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Lots going on in the world of our automaker friends; too much to list, honestly. But here is a sampling of some things happening and hopping around the pond we call home. We will write fast so you can read fast.
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Volvo is bailing on the name "Recharge" for its EV models. The new names (like EX40 and EC40) will not be mistaken for a battery fill-up station, but they may be mistaken for the names of robot villains in old movies. They also introduced a Performance Software Pack for up to 436 hp.
Porsche got the news and is also bringing out some more hybrids. The plug-in Panamera models will have larger batteries, upgraded performance, and features (up to 536 hp, improved acceleration, higher charging capacity, and advanced hybrid drive modes), and prices starting around $120K.
Rivian announced its more affordable R2 SU-EV (SUV + EV) is coming to Europe somewhere between $40-50K. While the company is working toward global expansion, becoming a major player in Europe is a milestone on the way.
Daihatsu isn't Toyota's only issue with honesty right now. Japan's transport ministry is taking action against Toyota Industries for emission test cheating following the discovery of performance test tampering.
Kia sold just over 51K vehicles in January. It was about 900 fewer than the same month in 2023, but it was still a strong showing. The EV9 led the brand's EV sales with 1,408 units, contributing to SUV sales hitting 74% of the company's total. Despite Kia's successful marketing and partnerships, Niro EV and PHEV sales declined.
Tesla has lost its status as Wall Street's most traded stock. The new hot potato is Nvidia, the third most valuable company in the US, and currently dominates the AI-related market. To be more specific, Nvidia's daily trades are over $30B, while Tesla's are closer to $22B. Nvidia now controls about 80% of the high-end AI chip market and is valued at $1.8T, while Tesla's stock has dropped about 20% this year. Apples and Oranges.
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Well, there you have it, a swarm of movements across the world and industry.
We hope the news keeps you equipped with information, connected to the people in your community, and encouraged to seize the day.
Or at least it comes in handy the next time you are at an obscure automotive business news-themed trivia night.