• MG’s Electric Cars Drive Sales Surge in India

    MG cars continue to be popular among Indian customers, as the company recently released its car sales data for the month of May 2024. During this period, MG sold a total of 4,769 units of cars. However, there was a decline of 4.73 percent in sales compared to the same month last year, when MG sold 5,006 units of cars. On a monthly basis, there was an increase of 6.33 percent in car sales.

    The MG ZS EV is a 5-seater car equipped with a 50.3 kWh battery pack. It has a powerful motor that can generate a maximum power of 176bhp and peak torque of 280Nm. Customers can enjoy a driving range of 461 kilometers on a single charge. The interior of the car boasts features such as a 10.1-inch touchscreen infotainment system, a 7-inch digital driver display, a panoramic sunroof, a 360-degree camera, and 6 airbags for safety. The starting ex-showroom price of the car ranges from Rs 18.98 lakh to Rs 25.20 lakh for the top model.

    In summary, MG cars continue to be popular among Indian customers, with the company experiencing an increase in monthly car sales. The electric segment, particularly the MG ZS EV, played a significant role in driving sales. With its impressive features and competitive pricing, the MG ZS EV has successfully captured the attention of Indian customers who are increasingly inclined towards electric vehicles.

  • Volkswagen Group launches project: all-electric entry-level mobility

    Oliver Blume, CEO Volkswagen Group: “Generations of people associate the strong brands of the Volkswagen Group with their first car – and with affordable mobility. As a group with strong brands, we continue to assume this social responsibility to this day. That’s why I’m very pleased that we’re launching a future-oriented project. It’s about entry-level electric mobility from Europe for Europe. In doing so, we combine a clear commitment to Europe as an industrial location, a European industrial policy and ultimately act in the interests of European customers.”

    Thomas Schäfer, CEO of the Volkswagen brand and head of the Brand Group Core: “The future is electric. In order for electromobility to become widespread, attractive vehicles are needed, especially in the entry-level segment. Our brand promise is: electromobility for all. This promise is now being fulfilled in the Brand Group Core. Despite the attractive price, our vehicles will set standards in the entry-level segment in terms of technology, design, quality, and customer experience. This task has become more demanding due to rising energy, material, and raw material costs. One thing is clear: electromobility from Europe for Europe can only succeed with political support and competitive framework conditions.”

    Volkswagen for this project is going to rely on a high degree of localization in Europe, which in turn benefits Europe as an industrial location. Another advantage: long transport routes of components are reduced and consequently CO2 pollution is avoided.

    The project that has now been decided is another milestone on the way to making electromobility widespread in Europe. Intensive work is already underway on the “Electric Urban Car Family”, with which the Brand Group Core will present electric cars for under 25,000 euros as early as the end of 2025. Two new compact cars, one from VW and one from CUPRA, as well as two small SUVs, one each from Škoda and one from VW, are planned here. All four vehicles will be built in Spain. With the project on all-electric entry-level mobility for 20,000 euros, the Volkswagen Group is now taking the next, consistent step.

  • Why small electric cars could be about to break the grip of SUVs

    The 500kg Microlino is part of a new set challenging the ever-increasing domination of huge cars

    Driving through central London in a tiny Microlino electric car, barely visible between the hulking SUVs, it’s surprising to be the focus of so much attention. “Yes, Lego car!” shouts a scaffolder.

    MORE

  • Falling used electric car prices have led one of Europe’s largest dealer groups to book a loss

    Falling used electric car prices have led one of Europe’s largest dealer groups to book a loss in Q1 this year.

    Hedin Mobility finished the first three months of 2024 with a loss of SEK231m (£17m) on sales of SEK23bn £1.7bn – up 32% on the same period last year.

    The accounts for the first quarter also show operational earnings fell from SEK383m (£28.3m) in Q1 2023 to SEK95m (£7m) in the same period this year, while operating profit plummeted from SEK591m (£43.7m) in Q1 2023 to SEK7m (£518,794). Operating margin dropped from SEK3.3m (£244,515) in Q1 2023 to a flat SEK0.0m.

    CEO Anders Hedin described the first quarter of 2024 as ‘challenging’ due to widespread price cuts on new electric cars by carmakers, and falling demand across Europe due to the removal of subsidies.

    ‘The market has been characterised by caution during the first quarter,’ he said in the company report.

    ‘The considerable and relatively rapid increase in the interest rates has resulted in a decline in the order intake over the past year.

    ‘At the same time, several European countries have reduced or completely removed the subsidies for electric vehicles. This has resulted in a decrease in the demand for electric vehicles, and several manufacturers have sharply reduced the prices to stimulate demand.

    ‘This has in turn affected the market value of used electric vehicles and sold vehicles with a repurchase commitment, such as private leasing. This price pressure has affected the margins in the used vehicle market, which is the main reason for the decrease in operational earnings within retail.’

    Hedin Mobility Group has sold all its shares in Pendragon after pulling out of takeover battle

    Despite the hit on earnings, Hedin remained positive for the future of the ‘service business in retail’, but did say the company was ‘reviewing the entire business to create a long-term efficient and competitive structure’.
    What I’ve learned buying cars as a used car dealer
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    He added: We are reviewing organisation and staffing and placing great focus on reducing indirect costs. As part of this strategy, we have appointed new CEOs in Switzerland and Finland.’

    The news comes after the confirmation earlier this month that the firm would rebrand many of the its dealerships as ‘Hedin Automotive’. For the UK, it means Stephen James Group will switch names, as reported by Car Dealer.

    Hedin concluded the Q1 report with a positive prediction over falling interest rates.

    ‘There are clear signals that the interest rates will be decreased during the year and we see positive development in sales compared to previous year for comparable units,’ he said.

    ‘With expectations of decreased interest rate combined with lower inflation forecasts, we are optimistic about a gradual improvement in economic activity and demand during the second half of the year.’

  • European automakers need time, not tariffs…

    Europe’s car giants won’t have much time to restructure their operations and product lines to compete with ascendant Chinese automakers, and stiffer tariffs will do little to protect the status quo, industry executives said during a Reuters event.

    European trade regulators in Brussels have said they could levy new tariffs on Chinese electric vehicles based on the results of an investigation into Chinese government subsidies.

    European Commission President Ursula von der Leyen on Tuesday said that Europe would take a “tailored approach” to its investigation and any potential duties imposed will be “correspondent to the level of damage”. It will inform those Chinese EV makers incurring provisional tariffs by June 5.

    But industry executives said that Brussels cannot prevent the reckoning that China’s lower cost EVs will force on European automakers and their traditional suppliers.

    Chinese carmakers, which command a 30% or more cost edge over European rivals, took 19% of Europe’s EV market last year, up from 16% in 2022, according to the Rhodium Group.

    “And the window is closing. From my point of view, we have two or three years. If we are not fast…it will be really tough (for German industry) to survive,” Thomas Schmall, a board member at Europe’s top carmaker Volkswagen (VOWG_p.DE)
    , opens new tab, said at the Reuters Events Automotive conference in Munich.

    It’s the strongest natural fibre in the world, and you just combined the hemp fibre from inside the woody stock with a binder, typically lime on water and then through the chemical process.

    The surge in Chinese exports, and the prospect of Chinese factories within Europe, are forcing the continent’s incumbent automakers to explore partnerships with long-time rivals, turn up pressure on suppliers to cut costs, and intensify discussions with European unions over the future of plants and jobs, executives said.

  • China’s $10,000 EV is coming to Europe, not USA

    The Chinese automaker BYD, Tesla’s largest rival in China, announced last month that it was planning to bring its affordable Seagull electric hatchback to Europe as soon as 2025, according to Bloomberg.

    The Seagull’s base model sells for less than $10,000 in China.

    Bloomberg reported that while European consumers wouldn’t see that same price because of tariffs and local standards, BYD executives said the car was expected to sell for less than 20,000 euros, or about $21,500.

    BYD’s Seagull already went overseas when it was introduced in smaller EV markets such as Mexico, where the car is sold as the Dolphin Mini for about $21,000. And its plans to expand into European territory only increase BYD’s position as a dominant global force in the EV auto sector.

    US drivers are meanwhile becoming increasingly isolated when it comes to access to cheaper alternatives from the Chinese brand.

    Business Insider reported in March that the chances of BYD coming to America were already slim to none because of a combination of demand and geopolitical tensions. The Biden Administration said in February that it would be investigating Chinese automakers because of national-security concerns that they were collecting sensitive data from consumers.

    In a survey earlier this year by the analytics firm GBK Collective, half of the US drivers interviewed said they’d consider buying an electric or hybrid car for their next vehicle. Those respondents who didn’t already own an EV, however, had a lower median budget, and Biden just further nixed any opportunity for a Chinese company to enter the US market.

    The White House announced Thursday that it would be applying a 100% tax on EVs from Chinese brands, citing unfair trade practices and threats to US businesses.

    This means US consumers just have to hope that automakers free to operate in America will provide an affordable option under $30,000.

    So far, big brands such as Tesla or Ford have been slow to deliver.

    Tesla CEO Elon Musk has for years teased the idea of an under-$30,000 EV.

    After Reuters reported in April that Tesla was shifting its focus to robotaxis, analysts said a cheaper model was more important if the company was looking for a turnaround amid slumping sales. Musk announced in an earnings call in late April that a cheap Tesla was coming.

    Days after Musk’s assurance, Ford CEO Jim Farley also confirmed in an earnings call that the company was working on EVs that would cost as low as $25,000 to $30,000.

    “Increasingly, our bet will be on our new small, affordable platform developed by our team on the West Coast,” he said.

    Spokespeople for BYD, Tesla, and Ford didn’t respond to requests for comment from Business Insider.

  • VINFAST First to Launch Sony’s In-Car Entertainment Service RIDEVU

    RIDEVU will be included as a complimentary service in the VF Connect Prime package. U.S. owners of the VF 8 who register for the service will receive access to RIDEVU with the over-the-air (OTA) software update version 9.6.1.11.

    Developed by Sony Pictures Entertainment (SPE), RIDEVU provides customers with access to a selection of over 2,000 movies. For 12 months, users can enjoy RIDEVU’s library of regularly updated titles, with unlimited replays of up to 100 movies. Customers can also access premium titles by redeeming credits, purchasing, or renting directly through the app.

    RIDEVU offers a modern technology experience, with easy synchronizing and streaming content on multiple screens, including in-car displays and brought-in devices. The central screen, with its Screen Manager feature, gives users full control over playback on all connected displays, providing convenient parental controls directly from the vehicle’s dashboard.

    For a safe in-car experience, drivers can only watch movies via the RIDEVU app on the central screen while parked (charging, camping, etc.). Passengers can watch movies on their mobile devices (smartphones, tablets) using the Screen Manager feature in the RIDEVU Companion app while the vehicle is in motion.

    RIDEVU is compatible with Android, iOS, Android TV, Apple TV, and Linux, enabling a seamless experience across a wide range of devices.

    Mr. David Duncan, Vice President of Sales and Marketing at VinFast U.S., shared: “We are thrilled to be the world’s first automobile manufacturer to officially launch RIDEVU, offering an engaging entertainment experience for our U.S. customers. I believe that as a smart and green mobility solution, the VinFast VF 8 will deliver a convenient and enjoyable experience to customers wherever their journey takes them.”

    Mr. Pete Wood, SVP, Digital Sales, Distribution, SPE, shared: “Sony Pictures is excited to be working with VinFast for the debut of the RIDEVU service. We are confident that RIDEVU will redefine video entertainment for the automotive industry, beginning with a best-in-class experience for VinFast drivers and passengers.”

    RIDEVU is anticipated to also be available on the VF 9 upon its delivery to the U.S. market, with Canada to follow later this year.

  • Vote of confidence in UK economy as British AI company Wayve secures over $1 billion

    UK AI company Wayve has announced a $1.05 billion investment to develop the next generation of AI-powered self-driving vehicles today (Tuesday 7 May) marking the biggest investment in a UK AI company in history.

    Backed by SoftBank Group, NVIDIA and Microsoft, Wayve will use this investment to develop and launch the first “embodied AI” technology for self-driving vehicles in the UK.

    Embodied AI will enable self-driving (otherwise known as automated) vehicles to learn from and interact with a real-world environment, including the ability to navigate and learn from situations that do not follow strict patterns or rules, such as unexpected actions by drivers or pedestrians – going far beyond the capabilities of existing AV technology.

    Today’s investment cements the UK’s position as a world leader in these emerging industries, with both the self-driving vehicle and AI sectors bringing huge potential for economic growth as they develop. Between 2018 and 2022, the UK self-driving vehicle sector alone generated £475 million of direct investment and created 1,500 new jobs.

    As the self-driving vehicle industry grows in the UK, it is expected to be worth £42 billion and create 38,000 more skilled jobs by 2035. The AI sector also already employs more than 50,000 people in the UK and contributes more than £3.7 billion to our economy every year. By 2035, our AI market is forecast to grow to over $1 trillion.

    Founded in the UK in 2017, Wayve is a home-grown British success story and a testament to the UK’s global leadership in creating the economic and regulatory conditions for start-ups in the AI and self-driving vehicle industries to grow and thrive.

    Wayve has said that their advancements in self-driving vehicle technology have been supported by the UK’s Code of Practice: Automated Vehicle Trialling, which sets out a clear framework to support and promote the safe trailing of self-driving vehicle technology. The code of practice is world-leading in its pro-innovation and flexible approach towards the development and testing of self-driving in the UK.

    It relies on the company taking accountability for safety, without the requirement for onerous regulatory processes and red tape. Wayve has said the UK’s approach has been integral to their ability to build AI for assisted and automated driving so quickly.

    Prime Minister Rishi Sunak said:

    From the first electric light bulb or the World Wide Web, to AI and self-driving cars – the UK has a proud record of being at the forefront of some of the biggest technological advancements in history.

    I’m incredibly proud that the UK is the home for pioneers like Wayve who are breaking ground as they develop the next generation of AI models for self-driving cars. The fact that a homegrown, British company has secured the biggest investment yet in a UK AI start-up is a testament to our leadership in this industry, and that our plan for the economy is working.

    We are leaving no stone unturned to create the economic conditions for start-ups to grow and thrive in the UK. We already have the third highest number of AI companies and private investment in AI in the world, and this announcement anchors the UK’s position as an AI superpower.

    Alex Kendall, Co-founder and CEO of Wayve said:

    The UK has a rich and inspiring AI heritage, which lives on today with top talent, world-class universities, and innovation-friendly regulation, bolstered by events like the AI Summit. Today, we are proud to contribute to this legacy with our announcement of a $1.05bn Series C investment round, the largest-ever AI fundraise in UK history.

    The UK’s progressive testing framework has supported our rapid development of cutting-edge AI, and we’ve been pleased to work with the government on the Automated Vehicles Bill which gives investors confidence that the UK is truly a leader in AI and AVs.

    This investment will help us launch our Embodied AI products and expand our operations globally. It sends a crucial signal to the market of the strength of the UK’s AI ecosystem, and we look forward to watching more AI companies here thrive and scale.

    Wayve’s investment comes as the UK’s Automated Vehicle Bill is set to conclude its passage through parliament in the coming weeks and will lay the foundation for innovative British companies like Wayve to scale up and deploy their self-driving technology to increase safety and unlock a market worth up to £42 billion.

    The Automated Vehicles Bill will unlock a transport revolution by enabling the safe deployment of self-driving vehicles – reinforcing the UK’s position as a global leader in this high growth industry and deliver one of the world’s most comprehensive legal frameworks for self-driving vehicles, with safety at its core.

    Under the Bill’s provisions all self-driving vehicles will be required to undergo robust safety testing before they are permitted to drive on UK roads. The Bill will also ensure clear legal liability when a vehicle is driving itself by creating new legal entities responsible for self-driving vehicles.

    Self-driving vehicles also have the potential to make transport safer, more convenient and more accessible, improving the lives of millions of people. With 88% of accidents currently involving human error, there is also huge potential for automated vehicles to reduce costs, injuries, and fatalities.

    Secretary of State for Science, Innovation, and Technology, Michelle Donelan said:

    This investment is not only a vote of confidence both in our status as an AI and innovation powerhouse, but in the broader steps we have taken to make the UK a magnet for investment and growth.

    Wayve are a true homegrown success story, and today’s investment represents one of the largest ever backings for a UK start up. This injection of money will put the UK at the heart of driving forward new, cutting-edge AI solutions for self-driving vehicles, made possible by our pro-innovation approach to managing this generation-defining technology.

    We are already a world leader in AI, and this is further evidence that the UK is now firmly the global destination for tech innovation and growth.

    Business and Trade Secretary Kemi Badenoch said:

    This is the latest in a long line of fantastic investments in the UK automotive sector, coming hot on the heels of major commitments by BMW, Jaguar Land Rover and Nissan.

    The government’s plan for advanced manufacturing is working, and this $1 billion investment in Wayve will ensure that cutting-edge technologies of the future are made in Britain.

    Transport Secretary Mark Harper said:

    Self-driving cars will revolutionise road travel – making it safer and more convenient for everyone.

    Our Automated Vehicles Bill paves the way for their safe use in the UK, and opens the door for investment into innovative British companies like Wayve – putting the UK at the forefront of a growing global industry. This is an important part of our plan to grow the economy and create high quality jobs into the future.

    The UK already has a world-leading technology sector, with the UK becoming only the 3rd country (behind the US and China) in the world to have a tech sector valued at over $1 trillion in total.

    The UK is also an Artificial Intelligence superpower – being home to 3rd highest number of AI companies and private capital investment in AI in the world. The UK also accounts for around half of all AI private capital investment in Europe and hundreds more AI companies are starting up in the UK every year, growing our economy and creating highly-skilled, well-paid jobs.

    Some of the world’s biggest AI companies including Open AI and Anthropic have chosen London as the base for their first international offices in a huge vote of confidence in our approach to AI. Microsoft recently announced a new AI hub in London, and one of the leaders in the field, Google DeepMind was also founded here over a decade ago and remains in the UK to this day.

    The government is committed to delivering a regulatory approach that drives both safety and innovation when it comes to AI, which we’ve set out in our response to the AI Regulation White Paper. The UK has not rushed to legislate due to the rapid evolution of this technology. Instead, we are focused on strengthening our understanding of the risks and empowering the UK’s expert regulators to act using their existing powers and remits.

    As part of this, we’ve also invested £100 million in the world’s first AI Safety Institute to evaluate the risks of new AI models and demonstrated global leadership shown by hosting the world’s first major summit on AI safety at Bletchley Park in November. This means that, unlike in the EU, founders are not facing sweeping legislation which attempts to regulate the development of AI across all sectors.

  • VinFast Auto Ltd. f/k/a Black Spade Acquisition Co. Sued for Securities Law Violations

    The Gross Law Firm issues the following notice to shareholders of VinFast Auto Ltd. f/k/a Black Spade Acquisition Co. (NASDAQ: VFS).

    Shareholders who purchased shares of VFS during the class period listed are encouraged to contact the firm regarding possible lead plaintiff appointment. Appointment as lead plaintiff is not required to partake in any recovery.

    CONTACT US HERE:

    CLASS PERIOD: August 15, 2023 to January 17, 2024

    ALLEGATIONS: The complaint alleges that during the class period, Defendants issued materially false and/or misleading statements and/or failed to disclose that: (i) VinFast lacked sufficient capital to execute its purported growth strategy; (ii) VinFast would be unable to meet its 2023 delivery targets; (iii) accordingly, VinFast had overstated the strength of its business model and operational capabilities, as well as its post- merger business and/or financial prospects; and (iv) as a result, the offering documents and defendants’ public statements throughout the class period were materially false and/or misleading and failed to state information required to be stated therein.

    DEADLINE: June 11, 2024 Shareholders should not delay in registering for this class action. Register your information here: https://securitiesclasslaw.com/securities/vinfast-auto-ltd-f-k-a-black-spade-acquisition-co-loss-submission-form/?id=78979&from=4

    NEXT STEPS FOR SHAREHOLDERS: Once you register as a shareholder who purchased shares of VFS during the timeframe listed above, you will be enrolled in a portfolio monitoring software to provide you with status updates throughout the lifecycle of the case. The deadline to seek to be a lead plaintiff is June 11, 2024. There is no cost or obligation to you to participate in this case.

    WHY GROSS LAW FIRM? The Gross Law Firm is a nationally recognized class action law firm, and our mission is to protect the rights of all investors who have suffered as a result of deceit, fraud, and illegal business practices. The Gross Law Firm is committed to ensuring that companies adhere to responsible business practices and engage in good corporate citizenship. The firm seeks recovery on behalf of investors who incurred losses when false and/or misleading statements or the omission of material information by a company lead to artificial inflation of the company’s stock. Attorney advertising. Prior results do not guarantee similar outcomes.

  • Tidal Wave Auto Spa Celebrates Grand Openings in Mobile, Others With Free Washes

    Tidal Wave Auto Spa, one of the nation’s fastest-growing express car wash companies, opened two brand-new locations in Alabama this week in Mobile, AL, and Montgomery, AL.

    To celebrate the Grand Openings, the brand-new Mobile and Montgomery locations are offering eight days of free car washes from May 8-May 15. This limited-time promotion provides an opportunity for car owners to experience Tidal Wave’s premium wash option, Graph-X4, at no cost. Additionally, any new customer that joins a Clean Club unlimited wash membership plan during Grand Opening week will enjoy their first month of unlimited washes for only $9.97 – saving up to $40.

    “We’re excited to open our second Mobile and Montgomery locations this week,” said founder and CEO Scott Blackstock. “Our goal is to make car care easy, efficient, and enjoyable, and having multiple locations in these communities will bring added convenience for our customers and unlimited wash members. Whether you are already familiar with Tidal Wave or have never tried us before, now is a great time to stop by these brand-new locations and experience our wash.”

    Mobile, AL Location: 949 Schillinger Road, Mobile, AL 36695

    Nearby locations: Mobile, AL – Dauphin Street

    Montgomery, AL Location: 6875 Atlanta Highway, Montgomery, AL 36117

    Nearby locations: Montgomery, AL – Vaughn Road

    Tidal Wave Auto Spa is committed to providing every customer with an exceptional car wash experience through industry-leading car care technology, clean and attractive locations, and friendly customer service at every location. Stop by for a single wash or join Tidal Wave’s Clean Club for the ultimate experience. Members can wash every day of the month for one convenient monthly payment and save time with exclusive club member wash lanes – plus, memberships can be used at any Tidal Wave location. For those needing to wash multiple cars, Tidal Wave offers discounted monthly family plans and fleet plans for businesses with five or more vehicles.

    Tidal Wave Auto Spa opened their first Alabama location in 2020 and currently operates 22 car wash locations throughout the state. In the coming months, the company will open an additional location in Tuscaloosa. For additional information, including upcoming locations, fundraising, fleet plans, and more, please visit: https://www.tidalwaveautospa.com/.

    About Tidal Wave Auto Spa

    Tidal Wave Auto Spa is an industry-leading conveyor car wash company founded in 1999 by Scott and Hope Blackstock in Thomaston, GA. Tidal Wave is committed to providing cutting-edge car care technology and exceptional customer service at each of their 259 locations sprawling 27 states across the South, Midwest, and Northern United States. In 2020, Tidal Wave partnered with Golden Gate Capital to facilitate their accelerated growth across the country. Tidal Wave is one of the top five conveyor car wash companies in the country and has been included in the Inc. 5000 list for America’s Fastest Growing Companies since 2020. The company was recognized as a 2023 Champion of Charity Honoree by Professional Carwashing & Detailing and has raised over $3 million dollars for organizations in their communities.