automotive industry

AI memory chip shortage set to push car prices toward $60,000

The insatiable appetite of artificial intelligence has created what the tech world now calls "RAMageddon" — a global memory chip shortage that is pushing up prices on everything from laptops and gaming consoles to automobiles and television panels, with no…

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U.S. eyes cutting metal, auto tariffs in Canada deal

The United States is considering reducing tariffs on Canadian steel, aluminum, and automobiles as part of a trade agreement taking shape between the two countries, according to people familiar with the discussions, even as the auto sector remains a major…

Geely to build premium EVs at Volvo plants in Europe from 2028

Geely Automobile will begin manufacturing premium vehicles at Volvo Cars production facilities in Europe starting in 2028, newly appointed chairman An Conghui announced during the company's first-half results conference on August 17.

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China’s car exports top 1M for second straight month, straining global shipping

China exported 1.043 million vehicles in July, marking the second consecutive month above the one-million-unit threshold, as new energy vehicles drove an 81.3 percent year-over-year surge that has overwhelmed the global shipping industry's ability to move cars fast enough.

Porsche plans to end flagship Taycan EV by 2030

Porsche is preparing to phase out production of its flagship Taycan electric sports car by 2030, according to a report Thursday from German business magazine WirtschaftsWoche, marking a retreat from the automaker's once-ambitious electrification plans.

Global EV sales rose in July, but North America fell 27%

Global electric vehicle sales climbed 9% year-over-year to 1.85 million units in July, marking a fifth consecutive month of growth even as the world's largest EV markets diverged sharply, according to data from Benchmark Mineral Intelligence published Thursday.

Canada, Mexico push to lower US auto tariffs ahead of deadline

Both Mexico and Canada are advancing proposals to reduce U.S. tariffs on automobiles as negotiations over the future of North American trade intensify ahead of an August 19 deadline for a broader deal with Washington.

Chinese automakers pivot to African factories as domestic sales plunge

Chinese automakers are accelerating their push into Africa, shifting from vehicle exports to local manufacturing as domestic sales continue a prolonged slump and trade barriers mount in Western markets. The trend reached a milestone in July when Chery, China's largest…

Geely’s budget EV dethrones Tesla Model Y in China sales

Geely's Xingyuan electric hatchback has overtaken Tesla's Model Y as the best-selling car model in China, underscoring how budget-friendly domestic EVs are reshaping the world's largest auto market.

Chinese firms quietly acquire 130-plus European auto suppliers, report finds

Chinese automotive parts companies have quietly expanded their control over Europe's car supply chain through a sustained campaign of acquisitions targeting local suppliers, according to an investigation by the Financial Times published on Monday. The findings reveal more than 130…

Chevrolet ends new car sales in China after 21 years

General Motors has confirmed that Chevrolet will no longer sell new cars in China's domestic market, ending a 21-year retail presence that once saw the brand move more than 760,000 vehicles a year in the country. The decision, confirmed by…

German automakers lose ground in China as local EV rivals surge

Mercedes-Benz sold just 1,153 electric CLA units in China in the first half of 2026, while Xiaomi delivered more than 80,000 of its similarly priced SU7 sedans in the same period. The stark contrast illustrates a deepening crisis for German…

China’s EV exports double as Iran war fuels global demand

The war in the Middle East is reshaping the global auto industry, with Chinese electric vehicle makers emerging as unlikely beneficiaries of soaring gasoline prices worldwide. China's EV exports rose 120% in the first half of 2026 compared with the…

China car sales fall for 10th straight month as exports nearly double

China's passenger car market extended its decline to a tenth consecutive month in July, with retail sales dropping 20.9% year-on-year to 1.46 million units, even as automakers shipped a record share of production overseas to offset collapsing domestic demand.

BYD overtakes Hyundai in non-China EV market as global sales surge

Global electric vehicle deliveries outside China reached 4.598 million units in the first half of 2026, a 30.3% jump from 3.529 million a year earlier, according to data released by South Korean research firm SNE Research on August 10. The…

Global EV prices fall below hybrids for first time

The average price of a new electric vehicle globally fell below that of a hybrid for the first time last year, according to a report from Nikkei Asia, marking a milestone driven by plunging battery costs and the rapid expansion…

Porsche SE warns VW is at ‘historic crossroads,’ demands faster cost cuts

Volkswagen's majority owner issued its most forceful public call yet for the automaker to accelerate sweeping cost reductions, warning that Europe's largest carmaker risks permanently falling behind rivals if it delays action.

VW reports flat revenue as it plans to halve model range by 2030

Volkswagen Group disclosed its first-half 2026 results this week, revealing an automaker caught between stable top-line revenue and shrinking margins as it embarks on what CEO Oliver Blume called "the most comprehensive and strategically far-reaching future program" in the company's…

Three Chinese automakers crack global top 10 in H1 2026

Three Chinese companies broke into the ranks of the world's ten largest automakers by global market share during the first half of 2026, according to data released by Cui Dongshu, secretary-general of the China Passenger Car Association (CPCA). The milestone…

Chinese EV makers seize record 10.7% share in Europe

Chinese electric vehicle makers are rapidly redrawing Europe's automotive map, capturing a record 10.7 per cent of new car sales across 18 Western European countries in the second quarter of 2026, according to data from Schmidt Automotive Research cited by…

Toyota raises annual profit forecast 13%, unveils $6.4B buyback

Toyota on Tuesday lifted its full-year operating profit forecast by 13% and unveiled a share repurchase program worth up to 1 trillion yen ($6.4 billion), even as the world's largest automaker reported a fifth consecutive quarter of declining earnings weighed…

Toyota expected to post fifth straight profit drop amid quake disruption

Toyota is forecast to report a fifth consecutive quarterly operating profit decline when it releases April-June results on Tuesday, as weaker vehicle sales, rising supply chain costs, and disruption from a recent earthquake in southern Japan weigh on the world's…

BYD July sales jump as overseas deliveries hit record

BYD sold 419,211 new energy vehicles at wholesale in July 2026, a 21.76% increase from a year earlier, as record overseas shipments continued to compensate for weakness in the Chinese domestic market, according to data the company released on Saturday.

Memory chip shortage hammers phones and cars as AI devours supply

The global memory chip shortage, driven by insatiable demand from AI data centers, is now squeezing two of the world's largest consumer industries simultaneously. Qualcomm reported a 20 percent drop in handset-chip revenue this week, MediaTek disclosed a matching 20…

BYD’s Racco kei EV hits 5,000 orders in first week in Japan

BYD's Racco electric kei car secured more than 5,000 paid orders in its first week on sale in Japan, putting the Chinese automaker halfway to its 10,000-unit target for the year, according to Electrek and Chinese automotive outlet Yiche.

Czech arms tycoon buys 14% Pirelli stake from Sinochem

Michal Strnad, the 33-year-old Czech arms tycoon behind Czechoslovak Group, has acquired a 14% stake in Pirelli from China's Sinochem in a deal valued at approximately €987 million, reshaping the Italian tire maker's shareholder structure and easing years of political…

Tesla produces its 10 millionth EV at Fremont factory

Tesla announced Wednesday that it produced its 10 millionth electric vehicle at its Fremont, California factory, becoming the first dedicated EV maker to reach eight figures in production. The milestone came six years after the plant built its one millionth…

BMW Q2 pretax profit drops 35% amid China slump and tariff drag

BMW Bayerische Motoren Werke AG reported a sharp decline in second-quarter pretax earnings on Thursday, with profit falling more than a third as the German premium carmaker grapples with collapsing demand in China, tariff headwinds, and foreign exchange pressures that…

Ferrari hits Luce EV sales target within two months

Ferrari has reached its annual sales target for the Luce, its first fully electric vehicle, just two months after deliveries began, according to the Financial Times. The milestone, driven largely by strong demand from Chinese buyers, marks an early win…

Porsche’s H1 operating profit jumps 34% despite delivery slump

Porsche AG Dr. Ing. h.c. F. Porsche AG reported a 34% jump in first-half 2026 operating profit on Wednesday, delivering stronger-than-expected margins even as the German luxury carmaker grappled with falling revenue and a steep decline in vehicle deliveries.