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The Tesla Model 3 has been plagued with well-publicized production issues over the last few months. However, it seems the situation is finally improving. Back in June, the carmaker met its target of producing 5,000 Model 3s in the final week of the month. Musk confirmed that this production target was met for at least two weeks in July during a financial call with analysts. Now the goal is to ramp Model 3 production up to 6,000 a week, but CNBC reports the automaker is on track to exceed that target by a significant margin. Evercore ISI analyst George Galliers said after having a to...
There’s no doubt that Daimler’s Smart car brand did not succeed in the US. Although it found some early success in Europe, Americans did not find the Smart car’s small dimensions particularly appealing. But Daimler, which is also the parent company of Mercedes-Benz, is not giving up on the Smart brand. Bloomberg reports the German automaker is currently holding talks to build Smart cars in China with its long-time Chinese partner Beijing Automotive Group. The intent is to begin selling electric cars to the world’s largest EV market. Smart has already made pla...
Mitsubishi’s operating profit reached $253.9 million in the fiscal first quarter. It means the company’s profits jumped 36% in the latest quarter as the automaker's rebound gathered speed on rising sales in every key market.The robust results were buoyed by new vehicles such as the Eclipse Cross and Outlander PHEV crossovers in the United States and the Xpander MPV in Southeast Asia. Looking ahead, Mitsubishi kept its earnings outlook unchanged. It expects worldwide operating profit to increase 12 percent in the current fiscal year ending March 31, 2019, while net income inches...
Imagine walking into a dealership to buy a new car and discovering that your preferred vehicle suddenly costs up to $5,000 more than it did not long ago. This situation could happen if President Donald Trump succeeds in raising tariffs on imports. If he does and other countries respond to it, we’re looking at a potential 25 percent tariff which will result in increased vehicle prices regardless of automaker. The average new vehicle sold in the US with various discounts factored in costs about $32,000. The 25 percent tariff will be passed down to the consumer resulting in a pri...
When President Xi Jinping announced measures to further open up China’s auto industry to foreign automakers, the global industry initially cheered. Now the cheering has stopped. As details are emerging, foreign auto executives said that this initiative was too narrow and vague to change business on the ground. Central to Mr. Xi’s plan is that it will allow foreign automakers to own Chinese factories, instead of working through a 50-50 Chinese partner, as is currently required. But it turns out that auto executives were comfortable with the current system. Ford’s vi...
