The company introduced its new model last week at Germany's IAA Mobility 2025 fair in Munich.

The T10F, which stands out with distinctive design and advanced features, is available in three variants, with prices between 1.86 million Turkish liras ($49,950) and 2.35 million Turkish liras ($56,550).

The T10F V1 Standard version delivers 335 kilometers range with 52.4 kWh battery power, while the V1 Long Range version offers a range of 623 kilometers. The T10F V2 Long Range has 610 kilometers of range with 88.5 kWh battery power.

All versions have 160 kW (or 218 hp) power and can be charged up to 80% in 28 minutes.

The sedan offers an intelligent adaptive cruise control, as well as an intelligent lane-keeping system and lane departure warning.

Other features include a surround-view camera, blind spot assist, driver attention assist, and advanced electronic stability control as standard on the V2 version, while automatic parking assist is optional.

Togg, which was established in 2018, introduced its first electric vehicle prototype in December 2019, the T10X.

The company started mass-producing the T10X model in 2022 and began deliveries to customers the following year.

The firm will also open pre-orders for both its T10X and T10F models in Germany as of Sept. 29.

Both models have five-star ratings from Euro NCAP — the car safety assessment program.

"Tested in various climate and road conditions, the T10F successfully passed every stage," Togg wrote on US social media company X.

"With its durability, high performance, and advanced technology, the T10F is now closer than ever to hitting the road," it added.

The new model is starting to hit the roads. Pre-orders for the Togg T10F are expected in September, with first deliveries scheduled for the same month.

The T10X will make its debut this year at the Munich IAA Mobility Fair before hitting German roads.

The report noted that Togg holds a leading position in the electric car market in Türkiye, with 17,101 T10X units sold in the first half of 2025, representing a market share of approximately 20%.

The report also said that sales are expected to surpass 30,000 in 2024, exceeding the combined sales of Tesla and BYD.

The report recalled that there are around three million Turkish people living in Germany.

Togg, which was established in 2018, introduced its first electric vehicle prototype in December 2019, the T10X.

The company started mass-producing the T10X model in 2022 and began deliveries to customers the following year.

The company also introduced its fastback T10F model last year, and it is about to receive pre-orders for this model soon.

Togg has not yet officially confirmed the timeline or details of its sales launch in Germany.

The EU is moving forward with its industrial action plan for the auto sector by establishing three large-scale cross-border test sites and regulatory testing zones, as well as increasing the readiness and commercialization of self-driving cars.

As part of its research program Horizon Europe, the EU will allocate €1 billion ($1.1 billion) for the auto sector between 2025 and 2027. The funds will be directed toward boosting demand for zero-emission vehicles, establishing heavy-vehicle charging centers, and expanding financing for charging infrastructure. An additional $2 billion will support battery production and recycling initiatives.

The EU also plans to secure access to critical minerals and expand into new markets through free trade agreements and strategic partnerships. The bloc is currently investigating unfair trade practices and may impose tariffs and other measures on Chinese electric vehicles (EVs) if violations are found.

- EU's green agenda presents opportunity for Turkish auto sector

Cengiz Eroldu, chairman of the Automotive Manufacturers' Association of Türkiye, said the EU is planning to focus on accelerating tech innovation and providing flexibility in decarbonization while working towards ensuring the global competitiveness of the industry with both structural and financial measures.

Eroldu said the EU's green transformation efforts mean both bearing responsibility and a great opportunity for the Turkish auto sector, not only as an environmental compliance issue but also as a strategic transition, noting that the association's members have already taken steps towards producing alternative fuel vehicles.

“Our industry is producing hybrid, battery-electric, and internal combustion engine technologies together in flexible systems—this multi-technology approach will respond to the needs of the domestic Turkish market, but it will also enable us to export to countries with varying regulations, especially in Europe,” he said.

He highlighted that it is important for the supply industry to keep up with the green transformation efforts to achieve its export potential and to ensure the sustainability of the auto ecosystem.

He mentioned that the Turkish auto sector needs to monitor the EU's recent measures against Chinese EVs, as these measures may expand.

Eroldu said vehicles produced and exported from Türkiye to the EU are duty-free due to the Customs Union between the two bodies, allowing Turkish auto exports to the bloc to be registered with the European Community (EC) Certificate of Origin.

“These enable Türkiye to become a potential production and export base for third-country manufacturers, and we can already see traces of this trend with recent investments of Chinese firms, but it is important to monitor the EU's potential to develop various policies on rules of origin even if it may not directly impose tariffs,” he said.

Eroldu noted that for the certificate of origin, some inspection practices and/or additional taxes or financial obligations may be imposed on certain products that are sourced from third countries. He said the EU may impose such policies, emphasizing that manufacturers planning to invest in Türkiye should establish a production system to ensure their products are of Turkish origin.

“It is necessary to use domestic parts and carry out essential manufacturing processes in Türkiye to strengthen our contribution to the supply chain; otherwise, the access of these productions to the EU market may become limited.

“As Türkiye, we see this as an important threshold to attract foreign investment and to increase the sustainability and the strategic contribution of future investments,” he said.

The automaker giant's decision comes as Japan dispatched its Economic Revitalization Minister Akazawa Ryosei to the US for talks on tariffs.

The minister said he was "prepared for talks to protect the national interest."

The Japanese minister will hold talks with US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer.

Akazawa on Tuesday said profits of Japanese companies are dropping every day and the government will work hard to achieve good results as soon as possible.

Earlier, Japanese Prime Minister Shigeru Ishiba said Tokyo “won't compromise” to rush through tariff talks with the US.

The Trump administration has imposed 24% tariffs on Japanese imports, particularly hitting sales of cars, steel and aluminum, but is currently attempting to negotiate with Washington as the US president granted a 90-day reprieve to all nations, except China, hit by his wide-ranging tariffs.

Trump has imposed a base 10% tariff on all nations. Imports from China now face tariffs of up to 245%, according to the White House.

Tokyo has repeatedly urged Washington to exempt Japan from the tariffs.

Separately, a high-ranking Indonesian delegation also departed for Washington on Wednesday to meet US officials as Trump administration imposed a 32% tariff on Jakarta goods.

South Korean Finance Minister Choi Sang-mok is also expected to meet Bessent next week.

"A Chinese company is investing in Samsun, has completed its preparations, and we will see the foundations of this brand being laid in Samsun in a short time," he said after a Cabinet meeting in the capital Ankara.

“In our Cabinet meeting held today, we discussed the 2030 industrial and technology strategy that will strengthen our country's independence in industrial production and technology," he added.

Türkiye is increasingly becoming a hub for Chinese automakers' investments.

Last July, China's BYD, the world's largest electric vehicle producer, signed an agreement with the Turkish Industry and Technology Ministry to set up a factory and make R&D investments in Türkiye worth $1 billion.

The firm's production and R&D plants are expected to create 5,000 jobs in the country and produce around 150,000 units of vehicles annually.

Turkish Industry and Technology Minister Mehmet Fatih Kacir said last October: "BYD will begin production in 2026, and the agreements have been signed. The allocation process for the site at Manisa Organized Industrial Zone (OSB) has been completed. Permit applications for the factory's construction have been submitted,” he said.

An additional investment of $4 billion is planned, while the total size of the deal is expected to be $5 billion, they said.

The joint venture aims create the next generation software-defined vehicle (SDV) architectures to be used in both companies' future electric vehicles, according to the statement.

It is also expected to build on Rivian's software and electrical architecture to create an SDV technology platform, it added. The partnership will allow both companies to lower per-vehicle costs by increasing scale and speeding up innovation.

Both firms aim to launch vehicles benefitting from the technology created under the agreement in the second half of this decade, said the statement.

“The new plant is scheduled to break ground in the third quarter of the year and start production in the second quarter of 2024,” reported China's state-run news agency Xinhua, citing Tesla from a signing ceremony for the project in Shanghai.

According to the report, the new factory will initially produce 10,000 Megapack units every year, equal to around 40 GWh of energy storage. The products will be sold worldwide, it added.

Tesla has a "mega factory" in the US state of California with the capacity to produce 10,000 Megapacks per year.

Last year, reports said that Tesla planned to expand one of its most productive automaking plants, the Gigafactory Shanghai, in an attempt to add an annual capacity of 450,000 units.

The pre-order phase began on March 16 and ended on Monday.

The firm will deliver 20,000 T10X within this year, and a draw will be held on Wednesday to determine those who will receive 20,000 T10X electric cars.

Previously, the firm announced that the number of deliveries in 2023 will be at 12,000 but after the high demand the firm raised the figure to 20,000.

The price of the standard range model T10X is starting from 953,000 Turkish liras (about $50,200) to 1.055 million liras (about $55,600), while the long-range model was priced at 1.215 million liras (about $64,000).

With two different battery options for the 160 kW power (218 horsepower) T10X with rear-wheel drive, buyers can choose between a range of 314 kilometers (195 miles) or 523 km (325 mi).

The first version of the T10X is able to accelerate from 0 to 100 km/h in 7.6 seconds, while the second, for which delivery will start on Oct. 29, can do 0-100 km/h in 4.8 seconds.

The second version also sports an all-wheel drive, featuring 320 kW power (435 horsepower).

The batteries of the Togg T10X can be recharged to up to 80% from 20% in less than 28 minutes at fast-charging stations.

Drivers can also choose from six different color options for the electric vehicle.

The recall includes more than 142,000 Model 3 sedans and almost 293,000 Model Y vehicles, which could be affected by a software issue that stops the rear lights of the vehicles from illuminating, according to China's State Administration for Market Regulation.

Tesla said it will provide software updates to fix the issue, China's top market watchdog noted.

It marks the second recall in one week for Tesla in China after the company announced a recall of more than 67,000 vehicles last Friday, which included Model S and Model X vehicles produced between Sept. 25, 2013, and Nov. 21, 2020, because the battery management systems mistakenly issued warnings such as "maintenance required" and "safe parking" on drivers’ screens.

Tesla also had recalled almost 128,000 vehicles of the Model 3 in China in April due to semiconductor issues that could potentially lead to collisions.

In September, Tesla sold 83,135 vehicles in China, breaking the monthly record for the company's factory in Shanghai, according to China's Passenger Car Association.

According to China's State Administration for Market Regulation, the recall includes Tesla's Model S and Model X vehicles produced between Sept. 25, 2013 and Nov. 21, 2020, reported Xinhua News Agency.

China's top market watchdog said the vehicles' battery management mistakenly issue warnings such as "maintenance required" and "safe parking" on their screen, which may cause cutting off power and lead to unintended collisions in some cases.

The electric car manufacturer will provide free software updates on the recalled vehicles.

Tesla in April recalled almost 128,000 vehicles of Model 3 in China due to semiconductor issues that could potentially lead to collisions.

In September, Tesla sold 83,135 vehicles in the country, breaking the monthly record of the company's factory in Shanghai, according to China's Passenger Car Association.

Attending the opening ceremony of the Togg Gemlik Campus in the northwestern province of Bursa, where the car will be mass-produced, Erdogan took a test drive.

"We are all witnessing the fulfillment of the 60-year-old dream," Erdogan said, adding "Togg is the name of the project that gives us all the pleasure of establishing this common dream for the strong future of our country."

Türkiye's first electric car Togg will hit the roads in the first quarter of 2023, he said, adding when Togg Gemlik Campus reaches full capacity, 175,000 vehicles will be produced annually and 4,300 people will be directly and 20,000 will be indirectly employed.

The president also said that the country has made a deal with one of the world's leading firms for the production of lithium-ion batteries for Togg in Türkiye.

"We will soon be laying the foundation of a battery factory which will be built on 609,000-square-meter (6.5-million-square-mile) land next to the Togg facility," he added.

Global companies have a great interest in Türkiye in terms of electric vehicle investments, Erdogan said, adding that with the support of the Industry and Technology Ministry, the country has been implementing a project that will install over 1,500 fast charging units in all 81 provinces of the country.

"We have issued electric vehicle charging station operating licenses to 54 companies. Togg, with its own brand Trugo, offers 1,000 fast chargers at more than 600 points in 81 provinces," he said.

The Turkish president said citizens will be able to pre-order Togg vehicles as of February 2023.

He also called on the managers of all state and private sector banks to facilitate people so that they can easily buy Togg. "Since we call this vehicle 'Türkiye's car', let's do what is necessary together."

"I hope Togg will take to the roads in many countries around the world as a prestigious Turkish brand in the upcoming period," he said.

"When Togg enters Europe's roads with all these models, what will they say? 'Turks are coming," the Turkish president said.

- Togg

In June 2018, five industrial giants: the Anadolu Group, BMC, Kok Group, Turkcell, and Zorlu Holding as well as an umbrella organization, the Union of Chambers and Commodity Exchanges of Türkiye, joined hands to create TOGG.

TOGG will produce five different models – SUV, sedan, C-hatchback, B-SUV, and B-MPV – until 2030 and own their intellectual and industrial property rights.

In addition to engineering, design and production facilities, Europe's cleanest paint shop will also be located in the Gemlik Campus, where Turkish auto manufacturer Togg’s electric car will be mass-produced.

The car was designed by Italy’s Pininfarina design company, which has created models for Ferrari and California-based electric carmaker Karma.

Togg has chosen advanced lithium-ion battery technology company Farasis as its business partner for the battery. The vehicle is projected to reach 80% charge in under 30 minutes with fast charging.

It will have a range of 300 kilometers to 500 kilometers (186 miles-310 miles).

The track tests showed it will take the car about 7.6 seconds to speed up from zero to 100 km/h with 200 horsepower, and under 4.8 seconds with a 400-horsepower engine.

The vehicle will be constantly connected to the internet via 4G and 5G.

Togg became the first Turkish brand to receive an iF Design Award in 2021, one of the most prestigious design awards in the world, with its C-SUV model.

The indigenous car will also be supported by the government with tax discounts and incentives.

- Erdogan signals Türkiye to continue to test more ballistic missiles

At the ceremony, The Turkish president also signaled that Türkiye will continue to test more ballistic missiles, named the TAYFUN (Typhoon), developed by Roketsan, a state-owned defense giant.

The missile can hit a target at a distance of 561 kilometers (349 miles) in 456 seconds.

"Has anyone seen our Atak and Gökbey helicopters, our TCG Anadolu warship, Hurkuş aircraft, our Akinci, Bayraktar, Anka unmanned aerial vehicles, and our Tayfun missile, here the missiles began to be fired. What did the Greeks begin to do soon after Türkiye test-fired Tayfun (Typhoon) ballistic missile? Tayfun immediately entered their agenda in television broadcasts and newspapers. Just wait, there will be more to come," he said.

Turkish President Recep Tayyip Erdogan rolled out the country's first domestically-produced electric car C-SUV as the country celebrated the 99th anniversary of Republic Day on Saturday.

"This is a 100% national project with us behind the wheel," said Togg CEO Gurcan Karakas, adding: "From the beginning, we have stated that we set out to produce more than a car. At this point, we have managed to build a thriving ecosystem around our smart device."

"In line with our USE CASE Mobility vision, which represents the user-oriented, intelligent, empathetic, connected, autonomous, shared and electric features of our smart device, we have engaged in valuable collaborations to grow the mobility ecosystem and develop new technologies," he underlined.

Karakas said the company has started positioning its brand on the world’s most reputable technology platforms, adding that Togg Technology Campus is "more than a factory" with its functions, smart and environmentally friendly features, and the cleanest paint shop in Europe.

At the opening ceremony of the Togg Technology Campus, Karakas also announced the company's sales strategy for the first time.

"We will bring our smart devices directly to our users and organize sales directly ourselves. We will serve in a hybrid structure that puts the user at the center and blends digital and physical experience," he said.

"In November, we will launch our first touchpoint in Zorlu Center in Istanbul. By 2023, the number of touchpoints will reach 19. Our after-sales touchpoints will be ready at 20 locations in seven regions by the time the pre-order period begins," he said.

- Digital products to be announced soon

Karakas said that as a technology company, they are working on different digital products as well as smart devices, adding: "We will start announcing our digital products very soon. We focus on strategic areas such as mobility solutions, big data, cyber security, fintech, blockchain, gamification, smart grids, and mobility services."

Togg will make its debut in the market in the first quarter of 2023 with the SUV, its first smart device in the C segment, after the completion of homologation tests.

It will produce five different models – SUV, sedan, C-hatchback, B-SUV, and B-MPV – until 2030 and own their intellectual and industrial property rights.

"MotorInvest announces the start of sales of Russian electric vehicles Evolute. These are the first electric vehicles produced in Russia for Russian consumers. The model of the Evolute line – the i-Pro sedan – is already available for purchase from official dealers of the brand," said a company said statement.

The launch of the first Russian mass-produced electric vehicles under the Evolute brand took place at the end of September in the western Lipetsk region.

The i-Pro sedan was the first model to some off the assembly line for sales.

The Evolute i-Pro sedan is equipped with a traction battery with a capacity of 53 kW and a power reserve of 420 kilometers/261 miles (according to the NEDC cycle). The electric motor boasts 150 horsepower.

The car’s price tag starts from 3 million rubles (about $50,000). MotorInvest's dealer network covers nine regions of Russia: Moscow, Saint Petersburg, Nizhny Novgorod, Kazan, Voronezh, Lipetsk, Krasnodar, Rostov-on-Don, and Sochi.

By the end of the year, MotorInvest plans to also deliver the iJoy crossover and the iVan minivan for sales. The models will list at 3.49 million rubles, and 2023 is set to see the i-Jet cross-coupe.

In total, by the end of the year, the company intends to produce 2,000 electric vehicles.

The new owner, AVTODOM company, will be able to attract other companies as production partners to organize joint production at the plant in the Yesipovo Industrial Park in the Moscow region, the ministry said in a statement.

"As a result of the negotiation process, we managed to reach the final stage of an investment deal. It is important that this will ensure the efficiency of the plant, and preserve highly qualified jobs and competencies.

"I would also like to note that after the completion of all approvals, the new owner of the Russian divisions of Mercedes-Benz, AVTODOM, will be able to carry out maintenance of Mercedes-Benz cars sold on the Russian market," the statement quoted Deputy Minister of Industry and Trade Albert Karimov.

According to the Russian daily Vedomosti, the terms of the deal may provide for an option under which Mercedes-Benz will be able to return to the ownership of the plant within a certain time. Earlier, Renault and Nissan companies left the Russian market under the same terms.

Mercedes launched a plant located in the Yesipovo Industrial Park in the Solnechnogorsk district of the Moscow region in 2019.

The declared volume of investments amounted to at least 15 billion rubles (about $245 million). The plant is designed to produce 25,000-30,000 premium cars per year.

According to a joint statement from the two companies, as part of the cooperation to be implemented in 3 stages, the services created for users will be mutually integrated.

The two companies aim to develop joint solutions that will take the user experience to the next level.

"Networked, electrical and autonomous smart devices are becoming new living spaces for us to do our work at home and in the office, and the paths of new mobility and e-commerce intersect at this point," TOGG CEO Gurcan Karakas said.

Users will be able to benefit from the services of both Togg and Trendyol in accordance with the legislation, Karakas added.

"In addition to door-to-door e-commerce, options such as door to Togg smart device, Togg smart device to the address will emerge thanks to the deal," he noted.

Trendyol president Caglayan Cetin said:

"We see this collaboration as Trendyol's direct contribution to the great leap that Togg will bring to our country in the field of technology and digitalization as well as the industrial infrastructure."

The transfer of operations include Nissan's manufacturing and Ramp;D facilities in St. Petersburg, and sales and marketing center in Moscow, which will operate under a new name, according to a statement from Nissan.

"While we cannot continue operating in the market, we have found the best possible solution to support our people," said CEO Makoto Uchida.

The deal followed Nissan's suspension of operations from March in the Russian market amid the war in Ukraine.

All of Nissan's employees in the market will receive employment protection of 12 months, the company said.

Under the deal, Nissan has the right to buy back the business within the next six years.

It will take a one-off impact of nearly 100 billion yen ($686.2 million) from this exit and maintain its full-year guidance, according to the statement.

In May, French automaker Renault transferred its Russian assets to state ownership as France decided to leave the country due to the war.

A South Korean presidential official said President Yoon Suk-yeol received a letter from his US counterpart, who expressed his willingness to continue frank and open discussions about the Inflation Reduction Act (IRA) with Seoul, according to Yonhap News Agency.

The new US law eliminates taxes on electric vehicles assembled in North America, but it excludes South Korean automakers, which Seoul claims will have an impact on the industry.

Biden stated that he is aware of his South Korean counterpart's concerns.

"President Biden's letter was written based on the two leaders' discussions on the IRA during their multiple meetings in New York and London last month," the media outlet quoted the official as saying.

"We assess that by once again expressing his understanding of our concerns through a personally signed letter and by clearly stating the positive role of South Korean businesses, President Biden expressed his commitment to President Yoon to showing consideration to South Korean businesses in the future," the official added.

Global lithium production, in terms of mining, is geographically limited to three major producers in Australia, Chile and China, each with a 52%, 22% and 13% share, respectively.

"The mine needs to be processed and refined into either lithium chemical or lithium hydroxide to be used in batteries and appliances. Around 60% of the refining capacity is in China. Some regions in China have recently experienced power cuts which impacted the lithium refining facilities," Tae-Yoon Kim, a world energy outlook analyst at the International Energy Agency (IEA), said in an interview with Anadolu Agency.

Because of the importance of China in supply chains, he foresees pressure on the refining and processing value chain than the mining side.

Lithium, nickel, cobalt, manganese and graphite are crucial for battery performance, longevity and energy intensity.

-Lithium prices up 62% since beginning of year

According to the IEA, clean energy technologies account for 30% of the global lithium demand. Lithium demand for clean energy technologies is growing at a faster pace relative to other major minerals, and the rapid uptake of EV deployment is forecasted to raise the share to around 75% by 2040.

Accelerating clean transition requires more supply of critical minerals and supply-demand imbalances reflect on prices.

The price of lithium stood at $13,154 per ton on Aug. 31 last year but reached $59,928 per ton on Aug. 31 this year, marking a 355% annual increase.

On Jan. 31 this year, lithium cost $36,962 per ton, but the price has now risen by 62%, supported by robust EV sales.

"The price of lithium is less affected by Russia's war in Ukraine compared to other minerals, but the price increase has remained quite high up to now because of the very strong demand growth from the EV sector and some logistics disruptions in China," Kim said.

Global EV sales reached 6.75 million units in 2021, up by 108% compared to sales in 2020, according to Ev-volumes.com data.

- Lithium demand from EV sector doubles

Lithium demand in the EV sector has almost doubled in a year, from 140 kilotons in 2020 to 270 kilotons in 2021. And according to Kim, this is expected to grow further this year.

"The lithium market is comparatively smaller than other minerals, so any rapid change in demand could make bigger impacts on prices," he said.

Kim elaborated on the two pricing mechanisms used -- the spot market and long term contracts. He explained the difficulty in finding contractual prices as many automakers make long-term contracts to secure supplies and hedge prices.

"Contractual prices are generally lagging behind spot prices. Spot prices may moderate later in the year and in 2023 as new supplies come online. Today's price level is quite high but it is quite difficult to imagine very substantial reduction in prices," Kim said, adding that contractual prices could increase a bit more because of the very high prices witnessed earlier this year.

These high prices, along with the potential uptick in battery prices this year, could impact the speed of growth in EV sales, he said.

"This does not mean it is impossible to reduce battery costs, but the impacts of commodity prices on the total final battery costs are much higher now than in the past. That means if the prices remain high, this could delay or slow down the growth of EVs,” he said.

He also noted that planned projects in Argentina, Australia, the US, Canada and New Zealand are likely to increase the lithium supply globally, tempering higher prices on the market.

Car production in these eight months slipped 3% to 496,302 units, compared to the same period of last year, data from the Automotive Manufacturers Association (OSD) showed.

Commercial vehicle production rose 11% over the same period – 27% for heavy commercial vehicles and 10% for light commercial vehicles.

Between January and August, Türkiye’s automotive market contracted 8% on a yearly basis, the car market saw a decline of 9%, while the commercial vehicle market grew 2%.

In terms of value, overall automotive exports were up 3.7% to $19.87 billion, while car exports decreased 6.5% year-on-year to $5.6 billion this January-August.

In this period, Türkiye exported 591,156 vehicle units, while car exports totaled 339,403 units, according to the OSD.

"Cars accounted for 48.7%, followed by motorcycles 30.3%, small trucks 13.4%, tractors 4.1%, trucks 2.9%, buses 0.3%," according to the Turkish Statistical Institute (TurkStat).

At the end of July, the total number of road motor vehicles registered reached 25.9 million.

In terms of the distribution of trademarks for the new registered cars in July, Fiat took the lion's share with 21.8%, followed by Renault 17.2%, Volkswagen 9.4%, and Dacia 5.7%.

Meanwhile, in the January-July period, compared to the same period last year, the number of registered vehicles went down 4.3% to 693,234 while the number of withdrawn road motor vehicles decreased by 11.1% to 21,257.

Among 322,501 cars registered in the period of January-July, the share of gasoline-fueled cars was 70.2% followed by diesel-fueled cars with 17.5%, electric or hybrid cars with 10.1% and LPG-fueled cars with 2.2%.

"We're hopefully going to hold the official opening of TOGG's Gemlik Factory on Oct. 29," Recep Tayyip Erdogan said at the event in the northwestern province of Kocaeli, adding that the ceremony would also mark the completion of the brand's first mass-produced vehicle.

Noting that TOGG would be on the roads in Türkiye in the first quarter of 2023, Erdogan said: "We'll put Türkiye's automobile at the service of our nation and the world, despite those who say: 'You can't do it, you can't produce it, you can't sell it, even if you do produce it.'"

Established in 2018, Türkiye's Automobile Joint Venture Group (TOGG) introduced the country's first electric vehicle prototype in December 2019.

TOGG aims to produce 1 million vehicles in five different segments by 2030.

Registrations of new passenger cars totaled 4.6 million units in January-June, the European Automobile Manufacturers Association (ACEA) said in a statement.

All of the region’s major markets recorded double-digit drops, with Italy posting the sharpest fall (22.7%), followed by France (-16.3%), Germany (-11.0,and Spain (-10.7%).

In June, new car registrations fell 15.4% annually to 886,510 units, the lowest June figure on record.

Germany posted the strongest decline with 18.1%, followed by Italy at 15.0%) and France at 14.2% and Spain at 7.8%.

Some 357,900 passenger cars and light commercial vehicles were sold in January-June, the Automotive Distributors' Association said in a statement.

Passenger cars accounted for 78% of the sales with 278,282 units, a 10.3% decrease from a year ago, while the light commercial vehicle market narrowed 5.6%, reaching 79,622 units.

In June, the automotive market grew 1% on an annual basis, reaching 80,652.

Passenger car sales hit 64,134 last month, rising 2.9% from the same month of last year.

According to the Association of European Businesses, sales of car and light commercial vehicles decreased 123,110 units to 24,268 last month.

All car brands' sales fell in double digits, while Lexus (99%), Fiat (98%), Volvo and Volkswagen (both 96%) posted largest declines.

In May, best seller car brands were Russian Lada and South Korean Kia and Hyundai.

During the first five months of 2022, sales of car and light commercial vehicles decreased 52% versus the same period last year.

In April, sales also decreased 78.5%.

After the start of the Russian war on Ukraine on Feb. 24, Western countries, especially the EU members and the US, have been imposing sanctions on Russia.

As part of the sanctions, numerous brands in various sectors have suspended or ended their operations in Russia, including automotive firms such as Volkswagen, Renault and Ford.

The country's Automotive Manufacturers Association said total automotive production was 409,903 units in the first four months, including 229,200 units of automobiles.

The automotive sales also decreased by 18% over the same period in the country to stand at 222,574 units, while car sales decreased by 21% to 162,398 units.

Commercial vehicle production dropped by 11% year-on-year in the January-April period, while sales were down by 9% over the same period.

On a quantity basis, the total automotive and automobile exports decreased by 11% and 21%, respectively, during the four-month period, versus the same period last year.

Meanwhile, on a value basis, total automotive exports dropped by 0.2% to $10.3 billion in the four-month period and car exports amounted to $2.9 billion, down by 19%.

The ministry said asset transfer deals were signed between the Renault Group, the Russian Federation, and the Moscow government.

The Moscow government will own 100% of Renault Group's shares in Renault Russia and its 67.69% shares in AVTOVAZ will become the property of the Russian Federation represented by NAMI (the Central Research and Development Automobile and Engine Institute).

The remaining shares of the AVTOVAZ concern will be retained by Rostec.

The agreement provides an option for Renault Group to repurchase its interest in AVTOVAZ, exercisable at certain times during the next six years.

"The transfer of a share of the Renault Group to the state will ensure the preservation of the controllability of AVTOVAZ and the possibility of continuing the operation of the enterprise in conditions, sanctions, restrictions. In this way, we will preserve key competencies, the production cycle and jobs,” said Denis Manturov, Russia’s industry and trade minister.

Russia’s war on Ukraine, which began on Feb. 24, has led to thousands of deaths, millions of people being displaced, and a broad range of sanctions on Moscow, in particular by the EU and US.

It has also spurred an exodus of global firms from Russia, ranging from technology to automotive, energy, retail, and various others sectors.

The stake will go to the Russian government, the Moscow-based automotive institute NAMI, with the possibility of buyback within the next five or six years, Russian Industry and Trade Minister Denis Manturov told reporters.

"Renault is among those who are in talks with us on their withdrawal. Indeed, due to lack of resources to support its activities or operation of its Russian branches, Renault has decided to hand over its stake in Avtovaz and Avtoframosn [Renault Russia]," TASS quoted Manturov as saying.

"Avtoframos [will be handed over] to Moscow as an entity ... But if a company has no opportunity to ensure delivery of components at present, we cannot wait for eternity. We will be forced to find an alternative. This applies to all carmakers who hold back on their decision," he added.

Russia’s war on Ukraine, which began on Feb. 24, has led to thousands of deaths, millions of people being displaced, and a broad range of sanctions on Moscow, in particular by the EU and US.

It has also spurred an exodus of global firms from Russia, ranging from technology to automotive, energy, retail and various others sectors.

"Cars accounted for 50.9%, followed by motorcycles 25.7%, small trucks 13.5%, tractors 5.5%, trucks 3.2%," according to the Turkish Statistical Institute (TurkStat).

In terms of the distribution of trademarks for the new registered cars in March, Renault took the lion's share with 13.8%, followed by Volkswagen 10.0%, Fiat 9.5% and Hyundai 7.8%.

Meanwhile, in the January-March period, compared to the same period last year, the number of registered vehicles decreased by 25.7% to 240,370 while the number of withdrawn road motor vehicles decreased by 14.1% to 10,164.

Among 126,121 cars registered in the first three months, the share of gasoline-fueled cars was 70.4% followed by diesel-fueled cars with 16.6%, electric or hybrid cars with 10.6% and LPG-fueled cars with 2.4%.

The Texas-based firm had a $3.32 billion net income attributable to common stockholders in the January-March period of this year, it said Wednesday.

This marked a whopping 658% increase from $438 million recorded in the same period of last year.

The company had total revenues of almost $18.8 billion in the first three months of 2022, up around 81% from almost $10.4 billion in the same period of last year.

Tesla said it has been struggling with global chip shortages, supply chain issues, and recent COVID-19 outbreaks weighing on its supply chain and factory operations.

"Furthermore, prices of some raw materials have increased multiple-fold in recent months. The inflationary impact on our cost structure has contributed to adjustments in our product pricing, despite a continued focus on reducing our manufacturing costs where possible," the statement noted.

Tesla stock price was up 7.25% in pre-market hours before the opening of the Nasdaq on Thursday.

Production slipped by 13.7% on an annual basis in March, according to a report by the Automotive Manufacturers Association (OSD).

Almost 79,000, or 74%, of all vehicles manufactured were exported -- a 17.5% decline from March 2021.

Turkey generated more than $2.7 billion from vehicle exports last month, down from $2.9 billion during the same month of the previous year.

The country’s overall auto sales market narrowed by 31.8% on an annual basis to 68.245 units over March 2022, the report said.

Passenger car production fell by 23.9% to 57,041 units in March.

Top international automakers – including Ford, Honda, Hyundai, Mercedes, Renault and Toyota – have factories in Turkey, which is one of the world’s top auto sales markets.

A total of 131,874 vehicles were sold across the 27-member bloc last month, data from the European Automobile Manufacturers’ Association showed.

All four of the region’s major markets narrowed – Spain by 23.3%, France 21.4%, Germany 8.1% and Italy by 4.8%.

All categories, except heavy commercial vehicles, saw declines, with the largest drop recorded in sales of vans.

Demand for vans – light commercial vehicles – tumbled 18.2% on an annual basis to 106,899, while there was modest growth of 0.4% in sales of heavy commercial vehicles.

In January and February, commercial vehicle registrations in the EU fell by 13.5% year-on-year to 257,127 units.

"Regarding its stake in AVTOVAZ, Renault Group is assessing the available options, taking into account the current environment, while acting responsibly towards its 45,000 employees in Russia," the company said in a statement on Wednesday.

The move came after Ukrainian President Volodymyr Zelenskyy called on French companies such as Renault, supermarket group Auchan, and DIY retailer Leroy Merlin to pullback from Russia and accused them of sponsoring the "Russian war machine” during his speech at the National Assembly.

Renault had recently resumed production after a halt at the plant in late February citing logistical bottlenecks amid the war.

As the Russia-Ukraine war marks the end of its first month, the civilian death toll has reached at least 977, while 1,594 others have been wounded, according to UN estimates.

"Production in Changchun remains to be suspended tomorrow. In Shanghai, after resumption of production today, we will continue to produce tomorrow." a company spokesperson said on Thursday.

On Monday, the company said that it suspended production at its facilities in China amid a lockdown in the country.

As China's daily virus figures have surged to a two-year high, the country implemented lockdown measures on Sunday under its policy of "zero-COVID."

The Chinese National Health Commission said 3,507 new locally spread cases had been identified in the last 24 hours, up from 1,337 a day earlier.

New car registrations declined by 6.7% year-on-year, hitting its weakest level ever with 719,465 units in February, the European Automobile Manufacturers' Association (ACEA) said in a statement.

Among four major markets, Italy and France recorded double digit losses with 22.6% and 13.0%, respectively. Spain and Germany saw growth of 6.6% and 3.2%, respectively.

In January-February, car registrations in the 27-member bloc declined by 6.4% compared to a year ago to 1.5 million.

The deal was signed as part of the strategic alliance between Volkswagen and Ford, which includes e-mobility, commercial vehicles and autonomous driving.

Employing Volkswagen’s platform over six years starting in 2023, Ford is expecting to double its production to 1.2 million units.

"Profitability and speed are now crucial for finally achieving the breakthrough of e-mobility in Europe. We are tackling both together with Ford,” said Thomas Schmall, who runs Volkswagen's components business.

Also commenting on the deal, Stuart Rowley, chair of Ford of Europe said: "Our strategic alliance with Volkswagen is an important element of Ford’s commitment to offer an all-electric range of vehicles that are uniquely Ford and designed to meet the mobility needs of a modern Europe that is leading the fight against climate change."

Today’s agreement will further accelerate the electrification of the two companies, he added.

In 2019, the two global automakers first announced a broad collaboration on electric and autonomous vehicles.

Such collaborations have become more usual in recent years as automakers handle the costs and resources required to transition to zero-emissions vehicles with higher levels of automation.

Toyota said the decision to suspend operations at its St. Petersburg plant from Friday is “due to supply chain disruptions.”

“The operations at the St. Petersburg plant will be stopped until further notice,” Toyota said, adding that its manufacturing and sales operations “in the rest of Europe will not be affected.”

It also said: “We are also monitoring global developments and will make necessary decisions as required.”

Since it began its operations in 2007, Toyota’s St. Petersburg plant can produce 100,000 vehicles every year. The Japanese automaker has its sales base in Moscow.

Japan’s Honda Motor Co. also suspended shipments of vehicles and motor bikes to Russia, Tokyo-based Kyodo News reported.

Japanese Finance Minister Shunichi Suzuki said Thursday the government will freeze assets held by four more Russian banks.

Tokyo’s move came after the EU decided to exclude seven Russian banks from the SWIFT international money transfer system.

“Japan supports the EU's decision and will firmly implement (sanctions) with other Group of Seven members,” Suzuki said.

The anti-Russia measures taken by Japan are expected to come into effect by April 2.

Escalation of measures against Moscow came as the Russia-Ukraine war entered its second week on Thursday.

Russia's war on Ukraine has been met with international outrage, with the EU, US and UK, among others, implementing tough financial sanctions on Moscow.

Many countries are also supplying Ukraine with weapons and have shut their airspace to Russian airlines and banned Russian state-run media.

Russia and Ukraine are set for a second round of peace talks on Thursday. The first round was held on Monday.

At least 227 civilians have been killed and 525 injured since the start of Russia’s war on Ukraine, according to the UN’s human rights body.

Japan joined its Western allies and imposed sanctions on Russia and promised to accept people fleeing the war in Ukraine.

"We condemn the aggression against Ukraine and follow developments with great concern and dismay," according to a statement by the German carmaker’s spokesperson.

The move came after a number of countries, including the EU, UK, Canada, Japan, and the US implemented a range of economic sanctions on Moscow.

At least 136 civilians, including 13 children, have been killed and 400 others, including 26 children, injured in Ukraine, according to UN figures.

Around 660,000 people have fled Ukraine to neighboring countries, the international body said Tuesday.

The company will resume operations on Wednesday.

The automaker halted its operations across 28 domestic production lines in 14 factories, impacting the output of about 13,000 vehicles, Kyodo News reported.

Its Kojima Industries Corp. in Japan's Aichi prefecture came under a massive cyberattack on Monday which affected operations at all factories.

The Japanese government had last week warned companies to “ramp up countermeasures against cyberattacks amid geopolitical tensions over Ukraine.”

Hirokazu Matsuno, Japan's top government spokesman, urged other companies “to prepare for a heightened risk of such assaults as the Russian invasion of Ukraine continues.”

Officials at Kojima Industries said its “computer server system suffered a virus attack.”

“A threatening message was also found, raising the possibility that it was attacked by ransomware,” it said, adding the police were investigating the issue.

It is probably the first time that Toyota had to suspend all of its domestic plants due to a system failure at a supplier.

The global industry giant had closed in the past but mainly due to parts shortages amid the coronavirus pandemic.

The global rating agency said chip shortages have forced manufacturers, including auto and heavy duty truck makers, to scale back production and it has affected first- and second-tier suppliers.

"Certain supply chain challenges would take longer to resolve such as increasing the production of semiconductor chips and additional investment to expand shipping capacity," it said.

In addition, shipping delays and widespread supply shortages of raw materials and components, such as semiconductor chips, are slowing economic recovery from the coronavirus pandemic, it added.

Fitch said it expects supply chain issues to likely resolve at the beginning of the second half of 2022.

At $14.4 billion, Turkey’s exports globally increased by 45.5 percent from January through June 2021 compared to the same period last year.

Moreover, Turkey exported cars worth $2.3 billion in June 2021 alone, which is up by 16.8 percent compared to last year’s June figures.

Meanwhile, cars exported by Turkey totaled $29.1 billion over the past 12 months (June 2020 - June 2021).

International benchmark Brent crude was trading at $49.81 per barrel at 0620 GMT with a 2.16% decrease after closing Monday at $50.91 a barrel.

American benchmark West Texas Intermediate (WTI) was at $46.84 per barrel at the same time for a 2.36% decrease after ending the previous session at $47.97 a barrel.

Oil prices declined on concerns of a protracted oil demand recovery due to the emergence of a new strain of COVID-19 in the UK.

Several countries, including India, Pakistan, Russia, Jordan and Hong Kong, as well as European countries, suspended travel from the UK, and even started to close their borders with the country to prevent the spread of the new virus said to be up to 70% more transmissible than the original. Some other countries, like Saudi Arabia, Kuwait and Oman, completely closed their borders.

The mutant virus in the UK even overshadowed the positive US relief package developments for people and hard-hit businesses amid the economic slowdown caused by the pandemic.

The US Senate ended months of anticipation late Monday by overwhelmingly approving a $900 billion coronavirus stimulus bill and sending the measure to President Donald Trump to be signed into law.

The 92-6 vote also approves a wider $1.4 trillion spending bill that will fund the US government through September 2021.

Crude oil prices, which are indexed to the US dollar, also came under pressure with the rising value of the greenback.

A total of 61,533 vehicles were sold across Turkey last month, marking a significant rise from 26,234 in August 2019, the Automotive Distributors’ Association (ODD) said.

Passenger cars accounted for 44,372 of the sales last month and LCV sales stood at 17,161, up by 106% and 265%, respectively, year-on-year.

From January to August, Turkey’s automotive market expanded 68.4% on an annual basis to 403,002 units.

Passenger car sales increased 64.2% to 317,394 and LCV sales soared 86.1% to 85,608 in the first eight months of 2020.

The automakers largely shut down their factories and halted production in the first four months of this year to stem the virus’ spread as well as due to a collapse in demand.

Mostly restarting at a slow pace in May, automotive production is expected to ramp up gradually in the second half of the year, depending on consumer behavior and the course of the virus.

Alper Kanca, head of the Automotive Supplier Industry (TAYSAD), said the expected automotive sector revival in 2021, after a contraction this year, will not help it overtake the 2019 levels globally.

"Obviously 2021 will be better than 2020, but there will not be a festive environment, as it will not catch up to the moderate success of last year," Kanca told Anadolu Agency.

According to the latest report by London-based global data firm IHS Markit, global auto sales in 2020 are projected to decline more than 20% year-on-year to 70.3 million units.

Kanca underlined that local shutdowns are expected to result in a similar contraction in Turkey's automotive sector, corresponding to a loss of $5 billion.

"Turkey will wriggle out of this crisis better than its rivals and receive more export orders," he said, owing to its solid performance during the virus crisis (both in business and healthcare), the dynamism of Turkish firms, its proven resilience in dealing with crises, and its export-oriented structure.

Pointing to the structural changes that the sector will face in the post-pandemic era, Kanca projected that countries across the world will place orders in light of the geographic proximity of producers.

There is no country in Europe that can boast the capacity and capabilities Turkey can, he added.

"So Turkey may offer these abilities and skills to a higher number of European customers," he underlined.

- ‘Early maneuvering paid off’

Kanca praised Turkey's fight against the pandemic as doing better than many European countries "as never seen before."

Its “maneuvering at the onset ensured no loss of production and people in the sector," he stressed.

On automotive sales figures in the months since the onset of the virus, Kanca stressed how Turkish overall auto sales market posted an increase, contrary to the shrinkage of the European market overall.

According to the latest data from the European Automobile Manufacturers' Association (ACEA), the EU27 passenger car market saw a dramatic annual drop in registrations of new vehicles this January-March, down 25.6% from same period last year.

In contrast, Turkey's car and light commercial vehicle sales surged 41% year-on-year in the first three months of this year, Automotive Distributors' Association (ODD) data showed. Passenger car sales jumped 45% on an annual basis to 99,630 in the three-month period.

Kanca said by financially hitting the automotive sector at levels unseen since the 2008-2009 recession, the virus led to a loss of customers, the engine of the sector.

Turkey's automotive sector also struggled with a drop in exports as Europe came to a near standstill, as around 75% of vehicles manufactured in the country are exported to the region.

Automotive Manufacturers' Association (OSD) data showed that Turkey's total automotive exports volume saw a 33% annual decline in January-April.

"Domestic demand in Turkey was not enough to offset the collapse in demand from Europe for the automakers," Kanca underlined.

He highlighted that Turkish automotive supply factories did not totally halt production, in order to meet the demand of Far Eastern and South American customers as well as automakers that took up humanitarian projects such as making ventilators.

As all automotive factories reopened in May 11 in Turkey, Kanca suggested that the country should follow in Germany's footstep while ramping up production to full capacity.

"We should pick up the pace looking at Germany, which is a good example for us," he explained.

- Changed behavior, changed sector

Sharing his projections on when the outbreak abates, Kanca said the virus may have a lasting impact on the sector as it leads changes in consumer behavior and investments.

The idea of car-sharing, once expected to be popular especially among young people, may collapse in the short term as people feel less vulnerable to infection in privately owned vehicles.

"For not longer than five years, people who previously relied on public transport may switch to owning small, cheap cars to reduce the risk of infection," Kanca added.

With oil prices plunging to very low levels, investors may scale back funding on innovation, he predicted.

"It seems like investments in electrical vehicles (EV) will drop below projected levels for a few years due to financial strains," Kanca added.

The decline stemmed from the novel coronavirus pandemic's impact on the sector, the Uludag Automotive Industry Exporters' Association noted in a press release.

Due to measures to tackle COVID-19, the automotive sector and suppliers had to halt production in recent months, the press release said.

In April, sector exports to the EU dropped 81% to $377 million, while exports to the UK fell 90.5%, to France 82%, to the US 70%, and to Germany 60%, on a yearly basis.

Car exports dropped 86% to $132 million, while supply industry exports fell 63% to $342 million.

Meanwhile, the country's exports overall were $7.6 billion in the first four months of 2020, down 27% on an annual basis, also showing the worldwide impact of the virus for part of that period.

After originating in China last December, COVID-19 has spread to at least 187 countries and regions. Europe and the US are currently the worst-hit regions.

The pandemic has killed around 257,500 worldwide, with total infections over 3.67 million, while over 1.2 million patients have recovered, according to figures compiled by the US’ Johns Hopkins University.

In Turkey, the virus has infected 129,491 people so far, while causing 3,520 deaths. Over 73,000 people have also recovered.

According to reports published by Turkish media on Wednesday, the car design firm and coachbuilder Pininfarina, an Italian company renowned for designing the iconic Ferraris and Alfa Romeos, has designed Turkey's first electric SUV model.

President Recep Tayyip Erdoğan will test-drive the first prototype of the car on Dec. 14 in the Information Technologies Valley (IT Valley) in the Gebze district of the industry-rich province of Kocaeli, the location the car was produced.

The electric vehicle, which has a 500-kilometer range, offers an augmented reality navigation. It is expected to become available for commercial sales in 2022.

Earlier in August, Turkey's Automobile Joint Venture Group (TOGG) unveiled the first 3D prototype of the car that is based on a 1:4 scale.

The Joint Enterprise Group – comprised of the Anadolu Group, BMC, Kök Group, Turkcell, and Zorlu Holding – reached a milestone on Nov. 2, 2017 as per the protocol signed under President Recep Tayyip Erdoğan’s leadership, the Ministry of Science, Industry and Technology and TOBB.

The company was named “Turkey's Automobile Initiative Group Industry and Trade Co.” Anadolu Group, BMC, Kök Group, Zorlu Holding and Turkcell's shares stand at 19 percent each, while TOBB has a five percent share.

Musk has been promoting the Cybertruck on Twitter and cryptically tweeting out updates to the number of orders the company has received since the launch late Thursday.

After more than 50 interaction on Twitter since the launch, he tweeted "250k" on Tuesday night in an apparent reference to the number of orders.

The company did not immediately confirm the figure after regular market hours.

Tesla opened preorders immediately after the unveiling and allowed potential buyers to book the truck by depositing a fully refundable $100, compared with the $1,000 it charged for booking Model 3 sedans in 2016.

Not all orders translate into sales as many are likely eventually to be canceled and money refunded to depositors. Tesla plans to start manufacturing the truck around late-2021.

The electric carmaker received 325,000 orders for the Model 3 in the first week of bookings three years ago, and the Cybertruck could rival that figure with two days still to go for its first week of preorders.

The truck, made of stainless steel used in rockets and priced at $39,900 and above, failed to impress Wall Street last week after its "armored glass" windows shattered in a launch demonstration and analysts argued the design would not have mass appeal.

Video: Bulletproof windows on new Tesla Cybertruck shattered during Musk’s durability demo

"UGLY"

Online critics also made fun of the space-craft style look.

"I wish Elon Musk hadn't blocked me on Twitter after I said his Mars colonization idea was dumb, so I could tell him how ugly his new #Cybertruck is," tweeted author @MarkDice, who has 1.5 million YouTube followers.

"Just make a normal truck," added another user.

With a starting price of $39,900, the Cybertruck takes aim at the heart of Detroit automakers' profits, while drawing familiar support from Tesla watchers online.

"Yes, it looks like a retro version of the future. It's supposed to. The incredibly simple body lines will lead to incredibly simple manufacturing, while keeping the focus on its performance," said @AElchamaa.

"Electric power-trains are not cheap, but this truck is giving you a lot of it for its money."

To show off the robust design of the new pickup, Musk asked von Holzhausen to take a sledgehammer to the side of the vehicle, whose exterior will be made from the same stainless steel used in the Starship rocket developed by Musk's SpaceX aerospace company.

The crowd cheered when the hammer bounced off the surface without leaving a mark.

But the supposedly tough windows shattered with just one hit.

"Never demonstrate something in a live audience, that you haven't tried repeatedly backstage," wrote another Twitter user, @DrBenH.

JP Miller, CEO of Paul Miller Ford in Lexington, Kentucky, sells an average of 100 new Fords a month, around 40% of which are pickup trucks. Many of them are work trucks and Miller said when watching Tesla's unveiling on Thursday night he could not see any of his customers wanting a Cybertruck.

"I have to say, I was a little confused," Miller said. "Pickup trucks are critical for building America and I couldn't see how that could apply to Tesla's truck."

"146k Cybertruck orders so far, with 42% choosing dual, 41% tri & 17% single motor", Musk said in a tweet, adding separately that the orders were achieved without any advertising or paid endorsements.

The launch of the Cybertruck pickup suffered a setback when its "armored glass" windows shattered in a much-anticipated unveiling. The overall look of the electric vehicle had worried Wall Street on Friday.

At the launch, Musk had taken aim at the design, power and durability of mainstream trucks, only to be shaken when the windows of Tesla's new vehicle shattered while being tested.

The blunder overshadowed the launch, which was live-streamed from Los Angeles and made #cybertruck a trending word on Twitter.

Some Wall Street analysts praised the launch, but others doubted the futuristic design's mass appeal.

With a starting price of $39,900, the Cybertruck's angular body in gun-metal gray resembles an armored vehicle. Its website shows that an immediate payment of $100 is required to reserve an order for the Cybertruck.

Tesla plans to start manufacturing the truck around late 2021.

The U.S. pickup truck market is one of the world's most profitable vehicle segments and is dominated by Ford Motor Co , General Motors Co and Fiat Chrysler Automobiles NV (FCA) .

PRICING

Ferrari is set to slow down the roll-out of new vehicles in the coming years and Mediobanca analyst Andrea Balloni predicts more moderate growth in deliveries after a 10.2% increase in 2018 with a high single-digit figure expected in 2019.

"We'll see more sustained growth in Ferrari average selling price," the Milan-based analyst said.

"The real challenge for Ferrari is how far it will be able to push price increases in the coming years".

Ferrari does not change the selling price during a model's life-cycle, normally four to five years. Prices increase only through the introduction of new models, which, in Ferrari's philosophy, always mean better performance than previous ones.

Waiting lists for a Ferrari may be up to 2-1/2 years.

Analysts at Morgan Stanley said last week that they saw Ferrari showing sustainable growth, especially in China, with strong pricing power driving higher average sales prices "and in turn support an increase in margins across its model launches".

Ferrari would continue to return capital to shareholders, Morgan Stanley said, adding his might provide further support to its shares, which have more than tripled in value since they were listed in Milan in January 2016. ($1 = 0.9063 euros)

MORE DATA PLEASE

The German city of Hamburg, for example, started a three-year pilot project this month with Siemens to pre-emptively identify overloads on transformers and along cables, and manage EV charging points accordingly.

"Loading processes offer so much flexibility that the overload on the networks can be reduced by deferring loading times or reducing the load that is supplied," said Thomas Werner, expert at Siemens Digital Grid.

"This happens through the digitisation of hardware and software and with communication technology," he said.

Using software to help protect ageing power networks from predictable surges could also avoid costly hardware upgrades to parts of the 1.7 million km of distribution grids in Germany.

With few than 100,000 electric-only cars in Germany at the moment, there is little threat of blackouts from over-demand. But the Transport Ministry in Berlin envisages up to 10 million electric cars on the roads by 2030.

The number of charging points across the country also only stands at 21,000. That's up 50% over the last year but still barely a fraction of future needs.

Next up for Netze BW is a trickier test.

Managing the power for 10 households with electric cars in a suburban street of 22 homes is one thing, now the power company is launching a study of car charging behaviour in an apartment block with 80 flats, where quarrels over access are likely.

It is also looking at a study in rural areas, where the longer cables required present challenges in maintaining stable voltages for charging.

But that's still only part of the story. Lossau said power companies would have to work more closely with carmakers to fill knowledge gaps and exchange information.

"It can only work if we get more data from each other."

In May, the company had announced that it is cutting 4,800 jobs from its global workforce of around 139,000.

“Nissan [is] hit by weak sales of its cars in the U.S. market, and the Japanese automaker has projected it will nearly be halved in fiscal 2019,” according to Kyodo news agency.

Last year, former Chairman of Nissan Carlos Ghosn was arrested for corruption triggering internal restructuring and review of its relations with Renault SA -- its biggest shareholder.

The last balance sheet for January-March financial period of the company also showed loss in its annual profits, first time in last nine years. The latest earning figures of the company for the April to June period will be released on Thursday.

Based in Yokohama, south of Tokyo, the company is expected to announce the cuts on Thursday, which include voluntary retirement options.

The group is also reviewing the business policy of Ghosn who had formed a three-way alliance also involving Mitsubishi Motors Corporation.

“Some factories in South America and other regions where Nissan has low profitability are likely to be subject to the reduction plan, while it may try to streamline output in Japan,” according to Kyodo.

In May, the company had announced that it is cutting 4,800 jobs from its global workforce of around 139,000.

“Nissan [is] hit by weak sales of its cars in the U.S. market, and the Japanese automaker has projected it will nearly be halved in fiscal 2019,” according to Kyodo news agency.

Last year, former Chairman of Nissan Carlos Ghosn was arrested for corruption triggering internal restructuring and review of its relations with Renault SA -- its biggest shareholder.

The last balance sheet for January-March financial period of the company also showed loss in its annual profits, first time in last nine years. The latest earning figures of the company for the April to June period will be released on Thursday.

Based in Yokohama, south of Tokyo, the company is expected to announce the cuts on Thursday, which include voluntary retirement options.

The group is also reviewing the business policy of Ghosn who had formed a three-way alliance also involving Mitsubishi Motors Corporation.

“Some factories in South America and other regions where Nissan has low profitability are likely to be subject to the reduction plan, while it may try to streamline output in Japan,” according to Kyodo.

Since 2015, the German car making group has paid more than 27 billion euros to settle investor and consumer lawsuits as well as regulatory fines and remedies tied to resolving excessive emissions levels in its diesel cars.

In 2020 Volkswagen Group will see costs of about 1 billion euros related to emissions cheating, Witter told the paper.

VW is sticking to plans for listing its trucks business in 2019 and continues to see growth potential in China, the world's largest car market, Witter said.

Citing internal documents from investigators, German weekly Bild am Sonntag reported that Poetsch, VW's finance head at the time, learned about the carmaker's violations of the rules in late June 2015.

The paper cites a confidential presentation from the VW legal department, available to investigators in proceedings about the carmaker's alleged market manipulation.

According to the report, a presentation dubbed "Sacramento" and dated June 24, 2015, stated that U.S. emissions rules were being violated and that the company may also have breached its supervisory obligations.

The paper also reported that, according to testimony from a leading VW lawyer, referred to as "witness P.", Poetsch received the presentation on June 29, 2015. He was also informed then that 600,000 vehicles in the U.S. were affected and that the financial risk for VW stood at 35 billion euros ($39.8 billion).

Volkswagen said in a statement on Sunday that it had been aware of the allegations for some time.

"The presentation by the witness P. is emphatically rejected as inaccurate."

The diesel issue was the subject of a number of discussions with Poetsch in the summer of 2015, Volkswagen said.

"However, none of these discussions had the content and quality which could have made capital markets law relevant for Mr. Poetsch."

Volkswagen added that until the publication of the Notice of Violation by the U.S. authorities on September 18, 2015 it did not have sufficiently concrete indication of a situation that could be share price sensitive.

Poetsch became VW chairman shortly after the "Dieselgate" scandal broke in 2015.

Plaintiffs in a market manipulation lawsuit in Germany say Volkswagen failed in its duty to inform investors about the potential financial implications of the emissions test cheating, which has so far cost the company 27.4 billion euros in penalties and fines.

The company has argued it did not inform investors of the issue because it did not want to endanger the chance of reaching a settlement with the U.S. authorities.

German government, carmakers close to diesel deal

Scale Effects

Carmakers are demanding increased public investment in recharging networks - which may yet awaken mass demand.

Economies of scale should also bring some relief. But lithium-ion batteries, which claim 40 percent of an electric car's value, face global cobalt and nickel shortages that will pull the other way, inflating costs as production volumes rise.

Perhaps more critically, generous government sales subsidies are unlikely to survive much growth. In markets where incentives have been dropped, electric car sales have fallen.

Renault is discounting its recently upgraded Zoe in the UK market with a 5,000 pound ($6,500) trade-in bonus, in addition to the government's 4,500 pound plug-in incentive.

French rival PSA will price its new rechargeable hybrids to match diesel leasing rates, programme director Olivier Salvat told reporters on a recent factory visit - adding that the carmaker aimed to avoid losing money on each vehicle sold.

"We don't launch vehicles with negative operating margins," Salvat said.

German luxury carmakers including Volkswagen Group, which includes Audi and Porsche, could put up with losses on electrified vehicles if it enables them to keep selling their biggest earners, upscale SUVs and large sedans.

That would leave mid-market competitors such as PSA and Renault, which can ill afford to sell large volumes of electric cars below cost, in a tougher bind.

"In electromobility you have to be a cost leader," BMW research and development chief Klaus Froehlich told Reuters.

"If you are not a cost leader you will not survive."

($1 = 0.7675 pounds)

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