TAIPEI, May 31 (Reuters) – Taiwan’s Foxconn (2317.TW), the world’s largest contract electronics maker, said on Tuesday that the second half of the year is heading “in a better direction” as Shanghai’s COVID-19 lockdown appears to be easing.

“We are quite confident in the stability of our supply chain for the second half of this year,” Foxconn chairman Liu Young-way told the company’s annual shareholder meeting. Continue reading “Foxconn predicts more stable supply chain in the second half of 2022”

BLYTH, England, May 31 (Reuters) – Britain risks falling behind in the race to establish an electric car industry if it can’t build more battery factories – and quickly.

Ambitious plans from automakers to ramp up production of battery-powered electric vehicles (EV) and a looming change in post-Brexit trading rules that will limit options to import cheap Asian batteries mean there is no time to waste.

But a shortage of suitable sites for “gigafactories”, and the decision by some local manufacturers to import EV batteries from mainland Europe, are creating challenges that executives and politicians say the government must do more to address. Continue reading “Britain’s electric car charge faces battery challenge”

LONDON/BERLIN, May 30 (Reuters) – The humble wire harness, a cheap component that bundles cables together, has become an unlikely scourge of the auto industry. Some predict it could hasten the downfall of combustion cars.

Supplies of the auto part were choked by the war in Ukraine, which is home to a significant chunk of the world’s production, with wire harnesses made there fitted in hundreds of thousands of new vehicles every year. Continue reading “How a cheap component could help kill off combustion cars”

Tata Passenger Electric Mobility Limited (TPEML), a subsidiary of Tata Motors Ltd, and Ford India Private Limited (FIPL), have today signed a Memorandum of Understanding (MOU) with the Government of Gujarat (GoG) for the potential acquisition of FIPL’s Sanand vehicle manufacturing facility including (i) Land & Buildings (ii) Vehicle Manufacturing Plant, Machinery and Equipment and (iii) transfer of all eligible employees of FIPL Sanand’s vehicle manufacturing operations, subject to the signing of definitive agreements and receipt of relevant approvals. FIPL will operate its Powertrain manufacturing facilities by leasing back the land and buildings of the Powertrain unit from TPEML. Continue reading “Tata Motors signs MoU for the potential acquisition of Ford India’s Sanand plant!”

BERLIN, May 29 (Reuters) – German carmaker Volkswagen (VOWG_p.DE) said on Sunday it was taking seriously an investigation by Brazil’s public prosecutors into alleged human rights violations in the country as reported by German media.

“We can assure you that we take the possible events at Fazenda Rio Cristalino, to which the investigation by the Brazilian investigating authorities refers, very seriously,” Volkswagen said in an emailed statement, referring to a cattle farm in Brazil. Continue reading “VW says taking Brazil human rights probe seriously”

WASHINGTON, May 27 (Reuters) – U.S. Trade Representative (USTR) Katherine Tai said on Friday the vote by General Motors (GM.N) workers at a pickup truck plant in Mexico to approve a new contract “demonstrates the significant benefits of true collective bargaining.”

This month, Reuters reported GM agreed to an 8.5% wage hike with a new, independent union at its plant in the central Mexican city of Silao. Tai said that under labor protections of the USMCA trade deal, “workers no longer have to tolerate contracts negotiated behind their backs and have the right to vote on an agreement after it’s negotiated.” Continue reading “U.S. says GM Mexican plant workers’ vote shows bargaining benefits”

SEOUL, May 27 (Reuters) – South Korea’s POSCO Chemical Co Ltd (003670.KS) said on Friday it plans to invest in a $633 million battery cathode materials plant in Canada with U.S. automaker General Motors Co (GM) (GM.N).

The South Korean materials maker said in a regulatory filing that it plans to invest $278 million through September 2024 on the joint venture plant with GM. Continue reading “POSCO Chemical plans to invest in $633 mln battery materials plant with GM”

WASHINGTON, May 26 (Reuters) – Joby Aviation Inc (JOBY.N) said on Thursday it had received a certification from the Federal Aviation Administration (FAA) that would allow it to begin its air-taxi operations commercially with a conventional airplane.

Although the certification gives the necessary clearance and is a significant milestone, the company still has additional regulatory hurdles to clear before its five-seater aircraft can legally fly passengers. Continue reading “Joby receives FAA nod to start air taxi services commercially”

New York, May 25 (Reuters) – Oil prices rose on Wednesday, buoyed by tight supplies and as U.S. refiners drove processing activity to their highest level since before the coronavirus pandemic started.

Brent crude futures for July settled up 47 cents to $114.03 a barrel, while U.S. West Texas Intermediate (WTI) crude for July delivery ended up 56 cents to $110.33 a barrel. Continue reading “Oil edges higher on tight supply, rising U.S. refining activity”

May 26 (Reuters) – Two months into harsh COVID-19 lockdowns that have choked global supply chains, China’s economy is staggering back to its feet, but businesses from retailers to chipmakers are warning of slow sales as consumers in the country slam the brakes on spending.

Car sales in the world’s largest auto market have slowed dramatically, gamers are buying fewer consoles, and people are unwilling to replace their existing smartphones, laptops and TVs, as prolonged COVID curbs crimp spending power and put more people out of jobs. Continue reading “Global firms warn of sluggish China demand due to lengthy COVID curbs”

International Soft Launch by AutoNxt Automation Pvt Ltd

Electric Vehicle Innovation Summit (EVIS), ADNEC, Abu Dhabi, May 23-25, 2022

H.E. Sunjay Sudhir, the Indian Ambassador to the UAE, inaugurated the international soft launch of indigenously made smart electric tractors by Mumbai based startup, AutoNxt Automation Pvt Ltd at the Electric Vehicle Innovation Summit, ADNEC, Abu Dhabi earlier today, May 25, 2022, Wed. This was next to the other stalls by British Volt, Mercedes Benz, Audi, Hyundai, Nissan, and other global auto giants that were exhibiting and are actively foraying into the global EV space. This event was the first of its kind in the UAE and was attended by hundreds of investors, clients, vendors, partners and OEMs in the global EV ecosystem from several countries. H.E. Sudhir commented, “AutoNxt is looking to change the way farming is done and transform the lives of farmers around the world with their indigenously made smart electric tractors. With the Make In India focus, India is clearly emerging as the next big EV player on the global field.” Continue reading “This Made in India Smart Electric Tractor can revolutionise Farming Globally”

BERLIN, May 25 (Reuters) – European antitrust regulators gave unconditional approval to a Volkswagen-led (VOWG_p.DE) consortium’s bid for car rental firm Europcar (EUCAR.PA), Volkswagen said on Wednesday, confirming a Reuters report last week that approval was expected.

France’s stock market regulator AMF has set June 10 as the end of the initial acceptance period for investors to tender their stock. If not enough investors tender, the period can be extended by a further 10 days, Volkswagen said. Continue reading “Volkswagen receives EU regulator approval for Europcar bid”

BEIJING, May 26 (Reuters) – If global automakers think they can extend their dominance in China into the electric era, they may be in for a shock.

Kings of the combustion age such as General Motors and Volkswagen are falling behind local players in the booming electric vehicle (EV) market in China, a country that’s key to funding and developing their electric and autonomous ambitions. Continue reading “Global automakers face electric shock in China”

NEW YORK/WASHINGTON, May 25 (Reuters) – The U.S. business of Fiat Chrysler Automobiles has agreed to plead guilty to criminal conduct and pay roughly $300 million in penalties to resolve a multi-year emissions fraud probe surrounding vehicles with diesel engines, people familiar with the matter said.

FCA US LLC, now part of Stellantis NV (STLA.MI), has agreed to plead guilty to a criminal conspiracy charge arising from its efforts to evade emissions requirements for more than 100,000 older Ram pickup trucks and Jeep sport-utility vehicles in its U.S. lineup, the people said. Continue reading “EXCLUSIVE Stellantis unit FCA reaches plea deal in U.S. emissions probe -sources”

HOUSTON, May 25 (Reuters) – Oil prices rose in early trade on Wednesday, boosted by tight supplies and the prospect of rising demand from the upcoming start of the U.S. summer driving season.

Brent crude futures for July rose 46 cents, or 0.4%, to $114.02 a barrel by 0020 GMT. U.S. West Texas Intermediate (WTI) crude futures for July delivery was up 58 cents, or 0.5%, to $110.35 a barrel. Continue reading “Oil prices climb on prospects for tighter supply as demand rises”

WASHINGTON, May 24 (Reuters) – Hyundai Motor America (005380.KS) will recall 281,000 vehicles in North America over seat-belt pretensioners that could explode and project metal fragments, causing injuries.

The recall, which comes after three injury reports, covers some 2019-2022 Accent, 2021-2023 Elantra, and 2021-2022 Elantra hybrid vehicles. In the event of a crash, front driver or passenger-side seat-belt pretensioners could explode upon deployment. Dealers will secure seat-belt pretensioners with a cap. Continue reading “Hyundai to recall 281,000 North American vehicles over exploding part”

WASHINGTON, May 24 (Reuters) – Ford Motor Co (F.N) will pay $19.2 million to resolve allegations it falsely advertised real-world fuel economy and payload capacity for some hybrids and pickup trucks, the Iowa Attorney General’s Office said on Tuesday.

The multi-state settlement covers 2013–2014 C-Max hybrids and 2011–2014 Super Duty pickups. In 2013, Ford lowered the advertised fuel economy ratings on its C-Max hybrid by up to seven miles per gallon and sent checks to owners of $550 to make up the difference in fuel costs. Continue reading “Ford to pay U.S. states $19.2 mln over false advertising claims”

SEOUL, May 24 (Reuters) – Hyundai Motor Group said on Tuesday it plans to invest 63 trillion won ($49.86 billion) in South Korea through 2025 to strengthen its competitiveness in different business fields, including electrification, robotics and urban air mobility, as well as autonomous driving technology.

The South Korean auto group on Sunday announced its plans to invest more than $10 billion in the United States by 2025 to enhance collaboration with U.S. firms in advanced technology, which includes its $5.5 billion investment for new electric vehicle and battery facilities in Georgia. Continue reading “Hyundai Motor Group to invest $50 billion in South Korea through 2025”

MILAN, May 24 (Reuters) – Uber Technologies Inc (UBER.N) has clinched a deal to integrate its ride-hailing app with Italy’s largest taxi dispatcher as it seeks to boost its presence in the eurozone’s third-largest economy, the company said on Tuesday.

The move is part of Uber’s strategy of working with established taxi operators, tapping into a recovery in demand after the pandemic-driven downturn. Continue reading “Uber seals taxi deal to expand its business in Italy”

May 23 (Reuters) – Stellantis NV (STLA.MI) and Samsung SDI (006400.KS) plan to announce on Tuesday they will build a new battery plant in Indiana as the Chrysler-parent ramps up electric vehicle production plans, sources briefed on the matter told Reuters.

The companies in October announced they were signing a memorandum of understanding to form a joint venture for lithium ion battery production in North America and said the plant was targeted to start in 2025 and aimed to have an initial annual production capacity of 23 gigawatt hours, with the ability to increase to up to 40 gigawatt hours in the future. Continue reading “Stellantis, Samsung SDI to build new JV battery plant in Indiana -sources”

TOKYO, May 24 (Reuters) – Toyota Motor Corp (7203.T) will cut its global production plan by about 100,000 to roughly 850,000 vehicles in June due to the semiconductor shortage, it said on Tuesday.

The company did not change its estimate of producing about 9.7 million vehicles worldwide by March 2023. Continue reading “Toyota to cut global production plan by 100,000 in June”

BERLIN, May 23 (Reuters) – Lockdowns in China are having greater impact on global supply chains than the war in Ukraine and will be felt even after they are lifted, said the head of Deutsche Post DHL Group’s (DPWGn.DE) freight business.

China renewed COVID-19 lockdowns in major centres in March and April, hitting production and consumption and heightening risks for parts of the global economy heavily dependent on the country. Continue reading “DHL exec says China lockdowns will hit supply chains more than Ukraine war”

May 23 (Reuters) – Russia’s top carmaker Avtovaz (AVAZI_p.MM) said on Monday it had appointed former transport minister Maxim Sokolov as its new president and CEO after its main shareholder Renault (RENA.PA) withdrew from the Russian market.

Renault struck a deal to sell its majority stake in Avtovaz to a Russian science institute, reportedly for the symbolic sum of just one rouble, with a six-year option to buy it back. Continue reading “Russia’s Avtovaz names ex-transport minister as CEO after Renault exit”

May 23 (Reuters) – U.S. consumers are using their existing vehicles for longer as the inventory of new cars and light trucks remains constrained due to supply chain challenges, marking an all-time high for the average age, according to a report from S&P Global Mobility.

The average age of light vehicles in operation (VIO) in the United States rose to 12.2 years this year, increasing by nearly two months from the prior year, the report said. Continue reading “Average age of U.S. cars hits record high due to tight supplies, report says”

BERLIN, May 23 (Reuters) – BMW (BMWG.DE) is exploring new investments in solar, geothermal and hydrogen energy to lower its dependence on natural gas, the carmaker’s production chief told Reuters on Monday, warning an embargo on Russian gas would bring the industry to a standstill.

The carmaker, which relied on natural gas for 54% of its energy consumption in 2021, is examining where it can add solar panels to its plants and developing plans with local authorities to transport hydrogen to its plant in Leipzig, Germany.
Continue reading “BMW exploring energy investments to reduce dependence on natural gas”

May 23 (Reuters) – When Jeff Wells placed a reservation for a Rivian R1T pickup in early 2019, he was one of the first in line for a truck from the Amazon.com Inc (AMZN.O)-backed electric vehicle startup that at the time promised to tap in to a niche not served by other automakers.

But Wells, an accountant from Southern California, has become increasingly frustrated as he sees others, who placed their order years after him, receive trucks while he keeps waiting. Continue reading “For EV maker Rivian, delivery headache hits as market shuts down coffers”

DAVOS, Switzerland, May 23 (Reuters) – India’s Mahindra and Mahindra (MAHM.NS) will explore sourcing more components from other companies to boost its electric vehicle (EV) portfolio, its chief executive told Reuters.

Anish Shah said Mahindra had over time focussed on developing EV components in-house, but now changed tack to forge partnerships to achieve faster growth in the segment. Continue reading “India’s Mahindra to explore more partnerships for EV parts”

SEOUL, May 22 (Reuters) – Hyundai Motor Group said on Sunday it would invest an additional $5 billion in the United States by 2025 to strengthen collaboration with U.S. firms in advanced technology.

The investments, announced during a visit to Seoul by President Joe Biden, are for robotics, urban air mobility, autonomous driving and artificial intelligence, the group said. Continue reading “Hyundai Motor Group to invest more than $10 billion in U.S. up to 2025”

May 20 (Reuters) – Tesla Inc Chief Executive Elon Musk has denounced as “utterly untrue” claims in a news report that he sexually harassed a flight attendant on a private jet in 2016.

Shares of the electric carmaker skidded more than 10% on Friday amid concerns that the alleged sexual misconduct and Musk’s political comments could threaten to damage Tesla’s brand and sales. Continue reading “Musk denies he sexually harassed flight attendant; Tesla shares sink”

BERLIN, May 20 (Reuters) – A German court has put a nation-wide sales and production ban on Ford (F.N) cars able to establish internet connection, it said, as part of a lawsuit over the violation of wireless technology patents.

The verdict by the Munich regional court is not legally binding and can still be appealed, it said, adding a 227 million euro ($240 million) security payment by the plaintiff, Japan’s IP Bridge Inc, was required for it to become “provisionally enforceable”. Continue reading “Court puts sales ban on Ford’s internet-linked cars in Germany in patent dispute”

KURASHIKI, Japan, May 20 (Reuters) – Japan’s Mitsubishi Motors Corp (7211.T) and Nissan Motor Co (7201.T) unveiled their first jointly developed light electric vehicles (EVs), aiming to draw more Japanese drivers to battery-powered cars by offering low-priced micro models.

The two Japanese automakers, part of an alliance with French carmaker Renault SA (RENA.PA), were once considered trailblazers in Japan’s EV market but have struggled to attract customers and face challenges from fast-growing newcomers such as Tesla (TSLA.O).
Continue reading “Nissan, Mitsubishi Motors unveil light EVs for Japan”

LONDON/BOSTON, May 20 (Reuters) – Elon Musk’s rejection of environmental, social and corporate governance (ESG) scores as a “scam” highlights how Wall Street’s hottest investment trend that encompasses some $35 trillion in assets means different things to different people.

The chief executive of Tesla Inc (TSLA.O) lashed out on Wednesday against S&P Global Inc (SPGI.N) after the electric car maker was dropped from its flagship ESG index while it added some companies whose activities are harmful to the environment, such as oil and gas producers. Continue reading “Analysis: Musk’s ESG attack spotlights $35 trillion industry confusion”

NEW DELHI, May 20 (Reuters) – Indian auto parts maker Sona BLW Precision Forgings expects two-thirds of its revenues to come from electric vehicle (EV) components over the next few years, as automakers rush to build more clean cars, its chairman told Reuters.

Sona BLW, which produces drivetrain components such motors and gears, will invest about $130 million over the next three years towards its electrification push, Sunjay Kapur said in a recent interview. Continue reading “Indian auto parts supplier Sona BLW bets on global EV push”

May 19 (Reuters) – Harley-Davidson Inc (HOG.N) said on Thursday it will stop assembling and shipping motorcycles for two weeks except for its electric models due to a problem with parts from a supplier.

The iconic motorbike maker said a third-party supplier that it did not identify has a regulatory compliance matter with a component. Harley-Davidson had no additional comment. Continue reading “Harley-Davidson halts motorcycle production, shipping for two weeks”

PARIS, May 19 (Reuters) – Renault (RENA.PA) unveiled on Thursday a prototype hydrogen fuel cell-powered sports utility vehicle (SUV), as the French carmaker scrambles to catch up with rivals in the race to cleaner driving.

Renault said the car, dubbed the ‘Scenic Vision’, would not be commercially available before 2030-2032. A fully electric version will hit the market in 2024. Continue reading “Renault unveils hydrogen-powered prototype SUV in race to cleaner driving”

WASHINGTON/SEOUL, May 19 (Reuters) – Georgia Governor Brian Kemp will announce on Friday that Hyundai Motor Group is investing more than $7 billion in the state, an announcement coinciding with a visit by President Joe Biden to Seoul, sources told Reuters.

The South Korean auto group, which houses Hyundai Motor Co (005380.KS) and Kia Corp (000270.KS), will build a plant to make electric vehicles (EVs) in south Georgia, the sources said. Continue reading “Georgia to announce $7 bln Hyundai EV investment as Biden visits Seoul – sources”

WASHINGTON, May 19 (Reuters) – Ford Motor Company said Thursday it was recalling 39,000 SUVs after reports of 16 fires, and has advised owners to park their vehicles outdoors and away from structures until a fix is completed.

The recall, which covers some 2021 model year Ford Expedition and Lincoln Navigator vehicles, was prompted as an engine compartment fire could occur while the car is parked or being driven, even with the ignition off, the No. 2 U.S. automaker said. Continue reading “Ford recalls 39,000 U.S. SUVs after engine fire reports”

NEW DELHI, May 19 (Reuters) – Germany’s Volkswagen AG (VOWG_p.DE) is exploring a partnership to supply electric components to Indian automaker Mahindra and Mahindra (MAHM.NS), the companies said on Thursday.

Volkswagen and Mahindra are evaluating the scope of the collaboration and expect to finalise the supply agreement by the end of 2022, they said. Continue reading “Volkswagen, Mahindra explore partnership for electric vehicle components”