LONDON, Nov 22 (Reuters) – Global shares rose on Tuesday, recovering some of the previous day’s losses, as improved investor risk appetite drove flows into equities and commodities, although concern over more COVID infections in China kept gains in check.

The Federal Reserve will release the minutes from its most recent meeting on Wednesday, which investors will scour for insight into policymakers’ views on the outlook for inflation and economic growth. Continue reading “Shares brush off China COVID curbs, dollar retreats”

PARIS, Nov 21 (Reuters) – French President Emmanuel Macron on Monday will host a dinner with a number of European chief executives to convince them not to move production to the United States, where lower energy prices and the Inflation Reduction Act is proving a lure.

European leaders have been alarmed by massive anti-inflation measures passed by Joe Biden’s administration, which make tax breaks conditional on U.S-manufactured content and which EU industries say make investment in Europe less competitive. Continue reading “Macron hosts European CEOs to counter US move temptation”

SOLIHULL, England, Nov 21 (Reuters) – Chinese electric vehicle (EV) makers have set their sights on winning over European drivers and large corporate customers with more affordable cars that come with top safety ratings and lots of high-tech features.

In the last few months, several Chinese EVs have received five-star European New Car Assessment Programme (NCAP) ratings – an achievement that requires loading vehicles with active and passive safety features that go well beyond legal requirements. Continue reading “Chinese carmakers target more European sales with five-star EVs”

WASHINGTON/LOS ANGELES, Nov 21 (Reuters) – Workers at the largest U.S. rail union voted against a tentative contract deal reached in September raising the possibility of a strike in the coming weeks that could cause significant damage to the U.S. economy.

Train and engine service members of the transportation division of the International Association of Sheet Metal, Air, Rail, and Transportation Workers (SMART-TD) narrowly voted to reject the deal, while members of the Brotherhood of Locomotive Engineers and Trainmen (BLET) voted to ratify the agreement and SMART-TD yardmasters voted to ratify their national agreement, the unions said Monday. Continue reading “Largest U.S. rail labor union votes against contract, raising strike possibility”

SOLIHULL, England, Nov 21 (Reuters) – Chinese electric vehicle (EV) makers have set their sights on winning over European drivers and large corporate customers with more affordable cars that come with top safety ratings and lots of high-tech features.

In the last few months, several Chinese EVs have received five-star European New Car Assessment Programme (NCAP) ratings – an achievement that requires loading vehicles with active and passive safety features that go well beyond legal requirements. Continue reading “Chinese carmakers target more European sales with five-star EVs”

WASHINGTON, Nov 19 (Reuters) – Tesla is recalling more than 321,000 vehicles in the United States because tail lights may intermittently fail to illuminate, the company said in a filing made public Saturday.

The news follows the company’s recall on Friday of nearly 30,000 Model X cars in the United States over an issue that may cause the front passenger air bag to deploy incorrectly, which sent its shares down almost 3% to a near two-year low. Continue reading “Tesla recalls 321,000 U.S. vehicles over rear light issue”

Nov 18 (Reuters) – Autonomous delivery vehicle maker Nuro is laying off about 20% of its workforce after admitting that rapid hiring in the past year was a mistake, the company’s co-founders wrote in an email to employees on Friday.

“Laying off team members is always the last resort, but unfortunately it was needed after other options were exhausted,” the email said. Continue reading “U.S. autonomous delivery vehicle startup Nuro cuts staff by 20%”

Nov 18 (Reuters) – Carvana Co (CVNA.N) on Friday announced another round of job cuts that will impact about 1,500 employees, or 8% of its workforce, as it attempts to cut costs amid waning demand for used cars on the back of rising interest rates.

The company’s chief executive officer, Ernie Garcia, said in an internal memo obtained by CNBC that the company faced economic headwinds from higher financing costs. Continue reading “Carvana cuts 8% of workforce on slowing used-car demand”

LONDON, Nov 18 (Reuters) – Laid off tech workers could find new jobs at Jaguar Land Rover (JLR) as the 100-year-old British automaker looks to hire hundreds of engineers to help develop electric cars.

JLR, which is owned by India’s Tata Motors (TAMO.NS), on Friday announced a jobs portal for displaced tech workers to fill 800 roles spanning self-driving, electrification, machine learning and data science. Continue reading “Jaguar Land Rover turns to laid-off tech workers for EV skills”

SEOUL, Nov 21 (Reuters) – In an upscale Seoul neighbourhood two years ago, a white Tesla Model X smashed into a parking lot wall. The fiery crash killed a prominent lawyer – a close friend of South Korea’s president.

Prosecutors have charged the driver with involuntary manslaughter. He blames Tesla. Continue reading “Tesla safety at centre of South Korean trial over fiery, fatal crash”

Nov 18 (Reuters) – Elon Musk started a Twitter poll late on Friday asking followers to vote on whether to reinstate former U.S. President Donald Trump’s account on the platform, with early results showing roughly 60% voting yes.

“Vox Populi, Vox Dei,” Musk tweeted, a Latin phrase that roughly means meaning “the voice of the people is the voice of God.” The poll was open for 24 hours. Continue reading “Elon Musk starts Twitter poll on whether to bring back Trump”

Nov 18 (Reuters) – Carvana Co (CVNA.N) on Friday announced another round of job cuts that will impact about 1,500 employees, or 8% of its workforce, as it attempts to cut costs amid waning demand for used cars on the back of rising interest rates.

The company’s chief executive officer, Ernie Garcia, said in an internal memo obtained by CNBC that the company faced economic headwinds from higher financing costs. Continue reading “Carvana cuts 8% of workforce on slowing used-car demand”

WASHINGTON, Nov 18 (Reuters) – German automaker Mercedes Benz and auto supplier Robert Bosch LLC (BOSH.NS) have agreed to pay a total of about $6 million to resolve a lawsuit over diesel advertising claims, the U.S. state of Arizona said on Friday.

Under the proposed settlement, Mercedes Benz will pay $2.8 million in consumer restitution, and each qualifying Arizona consumer will receive up to $625 per vehicle, Arizona Attorney General Mark Brnovich said. Continue reading “Mercedes Benz to pay $5.5 million to settle Arizona diesel ad case”

BERLIN, Nov 18 (Reuters) – A manual transmission plant owned by Volkswagen’s (VOWG_p.DE) joint venture with SAIC Motors (600104.SS) will close next March, the carmaker said on Friday.

The news was communicated to staff this week in a letter published in local media, marking the latest step in the joint venture’s winding down of production of manual cars because Chinese customers favour automatic vehicles. Continue reading “Volkswagen-SAIC venture to close manual transmission plant in China”

LONDON, Nov 18 (Reuters) – Laid off tech workers could find new jobs at Jaguar Land Rover (JLR) as the 100-year-old British automaker looks to hire hundreds of engineers to help develop electric cars.

JLR, which is owned by India’s Tata Motors (TAMO.NS), on Friday announced a jobs portal for displaced tech workers to fill 800 roles spanning self-driving, electrification, machine learning and data science. Continue reading “Jaguar Land Rover turns to laid-off tech workers for EV skills”

WASHINGTON, Nov 18 (Reuters) – Tesla Inc (TSLA.O) recalled nearly 30,000 Model X cars in the United States over an issue that may cause the front passenger air bag to deploy incorrectly, sending its shares down nearly 3% on Friday to their lowest in nearly two years.

The air bag could deploy incorrectly in certain low-speed collision events where a young front seat passenger is unbelted and out of position, increasing the risk of injury, the company said in a filing with U.S. regulators. Continue reading “Tesla recalls 30,000 Model X cars, shares hit two-year low”

FRANKFURT/HAMBURG, Nov 18 (Reuters) – German carmaker Volkswagen (VOWG_p.DE) is holding discussions with investors to join its battery division ahead of a possible partial initial public offering (IPO) of the subsidiary, two people familiar with the matter told Reuters.

The idea is to bring in investors pre-IPO so Volkswagen can gauge how the division – named PowerCo – might be valued in a potential flotation, the sources said, adding that Volkswagen is working with advisers on a potential deal structure. Continue reading “Volkswagen in talks with pre-IPO investors for battery unit – sources”

TOKYO, Nov 18 (Reuters) – Japanese electric motor maker Nidec Corp (6594.T) is planning to invest about $715 million to build a plant in Mexico to make electric car motors, its chief executive said in an interview with the Nikkei newspaper published on Friday.

Construction is expected to begin during or after the next business year starting in April, the newspaper said. Continue reading “Japanese electric motor maker Nidec to build $715 mln Mexican plant”

PARIS, Nov 18 (Reuters) – Moody’s Investors Service said on Friday it changed the outlook on French carmaker Renault’s ratings to stable from negative to reflect prospects of improved profitability from its strategic plan.

“The outlook change to stable reflects Renault’s improved profitability in the first half of 2022, and the expectation of further improvements driven by the execution of the strategic plan Renaulution,” Matthias Heck, a Moody’s vice president senior credit officer and lead analyst for Renault said in a statement. Continue reading “Moody’s changes Renault’s outlook to “stable” from “negative””

HANOI, Nov 18 (Reuters) – Vietnam’s electric vehicle maker VinFast said on Thursday it has struck a deal with U.S. car subscription service Autonomy to supply more than 2,500 units, its largest corporate order to date, as part of a plan to expand further in the market.

VinFast, which ceased production of gasoline-powered cars in August, is gearing up to get a bite of the U.S. market, where it hopes to compete with legacy automakers and deliver its first batch of 5,000 all-electric sport utility vehicles this December. Continue reading “Vietnamese EV maker VinFast to supply 2,500 units to U.S. car subscription service Autonomy”

WASHINGTON, Nov 17 (Reuters) – U.S. Trade Representative Katherine Tai and Japanese industry minister Yasutoshi Nishimura discussed new U.S. electric vehicle tax credits during a meeting on the sidelines of a summit in Bangkok, Tai’s office said on Thursday.

During their meeting on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit, Tai “also raised the status of the U.S.-Japan beef safeguard agreement and Japan’s ongoing review of its on-road ethanol use targets,” her office said in a statement. Continue reading “Top U.S., Japanese trade officials discuss electric vehicle tax credits -U.S. statement”

Nov 17 (Reuters) – General Motors Co (GM.N) aims to slash the cost of electric vehicle battery cells and has added Vale to its growing roster of battery material suppliers as the automaker girds for increasing EV competition beyond 2025, GM said on Thursday.

Brazilian mining giant Vale SA (VALE3.SA) will supply GM with battery-grade nickel for future electric vehicles, starting in 2026, GM executive Doug Parks said on Thursday. Continue reading “GM aims to lower EV battery cost, locks up supply deal with Vale”

DETROIT, Nov 17 (Reuters) – General Motors Co (GM.N) expects its electric vehicles will make money in 2025, with recently enacted federal subsidies plugging the profitability gap between EVs and GM’s combustion fleet, Chief Executive Mary Barra said Thursday.

Federal subsidies could add $3,500 to $5,500 a vehicle to pre-tax profits for GM electric vehicles, CFO Paul Jacobson said during a call ahead of a presentation to investors in New York. GM expects pre-tax profits for EVs could reach “low to mid-single digits” in 2025, not including federal subsidies from the Inflation Reduction Act. Continue reading “GM promises profitable EVs, with a boost from Washington”

WASHINGTON, Nov 17 (Reuters) – The United States aims to only sell and produce zero-emissions medium- and heavy-duty vehicles like school buses and tractor trailers by 2040, the U.S. energy secretary agreed at the COP27 climate summit in Egypt on Thursday.

The non-binding memorandum of understanding (MOU) sets a target for 30% of those new vehicles – which include commercial delivery vehicles, buses and trucks – to be zero-emission by 2030 and 100% by 2040. Continue reading “U.S. aims for zero-emissions heavy-duty vehicles by 2040”

SAO PAULO, Nov 17 (Reuters) – Chinese automaker BYD Co Ltd (002594.SZ) will start selling two new electric vehicle models in Brazil this month, betting on favorable political and environmental developments in Latin America’s largest vehicle market, the company said.

“I believe now is the right time politically and environmentally for us to invest in building these new technologies in Brazil,” BYD Americas President Stella Li said in an interview during the launch of the two SUV models on Wednesday. Continue reading “China’s BYD expands electric vehicle operation in Brazil”

Nov 17 (Reuters) – Lyft and driverless technology firm Motional said on Thursday that residents in Los Angeles will be able to book robotaxis on the ride-hailing company’s app, but did not specify by when the service will be available.

Tough regulatory scrutiny and delayed commercial adoption of autonomous vehicle technology have delayed deployment of robotaxi services, worrying investors. Continue reading “Lyft, Motional to launch robotaxi service in Los Angeles”

WASHINGTON, Nov 17 (Reuters) – Chrysler-parent Stellantis is recalling 280,000 Ram heavy-duty diesel trucks worldwide for fire risks, a filing with the National Highway Traffic Safety Administration and a company statement showed on Thursday.

The recall covers 2020-2023 Ram 2500 and 2020-2022 Ram 3500 trucks. A build-up of pressure and heat inside the transmission may result in a transmission fluid leak that could spark a vehicle fire. The company has reports of 16 vehicle fires and one minor injury between March and October that may be related to the recall, but no crashes. Continue reading “Chrysler recalling 280,000 heavy-duty trucks for fire risks”

MILAN, Nov 17 (Reuters) – Carmaker Stellantis (STLA.MI) said on Thursday it had agreed to buy aiMotive, a Hungary-based developer of advanced artificial intelligence and autonomous driving software, to advance its technology development efforts.

No financial details of the transaction were disclosed. Continue reading “Stellantis to buy software developer aiMotive in autonomous driving push”

TOKYO, Nov 17 (Reuters) – A Japanese automobile lobbying group “firmly opposes” a plan for mileage tax on electric vehicles (EVs), an official of the group said on Thursday, adding that it would slow electrification efforts.

“We are firmly opposed to the hasty introduction of measures such as a mileage tax without public discussion,” said Seiichi Nagatsuka, vice chair of the Japan Automobile Manufacturers Association. Continue reading “Japan auto lobby opposes plan to tax mileage of electric vehicles”

MONTERREY, Mexico, Nov 16 (Reuters) – General Motors’ Mexico head Francisco Garza foresees just 15% of the vehicles produced in the country in 2030 as being electric, missing the goal given by Mexican officials, he said Wednesday.

“Obviously there are factors that could speed up that adoption,” Garza told Reuters, adding that electric-vehicle (EV) production could reach 30% due to falling costs as production moves to a larger scale, government incentives and expanding availability of charging stations. Continue reading “GM Mexico head sees country missing electric vehicle target for 2030”

TOKYO, Nov 17 (Reuters) – Renault SA (RENA.PA) may transfer more than half its stake in Nissan Motor (7201.T) to a trust to match the Japanese car maker’s holdings in itself, the Nikkei newspaper reported on Thursday.

Renault would transfer a 28% stake it owns in Nissan to a trust and would be left with a 15% stake, equivalent to what Nissan owns in the French automaker, the Nikkei said. Continue reading “Renault considers transferring over half of Nissan stake to match holdings – Nikkei”

Nov 16 (Reuters) – Elon Musk said on Wednesday he expected to reduce his time at Twitter and eventually find a new leader to run the social media company, adding that he hoped to complete an organizational restructuring this week.

Musk made the remarks while testifying in a Delaware court to defend against claims that his $56 billion pay package at Tesla Inc (TSLA.O) was based on easy to achieve performance targets and was approved by a compliant board of directors.  Continue reading “Elon Musk says he will find a new leader for Twitter”

MOSCOW, Nov 16 (Reuters) – President Vladimir Putin urged the Russian government on Wednesday to control car prices, as one industry head said Western sanctions could send annual sales crashing to below 1 million for the first time since records began.

Auto sales have fallen over 60% so far this year, and may end up being less than a quarter of what they were a decade ago, according to Maxim Sokolov, head of Russia’s top carmaker Avtovaz. Continue reading “Putin calls for price controls as Russian car sales crash to record low”

Nov 16 (Reuters) – Grab Holdings Ltd (GRAB.O) bumped up its 2022 revenue forecast on Wednesday as demand booms for the Southeast Asian super-app’s rideshare and delivery services, sending its U.S.-listed shares up 7%.

The results capped a strong July-September period in which Grab’s adjusted operating loss also narrowed and its food and grocery delivery business broke even three quarters ahead of the company’s expectations. Continue reading “Grab lifts revenue forecast, delivery business breaks even”

BEIJING/FRANKFURT, Nov 16 (Reuters) – Mercedes-Benz said it had cut prices on some of its EQE and EQS models in China due to changing market demand for top-end electric vehicles (EVs), triggering a 6.7% fall in the premium carmaker’s share price on Wednesday.

Europe’s automobile and parts index (.SXAP) slid 4.06% on the move, which highlights the challenges for foreign automakers struggling to break into China’s growing EV market. Continue reading “Mercedes cuts some China electric car prices, shaking shares”

WILMINGTON, Del, Nov 16 (Reuters) – Elon Musk said in court on Wednesday that he made some Tesla Inc (TSLA.O) decisions without the approval of the company’s directors, as he defended his $56 billion pay package against claims that he dictated its terms to a compliant board.

Tesla shareholder Richard Tornetta sued Musk and the board in 2018 and hopes to prove that Musk used his dominance over Tesla’s board to obtain an outsized compensation package that did not require him to work at the electric car maker full-time. Continue reading “Musk says he made some Tesla decisions without board nod, defends $56 bln pay”

TOKYO, Nov 16 (Reuters) – Toyota Motor Corp (7203.T) rolled out a 2-litre plug-in version of its Prius on Wednesday, in an attempt to reboot the 25-year-old hybrid that was once at the cutting edge of low-emissions technology and appeal more widely to cost-conscious drivers.

Toyota billed the new Prius, with its shark-like front and ability to operate as an electric-only vehicle for most daily driving, as a way bring hybrids to a wider audience. Battery-powered electric vehicles such as those made by Tesla Inc (TSLA.O) still remain too expensive for many consumers. Continue reading “Toyota revamps Prius in bid to give hybrids back their halo”

TOKYO, Nov 16 (Reuters) – Japanese chipmaker Rohm Co Ltd (6963.T) said on Wednesday it was considering joining a consortium led by private equity fund Japan Industrial Partners (JIP) to buy out Toshiba Corp (6502.T), as JIP works to consolidate its proposal.

The Nikkei newspaper reported that Kyoto-based Rohm planned to invest up to about 300 billion yen ($2.14 billion) in the proposed 2.2 trillion yen acquisition of Toshiba, citing multiple sources it did not name. Continue reading “Japanese chipmaker Rohm considering joining JIP for Toshiba buyout”

DETROIT, Nov 15 (Reuters) – Ford Motor Co (F.N) Chief Executive Jim Farley said on Tuesday the automaker will need to build more components for electric vehicles in its own factories so “everyone has a role” in the future.

Electric vehicles will require 40% less labor to build than current combustion vehicles, Farley told a conference in Detroit sponsored by the Rainbow PUSH Coalition, a civil rights group. Continue reading “Ford must bring more work in-house to preserve jobs – CEO”

Nov 15 (Reuters) – Electric vehicles (EVs) from Tesla Inc (TSLA.O) and other brands were among the least reliable vehicles in the United States, Consumer Reports magazine’s annual reliability survey showed on Tuesday.

Although EVs and full-size pick up trucks enjoy the hottest demand in the market, they are the “most problematic”, the nonprofit organization that evaluates products and services said. Continue reading “Tesla EVs ranked worst in annual reliability survey by Consumer Reports”