VW's Q3 results led to a slight realignment of the brand's plans. The company says factoring raw material hedges has removed their previously anticipated 7.5% return on sales and will instead match last year's $23.8B.
Revenue - Costs = walkin' around money. The company isn't in a bad spot, as Q3 suggests a 12% sales growth. It really is just the cost of material bringing the whole vibe down.
A circumstance that may get worse before it gets better since the world's largest exporter of graphite, China, announced intentions to tighten up on exports. Before you stock up on No. 2 pencils, remember graphite is an essential component in EV batteries.
Who isn't a sucker for weird doors? The Guangzhou Automobile Corporation's Hypercar brand, Aion, recently debuted its third model, the HT SUV.
The SUV starts at around $30K, and features read gull-wind doors, which checks the "relatively affordable" and "fun to look at" boxes for most shoppers.
Available in 400V and 800V versions, the base model achieves 0-62 mph in 6.8 seconds and has a 373-mile range. The top-end variant boasts a 479-mile range with a 10-minute charge adding 280 miles. Pre-order details remain undisclosed.
Toyota and Lexus (really just Toyota with a fancy hat, right?) have adopted Teala's charging standard to use from 2025 on.
The domino that broke the camel's back? At this point, Ford, GM, BMW, and many other automakers have adopted the North American Charging Standard (NACS). With the largest automaker in the world by volume, Toyota, on board, it is hard to imagine any automaker or charging network provider holding out much longer.
Chinese EV stocks took a hit after Tesla reported lower-than-expected Q3 results, missing earnings and revenue targets for the first time since Q2 2019. Hong Kong-listed shares of BYD, XPeng, Li Auto, Nio, and Geely fell significantly.
Elon Musk expressed concerns about high interest rates affecting car purchases. This comes amid an ongoing price war in the EV sector, with major players, including Tesla, slashing prices in China, the world's largest EV market.