Luxury Car News

Recent industry report about Luxury Car company news, including latest market trends and industry updates in 2024. This sector news is compiled by Mordor Intelligence™ Luxury Car Market industry experts.

Luxury Car News

  • November 2023: Nio revealed the launch of a major product on Nio Day in December. It was a CNY 1 million (USD 140 thousand) luxurious electric sedan to compete with the Maybach S class in China.
  • September 2023: Toyota Motor Corporation unveiled a new luxury Century model. The new model was to be launched by the end of 2023. The new model of the Century would be fully customizable on a global basis.
  • January 2023: BMW launched its much-awaited i7 sedan in India. Based on the flagship 7-Series, the i7 would go up against Mercedes Benz’s EQS, which was introduced in 2022. While Mercedes Benz has localized the assembly of its EQS sedan, BMW will introduce the i7 as a fully built-up unit (FBU).
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January 2024: HummingbirdEV planned to establish a micro-factory in the United Arab Emirates for its zero-emission commercial vehicles. Initially, the company will address the increasing need for mid-mile and last-mile vehicle operations in the region, including refrigerated trucks. This move aims to contribute to the growing demand for environmentally friendly transportation solutions.

July 2023: Lecitrailer, Carrier Transicold, and VALX joined forces to launch a new refrigerated semi-trailer, combining their expertise to deliver a high-performance, energy-efficient, and environmentally friendly solution for the cold chain transportation sector. This innovative collaboration showcases the companies' dedication to advancing technology and sustainability in the industry.

November 2022: Daikin unveiled its new monoblock refrigeration solution at Gulfood Manufacturing 2022. This cutting-edge technology promises to optimize energy consumption and contribute to a more sustainable food supply chain.

October 2022: Daikin expanded its presence by launching a new factory in Saudi Arabia. The state-of-the-art facility will contribute to the company's growth and support the regional demand for advanced cooling solutions.

March 2022: TFMO, a leading French transport and logistics company, equipped one of its plug-in hybrid trucks with Carrier Transicold's all-electric refrigeration solutions. This innovative move demonstrates TFMO's commitment to reducing its carbon footprint and promoting sustainable transport solutions in the cold chain industry.

  •       In July 2023, GORICA, a Dubai-based trailer manufacturer, announced its plan to expand its refrigerated transport range to the Kingdom of Saudi Arabia. The company is already present in the Saudi transport industry but has extended its goals to capture the perishable goods transportation market.
  • In October 2023, HUABON THERMO's HT-380 refrigeration units were shipped to Saudi Arabia to set new standards in the refrigeration industry. The unit is designed specifically for fresh and frozen cargo and is tailored to efficiently cool refrigerated truck boxes ranging from 16 to 22m³ in volume.
  • • January 2024: Patrick Industries agreed to acquire a supplier for Powersports Original Equipment Manufacturers (OEMs). The acquisition will expand Patrick Industries' presence in the Powersports market, offering innovative solutions to OEMs and enhancing their product offerings.
  • January 2024: Patrick Industries Inc. signed a definitive agreement to acquire Sportech LLC, a move that will further strengthen its position in the Powersports market. The acquisition will enable Patrick Industries to offer an even wider range of products and services to Powersports OEMs, bolstering its presence in the industry.
  • March 2023: Polaris introduced Polaris Xchange, the first OEM-supported marketplace for Powersports. This platform aims to streamline pre-owned Polaris vehicles' buying and selling process, providing customers with a convenient and secure way to trade in or purchase used vehicles.
  •         October 2023: Cardo Systems, a leading provider of wireless communication systems for Powersports enthusiasts, partnered with 509, a renowned Powersports apparel brand. This collaboration aims to integrate Cardo's communication technology into 509's helmet line, offering riders an enhanced communication experience while maintaining the brand's commitment to high-quality apparel.
  • December 2023: Carpla, one of the leading car trading platforms, expanded its services for buying and selling used cars in several areas of the country, such as Hanoi, Da Nang, Ho Chi Minh City, and Binh Duong.
  • May 2023: The new Mercedes-Benz Vietnam Star Hoan Kiem showroom, one of the top authorized dealers of new and pre-owned Mercedes-Benz cars, was inaugurated in Vietnam.
  • November 2023: TVS announced the launch of the TVS NEO AMI across all TVS partner showrooms in Guinea, Mali, the Ivory Coast, Burkina Faso, Togo, Ghana, Senegal, Benin, Nigeria, the DR Congo, the PR Congo, Chad, the Central African Republic, and Niger. The model consists of a well-tuned 124.8 CC 4-stroke 3-valve single-cylinder with an air-cooled SOHC (single overhead camshaft) fuel-injected engine.
  • August 2023: After having received new financing of USD 63 million, African startup Spiro announced its plan to expand its leasing of electric scooters and motorcycles to Kenya and Uganda. The company was already present then in Benin, Togo, and Rwanda.
  • March 2023: TVS Motor Company launched six new two-wheeler products in Ghana. The seven new products include Bebek - TVS Neo NX, three variants of the TVS HLX series (TVS HLX 125, TVS HLX 150 & TVS HLX 150X), and the TVS Apache 180. The products are designed specifically for the demands and requirements of the African market.
  • October 2023: Four Seasons launched service to the ocean with the launch of Four Seasons Yachts, projected to sail in late 2025.
  • January 2023: Accor announced the launch of the world's largest luxury sailing ship in 2026. The megayacht will have 54 suits.
  • March 2024: The National Park of Boston in the United States announced the call for bids for food truck vendors to operate at the Charlestown Navy Yard through a Request for Bids (RFB) proposal. The administration is willing to lease two spaces identified by the National Park Service (NPS) as suitable for mobile food and beverage vending in the Charlestown Navy Yard at Boston National Historical Park. Further, the administration stated that the minimum rent for the lease is USD 40 per shift per day.
  • April 2023: Aggie Campus Basic Needs Center, Student Housing and Dining Services, and the Division of Student Affairs announced a partnership to launch a food truck brand, AggieEats, to address food insecurity among students at the University of California, Davies, in the United States. The food truck operates in four locations: East Quad, Student Health and Wellness Center, Storer Hall, and West Village, and are open on weekdays between 11:00 am and 2:00 pm.
  • BMW is gearing up to launch the BMW iX5 Hydrogen, part of the trio of hydrogen-powered vehicles hitting BMW dealerships in mid-2024.
  • March 2024: the Ministry of New and Renewable Energy (MNRE) in India planned to convene discussions with relevant stakeholders to address challenges related to high-pressure storage cylinders for green hydrogen. This decision follows concerns raised by manufacturers of commercial vehicles, including heavy-duty and long-haul trucks, hindering the adoption of green hydrogen as a sustainable transport fuel.
  • March 2024: Viritech introduces the 60kW VPT60N Ready to Run Vehicle Powertrain, a comprehensive powertrain solution for OEMs, Tier-1s, and research bodies, facilitating the swift deployment of hydrogen fuel cell electric vehicles.
  • March 2024: General Motors embarked on a hydrogen fuel-cell project for medium-duty commercial vehicles, supported by federal government funding.
  • January 2024: Stellantis Pro One expanded its hydrogen fuel cell offering by initiating in-house production for mid-size and large vans in Europe.
  • In January 2024, ABB and Electric Vehicle Infrastructure Co (EVIQ) achieved a milestone in the Middle East's electric vehicle transition by installing the first ABB Terra 360 chargers for public use in Saudi Arabia.
  • In October 2023, Saudi Arabia's Public Investment Fund collaborated with the Saudi Electricity Company (SEC) to launch an electric vehicle infrastructure company, further signaling the kingdom's commitment to advancing its electric mobility initiatives.
  • In June 2023, Saudi Arabia inked a substantial USD 5.6 billion deal with Chinese electric and self-driving car maker Human Horizons. The agreement encompasses the development, manufacture, and sale of electric vehicles, representing a significant portion of the total USD 10 billion investment.
  •  Canoo Inc. (GOEV) announced a collaboration with GCC (General Contracting Company) Olayan in January 2023, marking plans for the sales, service, and distribution of its EVs in Saudi Arabia. Additionally, a joint venture is in the works, aiming to co-develop a "digital vehicle ecosystem" for local assembly and EV manufacturing.
  • In November 2022, Siemens entered into an agreement to supply ultra-fast EV chargers to Electromin, expanding its charging network in Saudi Arabia and outlining plans for broader EV services and infrastructure development across the Middle East.
  • August 2023: Cazoo, the British online auto marketplace, released positive financial results for the second quarter and first half of 2023. This comes after the strategic decision to exit European businesses, focusing exclusively on its home turf in the United Kingdom. The move appears to have yielded favorable outcomes, contributing to the upbeat financial performance reported by Cazoo during this period.

Luxury Car Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)