Sept 7 (Reuters) – Volkswagen AG (VOWG.DE) said on Tuesday it planned to set up a venture capital fund, which would initially invest 300 million euros ($355.14 million) in decarbonization projects and start-ups.

“Decarbonization will make many things more affordable, not more expensive,” Herbert Diess, chief executive officer of Volkswagen, said in a LinkedIn post, adding that reducing carbon dioxide is possible without sacrificing the standard of living.

“Carbon capturing to remove the CO2 is feasible, but not yet on scale and it is still very expensive,” Diess added.

Continue reading “Volkswagen to set up venture capital fund in decarbonization push”

Sept 7 (Reuters) – Intel Corp (INTC.O) on Tuesday said it could invest as much as 80 billion euros in Europe over the next decade to boost the region’s chip capacity and will open up its semiconductor plant in Ireland for automakers.

Intel CEO Pat Gelsinger, speaking at Munich’s IAA auto show, also said the company would announce the locations of two major new European chip fabrication plants by the end of the year.

There is speculation about possible production sites, with Germany and France seen as leading contenders while Poland, where Intel also has a presence, also in the picture.

Continue reading “Intel to invest up to 80 bln euros in boosting EU chip capacity-CEO”

BEIJING, Sept 6 (Reuters) – Japanese automakers Honda Motor (7267.T), Nissan Motor (7201.T) and Toyota Motor (7203.T) saw their sales in China tumble in August as a chip shortage hit vehicle production in the world’s biggest car market.

Honda said it sold 91,694 vehicles in China last month, down 38.3% from a year earlier due to the COVID-19 pandemic and a shortage of components.

Nissan said it sold 113,166 cars in China in August, down 10.6%, due to “external headwinds including on-going pandemic, material shortage and natural disasters across the country”.

Continue reading “Japanese automakers’ China car sales tumbled in August”

MUNICH, Sept 6 (Reuters) – Great Wall Motor (601633.SS), will launch an electric compact car and a plug-in hybrid SUV in Europe in 2022, it said on Monday, joining a growing number of Chinese carmakers trying their luck on the continent with low or zero-emission vehicles.

The company said at the IAA car show in Munich it will start taking orders for the Coffee 01 plug-in SUV for the German market at the end of 2021. Deliveries of the vehicle, which will have an electric range of 150 kms (93.2 miles) and will be marketed under Great Wall’s WEY brand, will start in the first half of 2022.

The IAA show is the first major motor industry event worldwide since the COVID-19 pandemic. read more

Continue reading “China’s Great Wall to launch electric car and hybrid SUV in Europe in 2022”

MUNICH, Sept 5 (Reuters) – Volkswagen (VOWG_p.DE) head Herbert Diess on Sunday said autonomous cars, not electric vehicles, were the “real gamechanger” for the auto industry, which is facing the end of combustion engines in Europe by 2035.

Diess’ comments signal the pace at which the 62-year old tries to transform Europe’s largest carmaker by basically saying that the shift towards battery-powered electric vehicles (EV), which still needs to be backed up by actual sales, was sealed.

“Autonomous driving is really going to change our industry like nothing else before,” Diess said in Munich ahead of the official opening of the IAA car show, adding the shift towards electrified cars was “kind of easy” in comparison.

Continue reading “Volkswagen CEO: smart cars, not e-cars, are ‘gamechanger’”

MILAN, Sept 6 (Reuters) – Italian scooter maker Piaggio (PIA.MI) said on Monday it had set up a consortium with Honda Motor Co. (7267.T), KTM AG and Yamaha Motor Co. (7272.T) to encourage the use of swappable batteries for electric motorcycles and light electric vehicles.

The Swappable Batteries Motorcycle Consortium (SBMC) aims to broaden the use of light electric vehicles, such as scooters, mopeds and motorcycles, and support a more sustainable management of their batteries, a joint statement said.

It will focus on issues such as battery life, recharging times, infrastructure and costs and will work on defining international standard technical specifications for swappable batteries.

Continue reading “Piaggio, KTM, Honda and Yamaha set up swappable batteries consortium”

BEIJING, Sept 6 (Reuters) – Chinese automaker Geely (GEELY.UL) has hired Stefan Sielaff, the former design chief of British luxury brand Bentley, as China’s manufacturers increasingly turn to new styles to boost sales in the world’s biggest car market.

Sielaff, who also worked for Volkswagen AG (VOWG_p.DE) and Daimler AG (DAIGn.DE), will be based in Sweden’s Gothenburg and lead design the domestic Geely, Zeekr, Lynk & Co and Geometry brands, the company said in a statement.

He will not manage design for its Volvo and Polestar brands.

Continue reading “Chinese automaker Geely hires former Bentley design chief”

FRANKFURT, Sept 3 (Reuters) – German carmaker Porsche (PSHG_p.DE) and sportswear maker Puma (PUMG.DE) will join the nation’s premier DAX stock index, as it expands to 40 from 30 companies in the biggest overhaul of its 33-year history, the exchange operator Deutsche Boerse (DB1Gn.DE) said on Friday.

The expansion, contemplated for years, got a push in reaction to the collapse of German payments company Wirecard, which dramatically fell from grace in 2020, just two years after promotion to the benchmark index.

Continue reading “Porsche, Puma to join Germany’s DAX as index expands”

MEXICO CITY, Sept 3 (Reuters) – Mexico expects the United States to comply with automotive rules in the new North American trade pact, a senior official said, taking a firm line ahead of high-level talks next week clouded by a dispute over the future of the car industry in the region.

Mexico and Canada have been at odds for months with the United States over the application of regional content requirements for the auto industry, one of the cornerstones of last year’s United States-Mexico-Canada Agreement (USMCA) trade pact.

The two countries favor a more flexible interpretation of the rules than the one taken by U.S. officials.

Continue reading “Mexico adopts firm stance on auto dispute ahead of U.S. talks”

SAN FRANCISCO, Sept 3 (Reuters) – One of the two victims of a fatal crash involving a Tesla car in Texas had a blood-alcohol level that exceeded the legal driving limit, according to an autopsy report.

No one was found in the driver’s seat in the April accident where a Model S caught fire after hitting a tree, killing the two people in the car, according to the police at the time.

William Varner, who was found in the back left passenger seat, had 0.151 g/100mL of ethanol – grain alcohol – detected in his blood after his death, according to the report by Harris County Institute of Forensic Sciences.

Continue reading “Victim of Tesla crash in Texas had alcohol level exceeding legal limit”

Sept 2 (Reuters) – Hyundai Motors’ (005380.KS) Genesis said on Thursday it would phase out all gas-powered cars by the end of the decade and that its luxury vehicles debuting 2025 onwards will run on fuel cells and batteries.

Genesis, which was launched as Hyundai’s standalone luxury division in 2015 to compete with premium brands such as BMW, Mercedes and Lexus, joins other auto majors who are doubling down on investments in electric vehicles.

The company, which accounts for just above 3% of Hyundai’s overall vehicle sales, said it would develop eight electric vehicle models with global sales expected to reach 400,000 units per year.

Continue reading “Hyundai’s luxury brand Genesis to be all-electric by 2030”

SEOUL, Sept 3 (Reuters) – South Korea’s Hyundai Motor Co (005380.KS) plans to use an auto chip it has developed itself for one of its upcoming vehicles next year, the Seoul Economy Daily reported on Friday.

Hyundai Motor, which together with affiliate Kia Corp (000270.KS) is among the world’s top 10 biggest automakers by sales, plans to internally develop a silicon carbide technology based power chip, the newspaper said, citing an unnamed industry source.

A shortage of chips made by semiconductor companies, fuelled by pandemic interruptions and production issues at chip factories, have forced automakers halt production and reduce work shifts amid concerns that shortages could continue.

Continue reading “Hyundai Motor set to use internally developed chip for upcoming car -media report”

LONDON, Sept 1 (Reuters) – Royal Dutch Shell (RDSa.L) on Wednesday announced plans to vastly expand its network of electric vehicle charging points in Britain, aiming to install 50,000 on-street posts by 2025 as part of its global rollout.

Shell will implement the plans through ubitricity, an on-street charging point company that it acquired in February which operates around 3,600 chargers in Britain.

The expansion is part of a government-backed push to rapidly grow Britain’s electric vehicle (EV) fleet in line with a target to reduce carbon emissions to net zero by 2050. Britain also plans to ban the sale of new petrol and diesel cars by 2030.

Continue reading “Shell to vastly expand EV charging network in Britain”

BOSTON, Sept 1 (Reuters) – Massachusetts’ attorney general on Wednesday gave backers of a proposed ballot measure, which would define drivers for app-based companies like Uber Technologies Inc (UBER.N) and Lyft Inc (LYFT.O) as independent contractors rather than employees, the green light to collect the signatures needed to put it before voters.

Massachusetts Attorney General Maura Healey certified that the measure met constitutional requirements, clearing the way for a coalition of app-based service providers backing the initiative to begin collecting the tens of thousands of signatures needed to get the proposal onto the November 2022 ballot.

Continue reading “Companies-backed Massachusetts gig worker ballot measure clears key hurdle”

Sept 1 (Reuters) – The Biden administration has an ambitious $7.5 billion plan to expand electric vehicle charging to underserved areas, but it must first overcome a host of obstacles that have discouraged private investment in more equitable charging networks.

The experience of California – the U.S. state with the largest number of EVs and the most advanced charging infrastructure – shows how challenging it will be to achieve the goals in the $1 trillion infrastructure spending proposal Biden wants Congress to pass.

California has poured more than $2 billion into a variety of EV incentive programs over the last years, which include policies to promote equity in distribution of chargers. The state has also generated more than $25 billion through its carbon credits trading program since 2012, a portion of which goes toward EV and charging projects.

Continue reading “Biden infrastructure plan takes on EV charging’s inequality problem”

BEIJING, Sept 2 (Reuters) – Chinese regulators summoned 11 ride-hailing firms including Didi Global Inc (DIDI.N), Geely’s (GEELY.UL) Caocao and Meituan’s (3690.HK) ride-hailing unit to a meeting, the transport ministry said on Thursday, to discuss points of concern in the sector.

At the meeting held on Wednesday, authorities highlighted the hiring of unqualified drivers and use of promotions that disrupt fair market order, the ministry said in a statement.

Regulators urged ride-hailing companies to comply with relevant rules and protect data security, the ministry said.

Regulators have frequently held talks with the ride-hailing industry, which offers tens of millions of rides a day in China, on topics of driver salaries, safety and other issues.

WASHINGTON, Sept 2 (Reuters) – General Motors Co (GM.N) will reduce production at most North American assembly plants this month because of the ongoing semiconductor chip shortage, hitting its profitable truck and sport utility vehicles, it said on Thursday.

The largest U.S. automaker will halt production next week at its Fort Wayne plant in Indiana and its Silao plant in Mexico, both of which build pickup trucks. In total, GM is cutting production at eight North American assembly plants in September.

The industry wide chip shortage is causing massive auto production cuts around the globe.

Continue reading “GM to cut North American production, citing chip shortage”

BEIJING, Aug 31 (Reuters) – BMW (BMWG.DE) said on Tuesday it wanted to support the restructuring of Huachen Group, parent of the German premium automaker’s Chinese joint venture partner Brilliance China Automotive (1114.HK).

BMW said in a statement to Reuters that it also wanted to use Huachen’s existing car manufacturing capacity. Huachen is based in China’s northeastern city of Shenyang in Liaoning province.

“To BMW, Liaoning province and the city of Shenyang have become the crucial innovation and production base in China, and the cornerstone of our future success in China,” BMW said, it did not offer details of how it plans to participate in Huachen’s restructuring.

Continue reading “BMW backs the restructuring of China JV partner’s parent Huachen”

BENGALURU, Sept 1 (Reuters) – Swedish steelmaker SSAB (SSABa.ST) said on Wednesday it had partnered with Daimler’s (DAIGn.DE) Mercedes-Benz to introduce fossil fuel-free steel into vehicle production, with prototype parts for body shells planned for next year.

SSAB plans to supply the market with fossil-free steel at a commercial scale in 2026, using the HYBRIT system to replace coking coal, traditionally needed for iron ore-based steelmaking, with electricity and hydrogen.

The Mercedes-Benz logo is seen on a car in front of the Mercedes-Benz Museum in Stuttgart, Germany February 11, 2020. REUTERS/Andreas Gebert

Continue reading “Mercedes-Benz teams up with SSAB to explore fossil fuel-free steel for cars”

SHANGHAI, Sept 1 (Reuters) – Chinese smartphone giant Xiaomi Corp (1810.HK) said on Wednesday it has completed the official business registration of its electric vehicle unit, marking the latest milestone in its push into the automotive sector.

The new unit, to be called Xiaomi EV Inc, opened with registered capital of 10 billion yuan ($1.55 billion) and Xiaomi CEO Lei Jun as its legal representative, Xiaomi said in a statement.

Some 300 staff have so far been employed to join the EV unit and it continues to recruit talent, it said.

Continue reading “China’s Xiaomi completes business registration of electric vehicle unit”

SHANGHAI, Sept 1 (Reuters) – Chinese ride-hailing giant Didi Global Inc (DIDI.N) has set up a union for its staff while e-commerce powerhouse JD.com (9618.HK) has also established one – landmark moves in the country’s tech sector where organised labour is extremely rare.

Regulators in China have come down hard on its biggest technology firms this year, criticising them for policies that exploit workers and infringe on consumer rights in addition to unleashing a slew of anti-trust probes and fines.

The government is also encouraging companies to implement initiatives to share wealth as part of a recent “common prosperity” drive laid out by President Xi Jinping to ease inequality in the world’s second-largest economy.

Continue reading “Didi and JD.com workers get unions in watershed moment for China’s tech sector”