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IN TODAY’S REPORT
⚡ROUNDUP
Key headlines shaping the auto industry this week
⚙️ Corporate & Financial Moves
Rivian grants CEO a $556 million stock package and doubles base salary (Link)
Rivian reports $24M profit in Q3 as R2 EVs approach production (Link)
Rivian’s future now hangs on the R2 — here’s why (Link)
Ferrari’s profits soar despite recent share price dip (Link)
GM and Stellantis secure Department of Energy grants for ICE production upgrades (Link)
Dutch PM says China to resume Nexperia chip exports (Link)
🔋 Batteries, Electrification & Energy
Toyota solid-state EV battery promises 40-year lifespan (Link)
Geely’s Galaxy Starshine 7 PHEV revealed with 165 km electric range (Link)
Volvo EX60 plug-in hybrid nears price parity with ICE models (Link)
Honda to launch sub-$30,000 EV — its most affordable yet (Link)
Lucid confirms more affordable Gravity Touring SUV is still on track (Link)
The VW Amarok won’t get PHEV or BEV variants (Link)
🚗 Products, Launches & Design
Tesla Semi gets refreshed design and improved specs for mass production (Link)
Tesla Semi facelift preps for full-scale production (Link)
Volvo plans to make EX60 cheaper than rivals through local sourcing (Link)
Porsche’s “Tunnel Mode” showcases the brand’s deep understanding of driving joy (Link)
Porsche Macan transformed into a drift monster with an Audi heart (Link)
Bentley’s first electric SUV is coming — but the V8 isn’t going anywhere (Link)
NIO’s Firefly brand teases North America expansion for the first time (Link)
💻 Tech, Software & Infotainment
GM kills infotainment apps across millions of vehicles, proving CarPlay demand’s strength (Link)
BMW adds Alexa Plus for next-gen infotainment and AI voice control (Link)
Cerence showcases AI-driven infotainment and navigation enhancements (Link)
Tesla considering in-house chip production for its next-generation vehicles (Link)
Tesla launches “Multipass” feature expansion across multiple new countries (Link)
Tesla’s “Plan B” for Cybercab adds steering wheel and pedals if regulators require (Link)
🤖 AI, Autonomy & Software-Defined Vehicles
Elon Musk says Tesla’s FSD will allow texting and driving “within two months” (Link)
Tesla shareholders approve Elon Musk’s record-breaking pay package (Link)
Volkswagen and MAN host electric truck event showcasing next-gen platforms (Link)
Jalopnik explains wet vs. dry clutch systems and how they affect performance (Link)
💼BRIEFING
Top insights and analysis that is moving the needle in the automotive industry
Porsche has filed a patent for a “Tunnel Mode” which detects when the vehicle is entering a tunnel and alters vehicle settings accordingly (e.g., dropping a gear, opening windows, activating sport mode or, alternatively, activating noise-cancellation) to enhance or mute the acoustic experience.
The feature is positioned as a way to amplify the driving experience for enthusiasts, not just performance metrics, but emotion and sensory feedback.
I would bet on moves like this over trends like software defined vehicles any day. These kind of features is what adds to the remaining moat of European OEMs like Porsche.
BMW is partnering with Amazon to integrate the new Alexa+ generative-AI voice assistant into its in-car infotainment systems, enabling more natural conversational commands rather than fixed keyword triggers.
Alexa+ supports over 70 large language models and allows interactions to begin elsewhere (e.g., home device) and continue seamlessly in vehicle.
Voice and conversational AI are becoming key differentiators in vehicle user experience and data services. Especially the differentiation on when it works.
The Maranello-based company posted $2.04 billion in net revenue, $439 million net profit for the third quarter, up 7.4 percent year-on-year. Total shipments reached 3,401 units during this period, reflecting consistent global demand for Ferrari’s lineup. The growth was driven by a stronger product mix and increased personalisation choices, both of which remain key earnings drivers for the automaker.
The company reaffirmed its upgraded 2025 outlook, maintaining expectations for at least $8.2 billion in net revenues this year, up from its earlier forecast of just over $8.1 billion. The revised guidance reflects an increasingly favourable product mix, strong personalisation demand and lower-than-expected industrial costs in the second half of 2025. This stability in outlook helped reassure markets after recent volatility.
Tesla is reportedly exploring constructing its own large-scale semiconductor fabrication facility (chip fab) or partnering with a major foundry (e.g., Intel) to secure supply and control costs.
Musk said Tesla’s custom AI5 processor — designed to run its vehicles and robots — uses a third of the power of Nvidia’s Blackwell while costing less than 10%, though “is very much optimised for the Tesla AI software stack” and “not meant to be a general-purpose chip”.
Tesla currently relies on Taiwan Semiconductor Manufacturing Company (TSMC) and Samsung Electronics to make its AI chips at facilities in Asia and the US.
As vehicles become more like computers on wheels, control, cost and security of semiconductors become strategic for automakers. Tesla’s willingness to invest in chip fabrication signals the scale of this shift.
Cerence Inc. claims its AI-powered conversational voice assistant (Cerence xUI) is deployed across more than 80 automakers / Tier-1 suppliers globally, enabling natural voice interaction, multitasking and work-continuation while driving.
Features include hybrid onboard+cloud processing, multi-participant conversations, and integration into work/commute flows (e.g., emails, calendars) while driving.
📈MARKET SNAPSHOT
This week’s key movers in the automotive stock market
💹FINANCIALS
A focused look at recent automotive company financials
Tesla AGM
Tesla AGM 2025 discussion summaries
XAI: A shareholder proposal was presented recommending that Tesla’s board authorize a strategic investment in xAI. The proposal argued that xAI’s integration would enable bidirectional talent flow, supercharge FSD with Grok models, power Optimus, and provide financial returns while maintaining Tesla’s leadership in autonomous intelligence. While the proposal received more votes in favor than against, there were significant abstentions, and the board indicated it would examine next steps given this level of shareholder support.
Cybercab manufacturing system: The Cybercab is Tesla’s first car specifically built for unsupervised Full Self-Driving as a Robotaxi, featuring no pedals, steering wheel, or side view mirrors, and optimized for the lowest cost per mile in autonomous mode. Production is happening at the Texas factory with manufacturing starting in April 2026, and the manufacturing system itself is described as unlike any other car. The vehicle will use Tesla’s 4680 battery cell, the same as used in the Cybertruck and Optimus.
Tesla chip manufacturing: Elon Musk explained that Tesla’s AI5 chip will be manufactured at four locations: TSMC Taiwan, Samsung Korea, TSMC Arizona, and TSMC Texas. Despite Tesla’s partnerships with TSMC and Samsung, and potential discussions with Intel, Musk stated that even extrapolating best-case scenarios from suppliers isn’t enough, leading him to conclude Tesla may need to build its own “Terrafab” a gigantic chip fabrication facility. He described this as potentially a 100,000 wafer starts per month facility that could ultimately be one of ten in a complex reaching 1 million wafer starts per month, emphasizing that Tesla is buying all the chips suppliers can produce but still needs more.
Tesla Semi Tesla plans to start volume production of the Tesla Semi at its Northern Nevada factory in 2026. The company already has many prototype Tesla Semis in operation, with PepsiCo and other companies using them for some time. The Semi factory was mentioned as part of Tesla’s strategy to ensure supply chain resilience, similar to their approach with chips, taking as many cells as suppliers can provide, but making them themselves when suppliers can’t provide incremental units to avoid getting stuck.
BMW Earnings
Earnings, outlook and guidance: Group earnings before tax totaled over EUR 2.3 billion in Q3 and exceeded EUR 8 billion year-to-date through September, representing only a slight decrease of 9.1% compared to 2024, which management considered a notable achievement in the current automotive industry environment. For the full year, the company expects group profit before tax of approximately EUR 10 billion despite significant tariff burdens, with a decrease only in the single-digit percentage range. The automotive EBIT margin guidance was confirmed in the 5% to 6% range, with deliveries expected to increase slightly, while free cash flow guidance was revised down from over EUR 5 billion to over EUR 2.5 billion due to lower earnings and tariff refund timing shifts to 2026.
R&D expenditure: Research and development expenses decreased by approximately EUR 300 million compared to the prior year quarter, with group R&D expenditure totaling EUR 5.9 billion as of September, remaining significantly below last year’s level despite extensive product initiatives and intensive preparations for the first NEUE KLASSE model. The R&D ratio according to German Commercial Code stood at 5.9% after 9 months. Management emphasized that after reaching peak levels in 2024, both CapEx and R&D are being reduced as planned, with the CapEx ratio projected to remain below 6% for the full year 2025.
Tariff: Tariffs had a significant negative impact on BMW’s results, with approximately 1.75 percentage points impact on the automotive EBIT margin in Q3 and 1.5 percentage points through September, representing a full-year anticipated headwind of 1.5 percentage points. The company noted that excluding tariff impacts, pretax profit would have exceeded 2024 figures, demonstrating the material burden of these costs. Additionally, tariffs negatively affected free cash flow through timing effects, as refunds are recognized in EBIT but will be received in cash in 2026 rather than 2025, impacting free cash flow by a high three-digit million euro amount for the full year.
Neue Klasse: BMW unveiled the iX3 as the first NEUE KLASSE vehicle at IAA mobility in Munich two months prior, with production now underway at the new Debrecen plant and customer orders exceeding expectations, with European orders already extending several months into 2026. The iX3 features over 800 kilometers of WLTP range, ultra-fast charging capability up to 400 kilowatts (allowing 370 kilometers of range in just 10 minutes), and is made of one-third secondary raw materials with production at a facility operating without fossil fuels. The next NEUE KLASSE model will be the new i3 (eighth generation 3 Series) launching in Munich in the second half of 2026, with plans to roll out NEUE KLASSE technology across further models including 7 Series and X5, ultimately putting 40 new models and updates with NEUE KLASSE technology on the road worldwide by 2027.
Software, software defined vehicles: The NEUE KLASSE architecture demonstrates BMW’s strength in mastering system complexity, integration and efficiency, allowing integration of local tech stacks from leading Chinese tech players into BMW’s own ecosystem, including solutions from Alibaba Banma, DeepSeek, and Momenta. The iX3 features a fully immersive digital experience with the BMW Panoramic iDrive, offering a whole new level of UI/UX where drivers can intuitively keep eyes on the road while all necessary information is in view. BMW is also the first car manufacturer in Germany to receive approval for driver assistance systems according to UN Regulation for Driver Control Assistance Systems (DCAS), enabling the Motorway Assistant with Level 2 hands-off function in numerous models and countries, with more innovative assistance functions for urban driving to follow.