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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. Magna said it expects full-year 2024 sales of USD 42.6 billion to USD 44.2 billion to USD 45.4

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CRU: Chinese EV sales hit hard by COVID-19 outbreak, but only for short-term

Green Car Congress

The COVID-19 has hit the Chinese EV sector hard; CRU, a provider of business intelligence on the global metals, mining and fertilizer industries, believes that weak sales will last at least until early Q2 2020. Nonetheless, it continues to forecast Chinese EV sales growth in 2020 over 2019’s total.

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BNEF forecasts EVs to hit 54% of new car sales by 2040; decreasing importance of PHEVs

Green Car Congress

Electric vehicles will make up the majority of new car sales worldwide by 2040, and account for 33% of all the light-duty vehicles on the road, according to a new forecast published by Bloomberg New Energy Finance (BNEF). This represents an aggressive jump compared to BNEF’s previous forecast of 35% EV new car market share by 2040.

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EU auto sales expected to slow in 2024 as EV share increases: ACEA

Teslarati

Automotive sales in European Union (EU) countries are expected to slow next year, though some are reporting that the slowdown will cause a sharp increase in electric vehicle (EV) market share. In January, the ACEA forecasted a 5-percent increase in 2023, showing the overall auto market slowing throughout this year.

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CAR: US light-duty vehicle sales to dip in 2019

Green Car Congress

The Center for Automotive Research’s (CAR’s) updated automotive sales outlook forecasts US light-duty vehicle sales at 16.8 CAR’s forecast includes a continuation of sales declines in 2020 and 2021 down to 16.5 CAR projects sales to rebound to 16.8 million units for 2019. million units in 2021.

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NIO keeps goal of doubling sales this year despite price war causing greater challenges

CN EV Post

NIO maintains its previously mentioned goal of doubling sales, despite greater challenges to meet the goal, said William Li. NIO (NYSE: NIO) is confident it will see sales double this year, despite a rare price war that disrupted the Chinese auto industry in the first quarter. Photo taken by CnEVPost.)

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GM expects lower 2024 EV sales amid lagging demand

Baua Electric

At the Deutsche Bank Global Auto Industry Conference Tuesday, Jacobson said GM will continue to produce cars based on demand. Although demand for electric vehicles is still growing, it’s less than some in the industry had expected, including GM. Source: CNBC FTC: We use income earning auto affiliate links.

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