Chinese tech giant Xiaomi has achieved early success in the competitive electric vehicle market, with its SU7 sedan securing over 70,000 advance orders within a month of its launch. The company aims to sell 100,000 units of the SU7 this year. Xiaomi’s entry into the EV sector has sparked a price war among Chinese automakers. The SU7 comes in three variants, priced from 215,900 yuan to 299,900 yuan, offering a range of features and performance levels.
General Motors (GM) reported strong financial results for the first quarter of 2023, exceeding Wall Street targets and raising its annual pretax profit projection. The automaker’s net income rose 24.4% year-over-year to $3 billion, driven by stable pricing and demand for its gas-engine vehicles. GM’s adjusted pretax profit projection has been adjusted to $12.5 billion to $14.5 billion from the previous range of $12 billion to $14 billion for the year.
Renault reported a 1.8% increase in its first-quarter revenue, with strong performance in its financing business offsetting a drop in core automotive sales. Despite a challenging global auto sector, the group’s sales volumes returned to growth, reaching 549,099 units. However, pricing pressures remain due to weak demand and competition from Tesla’s price cuts.
Graham Harris, chairman and director of Surge Battery Metals, maintains that the focus of electric vehicle (EV) policies is primarily on creating jobs and stimulating job growth.
RBC Global Autos Analyst Tom Narayan discusses the recent decline in Tesla’s share price and his expectations for the company’s upcoming earnings report.
Amidst ongoing challenges, Tesla faces a new issue with its Cybertruck. The windshield-mounted gear selector panel, intended as a backup to the touchscreen, has reportedly fallen off for one owner. This incident highlights concerns about the durability of the panel, which also supports the sun visors. Former Tesla engineer Christina Balan shared photos of the issue, suggesting a design flaw. It remains unclear if the problem will become widespread or if the board will address the issue given the company’s current difficulties.
Despite initial announcements that Tesla would lay off 10% of its workforce, sources familiar with the company’s planning indicate that the layoffs may have affected a larger number of employees, with Musk reportedly seeking a 20% workforce reduction. The layoffs primarily affect the Model 3 and Model Y production lines, as Tesla faces slowed sales and increased competition in China.
CARFAX Car Listings has been approved as an in-Market Retail (IMR) Turnkey Product by General Motors (GM). This move allows GM dealers to utilize IMR Turnkey for CARFAX Car Listings, providing them with enhanced advertising opportunities.
