SHANGHAI, Aug 11 (Reuters) – China’s auto sales surged 29.7% in July from a year earlier to 2.42 million units, extending a recovery that began in June with the help of eased COVID curbs and government incentives.
Sales for the first seven months, though, were still 2% lower than the corresponding period in 2021, data from the China Association of Automobile Manufacturers (CAAM) showed on Thursday. Continue reading “China’s July auto sales extend recovery, jump 30% as COVID curbs ease”
FRANKFURT, Aug 11 (Reuters) – German container shipper Hapag-Lloyd (HLAG.DE) on Thursday posted a net profit of 8.7 billion euros ($8.94 billion) for the first half of 2022, more than three times as much as a year earlier, but said war in Ukraine and the coronavirus crisis somewhat clouded its prospects.
The company, the world’s fifth-biggest container line, upheld forecasts made on July 28 for full year 2022 earnings before interest, tax, depreciation and amortisation to range between 18.2 billion and 20.1 billion euros, and for earnings before interest and tax to come in between 16.3 billion and 18.2 billion euros. Continue reading “Hapag-Lloyd more than trebles H1 net profit, sees economic uncertainty”
TOKYO, Aug 10 (Reuters) – Japan’s Honda Motor Co (7267.T) raised the outlook for its full-year operating profit on Wednesday thanks to weaker yen, but warned against over-optimism as it saw the chips shortage continuing and was concerned about an economic slowdown.
The mixed view from Honda reflected sentiment held widely among Japanese carmakers that although demand is strong and recovery from COVID-19 is underway, they have yet to completely shrug off negative factors hindering operations. Continue reading “Honda raises annual profit forecast after beating quarterly view”
TOKYO, Aug 10 (Reuters) – Toyota Motor Corp (7203.T) said on Wednesday it would hold to its plan to produce 9.7 million vehicles globally this fiscal year, even as it announced another stoppage related to the spread of COVID-19.
The Japanese automaker is seeking to boost production in earnest after COVID lockdowns in China and a global chip shortage forced it to repeatedly scale back output in the April-June quarter. Continue reading “Toyota says no change to plan to produce 9.7 mln vehicles globally this year”
Aug 10 (Reuters) – Ford Motor Co (F.N) said on Wednesday every vehicle it manufactures in Michigan would be assembled using solar and other renewable energy sources by 2025, as the automaker aims to lower its emissions.
Michigan-based Ford has signed a renewable energy purchase pact with local provider DTE Energy (DTE.N), under which the utility firm will add 650 megawatts of new solar energy in the state for the carmaker. Continue reading “Ford to use renewable energy sources to make vehicles in Michigan”
Aug 10 (Reuters) – Nikola Corp (NKLA.O) said on Wednesday that Michael Lohscheller will take over as the electric-truck maker’s chief executive officer when Mark Russell retires on Jan. 1 next year.
Lohscheller, who joined the company in February, will take over as president from Russell and join Nikola’s board effective immediately, the company said. Continue reading “Nikola names Michael Lohscheller as next CEO”
Aug 10 (Reuters) – Tesla Inc (TSLA.O) Chief Executive Officer Elon Musk sold $6.9 billion worth of shares in the electric vehicle maker, saying the funds could be used to finance a potential Twitter deal if he loses a legal battle with the social media platform.
“In the (hopefully unlikely) event that Twitter forces this deal to close *and* some equity partners don’t come through, it is important to avoid an emergency sale of Tesla stock,” he said in a tweet late on Tuesday. Continue reading “Musk sells Tesla shares worth $6.9 billion, cites chance of forced Twitter deal”
NEW YORK, Aug 9 (Reuters) – U.S. oil refiners and pipeline operators expect energy consumption to be strong for the second half of 2022, even though analysts and industry watchers have worried that demand could falter if the global economy enters a recession or high fuel prices deter travelers.
The company outlooks suggest a stronger view than recent data showing weakness in U.S. fuel demand, particularly in gasoline, where consumption recently hit its lowest level since February even though this is the middle of the peak summer driving season. Continue reading “U.S. oil refiners, pipeline companies expect strong demand for rest of 2022”
Aug 9 (Reuters) – Tesla Inc (TSLA.O) is lobbying the Ontario government as part of an effort to set up an “advanced manufacturing facility” in Canada, a filing by the electric-vehicle maker to the province’s Office of the Integrity Commissioner showed.
The company’s Canadian unit is working with the government to “identify opportunities for industrial facility permitting reforms”, the amended filing from July 18 said. Continue reading “Tesla discloses lobbying effort to set up factory in Canada”
Aug 9 (Reuters) – U.S. equipment maker Emerson Electric Co (EMR.N) on Tuesday posted a near 47% jump in third-quarter profit, benefiting from stronger performance at its automation unit as companies revamp their assembly lines to offset a shortage of factory workers.
The St. Louis, Missouri-based company, which began selling fans and electric motors more than a century ago, has been positioning itself as a technology-focused firm with a string of acquisitions over the last few years. Continue reading “Emerson Electric profit jumps 47% on strength in automation unit”
TOKYO, Aug 9 (Reuters) – Toyota Motor Corp (7203.T) said it would suspend the night shift operation on Tuesday at one production line at its factory in central Japan due to an outbreak of COVID-19, after it suspended operations there also on Monday night.
The suspension comes as the Japanese automaker seeks to boost its production in earnest after COVID-19 lockdowns in China and a global chip shortage forced it to repeatedly scale back output in the April-June quarter, falling about 10% short of its initially planned target. Continue reading “Toyota suspends some Japan factory production due to COVID outbreak”
NUNEATON, England, Aug 9 (Reuters) – A handful of commercial electric vehicle (EV) startups are burning through cash fast, racing to bring vans or trucks to market before the funds run out or customers choose to buy from legacy automakers like Ford Motor Co or General Motors Co (GM.N).
Boosted by investor hunger to create the next Tesla Inc (TSLA.O), a clutch of commercial EV makers on both sides of the Atlantic have gone public via reverse mergers with special-purpose acquisition companies (SPACs), raising hundreds of millions of dollars as they sought to emulate Elon Musk’s success. These include Arrival Inc , Canoo Inc (GOEV.O), Lordstown Motors Corp (RIDE.O), Electric Last Mile Solutions Inc (ELMS) and REE Automotive Holding Inc (REE.O). Continue reading “Burning cash, commercial EV startups race to deliver vehicles”
BERLIN, Aug 9 (Reuters) – Continental (CONG.DE) expects higher auto production in the second half of the year as supply chains and semiconductor availability improve, the company said on Tuesday, after reporting a heavy second-quarter loss.
The auto parts supplier, which reported a profit in 2021 for the first time after two years of losses, was back in the red in the April-June quarter with a net loss of 251 million euros ($256 million) caused by lockdowns in China, supply chain issues in Europe, higher interest rates and impairment costs. Continue reading “Continental expects stronger demand after ‘hurricane’ headwinds in Q2”
SHANGHAI, Aug 9 (Reuters) – Tesla (TSLA.O) sold 28,217 Chinese-made vehicles in July, nearly two-thirds less than a month earlier as a scheduled upgrade to its factory lines in Shanghai disrupted production.
The U.S. carmaker exported 19,756 Model 3s and Model Ys from China last month, the China Passenger Car Association (CPCA)said. In June, it sold 78,906 vehicles and exported 968. Continue reading “Tesla’s July sales of Chinese-made vehicles slide due to factory line upgrades”
WASHINGTON, Aug 8 (Reuters) – Two members of the U.S. House of Representatives are launching a bipartisan effort to help revive legislative efforts to boost self-driving vehicles.
Representatives Robert Latta, a Republican, and Debbie Dingell, a Democrat, told Reuters in a joint interview they are unveiling the bipartisan Congressional Autonomous Vehicle Caucus to help educate fellow lawmakers on the importance of self-driving vehicles as they work to revive legislation. Continue reading “U.S. House lawmakers look to jump-start self-driving legislative push”
JAKARTA, Aug 8 (Reuters) – U.S. carmaker Tesla (TSLA.O) has signed contracts worth about $5 billion to buy materials for their batteries from nickel processing companies in Indonesia, a senior cabinet minister told CNBC Indonesia.
Southeast Asia’s biggest economy has been trying to get Tesla to set up a production facility in the country, which has major nickel reserves. President Joko Widodo met with Tesla founder Elon Musk earlier this year to drum up investment. Continue reading “Indonesia says Tesla strikes $5 billion deal to buy nickel products”
Aug 8 (Reuters) – Kia Corp’s (000270.KS) Russian subsidiary launched a voluntary recall of more than 100,000 cars on Monday due to a possible airbag malfunction, a government regulator announced.
The recall affects Kia Rio models assembled between 2013 and 2018 at the Hyundai Motor Group factory in the Russian city of St Petersburg, Russia’s federal agency for technical regulation and metrology (Rosstandard) said. Continue reading “Kia to recall 105,000 Rio cars in Russia”
BEIJING, Aug 8 (Reuters) – Baidu’s electric vehicle (EV) firm Jidu Auto will be one-generation ahead of Tesla (TSLA.O) in terms of autonomous driving technologies, Baidu chief executive Robin Li said in a statement on Monday.
“Our understanding of smart vehicles is that being electric is the semi-final while being intelligent is the final,” Li added. Continue reading “Baidu CEO says EV arm’s autonomous driving tech will be ahead of Tesla”
SHANGHAI, Aug 8 (Reuters) – China should adopt autonomous vehicles in passenger transport with care, the country’s Ministry of Transportation said in drafted rules to regulate the self-driving industry.
The ministry will encourage the use of autonomous vehicles as taxis in easily controlled scenarios in low traffic situations, according to a draft seeking public advice published on Monday. Continue reading “China drafts rules on use of self-driving vehicles for public transport”
Aug 8 (Reuters) – Tata Motors Ltd (TAMO.NS) signed an agreement on Sunday to buy Ford Motor’s manufacturing plant in the western state of Gujarat for 7.26 billion rupees ($91.5 million).
The agreement between the Indian automaker’s subsidiary Tata Passenger Electric Mobility Ltd (TPEML) and Ford India Pvt Ltd (FIPL) covers land, assets and all eligible employees. Continue reading “Tata Motors to buy Ford India’s manufacturing plant for $91 million”
WASHINGTON, Aug 7 (Reuters) – A group representing General Motors (GM.N), Toyota Motor (7203.T), Volkswagen (VOWG_p.DE) and other major automakers said a $430 billion bill approved Sunday by the U.S. Senate will put achieving U.S. electric-vehicle adoption targets for 2030 in jeopardy.
“Unfortunately, the EV tax credit requirements will make most vehicles immediately ineligible for the incentive,” said the Alliance for Automotive Innovation’s chief executive, John Bozzella, adding the bill “will also jeopardize our collective target of 40-50% electric vehicle sales by 2030.” Continue reading “Automakers say U.S. Senate bill will jeopardize 2030 EV targets”
Aug 7 (Reuters) – United Parcel Service Inc said on Monday it would buy Italy-based healthcare-logistics firm Bomi Group for an undisclosed amount to bolster its capability in delivering medicines that require cold storage.
Healthcare logistics is among the areas the delivery firm has been focusing after it expanded temperature-controlled supply-chain logistics to support the deployment of COVID-19 vaccines globally. Continue reading “UPS to buy Italy’s Bomi Group to boost healthcare logistics capability”
WASHINGTON/NEW YORK Aug 5 (Reuters) – Tesla Inc (TSLA.O), the electric car company run by billionaire Elon Musk, has been accused by a California state transportation regulator of falsely advertising its Autopilot and Full Self-Driving features as providing autonomous vehicle control.
In complaints filed with the state Office of Administrative Hearings, California’s Department of Motor Vehicles (DMV) said Tesla misled prospective customers with advertising that overstated how well its advanced driver assistance systems (ADAS) worked. Continue reading “California regulator claims Tesla falsely advertised Autopilot, Full Self-Driving”
WASHINGTON, Aug 5 (Reuters) – Most electric-vehicle models would be ineligible for a $7,500 tax credit for U.S. buyers under a Democratic proposal in the U.S. Senate, a group of major automakers said on Friday.
Automakers have been privately expressing concern about the proposal’s increasing requirements for vehicles’ batteries and critical-mineral contents to be sourced from the United States. Continue reading “U.S. automakers say 70% of EV models would not qualify for tax credit under Senate bill”
WASHINGTON, Aug 5 (Reuters) – A group of 10 U.S. House Democrats on Friday asked President Joe Biden’s administration to build electric vehicle charging stations together with broadband internet infrastructure under the $1 trillion infrastructure law approved in November 2021.
As part of that measure, Congress set aside $42.45 billion in grants to expand broadband, including building fiber or other networks. It also included $5 billion for EV charging. Continue reading “U.S. lawmakers urge joint use of funds for broadband, EV charge stations”
HANOI, Aug 5 (Reuters) – Vietnam’s VinFast is looking to hire 8,000 more employees for its electric-vehicle plant in Vietnam as it ramps up production to deliver its first battery-powered SUVs to the United States by the end of this year, the company said.
VinFast, a unit of Vietnam’s biggest conglomerate Vingroup (VIC.HM), currently employs 6,000 people in total. Continue reading “VinFast hiring 8,000 additional employees to boost production”
FINHAUT, Switzerland, Aug 5 (Reuters) – Switzerland is adding a much needed cog in the wheel to its energy supply with an underground hydropower plant that says it has capacity to store enough electricity to charge 400,000 car batteries simultaneously.
Developers of the 2.2 billion Swiss franc ($2.30 billion) Nant de Drance plant in the canton of Valais, which came online in July, say the facility operates like a giant battery. Continue reading “Switzerland’s new energy asset: hydro plant with capacity to charge 400,000 car batteries”
NEW DELHI, Aug 5 (Reuters) – Mahindra and Mahindra Ltd (MAHM.NS) said on Friday demand for its cars is outstripping production capacity as people rush to buy the automaker’s popular sport-utility vehicles (SUVs), boosting profits.
The automaker reported a sharp jump in first-quarter net profit as sales of its passenger vehicles soared to 149,803, up 74% from a year ago, while it has open bookings for more than 273,000 vehicles. Continue reading “India’s Mahindra & Mahindra says demand for cars outstripping capacity”
Aug 5 (Reuters) – British electric vehicle start-up Arrival SA is delaying trials of its bus and car projects to cut costs and focus on the production of its debut van, the Financial Times reported, citing three people familiar with the matter.
The company has paused its car project which might be revived once it has begun producing revenues based on the results of the its restructuring review scheduled to be completed in September, according to the report published on Friday, citing one of the sources. https://on.ft.com/3QkC2wX Continue reading “British EV firm Arrival to delay bus and car project trials to cut costs, Financial Times reports”
TOKYO, Aug 5 (Reuters) – Japan’s Suzuki Motor (7269.T) said on Friday it did not see demand for vehicles slowing at home or in its key market of India amid growing concerns about a global economic downturn.
The view from Masahiko Nagao, Suzuki’s senior managing executive officer, echoes the bullish outlook of other Japanese automakers, even though inflation and higher interest rates are fuelling uncertainty about the world economy. Continue reading “Suzuki Motor says demand strong despite economic concerns”
Aug 5 (Reuters) – Australia’s European Lithium Ltd (EUR.AX) said on Friday it has signed an agreement with German automobile maker BMW AG to supply battery-grade lithium hydroxide, as companies look to shift towards greener sources of energy.
Australian lithium miners have been witnessing a flurry of activity in signing agreements with major automobile manufacturers to supply lithium, a key ingredient in electric vehicle batteries, as the global auto industry begins to pivot its manufacturing base toward EVs. Continue reading “Australian miner European Lithium to supply battery-grade lithium to BMW”
WASHINGTON, Aug 4 (Reuters) – U.S. President Joe Biden met Thursday with labor leaders and CEOs from General Motors, Carrier, Kaiser Permanente and other companies to press Congress to pass the drug, climate and tax bill recently introduced by Democrats.
“Pass it. Pass it, get it to my desk, pass it for the American people. Pass it for businesses and workers. Pass it for America,” Biden said of the $430-billion bill introduced July 27, which has yet to win any Republican support. Continue reading “Biden meets CEOs of GM, Carrier, urges Congress to pass drug, tax bill”
MILAN, Aug 4 (Reuters) – Strong pricing power and cost savings will help Pirelli (PIRC.MI) offset economic challenges, the Italian tyremaker said on Thursday as it beat second-quarter operating profit expectations and raised its full-year revenue forecast.
The sole supplier of Formula One tyres, said its adjusted earnings before interest and tax (EBIT) rose 21% in the April-June period to 253 million euros ($258 million), topping a company-provided analyst consensus of 238 million euros. Continue reading “Pirelli raises sales target as pricing power offsets inflation”
TOKYO, Aug 4 (Reuters) – Toyota Motor Corp’s (7203.T) profit slumped a worse-than-expected 42% in its first quarter as the Japanese automaker was squeezed between supply constraints and rising costs.
Operating profit for the three months ended June 30 sank to 578.66 billion yen ($4.3 billion) from 997.4 billion yen in the same period a year ago, Toyota said on Thursday, capping a tough period. It has repeatedly cut monthly output goals due to the global chip shortage and COVID-19 curbs on plants in China. Continue reading “Hit by rising costs and supply snarls, Toyota profit tumbles 42%”
Aug 3 (Reuters) – A proposal by U.S. Senate Democrats to put income, price and domestic content conditions on electric vehicle tax breaks could initially sharply curtail the number of EVs that qualify, the Congressional Budget Office said on Wednesday.
The CBO estimate said the electric vehicle tax credits in a $430 billion climate and energy bill would cost taxpayers only $85 million in 2023, the equivalent of about 11,000 vehicles if all received $7,500 credits. Continue reading “U.S. Congress office sees few tax breaks for EVs under Democratic plan”
Aug 3 (Reuters) – The shortages of computer chips that forced global automakers to scrap production plans for millions of cars over the past two years are easing – at a new and permanent cost to the car companies.
What had been “war room operations” to manage chip shortages are becoming embedded features of vehicle development, say executives in both industries. That has shifted the risks and some of the costs to automakers. Continue reading “Chip makers have a message for car makers: Your turn to pay”
Aug 3 (Reuters) – Lucid Group (LCID.O) on Wednesday halved its production forecast for electric vehicles, blaming extraordinary supply chain and logistics challenges, sending its shares down 10% after the bell.
The company now expects to produce between 6,000 and 7,000 luxury electric vehicles this year, down from 12,000 to 14,000 units it targeted in February. Continue reading “EV maker Lucid halves 2022 production forecast as supply chain snarls hit”
Aug 3 (Reuters) – Albemarle Corp (ALB.N), the world’s largest producer of lithium for electric vehicle batteries, raised its annual forecast on Wednesday and reported a better-than-expected quarterly profit after it renegotiated supply contracts for the metal at higher prices.
The results reflect the rising demand for lithium as the auto industry begins to pivot its manufacturing base toward EVs, a shift that has given significant pricing power to mining companies. Continue reading “Albemarle’s lithium sales surge after supply contracts renegotiated”
MOSCOW, Aug 3 (Reuters) – Russia’s biggest carmaker Avtovaz (AVAZI_p.MM), which suspended some production due to sanctions and lack of components, is offering workers at its Izhevsk plant a one-off payment of about $3,000 to take voluntary redundancy, it said on Wednesday.
Avtovaz resumed production of some of its popular Lada models at its main plant in Togliatti in June after partially halting output in the spring due to a shortage of electronic parts caused by sanctions. Continue reading “Russia’s Avtovaz offers Izhevsk staff $3,000 to quit voluntarily”
WASHINGTON, Aug 3 (Reuters) – President Joe Biden next Tuesday will sign a bill to subsidize the U.S. semiconductor industry and boost efforts to make the United States more competitive with China, the White House said on Wednesday.
The legislation aims to alleviate a persistent shortage that has affected everything from cars, weapons, washing machines and video games. Thousands of cars and trucks remain parked in southeast Michigan awaiting chips as the shortage continues to impact automakers. Continue reading “Biden to sign bill to boost chipmakers, compete with China Aug. 9 -White House”
