SEOUL, June 30 (Reuters) – South Korea’s Hyundai Motor Co (005380.KS) and its two affiliates plan to jointly set up a company in the United States to explore businesses, Hyundai Motor said on Thursday.
In May, Hyundai Motor Group said it plans to invest more than $10 billion in the United States by 2025 to strengthen collaboration with U.S. firms in advanced technology. Continue reading “S.Korea’s Hyundai Motor and its affiliates to jointly set up company in U.S. to explore businesses”
by WAF Think Tank
Mega deliveries planned for the recently launched new Volkswagen Virtus across India
MARANELLO, Italy, June 30 (Reuters) – Ferrari (RACE.MI) makes some of the fastest cars on the road, but the luxury Italian automaker is taking the slow lane to an electric future as it tries to overcome the technology’s disadvantages against today’s powerful fossil fuel engines.
At an investor day this month, executives promised a new era, with the first fully electric Ferrari in 2025. Continue reading “Ferrari to churn out gas guzzlers on its slow road to electric”
SHANGHAI, June 30 (Reuters) – Customers of China’s BYD Co Ltd , the world’s biggest electric vehicle (EVs) maker by sales, have taken the unusual step of urging regulators to expand a battery replacement recall to safeguard the reputation of a national champion.
Two BYD customers told Reuters they and others questioned why BYD had instructed dealers to replace batteries in their cars which were not subject to the recall. Though compensated, the customers said they wanted BYD to be more transparent. Continue reading “Fans take BYD to task as recall confusion clouds Chinese EV maker’s image”
TOKYO, June 30 (Reuters) – Nissan Motor Co Ltd (7201.T) on Thursday gave some details of its two-decade-old alliance agreement with top shareholder Renault SA (RENA.PA) for the first time, revealing the French automaker cannot unilaterally increase its stake beyond 44.4%.
In an annual securities report, Nissan said Renault cannot raise its stake without Nissan’s permission except in cases such as if another entity bids for the Japanese automaker. Continue reading “Renault limited to 44.4% stake in Nissan under agreement, filing shows”
SAO PAULO, June 29 (Reuters) – Volkswagen Group (VOWG_p.DE) workers at its Taubate plant, in the Brazilian state of Sao Paulo, approved on Wednesday an agreement allowing an investment of 1 billion reais ($192.97 million) for the production of a new model starting in 2025, the local metalworkers’ union said in a statement.
The plant, which currently produces the Gol and Voyage models, employs around 3,200 workers and is starting a new production cycle after the implementation of Volkswagen’s “MQB” modular design strategy. Continue reading “Brazil Volkswagen workers approve agreement for $193 mln investment”
LONDON, June 30 (Reuters) – British commercial electric vehicle (EV) startup Tevva on Thursday launched its first truck with a hydrogen fuel cell booster which should drive up to 310 miles (499 km) and provide fleet operators with greater zero-emission range.
Tilbury, England-based Tevva has so far raised $140 million from investors and later this year will launch production of a fully-electric version of its 7.5 tonne truck. Continue reading “British EV startup Tevva launches hydrogen booster truck model”
June 29 (Reuters) – A proposed flat-rate tax on lithium produced in California’s Salton Sea region will delay deliveries of the electric vehicle battery metal to General Motors Co (GM.N) and Stellantis NV (STLA.MI) and may push some mining companies to exit the state entirely, industry executives told Reuters.
The brewing tension comes as America’s largest state is trying to position itself as a leader in the green energy revolution and as supplies of lithium have failed to match surging demand amid the push to phase out gasoline-powered vehicles. Continue reading “EXCLUSIVE California lithium tax would delay shipments to automakers, executives warn”
SAO PAULO, June 29 (Reuters) – Audi, a Volkswagen Group (VOWG_p.DE) brand, announced on Wednesday an investment of 100 million reais ($19.22 million) to restart production at its plant in Parana state in Brazil, according to plans disclosed late last year.
Initially, the plant will have a maximum production capacity of 4,000 vehicles per year, the company said in a statement. Continue reading “Audi invests $19.2 mln to restart production in Brazil”
BERLIN, June 30 (Reuters) – German commercial vehicle maker Traton’s (8TRA.DE) MAN unit plans to raise the prices of its trucks as expensive energy and raw materials ramp up costs but demand remains high, media group Funke reported on Thursday.
Market leader Daimler Truck (DTGGe.DE) is also passing high costs, exacerbated by the war in Ukraine, to customers. Continue reading “Truckmaker MAN to raise prices to tackle energy, raw material inflation”
LONDON, June 30 (Reuters) – Electric vehicle (EV) battery startup Britishvolt has signed a deal with South Korean battery materials firm Posco Chemical (003670.KS) designed to secure the supply of cathode and anode materials, the two companies said on Thursday.
The two companies have signed a memorandum of understanding and are working on a longer-term agreement, which “paves the way to providing Britishvolt with a secure supply of active battery materials as we start to ramp up pilot production”, Britishvolt chief executive Orral Nadjari said in a statement. Continue reading “Britishvolt signs deal with Posco Chemical for battery materials”
June 29 (Reuters) – Liontown Resources Ltd (LTR.AX) signed a lithium supply agreement with Ford Motor Co (F.N), the Australian miner’s latest after similar deals earlier this year with Tesla (TSLA.O) and electric vehicle (EV) battery maker LG Energy (373220.KS).
Liontown said on Wednesday it will supply Ford with 150,000 dry metric tonnes (DMT) of lithium spodumene concentrate each year for five years from its flagship Kathleen Valley project in Western Australia. The concentrate is a source of lithium essential for making EVs. Continue reading “Australia’s Liontown inks lithium deal with Ford after Tesla, LG agreements”
FRANKFURT, June 29 (Reuters) – Germany, largely dependent on Russian gas to fuel its export-led economy and to keep homes warm, is bracing for a possible total halt in Russian supplies if Moscow steps up its use of gas as an economic weapon against the West while it wages war in Ukraine.
Already down since last year, Russian gas flows slowed further through the important Nord Stream 1 pipeline this month, and Berlin has moved to the second of three stages of its supply emergency plan. Continue reading “Germany’s gas crisis in five charts”
BERLIN, June 29 (Reuters) – Mercedes-Benz (MBGn.DE) is adjusting its network of plants to manufacture a new range of luxury electric vehicles as it prepares to switch to electric by the end of the decade.
Mercedes aims to halve CO2 emissions per passenger car over the life cycle by the end of this decade compared to 2020. Continue reading “Mercedes readies plants to produce electric vehicles”
MUNICH, June 29 (Reuters) – The EU deal to phase out combustion engine cars in just over 12 years is challenging, but a more daunting obstacle will be making enough batteries to power the electric cars needed as a result, a senior Volkswagen executive said on Wednesday.
The comment was made after European Union countries clinched deals on proposed laws to combat climate change early on Wednesday, including one requiring new cars sold in the bloc to emit zero CO2 from 2035. Continue reading “VW: EV battery output bigger challenge than EU combustion engine ban”
BEIJING, June 29 (Reuters) – Retail car sales in China jumped 28% during June 20 to June 26 compared with the same period in May, data from the China Passenger Car Association (CPCA) showed.
Sales of passenger vehicles in that period rose to 487,000 units, up 33% from a year earlier, the association said on Wednesday. Continue reading “China car retail sales up 28% in June 20-26 – China auto industry body”
SEOUL, June 29 (Reuters) – Hyundai Motor Co (005380.KS) has decided to delay the launch of its upgraded hydrogen-powered Nexo SUV to 2024 due to issues with its fuel cell development, a South Korean newspaper reported on Wednesday, citing the auto parts industry.
The South Korean automaker had planned to kick off mass production and sales of its new Nexo in the second half of next year, but has decided to postpone to 2024, the Seoul Economic Daily reported. The Nexo was launched in 2018. Continue reading “Hyundai Motor delays launch of upgraded Nexo hydrogen car – newspaper”
NEW DELHI, June 29 (Reuters) – Japanese chipmaker Renesas Electronics Corp (6723.T) and India’s Tata Motors (TAMO.NS) have formed a strategic partnership to design, develop and make semiconductor solutions, the firms said on Wednesday.
The move comes as a persistent global shortage of semiconductor chips has hobbled the automotive and electronics industries, among others, forcing production cutbacks, while highlighting global dependence on a few sources, such as Taiwan. Continue reading “Japan’s Renesas, India’s Tata Motors partner to develop chip solutions”
TOKYO, June 29 (Reuters) – Nissan Motor Co (7201.T) is recalling more than 300,000 SUVs in the United States over an issue in which the hood suddenly opens, obstructing the driver’s view and increasing the risk of a crash.
The Japanese automaker’s North American division said 322,671 Pathfinder vehicles for models between 2013 and 2016 are subjected to the recall. Continue reading “Nissan recalls more than 300,000 SUVs in U.S. for sudden hood opening”
SEOUL, June 29 (Reuters) – South Korean battery maker LG Energy Solution Ltd (LGES) (373220.KS), a major supplier to U.S. carmakers including Tesla (TSLA.O), is reassessing a $1.3 billion investment plan for a Arizona factory citing “unprecedented” economic conditions.
News that South Korea’s biggest battery maker is reviewing the plan, unveiled only three months ago, knocked LGES shares down 4.6% on Wednesday. It comes as more firms review business plans, fearing a drop in consumer demand amid roaring U.S. inflation mainly caused by global supply chain disruption. Continue reading “S.Korea’s LGES reviews $1.3 bln Arizona battery investment as U.S. inflation bites”
June 28 (Reuters) – A federal judge on Tuesday said a former Uber Technologies Inc (UBER.N) security chief must face wire fraud charges over his alleged role in trying to cover up a 2016 hacking that exposed personal information of 57 million passengers and drivers.
The U.S. Department of Justice had in December added the three charges against Joseph Sullivan to an earlier indictment, saying he arranged to pay money to two hackers in exchange for their silence, while trying to conceal the hacking from passengers, drivers and the U.S. Federal Trade Commission. Continue reading “Uber ex-security chief accused of hacking coverup must face fraud charges, judge rules”
COPENHAGEN, June 28 (Reuters) – Finland’s Nokian Tyres (TYRES.HE) said on Tuesday it would initiate a “controlled exit” from the Russian market, having already scaled down the production of its Russian tyre plant after Moscow’s invasion of Ukraine.
The announcement followed a similar move earlier on Tuesday by its French peer Michelin (MICP.PA) which said it would hand over its Russian operations to local management. Continue reading “Finland’s Nokian Tyres joins peer Michelin in exiting Russia”
June 28 (Reuters) – The quality of vehicles sold in the United States fell to a 36-year low in 2022, according to automotive consultant J.D. Power, as labor shortages and supply snags continued to impact automakers.
Major automakers have been struggling to deal with supply chain disruptions and a shortage of workers in their plants since the onset of the COVID-19 pandemic in 2020. Continue reading “U.S. vehicle quality hits 36-year low as supply, labor woes continue – J.D. Power”
June 28 (Reuters) – German industrial giant Siemens AG (SIEGn.DE) is investing more than $100 million in Volkswagen AG’s (VOWG_p.DE) Electrify America unit, becoming the first outside investor in the North American network of electric vehicle charging stations.
Including new funds from its parent Volkswagen, the Electrify America unit would receive a total injection of $450 million, the companies said. Continue reading “Siemens to invest in Volkswagen’s N.American charging network”
BERLIN, June 28 (Reuters) – Volkswagen (VOWG_p.DE) sees a strong second half of 2022 and expects progress in catching up with rival Tesla (TSLA.O) as easing chip shortages start to offset supply chain bottlenecks and rising costs, the carmaker’s CEO said on Tuesday.
“We are earning more than ever,” Chief Executive Herbert Diess said at a works meeting, adding Volkswagen is ramping up electric vehicle volumes in its biggest markets in Germany and China thanks to easing semiconductor shortages. Continue reading “Easing chip shortages to help Volkswagen in H2 – CEO”
TOKYO, June 28 (Reuters) – Japan’s Nissan Motor Co Ltd (7201.T) has suspended production in Russia for the first half of the business year that began on April 1 as there is little prospect of the situation improving, Chief Executive Makoto Uchida said on Tuesday.
“We believe this situation could become more serious and prolonged,” a spokesman quoted Uchida as saying at Nissan’s annual general meeting (AGM), in reference to a worsening Russia-Ukraine conflict. Continue reading “Japan’s Nissan suspends Russia production for six months”
LUXEMBOURG, June 28 (Reuters) – Germany can support a European Union proposal to effectively ban new fossil fuel car sales from 2035, if an option is added to allow sales of cars running on “CO2 neutral” fuels, German environment minister Steffi Lemke said on Tuesday.
“This addition is important to Germany in terms of our position, we believe it can also be a bridge for the overall discussion,” Lemke, of Germany’s Greens, told a meeting of EU environment ministers, who are trying to come to agreement over the law on Tuesday. Continue reading “Germany backs EU fossil fuel car phaseout, with slight change”
BERLIN, June 28 (Reuters) – German authorities have raided Hyundai (005380.KS) and Kia (000270.KS) due to suspicions that they put over 210,000 diesel vehicles with suspected illegal defeat devices onto the road, the Frankfurt state prosecutor’s office said on Tuesday.
The engine software is thought to have come from parts companies Bosch [RIC:RIC:ROBG.UL], and Delphi, which today is owned by the Borgwarner group (BWA.N), according to a statement. Continue reading “Hyundai and Kia raided over suspected defeat devices – German prosecutor”
PARIS, June 28 (Reuters) – French carmaker Renault (RENA.PA) is teaming up with software company Atos (ATOS.PA), the companies said on Tuesday, to collect and analyse data in a “strategic collaboration” to help sector players reduce costs.
Renault and Atos said their data partnership would allow manufacturers to collect and structure data from industrial equipment at scale to improve operational excellence and product quality. Continue reading “Renault teams up with Atos on data gathering”
MOSCOW, June 28 (Reuters) – A Moscow court fined United Parcel Service (UPS.N) 1 million roubles ($18,900) on Tuesday for an alleged refusal to localise the data of Russian users on Russian territory, the TASS news agency reported.
The fine is one of several expected to be handed to foreign companies on Tuesday. Continue reading “Russia fines United Parcel Service over data storage -TASS”
OSLO, June 27 (Reuters) – Norway and the European Union will closely cooperate on battery value chains and raw material supply as part of efforts to tackle climate change, they announced during a Norway visit by European Commission Vice President Maros Sefcovic.
Sustainable value chains for minerals, metals and batteries help decarbonise the economy, addressing strategic dependencies and boosting jobs and growth, Sefcovic and Norwegian Industry Minister Jan Christian Vestre said in a joint statement. Continue reading “Norway, EU agree closer cooperation on batteries, raw materials”
June 27 (Reuters) – A growing number of companies, including JPMorgan Chase & Co (JPM.N), Amazon.com Inc (AMZN.O), Tesla Inc (TSLA.O), and Walt Disney Co (DIS.N) are rolling out policies to offer benefits to U.S. employees who may need to access abortion services.
The U.S. Supreme Court on Friday took the dramatic step of overturning the landmark 1973 Roe v. Wade ruling that recognized a woman’s constitutional right to an abortion and legalized it nationwide. Continue reading “Factbox: Companies offering abortion travel benefits to U.S. workers”
June 27 (Reuters) – A federal judge in California on Monday ordered a new trial on the damages Tesla Inc (TSLA.O) owes to a Black former factory worker who accused the company of race discrimination, after he turned down a $15 million award.
U.S. District Judge William Orrick in San Francisco granted Tesla’s motion for a new trial a week after the former elevator operator, Owen Diaz, said he would not accept the judge’s award. Continue reading “Judge orders new trial in Tesla worker’s race bias lawsuit”
TOKYO/BRUSSELS, June 27 (Reuters) – Japan is pushing to remove a target for zero-emission vehicles from a G7 communique expected this week, according to a proposed draft seen by Reuters, a move that would water down language on climate change from the leaders’ summit in Germany.
The pressure from Tokyo, an influential member of the Group of Seven rich nations, comes as the Japanese auto industry has faced scrutiny from green investors who say it has been slow to embrace zero-emission vehicles and lobbied against regulations that would encourage quicker transition to the technology. Continue reading “Exclusive: Japan pushes to remove zero-emission vehicle target from G7 statement, draft shows”
June 27 (Reuters) – Ford Motor Co (F.N) said Monday it will recall about 2,900 F-150 Lightning trucks because a software issue may result in a failure to provide adequate warning of low tire pressure.
The recall is the first for the Ford electric pickup truck. Ford said the trucks tire pressure monitoring system light may not illuminate when intended and may not be able to provide adequate warning of low tire inflation pressure because the recommended tire cold inflation pressure value was incorrectly set to 35 psi rather than the correct inflation pressure of 42 psi. Continue reading “Ford recalls 2,900 EV F-150 Lightning pickup trucks”
NEW DELHI, June 25 (Reuters) – India will introduce a safety rating system for passenger cars – a measure it hopes will encourage manufacturers to provide advanced safety features and will boost the “export worthiness” of vehicles produced in the country.
The road transport ministry said in a statement it will assign a rating of one to five stars for cars, based on tests assessing adult and child occupant protection as well as safety assist technologies. Continue reading “India plans safety rating system for passenger cars”
TOKYO, June 23 (Reuters) – Toyota Motor Corp (7203.T) said on Thursday it would recall 2,700 of its first mass-produced electric vehicles (EVs) for the global market because of a riskthe wheels could come loose.
The world’s largest automaker by sales submitted the recall of the bZ4X SUVs to Japan’s transportation ministry. Of the 2,700 vehicles, 2,200 were earmarked for Europe, 260 for the United States, 10 for Canada and 110 for Japan, the company said. Continue reading “Toyota recalls first mass-produced EVs less than 2 months after launch”
TOKYO, June 24 (Reuters) – Toyota Motor Corp’s (7203.T) chief lobbied the Japanese government to make clear it supported hybrid vehicles as much as battery electrics or face losing the auto industry’s support, a senior lawmaker told a ruling party meeting.
The lobbying by Akio Toyoda, president of Toyota and chairman of the Japan Automobile Manufacturers Association (JAMA) industry group, comes as the automaker has faced increased scrutiny from green investors who say it has been slow to embrace battery-electric vehicles and pressed governments to slow a transition to them. Continue reading “Exclusive: After pressure from Toyota chief, Japan emphasized support for hybrids”
NEW DELHI, June 24 (Reuters) – Toyota Motor Corp (7203.T) and Suzuki Motor Corp (7269.T) on Friday said they would begin production of hybrid vehicles in India, a category that Toyota has said is currently best suited to such markets.
A Toyota plant in southern India would in August begin building a hybrid sport utility vehicle (SUV) developed by Suzuki, the companies said. Continue reading “Toyota, Suzuki take hybrid route in India for local, global markets”
FRANKFURT, June 23 (Reuters) – Mercedes-Benz (MBGn.DE) denied a German media report that it was weighing a sale of its vans business as the automaker plans to put more strategic weight on high-end vehicles.
The weekly Manager Magazin on Thursday said a possible sale of the vans business – previously seen as sacrosanct – was being discussed as a measure of last resort, citing supervisory board sources.
Continue reading “Mercedes denies report that it has discussed sale of van business”
