Top News:
- Volkswagen to Build Seven-Seat SUV in Tennessee – WSJ: Volkswagen AG’s plan to cede more control to its U.S. operation in the wake of its costly emissions scandal is getting a boost from an unlikely source: a spacious family-hauling SUV.
- Kia launches Niro hybrid crossover; PHEV to follow in 2017 – Just-auto: Kia is hoping to appeal to a new set of car customers with its new Niro hybrid compact crossover. Kia says it is the first to this segment and that a plug-in hybrid version will follow in 2017.
- General Motors Europe back in profit as records tumble – Just-auto: General Motors has substantially beaten expectations with second quarter 2016 results including record earnings per share (EPS) of US$1.86 (up 44% year on year and ahead of forecast by $0.35) on revenue up 11.1% to $42.4bn ($3.47bn better than expected) and net income up 157% to $2.9bn. GM Europe finally moved back into profit for the first time in five years.
- Elon Musk Reveals How He Forecasts Tesla’s Future – Bloomberg: The mini-bus will also be unveiled next year, though Musk gave no indication of when either of the new commercial vehicles might be road-ready.
- LG to smart car parts for Toyota – Yonhap: LG Electronics Co. of South Korea will provide key components for Toyota Motor Corp.’s smart cars, an industry source…
- US Truck Sales Battle Begins Heating Up – Detroit Bureau: Sales of pickup trucks have boomed this year, but so too has the competition for sales, which is heating up across the board, along with the accusations of exaggeration. Find out more at TheDetroitBureau.com.
- Elon Musk Unveils Plans for New Tesla Models – WSJ: Tesla Motors Chief Executive Elon Musk outlined a new model for vehicle sharing and announced several new electric vehicles under development at the auto maker, including much heavier products requiring significant capital and new staffing at a time when the company is losing money.
- GM’s Profit More Than Doubles – WSJ: General Motors posted a 157% increase in net profit in the second quarter, leading the Detroit auto maker to raise its annual guidance.
- GM second-quarter net more than doubles to $2.86 billion – Automotive News: General Motors’ strategy of focusing on retail sales in North America paid off in the second quarter, with net income more than doubling from the year-earlier quarter. GM reported overall net income of $2.86 billion in the second quarter, up from $1.
- Mixed reaction to Elon Musk’s latest plans for Tesla – Just-auto: Tesla chief Elon Musk’s just-announced Master Plan, Part Deux, announced in the US last night (20 July) has attracted a mixed reaction from some US auto industry analysts.
- Koenigsegg One:1 Nurburgring crash car will go for record again – Autocar: £1.8m hypercar crashed during preparation for a record lap attempt, but will be rebuilt
- Musk’s Tesla ‘master plan’ big on vision, short on details – Reuters: Musk sketched out a plan on Wednesday for an integrated carbon-free energy enterprise offering a wider range of vehicles, including a commercial …
- Samsung Electronics buys $450 million stake in Chinese electric car firm BYD – Reuters: KS) is to pay 3 billion yuan ($450 million) for a stake in Chinese automaker and rechargeable batteries firm BYD Co Ltd (002594.SZ) (1211.HK), the …
- Toyota Corolla Altis facelift launching in India early next year: Report – Ibtimes: Toyota Kirloskar Motor (TKM) is reportedly planning to launch the facelifted version of the Corolla Altis sedan early next year. The Corolla is sold in…
- BRIEF-Shanghai Samsung Semiconductor subscribes to BYD’s share placement – Reuters: July 21 BYD Co Ltd. * Says Shanghai Samsung Semiconductor has subscribed to its share placement. * Says Shanghai Samsung Semiconductor …
- Daimler Posts Slight Growth in Profit – WSJ: German luxury car maker Daimler reported slightly higher second-quarter net profit, as higher earnings from its bus and van operations offset one-off charges and lower earnings at its Mercedes-Benz car division. Shares rose as report allayed concerns over the auto maker’s ability to deliver on its guidance.
- Daimler posts solid Q2 results on record sales – Just-auto: Daimler has posted record figures for unit sales and EBIT adjusted for special items in the second quarter of 2016. In the second quarter of this year,…
- Indonesian maret rebounds in Q2 – Just-auto: The new vehicle market in Indonesia continued to recover in June, with sales rising by 11.3% to 91,500 units from 82,200 units a year earlier, according to data released by the automotive industry group Gaikindo.
- Tesla confirms ‘master plan, part two’ including compact SUV and pick-up – Autocar: Ten years after Elon Musk first announced his master plan for Tesla, the second phase has now been revealed
- McLaren Automotive sees sales doubling after 2015 profit drop – Reuters: … could help its 2016 performance, McLaren’s CEO told Reuters in March. … In 2015, the firm sold a record 1,654 cars, with prices ranging from about …
- The Strange Politics of Peter Thiel, Trump’s Most Unlikely Supporter – Bloomberg: Tesla Motors faces scrutiny over its driverless car program. …. and Thiel laid off most of its staff, transforming it into a personal investment vehicle.
- Google, 3D printing keep Ford’s ex-CEO Alan Mulally on the forefront – Freep: Former Ford CEO Alan Mulally, who led Ford’s turnaround during the Great Recession, said he has stayed involved in both the automotive industry…
- Daimler chairman says does not see Brexit impacting demand – CNBC: Daimler’s chairman of the board of management, Dieter Zetsche said the maker of luxury cars and trucks did not expect Britain’s decision to leave the…
- Uber Peace. It’s a Global Thing – Bloomberg: In India, users will be able to hail an Olacabs car from their Didi app; similarly through Southeast Asia, where it’s hooked up with Grab. Funding Faceoff.