According to a roundup by the Chinese outlet First Electric (D1EV), Tesla's third-quarter net income fell 43% year-on-year, while Chery signaled openness to partnering with US automakers as it expands into North America. The report also covers EU and Canadian trade measures, Mercedes-Benz's upcoming urban ADAS, and GM's L4 autonomous driving plans.
Tesla's Q3 earnings and capex cut
Tesla reported Q3 revenue of $28.046 billion, roughly flat year-on-year, but operating profit dropped 56% to $718 million, with operating margin falling from 5.8% to 2.6%. Net income attributable to common shareholders was $787 million, down 43% from a year earlier. The company also trimmed its 2026 full-year capital expenditure target from over $25 billion to about $20 billion, a reduction of roughly 20%. Tesla engineering executive Lars Moravy said the company plans to start selling its Cybercab robotaxi to the public by the end of this year, though US federal regulators are investigating whether the vehicle meets safety standards.
Chery eyes North America, South Africa production
Chery, China's largest auto exporter, is considering cooperation with US automakers, according to a company executive cited by Reuters. The executive said Chery is preparing to launch a new brand in Canada early next year and is open to exploring various possibilities, including partnerships with US manufacturers. Meanwhile, Chery has confirmed the first models to be built at its Rosslyn plant in South Africa, with production of the Omoda C4 scheduled to start in the third quarter of 2027, followed by the Jetour T2 and Chery Grootman pickup. The plant is expected to gradually ramp up to an annual capacity of 50,000 vehicles, shifting Chery's South African operations from vehicle imports to local manufacturing.
In other industry news, the European Commission is planning a new trade defense tool that could quickly restrict access to the EU single market in certain cases, potentially affecting the automotive sector. Canada and Ontario announced a C$8.7 billion action plan to support steel and auto industries hit by tariffs, including up to C$2.5 billion in joint investment for Ontario's auto sector. Mercedes-Benz plans to offer its MB.DRIVE ASSIST PRO system in Germany in the first half of 2027, a Level 2 driver assistance system developed with Nvidia that handles lane changes, intersections, and traffic lights, though the driver remains responsible. GM is shifting its autonomous driving strategy toward L4 capabilities for personal vehicles, starting with the Cadillac Escalade IQ in 2028 and expanding to all pickups and SUVs. VinFast's parent Vingroup plans to invest $500 million in an EV plant in the Philippines with initial annual capacity of 200,000 vehicles. French supplier OPmobility reported Q3 revenue of €2.437 billion, up 3.2% year-on-year, and agreed to acquire Hyundai Mobis's lighting business.
