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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…

Nio said to take on VW with cheap EVs for Europe

FRANKFURT -- Nio aims to grab market share from Volkswagen by introducing a model for the European market that will be sold for less than 30,000 euros ($33,060), the company's chairman told Germany’s Der Spiegel magazine. "Yes, in terms of…

Mercedes CEO Kallenius says China key for Germany

FRANKFURT -- Cutting economic ties with China is unrealistic, Mercedes-Benz CEO Ola Kallenius told a German newspaper, and attempting to do so would put most of the country's industry at risk. Europe is trying to reduce its dependency on…