PARIS, July 18 (Reuters) – Stellantis (STLA.MI)and Guangzhou Automobile Group (601238.SS) will end their loss-making joint venture producing Jeep vehicles in China, the carmakers said on Monday, only four months after the European carmaker said it would raise its stake in the business.

The U-turn comes after GAC reprimanded the world’s No.4 carmaker in January for announcing plans to raise its stake to 75% from 50%, stating the two parties had not yet signed a formal agreement. Continue reading “Stellantis, China’s GAC to terminate loss-making joint venture”

BERLIN, July 18 (Reuters) – German carmaker BMW (BMWG.DE) will resume production at its Dingolfing site from Tuesday, a spokesperson said.

The site in southern Germany had halted production on Monday due to rail disruptions, local news outlet BR24 had reported. Continue reading “BMW to resume production at Dingolfing site from Tuesday”

July 15 (Reuters) – Aston Martin’s (AML.L) shares jumped 20% on Friday after the British luxury carmaker announced an capital raising that will see Saudi Arabia’s Public Investment Fund (PIF) become its second-largest shareholder with an almost 17% stake.

PIF’s 78 million pound investment, together with a 575 million pound rights issue, will allow the 109-year-old company lower its debt and invest in new models. Continue reading “Saudi wealth fund to become Aston Martin’s second-largest shareholder”

BERLIN, July 15 (Reuters) – Europe registered the lowest number of new passenger cars in the month of June this year since 1996 at just over 1.06 million vehicles, with some carmakers seeing sales drop by nearly 50%, data from Europe’s automobile association showed on Friday.

Volkswagen Group (VOWG_p.DE) was the hardest-hit major carmaker with nearly a quarter less sales than last June. Across the first half year, however, Stellantis has seen the biggest drop so far at 21.1%. Continue reading “Europe car sales lowest since 1996 after 12-month decline”

LONDON, July 15 (Reuters) – British fast-charging battery startup Nyobolt said on Friday it has raised 50 million pounds ($59 million) in Series B funding to build a UK manufacturing plant in 2023 to produce millions of battery cells.

The funding round was led by H.C. Starck Tungsten Powders, a unit of Vietnamese mining company Masan High-Tech Materials (MSR.HNO), one of the world’s largest tungsten suppliers. Through a strategic partnership, Goslar, Germany-based H.C. Starck will help Nyobolt scale up manufacturing and its battery recycling program. Continue reading “UK fast-charging battery startup Nyobolt raises $59 million”

SHANGHAI/BEIJING, July 15 (Reuters) – Volkswagen China on Friday stuck to its goal of doubling sales of its ID series of electric vehicles this year despite COVID-19 disruptions, with its chief calling the target “promising”.

The ID series, which Volkswagen produces at its Chinese joint ventures with SAIC Motor (600104.SS) and FAW Group, is the backbone of its electric vehicle [EV) ambitions in China, the world’s largest auto market. Continue reading “VW China expects to double ID electric vehicle sales despite COVID”

MAKUHARI, Japan, July 15 (Reuters) – Toyota Motor Corp (7203.T) unveiled four new models of its Crown range on Friday, including a sport-utility vehicle (SUV) for the first time, seeking to reboot the 67-year-old brand as Japan branches out from its long love affair with sedans.

The 16th generation of the Crown will be sold outside Japan for the first time in earnest, with plans to reach about 40 countries and regions. The first new model will be a crossover that will be available in Japan around this autumn. Continue reading “Toyota revamps Crown range, with new models including SUV to be sold outside Japan”

SEOUL, July 14 (Reuters) – Hyundai Motor Co (005380.KS) on Thursday launched its first electric sedan, Ioniq 6, which the South Korean automaker is betting will help it grab a bigger share of the electric vehicle (EV) market dominated by Tesla Inc .

The Ioniq 6 is one of more than 31 electric models that Hyundai Motor Group – including Hyundai Motor, its sister company Kia Corp (000270.KS) and premium brand Genesis – plans to introduce through 2030 to secure a projected 12% of the global EV market. Continue reading “Hyundai Motor launches first electric sedan, taking on Tesla”

SAN FRANCISCO, July 13 (Reuters) – Andrej Karpathy, a high-profile Tesla executive who played a key role in developing the electric car maker’s artificial intelligence and driver assistant technology, said on Wednesday he is leaving the company.

The departure of Karpathy, who provided no reason for leaving, comes at a critical time as Tesla Chief Executive Elon Musk races to achieve full self-driving capability this year, after missing earlier targets several times. Continue reading “Tesla’s high-profile Autopilot executive departs”

DETROIT, July 13 (Reuters) – Electric vehicle startups that promised to disrupt the automotive industry by using a software- and technology-heavy approach are now scrambling to cut costs amid the type of industry slowdown that has bedeviled Detroit automakers over the years.

To remain a player in an increasingly competitive business as incumbent automakers introduce their own EVs, startups like Rivian Automotive Inc (RIVN.O) and Arrival SA will need to tighten their belts and in some cases reinvent themselves, industry officials and analysts said. Continue reading “EV disruptors hit industry speed bumps that have plagued legacy automakers for years”

SAO PAULO, July 13 (Reuters) – German automaker Mercedes-Benz Group AG is set to start the assembly of its first electric bus in Brazil between November and December as demand grows in Latin America’s largest economy, an executive said on Wednesday.

The company sees demand for electric buses in Brazil reaching 3,000 vehicles by 2024, its Bus Sales & Marketing Director Walter Barbosa said in a press conference, from just over 1,000 buses in 2023. Continue reading “Mercedes-Benz to start assembly of electric bus in Brazil”

BERLIN, May 23 (Reuters) – (This May 23 story, refiles with quote in paragraph 4 to reflect correction saying that 37% refers to the gas consumption of all industry, not just the car industry)

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. Continue reading “BMW exploring energy investments to reduce dependence on natural gas”

TURIN, Italy, July 13 (Reuters) – Truck and bus maker Iveco Group (IVG.MI) has decided to exit its joint venture in Russia after considering the move for months, as a consequence of Moscow’s invasion of Ukraine, Chief Executive Gerrit Marx said on Wednesday.

Iveco has a 33% stake in the AMT truck assembly joint venture with a local partner. Earlier this year, Marx said Iveco had started assessing whether to exit the JV and that, in the meantime, it had suspended its participation in the JV’s activities. Continue reading “Iveco to leave Russia, to transfer stake in truck JV to local partner”

WASHINGTON, July 12 (Reuters) – U.S. auto safety regulators on Tuesday scrapped a 2019 proposal that would have allowed automakers to offer a variety of sound choices for electric vehicles and other “quiet cars.”

Electric vehicles are often harder to hear at lower speeds than gasoline-powered engines. Under rules mandated by Congress and finalized by NHTSA, automakers must add sounds to hybrid and electric vehicles when traveling at speeds of up to 18.6 miles per hour (30 km per hour) to help prevent injuries among pedestrians, cyclists and the blind. Continue reading “U.S. auto agency will not allow EV owners to pick alert sounds”

BERLIN, July 12 (Reuters) – Renault (RENA.PA) and Vitesco Technologies (VTSCn.DE) have signed a partnership to produce an electronic unit combining a converter, inverter and on-board charger in electric and hybrid powertrains into a single box, Vitesco said on Tuesday.

The new device will equip Renault’s vehicles from 2026 onwards and be assembled in France, Vitesco said, with the view of eventually incorporating it into all the carmaker’s electric vehicles. Continue reading “Vitesco, Renault to partner on powertrain box”

July 12 (Reuters) – Volkswagen Group of America (VOWG_p.DE) is teaming with Nevada startup Redwood Materials to recycle batteries from VW and Audi electric vehicles in the United States, the companies said on Tuesday.

VW is the latest carmaker to partner with Redwood, which has forged similar alliances with Toyota Motor Corp (7203.T), Ford Motor Co (F.N) and Geely Automobile’s (0175.HK) Volvo Cars. Continue reading “VW of America teams with Redwood on EV battery recycling”

SAO PAULO, July 12 (Reuters) – Brazilian ride-hailing app 99 said on Tuesday it had signed a partnership with Chinese electric vehicle manufacturer BYD (002594.SZ) to start testing an electric car developed for the app’s drivers.

The tests of the vehicle, which was developed by BYD and China’s Didi Chuxing, will begin this week in Sao Paulo, Brazil’s financial capital, with a goal of accelerating the adoption of electric vehicles in 99’s fleet. Continue reading “Brazilian ride-hailing app 99 to test electric car with China’s BYD”

SHANGHAI, July 12 (Reuters) – Chinese automaker Zhejiang Geely Holding (GEELY.UL) on Tuesday unveiled a new electric pickup truck, targeting growing demand from city residents as coronavirus restrictions fuel interest in outdoor activities like camping.

The Volvo owner also launched a new brand, RADAR, at an online event on Tuesday where it showcased its first pickup product, which it called RD6. An earlier statement had referred to the new truck as R6. Continue reading “China’s Geely launches electric pickup as urbanites embrace camping”

July 12 (Reuters) – Electric-vehicle firm Lordstown Motors Corp (RIDE.O) replaced its chief executive with insider and automotive industry veteran Edward Hightower on Tuesday in a management shake-up aimed at ramping up efforts to start production of its pickup truck.

Hightower, president of the company since November, takes the reins from Daniel Ninivaggi, who will become executive chairman and focus on partnerships and capital raising. Continue reading “Lordstown Motors taps industry veteran Hightower as CEO in management shuffle”

BERLIN, July 12 (Reuters) – Mercedes-Benz went on trial on Tuesday in a class action-style lawsuit which alleges that the German carmaker knowingly manipulated diesel-emissions tests by installing defeat devices.

Germany’s largest consumer protection group, the VZBZ, accused the carmaker of installing devices in its GLK and GLC SUV models that in tests made it appear the vehicles produced lower pollutant levels than they actually did in traffic. Continue reading “Mercedes-Benz starts trial in class action suit over diesel tests”

July 12 (Reuters) – Walmart Inc (WMT.N) has struck a deal with Canoo Inc (GOEV.O) to buy 4,500 electric vehicles as part of the U.S. retailer’s goal to achieve net-zero emissions by 2040, the companies said on Tuesday.

The deal, whose financial terms were not disclosed, also gives Walmart an option to purchase up to 10,000 units as it electrifies its delivery fleet. Continue reading “Walmart to electrify its delivery fleet with Canoo EVs”

July 12 (Reuters) – French carmaker Renault (RENA.PA) said car sales plunged 30% in the first half of 2022 after shutting down activities in Russia, one of the first Western auto manufacturers to lay bare the damage of losing a key market in the wake of the Ukraine war.

Renault, the Western carmaker most exposed to the Russian market, said its worldwide sales fell 29.7% from last year to just over one million vehicles. Excluding the activities of Avtovaz and Renault Russia, the number of units sold was down 12% year-on-year. Renault shares fell 2.3% in early trading. Continue reading “Renault first-half sales volume slumps 30% after Russia exit”

SEOUL, July 12 (Reuters) – Hyundai Motor Co (005380.KS) said on Tuesday it would build a dedicated electric vehicle (EV) factory in South Korea that will become its first automobile plant to open in the country in almost three decades.

Production is due to begin by 2025, the company’s union said in a statement, relaying a pledge that the company had made in wage negotiations. Continue reading “Hyundai Motor says it will build its first South Korean EV factory”

July 11 (Reuters) – Electric vehicle maker Rivian Automotive (RIVN.O) plans to cut hundreds of jobs, possibly around 5% of its total work force, Bloomberg News reported on Monday, citing people familiar with the matter.

Shares of the company fell 6.6% to $29.87 in afternoon trade. Continue reading “EV maker Rivian plans to cut hundreds of jobs – Bloomberg News”

PARIS, July 12 (Reuters) – For Emilie Malherbe, choosing the colour of her brand new Renault (RENA.PA) Arkana SUV was easy because only three were available: black, pearl-white and gray.

She and her husband swiftly settled on gray because what mattered most was getting the car delivered quickly. Continue reading “Drivers face black or white choice to speed up new-car delivery”

BERLIN, July 11 (Reuters) – The 2022 sales guidance for Mercedes-Benz Cars, which foresees a slight increase compared with 2021, still stands, said a spokesperson on Monday.

The carmaker reported earlier Monday that sales fell sharply in the second quarter, hampered by supply issues and coronavirus-related lockdown measures in China. Continue reading “2022 sales guidance for Mercedes-Benz Cars stands, spokesperson says”

July 11 (Reuters) – Japanese automaker Toyota Motor Corp (7203.T) said on Monday it is extending the suspension of line 1 at its Motomachi plant, as it continue to investigate the cause of the recall for a certain model.

The volume affected by the adjustment will be about 4,000 units, and the global production plan for July will remain unchanged from the recently announced volume of approximately 800,000 units, company said in a statement. Continue reading “Toyota extends suspension of Motomachi plant as certain models recalled”

SEOUL, July 11 (Reuters) – South Korean battery maker LG Energy Solution (373220.KS) is set to supply batteries to Mahindra & Mahindra’s (MAHN.NS) first electric sports utility vehicle (SUV), a source familiar with the matter said on Monday.

The batteries will power the Indian automaker’s XUV400 SUVs, likely scheduled for delivery between the fourth quarter and January, the source said. Continue reading “South Korea’s LG Energy Solution to supply batteries to India’s Mahindra”

CAMBRIDGE, England, July 11 (Reuters) – In the race to go electric, carmakers have focused on range to ease consumer anxiety over charging infrastructure, but battery makers are already working on the smaller, longer-lasting and cheaper batteries of the future, which also charge more quickly.

While carmakers today chase market leader Tesla Inc (TSLA.O), seeking to build cars that can travel 300 miles (482 km) or more between charges, battery startups expect range will matter less as public electric vehicle (EV) chargers become ubiquitous. In the quest for smaller batteries that charge extremely quickly, the startup firms are experimenting with materials like silicon-carbon, tungsten and niobium. Continue reading “For EV battery makers, it’s go small or go home”

WASHINGTON, July 8 (Reuters) – Ford Motor Co (F.N) said on Friday it is issuing a new recall for 100,000 U.S. hybrid vehicles over fire risks, and expanding an earlier recall after a series of reported fires.

The new recall covers certain 2020 through 2022 model-year Ford Escape, Maverick and Lincoln Corsair vehicles with 2.5-liter Hybrid/Plug-In Hybrid engines. Ford said in the event of an engine failure, significant quantities of engine oil and fuel vapor may be released that could accumulate near ignition sources, resulting in a potential under-hood fire. Continue reading “Ford recalls 100,000 U.S. vehicles for fire risks, expands earlier recall”

July 8 (Reuters) – Billionaire entrepreneur Elon Musk said on Friday he planned to “significantly” increase childcare benefits at his companies, including Tesla Inc (TSLA.O), and that the details likely would be announced next month.

His comments came a day after Musk tweeted that he will do his best to help what he called “the underpopulation crisis,” following a media report that said he had secret twins with a top executive at his brain-chip start-up Neuralink. Continue reading “Elon Musk plans to ‘significantly’ increase childcare benefits at his firms”

MILAN, July 7 (Reuters) – Carmaker Stellantis (STLA.MI) and unions on Thursday signed an agreement to cut up to 1,820 more workers from the group’s Italian operations this year through voluntary redundancies, workers’ representatives said.

Incentives will vary based on functions and seniority, they said. Continue reading “Stellantis, unions agree further 1,820 voluntary exits in Italy”

WASHINGTON, July 7 (Reuters) – The National Highway Traffic Safety Administration has opened a special investigation into a recent crash of a Cruise self-driving vehicle in California that resulted in minor injuries, the agency said on Thursday.

The auto safety agency did not identify the specific crash, but a Cruise vehicle operating in driverless autonomous mode was involved in a crash involving minor injuries on June 3 in San Francisco, according to a report filed with the California Department of Motor Vehicles. Continue reading “U.S. agency probing self-driving Cruise car crash in California”

July 7 (Reuters) – Mahindra and Mahindra Ltd (MAHM.NS) and British International Investment (BII) will each invest up to $250 million in the automaker’s new electric vehicle unit at a valuation of $9.1 billion, sending the Indian company’s shares soaring on Friday.

BII will have a 4.8% ownership in the business, which will focus on four-wheel passenger electric vehicles (EVs). The unit will be wholly owned by Mahindra, the company said in a statement late on Thursday. Continue reading “UK’s BII to invest in new Mahindra EV unit at $9 billion valuation, shares soar”

SALZGITTER, Germany, July 7 (Reuters) – Volkswagen (VOWG_p.DE)and its partners will invest over 20 billion euros ($20.38 billion) in a battery cell business, creating 20,000 jobs and targetting annual sales above 20 billion euros by 2030 as it seeks to beat U.S. rival Tesla which leads in the growing market.

VW’s PowerCo unit will manage its battery production and research from mining to recycling, and projects including energy storage systems, the carmaker said at a groundbreaking ceremony for its first European battery cell factory in Salzgitter, in Germany’s Lower Saxony region. Continue reading “Volkswagen, partners to invest $20 bln in car battery business”

July 7 (Reuters) – Self-driving startup Argo AI said on Thursday it had laid off about 150 employees as it makes adjustments to its business plans.

The company, backed by Ford Motor Co (F.N) and Volkswagen AG (VOWG_p.DE), said “with incredible growth and progress made in our mission to deploy driverless vehicles, we are making prudent adjustments to our business plan to best continue on a path for success.” Continue reading “Self-driving startup Argo AI lays off about 150 employees”

WASHINGTON, July 7 (Reuters) – U.S. auto safety regulators have opened a special investigation into a fatal pedestrian crash in California involving a 2018 Tesla (TSLA.O) Model 3 where an advanced driver assistance system is suspected of use.

The National Highway Traffic Safety Administration (NHTSA) cited the California incident in an emailed update on Thursday but did not identify the specific crash. Continue reading “U.S. opens special probe into fatal Tesla pedestrian crash in California”