Maruti Suzuki, India’s largest carmaker, will increase prices across its vehicle range by up to 4% starting January 2025, citing rising input costs and operational expenses. This follows similar price hikes by Hyundai and Audi, reflecting a broader trend in the automotive industry.
After a brief hiatus from the US EV market, Mazda is making a strong return with plans for a new electric SUV and a hybrid system for its popular CX-5 crossover. This move indicates Mazda’s commitment to electrification and hints at exciting new offerings for American consumers.
Kia America has announced its best-ever October sales, fueled by strong demand for its electrified vehicles and SUVs. The company achieved a 16% increase over last year’s record, with sales of electrified vehicles and SUVs soaring by 30% and 19%, respectively. Key models like the Sportage, Carnival, and EV6 set new October sales records, while other popular models experienced significant growth.
Volkswagen is reportedly planning to close at least three factories in Germany, leading to job losses and wage reductions for tens of thousands of employees. These proposals come as the German automaker grapples with the challenges of a struggling European auto industry, facing global competition, declining appeal, and rising energy and labor costs. The potential closures and wage cuts highlight the difficulties Volkswagen is facing in maintaining its market position.
Gentex Corporation, a leading provider of fire protection systems, has announced strong third-quarter earnings, exceeding analysts’ expectations. Despite a decline in global light vehicle production, the company achieved impressive sales growth and profitability. However, Gentex revised its fiscal year 2024 outlook due to ongoing market challenges.
Toyota Motor Corporation saw a decline in overall U.S. sales in September, but electrified vehicle sales continued to rise, highlighting the company’s focus on this segment. The company’s Lexus division, however, reported strong sales growth for the third quarter.
Kia America achieved record-breaking September sales, driven by significant growth in its EV and PHEV models. The brand’s commitment to offering customers a variety of electrified and traditional powertrain options continues to drive positive sales results.
Morgan Stanley analyst Adam Jonas downgraded Ford, GM, and Rivian, citing concerns about rising inventories, affordability challenges, and slowing growth in China. However, the firm upgraded several franchise dealers, anticipating a longer life for the internal combustion engine and greater resilience in the face of economic headwinds.
Former President Donald Trump has promised to impose a 100% tariff on all cars imported from Mexico if he wins the upcoming election. This move, targeting major automakers like Ford, Stellantis, and General Motors, could have significant economic implications for both countries and the auto industry.
Stellantis, the Italian automaker, is searching for a new CEO to replace Carlos Tavares, whose contract expires in 2026. This comes amidst a period of declining profits and criticism from both dealers and the UAW union. The company is facing challenges in North America, with shrinking market share and operational issues, leading to a significant drop in profits for the first half of 2024.
