BMW CEO CHINA
Disney in search of perhaps its greatest sequel, successor to Bob Iger
Disney is in a thorough search for Bob Iger's successor after a tumultuous period under Bob Chapek. The company has established a succession planning committee and is considering internal and external candidates, aiming for a smooth leadership transition by the end of 2026.
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.
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.
Ahead of Market: 10 things that will decide stock market action on Wednesday
The Indian market closed lower on Tuesday, with Nifty 50 marking its longest losing streak in three decades due to escalating global trade tensions. The Sensex fell 96 points (0.13%) to 72,989.93, while Nifty 50 dropped 36.65 points (0.17%) to 22,082.65.
Does Elon Musk still care about selling cars?
Elon Musk's involvement in politics is impacting his attention to Tesla. This is causing a decline in car sales and raising concern among investors. Musk's absence from Tesla and lack of focus on key issues have led to dissatisfaction among employees and customers. His political activities and reduced presence are affecting Tesla's market position.
Why Porsche is no longer a 'premium' sports car in China
German automakers are losing ground in China's high-performance car market to Chinese rivals like Xiaomi, which offers electric, smart, and affordable vehicles. Xiaomi's SU7 mimics Porsche's Taycan, but with added features and a lower price, leading to declining sales for German manufacturers in China.
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EU holds auto talks to revive embattled car sector
The European Union is facing pressure to support a large industry. This sector employs 13 million people and contributes about seven percent of the EU's total economic output. The EU aims to improve Europe's competitiveness.
Tesla commits to cheaper cars in first half, sees autonomous vehicles 'in the wild' in June
Tesla plans to launch new, cheaper electric vehicle models by mid-2025 and test a paid autonomous car service in June, boosting investor confidence despite missing quarterly expectations. The company is focusing on reducing costs, with production scaled for affordable models and a goal for robotaxi production by 2026.
BMW, Yamaha Motor back US rare earths startup Phoenix Tailings
Beijing has taken steps in recent months to curb exports, a move that has fueled a scramble across the West for replacement technologies. Phoenix says its process can produce rare earths from mined ore or recycled equipment with little to no emissions.
Automakers thrived in the pandemic. Many are now struggling.
Each carmaker has its own problems, but there are some common threads. They include a tricky and expensive technological transition, political turmoil, rising protectionism and the emergence of a new class of fast-growing carmakers from China.
Europe must cancel petrol engine ban to reduce reliance on China: BMW CEO Oliver Zipse
BMW's CEO, Oliver Zipse, urges Europe to drop its 2035 fossil fuel car ban to reduce dependence on China's battery supply chain and leverage alternative technologies like e-fuels and hydrogen. Despite the region's caution and existing targets, Zipse emphasizes the need for a technology-agnostic regulatory framework.
Luxury car Companies 'going long' on India portfolio
Long-wheelbase luxury sedans from Mercedes-Benz, BMW, and Audi are becoming popular among top executives and high net worth individuals in India. These spacious, chauffeur-driven cars are seen as mobile offices or lounges. Automakers are responding to this demand by launching more models. Mercedes-Benz and BMW have recently introduced new long-wheelbase versions of the E-Class and 5 Series.
EU tariffs on Chinese EVs could backfire, German car bosses warn
The European Commission, which oversees trade policy in the 27-nation European Union, launched an investigation in October into whether fully-electric cars manufactured in China were receiving distortive subsidies and warranted extra tariffs.
Porsche AG Q1 Results: Operating profit drops 30% to $1.37 billion on ramp-up costs
Porsche finance chief Lutz Meschke said that while demand in China remained challenged the company would not compromise on margins by steering clear of a price war that has gripped the local market.
BMW to invest a further $2.76 billion in key market China
The sum, which brings total investment in the plant up to some 105 billion yuan, will allow for production of the Neue Klasse EV-only line, a multibillion-euro effort to jump the technology gap with competitors, starting in 2026, it added.
As EV costs tumble in China, an export wave builds
China's largest EV maker unveiled this week the Seagull at the Shanghai auto show, shocking analysts and rivals with the car's specs: a battery range of more than 300 kilometers (186 miles) and a starting price of just over $11,000 - about a quarter of the price of most EVs now on the market in Europe.
Electric vehicles are key battleground at Shanghai Auto Show
EVs make up a quarter of car sales in China, the world's largest car market, and dozens of new models from domestic and Western brands were unveiled at the country's first auto show since Covid restrictions were lifted.
Volkswagen unveils electric luxury sedan at China auto show
The world's largest auto show, Auto Shanghai 2023, witnessed several automakers showcasing their latest SUVs, sedans and muscle cars. The show, which reflects the intense competition in China's electric vehicle market after the government's push towards electric technology, saw global giants such as BMW, General Motors, and Nissan showcase new EV models with faster charging, satellite-linked navigation, and self-driving capabilities.
Why Bhavish Aggarwal won't invite Elon Musk to Ola FutureFactory
Aggarwal, who revealed that Ola Electric has started testing an autonomous vehicle which it will launch in the global market by late 2023 or early 2024, said that the goal is to really make India a global hub for electrification.
Strong demand revs Rolls-Royce car sales to a record high in 2021
Premium and luxury car sales have been growing more broadly in key global markets such as China and the United States as pandemic travel restrictions have left wealthy consumers with more disposable income.
BMW CEO expects chip investment wave to ease supply crunch
A lack of chips used in everything from navigation systems to certain rear-view mirrors has forced carmakers to curtail production just as demand picks up again in major economies that are easing pandemic restrictions.
Motorrad International GS Trophy 2020: 3 winners will get a personalised BMW F 850 GS
The event will take place in New Zealand next year.
ArcelorMittal inaugurates automotive steel plant in China
ArcelorMittal inaugurated an $832 mn steel plant -- Valin AreclorMittal Automotive Steel -- to produce high strength automotive steels that are currently imported into local mkt.
German automakers BMW, Audi and Mercedes break with traditional Teutonic luxury; shrink models and build more cars abroad
BMW, Audi & Merc are widening their lineups & global scale out of necessity because being niche players selling only $40K-plus sedans is not sustainable.
Mercedes counting on a compact coupe CLA with more power to catch BMW
Co to start deliveries of the CLA with more horsepower at a lower price in the US to broaden the brand’s appeal.
Mercedes-Benz loses ground to BMW, Audi
Stuttgart, Germany-based Mercedes delivered 964,900 cars and sport-utility vehicles worldwide through the first nine months of 2012.
BRICS future bright, but lessons must be learnt: Experts
The future of emerging economies like India and China is bright but they would do well to learn lessons from the economic glitches faced by US and Europe.
Rich Chinese driving growth of luxury auto market
Free-spending new rich who have made China a key growth market for luxury goods makers are more important than ever to U.S., European and Japanese creators of high-end automobiles.
Germany's BMW AG is aiming to lift its sales in China.
Germany's BMW AG is aiming to lift its sales in China.
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