Focusing on traditional car companies, BMW announced a 20 billion increase in investment in China.
On April 26th, BMW announced that it would deepen its layout in China and plan to invest an additional 20 billion yuan in its Shenyang production base.
The focus of this investment is on the large-scale upgrading and technological innovation of the Dadong plant, the birthplace of BMW production in China, laying a solid foundation for the start of localized production of BMW’s “new generation” models in 2026, demonstrating BMW’s long-term commitment to the Chinese market.
Porsche’s first-quarter operating profit fell, with first-quarter sales of 9.
01 billion euros, higher than expected of 8.
77 billion euros.
operating profit fell 30% to 1.
28 billion euros, the lowest since it went public in September 2022.
the rate of return fell to 14.
2%, below its annual guidance target and below analysts’ expectations.
Car replacement and weak demand in China have put pressure on Porsche’s prospects.
Maruti Suzuki’s quarterly profit exceeded expectations.
Maruti Suzuki’s first-quarter revenue rose 19% year-on-year to 382.
3 billion rupees, while net profit rose 48% year-on-year to 38.
8 billion rupees ($466 million), slightly higher than the average analyst estimate of 38.
39 billion rupees.
The profit increase was “due to an increase in sales, favourable commodity prices, cost reduction measures and an increase in non-operating income”.
Focusing on electrification, Tesla will cut 693 jobs at its Nevada plant, and documents show that Tesla plans to cut 693 jobs at his plant in Sparks, Nevada, as part of a global layoff plan of more than 10 per cent amid falling sales and increased competition.
Tesla’s former executive sold $181.
5 million worth of shares, and Tesla’s recently resigned senior vice president of powertrain and energy engineering Drew Baglino sold about 1.
14 million shares of Tesla, worth about $181.
5 million, according to a filing with the Securities and Exchange Commission (SEC).
Focusing on the supply chain, Autoroff’s first-quarter operating profit soared.
Thanks to the launch of new products and higher product prices, Autoroff’s first-quarter net sales rose 4.
9% year-on-year to $2.
615 billion, outperforming the market.
Adjusted operating profit surged 51% year-on-year to $199 million, higher than the average analyst forecast ($185 million).
Mikael Bratt, chief executive of Autorif, told Reuters that the company’s sale of its Russian business is in the process of approval and is expected to proceed in the next two to three months.
However, Bratt declined to give details of the deal, including the price and the buyer.
Focusing on the industrial and economic policy, China issued the detailed rules for the implementation of Automobile Trade-in subsidies, and the Ministry of Commerce, the Ministry of Finance and other seven departments jointly issued the detailed rules for the implementation of Automobile Trade-in subsidies.
The detailed rules clearly define the scope and standards of subsidies.
During the period from the date of issuance of the detailed rules to December 31, 2024, fuel passenger vehicles with emission standards of three or less in scrapped countries or new energy passenger vehicles registered before April 30, 2018, and purchase qualified new energy passenger vehicles shall be subsidized 10, 000 yuan.
for passenger vehicles with emission standards of 3 or less in scrapped countries and purchase fuel passenger vehicles with engines of 2.
0 liters or less, 7000 yuan shall be subsidized.
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