We grabbed a few short business news summaries to share today. Check out the market movement in each, and then have a look at the economic write-up in the second half of the email.
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Ford is delaying production of all-electric SUVs and trucks to focus on hybrid vehicles across its North American lineup by 2030. Despite continuing investment in EVs, Ford has adjusted its strategy amid slower EV adoption and high production costs. This shift is part of a broader industry reevaluation of electric vehicle plans.
📈 At the time of writing, Ford Motor Co. is up 1.8% in the market.
Kia is set to start exporting its all-electric EV5 SUV from China. The company is targeting markets like Thailand and Australia with bold plans to undercut Tesla's pricing. It remains to be seen if the U.S. will be included in its release next year. The EV5's aggressive pricing strategy is a clear indication of Kia's determination to challenge Tesla's dominance, particularly the Model Y.
⚖️ At the time of writing, Kia Corp is unchanged in the market.
Volvo Cars set a sales record in March, primarily due to its new electric SUV, with a 25% year-over-year increase to 78,970 vehicles. Electric vehicle sales surged by 43%, 23% of global sales. This performance aligns with Volvo's aim for a 15% annual sales growth and a future of exclusively selling electric vehicles by 2030.
📈 At the time of writing, Volvo AB is up 1.89% in the market.
BMW's electric vehicle sales in the U.S. rose by 12.7% in Q1 2024, contributing to a total sales increase of 2.4% for the brand. Launching models like the BMW i5 boosted EV sales, while MINI faced a 12.6% decline due to a model changeover. BMW's commitment to sustainable mobility and a diverse lineup underpins its positive start to 2024.
📈 At the time of writing, Bayerische Motoren Werke AG is up 2.55% in the market.
The Toyota Prius has been awarded the 2024 World Car Design of the Year, outshining 70 competitors. Celebrated for its innovative design, the Prius is lauded by Toyota's marketing VP, Mike Tripp, for its reimagined approach. Featuring a 2.0L Toyota Hybrid System, the Prius offers up to 57 MPG and 196 HP, along with advanced technology and safety features.
📈 At the time of writing, Toyota Motor Corp is up 0.64% in the market.
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We didn’t plan the mostly upward-moving stock-related news. Just happened that way. In truth, we just look for news that could impact the market you’re operating in and add context along the way.
Wall Street may board up the windows tomorrow, but people in your town will still be looking for cars. Actual cars. Not theoretical cars, potential cars, or cars that please some agenda. We just need the ability to bring paychecks, eggs, and families where they need to be.