article thumbnail

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%

Auto 52
article thumbnail

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.

Auto 52
article thumbnail

BYD Chairman forecasts falling profit margins in 2024

Teslarati

BYD Chairman Wang Chuanfu forecasts falling profit margins in 2024 but remains confident that the company will maintain stable profitability. According to the China Passenger Car Association’s (CPCA) Secretary General Chi Dongshu, China’s auto sector’s profit margins have fallen to 4.3% million EVs , up 14.7% year over year.

BYD 90
article thumbnail

Morgan Stanley raises CATL price target & forecasts strong profit growth for 2024

Teslarati

Morgan Stanley forecasted that the Chinese battery supplier will return to solid profit growth later in 2024. CATL’s first Beijing battery plant will supply cells to Li Auto and Xiaomi Auto. The post Morgan Stanley raises CATL price target & forecasts strong profit growth for 2024 appeared first on TESLARATI.

Price 96
article thumbnail

Goldman Sachs raises 2023 forecast for China auto sector to reflect faster-than-expected Covid reopening

CN EV Post

After a disappointing 2022, some tailwinds will drive a recovery in retail sales and production in the Chinese auto sector in 2023, Goldman Sachs said. The post Goldman Sachs raises 2023 forecast for China auto sector to reflect faster-than-expected Covid reopening appeared first on CnEVPost.

Auto 93
article thumbnail

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.

Auto 52
article thumbnail

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

Baua Electric

It forecast capital spending at USD 28-USD 32 billion for this year, in line with 2023, and said it will also expand production at home in Taiwan. billion LSEG SmartEstimate, which is weighted toward forecasts from analysts who are more consistently accurate. billion (USD 7.6 billion) from a particularly strong year-earlier quarter.

Auto 52