+++ KGM changed its name from SsangYong earlier this year following a takeover by KG Mobility in 2022. Now the relaunched brand has announced a partnership with Chinese giant BYD for the development of future electric vehicles and the use of crucial battery technology. In KG Mobility’s statement, the Korean firm said: “This technical partnership with BYD, renowned for its exceptional technological expertise in electric vehicle battery cells and packs, aims to secure the company’s continued and sustainable growth”. The world’s largest maker of electric cars, BYD produces its own batteries for cars like the Atto 3, Dolphin and Seal, featuring its ‘Blade Battery’ design which utilizes space within the battery pack more efficiently than a traditional pack of lithium ion phosphate cells. KGM has already revealed an all-electric car in the form of the new Torres EVX, which is set to arrive in Europe by 2024. The agreement will allow for battery packs produced in Korea to be integrated into the Torres EVX and an upcoming all-electric pick-up truck (photo). Plug-in hybrid cars will still be under development from KG Mobility, the brand claims, with a Torres-based hybrid due in 2025. KG Mobility CEO Jeong Yong-won said of the BYD partnership: “By expanding the line-up of eco-friendly vehicles through cooperation with BYD for the joint development of next-generation hybrids, KG Mobility has laid a strong foundation for more stable growth”. +++
+++ LAMBORGHINI ’s first 9 months of 2023 closed with excellent numbers, breaking records in terms of sales, turnover and profitability and setting historic milestones for the company. For the first time in the history of Lamborghini, turnover exceeded the €2 billion mark after 9 months; an +5.2% increase compared to the previous year. At the same time the operating result amounted to €618 million, exceeding the level of the fiscal year 2022. Stephan Winkelmann, chairman and CEO of Lamborghini, said: “Our growth path continues, which translates once again into new records for the company and testifies to the farsightedness of our decisions and our ability to adapt to contexts. The Direzione Cor Tauri program will continue in the coming months with an important step, represented by the first deliveries to customers of Revuelto, the first plug-in hybrid in our history”. Paolo Poma, managing director and CFO of Lamborghini, adds: “The results of the first 9 months of the year confirm the excellent work we are carrying out in executing our strategy. Exceeding the operating result for the fiscal year 2022 by September, while simultaneously improving profitability, testifies to Lamborghini’s further growth potential. The expectations for the last quarter propel the company towards the best financial year ever and further strengthen our positioning in the luxury segment”. In terms of deliveries, the record stands at 7.744 cars with a +4.2% increase compared to the previous year. Sales numbers refer almost exclusively to the 2 internal combustion-engined models Urus and Huracan, sold out until the end of production expected in the second half of 2024, after which the range will be fully hybridized. In terms of deliveries in the macro-areas, the 3 regions EMEA, America and Asia Pacific distributed 3.117, 2.728 and 1.899 cars respectively. In terms of individual markets, the United States remains in first place (2.342 cars delivered), followed by Germany (709 units), the United Kingdom (688), the Chinese mainland, Hong Kong and Macau (643), Japan (434), Middle East (370) and Italy (336). The third quarter of 2023 has brought many innovations that demonstrate Lamborghini’s future-focused strategy, with initiatives by the company coinciding with constant growth. In August, during Monterey Car Week the Lanzador concept car was presented as a world premiere: a visionary preview of Lamborghini’s future fourth model line. The Lanzador concept gives an insight into the first fully electric model of the company to be built from 2028. Lanzador sets the course in Lamborghini’s electrification journey, announced in 2021 as part of the “Direzione Cor Tauri” strategy. It is in light of this constant attention to environmental issues that the Sant’Agata Bolognese company, in September, was named among the 2023/2024 Sustainability Champions. This is a prestigious award given by the ITQF (German Institute for Quality and Finance), which every year elects the companies most committed to protecting the environment. Lamborghini’s growth and acceleration in these first 9 months also translates into the number of new dealers opened worldwide. In the third quarter, 4 new dealerships were inaugurated: Sapporo, Lugano, Verona and Budapest, reinforcing the company’s global reach that today sees 182 dealers in 54 markets. Lamborghini also predicts positive results in terms of numbers in the last quarter of 2023, with excellent expectations for goals to be achieved. +++
+++ MAZDA today announced its second quarter financial and sales results, reporting global sales of 616.000 vehicles during the period 1 April to 30 September 2023, up 20% year-on-year. In Europe, sales during the first half of the fiscal year were up 34% year-on-year to 90.000 vehicles, Mazda’s North America sales volumes were up 39% to 251.000 units. In Mazda’s home market, Japan, sales were 82.000 units for the first half of the fiscal year, a 20% year-on-year increase. China, Mazda’s biggest market in Asia, registered sales of 45.000 units, down 8%. For the 6-months period, Mazda reported record highs for the first half, with net sales of €15 billion, up 41% from the prior year, and an operating profit of €847 million. Net income was €706 million*. Reflecting the positive impact of the large products on both sales and profits, including the CX-60 in Europe and the CX-90 in North America, Mazda revised its global sales forecast for the full fiscal year upwards to 1.286.000 units. The forecast for Mazda in Europe is 193.000 units, making Europe the second-largest region for Mazda globally. Mazda forecasts net sales of €31.7 billion, an operating income of €1.6 billion and a net income of €1.1 billion for this fiscal year. Recently, Mazda has announced the establishment of a new Electrification Business Division, centralizing resources to accelerate electrification. Mazda will continue to move ahead with electrification efforts to comply with environmental regulations and steadily working toward carbon neutrality in all Mazda plants by 2035. Mazda will continue to monitor the business environment, the trends of automobile demand in each market where our vehicles are shipped and future development of issues impacting the business. +++
+++ As previously announced, NISSAN intends to launch an electric vehicle with all-solid-state batteries (ASSBs) by 2028. These are being developed in-house and are touted as being a “game-changing technology” by doubling the energy density compared to today’s liquid lithium-ion batteries. In addition, charging times could be cut to a third. The Japanese automaker wants to put ASSBs in all sorts of cars, including high-performance vehicles. That also includes the venerable GT-R, which has been in production since late 2007 if we’re talking strictly about the current R35 generation. In an interview, the company’s global product boss Ivan Espinosa explained weight is the biggest enemy of supercars, and since current batteries are too heavy, Nissan intends to wait for ASSBs to fully electrify ‘Godzilla’. Doubling the energy density would allow the engineers to install a smaller battery that would limit the weight penalty while retaining the 2+2 setup. Espinosa went on to say an electric GT-R would have 2 or 3 or even 4 motors depending on the packaging the development team will want to develop. Four-wheel drive is a given, with one motor driving the front axle and another one powering the rear wheels. Pictured here, the Hyper Force concept introduced last week at the Japan Mobility Show (photo) has a massive 1.360 hp from a pair of e-motors. Nissan is already thinking of a future Nismo version featuring a smaller battery to lower weight even further. Espinosa says the regular model would have a bigger pack for longer range while the spicy derivative would be track-oriented by sacrificing range for extra performance by slimming down the battery. The product boss went on to say an electric GT-R mustn’t become a “super exclusive car,” suggesting pricing should remain (relatively) affordable rather than entering supercar territory. However, the R35 is already way more expensive than it used to be, having gone on sale in the United States for the 2009 model year at just $69.850. For the 2024 model year, it begins at $120.990. Step up to the Nismo variant and you’re paying at least $220.990. With ASSBs still roughly 4 years away, does it mean the GT-R R35 will soldier on until at least 2028? It’s hard to say but I should point out the ageing supercar has already been discontinued in Europe due to noise regulations. It’s also gone from Australia because of new safety standards it cannot meet. As a final note, Espinosa is thinking about a far cheaper electric sports car that Nissan could sell to people in their 20s but this one too isn’t happening anytime soon. +++
+++ The all-electric SSANGYONG TORRES EVX is officially coming to Europe. The South Korean brand (soon to be rebranded as KGM) has announced that it will launch what will be its second electric vehicle onto the European market in the first quarter of 2024. The Torres EVX was unveiled back in March and is already on sale in South Korea, where technical details have been published. The electric SUV is offered with just one powertrain that uses a 73.4 kWh battery and 204 hp electric motor to drive the front wheels. This battery/motor combo is good for a range of around 415 km on the Korean government’s testing cycle, although we expect figures on the European WLTP test cycle to be slightly higher. At 4.715 mm long, 1.890 mm wide and 1.735 mm tall, the Torres EVX is much larger than the brand’s other electric SUV, the Korando e-Motion. It’s also considerably longer and taller than the Skoda Enyaq or Toyota BZ4X that it’s likely to rival, but roughly the same width as both cars. The Torres EVX is actually closer in length to the Tesla Model Y, though not nearly as wide. At least it’s size should provide plenty of cabin space for the Torres EVX to serve as a family car, with SsangYong claiming it boasts a van-like 839 liters of boot space (or 1.662 liters with the rear seats folded down). The Torres EVX designers appear to have taken inspiration from across the SUV market, particularly the Kia Sorento, Land Rover Defender and Toyota Land Cruiser. The front end alone looks like a mish-mash of elements from sources including the new Hyundai Kona and a Jeep Wagoneer, while the wheels could have easily been swiped from the Volvo EX90. Unlike the Torres with an internal-combustion engine that’s already on sale in Belgium (but won’t be coming to the Netherlands), the EVX gets a blanked-off grille and broken up light bar. The all-electric version also does without the red towing hitch covers on the regular Torres, but both versions feature extensive amounts of black plastic cladding on the sides. Inside, the Torres EVX features a dual-screen set-up consisting of a 12.3 inch digital driver’s display and 12.3 inch central touchscreen. The cabin overall is minimalist, with very few buttons to be found anywhere except for on the dual-spoke steering wheel. That means you’ll be adjusting the climate controls using the touchscreen system, which does include Apple CarPlay and Android Auto in case you’re wondering. Dutch pricing and specifications for the Torres EVX have yet to be announced, but it’s currently offered in 2 trim levels in South Korea. Base E5 trim models come with a heat pump, led headlights and daytime running lights, the 2 displays (each 12.3-inch in size), dual-zone airconditioning, powered tailgate, heated front seats and steering wheel, wireless phone charger and numerous safety systems. Meanwhile top-spec E7 cars add leather upholstery, heated rear seats and even more safety tech. I expect the Torres EVX to be priced close to €46.000 in the Netherlands considering that the smaller Korando e-Motion starts from €38.490 and rising to €43.490 euro for a top-of-the-range example. As I mentioned, SsangYong will soon be rebranded as KGM after it was purchased by Korean firm KG Group in 2022, saving it from liquidation. It has 3 more EVs in the works, including an electric pick-up truck that the brand intends to launch by December 2024. That pick-up truck will be based on the Torres EVX, with both vehicles powered by batteries sourced from Chinese giant BYD. +++
+++ STELLANTIS said Tuesday that the autoworkers strike in North America is expected to cost the company around 750 million euros in profits; less than its North American competitors. The Europe-based maker of Jeep, Fiat and Peugeot reported a 7% boost in net revenues to 45.1 billion euros, with production halts caused by the strikes costing the company 3 billion euros in sales through October. The net revenue boost was due to higher volumes in all markets except Asia. Chief financial officer Natalie Knight told journalists that Stellantis’ strike impact was lower than the other Big Three automakers due to its global profile as well as some high-profile cost-cutting measures, calculating the hit at around 750 million euros. GM, the last carmaker to reach a deal to end the strike, reported an $800 million strike hit. Ford has put its impact at $1.3 billion. “We continue to be in a very strong position globally and in the U.S. This is an important market for us, and we’re highly profitable and we are very committed to our future”, Knight said. “But mitigation is core to how we act, and how we proceed”. Stellantis has canceled appearances at the CES technology show in Las Vegas next year as well as the LA Auto Show, due to the strike impact. Stellantis on Saturday reached a tentative agreement with the United Auto Workers Union to end a six-week strike by more than 14.000 workers at its assembly plants in Michigan and Ohio, and at parts warehouses across the nation. Stellantis does not report full earnings for the third quarter, instead providing shipments and revenues. It said that global sales of electric vehicles rose by 37% over a year earlier, powered by the Jeep Avenger and commercial vehicle sales. North America continued to be the revenue leader, contributing 21.5 billion euros, an increase of 2% over last year, and representing nearly half of global revenues. Europe, the next biggest performing region, saw revenues grow 5% to 14 billion euros, as sales rose 11%. +++
+++ The TOYOTA GR SUPRA is set to gain an extreme new high-performance variant, potentially called the GRMN, with a significant increase in power and a tighter, more composed chassis. A new variant of Toyota’s sports coupé was recently spotted testing at the Nürburgring Nordschleife. Clad in camouflage, it wore a new fixed rear wing, as well as a tweaked front bumper fitted with canards and an aggressive-looking lower lip. Under the bonnet, the hot new Supra could go as far as trading the BMW Z4-sourced ‘B58’ straight-6 (which puts out 340 hp and 500 Nm for M division’s tuned ‘S58’ powerplant). That engine, used by the BMW M3 and M4, swaps the B58’s twin-scroll turbochargers for a pair of single-scroll units and features a revised piston design with a larger bore and shorter stroke, as well as stronger internals to support the resultant power boost. The result is a versatile engine with a wide range of outputs: from 460 hp and 550 Nm in the new BMW M2 to 560 hp and 550 Nm in the limited-run BMW 3.0 CSL. Details remain firmly under wraps at this early stage, but should the new car adopt the S58, its 0-100 kph time is likely to be cut well below the current car’s 4.3 seconds. It will receive a revised suspension set-up that positions the car slightly lower than the regular model for keener cornering performance. It sits on track-style 10-spoke alloy wheels and what appears to be a slimmer tire profile than on the current Supra, suggesting there has been a reduction in unsprung mass to improve handling. The brake discs have also been drilled to improve cooling, giving more consistent performance under repeated hard loads, such as on a circuit. The fact that the car is being honed at the Nordschleife lends credence to speculation that a hot new Supra could revive Toyota’s GRMN nameplate, which stands for ‘Gazoo Racing, tuned by the Meister of the Nürburgring’. The badge has only been used in Europe so far, for a supercharged hot version of the previous-generation Yaris. The appearance of the new Supra comes soon after Toyota CEO Koji Sato hinted that the GR performance division will continue to play a core role in the company’s strategy. He said: “The Gazoo brand will be acknowledged for the future, and maybe we can even speed it up”. He also suggested that ex-CEO and keen racer Akio Toyoda, now chairman of the company, will contribute heavily to the development of new GR products. Sato said: “Our ‘Master Driver’ (Toyoda) was also president of the company at the same time as he had a steering wheel in his hand for Gazoo. Now he is only chairman, maybe he will have a lot more time to develop cars for them?” The Supra GRMN could be launched in conjunction with a mid-life facelift of the regular car. The Z4, with which the Supra shares its underpinnings, was subtly restyled earlier this year but received minimal mechanical alterations. +++
+++ In the UNITED KINGDOM , premium brands have shown their importance to the new car market in October with the Mini Hatch, Volvo XC40, BMW 1-series and Audi A3 all appearing in the top 10 best-sellers for the month. Even the Volkswagen Polo supermini has risen up the rankings, highlighting the allure of posh badges is still strong. The Mini Hatch was the second best-selling car in October, behind the Ford Puma, which was the month’s most popular car. The Audi A3 is due a facelift in 2024, but the current model is still performing well with a strong October bumping it into this year’s top 10 best-sellers. Overall, the Ford Puma is looking to improve on its 4th place finish in 2022 by taking the outright lead in 2023. Despite a new facelifted model arriving imminently, last year’s most popular car, the Vauxhall Corsa, is still going strong in third spot. The Tesla Model Y remains the best-selling electric car, in fifth spot year-to-date. The UK’s car sales industry as a whole is returning to form after another month of growth compared to the same time last year. New car registrations have risen almost 20 percent, according to figures from the Society of Motor Manufacturers and Traders (SMMT). After a bumper September thanks to the ‘73’ plate change, 153.529 cars were registered in October; 14.3 per cent up on October 2022, and higher even than 2019, showing the market has now returned to pre-pandemic levels. Fleet sales account for massive growth in 2023, with a 40.8 per cent increase year-on-year. But even with the cost of living crisis and continued economic instability, private sales are up 1.6 per cent year-on-year. The downward spiral of diesel shows no signs of slowing with a 17.1 per cent decrease compared with October 2022. Diesel now has a market share of just 3.9 per cent, down from 5.5 per cent last year. Petrol-car registrations are up 12.9 per cent this year so far, with October backing this trend with a 9.3 per cent increase. Electrified cars (mild-hybrid, plug-in hybrid, and pure-EV) are maintaining their steady growth in 2023. BEV (battery electric vehicle) volumes have risen to 16.3 per cent of new registrations, up from 14.6 per cent in 2022. Plug-in hybrid electric vehicles shot up massively in October by 60.5 per cent with 113.278 PHEVs sold this year so far. +++
