HONG KONG, Nov 15 (Reuters) – Chinese automaker BYD Co Ltd (002594.SZ) said on Tuesday it had scrapped plans to list its semiconductor unit in China, saying a move to increase investments in wafer production would significantly affect the unit’s asset structure.

“BYD Semiconductor intends to seize the time window to make large-scale investment in wafer production capacity,” BYD said in a filing to the Shenzhen stock exchange, adding current wafer supplies were far from enough to meet demand amid rapid growth in electric vehicle manufacturing. Continue reading “China’s BYD scraps IPO plan for semiconductor unit”

DETROIT, Nov 14 (Reuters) – General Motors Co (GM.N) plans to add more links to its North American battery supply chain, adding to roughly 20 deals so far, in a key strategy to help the Detroit automaker narrow the gap with Tesla Inc (TSLA.O) in electric vehicle profitability.

GM Chief Executive Mary Barra and other executives are scheduled to brief investors Thursday on the automaker’s progress toward scaling up production capacity to deliver 1 million electric vehicles a year in North America by 2025. Continue reading “GM’s North American battery supply chain is key to EV profits”

WASHINGTON, Nov 15 (Reuters) – A group of 10 Democratic senators Tuesday urged U.S. auto safety regulators to move quickly to issue new regulations after traffic crash deaths hit a 16-year-high in 2021.

Senators Ed Markey, Richard Blumenthal, Sherrod Brown, Dick Durbin, Jack Reed, Ron Wyden and others wrote the National Highway Traffic Safety Administration (NHTSA) asking the agency to explain its lack of progress in writing new regulations mandated by Congress. Continue reading “Democratic senators press U.S. auto agency on safety rules”

Nov 15 (Reuters) – U.S. and European startups are racing to develop new batteries using two abundant, cheap materials — sodium and sulfur — that could reduce China’s battery dominance, ease looming supply bottlenecks and lead to mass-market electric vehicles (EVs).

Today’s EVs run on lithium ion batteries — mostly made with lithium, cobalt, manganese and high-grade nickel, whose prices have soared. Western producers are struggling to catch up with their Asian rivals, and carmakers expect supply bottlenecks to hit car production around the middle of the decade. Continue reading “EV battery makers race to develop cheaper cell materials, skirting China”

Nov 15 (Reuters) – U.S. and European startups are racing to develop new batteries using two abundant, cheap materials — sodium and sulfur — that could reduce China’s battery dominance, ease looming supply bottlenecks and lead to mass-market electric vehicles (EVs).

Today’s EVs run on lithium ion batteries — mostly made with lithium, cobalt, manganese and high-grade nickel, whose prices have soared. Western producers are struggling to catch up with their Asian rivals, and carmakers expect supply bottlenecks to hit car production around the middle of the decade. Continue reading “EV battery makers race to develop cheaper cell materials, skirting China”

TOKYO, Nov 15 (Reuters) – Nothing is blocking discussions between Nissan (7201.T) and Renault (RENA.PA) over the future of their alliance and the two companies will have “important talks” on Tuesday and Wednesday, the French automaker’s chairman said in Tokyo.

Speaking at an event on Tuesday, Renault SA chairman Jean-Dominique Senard touted the Franco-Japanese alliance, which has been discussing ways to revamp the relationship. Continue reading “Renault chairman says ‘nothing is blocking’ Nissan alliance talks”

Nov 14 (Reuters) – Faraday Future Intelligent Electric (FFIE.O) said on Monday it had signed a deal to raise up to $350 million as the electric-vehicle startup looks to roll out its FF 91 luxury car.

The company said that financing from an affiliate of Yorkville Advisors Global at an initial commitment of $200 million gives it financial flexibility to help start production and deliver its car to customers. Continue reading “EV startup Faraday Future signs deal to raise up to $350 mln”

BENGALURU, Nov 14 (Reuters) – U.S.-listed Cummins Inc (CMI.N) said on Monday it has signed an agreement with Indian automaker Tata Motors (TAMO.NS) to develop hydrogen-powered internal combustion engines, fuel cells and battery electric vehicle systems for commercial automobiles in India.

Several automakers, including Tata Motors, are aggressively shifting towards greener forms of energy for their vehicles as they try to reduce their dependence on fossil fuels, with India targeting net-zero carbon emissions by 2070. Continue reading “Cummins, Tata Motors team up for hydrogen-powered engines”

WILMINGTON, Del, Nov 14 (Reuters) – A trial opened Monday over shareholder allegations that Tesla Inc Chief Executive Elon Musk’s $56 billion pay package was rigged with easy performance targets and that investors were duped into approving it, with Musk slated to take the stand later this week.

A Tesla (TSLA.O) shareholder hopes to prove during the five-day trial that Musk used his dominance over the electric vehicle maker’s board to dictate terms of the 2018 package, which did not even require him to work at Tesla full-time. Continue reading “Elon Musk trial opens to decide fate of his $56 billion Tesla pay”

Nov 14 (Reuters) – Every time Lucid Group Inc (LCID.O) or Rivian Automotive Inc (RIVN.O) sells an electric car, they are losing hundreds of thousands of dollars due to staggering raw material and production costs, their latest earnings statements showed.

Quarterly reports from electric vehicle (EV) makers from the past two weeks show them struggling to hit delivery targets and rapidly burning through cash. Continue reading “Electric vehicle makers burning cash, slammed by sky-high costs”

NUSA DUA, Indonesia, Nov 13 (Reuters) – Indonesian metals company PT Adaro Minerals Indonesia, Tbk has signed a memorandum of understanding (MoU) with South Korea’s Hyundai Motor Company on aluminium supply for automobile manufacturing, Adaro said in a statement on Sunday.

The MoU was signed on the sidelines of the G20 summit in Bali, Indonesia. Continue reading “Indonesia’s Adaro signs MoU with Hyundai for aluminium supply”

BEIJING, Nov 13 (Reuters) – U.S. automaker Tesla (TSLA.O) said on Sunday it will assist Chinese police investigating a crash involving one of its Model Y cars after local media reports said two people had died and three were injured when the driver lost control of the vehicle.

The incident on Nov. 5 in the southern province of Guangdong killed a motorcyclist and a high school girl, Jimu News reported, posting a video of a car driving at high speed crashing into other vehicles and a cyclist. Continue reading “Tesla says it will assist police probe into fatal crash in China”

SHANGHAI, Nov 12 (Reuters) – Tesla has considered plans for exporting made-in-China electric vehicles to the United States and Canada, two people with knowledge of the planning told Reuters, a step that would connect its largest factory to North America, its largest market.

Tesla has been evaluating whether Model 3 and Model Y electric vehicles made in Gigafactory Shanghai could be sold in North America as soon as next year, according to the people, who declined to be named because the process was confidential. Continue reading “Exclusive: Tesla has considered exporting EVs from Shanghai to U.S., Canada”

• VW South Africa not to move to EVs soon, says new MD
• To partner with India, Brazil for petrol, diesel cars
• To target Asia, Latin America and Africa mkts for sales
• Will import EVs for Africa till production can start

Continue reading “VW South Africa looks to Asia, Latam as Europe shifts to EVs”

FRANKFURT, Nov 11 (Reuters) – The Mercedes-Benz (MBGn.DE) works council expects the German car manufacturer to dole out a record-high bonus to its employees while anticipating bumper profits for the financial year, the works council chief said in an interview published on Friday.

“So far, annual profit-sharing has been limited to a maximum of 6,450 euros ($6,617). This cap should be abolished,” Ergun Luemali told Reuters. Continue reading “Mercedes-Benz works council asks for record bonus for employees”

Nov 11 (Reuters) – Polestar on Friday reported a smaller third-quarter operating loss as revenue more than doubled and the company cut spending, sending shares soaring 25% in early trading.

However, the electric vehicle (EV) maker warned that higher raw material costs would start to hurt later in the year. Continue reading “Polestar Q3 loss narrows, expects hit from rising costs”

HONG KONG, Nov 11 (Reuters) – Berkshire Hathaway, the investment company owned by Warren Buffett, has sold 5.78 million Hong Kong-listed shares of electric vehicle maker BYD (002594.SZ) for HK$1.14 billion ($145.38 million), a stock exchange filing showed.

The sale lowered Berkshire’s holdings in BYD’s total issued H-shares to 16.62% on Nov. 8, down from 17.15%, Friday’s filing to the Hong Kong Stock Exchange showed. Continue reading “Berkshire Hathaway sells $145 mln of shares in China’s BYD, filing shows”

Nov 10 (Reuters) – Alphabet Inc’s (GOOGL.O) Waymo said it was opening up its autonomous ride-hailing service for customers in Phoenix, Arizona on Thursday, pushing ahead with the deployment of robotaxi services in the United States.

Investors have been worried about the timeline for autonomous vehicle deployment, as it has been stretched by tough regulatory scrutiny, and delayed commercial adoption of the technology. Continue reading “Waymo starts full-fledged robotaxi services in Phoenix”

WASHINGTON, Nov 10 (Reuters) – European Union Ambassador Stavros Lambrinidis on Thursday said he was very hopeful that negotiations with the United States could result in elimination of discriminatory provisions in the U.S. Inflation Reduction Act.

Lambrinidis told an event hosted by the U.S. Chamber of Commerce that EU officials were working with U.S. officials in a special task force to address their concerns about the U.S. law’s exclusion of foreign electric vehicles from tax credits. Continue reading “EU envoy says ‘hopeful’ about getting changes to U.S. EV tax rules”

SINGAPORE, Nov 10 (Reuters) – Indian Oil Corp (IOC.NS) has offered one diesel cargo to be loaded in early December, its first export in almost three months, three sources who reviewed the tender document said on Thursday.

“The availability could be because of supply resumption after the end of a turnaround at one of the company’s Paradip refinery in mid- to second half September,” one of the sources said. Continue reading “Indian Oil offers first diesel export since mid-Sept – sources”

Nov 10 (Reuters) – Chinese electric automaker Nio Inc (9866.HK), on Thursday reported a bigger quarterly loss due to a jump in costs, and said it expects deliveries to almost double in the current quarter.

Most Chinese electric vehicle (EV) makers are battling higher battery prices, intensifying competition and a rise in cost of sales. Continue reading “Chinese EV maker Nio posts bigger quarterly loss, sees higher deliveries”

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

MOSCOW, Nov 10 (Reuters) – Russian carmaker Sollers (SVAV.MM) will buy out Japanese auto maker Mazda’s (7261.T) 50% stake in their joint venture car assembly plant in Vladivostok, Sollers said on Thursday.

In a results statement on Thursday, Mazda said the deal would be worth one euro, bring it the right to buy the asset back for the same amount within three years. Continue reading “Russian carmaker Sollers to buy out Mazda’s stake in Vladivostok plant”

TOKYO, Nov 10 (Reuters) – Vehicle demand in the United States is strong for the rest of the year but its economy is expected to slow after the spring as interest rates rise, Japan’s Mazda Motor Corp (7261.T) executives on Thursday.

“As for the U.S. market from next spring onward, we believe that the economy will gradually slow down,” said Yasuhiro Aoyama, senior managing executive officer. “As the tight semiconductor market is still continuing, the supply-demand relationship is not likely to loosen so easily.” Continue reading “Mazda says demand is strong but expects slowdown in U.S. from next spring”

SHANGHAI/BEIJING, Nov 10 (Reuters) – The Beijing International Automobile Exhibition will not be held this year due to the COVID-19 situation in the country, the organiser of China’s most important auto fair said in a notice on Thursday.

The organisers had previously postponed the autoshow, which was originally scheduled to be held in late April, due to a flare up of COVID cases in China. Continue reading “China’s COVID scare ends chance of Beijing autoshow this year – organiser”

Nov 9 (Reuters) – Twitter’s new owner Elon Musk told advertisers on Wednesday he aimed to turn the social media platform into a force for truth and stop fake accounts in an effort to assuage brands and advertising agencies that have increasingly been backing away.

Days after Twitter rattled users and advertisers by cutting half its staff, over 100,000 listeners tuned in to hear Musk speak on Twitter’s Spaces feature. He was joined by Yoel Roth, Twitter’s head of safety and integrity, who has reassured users that Twitter would uphold its policies against harmful content. Continue reading “Elon Musk tells Twitter advertisers he wants to stop fake accounts, pursue truth”

Nov 9 (Reuters) – Nissan Motor Co’s (7201.T) U.S. arm said Wednesday that supply chain issues will force it to trim production this month at its Canton, Mississippi, assembly plant.

The Japanese automaker said it will cut some production days in November for its Titan and Frontier pickup trucks as well as its Altima sedan. The cuts, which were reported earlier by Automotive News, are expected to be similar in December. A memo to dealers seen by Reuters said the cuts were “due to supply chain disruptions related to ongoing semiconductor chip shortages in the industry.” Continue reading “Nissan to trim production at U.S. plant over chips shortage”

WASHINGTON, Nov 9 (Reuters) – A U.S. judge on Wednesday granted final approval to a class-action settlement worth at least $80 million to resolve claims Volkswagen AG (VOWG_p.DE) and its Porsche AG unit skewed emissions and fuel economy data on 500,000 Porsche vehicles in the United States.

The settlement, first reported by Reuters in June, covers 2005 through 2020 model year Porsche vehicles. Owners accused the automaker of physically altering test vehicles that affected emissions and fuel economy results. Continue reading “Judge approves $80 mln Porsche U.S. vehicle settlement”

SAN FRANCISCO, Nov 9 (Reuters) – Tesla Inc (TSLA.O) shares slid to their lowest level in nearly two years on Wednesday after Chief Executive Elon Musk disclosed he sold another $3.95 billion worth of shares in the electric-vehicle maker.

Shares ended down 7.2% at $177.59, the lowest level since Nov. 23, 2020. Continue reading “Tesla stock hits 2-year low after Musk sells $4 bln worth of shares”

BERLIN, Nov 9 (Reuters) – BMW Chief Executive Oliver Zipse said the premium carmaker would not abandon its lower-priced segment in the transition to electrification.

“We are not leaving the lower market segment. Even if you consider yourself a premium manufacturer, it is wrong to leave the lower market segment – that will be the core of your business in the future,” Zipse said, speaking at an event organised by autos supplier Robert Bosch GmbH in Berlin. Continue reading “BMW’s Zipse: we are not leaving lower segment for electric cars”

WASHINGTON, Nov 9 (Reuters) – U.S. wholesale inventories increased less than initially thought in September amid decreases in stocks of petroleum and computer equipment, also suggesting that businesses were carefully managing their inventory amid slowing demand.

The Commerce Department said on Wednesday that wholesale inventories rose 0.6% instead of 0.8% as reported last month. Stocks at wholesalers advanced 1.4% in August. Economists polled by Reuters had expected that inventories would be unrevised. Continue reading “U.S. wholesale inventories revised lower in September”

MADRID, Nov 9 (Reuters) – Volkswagen’s Spanish unit SEAT will go ahead with a mega project to make electric vehicles and batteries after overcoming initial reservations about the size of government subsidies for the venture of strategic importance for Spain, it said on Wednesday.

The SEAT-led project, in which 60 other Volkswagen-linked companies will also take part, anticipates an investment of 10 billion euros ($10.06 billion) to electrify Spain’s auto industry and turn the country into a European hub for e-vehicle and battery production. Continue reading “SEAT-VW says to go ahead with Spanish e-car, battery project”

• Co sees FY sales of industrial activities up 5-6%
• Adj EBIT expected between 420-440 mln euros this year
• Helped by easing of semiconductor shortage

Continue reading “Iveco Group relies on strong pricing as the truckmaker lifts FY forecasts”

TOKYO, Nov 9 (Reuters) – Japan’s Honda Motor Co (7267.T) posted on Wednesday a 16% rise in second-quarter profit and lifted its full-year outlook, as better pricing, strong sales of motorcycles and a weak yen helped it ride out semiconductor shortages.

While Japanese automakers, like many of their overseas rivals, have been hit by shortages of chips and supply chain snarls, Honda has been helped by robust performance in its motorcycle business, particularly in Asia. Continue reading “Honda posts 16% rise in Q2 profit and hikes outlook as motorcycles, yen help”

Nov 8 (Reuters) – Tesla Inc (TSLA.O) Chief Executive Officer Elon Musk has sold 19.5 million shares of the electric vehicle maker worth $3.95 billion on Tuesday, according to U.S. securities filings, days after he completed the $44 billion takeover of Twitter Inc.

Musk, the world’s richest man, had about $20 billion in cash after selling a part of his stake in Tesla and would have required to raise an additional $2 billion to $3 billion to finance the Twitter deal, according to a Reuters calculation. Continue reading “Musk sells Tesla shares worth $3.95 bln days after Twitter takeover”

WASHINGTON, Nov 8 (Reuters) – Hyundai Motor Group (005380.KS) and other automakers want the United States to delay implementation of new electric vehicle tax credit rules that make vehicles assembled outside North America ineligible.

South Korea, Japan, Brazil and the European Union have criticized the overhaul of the $7,500 EV tax credit signed into law in August by President Joe Biden as part of the Inflation Reduction Act that immediately disqualified most EVs for credits. Continue reading “Automakers, foreign governments seek changes to U.S. EV tax rules”

LUXEMBOURG, Nov 8 (Reuters) – Fiat Chrysler on Tuesday won its fight against an EU order to pay 30 million euros ($30 million) in back taxes to Luxembourg, dealing a major setback to antitrust chief Margrethe Vestager’s crackdown on sweetheart deals between EU countries and multinationals.

In her 2015 decision, Vestager said Luxembourg had granted Fiat Chrysler, now part of Stellantis (STLA.MI), an unfair tax advantage by endorsing artificial and complex methods that artificially lowered the company’s taxes. Continue reading “Blow for EU crackdown on tax deals as Fiat wins appeal”

SAO PAULO, Nov 8 (Reuters) – Brazil’s auto industry production fell 0.8% in October from the previous month, totaling 206,000 units, data from automakers association Anfavea showed on Tuesday.

Auto sales in the South American country were down 6.7% in the period to 180,900 vehicles, Anfavea added. Continue reading “Brazil’s auto production down slightly in October”

Nov 8 (Reuters) – Electric-truck maker Nikola Corp (NKLA.O) said on Tuesday it will partner with charging company ChargePoint Holdings (CHPT.N) to speed up the deployment of the required infrastructure for commercial EVs.

Many fleet operators are inclined to use more electric vehicles as they aim to reduce carbon emissions and meet sustainability targets, however, the lack of proper infrastructure has been a deterrent. Continue reading “Nikola, ChargePoint to boost charging infrastructure for commercial EVs”

Nov 8 (Reuters) – Electric-vehicle startup Arrival SA warned on Tuesday it may not have enough cash to keep its business going toward the end of next year, sending its U.S.-listed shares tumbling 33.2%.

The company said it has been exploring options to tackle the fund crunch and hinted at cost-cuts that could have a sizeable impact on its workforce in the United Kingdom. Continue reading “EV startup Arrival raises going-concern risk, warns of job cuts in UK”

PARIS, Nov 8 (Reuters) – Nissan (7201.T) said on Tuesday that it was deepening its reflection on how alliance partner Renault’s (RENA.PA) new electric vehicle business could be beneficial for the Japanese carmaker and how it would participate.

“We are considering to invest in the new Renault EV entity subject to the outcome of the discussions,” Nissan said in a statement. Continue reading “Nissan says it is deepening reflection on Renault’s EV entity”