Renault: The group set out financial targets for the unit, including an expected break-even in 2025 and an operating margin of at least 10% from 2030, ahead of an investor day where it hopes to drum up support for an initial public offering slated for spring 2024. The plan has been complicated by slower demand for EVs, choppy markets and increased Chinese competition, with sources close to the deal telling Reuters last month CEO Luca de Meo s hoped-for valuation of 8 to 10 billion euros looked over-ambitious.
Electric Car Demand: Fully-electric sales in Europe were up 47% in the first nine months of 2023, but instead of celebrating, automakers including Tesla, Volkswagen and Mercedes-Benz sounded a sombre note. High interest rates and a subdued market are putting customers off, they warned, with Volkswagen s EV order intake half what it was last year.
EV Adoption In India: The behaviour of today s consumer plays a pivotal role in shaping the automotive landscape. Sustainability now stands among the top five criteria for a consumer to make the purchase decision, along with factors such as safety, brand reputation, and cost. This transformation is fuelled by heightened environmental awareness, spurring interest in EVs, and other sustainable transportation options.
Volkswagen: "We are not scaling back" plans for EVs in the U.S. market," said Reinhard Fischer, senior vice president and head of strategy at VW Group of America. "Things have changed" in terms of geopolitics, global supply chains and other factors affecting a decision to sell its cars in the U.S., said Ganesh Iyer, chief executive officer of Nio USA.