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Qatar Tribune
07-06-2025
- Automotive
- Qatar Tribune
Tesla shares gain after $152 billion selloff
Agencies New York Tesla shares recouped some losses that had been triggered by a spat between CEO Elon Musk and US President Donald Trump, even though a truce appeared uncertain on Friday as a White House official said the president was not keen on talking to his former ally. The stock rose nearly 4 percent after a steep fall in the previous session, that wiped out $152 billion in market value, when the world's most powerful man and its richest publicly entered a war of words over the tax and spending bill. Stay up to date with the latest news, trends and innovations that are driving the global automotive industry with the Reuters Auto File newsletter. Earlier, a Politico report had said Trump and Musk were likely to talk later in the day. Musk had signalled on X he was open to easing tensions with the president, agreeing with calls for a detente from users on the social media platform. But Trump told CNN on Friday, 'I'm not even thinking about Elon,' adding the billionaire has 'got a problem'. Tensions escalated on Thursday after Musk stepped up his criticism of Trump's sweeping tax bill, which proposed largely ending the popular $7,500 EV tax incentive by the end of 2025. In response, Trump suggested cuts to the government's contracts with Musk's companies, including rocket maker SpaceX. 'It might be a bit too hopeful to think their relationship will ever go back to what it once was, but if cooler heads prevail and the tension eases, that would definitely be a big improvement for Tesla,' said Tesla shareholder Matthew Britzman, who is an analyst at Hargreaves Lansdown. An open clash with Trump could pose multiple hurdles for Tesla and the rest of Musk's sprawling business empire. The US Transportation Department regulates vehicle design standards and would have a big say in whether Tesla can mass-produce robotaxis without pedals and steering wheels. Tesla did not immediately respond to a request for comment. Tesla stock is down 26.9 percent this year following a 14 percent drop on Thursday. Still, the shares trade at 120 times expected earnings, a lofty multiple compared to other automakers and even tech giants such as Nvidia. The shares have been on a turbulent ride since last July when Musk backed Trump's White House bid. They surged initially as investors bet on less regulatory pressure for robotaxis, but tumbled due to soft sales and brand fallout from Musk's political stance. Stronger sales from potential Republican customers were expected to offset a liberal boycott, but analysts warned that Musk's recent actions may erode that buffer too. 'With Musk alienating Republicans, there is no one left to prop up consumer sentiment towards Tesla, which could lead towards a full-scale collapse in brand perception,' said political strategist Evan Roth Smith, co-founder of Slingshot Strategies.
Reuters
06-05-2025
- Automotive
- Reuters
Lamborghini quarterly revenue up 29.6% as hybrid models boost deliveries
May 6 (Reuters) - Italian luxury sports carmaker Lamborghini reported on Tuesday a 29.6% jump in revenue to 895.2 million euros, driven by strong global demand for its new hybrid models, the Revuelto and Urus SE, despite the complex global scenario. Lamborghini, part of Germany's Volkswagen group ( opens new tab, also made an operating profit (EBIT) of 248.1 million euros, up 32.8% from the same period in 2024. Stay up to date with the latest news, trends and innovations that are driving the global automotive industry with the Reuters Auto File newsletter. Sign up here. The carmaker delivered 2,967 cars in the first quarter of 2025, with the Americas showing a 21% increase, and EMEA and APAC regions also seeing growth. EMEA deliveries rose by 7% to 1,368 units, and APAC deliveries increased by 14% to 565 units. CEO Stephan Winkelmann stated that the first-quarter results underscore the strength of the brand, even amid economic uncertainty. "2025 opened with a solid performance, confirming the continuity of a path of sustainable financial growth. Our commitment remains focused on creating lasting value for our stakeholders, maintaining our long-term vision based on economic solidity and environmental responsibility," CFO Paolo Poma said in a statement.
Reuters
05-05-2025
- Automotive
- Reuters
New Tesla sales in Spain drop 36% in April despite EV sales surge
May 5 (Reuters) - Tesla's (TSLA.O), opens new tab new car sales in Spain fell 36% in April from the same month in 2024 to 571 vehicles, registration data released by industry group ANFAC showed on Monday, while sales of electric cars from other brands soared. Over the first four months of 2025, sales of Teslas in Spain fell 17% over the same period a year earlier, while sales of electrified vehicles, a category that includes both fully electric vehicles and hybrids, were up 54%. Stay up to date with the latest news, trends and innovations that are driving the global automotive industry with the Reuters Auto File newsletter. Sign up here. Sales of Teslas have dropped in Europe as the manufacturer owned by billionaire Elon Musk faces increased competition from European and especially Chinese EV brands. Musk's embrace of far-right politics in Europe has also led to protests against him and the company, as well as vandalism at its showrooms and charging stations across the U.S. and Europe. Musk said two weeks ago he would cut back on the time he devotes to the Trump administration and spend more time running Tesla. In Spain, sales of Chinese automakers BYD, MG and Omoda were up 644%, 80% and 346% so far this year, respectively, ANFAC's report showed.
Reuters
05-05-2025
- Automotive
- Reuters
Audi posts Q1 sales increase helped by higher EV sales, confirms outlook
May 5 (Reuters) - Volkswagen's premium brand Audi on Monday confirmed its full-year guidance with the caveat that any impact from U.S. tariffs was excluded, after its first-quarter revenue rose 12.4%, helped by higher sales of electric models. Quarterly revenue rose to 15.43 billion euros ($17.49 billion) in the January-March period, compared with 13.73 billion a year ago. Stay up to date with the latest news, trends and innovations that are driving the global automotive industry with the Reuters Auto File newsletter. Sign up here. The company confirmed its full-year outlook of 2025 revenue between 67.5 and 72.5 billion euros and an operating margin range of 7%-9%. "Financial implications of import tariffs, particularly in the United States, cannot be conclusively assessed," Audi said, adding that implications of a March agreement between Audi's management and the works council were also not yet taken into account for the guidance. While the company delivered 3.4% fewer vehicles globally in the first quarter of 2025, unit sales of electric cars rose 30.1%. In North America, excluding Mexico, Audi's deliveries fell 2.1% to 48,599 vehicles, as many models there are due to be upgraded, the company said. Deliveries in China fell 7% to 144,471 vehicles in the quarter, dragged by intense competition in the local market, the company added. Like other European carmakers, Audi has been dealt a severe blow by the tariffs, which are expected to raise car prices by thousands of dollars and rattle an automobile sector already struggling with high costs and intensifying competition. Audi is among the carmakers most exposed to U.S. import tariffs as it has no factory in the United States. It serves that market through a plant in San Jose Chiapa, Mexico, which makes the popular Q5 model and employs over 5,000 people. ($1 = 0.8824 euros)
Reuters
03-05-2025
- Automotive
- Reuters
Jaguar Land Rover restarts car exports to the US, The Times reports
May 3 (Reuters) - Jaguar Land Rover has restarted shipments of vehicles to the U.S. after pausing them in the face of U.S. President Donald Trump's tariffs, The Times reported on Saturday. The first shipments of JLR vehicles bound for the U.S. for almost a month left Britain on Wednesday, the Times report said. Stay up to date with the latest news, trends and innovations that are driving the global automotive industry with the Reuters Auto File newsletter. Sign up here. JLR, which is owned by India's Tata Motors ( opens new tab, said in April it would pause shipments of its Britain-made cars to the United States for a month as it considers how to mitigate the cost of Trump's 25% tariff on imported cars and light trucks, which came into effect on April 3.
