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Automakers in China are building a new generation of bigger, more technologically advanced and competitive electric cars, threatening to leap further ahead of their global rivals as they step up exports around the world. The dozens of car companies operating in China plan to put 71 new battery electric models on sale this year. The cars have bigger tires that improve braking. The changes are aimed at making the cars even more appealing for customers in China and more competitive abroad. Along with plug-in hybrid cars, battery electric cars are taking sales away from gasoline-powered cars and their manufacturers.
Locations: China
Qualcomm reported second-quarter earnings on Wednesday that surpassed Wall Street expectations, and provided a strong guide for the current quarter. Qualcomm said it expected between $8.8 billion and $9.6 billion in sales in the current quarter, higher than Wall Street expectations of $9.05 billion. Analysts were looking for earnings guidance of $2.17 per share, versus the company's forecast of between $2.15 and $2.35. Qualcomm called out strong demand for "premium tier" smartphones that require the most advanced chips, especially in China. Qualcomm said that revenue from Chinese phone makers increased 40% on an annual basis during the quarter.
Persons: Cristiano Amon, Amon, Organizations: Qualcomm Locations: Las Vegas , Nevada, iPhones, China
The second is the rate of EV sales growth is slowing, at least temporarily. The EV market is not collapsing, experts say, it’s just entering a new phase. Teslas still make up slightly more than half of all the electric vehicles sold in America, according to a report from Cox Automotive. But, just one year ago, Tesla produced more than 60% of all the EVs sold America. After having trouble cranking up production of its new generation of electric vehicles, GM seems to be accelerating.
Persons: it’s, , Coco Zhang, , Teslas, Tesla, Cox, Ford, China’s Geely, Michael Lenox, Corey Cantor, Cantor, ” Cantor Organizations: New, New York CNN, International Energy Agency, ING, CNN, Cox Automotive, Ford, General Motors, Blazer, European Federation for Transport, Volvo, EV, China Passenger Car Association, University of Virginia, Bloomberg New Energy Finance, Vehicles, Chevrolet Bolt, Dodge Locations: New York, That’s, EVs, America, China, Europe, United States,
Read previewFisker employees have been taking parts off pre-production vehicles and existing inventory to fix some customers' cars, according to several people familiar with the issue. Business Insider also viewed several photos of Fisker Oceans with missing parts that sources say were used for customer vehicles. A spokesperson for Fisker told Business Insider the information was false. Related stories"Every day was a fire drill of what car has this part that I need," a former employee told BI. Business Insider viewed an email exchange between a Fisker employee and Burrell that showed the employee offered to fix Burrell's car using a part off another Fisker car.
Persons: , Patrick Burrell, Burrell, Michael Crossen, It's, Crossen, Daniel Blinn, Fisker Organizations: Service, Business, Fisker, Technicians, La, Consumer, Consumer Law, BI Locations: La Palma , California, Palma, La Palma, California, Connecticut
Huawei’s comeback gathers pace as quarterly profit surges
  + stars: | 2024-05-01 | by ( ) edition.cnn.com   time to read: +2 min
Beijing Reuters —Huawei Technologies’s net profit leapt 564% to 19.65 billion yuan ($2.71 billion) in the first quarter, a regulatory filing by its parent company showed on Tuesday, as it continues to recover from US sanctions. Huawei’s revenue for the quarter to the end of March rose 37% to 178.5 billion yuan, the filing to China’s National Interbank Funding Center showed. It did not break down how business units, such as consumer and smart car components, performed. Apple’s share in the world’s biggest smartphone market fell to 15.7% in the first quarter from 19.7% a year earlier. It has become a force in smart car technology too, with its driver assistance system touted by at least seven Chinese automakers at the Beijing auto show.
Persons: “ digitalization, decarbonization ”, Counterpoint Organizations: Beijing Reuters, Huawei, Apple Locations: Beijing
Elon Musk has gutted the part of Tesla responsible for building electric vehicle charging stations, sowing uncertainty about the future of the largest and most reliable U.S. charging network. Tesla’s agreements with other makers of electric cars assured buyers that they would be able to find fast chargers on road trips, addressing one of the main reasons that many people are hesitant to buy such cars. It was also seen as a coup for Mr. Musk, validating Tesla’s technology and giving the company outsize influence over the auto industry. Almost all major manufacturers announced plans to switch the hardware and software in their cars to make them compatible with Tesla’s chargers. Ford has been mailing adapters to owners of its older electric vehicles so they can connect to Tesla’s chargers.
Persons: Elon, Tesla Organizations: General Motors, Ford Motor, Ford
Tesla finally has to deal with the EV slowdown. The EV company can't rely on hybrids and gas cars like competitors. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Both Ford and GM exceeded analyst expectations for the first quarter thanks to cost cutting and stronger demand for gas-powered cars. But the tables have turned now as traditional automakers are able to tap into a newly popular segment unoccupied by Tesla: hybrids.
Persons: Tesla, Musk, , Elon, Mary Barra, Barra, ruffle Musk Organizations: EV, Service, Ford, GM Locations: North America
Elon Musk has gained $36 billion in net worth over the last week, per Bloomberg. Musk is reaping the benefits after Tesla shares surged following his successful trip to China. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementElon Musk is $36 billion richer following his recent trip to China. Three years later, he's now behind LVMH boss Bernard Arnault and Amazon founder Jeff Bezos, with a current estimated net worth of $202 billion.
Persons: Elon Musk, , Elon, Musk, Dan Ives, he's, Bernard Arnault, Jeff Bezos, Tesla Organizations: Bloomberg, Service, Tesla, SpaceX, Amazon Locations: China, China . China
And Musk notably skipped a recent visit to India, underscoring how important China is for Tesla. AdvertisementElon Musk's two-day trip to Beijing looks like a mutually-beneficial win for Tesla and for China — and a snub for India. AdvertisementMusk needs China — but China also needs Musk, as a sign that the country is open for business with high-profile US companies. Musk's visit was going to include an announcement about Tesla entering India, Reuters reported. AdvertisementMusk's India visit would have been a win for Modi, who is seeking to boost India's status as a manufacturing hub, especially as businesses leave China.
Persons: Elon Musk, , Elon Musk's, China —, Premier Li Qiang, That's, Tesla, Dan Ives, Ives, India Musk, Janet Yellen, Antony Blinken, Musk, crackdowns, Bain —, Narendra Modi, Musk's, Modi Organizations: Tesla, Service, India, Premier, Baidu, Reuters, EV, FSD, Financial Times, China, Communist Party, Gucci, Apple Locations: China, Beijing, India, Shanghai
The Biden administration plans to require that all new cars and trucks come with pedestrian-collision avoidance systems that include automatic emergency braking technology by the end of the decade. They will also require braking at up to 45 mph when a pedestrian is detected. Automatic emergency braking "prevents collisions. It said that technologies like automatic emergency braking have proven "game changing" and that automakers have voluntarily committed to install them on new vehicles. Buttigieg acknowledged the technology is still being perfected — one reason the requirement won't take effect until the end of 2029.
Persons: Biden, Pete Buttigieg, Buttigieg, hadn't, Kathleen Rizk, Power's, Rizk Organizations: U.S ., Transportation Department, Alliance for Automotive Innovation, Governors Highway Safety Association, Research, Consumers, Drivers Locations: San Francisco , California
About half a million light vans are sold in the United States every year, with many of those going to companies like Amazon and FedEx. Light vans are those with a gross vehicle weight rating of less than 10,000 pounds. Lane departure prevention technology could have helped prevent or, at least, reduce the seriousness of, about 11% of those fatal crashes. That tech could help prevent 37% of fatal crashes involving delivery vans, the Institute said. In more than 60% of crashes and more than half of fatal crashes, the occupant of another vehicle or a pedestrian or cyclist was killed or injured.
Persons: Ram ProMaster, Ram, Van Organizations: CNN —, Amazon, FedEx, Insurance Institute for Highway Safety, Ford Transit, Mercedes Sprinter, Institute, Stellantis, IIHS, Ford Locations: America, United States
In the American imagination, car keys and a driver’s license have long represented freedom, autonomy and privacy. But modern cars, which have hundreds of sensors, cameras and internet connectivity, are now potential spying machines acting in ways drivers do not completely understand. The senators, both Democrats, say this sharing can “seriously threaten Americans’ privacy” by revealing their visits to protests, health clinics, places of worship, support groups or other sensitive places. “As far-right politicians escalate their war on women, I’m especially concerned about cars revealing people who cross state lines to obtain an abortion,” Senator Wyden said in a statement. Government attention to the car industry is intensifying, experts say, because of the increased technological sophistication of modern cars.
Persons: Ron Wyden, Edward J, Markey, Lina Khan, Wyden Organizations: Oregon, Massachusetts, Federal Trade Commission
New rules from the National Highway Traffic Safety Administration will require improved automating braking systems on new cars sold in the United States by September, 2029. Even though automatic emergency braking, or AEB, is already common on new vehicles sold in the US, these new requirements will save hundreds of lives per year, NHTSA officials said in a statement. AEB is standard equipment on a large majority of new vehicles sold thanks to a voluntary agreement most automakers signed in 2016. If the driver fails to respond in time or with enough braking force, AEB systems apply the brakes automatically. Research by the privately funded Insurance Institute for Highway Safety showed today’s AEB systems reduced rear-end collisions by about 50%.
Persons: Sophie Shulman Organizations: CNN, National, Traffic, Institute for Highway Safety, Vehicles, NHTSA Locations: United States
Fisker warned staff of potential layoffs in two months, according to 3 employees and an email viewed by BI. Fisker announced a 15% staff cut earlier this year. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementFisker sent staff a notice on Monday telling them they could be laid off from the company in two months, according to 3 employees and an email viewed by Business Insider. AdvertisementThe three current employees told BI that everyone they had spoken to at Fisker said they had received the notice.
Persons: Fisker, , Henrik Fisker Organizations: BI, Service, Business, Worker Locations: Manhattan Beach , California, La Palma , California, Munich, Vienna
Starting in 2029, a new federal safety regulation will require all new cars and trucks in the United States to be sold with automatic emergency braking — sensors that hit the brakes to avoid a collision if the driver does not. The new rule, which was made final on Monday, imposes more stringent requirements than the automatic emergency braking technology now sold on most vehicles, and even goes past the point of present technological feasibility, automakers said. The National Highway Traffic Safety Administration set a September 2029 date for compliance, saying it was confident that the systems would be ready by then. The system will also have to at least begin to apply the brakes at speeds up to 90 m.p.h. That’s higher than the maximum U.S. speed limit of 85 m.p.h.
Organizations: Traffic, Administration Locations: United States
Today, I'm focusing my attention on minerals used in modern technology and presenting a way to use options to play a lithium miner. The strategy gives a lower-risk way to get somewhat long this beaten-up miner without going all-in, and generating some income in the process. Lithium is used, as the name suggests, in lithium-ion batteries which are crucial for portable electronics, energy storage, and electric vehicles. Combined with understandably elevated options premiums this could set as a spot to begin entering a partial position, with some options overlays. Or, if the stock falls, would add to the long position at the short-put strike.
Persons: Tesla, Elon Musk, Albemarle Organizations: Albemarle Corporation, Volkswagen, BMW, Mercedes, Hyundai, GM, Ford, Toyota, Kia, Renault, Nissan Locations: Charlotte , NC, U.S, Albemarle, ALB
Autopilot is available in China, but not the full FSD feature, which needs to comply with the country’s data security rules. “The economies of China and the United States are deeply integrated,” he said, according to an official readout of the meeting with the Tesla CEO. “Tesla is willing to further deepen cooperation with China and achieve more win-win results,” Musk told Li. Musk first met Li in 2018, when Tesla signed a deal with the Shanghai government to open a plant there. Since then, Musk has met with Li publicly at least five times, according to state media reports and government statements.
Persons: Hong Kong CNN — Elon Musk, Premier Li Qiang, Tesla, Musk, , Dan Ives, that’s, Ives, Antony Blinken, Xi Jinping, Li, China’s BYD, , ” Musk, Tesla’s, Ren Hongbin, Li Qiang Organizations: Hong Kong CNN, Premier, China Association of Auto Manufacturers, Baidu, Bloomberg, CNN, Beijing Auto, EV, Wedbush Securities, China Council, Promotion of International Trade Locations: China, Hong Kong, Beijing, United States, Shanghai, Weibo
Chinese manufacturers' profits fell last month, while carmakers reported a significant gain in the first quarter. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementBig Chinese manufacturers' profits fell last month, but carmakers posted a significant gain in the first quarter — one of the sectors worrying US officials. The National Bureau of Statistics reported on Saturday that large-scale manufacturers' profits dipped 3.5% in March, compared with a year earlier.
Persons: carmakers, outpacing Tesla, Organizations: Service, National Bureau of Statistics, Business Locations: China
Tesla Reaches Deals in China on Self-Driving Cars
  + stars: | 2024-04-29 | by ( Keith Bradsher | ) www.nytimes.com   time to read: +1 min
Tesla had faced a couple hurdles to offering the latest level of autonomous driving, which it calls supervised Full Self-Driving. It has needed approval from Chinese regulators, who questioned whether the company took adequate precautions to protect data. The government-linked China Association of Automobile Manufacturers later announced that Tesla and five Chinese automakers had obtained approval from authorities and the association for their data security precautions on dozens of car models. The rules bar automakers in China from using software that would identify the faces of anyone outside their vehicles, and include many other restrictions. Self-driving systems use cameras to guide vehicles.
Persons: Tesla, Elon Musk, Musk, Li Qiang, Xi Jinping, Li Organizations: Sunday, Communist Party, China Association of Automobile Manufacturers Locations: Beijing, China, Shanghai
New York CNN —President Joe Biden praised the United Auto Workers and Daimler Truck for reaching a tentative in the eleventh hour Friday night, preventing a potential strike affecting 7,300 workers. Daimler is a major manufacturer of trucks and buses, responsible for producing Thomas Built buses, one of the most popular brands of school buses in the United States. CNN has reached out to Daimler Truck for comment. The tentative agreement comes on the heels of increased momentum for the UAW. The subsequent contract negotiations won record pay increases for UAW members at the three companies.
Persons: Joe Biden, ” Biden, Shawn Fain, Thomas Organizations: New, New York CNN, United Auto Workers, Daimler, UAW, Facebook, CNN, BMW, Honda, Hyundai, Mazda, Nissan, Subaru, Toyota, Volvo, , Motors, Ford Locations: New York, United States, Chattanooga , Tennessee, Vance , Alabama, Tuscaloosa
About 123 car companies sold electric vehicles, an auto consultant told WSJ. AdvertisementCompetition in the electric vehicle sector is only getting stiffer for Tesla in China, but what does that space exactly look like? AdvertisementAs Business Insider's Linette Lopez noted in February, automakers received a huge lift from Beijing as it doled out government subsidies to any car company that would contribute to the country's pivot to electric vehicles. AdvertisementStill, Tesla remains one of the country's top EV sellers, and only a few brands compete with the US-based automaker. The competition, however, comes amid a slowdown in EV sales that's being felt in the US and China.
Persons: , Stephen Dyer, Insider's Linette Lopez, Lopez, Tesla, Dyer, BI's George Glover, BYD Organizations: EV, Service, Tesla, Wall Street, Kiel Institute, The Locations: China, Beijing, Germany,
An eActros is unveiled at the Mercedes-Benz truck plant of Daimler Truck AG on Ocotber 7, 2021. Daimler Truck agreed to a new labor contract on Friday with over 7,300 hourly workers represented by the United Auto Workers (UAW) at six facilities in the U.S. South, averting a strike at the 11th hour. Daimler Truck, which makes Freightliner and Western Star trucks and Thomas Built buses, had faced the possibility of a strike beginning at midnight ET. Fain's speech on Friday started almost an hour later than scheduled as Daimler Truck made late concessions, Fain explained. Under Friday's deal, Daimler Truck workers will receive a minimum 25% general wage increase over the four-year contract, Fain said.
Persons: Shawn Fain, Thomas, Daimler Truck, Fain Organizations: Mercedes, Benz, Daimler Truck AG, Daimler, United Auto Workers, UAW, YouTube, Freightliner, Western Star, Daimler Truck, Detroit Three, General Motors, Ford, Detroit Locations: U.S, Charlotte , North Carolina, Alabama
A Strike Looms in a Battleground State
  + stars: | 2024-04-26 | by ( Matthew Cullen | ) www.nytimes.com   time to read: +1 min
More than 7,000 workers who make trucks and buses at Daimler Truck plants in North Carolina are poised to go on strike at midnight, barring a last-minute breakthrough. The United Automobile Workers, the union that represents the workers, said it was demanding a “historic deal” from the truck maker, including pay raises and more job security. “It’s our generation-defining moment,” Shawn Fain, U.A.W.’s president, said. A strike in North Carolina — a battleground state that has a Democratic governor, but that President Biden narrowly lost in 2020 — could also have repercussions on the 2024 campaign. Biden, who has proclaimed himself the “most pro-union president in history,” has indicated that he could step in aggressively to support the Daimler workers.
Persons: , ” Shawn Fain, U.A.W, , Biden, , Organizations: Daimler, United Automobile Workers, U.S, Democratic Locations: North Carolina, Southern
"It was meant for all global EV manufacturers and domestic manufacturers." While much of the "buzz has been around Tesla," Singh underscored the initiatives will also attract other foreign automakers, highlighting that Vietnam's leading EV maker "VinFast has already announced its intent." In February, VinFast broke ground on its integrated EV manufacturing facility in India's southern state of Tamil Nadu. As competition in India's EV sector remains limited, the entry of major players like Tesla, will level the playing field, MG Motor India's CEO Emeritus Rajeev Chaba told CNBC. Robust trajectoryAccording to Counterpoint Research, India's EV sales nearly doubled in 2023, driven by rising consumer interest and government initiatives, among other factors.
Persons: Rajesh Kumar Singh, CNBC's, Singh, VinFast, Elon Musk, Narendra Modi, Tesla, Rajeev Chaba, EVs, Modi, Ola, Bain Organizations: Department, Promotion, Industry, Internal, EV, CNBC's Sri, Motor, CNBC, Counterpoint Research, International Energy Agency, TVS Motor, Bajaj, Ampere, Bain & Company Locations: India, Tamil Nadu, China
Barring a last-minute breakthrough, more than 7,000 workers are set to walk off their truck and bus assembly lines on Friday night in the swing state of North Carolina, injecting the United Automobile Workers’ new activism in the South directly into the 2024 election. North Carolina has never been hospitable to organized labor, and the midnight strike at the North American subsidiary of the German industrial giant Daimler Truck has been greeted with trepidation by the state’s Democratic establishment, which has long tried to project a moderate, pro-business bent. But Shawn Fain, the U.A.W.’s brash new president, doesn’t much care. “We don’t expect politicians to save the day, but at the end of the day, politicians have an obligation to the people that elect them,” he said in an interview on Thursday, adding: “It’s our generation-defining moment. This is a time where politicians need to pick a side.”In September, President Biden joined the picket line of the U.A.W.’s successful strike of the Big Three U.S. automakers, and Thursday, a White House spokeswoman, Robyn Patterson, indicated that the president could be equally aggressive if there was a Daimler walkout.
Persons: Shawn Fain, , Biden, , Robyn Patterson Organizations: United Automobile Workers, North, Daimler, Democratic, , Big, U.S, automakers, House Locations: North Carolina, Carolina, North American
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