BEIJING, Feb 18 (Reuters) – Sales of new energy vehicles (NEVs) in China fell 18.6% month-on-month in January after the country cut subsidies for NEVs by 30%, industry data showed on Friday.

Sales of NEVs, which include battery-powered electric vehicles, plug-in petrol-electric hybrids and hydrogen fuel-cell vehicles, in January reached 431,000, representing an annual increase of 135.8%, according to data of the China Association of Automobile Manufacturers (CAAM).

Continue reading “China NEV sales drop 18.6% in January after subsidy cut”

By Jonathan Stempel

NEW YORK, Feb 17 (Reuters) – Tesla Inc (TSLA.O) and its Chief Executive Elon Musk on Thursday accused the U.S. Securities and Exchange Commission (SEC) of harassing them with an “endless” and “unrelenting” investigation to punish Musk for being an outspoken critic of the government.

The accusation came in a letter to U.S. District Judge Alison Nathan in Manhattan, who presided over a 2018 SEC settlement stemming from Musk’s tweet about a potential buyout of Tesla.

Continue reading “Elon Musk, Tesla attack SEC for ‘unrelenting’ harassment”

By Joseph White

DETROIT, Feb 17 (Reuters) – Nissan Motor Co said on Thursday it will invest $500 million to retool its U.S. assembly plant near Canton, Mississippi, to build two new electric vehicles, and a top executive said the automaker is looking for a U.S. site to build a battery factory.

Nissan said it plans to assemble electric vehicles for its Nissan and Infiniti brands in Mississippi starting in 2025. The automaker said it aims to have electric vehicles make up 40% of its U.S. sales by 2030. Nissan has outlined plans to invest $18 billion to expand its global electric vehicle fleet through 2030.

Continue reading “Nissan plans EVs for Mississippi, scouts for a U.S. battery plant”

By Joseph White and Kannaki Deka

Feb 17 (Reuters) – No. 1 U.S. auto retailer AutoNation Inc (AN.N) beat Wall Street estimates for fourth-quarter profit and revenue on Thursday on robust demand for used vehicles boosted by consumer preference for personal transportation due to the COVID-19 pandemic.

Shares of the company were up as much as 5% in premarket trading.

The results cap off a year of breakneck profit growth for the auto retail industry, with sales surging as consumers, flush with cash, scramble to buy cars at record high prices.

Continue reading “AutoNation results top estimates on strong demand for used cars”

By Maki Shiraki

TOKYO, Feb 17 (Reuters) – In September, Narumi Abe did something still rare in Japan: she bought a foreign car, picking a Peugeot e-208 over a Honda e because, she said, the Peugeot can travel longer distances between charges.

Abe joined a tiny, but growing, band of Japanese drivers who are eschewing home brands for foreign battery electric vehicles (EVs).

While the trend is unlikely to make a big dent in overall sales, it highlights a perception that many domestic automakers have been slower to embrace battery EVs, focusing instead on hybrids, hydrogen fuel-cells and alternative fuel for internal combustion engines.

Continue reading “Foreign automakers see their chance in Japan with electric vehicles”

BERLIN, Feb 17 (Reuters) – New car registrations in the European Union reached a historic low of 682,596 units in January as semiconductor shortages continued to hurt car sales across the region, data from the region’s carmaker association (ACEA) showed on Thursday.

The number of new vehicles registered in the European Union, Britain and the European Free Trade Association (EFTA) was down 2.4% in January year-on-year, marking the seventh consecutive month of declines, ACEA’s data showed.

Feb 16 (Reuters) – Volkswagen (VOWG_p.DE) Chief Executive Herbert Diess expects the car industry to see widespread autonomous driving within 25 years, the manager said on Wednesday in a question-and-answer session on the social media platform Reddit.

Diess also said Volkswagen was pursuing further partnerships to increase its self-sufficiency in software and adding such features as brand-specific voice assistants to its cars.

Continue reading “VW CEO sees widespread autonomous driving within 25 years”

By Joseph White

DETROIT, Feb 16 (Reuters) – Luxury automaker Jaguar Land Rover (TAMOJL.UL) and Silicon Valley artificial intelligence company Nvidia (NVDA.O) said Wednesday they will collaborate to develop the computer brains and nervous systems for Jaguars and Land Rovers launching in 2025 and beyond.

The companies did not disclose financial terms of their multiyear agreement. The collaboration is a high-profile win for Nvidia Corp’s effort to expand its reach in the auto industry, building on its base in gaming, artificial intelligence and high-powered chips and software used in servers.

Continue reading “Jaguar Land Rover, Nvidia ally in vehicle software arms race”

By Lucia Mutikani

Summary

WASHINGTON, Feb 16 (Reuters) – U.S. retail sales increased by the most in 10 months in January, lifting the level of sales to a record high amid a surge in purchases of motor vehicles and other goods, but higher prices could limit the boost to economic growth this quarter.

The report from the Commerce Department on Wednesday showed underlying strength in the economy ahead of anticipated interest rate increases from the Federal Reserve starting in March, although retail sales in December were much weaker than initially estimated.

Continue reading “U.S. retail sales race to record high; economy shows strength ahead of rate hikes”

By Nick Carey

LONDON, Feb 16 (Reuters) – Britain’s auto industry called on the country’s government on Wednesday to mandate targets for rolling out electric vehicle (EV) charging infrastructure and create a new regulatory body to oversee the market conditions and enforce minimum standards.

The Society of Motor Manufacturers and Traders (SMMT) said in a statement that the industry has come up with a seven-point plan to improve lagging EV charging infrastructure in the country.

Continue reading “UK car industry calls for EV charger mandate, regulatory oversight”

BANGKOK, Feb 15 (Reuters) – Thailand’s cabinet on Tuesday approved a package of incentives including tax cuts and subsidies to promote a shift to electric vehicles (EVs) in Southeast Asia’s major auto production base, a government spokesperson said.

The package for 2022-2025 is in line with a zero emission vehicle policy plus a goal to ensure 30% of Thailand’s total auto production are EVs by 2030, Thanakorn Wangboonkongchana told a news conference.

Continue reading “Thailand approves incentives to promote EV shift”

By Hyunjoo Jin

SAN FRANCISCO, Feb 14 (Reuters) – Tesla chief executive Elon Musk donated a total of 5,044,000 shares in the world’s most valuable automaker to a charity from Nov. 19 to Nov. 29 last year, its filing with the U.S. Securities and Exchange Commission (SEC) showed on Monday.

The donation was worth $5.74 billion, based on the closing prices of Tesla shares on the five days that he donated the stock. The filing did not disclose the name of the charity.

Continue reading “Musk donated over $5.7 billion in Tesla shares to charity in November”

By Nick Carey and Ben Klayman

Summary

FARNHAM, England, Feb 15 (Reuters) – As traditional automakers prepare to churn out electric vans and trucks, startups are focused more than ever on finding a competitive or technological edge to stay on the road once their bigger rivals start moving through the gears.

Spurred on by looming bans on combustion engines in China and Europe, major automakers are striving to bring their commercial electric vehicles (EV) to market fast and ensure they don’t get caught out again by another Tesla (TSLA.O).

Continue reading “EV startups hunt for an edge as big automakers roll out vans and trucks”

By Brenda Goh

SHANGHAI, Feb 15 (Reuters) – Volkswagen’s (VOWG_p.DE) Audi and its Chinese state-owned partner FAW Group (SASAJ.UL) have received approval from Chinese authorities to start construction on their $3.3 billion electric vehicle joint venture plant, according to a government notice.

The planning regulator of China’s northeastern province of Jilin said work on the plant, which will be based in the provincial capital of Changchun city, is planned to start in April and that the companies will invest a total of 20.93 billion yuan ($3.29 billion) in the plant.

The plant will start production in December 2024 and have the capacity to manufacture 150,000 cars a year, according to the regulator. Its statement also showed the approval was given on Feb. 11, and that the venture plans to produce three electric models, including Audi’s e-tron SUV.

Continue reading “China greenlights Audi-FAW’s $3.3 billion electric vehicle venture”

By Hyunjoo Jin

San Francisco, Feb 14 (Reuters) – Intel Corp’s Mobileye unit plans to build and deploy self-driving electric shuttle vehicles with its partners in the United States in 2024, in a bid to scale up its automated driving systems beyond taxis and delivery vehicles, executives told Reuters.

Mobileye, Benteler EV Systems and Beep will launch the on-demand driverless shuttles, which will feature 12 to 14 seats and no steering wheel or pedal.

Continue reading “Intel’s Mobileye, partners to launch self-driving shuttles in U.S. in 2024”

MILAN, Feb 13 (Reuters) – An agreement between the Rome government and Stellantis (STLA.MI) for the carmaker’s planned battery plant in Termoli, southern Italy, will be signed shortly, Industry Minister Giancarlo Giorgetti was quoted as saying on Sunday.

“We are very close to signing the agreement for the gigafactory in Termoli where Stellantis will make batteries. It’s a matter of a few days,” Giorgetti told daily Corriere della Sera in an interview, without giving any details.

By David Randall

NEW YORK, Feb 11 (Reuters) – (This Feb. 11 story has been corrected to delete reference to consumer vehicles in second paragraph)

Billionaire investor George Soros bought nearly 20 million shares of electric truck startup Rivian Automotive Inc (RIVN.O) in the quarter ended Dec. 31, securities filings showed Friday.

The 19,835,761 shares, worth about $2 billion at the time, makes Soros Fund Management among the most prominent investors in the company. Rivian, which is 20% owned by Amazon.com Inc , is expected to provide the e-commerce company with more than 100,000 electric trucks.
Continue reading “Billionaire Soros buys stake in EV startup Rivian”

By Nick Carey and Anthony Deutsch

LONDON/UTRECHT, Netherlands, Feb 14 (Reuters) – As electric vehicle (EV) sales rise, the big question for power grid operators, charging companies and governments is how to run tens of millions of vehicles without crashing local networks or spending billions on grid upgrades.

The answer: smart charging.

Simply put, smart charging software allows EV owners to plug in during expensive peak hours, without the vehicle drawing power until cheap off-peak hours. This eases strain on the electric grid, makes better use of renewable energy and saves drivers money.

Continue reading “Smart charging may be key to saving power grid in world of EVs”

By Victoria Waldersee

Summary

BERLIN, Feb 11 (Reuters) – BMW will pay 3.7 billion euros ($4.2 billion) to take majority control of its Chinese joint venture after securing the necessary licence from Beijing, as global automakers seek a tighter grip on business in the world’s biggest car market.

The German carmaker said on Friday it was increasing its stake in the venture with Brilliance Auto Group to 75% from 50%, as announced in 2018 when China said it would start relaxing ownership rules in the auto industry.

By Aditi Shah

NEW DELHI, Feb 11 (Reuters) – Ford Motor Co (F.N), Suzuki Motor Corp (7269.T) and Hyundai Motor (005380.KS) are among 20 companies that will be eligible for incentives under India’s $3.5 billion scheme to boost clean fuel vehicles, the government said on Friday.

The federal cabinet last year approved a plan under which it will give benefits to the automobile sector over a five-year period to boost production of electric and hydrogen fuel-powered vehicles and their components.

Continue reading “Ford, Suzuki to get incentives under India’s $3.5 billion clean fuel scheme”

FRANKFURT, Feb 12 (Reuters) – Volkswagen’s (VOWG_p.DE) supercar brand Lamborghini is looking to keep combustion engine vehicles alive beyond the end of the decade, the unit’s Chief Executive Stephan Winkelmann told a German weekly newspaper.

“After hybridisation, we will wait to see whether it will be possible to offer vehicles with an internal combustion engine beyond 2030,” he told Welt am Sonntag.

“One possibility would be to keep combustion engine vehicles alive via synthetic fuels.”

Continue reading “Lamborghini hopes for combustion engine future beyond 2030 – CEO”

By David Shepardson

WASHINGTON, Feb 11 (Reuters) – Chrysler parent Stellantis (STLA.MI) is recalling 19,808 plug-in hybrid minivans and urged owners to stop recharging them, after reports of 12 fires in parked vehicles.

The automaker said the recall covers 2017-2018 Chrysler Pacifica Hybrid vehicles. All were parked and turned off, while eight were connected to chargers. Stellantis said it was unaware of any related injuries or accidents.

Stellantis is advising owners to refrain from recharging the vehicles and to park them away from structures and other vehicles. The automaker said it is working to confirm the cause of the fires.

The National Highway Traffic Safety Administration declined to comment.

The recall comprises 16,741 vehicles in the United States, 2,317 in Canada and another 750 outside North America.

Other automakers have faced fire issues with plug-in hybrid or full electric vehicles.

General Motors Co (GM.N) halted production of its Chevrolet Bolt electric vehicle in August and has extended that halt through the end of this month.

By Daniel Wiessner and Hyunjoo Jin

Feb 10 (Reuters) – A California state agency has sued Tesla Inc (TSLA.O) over allegations by some Black workers that the company tolerated racial discrimination at an assembly plant, adding to claims made in several other lawsuits against the electric car maker.

The lawsuit filed in state court late on Wednesday by the state’s Department of Fair Employment and Housing (DFEH) said Tesla’s factory in Fremont, California, is racially segregated and that Black workers claim they are subjected to racist slurs and drawings and assigned the most physically demanding jobs.

Continue reading “California sues Tesla over Black workers’ allegations of discrimination”

By Paul Lienert

DETROIT, Feb 10 (Reuters) – Ford Motor Co (F.N) is stepping up plans to extensively electrify its Lincoln brand in North America, as it prepares to introduce at least five new battery-powered Lincoln sport utility vehicles through 2026, three people familiar with the plans told Reuters.

Included are battery-electric models that will replace or supplement the Lincoln Corsair, Nautilus, Aviator and Navigator, said the sources, who asked not to be identified.

Continue reading “EXCLUSIVE Ford’s Lincoln brand to launch full slate of electric SUVs by 2026 -sources”

By David Shepardson

WASHINGTON, Feb 10 (Reuters) – Toyota Motor Corp (7203.T), General Motors Co (GM.N), Ford Motor (F.N) and Chrysler-parent Stellantis (STLA.MI) said they had been forced to cancel or scale back some production at North American plants on Thursday because of parts shortages stemming from Canadian trucker protests against pandemic mandates.

The truckers, who oppose a vaccinate-or-quarantine requirement for cross-border drivers, have used their big rigs to snarl traffic at the Ambassador Bridge linking Detroit and Windsor, Ontario – which accounts for about 25% of U.S.-Canadian trade.

Continue reading “GM, Toyota, Ford cut production following Canadian trucking protests”

SHANGHAI, Feb 11 (Reuters) – Chinese electric car maker Xpeng (9868.HK) said on Thursday it was expanding further to Europe, taking aim at the Swedish and Dutch markets.

Until now the only overseas foray for Xpeng, which makes the P7 and P5 sedans as well as the G3 and G9 sport-utility vehicles, has been Norway. It began shipping its cars there in late 2020.

Xpeng said in a statement it will open a store in Stockholm this week and will also partner with local auto dealer Bilia (BILIa.ST).

Continue reading “Chinese electric car maker Xpeng expands into Sweden and Netherlands”

By Tina Bellon and Nivedita Balu

Feb 9 (Reuters) – Uber Technologies Inc (UBER.N) on Wednesday reported its second quarterly operating profit as demand for its ride-hailing service approached pre-pandemic levels and its food delivery business turned profitable for the first time.

Shares were up nearly 6% in after-hours trading.

The company’s first-quarter outlook fell short of Wall Street expectations as the Omicron coronavirus variant dampens travel, but Uber Chief Executive Dara Khosrowshahi said business had started picking up into February.

Continue reading “Uber posts quarterly profit as ride demand recovers, delivery remains strong”

By Lucia Mutikani

WASHINGTON, Feb 9 (Reuters) – U.S. wholesale inventories rose slightly more than initially estimated in December as motor vehicle stocks increased by the most in 10 years, offering hope that supply chain constraints could be easing.

The strong inventory build reported by the Commerce Department on Wednesday, including an upward revision to November’s data, also suggested fourth quarter economic growth could be revised higher when its Bureau of Economic Analysis (BEA) publishes its second gross domestic product estimate later this month. The report followed news on Tuesday that the trade deficit widened less-than-expected in December.

By Satoshi Sugiyama and Tim Kelly

TOKYO, Feb 9 (Reuters) – Toyota Motor and Honda Motor were upbeat about their full-year profit prospects on Wednesday as tight vehicle supplies caused by a chip shortage allowed Japan’s two biggest automakers to charge their customers more.

The Japanese carmakers are also benefiting from a weaker yen that raised the yen value of their overseas earnings.

Toyota and Honda like other car makers are cutting output because they cannot find enough semiconductors amid COVID-related supply chain disruptions and competition for the key component from other industries, such as electronics.

Continue reading “Toyota and Honda upbeat on profits as customers pay more for scarce cars”

NEW YORK, Feb 9 (Reuters) – Justin Soffer always enjoyed the car-buying process, with the typical back-and-forth negotiations that led to good discounts.

But seven dealers and three months later, the marketing consultant from the Berkshires emerged shellshocked last year – and a lot lighter in the wallet.

Along the way were several scenes from a classic farce, involving running to dealerships when cars arrived, salespeople scrambling to get keys and jacked-up prices.
Continue reading “Dealer’s choice: How to buy a car now By Chris Taylor”

TOKYO, Feb 9 (Reuters) – Honda Motor Co (7267.T) raised its full-year operating forecast on Wednesday, aided by cost cutting and a weak yen despite a persistent global chip shortage.

It upgraded its latest forecast for an operating profit of 800 billion yen ($6.93 billion) for the year to March 31.

Honda, like other automakers, has been forced to curb production plans because of chip shortages.

Continue reading “Honda posts 17% fall in Q3 operating profit but raises full-year view”

By Tina Bellon and Nivedita Balu

Feb 8 (Reuters) – Lyft Inc’s (LYFT.O) first full-year adjusted profit and a spike in pricey airport trips were overshadowed by a drop in ridership due to Omicron, which management on Tuesday warned would persist into the first quarter and drag down profit.

The projected hit to first-quarter revenue and profit sparked a 6% drop in Lyft shares in after-hours trading. Shares of larger rival Uber Technologies Inc (UBER.N), which reports results on Wednesday, dropped 1.3%.

Continue reading “Lyft’s weak rider numbers, Omicron hit outweigh first full-year profit”

FRANKFURT, Feb 9 (Reuters) – Hopes for more clarity around a possible listing of Volkswagen’s (VOWG_p.DE) luxury Porsche AG division lifted shares in Europe’s largest carmaker and its top shareholder on Wednesday, traders said.

Volkswagen shares rose as much as 7.2% while those in Porsche SE (PSHG_p.DE), which holds a 31.4% stake in the carmaker, were up as much as 8.3%, taking the top two spots in Germany’s benchmark blue-chip DAX index (.GDAXI).

They also outperformed a 3.7% gain in the STOXX Europe 600 Automobiles & Parts Index (.SXAP).

Continue reading “Shares in Volkswagen and its top investor rise on Porsche listing hopes”

By Joseph White

DETROIT, Feb 8 (Reuters) – General Motors Co (GM.N) plans to increase production of electric trucks and Cadillac sport utility vehicles this year by more than six times the previously planned output, according to information shared with suppliers.

GM Chief Executive Mary Barra told investors last week the automaker intended to accelerate production of electric vehicles, aiming to deliver 400,000 EVs in North America during 2022 and 2023. She did not give specifics for how quickly production rates would grow.

Continue reading “GM plans six-fold increase in 2022 electric truck, SUV production -sources”

By David Shepardson

WASHINGTON, Feb 8 (Reuters) – U.S. President Joe Biden publicly acknowledged the role of Tesla (TSLA.O) in U.S. electric vehicle manufacturing on Tuesday, after Chief Executive Elon Musk repeatedly complained about being ignored.

“From iconic companies like GM and Ford building out new electric vehicle production to Tesla, our nation’s largest electric vehicle manufacturer, to innovative younger companies,” Biden said, adding other start-ups and saying manufacturing is coming “back to America after decades.”

Continue reading “After months of complaint by Elon Musk, Biden acknowledges Tesla”

Feb 8 (Reuters) – Harley-Davidson Inc reported quarterly revenue on Tuesday that beat analysts’ estimates, as the motor cycle maker’s strategy to pivot to selling more expensive touring and cruiser bikes paid off.

The company’s shares were up 6.8% at $38.59 in premarket trading.

In the midst of a near two-year sales drop, Harley reset its strategy in 2020 to focus on selling its high-margin Touring, large Cruiser and Trike bikes to older and wealthier customers in markets such as the United States and Europe.

Continue reading “Harley revenue beats on higher motorcycle demand”

STOCKHOLM, Feb 8 (Reuters) – Volvo Cars (VOLCARb.ST) will invest 10 billion crowns ($1.1 billion) in its manufacturing plant in Gothenburg in the next few years to prepare for production of fully electric cars, it said on Tuesday.

The investment follows an announcement by Volvo and battery maker Northvolt last week to build a joint battery plant in Gothenburg, western Sweden, as part of a total investment of about 30 billion crowns. read more

Continue reading “Volvo Cars to invest $1.1 billion in Swedish plant for switch to EVs”

By Aditi Shah

Summary

NEW DELHI, Feb 8 (Reuters) – India’s Maharashtra state will offer companies like Amazon.com Inc and Uber (UBER.N) new incentives to electrify their delivery fleets ahead of a 2025 target for cleaner air, its environment minister told Reuters.

One of India’s richest states and home to the financial hub of Mumbai, Maharashtra is an important market for e-commerce, ride-hailing and food delivery companies. Last year, it set a target for such companies to electrify 25% of their fleet by 2025.

Continue reading “India’s Maharashtra hopes to persuade Amazon, Uber, others to go electric faster”