Auto and truck makers suspend some business in Russia following invasion

Auto and truck makers suspend some business in Russia following invasion

By Ben Klayman

Feb 28 (Reuters) – Global auto and truck makers, including Sweden’s Volvo Cars (VOLCARb.ST) and Germany’s Daimler Truck (DTGGe.DE), on Monday suspended some business in Russia following that country’s invasion of Ukraine.

Russian forces invaded Ukraine last week, marking the biggest attack by one state against another in Europe since World War Two. Many firms have idled operations in Russia following Western sanctions against Russia.

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Toyota suspends domestic factory operations after suspected cyber attack

Toyota suspends domestic factory operations after suspected cyber attack

TOKYO, Feb 28 (Reuters) – Toyota Motor Corp (7203.T) said it will suspend domestic factory operations on Tuesday, losing around 13,000 cars of output, after a supplier of plastic parts and electronic components was hit by a suspected cyber attack.

No information was immediately available about who was behind the possible attack or the motive. The attack comes just after Japan joined Western allies in clamping down on Russia after it invaded Ukraine, although it was not clear if the attack was at all related.

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Panasonic to begin mass producing new Tesla battery by end-March 2024

Panasonic to begin mass producing new Tesla battery by end-March 2024

TOKYO, Feb 28 (Reuters) – Panasonic Corp (6752.T) said on Monday it will begin mass production of a new lithium-ion battery for Tesla Inc (TSLA.O) before the end of March 2024 at a plant in Japan.

Unveiled by the Japanese company in October, the 4680 format (46 millimetres wide and 80 millimetres tall) battery is around five times bigger than those currently supplied to Tesla, meaning the U.S. electric vehicle (EV) maker will be able to lower production costs.

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Toyota gears up its first EV with safer, longer-lasting battery

Toyota gears up its first EV with safer, longer-lasting battery

By Satoshi Sugiyama and Maki Shiraki

SODEGAURA, Japan, Feb 28 (Reuters) – Toyota Motor Corp (7203.T), a late-comer to the battery electric vehicle (BEV) market, is weaving in all efforts to make sure its first mass-market model is safer and lasts longer than rivals’ products when it goes on sale later this year.

BEVs have grown in popularity globally, but some consumers have been put off by EV battery-related fire risks and rapid degradation.

General Motors (GM.N) and Hyundai Motor (005380.KS) were forced last year to recall EVs, carrying batteries manufactured by LG Energy Solution, after reports of fires.

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Canada’s Ontario province to introduce legislation for gig worker benefits

Canada’s Ontario province to introduce legislation for gig worker benefits

Feb 28 (Reuters) – Canada’s Ontario province on Monday will introduce legislation to establish a minimum wage and other rights for gig economy workers such as drivers for ride-hailing companies, Premier Doug Ford said.

The legislation, which Ford called a first for a Canadian province, includes clarity around hours and pay calculations. It also includes protection against dismissal from a digital platform without proper notice or explanation, and ensure tips that workers earn remain with them, Ford told reporters.

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As sanctions bite, Volvo suspends car shipments to Russia

As sanctions bite, Volvo suspends car shipments to Russia

BEIJING, Feb 28 (Reuters) – Swedish automaker Volvo Cars (VOLCARb.ST) said on Monday it will suspend car shipments to the Russian market until further notice, becoming the first international carmaker to do so as sanctions over Moscow’s invasion of Ukraine continue to bite.

In a statement provided by email, the company said it had made the decision because of “potential risks associated with trading material with Russia, including the sanctions imposed by the EU and US.”

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Truck maker AB Volvo halts production in Russia

Truck maker AB Volvo halts production in Russia

STOCKHOLM, Feb 28 (Reuters) – Swedish truck maker AB Volvo (VOLVb.ST) has halted all its production and sales in Russia due to the Ukraine crisis, the company said on Monday.

Volvo Group generates roughly 3% of its sales in Russia and has one factory in the country.

“We now have a bit more clarity on sanctions and security in the region… this means all operations in Russia end,” a company spokesperson told Reuters, adding that the measures would apply until further notice.

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Russian oil buyers struggle with payments and vessels, BP annuls loadings -traders

Russian oil buyers struggle with payments and vessels, BP annuls loadings -traders

MOSCOW, Feb 28 (Reuters) – Buyers of Russian oil have faced difficulties over payments and availability of vessels after imposition of Western sanctions against Moscow over Ukraine, traders said on Monday, while BP Plc has cancelled fuel oil loadings from a Black Sea port.

The West has introduced wide-range sweeping sanctions, including on the banking sector, after Russia’s invasion of Ukraine on Thursday. Russia calls its action a “special operation” to disarm Ukraine.

Continue reading “Russian oil buyers struggle with payments and vessels, BP annuls loadings -traders”

Factbox: Corporate ties to Russia uprooted as sanctions tighten

Factbox: Corporate ties to Russia uprooted as sanctions tighten

Feb 28 (Reuters) – Companies have taken action to limit, put on hold or exit business activities in Russia following a wave of sanctions imposed after Moscow’s invasion of Ukraine.

Below is a list of European companies that have announced plans to exit Russia or to curb activities there:

AERCAP

World’s biggest aircraft leasing company AerCap Holdings (AER.N), headquartered in Dublin, will cease leasing activity with Russian airlines. read more

Continue reading “Factbox: Corporate ties to Russia uprooted as sanctions tighten”

Daimler Truck suspends all cooperation with Russia’s Kamaz -Handelsblatt
Toyota agrees to union’s pay hike demands

Toyota agrees to union’s pay hike demands

By Tetsushi Kajimoto

 

TOKYO, Feb 25 (Reuters) – Toyota Motor Corp (7203.T) has accepted labour union pay demands, Toyota CEO Akio Toyoda told reporters late Thursday, wrapping up annual wage negotiations with unusual speed amid calls by the government for firms to lift wages.

“We have made an offer that fully met the union’s demands,” Toyoda said after a meeting with Prime Minister Fumio Kishida.

Neither Toyota or its union have disclosed the size of the pay rise that has been agreed.

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Jeep to launch two new SUVs in India to boost sales

Jeep to launch two new SUVs in India to boost sales

By Aditi Shah

NEW DELHI, Feb 25 (Reuters) – Stellantis’ (STLA.MI) Jeep will launch two new sport-utility vehicles (SUVs) in India this year to boost sales in a market where it has struggled to establish a meaningful presence.

Jeep will launch the Meridian, a mid-size, three-row SUV, that will be made in India, and the Grand Cherokee, which it will assemble in the country – a move the company expects will allow it to price its vehicles more competitively.

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Renault to temporarily shut some Russian operations due to components shortage

Renault to temporarily shut some Russian operations due to components shortage

By Gleb Stolyarov

MOSCOW, Feb 25 (Reuters) – French carmaker Renault (RENA.PA) will suspend some operations at its car assembly plants in Russia next week due to logistics bottlenecks that have caused component shortages, its local units said on Friday.

The move comes after Russia launched an invasion of Ukraine on Thursday although Renault, which has three car assembly plants in Russia, did not specify whether its supply chain had been affected by the conflict.

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Auto parts maker Aptiv recently shifted high-volume production from Ukraine -CEO

Auto parts maker Aptiv recently shifted high-volume production from Ukraine -CEO

Feb 25 (Reuters) – Aptiv Plc (APTV.N) shifted high-volume production of parts for vehicles out of Ukraine over the past couple months ahead of possible hostilities, the auto parts maker’s chief executive said.

“Over the course of the last couple of months, we actually moved a couple of what I call high runner programs out of the Ukraine … just so we were better positioned to manage disruption,” Clark said at a Barclays conference on Thursday.

Continue reading “Auto parts maker Aptiv recently shifted high-volume production from Ukraine -CEO”

EXCLUSIVE Uber revamps driver pay algorithm in large U.S. pilot to attract drivers

EXCLUSIVE Uber revamps driver pay algorithm in large U.S. pilot to attract drivers

By Tina Bellon

Feb 25 (Reuters) – Uber Technologies Inc (UBER.N) is testing a new driver earnings algorithm in 24 U.S. cities that allows drivers to see pay and destinations before accepting a trip and raises the incentives for drivers to take short rides in an effort to attract more drivers.

The changes, which are currently in pilot programs, mark the most wide-ranging updates to Uber’s driver pay algorithm in years and come at a time when the company is still trying to win back drivers who left at the start of the pandemic. Fares paid by consumers are not affected.

Continue reading “EXCLUSIVE Uber revamps driver pay algorithm in large U.S. pilot to attract drivers”

Automakers idle production following Russia’s invasion, other firms also scramble

Automakers idle production following Russia’s invasion, other firms also scramble

By Ben Klayman

Feb 25 (Reuters) – Several companies, including automakers Volkswagen (VOWG_p.DE) and Renault (RENA.PA) and tire maker Nokian Tyres (TYRES.HE), on Friday outlined plans to shut or shift manufacturing operations following Russia’s invasion of Ukraine.

After invading earlier this week, Russian forces pressed their advance on Friday as missiles pounded Kyiv and authorities said they were girding for an assault aimed at overthrowing the government. read more

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Russia’s invasion of Ukraine may pressure light-vehicle sales growth – data

Russia’s invasion of Ukraine may pressure light-vehicle sales growth – data

Feb 25 (Reuters) – Russia’s invasion of Ukraine presents a “substantial risk” to the recovery of global light-vehicle sales this year, auto industry consultants J.D. Power and LMC Automotive said in a joint forecast on Friday.

The consultants cut their forecast for global light-vehicle sales by 400,000 to 85.8 million units, also due to rising oil and aluminum prices that could discourage buyers from spending on new cars and trucks.

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Russian carmaker Avtovaz may suspend some assembly lines on Monday due to components shortage

Russian carmaker Avtovaz may suspend some assembly lines on Monday due to components shortage

MOSCOW, Feb 25 (Reuters) – Russia’s biggest carmaker Avtovaz (AVAZI_p.MM) may suspend some assembly lines at its Togliatti plant in central Russia on Monday for a day due to a persistent global shortage of electronic components, it said in a statement on Friday.

Avtovaz, controlled by French carmaker Renault (RENA.PA), plans to resume its Togliatti operations in full on Tuesday, March 1, it said. The company declined to comment on new U.S. sanctions on the Russian economy, saying it continued to monitor the situation.

Reporting by Gleb Stolyarov Writing by Katya Golubkova; Editing by Susan Fenton
Volkswagen teases its New Global Sedan for the Indian market, the Virtus ahead of its World Premiere

Volkswagen teases its New Global Sedan for the Indian market, the Virtus ahead of its World Premiere

  • The New Global Sedan slated to be showcased with a dynamic and emotional design language
  • Set to invigorate the premium mid-size sedan segment, the Volkswagen Virtus depicts a striking personality, exhilarating energy and German engineering capabilities
  •  A truly global sedan that represents the dynamic and confident character of the aspirational Indian customer
  •  The Volkswagen Virtus is the second product by the brand under the India 2.0 project that is developed on the MQB A0 IN platform
  • World Premiere on 8th March 2022

Continue reading “Volkswagen teases its New Global Sedan for the Indian market, the Virtus ahead of its World Premiere”

Ford has no plans to spin off EV or gasoline-powered vehicle businesses -CEO

Ford has no plans to spin off EV or gasoline-powered vehicle businesses -CEO

By Ben Klayman

DETROIT, Feb 23 (Reuters) – Ford Motor Co (F.N) has no plans to spin off its electric vehicle or gasoline-powered vehicle businesses, Chief Executive Jim Farley said on Wednesday.

“We have no plans to spin off our electric business or our ICE business,” Farley said at a Wolfe Research conference appearance that was webcast, using an acronym for internal-combustion engine.

“We know our competition is Nio and Tesla, and we have to beat them, not match them,” he added. “And we also have to beat the best of the ICE players.”

Tesla plans new Shanghai plant to more than double China capacity – sources

Tesla plans new Shanghai plant to more than double China capacity – sources

SHANGHAI, Feb 24 (Reuters) – Tesla Inc (TSLA.O) plans to start work on a new plant in Shanghai as soon as next month as part of a plan to more than double production capacity in China to meet growing demand for its cars in the country and export markets, two people familiar with the matter told Reuters.

Once the new plant is fully operational, Tesla will have the capacity to produce up to 2 million cars per year at its expanded Shanghai facility, the company’s main export hub, according to the people, who asked not to be identified in discussing still-private plans.

 The new plant will be located in the vicinity of its existing production base in Lingang, Pudong New Area.

Tesla declined to comment.

Continue reading “Tesla plans new Shanghai plant to more than double China capacity – sources”

Canada’s trucker protests leave businesses and taxpayers with hefty bills

Canada’s trucker protests leave businesses and taxpayers with hefty bills

By Julie Gordon

OTTAWA, Feb 24 (Reuters) – A three-week long protest in Canada against pandemic measures that snarled trade and shuttered Ottawa’s core likely cost billions in trade delays, tens of millions in lost sales for businesses, and left behind a hefty policing and clean-up tab.

Hundreds of trucks and vehicles rolled into Ottawa’s sleepy downtown on Jan. 28, blocking off key roadways as convoy members expressed their anger at government with loud, persistent horn honking before police cleared them on Sunday. read more

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Mercedes-Benz to double EV sales in 2022, solidify supplier relationship

Mercedes-Benz to double EV sales in 2022, solidify supplier relationship

BERLIN, Feb 24 (Reuters) – Mercedes-Benz (MBGn.DE) aims to double its electric vehicle sales in 2022 and expand its electrified car footprint in relevant markets worldwide, Chief Executive Ola Kaellenius said on Thursday in an earnings press conference.

Chief Financial Executive Harald Wilhelm listed a series of challenges the carmaker expected to face this year, including uncertain geopolitical developments, the ongoing COVID-19 pandemic and a significant rise in some raw material prices.

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Petrol vs Diesel vs Electric vs CNG vs Hybrid Cars Sales in India – 2021

Petrol vs Diesel vs Electric vs CNG vs Hybrid Cars Sales in India – 2021

Maruti rules in the Petrol and CNG cars sales. However; Tata’s portfolio was the most balanced with a combination of Petrol, Diesel, and Electric models last year. Tata Motors strengthened its hold with the launch of CNG models in January 2022 and sold over 3,000 units of Tiago CNG and Tigor CNG in the first month itself!

Continue reading “Petrol vs Diesel vs Electric vs CNG vs Hybrid Cars Sales in India – 2021”

Strong first year boosts Stellantis as cost challenges loom

Strong first year boosts Stellantis as cost challenges loom

By Giulio Piovaccari and Gilles Guillaume

Summary

  • Adj EBIT margin at 11.8% in 2021 vs target of around 10%
  • Margin in North America at record 16.3%
  • Company ahead of schedule with synergies, CFO says
  • Shares up 6.5%
  • No plan to split ICE and EV businesses, CFO says

MILAN, Feb 23 (Reuters) – Stellantis (STLA.MI) beat its profitability target in the first year following its creation from the merger of Fiat Chrysler and Peugeot maker PSA, boosting hopes the automaker can cope with rising raw material costs and a shortage of semiconductor chips.

Milan-listed shares in the world’s No.4 carmaker were up 6.5% in Wednesday afternoon trading.

Continue reading “Strong first year boosts Stellantis as cost challenges loom”

Tesla to expand parts production in Shanghai to meet export demand -document

Tesla to expand parts production in Shanghai to meet export demand -document

SHANGHAI, Feb 23 (Reuters) – Tesla Inc (TSLA.O) plans to expand parts production at its Shanghai factory to meet growing demand for exports, according to a document it filed with the city government.

The automaker will add production workshops, increase the number of workers and lengthen the time equipment is operational, the document.

Exact figures were redacted from the document, which was filed on Tuesday. Tesla did not respond to a request for comment.

Continue reading “Tesla to expand parts production in Shanghai to meet export demand -document”

Aston Martin sales rev up on higher prices, more profitable cars

Aston Martin sales rev up on higher prices, more profitable cars

By Nick Carey

Summary

  • 2021 operating loss 76.5 mln stg vs 323 mln 2020 loss
  • Sales jumped over 80% to nearly 6,200 vehicles
  • DBX707 and V12 Vantage to be launched this year

LONDON, Feb 23 (Reuters) – Aston Martin (AML.L) narrowed its annual loss in 2021 as sales surged and the company said on Wednesday it expected further improvements this year as it launches new, more profitable models and plans to raise prices across its model line-up.

The British luxury carmaker said it expected to see sales rise again in 2022, despite ongoing global supply chain disruptions that have accompanied the COVID-19 pandemic.

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EU proposes law forcing large firms to check suppliers for environment, human rights issues

EU proposes law forcing large firms to check suppliers for environment, human rights issues

By Kate Abnett and Jan Strupczewski

BRUSSELS, Feb 23 (Reuters) – The European Commission on Wednesday proposed a law to make large companies operating in the EU check that their suppliers around the world respect environmental standards and do not use slave or child labour.

The Corporate Sustainability Due Diligence law will also oblige directors of European Union firms to ensure that their business strategy aligns with limiting global warming to 1.5 Celsius, as agreed under the Paris climate agreement.

“We can no longer turn a blind eye on what happens down our value chains,” EU justice commissioner Didier Reynders said.

Continue reading “EU proposes law forcing large firms to check suppliers for environment, human rights issues”

Tesla faces day of reckoning on water supply for planned German plant

Tesla faces day of reckoning on water supply for planned German plant

By Victoria Waldersee

Summary

  • Court decision linked to factory’s water use expected on March 4
  • Water supplier could be forced to cancel contract
  • Current water reserves don’t allow for expansion – supplier
  • Production permit could consist of 100s of pages – ministry

BERLIN, Feb 23 (Reuters) – Tesla (TSLA.O) may lose the water supply contract for its long-delayed German plant if environmental groups win a court case challenging a licence granted to its water supplier at a hearing next week.

The Frankfurt Oder administrative court will hear on March 4 a complaint filed by local groups claiming the Brandenburg environmental ministry carried out insufficient checks before granting the licence to the Wasserverband Strausberg-Erkner (WSE) utility.

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CNH sees revenues rising to 2024 as new plan focuses on precision agriculture

CNH sees revenues rising to 2024 as new plan focuses on precision agriculture

Summary

  • Co sees net sales up to $20-22 bln in 2024
  • Margin on adj EBIT seen growing to 12-13% in 2024
  • Margin at agricultural unit seen at 14.5-15.5%
  • Margin at construction unit seen at 5.5-6.5%

MILAN, Feb 22 (Reuters) – Italian-American vehicle maker CNH Industrial (CNHI.MI) on Tuesday estimated total revenue growth of up to 24% through 2024 as it presented a new business plan after spinning off its truck, bus and engine units.

CNH Industrial completed the spin-off of its truck, bus and engine operations, now separately listed as Iveco Group , at the start of 2022. It is focusing on higher-margin agriculture and construction machine businesses, whose data content, autonomous technologies and alternative fuels are increasingly at the center of CNH’s business.

Volkswagen and top investor steer towards Porsche IPO

By Jan Schwartz, Christoph Steitz and Victoria Waldersee

Summary

  • Volkswagen, Porsche SE negotiate framework agreement
  • VW could issue equal number of common, preference shares-sources
  • May list 25% of Porsche AG, no agreement yet – sources
  • Porsche SE shares up 15.2%, Volkswagen up 10.2%

HAMBURG/BERLIN, Feb 22 (Reuters) – Volkswagen (VOWG_p.DE) and its top shareholder have drawn up a preliminary agreement to list Porsche, paving the way for a deal that investors hope will unlock value from the luxury car brand and could be one of the world’s largest stock market debuts.

Analysts estimate Porsche AG could be valued at up to 90 billion euros ($102 billion) in an initial public offering (IPO), compared with Volkswagen’s current market value of around 116 billion euros.

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Avtovaz looks for chip supply alternatives as sanctions against Russia loom

Avtovaz looks for chip supply alternatives as sanctions against Russia loom

By Piotr Lipinski and Gleb Stolyarov

IZHEVSK, Russia, Feb 22 (Reuters) – Russian carmaker Avtovaz (AVAZI_p.MM), controlled by France’s Renault (RENA.PA), is looking to secure alternative supplies of electronic chips in case U.S. sanctions curb deliveries to Moscow, the company’s chief executive said on Tuesday.

Western governments are set to announce fresh sanctions against Russia after President Putin recognised two breakaway regions in eastern Ukraine, with the White House telling its chip industry to be ready for new curbs on exports to Russia. read more

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Companies exposed to Russia brace for new sanctions

Companies exposed to Russia brace for new sanctions

Feb 22 (Reuters) – Foreign companies with exposure to Russia were poring over contingency plans on Tuesday, with some looking at whether to shift production or find new supply chains to shield their businesses from new Western sanctions.

Renault’s (RENA.PA) carmaker Avtovaz, Finland’s Nokian Tyres (TYRES.HE), soft-drink bottler Coca-Cola HBC (CCH.L) and German retailer Metro (B4B.DE) all said they were watching the Ukraine situation closely given this week’s escalation.

Continue reading “Companies exposed to Russia brace for new sanctions”

Thailand approves tax breaks for EVs, ‘high potential’ foreigners

Thailand approves tax breaks for EVs, ‘high potential’ foreigners

BANGKOK, Feb 22 (Reuters) – Thailand’s cabinet on Tuesday approved tax incentives to promote a shift to electric vehicles (EVs), and to attract “high potential” foreigners to help boost the economy, the finance minister said.

The vehicle tax measures include reducing import duty this year and next by as much as 40% for completely built EVs priced up to 2 million baht ($61,805), and by 20% for those priced between 2 million and 7 million baht.

Also approved was the slashing of income tax rates sharply from 35% to 17% for skilled foreign professionals in targeted industries or economic zones, under a previously announced plan to draw a million wealthy foreigners, including pensioners.

Thailand is a major regional automaker and typically produces about 2 million regular vehicles per year, for firms that include Toyota (7203.T), Honda (7267.T) and Mitsubishi (7211.T).

Eligible car manufacturers will also receive subsidies of between 70,000 baht and 150,000 baht for each EV and 18,000 baht for electric motorcycles, Arkhom said.

The plan to lure foreigners deemed high value seeks to add 1 trillion baht ($31 billion) to domestic spending, boost investment by 800 billion baht and increase tax revenue by 270 billion baht over a five-year period.

($1 = 32.36 baht)

Reporting by , Kitiphong Thaichareon and Satawasin Staporncharnchai Writing by Orathai Sriring; Editing by Martin Petty
Bosch to invest additional 250 million euros in chip production capacity

Bosch to invest additional 250 million euros in chip production capacity

BERLIN, Feb 22 (Reuters) – Bosch is investing an additional 250 million euros ($282.50 million) in extending chip production facilities at its Reutlingen plant in Germany, the company said on Tuesday.

The Reutlingen site had previously been earmarked for 50 million euros of a total of 400 million that the supplier set aside last year for spending on chip production in 2022 across Reutlingen, Dresden and a testing facility in Penang, Malaysia.

Continue reading “Bosch to invest additional 250 million euros in chip production capacity”

Mercedes-Benz foresees EV-only production lines within a few years

Mercedes-Benz foresees EV-only production lines within a few years

By Victoria Waldersee and Ilona Wissenbach

 

BERLIN, Feb 21 (Reuters) – Mercedes-Benz (MBGn.DE) expects to have factories producing exclusively electric vehicles (EVs) by the second half of the decade but will steer clear of building EV-only plants, instead keeping production lines flexible in line with market demand.

The carmaker foresees some of its production lines within factories switching fully to electric even sooner, production chief Joerg Burzer said in an interview with Reuters.

Continue reading “Mercedes-Benz foresees EV-only production lines within a few years”

French auto supplier Faurecia sees higher sales in 2022

French auto supplier Faurecia sees higher sales in 2022

Feb 21 (Reuters) – French car parts group Faurecia (EPED.PA), which sealed its takeover of Germany’s Hella in early February, on Monday forecast a rise in annual sales, as it expects semiconductor shortages to ease from the second half of 2022.

Faurecia now sees full-year sales of 17.5 billion to 18 billion euros ($19.89 billion to $20.45 billion), up from 15.6 billion euros recorded last year.

The group said it will release full-year guidance for the combined group with Hella along with first-quarter sales figures on April 28.

Continue reading “French auto supplier Faurecia sees higher sales in 2022”

GM seeks U.S approval to deploy self-driving vehicles

GM seeks U.S approval to deploy self-driving vehicles

By David Shepardson

WASHINGTON, Feb 18 (Reuters) – General Motors Co (GM.N) and its self-driving technology unit Cruise have petitioned U.S. regulators for permission to build and deploy a self-driving vehicle without human controls like steering wheels or brake pedals, Cruise said Friday.

Cruise said in a blog post it sought permission to deploy the Cruise Origin that does not need features like a steering wheel to operate safely. The National Highway Traffic Safety Administration (NHTSA) has authority to grant petitions to allow a limited number of vehicles to temporarily operate on U.S. roads that do not have required human controls.

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Volta Trucks raises $260 million to fund electric vehicle launch

Volta Trucks raises $260 million to fund electric vehicle launch

By Nick Carey

 

LONDON, Feb 18 (Reuters) – Volta Trucks said on Friday that it had raised 230 million euros ($260 million) in Series C funding round, which will finance it through the launch of series production of its Volta Zero electric truck in late 2022.

Stockholm-based Volta Trucks, which also operates in the UK, said that the funding round was led by hedge fund Luxor Capital, which had previously invested in Volta Trucks.

Initial seed investor Byggmastare Anders J Ahlstrom Holding AB (AJAb.ST) also participated in the funding round, which brings the total Volta Trucks has raised to around 300 million euros.

Continue reading “Volta Trucks raises $260 million to fund electric vehicle launch”

Back in the black, Renault looks to tap into electric boom

Back in the black, Renault looks to tap into electric boom

By Gilles Guillaume and Piotr Lipinski

Summary

  • Renault considers separate units for EVs and combustion vehicles
  • Company repays state aid earlier than planned
  • CFO steps down to lead Mobility unit.

PARIS, Feb 18 (Reuters) – Renault (RENA.PA) is looking at creating separate divisions for electric and combustion engine cars, an idea other automakers have resisted in case it weakens their ability to use profits from polluting vehicles to fund a cleaner future.

The French automaker announced its “strategic studies” on Friday as it reported an annual profit for the first time in three years and said its turnaround plan was ahead of schedule.

Continue reading “Back in the black, Renault looks to tap into electric boom”