Oct 24 (Reuters) – Washington’s growing financial support for companies that produce metals used in electric vehicles will likely prove fruitless unless the federal government streamlines the mine permitting process, investors, executives and consultants told Reuters.

President Joe Biden last week doled out $2.8 billion to miners developing new U.S. sources of lithium, nickel, copper and other EV minerals, as well as battery parts manufacturers and recyclers. Those grants followed August’s Inflation Reduction Act, which links EV tax credits to minerals extracted domestically or from 20 allies. Continue reading “Analysis: Biden’s EV minerals cash fruitless without permitting reform”

• Sept diesel exports at 1.73 mln T, highest since July 2021
• Jet fuel exports 1.23 mln T, highest since Apr 2020, +38.6% y/y
• Sept LNG imports hit 8-mth high at 5.9 mln T, -12% y/y

Oct 24 (Reuters) – China’s diesel exports in September surged to their highest in more than a year while aviation fuel shipments were the most in 29 months as refiners rushed to cash in on robust export margins, data showed on Monday. Continue reading “China’s diesel fuel exports more than doubled in September”

• Raises annual revenue growth guidance to 19-20%
• Raises annual operating profit margin guidance to 6.5-7.5%
• Cuts vehicle sales guidance to 4.01 mln from 4.32 mln
• Q3 net profit falls 3%, misses estimates
• Shares close down 3.3% vs 1% rise in KOSPI

Continue reading “Hyundai’s bright profit view clouded by U.S. EV concerns”

Oct 24 (Reuters) – Toyota (7203.T) is considering a reboot of its electric-car strategy to better compete in a booming market it has been slow to enter, and has halted some work on existing EV projects, four people with knowledge of the still-developing plans said.

The proposals under review, if adopted, would amount to a dramatic shift for Toyota and rewrite the $38-billion EV rollout plan the Japanese automaker announced last year to better compete with the likes of Tesla (TSLA.O). Continue reading “Exclusive: Toyota scrambles for EV reboot with eye on Tesla”

• Raises annual revenue growth guidance to 19-20%
• Raises annual operating profit margin guidance to 6.5-7.5%
• Cuts vehicle sales guidance to 4.01 mln from 4.32 mln
• Q3 net profit falls 3%, misses estimates
• Shares close down 3.3% vs 1% rise in KOSPI

Continue reading “Hyundai’s bright profit view clouded by U.S. EV concerns”

SHANGHAI, Oct 24 (Reuters) – Tesla (TSLA.O) has cut starter prices for its Model 3 and Model Y cars by as much as 9% in China, reversing a trend of increases across the industry amid signs of softening demand in the world’s largest auto market.

The price cuts, posted in listings on the electric vehicle (EV) giant’s China website on Monday, are the first by Tesla in China in 2022, and come after Tesla began offering limited incentives to buyers who opted for its insurance last month. Continue reading “Tesla cuts China prices by up to 9% as analysts warn of ‘price war’”

PARIS/TOKYO, Oct 23 (Reuters) – The sharing of technology has emerged as a sticking point between Renault SA (RENA.PA) and Nissan Motor Co Ltd (7201.T) as the pair negotiate an overhaul of their decades-old partnership, two people familiar with discussions told Reuters.

The French and Japanese automakers said this month they were in talks about the future of their alliance, including Nissan potentially investing in an electric vehicle business being spun out of Renault. Continue reading “Technology-sharing a sticking point as Renault, Nissan hash out reset”

Oct 21 (Reuters) – The United Auto Workers (UAW) union on Friday called on the Biden administration not to award any subsidies, loans or other taxpayer support until Hyundai Motor (005380.KS) agrees to address workplace issues.

On Wednesday, Hyundai’s global chief operating officer Jose Munoz told Reuters Korea’s top automaker is investigating child labor violations in its U.S. supply chain and plans to “sever ties” with Hyundai suppliers in Alabama found to have relied on underage workers. Continue reading “UAW wants U.S. to bar loans, subsidies for Hyundai over workplace issues”

DETROIT, Oct 21 (Reuters) – General Motors Co (GM.N) and Ford Motor Co (F.N) hope their earnings reports next week will convince skeptical investors that their decade-long efforts have succeeded at unchaining them from the U.S. economic cycle.

Wall Street suspects both companies could fall short of their 2022 profit forecasts, or underperform next year, with consumer demand dented by rising U.S. interest rates, higher oil prices and economic slowdowns in the United States, Europe and China. Continue reading “GM, Ford set to report earnings to a tough crowd on Wall Street”

PARIS, Oct 21 (Reuters) – The French state will support any initiative aimed at boosting Renault’s (RENA.PA) partnership with Japan’s Nissan (7201.T), the head of the French state shareholding agency said on Friday.

France holds a 15% stake in Renault, which in turns owns 43% of Nissan. Continue reading “French state says will support any initiative that boosts Renault’s alliance with Nissan”

TOKYO, Oct 21 (Reuters) – Toyota Motor Corp (7203.T) said on Friday its annual vehicle production was likely to come in below its initial target, as a persistent global semiconductor shortage hampers efforts by the world’s biggest car maker by sales to boost output.

The Japanese company has been under scrutiny over whether it can stick to its annual production target of a record 9.7 million vehicles after it missed interim goals in the first four months of the fiscal year that began in April. Continue reading “Toyota expects to cut full-year output target due to chip shortage”

LEIPZIG, Oct 21 (Reuters) – BMW (BMWG.DE) production chief Milan Nedeljkovic expects stabilising supply chains to lead to a clear improvement in profitability next year, he said in an interview at the carmaker’s Leipzig plant in Germany.

From a production perspective, Nedeljkovic said he did not expect margins to fall. Continue reading “BMW production chief sees improved margins as supply chains stabilise”

SINGAPORE, Oct 21 (Reuters) – Almost everywhere in the world a new car begins to lose value as soon as it leaves the showroom, except sometimes in the rich little island state of Singapore and this is one of those times.

For Shi Zheng, a 27-year-old student, the chance was too good to pass up. In August, he sold the Porsche Panamera sportscar he had bought brand new less than a year earlier and made a 10% profit. Continue reading “Singapore’s quirky car market offers rare profit for some as prices soar”

PARIS, Oct 21 (Reuters) – Renault (RENA.PA) said on Friday its sales rose to 9.8 billion euros ($9.57 billion) in the third quarter as price increases allowed the French carmaker to more than offset a fall in the number of cars sold from the previous year.

Overall group revenues grew by 20.5% when adjusted for the disposal of its former Russian unit Avtovaz, Renault said, adding that it had recorded its best-ever price effect as quarterly vehicle sales decreased by 2.4% from last year. Continue reading “Renault says price hikes help sales grow in Q3, confirms outlook”

• https://tmsnrt.rs/3sbcubA

Oct 21 (Reuters) – The world’s top automakers are planning to spend nearly $1.2 trillion through 2030 to develop and produce millions of electric vehicles, along with the batteries and raw materials to support that production, according to a Reuters analysis of public data and projections released by those companies.

The EV investment figure, which has not previously been published, dwarfs previous investment estimates by Reuters and is more than twice the most recent calculation published just a year ago. Continue reading “Exclusive: Automakers to double spending on EVs, batteries to $1.2 trillion by 2030”

• CATL is world’s largest battery maker
• Planned U.S. plants part of expansion outside China
• New U.S. restrictions on EV battery materials imposed in August

Oct 21 (Reuters) – Chinese battery giant CATL (300750.SZ) has slowed its planning for investment in battery plants in North America on concern that new U.S. rules on sourcing battery materials will drive costs higher, two people with knowledge of the matter said. Continue reading “Exclusive: China’s CATL slows battery investment plan for U.S., Mexico”

WASHINGTON, Oct 20 (Reuters) – The U.S. government has significantly boosted purchases of electric and plug-in hybrid vehicles but faces supply chain hurdles, the White House said, as it looks to meet President Joe Biden’s aggressive zero-emission purchasing goals.

Federal agencies quintupled purchases of EVs and PHEVs in the 12-months ending Sept. 30, moving from approximately 1% of vehicle acquisitions in the 2021 budget year to 12% of light-duty purchases in 2022, or 3,567 total, the White House said on Thursday. Continue reading “U.S. boosts EV purchases, but faces supply chain hurdles”

• Sierra EV Denali Edition 1 to be priced from $107,000
• Has estimated range of 400 miles, boasts 754 horsepower
• Will compete with Ford’s F150 Lightning, Tesla Cybertruck
• DC fast charger could add 100 miles of range in 10 mins -GM

Oct 20 (Reuters) – General Motors Co (GM.N) on Thursday unveiled the latest addition to its growing family of full-size electric pickup trucks, the 2024 GMC Sierra EV. Continue reading “Sierra EV joins General Motors’ electric truck family in early 2024”

• This content was produced in Russia where the law restricts coverage of Russian military operations in Ukraine

MOSCOW, Oct 20 (Reuters) – Russia plans to start production of the Soviet-era Moskvich cars in December, Moscow Mayor Sergei Sobyanin said on Thursday, more than six months after French carmaker Renault’s (RENA.PA) exit set the wheels in motion for the classic car’s return.

Renault sold its majority stake in carmaker Avtovaz (AVAZI_p.MM) to the Russian state for reportedly just one rouble ($0.0165), but with a six-year option to buy it back. The same state institution snapped up Nissan’s (7201.T) assets this month for one euro. Continue reading “Russia to launch Moskvich car production at former Renault plant in December”

LEIPZIG, Germany, Oct 20 (Reuters) – BMW (BMWG.DE) is testing a burner able to operate on both hydrogen and gas in its paint shop in Leipzig, the carmaker said on Thursday, as it also announced an 800-million-euro ($782 million) investment in new battery assembly lines at the plant.

The burner, developed together with combustion technology firm Saacke with the aim of reducing carbon emissions in the production process, is able to switch from hydrogen to gas or vice-versa while in use. Continue reading “BMW tests hydrogen burner in Leipzig paint shop, expands battery assembly lines”

PARIS, Oct 20 (Reuters) – Faurecia (EPED.PA) does not intend to let go of its pollution control business despite the scheduled end of combustion engine sales, as the business will remain profitable for a long time and help reduce debt, the automotive equipment supplier’s chief executive told Reuters.

“We occupy more than 65% of the market share (with our two main competitors), so our probability of being the last of the Mohicans is very strong, and that is very valuable,” CEO Patrick Koller said at the press days of the 89th Paris Motor Show. Continue reading “Faurecia may be ‘last of the Mohicans’ in pollution control – CEO”

MILAN, Oct 20 (Reuters) – Italy’s unions will meet representatives of companies including carmakers Stellantis (STLA.MI) and Ferrari (RACE.MI) on Oct. 26 to start talks over wage increases, a senior official from the UILM union said on Thursday.

On Wednesday FIM-CISL, UILM, Fismic, UGLM and AQCF unions said their delegates had approved a proposal presented last week by their leaders for new four-year contracts for most workers in Italy at Stellantis, Ferrari, Iveco (IVG.MI) and CNH Industrial (CNHI.MI). Continue reading “Italian unions to start wage talks next week with Stellantis, Ferrari”

BERLIN, Oct 20 (Reuters) – Mercedes-Benz (MBGn.DE) has signed a supply agreement with Canadian-German Rock Tech Lithium Inc (RCK.V) to receive on average 10,000 tons of battery-grade lithium hydroxide per year, the German carmaker said on Thursday.

The deal allows the luxury carmaker to supply its battery partners with raw material, starting in 2026, including a qualification period, in order to rapidly scale up production of fully electric vehicles, it said in a statement. Continue reading “Mercedes signs 1.5 bln eur deal with Rock Tech Lithium to push e-car drive”

Oct 20 (Reuters) – Swedish truck maker AB Volvo (VOLVb.ST) posted a higher third-quarter profit on Thursday as customers replaced ageing fleets but warned that energy and material costs and supply disruptions would pose challenges, sending shares lower in morning trading.

Rising energy prices have mounted financial pressure on suppliers, said Volvo, which is also grappling with a global shortage of semiconductors and other components and difficulties shipping its trucks to customers due to a lack of drivers. Continue reading “AB Volvo profit jumps but warns on costs; shares sink 5%”

Oct 20 (Reuters) – Retail activist shareholder platform Tulipshare called on Tesla Inc (TSLA.O) to tie its executive pay to environmental, social and governance (ESG) factors and said it expects to file a shareholder resolution on the matter for the electric carmaker’s annual meeting next year.

Antoine Argouges, chief executive of Britain-based Tulipshare, said a decision by S&P Dow Jones Indices last spring to oust Tesla from a widely followed ESG index showed the company faces reputational and legal risks that investors will not tolerate. Continue reading “Shareholder group wants Tesla to link Musk’s pay to ESG metrics”

Oct 20 (Reuters) – Tesla Inc’s (TSLA.O) advanced driver assistant software won’t gain regulatory approval in 2022, CEO Elon Musk said in remarks which indicate the company is not yet able to satisfy authorities that its cars can be driven without someone behind the wheel.

The Silicon Valley automaker sells a $15,000 software add-on called “Full Self-Driving” (FSD) which enables its vehicles to change lanes and park autonomously. That complements its standard “Autopilot” feature which enables cars to steer, accelerate and brake within their lanes without driver intervention. Continue reading “Tesla flags its cars not ready to be approved as fully self-driving this year”

Oct 19 (Reuters) – The concept of a flying car is not new – inventors have been trying to add wings to wheeled motor vehicles for decades, with only limited success.

Jim Dukhovny, founder of Alef Aeronautics, hopes to change that equation. His California-based firm has come up with a novel approach to moving terrestrial vehicles into the skies and has attracted at least one prominent venture capitalist. Continue reading “Flying car by California startup Alef attracts early Tesla investor”

GREENVILLE, South Carolina, Oct 19 (Reuters) – Setting a date to phase out gas-powered vehicles could remove “cheap cars” from the market, putting ownership out of reach for many, and be politically dangerous, the board chair of German automaker BMW Oliver Zipse (BMWG.DE) said on Wednesday.

Speaking ahead of the announcement of a $1.7 billion electric vehicle (EV) investment in South Carolina, Zipse said in an interview that BMW has not set a date to end production of gas-powered vehicles and cautioned against banning their sale. Continue reading “BMW chief warns against setting gas-powered phase-out date”

DETROIT, Oct 19 (Reuters) – Hyundai Motor Co (005380.KS), Korea’s top automaker, is investigating child labor violations in its U.S. supply chain and plans to “sever ties” with Hyundai suppliers in Alabama found to have relied on underage workers, the company’s global chief operating officer Jose Munoz told Reuters on Wednesday.

A Reuters investigative report in July documented children, including a 12-year-old, working at a Hyundai-controlled metal stamping plant in rural Luverne, Alabama, called SMART Alabama, LLC. Continue reading “EXCLUSIVE Korean auto giant Hyundai investigating child labor in its U.S. supply chain”

WASHINGTON, Oct 19 (Reuters) – Elon Musk’s SpaceX is expanding its satellite internet unit’s foray into in-flight WiFi services with the rollout on Wednesday of Starlink Aviation, offering customers a $150,000 airplane antenna amid mounting competition for airborne connectivity.

Starlink, SpaceX’s growing network of thousands of internet satellites, will charge customers seeking broadband internet on private jets between $12,500 to $25,000 a month for the service, on top of a one-time $150,000 hardware cost, the company said on its website. Continue reading “SpaceX rolls out Starlink internet service for private jets”

DETROIT, Oct 19 (Reuters) – U.S. legislators need to give automakers operating in the United States more time to achieve the required sourcing levels of battery minerals used in electric vehicles to qualify for federal tax incentives, several industry executives said on Wednesday.

The Inflation Reduction Act, as currently written, requires automakers to have 50% of critical minerals used in EV batteries come from North America or U.S. allies by 2024, rising to 80% by the end of 2026. Volkswagen (VOWG_p.DE) Americas Chief Executive Pablo Di Si said the industry cannot move that fast. Continue reading “Automakers need more time to meet U.S. minerals requirements for EVs -execs”

SPARTANBURG, South Carolina Oct 19 (Reuters) – BMW AG (BMWG.DE) said on Wednesday it will invest $1.7 billion to build electric vehicles in the United States, the latest announcement from a major automaker about plans to ramp up U.S. EV production.

The German company said it was making a new $1 billion investment in its Spartanburg, South Carolina plant to prepare for EV production and will spend $700 million on a new high-voltage battery assembly facility in nearby Woodruff, South Carolina, and create at least 300 jobs. Continue reading “BMW invests $1.7 bln to build electric vehicles in U.S.”

WASHINGTON, Oct 19 (Reuters) – The Biden administration said on Wednesday it is awarding $2.8 billion in grants to boost U.S. production of electric vehicle batteries and the minerals used to build them, part of a bid to wean the country off supplies from China.

“By undercutting U.S. manufacturers with their unfair subsidies and trade practices, China seized a significant portion of the market,” President Joe Biden said Wednesday in announcing the awards.”Today we’re stepping up… to take it back, not all of it, but bold goals.” Continue reading “Biden awards $2.8 billion to boost U.S. minerals output for EV batteries”

Oct 19 (Reuters) – Uber Technologies Inc (UBER.N) has launched a new advertising division as the ride-hailing firm looks to diversify its revenue sources through tie-ups with brands and marketers.

With a reach of 122 million monthly active users globally, the company said on Wednesday it will sell ad space inside its ride-hailing and UberEats apps, along with in-vehicle digital ads, sponsored mails and storefront ads. Continue reading “Uber looks to boost digital ad revenue with new advertising division”

• Charging stations to rise to 1 mln by 2030 vs 70,000 now
• Plan also sees 15 mln EVs on road by 2030 from 1.5 mln now
• Energy crisis shouldn’t derail longer term climate goal-Wissing

BERLIN/FRANKFURT, Oct 19 (Reuters) – The German government approved a plan on Wednesday to spend 6.3 billion euros ($6.1 billion) over three years to rapidly scale up the number of charging stations for electric vehicles across the country, as part of its push towards net zero emissions. Continue reading “Germany to spend 6.3 bln euros on push for electric car charging points”

NEW YORK/SAN FRANCISCO, Oct 19 (Reuters) – A group that works with union pension funds is pressing Hyundai Motor Co (005380.KS) to respond to reports of child labor at U.S. parts suppliers, warning of potential reputational damage to the Korean automaker.

SOC Investment Group, which works with union pension funds that have more than $250 billion in assets, sent a sharply worded letter on Wednesday to company chairman Euisun Chung, saying investors were concerned in the wake of a July investigation by Reuters that found child labor at a Hyundai subsidiary in Alabama. In addition, the letter cited a recent federal and state investigation into children working at another Hyundai supplier in the state. Continue reading “Hyundai should address child labor at U.S. suppliers, investor group, unions say”

SHANGHAI, Oct 19 (Reuters) – Automakers in China delivered a record number of cars to dealers in the first nine months of the year even as retail demand slowed, setting up the market for a slowdown in 2023, a leading Chinese brokerage said on Wednesday.

Automakers had delivered 1 million vehicles to dealers in China over the first nine months of this year, a record volume for the world’s largest auto market, analysts at China Merchants Bank International (CMBI) said. Continue reading “China auto market faces slowdown as inventory builds – CMBI”