Written By The auto industry has been going through a lot of changes and challenges lately, from the ongoing microchip shortage to the push for electric and autonomous vehicles. Here are the top news and developments in the industry for May 8:
Microchip shortage continues to affect production
The microchip shortage is still a major issue for the auto industry, with many manufacturers reporting production cuts and delays. Some companies, such as General Motors and Ford, have even had to temporarily shut down some of their plants due to the shortage.
Tesla reports strong Q1 earnings
Electric vehicle manufacturer Tesla reported strong first-quarter earnings, with a revenue of $10.4 billion and a net income of $438 million. The company also reported delivering over 184,000 vehicles in the quarter, beating analysts’ expectations.
Ford announces plans for electric F-150 production
Ford announced plans to start production on its electric F-150 pickup truck at its Rouge Electric Vehicle Center in Dearborn, Michigan. The company also revealed that it has received more than 70,000 reservations for the vehicle since it was announced in May 2021.
Volkswagen confirms plans for ID.6 SUV
Volkswagen confirmed that it will be releasing the ID.6, a new electric SUV, in China later this year. The company already has two other electric SUVs, the ID.4 and the ID.5, on the market.
Toyota and Lexus recall vehicles over fuel pump issue
Toyota and its luxury brand, Lexus, recalled a total of 1.84 million vehicles due to a potential issue with the fuel pump. The recall affects various models produced between 2013 and 2020.
Honda extends production cuts due to supply chain issues
Honda announced that it will be extending production cuts at some of its North American plants due to supply chain issues, including the microchip shortage and delays in receiving parts from suppliers.
Stellantis CEO discusses company’s electric plans
In an interview with CNBC, Stellantis CEO Carlos Tavares discussed the company’s plans to electrify its vehicle lineup, including launching 10 new electrified models in 2021 and 2022.
Hyundai and Kia invest in autonomous vehicle startup
Hyundai and its sister company Kia announced a $100 million investment in Silicon Valley-based autonomous vehicle startup, Aurora. The investment will help the companies develop and commercialize autonomous driving technology.
BMW partners with Chinese tech company for autonomous vehicle development
BMW announced a partnership with Chinese tech company Tencent to develop autonomous vehicle technology. The companies will work together to create a computing platform for self-driving vehicles.
Audi unveils new electric vehicle concept
Audi unveiled a new electric vehicle concept, the Skysphere, which features a sleek, futuristic design and advanced technology such as a customizable digital cockpit and a virtual reality entertainment system.
These are just some of the top news and developments in the auto industry for May 8. As the industry continues to evolve and face challenges, it will be interesting to see how companies adapt and innovate to meet changing demands and expectations.
