Global carmakers, from Toyota (TM) and Volkswagen (VWAGY) to General Motors (GM), have fallen further behind Tesla (TSLA) and Chinese rivals to develop critical software to power their vehicles, which threatens to stifle their ability to secure larger profits in the electric vehicle era, Kana Inagaki and David Keohane of The Financial Times reports. The latest ranking of auto groups’ digital performance from consultancy Gartner shows Ford (F), GM, and BMW (BMWYY) make it to the top 10 while the rest at the top include Nio (NIO), Xpeng (XPEV), BYD (BYDDF), Tesla, Rivian (RIVN), and Lucid (LCID). The annual “digital carmaker index” underlines how large players, such as TM and Volkswagen, have struggled to keep pace with the changes.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on TM:
- U.S. to propose ban on Chinese software/hardware in connected cars, Reuters says
- EU new car registrations down 18.3% in August
- EU carmakers risk ‘billions of euros’ in emissions fines, FT reports
- Michigan union members blame Biden EV rules for auto layoffs, NY Post reports
- Toyota Motor Announces Upcoming Cash Dividend