In January, Tesla managed to sell only one electric vehicle in South Korea, marking its worst sales month in the country since July 2022, when it failed to sell any vehicles. The sole vehicle sold was a Tesla Model Y, which had been South Korea's best-selling imported car in September of the previous year.
"Tesla's stock price has been under significant pressure recently, experiencing a sharp decline of approximately 7% during trading hours, contributing to a cumulative drop of 30% since the beginning of the year.
"Tesla Inc. is initiating a recall for 2.2 million vehicles across the United States due to an issue identified with the font size of the warning lights on the vehicle's display, which federal safety regulators have deemed too small to ensure safe driving.
Hino Motors, a subsidiary of Toyota, has agreed to a $1.6 billion settlement with U.S. authorities following revelations of a years-long scheme to falsify emissions data for its diesel engines. The agreement, which includes criminal and civil penalties, marks one of the most significant crackdowns on emissions fraud since the Volkswagen Dieselgate scandal.
Tesla on Friday announced a revamped version of its popular Model Y in China, unveiling an array of design and technology tweaks meant to fortify its position against a growing lineup of domestic rivals. The new model, set to begin deliveries in March, carries a starting price of 263,500 Chinese yuan (approximately $35,935). That cost reflects a 5.4% increase from the previous Model Y, a signal that Tesla appears confident consumers will pay a premium for enhancements in driving range and performance.
Chinese electric vehicle (EV) manufacturer BYD is rapidly closing the gap with global leader Tesla, reporting record-breaking sales of 1.76 million vehicles in 2024. BYD's December sales of 207,734 EVs, powered by strong domestic demand and government subsidies, marked a 41% year-over-year increase. This performance positions BYD as Tesla's most formidable rival in the global EV market.
Tesla, the global leader in electric vehicles, reported its first annual decline in deliveries, marking a pivotal moment for the company as competition in the EV market heats up. The automaker delivered 1,789,226 vehicles in 2024, a 1.1% drop from the 1.81 million units delivered in 2023. The fourth quarter also fell short of expectations, with 495,570 vehicles delivered, below analysts' consensus of over 503,000.
Nissan and Honda, two of Japan's largest automakers, have officially entered discussions to merge, a move that could reshape the global automotive landscape. If finalized, the deal would establish the world's third-largest automaker by sales, trailing only Toyota and Volkswagen. The merger, announced Monday, aims to bolster the companies' ability to compete amid rising pressure from the electric vehicle (EV) revolution and intensifying competition from Chinese automakers.
Japanese automakers Honda Motor Co. and Nissan Motor Co. are reportedly preparing to enter merger negotiations in an effort to bolster their competitiveness amid mounting pressure in the global automotive industry. According to a report from Nikkei Asia, the two companies aim to form a unified entity under a holding company structure, potentially incorporating Mitsubishi Motors-in which Nissan already holds a 24% stake.
Chinese electric vehicle (EV) startup Ji Yue, a joint venture between Baidu and Geely, is grappling with severe financial turmoil and an operational crisis that have left its future hanging by a thread. The company, once heralded as a potential Tesla challenger, has admitted to significant difficulties as it battles slumping sales, unpaid wages, and a dwindling workforce.
General Motors has made a pivotal decision to abandon its ambitious robotaxi venture under Cruise, a self-driving subsidiary it acquired in 2016. After spending nearly $10 billion over a decade to develop autonomous taxi technology, GM announced it will shift its focus to integrating self-driving features into personal vehicles rather than pursuing the costly and uncertain robotaxi business.
General Motors Co. announced Wednesday that it will record over $5 billion in non-cash charges as part of a sweeping restructuring of its operations in China, a market that has transformed from a profit engine into a growing liability for the automaker. The charges, detailed in a federal filing, reflect plant closures, portfolio adjustments, and the reduced value of its joint venture with SAIC Motor Corp.
Tesla's stock dipped as much as 2% on Tuesday after a Delaware judge reaffirmed a decision blocking Elon Musk's $56 billion performance-based pay package. The ruling by the Delaware Court of Chancery marked the second rejection of the controversial compensation plan, intensifying a legal battle over corporate governance at the electric vehicle giant.