Latest news with #AutomotiveNewsEurope
Yahoo
27-05-2025
- Automotive
- Yahoo
Lynk & Co turns to PHEV with 200 km electric-only range in bid to end sales slump
GOTHENBURG, Sweden — Geely subsidiary Lynk & Co is looking to reverse a steep sales slump in Europe with the addition of the 08, a midsize SUV that can drive 200 km (124 miles) in electric-only mode. Lynk & Co's sales of its two-model lineup, the 01 compact SUV and 02 compact hatchback, through April were down 33 percent to 1,653, according to figures from market researcher Dataforce. The plug-in hybrid electric vehicle will be aimed at car buyers reluctant to switch to full electric. 'For plug-in hybrid customers, we think the long electric range will stand out as a clear upgrade,' Lynk & Co CEO Nicolas Lopez Appelgren told Automotive News Europe during a driving event for the 08 here May 13. 'EV drivers, on the other hand, may see it as a more practical option given the current state of charging infrastructure. And for high-end petrol buyers, the similar price point could make switching to a plug-in hybrid an easy decision.' Until recently, the electric-only range on most PHEVs was less than 100 km — and in many cases only about 50 to 60 km. Several automakers debuted long-range PHEVs with bigger batteries — the 08's pack is 39.6 kilowatt-hours — toward the end of 2024 ahead of a Jan. 1 deadline that increased emissions ratings for the technology to better reflect real-world use. At the same time, some Chinese brands launched PHEVs in Europe, notably BYD, to avoid EU tariffs on battery-electric vehicles made in China. PHEV sales were up 32 percent in April, according to Dataforce. The bestselling model last month was the BYD Seal U, followed closely by the Volkswagen Tiguan and Volvo XC60. Sign up for the Automotive News Europe Focus on Electrification newsletter, a weekly wrap-up of the latest electric vehicle news, including interviews and global EV sales data. Lynk & Co also will avoid the higher tariff on the China-made 08. The midsize SUV enters a part of the segment that has seen huge growth this year, with overall sales of models with PHEV powertrains up more than 200 percent to 51,823 after four months. Seven of the 10 top-selling PHEV midsize SUV are new to the niche. Another limiting factor for PHEVs was the time it took to replenish the batteries, often several hours using AC charging. PHEVs with longer ranges offer DC fast charging, which for the 08 means it's possible to boost the batteries to 80 percent from 10 percent in about 30 minutes at 85 kilowatts. Using AC charging at 11 kW means charging to 100 percent take four and a half hours. The 08 offers a combined 345 hp of power from its four-cylinder gasoline engine and electric motor. The 08's cockpit is dominated by an iPad-like touchscreen in the center of the dashboard, below which is an inductive pad to provide wireless charging for up to two smartphones. Built-in car sharing, integrated Wi-Fi, a specially designed Harman Kardon sound system, and advanced driver-assistance features — from park assist sensors to driver monitoring — are included. Customizable 'modes' are also available. They include a 'relax mode,' with soothing music and sunshades, and a 'pet mode' that turns on the climate control system and displays a message informing passersby that the pet is safe from freezing or overheating and that the owner is aware it is inside the vehicle. The 08 comes in two trims, Core and More, with the More package offering larger wheels, heated rear seats and an upgraded Harmon Kardon sound system. Target buyers: Range-anxious families What's good: Having an electric-only range of 200 km What's bad: Constant warnings from the driver-assistance systems that are likely to force more people to turn them off Launch date: June 2025 Starting price: €55,995 in Germany ($63,500) Platform: CMA Evo Built: Yuyao, China Annual production forecast: 6,000 in 2025, 12,000 in 2026 Lowest CO2 emissions: 23 g/km
Yahoo
14-05-2025
- Automotive
- Yahoo
Porsche faces mounting problems, rattled by China slump, weak EV demand and U.S. tariffs
Porsche is battling a mounting crisis as sales in China collapse, sales in the U.S. are impacted by higher tariffs and its electrification strategy falters. It's a major shakeup for the Volkswagen Group subsidiary, which a little more than a year ago reaffirmed that 80 percent of the new Porsches sold globally would be full electric by 2030. When Porsche looked east it saw untapped potential in China. The future looked so bright. Within the last 14 months, Porsche has walked back its plans for 50 percent of its vehicle sales to be battery-electric vehicles and plug-in hybrids by 2025. On Nov. 26, Porsche said it would develop new combustion-engine derivatives after global sales of BEVs slumped on weak demand in China. Porsche has also delayed the introduction of the electric 718 Boxster and Cayman and a new three-row flagship SUV, according to Automotive News Europe sister publication Automobilwoche. The automaker has cut its full-year sales revenue forecast to €37 billion to €38 billion, down from €39 billion to €40 billion previously, citing U.S. tariffs and low demand in China for its BEVs. Porsche will likely further adjust its forecast downward this year, unless the U.S.-EU trade dispute is resolved, Michael Punzet, analyst at DZ Bank said in an investment note. Porsche expects a dip in U.S. sales after consumers pulled forward purchases earlier this year to beat tariffs, procurement chief Barbara Frenkel said on May 13 at a conference organized by the Financial Times in London. How have things gone so wrong for one of the world's most profitable premium brands? According to Fabio Hölscher, analyst at Warburg Research, Porsche's initial strategy to have all its models fully electrified, apart from the 911, is at the root cause of the problem. Sign up for the Automotive News Europe Interview of the Month newsletter delivering exclusive interviews with top auto executives. 'Porsche's original model portfolio plans are what currently amplifies these market-driven setbacks,' Hölscher said in an emailed reply to questions. 'Because the battery electric adoption is behind schedule, Porsche now has to develop additional combustion models on top of dealing with the costly delays in BEV ramp-up, as well as managing the weak situation in China and uncertainty around U.S. exports.' He added that to transition to electric Porsche would have benefited from adopting 'a more flexible production approach between combustion and BEV cars, like BMW did.' To reverse the slide, Porsche plans to implement restructuring measures and cut thousands of jobs. As many as 8,000 jobs are at stake, according to Automobilwoche. Porsche did not reply to an emailed request for a comment. Fierce competition in China is hitting Porsche hard. The automaker's first-quarter sales in China were down 42 percent compared with the year-earlier period. The high-end sports car maker attributed this to the 'very challenging market conditions, especially in the luxury segment, and the high level of competition in the Chinese market.' This is in sharp contrast to 2021, when Porsche's sales in China peaked at 95,671 cars and China was Porsche's largest-single market for the seventh consecutive year. 'For Porsche and all German automakers, the biggest problem is China,' Gartner Vice President of Research Pedro Pacheco told Automotive News Europe. 'For several decades, China was the gift that kept on giving. Porsche built a great market presence in China – a market with tremendous growth and opportunity.' Now, Chinese startups are moving into Porsche's domain, introducing sleek, sporty challengers that are technically advanced yet affordable. While the Chinese alternatives might not be as high performing as Porsche's cars, they attract consumers by offering value for money. 'Ultimately, this changes the goalposts for Chinese consumers,' Pacheco said. He said what Porsche offers in terms of performance and software-related features needs to be worth it in the customers' eyes. 'Porsche will not like to sell their cars at a discount so the only other option is to raise the bar in what they deliver in terms of product,' Pacheco said. Warburg Research's Hölscher believes Porsche should sit out the storm. 'We think some effects are temporary and need to be endured as cost sensibly as possible,' he said. 'Softer overall demand, (for luxury cars especially) will likely recover at some point. 'Cheaper' Chinese/local alternatives might also become more expensive down the line and lose some of their competitive edge versus foreign manufacturers.' In the midterm, new Porsche models with technology and features more catered to the Chinese market should also help Porsche regain market share, Hölscher added. Nevertheless, China, because of its size and what it represents in terms of potential for growth remains crucial to Porsche's future, Pacheco concluded. U.S. tariffs, in place since April at 25 percent, are expected to raise car prices by thousands of dollars, adding to Porsche's woes because it imports all its vehicle from Europe. Going forward, it is unlikely that Porsche would set up a U.S. manufacturing base as this would require a lot of capital and time, Hölscher said. Instead, Porsche could benefit by working together in the U.S. with VW Group, Pacheco pointed out. Porsche is also being weighed down by battery supply issues. In June 2021, it set up Cellforce to develop and produce its own innovative high-performance cells. 'This positions us at the forefront of the global competition for the most powerful battery cell,' Porsche CEO Oliver Blume said at the time. Now, Porsche no longer plans to expand high-performance battery production at Cellforce, citing falling demand in China when presenting its quarterly figures at the end of April. 'The project is not economically sustainable in the short-term given the slower adoption of fully electric vehicles compared to initial expectations,' Hölscher said. 'At the same time, other battery players are competitive. Thus, it makes sense to continue using the scale effects of other suppliers like CATL until the adoption of fully electric cars stabilizes.' Moreover, it seems unlikely that an investor for Cellforce will be found in the short term, he added. Meanwhile, on March 1, Porsche acquired a majority stake in Varta's e-mobility battery unit in a bid to secure a supply of high-performance cells for its EVs. Porsche is looking to new managers to steer it out of a crisis. Effective July 1, Michael Steiner will take on the role of deputy chairman of the executive board, the No. 2 position at Porsche, quitting his wider role as VW Group's head of development. In addition, Joachim Scharnagl will succeed Barbara Frenkel as head of procurement in August. Starting Aug. 19, Vera Schalwig will take responsibility for the human resources and social affairs division, succeeding Andreas Haffner. Earlier this year Porsche replaced its chief financial officer, Lutz Meschke, and head of sales Detlev von Platen after both came under heavy criticism for the company's poor performance and weak share price. Jochen Breckner replaced Meschke as finance chief and Matthias Becker was appointed head of sales. The personnel changes 'underscore the severity of the situation and show that the organization is being recalibrated to better fit current market trends,' Hölscher said. Automobilwoche and Reuters contributed to this report. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
13-05-2025
- Automotive
- Yahoo
U.K. announces $1.3B AESC gigafactory funding deal
LONDON — The U.K. announced a 1-billion-pound ($1.33 billion) funding deal for a new AESC gigafactory which will manufacture electric vehicle batteries. Japanese-headquartered battery maker AESC will build the facility in Sunderland, northern England. The government said it would provide batteries for up to 100,000 EVs per year — a six-fold increase on current capacity. 'We are going further and faster to boost our industries' resilience and encourage their growth,' finance minister Rachel Reeves said in a statement on May 9. ''This investment in Sunderland will not only further innovation and accelerate our move to more sustainable transport, but it will also deliver much-needed high quality, well-paid jobs.' Sign up for the Automotive News Europe Breaking News alerts and be the first to know when big news happens. Nissan operates Britain's largest car manufacturing site in Sunderland. The company announced a major investment in the plant in 2023 to build electric versions of two of its cars. Britain said its National Wealth Fund and UK Export Finance would provide financial guarantees to unlock 680 million pounds in financing from banks including Standard Chartered, HSBC, SMBC Group, Societe Generale and BBVA. The cash will be used to fund the construction and operation of the plant. The remaining 320 million was secured through private financing in addition to new equity provided by AESC, the government statement said. 'This investment marks a key milestone in AESC's ongoing efforts to support the UK's path towards decarbonization and the expansion of its EV market,' said AESC chief executive Shoichi Matsumoto, in remarks distributed by the British government. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Motor 1
09-05-2025
- Automotive
- Motor 1
The World's Coolest Design House Is For Sale: Report
In 2010, Volkswagen Group acquired a 90.1 percent stake in Italian auto design firm Italidesign—the design firm responsible for some of the most iconic Italian sports cars and supercars of all time. The purchase was technically done through Lamborghini , also a VW Group company, and is now under the purview of Audi . But that could soon change. The Germans are allegedly looking to sell Italidesign. Union representatives for Italidesign were told the company was already being reviewed as part of due diligence in preparation for a sale, according to Automotive News Europe . A meeting with company workers is apparently scheduled for May 12 at Italidesign's headquarters in Italy. Lamborghini Gallardo by Italdesign The Italian news outlet Corriere della Sera first broke the news. The report suggests that Audi isn't merely taking action for a potential sale, but already has something cooking. There's no mention of possible buyers at this point, but Corriere della Sera claims people in Turin are worried about what comes next. Following the May 12 meeting is another one scheduled for May 19 that will reportedly involve a delegate from the Turin Industrial Union. Once the global hotspot for automotive design, Turin has taken some hits in recent years. Bertone folded in 2014 before returning in 2022 with new owners, but much hasn't been heard on the company's proposed supercar in nearly a year. Pininfarina was sold to India-based Mahindra. Italidesign's previous sale to VW Group kept the firm rooted in Europe, at least. With things booming in China, it wouldn't be a surprise to see the storied brand shift to Chinese ownership. The potential sale is another sign that things within the extended Volkswagen family aren't ideal. Despite an increase in EV sales, the conglomerate is in a financial bind that nearly led to plant closures in Germany. As it stands, the company will reduce its workforce by over 35,000 people in the next five years. Sadly, it looks like Italidesign could be part of those cuts. Italdesign didn't immediately respond to our request for comment. We will update this article if additional news becomes available. BMW M1 by Italdesign Lest you forget, Italdesign sculpted some truly stunning vehicles . The BMW M1 was one of the firm's most iconic designs, while the Lamborghini Gallardo, Lotus Esprit, DeLorean DMC-12, Maserati MC12, and so many others were created by Italdesign. We'll have to wait and see what the next era looks like for the iconic Italian brand. Italdesign In Action: Italdesign's 777-HP Concept Car Is Almost a Pickup Truck Italdesign Climb-E Is Literally A Door-To-Door Mobility Machine At CES Get the best news, reviews, columns, and more delivered straight to your inbox, daily. back Sign up For more information, read our Privacy Policy and Terms of Use . Share this Story Facebook X LinkedIn Flipboard Reddit WhatsApp E-Mail Got a tip for us? Email: tips@ Join the conversation ( )
Motor 1
08-05-2025
- Automotive
- Motor 1
Porsche Is Still Testing the Electric Cayman and Boxster
Porsche has come to grips with the reality that EVs won't take over as quickly as it had projected. As a result, it has decided to keep V-8 engines well into the 2030s and is even considering a new gasoline crossover to replace the first-generation Macan. For now, an electric 911 remains off the table, and the Panamera will retain its internal combustion engine setup into the next decade. However, the 718 models are going electric, and only electric. Following the launch of the Cayenne EV later this year, replacements for the Boxster and Cayman are expected to arrive in 2026. It's unclear whether both will debut simultaneously; the convertible could be introduced first. Meanwhile, the next-gen sports car duo has been spotted at the Nürburgring, sporting Porsche's usual deceptive camouflage. The hilariously fake exhaust seen on earlier prototypes is now gone. We're not expecting major styling changes beyond what Porsche's current design language dictates. The Cayman appears to resemble a smaller Taycan coupe, though it could easily be mistaken for a downsized 911. Of course, the body-colored camouflage hides the true design, so it's best not to judge appearances just yet. Zuffenhausen has been tight-lipped about the cars, aside from confirming they'll ride on a dedicated electric platform. At the end of last year, Automobilwoche , the German arm of Automotive News Europe , reported the EVs were 'well behind schedule' due to battery-related issues requiring 'constant adjustments.' Porsche hasn't confirmed this, so the report should be taken with a grain of salt. While the electric Cayenne arriving later this year will coexist with the gasoline version for several more years, the current Boxster and Cayman will be retired to make room for the EVs. That's a bold move, especially considering 718 sales rose by 15 percent in 2024, reaching 23,670 units. This surge came despite the models being pulled from the EU market in July due to non-compliance with stricter cybersecurity regulations . Photo by: Motor1 Porsche Cayman EV rendering Porsche has been testing the electric 718 in public since 2022, and there's reason to believe it won't be a heavyweight. The Mission R concept, loosely based on a Cayman, tipped the scales at 3,306 pounds (1,500 kilograms), though that was a stripped-down race car. Whether a relatively lightweight electric sports car can win over EV skeptics remains to be seen. If only one car company can do it, it's definitely Porsche. The new electric Macan is off to a strong start, but crossover buyers are generally more open to EVs. On the other hand, sports car enthusiasts tend to prefer the thrill of a high-revving flat-six behind them. It's hard to imagine the EVs attracting the typical 718 customer. Pricing will also be a concern, as the new Boxster and Cayman will likely cost more than the outgoing versions, which already start at over $70,000. Keep Up With Porsche: Porsche Could Quit EVs In China The Porsche Panamera Will Have Gas Engines For a Long Time Get the best news, reviews, columns, and more delivered straight to your inbox, daily. back Sign up For more information, read our Privacy Policy and Terms of Use . Source: Carspotter Jeroen / YouTube Share this Story Facebook X LinkedIn Flipboard Reddit WhatsApp E-Mail Got a tip for us? Email: tips@ Join the conversation ( )
