Volkswagen files offer for Europcar with French market regulator

Volkswagen files offer for Europcar with French market regulator

BERLIN, Sept 20 (Reuters) – A consortium led by Volkswagen (VOWG_p.DE) on Monday handed in a proposal for a takeover of Europcar Mobility Group (EUCAR.PA) to France’s market regulator AMF, Volkswagen said on Monday, following through on an announcement in July that an offer was underway.

Volkswagen, which has teamed up with asset manager Attestor Limited and Dutch mobility group Pon Holdings BV for the deal, is proposing an offer price of 0.50 euro per share, valuing the car rental company at 2.9 billion euros ($3.4 billion). read more

Reporting by Reuters newsroom Editing by Michael Nienaber
Honda targets annual sales of 70,000 Prologue electric vehicles in U.S. from 2024

Honda targets annual sales of 70,000 Prologue electric vehicles in U.S. from 2024

WASHINGTON, Sept 20 (Reuters) – Honda Motor Co’s (7267.T) U.S. unit said on Monday it is targeting initial annual sales of 70,000 for its planned electric Prologue sport utility vehicle when it goes to market in 2024.

Honda plans to add additional electric vehicle models as it aims to have sold a total of 500,000 electric vehicles in the United States by 2030, and to achieve 100% zero emission vehicles sales in North America by 2040.

It comes as President Joe Biden signed an executive order last month setting a target to make half of all new passenger vehicles sold in 2030 zero-emissions vehicles.

Continue reading “Honda targets annual sales of 70,000 Prologue electric vehicles in U.S. from 2024”

Exclusive: U.S. opens probe into 30 million vehicles over air bag inflators

Exclusive: U.S. opens probe into 30 million vehicles over air bag inflators

WASHINGTON, Sept 19 (Reuters) – U.S. auto safety investigators have opened a new probe into 30 million vehicles built by nearly two dozen automakers with potentially defective Takata air bag inflators, a government document seen by Reuters on Sunday showed.

The National Highway Traffic Safety Administration (NHTSA) on Friday opened an engineering analysis into an estimated 30 million U.S. vehicles from the 2001 through 2019 model years. Automakers were alerted to the investigation, which is not yet public.

Continue reading “Exclusive: U.S. opens probe into 30 million vehicles over air bag inflators”

Barra: GM will make ‘substantial shifts’ in supply chain over chips

Barra: GM will make ‘substantial shifts’ in supply chain over chips

WASHINGTON, Sept 17 (Reuters) – General Motors Co (GM.N) Chief Executive Mary Barra said Friday the largest U.S. automaker plans to make changes in its supply chain as it works to address the continuing semiconductor chip crisis that has forced significant production cuts.

“We’re going to make some pretty substantial shifts in our supply chain,” Barra said in an online interview. “We’re already working much deeper into the tiered supply base because generally General Motors doesn’t buy chips (directly) but (our suppliers do). But now we’re building direct relationships with the manufacturers.”

A GM spokesman declined to comment further on how the company might shift its supply chain.

Continue reading “Barra: GM will make ‘substantial shifts’ in supply chain over chips”

Kotak Mahindra Group acquires vehicle finance portfolio of Volkswagen Finance

Kotak Mahindra Group acquires vehicle finance portfolio of Volkswagen Finance

PTI

Kotak will gain access to over 30,000 high-quality customers with a total loan outstanding with VWFPL of around Rs 1,340 crore, the company said.

Kotak Mahindra Bank on Thursday announced the acquisition of German carmaker Volkswagen’s captive vehicle finance business for an undisclosed sum. The deal involves the private sector lender’s in-house NBFC Kotak Mahindra Prime acquiring the passenger car and two-wheeler portfolio, while Kotak Mahindra Bank Limited (KMBL) will acquire the commercial vehicles portfolio from Volkswagen Finance (VF), as per an official statement.

Kotak will gain access to over 30,000 high-quality customers with a total loan outstanding with VWFPL of around Rs 1,340 crore, the statement said, adding all these loans have been classified as “standard loans”.

Continue reading “Kotak Mahindra Group acquires vehicle finance portfolio of Volkswagen Finance”

MTC Group, Exigo Recycling form JV, to invest USD 25 million

MTC Group, Exigo Recycling form JV, to invest USD 25 million

PTI

In the coming days, MERPL’s line of activity will also include pre-processing and recycling of Lithium-Ion Batteries and EV Batteries of different chemistries, Solar PV Module recycling, Plastic recycling, and Waste to Energy (W2E), the statement said.

Bengaluru, Metal scrap processors the MTC Group and E-waste recycler Exigo Recycling Private Limited have formed a joint venture company MTC-Exigo Recycling Pvt. Ltd (MERPL). The joint venture company will be headquartered in Mumbai and its plants will be operational in Bengaluru and Chennai by March 2022, a joint statement said on Thursday.

MERPL targets to process over two lakh tons of e-waste annually, ramping up the recycling capacity in a phased manner across ten cities in India, including NCR, Hyderabad, Ahmedabad, Kolkata, and Lucknow.

Continue reading “MTC Group, Exigo Recycling form JV, to invest USD 25 million”

Electrifying 2 Wheelers, 3W, and Logistics – Opportunities and Caveats

Electrifying 2 Wheelers, 3W, and Logistics – Opportunities and Caveats

By WAF Think Tank 

 

Two- and three-wheeler vehicles are likely to lead the transition to electric technology in India during the coming decade as the cost difference with combustion engine vehicles is narrowing and these vehicles can harness ‘battery swapping’ along with public charging infrastructure, according to the current industry predictions and so it was that the WAF Gurus Live Episode 22- powered by One Moto India was held virtually recently in which Gurus of the auto and mobility industry across discussed this very issue – Electrifying 2 Wheelers, 3W, and Logistics – Opportunities and Caveats.

 

As the number of EVs increases, there is a need to have a well-defined end-of-life (EOL) strategy for the batteries removed from EVs as part of collective efforts to ensure EV industry is truly green and eco-friendly. The end of life for a battery is exactly that – the moment where the battery reaches the end of its usefulness and/or lifespan and can no longer operate at anywhere close to the peak capacity that you once enjoyed. Recycling has been proposed as the EOL option for the EV batteries, but there are many issues that make recycling less justifiable, and this episode laid out those issues and discussed the alternate and appropriate EOL option.

Continue reading “Electrifying 2 Wheelers, 3W, and Logistics – Opportunities and Caveats”

European new car sales down in July, August – ACEA

European new car sales down in July, August – ACEA

BERLIN, Sept 16 (Reuters) – European car registrations dropped in July and August after four months of growth, industry data showed on Thursday, suggesting that a global semiconductor shortage is hitting sales in car dealerships across Europe.

New passenger car registrations fell by 23.6% and 18.1% year-on-year in July and August, respectively, in the European Union, Britain and the countries of the European Free Trade Association (EFTA), figures from the European Automobile Manufacturers’ Association (ACEA) showed.

Rivian aims to raise as much as $8 bln in IPO -sources

Rivian aims to raise as much as $8 bln in IPO -sources

Sept 15 (Reuters) – Rivian, the Amazon.com Inc (AMZN.O)-backed electric vehicle maker that registered last month for a stock market debut, is aiming to raise between $5 billion and $8 billion with the listing, making it one largest U.S. initial public offerings of recent years, according to people familiar with the matter.

Rivian, which counts Ford Motor Co (F.N) and T. Rowe Price (TROW.O) among its investors, registered the IPO confidentially with U.S. regulators last month. It is seeking a valuation of about $80 billion in the listing, which is expected to land in late October or November, the sources said. read more

Rivian declined to comment.

Continue reading “Rivian aims to raise as much as $8 bln in IPO -sources”

U.S. asks 12 automakers for assistance in Tesla probe

U.S. asks 12 automakers for assistance in Tesla probe

WASHINGTON, Sept 14 (Reuters) – The U.S. auto safety regulator said Tuesday it has asked 12 major automakers for assistance as part of its probe into crashes involving Tesla (TSLA.O) vehicles striking emergency vehicles while using advanced driver assistance systems like Autopilot.

The National Highway Traffic Safety Administration (NHTSA) sent letters to General Motors Co (GM.N), Toyota Motor Corp (7203.T), Ford Motor Co (F.N), Volkswagen AG (VOWG_p.DE) and others questions as the agency conducts a “comparative analysis” with other “production vehicles equipped with the ability to control both steering and braking/accelerating simultaneously under some circumstances.”

In August, NHTSA opened a formal safety probe into Tesla driver assistance system Autopilot after 12 crashes with emergency vehicles. The probe covers 765,000 U.S. Tesla vehicles built between 2014 and 2021.

Continue reading “U.S. asks 12 automakers for assistance in Tesla probe”

GM’s China joint venture develops own auto chips

GM’s China joint venture develops own auto chips

BEIJING, Sept 16 (Reuters) – One of General Motors Co’s (GM.N) China joint ventures said on Wednesday it is developing auto chips and aims to increase use of locally sourced chips in the next five years.

Liuzhou-based SGMW, GM’s venture with partners SAIC Motor Corp (600104.SS) and Guangxi Automobile Group, said at an industry conference that it has been developing its own auto computing chips since 2018.

SGMW did not say whether it is merely designing chips or is also participating in chip-manufacturing but said it would boost cooperation with Chinese manufacturers to improve quality and economy of its chips. Continue reading “GM’s China joint venture develops own auto chips”

Chinese delivery giants Meituan, Ele.me pledge to not force drivers to register as independent businesss

Chinese delivery giants Meituan, Ele.me pledge to not force drivers to register as independent businesss

SHANGHAI, Sept 15 (Reuters) – China’s online food delivery giants Meituan (3690.HK) and Ele.me both said this week they will not force couriers who do work for them to register as independent businesses, a bone of contention amid ongoing scrutiny of the food delivery sector.

The promise comes as part of a broader push from regulators to improve conditions for ‘gig-economy’ workers, and during ongoing public scrutiny towards tech companies treatment of said drivers.

In August, several Chinese regulatory bodies met with a number of Chinese food delivery companies to call for better labour safeguards.

Continue reading “Chinese delivery giants Meituan, Ele.me pledge to not force drivers to register as independent businesss”

SK Innovation shareholders approve plan to split off battery business

SK Innovation shareholders approve plan to split off battery business

SEOUL, Sept 16 (Reuters) – SK Innovation Co Ltd (096770.KS) said on Thursday its shareholders had approved the company’s proposal to separate its battery business into a new company.

The decision paves the way for the battery business, a supplier for Ford Motor Co (F.N), Hyundai Motor Co (005380.KS) and others to potentially raise funds and go public to finance its high-cost production capacity expansion.

The unit, to be launched on Oct. 1, will initially be a wholly-owned subsidiary of SK Innovation, tentatively named “SK Battery Co Ltd.”

Continue reading “SK Innovation shareholders approve plan to split off battery business”

Volvo Cars gears up for $20 bln IPO in coming weeks, sources say

Volvo Cars gears up for $20 bln IPO in coming weeks, sources say

STOCKHOLM, Sept 15 (Reuters) – China’s Geely Holding (GEELY.UL) is in advanced discussions with banks to list its Volvo Cars unit in the coming weeks, three sources told Reuters, in what is expected to be one of Europe’s biggest initial public offerings (IPOs) this year.

Volvo Cars is aiming for a valuation of about $20 billion in the planned Stockholm listing, the sources said, with one saying the launch was pencilled in for the end of September.

Goldman Sachs (GS.N) and SEB are leading the transaction, while other banks including BNP Paribas (BNPP.PA), Carnegie and HSBC (HSBA.L) are also involved in the deal, the sources added.

Continue reading “Volvo Cars gears up for $20 bln IPO in coming weeks, sources say”

Stellantis to push into challenging Indian market with Citroen

Stellantis to push into challenging Indian market with Citroen

PARIS, Sept 16 (Reuters) – Carmaker Stellantis plans to launch a new model in India and Latin America next year under its Citroen brand, the group said on Thursday, as it aims to push out of its European turf and branch further into emerging markets where it has less exposure.

The plan marks Citroen’s return to India, a market it left in the 1930s, and comes at a time when some other foreign carmakers are leaving the country after struggling to make a profit.

Stellantis, which was formed earlier this year by the merger between Fiat Chrysler and Peugeot-maker PSA, has brands like Jeep and Ram in the United States, but is still aiming to reduce its reliance on Europe.

Continue reading “Stellantis to push into challenging Indian market with Citroen”

GM tells Bolt EV owners park away from vehicles in decks

GM tells Bolt EV owners park away from vehicles in decks

WASHINGTON, Sept 15 (Reuters) – General Motors Co (GM.N)on Wednesday recommended that Chevrolet Bolt electric vehicle owners parking in decks do so on the top floor or on an open level, at least 50 feet away from other vehicles, citing potential fire risks.

The precaution would “reduce potential damage to structures and nearby vehicles in the rare event of a potential fire,” a company spokesman said in an email. GM sent a notice to consumers who had asked about parking issues, he added.

GM had previously asked owners to park Bolt vehicles outdoors, away from structures, and to not charge them overnight.

Continue reading “GM tells Bolt EV owners park away from vehicles in decks”

Tesla, Toyota spar with Ford, UAW over EV tax bill

Tesla, Toyota spar with Ford, UAW over EV tax bill

WASHINGTON, Sept 13 (Reuters) – Toyota Motor Corp and Tesla clashed with Ford Motor Co (F.N) and the United Auto Workers (UAW) union over a proposal by Democrats in the U.S. House to give union-made, U.S.-built electric vehicles an additional $4,500 tax incentive.

In a letter to Congress, Toyota (7203.T) said the plan discriminates against nearly half of American autoworkers who do not belong to a union and called on lawmakers to reject giving “exorbitant tax breaks” to wealthy buyers of high-priced cars and trucks.

The bill, set to be taken up on Tuesday by the House Ways and Means Committee as part of a proposed $3.5 trillion spending bill, would benefit Detroit’s Big Three automakers – General Motors (GM.N), Ford Motor Co (F.N) and Stellantis NV (STLA.MI), the parent of Chrysler – which assemble their U.S.-made vehicles in UAW-represented plants.

Continue reading “Tesla, Toyota spar with Ford, UAW over EV tax bill”

England to be first country to require new homes to include EV chargers

England to be first country to require new homes to include EV chargers

Specifically, all new homes and offices will have to feature “smart” charging devices that can automatically charge vehicles during off-peak periods

IANS  |  London

 

The British government will introduce legislation in 2021 that will require all newly built homes and offices to feature electric vehicle chargers in England, the media reported.

Specifically, all new homes and offices will have to feature “smart” charging devices that can automatically charge vehicles during off-peak periods.

 New office blocks will need to install a charge point for every five parking spaces, Electrek reported.

Continue reading “England to be first country to require new homes to include EV chargers”

China to consolidate overcrowded electric vehicle industry – minister

China to consolidate overcrowded electric vehicle industry – minister

BEIJING, Sept 13 (Reuters) – China has “too many” electric vehicle (EV) makers and the government will encourage consolidation, Industry and Information Technology Minister Xiao Yaqing said on Monday.

The minister also said China would improve its charging network and develop EV sales in rural markets.

The government’s promotion of greener vehicles to cut pollution has prompted electric car makers such as Nio Inc (NIO.N), Xpeng Inc (9868.HK) and BYD Co Ltd (002594.SZ) to expand manufacturing capacity in China.

Continue reading “China to consolidate overcrowded electric vehicle industry – minister”

GM invests in Oculii, radar software maker for self-driving cars

GM invests in Oculii, radar software maker for self-driving cars

SAN FRANCISCO, Sept 13 (Reuters) – General Motors Co’s (GM.N) venture capital arm has invested millions of dollars in Oculii, a U.S. startup maker of software for radar sensors used in self-driving cars, Oculii co-founder Steven Hong said.

GM can use Oculii’s low-cost software to boost the resolution of radars and scale up its partially automated vehicles and full self-driving cars, he told Reuters in an interview.

The investment is a “fantastic signal they’re serious about the technology and bullish about radar in general,” said the Stanford University graduate who founded Oculii with his father, Lang Hong, an engineering professor at Wright State University.

Continue reading “GM invests in Oculii, radar software maker for self-driving cars”

Uber drivers are employees, not contractors, says Dutch court

Uber drivers are employees, not contractors, says Dutch court

  • Union says ruling will give workers more pay, rights
  • Uber says to appeal against Dutch court decision
  • Latest setback for companies in gig economy

AMSTERDAM, Sept 13 (Reuters) – Uber (UBER.N) drivers are employees, not contractors, and so entitled to greater workers’ rights under local labour laws, a Dutch court ruled on Monday, handing a setback to the U.S. company’s European business model.

It was another court victory for unions fighting for better pay and benefits for those employed in the gig economy and followed a similar decision this year about Uber in Britain.

Continue reading “Uber drivers are employees, not contractors, says Dutch court”

Toyota, Honda oppose U.S. House electric vehicle tax plan

Toyota, Honda oppose U.S. House electric vehicle tax plan

WASHINGTON, Sept 11 (Reuters) – Toyota Motor Corp (7203.T) and Honda Motor Co (7267.T) on Saturday sharply criticized a proposal by Democrats in the U.S. House of Representatives to give union-made electric vehicles in the United States an additional $4,500 tax incentive.

Toyota said in a statement that the plan unveiled late Friday discriminates “against American autoworkers based on their choice not to unionize.”

The bill, set to be voted on Tuesday by the Democratic-led House Ways and Means Committee as part of a proposed $3.5 trillion spending bill, would benefit Detroit’s Big Three automakers, which have union-represented auto plants.

Continue reading “Toyota, Honda oppose U.S. House electric vehicle tax plan”

GM digs in with LG Corp to speed a fix for Bolt battery fires

GM digs in with LG Corp to speed a fix for Bolt battery fires

Sept 13 (Reuters) – General Motors Co (GM.N) is taking a more direct role with South Korea’s LG Corp (003550.KS), its longtime electric vehicle partner, in tracking down and fixing problems linked to battery fires in Chevrolet Bolts that threaten the strategic plans of both companies.

At an investor conference on Friday, GM Chief Financial Officer Paul Jacobson said LG is working with GM engineers to “clean up the manufacturing process” at LG battery plants and implement some “GM quality metrics.”

Continue reading “GM digs in with LG Corp to speed a fix for Bolt battery fires”

U.S. Democrats propose dramatic expansion of EV tax credits that favors Big Three

U.S. Democrats propose dramatic expansion of EV tax credits that favors Big Three

WASHINGTON, Sept 10 (Reuters) – U.S. Democratic lawmakers on Friday proposed an expansion of tax credits for electric vehicles that includes significantly higher subsidies for union-made zero emission models assembled in the United States.

The proposal, a key part of President Joe Biden’s goal to ensure EVs comprise at least 50% of U.S. vehicle sales by 2030 and boost U.S. union jobs, will give Detroit’s Big Three automakers a big competitive edge and has drawn criticism from foreign automakers like Honda Motor Co (7267.T) and Toyota Motor Corp (7203.T).

The tax credit for up to $12,500 per vehicle for U.S.-made union-made zero emission models compares with a $7,500 incentive for most other electric cars – an amount that has not changed.

Continue reading “U.S. Democrats propose dramatic expansion of EV tax credits that favors Big Three”

Volkswagen open to software partnerships, CEO tells Der Spiegel

Volkswagen open to software partnerships, CEO tells Der Spiegel

FRANKFURT, Sept 10 (Reuters) – Volkswagen (VOWG_p.DE) is open to partnerships with other carmakers to develop software, Chief Executive Herbert Diess told Der Spiegel

Volkswagen has bundled all its software efforts into one unit, Cariad, hoping to challenge Tesla (TSLA.O) and Alphabet (GOOGL.O) in a field in which it has not traditionally been active.

The development of operating systems and software for autonomous driving requires high one-time costs, making it important to fit as many vehicles with the technology as possible to pay off, Diess told the German weekly.

Continue reading “Volkswagen open to software partnerships, CEO tells Der Spiegel”

GM’s pickup money machine gets a technology tuneup

GM’s pickup money machine gets a technology tuneup

DETROIT, Sept 9 (Reuters) – General Motors Co (GM.N) will give its best-selling Chevrolet Silverado large pickup truck models a makeover next spring to fix competitive shortcomings that have left Chevy in third place in one of the most lucrative vehicle market segments in the world.

Catching up with rival trucks from Stellantis NV (STLA.MI) and Ford Motor Co (F.N), most 2022 Silverado models will get larger dashboard screens and new connectivity technology featuring built-in Google voice commands and software.

Chevrolet also will add a 420-horsepower Silverado ZR2 designed for rugged off-road adventures – or to give the appearance that the owner would have them. The Silverado ZR2 will chase Ford’s F-series Raptor and the Ram TRX from Stellantis, which are attention-getting performance models for those brands.

Continue reading “GM’s pickup money machine gets a technology tuneup”

GM extends Michigan plant shutdown over Bolt EV recall

GM extends Michigan plant shutdown over Bolt EV recall

WASHINGTON, Sept 9 (Reuters) – General Motors Co (GM.N) said on Thursday it will extend a shutdown of a Michigan assembly plant by two weeks in the aftermath of a new recall of its Chevrolet Bolt electric vehicles over battery issues.

The largest U.S. automaker said the extension of the production halt at its Orion Assembly plant that will go through at least Sept. 24 was “a result of a battery pack shortage” related to the recall that followed reports of 10 battery fires. GM said it will not resume Bolt production or sales until it is satisfied that the recall remedy will address the fire risk issue.

GM in August widened its recall of the Bolt to more than 140,000 vehicles to replace battery modules, at a cost now estimated at $1.8 billion. The automaker said it would seek reimbursement from GM battery supplier LG (051910.KS).

Continue reading “GM extends Michigan plant shutdown over Bolt EV recall”

China vehicle sales fall for fourth month on chip shortages

China vehicle sales fall for fourth month on chip shortages

BEIJING, Sept 10 (Reuters) – China’s vehicle sales slid 17.8% in August from a year earlier, falling for a fourth consecutive month, as the world’s biggest car market was hard hit by a global shortage of semiconductors.

Overall sales in China stood at 1.8 million vehicles in August, data from the China Association of Automobile Manufacturers (CAAM) showed.

China’s vehicle sales jumped 13.7% in the first eight months of 2021 from the same period a year ago, as the market recovered from pandemic lows.

Continue reading “China vehicle sales fall for fourth month on chip shortages”

WAF Gurus WAFinar on Next Gen Apps in Automotive & Mobility

WAF Gurus WAFinar on Next Gen Apps in Automotive & Mobility

WAF gets together the finest Tech Leaders of the Industry to share their thoughts on the Next Gen Apps at Auto & Mobility

•The Top CIOs of the Industry about to get together 

•Tech, Digital are disrupting and transforming Auto & Mobility faster than ever before!

Attendees shall get 1 month of WAF CXO Jobs Service Completely Free 

 

Continue reading “WAF Gurus WAFinar on Next Gen Apps in Automotive & Mobility”

COVID-19 impact could hit Japanese automakers’ output in Oct

COVID-19 impact could hit Japanese automakers’ output in Oct

TOKYO, Sept 9 (Reuters) – Disruptions to parts and components suppliers caused by the COVID-19 pandemic could force fresh production cuts at Japanese automakers in October, Akio Toyoda, the head of the auto industry lobby group, said on Thursday.

Japanese car companies have already had to cut production this month because of difficulties finding semiconductors and other components as the pandemic disrupts manufacturing around the world and drives up demand for chips from consumer electronic device makers.

“Depending on the manufacturer, we could see production cut to a lower level in October,” said Toyoda, who leads the Japan Automobile Manufacturers Association and is President of Toyota Motor Corp (7203.T), the country’s biggest car maker.

Continue reading “COVID-19 impact could hit Japanese automakers’ output in Oct”

Nissan-backed Chinese startup WeRide develops self-driving vans

Nissan-backed Chinese startup WeRide develops self-driving vans

BEIJING, Sept 9 (Reuters) – WeRide, a China-based autonomous driving startup, said on Thursday that it would start developing self-driving vans for urban logistics service, with automaker JMC (000550.SZ) and delivery firm ZTO Express (2057.HK).

The Guangzhou-based startup, led by founder Tony Han, is pursuing what is known in the auto industry as a level 4 autonomous standard, in which the vehicle can handle all aspects of driving in most circumstances with no human intervention.

WeRide is currently testing autonomous passenger cars and mini-buses.

Continue reading “Nissan-backed Chinese startup WeRide develops self-driving vans”

Renault in talks to end Chinese van venture with Brilliance – source

Renault in talks to end Chinese van venture with Brilliance – source

BEIJING/PARIS, Sept 9 (Reuters) – Renault (RENA.PA) is in advanced discussions to end its joint venture to build vans with China’s state-backed Brilliance (1114.HK), a source close to the matter said, as the French firm overhauls its struggling Chinese operations.

The tie-up dates back to 2017, when Renault and Brilliance China Automotive Holdings Ltd set up manufacturing operations in Shenyang, the provincial capital of Liaoning, and set out to make a push into electric commercial vans in particular.

The Chinese market has proved difficult for some foreign producers, however, with sales faltering right before the COVID-19 pandemic, which walloped the industry.

Continue reading “Renault in talks to end Chinese van venture with Brilliance – source”

New York sets 2035 zero-emission passenger car goal

New York sets 2035 zero-emission passenger car goal

Sept 8 (Reuters) – New York Governor Kathy Hochul on Wednesday signed into law a bill that sets a goal for all new passenger cars and light-duty trucks to be zero-emission models by 2035, joining the state of California in attempting to eliminate gasoline-powered vehicles.

The law directs setting regulations requiring higher numbers of zero-emission vehicles with a goal of “100% of in-state sales by 2035”, and a similar target for medium-duty and heavy-duty vehicles by 2045 if feasible.

The U.S. government is seeking to promote the sales of electric vehicles to reduce the consumption of fossil fuels and help meet global goals to slow human-caused climate change.

Continue reading “New York sets 2035 zero-emission passenger car goal”

Ford to stop manufacturing cars in India – sources

Ford to stop manufacturing cars in India – sources

NEW DELHI, Sept 9 (Reuters) – Ford Motor Co (F.N) will stop manufacturing cars in India and shut down its plants in the country, two sources told Reuters, becoming the latest automaker to quit a market still dominated by Asian rivals.

The U.S. automaker made the decision because it was not profitable for it to continue, said one of the sources, adding that the process is expected to take about a year to complete.

Ford is the latest vehicle maker to cease production in India, following U.S. companies such as General Motors (GM.N) and Harley Davidson (HOG.N), which have already left a market that had once promised exponential growth.

Continue reading “Ford to stop manufacturing cars in India – sources”

Qualcomm CEO open to working with foundry partners in Europe

Qualcomm CEO open to working with foundry partners in Europe

MUNICH, Sept 8 (Reuters) – Semiconductor supplier Qualcomm (QCOM.O) is open to working with foundries in Europe if incentive programmes to boost automotive chip production on the continent attract the right partners, Chief Executive Cristiano Amon said.

Foundries in Europe are now geared towards mass production of semiconductors, Amon told Reuters at the IAA car show in Munich, but there is a welcome debate under way about investing in high-end production that is interesting to Qualcomm.

“There is a very constructive dialogue taking place, by the French government, the European government, I think they have an interest in attracting foundries to Europe,” Amon said in an interview.

Continue reading “Qualcomm CEO open to working with foundry partners in Europe”

Applied Materials aims to improve chip production for electric vehicles

Applied Materials aims to improve chip production for electric vehicles

Sept 8 (Reuters) – Applied Materials (AMAT.O) on Wednesday released two new tools aimed at improving the efficiency of making a new class of chips for electric vehicles.

Applied is the world’s largest maker of tools for making semiconductors. The machines announced on Wednesday are designed for chips made from a material called silicon carbide.

Such chips are gaining traction in electric vehicles like those made by Tesla Inc (TSLA.O) because they are more efficient and lighter in weight than standard silicon chips for transmitting power from a car’s battery to its motors, helping improve range. Companies like Cree Inc (CREE.O) and ON Semiconductor Corp (ON.O) are investing in making the chips.

Continue reading “Applied Materials aims to improve chip production for electric vehicles”

Motor insurer Marshmallow becomes one of first Black-founded UK unicorns

Motor insurer Marshmallow becomes one of first Black-founded UK unicorns

LONDON, Sept 8 (Reuters) – Digital motor insurer Marshmallow has raised $85 million from investors, valuing it at more than $1.25 billion and making it one of the first British Black-founded unicorns, the company said on Wednesday.

The early-stage funding round was backed by venture capital firm Passion Capital, Investec Bank (INVP.L)(INLJ.J) and reinsurer SCOR (SCOR.PA), Marshmallow said in a statement.

The tech-focused insurer will use the funding to expand into overseas markets and into other types of insurance beyond the motor segment, Chief Executive Oliver Kent-Braham told Reuters.

Continue reading “Motor insurer Marshmallow becomes one of first Black-founded UK unicorns”

Oxbotica to develop multi-purpose self-driving vehicle with AppliedEV

Oxbotica to develop multi-purpose self-driving vehicle with AppliedEV

LONDON, Sept 8 (Reuters) – Self-driving software startup Oxbotica said on Wednesday it has teamed up AppliedEV to develop a fully autonomous multi-purpose vehicle that could be suitable for a variety of commercial uses.

The first deployments of the self-driving electric vehicles (EVs) will be in industrial logistics and automated goods delivery.

“We have an ambitious deployment goal over the coming years, driven by an extraordinary market appetite for a world-class product,” Oxbotica founder Paul Newman said in a statement.

Continue reading “Oxbotica to develop multi-purpose self-driving vehicle with AppliedEV”

Ford poaches Apple’s car project chief Doug Field

Ford poaches Apple’s car project chief Doug Field

Sept 7 (Reuters) – The head of Apple Inc’s(AAPL.O) car project, Doug Field, is going to work for Ford Motor Co(F.N)to lead the automaker’s advanced technology and embedded systems efforts, a hiring coup for Ford Chief Executive Jim Farley.

Field most recently served as vice president of special projects at Apple and was previously senior vice president, engineering at Tesla . Earlier in his career, Field worked at Ford.

In his new role, Field will report to Farley, leading software and connectivity strategy, and working in partnership with Hau Thai-Tang, Ford’s chief product platform and operations officer, Ford said. Thai-Tang oversees the development and design of cars and trucks, as well as supply chain and other operations, Ford said on Tuesday.

Continue reading “Ford poaches Apple’s car project chief Doug Field”

JPMorgan to buy majority stake in Volkswagen’s payments business

JPMorgan to buy majority stake in Volkswagen’s payments business

LONDON, Sept 8 (Reuters) – JPMorgan (JPM.N) has struck a deal to buy a majority stake in German car giant Volkswagen’s (VOWG_p.DE) payments business ahead of a planned rollout of in-car technology that allows drivers to automatically pay for fuel or tolls.

The U.S. bank has agreed to buy close to 75% of Volkswagen Payments S.A. for an undisclosed sum, subject to regulatory approvals.

The Luxembourg-based business was founded in 2017 and operates across 32 countries. It offers car purchase and leasing, in-vehicle payments, fuelling and electric vehicle charging and subscription services such as insurance and in-vehicle entertainment.

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