TOKYO, Oct 31 (Reuters) – Toyota Motor Corp (7203.T) is expected to report a small quarterly profit increase on Tuesday, with soaring costs of parts and materials nearly offsetting the benefits from the plunging Japanese yen and a rebound in production.

The world’s biggest automaker by sales said last week its global production rebounded by 30% in the quarter that ended in September, but warned shortages of semiconductors and other components would continue to constrain output in coming months. Continue reading “Toyota profit to rise but eyes will be on its shaky supply chain, EV strategy”

Oct 31 (Reuters) – The venture between Stellantis (STLA.MI) and Guangzhou Automobile Group Co (GAC) producing Jeep vehicles in China will file for bankruptcy, the companies said on Monday, after a lengthy decline for the oldest foreign auto brand in the world’s largest market.

Stellantis said in a statement it had fully impaired the value of its investment in the joint venture in its results for the first half of 2022. It also said it would continue to provide service to Jeep customers in China. Continue reading “Stellantis Jeep joint venture in China to file for bankruptcy”

BERLIN, Oct 30 (Reuters) – German carmaker Audi is in favour of offering employees one-off tax-free payments instead of permanent wage increases, its human resources director said, as unions across Europe’s biggest economy demand higher wages in light of rising inflation.

Workers’ purchasing power in Germany has already taken a hit, with consumer price inflation at 11.6% in October. Employers, however, do not see much scope for wage increases due to the rising costs of material and energy. Continue reading “Audi supports one-off staff payments over permanent wage hikes”

BEIJING, Oct 30 (Reuters) – Beyonca, a start-up founded by a group of former Volkswagen executives, plans to take on the likes of Audi and BMW in China from next year with a new premium electric vehicle, betting that features such as health monitoring will appeal to buyers.

Led by current Renault China CEO Soh Weiming and backed by Renault (RENA.PA) and Dongfeng Motor (0489.HK), two-year-old Beyonca plans to unveil its first production car in the first quarter of next year with deliveries from 2024, Soh told Reuters. Continue reading “Renault-backed Beyonca EV venture touts health monitoring, targets Audi in China”

Oct 28 (Reuters) – General Motors Co (GM.N) said late on Friday it had temporarily halted paid advertising on Twitter after Elon Musk completed his takeover of the social media company.

The largest U.S. automaker said it was “engaging with Twitter to understand the direction of the platform under their new ownership.” Continue reading “GM temporarily halts paid advertising on Twitter”

Oct 28 (Reuters) – As the dust settles on Elon Musk’s $44 billion buyout of Twitter, analysts and investors are debating one crucial question – has the billionaire entrepreneur behind Tesla and SpaceX bitten off more than he can chew?

Musk, who also runs brain-chip startup Neuralink and tunneling firm the Boring company, is expected to become interim chief of Twitter, according to a person familiar with the matter, after he fired CEO Parag Agarwal and other top company officials. Continue reading “Wall Street asks if Musk can manage Twitter, Tesla and more”

Oct 28 (Reuters) – Chrysler parent company Stellantis NV (STLA.MI) said Friday it has offered voluntary buyouts to some of its 13,000 U.S. salaried employees.

Salaried workers age 55 or older who have been with the automaker at least 10 years are eligible. Continue reading “Chrysler parent Stellantis offering U.S. salaried buyouts”

• Profits jump 41% on 15.7% revenue rise in first 9M
• Maintains outlook, cites supply chain risks ahead
• Pricing power will boost 2023 profits – CFO

Continue reading “Porsche sees strong 2023 as nine-month profits soar”

SHANGHAI, Oct 28 (Reuters) – China’s biggest electric vehicle (EV) maker BYD (002594.SZ) said its third-quarter net profit jumped 350% from a year ago, helped by a wider range of product offerings and strong sales that saw it beat Tesla (TSLA.O) in the world’s largest auto market.

BYD’s net profit for the July-September quarter reached 5.72 billion yuan ($788.75 million), while that for the first nine months increased 281% to 9.31 billion yuan, the company said in a stock exchange filing on Friday. Continue reading “BYD posts 350% jump in Q3 net profit on sales surge”

BERLIN, Oct 28 (Reuters) – Volkswagen’s (VOWG_p.DE) chief executive warned on Friday that supply chain problems were now the rule and not the exception, with the carmaker sitting on 150,000 unfinished vehicles because of lacking parts.

Volkswagen has set up a separate unit to evaluate threats to supply security, gathering data from across the supply chain to forecast shortages, Oliver Blume said on an analysts’ call. Continue reading “Volkswagen: Supply chain problems now the rule, not exception”

MEXICO CITY, Oct 27 (Reuters) – Auto manufacturing companies Volkswagen and Continental both pledged major investments in Mexico on Thursday totaling nearly $1 billion, one of the biggest sums for the sector to be announced in a single day during the current government.

Volkswagen (VOWG_p.DE) said it will invest $763.5 million between 2022 and 2025 at its complex in the central state of Puebla, one of Volkswagen’s largest facilities globally, to build a new paint plant and start production of a new gasoline-powered car. Continue reading “Volkswagen, Continental announce nearly $1 bln in Mexico investments”

MEXICO CITY, Oct 27 (Reuters) – The U.S. Trade Representative has declined to file a complaint with Mexico over alleged worker rights abuses at a Saint-Gobain (SGOB.PA) glass plant, saying on Thursday that the factory’s situation improved after workers elected an independent union.

The biggest U.S. labor federation last month asked the U.S. government to open a complaint, the latest in a series of petitions under the United States-Mexico-Canada Agreement (USMCA) trade pact alleging rights violations in Mexico. Continue reading “U.S. declines labor probe at Saint-Gobain in Mexico, applauds new union win”

NEW YORK, Oct 27 (Reuters) – A federal jury in Detroit ordered Ford Motor Co (F.N) to pay Versata Software Inc $104.6 million in damages for breaching a 2004 licensing contract and misappropriating trade secrets.

Jurors deliberated over two days before holding Ford liable on Wednesday, following a 15-day trial. Continue reading “Jury orders Ford to pay software company $105 mln in trade secrets case”

Oct 27 (Reuters) – French car parts maker Valeo (VLOF.PA) on Thursday said it was confident in its ability to reach its full-year guidance, as it posted third-quarter sales slightly above expectations.

The group, which specialises in the design, production and sale of components and services for the automotive sector, confirmed its guidance for 2022 based on estimates from S&P Global Mobility, which tracks data and predicts automotive production. Continue reading “Car parts maker Valeo confident of reaching full-year targets”

Oct 27 (Reuters) – Tesla Inc’s (TSLA.O) Model Y topped new vehicle registrations in Europe last month, market research data showed, indicating that the mid-sized SUV from the world’s most valuable automaker is fast-becoming a vehicle of choice in the region.

This is the first time that Tesla’s sports utility vehicle has led the rankings in Europe, London-based JATO Dynamics said on Wednesday as 29,367 Model Y cars were registered last month, up 227% from last year. Continue reading “Tesla’s Model Y tops new car registrations in Europe in September – report”

TOKYO, Oct 27 (Reuters) – Japan’s Nissan Motor Co is considering investing up to a 15% stake in Renault SA’s planned electric vehicle (EV) unit, Kyodo news agency reported on Thursday, as the two companies negotiate an overhaul of their decades-old partnership.

The Japanese and French automakers said this month they were in talks about the future of their alliance, including Nissan potentially investing in the electric vehicle business being spun out of Renault. Continue reading “Nissan mulls taking up to 15% stake in Renault’s planned EV unit – report”

BERLIN, Oct 27 (Reuters) – Volkswagen (VOWG_p.DE) plans to expand its cooperation with Intel’s Mobileye (MBLY.O) to include its automated driving program after Wednesday’s decision to no longer invest in self-driving startup Argo AI, two sources familiar with the plan told Reuters on Thursday.

Mobileye, which develops autonomous driving technologies, already cooperates with VW’s software unit Cariad. Continue reading “Volkswagen to work with Mobileye on automated driving after Argo exit – sources”

TOKYO, Oct 27 (Reuters) – Toyota Motor Corp’s truck and bus unit Hino Motors (7205.T) on Thursday forecast a 6 billion yen operating profit for the fiscal year ending in March 2023, confounding analysts’ forecasts for a loss due to an engine data scandal.

However, it did not disclose operating income and net profit forecasts for the year, as it was unable to “reasonably” calculate losses attributed to the engine data scandal. Continue reading “Toyota unit Hino expects FY23 operating profit despite engine data scandal”

TOKYO, Oct 27 (Reuters) – Toyota Motor Corp has discovered that even keys can be too “smart” for their own good.

The world’s top-selling carmaker said on Thursday it would replace one of the two electronic “smart” keys it delivers in Japan with a mechanical one for the time being as it races to get cars to customers in Japan. Continue reading “Down on chips, Toyota goes back to basics with car keys”

Oct 27 (Reuters) – Volvo Cars (VOLCARb.ST) expects lower wholesale volumes this year after higher costs brought a fall in third-quarter operating profit, the Swedish automaker said on Thursday, prompting its share price to drop 6%.

While manufacturing output continued to improve in the quarter, the pace of normalisation was slowed by power outages and lockdowns in China related to COVID-19, it said. Continue reading “Volvo Cars’ quarterly operating profit falls as higher costs bite”

BERLIN, Oct 26 (Reuters) – Daimler Truck (DTGGe.DE) on Wednesday slightly raised its full-year earnings forecast after reporting better-than-expected results in the third quarter thanks to a jump in unit sales, higher prices and strong aftersales business.

Daimler Truck now expects full-year group revenue between 50 billion – 52 billion euros ($50.40 billion – $52.42 billion), up from a previous forecast of 48 billion – 50 billion. Continue reading “Daimler Truck raises FY outlook on stronger than expected Q3”

Oct 26 – Tesla Inc (TSLA.O) is under criminal investigation in the United States over claims that the company’s electric vehicles can drive themselves, three people familiar with the matter said.

The U.S. Department of Justice launched the previously undisclosed probe last year following more than a dozen crashes, some of them fatal, involving Tesla’s driver assistance system Autopilot, which was activated during the accidents, the people said. Continue reading “Exclusive: Tesla faces U.S. criminal probe over self-driving claims”

DETROIT, Oct 26 (Reuters) – The road map to fully self-driving vehicles is being rewritten once again, this time by Ford Motor Co (F.N) and Volkswagen AG (VOWG_p.DE).

When the two automakers joined forces in July 2019 to share control of self-driving startup Argo AI, it shook up the landscape among other key players. Continue reading “Analysis: Ford, VW pop the automated-vehicle bubble with Argo AI exit”

Oct 26 (Reuters) – Electric vehicle startup Faraday Future Intelligent Electric Inc (FFIE.O) on Wednesday named Yun Han as its interim finance chief and accounting head, replacing Becky Roof who resigned earlier this month.

Han was previously chief accounting officer at battery technology firm Romeo Power Inc . Continue reading “Faraday Future names ex-Romeo Power executive as interim finance chief”

DETROIT, Oct 26 (Reuters) – Ford Motor Co (F.N) on Wednesday reported a third-quarter net loss driven by its decision to shift spending from the Argo AI self-driving business.

Ford’s move, a sharp contrast with rival General Motors Co’s (GM.N) decision to double down on investments in its Cruise robotaxi unit, highlights the pressure on automakers to make hard choices as the financial demands of shifting to electric vehicles continue to rise. Continue reading “Ford posts loss, takes sharp turn away from automated driving”

BERLIN, Oct 26 (Reuters) – The Volkswagen brand (VOWG_p.DE) will only produce electric cars in Europe from 2033, its boss Thomas Schaefer said on Wednesday, committing to an earlier date than its previous 2033-2035 target.

Schaefer said in the coming decade the VW brand would narrow down the number of models on offer and raise the profit margin for all volume brands – Volkswagen, SEAT and Skoda, and commercial vehicles – to 8% by 2025. Continue reading “Volkswagen brand will only produce electric cars in Europe from 2033 -brand chief”

Oct 26 (Reuters) – Shares of Mobileye Global Inc (MBLY.O) are up 30% in early afternoon trading on Wednesday following its U.S. debut, valuing the self-driving technology unit of Intel Corp (INTC.O) at $21.8 billion as investors lapped up what could be the last major IPO of 2022.

The debut comes after a turbulent period when Mobileye settled for merely a third of the $50 billion valuation it was targeting earlier in its IPO. Continue reading “Intel’s Mobileye unit valued at $22 bln as shares cruise higher”

Oct 26 (Reuters) – U.S. auto retail sales are expected to rise in October as supply chain snags ease, making more vehicles available at dealerships amid higher demand, an industry report from consultants J.D. Power and LMC Automotive showed on Wednesday.

An improvement in new vehicle inventories bumped up the sales activity in the United States at a time when consumers are ready to spend more to own a personal vehicle. Continue reading “U.S. auto sales to rise in October as supply chains improve – report”

SAVANNAH, Georgia Oct 25 (Reuters) – Hyundai Motor Co (005380.KS) global chief operating officer Jose Munoz on Tuesday said the automaker’s new $5.54 billion Georgia electric vehicle and battery plant could begin production in 2024 and eventually produce 500,000 vehicles annually.

Korea’s largest automaker broke ground on the new plant west of Savannah that is scheduled to begin producing vehicles in January 2025 and build 300,000 vehicles annually. Munoz told reporters the plant will produce five or six models and could begin building vehicles as early as the third quarter of 2024. Continue reading “Hyundai says new U.S. EV plant could begin production in 2024, produce 500,000 vehicles annually”

BERLIN, Oct 25 (Reuters) – Uncertainty over the future of European regulation on auto emissions gives Chinese competitors already ahead of the game an additional advantage, Stellantis (STLA.MI) chief executive Carlos Tavares said at a conference in Berlin on Tuesday.

The chief executive said the so-called Euro 7 standards, which tighten car emission limits for pollutants including nitrogen oxides and carbon monoxide from 2025, are a “diversion from the major goal of electrification.” Continue reading “Stellantis CEO: Europe auto emissions standards a “diversion””

MADRID, Oct 25 (Reuters) – Volkswagen’s (VOWG_p.DE) Spanish subsidiary SEAT will rake in almost half of the nearly 900 million euros ($888 million) in government subsidies allocated for electric vehicle development, Spain’s Industry Ministry said on Tuesday.

Volkswagen said in a statement it would now analyse the ministry’s decision and study its impact so that planned investment projects could be carried out with maximum effectiveness. Continue reading “Volkswagen to rake in almost half of Spain’s EV subsidies”

STOCKHOLM, Oct 25 (Reuters) – Swedish automaker Volvo Cars (VOLCARb.ST) will temporary close one of its factories due to a chip shortage, the company told newspaper Goteborgs-Posten on Tuesday.

“There will be a temporary break in production,” Merhawit Habte, press spokesperson at Volvo Cars told GP, adding the factory will be closed for one week. “It is the ongoing problem with semiconductor shortages.” Continue reading “Chip shortage forces temporary closure of Volvo Cars factory – GP”

ELLABELL, Ga., Oct 25 (Reuters) – Hyundai Motor Co (005380.KS) broke ground on a $5.54 billion electric vehicle (EV) and battery plant in the United States on Tuesday, as South Korea’s biggest automaker grapples with an uncertain outlook for its EV sales in its top market.

The investment is the largest in the state’s history and the latest in a string of EV and battery announcements in Georgia. Continue reading “Hyundai breaks ground on $5.5 bln U.S. EV, battery plant”

Oct 25 (Reuters) – A group representing self-driving car companies is appointing a former U.S. Senate aide as its new head as the industry works to convince U.S. policymakers to speed the deployment of autonomous vehicles and jumpstart stalled legislation.

The Autonomous Vehicle Industry Association (AVIA) has tapped Jeff Farrah as its first executive director, the group told Reuters. Continue reading “U.S. autonomous vehicle group picks ex-Senate aide as director”

SINGAPORE/MOSCOW, Oct 25 (Reuters) – Russian coal exports to energy-hungry China have jumped by about a third this year but the supply boom is being constrained by transport infrastructure limitations, industry sources and officials said.

China is seeking coal supplies from overseas, in particular after recent COVID-19 outbreaks in the major coal mining regions of Inner Mongolia and Shaanxi forced many mines to close, while coal demand at power generation and heating sectors will soon pick up with the coming of winter. Continue reading “Infrastructure bottlenecks hamper Russia’s booming coal exports to China”

DETROIT, Oct 25 (Reuters) – General Motors Co (GM.N) on Tuesday reported a higher quarterly profit, and reaffirmed its full-year outlook.

The automaker reported net income of $3.3 billion, compared with $2.4 billion a year earlier. Revenue jumped to $41.9 billion, from $26.8 billion a year ago. Continue reading “GM posts higher profit and reaffirms outlook, but margin slips”

AMSTERDAM, Oct 25 (Reuters) – Tata Steel’s Dutch arm (TISC.NS) plans to supply Ford (F.N) plants in Europe with “green” steel after 2030, under a preliminary agreement reached by the two companies on Tuesday.

Tata plans to start producing green steel – or steel made without using fossil fuels – in 2030 at its plant in Ijmuiden, Netherlands. Continue reading “Tata Steel’s Dutch arm signs MOU to supply Ford with green steel”

• Urban metro traffic, port cargo handling extend declines
• Flight cancellations elevated, road freight turnover worsens
• COVID curbs imposed in cities like Guangzhou, Zhengzhou, Xian

Continue reading “China’s Q4 GDP hits early speed bump as COVID stifles economy”

WASHINGTON, Oct 24 (Reuters) – General Motors Co (GM.N) will launch its return-to-work plan for most salaried workers early next year after it faced employee criticism over an earlier planned start date, the largest U.S. automaker said on Monday.

GM said the shift will help achieve company goals as it accelerates its transformation and enters a “rapid launch cycle” of new electric vehicle models. Continue reading “GM launching return to work plan for salaried workers in January”

DETROIT, Oct 24 (Reuters) – Indonesia is in discussions with Ford Motor Co(F.N) and Hyundai Motor Co(005380.KS) to establish operations related to electric vehicles in the Southeast Asian country, Indonesia Coordinating Minister for Economic Affairs, Airlangga Hartarto, told an audience in Washington, D.C. on Thursday.

Ford, nickel miner Vale Indonesia and China’s Zhejiang Huayou Cobalt said in July they had signed a non-binding memorandum of cooperation to build a plant in Indonesia to extract nickel chemicals. Continue reading “Ford, Hyundai discussing EV investments with Indonesia – Indonesian minister”