Weekly Roundup: 8th-14th March
- BMW beats pre-pandemic earnings
- Rivian stock sinks after company says it expects to make 25,000 vehicles only
- Honda cuts production in two plants due to chip shortage
Mass Transit
Metro Bus to Islamabad airport will start in April
The Capital Development Authority has announced that the trial of Metro Bus to Islamabad airport will begin in the first week of next month. In the first phase, 15 buses painted in orange color will arrive in Islamabad and begin operations. Check out the full story here.
Supply Chain Woes
BMW beats pre-pandemic earnings, chip troubles hit fourth quarter
BMW has posted strong numbers as the Q4 net profit came in at $2.5 billion. The company doubled its pre-pandemic earnings, however, it took a 4.2% hit in the fourth quarter as supply chain trouble caused global chip shortage. Read the full story here.
Chip shortage forces Honda to cut production in two plants
Japanese automaker Honda said it would cut production by 10% in two plants due to semiconductor shortage. Honda is not the only automaker halting production. Last week, Ford also stopped production at two U.S. plants due to a microchip shortage. Check out the full story here.
Expansion
XPeng launches mass market EV in Europe
China’s Xpeng is giving Tesla a run for its money in Europe with its new electric car. The P5 is XPeng’s new, low-priced sedan and will compete for market share against existing EVs like Tesla’s Model 3. Check out the complete story here.
In Other News
BMW recalls over 1M vehicles on engine fire risk
BMW is recalling 1 million vehicles worldwide over potential fire risks. The luxury carmaker will recall 917,106 in the United States, 98,000 in Canada and 18,000 in South Korea. Previously, in 2017, BMW recalled 1.4 million vehicles for the same issue. Read more about it here.
Rivian stock sinks on delivery woes
Rivian’s stock took a nosedive again after it announced its quarterly earnings, losing as much as 13% and sinking to a new post-IPO low. The reason for this is that the company said it expects to produce only 25,000 electric trucks and SUVs this year due to supply chain issues and internal production snags. Here’s the full story.
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!