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ICE suppliers face shakeout amid EV transition

Four potential strategies for moving forward were identified in the report: divest from combustion parts and shift to EV production; commit to combustion engine supplies and simultaneously prepare for closure; move to assert dominance as a…

Lear to close 2 Detroit components plants

The move will impact 558 employees, but the company has "offered to transfer and to continue to employ nearly all of the affected employees" at the new plant, according to the letters. The offer applies to UAW Local 155-represented…

Ferrari Q1: Earning rise 27% as wealthy pay more

MILAN -- Ferrari's core earnings rose 27 percent to 537 million euros ($594 million) in the first quarter on increased shipments. Results were driven by sales of the Portofino M, the 296 GTB and the 812 Competizione models, as well as…

Volvo sales rise 10% in April on China demand

STOCKHOLM -- Volvo said on Wednesday that sales increased by 10 percent in April to 51,976 cars, boosted by strong gains in China. Volvo, which is majority-owned by China's Geely Holding, said in a statement that sales in China were up 46…

Porsche profit jumps 25 percent on record sales

Porsche reaffirmed its targets for 2023 of hitting a return on sales of 17 percent to 19 percent on revenue of 40 to 42 billion euros ($44.1-$48.5 billion). Porsche said its return on carmaking was 18.2 percent in the first quarter.…

Stellantis Q1: Sales jump 14% on higher prices

Stellantis said new vehicle inventory was at 1.3 million cars at the end of March, reflecting a return to more normal levels. As supply-chain problems ease, automakers are set to struggle to maintain high prices that have underpinned…