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Magna lags profit estimates, cuts annual sales forecast on supply chain snags – ET Auto

Baua Electric

Canada’s Magna International missed first-quarter profit estimates and cut its full-year overall sales forecast on Friday, as auto parts suppliers navigate ongoing supply constraints and bumpy demand for electric vehicles. The company’s shares were down about 4% in early trade. Magna said it expects full-year 2024 sales of USD 42.6

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Auto parts seller LKQ cuts 2024 sales forecast as warm weather slows demand – ET Auto

Baua Electric

Auto parts distributor LKQ cut its full-year sales forecast on Tuesday and missed estimates for first-quarter profit amid falling metal prices and softening demand for spares in North America. It now expects to report organic revenue growth for parts and services between 2.5% for 2024, down from its prior guidance of 3.5%

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SK Innovation Q2 profit tops forecast, battery unit eyes EV demand recovery – ET Auto

Baua Electric

SK Innovation Co Ltd said on Monday its SK On battery-making unit is on target to breakeven in the second half of this year after it posted a forecast-beating operating profit in the first quarter, sending its shares up over 6.0%. That compared with an average analyst forecast of 466 billion won. rise as of 0336 GMT.

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CPCA raises China NEV sales forecast, expects average monthly sales of over 600,000 units in next few months

CN EV Post

The CPCA has raised its forecast for new energy passenger vehicle sales in China by 500,000 units to 6 million units in 2022, with the possibility of further increases in the fourth quarter. The post CPCA raises China NEV sales forecast, expects average monthly sales of over 600,000 units in next few months appeared first on CnEVPost.

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Fisker announces massive earnings miss, paints bleak financial forecast

Teslarati

Lucid Motors was the first domino to fall this week , releasing its Q1 earnings report, which showed investors weakening demand, a flimsy financial position, and a disheartening production forecast. Foremost, the automaker announced a production cut to its incredibly optimistic 2023 forecast. What do you think of the article?

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Wolfspeed forecasts dour quarterly revenue on weak demand for its semiconductors – ET Auto

Baua Electric

Chipmaker Wolfspeed forecast third-quarter revenue below estimates on Wednesday, as slower sales growth for electric vehicles hurt demand for its semiconductors used in them, sending its shares down 2% in extended trading. from 29% in 2023, according to Canalys. In the reporting quarter, net revenue rose nearly 20% to USD 208.4

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TSMC bullish on AI demand, forecasts 20% revenue growth this year – ET Auto

Baua Electric

Taiwanese chipmaker TSMC projected on Thursday more than 20% growth in 2024 revenue on booming demand for high-end chips used in artificial intelligence (AI) applications even as the broader industry deals with weak smartphone and electric vehicle sales. “We are a key enabler for AI applications. billion (USD 7.6

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