BERLIN, Aug 3 (Reuters) – BMW (BMWG.DE) lowered its output forecast and warned of a highly volatile second half on Wednesday, pinpointing supplies of energy in Europe and chips worldwide as the two crucial factors to the carmaker hitting full-year earnings targets.
New incoming orders were beginning to fall but order books remained filled for the next few months, chief executive Oliver Zipse said. Continue reading “BMW sees volatile 2022 with chips and energy squeeze in focus”
OSLO, Aug 3 (Reuters) – Swedish truck maker Volvo Group (VOLVb.ST) plans to establish a large-scale production plant for battery cells, gradually building it up towards 2030 to meet a growing demand for zero-emission transportation, the company said on Wednesday.
“There is a strong demand from our customers already today, and by 2030, it is our ambition that at least 35% of the products we sell are electric,” CEO Martin Lundstedt said in a statement. Continue reading “Truck maker Volvo Group plans to build battery plant”
OSLO, Aug 3 (Reuters) – Volvo Car Group’s (VOLCARb.ST) July sales were down 21.5% from a year earlier as supply chain problems continued to hamper production, but could rebound in the coming months, the Sweden-based automaker said on Wednesday.
A shortage of semiconductors and other components has squeezed auto industry output and sales in recent quarters, but Volvo said last month it was seeing a “marked improvement” in the stabilisation of its supply chain. Continue reading “Volvo Cars July sales drop 21.5%, sees improvement ahead”
Aug 2 (Reuters) – A U.S. judge on Tuesday granted a request by prosecutors to dismiss fraud counts against a former Uber Technologies Inc (UBER.N) security chief also charged with covering up a 2016 data hack affecting 57 million passengers and drivers.
U.S. District Judge James Donato in San Francisco dismissed the three wire fraud charges against Joseph Sullivan. Continue reading “Fraud charges in hacking case against Uber ex-security chief are dismissed”
WASHINGTON, Aug 2 (Reuters) – Automakers want Democratic Senator Joe Manchin to revisit his proposal to restructure the $7,500 electric vehicle tax credit, raising fears it could be largely unworkable because of new sourcing requirements for battery components and critical minerals.
Manchin on Tuesday expressed little interest in revising his proposal. Continue reading “Automakers press U.S. Senator Manchin for changes to EV tax credit proposal”
Aug 2 (Reuters) – General Motors Co (GM.N) is prepaying Livent Corp (LTHM.N) $198 million for a guaranteed six-year supply of lithium, a deal that reflects the auto industry’s rising worry about a tightening market for the electric vehicle battery metal.
Prepaying cash for a guaranteed metal supply is unusual in the mining industry. The deal shows GM’s eagerness to ensure it has sufficient raw materials to meet its goal of producing 1 million EVs annually in North America by 2025. Continue reading “GM prepaying Livent $198 million for guaranteed lithium supply”
Every organization is built on the foundation of its founding members who not only form the backbone of the company but also act as the most important drivers of planning, executing and supporting the organization towards achieving great success. Without these corporate superheroes, the company would crumble due to a lack of direction and motivation of staying true to the mission, vision and goals of the firm. With over 17 years of experience in the field of embedded systems in which 15 years was solely dedicated towards building the finest quality in Telematics Devices of which more than 650,000 units have been delivered across India, Southeast Asia, the Middle East and North Africa…meet our Superhero and the technical Director of iTriangle Infotech Pvt Ltd who has driven our organization towards 500% growth since its inception, Mr. Kiran A R. Continue reading “Kiran A R – The Silent Tech Guru Behind the success of iTriangle”
WASHINGTON, Aug 1 (Reuters) – The U.S. business of Fiat Chrysler Automobiles was sentenced Monday after pleading guilty in June to criminal conspiracy and will pay nearly $300 million to resolve a multi-year U.S. Justice Department diesel-emissions fraud probe.
FCA US LLC, formerly Chrysler Group LLC, previously struck a plea agreement with the Justice Department and agreed to pay a $96.1 million fine and forfeit $203.6 million. FCA US, now a unit of Stellantis NV (STLA.MI), was also sentenced to a three-year term of organizational probation. Continue reading “Stellantis unit sentenced in U.S. diesel emissions probe, will pay $300 mln”
BRUSSELS, Aug 1 (Reuters) – Refuse collection trucks were included in a European truck cartel the European Commission fined in 2016, the top EU court ruled on Monday, opening the door to claims from buyers of these vehicles.
The case was referred to the EU court in relation to a claim in 2016 for damages by the German district of Northeim against Daimler (DTGGe.DE) over two refuse trucks it bought in 2006 and 2007. Continue reading “Daimler refuse trucks were in cartel, EU court rules in damages case”
Aug 2 (Reuters) – Uber Technologies Inc (UBER.N) reported positive quarterly cash flow for the first time ever on Tuesday and forecast third-quarter operating profit above estimates, as more people rely on its services for transport and ordering in food.
The company’s stock surged 15% to $28.2 and helped push shares of Lyft Inc (LYFT.O) by 11% and DoorDash (DASH.N) by 4%. Continue reading “Uber turns cash flow positive for the first time in bumper quarter”
NEW YORK, Aug 2 (Reuters) – Swedish engineering firm Trelleborg AB (TRELb.ST) has agreed to acquire Minnesota Rubber and Plastics from private equity firm KKR & Co Inc (KKR.N) for about $1 billion in cash, the companies said in a statement on Tuesday.
The deal, which was first reported by Reuters, is expected to expand Trelleborg’s polymer and plastics business in North America when it closes before the end of this year. Continue reading “Trelleborg to buy KKR’s Minnesota Rubber and Plastics in $1 bln deal”
MILAN, Aug 2 (Reuters) – Ferrari (RACE.MI) beat earnings forecasts and reported record orders in the second quarter, prompting the luxury sports car maker to raise its full-year targets, as Portofino M and F8 family models drove sales.
The Italian company, famed for its roaring engines powering super-cars with price tags starting at over 200,000 euros ($205,000), in June rolled out its new business plan, with a promise to make electric and hybrid cars 80% of it models by 2030. Continue reading “Ferrari lifts 2022 forecasts after strong Q2 results, record orders”
TOKYO, Aug 2 (Reuters) – A major affiliate of Japan’s Toyota Motor Corp (7203.T) falsified emissions data on some engines going back to at least 2003, more than a decade earlier than previously indicated, a company-commissioned probe showed on Tuesday.
The investigative committee tasked by truck and bus maker Hino Motors Ltd (7205.T) blamed the scandal on an environment where engineers did not feel able to challenge superiors, in a rare criticism of corporate culture in Japan. Continue reading “Toyota unit falsified emissions data from at least 2003, probe finds”
DETROIT, Aug 2 (Reuters) – Wealthy sports car enthusiasts powered Italian supercar brand Lamborghini to record first-half deliveries and profitability, but Chief Executive Stephan Winkelmann said he is preparing for a challenging winter if Europe’s energy crunch gets worse.
Lamborghini is banking natural gas to sustain operations during the winter should Russia carry through on threats to cut gas supplies to Western Europe. The outgoing Italian government had put a priority on sustaining gas supplies to industry, Winkelmann said. “We have no notice from the government … that this is going to change,” he said during a video conference with reporters. Continue reading “After a record first half, Lamborghini prepares for a cold winter”
SHANGHAI, Aug 1 (Reuters) – Chinese electric car maker Nio plans to open its first overseas plant in September to make power products for the European market as it accelerates expansion abroad.
The plant, in Pest, Hungary, will develop and manufacture power products such as battery-swapping stations to serve European users, Nio said in a statement late on Friday. Continue reading “China’s Nio to make power products for Europe at its first overseas plant”
July 31 (Reuters) – A joint battery venture of Toyota Motor Corp (7203.T) and Panasonic Corp (6752.T) will buy lithium from ioneer Ltd’s (INR.AX) Rhyolite Ridge mining project and use the metal to build electric vehicle batteries in the United States.
The binding supply deal, announced on Sunday, is the second in less than a month for ioneer and a strong vote of confidence in a project that is racing to be the first new U.S. source of the battery metal in decades. Continue reading “Toyota-Panasonic battery JV to buy lithium from ioneer’s Nevada mine”
