Second-quarter results down for Volkswagen

German automaker Volkswagen reported a decline in second-quarter profits on Thursday as the group grappled with lower car deliveries and restructuring costs. The 10-brand auto giant made a net profit of 3.6 billion euros ($3.9 billion) between April and June, a 4.2-percent fall on a year ago. Revenues nevertheless rose 4.1 percent to 80 billion euros, Volkswagen said, boosted by a strong performance in the financial services unit. Car deliveries, however, dipped by 3.8 percent to 2.2 million units. Increases in Western Europe and North and South America failed to offset a 19-percent plunge in deliveries in the key Chinese market, where Volkswagen and other carmakers are facing fierce domestic competition.

Higher costs and weaker demand hits BMW figures

BMW posted a drop in net profit for the second quarter on Thursday, dragged down by higher manufacturing costs and weakening demand in key market China. Net profit at the BMW Group — which includes the Rolls-Royce and MINI brands — declined by 8.6 percent to 2.7 billion euros ($2.9 billion) between April and June, on the back of revenues down 0.7 percent to just under 37 billion euros. Car deliveries dipped by 1.3 percent to 618,743 units. Deliveries in China were down 4.7 percent, where cooling domestic consumption and increased competition from domestic brands is hitting European carmakers hard. "In China, in particular, revenues were impacted by heightened competition and weaker consumer sentiment," BMW said. The carmaker said it expected "the economic situation to begin to stabilize" in China in the third quarter.

First shipment to Europe of Leapmotor joint venture

The first shipment of Leapmotor-branded electric vehicles are en route to Europe, scheduled to start sales in nine European countries from September. Models aboard are the C10 and the T03, according to Leapmotor International, a joint venture between Stellantis and Chinese startup Leapmotor. Stellantis CEO Carlos Tavares called the shipment "a landmark moment in this partnership". "I believe that Leapmotor's electric vehicles will be strongly accepted by European customers," Tavares said. Leapmotor's vehicles will expand to the Middle East, Africa, Asia Pacific and South America toward the end of the year. Leveraging the Stellantis distribution channels, Leapmotor International plans to increase sales points for Leapmotor vehicles in Europe to 500 by 2026, from 200 at the end of 2024.

Deal between BYD and Uber aims to boost EV use

BYD and Uber announced a multiyear partnership on Wednesday aimed at bringing 100,000 new electric vehicles to the ride-hailing platform globally. The partnership, starting in Europe and Latin America, will offer drivers discounted pricing and financing for BYD's EVs on the Uber platform. It is to expand to markets in the Middle East, Canada, Australia and New Zealand, the companies said. The two sides will offer drivers discounts on vehicle maintenance, charging, financing and leasing, depending on the market, to support the transition to EVs. The companies added they will work together to integrate BYD's EVs with self-driving technologies onto the ride-hailing platform.

Mitsubishi, Honda and Nissan to form alliance

Japan's Mitsubishi Motors is set to join an alliance between Honda and Nissan, creating a partnership between automakers with combined sales of more than 8 million vehicles, the Nikkei newspaper reported. Mitsubishi, which is 34 percent owned by Nissan, will work with Honda and Nissan to finalize the details of their strategic partnership, adding the three firms intend to standardize in-vehicle software that controls cars. The push comes as Nissan, Japan's third-biggest automaker, has been steadily losing market share in its two largest markets — the United States and China — which together accounted for half of its global sales in the year to March.