Archive for the ‘China’ Category

Tesla Loses $522M in Q1 Despite 3% Model 3 Production Jump

EV Maker produced roughly 63,000 Model 3 vehicles in Q1.

by on Apr.24, 2019

Tesla CEO Elon Musk said delivering Model 3s to Europe was a logistical challenge unlike anything he'd seen before.

Tesla posted a $522 million operating loss on revenue of $3.7 billion during the first quarter of 2019. The loss came despite a 3% increase in Model 3 production, accounting for about 63,000 vehicles.

This improvement in production rate was modest mainly due to changes to the production process for the introduction of new variants of Model 3, fewer working days and a supplier limitation, the automaker noted.

Sales News!

CEO Elon Musk noted that the company struggled with a massive increase in the delivery of Model 3 sedans to Europe. In fact, the completed half of the deliveries during the last 10 days of the quarter, he noted during the earnings call. (more…)

Tesla Boosting Range, Performance of Existing Models

Automaker also reviving lower-priced 75D versions of Models S and X.

by on Apr.24, 2019

Tesla surprised some Model 3 owners with an over-the-air update that extended the sedan's range by 26 miles to 286 miles.

Thousands of Tesla owners recently discovered a pleasant surprise after hitting the “Start” button on their battery-electric vehicles.

The automaker used its ability to deliver over-the-air updates to extend the range on certain versions of the Model 3 by 26 miles, those sedans now able to travel up to 286 miles on a single charge. At the same time, vehicle performance also was enhanced.

Electrifying News!

Now, Tesla says, it will be extending the range of the older Models S and X, though this will require a hardware, rather than software, fix. Extended range versions of those two products assembled from April 23 onward will get as much as a 10% bump in range, according to Tesla. (more…)

Nissan Slashes Profit Predictions — Again

Falling sales in wake of Ghosn arrests drive down profits.

by on Apr.24, 2019

Nissan CEO Hiroto Saikawa has had to revised full-year profit forecasts — twice.

With its ongoing battle with former Chairman Carlos Ghosn as a backdrop, Nissan’s executive team had to add to the difficulties by announcing it was tracking to miss its full-year profit goals — and even worse, it will make less than its Alliance partner, Renault.

The Japanese automaker cut its forecast for its preliminary operating profit for the second time to 318 billion yen, or $2.8 billion, for the year ended March, from 450 billion yen.

News Now!

Nissan officials cited higher costs related to U.S. warranties, an “adverse operating environment” and the “impact of recent corporate issues on sales,” i.e. fallout from the problems related to Ghosn. (more…)

Tesla Investors Fret as Automaker Prepares to Release Q1 Earnings

Expected poor sales with no turnaround in sight causing worry.

by on Apr.23, 2019

Tesla CEO Elon Musk is bracing for tough first quarter results. Investors aren't optimistic.

Tesla CEO Elon Musk has already signaled that first quarter earnings weren’t going to look good. Just how bad they might be is the big question that has investors and analysts alike in a frenzy.

The automaker won’t report earnings until after the final bell on Wall Street on Wednesday, but based on the poor Q1 sales numbers it revealed a few weeks back, the general consensus isn’t very positive. Analysts polled by FactSet are forecasting a consensus adjusted loss of $0.99 a share.

Business News!

On the side, that’s significantly better than the $3.35 a share Tesla lost during the first quarter of 2018. But that was during a period Musk described as “production hell,” when the automaker was struggling to fix issues at both its Reno Gigafactory battery plant and its Fremont, California, assembly line. With those problems largely resolved, Tesla managed to pull a profit for the final half of 2018. (more…)

Hyundai, Kia App Let’s Owner Control Electric Vehicle Settings

First-ever innovation controls acceleration, torque, brake regeneration.

by on Apr.22, 2019

Hyundai and Kia have an app that will allow users to control a variety of settings on their smart phone.

The smart phone has become the key – in some cases literally – to expansion of convenience-based technology in today’s cars, trucks and sport-utilities. Now, Hyundai and Kia are taking it a step further.

The companies have introduced the first-ever app that allows the user to check and adjust a variety of settings on its electric vehicles. Until now, apps have been used for everything from tracking vehicles to starting it remotely to using it as a key to get into the car.

Global News!

However, this new – and, as of now, unnamed app – allows the user to change the settings on everything from speed limits, available torque, throttle response, regenerative braking, climate control usage and, of course, acceleration response. (more…)

Tesla CEO Musk Set to Announce “Full Self-Driving” Vehicle Today

But what that means remains unclear.

by on Apr.22, 2019

Tesla CEO Elon Musk said the company will have a fully autonomous vehicle on the road by the end of the year.

Today could prove to be a transformative day for Tesla and the auto industry at large, at least if Elon Musk delivers the “full self-driving” vehicle that the battery-carmaker’s CEO Elon Musk has promised to unveil.

Tesla has long been a proponent of autonomous driving, its Autopilot allowing limited hands-free operation on well-marked, limited-access roadways. Although the automaker has so far been faint with hard details, it has dropped plenty of hints that the updated Autopilot system could operate without direct driver involvement in most, if not all situations.

Product News!

If that proves to be the case, observers suggested, it could put Tesla in the forefront of an extremely competitive field, leapfrogging key players like Google spinoff Waymo and General Motors. But considering the problems the original Autopilot system has had, there remain plenty of skeptics. (more…)

Hyundai Venue Completes Korean Carmaker’s SUV Roll-Out

Targeting buyers who’d love to get out of a used car.

by on Apr.18, 2019

Hyundai keeps growing its sport-utility offerings. The new Venue, its smallest SUV, made its debut at the NYIAS.

Hyundai was one of the few automakers to use the Great Recession to its advantage, actually picking up sales and market share while the rest of the U.S. auto industry plunged to levels unseen in decades. Ironically, the Korean carmaker took an unexpected tumble as the rest of the market turned around, unprepared to adapt to the sudden shift from sedans and coupes to SUVs and CUVs.

Hyundai isn’t about to let that happen again, the automaker using this year’s New York International Auto Show to roll out the seventh, and newest, member of its rapidly expanding utility vehicle line-up, the 2020 Hyundai Venue. In sharp contrast to the recently added Palisade, its biggest and most lavish CUV, the subcompact Venue targets a mostly younger buyer on a tight budget.

Product News!

“About one-third of (used car) buyers started out looking for a new vehicle but couldn’t afford it,” said Brian Smith, Hyundai Motor America’s chief operating officer, during the Venue’s NYIAS debut. “That’s a perfect opportunity for a vehicle like this.” (more…)

VW’s New Concept Could be a U.S. Reality — But Not a Truck

SMV Concept shown at Auto Shanghai hits China in two years.

by on Apr.18, 2019

Klaus Bischoff, VW design chief, shows off the SMV Concept at Auto Shanghai. It comes to China in two years.

Though much of the news surrounding Volkswagen and new products in the U.S. focuses on the possibility of a pickup, a new concept shown thousands of miles away at Auto Shanghai may reveal what’s coming next instead: a large SUV.

VW showed off the SMV Concept, which it plans to build and sell in China within the next two years. It appears to be larger than the Atlas, which VW sells in China under the moniker Teramont. However, the SMV is based on the same flexible MQB modular architecture used by Atlas.

Auto Show News!

The automaker didn’t release any specifics about the concept. However, aside from the MQB architecture it shares with the Atlas, it will also share the Atlas powertrain. In China, it comes with a 2.0-liter TSI engine or a more powerful 2.5-liter VR6 putting out 295 horsepower and 368 pound-feet of torque. (more…)

Hyundai Names Former Nissan Exec José Muñoz its New COO

The 53-year-old exec was forced out in wake of Nissan’s Ghosn scandal.

by on Apr.18, 2019

José Muñoz, Nissan's former chief performance officer, is joining Hyundai and will oversee U.S. operations as part of his duties.

José Muñoz, the widely admired Nissan chief performance officer forced out in the wake of the scandal surrounding former Nissan Chairman Carlos Ghosn, is moving to South Korea, where he will become the global chief operating officer at Hyundai Motor Co.

The 52-year-old Muñoz was considered a rising Nissan star and a potential successor to Ghosn but tendered his resignation in January, sources told TheDetroitBureau.com, in protest over the Japanese automaker’s handling of the Ghosn investigation. The 65-year-old Ghosn remains in a Japanese detention center accused of a variety of financial crimes, though skeptics contend he has become the victim in a power struggle between Nissan and its French alliance partner Renault.

News Now!

In his new post, Muñoz also will serve as president and chief executive officer of Hyundai Motor North America and Hyundai Motor America. (more…)

California Start-Up Plans to Launch $149,000 Chinese-Made EV Sports Car

Qiantu K50 will be modified for American market.

by on Apr.18, 2019

The Qiantu K50 will be produced in China, but sold in the U.S. through Mullen at a cost of $149K.

A California start-up wants to sell a Chinese-made battery-electric sports cars to American drivers, the Qiantu K50 by Mullen scheduled to make its debut in the U.S. market sometime in 2020.

With its classic, supercar silhouette, the K50 is expected to join an array of electric vehicles destined for U.S. shores that will either be produced in China or come from American factories operated by Chinese companies, such as Karma and Byton.

Product News!

The new sports car, perhaps more importantly, will be part of a wave of new entries likely to reshape the perception of electric vehicles, from slow and stodgy to sleek, fast and fun-to-drive. (more…)

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