Motoring

Motoring
Volvo Group earnings dip, sees lower NA sales
Truckmaker Volvo Group’s net sales and earnings per share dropped last quarter, with the company cutting its sales forecast for North America due to tariffs. Net sales were down 5% year-over-year to SEK110.7 billion ($18 billion AUD), or up 1% when adjusted for currency movements. Earnings per share declined to SEK3.71, from SEK4.93. “We are in a period with weaker demand in our key regions and with increased uncertainty in North America. In this situation, we focus on what we can impact,” said Volvo Group CEO Martin Lundstedt. “We have adjusted our operations, applied strict cost control, remain firm on commercial conditions and drive our service business.” Adjusted operating income was SEK11.71 billion, down from 14.07 billion, but above Bloomberg-compiled estimates of 11.3 billion. Its adjusted operating margin was 10.6%, falling from 12.0%. Volvo Group reported a net tariff hit of SEK500 million, and expects an impact of around SEK1 billion next quarter. Imported medium and heavy-duty trucks will face a 25% tariff in the United States from 1 November. Vehicle sales fell by 6% last quarter, and services sales dropped by 2%. While vehicle sales were up 4% in Europe, sales declined in all other regions, includin
Motoring
Munich Car Show: EU automakers unveil EVs, budget models
Major automakers unveiled a wave of new vehicles at the Munich IAA Mobility show on Monday, highlighting electric vehicles (EVs) and more affordable models as Europe’s automotive industry grapples with rising costs, tariffs, and stiff competition from Chinese manufacturers. Facing challenging EU carbon emission targets for 2035, several European brands signalled a broader production strategy rather than focusing solely on EVs or alternative-fuel vehicles. Volkswagen Chief Executive Oliver Blume told Reuters: "The main problem is that we have many crises at the same time," citing U.S. tariffs, challenges in China, and the high costs of potential restructuring. Blume added that tariffs are costing the firm “several billion euros” this year, although Volkswagen is in talks with the U.S. government on measures, including an Audi plant, to mitigate the impact. Porsche, VW’s luxury sports car brand, is also facing pressure on margins due to the combination of tariffs and weak Chinese demand. Stellantis, the Franco-Italian carmaker, confirmed it will not limit production solely to EVs as it targets 2030 goals. Jean-Philippe Imparato, head of Stellantis’ European operations, said EU carbon emission targets for 2035 are n
Motoring
EV maker Nio misses estimates as deliveries slow
Electric vehicle company Nio missed estimates last quarter, as vehicle deliveries slowed in July and August amid China’s price wars. Shanghai-based Nio reported revenue of CN¥19.01 billion (US$2.65 billion, A$4.09 billion), up 9.0% year-over-year but below Visible Alpha estimates of ¥19.91 billion. Its net loss was ¥5.14 billion, 1.0% greater than in 2024’s second quarter and missing estimates of a ¥4.96 billion loss. “The strong market reception of ONVO L90 and NIO All-New ES8 has reinforced our overall sales momentum. Driven by this strong demand, we anticipate total deliveries in the third quarter to range between 87,000 and 91,000, representing a year-on-year growth of 40.7% to 47.1% and setting a new Company record,” said Nio CEO William Bin Li. Total Q2 deliveries were up 25.6% to 72,056, but Nio reported 21,017 deliveries in July and 31,305 in August. In July and August 2024, the company made 20,498 and 20,176 deliveries, respectively. China’s government has pushed EV companies to halt price cuts and constrain production in recent months. Other Chinese EV makers like BYD and Li Auto also reported a decline in deliveries in July, with BYD’s profit dropping for the first time in more than three years. “Starting
Motoring
Supercars rev up broadcasters in $200m deal
Australian touring car racing series Supercars has signed a new broadcasting deal with Foxtel and Seven West Media reported to be worth A$200 million (US$131 million) over four years. Supercars said the agreement meant every event would be broadcast live on Foxtel and its Kayo Sports streaming service, with Seven West keeping free-to-air rights to ‘marquee’ events for its Seven Network and 7Plus streaming service. Supercars described the deal as ‘record-breaking’ without revealing the value, but the Australian Financial Review newspaper put it at $50 million per year over the period 2026 to 2029. "The agreement with Foxtel Group and Seven is not only the biggest in our history, but demonstrates the strength, popularity and future potential of our category," Supercars Chief Executive James Warburton said in a media release. The agreement is a 25% increase on the $200 million broadcast deal covering the 2021-2025 seasons, which equates to $40 million per year, and $150 million ($30 million per year) for the 2015 to 2020 seasons. “It’s certainly a substantial jump,” one analyst said. Foxtel is owned by global sports streaming giant DAZN. Racing Australia Consolidated Enterprises Ltd (RACE), the owner of Supercars
Motoring
BYD profits drop during China price wars
BYD’s profit dropped for the first time in more than three years last quarter, amid the Chinese government’s efforts to discourage price cuts on electric vehicles. Net income was down 29.9% year-over-year to CN¥6.36 billion (US$892 million, A$1.36 billion). Revenue was up 14% to ¥200.9 billion. “During the Period, competition in China’s automotive industry intensified to a fever pitch, with industry malpractices such as ‘one-price policy’ and ‘excessive marketing’ emerging which intensified competition, severely disrupted normal business order and hindered the progress of high-quality industrial development,” wrote BYD. "As a leading domestic automaker, the Group actively fulfilled its corporate social responsibility by resolutely upholding a fair and orderly market environment and safeguarding the fundamental interests of consumers. The Group remains committed to achieving long-term sustainable development centered on premiumisation, intelligence and globalisation through technical upgrades, efficiency improvements and economies of scale, contributing to the steady and enduring progress of the automotive industry.” China’s government has repeatedly warned electric vehicle companies to end discounts and slow production

Motoring
MG to launch 13 new EVs worldwide in US$1.4bn push
MG, the British-born carmaker now owned by China’s state-owned SAIC, is preparing an aggressive expansion into the global electric vehicle (EV) market with plans to release 13 new energy vehicles within the next two years. The initiative will be supported by an investment of US$1.4 billion, the company announced. General manager Chen Cui outlined the strategy, saying MG would leverage SAIC’s extensive technology base and supply chain partnerships to deliver a diverse line-up of battery electric vehicles (BEVs), plug-in hybrids (PHEVs), and extended-range EVs (EREVs). Chen stated that MG isn’t only focusing on fuel-powered cars, but will actively explore the new energy vehicle market, adding that the move is about innovation and competitiveness rather than simply competing on price. MG, acquired by SAIC in 2005, has become a key driver of the parent company’s overseas sales, particularly in Europe, where 153,100 units were sold in the first half of 2025. However, domestic sales have lagged, with just 57,254 units delivered in China between January and July, partly due to a lack of EV models. The brand plans to integrate connectivity solutions in collaboration with Oppo and develop semi-solid state battery technolo
Motoring
Nio's shares surge after announcement of new ES8
Shares of Chinese electric carmaker Nio have surged following the unveiling of its latest ES8 SUV on 21 August. The new ES8 is one of Nio’s most affordable SUVs, costing 308,800 yuan (US$43,000) under a battery subscription plan. In comparison, Nio’s premium SUVs normally cost between 338,000 yuan and 786,000 yuan. The carmakers' subscription plans lower upfront costs while allowing customers to swap or upgrade batteries through a monthly fee. Following the announcement of the new vehicle, Nio climbed 9.27% to close at US$5.54 on Thursday and rose to 14.44% on Friday to end at US$6.34. Its shares in Hong Kong also increased by 11.12% on Friday. The new ES8 comes as the Chinese electric vehicle sector faces severe pressure. Due to competition from automakers offering lower price points, Nio launched two cheaper brands, Onvo and Firefly, to reach a wide customer base. At the time of writing, Nio (NYSE: NIO) stocks are up 14.44% to US$6.34. The company's market cap is US$13.32 billion.
Motoring
Jeep revives Cherokee with hybrid SUV after three years
Stellantis' Jeep has brought back the Cherokee after a nearly three-year absence, unveiling a redesigned hybrid SUV that is larger, boxier, and aimed at reinvigorating the brand’s fortunes. On Thursday, the company revealed the first images and details of the new midsize Cherokee, which will be positioned between the Jeep Compass and Jeep Grand Cherokee. The model is scheduled to arrive in dealerships later this year. “The all-new Jeep Cherokee headlines our efforts to deliver more product, innovation, choice and standard content to customers than ever before,” Jeep CEO Bob Broderdorf said in a statement. “Jeep Cherokee will boast competitive pricing that strikes at the core of the largest vehicle segment and sits perfectly between Jeep Compass and Jeep Grand Cherokee to bolster our winning mainstream lineup.” Executives said the new Cherokee has grown longer, wider, and taller than the last generation, offering 30% more cargo space and an additional inch of rear legroom. The SUV, which averages 37 miles per gallon, will initially be offered only as a hybrid. The powertrain pairs a 1.6-litre turbocharged four-cylinder engine with two electric motors and a battery, generating 210 horsepower and 230 pound-feet of torq
Motoring
Lexus reveals new Sport Concept car
Lexus has revealed its new Sport Concept car, which the brand said would act as a roadmap for its future sports vehicles. The car was showcased at Monterey Car Week’s Motorsport Gathering at The Quail Lodge & Golf Club. While Lexus has yet to announce the vehicle’s technical details, it may be a successor to the brand’s 2021 Lexus Electrified Sports Concept car. “The progressively styled, future-focused yet truly authentic sportscar signals the way forward for Lexus design,” wrote Lexus. “This inspiring concept car features a wide, low-profile two-door form that blends dynamic and emotional elements into a vision for a next-generation sports car.” The company has not yet said whether the Sport Concept will be an all-electric vehicle, though it features similar proportions to its previous Electrified Sports Concept. The fully electric Electrified Sports Concept, first unveiled in 2021, includes dual motors and a range of around 700 kilometres. Lexus has said it aims to have a full lineup of battery electric vehicles in all its segments by 2030, with battery EVs representing 100% of its sales in 2035. Lexus is also set to release its LFR sports car in 2026. The LFR will have a twin-turbo V8 engine as well as an