Automotive News

Cupra announced Raval as the name of small electric hatchback

Also on Thursday, the Seat announced record operating profit for the first quarter of 2023, at 144 million euros, compared with five million euros in the first quarter of 2022. Revenue was 3.6 billion euros, 48 ​​percent higher than the first quarter of 2022. Cupra began as a trim line of Seat and became its own sub-brand under former CEO Luca de Meo, now CEO of Renault Group. Cupra is now Seat’s main growth driver, Seat said. Seat said Cupra sold 46,600 units during the first quarter of 2023, 83 percent more than in the same period in 2022. Seat…

Automotive News

New Toyota CEO touts a three-step plan to EV profits and productivity

From now on, Toyota enters the second phase, when it will quickly incorporate learnings and improvements from those EVs into forthcoming model introductions. That stage will last until around 2026, when Toyota will have built up enough capacity to sell some 1.5 million EVs globally. The third phase kicks off in 2026, when Toyota introduces a completely new EV platform along with its Arene software system for cars. That will allow Toyota to leverage a new vehicle software system to unlock new revenue streams, business models and hyper-efficient product development cycles. The new setup being developed will enable Toyota’s future…

Automotive News

Kia plans an EV sales blitz by 2030 with the first dedicated EV factory

Kia’s upbeat outlook comes amid increasing enthusiasm for EVs across the industry as automakers from Japan to Europe and the US raise sales expectations amid stronger customer interest and government regulations and subsidies that promote the technology. The shift to electrification will also help Kia move its upmarket brand image, Song added. “In 2021, Kia went through a full-scale transformation of its corporate name, logo, product and design, as well as corporate strategy. As a result, our brand value has improved significantly,” Song said in a news release. “Kia needs to continue its efforts to strengthen the Kia brand identity.”…

Automotive News

Miss. tires EV manufacturers from bypassing franchised dealers

The law grandfathers in an existing Tesla location, according to the Mississippi Automobile Dealers Association. “It’s rewarding to know that Mississippi lawmakers recognized the importance of a strong dealership network that we have in our state,” said Marty Milstead, the association’s president. “There’s one set of rules for all the manufacturers in Mississippi,” he added. “EV companies don’t get to have their own set of rules.” Startup EV manufacturers such as Rivian and Lucid, which follow Tesla’s model of selling vehicles directly to consumers without a franchised dealership network, have advocated in recent years for exemptions to dealer franchise laws…