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Automotive News

BMW Q1 earnings: Higher margins for the car business

May 10, 2023

BERLIN — BMW AG reported a higher earnings margin for its cars segment, with a rise to 12.1 percent in the first quarter from 8.9 percent a year earlier. BMW benefited from continued stable pricing for both new and used cars, it said in a statement on Thursday. The automaker attributed a drop in first-quarter earnings before tax to 5.1 billion euros ($5.65 billion) from 12.2 billion last year to the impact of last year’s full consolidation of its Chinese joint venture, BMW Brilliance Automotive. The company kept its outlook unchanged in the face of ongoing high costs and rising…

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Quebec toughens ZEV sales mandate, frustrating automakers

May 4, 2023

Quebec Environment Minister Benoit Charette announced April 21 that the province was “accelerating” the yearly percentage of ZEVs that must be sold until the goal of 100 per cent is reached in 2035. The current Quebec sales mandates are already more aggressive than the proposed federal mandates and the new provincial targets widen that spread significantly. For example, the federal ZEV target for 2027 is 23 per cent, the current mandate in Quebec is 34 per cent and the newly proposed mandate is 43 per cent. For the 2030, the federal target is 60 per cent, the current Quebec target…

Automotive News

Smart’s European dealers pleased with direct-sales plan

April 3, 2023

BRESCIA, Italy – Smart dealers say they are happy with the brand’s change to a direct-sales agency model, which the joint Mercedes-Geely brand initiated last year by negotiating new contracts ahead of the launch of the #1 full-electric small SUV. “We are happy about the commission structure we are getting for the #1; our only complaint is that we need more product, so we don’t have consumers waiting for too long,” Ossuama Kaddoura, a Paris-based dealer who is also president of ASP (Smart Partner Association) told Automotive News Europe last week on the sidelines of a dealer event in Brescia.…

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Russians are reluctant to buy Chinese cars as the market shrinks

March 31, 2023

MOSCOW — As the exodus of Western automakers narrows options for Russian consumers, Chinese automakers are filling the gap, forcing Russians to overcome their reluctance to embrace Chinese brands and accept higher prices. Chinese brands such as Haval, Chery and Geely now account for almost 40 percent of Russia’s new-car sales, data from analytical agency Autostat and consulting company PPK showed, up from less than 10 percent in January-February of 2022. Chinese brands have jumped on the opportunity left by the exit of automakers including Renault, Nissan and Mercedes. But there are teething problems. Reuters spoke to several Russian car…

Automotive News

Volkswagen Is Reportedly Removing Its Design Chief

March 30, 2023

Volkswagen Is Reportedly Removing Its Design ChiefULI_SONNTAG/VWVolkswagen will replace its current design chief Jozef Kaban, Automotive News Europe’s affiliate Automobilwoche reports. The designer’s work reportedly hasn’t impressed new VW CEO Thomas Schaefer, and as a result, he’ll reportedly be replaced by Bentley design boss Andreas Mindt. Kaban has been the head of Volkswagen design since 2020. He came to the company from Rolls-Royce, where he led the design team for six months. Automobilwochereports that Kaban’s retro ID. Life concept—which was supposed to preview a 2025 mainstream EV from VW—didn’t impress the new CEO, who wanted a more modern look.…

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