Focus on industry and economics
UK passenger car and commercial vehicle production fell 11.9% year-on-year in the first half of this year
On July 23, data released by the British Automobile Manufacturers and Traders Association (SMMT) showed that in the first half of this year, new passenger cars and commercial vehicles in the UKyielddecreased by 11.9% year-on-year to 417,232 units; Passenger car production decreased 7.3% y/y to 385,810 units; Commercial vehicle production fell 45.4% y/y to 31,422 units due to the restructuring of production plants.
June EuropeCar salesdown 5.1% year-on-year
According to data from the European Automobile Manufacturers Association, in June this year, car sales in Europe (including the European Union, the United Kingdom and European Free Trade Association countries) fell 5.1% year-on-year to 1.24 million units, reflecting the global challenges faced by car companies.
Trump said he wants Musk and his company to thrive in the United States
On July 24, US President Trump posted on social media: “Rumors that I will suppress Musk’s business by cutting or even completely canceling the large subsidies he receives from the federal government is pure nonsense!” He particularly emphasized: “I look forward to Musk and all companies in the United States achieving great development.” ”
Due to Turkey’s increase in excise tax on electric vehicles, Tesla’s European strategy has suffered a new setback
United StatesElectric vehicleMaker Tesla’s move to mitigate its decline in European sales through its growth in the Turkish market could be at risk due to Turkey’s unexpected increase in taxes on electric vehicles. According to a presidential decree published in the Turkish Official Gazette, the country has raised the special excise tax on the lowest range of electric vehicles, including Tesla’s best-selling Model Y, from 10% to 25%.
Focus on the new trends of traditional car companies
Hyundai Motor’s Q2 revenue hit a new high, and operating profit exceeded expectations
On July 24, Hyundai Motor announced that in the second quarter of this year, its revenue increased by 7.3% year-on-year to 48.287 trillion won (about $35.26 billion), a record high, thanks to strong sales of its hybrid vehicles in North America. However, due to the impact of tariffs imposed by the United States on imported cars, operating profit fell 15.8% year-on-year to 3.602 trillion won, and net profit fell 22.1% year-on-year to 3.25 trillion won.
BYD plans to assemble electric vehicles in Pakistan from 2026
On July 23, a BYD executive said the company plans to launch its first car assembled in Pakistan in July or August 2026 to meet the growing demand for battery electric vehicles and plug-in hybrids in the region.
Mitsubishi Motors’ profit fell 84% in the first fiscal quarter due to tariffs
On July 24, Mitsubishi Motors announced that its net income for the first fiscal quarter (April to June) was 609.1 billion yen, down 3% year-on-year. Operating profit fell sharply by 84% year-on-year to 5.6 billion yen (about $35.5 million), partly due to the negative impact of 14.4 billion yen from the Trump administration’s tariffs on imported cars.
Toyota called for further tariff reductions and improved U.S.-Japan relations
On July 24, the day after President Trump announced a much-anticipated trade deal with Japan, Toyota Motor Corporation said in a statement that it hopes U.S.-Japan relations will improve and called for further tariff reductions.
Acura discontinued the TLX sports sedan
Honda’s premium brand Acura will stop production of its mid-size sports sedan TLX this month to comply with the changing needs of consumers and trends in the automotive industry. Stephanie Brinley, deputy director of global mobility at S&P, said that even inLuxury carsThe trend of consumers turning to SUVs has never stopped, resulting in the share of luxury cars in the luxury car market has dropped from 22% in 2022 to 18% last year.
Ford China will beLaunched locally produced pure electric and extended range versionsBronco models
Ford Motor Company plans to expand its lineup of electrified models in the Chinese market by launching locally produced all-electric and extended-range Bronco SUV models in China. Ford China said the two Bronco models will go on sale in the fourth quarter.
Focus and intelligence
Tesla plans to launch a Robotaxi service in Nevada
Tesla Inc. is currently in preliminary talks with officials in Nevada, USA, and plans to launch autonomous vehicle operations in the state to expand its recently launched Robotaxi service. A spokesperson for the Nevada Department of Motor Vehicles said in a statement that Nevada Governor Joe Lombardo’s office and officials from the state’s Department of Motor Vehicles were involved in the discussions last week. The spokesperson also said that no other measures have been taken at this time other than communication.
Demand for autonomous driving chips is strong, and Mobileye raised its revenue forecast for fiscal year 2025
According to data compiled by LSEG, Mobileye reported second-quarter revenue of $506 million, beating expectations of $480.9 million. The company expects orders for its self-driving chips to increase as customers empty their existing inventory. Mobileye currently expects revenue in the range of $1.77 billion to $1.89 billion in fiscal 2025, compared to the previous oneforecastIt was $1.69 billion to $1.81 billion.
STMicroelectronics reported a loss in the second quarter$133 million
On July 24, STMicroelectronics said in a statement that the company’s adjusted operating loss for the second quarter was $133 million, and revenue fell 14% year-on-year to $2.77 billion, affected by $190 million in asset impairments and restructuring expenses related to business streamlining plans. The company said sales of automotive chips in the second quarter were slightly lower than expected, but the impact was offset by growth in revenue from the personal electronics and industrial segments.
Focus on supply chain
Toyota supplier Pacific Industries plans to privatize
Toyota auto parts supplier Pacific Industries plans to take the company private through a management buyout through a takeover offer worth up to 110 billion yen (US$749 million). This move aims to shift to a long-term perspective in the context of upheaval in the automotive industry due to electrification.
Valeo’s Q2 sales fell 6% year-on-year, lowering its full-year sales forecast
Valeo said the company’s sales fell 6% year-on-year to 5.35 billion euros in the second quarter of this year. Valeo expects the impact of an unfavorable exchange rate to reach 750 million euros ($883 million) after Trump’s tariff policy caused market turmoil and led to a sharp decline in the safe-haven dollar, so the company lowered its sales forecast for this year to 20.5 billion euros from 21.5 billion to 22.5 billion euros previously.
Visteon’s net profit declined in the second quarter8.5%
Recently, Visteon, a global supplier of automotive electronics and connected technology, announced that its net profit fell 8.45% year-on-year to US$65 million in the second quarter due to reduced production of electric vehicles and declining demand in the Chinese market. Quarterly revenue decreased to $969 million, a decrease of $45 million from the same period last year.
LG New Energy’s Q2 operating profit more than doubled year-on-year, and demand for electric vehicle batteries is expected to slow down
South Korean electric vehicle battery maker LG New Energy said its operating profit was 492 billion won ($358.73 million) in the second quarter of this year, a significant increase from 195 billion won in the same period last year. However, excluding subsidies for battery production received from the US Inflation Reduction Act, the company’s operating profit will be 1.4 billion won. LG New Energy also warned that demand for electric vehicle batteries will slow further early next year due to uncertainty in U.S. tariff policy and the imminent cancellation of electric vehicle tax credits.
