TOKYO, Nov 30 (Reuters) – Japan’s Nissan Motor Co (7201.T) has signed a 200-billion-yen ($1.44 billion) green loan agreement to fund zero-emission mobility investments, the automaker said on Wednesday.
The syndicated loan was arranged by Mizuho Bank and MUFG Bank with contract periods of five and seven years, it said in a statement. Continue reading “Nissan gets $1.44 bln green loan for zero-emission mobility investments”
TOKYO, Nov 30 (Reuters) – Japan’s factory output fell for a second consecutive month in October, as stalling global demand and lingering supply bottlenecks put a lid on Japanese manufacturers’ production plans. Continue reading “Japan’s Oct factory output falls again on global slowdown, weak chip demand”
MEXICO CITY, Nov 29 (Reuters) – Chinese electric-vehicle maker BYD said on Tuesday it will launch its cars in Mexico next year, with a senior executive pegging its sales target at up to 30,000 vehicles in 2024.
Next year, BYD will begin selling fully electric versions of its Tang sport utility vehicle (SUV) alongside its Han sedan through eight dealers across Mexico, the company’s country head Zhou Zou told Reuters ahead of the announcement. Continue reading “China’s BYD to sell EVs in Mexico in 2023, aims for up to 30,000 sales in 2024”
PARIS, Nov 29 (Reuters) – Renault’s (RENA.PA) chairman on Tuesday told Reuters on Tuesday he was “confident” the French carmaker will reach an agreement with its Japanese partner Nissan (7201.T) on the future of their alliance.
Ongoing talks between Renault and Nissan about their alliance could prompt the biggest reset in the tie-up since the 2018 arrest of longtime executive Carlos Ghosn, but it still has to be confirmed how they play out. Continue reading “Renault chairman says confident of reaching deal with Nissan on future of alliance”
SEOUL, Nov 29 (Reuters) – South Korea’s Hyundai Motor Group has signed an agreement to source electric vehicle (EV) batteries in North America from battery maker SK On, the companies said on Tuesday.
The partnership follows the signing in August of the U.S. Inflation Reduction Act, which will require automakers to source a certain percentage of critical minerals for their EV batteries from the United States or a U.S. free-trade partner to qualify for new U.S. EV tax credits. Continue reading “Hyundai Motor, SK On sign EV battery supply pact for N. America”
TOKYO, Nov 29 (Reuters) – Toyota Motor Corp (7203.T) reported on Tuesday a 23% rise in October global vehicle output, beating its own target for a third month in a row, as the industry strives to get past persistent chip shortages that have hobbled production.
The Japanese automaker produced 771,382 vehicles globally in October, above a downgraded target of 750,000 units and up 23% from the same month a year earlier. Continue reading “Toyota’s Oct global vehicle production up 23%, above its target”
Nov 28 (Reuters) – Electric-vehicle startup Faraday Future Intelligent Electric (FFIE.O) said on Monday it has appointed Xuefeng Chen as global chief executive officer, sending shares up 1.4% in extended trading.
Chen, who was most recently the CEO of the company’s China division and has spent nearly two decades in the automotive industry, succeeds Carsten Breitfeld, who was removed from the role by the board, the company added in a filing. Continue reading “Faraday Future appoints Xuefeng Chen as global CEO”
SEOUL, Nov 29 (Reuters) – South Korea will offer “tailored” incentives to encourage Tesla to set up an electric vehicle gigafactory in the country and will minimise any risks posed by militant unions, President Yoon Suk-yeol told Reuters.
Yoon held a video call with Tesla Chief Executive Elon Musk last week and Yoon’s office cited Musk as saying South Korea is among the top candidate locations for a new Tesla factory. Continue reading “Exclusive: South Korea’s Yoon ready to offer ‘tailored’ benefits to attract Tesla gigafactory”
BERLIN, Nov 28 (Reuters) – Building a lithium-ion battery factory in Germany, Europe’s top car producer, had seemed like a no-brainer for Northvolt. But a new U.S. law offering hefty subsidies to local manufacturers of green technology has given the company pause for thought.
Continue reading “Analysis: U.S. green subsidies heighten fears for German industry”
Nov 28 (Reuters) – Tesla (TSLA.O) is developing a revamped version of Model 3, according to four people with knowledge of the effort, as the top EV maker aims to cut production costs and boost the appeal of the five-year-old electric sedan.
One focus of the redesign codenamed “Highland” is to reduce the number of components and complexity in the interior of the Model 3 while focusing on features that Tesla buyers value, including the display, according to the people, who asked not to be named because the revamp has not been announced. Continue reading “Exclusive: Tesla readies revamped Model 3 with project ‘Highland’ -sources”
Continue reading “Who’s next? Chinese EVs drive Stellantis’ Jeep off the road”
SEOUL, Nov 28 (Reuters) – South Korea’s Hyundai Motor Co (005380.KS) and LG Energy Solution Ltd (LGES) (373220.KS) are considering building two joint venture battery plants in the United States, a local online news outlet reported on Monday.
Under the contemplated plan, the plants would be built in Georgia and each have an annual capacity of about 35 gigawatt hours (GWh), enough to power about 1 million electric vehicles (EVs), said the news service, Dailian, citing an unnamed source. Continue reading “Hyundai Motor, LGES consider building two JV battery plants in U.S. -report”
SEOUL, Nov 28 (Reuters) – South Korea’s Hyundai Motor Co (005380.KS) and LG Energy Solution Ltd (LGES) (373220.KS) are considering building two joint venture battery plants in the United States, a local online news outlet reported on Monday.
Under the contemplated plan, the plants would be built in Georgia and each have an annual capacity of about 35 gigawatt hours (GWh), enough to power about 1 million electric vehicles (EVs), said the news service, Dailian, citing an unnamed source. Continue reading “Hyundai Motor, LGES consider building two JV battery plants in U.S. -report”
FRANKFURT, Nov 27 (Reuters) – French bank Credit Agricole (CAGR.PA) is weighing plans to offer car-sharing financial services in Germany because the growing market offers opportunities to challenge incumbent players, an executive told trade publication Automobilwoche.
The French bank’s consumer finance arm has been in a push to increase mobility-related revenues from its car leasing joint venture with Stellantis and other partnerships as well as from its existing car financing and car rental services. Continue reading “Credit Agricole is weighing foray into German car-sharing: media report”
MEXICO CITY, Nov 25 (Reuters) – A decision should be made very soon on a dispute pitting Canada and Mexico against the United States on the interpretation of regional trade rules in the auto industry, Canada Minister of International Trade Mary Ng said on Friday.
Canada this year joined Mexico in a complaint against the United States over how to apply automotive sector content requirements under the United States-Mexico-Canada (USMCA) free trade agreement, which came into effect in 2020. Continue reading “Decision on North American auto rules dispute ‘imminent’, Canada says”
BRUSSELS, Nov 25 (Reuters) – European Union ministers warned on Friday that time was running out to change Washington’s plans to grant consumer tax credits for U.S.-produced electric vehicles and other green products.
The EU argues the $430 billion Inflation Reduction Act, to take effect in January, could make the United States a world leader in the electric vehicle market at Europe’s expense. It wants an exception to be made for EU products, as has already been agreed for Canadian and Mexican goods. Continue reading “EU demands rapid fix from U.S. to green subsidy law”
MEXICO CITY, Nov 25 (Reuters) – A decision should be made very soon on a dispute pitting Canada and Mexico against the United States on the interpretation of regional trade rules in the auto industry, Canada Minister of International Trade Mary Ng said on Friday.
Canada this year joined Mexico in a complaint against the United States over how to apply automotive sector content requirements under the United States-Mexico-Canada (USMCA) free trade agreement, which came into effect in 2020. Continue reading “Decision on North American auto rules dispute ‘imminent’, Canada says”
BRUSSELS, Nov 25 (Reuters) – European Union ministers warned on Friday that time was running out to change Washington’s plans to grant consumer tax credits for U.S.-produced electric vehicles and other green products.
The EU argues the $430 billion Inflation Reduction Act, to take effect in January, could make the United States a world leader in the electric vehicle market at Europe’s expense. It wants an exception to be made for EU products, as has already been agreed for Canadian and Mexican goods. Continue reading “EU demands rapid fix from U.S. to green subsidy law”
SEOUL, Nov 25 (Reuters) – South Korea’s Hyundai Motor Co (005380.KS) and SK On plan to invest about 2.5 trillion won ($1.88 billion) to build a new joint venture battery factory in the United States, the Korea Economic Newspaper reported on Friday.
Hyundai Motor and SK On, the battery unit of energy group SK Innovation Co Ltd (096770.KS), are expected to sign a memorandum of understanding on the investment next week, the newspaper said, citing unidentified auto and battery sources. Continue reading “Hyundai Motor and SK On to build $1.9 bln JV battery plant in U.S. -report”
BRUSSELS, Nov 25 (Reuters) – European Union ministers warned on Friday that time was running out to resolve differences with Washington over U.S. plans to give tax credits to consumers buying electric vehicles and other green products as long as they are made in North America.
The EU argues the $430 billion Inflation Reduction Act, to take effect in January, will make the United States a world leader in the electric vehicle market at its expense. Continue reading “EU demands quick fix from U.S. of green subsidy law”
SEOUL, Nov 25 (Reuters) – South Korea’s Hyundai Motor Co (005380.KS) and SK On plan to invest about 2.5 trillion won ($1.88 billion) to build a new joint venture battery factory in the United States, the Korea Economic Newspaper reported on Friday.
Hyundai Motor and SK On, the battery unit of energy group SK Innovation Co Ltd (096770.KS), are expected to sign a memorandum of understanding on the investment next week, the newspaper said, citing unidentified auto and battery sources. Continue reading “Hyundai Motor and SK On to build $1.9 bln JV battery plant in U.S. -report”
HAI PHONG, Vietnam, Nov 25 (Reuters) – Vietnam’s electric vehicle maker VinFast said on Friday it had shipped its first batch of 999 cars to the United States, capping a five-year bid to develop an auto production hub in the Southeast Asian country for markets in North America and Europe.
The first cars are expected to be handed over to customers by the end of December, the company said. Continue reading “Vietnam’s VinFast ships first electric vehicles to U.S. customers”
MILAN, Nov 24 (Reuters) – Franco-Italian carmaker Stellantis (STLA.MI) said on Thursday it would reorganise its European dealers’ network in July next year, starting from Austria, Belgium, Luxembourg and the Netherlands.
“The rest of Europe will progressively follow in the implementation of the new distribution scheme”, the group born from the merger of Fiat Chrysler and France’s PSA said in a statement. Continue reading “Stellantis to reorganise European dealer network from July 2023”
Nov 24 (Reuters) – Tesla Inc’s (TSLA.O) Full Self-Driving Beta software is now available to everyone in North America, Elon Musk said early on Thursday, as the automaker awaits regulatory approval for its cars to be driven without human oversight.
“Tesla Full Self-Driving Beta is now available to anyone in North America who requests it from the car screen, assuming you have bought this option,” Musk tweeted. Continue reading “Tesla’s Full Self-Driving Beta now available to all in N. America, Musk says”
Nov 24 (Reuters) – Ford Motor Co (F.N) is recalling 634,000 sport utility vehicles (SUVs) worldwide over fire risks from possible cracked fuel injectors and will urge owners to have their cars inspected, it said on Thursday.
America’s No.2 automaker by sales said the recall covers 2020-2023 model year Bronco Sport and Escape SUVs with 3 cylinder, 1.5 liter engines, including many also recalled in April because an oil separator housing could crack and develop a leak that could cause an engine fire. Vehicles repaired under the earlier recall will still need the new recall fix, the National Highway Traffic Safety Administration said. Continue reading “Ford recalls 634,000 vehicles worldwide over fire risks”
NEW DELHI, Nov 24 (Reuters) – Fiat parent Stellantis (STLA.MI) has concluded it can’t currently make affordable electric vehicles (EVs) in Europe and is looking at lower-cost manufacturing in markets such as India, its chief executive told reporters.
If India, with its low-cost supplier base, is able to meet the company’s quality and cost targets by the end of 2023, it could open the door to exporting EVs to other markets, said Carlos Tavares, CEO of the group whose brands also include Peugeot and Chrysler. Continue reading “Stellantis looks to India for affordable EVs for Europe”
MANILA, Nov 24 (Reuters) – A Philippine inter-agency panel chaired by President Ferdinand Marcos Jr on Thursday approved removing tariffs on electric vehicles (EVs) to spur demand amid high fuel costs.
Marcos will issue an executive order cutting to 0% the most favoured nation tariff on EVs like passengers cars, buses, vans, trucks, motorcycles, and bicycles, and their parts for five years. Current import duties range from 5% to 30%. Continue reading “Philippines to cut tariffs on electric vehicles, parts”
PTI | Electric two-wheeler maker Ather Energy is all set to finalise the location of a third manufacturing plant shortly with plans to make it functional by end of next fiscal to cater to growing demand, according to co-founder Swapnil Jain. The startup which currently sells two electric scooters – 450X and the 450 Plus – expects its current capacity of 4.2 lakh units per annum in Hosur (Tamil Nadu) to get fully utilised by next fiscal end.
Ather formally inaugurated its second plant in Hosur on Wednesday although operations commenced in October. Continue reading “Ather plans to make its third plant operational by next fiscal end”
PTI | New Delhi : Spark Minda group flagship firm Minda Corporation Ltd on Tuesday said it has signed a technology license agreement with LocoNav for white-labelling of telematics software. Under the agreement, LocoNav will be the technology partner for telematic systems to Spark Minda and will provide with a white-labelled software, the auto component maker said in a statement.
White-labelling gives businesses the option to use tracking software with customised branding Continue reading “Minda Corporation signs technology license agreement with LocoNav”
PTI | New Delhi: The Centre’s Department of Science and Technology (DST) and green think tank Centre for Science and Environment (CSE) have collaborated to create a platform that will support the development of new electric vehicle (EV) batteries to suit Indian requirements. A white paper will be prepared on a roadmap to develop new battery technologies in India. This would be followed by the creation of an expert-industry forum or platform to support this process, the CSE said in a statement on Tuesday.
This collaborative initiative was kicked off recently with a round table on locally appropriate EV batteries that are safe, durable and effective within the constraints of a hot and humid tropical climate. Continue reading “Centre collaborates with think tank to push production of EV batteries in India”
PTI | Mumbai: Technology firm Continental on Wednesday inaugurated its Rs 1,000 crore-new campus for its Technical Center India (TCI). Spread over 1 million square feet of space, the campus is located at Bengaluru’s Electronic City Phase |l and can house over 6,500 employees, according to a release.
The new campus houses hi-tech software, hardware, and vehicle test facilities for R&D and a plethora of training centres, with each floor equipped with multiple collaboration areas, it said. Continue reading “Continental inaugurates Rs 1,000 crore-campus for TCl”
PTI | New Delhi: The National Green Tribunal (NGT) has directed the formation of a committee to verify the factual position and ensure remedial action regarding allegations of the National Highways Authority of India (NHAI) violating environmental norms while constructing a highway from the Mukarba chowk to the
Singhu border here. A bench of Chairperson A K Goel noted that according to the petition, the NHAI had failed to comply with environmental obligations while constructing the eight-lane highway.
The bench, also comprising judicial member Justice Arun Kumar Tyagi and expert members Afroz Ahmad and A Senthil Vel, noted that the petition alleges that though the NHAI has claimed that it has planted 1,760 trees, the said plantation was around 20 km away from the location where trees were felled because of the project. Continue reading “Highway construction: NGT forms panel to verify charges of NHAI violating environmental norms”
Nov 23 (Reuters) – U.S. new vehicle retail sales are expected to be relatively flat in November as high vehicle prices, coupled with interest rate increase, are moderating demand, a report from industry consultants J.D. Power-LMC Automotive showed on Wednesday.
Consumers who were willing to shell out more money for cars amid a shortage are now pulling back from spending as higher loan payment pressures affordability. Continue reading “U.S. new vehicle sales to be flat in November amid high interest rate – report”
PARIS, Nov 23 (Reuters) – Stellantis (STLA.MI) is using an abandoned airfield in eastern France to store cars that are ready for delivery but cannot be shipped or kept at its Sochaux factory due to unprecedented logistical issues, two sources told Reuters.
Carmakers across Europe are struggling to make shipments with a lack of truck drivers and a shortage of truck and train capacity under the combined effect of the war in Ukraine and the aftermath of the COVID-19 pandemic. Continue reading “Stellantis stores cars in old French airfield amid delivery logjam – sources”
BEIJING, Nov 23 (Reuters) – Chinese automaker BYD Co Ltd said on Wednesday it raised prices for three of its electric vehicle models by 2,000 yuan ($279.86) to 6,000 yuan, citing reasons including rising battery prices and the scheduled expiration of some state subsidy plans.
BYD (002594.SZ), in a statement published on its official Weibo account, said the national subsidy for some electric and hydro power vehicles will end on Dec. 31, 2022. And the raw material price for batteries has also jumped since the second half of this year, it said. Continue reading “China automaker BYD says raises prices for some EV models”
SEOUL, Nov 23 (Reuters) – Tesla (TSLA.O) chief executive Elon Musk said on Wednesday that South Korea was among its top candidate locations for a factory it plans to build in Asia for making electric vehicles (EVs), according to South Korea’s presidential office.
Musk had made the remark in a video call with President Yoon Suk-yeol, adding that the company planned to step up cooperation with South Korea on supply chains, Yoon’s office said. Continue reading “Elon Musk names S. Korea among top candidates for EV investment – Yoon’s office”
SHANGHAI, Nov 23 (Reuters) – China’s top auto association said on Wednesday it would cancel the second day of the China Automotive Overseas Development Summit that was taking place in Shanghai, citing the deteriorating COVID-19 situation.
The China Association of Automobile Manufacturers made the announcement on their website. The summit started on Tuesday and was due to end on Wednesday. Continue reading “China’s top auto association cancels Shanghai event citing COVID”
BERLIN, Nov 22 (Reuters) – Volkswagen (VOWG_p.DE) expects sales in China to stagnate at about 3.3 million vehicles in 2022, its China chief told Handelsblatt on Tuesday, as it struggles to make up the impact of coronavirus lockdowns and chip shortages in the first half.
The carmaker had previously forecast sales of 3.85 million vehicles this year, on par with 2020, but adjusted its expectations in the middle of the year, Ralf Brandstaetter told the German daily. Continue reading “Volkswagen sees China sales on par with 2021 as lockdown impact lingers – Handelsblatt”
TOKYO, Nov 22 (Reuters) – Japan’s Mazda Motor Corp (7261.T) on Tuesday unveiled a $10.6 billion spending plan to electrify its vehicles and said it was also considering investing in battery production.
The company also raised its sales target for electric vehicles (EVs) to up to 40% of its total global sales by 2030, as automakers worldwide spend billions of dollars to ramp up battery and EV production in the face of tougher environmental regulations. Continue reading “Mazda unveils $11 bln EV spending plan, considers investing in battery production”
HONG KONG, Nov 22 (Reuters) – Berkshire Hathaway, the investment company owned by Warren Buffett, has sold 3.23 million Hong Kong-listed shares of electric vehicle maker BYD (002594.SZ) for HK$630.33 million ($80.67 million), a stock exchange filing showed.
The sale lowered Berkshire’s holdings in BYD’s total issued H-shares to 15.99% on Nov. 17, down from 16.28%, a filing to the Hong Kong Stock Exchange showed on Tuesday. Continue reading “Berkshire Hathaway sells $80.7 mln of shares in China’s BYD”
