Weekly Roundup: 19th-25 April
- Tesla, Volvo and Hyundai share Q1 profits
- Mercedes-Benz & BMW announce new electric models
- Honda to cut output as chip shortage continues
Q1 Profits
Hyundai’s profit jumps 19%
Hyundai releases first-quarter results showing a 19% hike in net profit. Net profit for Q1 totaled approximately $1.3 billion for the company despite a 10% decrease in profit. The company’s shares went up by as much as 4% after the move. Check out the complete story here.
Volvo sees a rise in profit despite supply chain troubles
Volvo Group posted solid Q1 sales and operating income despite ongoing supply chain interruptions. The Sweden-based truck maker reported a 12% improvement in net sales and the adjusted operating profit rose to $1.34 billion. Here’s the full story.
Tesla posts record $3B quarterly profit
Tesla posted record first-quarter earnings of $3.3 billion. The company’s sales in the first three months jumped roughly 80% from a year earlier to $18.76 billion beating analysts’ expectations. However, the high numbers have raised sustainability doubts in Wall Street whether the company can keep at it amid rising commodity and production costs. Read the complete story here.
An Electrified Future
BMW denounces Electric-only future
CEO BMW, Oliver Zipse warned that the companies should not completely depend on a few selected countries by focusing on electric vehicles only. Oliver has long advocated against the all-out ban on combustion engines and believes there are negative consequences of putting combustion engines to the scrapyard prematurely. You can read the full story here.
Mercedes-Benz announces first electric sport SUV
Mercedes-Benz has unveiled its EQS Sport Utility Vehicle (SUV), a 660 km (410-mile) range car. The new model is the carmaker’s second electric SUV after EQC and will go on sale by autumn. Here’s the full story.
BMW’s all-electric 7-series model debuts
BMW has unveiled its all-electric 7-series limousine offering a range of up to 625km. The fully-electric model will arrive first in December with prices starting from a whopping $119,300. Check out the full story here.
Supply Chain Woes
Honda to slash production as chip shortage grinds on
Honda has announced that it is planning to cut production by about 50% on two lines in Japan factories due to chip shortages. Besides persistent semiconductor shortage, COVID lockdowns and uncertain geopolitical affairs have also caused a delay in logistics. Read the complete story here.
About Us
This week in Transport is a weekly round-up of everything happening in the transportation world; from sustainable transport initiatives to expansion plans, and implementation of an intelligent transport system. Watch this space for more sector news!