In a development that further intensifies scrutiny of Tesla's driver assistance technologies, the electric vehicle manufacturer is facing a lawsuit over a fatal crash involving its Autopilot system. The legal action, filed in a Salt Lake City state court last week, stems from a tragic incident in 2022 where a Tesla Model 3 operating on Autopilot collided with a motorcycle, resulting in the death of 34-year-old Landon Embry.

The lawsuit, brought forward by Embry's parents, alleges that Tesla's Autopilot and other safety features are "defective and inadequate." According to the legal complaint, the Tesla Model 3, travelling at speeds between 75 and 80 miles per hour, struck the rear of Embry's Harley Davidson motorcycle. The impact threw Embry from his bike, causing fatal injuries at the scene.

The legal action targets not only Tesla but also the driver of the Model 3. The suit claims that the driver was "tired" and "not in a condition to drive as an ordinarily prudent driver." This allegation raises questions about the responsibility of drivers when using semi-autonomous driving systems and the potential for these systems to encourage driver complacency.

A key argument in the lawsuit focuses on the capabilities of Tesla's Autopilot system. The complaint asserts that the vehicle's sensors, including its cameras, "should have identified the hazard posed by Decedent's motorcycle in its presence." The plaintiffs contend that "a reasonably prudent driver, or adequate auto braking system, would have, and could have slowed or stopped without colliding with the motorcycle."

This legal challenge comes at a time of increasing concern over the safety and reliability of Tesla's driver assistance systems. The company's Autopilot and Full Self-Driving (FSD) features have been under growing scrutiny following several high-profile incidents. Tesla, known for its innovative approach to electric vehicles and autonomous driving technology, has yet to respond to requests for comment on this specific case.

The Utah incident is not isolated. In a separate case, a Tesla Model S reportedly operating in "Full Self-Driving" mode was involved in a fatal collision with a 28-year-old motorcyclist in the Seattle area in April of this year. These incidents highlight the ongoing debate about the readiness of autonomous and semi-autonomous driving technologies for widespread public use.

Tesla has previously faced legal challenges related to its Autopilot system. In April, the company settled a lawsuit concerning a 2018 crash where a Model X on Autopilot veered off a highway near San Francisco, resulting in the death of an Apple engineer. Such cases have raised questions about the limitations of current autonomous driving technologies and the potential risks they pose to road users, particularly vulnerable road users like motorcyclists and pedestrians.

In a development that further intensifies scrutiny of Tesla's driver assistance technologies, the electric vehicle manufacturer is facing a lawsuit over a fatal crash involving its Autopilot system.

In a development that further intensifies scrutiny of Tesla's driver assistance technologies, the electric vehicle manufacturer is facing a lawsuit over a fatal crash involving its Autopilot system. The legal action, filed in a Salt Lake City state court last week, stems from a tragic incident in 2022 where a Tesla Model 3 operating on Autopilot collided with a motorcycle, resulting in the death of 34-year-old Landon Embry. The lawsuit, brought forward by Embry's parents, alleges that Tesla's Autopilot and other safety features are "defective and inadequate." According to the legal complaint, the Tesla Model 3, travelling at speeds between 75 and 80 miles per hour, struck the rear of Embry's Harley Davidson motorcycle. The impact threw Embry from his bike, causing fatal injuries at the scene. The legal action targets not only Tesla but also the driver of the Model 3. The suit claims that the driver was "tired" and "not in a condition to drive as an ordinarily prudent driver." This allegation raises questions about the responsibility of drivers when using semi-autonomous driving systems and the potential for these systems to encourage driver complacency. A key argument in the lawsuit focuses on the capabilities of Tesla's Autopilot system. The complaint asserts that the vehicle's sensors, including its cameras, "should have identified the hazard posed by Decedent's motorcycle in its presence." The plaintiffs contend that "a reasonably prudent driver, or adequate auto braking system, would have, and could have slowed or stopped without colliding with the motorcycle." This legal challenge comes at a time of increasing concern over the safety and reliability of Tesla's driver assistance systems. The company's Autopilot and Full Self-Driving (FSD) features have been under growing scrutiny following several high-profile incidents. Tesla, known for its innovative approach to electric vehicles and autonomous driving technology, has yet to respond to requests for comment on this specific case. The Utah incident is not isolated. In a separate case, a Tesla Model S reportedly operating in "Full Self-Driving" mode was involved in a fatal collision with a 28-year-old motorcyclist in the Seattle area in April of this year. These incidents highlight the ongoing debate about the readiness of autonomous and semi-autonomous driving technologies for widespread public use. Tesla has previously faced legal challenges related to its Autopilot system. In April, the company settled a lawsuit concerning a 2018 crash where a Model X on Autopilot veered off a highway near San Francisco, resulting in the death of an Apple engineer. Such cases have raised questions about the limitations of current autonomous driving technologies and the potential risks they pose to road users, particularly vulnerable road users like motorcyclists and pedestrians.

Tesla faces lawsuit over fatal autopilot crash involving motorcyclist in Utah

Italian luxury automaker Maserati is poised to make a significant splash in the automotive world with the imminent unveiling of a new super-sports car at the prestigious Pebble Beach event. This highly anticipated vehicle, derived from the groundbreaking MC20, is designed to bridge the gap between street-legal performance and race track prowess.

The MC20, launched in 2020, has already established itself as a pivotal model in Maserati's illustrious history. It introduced the innovative 3.0-liter Nettuno V6 engine, which has since been incorporated into other models in the Maserati lineup. The MC20 also marked the brand's return to motorsport after a prolonged absence, signalling a renewed focus on high-performance engineering.

While details about the new model remain scarce, Maserati has hinted at its intended purpose. The automaker states that this vehicle is developed for drivers who demand "extraordinary performance on the road" without compromise. The company also teases that the car will feature cutting-edge technological solutions and impressive aerodynamic performance, although specifics are being kept under wraps until the official reveal.

Intriguingly, Maserati's press release contains a potentially revealing statement: "From the outset of [the MC20's] technical development, a racing evolution was envisaged that would come to life in two directions, with the track version and its road counterpart developed in close synergy." This has led to speculation that the new model could be a street-legal variant of the MC20 GT2 race car, which was unveiled in June 2023.

A teaser image released by Maserati appears to show a redesigned front bumper featuring a carbon fibre splitter and vents over the front wheel arches, reminiscent of the GT2 racing version. However, it's important to note that these observations are speculative at this point.

The grand unveiling is scheduled for August 16 at 9:12 a.m. local time in Monterey, California (12:12 p.m. Eastern Time). Attendees at the event will also have the opportunity to view the MC12-inspired MC20 Icona, making its North American debut, as well as the track-only MCXtrema.

As of now, Maserati has not disclosed any information regarding pricing or production numbers for this new model. Given the brand's history of producing limited-edition, high-performance vehicles, it wouldn't be surprising if this new super-sports car is produced in restricted quantities.

This upcoming reveal represents Maserati's continued commitment to pushing the boundaries of automotive performance and design. By leveraging technologies and insights gained from their racing program, Maserati aims to offer enthusiasts a vehicle that delivers race car-like performance in a package suitable for road use.

Italian luxury automaker Maserati is poised to make a significant splash in the automotive world with the imminent unveiling of a new super-sports car at the prestigious Pebble Beach event.

Italian luxury automaker Maserati is poised to make a significant splash in the automotive world with the imminent unveiling of a new super-sports car at the prestigious Pebble Beach event. This highly anticipated vehicle, derived from the groundbreaking MC20, is designed to bridge the gap between street-legal performance and race track prowess. The MC20, launched in 2020, has already established itself as a pivotal model in Maserati's illustrious history. It introduced the innovative 3.0-liter Nettuno V6 engine, which has since been incorporated into other models in the Maserati lineup. The MC20 also marked the brand's return to motorsport after a prolonged absence, signalling a renewed focus on high-performance engineering. While details about the new model remain scarce, Maserati has hinted at its intended purpose. The automaker states that this vehicle is developed for drivers who demand "extraordinary performance on the road" without compromise. The company also teases that the car will feature cutting-edge technological solutions and impressive aerodynamic performance, although specifics are being kept under wraps until the official reveal. Intriguingly, Maserati's press release contains a potentially revealing statement: "From the outset of [the MC20's] technical development, a racing evolution was envisaged that would come to life in two directions, with the track version and its road counterpart developed in close synergy." This has led to speculation that the new model could be a street-legal variant of the MC20 GT2 race car, which was unveiled in June 2023. A teaser image released by Maserati appears to show a redesigned front bumper featuring a carbon fibre splitter and vents over the front wheel arches, reminiscent of the GT2 racing version. However, it's important to note that these observations are speculative at this point. The grand unveiling is scheduled for August 16 at 9:12 a.m. local time in Monterey, California (12:12 p.m. Eastern Time). Attendees at the event will also have the opportunity to view the MC12-inspired MC20 Icona, making its North American debut, as well as the track-only MCXtrema. As of now, Maserati has not disclosed any information regarding pricing or production numbers for this new model. Given the brand's history of producing limited-edition, high-performance vehicles, it wouldn't be surprising if this new super-sports car is produced in restricted quantities. This upcoming reveal represents Maserati's continued commitment to pushing the boundaries of automotive performance and design. By leveraging technologies and insights gained from their racing program, Maserati aims to offer enthusiasts a vehicle that delivers race car-like performance in a package suitable for road use.

Maserati set to unveil MC20-derived supercar at Pebble Beach

Carvana, the online used car retailer known for its distinctive vehicle vending machines, has seen its stock price surge by nearly 15% following an optimistic forecast for its 2024 core profit. This significant uptick in share value comes as the company positions itself at the forefront of a growing trend towards online automotive shopping.

The company's announcement of its 2024 adjusted EBITDA forecast, ranging between USD 1 billion and USD 1.2 billion, has surpassed Wall Street analysts' expectations according to data from LSEG. This positive outlook has not only boosted investor confidence but also highlighted Carvana's potential to capitalise on the evolving preferences of car buyers who are increasingly turning to online platforms for their vehicle purchases.

Baird analyst Craig Kennison expressed confidence in Carvana's future, stating that the company is "well positioned" to gain market share as automotive shopping continues its shift to the digital realm. This sentiment reflects the broader industry trend towards online sales channels, which Carvana has been at the forefront of since its inception.

The company's journey to this point has not been without challenges. In response to fluctuating vehicle demand, Carvana implemented a series of strategic measures over recent years. These included slowing down car purchases for its inventory, pausing some hiring initiatives, and halting share buybacks. These calculated moves appear to have strengthened the company's position in a market that has seen its share of turbulence.

While the pre-owned car market has shown signs of improvement in recent months, retailers have faced difficulties in maintaining adequate inventory levels due to an overall decline in used vehicle prices. Data from Cox Automotive indicates that the average used-vehicle listing price stood at USD 25,251, marking a 7.6% decrease from the previous year. This price reduction has presented both challenges and opportunities for companies operating in the used car sector.

Carvana's positive forecast and subsequent stock surge represent a remarkable turnaround for a company that had previously faced significant challenges. The potential addition of approximately USD 4 billion to its market value, should the current gains hold, underscores the dramatic shift in investor sentiment. Year-to-date, Carvana's stock price has more than doubled, reflecting growing confidence in the company's business model and future prospects.

This resurgence comes at a time when the automotive retail landscape is undergoing a significant transformation. As more consumers embrace the convenience and efficiency of online car shopping, companies like Carvana that have invested heavily in digital infrastructure and innovative delivery methods are well-positioned to benefit from this shift in consumer behaviour.

Carvana, the online used car retailer known for its distinctive vehicle vending machines, has seen its stock price surge by nearly 15% following an optimistic forecast for its 2024 core profit.

Carvana, the online used car retailer known for its distinctive vehicle vending machines, has seen its stock price surge by nearly 15% following an optimistic forecast for its 2024 core profit. This significant uptick in share value comes as the company positions itself at the forefront of a growing trend towards online automotive shopping. The company's announcement of its 2024 adjusted EBITDA forecast, ranging between USD 1 billion and USD 1.2 billion, has surpassed Wall Street analysts' expectations according to data from LSEG. This positive outlook has not only boosted investor confidence but also highlighted Carvana's potential to capitalise on the evolving preferences of car buyers who are increasingly turning to online platforms for their vehicle purchases. Baird analyst Craig Kennison expressed confidence in Carvana's future, stating that the company is "well positioned" to gain market share as automotive shopping continues its shift to the digital realm. This sentiment reflects the broader industry trend towards online sales channels, which Carvana has been at the forefront of since its inception. The company's journey to this point has not been without challenges. In response to fluctuating vehicle demand, Carvana implemented a series of strategic measures over recent years. These included slowing down car purchases for its inventory, pausing some hiring initiatives, and halting share buybacks. These calculated moves appear to have strengthened the company's position in a market that has seen its share of turbulence. While the pre-owned car market has shown signs of improvement in recent months, retailers have faced difficulties in maintaining adequate inventory levels due to an overall decline in used vehicle prices. Data from Cox Automotive indicates that the average used-vehicle listing price stood at USD 25,251, marking a 7.6% decrease from the previous year. This price reduction has presented both challenges and opportunities for companies operating in the used car sector. Carvana's positive forecast and subsequent stock surge represent a remarkable turnaround for a company that had previously faced significant challenges. The potential addition of approximately USD 4 billion to its market value, should the current gains hold, underscores the dramatic shift in investor sentiment. Year-to-date, Carvana's stock price has more than doubled, reflecting growing confidence in the company's business model and future prospects. This resurgence comes at a time when the automotive retail landscape is undergoing a significant transformation. As more consumers embrace the convenience and efficiency of online car shopping, companies like Carvana that have invested heavily in digital infrastructure and innovative delivery methods are well-positioned to benefit from this shift in consumer behaviour.

Carvana's optimistic 2024 forecast drives stock surge

German automotive giant Volkswagen has announced a renewed focus on cost-cutting measures and strategic realignment in response to underwhelming profit margins and evolving market dynamics. The company, which reported first-half margins it described as "too low," is set to implement significant changes to its operations and investment strategy in the coming months and years.

In a statement released on Thursday, Volkswagen emphasised the need for "significant cost-cutting efforts" in the second half of 2024 and beyond. This initiative comes as part of a broader strategy to revitalise profit margins and maintain competitiveness in a rapidly changing automotive landscape.

The automaker is taking decisive action by further reducing production capacity and reevaluating its software spending following a recent investment in electric vehicle manufacturer Rivian. These moves build upon previous efforts that saw the company cut capacity by 25% in certain locations, including its main plant in Wolfsburg, as part of a wider goal to reduce capacity by 10% across Europe.

Volkswagen CEO Oliver Blume outlined the company's approach, stating, "It's about costs, costs, and costs." This mantra underscores the urgency with which the company is addressing its financial challenges. In line with this focus, Chief Financial Officer Arno Antlitz announced that investment spending for 2025-2029 would be reduced to approximately EUR 165 billion, down from the previously planned EUR 180 billion for 2024-2028.

The company's cost-cutting drive, initially announced in December with a target of EUR 10 billion in savings, includes plans for cuts of up to EUR 4 billion in 2024 alone. However, Antlitz cautioned that some measures, such as incentivizing early retirement, would take time to yield results.

Volkswagen's financial performance in the second quarter reflected these ongoing challenges. The company reported earnings before interest and taxes of EUR 5.46 billion, a slight decrease from EUR 5.6 billion in the same period last year. This performance was largely in line with analyst estimates following a downward revision of the 2024 margin guidance to 6.5-7% from the previous 7-7.5%.

The pressure on profitability is particularly evident in the company's core brands. The VW brand saw its operating margin drop to 5% in the first half due to restructuring costs, while the premium Audi brand faced headwinds from supply chain bottlenecks.

In response to these challenges, Volkswagen is not only cutting costs but also adapting its product strategy. Blume indicated that the company would join some competitors in extending its combustion engine lineup, potentially adding new models across its brands without increasing total investment spending. This move reflects the complex balance automakers must strike between transitioning to electric vehicles and meeting current market demand.

The company's recent USD 5 billion investment in Rivian, aimed at sharing EV platforms and software, has prompted questions about the future of Volkswagen's in-house software unit, Cariad. Blume addressed these concerns, stating that investment in Cariad would be reduced as a result of the Rivian venture. The unit will continue to focus on infotainment and connectivity, while the next-generation software platform will be developed through the joint venture. 
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German automotive giant Volkswagen has announced a renewed focus on cost-cutting measures and strategic realignment in response to underwhelming profit margins and evolving market dynamics.

German automotive giant Volkswagen has announced a renewed focus on cost-cutting measures and strategic realignment in response to underwhelming profit margins and evolving market dynamics. The company, which reported first-half margins it described as "too low," is set to implement significant changes to its operations and investment strategy in the coming months and years. In a statement released on Thursday, Volkswagen emphasised the need for "significant cost-cutting efforts" in the second half of 2024 and beyond. This initiative comes as part of a broader strategy to revitalise profit margins and maintain competitiveness in a rapidly changing automotive landscape. The automaker is taking decisive action by further reducing production capacity and reevaluating its software spending following a recent investment in electric vehicle manufacturer Rivian. These moves build upon previous efforts that saw the company cut capacity by 25% in certain locations, including its main plant in Wolfsburg, as part of a wider goal to reduce capacity by 10% across Europe. Volkswagen CEO Oliver Blume outlined the company's approach, stating, "It's about costs, costs, and costs." This mantra underscores the urgency with which the company is addressing its financial challenges. In line with this focus, Chief Financial Officer Arno Antlitz announced that investment spending for 2025-2029 would be reduced to approximately EUR 165 billion, down from the previously planned EUR 180 billion for 2024-2028. The company's cost-cutting drive, initially announced in December with a target of EUR 10 billion in savings, includes plans for cuts of up to EUR 4 billion in 2024 alone. However, Antlitz cautioned that some measures, such as incentivizing early retirement, would take time to yield results. Volkswagen's financial performance in the second quarter reflected these ongoing challenges. The company reported earnings before interest and taxes of EUR 5.46 billion, a slight decrease from EUR 5.6 billion in the same period last year. This performance was largely in line with analyst estimates following a downward revision of the 2024 margin guidance to 6.5-7% from the previous 7-7.5%. The pressure on profitability is particularly evident in the company's core brands. The VW brand saw its operating margin drop to 5% in the first half due to restructuring costs, while the premium Audi brand faced headwinds from supply chain bottlenecks. In response to these challenges, Volkswagen is not only cutting costs but also adapting its product strategy. Blume indicated that the company would join some competitors in extending its combustion engine lineup, potentially adding new models across its brands without increasing total investment spending. This move reflects the complex balance automakers must strike between transitioning to electric vehicles and meeting current market demand. The company's recent USD 5 billion investment in Rivian, aimed at sharing EV platforms and software, has prompted questions about the future of Volkswagen's in-house software unit, Cariad. Blume addressed these concerns, stating that investment in Cariad would be reduced as a result of the Rivian venture. The unit will continue to focus on infotainment and connectivity, while the next-generation software platform will be developed through the joint venture.

Volkswagen intensifies cost-cutting measures to boost profitability

Aptiv, a leading global auto-parts supplier, has exceeded Wall Street's expectations for its second-quarter earnings, driven by robust demand from automakers. The news sent the company's shares soaring more than 5% in premarket trading, signalling investor confidence in Aptiv's performance and outlook.

In a significant move, Aptiv has authorised a new USD 5 billion share repurchase program, with plans to immediately initiate a USD 3 billion buyback. The company intends to fund this ambitious program through a combination of cash on hand and debt, demonstrating its strong financial position and commitment to delivering value to shareholders.

The Michigan-based company, which supplies parts to major automakers including Toyota, BMW, and the Detroit Three (General Motors, Ford, and Stellantis), has benefited from the automotive industry's increased focus on producing crossovers and trucks. This shift in manufacturing priorities aligns with current consumer preferences, contributing to Aptiv's strong performance.

For the second quarter ended June 30, Aptiv reported adjusted earnings of USD 1.58 per share, significantly outperforming analysts' average estimate of USD 1.42 per share, according to data from LSEG. This impressive earnings beat underscores the company's operational efficiency and ability to capitalise on market trends.

However, despite the strong earnings performance, Aptiv's overall revenue for the quarter declined by nearly 3% to USD 5.05 billion, falling short of the USD 5.31 billion projected by LSEG estimates. This slight revenue dip may be attributed to ongoing supply chain challenges and a gradual shift in some automakers' electric vehicle (EV) strategies, which has impacted demand for electrified parts.

The auto industry's current landscape presents both opportunities and challenges for suppliers like Aptiv. While demand for traditional vehicle components remains strong, the evolving EV market and supply chain disruptions continue to create a complex operating environment.

In a related development, Aptiv announced in May that it would reduce its equity interest in Motional, its self-driving joint venture with Hyundai Motor. Motional, which utilises Hyundai's IONIQ5 electric car platform, is working on developing autonomous taxi services. This strategic move reflects Aptiv's ongoing efforts to optimise its portfolio and focus on core growth areas.

As the automotive industry continues to navigate technological transitions and shifting consumer preferences, Aptiv's strong Q2 performance and proactive financial strategies position the company to capitalise on emerging opportunities while managing potential headwinds. 
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Aptiv, a leading global auto-parts supplier, has exceeded Wall Street's expectations for its second-quarter earnings, driven by robust demand from automakers. The news sent the company's shares soaring more than 5% in premarket trading, signalling investor confidence in Aptiv's performance and outlook.

Aptiv, a leading global auto-parts supplier, has exceeded Wall Street's expectations for its second-quarter earnings, driven by robust demand from automakers. The news sent the company's shares soaring more than 5% in premarket trading, signalling investor confidence in Aptiv's performance and outlook. In a significant move, Aptiv has authorised a new USD 5 billion share repurchase program, with plans to immediately initiate a USD 3 billion buyback. The company intends to fund this ambitious program through a combination of cash on hand and debt, demonstrating its strong financial position and commitment to delivering value to shareholders. The Michigan-based company, which supplies parts to major automakers including Toyota, BMW, and the Detroit Three (General Motors, Ford, and Stellantis), has benefited from the automotive industry's increased focus on producing crossovers and trucks. This shift in manufacturing priorities aligns with current consumer preferences, contributing to Aptiv's strong performance. For the second quarter ended June 30, Aptiv reported adjusted earnings of USD 1.58 per share, significantly outperforming analysts' average estimate of USD 1.42 per share, according to data from LSEG. This impressive earnings beat underscores the company's operational efficiency and ability to capitalise on market trends. However, despite the strong earnings performance, Aptiv's overall revenue for the quarter declined by nearly 3% to USD 5.05 billion, falling short of the USD 5.31 billion projected by LSEG estimates. This slight revenue dip may be attributed to ongoing supply chain challenges and a gradual shift in some automakers' electric vehicle (EV) strategies, which has impacted demand for electrified parts. The auto industry's current landscape presents both opportunities and challenges for suppliers like Aptiv. While demand for traditional vehicle components remains strong, the evolving EV market and supply chain disruptions continue to create a complex operating environment. In a related development, Aptiv announced in May that it would reduce its equity interest in Motional, its self-driving joint venture with Hyundai Motor. Motional, which utilises Hyundai's IONIQ5 electric car platform, is working on developing autonomous taxi services. This strategic move reflects Aptiv's ongoing efforts to optimise its portfolio and focus on core growth areas. As the automotive industry continues to navigate technological transitions and shifting consumer preferences, Aptiv's strong Q2 performance and proactive financial strategies position the company to capitalise on emerging opportunities while managing potential headwinds.

Aptiv surpasses Q2 earnings expectations

Italian luxury sports car manufacturer Ferrari has raised its financial forecasts for 2024 following a robust second-quarter performance that exceeded market expectations. The company's success is largely attributed to increased sales of its more expensive models and a growing demand for personalised vehicle options.

In a statement released on Thursday, Ferrari announced it now projects its adjusted earnings before interest, tax, depreciation, and amortisation (EBITDA) to reach at least EUR 2.50 billion (USD 2.70 billion) for the full year. This represents an upgrade from the previous forecast of EUR 2.45 billion, signalling strong confidence in the company's financial trajectory.

CEO Benedetto Vigna expressed satisfaction with the results, stating, "Our net revenues and profitability were up double digit, sustained by the enrichment of the product mix and the increased demand for personalisations, which led us to upgrade our 2024 guidance."

The market responded positively to the news, with Ferrari's shares on the Milan stock exchange rising 5.7% by 1120 GMT, building on earlier modest gains.

For the April-June period, Ferrari reported an adjusted EBITDA of EUR 669 million, marking a 14% increase compared to the same quarter last year. This figure slightly surpassed analyst expectations of EUR 650 million, according to a poll.

The company's financial health was further underscored by a positive cash generation of EUR 121 million during the quarter.

Ferrari attributed its strong quarterly performance to several factors. Pricing power played a significant role, contributing EUR 122 million to the adjusted EBITDA. This was primarily driven by the company's more premium product range, particularly the Daytona SP3, a 12-cylinder model with a price tag of EUR 2 million.

The luxury automaker also highlighted the impact of increased personalisation options and a favourable country mix, with notable contributions from the Americas region. Personalisation refers to the bespoke modifications customers can request to tailor their vehicles to individual preferences, both in terms of interior and exterior features.

This trend towards customisation reflects a growing desire among Ferrari's clientele for unique, tailor-made vehicles, further cementing the brand's position in the ultra-luxury segment of the automotive market.

The company's ability to command premium prices for its high-end models and capitalise on the personalisation trend demonstrates Ferrari's strong brand power and its adeptness at catering to the preferences of its affluent customer base.

As Ferrari continues to focus on its most profitable models and expand its personalisation offerings, industry analysts will be closely watching to see if the company can maintain this momentum throughout the remainder of 2024 and beyond.

The positive results and upgraded guidance come at a time when many automakers are facing challenges related to supply chain disruptions and economic uncertainties. Ferrari's performance suggests that the ultra-luxury segment of the automotive market remains resilient, with demand for exclusive, high-performance vehicles continuing to grow among wealthy consumers. 
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Italian luxury sports car manufacturer Ferrari has raised its financial forecasts for 2024 following a robust second-quarter performance that exceeded market expectations.

Italian luxury sports car manufacturer Ferrari has raised its financial forecasts for 2024 following a robust second-quarter performance that exceeded market expectations. The company's success is largely attributed to increased sales of its more expensive models and a growing demand for personalised vehicle options. In a statement released on Thursday, Ferrari announced it now projects its adjusted earnings before interest, tax, depreciation, and amortisation (EBITDA) to reach at least EUR 2.50 billion (USD 2.70 billion) for the full year. This represents an upgrade from the previous forecast of EUR 2.45 billion, signalling strong confidence in the company's financial trajectory. CEO Benedetto Vigna expressed satisfaction with the results, stating, "Our net revenues and profitability were up double digit, sustained by the enrichment of the product mix and the increased demand for personalisations, which led us to upgrade our 2024 guidance." The market responded positively to the news, with Ferrari's shares on the Milan stock exchange rising 5.7% by 1120 GMT, building on earlier modest gains. For the April-June period, Ferrari reported an adjusted EBITDA of EUR 669 million, marking a 14% increase compared to the same quarter last year. This figure slightly surpassed analyst expectations of EUR 650 million, according to a poll. The company's financial health was further underscored by a positive cash generation of EUR 121 million during the quarter. Ferrari attributed its strong quarterly performance to several factors. Pricing power played a significant role, contributing EUR 122 million to the adjusted EBITDA. This was primarily driven by the company's more premium product range, particularly the Daytona SP3, a 12-cylinder model with a price tag of EUR 2 million. The luxury automaker also highlighted the impact of increased personalisation options and a favourable country mix, with notable contributions from the Americas region. Personalisation refers to the bespoke modifications customers can request to tailor their vehicles to individual preferences, both in terms of interior and exterior features. This trend towards customisation reflects a growing desire among Ferrari's clientele for unique, tailor-made vehicles, further cementing the brand's position in the ultra-luxury segment of the automotive market. The company's ability to command premium prices for its high-end models and capitalise on the personalisation trend demonstrates Ferrari's strong brand power and its adeptness at catering to the preferences of its affluent customer base. As Ferrari continues to focus on its most profitable models and expand its personalisation offerings, industry analysts will be closely watching to see if the company can maintain this momentum throughout the remainder of 2024 and beyond. The positive results and upgraded guidance come at a time when many automakers are facing challenges related to supply chain disruptions and economic uncertainties. Ferrari's performance suggests that the ultra-luxury segment of the automotive market remains resilient, with demand for exclusive, high-performance vehicles continuing to grow among wealthy consumers.

Ferrari upgrades 2024 guidance as luxury models and personalisation drive record Q2 earnings

Yamaha Motor Co. has announced its plans to incorporate low-carbon, recycled steel sheets in the packaging frames used for shipping motorcycles. This initiative, set to commence in October 2024, represents a significant stride towards reducing the company's carbon footprint and advancing its commitment to environmental sustainability.

The recycled steel sheets, produced by Tokyo Steel Manufacturing Co., are manufactured using electric furnaces, a process that markedly reduces carbon dioxide emissions compared to traditional blast furnace methods. This innovative approach involves melting scrap iron sourced from various origins, including demolished buildings, discarded home appliances, and scrapped automobiles, before rolling it into sheets suitable for industrial use.

Yamaha Motor's decision to adopt this eco-friendly material is unprecedented in Japan's motorcycle industry for packaging frames. The company has conducted extensive trials in collaboration with Tokyo Steel to ensure that the recycled steel meets the necessary material characteristics, quality standards, and suitability for packaging applications.

The environmental benefits of this transition are substantial. Conventional steel production, which relies on iron ore and coke smelted in blast furnaces, is notorious for its high carbon dioxide emissions. In contrast, the electric furnace method employed for these recycled steel sheets significantly reduces the carbon footprint associated with the production process.

Yamaha Motor plans to implement this change gradually, starting with a portion of its packaging frames and progressively expanding the scope of application. This phased approach will allow the company to incrementally increase the ratio of recycled materials used in its packaging, ensuring a smooth transition without compromising product quality or safety.

This initiative aligns closely with the Yamaha Motor Group Environmental Plan 2050, an ambitious strategy that aims to achieve carbon neutrality across the entire supply chain, including all business activities, by the year 2050. By addressing the environmental impact of its packaging materials, Yamaha is tackling an often-overlooked aspect of the automotive industry's carbon footprint.

The move also reflects a growing trend in the automotive and motorcycle industries towards more sustainable practices. As consumers become increasingly environmentally conscious, manufacturers are under pressure to reduce their ecological impact at every stage of the product lifecycle, from production to packaging and shipping.

Yamaha's initiative could potentially set a new standard for the industry, encouraging other manufacturers to explore similar eco-friendly alternatives in their packaging and shipping processes. The success of this program could pave the way for broader adoption of recycled materials in various aspects of motorcycle and automotive manufacturing. 
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Yamaha Motor Co. has announced its plans to incorporate low-carbon, recycled steel sheets in the packaging frames used for shipping motorcycles. This initiative, set to commence in October 2024, represents a significant stride towards reducing the company's carbon footprint and advancing its commitment to environmental sustainability.

Yamaha Motor Co. has announced its plans to incorporate low-carbon, recycled steel sheets in the packaging frames used for shipping motorcycles. This initiative, set to commence in October 2024, represents a significant stride towards reducing the company's carbon footprint and advancing its commitment to environmental sustainability. The recycled steel sheets, produced by Tokyo Steel Manufacturing Co., are manufactured using electric furnaces, a process that markedly reduces carbon dioxide emissions compared to traditional blast furnace methods. This innovative approach involves melting scrap iron sourced from various origins, including demolished buildings, discarded home appliances, and scrapped automobiles, before rolling it into sheets suitable for industrial use. Yamaha Motor's decision to adopt this eco-friendly material is unprecedented in Japan's motorcycle industry for packaging frames. The company has conducted extensive trials in collaboration with Tokyo Steel to ensure that the recycled steel meets the necessary material characteristics, quality standards, and suitability for packaging applications. The environmental benefits of this transition are substantial. Conventional steel production, which relies on iron ore and coke smelted in blast furnaces, is notorious for its high carbon dioxide emissions. In contrast, the electric furnace method employed for these recycled steel sheets significantly reduces the carbon footprint associated with the production process. Yamaha Motor plans to implement this change gradually, starting with a portion of its packaging frames and progressively expanding the scope of application. This phased approach will allow the company to incrementally increase the ratio of recycled materials used in its packaging, ensuring a smooth transition without compromising product quality or safety. This initiative aligns closely with the Yamaha Motor Group Environmental Plan 2050, an ambitious strategy that aims to achieve carbon neutrality across the entire supply chain, including all business activities, by the year 2050. By addressing the environmental impact of its packaging materials, Yamaha is tackling an often-overlooked aspect of the automotive industry's carbon footprint. The move also reflects a growing trend in the automotive and motorcycle industries towards more sustainable practices. As consumers become increasingly environmentally conscious, manufacturers are under pressure to reduce their ecological impact at every stage of the product lifecycle, from production to packaging and shipping. Yamaha's initiative could potentially set a new standard for the industry, encouraging other manufacturers to explore similar eco-friendly alternatives in their packaging and shipping processes. The success of this program could pave the way for broader adoption of recycled materials in various aspects of motorcycle and automotive manufacturing.

Yamaha Motor to use recycled steel in motorcycle packaging

General Motors (GM) is gearing up for a significant push into Brazil's electric vehicle (EV) market, with the Chevrolet Blazer EV leading the charge. This strategic move comes as GM seeks to establish a stronger foothold in Latin America's largest automotive market and counter the rapidly growing presence of Chinese EV manufacturers, particularly BYD.

The Blazer EV, introduced in 2022 as part of Chevrolet's next-generation electric vehicle lineup, has already shown promise in the United States. In the first half of 2024, GM reported sales of 7,234 Blazer EVs, with a notable surge of 6,634 units sold in the second quarter alone. The vehicle's appeal extends beyond brand loyalty, with GM reporting that 40% of Blazer EV buyers are switching from competitors such as Jeep, Ford, and Hyundai/Kia.

Brazil, the sixth-largest car market globally with over 2.18 million new car registrations in 2023, presents a crucial opportunity for GM's electric ambitions. The country not only boasts significant sales volumes but also ranks among the top ten vehicle manufacturers worldwide, making it a key battleground for automakers transitioning to electric mobility.

The launch of the Blazer EV in Brazil, scheduled for August 1, 2024, is being hailed by GM as the beginning of "a new era for the brand" in the country. Plinio Cabral, GM's South American Director of Electrical Engineering, emphasised the advanced technological features of modern EVs, stating, "Modern cars have their own internet and more advanced electronic architecture," enabling "systems that offer a more complete and personalised connectivity experience for the consumer."

However, GM faces stiff competition from BYD, China's leading EV manufacturer, which has already made significant inroads into the Brazilian market. In the first quarter of 2024 alone, BYD sold nearly 15,000 electrified vehicles in Brazil, showcasing the Chinese automaker's growing influence. BYD's recent launch of the Dolphin Mini (known as Seagull in China), priced at approximately USD 20,000 (99,800 BRL), has further solidified its position by offering one of the most affordable electric options in the country.

The Blazer EV's success in Brazil will largely depend on its pricing and specifications, which are set to be revealed next week. In the United States, the Blazer EV starts at USD 50,195, offering up to 279 miles of range. With available tax credits, the price could potentially drop to USD 42,695. For its Brazilian debut, GM has chosen to introduce only the RS trim, which in the US market is available in both eAWD (279 miles range) and RWD (324 miles range) configurations.

The contrast between BYD's aggressive pricing strategy and GM's premium positioning of the Blazer EV raises questions about how GM plans to compete in a market increasingly sensitive to affordability. The success of the Blazer EV in Brazil could hinge on GM's ability to demonstrate superior technology, performance, and brand value to justify a potentially higher price point compared to its Chinese competitors.

As the global automotive industry continues its shift towards electrification, markets like Brazil become increasingly important battlegrounds. The outcome of this competition between established Western automakers like GM and rising Chinese EV manufacturers like BYD could provide valuable insights into the future dynamics of the global EV market. 
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General Motors (GM) is gearing up for a significant push into Brazil's electric vehicle (EV) market, with the Chevrolet Blazer EV leading the charge. This strategic move comes as GM seeks to establish a stronger foothold in Latin America's largest automotive market and counter the rapidly growing presence of Chinese EV manufacturers, particularly BYD.

General Motors (GM) is gearing up for a significant push into Brazil's electric vehicle (EV) market, with the Chevrolet Blazer EV leading the charge. This strategic move comes as GM seeks to establish a stronger foothold in Latin America's largest automotive market and counter the rapidly growing presence of Chinese EV manufacturers, particularly BYD. The Blazer EV, introduced in 2022 as part of Chevrolet's next-generation electric vehicle lineup, has already shown promise in the United States. In the first half of 2024, GM reported sales of 7,234 Blazer EVs, with a notable surge of 6,634 units sold in the second quarter alone. The vehicle's appeal extends beyond brand loyalty, with GM reporting that 40% of Blazer EV buyers are switching from competitors such as Jeep, Ford, and Hyundai/Kia. Brazil, the sixth-largest car market globally with over 2.18 million new car registrations in 2023, presents a crucial opportunity for GM's electric ambitions. The country not only boasts significant sales volumes but also ranks among the top ten vehicle manufacturers worldwide, making it a key battleground for automakers transitioning to electric mobility. The launch of the Blazer EV in Brazil, scheduled for August 1, 2024, is being hailed by GM as the beginning of "a new era for the brand" in the country. Plinio Cabral, GM's South American Director of Electrical Engineering, emphasised the advanced technological features of modern EVs, stating, "Modern cars have their own internet and more advanced electronic architecture," enabling "systems that offer a more complete and personalised connectivity experience for the consumer." However, GM faces stiff competition from BYD, China's leading EV manufacturer, which has already made significant inroads into the Brazilian market. In the first quarter of 2024 alone, BYD sold nearly 15,000 electrified vehicles in Brazil, showcasing the Chinese automaker's growing influence. BYD's recent launch of the Dolphin Mini (known as Seagull in China), priced at approximately USD 20,000 (99,800 BRL), has further solidified its position by offering one of the most affordable electric options in the country. The Blazer EV's success in Brazil will largely depend on its pricing and specifications, which are set to be revealed next week. In the United States, the Blazer EV starts at USD 50,195, offering up to 279 miles of range. With available tax credits, the price could potentially drop to USD 42,695. For its Brazilian debut, GM has chosen to introduce only the RS trim, which in the US market is available in both eAWD (279 miles range) and RWD (324 miles range) configurations. The contrast between BYD's aggressive pricing strategy and GM's premium positioning of the Blazer EV raises questions about how GM plans to compete in a market increasingly sensitive to affordability. The success of the Blazer EV in Brazil could hinge on GM's ability to demonstrate superior technology, performance, and brand value to justify a potentially higher price point compared to its Chinese competitors. As the global automotive industry continues its shift towards electrification, markets like Brazil become increasingly important battlegrounds. The outcome of this competition between established Western automakers like GM and rising Chinese EV manufacturers like BYD could provide valuable insights into the future dynamics of the global EV market.

Chevrolet Blazer EV set to challenge BYD's dominance in Brazil's evolving EV market

A Tesla Model S Plaid has set a new quarter-mile record, completing the run in a mere 8.56 seconds. This achievement, while impressive, comes with caveats that spark debate about the definition of a production car in competitive contexts.

The Tesla Model S Plaid, priced at approximately USD 90,000, has long been recognized as one of the fastest-accelerating production vehicles available to consumers. Its latest feat pushes the boundaries of what's possible for a vehicle in its price range and production volume.

However, it's crucial to note that this record-setting Model S Plaid underwent significant modifications, primarily in the form of weight reduction. Images of the vehicle reveal a stripped-down interior, suggesting that non-essential components were removed to enhance performance. This modification strategy is not uncommon in the pursuit of speed records but does raise questions about how to classify such achievements.

The electric vehicle landscape has seen fierce competition in recent years, with contenders like the Rimac Nevera and Lucid Air Sapphire also vying for the title of fastest production car. The Rimac Nevera, while capable of extraordinary performance, comes with a price tag of approximately USD 2 million and is produced in very limited numbers. The Lucid Air Sapphire has previously bested the Model S Plaid in drag races, achieving impressive 9-second quarter-mile times.

What sets the Model S Plaid apart in this context is its relative affordability and higher production volume compared to its ultra-expensive, limited-production rivals. This latest record run demonstrates that with some modifications, a vehicle costing less than USD 100,000 can achieve performance metrics previously reserved for multi-million dollar hypercars.

Experts in the automotive industry point out that quarter-mile records often involve specific optimizations beyond weight reduction, including tire preparation and track conditions. These factors play crucial roles in achieving such remarkable times.

Perhaps most noteworthy is that this record-setting Model S Plaid reportedly maintained its stock powertrain. This suggests that the vehicle's electric motors and battery system were capable of this performance without additional modifications, highlighting the potential of Tesla's electric propulsion technology.

As electric vehicles continue to evolve and push performance boundaries, the debate over what constitutes a "production car" in competitive scenarios is likely to intensify. The line between stock vehicles and those with aftermarket modifications becomes increasingly blurred, especially when the core powertrain remains untouched. 
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A Tesla Model S Plaid has set a new quarter-mile record, completing the run in a mere 8.56 seconds. This achievement, while impressive, comes with caveats that spark debate about the definition of a production car in competitive contexts.

A Tesla Model S Plaid has set a new quarter-mile record, completing the run in a mere 8.56 seconds. This achievement, while impressive, comes with caveats that spark debate about the definition of a production car in competitive contexts. The Tesla Model S Plaid, priced at approximately USD 90,000, has long been recognized as one of the fastest-accelerating production vehicles available to consumers. Its latest feat pushes the boundaries of what's possible for a vehicle in its price range and production volume. However, it's crucial to note that this record-setting Model S Plaid underwent significant modifications, primarily in the form of weight reduction. Images of the vehicle reveal a stripped-down interior, suggesting that non-essential components were removed to enhance performance. This modification strategy is not uncommon in the pursuit of speed records but does raise questions about how to classify such achievements. The electric vehicle landscape has seen fierce competition in recent years, with contenders like the Rimac Nevera and Lucid Air Sapphire also vying for the title of fastest production car. The Rimac Nevera, while capable of extraordinary performance, comes with a price tag of approximately USD 2 million and is produced in very limited numbers. The Lucid Air Sapphire has previously bested the Model S Plaid in drag races, achieving impressive 9-second quarter-mile times. What sets the Model S Plaid apart in this context is its relative affordability and higher production volume compared to its ultra-expensive, limited-production rivals. This latest record run demonstrates that with some modifications, a vehicle costing less than USD 100,000 can achieve performance metrics previously reserved for multi-million dollar hypercars. Experts in the automotive industry point out that quarter-mile records often involve specific optimizations beyond weight reduction, including tire preparation and track conditions. These factors play crucial roles in achieving such remarkable times. Perhaps most noteworthy is that this record-setting Model S Plaid reportedly maintained its stock powertrain. This suggests that the vehicle's electric motors and battery system were capable of this performance without additional modifications, highlighting the potential of Tesla's electric propulsion technology. As electric vehicles continue to evolve and push performance boundaries, the debate over what constitutes a "production car" in competitive scenarios is likely to intensify. The line between stock vehicles and those with aftermarket modifications becomes increasingly blurred, especially when the core powertrain remains untouched.

Tesla Model S Plaid shatters quarter-mile record with 8.56-second run

Stellantis CEO Carlos Tavares has announced that the global automotive giant is prepared to eliminate underperforming brands from its extensive portfolio and is taking decisive steps to address weak margins and high inventory levels in its U.S. operations. This declaration came on Thursday as the world's fourth-largest automaker revealed worse-than-expected first-half results, triggering a sharp decline in its stock price.

Tavares's stark warning, "If they don't make money, we'll shut them down," marks a departure from his previous stance since Stellantis' formation in 2021 through the merger of Fiat Chrysler and PSA Group. Until now, he had maintained that all 14 brands under the Stellantis umbrella, including prestigious names like Maserati, Fiat, Peugeot, and Jeep, had a secure future within the company.

The automaker's shares plummeted by as much as 12.5% following the announcement, reaching their lowest point since August 2023. This decline brings Stellantis' year-to-date stock performance to a 22% loss, making it the worst-performing major European automaker in 2024.

While Stellantis does not disclose financial data for individual brands, it reported that Maserati incurred an adjusted operating loss of 82 million euros in the first half of the year. This performance has led some analysts to speculate that Maserati could be a potential candidate for divestment, while other brands with minimal sales contributions, such as Lancia or DS, might face elimination.

The automotive industry has seen few brand terminations since General Motors' high-profile discontinuation of Saturn and Pontiac during its government-led bankruptcy in 2008. Tavares' willingness to consider such measures underscores the severity of the challenges facing Stellantis, particularly in the crucial U.S. market.

Stellantis reported a 40% drop in adjusted operating income (EBIT) to 8.463 billion euros for the first half of 2024, falling short of analysts' expectations of 8.85 billion euros. The company's adjusted EBIT margin dipped below 10%, jeopardising its full-year target of maintaining a double-digit margin.

To address these issues, Tavares announced plans to work closely with the U.S. team throughout the summer to improve performance and reduce inventory. "We consider that the job is done in Europe," he stated. "The job is not done in the U.S., and we are now going to take care of that work."

Chief Financial Officer Natalie Knight elaborated on the company's strategy, revealing plans to reduce production and adjust prices in North America during the current quarter. These actions are part of Stellantis' broader efforts to tackle "operational challenges" in the region.

The company's struggles in the U.S. market are particularly concerning given the historical importance of high-margin vehicles like RAM pickup trucks and Jeeps to Stellantis' profitability. The weak margin performance has raised questions about the company's cost efficiency reputation, according to Bernstein analysts.

Stellantis' challenges reflect broader industry trends, including a weakening sales outlook across major markets, the costly transition to electric vehicles, and intensifying competition from more affordable Chinese manufacturers. These factors have contributed to poor results from other global automakers, such as Nissan Motor, which reported a near-total erosion of its first-quarter profit and revised its annual outlook downward. 
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Stellantis CEO Carlos Tavares has announced that the global automotive giant is prepared to eliminate underperforming brands from its extensive portfolio and is taking decisive steps to address weak margins and high inventory levels in its U.

Stellantis CEO Carlos Tavares has announced that the global automotive giant is prepared to eliminate underperforming brands from its extensive portfolio and is taking decisive steps to address weak margins and high inventory levels in its U.S. operations. This declaration came on Thursday as the world's fourth-largest automaker revealed worse-than-expected first-half results, triggering a sharp decline in its stock price. Tavares's stark warning, "If they don't make money, we'll shut them down," marks a departure from his previous stance since Stellantis' formation in 2021 through the merger of Fiat Chrysler and PSA Group. Until now, he had maintained that all 14 brands under the Stellantis umbrella, including prestigious names like Maserati, Fiat, Peugeot, and Jeep, had a secure future within the company. The automaker's shares plummeted by as much as 12.5% following the announcement, reaching their lowest point since August 2023. This decline brings Stellantis' year-to-date stock performance to a 22% loss, making it the worst-performing major European automaker in 2024. While Stellantis does not disclose financial data for individual brands, it reported that Maserati incurred an adjusted operating loss of 82 million euros in the first half of the year. This performance has led some analysts to speculate that Maserati could be a potential candidate for divestment, while other brands with minimal sales contributions, such as Lancia or DS, might face elimination. The automotive industry has seen few brand terminations since General Motors' high-profile discontinuation of Saturn and Pontiac during its government-led bankruptcy in 2008. Tavares' willingness to consider such measures underscores the severity of the challenges facing Stellantis, particularly in the crucial U.S. market. Stellantis reported a 40% drop in adjusted operating income (EBIT) to 8.463 billion euros for the first half of 2024, falling short of analysts' expectations of 8.85 billion euros. The company's adjusted EBIT margin dipped below 10%, jeopardising its full-year target of maintaining a double-digit margin. To address these issues, Tavares announced plans to work closely with the U.S. team throughout the summer to improve performance and reduce inventory. "We consider that the job is done in Europe," he stated. "The job is not done in the U.S., and we are now going to take care of that work." Chief Financial Officer Natalie Knight elaborated on the company's strategy, revealing plans to reduce production and adjust prices in North America during the current quarter. These actions are part of Stellantis' broader efforts to tackle "operational challenges" in the region. The company's struggles in the U.S. market are particularly concerning given the historical importance of high-margin vehicles like RAM pickup trucks and Jeeps to Stellantis' profitability. The weak margin performance has raised questions about the company's cost efficiency reputation, according to Bernstein analysts. Stellantis' challenges reflect broader industry trends, including a weakening sales outlook across major markets, the costly transition to electric vehicles, and intensifying competition from more affordable Chinese manufacturers. These factors have contributed to poor results from other global automakers, such as Nissan Motor, which reported a near-total erosion of its first-quarter profit and revised its annual outlook downward.

Stellantis CEO signals potential brand cuts amid U.S. market challenges

Ola Electric, the SoftBank-backed Indian electric vehicle manufacturer, has decided to suspend its ambitious electric car project, according to two sources with direct knowledge of the decision. This move comes as the company prepares for its initial public offering (IPO) scheduled for August, where it aims to raise approximately USD 660 million.

The decision marks a significant shift from the vision outlined by Ola's founder, Bhavish Aggarwal, who had previously announced plans to launch an electric sports car with an all-glass roof by 2024. Aggarwal had reiterated these plans as recently as September 2023 in an interview with Forbes. However, the company has now chosen to redirect its focus towards the burgeoning two-wheeler market, including e-scooters and bikes.

One of the sources explained the rationale behind this decision, stating, "The focus is all on the two-wheeler market, including bikes, and mass electrification is still some time away - you need to have (charging) infrastructure." This shift in strategy highlights the challenges faced by electric vehicle manufacturers in India, particularly the lack of widespread charging infrastructure necessary for the adoption of electric cars.

The suspension of Ola's electric car plans, which could have positioned the company as a competitor to established players like Tata Motors in the nascent yet rapidly growing electric car segment, underscores the complexities of the Indian automotive market. While e-scooters have gained significant popularity in recent years, with infrastructure developing rapidly to support them, the transition to electric cars has been slower.

Recent sales figures illustrate this disparity: approximately 483,000 e-scooters were sold in India by June of this year, compared to only about 45,000 electric cars during the same period. This stark contrast in adoption rates has likely influenced Ola's decision to prioritise its e-scooter business.

According to one of the sources, Ola's car project has been postponed for at least two years as the company concentrates on two-wheeler sales and battery production. This strategic realignment comes at a crucial time for Ola Electric, as it prepares for one of India's biggest IPOs this year.

Despite being loss-making, Ola has managed to capture a 46% market share in the e-scooter segment within just three years of its founding. This achievement is particularly noteworthy given that the company had to revise its sales goals last year following a reduction in industry incentives by Prime Minister Narendra Modi's government.

The company's existing infrastructure includes an e-scooter factory in Tamil Nadu. In 2022, Aggarwal had announced plans to build a new plant within the same campus, with a capacity to manufacture 1 million electric cars annually. These cars were intended to break away from the trend of small or mid-sized vehicles common in India.

Sources reveal that Ola had invested significantly in the car project, deploying external consultants and hiring over 100 employees. With the project's suspension, approximately 30% of this team has reportedly left the company, while others have been reassigned to new roles or projects.

The company had also made initial progress in car development, engaging in preliminary talks with auto component suppliers and even building a prototype at its studio in the United Kingdom. This prototype was reportedly designed along the lines of a BMW luxury sedan. 
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Ola Electric, the SoftBank-backed Indian electric vehicle manufacturer, has decided to suspend its ambitious electric car project, according to two sources with direct knowledge of the decision.

Ola Electric, the SoftBank-backed Indian electric vehicle manufacturer, has decided to suspend its ambitious electric car project, according to two sources with direct knowledge of the decision. This move comes as the company prepares for its initial public offering (IPO) scheduled for August, where it aims to raise approximately USD 660 million. The decision marks a significant shift from the vision outlined by Ola's founder, Bhavish Aggarwal, who had previously announced plans to launch an electric sports car with an all-glass roof by 2024. Aggarwal had reiterated these plans as recently as September 2023 in an interview with Forbes. However, the company has now chosen to redirect its focus towards the burgeoning two-wheeler market, including e-scooters and bikes. One of the sources explained the rationale behind this decision, stating, "The focus is all on the two-wheeler market, including bikes, and mass electrification is still some time away - you need to have (charging) infrastructure." This shift in strategy highlights the challenges faced by electric vehicle manufacturers in India, particularly the lack of widespread charging infrastructure necessary for the adoption of electric cars. The suspension of Ola's electric car plans, which could have positioned the company as a competitor to established players like Tata Motors in the nascent yet rapidly growing electric car segment, underscores the complexities of the Indian automotive market. While e-scooters have gained significant popularity in recent years, with infrastructure developing rapidly to support them, the transition to electric cars has been slower. Recent sales figures illustrate this disparity: approximately 483,000 e-scooters were sold in India by June of this year, compared to only about 45,000 electric cars during the same period. This stark contrast in adoption rates has likely influenced Ola's decision to prioritise its e-scooter business. According to one of the sources, Ola's car project has been postponed for at least two years as the company concentrates on two-wheeler sales and battery production. This strategic realignment comes at a crucial time for Ola Electric, as it prepares for one of India's biggest IPOs this year. Despite being loss-making, Ola has managed to capture a 46% market share in the e-scooter segment within just three years of its founding. This achievement is particularly noteworthy given that the company had to revise its sales goals last year following a reduction in industry incentives by Prime Minister Narendra Modi's government. The company's existing infrastructure includes an e-scooter factory in Tamil Nadu. In 2022, Aggarwal had announced plans to build a new plant within the same campus, with a capacity to manufacture 1 million electric cars annually. These cars were intended to break away from the trend of small or mid-sized vehicles common in India. Sources reveal that Ola had invested significantly in the car project, deploying external consultants and hiring over 100 employees. With the project's suspension, approximately 30% of this team has reportedly left the company, while others have been reassigned to new roles or projects. The company had also made initial progress in car development, engaging in preliminary talks with auto component suppliers and even building a prototype at its studio in the United Kingdom. This prototype was reportedly designed along the lines of a BMW luxury sedan.

Ola Electric puts electric car project on hold

Israeli battery technology company Addionics has successfully raised USD 39 million in a Series B funding round. The investment was co-led by General Motors' venture capital arm, GM Ventures, and Israeli tech venture fund Deep Insight. Swedish truck manufacturer Scania, a subsidiary of Volkswagen's Traton, also participated in this substantial investment round.

Addionics, known for its innovative approach to battery technology, has developed porous, three-dimensional copper and aluminium electrodes for EV batteries. These advanced materials promise to revolutionise the EV battery landscape by offering multiple advantages over conventional technologies.

The company's electrode design is notable for its efficiency in material usage, requiring 60% less copper than traditional counterparts. This reduction in material not only contributes to cost savings but also aligns with sustainability goals in the automotive industry. Addionics claims that its technology can provide faster charging capabilities and increase EV range by an impressive 30%, addressing two key concerns in the widespread adoption of electric vehicles.

Financial projections from Addionics suggest that automakers could potentially save up to $7.50 per kilowatt-hour by implementing their technology. This cost reduction is particularly significant given the current challenges faced by traditional automakers in achieving profitability in their EV divisions.

Anirvan Coomer, managing director of GM Ventures, expressed enthusiasm about the investment, stating, "Addionics' current collector design shows promise in enabling improved battery performance at a lower cost. We are eager to support the company's growth and look forward to continuing to explore opportunities to collaborate in the future."

The funding comes at a crucial time for Addionics, as the company has recently announced plans to establish a $400 million factory in the United States. This facility, set to begin operations in 2027, aims to produce copper anodes for EV batteries with the capacity to supply approximately one million EVs annually.

Moshiel Biton, CEO of Addionics, provided insights into the company's roadmap, revealing that they plan to start delivering battery cells to automakers for testing in late 2024. Biton confirmed that the company is on track to achieve full-scale production by 2027 or 2028. He also noted that Addionics has been in discussions or collaborations with nearly all major automakers across Europe, Japan, and the United States.

Highlighting the significance of their technology in the current automotive landscape, Biton remarked, "Legacy automakers are losing money building EVs. Any technology that allows them to reduce cost and improve performance, that's the holy grail."

The investment in Addionics reflects the growing interest and urgency in the automotive industry to develop more efficient and cost-effective EV technologies. As traditional automakers struggle with the profitability of their electric vehicle lines, innovations like those offered by Addionics could play a crucial role in accelerating the transition to sustainable transportation. 
&nbsp;

Israeli battery technology company Addionics has successfully raised USD 39 million in a Series B funding round. The investment was co-led by General Motors' venture capital arm, GM Ventures, and Israeli tech venture fund Deep Insight.

Israeli battery technology company Addionics has successfully raised USD 39 million in a Series B funding round. The investment was co-led by General Motors' venture capital arm, GM Ventures, and Israeli tech venture fund Deep Insight. Swedish truck manufacturer Scania, a subsidiary of Volkswagen's Traton, also participated in this substantial investment round. Addionics, known for its innovative approach to battery technology, has developed porous, three-dimensional copper and aluminium electrodes for EV batteries. These advanced materials promise to revolutionise the EV battery landscape by offering multiple advantages over conventional technologies. The company's electrode design is notable for its efficiency in material usage, requiring 60% less copper than traditional counterparts. This reduction in material not only contributes to cost savings but also aligns with sustainability goals in the automotive industry. Addionics claims that its technology can provide faster charging capabilities and increase EV range by an impressive 30%, addressing two key concerns in the widespread adoption of electric vehicles. Financial projections from Addionics suggest that automakers could potentially save up to $7.50 per kilowatt-hour by implementing their technology. This cost reduction is particularly significant given the current challenges faced by traditional automakers in achieving profitability in their EV divisions. Anirvan Coomer, managing director of GM Ventures, expressed enthusiasm about the investment, stating, "Addionics' current collector design shows promise in enabling improved battery performance at a lower cost. We are eager to support the company's growth and look forward to continuing to explore opportunities to collaborate in the future." The funding comes at a crucial time for Addionics, as the company has recently announced plans to establish a $400 million factory in the United States. This facility, set to begin operations in 2027, aims to produce copper anodes for EV batteries with the capacity to supply approximately one million EVs annually. Moshiel Biton, CEO of Addionics, provided insights into the company's roadmap, revealing that they plan to start delivering battery cells to automakers for testing in late 2024. Biton confirmed that the company is on track to achieve full-scale production by 2027 or 2028. He also noted that Addionics has been in discussions or collaborations with nearly all major automakers across Europe, Japan, and the United States. Highlighting the significance of their technology in the current automotive landscape, Biton remarked, "Legacy automakers are losing money building EVs. Any technology that allows them to reduce cost and improve performance, that's the holy grail." The investment in Addionics reflects the growing interest and urgency in the automotive industry to develop more efficient and cost-effective EV technologies. As traditional automakers struggle with the profitability of their electric vehicle lines, innovations like those offered by Addionics could play a crucial role in accelerating the transition to sustainable transportation.

EV battery innovator Addionics raises USD 39 million in series B funding

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Zee News Rajasthan

Editor

Diksha Bisla

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