Automotive DECODED
Previous edition: 14 May 2024
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Nio to launch new family car brand
Chinese battery electric vehicle (BEV) startup Nio plans to launch a new brand to help strengthen its sales of battery powered family passenger vehicles, according to local reports.
Nio chairman and CEO William Li said the new brand, called Onvo, would be launched later this week headed by a former Disney executive. . The first model, the L60, will be an SUV to compete with the Tesla Model Y.
The New York listed company this week celebrated the production of its 500,000th vehicle, the ES8, at its factory in Hefei, Anhui province which began operations in 2018.
Nio said its global sales surged 135% to 15,620 vehicles in April and 21% to 45,673 units year to date.
The company launched the ET7 battery powered smart executive sedan last month which, it said, had a range of 1,000km (620 miles) on a single charge and was driven by a 150kWh powertrain.
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The UK energy tech start-up harnessing the power of solar for EV charging
China's Leapmotor to begin EU expansion in Q4
Stellantis and Leapmotor have announced their JV Leapmotor International will start exporting to mainland Europe in September of this year.
Biden to hike China EV tariff - report
President Joe Biden would quadruple tariffs on Chinese electric vehicles and sharply increase levies for other key industries this week, unveiling the measures at a White House event framed as a defence of American workers, Bloomberg sources said.
China sales rise 9% in April
Vehicle sales by General Motors (GM) and its joint ventures in China increased 15.3% year on year last month to an April record of 261,870 units.
JLR enjoys record quarter
Jaguar Land Rover Automotive claimed a record breaking final quarter for the three months to 31 March 2024, with revenue up 11% year on year to GBP7.9bn, while full year revenue was up 27% to JPY29bn, also a record.
First female CFO for Ford
Ford Motor Company has announced it has hired Lucid Motors’ former Chief Financial Officer (CFO), Sherry House to replace John Lawler in early 2025.
Musk says Tesla supercharging network to get $500m this year
Tesla’s CEO Elon Musk said that the firm would spend over $500 million this year to expand its supercharging network.
Honda FY operating profit soars
Honda sales revenue for the fiscal year ended 31 March, 2024 increased 20.8% year on year to JPY20,428.8bn due mainly to increased sales revenue in the automobile business as well as positive foreign currency effects.
In our previous edition
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13 May 2024
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10 May 2024
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