South Korea’s auto exports hit a record high in the first half of the year, thanks to climbing sales of high-margin hybrid cars and SUVs, according to Korea JoongAng Daily. According to the Ministry of Industry, Trade and Resources (MITR) and the Korea Trade Association (KITA), South Korea’s auto exports were worth $37 billion from January to June this year, up 3.8 per cent from $35.7 billion in the same period last year. Among them, auto exports to the United States rose 30 per cent year-on-year to $18.5 billion, accounting for 49.9 per cent of the country’s total auto exports, making […]
Porsche, the renowned German luxury automobile manufacturer, has reported a significant decline in sales in China for the first half of the year. The company’s sales figures show a notable 33% decrease compared to the same period last year. This downturn in Porsche’s performance in the Chinese market comes amidst various challenges faced by the automotive industry globally, including supply chain disruptions and shifting consumer preferences. The impact of these factors has been particularly pronounced in China, where economic uncertainties and regulatory changes have also played a role. Despite the decline, Porsche remains optimistic about its long-term prospects in China. The company continues to introduce new models and innovative technologies […]
Porsche Automobil Holding, the parent company of Volkswagen AG, has announced a downward revision to its projected after-tax earnings for the fiscal year 2024. The company now expects its after-tax profits to range between €3.5 billion and €5.5 billion (approximately $3.78 billion to $5.94 billion USD). This adjustment reflects various factors impacting Porsche’s financial outlook, including market conditions, operational challenges, and economic uncertainties. The automotive industry, like many others, has been navigating supply chain disruptions and fluctuating consumer demand, contributing to the revised forecast. In a statement, Porsche Automobil Holding emphasized its commitment to managing these challenges while continuing to invest in innovation and sustainable growth initiatives. The […]
According to Reuters, on July 8, the Italian automotive industry federation (FIM-CISL) said that if the Italian government’s recently launched car purchase incentives can not boost demand, especially electric vehicle demand, car maker Stellantis this year’s car production in Italy may fall by about one-third. Stellantis’ production in Italy this year could fall to just over 500,000 units from 751,000 units last year, well below the target of 1 million annual units by 2030 that Stellantis and the Italian government are discussing, FIM-CISL said. Earlier this year, the Italian government announced it would launch a new incentive […]
According to foreign media reports, the BeiDou satellite navigation system (BDS) is undergoing a major upgrade to meet the growing demand for high-precision positioning in various fields. The new service aims to provide decimeter-level accuracy within minutes, a significant improvement over existing capabilities. This advancement is critical for emerging technologies such as autonomous driving, robotic navigation and smart city infrastructure, which rely on reliable and accurate location data for their effective operation. With the rapid development of technologies such as autonomous driving and robotic navigation, the market has witnessed a surge in demand for highly accurate and reliable positioning systems. […]
Canada is one of the favored immigration destinations for Chinese. According to a demographic analysis by Statistics Canada, as of 2021, about 1.8 million Chinese will live in Canada, accounting for about 5 percent of the total population. However, Canada’s policy is quite cautious when it comes to treating investments by Chinese automobile companies and exports of electric vehicles. Recently, some foreign media, citing sources familiar with the matter, said that Canada is considering following the example of the United States and the European Union to impose additional tariffs on Chinese electric vehicles. The move took a new turn on July 2: […]