Aug 31 (Reuters) – Bosch Group said on Wednesday it will invest more than $200 million to produce fuel cell stacks in its South Carolina facility, as the German auto supplier accelerates its transition to electrification.
The technology firm will expand its existing Anderson facility to support fuel cell production, which is planned to start in 2026 creating at least 350 new jobs. Continue reading “Bosch to invest $200 mln to make fuel cell stacks in South Carolina”
Aug 31 (Reuters) – Toyota Motor Corp (7203.T) will boost its planned investment in a new U.S. battery plant from $1.29 billion to $3.8 billion, partly in response to rising consumer demand for electric vehicles, the company said on Wednesday.
Battery maker Panasonic (6752.T) will be a partner in the Liberty, North Carolina, plant through its Prime Planet Energy & Solutions (PPES) joint venture with Toyota, according to Norm Bafunno, senior vice president of powertrain manufacturing and engineering at Toyota Motor North America. Continue reading “Toyota triples planned investment to $3.8 billion in U.S. battery plant”
HAMBURG, Aug 31 (Reuters) – Volkswagen’s (VOWG_p.DE) supervisory board agreed on Tuesday evening to remove two seats from the carmaker’s 12-person management board, three people familiar with the matter said on Wednesday, adding that a decision was not yet finalised.
The news comes a day ahead of a planned leadership change at Europe’s largest carmaker that will see Porsche AG Chief Executive Oliver Blume also taking over as Volkswagen CEO from Herbert Diess. Continue reading “Volkswagen to trim executive board to nine members in bid to sharpen focus – sources”
Aug 31 (Reuters) – Toyota Motor Corp (7203.T) will invest up to 730 billion yen ($5.27 billion) in Japan and the United States towards supplying automotive batteries for battery electric vehicles, the Japanese automaker said on Wednesday.
The firm aims to begin battery production between 2024 and 2026 with an investment intended to augment battery production capacity in both the countries by up to 40 GWh. Continue reading “Toyota Motor to invest $5.3 bln in Japan and U.S. for EV battery supply”
PARIS, Aug 31 (Reuters) – China’s Geely Automobile Holdings (0175.HK) and an oil group are in talks about taking stakes in the fossil-fuel engine unit Renault (RENA.PA) plans to separate from its electric vehicle (EV) business, two sources close to the French carmaker said.
But Renault’s alliance partner, Japanese carmaker Nissan (7201.T), does not plan to take a stake in the combustion engine unit, the sources told Reuters. Continue reading “EXCLUSIVE Geely, oil group could take stakes in Renault engine company -sources”
Aug 30 (Reuters) – Nikola Corp (NKLA.O) said on Tuesday it may sell shares to raise up to $400 million, as the electric truck maker looks to ramp up production amid rising costs.
The company, which is grappling with higher labor and raw material costs due to decades-high inflation and the Russia-Ukraine war, said it has no obligation to sell any shares and may stop sales at any time. Continue reading “Nikola to raise up to $400 mln in stock sale”
DETROIT, Aug 30 (Reuters) – Tesla Inc (TSLA.O) Chief Executive Elon Musk has set his young company on an aggressive expansion path like no other auto executive has dreamed – but one riddled with potholes and road blocks that could stall or sidetrack the journey.
Musk’s audacious goal of selling 20 million electric vehicles in 2030 is at the center of the company’s growth promise for shareholders and its pledge to drive the adoption of sustainable energy. If achieved, it would make Tesla twice the size of any automaker in history, accounting for roughly 20% of the global vehicle market. Continue reading “Analysis: Musk’s bold goal of selling 20 million EVs could cost Tesla billions”
OSLO, Aug 30 (Reuters) – Equinor (EQNR.OL) and Wintershall Dea will jointly develop carbon capture and storage projects, the oil firms said on Tuesday, with ideas to build a pipeline from Germany to Norway to transport and store carbon dioxide (CO2) under the North Sea.
The firms would work together to establish technical and commercial solutions for the development of carbon capture and storage (CCS) across borders in Europe, they said. Continue reading “Equinor, Wintershall Dea eye pipeline to capture CO2 under North Sea”
DETROIT, Aug 30 (Reuters) – Many of the automatic braking systems automakers are using to prevent vehicles from hitting pedestrians do not work well in the dark, according to test results released Tuesday by the U.S. non-profitgroup Insurance Institute for Highway Safety.
The group, backed by the insurance industry, said 12 of the 23 sedans, midsize SUVs and small trucks it evaluated earned a “basic” rating or no credit at all, because they failed to detect or slow adequately for a dummy pedestrian in nighttime tests. About three-quarters of pedestrian deaths happen at night, the IIHS said. Continue reading “Vehicle pedestrian safety systems struggle to see in the dark”
Aug 29 (Reuters) – Lucid Group Inc (LCID.O) on Monday filed for a new offering of up to $8 billion as the luxury electric-vehicle maker looks to beef up working capital at a time when supply snarls have crimped its production.
The company, which has a market capitalization of about $27 billion, halved its production forecast for electric vehicles earlier this month, blaming supply chain and logistics challenges. Continue reading “EV maker Lucid files for new offering to raise $8 bln in stages”
SEOUL, Aug 29 (Reuters) – South Korean officials will meet U.S. counterparts this week to express “concerns” about the Inflation Reduction Act, which restricts who can receive U.S. subsidies for the production of electric vehicles and where firms can source battery materials.
President Joe Biden signed into law this month a $430 billion bill, seen as the biggest climate package in U.S. history. Continue reading “S.Korea to raise concerns about EV credits, battery sourcing in U.S. visit”
TOKYO/WASHINGTON, Aug 29 (Reuters) – Japan’s Honda Motor Co (7267.T) will build a new $4.4 billion lithium-ion battery plant for electric vehicles in the United States with Korean battery supplier LG Energy Solution Ltd (373220.KS), the two companies said on Monday.
Battery makers are looking to increase production in the U.S. where a shift toward electric vehicles (EV) could increase as the country implements stricter regulation and tightens tax credit eligibility. Continue reading “Honda Motor, LG Energy to build $4.4 bln U.S. EV battery plant”
Volkswagen India has shouldered a sizably voluminous distribution program for its incipient midsize sedan Virtus. In this program, VW has distributed over 2000 units of Virtus across India in a period of over a fortnight from its launch date in the Indian market. Virtus engendered a national record in the ‘ India Book of Records ’ by becoming the single most delivered sedan in India.
Continue reading “WAF recognises Mega Delivery Events of VW Virtus as Industry Best Practice”
German luxury carmaker Mercedes-Benz on Monday named Santosh Iyer as the Managing Director & CEO of the Indian operations with effect from January 1, 2023.
Mr Iyer, 46, is currently working as Vice President, Sales & Marketing and would be the first Indian to lead Mercedes-Benz India operations. Continue reading “Santosh Iyer Appointed As Managing Director, CEO Of Mercedes-Benz India”
GANDHINAGAR, India, Aug 28 (Reuters) – Suzuki Motor Corp (7269.T) will set up a global research and development company in India, its president said on Sunday, pushing deeper into a market that is set to become an electric vehicle (EV) hub for the Japanese carmaker.
The new company, a wholly owned unit of Suzuki Japan, will strengthen the carmaker’s R&D competitiveness and capabilities in India and other global markets, Toshihiro Suzuki told an event in Gandhinagar, the capital of western Gujarat state. Continue reading “Japan’s Suzuki drives deeper into India with global R&D unit”
Aug 26 (Reuters) – Panasonic Holdings Corp (6752.T), a supplier to electric-car maker Tesla Inc (TSLA.O), is in talks to build an additional electric vehicle (EV) battery plant in the United States at a cost of around $4 billion, the Wall Street Journal reported on Friday, citing people familiar with the matter.
Panasonic is looking at Oklahoma as the location for its new plant, the newspaper said. (https://on.wsj.com/3pJJs1F) Continue reading “Tesla supplier Panasonic plans additional $4 bln U.S. EV battery plant – WSJ”
HONG KONG/WASHINGTON, Aug 26 (Reuters) – Beijing and Washington took a major step on Friday towards ending a dispute that threatened to boot Chinese companies, including Alibaba, from U.S. stock exchanges, signing a pact to allow U.S. regulators to vet accounting firms in China and Hong Kong.
U.S. regulators have for more than a decade demanded access to audit papers of U.S.-listed Chinese companies, but Beijing has been reluctant to let overseas regulators inspect its accounting firms, citing national security concerns. Continue reading “U.S. and China reach landmark audit deal in boon for Chinese tech companies”
Aug 26 (Reuters) – Smartphone maker Xiaomi Corp (1810.HK) is eyeing an electric vehicle (EV) production tie-up with Beijing Automotive Group Co (BAIC) (1958.HK), as it faces delays in acquiring a licence to make cars on its own, Bloomberg News reported on Friday.
Such partnership among EV startups and traditional carmakers has become increasingly common in China, as state planners have been limiting the issuance of manufacturing licences to new EV makers in a bid to contain excessive investment. Continue reading “Xiaomi in talks with BAIC to produce electric cars -Bloomberg News”
Aug 25 (Reuters) – The California Air Resources Board voted Thursday to adopt sweeping regulations to require all new cars sold in the most populous U.S. state to be electric or plug-in hybrid by 2035, a move that will likely speed the end of gas-powered vehicles.
The rules, which have been adopted by more than a dozen U.S. states, must still be approved by the U.S. Environmental Protection Agency. Continue reading “California board votes to phase out gasoline-only cars in state by 2035”
DETROIT, Aug 25 (Reuters) – U.S. consumers are responding to surging prices for new cars and trucks by going deeper into debt, pushing the average new vehicle loan to a record-high $40,290 during the second quarter, credit monitoring company Experian said Thursday.
The average monthly payment for a new vehicle loan rose to $667 in the second quarter, up nearly 15% from a year earlier, Experian said in its latest report on the automotive finance market. The average amount borrowed rose 13.2%, Experian said. Continue reading “U.S. consumers borrow at record levels as car prices surge – Experian”
– With the increasing acceptance and demand for the new Volkswagen Virtus, the Brand has introduced the carline under its Omni-channel mobility solutions of
Subscription and Leasing models
– The Subscription and Power Lease ownership model on the Volkswagen Virtus enables customers to own the sedan with just one month’s security deposit and an advance rental Continue reading “Volkswagen expands its Omni-channel mobility solution to the all-new global sedan Virtus”
PARIS, Aug 25 (Reuters) – The French transport minister called on Thursday for an investigation into whether French oil major TotalEnergies (TTEF.PA) was involved in supplying jet fuel to the Russian military through a local joint venture.
Le Monde newspaper reported on Wednesday that TotalEnergies was involved in supplying gas condensate to make jet fuel that may have been used by Russian warplanes in Ukraine, via the French firm’s stake in a venture with Russia’s Novatek (NVTK.MM). Continue reading “French minister seeks probe into TotalEnergies’ possible fuel links to Russian army”
IZHEVSK, Russia, Aug 25 (Reuters) – Russia’s record employment signals a surprisingly smooth decoupling from the West. Its rapid replacement of McDonald’s and Starbucks says business as usual. Yet pressures are building inside its economic machine.
Six months into the Ukraine conflict, the strategies and struggles of Russia’s biggest automaker offers an insight into the contrasting fortunes of a country striving to withstand what Vladimir Putin calls an economic “blitzkrieg” by the West.
Continue reading “In isolated Russia, a tale of two economies”
SEOUL, Aug 25 (Reuters) – South Korea will seek cooperation with the European Union over the U.S. Inflation Reduction Act that excludes electric vehicles (EVs) assembled outside of North America from tax credits in the United States, the country’s industry ministry said on Thursday.
U.S. President Joe Biden signed into law on Aug. 16 a $430 billion bill which, among other measures, ends tax credits for about 70% of the 72 EV models that were previously eligible. Continue reading “S.Korea seeks cooperation with EU over U.S. Inflation Reduction Act”
Aug 24 (Reuters) – U.S. new vehicle prices are expected to hit a record high in August on the back of strong demand despite rising interest rates, an industry report showed on Wednesday.
Average transaction prices are set to reach a record $46,259, an 11.5% increase from a year earlier, according to the report from auto industry consultants J.D. Power and LMC Automotive. Continue reading “U.S. new vehicle prices to hit record high despite rising interest rates”
BARCELONA, Aug 24 (Reuters) – Ford (F.N) said on Wednesday it is delaying its production investments in Spain, citing a “revised outlook for Europe” but said it remained committed to its plant in Valencia, where it announced plans in June to produce electric vehicles (EVs).
The U.S. carmaker said in a statement it will not ask for a share of Spain’s EU pandemic relief funds to invest in the roll-out of EVs by June 2025, but said it will work with local authorities to identify other potential public funding as it moves to an all-electric fleet of passenger vehicles by 2030. Continue reading “Ford delays Spanish investments, citing ‘revised outlook for Europe’”
TOKYO, Aug 24 (Reuters) – Honda Motor Co Ltd (7267.T) is considering building a separate supply chain that would reduce its dependence on China, the Sankei newspaper reported on Wednesday, in what would be a high profile move by a major Japanese manufacturer.
Many big Japanese companies have built extensive production hubs in China but have recently seen output snarled by COVID-19-related lockdowns. There are also deepening worries about the impact of tensions between the United States and China. Continue reading “Honda considering decoupling supply chain from China -Sankei”
TOKYO, Aug 24 (Reuters) – Toyota Motor Corp (7203.T) and others involved in a commercial vehicle partnership have expelled Hino Motors (7205.T) from the group over a scandal involving falsification of engine data by the truckmaker, Toyota said on Wednesday.
It is the most severe step announced so far by Toyota, which has a controlling 50.1% in Hino, since the scandal erupted in March. Continue reading “Truckmaker Hino expelled from Toyota-led commercial vehicle partnership”
NEW DELHI, Aug 24 (Reuters) – Indian billionaire Gautam Adani, Asia’s richest man, is making his biggest media bet with a bid to buy a majority stake in New Delhi Television (NDTV) (NDTV.NS).
Adani’s coal-to-edible-oils conglomerate has been on a deals spree over the past two years. Continue reading “Factbox: Asia’s richest man Adani on deals spree in India, abroad”
SHANGHAI, Aug 24 (Reuters) – CATL (300750.SZ), the world’s largest electric vehicle (EV) battery manufacturer, more than doubled its profit in the second quarter as Chinese authorities rolled out incentives to boost EV sales to cushion the impact of lockdowns during the period.
CATL, whose clients include Tesla (TSLA.O), Volkswagen and BMW (BMWG.DE), booked a net profit of 6.68 billion yuan ($974.61 million) from April to June, according to Reuters calculations based on the company’s filings, up 164% from a year ago. Continue reading “Chinese battery giant CATL posts strong Q2 profit on robust EV sales”
WASHINGTON, Aug 23 (Reuters) – Toyota Motor Corp (7203.T) on Tuesday said it recognized the state of California’s authority to set vehicle emissions standards under the U.S. Clean Air Act.
Toyota said the move will make it eligible for government fleet purchases by California. Continue reading “Toyota recognizes California authority to set vehicle emissions standards”
PARIS, Aug 23 (Reuters) – Nissan (7201.T) said it would stop production of cylinder heads for French car maker Renault at its plant in Sunderland, northern England, from early 2024, adding it did not expect this move to result in job losses.
“From early 2024, Nissan Sunderland Plant will cease production of cylinder heads on site. We do not expect this to result in job losses, and are working with staff as we redeploy them to other parts of the business,” the company said, confirming a Sky News report. Continue reading “Nissan to cease producing cylinder heads for Renault from 2024”
TORONTO, Aug 23 (Reuters) – German carmakers Volkswagen (VOWG_p.DE) and Mercedes signed Memorandums of Understanding with the Canadian government on Tuesday to cooperate on the development of batteries.
The agreements were signed during a two-day visit by German Chancellor Olaf Scholz to Canada. Continue reading “VW, Mercedes sign MoUs with Canada to cooperate on battery development”
WASHINGTON, Aug 23 (Reuters) – Owners of some Hyundai (005380.KS) and Kia (000270.KS) SUVs that were recently recalled over fire risks should park them outdoors and away from homes until they are repaired, the U.S. Department of Transportation said on Tuesday.
The South Korean automakers last week recalled thousands of Hyundai Palisade and Kia Telluride vehicles made from 2020 to 2022, citing a risk of fire while parked or driving due to a trailer hitch issue, the National Highway Traffic Safety Administration’s website showed. Continue reading “Some Kia, Hyundai SUVs should be parked outdoors over fire risk -U.S. regulator”
TOKYO, Aug 23 (Reuters) – A widening scandal at Japan’s Hino Motors (7205.T) over falsification of engine data has become a headache that will not go away for parent Toyota Motor Corp (7203.T), adding to a difficult year already complicated by multiple production halts.
Hino, Toyota’s truck and bus unit, said on Monday it would suspend shipments of small trucks after a transport ministry investigation revealed that some 76,000 of its small trucks sold since 2019 had not been subject to the required number of engine tests. Continue reading “Hino’s widening engine scandal becomes nagging headache for Toyota”
NEW YORK, Aug 22 (Reuters) – The U.S. Department of Labor on Monday accused a Korean-owned auto parts maker and supplier of Hyundai Motor Co of violating federal child labor laws at an Alabama factory, federal court filings reviewed by Reuters show.
The Department of Labor (DOL) said that SL Alabama LLC, a subsidiary of South Korea’s SL Corp (005850.KS), employed underage workers at its Alexander City, Alabama factory, according to filings on Monday with the U.S. District Court for the Middle District of Alabama. Continue reading “Hyundai supplier accused of child labor violations by U.S. authorities”
Aug 22 (Reuters) – Ford Motor Co(F.N) said it will cut a total of 3,000 salaried and contract jobs, mostly in North America and India, as it restructures to catch up with Tesla Inc (TSLA.O) in the race to develop software-driven electric vehicles.
Ford Chief Executive Jim Farley has been saying for months that he believed the Dearborn, Mich. automaker had too many people, and that not enough of its workforce had the skills required as the auto industry shifts to electric vehicles and digital services. Continue reading “Ford cuts 3,000 jobs as it pivots to EVs, software”
It is heartening news that the AIS140 mandate from MoRTH that requires all public /passenger Transport Vehicles to be installed with vehicle location tracking devices, is being implemented by most of the states in India. The effective implementation goes a long way in ensuring safety, security, and compliance. An effective implementation that achieves the objective of MoRTH (Ministry of road transport & Highways) requires that the VLT devices must be active, in working condition and should send data to the enforcement agencies. Continue reading “India is Changing for the better! Latest AIS 140 policy updates by the Punjab Govt. and the iTriangle Solution”
TOKYO, Aug 22 (Reuters) – Japan’s Hino Motors (7205.T) will suspend shipments of small trucks after confirming that a widespread data falsification scandal included those models, it said on Monday, highlighting deepening problems at the Toyota Motor Corp (7203.T) unit.
Truck and bus maker Hino’s President Satoshi Ogiso told a news conference that during a transport ministry investigation additional misconduct regarding emissions was found that affects more than 76,000 vehicles. Continue reading “Toyota unit Hino halts light truck shipments as data scandal widens”
BIDADI, India, Aug 22 (Reuters) – Toyota is rebooting its strategy for India, doubling down on a bet that emerging markets will learn to love its hybrids, as long as the price is right.
Renowned for its pioneering Prius, the Japanese carmaker has struggled to sell large numbers of its hybrid Camry sedan since its Indian debut in 2013, partly due to a sticker price of more than eight times the annual income of a middle-class family. Continue reading “Toyota doubles down on its hybrid bet in India”
