On Tuesday, U.S. auto safety regulators revealed that they have initiated an investigation into the operations of Alphabet's Waymo self-driving vehicles after reports of its robotaxis displayed compromised driving behaviour that potentially violated traffic safety laws.

The preliminary evaluation into approximately 444 Waymo vehicles by the National Highway Traffic Safety Administration (NHTSA) follows 22 reports of 22 incidents including 17 collisions.

The agency noted that in some of those cases the automated driving systems "appeared to disobey traffic safety control devices" while some crashes took place shortly after the automated driving systems "exhibited unexpected behaviour near traffic safety control devices."

This comes to the forefront in a series of investigations recently opened by NHTSA into the performance of self-driving vehicles after it initiated probes into General Motors Cruise and Amazon.com's Zoox.

Waymo recalled 444 self-driving vehicles in February after two minor collisions occurred in quick succession in Arizona. The company said that a software error could inadvertently result in automated vehicles inaccurately predicting the movement of a towed vehicle.

According to NHTSA, all 22 incidents included either self-driving crashes or driverless vehicles that displayed driving behaviour that potentially violated traffic safety laws. The mentioned incidents include collisions with stationary and semi-stationary entities such as gates and chains and crashes with parked vehicles.

The NHTSA also cited incidents "such as vehicles driving in opposing lanes with nearby oncoming traffic or entering construction zones."

The agency is all set to investigate the Waymo 5th Generation automated driving system performance "in the incidents identified in this resume and similar scenarios, as well as to more closely assess any commonalities in these incidents."

The investigation is the first step before the agency could demand a recall if it is convinced that the vehicles pose a risk to safety. After this it will evaluate Waymo vehicles’ performance "in detecting and responding to traffic control devices and in avoiding collisions with stationary and semi-stationary objects and vehicles."

In March, Waymo said that it was starting to offer free-of-cost driverless robotaxi services to select members of the public in Los Angeles after receiving approval from a state agency to start its ride-hailing program, Waymo One, in Los Angeles and a few cities near San Francisco. 
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On Tuesday, U.S. auto safety regulators revealed that they have initiated an investigation into the operations of Alphabet's Waymo self-driving vehicles after reports of its robotaxis displayed compromised driving behaviour that potentially violated traffic safety laws.

On Tuesday, U.S. auto safety regulators revealed that they have initiated an investigation into the operations of Alphabet's Waymo self-driving vehicles after reports of its robotaxis displayed compromised driving behaviour that potentially violated traffic safety laws. The preliminary evaluation into approximately 444 Waymo vehicles by the National Highway Traffic Safety Administration (NHTSA) follows 22 reports of 22 incidents including 17 collisions. The agency noted that in some of those cases the automated driving systems "appeared to disobey traffic safety control devices" while some crashes took place shortly after the automated driving systems "exhibited unexpected behaviour near traffic safety control devices." This comes to the forefront in a series of investigations recently opened by NHTSA into the performance of self-driving vehicles after it initiated probes into General Motors Cruise and Amazon.com's Zoox. Waymo recalled 444 self-driving vehicles in February after two minor collisions occurred in quick succession in Arizona. The company said that a software error could inadvertently result in automated vehicles inaccurately predicting the movement of a towed vehicle. According to NHTSA, all 22 incidents included either self-driving crashes or driverless vehicles that displayed driving behaviour that potentially violated traffic safety laws. The mentioned incidents include collisions with stationary and semi-stationary entities such as gates and chains and crashes with parked vehicles. The NHTSA also cited incidents "such as vehicles driving in opposing lanes with nearby oncoming traffic or entering construction zones." The agency is all set to investigate the Waymo 5th Generation automated driving system performance "in the incidents identified in this resume and similar scenarios, as well as to more closely assess any commonalities in these incidents." The investigation is the first step before the agency could demand a recall if it is convinced that the vehicles pose a risk to safety. After this it will evaluate Waymo vehicles’ performance "in detecting and responding to traffic control devices and in avoiding collisions with stationary and semi-stationary objects and vehicles." In March, Waymo said that it was starting to offer free-of-cost driverless robotaxi services to select members of the public in Los Angeles after receiving approval from a state agency to start its ride-hailing program, Waymo One, in Los Angeles and a few cities near San Francisco.

Waymo under scrutiny over 'unexpected behaviour' of self-driving vehicles

On Monday, European Union countries approved passing a law that would slash carbon dioxide emissions from trucks. This move will nudge most new heavy-duty vehicles in the European Union to be emission-free from 2040 onwards.

The law will enforce a 90% cut in CO2 emissions from new heavy-duty vehicles by 2040. This implies that manufacturers will have to sell a large share of fully CO2-free trucks to offset any remaining sales of CO2-emitting vehicles in 2040. These CO2-free trucks will include electric vehicles and vehicles running on Hydrogen fuel.

 
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Currently, most trucks on Europe’s roads are running on diesel, which produces greenhouse gas emissions and air pollutants that have been proven to be associated with lung cancer and respiratory diseases. It’s crucial to note that heavy-duty vehicles produce a quarter of Europe’s road transport emissions.&nbsp;

By 2030, truck manufacturers will have to reduce the CO2 emissions of their fleets by 45%, replacing the initial 30% target and 65% by 2035. Furthermore, 90% of new urban buses sold in the EU will be required to have zero emissions, followed by an increase to 100% in 2035.

European autos group ACEA has described the EU policy as one of the world's most ambitious targets and said they will only be realised if governments match them with a robust roll-out of 50,000 truck-suitable public electric charging points by no later than 2030.

The EU’s truck CO2 policy has already received approval from European Union countries and the EU Parliament, implying that it can now be passed into law.

This law has materialised despite recent complaints from Germany and centre-right EU lawmakers, who had wanted the policy to allow more combustion engines to be sold beyond 2040 if they ran on CO2-neutral fuels.

According to media reports, only Italy, Poland and Slovakia were against the policy during Monday's vote while the Czech Republic abstained.

To win Germany’s support, EU countries added a preamble to the law last month which stated that the European Commission would consider developing rules in future to keep a count of trucks running on CO2-neutral fuels towards achieving the targets.

On Monday, European Union countries approved passing a law that would slash carbon dioxide emissions from trucks. This move will nudge most new heavy-duty vehicles in the European Union to be emission-free from 2040 onwards.

On Monday, European Union countries approved passing a law that would slash carbon dioxide emissions from trucks. This move will nudge most new heavy-duty vehicles in the European Union to be emission-free from 2040 onwards. The law will enforce a 90% cut in CO2 emissions from new heavy-duty vehicles by 2040. This implies that manufacturers will have to sell a large share of fully CO2-free trucks to offset any remaining sales of CO2-emitting vehicles in 2040. These CO2-free trucks will include electric vehicles and vehicles running on Hydrogen fuel. Currently, most trucks on Europe’s roads are running on diesel, which produces greenhouse gas emissions and air pollutants that have been proven to be associated with lung cancer and respiratory diseases. It’s crucial to note that heavy-duty vehicles produce a quarter of Europe’s road transport emissions. By 2030, truck manufacturers will have to reduce the CO2 emissions of their fleets by 45%, replacing the initial 30% target and 65% by 2035. Furthermore, 90% of new urban buses sold in the EU will be required to have zero emissions, followed by an increase to 100% in 2035. European autos group ACEA has described the EU policy as one of the world's most ambitious targets and said they will only be realised if governments match them with a robust roll-out of 50,000 truck-suitable public electric charging points by no later than 2030. The EU’s truck CO2 policy has already received approval from European Union countries and the EU Parliament, implying that it can now be passed into law. This law has materialised despite recent complaints from Germany and centre-right EU lawmakers, who had wanted the policy to allow more combustion engines to be sold beyond 2040 if they ran on CO2-neutral fuels. According to media reports, only Italy, Poland and Slovakia were against the policy during Monday's vote while the Czech Republic abstained. To win Germany’s support, EU countries added a preamble to the law last month which stated that the European Commission would consider developing rules in future to keep a count of trucks running on CO2-neutral fuels towards achieving the targets.

EU countries in favour of cutting trucks' CO2 emissions

On Wednesday, the U.S Department of Justice stated that Hyundai and Kia’s financing arm is liable to pay USD 334,941 to settle charges that it illegally repossessed vehicles belonging to military service members.

Based on the papers filed in Los Angeles federal court, Hyundai Capital America allegedly violated the Servicemember Civil Relief Act between 2015 and 2023 by repossessing 26 vehicles whose owners had started to pay off their loans before active duty.

The Justice Department clarified that it was pre-requisite for the financing arm to obtain court permission before repossessing vehicles. Furthermore, it cited the example of 2017 repossession and sale of Navy Airman Jessica Johnson’s three-year-old Hyundai Elantra. The repossession only took place after the financing department determined that she was on active duty and “not deployed.”

Johnson still had outstanding payments worth USD 13,796 on the car and Hyundai Capital America came to the conclusion in 2020 that it should not have repossessed the Elantra, court papers show.

“Members of our Armed Forces should not have to worry about having their cars repossessed while they are in military service," Assistant Attorney General Kristen Clarke said in a statement.

Hyundai Capital America based in Irvine, California, is positioned to pay USD 10,000 plus lost vehicles to each of the 26 service members and also repair their credit. On the top of that, it will also pay USD 74,941 to the U.S. Treasury “to vindicate the public interest.” However, it shall do so without admitting wrongdoing.&nbsp;

In the last several years, the Justice Department has settled several claims under the servicemembers law against several financing companies, including General Motors, Nissan and Wells Fargo financial arms, among others.

To assuage the Justice Department as well as the public, Hyundai Capital America reiterated in a statement that “HCA takes pride in supporting our military families … Additionally, we have already taken steps to further enhance our compliance with all SCRA requirements."

On Wednesday, the U.S Department of Justice stated that Hyundai and Kia’s financing arm is liable to pay USD 334,941 to settle charges that it illegally repossessed vehicles belonging to military service members.

On Wednesday, the U.S Department of Justice stated that Hyundai and Kia’s financing arm is liable to pay USD 334,941 to settle charges that it illegally repossessed vehicles belonging to military service members. Based on the papers filed in Los Angeles federal court, Hyundai Capital America allegedly violated the Servicemember Civil Relief Act between 2015 and 2023 by repossessing 26 vehicles whose owners had started to pay off their loans before active duty. The Justice Department clarified that it was pre-requisite for the financing arm to obtain court permission before repossessing vehicles. Furthermore, it cited the example of 2017 repossession and sale of Navy Airman Jessica Johnson’s three-year-old Hyundai Elantra. The repossession only took place after the financing department determined that she was on active duty and “not deployed.” Johnson still had outstanding payments worth USD 13,796 on the car and Hyundai Capital America came to the conclusion in 2020 that it should not have repossessed the Elantra, court papers show. “Members of our Armed Forces should not have to worry about having their cars repossessed while they are in military service," Assistant Attorney General Kristen Clarke said in a statement. Hyundai Capital America based in Irvine, California, is positioned to pay USD 10,000 plus lost vehicles to each of the 26 service members and also repair their credit. On the top of that, it will also pay USD 74,941 to the U.S. Treasury “to vindicate the public interest.” However, it shall do so without admitting wrongdoing. In the last several years, the Justice Department has settled several claims under the servicemembers law against several financing companies, including General Motors, Nissan and Wells Fargo financial arms, among others. To assuage the Justice Department as well as the public, Hyundai Capital America reiterated in a statement that “HCA takes pride in supporting our military families … Additionally, we have already taken steps to further enhance our compliance with all SCRA requirements."

Hyundai, Kia accused of illegally repossessing service members' vehicles

Elections in India have given rise to a lot of uncertainty which could negatively impact automakers’ sales in May despite the rising consumer interest in new model launches, a dealer’s body said on Wednesday.

Voting in India began on April 19 in a massive general election where Prime Minister Narendra Modi is contesting for a rare third straight term.

"Election uncertainty continues to affect market sentiment, delaying customer conversions and stalling purchasing decisions," the Federation of Automobile Dealers Association (FADA) said in a statement.

The turnout being lower than anticipated ruffled PM Modi’s campaign managers, raising concerns about the odds of the Bharatiya Janata Party and its allies achieving the landmark victory forecasted by opinion polls last month. 
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Analysts have expressed concerns about the new government’s financial policies and how they will affect the livelihood of people. The restriction on moving large sums of money during the election would also dissuade consumers from buying vehicles at least during May when the election will be in full swing in most constituencies.

Despite that, sales increased 27% year-on-year in April. According to FADA, which tracks sales of vehicles by dealers to consumers, this sales figure could be attributed to the increasing consumer inclination towards launches of new models in India. It added that the interest would not decline in May. &nbsp;

"The auto industry remains cautiously optimistic about its near-term outlook," it said. Since the auto sector contributes approximately 7% to India’s economy, auto sales are keenly being monitored as a key indicator of private consumption in India.&nbsp;

After dropping more than 6% in March, retail car sales increased nearly 16% in April, FADA said. On the other hand, two-wheelers continued to witness heavy demand, facilitated by festive buying in parts of North India and many new launches.

Interestingly, the sales of two-wheelers grew more than 33% in April, its largest growth recorded so far during this calendar year.

FADA President Manish Raj Singhania attributed this rise to stable fuel prices, a favourable monsoon outlook, festive demand and the ongoing marriage season. "New model launches also helped drive growth, despite some delays in supply," he said. 
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Elections in India have given rise to a lot of uncertainty which could negatively impact automakers’ sales in May despite the rising consumer interest in new model launches, a dealer’s body said on Wednesday.

Elections in India have given rise to a lot of uncertainty which could negatively impact automakers’ sales in May despite the rising consumer interest in new model launches, a dealer’s body said on Wednesday. Voting in India began on April 19 in a massive general election where Prime Minister Narendra Modi is contesting for a rare third straight term. "Election uncertainty continues to affect market sentiment, delaying customer conversions and stalling purchasing decisions," the Federation of Automobile Dealers Association (FADA) said in a statement. The turnout being lower than anticipated ruffled PM Modi’s campaign managers, raising concerns about the odds of the Bharatiya Janata Party and its allies achieving the landmark victory forecasted by opinion polls last month. Analysts have expressed concerns about the new government’s financial policies and how they will affect the livelihood of people. The restriction on moving large sums of money during the election would also dissuade consumers from buying vehicles at least during May when the election will be in full swing in most constituencies. Despite that, sales increased 27% year-on-year in April. According to FADA, which tracks sales of vehicles by dealers to consumers, this sales figure could be attributed to the increasing consumer inclination towards launches of new models in India. It added that the interest would not decline in May. "The auto industry remains cautiously optimistic about its near-term outlook," it said. Since the auto sector contributes approximately 7% to India’s economy, auto sales are keenly being monitored as a key indicator of private consumption in India. After dropping more than 6% in March, retail car sales increased nearly 16% in April, FADA said. On the other hand, two-wheelers continued to witness heavy demand, facilitated by festive buying in parts of North India and many new launches. Interestingly, the sales of two-wheelers grew more than 33% in April, its largest growth recorded so far during this calendar year. FADA President Manish Raj Singhania attributed this rise to stable fuel prices, a favourable monsoon outlook, festive demand and the ongoing marriage season. "New model launches also helped drive growth, despite some delays in supply," he said.

Elections could negatively impact Indian auto sales in May

California-based company Lucid Group, Inc. (LCID) which designs, manufactures, and sells luxury electric vehicles, EV powertrains, and battery systems, forecasted a higher capital expenditure for this year and recapitulated the annual production forecast below Wall Street targets on Monday. This happened amid the decreasing demand for electric vehicles, sending its shares down nearly 9% in extended trading.

The forecast and the dip in stocks later during the day highlight the potential risks at bay for investors as the once-flourishing EV demand plummets and global competition intensifies. 
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According to media reports, Gagan Dhingra, Lucid's interim finance chief, revealed that 
"From a capex perspective, we are making enhancements first in our Arizona factory because we are going from 30,000 installed capacity to 90,000." He added that capital was also being spent on building a factory in Saudi Arabia.

The company shared that it expected a capital expenditure of USD 1.5 billion in 2024 as it gears up to manufacture its Gravity SUV later this year, as compared to USD 910.6 million last year.

Contrasted with the 8,428 vehicles manufactured last year, Lucid was reportedly on track to produce 9,000 cars this year. However, seven analysts polled by Visible Alpha expected the company to produce 12,677 units on average in 2024. 
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Lucid CEO Peter Rawlinson said the firm would make just enough cars to match demand. "Otherwise, if we just turn on the faucets and produce, then we're left with a big inventory, which would be imprudent."

In a conference call with analysts, Rawlinson added that the company is expecting a seasonal sales slowdown globally in the third quarter as consumers take vacation breaks.

With backing from Saudi Arabia's Public Investment Fund, the firm is also set to begin production of a relatively more affordable midsize car in the latter half of 2026 and its Gravity SUV this year, to cater to a more diverse customer base.

"Lucid's results were more of the same. Unsustainable margins, a high cash rate and no change to full-year production guidance. Not a lot of reason for optimism," shared Garrett Nelson, senior equity analyst at CFRA Research.

The company culminated the first quarter with cash and cash equivalents of USD 2.17 billion, compared with USD 1.37 billion in the fourth quarter of 2023. The sovereign wealth fund, which has invested billions in Lucid, added another USD 1 billion to the EV maker's balance sheet.&nbsp;

California-based company Lucid Group, Inc. (LCID) which designs, manufactures, and sells luxury electric vehicles, EV powertrains, and battery systems, forecasted a higher capital expenditure for this year and recapitulated the annual production forecast below Wall Street targets on Monday.

California-based company Lucid Group, Inc. (LCID) which designs, manufactures, and sells luxury electric vehicles, EV powertrains, and battery systems, forecasted a higher capital expenditure for this year and recapitulated the annual production forecast below Wall Street targets on Monday. This happened amid the decreasing demand for electric vehicles, sending its shares down nearly 9% in extended trading. The forecast and the dip in stocks later during the day highlight the potential risks at bay for investors as the once-flourishing EV demand plummets and global competition intensifies. According to media reports, Gagan Dhingra, Lucid's interim finance chief, revealed that "From a capex perspective, we are making enhancements first in our Arizona factory because we are going from 30,000 installed capacity to 90,000." He added that capital was also being spent on building a factory in Saudi Arabia. The company shared that it expected a capital expenditure of USD 1.5 billion in 2024 as it gears up to manufacture its Gravity SUV later this year, as compared to USD 910.6 million last year. Contrasted with the 8,428 vehicles manufactured last year, Lucid was reportedly on track to produce 9,000 cars this year. However, seven analysts polled by Visible Alpha expected the company to produce 12,677 units on average in 2024. Lucid CEO Peter Rawlinson said the firm would make just enough cars to match demand. "Otherwise, if we just turn on the faucets and produce, then we're left with a big inventory, which would be imprudent." In a conference call with analysts, Rawlinson added that the company is expecting a seasonal sales slowdown globally in the third quarter as consumers take vacation breaks. With backing from Saudi Arabia's Public Investment Fund, the firm is also set to begin production of a relatively more affordable midsize car in the latter half of 2026 and its Gravity SUV this year, to cater to a more diverse customer base. "Lucid's results were more of the same. Unsustainable margins, a high cash rate and no change to full-year production guidance. Not a lot of reason for optimism," shared Garrett Nelson, senior equity analyst at CFRA Research. The company culminated the first quarter with cash and cash equivalents of USD 2.17 billion, compared with USD 1.37 billion in the fourth quarter of 2023. The sovereign wealth fund, which has invested billions in Lucid, added another USD 1 billion to the EV maker's balance sheet.

Lucid’s annual vehicle production forecast for 2024 less than estimates

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Leapmotor, the chinese electric vehicle manufacturer, is preparing for the Indian market following the line of predecessors, including MG and BYD. In collaboration with Stellantis, which acquired a stake in Leapmotor’s global operation, aims to make its investment and initiation plans for the Indian public.

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Stellantis is a prominent player in India through Jeep and Citroen. And with partnership with Stellantis, Leapmotor has bolstered confidence in the enterprise in India even after strict policies and regulations monitoring investments from neighbouring countries.&nbsp;&nbsp;

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Due to approval issues from the government, BYD is currently facing challenges broadening the operations in India. On the other hand, MG Motor had to get an Indian partner involved to comply with the regulations – Sajjan Jindal’s JSW. In the previous year, Stellantis made an investment of USD 1.6 billion in Leapmotor and acquired approximately 20 percent of stakes, charting the way for a fruitful partnership.

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According to media reports, this strategic partnership has facilitated the creation of Leapmotor International, a joint venture predominantly focused on exporting and retailing Leapmotor products outside of China.

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&nbsp;"Leapmotor and Stellantis are likely to make an announcement about the India plans, and this may happen as early as the next few weeks," said media reports.

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Even though Stellantis has refused to comment on Leapmotor’s future entry into India, media reports indicate that the move could initiate the launch of affordable electric cars, further intensifying competition in the green car segment. The announcement of Leapmotor’s India plans along with Steallantis is predicted in the coming weeks, revealing a significant development in the Indian EV landscape.

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One of the world’s top automakers, Stellantis currently holds the reins of many brands across continents including Citroen, Jeep, Chrysler, Peugeot, Fiat and Maserati. Stellantis which is present in India through Jeep and Citroen and is currently gearing up to go on an override when it comes to expanding operations, introducing brands, widening retail, or making new investments.

Leapmotor, the chinese electric vehicle manufacturer, is preparing for the Indian market following the line of predecessors, including MG and BYD. In collaboration with Stellantis, which acquired a stake in Leapmotor’s global operation, aims to make its investment and initiation plans for the Indian public.

Leapmotor, the chinese electric vehicle manufacturer, is preparing for the Indian market following the line of predecessors, including MG and BYD. In collaboration with Stellantis, which acquired a stake in Leapmotor’s global operation, aims to make its investment and initiation plans for the Indian public. Stellantis is a prominent player in India through Jeep and Citroen. And with partnership with Stellantis, Leapmotor has bolstered confidence in the enterprise in India even after strict policies and regulations monitoring investments from neighbouring countries. Due to approval issues from the government, BYD is currently facing challenges broadening the operations in India. On the other hand, MG Motor had to get an Indian partner involved to comply with the regulations – Sajjan Jindal’s JSW. In the previous year, Stellantis made an investment of USD 1.6 billion in Leapmotor and acquired approximately 20 percent of stakes, charting the way for a fruitful partnership. According to media reports, this strategic partnership has facilitated the creation of Leapmotor International, a joint venture predominantly focused on exporting and retailing Leapmotor products outside of China. "Leapmotor and Stellantis are likely to make an announcement about the India plans, and this may happen as early as the next few weeks," said media reports. Even though Stellantis has refused to comment on Leapmotor’s future entry into India, media reports indicate that the move could initiate the launch of affordable electric cars, further intensifying competition in the green car segment. The announcement of Leapmotor’s India plans along with Steallantis is predicted in the coming weeks, revealing a significant development in the Indian EV landscape. One of the world’s top automakers, Stellantis currently holds the reins of many brands across continents including Citroen, Jeep, Chrysler, Peugeot, Fiat and Maserati. Stellantis which is present in India through Jeep and Citroen and is currently gearing up to go on an override when it comes to expanding operations, introducing brands, widening retail, or making new investments.

Chinese EV maker Leapmotor plans entry into India in collaboration with Stellantis

On Wednesday, Carvana shares witnessed a 30% surge in extended trading after the used-car seller forecasted an unexpected bump in current-quarter retail sales and core profit generated.

This comes as a response to high-interest rates that inevitably nudge consumers to scout for deals on second-hand cars rather than opting for new cars.&nbsp;

Carvana’s shares with a short interest of 27% of free float, are up nearly 65% this year after recording an 11-fold rise last year. The surge in its stock price is expected to bring a value addition of about USD 5 billion to its market capitalisation of USD 17.6 billion, as recorded on Wednesday’s close.

The used-car retailer revealed that it was expecting a consecutive increase in adjusted core profit and growth rate in retail units in the second quarter. However, a year ago, analysts had predicted a 2.6% fall in the retail sales of Carvana.

Revenue for the first quarter of the year was USD 3.06 billion, aggressively challenging the analysts’ estimate of USD 2.89 billion, according to LSEG data. "Revenues beat expectations by quite a bit and expenses remained flat … big upside surprise," Huber Research Partners analyst Douglas Arthur stated.

The adjusted earnings prior to interest, tax, depreciation and amortisation in the first three months were USD 235 million, significantly exceeding capital expenditure and interest expense. Whereas, analysts had expected a modest USD 135.9 million in adjusted core earnings.&nbsp;

While the analysts estimated a profit of USD 31.2 million, Carvana reported a first-quarter profit of USD 49 million, as per LSEG data.

According to the market research firm Cox Automotive, the total supply of unsold used vehicles on dealer lots across the United States increased by 9% to 2.27 million units in March, as compared to last year.

Moreover, Carvana’s rival CarMax missed analysts’ estimates for fourth-quarter results last month and speculated about the company meeting its long-term vehicle sales target.

On Wednesday, Carvana shares witnessed a 30% surge in extended trading after the used-car seller forecasted an unexpected bump in current-quarter retail sales and core profit generated.

On Wednesday, Carvana shares witnessed a 30% surge in extended trading after the used-car seller forecasted an unexpected bump in current-quarter retail sales and core profit generated. This comes as a response to high-interest rates that inevitably nudge consumers to scout for deals on second-hand cars rather than opting for new cars. Carvana’s shares with a short interest of 27% of free float, are up nearly 65% this year after recording an 11-fold rise last year. The surge in its stock price is expected to bring a value addition of about USD 5 billion to its market capitalisation of USD 17.6 billion, as recorded on Wednesday’s close. The used-car retailer revealed that it was expecting a consecutive increase in adjusted core profit and growth rate in retail units in the second quarter. However, a year ago, analysts had predicted a 2.6% fall in the retail sales of Carvana. Revenue for the first quarter of the year was USD 3.06 billion, aggressively challenging the analysts’ estimate of USD 2.89 billion, according to LSEG data. "Revenues beat expectations by quite a bit and expenses remained flat … big upside surprise," Huber Research Partners analyst Douglas Arthur stated. The adjusted earnings prior to interest, tax, depreciation and amortisation in the first three months were USD 235 million, significantly exceeding capital expenditure and interest expense. Whereas, analysts had expected a modest USD 135.9 million in adjusted core earnings. While the analysts estimated a profit of USD 31.2 million, Carvana reported a first-quarter profit of USD 49 million, as per LSEG data. According to the market research firm Cox Automotive, the total supply of unsold used vehicles on dealer lots across the United States increased by 9% to 2.27 million units in March, as compared to last year. Moreover, Carvana’s rival CarMax missed analysts’ estimates for fourth-quarter results last month and speculated about the company meeting its long-term vehicle sales target.

Used-car seller Carvana’s shares surge beyond expectations

Elon Musk has made significant staff changes at Tesla, letting go of two senior executives and announcing plans for further job cuts. The decision comes in response to decelerating sales and an aggressive price war, resulting in Tesla's first quarterly revenue drop since 2020.

Rebecca Tinucci, the senior director of Tesla's Supercharger business, and Daniel Ho, head of the new vehicles program, have been asked to leave the company by Tuesday, along with their respective teams. This will include approximately 500 employees who work in the Supercharger group.

According to reports, Musk explained in his email to his employees, "Hopefully these actions are making it clear that we need to be absolutely hardcore about headcount and cost reduction. While some on exec staff are taking this seriously, most are not yet doing so."

The precipitous nature of the layoffs has caught many industry officials and analysts off guard, especially after Tesla’s recent plans to open its Supercharger network to other electric vehicle manufacturers.

Tesla's decision to open its network to competing EV manufacturers including GM, Ford and other automakers was applauded by U.S. President Joe Biden and attracted federal subsidies to expand the reach of its North American Charging Standard (NACS) system.

GM and Ford, in separate statements, shared that they are not altering their plans to equip their EVs with connectors that will allow drivers of Chevrolet, Cadillac or Ford brand EVs to recharge at Tesla stations. "We are continuing to monitor the situation regarding changes to the Supercharger team and the potential impacts with no further comments or updates at this time," GM said.

Andres Pinter, co-CEO of Bullet EV Charging Solutions, a supplier to the network, said, “Tesla has already been awarded money under the federal government's NEVI program, he stated, referring to the National Electric Vehicle Infrastructure formula program to provide funding to states to deploy EV charging networks…There's no way Mr. Musk would walk away from effectively free money. It may be possible Musk will reconstitute the EV charger team in bigger, badder, more Muskian way."

According to media reports, despite the job cuts, Tesla intends to continue expanding its Supercharger network, although at a slower pace, “with more focus on 100% uptime and expansion of existing locations."

While some industry experts are speculating on the long-term implications of the layoffs, others are confident that Tesla will eventually restructure its EV charger team to make the most of government funding and scale up its charging infrastructure.

Seven large automakers, including Mercedes, GM, Stellantis, Honda, BMW, and Hyundai-Kia formed a joint venture last year called ‘Ionna’ to develop a fast-charging network to compete with the Tesla Supercharger network.

Earlier this month, two other senior leaders, Rohan Patel who led Tesla’s public policy team and battery development chief Drew Baglino, announced their departures. Tesla had also laid off more than 10% of its workforce at the time.&nbsp;

Even after a surge over the past week, Tesla shares are down about 26% for the year. Morningstar analyst Seth Goldstein commented, "Tesla is looking to right size its (capital spending) and operating expenses over the next couple of years as the company is in a slower growth phase".

Elon Musk has made significant staff changes at Tesla, letting go of two senior executives and announcing plans for further job cuts. The decision comes in response to decelerating sales and an aggressive price war, resulting in Tesla's first quarterly revenue drop since 2020.

Elon Musk has made significant staff changes at Tesla, letting go of two senior executives and announcing plans for further job cuts. The decision comes in response to decelerating sales and an aggressive price war, resulting in Tesla's first quarterly revenue drop since 2020. Rebecca Tinucci, the senior director of Tesla's Supercharger business, and Daniel Ho, head of the new vehicles program, have been asked to leave the company by Tuesday, along with their respective teams. This will include approximately 500 employees who work in the Supercharger group. According to reports, Musk explained in his email to his employees, "Hopefully these actions are making it clear that we need to be absolutely hardcore about headcount and cost reduction. While some on exec staff are taking this seriously, most are not yet doing so." The precipitous nature of the layoffs has caught many industry officials and analysts off guard, especially after Tesla’s recent plans to open its Supercharger network to other electric vehicle manufacturers. Tesla's decision to open its network to competing EV manufacturers including GM, Ford and other automakers was applauded by U.S. President Joe Biden and attracted federal subsidies to expand the reach of its North American Charging Standard (NACS) system. GM and Ford, in separate statements, shared that they are not altering their plans to equip their EVs with connectors that will allow drivers of Chevrolet, Cadillac or Ford brand EVs to recharge at Tesla stations. "We are continuing to monitor the situation regarding changes to the Supercharger team and the potential impacts with no further comments or updates at this time," GM said. Andres Pinter, co-CEO of Bullet EV Charging Solutions, a supplier to the network, said, “Tesla has already been awarded money under the federal government's NEVI program, he stated, referring to the National Electric Vehicle Infrastructure formula program to provide funding to states to deploy EV charging networks…There's no way Mr. Musk would walk away from effectively free money. It may be possible Musk will reconstitute the EV charger team in bigger, badder, more Muskian way." According to media reports, despite the job cuts, Tesla intends to continue expanding its Supercharger network, although at a slower pace, “with more focus on 100% uptime and expansion of existing locations." While some industry experts are speculating on the long-term implications of the layoffs, others are confident that Tesla will eventually restructure its EV charger team to make the most of government funding and scale up its charging infrastructure. Seven large automakers, including Mercedes, GM, Stellantis, Honda, BMW, and Hyundai-Kia formed a joint venture last year called ‘Ionna’ to develop a fast-charging network to compete with the Tesla Supercharger network. Earlier this month, two other senior leaders, Rohan Patel who led Tesla’s public policy team and battery development chief Drew Baglino, announced their departures. Tesla had also laid off more than 10% of its workforce at the time. Even after a surge over the past week, Tesla shares are down about 26% for the year. Morningstar analyst Seth Goldstein commented, "Tesla is looking to right size its (capital spending) and operating expenses over the next couple of years as the company is in a slower growth phase".

Tesla shakes up staff amid revenue decline

Hyundai Motor Group disclosed that the company is gearing up to launch its first hybrid cars in India as early as 2026. This shift in strategy comes as the South Korean auto conglomerate seeks to go beyond electric vehicles to cement its presence in the Indian market.

The group, which includes Hyundai Motor and Kia Corp, is considering launching a hybrid sport-utility vehicle in India. According to sources familiar with the matter, the proposed SUV which is expected to be similar in size to its popular mid-sized Creta SUV is currently under evaluation.

While Hyundai and Kia are progressing with their electrification plans for the Indian subcontinent, they are actively creating the framework for the launch of hybrid SUVs in the country by 2026 or 2027. As per media reports, Hyundai Motor Group stated that it was "committed to a future of electrified mobility and will optimise product strategies for each market".

Currently, Hyundai and Kia only retail gasoline and diesel cars and imported EVs including the IONIQ 5 and EV6, respectively. However, with the new strategy in action, the conglomerate will launch its first India-made EVs in the world's third-largest car market in 2025.

Hyundai's decision to focus on hybrid vehicles that will employ a gasoline powertrain and electric motor is motivated by the rapidly rising demand for technology in India. The company is improvising its approach to the Indian market by moving away from a strategy that solely focuses on battery electric vehicles.

The adoption of EVs has been relatively slow in India primarily because of high prices and subpar charging infrastructure, prodding the company to adopt hybrids as an “interim strategy”. According to media reports, "Hyundai has the hybrid technology in other markets. It has now begun work on tailoring that technology for cars in India to make it mainstream," adding that increasing consumer demand and acceptance of hybrids in recent months led to the shift.

Data shows that total car sales in India surpassed 4 million in 2023. Out of which, hybrids, led by Toyota Motor, accounted for nearly 2% of total car sales.

Hyundai's pivot to India includes plans for a USD 3-billion IPO, emphasising its long-term commitment to the Indian market. The decision follows a scaleback of production in China and the sale of its two Russian plants.

During his recent visit to India, Hyundai Motor Group Executive Chair Euisun Chung discussed mid and long-term strategies, including plans for electric and hybrid vehicles.

India stands as Hyundai's third-largest revenue generator after South Korea and the United States, and the company is strategically aligning itself to capitalise on the country's burgeoning automotive market by introducing hybrid vehicles alongside its electric vehicle lineup. 
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Hyundai Motor Group disclosed that the company is gearing up to launch its first hybrid cars in India as early as 2026. This shift in strategy comes as the South Korean auto conglomerate seeks to go beyond electric vehicles to cement its presence in the Indian market.

Hyundai Motor Group disclosed that the company is gearing up to launch its first hybrid cars in India as early as 2026. This shift in strategy comes as the South Korean auto conglomerate seeks to go beyond electric vehicles to cement its presence in the Indian market. The group, which includes Hyundai Motor and Kia Corp, is considering launching a hybrid sport-utility vehicle in India. According to sources familiar with the matter, the proposed SUV which is expected to be similar in size to its popular mid-sized Creta SUV is currently under evaluation. While Hyundai and Kia are progressing with their electrification plans for the Indian subcontinent, they are actively creating the framework for the launch of hybrid SUVs in the country by 2026 or 2027. As per media reports, Hyundai Motor Group stated that it was "committed to a future of electrified mobility and will optimise product strategies for each market". Currently, Hyundai and Kia only retail gasoline and diesel cars and imported EVs including the IONIQ 5 and EV6, respectively. However, with the new strategy in action, the conglomerate will launch its first India-made EVs in the world's third-largest car market in 2025. Hyundai's decision to focus on hybrid vehicles that will employ a gasoline powertrain and electric motor is motivated by the rapidly rising demand for technology in India. The company is improvising its approach to the Indian market by moving away from a strategy that solely focuses on battery electric vehicles. The adoption of EVs has been relatively slow in India primarily because of high prices and subpar charging infrastructure, prodding the company to adopt hybrids as an “interim strategy”. According to media reports, "Hyundai has the hybrid technology in other markets. It has now begun work on tailoring that technology for cars in India to make it mainstream," adding that increasing consumer demand and acceptance of hybrids in recent months led to the shift. Data shows that total car sales in India surpassed 4 million in 2023. Out of which, hybrids, led by Toyota Motor, accounted for nearly 2% of total car sales. Hyundai's pivot to India includes plans for a USD 3-billion IPO, emphasising its long-term commitment to the Indian market. The decision follows a scaleback of production in China and the sale of its two Russian plants. During his recent visit to India, Hyundai Motor Group Executive Chair Euisun Chung discussed mid and long-term strategies, including plans for electric and hybrid vehicles. India stands as Hyundai's third-largest revenue generator after South Korea and the United States, and the company is strategically aligning itself to capitalise on the country's burgeoning automotive market by introducing hybrid vehicles alongside its electric vehicle lineup.

Hyundai Motor Group shifts strategy: hybrid cars for India by 2026

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Zee News Rajasthan

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Diksha Bisla

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