automotive industry

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.

BMW to cut 8,000 jobs worldwide by end of 2027

BMW Bayerische Motoren Werke AG announced on Wednesday a voluntary severance programme that will eliminate around 8,000 positions worldwide by the end of 2027, making it the last major German automaker to launch a large-scale workforce reduction amid mounting pressures…

Mercedes-Benz shares surge after Q2 profit beats estimates

Mercedes-Benz reported a 22% rise in second-quarter operating profit on Tuesday but lowered its full-year car sales forecast, warning that continued weakness in China would weigh on volume for the rest of 2026.

Chinese EV brands double European market share, OLX data shows

New data published by OLX Group Prosus N.V. on Monday reveals that electric vehicle demand continues to surge across its European and international marketplaces, with Chinese brands MG and BYD emerging as dominant forces in the transition to electric mobility.

Mercedes-Benz cuts revenue outlook as China slump deepens

Mercedes-Benz Group AG lowered its full-year revenue guidance alongside its second-quarter 2026 results on Monday, citing weaker-than-expected demand in China where a prolonged property downturn continues to erode consumer confidence in premium goods.

Porsche to cut 9,000 jobs by 2035 as restructuring deepens

Porsche announced on Monday that it will eliminate a total of 9,000 jobs by 2035, roughly one-fifth of its global workforce, after management and labor representatives agreed to a second restructuring package under CEO Michael Leiters.

Volkswagen cuts 2026 sales forecast after Q2 profit miss

Volkswagen on Friday abandoned its revenue growth forecast for 2026, now expecting sales to fall by as much as 3% after second-quarter operating profit dropped 9.5%, as Europe's largest automaker faces a deepening crisis in China and escalating trade headwinds.

Europe’s June car sales jump 13% as EV demand surges

New car registrations across Europe rose 13.1% in June to 1.41 million vehicles, marking the strongest year-on-year gain since late 2023 as electrified powertrains continued to displace petrol and diesel models, according to data released Thursday by the European Automobile…

Europe’s EV sales top 1 million in first half of 2026

Battery electric vehicle registrations in Europe surpassed 1 million units in the first half of 2026, marking a milestone as subsidies, policy support, and elevated petrol prices continued to accelerate the continent's shift away from combustion engines, according to data…

BYD overhauls overseas brand strategy, plans 6,000 flash-charging stations abroad

Chinese electric vehicle giant BYD announced plans to build 6,000 flash-charging stations in overseas markets by the end of March 2027, with half of those — 3,000 stations — slated for Europe. The infrastructure buildout, disclosed by BYD Group General…

BYD says it can overtake Toyota without the US market

BYD can unseat Toyota as the world's largest carmaker by sales without access to the American market, according to the executive spearheading the Chinese automaker's global expansion, the Financial Times reported on Tuesday.

BMW bets on Neue Klasse EVs to reverse 30% China sales drop

BMW Bayerische Motoren Werke AG reported a 30% decline in China sales during the second quarter of 2026, deepening a two-year slide that has forced the German automaker to pin its recovery hopes on the Neue Klasse electric vehicle platform…

Jetta, Taycan among 10 models VW may axe, Bild reports

Volkswagen Group announced a sweeping "Future Plan" last week to cut its global model portfolio by up to 50 percent by 2030, and on Monday, German newspaper Bild reported a preliminary list of 10 models that could face elimination —…

VW CEO warns of 50,000 more job cuts worldwide

Volkswagen CEO Oliver Blume told employees in an internal memo that up to 50,000 additional jobs may need to be eliminated worldwide to bring the automaker's cost structure in line with competitors, Reuters reported on Monday. The figure represents a…

EU tariffs cut China-built EV share but Chinese brands keep growing, study finds

The European Union's tariffs on Chinese-made electric vehicles have succeeded in reducing the share of China-built EVs sold in Europe, while prompting Western automakers to relocate production to the continent, according to a new analysis published by Transport & Environment…