May 18 (Reuters) – An S&P Dow Jones Indices executive told Reuters on Wednesday it has removed electric carmaker Tesla Inc (TSLA.O) from the widely followed S&P 500 ESG Index (.SPXESUP)because of issues including claims of racial discrimination and crashes linked to its autopilot vehicles, and Tesla CEO Elon Musk responded with harsh tweets including that “ESG is a scam”.

In it changes, effective May 2, the sustainability index also added soon-to-be-Musk-controlled Twitter Inc (TWTR.N) and oil refiner Phillips 66 (PSX.N) while dropping Delta Air Lines and Chevron Corp, according to an announcement. Continue reading “Tesla cut from S&P 500 ESG Index, and Elon Musk tweets his fury”

BRUSSELS, May 18 (Reuters) – A group led by Europe’s largest carmaker Volkswagen (VOWG_p.DE) is set to win unconditional EU antitrust approval for its 2.9-billion-euro ($3 billion) bid for French car rental company Europcar (EUCAR.PA), two people familiar with the matter said.

Volkswagen teamed up with asset manager Attestor Limited and Dutch mobility group Pon Holdings BV last year to launch the bid for French-listed Europcar, placing a bet on fast-growing mobility services. Continue reading “EXCLUSIVE Volkswagen set to get unconditional EU nod for Europcar deal”

BERLIN, May 18 (Reuters) – The number of new cars sold in Europe declined for the 10th month in a row as supply chain issues continue to take a heavy toll on car production, industry data showed on Wednesday.

The number of new vehicles registered in the European Union, Britain and the European Free Trade Association (EFTA) in April was down 20.2% year-on-year, at 830,447 cars, data from the region’s carmaker association (ACEA) showed. Continue reading “European new car sales drop 10th month in a row in April -ACEA”

VERONA, Italy, May 18 (Reuters) – Stellantis (STLA.MI) will start a reshuffle of its European dealers’ network next year from Austria, Belgium and the Netherlands, and its van and premium brands in all markets, its regional sales chief said on Wednesday.

As part of its efforts to cut costs and finance its electrification strategy, the carmaker, formed through the merger of Fiat Chrysler and France’s PSA, has said it would end all current sales and services contracts with European dealers for its 14 brands, effective form June 2023. Continue reading “Stellantis to start reshuffle of dealer network next year”

SEOUL, May 18 (Reuters) – Hyundai Motor Group said on Wednesday it plans to invest a total of 21 trillion won ($16.54 billion) through 2030 for the expansion of its electric vehicle (EV) business in South Korea.

The South Korean auto group, which houses Hyundai Motor Co (005380.KS) and Kia Corp (000270.KS), plans to annually build 1.44 million units of EVs in South Korea by 2030. Continue reading “Hyundai Motor Group plans to invest $16.5 bln in S.Korea EV business”

NEW DELHI, May 18 (Reuters) – Stellantis (STLA.MI) chief Carlos Tavares expects India to be a profitable market and a bigger growth opportunity than the carmaker previously expected as it faces challenges in countries such as China and Russia.

India, where Stellantis sells its Jeep and Citroen brands, makes up a fraction of the carmaker’s global sales but Tavares said he expects revenues in the South Asian nation to more than double by 2030 and operating profit margins to be in double-digits within the next couple of years. Continue reading “Stellantis sees India as profitable auto market amid challenges in China, Russia”

SHANGHAI, May 18 (Reuters) – China is in talks with automakers about extending costly subsidies for electric vehicles (EV) that were set to expire in 2022, aiming to keep a key market growing as the broader economy slows, three people familiar with the matter said.

The move by policymakers comes as the world’s second-biggest economy has slowed sharply – and auto sales along with it – after cities led by Shanghai imposed tight COVID-19 lockdowns from March. The curbs have shut stores, disrupted supply chains and slashed spending, including on new homes. Continue reading “EXCLUSIVE China in talks with automakers on EV subsidy extension -sources”

AUSTIN, May 17 (Reuters) – Self-driving startup Argo AI on Tuesday said it was having driverless vehicles carry employees around streets of Miami, Florida and Austin, Texas, noting that commercial applications would follow after an unspecified time.

Argo, backed by Ford Motor Co (F.N) and Volkswagen AG (VOWG_p.DE), has tested its robotaxis on public roads in both cities for several years, but had previously included safety drivers behind the wheel. Continue reading “Argo testing driverless vehicles on Miami and Austin streets”

ZURICH, May 17 (Reuters) – ABB (ABBN.S) is aiming to increase sales at its motion business 50% quicker than the overall market for electric motors, the Swiss engineering company said on Tuesday ahead of its investor day for the division.

The business, which makes motors and drives, is targeting faster growth by offering more variable speed drives which save energy. Continue reading “ABB targets faster growth for motion business”

May 17 (Reuters) – Billionaire Elon Musk’s SpaceX is poised to become the most valuable U.S. startup as its valuation rose to over $125 billion in an ongoing share sale in the secondary market, sources familiar with the matter told Reuters.

The shares, which are marketed at about $72, jumped in valuation from last October, when SpaceX’s shares were sold at $56 apiece after a 10-1 split and valued the rocket company at $100 billion. Continue reading “Elon Musk’s SpaceX is poised to become the most valuable U.S. startup”

WASHINGTON, May 17 (Reuters) – U.S. business inventories increased slightly more than expected in March, lifted by a jump in motor vehicle stocks, government data showed on Tuesday.

Business inventories rose 2.0% after increasing 1.8% in February, the Commerce Department said. Inventories are a key component of gross domestic product. Economists polled by Reuters had forecast inventories rising 1.9%. Continue reading “Motor vehicles boost U.S. business inventories in March”

BERLIN, May 17 (Reuters) – Daimler Truck Holding (DTGGe.DE) said rising raw materials prices and inflationary pressures could weigh into its second quarter, but the truckmaker expected to continue passing high costs to customers amid record levels of demand.

Once costs begin to decrease again, it could lower customer prices, Chief Financial Officer Jochen Goetz said on an earnings call. Continue reading “Daimler Truck sees high demand cushioning raw material price impact”

MLADA BOLESLAV, Czech Republic, May 17 (Reuters) – Czech carmaker Skoda, owned by Germany’s Volkswagen (VOWG_p.DE), is confident that its parent will take a decision on its fourth large battery factory in Europe by 2023 at the latest, a management board member said.

Wolfsburg-based Volkswagen in October said it planned to decide in the first half of 2022 on the location for a planned battery cell plant in eastern Europe, which would be the fourth under its plan to build six such sites across Europe by the end of the decade. Continue reading “Volkswagen’s Skoda hopes for eastern European gigafactory decision by 2023”

SHANGHAI, May 17 (Reuters) – U.S. electric vehicle manufacturer Tesla Inc (TSLA.O) has stopped taking orders for its upcoming Cybertruck pickup truck outside of North America, according to its official website.

The automaker is only taking reservations for the Cybertruck in the United States, Canada and Mexico, the website showed. Continue reading “Tesla stops taking orders for Cybertruck outside North America”

May 16 (Reuters) – Uber Technologies Inc (UBER.N) on Monday said it launched pilot food delivery services with autonomous vehicles in two California cities, and said it was adding electric vehicle charging stations into its global driver app.

The announcements are part of Uber’s annual product event where the ride-hail and food delivery company showcases the latest updates to its app. Continue reading “Uber launches robot food delivery in California”

May 16 (Reuters) – A Soviet-era car brand the “Moskvich” could make a surprise comeback in Russia, as Moscow takes over assets belonging to Renault (RENA.PA) following the French carmaker’s exit from the country.

Moscow’s mayor Sergei Sobyanin said he would nationalise Renault’s car factory in the city, after the Western carmaker said it was selling its local business following the start of the conflict in Ukraine. Continue reading “Return of the Moskvich: Russia to revive ‘legendary’ Soviet-era car after Renault exit”

May (Reuters) – General Motors Co (GM.N), Ford Motor Co (F.N) and Chrysler parent Stellantis NV (STLA.MI) said on Sunday they are reinstating a requirement that employees wear masks in southeastern Michigan where there are high levels of COVID-19.

The Detroit Three automakers said in early March they would allow auto workers to stop wearing masks at workplaces where U.S. health officials said it was safe to do so. Continue reading “Detroit Three automakers reinstate mask mandate at some Michigan facilities”

LONDON, May 16 (Reuters) – Automakers are accelerating efforts to use less palladium and more platinum due to worries over palladium supply from Russia, the World Platinum Investment Council (WPIC) said on Monday, predicting a large surplus in the platinum market this year.

Automakers were already shifting to platinum, which is cheaper than palladium, to save money, but a faster transition would increase platinum demand and could lift prices while having the opposite effect on palladium. , Continue reading “Russia risks speed up automakers’ switch from palladium to platinum, WPIC says”

May 16 (Reuters) – Renault (RENA.PA) is to sell its majority stake in carmaker Avtovaz (AVAZI_p.MM) to a Russian science institute reportedly for just one rouble with a six-year option to buy it back, leaving the door open for the French carmaker’s return.

Moscow Mayor Sergei Sobyanin said to preserve thousands of jobs Renault’s plant in the city would be used to restart production of the Soviet era Moskvich brand. Continue reading “Renault sells Russia’s Avtovaz stake, but leaves room for return”

NEW DELHI, May 13 (Reuters) – Tesla Inc (TSLA.O) has put on hold plans to sell electric cars in India, abandoned a search for showroom space and reassigned some of its domestic team after failing to secure lower import taxes, three people familiar with the matter told Reuters.

The decision caps more than a year of deadlocked talks with government representatives as Tesla sought to first test demand by selling electric vehicles (EVs) imported from production hubs in the United States and China, at lower tariffs. Continue reading “Exclusive: Tesla puts India entry plan on hold after deadlock on tariffs”

May (Reuters) – Ford Motor Co (F.N) said on Thursday it had dropped plans to make electric vehicles (EVs) in India for exports, while it explores options for its two factories in the country that stopped production last year.

The U.S. car maker said in February it would manufacture EVs in India and also got approval for the Indian government’s $3.5-billion production-linked incentive scheme for making clean-fuel vehicles. Continue reading “Ford makes U-turn, shelves plans for EV exports from India”

BERLIN, May (Reuters) – Volkswagen (VOWG_p.DE) expects its electric vehicle business to be as profitable as its fossil fuel-burning cars sooner than planned, its chief executive Herbert Diess said on Thursday.

Volkswagen previously expected to match its profit margins from combustion engine vehicles with electric vehicle sales in two to three years, but the carmaker was in a robust financial position to do so sooner, Diess said, despite a challenging economic environment. Continue reading “Volkswagen’s EV profit margins to match combustion engines sooner than planned – CEO”

PARIS, May (Reuters) – Renault (RENA.PA) hopes to receive first orders for its hydrogen-powered minibuses and vans from the Netherlands and Germany soon, the head of the company’s light commercial vehicles department told Reuters, as soaring pump prices boosted customer interest in the technology.

The French car manufacturer’s first fuel cell vehicle, a Master van, will be launched this summer, followed by a City Bus version, Heinz-Jürgen Löw said on the sidelines of a trade fair. Continue reading “Renault expects first hydrogen utility sales in Germany and Netherlands soon, executive says”

TOKYO, May (Reuters) – Subaru Corp (7270.T) aims to build a dedicated electric vehicle (EV) factory in Japan in the late 2020s, it said on Thursday, as part of a $1.9 billion ramp-up to respond to surging demand for battery cars in its main North American market.

Subaru, known for its Outback crossover, has long had a strong presence in the United States and on Thursday warned that its U.S. dealers only have a record low stockpile of around 5,000 vehicles left, reflecting the squeeze of a supply-chain crunch. Continue reading “Japan’s Subaru to build its first electric vehicle factory”

TOKYO, May(Reuters) – Nissan Motor Co (7201.T) expects flat operating profit this fiscal year, far below analysts’ expectations, as Japan’s third-biggest carmaker grapples with a global chip shortage, rising material costs and China’s COVID restrictions.

Nissan joins a growing list of global companies warning about declining profitability as they cannot fully pass on soaring input costs to consumers and are bracing for more supply chain hold-ups following the Ukraine conflict and prolonged COVID lockdowns in China. Continue reading “Nissan warns of flat profit as chip shortage becomes ‘new normal’”

PARIS, May  (Reuters) – French carmaker Renault (RENA.PA) on Thursday said the two business units that would result from its planned separation of electric and conventional car production could each employ 10,000 staff by 2023.

Renault said in a statement it was currently studying the option of creating two separate entities to manage a major shift towards fossil-free vehicles and would present progress of these studies at a capital market day in the autumn. Continue reading “Renault says split-off electric unit could employ 10,000 staff by 2023”

May (Reuters) – Four top Wall Street firms and Ford Motor Co (F.N) will start to disclose the race and gender of individual directors under deals reached with New York City pension officials, the city’s comptroller, Brad Lander, said on Thursday, while a utility company has pushed back on the idea.

According to a representative for Lander, the companies, which include JPMorgan Chase & Co, (JPM.N) BlackRock Inc, (BLK.N) Morgan Stanley (MS.N) and Goldman Sachs Group (GS.N)in addition to Ford, will provide the self-identified disclosureson race, ethnicity and gender. Continue reading “Top Wall Street firms, Ford to disclose directors’ race and gender”

WASHINGTON, May (Reuters) – Mercedes-Benz’s (MBGn.DE) U.S. unit said on Thursday it is recalling 292,000 ML, GL and R-Class vehicles from the 2006 through 2012 model years over braking issues and urged owners to stop driving immediately.

The National Highway Traffic Safety Administration (NHTSA) said the German automaker was issuing a voluntary “do not drive” recall because of potentially corroded brake boosters that could severely affect braking capability, increasing the risk of a crash. Continue reading “Mercedes-Benz issues ‘do not drive’ recall for 292,000 U.S. vehicles”

May (Reuters) – Brake maker Brembo (BRBI.MI) has a full order book and all of its plants are running at full capacity, apart from those in China due to a COVID-19 lockdown, its executive chairman said.

Matteo Tiraboschi said on Wednesday that Brembo had visibility of 3-4 months for its order book, as the Italian brake maker posted a 11.2% rise in first-quarter core earnings. Continue reading “Brake maker Brembo says order book full as core earnings climb”

DETROIT, May 12 (Reuters) – Assisted driving systems installed in Tesla Inc (TSLA.O), Hyundai Motor Co (005380.KS) and Subaru Corp (7270.T) vehicles failed to avoid head-on collisions in testing done by AAA, though Tesla’s Autopilot system did slow the vehicle to a walking speed before striking an oncoming, foam model of a car.

The AAA, a U.S. consumer and travel services organization, said the tests illustrate how current assisted driving and automated braking systems fall short of true autonomous driving, and require drivers to stay in control of vehicles. Continue reading “Assisted driving systems struggle with collision tests – study”

TOKYO, May 12 (Reuters) – Toyota Motor Corp (7203.T) rolls out its first mass-produced battery electric car in Japan on Thursday for lease only, a strategy the automaker says will help ease driver concerns about battery life and resale value but has raised analysts’ eyebrows.

Gasoline-electric hybrid models remain far more popular in Toyota’s home market than electric vehicles (EVs), which accounted for just 1% of the passenger cars sold in Japan last year, according to industry data. Still, the market is growing fast and foreign automakers including Tesla Inc (TSLA.O) are making visible inroads on the streets of cities such as Tokyo. Continue reading “Toyota rolls out first battery electric car in cautious debut as rivals go full-throttle”

(Reuters) – New car sales in Russia fell by a record 78.5% year on year in April, dropping for a tenth month in a row as the sector was hit by acute shortages and soaring prices caused by disrupted logistics and a volatile rouble.

New car sales of 32,706 cars in April were less than one-quarter of those sold a year earlier, the Association of European Businesses (AEB) said on Wednesday. Continue reading “New car sales in Russia slump by record 78.5% y/y in April”

BERLIN, (Reuters) – The BMW Group (BMWG.DE) has largely secured its energy and raw material needs for 2022, its Chief Financial Officer Nicolas Peter said on Wednesday, but rising raw material prices could still weigh on results.

This has been achieved both through methods such as hedging on the financial market, and energy efficiency adaptations in production, Peter said, speaking at the carmaker’s annual general meeting for shareholders. Continue reading “BMW’s energy and raw material needs largely secured for 2022 – CFO”

HAMBURG/WASHINGTON, (Reuters) – Volkswagen (VOWG_p.DE) plans to reintroduce the Scout off-road brand in the United States offering new electric pick-up and sport-utility vehicles (SUVs), the German automaker confirmed.

The German carmaker would invest around 100 million euros ($106 million) in the new Scout brand, two people briefed on the matter said. Continue reading “VW to challenge Rivian, Ford with electric Scout SUV”

MEXICO CITY, (Reuters) – General Motors (GM.N) and a new independent union at the U.S. automaker’s biggest Mexico plant have struck a deal for a new workers’ contract that includes raises and benefits above inflation, the union said on Wednesday.

The union, SINTTIA, did not provide further details about the wage deal. Mexican headline inflation accelerated to 7.68% in April, its highest level since January 2001. Continue reading “GM, new union reach deal for raises at major Mexico plant”

TOKYO, (Reuters) – Toyota Motor (7203.T) warned “unprecedented” hikes in raw material costs could slice a fifth off full-year profit, a clear sign the world’s top automaker by sales can no longer shrug off the supply-chain crunch that has roiled the global industry.

Also reporting a 33% drop in fourth-quarter operating profit, the Japanese giant saw its shares slide more than 5% on Wednesday, before closing down more than 4% – their biggest one-day fall in two months. The Tokyo benchmark (.N225) was up 0.3%.

Continue reading “Toyota warns profit to skid 20% as raw materials costs pile up”

HANOI, May 11 (Reuters) – The chairman of Vietnam’s Vingroup conglomerate said on Wednesday that an initial public offering (IPO) for the company’s auto unit, VinFast, may be delayed until next year due to market uncertainty.

The IPO is currently slated for the fourth quarter of this year. Vingroup Chairman Pham Nhat Vuong also told the company’s annual general meeting the conglomerate was prioritising spending on VinFast and gave an aggressive car sales target. Continue reading “Vietnam’s Vinfast IPO may be delayed to 2023 on market uncertainty”