SEOUL, Oct 19 (Reuters) – Shares of South Korea’s Kia Corp (000270.KS) reversed losses and edged up on Wednesday after the automaker said on Tuesday that its third-quarter earnings will reflect an additional provision of 1.54 trillion won ($1.08 billion) for engine recalls from years ago.

Kia’s shares fell shortly after the market open.

Hyundai Motor (005380.KS) and affiliate Kia on Tuesday said they will book a combined 2.9 trillion won ($2 billion) provision in their third-quarter results. Continue reading “Kia shares edge up in choppy trade after booking extra $1.1 bln provision”

Oct 18 (Reuters) – Tesla Inc’s (<TSLA.O>) quarterly report on Wednesday will likely show whether the Elon Musk-led electric-vehicle maker is facing any weakness in demand that is starting to weigh on the wider auto industry.

Decades-high inflation, rising energy bills in Europe and signs of a weakening China market have raised doubts among some analysts about whether Tesla can buck an economic slowdown and continue to raise prices without hurting its sales. Continue reading “Tesla investors to focus on demand issues in earnings report”

TOKYO, Oct 18 (Reuters) – The relationship between Japan’s Nissan Motor Co (7201.T) and top shareholder Renault SA should be “more equal”, the Nikkei newspaper quoted the French automaker’s chief executive as saying.

“This is not one side losing and the other side winning,” the newspaper quoted Luca de Meo as saying in an interview, which took place in France on Monday. Continue reading “Nissan, Renault relationship should be ‘more equal’ Renault CEO tells Nikkei”

SEOUL, Oct 18 (Reuters) – Hyundai Motor (005380.KS) and affiliate Kia Corp (000270.KS) will book a combined 2.9 trillion won ($2 billion) provision in their third-quarter results as they continue to suffer the effects of engine recalls from years ago, they said on Tuesday.

The costs, of which Hyundai accounted for 1.36 trillion won and Kia for 1.54 trillion won, amount to more than half of Hyundai’s estimated third-quarter net profit and 77% of Kia’s profit, Refinitiv data shows. Continue reading “Hyundai Motor and Kia warn $2 bln engine provision to hit Q3 earnings”

TOKYO, Oct 18 (Reuters) – Joby Aviation Inc (JOBY.N), a U.S. air taxi startup backed by Japanese automaker Toyota Motor Corp (7203.T), said on Tuesday it has applied to Japan’s transport ministry for aircraft certification as it prepares to launch urban transportation services.

Joby, in which Toyota has invested $394 million, designs and builds all-electric vertical take-off and landing (eVTOL) aircraft. Continue reading “Toyota-backed flying car firm Joby seeks Japan air certification”

Oct 18 (Reuters) – BYD Co (002594.SZ), China’s biggest electric car maker, said third-quarter net profit likely more than quadrupled as it extends its sales lead over Tesla Inc (TSLA.O) in the world’s largest auto market. Shares in BYD jumped.

Having ditched gasoline vehicles from its product mix this year, BYD has, more than any other automaker, been able to capitalise on a range of incentives for electric cars offered by the Chinese central government as well as local governments. Continue reading “BYD flags huge quarterly profit jump as China sales surge past Tesla”

Oct 18 (Reuters) – Investors are speculating about whether Monday’s big stock surge is the start of a recovery or another pause in the market’s decline, and the answer may depend in part on upcoming quarterly results from heavyweights including Tesla Inc (TSLA.O), Johnson & Johnson (JNJ.N) and Netflix Inc (NFLX.O).

The world’s most widely tracked stock benchmark jumped 2.65% on Monday, lifted in part by strong quarterly results from Bank of America (BAC.N), even as investors worry that the U.S. Federal Reserve’s war against inflation may hobble the economy. Continue reading “Wall Street rally throws spotlight on reports from Tesla, Netflix”

SEOUL, Oct 18 (Reuters) – South Korea’s Hyundai Motor (005380.KS) is considering options for its suspended Russia operations that could include selling its manufacturing plant there, South Korean media reported on Tuesday.

Many factories in Russia have suspended production and furloughed workers due to shortages of high-tech equipment because of sanctions and an exodus of Western manufacturers since Moscow sent armed forces into Ukraine on Feb. 24. Continue reading “Hyundai Motor is considering selling its Russia plant – media report”

Oct 17 (Reuters) – Intel Corp (INTC.O) is eyeing a valuation that is significantly lower than previously expected for the initial public offering of its self-driving car unit Mobileye, the Wall Street Journal reported on Monday, citing people familiar with the matter.

Mobileye, which was originally expected to land a roughly $50 billion valuation, is now set to target one of under $20 billion and sell a smaller number of shares than originally planned, according to the report. Continue reading “Intel’s Mobileye IPO eyes significantly lower valuation – report”

BERLIN, Oct 17 (Reuters) – Mercedes-Benz (MBGn.DE) has struck a preliminary agreement with an offshore wind provider to supply electricity equivalent to 25% of its demand in Germany from 2027 onwards, a spokesperson for the carmaker said on Monday.

The energy provider, which the spokesperson declined to name, will reserve the energy for Mercedes-Benz from an offshore wind park under construction in the Baltic Sea. Continue reading “Mercedes-Benz in preliminary offshore wind deal for electricity from 2027”

PARIS, Oct 17 (Reuters) – The European Union’s proposed 2035 ban on fossil-fuel cars should be renegotiated to give hybrid models a greater role in the transition to zero-emission vehicles, Stellantis chief executive Carlos Tavares said on Monday.

“It’s essential,” Tavares said during a news conference at the Paris Motor Show, when asked if talks on the ban were needed. “The dogmatic decision that was taken to ban the sale of thermal vehicles in 2035 has social consequences that are not manageable.” Continue reading “Stellantis CEO calls for talks to soften EU’s 2035 fossil-fuel car ban”

Oct 17 (Reuters) – Lyft Inc (LYFT.O) is increasing the service fee its U.S. riders pay directly to the company to cover higher insurance costs, the ride-hailing firm said.

The increase averages less than 50 cents per trip nationally, a Lyft spokesperson said. The company pays for drivers’ insurance when they are working on its platform. Continue reading “Lyft hikes service fee for rides as insurance costs rise”

Source : PTI  Finance Minister Nirmala Sitharaman has said that the rupee has not weakened but it is the dollar that has strengthened, as she defended the 8 per cent slide in the value of Indian currency against the greenback this year.

Speaking to reporters after attending the annual meetings of the International Monetary Fund (IMF) and the World Bank, she asserted that the fundamentals of
the Indian economy were strong and that inflation was low compared to other parts of the world Continue reading “Fundamentals of Indian economy is good; rupee is holding its ground: Finance Minister Sitharaman”

PARIS, Oct 17 (Reuters) – Stellantis (STLA.MI) will double the share of electric car models it produces in France, the company’s chief executive announced on Monday, adding that some new models of its Peugeot brand will be produced in the carmaker’s Mulhouse plant.

Two electric versions of its 308 sedans and the larger 408 will be assembled in Mulhouse, Carlos Tavares said at the Paris Motor Show. Continue reading “Stellantis to boost electric vehicle production in France”

WASHINGTON, Oct 17 (Reuters) – When a Washington state beauty salon charged Simran Bal $1,900 for training after she quit, she was shocked.

Not only was Bal a licensed esthetician with no need for instruction, she argued that the trainings were specific to the shop and low quality. Continue reading “More U.S. companies charging employees for job training if they quit”

Oct 17 (Reuters) – While Elon Musk may be worried about the economy, job openings on Tesla’s (TSLA.O) website suggest the world’s most valuable car maker is hiring employees at a quick pace, in nearly every category of job.

Tesla this week listed over 6,900 jobs on its career website, almost a 50% surge since mid-June, when Reuters began tracking the data. That compares to a 2022 peak of over 7,400 job ads in May, according to data similarly tracked by Thinknum Alternative Data and hedge fund Snow Bull Capital. Continue reading “Tesla steps up job ads as recession clouds gather”

PRAGUE, Oct 17 (Reuters) – Skoda Auto, the Czech unit of Volkswagen (VOWG_p.DE), expects its parent group could make a decision on the location of a planned large battery factory in eastern Europe by the end of the year, Skoda’s Chief Executive Klaus Zellmer said on Monday.

“If we get everything right, we might see the first firm confirmation, pending formal confirmation by our authorities within the VW group, by the end of this year,” he told a German-Czech economic forum in Prague. Continue reading “Skoda Auto sees VW decision on gigafactory by end of year”

HOUSTON/NEW DELHI, Oct 17 (Reuters) – Oil output at the giant Exxon-led (XOM.N) Sakhalin-1 Russian Pacific project collapsed following the U.S. major’s refusal to accept local insurance for tankers after Western insurers pulled out due to sanctions, several industry sources told Reuters.

Western insurers withdrew cover from tankers operated by state-run Sovcomflot (FLOT.MM), Russia’s biggest shipping group, which was sanctioned following Moscow’s invasion of Ukraine. Continue reading “Exxon’s Russian oil output collapsed after rejecting local tanker insurance – sources”

PARIS, Oct 17 (Reuters) – Renault (RENA.PA) and Stellantis (STLA.MI) unveiled new French-made electric vehicles (EVs) at the Paris Motor Show on Monday, as President Emmanuel Macron announced bigger subsidies for poorer families to buy EVs and pushed for more local production.

In an interview with business daily Les Echos before visiting the show, Macron said EV subsidies for lower-income households would rise to 7,000 euros ($6,826) next year from 6,000 euros, while falling to 5,000 euros for other French buyers.
Continue reading “As carmakers unveil new EVs, France ups subsidies for poorer buyers”

Oct 17 (Reuters) – The European Union needs to provide more regulatory incentives for its carmakers to scale up fully electric vehicle (EV) production or risk losing market share to Chinese rivals, according to a study by climate group Transport & Environment.

In the T&E report ‘From boom to brake: is the e-mobility transition stalling?’ released on Monday, the group said that EV sales growth in the bloc had slowed, with fully-electric cars making up 11% of sales in the first half of 2022 when historical trends suggested they should have reached 13%. Continue reading “EU needs to up electric vehicle support to fend off Chinese competition, climate group says”

Source : PTI The government on Saturday hiked windfall tax on domestically produced crude oil by more than a third while doubling the rate on export of diesel and re-introducing the levy on overseas shipment of jet fuel (ATF) in line with rise in international oil prices.

The tax on crude oil produced by firms such as state-owned Oil and Natural Gas Corporation (ONGC) was increased to Rs 11,000 per tonne beginning October 16
from Rs 8,000, a government notification showed. Continue reading “Tax on windfall profit on crude oil, export of diesel, ATF hiked”

Source : PTI  India’s fuel sales soared in the first half of October with an across-the-board surge in transportation fue! demand on the back of the economic activity picking up as festival season kicked in, preliminary industry data showed. Petrol and diesel sales jumped 22-26 per cent year-on-year while also rising month-on- month in the first half of October. Petrol sales soared 22.7 per cent to 1.28 million tonne during October 1-15 when compared to 1.05 million tonne of consumption in the same period last year.

Sales were 31 per cent higher than COVI|D-marred first half of October 2020 and 33.4 per cent more than pre-pandemic October 1-15, 2019. Demand was 1.3 per cent higher than the first half of September 2022. Continue reading “Fuel sales soar on festive season demand”

HANOI, Oct 15 (Reuters) – Vietnam’s VinFast said on Saturday it would recall 730 of its model VF e34 electric cars (EVs), which are available only on the domestic market, to make checks and replace their side crash sensors.

VinFast, which began operations in 2019, is a unit of Vietnam’s biggest conglomerate Vingroup (VIC.HM) and has sold 2,208 EVs in total since its launch late last year. Continue reading “Vietnam’s VinFast recalls a third of its sold EVs to replace sensors”

WASHINGTON, Oct 14 (Reuters) – South Korea’s Hyundai Motor Co (005380.KS) said Friday it will break ground this month on a $5.5 billion electric vehicle and battery plant in the United States.

Hyundai plans to begin commercial production in the first half of 2025 with an annual capacity of 300,000 units. The Oct. 25 groundbreaking for the Hyundai Group “metaplant” in Savannah, Georgia is part of the Hyundai Group’s “commitment of $10 billion by 2025 to foster future mobility in the U.S., including production of EVs,” the company said. Continue reading “Hyundai to break ground on $5.5 billion Georgia plant this month”

NEW YORK, Oct 14 (Reuters) – Nikola Corp (NKLA.O) founder Trevor Milton on Friday was convicted by a U.S. jury of fraud over allegations he lied to investors about the electric vehicle company’s technology.

The jury found Milton guilty on one count of securities fraud and two counts of wire fraud after deliberating for around five hours. Milton was acquitted on an additional count of securities fraud. Continue reading “U.S. jury convicts Nikola founder of fraud”

Oct 14 (Reuters) – Automaker BMW (BMWG.DE) is set to move production of its electric minis from the United Kingdom to China, The Times reported on Friday.

The company denied the Times report on moving production to China from the UK. Continue reading “BMW to move production of electric minis from UK to China -The Times”

TOKYO/DETROIT, Oct 14 (Reuters) – A new joint venture formed by Japan’s Sony Group Corp (6758.T) and Honda Motor (7267.T) plans to introduce a premium electric vehicle later this decade, and the automaker’s U.S. dealers are anxious to be part of the sales process.

Sony Honda Mobility said on Thursday it was aiming to deliver the first of the unnamed EV by 2026, starting in the United States, and will sell them online. Continue reading “Honda’s U.S. dealers want to be part of Sony Honda venture’s EV launch plans”

BERLIN, Oct 14 (Reuters) – Tesla (TSLA.O) will not start mass production of battery cells at its European gigafactory near Berlin before 2024, German business daily Handelsblatt reported on Friday, citing experts, two of whom are close to the company.

According to the report, problems have been discovered with an important production process presented by Tesla Chief Executive Elon Musk two years ago. Continue reading “Tesla will not start German mass battery production before 2024 -Handelsblatt”

• Production in Italy seen below 650,000 units
• Chip shortage seen as main reason for drop
• Vehicle production fell 2.4% y/y in Jan-Sept period
• Van production suffers badly while more cars produced

MILAN, Oct 14 (Reuters) – Carmaker Stellantis (STLA.MI) is expected to see its vehicle production in Italy fall for a fifth year in a row in 2022, mainly due to stoppages caused by a prolonged crunch in chip supply, the FIM-CISL union said on Friday. Continue reading “Stellantis output in Italy to fall in 2022 for a fifth year, union says”

MILAN, Oct 13 (Reuters) – Carmaker Stellantis said on Thursday it had signed a framework agreement with Algeria to develop activities of its Fiat brand in the county, including for local production of vehicles.

The deal covers a project for the development in Algeria of industrial, after-sales and spare parts activities for Fiat, as well as the development of the automotive sector in the country, Stellantis said in a statement, after signing the agreement with the director of cooperation of Algeria’s industry ministry. Continue reading “Stellantis signs framework deal for Fiat vehicle production in Algeria”

• German car suppliers must soon sign new power contracts for 2023
• Carmakers reluctant to shoulder energy costs
• Energy-intensive parts could be sourced from abroad
• ‘There are no good options’ – foundry association

WOLFSBURG, Germany, Oct 14 (Reuters) – Germany’s giant carmakers may have secured their own energy supplies but thousands of small suppliers faced with a squeeze from soaring bills risk upsetting production through the winter. Continue reading “German car industry baulks at supplier demands over energy hikes”

BERLIN, Oct 13 (Reuters) – Volkswagen’s software unit Cariad (VOWG_p.DE) will spend more than $2 billion and take a 60% stake in a new venture with Chinese technology firm Horizon Robotics, it said on Thursday, tackling two big challenges: software and the Chinese market.

The carmaker will invest $1 billion in Horizon Robotics and a further 1.3 billion euros ($1.26 billion) in the joint venture, with the transaction to be completed in the first half of 2023. Continue reading “Volkswagen to take 60% stake in $2 bln tech JV with China’s Horizon Robotics”

BERLIN, Oct 13 (Reuters) – When German business chiefs got wind last month of an economy ministry proposal to screen all company investment going into China as part of a raft of new measures, there was uproar.

The investment proposal was soon shelved, a source in the ministry and a business leader told Reuters. Continue reading “German business chiefs clash with Berlin over China policies”

ZURICH, Oct 13 (Reuters) – Siemens (SIEGn.DE) has signed a deal a with a joint venture of Stellantis (STLA.MI), Mercedes Benz (MBGn.DE) and TotalEnergies (TTEF.PA) to supply equipment and technology for electric vehicle battery plants, the German engineering company said on Thursday.

The joint venture – Automotive Cells Company – has a plan worth more than 7 billion euros ($6.79 billion) to build the three gigafactories with a capacity of 40 gigawatt hours (GWh) each by 2030, to support the growing production of electrified vehicles. Continue reading “Siemens signs deal to supply equipment for gigafactories JV”

TOKYO, Oct 13 (Reuters) – A joint venture set up by Japan’s Sony Group Corp (6758.T) and Honda Motor (7267.T) is aiming to deliver its first electric vehicles by 2026 and will sell them online, starting in the United States and Japan.

The new EV will also be priced at a premium, offering a new software system developed by Sony that would open the way to recurring revenue from entertainment and other services that would be billed monthly, the companies said. Continue reading “Sony, Honda aim to deliver premium EV with subscription fees in 2026”

Oct 12 (Reuters) – The state of Ohio said on Wednesday it plans to provide $71.3 million in tax credits for a new Honda Motor Co Ltd (7267.T) and LG Energy Solution (373220.KS) joint venture battery plant.

On Tuesday, the companies announced they were committing to invest $3.5 billion and creating 2,200 jobs, but said the overall investment is projected to reach $4.4 billion. Honda separately is investing $700 million and adding 300 jobs to retool three Ohio plants to build EVs and parts. Continue reading “Honda, LG Ohio investments to receive $71 mln state tax credit”

AUSTIN, Oct 12 (Reuters) – For companies playing with virtual reality as disparate as plane-maker Boeing Co (BA.N) and online-gaming platform Roblox Corp (RBLX.N), forays into the so-called “metaverse” have come with equal parts promise and peril.

The U.S. aviation giant is looking to digital technology to accelerate production of new aircraft, said Susan Doniz, Boeing’s chief information officer, at the Reuters Momentum conference in Austin on Tuesday. She cited how Boeing cut the development time of the T-7 trainer jet by 80% to three years as an example of what might be possible for commercial airplanes. Continue reading “Metaverse could accelerate manufacturing as well as social ills”

MILAN, Oct 12 (Reuters) – Carmaker Stellantis (STLA.MI) said on Wednesday it had inaugurated a new software hub in Bengaluru, India, its second innovation centre in the country, focusing on cockpit and driver assistance technologies.

Software is increasingly crucial in modern vehicles and a growing source of revenue, with carmakers expanding research investments and hiring more executives with specific experience to offer clients more features driven by connectivity, data and e-commerce. Continue reading “Stellantis opens software hub in India to support digital strategy”