MILAN, July 29 (Reuters) – The Agnelli family’s Exor (EXOR.MI) holding company said on Friday it would move the trading of its shares to the Amsterdam bourse from Milan to align with its legal structure as a Dutch registered company.
Exor has no operations in Italy, but the move may irk politicians after a string of blue-chips ditched the country in favour of the Netherlands for their legal headquarters in recent years. Continue reading “Agnelli’s Exor to move listing to Amsterdam from Milan”
SHANGHAI, July 29 (Reuters) – Chinese carmaker BYD Co Ltd is recalling more Tang DM vehicles due to faults with the battery pack trays which pose water inflow risks, the country’s market regulator said.
BYD, the world’s biggest electric vehicle maker by sales, will recall 52,928 of the best-selling plug-in hybrid model produced between April 5, 2021 and April 18, 2022, a statement by the State Administration for Market Regulation said on Friday. Continue reading “Carmaker BYD to recall more Tang DM hybrids in China over battery faults”
July 29 (Reuters) – China’s Guangzhou Automobile Group (GAC) (601238.SS) said on Friday it was “deeply shocked” by critical comments from Stellantis about the end of their joint venture in China, adding it was Stellantis that “didn’t fulfill its commitment”.
Last week, Stellantis (STLA.MI) and GAC said they would end their loss-making venture producing Jeep SUVs in China only four months after Stellantis said it would raise its stake in the business. In January, GAC reprimanded Stellantis for announcing plans to raise its stake to 75% from 50%, stating the parties had not signed a formal agreement. Continue reading “GAC hits back at Stellantis over collapse of Chinese JV”
TOKYO, July 29 (Reuters) – Toyota Tsusho Corp (8015.T), part of the Toyota group, does not expect Toyota Motor Corp (7203.T) to meet its target to produce a record 9.7 million vehicles worldwide this business year, an executive at the trading firm said on Friday.
The comment is likely to add to speculation among analysts and investors that the world’s biggest automaker will have to slash its production goal for the year to March 2023. Continue reading “Toyota group company CFO casts doubt on automaker’s output goal”
MILAN, July 29 (Reuters) – Itay’s Alfa Romeo will work on a new large-size car in the United States to be launched in 2027, the brand’s head Jean-Philippe Imparato said on Friday, adding however the group had not yet decided where to manufacture it.
Imparato said the step was key to tailoring the design for overseas markets, helping Alfa Romeo to strengthen its position as the international premium brand of carmaker Stellantis Continue reading “Alfa Romeo to develop large car in the United States”
SHANGHAI, July 29 (Reuters) – Chinese carmaker BYD Co Ltd is recalling more Tang DM vehicles due to faults with the battery pack trays which pose water inflow risks, the country’s market regulator said.
BYD, the world’s biggest electric vehicle maker by sales, will recall 52,928 of the best-selling plug-in hybrid model produced between April 5, 2021 and April 18, 2022, a statement by the State Administration for Market Regulation said on Friday. Continue reading “Carmaker BYD to recall more Tang DM hybrids in China over battery faults”
MOSCOW, July 29 (Reuters) – Logistics giant DHL will withdraw from all domestic transportation services within Russia from Sept. 1, the company said on Friday, blaming technical issues with IT systems and infrastructure, operational difficulties and legal constraints.
DHL, part of the Deutsche Post DHL Group (DPWGn.DE), halted DHL deliveries to Russia in early March. Continue reading “DHL to withdraw from domestic Russia transportation services”
July 29 (Reuters) – Aston Martin (AML.L) expects its finances to improve in the second half of 2022 after burning through tens of millions of pounds in cash earlier this year, it said on Friday, as easing supply chain snarls help boost deliveries of higher margin cars.
Its positive free cash flow forecast comes as the luxury carmaker posted a bigger loss for the first six months, marred by supply chain and logistics snags that were exacerbated by lockdowns in China, the Ukraine war and soaring costs. Continue reading “Aston Martin says finances to improve as supply chain snags ease”
LONDON, July 29 (Reuters) – Luxury British carmaker Bentley’s first-half operating profit more than doubled, boosted by increased customisation of cars as sales rose significantly in Europe and Britain despite ongoing global economic uncertainty.
The unit of German carmaker Volkswagen (VOWG_p.DE) on Friday posted an operating profit for the first six months of 2022 of 398 million euros ($403 million), more than the 178 million euros in the same period of last year and also its full-year 2021 profit of 389 million euros. Continue reading “Bentley first-half profit more than doubles, boosted by customised cars”
TOKYO, July 29 (Reuters) – Japan’s Denso Corp (6902.T), a major supplier to Toyota Motor Corp (7203.T), lowered its operating profit forecast for the current business year by 14%, expecting automakers to undershoot production plans.
The company, which specialises in vehicle air conditioning, power trains and automated driving systems, lowered its operating profit forecast to 480 billion yen ($3.61 billion) from 560 billion yen for the year ending March 31. Continue reading “Toyota supplier Denso’s Q1 profit tumbles 41%, misses view”
TOKYO, July 28 (Reuters) – Nissan Motor Co (7201.T) on Thursday said it was “cautiously optimistic” after posting a 14% drop in quarterly operating profit as the semiconductor shortage gradually eases and COVID-19 lockdowns in Shanghai are lifted.
The Japanese company’s announcement offers a glimmer of hope for an auto industry battered by supply chain disruption that has thrown carmaker’ production plans into disarray. Continue reading “Nissan ‘cautiously optimistic’ after 14% operating profit drop”
BERLIN, July 28 (Reuters) – Preparation for a listing of Volkswagen’s (VOWG_p.DE) sportscar brand Porsche later this year is continuing, with a decision expected in late summer, the carmaker’s chief financial officer said on Thursday.
“We continue to execute our plan for a potential IPO of Porsche later in this year. Preparation is continuing with a decision expected late summer, now with even more emphasis than before,” CFO Arno Antlitz said on a call. Continue reading “Porsche listing plans on track, Volkswagen CFO says”
MILAN, July 28 (Reuters) – Strong pricing power and sales of high margin vehicles including electric ones helped Stellantis (STLA.MI) to beat profit forecasts in the first half of the year despite headwinds from energy and raw material inflation and semiconductor scarcity.
“We are ahead of Tesla in Europe in electric vehicle sales, and not far from Volkswagen,” Chief Financial Officer Richard Palmer said on Thursday presenting results, which saw a 44% operating income rise in the January-June period, on a pro-forma basis. Continue reading “Pricing buoys Stellantis as fight for electric markets heats up”
TOKYO, July 28 (Reuters) – Toyota Motor’s production for the April-June quarter fell around 10% short of its initial plan, but the automaker struck a more optimistic note for its business from August onwards as China’s COVID-19 lockdowns eased and demand outside Japan was resilient.
The world’s largest automaker by sales said on Thursday that output and sales were on the path to recovery, raising hopes it will still be able to reach its record 9.7 million global vehicle production target for the year ending March 2023. Continue reading “Toyota misses April-June output target but says may be turning corner”
MILAN, July 28 (Reuters) – Strong pricing power and sales of high margin vehicles including electrified ones helped Stellantis (STLA.MI) post record results in the first half of the year despite headwinds from energy and raw material inflation and semiconductor scarcity.
“We are ahead of Tesla in Europe in electric vehicle sales, and not far from Volkswagen,” Chief Financial Officer Richard Palmer said on Thursday presenting results, which saw a 44% operating income rise in the January-June period, on a pro-forma basis. Continue reading “Stellantis posts record H1 results despite rising costs, chip headwinds”
BERLIN, July 28 (Reuters) – Volkswagen (VOWG_p.DE) confirmed its full-year outlook on Thursday as supply chain bottlenecks in items from wire harnesses to chips eased, but warned the war in Ukraine and threats to European energy supply loomed over the second half.
A steep drop in operating profit to 4.7 billion euros ($4.81 billion) before special items still beat expectations of seven analysts polled by Refinitiv of 4.6 billion euros. Continue reading “Volkswagen keeps outlook but warns of energy uncertainty in Europe”
DETROIT, July 27 (Reuters) – Ford Motor Co (F.N) on Wednesday reported better than expected second-quarter net income and reaffirmed its profit outlook for the year, but said management is “actively looking” at how to offset surging costs.
The Michigan-based automaker’s results and comments partially mirrored those of crosstown rival General Motors Co (GM.N), which reported earnings on Tuesday. Continue reading “Ford shares bounce on upbeat results, dividend boost”
TOKYO, July 28 (Reuters) – Toyota Motor’s production for the April-June quarter fell 9.8% short of its initial plan, but the automaker struck a more optimistic note for its business from August onwards as China’s COVID-19 lockdowns eased and demand outside Japan was resilient.
The world’s largest automaker by sales said on Thursday that output and sales were on the path to recovery, raising hopes it will still be able to reach its record 9.7 million global vehicle production target for the year ending March 2023. Continue reading “Toyota misses April-June output target but says may be turning corner”
WASHINGTON, July 27 (Reuters) – A Senate Democratic deal includes a new $4,000 tax credit for used electric vehicles and other new tax credits and grants for automakers to retool factories to build greener cars.
The deal struck between Senate Majority Leader Chuck Schumer and Democratic Senator Joe Manchin also includes an expansion of the existing $7,500 EV tax credit as well as a new $10 billion investment tax credit to build clean-technology manufacturing facilities, according to a summary from Schumer’s office. Continue reading “U.S. Senate Democratic deal would expand EV tax credits”
July 27 (Reuters) – Volkswagen (VOWG_p.DE) is looking to sell its car assembly plant in the Russian city of Kaluga and a Kazakh auto maker could be a potential purchaser, Russia’s Vedemosti newspaper reported on Wednesday.
Vedemosti, citing an unnamed source familiar with the company’s intentions, said Volkswagen would finalize its plans for the facility by the end of the year. Continue reading “Volkswagen seeks purchaser for Russian auto-making plant -newspaper”
BENGALURU, July 27 (Reuters) – Tata Motors Ltd (TAMO.NS) expects strong demand to drive up sales of its cars, including at the luxury Jaguar Land Rover (JLR) unit, as the semiconductor shortage eases, even as it posted a wider quarterly loss on higher costs.
The carmaker reported a consolidated net loss of 50.07 billion rupees ($626.88 million) for the quarter ended June 30, compared with a loss of 44.51 billion rupees a year earlier. Continue reading “JLR parent Tata Motors sees sales picking up as chip shortage eases”
TOKYO, July 27 (Reuters) – Toyota Motor Corp (7203.T) will cut domestic production by around 4,000 vehicles in July, it said on Wednesday, after heavy rain disrupted parts supplies, raising the possibility it could fall short of its global target for the month.
Heavy rains, especially in its home prefecture of Aichi in central Japan, impacted procurement of parts and will force it to stop production at a total of three lines in two domestic factories, Toyota said in a statement. Continue reading “Toyota to cut domestic production by 4,000 vehicles in July after rain snarls supplies”
July 27 (Reuters) – A shortage of vehicles at dealers due to the supply chain snarls gripping automakers is expected to drive down U.S. auto retail sales in July, according to industry watchers.
Total new-vehicle sales including retail and non-retail transactions are expected to decline 5.7% this month from a year earlier after adjusting for total selling days, consultants J.D. Power and LMC Automotive said in a report on Wednesday. Continue reading “U.S. auto sales to fall in July on slim inventories – reports”
FRANKFURT/LONDON, July 27 (Reuters) – Russia delivered less gas to Europe on Wednesday in a further escalation of an energy stand-off between Moscow and the European Union that will make it harder, and costlier, for the bloc to fill up storage ahead of the winter heating season.
The cut in supplies, flagged by Gazprom (GAZP.MM) earlier this week, has reduced the capacity of Nord Stream 1 pipeline – the major delivery route to Europe for Russian gas – to a mere fifth of its total capacity. Continue reading “Russia cuts gas flows further as Europe urges energy saving”
LONDON, July 27 (Reuters) – Consumer-focused firms are seeing no shortage of demand despite the soaring cost-of-living, prompting several to upgrade sales forecasts for the current year, though questions remain about how long that will last.
While some consumers are shielding themselves from price hikes by trading down to own label products, enough are spending more for McDonalds (MCD.N) to risk lifting the price of a cheeseburger in Britain for the first time in 14 years on Wednesday. Continue reading “Cost of living crisis? Consumers keep spending for now”
KARACHI, Pakistan, July 27 (Reuters) – Pakistan’s two leading car assemblers, Toyota and Suzuki, plan partial plant shutdowns next month due to unavailability of raw material amid import restrictions and exchange rate volatility, officials at both companies said on Wednesday.
The government in recent weeks has attempted to curb imports in the face of fast depleting foreign reserves, a declining currency and a widening current account deficit, because of which the rupee has lost over 20% of its value this year. Continue reading “Toyota, Suzuki to partially shut Pakistan output over forex, shortage issues”
BERLIN, July 27 (Reuters) – Mercedes-Benz (MBGn.DE) is boosting its supply chain by dealing directly with chipmakers and forming contingency plans to cut gas usage by up to 50% in Germany, it said on Wednesday, raising its full-year financial guidance after a strong second quarter.
The luxury automaker is also working with Asian battery suppliers to move more cell production to Europe, chief executive Ola Kaellenius said, adding partners would soon announce where they were increasing production capacity, in part to serve its demand. Continue reading “Mercedes-Benz bolsters supply chain as it braces for less gas”
TOKYO, July 27 (Reuters) – Toyota Motor Corp (7203.T) has suspended night shift operations at one production line of its Takaoka factory in central Japan because of a COVID-19 outbreak, the company said on Wednesday.
The cancellation came after eight plant workers caught the virus, it said. Toyota suspended night shift production of the line on Tuesday. Continue reading “Toyota suspends some Japan factory output over COVID outbreak”
JAKARTA, July 27 (Reuters) – Japanese carmaker Toyota Motor Corp (7203.T) plans to invest 27.1 trillion rupiah ($1.80 billion) in Indonesia in the next five years to produce electric vehicles (EVs), Indonesia’s economics ministry said on Wednesday.
The Southeast Asian country aims to become a global hub for producing and exporting EVs through processing its rich supplies of nickel laterite ore for use in lithium batteries. Continue reading “Toyota plans $1.8 bln Indonesia investment to build electric vehicles”
July 26 (Reuters) – A U.S. regulator has ordered a Hyundai Motor Co (005380.KS) affiliate to pay $19.2 million for repeatedly giving credit-reporting agencies inaccurate information about its customers, including that they were delinquent on loans and leases.
Hyundai Capital America, which serves about 1.7 million drivers of Hyundai, Kia and Genesis vehicles, agreed on Tuesday to pay a $6 million civil fine and $13.2 million in restitution to current and former customers. Continue reading “Hyundai to pay $19.2 million for widespread credit-reporting failures, U.S. regulator says”
July 26 (Reuters) – Volkswagen AG (VOWG_p.DE) said Tuesday it has begun U.S assembly of its electric compact SUV ID.4 at its plant in Chattanooga, Tennessee.
The German automaker said it plans to deliver ID.4 SUVs produced in Tennessee as early as October and will ramp up production to 7,000 cars per month by the end of 2022. VW is actively hiring more than 1,000 new production workers through the end of the year and plans to further increase U.S. EV production next year. Continue reading “VW begins U.S. production of EV compact SUV in Tennessee”
WASHINGTON, July 26 (Reuters) – The U.S. auto safety agency said Tuesday it was opening five investigations into more than 1.8 million Stellantis (STLA.MI), Ford Motor (F.N) and General Motors vehicles over stalling and other issues.
The National Highway Traffic Safety Administration (NHTSA) is opening a probe into 1.34 million 2014-2020 model year Jeep Cherokee vehicles because water leaks can cause the electronic parking brake to “inadvertently activate and stop the vehicle while in motion.” Continue reading “U.S. opens new safety probes into Stellantis, GM, Ford vehicles”
July 26 (Reuters) – Faraday Future Intelligent Electric Inc’s (FFIE.O) shares fell more than 7% in premarket trading on Tuesday after the electric-vehicle maker flagged the need for more cash to launch its FF91 luxury model.
The company is in talks to raise more than $200 million to fund production activities until year-end and beyond, it said in a regulatory filing on Monday. Continue reading “EV firm Faraday Future drops after flagging need for funding”
DETROIT, July 26 (Reuters) – General Motors Co (GM.N) on Tuesday reaffirmed its full-year profit outlook on an expected surge in demand and said it was curbing spending and hiring ahead of a potential economic slowdown, but a 40% drop in its quarterly net income disappointed, sending shares lower in premarket trading.
The Detroit automaker’s net income fell 40% in the second quarter from a year earlier due to supply-chain snarls including a global semiconductor chip shortage, sending its shares down about 3% in premarket trading. Continue reading “GM affirms 2022 profit outlook but net income sinks; shares drop”
BERLIN, July 26 (Reuters) – Germany’s coalition parties have agreed to reduce subsidies for electric cars and to do away with incentives for buyers of hybrid vehicles, German daily Handelsblatt reported, citing government sources.
The subsidy for e-cars with a list price of less than 40,000 euros ($40,572.00) is to decline to 4,500 euros from currently 6,000 euros, it said. Continue reading “German coalition parties agree to reduce e-car subsidies, Handelsblatt reports”
July 26 (Reuters) – General Motors Co (GM.N) said on Tuesday it had signed multi-year agreements with LG Chem Ltd (051910.KS) and Livent Corp [RIC:RIC:LIVEN.UL] to secure key raw materials used in manufacturing batteries for electric vehicles.
With the latest deals, GM said it had lined up supplies for all battery raw materials, including lithium, nickel, cobalt and cathode active material, and was on course to reach its goal of producing 1 million EVs annually in North America by end-2025. Continue reading “GM signs agreements with suppliers, on course to reach 1 million EV capacity by 2025”
BERLIN, July 26 (Reuters) – Volkswagen (VOWG_p.DE) investors polled by Bernstein Research were split on whether an IPO of sportscar brand Porsche should go ahead after Friday’s announcement of a leadership change at the helm of Europe’s top carmaker, results showed on Tuesday.
In the poll of 58 investors conducted Sunday to Monday, 42% were in favour of a listing of Porsche AG and 41% against. Continue reading “Volkswagen investors split on whether Porsche IPO should go ahead, Bernstein poll shows”
SEOUL, July 26 (Reuters) – General Motors Co’s (GM.N) South Korea unit has resumed production at its two factories in the country this week following a production halt that lasted about two weeks over procurement issues, an official at GM Korea told Reuters on Tuesday.
The U.S. automaker’s Korea unit had suspended production of all vehicles at its Changwon and No. 2 Bupyeong plants since mid-July after a local supplier, which demanded a price hike for its products, refused to supply auto parts. Continue reading “GM’s South Korea unit resumes production at two factories”
WASHINGTON, July 25 (Reuters) – The U.S. Energy Department on Monday announced it intends to loan a joint venture of General Motors Co (GM.N) and LG Energy Solution (373220.KS) $2.5 billion to help finance construction of new lithium-ion battery cell manufacturing facilities.
The conditional commitment for the loan to Ultium Cells LLC for facilities in Ohio, Tennessee, and Michigan is expected to close in the coming months and comes from the government’s Advanced Technology Vehicles Manufacturing (ATVM) loan program, which has not funded a new loan since 2010. Continue reading “U.S. Energy Department set to loan GM battery joint venture $2.5 bln”
July 25 (Reuters) – Dozens of non-governmental organizations (NGOs) have sent an open letter to Elon Musk, urging the Tesla Inc’s (TSLA.O) chief to not invest in Indonesia’s nickel industry on environmental concerns.
The letter by the NGOs, including Wahana Lingkungan Hidup Indonesia (WALHI) and Friends of the Earth United States, follows Indonesian President Joko Widodo’s meeting with Musk in Texas in May to discuss potential investments. Continue reading “NGOs ask Musk to not invest in Indonesia’s nickel industry over environmental worries”
