The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
byd poised to surpass ford in global vehicle deliveries
Local brands dominated new car sales this year, with BYD leading the charge as it expands internationally, preparing factories in Hungary, Thailand, Turkey, and Brazil. Despite not selling in the US, BYD's production capacity surged, and it reported record quarterly revenue, surpassing Tesla for the first time. As legacy automakers struggle, BYD's hybrid lineup and strong demand in China position it to potentially outpace Ford in total deliveries, marking a significant shift in the global automotive landscape.
European car industry faces crisis as profits plummet and jobs vanish
The European car industry is facing a severe crisis, with major manufacturers like VW, Audi, and Nissan reporting significant profit declines and mass layoffs. The VW Group has seen profits drop over 60% in the third quarter, prompting strict cost-cutting measures, plant closures, and thousands of job cuts across the sector.
Italian stock market shows volatility amid merger talks and economic outlook
The FTSE MIB index has been fluctuating between 33,000 and 35,000 points, with a bullish outlook if it breaks upward, targeting 40,000 points. The potential UniCredit-Commerzbank merger could boost market sentiment, while upcoming macroeconomic data will be crucial for cyclical sectors.
Stellantis lays off 1100 workers at Ohio Jeep plant amid declining sales
Stellantis NV will lay off approximately 1,100 workers at its Toledo, Ohio Jeep plant, shifting from two shifts to one due to excess inventory and declining sales. Affected United Auto Workers members will receive supplemental compensation, totaling about 74% of their normal pay, along with continued health care coverage for two years.
market movers to watch as earnings reports impact stock performance
Stocks closed on a sour note as traders anticipate earnings reports from Chevron and Exxon Mobil, with both CEOs scheduled to appear on CNBC. General Motors saw a 13% rise in the last month, while Ford and Stellantis faced declines. Apple reported strong iPhone sales but saw a slight drop in stock after hours, despite a 22.7% year-to-date increase. Financials outperformed in October, while health care and consumer durables struggled.
ubs maintains buy rating for stellantis with target price of 16 euros
UBS has maintained a 'Buy' rating for Stellantis, setting a target price of 16 euros. Analyst Patrick Hummel noted that the car company experienced a disappointing but anticipated quarter. As of October 31, 2024, Stellantis shares were trading at approximately €12.60, reflecting a modest increase.
UBS maintains buy rating for Stellantis with target price of 16 euros
UBS has maintained a "Buy" rating for Stellantis, setting a target price of 16 euros. Analyst Patrick Hummel noted that the car company experienced a disappointing but anticipated quarter, reflecting ongoing challenges in the automotive sector.
Stellantis reports significant revenue drop amid challenges in electric vehicle market
Stellantis reported a 27% drop in third-quarter net revenues, totaling 33 billion euros, falling short of analysts' expectations. The company is addressing operational challenges, particularly in U.S. inventories, amid a tough market for electric vehicles and increasing competition from China. Shares have plummeted over 42% this year as the automaker navigates a landscape of declining global demand and upcoming emissions-reduction targets.
electric vehicle market sees shifts as new models enter rankings
In September, electrified vehicles accounted for 60% of European automotive sales, with 295,000 plugin vehicles registered, marking a 6% year-on-year increase. Battery electric vehicles (BEVs) surged 14% to 212,000 units, while plug-in hybrids (PHEVs) fell 9%. Notably, sales of hybrid electric vehicles (HEVs) surpassed petrol vehicles for the first time, indicating a significant shift in the market.
European markets decline ahead of US vote as UBS and VW rise
European stock markets are down as investors reduce equity positions ahead of significant macroeconomic data and the upcoming U.S. vote on November 5. Paris and Milan fell by 1%, while London and Frankfurt declined by 0.5% and 0.4%, respectively. Despite the overall downturn, UBS and Volkswagen saw gains of 1.3% and 1.7% due to better-than-expected earnings, while Campari plummeted by 16% after disappointing quarterly results. Energy and utilities sectors remained stable amid a recovery in oil prices.
Seems like the connection with the server has been lost. It can be due to poor or broken network. Please hang on while we're trying to reconnect...
Oh snap! Failed to reconnect with the server. This is typically caused by a longer network outage, or if the server has been taken down. You can try to reconnect, but if that does not work, you need to reload the page.
Oh man! The server rejected the attempt to reconnect. The only option now is to reload the page, but be prepared that it won't work, since this is typically caused by a failure on the server.