Reuters

2 min read

U.S. consumers borrowed more for longer in the first quarter of 2021 so they could drive more expensive trucks and sport utility vehicles, according to a new Experian study of auto credit market trends.

At the same time, average credit scores for consumers who financed new and used vehicles are higher, and delinquency rates are lower, indicating a healthy auto credit market overall, the study found. Experian, an information services company, gathers data on consumer and business credit and generates credit scores, among other services.

Continue reading “U.S. consumers borrow more for longer to drive trucks and SUVs”

Sudarshan Varadhan

Reuters 3 min read

Ford Motor Co (F.N) said it will halt production at its car plant in India’s southern state of Tamil Nadu after workers staged a lunchtime sit-in protest on Thursday, demanding leave and health benefits, as the country battles the coronavirus.

The automaker will stop work at its Chennai plant on Friday and Saturday as it continues to engage with the union on other health and safety demands, Ford said in a statement.

Continue reading “Ford halts southern India plant production as pandemic surges”

John O’donnell, Brenna Neghaiwi

Reuters 4 min read

Exasperation with Credit Suisse following a string of scandals is prompting Switzerland to rethink a system in which top bankers have been largely untouchable.

Credit Suisse’s heavy losses from the collapse of family office Archegos and the decimation of billions of client investments backed by insolvent British financier Greensill have angered regulators and triggered a rare discussion among lawmakers about fining bankers.

Continue reading “Credit Suisse scandals prompt Switzerland to think unthinkable: punish bankers”

Reuters

2 min read

Nissan Motor Co (7201.T) will partner with China-based battery maker Envision AESC group to build new battery plants for electric vehicles in Japan and United Kingdom and will invest over 200 billion yen ($1.82 billion), Nikkei reported on Friday.

The Japanese automaker will start turning out batteries in two new plants as early as 2024, aiming for total capacity sufficient to power 700,000 EVs per year, the report said.

Continue reading “Nissan to set up EV battery plants in Japan, Britain – Nikkei”

Svea Herbst-bayliss, Jennifer Hiller

Reuters 6 min read

Last December, when a week-old hedge fund named Engine No. 1 challenged Exxon Mobil to change its ways, laughter echoed through Wall Street circles, from the fund’s name that recalled a famous children’s book to its tiny, then-$40 million stake in what was once the world’s largest publicly traded company.

Just six months later, the fund delivered a massive blow that rippled throughout the oil-and-gas industry. Engine No. 1′s campaign forced Exxon to accept new board members who could bring about a reckoning over its business strategy and confront the risk of global climate change that many investors say Exxon has long been reluctant to address.

Continue reading “The little engine that could, and the oil giant that couldn’t”

Reuters

4 min read

German police are investigating whether a fire that broke out overnight at the construction site of Tesla’s first European gigafactory had a political motive, after far-left activists claimed responsibility.

The fire at Gruenheide in the eastern state of Brandenburg early on Wednesday morning damaged several power cables leading to the Tesla site and an area of around 3 square metres, said a spokesman for the LKA state criminal investigation office.

Continue reading “German police investigate possible arson at Tesla site”

David Shepardson

Reuters 4 min read

The U.S. Senate Finance Committee advanced legislation on Wednesday that would boost electric vehicle tax credits to as much as $12,500 for EVs that are assembled by union workers in the United States.

The bill would limit tax credits to vehicles with a retail price below $80,000 to qualify for the tax credits. The current maximum tax credit is $7,500 with no maximum price and currently phases out for individual automakers once they hit 200,000 total EVs sold.

Continue reading “U.S. Senate panel advances EV tax credit of up to $12,500”

Gilles Guillaume, Heekyong Yang

Reuters 3 min read

Hyundai Motor Group will slash the number of combustion engine models in its line-up to free up resources to invest in electric vehicles (EVs), two people close to the South Korean automaker told Reuters.

The move will result in a 50% reduction in models powered by fossil fuels, one of the people said, adding the strategy was approved by top management in March.

Continue reading “EXCLUSIVE Hyundai to slash combustion engine line-up, invest in EVs – sources”

Reuters

2 min read

China’s electric vehicle maker Li Auto expects sales to reach 10,000 cars a month from September and will expand its sales network, executives said on Wednesday.

Li Auto President Shen Yanan said Li Auto, which has only one model, expects monthly sales of its facelifted Li ONE extended-range electric sport-utility vehicle model to nearly double by September. It sold 5,539 cars in April.

Continue reading “China’s EV maker Li Auto expects monthly sales to reach 10,000 cars in Sept”

Reuters

3 min read

General Motors Co (GM.N) said on Tuesday the United Auto Workers union is “well positioned” to represent more than 2,300 workers at new U.S. joint venture battery plants with Korea’s LG Chem (051910.KS).

The UAW said it looks forward to starting discussions with GM on the “joint venture to produce batteries in Ohio and Tennessee so workers will have a voice at the table in order to create good paying union jobs and benefits.”

Continue reading “GM says UAW ‘well positioned’ to represent workers at battery JV”

Reuters

2 min read

U.S. electric vehicle maker Tesla Inc (TSLA.O) said on Tuesday it had established a site in China to store car data locally, as automakers come under growing scrutiny over how they handle information collected by vehicle cameras and sensors.

Tesla said in a Weibo post that data generated by all cars it sells in China, where it is making Model 3 sedans and Model Y sport-utility vehicles, would be stored in the country.

Continue reading “Tesla sets up China site to store car data locally”

Reuters

3 min read

Volkswagen (VOWG_p.DE) has received a 7.5 billion euro ($9.2 billion) offer for Lamborghini, British weekly magazine Autocar reported on Tuesday, though VW’s Audi said the supercar brand was not for sale.

The non-binding offer sets out terms for the purchase of Automobili Lamborghini by Switzerland’s Quantum Group AG, which has formed a consortium with London-based investment firm Centricus Asset Management, Autocar reported. (https://bit.ly/3hSmxhW)

Continue reading “VW says Lamborghini is not for sale after reported $9.2 bln bid”

Reuters

2 min read

Los Angeles-based Fisker Inc (FSR.N) plans to supply the first pure electric vehicle for Pope Francis next year, it said on Friday, with features such as a solar roof and carpets made of recycled plastic bottles from the ocean.

Fisker will covert its all-electric Ocean sport utility vehicle for use by the pope, providing a retractable glass cupola and sustainable interior materials, such as the carpets.

Continue reading “Pope Francis to get first electric popemobile from U.S. firm Fisker”

Reuters

3 min read

Dutch charging infrastructure company Fastned (FASTN.AS) has teamed up with Tesla (TSLA.O) to build electric vehicle (EV) charging stations in Oxford, England, it said on Friday, sending its shares higher.

The hub of 38 charging stations, will include 26 ultra-rapid chargers from Fastned and Tesla, with additional AC chargers from Spain’s Wenea, and is scheduled to open at the end of 2021.

Continue reading “Fastned, Tesla to power up Oxford with EV charging superhub”

Lisa Baertlein, Nick Carey

Reuters 6 min read

If suppliers in China fail to pick up freight containers to fill an order for MediaShop, Marcel Schneider gets an alert via a digital freight system, allowing the retailer to reach out and fix the problem swiftly.

Before July 2020, Austria-based MediaShop’s deputy supply chain director says he would discover problems in his supply chain only when containers failed to arrive in Hamburg as scheduled.

Continue reading “Sea change: global freight sails out of the digital dark ages”

Vera Eckert, John Revill

Reuters 8 min read

South Korea’s Hyundai Motor (005380.KS) plans to ship a new series of fuel-cell trucks to Europe later this year, turning up the heat on rivals in a battle to test the viability of hydrogen-powered heavy goods transport.

A new class of the Xcient Hyundai truck, equipped with more efficient fuel cells with longer life-span, is due to arrive in Europe in the fourth quarter, said Mark Freymueller, CEO of Hyundai Hydrogen Mobility (HHM).

Continue reading “Hyundai raises hydrogen game as new trucks roll into Europe”

Aditi Shah, Sudarshan Varadhan

Reuters 4 min read

Automakers Renault (RENA.PA), its alliance partner Nissan Motor Co (7201.T) and Hyundai Motor Co (005380.KS) face temporary factory closures in India due to growing unrest among workers concerned about rising COVID-19 infections.

Workers at Renault-Nissan’s car plant in the southern state of Tamil Nadu will go on strike on Wednesday because their COVID-related safety demands have not been met, a union representing the workers told the company in a letter on Monday.

Continue reading “Renault-Nissan and Hyundai face shutdowns in India over workers’ COVID fears”

by WAF Editorial Team 

• Customer first philosophy: Volkswagen India announces an extended comprehensive service support to provide a peace of mind proposition to its customers
• Extension up to 30th June: All customers whose car services were due and missed during the period starting from 1st April 2021 to 31st May 2021, can now avail the extended service support till 30th June 2021
  Continue reading “Volkswagen India extends service period and warranty on products until 30th June 2021”

by Reuters

2 min read

Eicher Motors-owned (EICH.NS) Royal Enfield said on Wednesday it will recall close to 236,966 motorcycles across some models due to defects in the ignition coil that can cause misfiring and, in rare cases, an electric short circuit.

Royal Enfield is an iconic brand in India, the world’s biggest motorbike market, with a dedicated fan-following for its range of cruisers and classic-looking motorcycles.

Continue reading “India’s Royal Enfield recalls about 237,000 motorcycles on ignition coil defect”

by Reuters

1 min read

Italian tyremaker Pirelli (PIRC.MI) said on Wednesday it was producing the world’s first FSC-certified range of tyres, which it designed for BMW’s X5 xDrive45e plug-in hybrid model.

By Gertrude Chavez-dreyfuss, Sujata Rao, Tommy Wilkes

Reuters 6 min Read

Cryptocurrencies that seemed to be defying gravity just weeks ago came back down to earth with a bump on Wednesday after a roller-coaster ride which could undermine their potential as mainstream investments.

The two main digital currencies, bitcoin and ether, fell as much as 30% and 45% respectively, but significantly pared losses after two of their biggest backers – Tesla Inc (TSLA.O) chief Elon Musk and Ark Invest’s (ARKK.P) Chief Executive Cathie Wood – indicated their support for bitcoin.

Continue reading “Bitcoin plunges: A bust or a buy?”

by David Shepardson

Reuters

Detroit’s Big Three automakers and the United Auto Workers union said Wednesday they will continue to require workers to wear masks pending new guidelines from a U.S. agency.

The Centers for Disease Control and Prevention said last week that fully vaccinated people do not need to wear masks in most instances including at work.

Continue reading “U.S. autoworkers will continue to wear masks on job”

by Marcelo Rochabrun

Reuters 8 Min Read

A century ago Henry Ford came to Brazil and established the town of Fordlandia, hoping to become an Amazonian rubber baron, but retreated deep in the red.

Now the automaker he founded is once again licking its Brazilian wounds, having abandoned production in the challenging market after burning through roughly 61 billion reais ($11.6 billion) in the past decade.

Continue reading “How Ford burned $12 billion in Brazil”

by Paul Lienert, Ben Klayman, Echo Wang

Reuters 6 Min Read

Place your bets! The race to find the next Tesla (TSLA.O) is on but the search is turning up plenty of clunkers as well as potential superstars.

Fidelity Investments, BlackRock Inc (BLK.N), T. Rowe Price Group Inc (TROW.O) and Scotland’s Baillie Gifford are among the fund houses helping to bankroll the shift from fossil-fueled transportation with investments in one or more of 32 electric vehicle industry companies which they believe will be long-term winners in the electrification movement.

Continue reading “No pain, no gain for big funds hunting the next Tesla”

by Nick Carey

3 min Read

The European Union needs to dramatically toughen weak CO2 targets for commercial vans to spur a shift to electric models and phase out fossil-fuel sales entirely by 2035, European campaign group Transport and Environment (T&E) said on Monday.

T&E said an analysis of van sales in 2020 showed no change in CO2 emissions from 2017 and found the EU’s CO2 targets are so weak that most manufacturers can meet them without selling a single zero-emission van.

Continue reading “European climate group says EU needs far tougher van CO2 targets”

by Reuters

Intel Corp’s (INTC.O) Mobileye and German supplier ZF (ZFF.UL) said Tuesday they will jointly develop advanced safety systems for future Toyota Motor Corp (7203.T) vehicles.

Mobileye will provide its camera-based system-on-a-chip, which ZF will integrate with its latest automotive radar system, the companies said.

Continue reading “Mobileye, ZF team on advanced safety systems for Toyota”

Reuters

Carmaker Stellantis (STLA.MI), and iPhone assembler Foxconn (2317.TW) plan to create a joint venture to supply in-car and connected-car technologies across the auto industry, they said on Tuesday.

The two companies have signed a non-binding memorandum of understanding to form Mobile Drive, a 50-50 joint venture based in the Netherlands focused on infotainment, telematics and cloud service platform development.

Continue reading “Stellantis, Foxconn to form connectivity-focused car technology JV”

by Nandita Bose & David Shepardson

Reuters

4 Min read

President Joe Biden made the case on Tuesday for his $174 billion electric-vehicle proposal, urging automakers not to build zero-emission vehicles abroad for U.S. consumers – and even got to take a new zero-emission truck out for a drive.

“We need automakers and other companies to keep investing here in America and not take the benefits of our public investments and expand electric vehicles and battery manufacturing abroad,” Biden said on a visit to a Ford Motor Co (F.N) electric-vehicle plant in Dearborn, Michigan, to see the EV version of its best-selling F-150 pickup truck.

Continue reading “Biden pitches $174 bln EV plan in Michigan, takes truck for a spin”

by Stephanie Kelly

Reuters

4 min Read

U.S. retail gasoline prices hit seven-year highs on Monday and many filling stations in the Southeast were still without fuel, as the region slowly recovers from a cyberattack on the nation’s largest fuel pipeline.

Last week’s closure of Colonial Pipeline’s 5,500-mile (8,900-km) system was the most disruptive cyberattack on record, preventing millions of barrels of gasoline, diesel and jet fuel from flowing to the East Coast from the Gulf Coast. That alarmed drivers, who took to gas stations to fill tanks and jerry cans.

Continue reading “U.S. gas stations still shut, prices at 7-yr high in slow recovery from cyberattack”

by Ben Klayman

Reuters

4 Min read

Electric car maker Fisker Inc (FSR.N) has finalized its vehicle-assembly deal with Foxconn Technology Co Ltd (2354.TW), including plans to open a U.S. plant in 2023, the companies said on Thursday.

The plant’s location has not been identified, but Fisker Chief Executive Henrik Fisker said four states are under consideration, including Foxconn’s plant site in Wisconsin. Foxconn Chairman Liu Young-way previously said electric vehicles (EVs) have a “promising future” in Wisconsin but did not elaborate.

Continue reading “Fisker finalizes deal with Foxconn to make EVs in U.S. starting in 2023”

Reuters

2 Min read

Greyhound has permanently closed its services in Canada after nearly a century, the inter-city bus operator said on Thursday, as the COVID-19 pandemic dented demand for public transport.

The move is a blow to Canada’s rural communities, which have relied on buses to connect them to larger towns. The company ended all services in western Canada in 2018 due to falling ridership in rural areas and increased competition.

Continue reading “Greyhound ends Canadian operations after nearly a century, hit by pandemic”

by Tom Wilson, Anna Irrera

Reuters

6 min read

Elon Musk says Tesla (TSLA.O) won’t use or accept bitcoin until he can be sure it’s produced sustainably. He may be waiting some time.

Musk announced his new position in a major U-turn on Wednesday, prompting speculation among some experts about whether he had a plan to wean the crypto industry off the fossil fuels that power “mining,” the energy-intensive process that creates coins.

Continue reading “Analysis: Elon Musk wants a greener bitcoin. Has he got a plan or a pipedream?”

By Hyunjoo Jin, Kanishka Singh

Reuters

4 Min Read

Tesla Inc (TSLA.O) will no longer accept bitcoin for car purchases, Chief Executive Elon Musk said on Wednesday, citing long-brewing environmental concerns for a swift reversal in the company’s position on the cryptocurrency.

Bitcoin fell more than 10% after Musk tweeted his decision to suspend its use, less than two months after Tesla began accepting the world’s biggest digital currency for payment. Other cryptocurrencies, including ethereum, also fell before regaining some ground in Asia trade.

Continue reading “Tesla’s Musk halts use of bitcoin for car purchases”

by WAF Editorial Team

Ramesh Suri, Chairman Subros Limited and Rohan Motors and past president ACMA, passed away yesterday.

WAF salutes this Octogenarian’s Vision, Commitment and Contributions to the growth of the Industry across last 5 decades. A Team Player, A Great Philanthropist, A Family Man – We Shall miss you Sir.

Subros, founded in 1985 as a joint venture public limited company with 40% ownership by the Suri family of India and 13% ownership by Denso Corp. and Suzuki Motor Corp. each, is the leading manufacturer of thermal products for automotive applications in India in technical collaboration with Denso.

Continue reading “Remembering Ramesh Suri Chairman Subros & Rohan Motors”

By Hyunjoo Jin, Paresh Dave

Reuters

4 Min read

Alphabet Inc’s (GOOGL.O) Waymo and rival Cruise have applied for permits needed to start charging for rides and delivery using autonomous vehicles in San Francisco, state documents reviewed by Reuters showed, setting the stage for the biggest tests yet of their technology in a dense urban environment.

Neither company revealed when they intend to launch services. But they detailed contrasting deployment plans, with Waymo starting with “drivered operations” and Cruise expecting to deploy vehicles without humans behind the wheel.

Continue reading “Waymo, Cruise seek permits to charge for autonomous car rides in San Francisco”

by Nick Carey

Reuters

3 Min Read

If the European Union wants to push a faster shift to zero-emissions cars then Daimler AG (DAIGn.DE) is ready, but there needs to be an open debate on the impact electrification will have on auto jobs, the carmaker’s top executive said on Tuesday.

“It’s an ambition that we say yes to,” Chief Executive Ola Källenius said during an interview at a Financial Times conference on the future of the car. But he added “we have to have an honest conversation about jobs.”

Continue reading “Daimler CEO: ‘We need an honest conversation” about EVs and jobs”

Reuters

1 Min Read

Jaguar Land Rover’s (JLR) fourth-quarter results next week will be “good news” and the carmaker is open to doing more in partnership with other companies, including going further on an existing relationship with BMW (BMWG.DE), its boss said on Wednesday.

“You don’t know what is quarter four but I can tell you that it’s going to be good news again,” Chief Executive Thierry Bollore said at an online FT conference.

Continue reading “Jaguar Land Rover’s fourth quarter is ‘good news’ -CEO”