Sept 2 (Reuters) – General Motors Co (GM.N) said Friday it will offer all of its estimated 2,000 U.S. Buick franchise dealers buyouts as it moves to make the brand all-electric by 2030 in the United States.

The Wall Street Journal reported the news earlier, quoting Global Buick chief Duncan Aldred who is set to discuss the plans with dealers Friday in a virtual meeting. He noted shifting to EVs will require significant investments by Buick dealers. Continue reading “GM to offer U.S. Buick dealers buyouts”

SHANGHAI, Sept 2 (Reuters) – Berkshire Hathaway Inc, the investment firm owned by Warren Buffett, has sold 1.72 million Hong Kong-listed shares of electric vehicle maker BYD for HK$450.83 million ($57 million), according to a filing on Friday.

The sale lowered Berkshire’s holdings in BYD’s total issued H shares to 18.87% as of Thursday, the filing to the Hong Kong Stock Exchange showed. Continue reading “Berkshire trims stake in China’s BYD with 1.72 mln H share sale -filing”

NEW DELHI, Sept 7 (Reuters) – Intel Corp (INTC.O) currently has no plans to establish a manufacturing facility in India, the company said in a statement on Wednesday.

The comments came after India’s transport minister said earlier in the day that the chipmaker will set up a semiconductor manufacturing plant in the country. Continue reading “Intel says it has no current plans to start manufacturing in India”

SAO PAULO, Sept 6 (Reuters) – Mercedes-Benz (MBGn.DE) said on Tuesday it will fire 3,600 employees in a restructuring of its truck and bus chassis plant in Brazil’s Sao Paulo state amid pressures on its production.

The company said it plans to outsource elements of its operations in the Brazilian city of Sao Bernardo in an effort to confront cost pressures and a changing automobile industry. Continue reading “Mercedes-Benz to lay off 3,600 workers in Brazil”

MOSCOW, Sept 6 (Reuters) – New car sales in Russia in August fell 62.4% from a year earlier, after a drop of 74.9% in July, the Association of European Businesses (AEB) said on Tuesday.

A total of 41,698 new cars were sold, the AEB said, down from more than 110,000 in August 2021. Continue reading “Russia’s auto sales in Aug down 62.4% year on year, AEB says”

BERLIN, Sept 6 (Reuters) – Porsche will only backtrack on its stock market debut if severe geopolitical problems arise, the sportscar brand’s chief financial officer said on Tuesday, while a source close to the IPO said there was investor appetite in every region worldwide.

Even as markets roiled from Russia halting gas supply to Europe over the weekend, Volkswagen pushed ahead with the announcement on Monday that it would list Porsche AG in late September or early October, but said the decision was still subject to capital market developments. Continue reading “Only major geopolitical problem will stop Porsche IPO, CFO says”

TOKYO, Sept 6 (Reuters) – Honda Motor Co (7267.T) has formed a partnership with trading company Hanwa Co (8078.T) to secure stable supply of metals used in batteries for electrified vehicles, the Japanese automaker said on Tuesday.

Honda will be able to obtain essential metals such as nickel, cobalt and lithium through the partnership in the medium to long term, it said in a statement. Continue reading “Honda forms partnership to secure supply of battery metals”

HAMBURG/FRANKFURT, Sept 5 (Reuters) – Volkswagen (VOWG_p.DE) on Monday announced its intention to float sports car brand Porsche, triggering what could become one of the world’s largest listings even as record inflation and a Russia-Europe energy standoff has sent European stocks tumbling.

The carmaker published a so-called intention to float for an initial public offering in late September or early October to be completed by the end of the year, but added the listing and timing was “subject to further capital market developments.” Continue reading “Volkswagen triggers landmark Porsche IPO plan, defying market doubts”

LONDON, Sept 5 (Reuters) – Aston Martin (AML.L) is raising 575.8 million pounds ($660 million) in a rights issue as major investors including Saudi Arabia’s sovereign wealth fund keep faith with the struggling luxury British carmaker.

The 109 year-old company said on Monday it would issue four new shares at 103 pence apiece for every existing share. At 0750 GMT, the stock was down 10% at 432.9 pence. Continue reading “Aston Martin raising $660 million in rights issue”

Sept 2 (Reuters) – General Motors Co (GM.N) said Friday it will offer all of its estimated 2,000 U.S. Buick franchise dealers buyouts as it moves to make the brand all-electric by 2030 in the United States.

The Wall Street Journal reported the news earlier, quoting Global Buick chief Duncan Aldred who is set to discuss the plans with dealers Friday in a virtual meeting. He noted shifting to EVs will require significant investments by Buick dealers. Continue reading “GM to offer U.S. Buick dealers buyouts”

SHANGHAI, Sept 2 (Reuters) – Berkshire Hathaway Inc, the investment firm owned by Warren Buffett, has sold 1.72 million Hong Kong-listed shares of electric vehicle maker BYD for HK$450.83 million ($57 million), according to a filing on Friday.

The sale lowered Berkshire’s holdings in BYD’s total issued H shares to 18.87% as of Thursday, the filing to the Hong Kong Stock Exchange showed. Continue reading “Berkshire trims stake in China’s BYD with 1.72 mln H share sale -filing”

WASHINGTON, Sept 2 (Reuters) – President Joe Biden said on Friday he plans to attend the Detroit auto show later this month as his administration touts a rising number of investments in electric vehicles and battery manufacturing.

“I’ll be there. I’m a car guy – as you kind of noticed,” Biden said at an event. The Commerce Department on Friday awarded $52.2 million to a Detroit regional program called the “Global Epicenter of Mobility” to help Michigan’s automotive sector transition to EVs and autonomous vehicles. Continue reading “Biden plans to attend Detroit auto show”

Sept 2 (Reuters) – Aurora Innovation Inc (AUR.O) Chief Executive Chris Urmson recently outlined several options for the self-driving tech firm to combat challenging market conditions, including a possible sale to Apple Inc (AAPL.O) or Microsoft Corp (MSFT.O), Bloomberg News reported on Friday.

Many electric-vehicle and self-driving startups that had raised cash easily through IPOs and mergers with blank-check firms during the market boom are now scrambling to launch vehicles and burning cash rapidly amid a bleak economy and supply-chain snarls. Continue reading “Self-driving tech firm Aurora mulls sale to Apple or Microsoft – Bloomberg News”

Sept 2 (Reuters) – General Motors Co (GM.N) said Friday it will offer all of its estimated 2,000 U.S. Buick franchise dealers buyouts as it moves to make the brand all-electric by 2030 in the United States.

The Wall Street Journal reported the news earlier, quoting Global Buick chief Duncan Aldred who is set to discuss the plans with dealers Friday in a virtual meeting. He noted shifting to EVs will require significant investments by Buick dealers. Continue reading “GM to offer U.S. Buick dealers buyouts”

SHANGHAI, Sept 2 (Reuters) – Berkshire Hathaway Inc, the investment firm owned by Warren Buffett, has sold 1.72 million Hong Kong-listed shares of electric vehicle maker BYD for HK$450.83 million ($57 million), according to a filing on Friday.

The sale lowered Berkshire’s holdings in BYD’s total issued H shares to 18.87% as of Thursday, the filing to the Hong Kong Stock Exchange showed. Continue reading “Berkshire trims stake in China’s BYD with 1.72 mln H share sale -filing”

WASHINGTON, Sept 1 (Reuters) – General Motors startup Cruise LLC (GM.N) said Thursday it had recalled and updated software in 80 self-driving vehicles after a June crash in San Francisco that left two people injured.

Federal regulators said the recalled software could “incorrectly predict” an oncoming vehicle’s path. Cruise said it had determined this unusual scenario would not recur after the update. Continue reading “GM startup Cruise recalls and revises self-driving software after crash”

WASHINGTON, Sept 1 (Reuters) – Ford Motor Co (F.N) is recalling 198,000 SUVs in the United States to replace the blower motor assembly after reports of 25 fires, it said on Thursday.

The recall covers 2015-2017 model year Ford Expedition and Lincoln Navigator vehicles. Ford said it had three reports of fires linked to property damage to structures and one involving minor injury. Ford will notify owners starting Sept. 12. Continue reading “Ford recalls 198,000 U.S. SUVs due to risk of fire”

BERLIN, Sept 1 (Reuters) – Volkswagen (VOWG_p.DE) will accelerate its transition towards electric vehicles, but needs to find the right “rhythm” as it makes the shift, new Chief Executive Oliver Blume said at an internal conference on Thursday, the first day of his tenure.

At a gathering of global top managers in Lisbon, Blume said he had developed a ten-point plan focusing on topics including financial robustness, sustainability, the capital market, and development in China and North America. Continue reading “Volkswagen to speed up electric vehicle transition, new CEO says”

SEOUL/DETROIT, Sept 1 (Reuters) – After grabbing the No. 2 spot in the U.S. electric vehicle market with stylish, long-range models, Hyundai Motor and Kia are the automakers with the most to lose from new rules that halt subsidies for EVs made outside North America.

These two companies, which make the popular Ioniq 5 and EV6 models, sold more than 39,000 EVs in the United States between January and July – doubling last year’s sales and blowing past Ford Motor Co (F.N), Volkswagen AG (VOWG_p.DE) and General Motors Co (GM.N). Continue reading “Analysis: New U.S. rules on EV subsidies slam Hyundai, Kia’s dreams”

WASHINGTON, Aug 31 (Reuters) – A General Motors (GM.N) and LG Energy Solution (373220.KS)$2.3 billion joint venture battery production plant in Ohio has begun production.

The 2.8-million square foot Ultium Cells LLC plant is the first of at least four plants planned in the U.S. by the joint venture to supply GM electric vehicles. Continue reading “GM, LG Energy joint venture Ohio battery plant begins production”