Toyota reported record annual net profit of more than USD 30 billion on Wednesday but the world's largest automaker by sales warned that the current year would be less spectacular. For this year it expects net profit of 3.57 trillion yen, down 27.8%, because of investments in "growth areas" such as electric and hydrogen cars, as well as in "human capital".
Tom Zhu, one of the company's three named executive officers, was promoted to senior vice president of automotive in April 2023, a role in which he oversaw global production, sales, deliveries, service and the company's factories from Tesla's Austin headquarters. He previously had been based in China, heading the carmaker's Asia Pacific operations.
With Leapmotor now tipped to get the go-ahead for setting up shop in India, it joins SAIC of China which recently got into an alliance with the JSW Group to keep its growth momentum going. Leapmotor is 20% owned by Stellantis which has facilities for manufacturing Citroen and Jeep in India. BYD is the other Chinese auto brand which will need a reliable Indian partner to rev up its EV journey.
Cullinan remains the most requested Rolls-Royce within the marque’s product portfolio. The luxury SUV is powered by a 6.75-litre V12 engine that delivers 600hp and 900Nm. It is equipped with 23-inch alloy wheels and an 18-speaker audio system with a 1400-watt amplifier, the company said.
The four companies, including Jaguar Land-Rover Korea and Volkswagen Group Korea, are voluntarily recalling 7,783 units of 11 different models, the Ministry of Land, Infrastructure and Transport said in a statement.
The production is set to start later this year with junior partner Chery producing its Omoda vehicles at the plant. Majority stakeholder EV Motors will start producing its own vehicles in the fourth quarter, the Spanish company said.
Tesla, amid falling sales and increasing competition, has abandoned plans for an innovative one-piece gigacasting manufacturing process. Initially aiming to revolutionize manufacturing and reduce costs, Tesla has opted for its more traditional three-piece method for vehicle underbodies. The decision underscores Tesla's strategic pivot towards self-driving technology over massive EV sales growth, reflecting recent layoffs and executive departures. This shift also comes after the cancellation of the Model 2 and signals a more conservative approach to production innovation.
Tarun Garg, Chief Operating Officer, says the number of buyers under 30 years has doubled over the past four years. They want every conceivable feature installed in their cars and are now emerging as role models for other customers.
Under this Summer Car Care campaign, customers can avail a complimentary 40-point vehicle inspection conducted by trained professionals that identifies any potential challenges while driving during the summer season, the company said.
Nio on Monday confirmed its new brand would be named "Onvo" in English and "Ledao" in Chinese as it unveiled a website for the car. Nio, which has been aimed at the premium EV market in competition with the likes of Mercedes, has said it expects the new Onvo L60 to compete with the Tesla Model Y.
Lucid had cut prices of its flagship Air sedans in February by as much as 10% to spur sales, as customers gravitate to less expensive gasoline-electric hybrid cars due to still-high interest rates.
Get updates on your preferred social platform
Follow us for the latest news, insider access to events and more.
