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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…