LA PLAINE ST DENIS, France, Sept 29 (Reuters) – Imagine a future world starved of resources where carmakers have to resort to replacing the metal in your car’s roof and hood with cardboard.

That’s what Citroën has done with a new concept car designed in anticipation of a resourceless world, using cardboard instead of steel for those parts. Continue reading “Citroën invents cardboard car for resourceless world”

FRANKFURT, Sept 29 (Reuters) – Porsche AG Chief Executive Oliver Blume rang the bell and hugged colleagues on what he called the “historic moment” of the luxury car brand listing on Thursday after Germany’s biggest initial public offering (IPO) in more than 25 years.

Porsche Chief Financial Officer Lutz Meschke added that the company had proven it could succeed in challenging market circumstances. Continue reading “CEO Blume hails ‘historic moment’ as Porsche AG lists on Frankfurt exchange”

HONG KONG, Sept 29 (Reuters) – Hong Kong’s two largest completed IPOs of 2022 worth a combined $1.5 billion closed deep in the red on their market debuts on Thursday, dampening prospects of a recovery in new share sales in the city for the rest of the year.

Shares of Chinese electric vehicle (EV) maker Zhejiang Leapmotor Technology ended at HK$31.90, down 33.5% from its initial public offering price, which is the worst first day performance for a Hong Kong IPO above $500 million on record, according to Dealogic data. Continue reading “Leapmotor and Onewo shares tumble in Hong Kong debut”

FRANKFURT, Sept 29 (Reuters) – Volkswagen (VOWG_p.DE) is well-positioned to fund its electrification strategy, its finance chief said on Thursday, as it reaped around 9.6 billion euros ($9.30 billion) from the IPO of Porsche and with a possible listing of its battery unit on the cards.

The carmaker was sticking to its outlook of reaching the higher end of a 7-8.5% operating profit margin this year, Arno Antlitz told Reuters, even as energy prices, logistics bottlenecks and inflation boost its costs. Continue reading “Volkswagen well-positioned to fund electrification, keeps outlook -CFO”

MILAN, Sept 29 (Reuters) – Porsche AG shares rallied on their Frankfurt market debut on Thursday as traders dumped holdings of its controlling companies to grab a slice in the newly listed supercar manufacturer.

The listing of Porsche AG , under a trading code that includes the 911 number in a nod to its most famous model, defied turbulent markets to give the car brand a value north of 75 billion euros ($72.78 billion). Continue reading “Investors switch into Porsche AG from Volkswagen on debut day”

• Shares priced at top of indicated range
• Biggest listing in Germany since 1996
• Shares rise 3% despite weaker stock markets
• IPO unlikely to reopen frozen markets -banker

FRANKFURT, Sept 29 (Reuters) – Porsche AG shares made a strong start on Thursday after Volkswagen (VOWG_p.DE) defied volatile markets to list the sports car brand at a valuation of 75 billion euros ($72 billion) in Germany’s second-biggest market debut.

Continue reading “Porsche races higher after landmark $72 bln listing”

TOKYO, Sept 29 (Reuters) – Toyota Motor Corp (7203.T) said on Thursday its global vehicle production grew at a record pace for the month of August, as the sector recovered from the COVID-19 pandemic and production capacity increased, mainly overseas.

The announcement offers a bit of relief for the Japanese automaker, which has been under scrutiny over whether it can stick to its annual production target of 9.7 million vehicles, even as China dials back pandemic restrictions and chip shortages are showing some signs of easing. Continue reading “Toyota global vehicle output rises 44.3% in Aug to record for month”

Sept 28 (Reuters) – Tesla Inc (TSLA.O) said on Wednesday that Airbnb Inc (ABNB.O) co-founder Joseph Gebbia has joined the electric vehicle maker’s board, reversing a move to trim the number of directors at the world’s most valuable carmaker.

Tesla said in June it planned to have just seven board seats after the departure of Oracle Inc co-founder Larry Ellison in August, sparking criticism from a shareholder body over a lack of independent board members. Continue reading “Tesla adds billionaire Airbnb co-founder Gebbia to board”

PARIS, Sept 28 (Reuters) – German air taxi developer Lilium Air Mobility plans to set up industrial capacity to make some 400 of its electrically powered Lilium Jet flying shuttles a year, while tapping schemes that provide public research support, its new chief executive said.

Lilium is competing in a crowded market for electric Vertical Take-Off and Landing (eVTOL) vehicles, hoping to replace road trips or short hops by aircraft or helicopters. Continue reading “Lilium aims to build 400 air taxis a year, seek grants”

Sept 28 (Reuters) – U.S. new vehicle sales are set to rise in September as consumers spent more money on new vehicles than any previous September on record, an industry report from consultants J.D. Power-LMC Automotive showed on Wednesday.

Customers have been unaffected by higher vehicle prices and lack of incentives or discounts from automakers, who have been taking advantage of strong demand and tight inventory. Continue reading “U.S. new vehicle sales to increase on strong demand – report”

BERLIN, Sept 28 (Reuters) – The lifetime carbon emissions of a car are so high that investing in car companies funds almost as much carbon per euro as investing in an oil firm, according to a study by environmental NGO Transport & Environment released on Wednesday.

A million euros invested in oil giants Shell, BP and Exxon Mobil finances around 5,000 tonnes of carbon dioxide, while the same amount finances on average 4,500 tonnes in the car sector, the NGO’s calculations based on 2020 data showed. Continue reading “Carmakers nearly as carbon-heavy per euro as oil firms – NGO”

BEIJING, Sept 28 (Reuters) – Toyota Motor Corp (7203.T) plans to start production and sales of a small electric sedan powered by BYD Co Ltd (002594.SZ) batteries by year-end as part of an ongoing collaboration with the Chinese company, three people close to the Japanese carmaker said.

The for now China-only bZ3 sedan co-developed with BYD will be the second model in the new “Beyond Zero” (bZ) series of battery electric vehicles (BEVs) from Toyota, which has been criticised by activists and green investors for not embracing BEVs fast enough. Continue reading “Toyota to start selling small electric sedan in China by year-end – sources”

DETROIT, Sept 27 (Reuters) – Ford Motor Co (F.N) on Tuesday took the wraps off the latest version of its Super Duty pickup, providing a look at how the U.S. automaker will manage one of the biggest challenges confronting Detroit.

The problem: How to modernize the largest combustion pickups to keep demand strong and profits flowing, without over-investing at a time when automakers need to spend on developing electric vehicles and battery factories. Continue reading “Ford, GM upgrade their heavy-duty pickup profit machines”

Sept 27 (Reuters) – Ford Motor Co (F.N) said Tuesday it will invest $700 million and add 500 jobs at its Kentucky plant to support production of its new 2023 model year F-Series Super Duty truck.

The No. 2 U.S. automaker and its South Korean battery partner SK Innovation (096770.KS) said in September 2021 they would invest $11.4 billion to build an electric F-150 assembly plant and three battery plants in the United States. The companies said they would invest $5.8 billion in Kentucky, and $5.6 billion in Tennessee. The Kentucky JV will create about 5,000 jobs. Continue reading “Ford investing $700 mln in Kentucky truck plant, adding 500 jobs”

Sept 27 (Reuters) – Harley-Davidson Inc (HOG.N) on Tuesday spun off its electric motorcycle division LiveWire in a SPAC deal creating the first publicly traded electric motorcycle company in the United States.

New shares of LiveWire Group Inc , Harley-Davidson’s former electric motorcycle subsidiary, were down 6.2% in afternoon tradingafter surging 24% in early market trading in its U.S. market debut on Tuesday following the unit’s $1.77 billion merger with a blank-check firm. Continue reading “Harley-Davidson spins off LiveWire in $1.8 billion SPAC merger”

WASHINGTON, Sept 27 (Reuters) – The U.S. Transportation Department (USDOT) said on Tuesday it has approved the electric vehicle charging station plans for all 50 states, Washington and Puerto Rico covering about 75,000 miles (120,700 kms) of highways.

The November 2021 $1 trillion infrastructure bill provides $5 billion to help states install EV chargers along interstate highways over five years. States now have access to more than $1.5 billion to help build EV chargers, USDOT said. The White House announced earlier this month it had approved 35 of the 50 state plans. Continue reading “U.S. approves 50 states’ EV charging plans”

Sept 27 (Reuters) – Hertz Global Holdings Inc (HTZ.O) said on Tuesday it has partnered with a unit of oil giant BP to install electric vehicle (EV) charging stations across North America to power its fleet of eco-friendly cars.

The car rental firm, which did not disclose the terms of the deal, aims to electrify one-quarter of its fleet by the end of 2024. Continue reading “Hertz ties up with BP for EV charger installations in North America”

TOKYO, Sept 27 (Reuters) – Vice President Kamala Harris will meet on Wednesday in Japan with heads of semiconductor-related businesses as the Biden administration works to boost U.S. chips manufacturing, according to a senior administration official.

Harris will talk to the executives about incentives now available to invest semiconductor manufacturing within the United States following the August enactment of a law providing $52.7 billion in subsidies for the industry. Continue reading “U.S. VP Harris to meet with Japanese chip firms -official”

WASHINGTON, Sept 27 (Reuters) – After weeks of lobbying the White House on how gig workers should be treated, the rideshare, delivery and retail industries are bracing for a new rule that is likely to make it easier to classify them as employees, multiple sources say. A proposed rule from the Department of Labor, aimed at defining whether gig workers for companies including Uber (UBER.N), Lyft (LYFT.O), DoorDash (DASH.N) and retailers such as Amazon.com Inc are misidentified as independent contractors, is under review at the White House’s Office of Information and Regulatory Affairs (OIRA) and is expected to be released in coming weeks.

While the details of the new rule are not known, the department could model it on legal guidance that says people economically dependent on a company are employees, or go even further to expand the pool of workers who should receive benefits, legal experts said. Continue reading “Rideshare, retailers brace for tough U.S. independent contractor rule”

BERLIN, Sept 27 (Reuters) – Soaring energy prices are costing Germany investments in the key automotive sector, where a growing number of companies are facing liquidity shortages, the head of the VDA industry association said in an interview published on Tuesday.

Ten percent of VDA member companies are currently experiencing liquidity problems, while another third are expecting significant problems in the coming months, Hildegard Mueller told the Sueddeutsche Zeitung. Continue reading “Third of German auto firms steering towards liquidity problems, Sueddeutsche Zeitung reports”

PARIS, Sept 27 (Reuters) – Carmaker Stellantis (STLA.MI) and Uber (UBER.N) announced a partnership along with the company Free2Move to focus on the French electric vehicles market.

The companies said in a joint presentation on Tuesday that Free2Move would help Uber in Uber’s plans to convert 50% of its fleet of vehicles in France over to electric models. Continue reading “Stellantis and Uber join forces on electric vehicles market in France”

TOKYO, Sept 27 (Reuters) – Japan’s Stanley Electric (6923.T) has signed a capital and business alliance with Honda Motor Co (7267.T) to facilitate next-generation technologies for vehicles, it said on Tuesday.

Stanley Electric will transfer 7.5 million of its shares to Honda for 2,534 yen ($17.57) per share, the company said in a statement. Continue reading “Japan’s Stanley Electric signs capital alliance agreement with Honda”

BERLIN, Sept 26 (Reuters) – BMW (BMWG.DE) expects to reach the higher end of its 7-9% margin target for the cars business and sees slight sales growth in 2023, chief financial officer (CFO) Nicolas Peter said in a roundtable on Monday.

Demand was recovering in China in the third quarter after lockdowns plagued the first half, the CFO said, describing it as a “rollercoaster” year in their largest sales market. Continue reading “BMW expects slight growth in 2023, cuts Germany gas intake by 15%”

Sept 26 (Reuters) – Faraday Future Intelligent Electric Inc (FFIE.O) said on Monday the electric-vehicle startup had reached an agreement with its largest shareholder to resolve a governance dispute, adding that Sue Swenson will step down as executive chairperson.

The company said it had raised $100 million to start the production of its FF 91 electric luxury car, adding that Brian Krolicki will also step down Faraday Future’s board. Continue reading “Faraday Future reaches agreement with shareholder, Chairperson Swenson to step down”

MOSCOW, Sept 26 (Reuters) – Russian automaker Sollers (SVAV.MM) is in talks with Mazda Motor Corp (7261.T) about buying the Japanese company’s stake in their Russian joint venture, Sollers said on Monday, as Mazda prepares to wind down operations in Russia.

Mazda, which sold 30,000 cars in Russia last year, said in March that exports of parts to the venture’s Vladivostok plant were going to end and production would cease when stocks ran out. The Nikkei newspaper on Saturday first reported the talks with Sollers. Continue reading “Sollers in talks to buy Mazda out of Russian joint venture”

BERLIN, Sept 26 (Reuters) – Volkswagen (VOWG_p.DE) announced on Monday a $2.9 billion battery parts joint venture with Belgian materials firm Umicore, becoming the latest European automaker to bring battery supplies closer to home in the shift towards electric vehicles.

While raw materials – among them lithium, cobalt, nickel and manganese – will still be largely sourced from across the world, cathode production for batteries will take place in Europe under the joint venture, most likely at Umicore’s Poland plant. Continue reading “Volkswagen teams up with Umicore on battery materials”

BERLIN, Sept 26 (Reuters) – Porsche AG shares are poised to price at the top end of the previously announced range, potentially valuing the sports car brand at up to 75 billion euros ($72 billion) in one of Europe’s biggest ever listings.

Several bookrunners involved in the deal said Porsche’s books were covered multiple times ahead of the company’s market debut on Sept. 29. Continue reading “Porsche IPO poised to price at top end of range – bookrunners”

TOLEDO, Ohio/WASHINGTON, Sept 23 (Reuters) – The United Auto Workers will seek a speedier recognition from GM (GM.N) that does not require a vote to represent hourly workers in the automaker’s growing stable of U.S. joint-venture battery plants, the union said on Friday.

UAW President Ray Curry, speaking at an event in Toledo, Ohio, where GM announced it will invest $760 million, said the union will seek “card check” authorization that bypasses a secret ballot vote. Continue reading “UAW will seek faster recognition in GM’s U.S. joint-venture battery plants”

BERLIN, Sept 26 (Reuters) – Volkswagen’s (VOWG_p.DE) PowerCo and materials technology firm Umicore announced a 3 billion euro ($2.9 billion) joint venture on Monday that will produce battery precursor and cathode material from 2025, likely at Umicore’s new plant in Poland.

They will equally share costs, investments and profits in the joint venture which aims to produce enough material for batteries with 160 gigawatt hours (GWh) of capacity by the end of the decade. Continue reading “Volkswagen’s PowerCo and Umicore team up on battery materials”

TAMWORTH, England, Sept 26 (Reuters) – The auto industry’s drive to a greener and cleaner future is a treacherous road for companies in its beleaguered supply chain. Only the strong and the shrewd may survive.

Many auto suppliers, already squeezed by rampant inflation and energy prices, say they have little choice but to shoulder the extra costs of making their components sustainable to meet carmakers’ environmental targets. Continue reading “Auto suppliers feel the green squeeze as carmakers get clean”

HONG KONG, Sept 25 (Reuters) – Chinese electric vehicle (EV) maker Zhejiang Leapmotor Technology is set to raise $800 million by pricing its shares at HK$48 ($6.12) each in its Hong Kong initial public offering (IPO), said two sources with direct knowledge of the matter.

While that is less than the $1.03 billion the EV maker had said it was aiming to raise in its regulatory filings last week, the IPO would still be the city’s largest this year. It had planned to raise $1.5 billion but cut the size after a lukewarm response from investors. Continue reading “China EV maker Leapmotor set to raise $800 million in Hong Kong IPO”

TOKYO, Sept 24 (Reuters) – Japan’s Mazda Motor Corp (7261.T) is discussing ending production of its vehicles at a joint venture plant in Vladivostok, eastern Russia, the Nikkei newspaper reported on Saturday.

The Japanese automaker, which sold 30,000 cars in Russia last year, said in March that exports of parts to the plant were going to end and production would cease when stocks ran out. It operates the plant with Russian automaker Sollers (SVAV.MM). Continue reading “Mazda discussing ending production in Russia, Nikkei reports”

TOLEDO, Ohio/WASHINGTON, Sept 23 (Reuters) – The United Auto Workers will seek a speedier recognition from GM (GM.N) that does not require a vote to represent hourly workers in the automaker’s growing stable of U.S. joint-venture battery plants, the union said on Friday.

UAW President Ray Curry, speaking at an event in Toledo, Ohio, where GM announced it will invest $760 million, said the union will seek “card check” authorization that bypasses a secret ballot vote. Continue reading “UAW will seek faster recognition in GM’s U.S. joint-venture battery plants”

BERLIN, Sept 23 (Reuters) – Mercedes-Benz (MBGn.DE) is not currently looking at acquisitions as a means to carry out its strategy of repositioning the carmaker as a luxury firm, chief executive Ola Kaellenius said on Friday.

“There are no acquisitions on the cards,” Kaellenius said in response to a question over whether Mercedes-Benz Vans’ newly announced partnership with electric van maker Rivian could be a first step to a takeover.  Continue reading “Mercedes-Benz not planning any acquisitions, CEO says”

NEW DELHI, Sept 23 (Reuters) – U.S. startup Fisker Inc (FSR.N) will begin selling its Ocean electric sport-utility vehicle (SUV) in India next July and could begin manufacturing its cars locally within a few years, the company’s chief executive officer told Reuters.

Sales of electric cars in India will gather pace by 2025-26, Henrik Fisker said in an interview in New Delhi, adding that the company wants to secure a first-mover advantage. Continue reading “Fisker to sell electric SUV in India with view to local production”

MOSCOW, Sept 23 (Reuters) – Japan’s Toyota Motor Corp (7203.T) has decided not to resume production at its plant in Russia as it has not been able to ensure the supply of components, the Kommersant newspaper reported on Friday, citing unnamed sources.

The automaker suspended production in St Petersburg in March due to supply chain disruptions and stopped vehicle imports into Russia. Continue reading “Toyota Motor terminates production at its plant in Russia -Kommersant”

BERLIN, Sept 23 (Reuters) – Mercedes-Benz (MBGn.DE) has planned out measures by which it could reduce gas consumption by up to 50% but has not reduced it beyond 10% as of yet, the carmaker’s production chief Joerg Burzer said on Friday.

“We are prepared to do that any minute,” Burzer said on the sidelines of the opening of a new digital training campus in Berlin. “Let’s see what’s coming.” Continue reading “Mercedes-Benz has further gas reduction plans in back pocket, production chief says”