News

Auto Manufacturers

Reuters | Equities.com |

Polestar, the premium electric vehicle maker owned China’s Geely and Volvo Cars, would like to eventually be publicly listed, but the immediate focus is on successfully launching the new Polestar 2 electric sedan, the startup’s chief executive said on Tuesday.

“The mid- and long-term perspective indeed is to be ... open for the stock market and an IPO,” CEO Thomas Ingenlath told reporters on a conference call. “This is indeed one tr...


Equities Staff | Equities.com |

Tesla announced after the market close Tuesday that it would effect a five-for-one split of its common stock. Shares had closed regular trading at $1,374.39, rose 6.5% in extended trading to $1,464.00 as of 6:15pm ET.

The company shares are up 250% year-to-date, far outpacing any of its traditional auto manufacturing rivals. Recently announced Q2 earnings showed a fourth consecutive profit for the company, a key hurdle to becoming part of the benchmark S&P 500 index, a move that is ...


Reuters | Equities.com |

Korean automaker Hyundai Motor Co is creating a family of electric vehicles it will sell under the Ioniq brand as part of its drive to become the world’s third-largest seller of EVs by 2025, the company said on Sunday.

Hyundai said the elevation of Ioniq from an individual vehicle nameplate to a brand will help support its goal of capturing 10% of global EV sales in 2025.


Reuters | Equities.com |

Toyota Motor Corp eked out its smallest quarterly profit in nine years as the coronavirus pandemic halved its car sales and nearly wiped out its bottom line.

However, shares in Japan's top automaker rose 2.3% in a weaker broader market as analysts had expected a loss, while comments from a company spokesman on a faster-than-expected sales recovery also provided support.

Toyota’s operating profit plunged 98% to 13.9 billion yen ($131...


Reuters | Equities.com |

BMW expects to make a profit this year if demand continues to recover, despite posting a record loss for its car division in the second quarter after sales slumped 25% because of coronavirus lockdowns, it said on Wednesday.

The German manufacturer of BMWs, Minis and Rolls-Royces said sales had started to recover during the latest three-month period, including a 17% jump in deliveries in China, but the rebound would not fully make up for sal...


AP News | Equities.com |

TOKYO (AP) — Japanese automaker Honda reported Wednesday that it sank into the red for the April-June quarter, as its sales plunged due to the coronavirus pandemic, especially in the U.S., Japan and India.

Honda Motor Co. racked up an 80.8 billion yen ($765 million) fiscal first quarter loss, a reversal from a 172 billion yen profit in the previous fiscal year.

Executive Vice President Seiji Kuraishi told reporters sales and profits were expected to rebound.

“Of course, ...


AP News | Equities.com |

Ford Chief Operating Officer Jim Farley will lead the storied automaker into the future starting Oct. 1 when current CEO Jim Hackett retires.

The company has struggled in recent years and is in the midst of an $11 billion restructuring plan designed to make it leaner and crank out new vehicles to replace what was an aging model lineup.

As COO, the 58-year-old Farley led the company’s global markets and product development. He was in char...


AP News | Equities.com |

Even though General Motors was able to reopen its U.S. factories for the last half of the second quarter, the company still lost $806 million in the three months between April and June.

The Detroit automaker had to close its plants from March 18 to May 18 due to the coronavirus, but production didn’t resume fast enough to stem the losses.

GM counts revenue when vehicles are shipped from its factories, so it had little money coming in for seven weeks in April and...


Reuters | Equities.com |

Hyundai Motor Co, an early backer of hydrogen cars, has watched the electric rise of Tesla, including on its home turf. Now’s it’s going on the offensive in the battery-powered market led by its U.S. rival.

The South Korean company plans to introduce two production lines dedicated to electrics vehicles (EVs), one next year and another in 2024, according to an internal union newsletter seen by Reuters.

Euisun Chung, leader of the Hyundai Motor Group conglomerate that also includes Kia Motors, has also held a series of meetings since May with his counterparts at Samsung, LG and SK Group, which make batteries and electronic parts.

The purpose of the talks, which were publicly announced, was for Hyundai to try to secure batteries at a time of tight supply as the race for EVs intensifies, according to several industry sources. Those manufacturers also supply the likes of Tesla, Volkswagen and GM.


Reuters | Equities.com |

The U.S. Federal Trade Commission (FTC) said on Monday that buyers of polluting Volkswagen AG vehicles received more than $9.8 billion in settlements.

Volkswagen agreed to offer to buy back or repair more than 550,000 polluting diesel U.S. vehicles after it admitted in 2015 it used secret software to cheat emissions tests.

The FTC in its final report on the settlements said more than 86% of consumers completing claims chose to return their car th...