Author: Central Desk

Tesla has announced price cuts for its electric vehicles (EVs) in China, in an effort to boost sales and compete with local brands in the world’s largest EV market. According to the company, the price cuts will apply to all Tesla models currently available in China, including the Model 3 and Model Y. The move comes amid growing competition in the Chinese EV market, as local automakers look to take advantage of the country’s growing demand for sustainable transportation. Tesla has faced increased competition from local brands such as NIO, Xpeng, and Li Auto, which have been offering more affordable…

Peugeot is reportedly set to bring its electric vehicle (EV) production to Spain, with the new Peugeot 208 EV expected to be manufactured in the country. This move is in line with the automaker’s plans to electrify its lineup and reduce its carbon footprint. According to reports, the new Peugeot 208 EV will be built at the company’s factory in Vigo, Spain, and will be sold in both European and international markets. The new model is expected to feature a range of electric powertrain options and advanced technologies, aimed at appealing to environmentally conscious consumers. Peugeot is not alone in…

The car wash industry has been experiencing steady growth in recent years due to a rise in demand for professional car washing services. This growth presents investors in 2023 with two options: building a new car wash or purchasing an existing one. Both choices have their own benefits and risks that investors must weigh before making a decision. Building a new car wash provides the advantage of creating a customized facility that meets specific needs and preferences, including selecting the location, design, and equipment of the car wash. Furthermore, it allows investors to utilize the latest technologies and innovations available…

A new study has found that car dealerships’ markups on auto loans contributed to inflation in the US. The study, conducted by researchers at the Center for Economic and Policy Research, found that car dealerships charged an average markup of 1.8% on auto loans, resulting in an average overcharge of $1,818 per loan. The markups on auto loans have been a long-standing practice in the industry, with dealerships typically receiving a commission from lenders for negotiating the loans. However, the study found that the markups were not always disclosed to customers, leading to an unfair and opaque pricing structure. The…

Chinese automakers are set to begin production at a newly built plant in Kazakhstan by 2024. The factory will be located in the city of Kostanay and will be capable of producing up to 50,000 vehicles annually. This move is expected to enhance China’s auto exports and expand its international presence. According to the China Association of Automobile Manufacturers, China’s auto exports rose by 34.2% year-on-year to 724,000 units in the first quarter of 2021, reflecting the strong demand for Chinese vehicles globally. With the new production facility in Kazakhstan, Chinese automakers can tap into the growing Central Asian market…

Argentina has seen a significant increase in the value of its lithium exports in the first quarter of 2023, with a jump of 133% compared to the same period last year. This surge in demand for the metal, which is widely used in the production of batteries for electric vehicles, has provided a boost to the country’s economy. According to data from the Argentine government, the country exported a total of 1,290 tons of lithium in the first three months of 2023, with a total value of $57.5 million. This represents a significant increase from the 557 tons exported in…

Australia is facing a major challenge in its fight for cleaner and more sustainable cars. Major automakers are clashing with the government over emissions standards, as the country tries to reduce its carbon footprint and tackle the issue of air pollution. According to a recent report by 7news dot com dot au, the Australian government is pushing for stricter emissions standards for cars, in order to reduce the country’s carbon emissions. However, major automakers such as Toyota, Ford, and General Motors are pushing back, arguing that the standards are too stringent and would harm the competitiveness of their businesses. The report…

Toyota, the world’s largest automaker, has announced plans to invest USD 338 million in a new hybrid flex car manufacturing plant in Brazil. The plant will be located in Sorocaba, Sao Paulo and is expected to produce approximately 50,000 vehicles per year. This investment will further Toyota’s commitment to producing eco-friendly vehicles and reducing its carbon footprint. The new hybrid flex car will run on both gasoline and ethanol, making it a more sustainable and environmentally friendly option for consumers. The vehicle will also meet the strict emissions standards set by the Brazilian government. Toyota’s move to invest in Brazil…

The Russian government has approved the sale of Volkswagen’s plant in Kaluga to a local company, according to recent reports. The plant, which has been in operation since 2007, has been producing Volkswagen cars for the Russian market. The sale will mark Volkswagen’s exit from the country after more than a decade of operations. The local company that has acquired the plant is reportedly one of Russia’s leading car manufacturers, with a strong presence in the domestic market. The company plans to use the plant to produce its own line of vehicles, as well as continue producing Volkswagen cars under…

Lumi, the Saudi Arabian car rental firm, has enlisted corporate finance consultants to assist with its upcoming public listing. Declared in December of the previous year, Lumi aims to go public to finance its expansion goals. The company submitted its request to the Saudi Arabia Capital Market Authority (CMA) and, earlier this month, obtained approval for its initial public offering (IPO) on the Tadawul exchange, Saudi Arabia’s primary stock market. Although the exact date of Lumi’s debut on the exchange remains undisclosed, it is known that companies with CMA approval have a six-month window to initiate their public share sale.…