NEW DELHI, Oct 20 (Reuters) – Tesla Inc (TSLA.O) has urged Indian Prime Minister Narendra Modi’s office to slash import taxes on electric vehicles before it enters the market, four sources told Reuters, ratcheting up demands that faced objections from some Indian automakers.

Tesla wants to begin selling imported cars in India this year but says taxes in the country are among the highest in the world. Its request for tax cuts – first reported by Reuters in July – prompted objections from several local players, who say such a move would deter investment in domestic manufacturing.

Continue reading “Tesla lobbies Modi’s office in India to slash taxes before it enters market-sources”

WASHINGTON, Oct 20 (Reuters) – A group of 160 Republican lawmakers said addressing supply chain woes that have dramatically slowed the manufacture and shipment of goods around the United States must be fixed before considering new spending on social programs, according to a letter sent to President Joe Biden on Wednesday.

“We urge you to call on your congressional allies to halt discussions on a budget reconciliation bill that aims to reshape the social fabric of this country and instead work on real infrastructure solutions that focus on moving goods and people safely and efficiently,” said the letter signed by lawmakers including House Minority Leader Kevin McCarthy, Representative Sam Graves, the ranking member on the Transportation and Infrastructure Committee and others.

Continue reading “U.S. Republicans say fixing supply chain is more urgent than social spending”

Oct 21 (Reuters) – For central bankers wrestling with the question of whether inflationary pressures are transitory, industry chiefs around the world have a clear message: prices are only going higher.

Shortages of workers, fuel, cargo ships, semiconductors and building materials as the global economy bounces back after pandemic lockdowns have companies from electric car makers to chocolatiers scrambling to keep a lid on costs.

Continue reading “The only way is up: corporate chiefs warn on prices”

Oct 21 (Reuters) – AutoNation Inc (AN.N) on Thursday reported a better-than-expected quarterly profit and unveiled an additional $1-billion share buyback program, as the largest U.S. auto retailer benefited from surging car prices on tight inventories.

Consumer preference for personal transportation since the pandemic outbreak and a global chip shortage that has led to auto production cuts across the globe have been driving car prices higher.

Continue reading “U.S. auto retailer AutoNation beats profit estimates on surging car prices”

FRANKFURT, Oct 21 (Reuters) – Investment bank Goldman Sachs (GS.N) and law firm Freshfields are among advisors working on a possible listing of Volkswagen’s (VOWG_p.DE) luxury unit Porsche AG, Manager Magazin reported on Thursday, without saying where it obtained the information.

The report prompted Volkswagen shares to rise 3% to the top of Frankfurt’s blue-chip DAX index (.GDAXI), reflecting hopes that such a move could unlock tens of billions of euros in value hidden under the carmaker’s complex conglomerate structure.

Continue reading “Goldman Sachs, Freshfields working on possible Porsche IPO -Manager Magazin”

WASHINGTON, Oct 20 (Reuters) – U.S. Transportation Secretary Pete Buttigieg said on Wednesday that Tesla (TSLA.O) Chief Executive Elon Musk should directly raise with him any issues about the hiring of a senior safety adviser who has been critical of the automaker.

“He’s welcome to call me if he’s concerned,” Buttigieg told reporters at an event on Wednesday. “We are responsible for making sure that every vehicle on the road is safe.

Continue reading “U.S. transport chief defends auto safety agency after Musk criticism”

LONDON, Oct 19 (Reuters) – At least 50% of British luxury carmaker Aston Martin’s (AML.L) sales should be electric models by 2030, the company’s top executive said on Tuesday.

“I would say a minimum of 50% of our sales will be electric, possibly more,” Aston Martin Chief Executive Tobias Moers said during the Reuters Events Automotive Summit.

Continue reading “At least 50% of Aston Martin car sales should be electric by 2030, says CEO”

KUALA LUMPUR, Oct 20 (Reuters) – Malaysian electronics firms central to the supply of basic chips that drive the world’s cars, smartphones and home devices say big-name customers are beating on their doors to lock in take-or-pay, longer-term deals – and happy to pay more if need be.

Manufacturers are rushing to replenish chip stocks depleted during coronavirus pandemic factory curbs – not least automakers who earlier cancelled orders expecting poor demand. That chip shortage has slammed their output, and still dislocates supply chains, just as consumer demand ramps up along with a global easing of COVID restrictions in everyday life.

Continue reading “‘They’ll have to pay’: Malaysia chip crunch triggers new era in supply deals”

BERLIN, Oct 20 (Reuters) – Volkswagen (VOWG_p.DE) has produced just 300,000 cars at its main Wolfsburg plant so far this year, a company source with knowledge of the matter said, the lowest figure since 1958 and far behind its average output before the pandemic.

The plant, which makes cars from the Golf, Tiguan, and Seat brands among others, produced an average of 780,000 vehicles per year in the past decade and the company said in 2018 it aimed to boost this figure to a million.

Continue reading “Volkswagen’s main plant producing fewest cars since 1958, source says”

SHANGHAI, Oct 20 (Reuters) – Geely (GEELY.UL) and Volvo Car’s (VOLVb.ST) joint Lynk & Co brand said on Wednesday it plans to expand its sales network beyond China and Europe to the Gulf region in the fourth quarter of this year.

Lynk & Co, which sells and rents cars to customers on monthly subscriptions, will also begin its Asian market expansion “in due course”, it said in a statement.

Continue reading “Geely and Volvo’s Lynk & Co set to expand to Gulf region in Q4 2021”

TOKYO, Oct 20 (Reuters) – Japan’s Nippon Steel Corp is suing customer Toyota Motor Corp (7203.T) to stop it manufacturing and selling vehicles that contain specialised steel made by rival supplier Baoshan Iron & Steel Co Ltd (Baosteel) of China, which it is also suing.

It highlights the high stakes for materials producers as technology transforms the auto industry and comes as Japan is increasingly concerned about safeguarding supply chains and intellectual property.

Continue reading “Explainer: Why is Toyota being sued by supplier Nippon Steel?”

TAIPEI, Oct 20 (Reuters) – Taiwan tech giant Foxconn (2317.TW) is looking at making electric vehicles (EVs) in Europe, India and Latin America, including “indirectly” cooperating with German automakers, Chairman Liu Young-way said on Wednesday.

Foxconn, formally called Hon Hai Precision Industry Co Ltd, aims to become a major player in the global EV market and has clinched deals with U.S. startup Fisker Inc (FSR.N) and Thailand’s energy group PTT PCL (PTT.BK).

Continue reading “Foxconn sets sights on making EVs in Europe, India, Latin America”

SEOUL, Oct 19 (Reuters) – South Korean battery maker Samsung SDI Co Ltd (006400.KS) and global automaker Stellantis NV (STLA.MI) have agreed to jointly produce electric vehicle (EV) batteries for the North American market, a person familiar with the matter said on Tuesday.

Samsung SDI, an affiliate of South Korean tech giant Samsung Electronics (005930.KS), already has EV battery plants in South Korea, China and Hungary, which supply customers such as BMW (BMWG.DE) and Ford Motor (F.N).

Continue reading “Samsung SDI, Stellantis agree joint electric vehicle battery deal -source”

LONDON, Oct 18 (Reuters) – With electric car sales soaring and regulations increasingly favouring zero-emission vehicles, a flurry of announcements on Monday showed how the global auto industry has kicked into a higher gear as it races to speed past the fossil-fuel car era.

As part of its own 30 billion euro ($34.7 billion) electrification plan Stellantis (STLA.MI) – born out of a merger of PSA and Fiat Chrysler earlier this year – said it had entered a preliminary agreement with battery maker LG Energy Solution to produce battery cells and modules for North America, where the world’s No. 4 automaker expects more than 40% of its U.S. sales will be electric vehicles (EVs) by 2030.

Continue reading “Carmakers shift up a gear in race to go electric”

SHANGHAI, Oct 19 (Reuters) – Xiaomi Corp (1810.HK)Chief Executive Lei Jun said the Chinese smartphone maker will mass produce its own cars in the first half of 2024, a company spokesperson said on Tuesday.

The comments, which were made at a investor event, were first reported by local media and later confirmed by the company.

Continue reading “Xiaomi CEO says firm to mass produce its own cars in H1 2024 -spokesperson”

Oct 19 (Reuters) – Global automaker Stellantis NV (STLA.MI) has agreed a partnership with Italian e-mobility startup TheF Charging to create a European public charging network accessible to all electric vehicles, the two companies said on Tuesday.

Under the partnership, the companies will jointly develop quick charging points in over 15,000 locations with 2 million parking spaces across Europe until 2025, they said in a joint statement.

Continue reading “Stellantis, TheF Charging team up for EV charging network in Europe”

WASHINGTON, Oct 17 (Reuters) – A Michigan judge has thrown out a lawsuit that General Motors Co (GM.N) filed against Stellantis’ Fiat Chrysler Automobiles (FCA) that accused its rival of fraud and unfair competition.

GM sued FCA in 2019, alleging it bribed United Auto Workers (UAW) union officials over many years to corrupt the bargaining process and gain advantages, costing GM billions of dollars.

Continue reading “Michigan judge tosses GM lawsuit against Fiat Chrysler”

TAIPEI, Oct 18 (Reuters) – Taiwan’s Foxconn (2317.TW) unveiled its first three electric vehicle prototypes on Monday, underscoring ambitious plans to diversify away from its role of building consumer electronics for Apple Inc (AAPL.O) and other tech firms.

The vehicles – an SUV, a sedan and a bus – were made by Foxtron, a venture between Foxconn and Taiwanese car maker Yulon Motor Co Ltd (2201.TW).

Continue reading “Foxconn bullish on electric vehicle prospects as it shows off three prototypes”

STOCKHOLM, Oct 18 (Reuters) – Geely-owned Volvo Cars said on Monday its initial public offering would be priced within a range of 53 to 68 Swedish crowns per share, valuing the automaker at up to $23 billion in what is likely to be one Europe’s biggest listings this year.

Volvo Cars, which has spent years under the Geely Holding (GEELY.UL) umbrella strengthening its foothold in the premium market, said this month it planned to raise $2.9 billion through an IPO and list its shares on the Nasdaq Stockholm stock exchange.

Continue reading “Geely’s Volvo Cars sets IPO price range, seeking up to $23 billion valuation”

LONDON, Oct 18 (Reuters) – Ford (F.N) said on Monday it would invest up to 230 million pounds ($316 million) to build electric car components at its Halewood factory in northern England.

The plant will produce around 250,000 power units a year from mid-2024, the first European in-house location to make electric vehicle parts for Ford, which has pledged that its car line-up for the continent will be all-electric by 2030.

Continue reading “Ford to invest around $300 million to build electric car parts at UK plant”

WASHINGTON, Oct 18 (Reuters) – Toyota Motor Corp’s (7203.T) North American unit said Monday it will invest about $3.4 billion (380 billion yen) on U.S. automotive battery development and production in the United States through 2030.

The world’s largest automaker by volume also said it plans to establish a new company and build a new U.S. automotive battery plant together with Toyota Tsusho (8015.T), the automaker’s metals trading arm and a unit of the Toyota Group.

Continue reading “Toyota to invest $3.4 billion on U.S. automotive batteries through 2030”

LONDON, Oct 18 (Reuters) – With electric car sales soaring and regulations increasingly favouring zero-emission vehicles, a flurry of announcements on Monday showed how the global auto industry has kicked into a higher gear as it races to speed past the fossil-fuel car era.

As part of its own 30 billion euro ($34.7 billion) electrification plan Stellantis (STLA.MI) – born out of a merger of PSA and Fiat Chrysler earlier this year – said it had entered a preliminary agreement with battery maker LG Energy Solution to produce battery cells and modules for North America, where the world’s No. 4 automaker expects more than 40% of its U.S. sales will be electric vehicles (EVs) by 2030.

Continue reading “Carmakers shift up a gear in race to go electric”

PRAGUE, Oct 17 (Reuters) – Czech car makers will produce quarter a million fewer cars than expected this year due to the global shortage of chips and the automotive sector will lose 200 billion crowns ($9.14 billion) in sales, the Auto Industry Association (AutoSAP) said on Sunday.

AutoSAP said domestic passenger car production dropped by 53.1% in September year-on-year, to 56,157 cars.

Continue reading “Czech car sector to make 250,000 fewer vehicles this year due to chip shortage”

BERLIN, Oct 14 (Reuters) – The leaders of three German states where Opel has factories wrote to the chief executive of the carmaker’s owner Stellantis (STLA.MI) on Thursday, criticising his lack of communication on plans for Opel which they said was eroding public trust in the company.

Stellantis disclosed to the press late last month that Opel’s Eisenach plant would shut for at least three months due to ongoing global chip shortages.

Continue reading “Stellantis’ silence on Opel plans erodes trust, German states say”

LONDON, Oct 14 (Reuters) – The era of breakneck growth for electric scooter firms is giving way to more selective expansion focused on profits as they face tougher regulations, more demanding customers and wary insurers.

Hurt badly by global coronavirus lockdowns last year, companies offering by-the-minute rental of e-scooters say ridership is soaring to pre-COVID 19 levels among urban consumers eager to avoid public transport or taxis.

Continue reading “After Wild West start, scooter providers chase scale to survive”

PARIS, Oct 15 (Reuters) – French auto supplier Novares is claiming tens of millions euros in damages from its customers after a global shortage in semiconductor chips has forced many carmakers to halt production and cancel orders.

Novares, which makes plastic components used in one in three vehicles worldwide, is seeking compensation for the cancellations that have left its stocks piling up.

Continue reading “Supplier Novares seeks damages from carmakers over cancelled orders”

BERLIN, Oct 15 (Reuters) – European car registrations slumped more than 25% in September due to a lack of supply of vehicles due to the ongoing semiconductor shortage, industry data showed on Friday.

New passenger car registrations fell 25.2% in the European Union, Britain and the countries of the European Free Trade Association (EFTA) compared to last year, figures from the European Automobile Manufacturers’ Association (ACEA) showed.

Continue reading “European new car sales down in September – ACEA”

Oct 15 (Reuters) – Investor Michael Burry of “The Big Short” fame said he was no longer betting against Tesla Inc (TSLA.O) and that his position was just a trade, CNBC reported on Friday.

Burry’s Scion Asset Management said in a regulatory filing in mid-May it had put options on 800,100 Tesla shares as of the end of the first quarter. Details on the strike price of the puts, their value and whether they were part of a broader trade were not available.

Continue reading “‘Big Short’ investor Burry says he’s no longer betting against Tesla – CNBC”

FRANKFURT, Oct 16 (Reuters) – Tesla (TSLA.O) boss Elon Musk has addressed 200 Volkswagen (VOWG_p.DE) executives via a video call after an invitation from the German carmaker’s CEO Herbert Diess, who wants to galvanise VW’s top brass for a faster pivot to electric vehicles.

The comments on Thursday by Musk to a VW managers gathering in Alpbach, Austria, confirmed by Diess via Twitter on Saturday after a report in Handelsblatt daily, included praise of VW for being an “icon” and Tesla’s greatest challenger, Handelsblatt said.

Continue reading “Tesla’s Musk dials into Volkswagen executive conference”

BEIJING, Oct 13 (Reuters) – Japan’s Honda Motor (7267.T) will launch a new electric vehicle brand in China next year, it said on Wednesday, and will only launch battery electric, hydrogen fuel-cell or petrol-electric hybrid vehicles there from 2030.

Known for its fuel-efficient internal-combustion engines, Honda sold over 1.6 million vehicles in China last year.

Continue reading “Honda to launch new EV brand in China next year”

PARIS, Oct 13 (Reuters) – French carmaker Renault (RENA.PA) will leave its current headquarters in Boulogne-Billancourt near Paris to move to a rented location as it looks to cut costs, a spokesperson said on Wednesday.

Continue reading “Renault plans move to rented HQ as it aims to cut costs-spokesperson”

TOKYO, Oct 14 (Reuters) – Japan’s biggest steelmaker Nippon Steel Corp (5401.T) said on Thursday it had filed patent infringement lawsuits against Toyota Motor Corp (7203.T) and China’s Baoshan Iron & Steel Co Ltd (Baosteel) (600019.SS) with a Tokyo district court.

Nippon Steel is seeking 20 billion yen ($176 million) in damages from each company, alleging the two firms have infringed on its patents on non-oriented magnetic steel sheets that are used in electric vehicles, it said in a statement.

Continue reading “Nippon Steel sues Toyota, Baoshan for patent infringement”

NUERTINGEN, GERMANY, Oct 14 (Reuters) – Germany’s BMW (BMWG.DE) will be ready for any ban on internal combustion engine (ICE) cars from 2030 onwards with an offering of electric vehicles, Chief Executive Officer Oliver Zipse said on Tuesday.

The EU has proposed an effective ban on fossil fuel cars from 2035 as part of a broader package of measures to combat global warming.

Continue reading “BMW ready for any ban on fossil fuel-burning cars from 2030, CEO says”

WASHINGTON, Oct 12 (Reuters) – More than 100 U.S. House lawmakers on Tuesday urged Speaker Nancy Pelosi to keep a $4,500 tax credit incentive for union-built electric vehicles (EV) in a massive spending bill.

In a letter seen by Reuters, 107 Democrats urged Pelosi to retain the credit supported by the United Auto Workers (UAW) union, the AFL-CIO and U.S. automakers. The $4,500 credit would provide a significant boost to Detroit’s three automakers — General Motors Co (GM.N), Ford Motor Co (F.N) and Chrysler-parent Stellantis .

Continue reading “More than 100 U.S. lawmakers urge Pelosi to back union EV tax credit”

HONG KONG, Oct 12 (Reuters) – Alibaba Group (9988.HK) founder Jack Ma, largely out of public view since a regulatory clampdown started on his business empire late last year, is currently in Hong Kong and has met business associates in recent days, two sources told Reuters.

The Chinese billionaire has been keeping a low profile since delivering a speech in October last year in Shanghai criticising China’s financial regulators. That triggered a chain of events that resulted in the shelving of his Ant Group’s mega IPO.

Continue reading “Billionaire Alibaba founder Jack Ma reappears in Hong Kong – sources”

LAS VEGAS, Oct 12 (Reuters) – Honda Aircraft Co on Tuesday rolled out plans for a new light business jet that can fly non-stop across the United States, as the company looks to tap into skyrocketing demand for private travel.

The plane would seat up to 11 and offer up to 20% better fuel efficiency than other jets in the category, the company said. Honda Aircraft unveiled the new design at the National Business Aviation Association show in Las Vegas, the industry’s largest business jet show. It did not guarantee that the plane would be produced or offer a timeline for taking orders

Continue reading “Honda pitches new light jet model as private travel soars”

SEOUL, Oct 12 (Reuters) – General Motors Co (GM.N) said on Tuesday its battery partner, South Korea’s LG Electronics Inc (066570.KS), had agreed to reimburse it for the $2 billion estimated in costs and expenses associated with the recall of Bolt electric vehicles.

The U.S. automaker did not say how much LG would pay but said it will recognize an estimated recovery in the third-quarter earnings that will offset $1.9 billion of the total charges associated with the recall.

Continue reading “GM settles $2 bln Bolt EV recall cost deal with S.Korea’s LG”

LONDON, Oct 13 (Reuters) – European and U.S. cities planning to phase out combustion engines over the next 15 years first need to plug a charging gap for millions of residents who park their cars on the street.

For while electric vehicle (EVs) sales are soaring in Europe and the United States, a lag in installing charging infrastructure is causing a roadblock.

Continue reading “Rocking down to Electric Avenue? Good luck charging your car”