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Automotive Sector

All articles tagged with #automotive sector

global-economy7 days ago•0 min saved

EU Caps Chinese Hybrid Car Imports in Bid to Counter Industrial Overcapacity

The European Union and China have reached a preliminary agreement to cap Chinese hybrid vehicle exports to Europe at 350,000 units annually, potentially starting in December. This move aims to protect European manufacturers from Chinese industrial overcapacity without adopting the heavy tariff strategies used by the United States. While the deal limits immediate damage to the auto sector, analysts warn it does not address broader structural imbalances in global trade.

via Axios|

#automotive-sector #eu-china-trade #geopolitics

global-economy13 days ago•129 min saved

EU-China Trade Talks Stall as Beijing Rejects Hybrid Car Export Limits

The European Union faces a critical economic crossroads as its daily trade deficit with China reaches approximately $1 billion. EU Trade Commissioner Maroš Šefčovič is currently in Beijing for high-stakes negotiations aimed at curbing Chinese export surges, particularly in hybrid vehicles. However, talks have hit a significant deadlock after Beijing rejected EU requests to voluntarily limit hybrid car exports. While the EU seeks to protect its ailing domestic industries, China maintains that protectionism harms global supply chains. The dispute has intensified after China launched an anti-dumping probe on European chemical exports, signaling a potential long-term trade confrontation.

via AP News|

#automotive-sector #eu-china-trade #global-economy

business3 years ago•1 min saved

Volkswagen's Shares Plummet Following Margin Downgrade and Forecast Cut

Volkswagen shares dropped over 3% to their lowest level since April 2020 after the German carmaker reduced its profit margin outlook for the year due to negative effects from raw materials hedges. The company now expects a return on sales of 7.0-7.3%, down from the previous forecast of 7.5-8.5%. Despite the downgrade, Volkswagen maintained its outlook for deliveries and sales, which some analysts see as a sign of confidence. The company reported a 12% increase in third-quarter sales and a 14% rise in operating profit.

via Reuters|

#automotive-sector #business #downgrade

technology3 years ago•1 min saved

"Qualcomm Secures Deal to Power BMW and Mercedes Displays and Voice Features"

Qualcomm has announced that it will supply chips for in-car infotainment systems to luxury automakers BMW and Mercedes. The company, known for its smartphone chips, is expanding its presence in the automotive sector and expects to generate $4 billion in revenue from this sector by 2026. Qualcomm's chips will power voice commands in BMW cars and will be used in the next version of Mercedes E class models. The company aims to find new areas for growth, with automotive being one of its focuses.

via Reuters|

#automotive-sector #bmw #chips

economy3 years ago•1 min saved

German Industrial Output Plummets, Recession Fears Intensify

German industrial production fell by 3.4% in March, more than expected, due to weak performance by the automotive sector, raising concerns of a recession in Europe's largest economy. The manufacture of motor vehicles and automotive parts fell by 6.5% on the previous month, while production in machinery and equipment fell by 3.4%. German industrial orders also fell by 10.7% in March, posting the largest month-on-month decline since 2020. Retail sales and exports also dropped sharply in March, increasing the odds of a downward revision to first-quarter gross domestic product.

via Reuters|

#automotive-sector #economy #germany

business3 years ago•14 min saved

Cleveland-Cliffs Beats Revenue Expectations Despite Q1 Losses

Cleveland-Cliffs, the largest flat-rolled steel producer in North America, reported Q1 2023 revenues of $5.3 billion, a GAAP net loss of $42 million, and adjusted EBITDA of $243 million. The company expects to benefit from higher sales volumes to the automotive sector and increased prices achieved in yearly renegotiations with car manufacturers. Steelmaking revenues of $5.1 billion included 36% of direct sales to the automotive market. The company has lowered its full-year 2023 capital expenditures expectation to $675 to $725 million.

via Cleveland Cliffs|

#automotive-sector #business #cleveland-cliffs