast for 2024 is expected to be between "negative 5 billion and negative 10 billion" euros, while the previous forecast was positive.
Stellantis sues the American Automobile Workers Union over strike threat
Automobile manufacturer Stellantis has filed a lawsuit against the United Automobile Workers (UAW) in federal court, alleging that the union threatened to strike due to Stellantis' delayed investment plan, which violated the contract between the two parties.
Stellantis' car production in Italy this year may be less than 500000 units
The Federation of the Italian Automobile Industry (FIM-CISL) has stated that due to continued weak market demand, particularly for electric vehicles, car manufacturer Stellantis will reduce its car production in Italy from 751000 units in 2023 to below 500000 units this year.
Toyota invests $500 million in flying car company Joby
Recently, Toyota and electric flying car startup Joby Aviation jointly announced that Toyota will invest an additional $500 million in Joby to support its ongoing certification of electric vertical takeoff and landing aircraft and accelerate their cooperation in commercial production.
Nissan to invest in automotive technology company ChargeScape
Nissan announced on October 7th that it will invest in ChargeScape, a battery charging technology company, for an unknown amount. After the transaction is completed, Nissan will acquire a 25% stake in ChargeScape.
Renault Group's circular economy subsidiary receives investment from French water company Suez
Recently, Renault Group's circular economy subsidiary The Future Is Neutral and French water company Suez jointly announced that Suez will acquire a 20% stake in The Future Is Neutral. Through this transaction, The Future Is Neutral will receive a cash injection of 140 million euros from Renault and Suez.
Ford calls on UK government to introduce subsidies for electric vehicles
Ford Motor Company is calling on the UK government to reintroduce subsidies to help car manufacturers achieve their sales targets for electric vehicles, as consumers are currently unwilling to purchase them. Lisa Brankin, Chairman and Managing Director of Ford UK, stated that UK Chancellor of the Exchequer Rachel Reeves needs to reintroduce incentive measures in this month's budget to stimulate consumer demand for electric vehicles.
Ford will provide free home charging stations for American electric vehicle consumers by the end of the year
Ford Motor Company will provide free home charging stations and installation services to American consumers who purchase its electric vehicles to boost sales and overcome mainstream car consumers' concerns about range. At a media briefing, Ford executives stated that the incentive program will officially begin on October 1st and continue until the end of this year. Ford Mustang Mach-E, F-150 Lightning electric pickup truck, and E-Transit truck can all enjoy this benefit.
Aston Martin expects core profit to decline in 2024
British luxury car manufacturer Aston Martin has warned that its core profit for the full year of 2024 will decline due to disruptions in the automotive parts supply chain and a sluggish Chinese market, and its gross profit margin is expected to be slightly lower than the previous expectation of 40%. Meanwhile, the company has also lowered its annual production forecast.
Stellantis recalls 194000 Jeep plug-in hybrid vehicles
Automaker Stellantis has announced that it will recall 194000 Jeep plug-in hybrid vehicles after receiving 13 reports of fire incidents to avoid the risk of fire, and requires owners to park their vehicles outdoors and away from other vehicles until the recall is repaired.
Focus on Electrification
The UK may not be able to achieve its 2024 electric vehicle sales target
On October 4th, the British Association of Automobile Manufacturers and Traders warned that the UK electric vehicle market may not be able to achieve the expected target of zero emission vehicles (ZEV) regulations by 2024, which requires at least 22% of new cars sold by car manufacturers to be pure electric vehicles. The association calls on the New Labour government to introduce incentive measures to encourage private consumers to accelerate their transition to electric vehicles.
Tesla's market share in Sweden continues to rise
Despite the ongoing labor conflict against Tesla in the Swedish market for nearly a year, the company's market share in Sweden continued to increase in the first nine months of 2024. According to statistics from Mobility Sweden, the Swedish automotive industry association, Tesla sold 16478 cars in Sweden in the first nine months of this year, an increase of 1% compared to the same period in 2023. The company's market share in Sweden has also increased from 7.8% a year ago to 8.5% in 2024.
Chinese electric vehicle sales in Europe fell 48% year-on-year in August
In August of this year, the registration of electric vehicles by Chinese car manufacturers in Europe decreased by 48% compared to the same period last year, the lowest level in the past 18 months. According to data from research firm Dataforce, a 48% drop in sales has led to a second consecutive month of decline in market share for Chinese brands in Europe.
Lucid's third quarter delivery volume exceeded market expectations
On October 7th, American electric vehicle manufacturer Lucid announced that it delivered 2781 vehicles in the third quarter of this year, exceeding market expectations of 2242 vehicles, thanks to discounts and cheaper financing options provided for luxury electric vehicles.
Focus on Intelligence
Waymo will collaborate with Hyundai to expand its fleet of autonomous taxis
Alphabet's autonomous driving company Waymo recently announced that as Waymo expands in the United States, it will add Hyundai's electric vehicles to its fleet of self driving taxis. Road testing of the Hyundai IONIQ 5 SUV equipped with Waymo's autonomous driving technology will begin by the end of 2025.
