Auto business news
Here are some recent auto business news stories:
Industry Trends
- Electric vehicle (EV) sales continue to rise, with global sales reaching 2.2 million units in 2020, up 10% from 2019. (Source: BloombergNEF)
- Autonomous vehicle (AV) technology is becoming increasingly important, with 75% of automakers investing in AV development. (Source: KPMG)
- The global automotive market is expected to reach 100 million units by 2025, driven by growth in emerging markets. (Source: Grand View Research)
Company News
- General Motors (GM) announced plans to invest $2.2 billion in its US plants, creating 4,000 new jobs. (Source: GM)
- Ford Motor Company announced a $1.5 billion investment in its electric vehicle (EV) program, with plans to launch 16 new EV models by 2023. (Source: Ford)
- Tesla, Inc. reported a record quarterly profit of $1.1 billion, driven by strong demand for its electric vehicles. (Source: Tesla)
Mergers and Acquisitions
- Fiat Chrysler Automobiles (FCA) and Peugeot S.A. (PSA) announced a $50 billion merger, creating the world's fourth-largest automaker. (Source: FCA and PSA)
- Hyundai Motor Group acquired a 16% stake in robotics company Boston Dynamics for $450 million. (Source: Hyundai)
- Volkswagen AG acquired a 20% stake in Chinese electric vehicle (EV) startup, FAW-Volkswagen Electric Vehicle Co. (Source: Volkswagen)
Recalls and Safety Issues
- Toyota Motor Corporation recalled over 2.4 million vehicles worldwide due to a software issue that could cause the vehicles to stall. (Source: Toyota)
- Ford Motor Company recalled over 1.2 million vehicles in the US due to a problem with the vehicles' Takata airbags. (Source: Ford)
- The National Highway Traffic Safety Administration (NHTSA) launched an investigation into a potential safety issue with Tesla's Autopilot system. (Source: NHTSA)
Earnings and Financials
- General Motors (GM) reported a net income of $2.8 billion in Q4 2020, up 12% from Q4 2019. (Source: GM)
- Ford Motor Company reported a net income of $1.1 billion in Q4 2020, up 15% from Q4 2019. (Source: Ford)
- Tesla, Inc. reported a net income of $1.1 billion in Q4 2020, up 146% from Q4 2019. (Source: Tesla)