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Hyundai Motor reported a 7% decline in third-quarter operating profit, falling short of forecasts, as global demand for cars slows and competition intensifies. The company maintained its 2024 earnings target despite a 5% drop in global retail sales, primarily due to warranty costs and increased sales incentives. Shares fell over 5% following the announcement, reflecting investor disappointment amid a challenging automotive market.
Tesla investors are increasingly concerned about CEO Elon Musk's political activities, particularly his support for Donald Trump, which some believe may be harming the company's sales and brand integrity. Questions have arisen regarding the board's role in mitigating potential impacts on shareholder value, as Musk's political commentary has reportedly affected delivery numbers. Meanwhile, Tesla's brand value has declined, and shares are down 14% this year, reflecting broader market challenges and Musk's controversial engagement in politics.
German car companies are known for their substantial per capita bonuses, with Volkswagen paying €4,735, Daimler €7,300, and BMW up to €9,000, depending on income and success factors. These bonuses, tied to company collective agreements, highlight the disparity in financial benefits between large corporations and smaller firms, fueling employee envy.
France is accelerating its strategic planning in anticipation of a potential second Trump presidency, emphasizing the need for Europe to bolster its sovereignty and defense. A task force led by Tristan Aureau will assess Trump's positions on Ukraine, the EU, and defense, amid concerns he may exploit European divisions to weaken responses to a trade war. The EU is preparing a contingency plan to counteract Trump's expected tariffs and maintain unity among member states.
The 2024 Paris Motor Show highlights the electric vehicle and SUV trends amid a challenging economic landscape, with significant participation from brands like Renault, which showcases the electric Renault 5 and 4. Chinese manufacturers, including Leapmotor, make a measured debut, while established European automakers like Volkswagen and BMW return to reconnect with consumers. The event reflects a market grappling with slow sales growth and a notable decline in electric vehicle demand.
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