Nov 8 (Reuters) – Lyft Inc (LYFT.O) shares sank 20% to near record lows on Tuesday after a miss on active rider growth fanned fears that bigger rival Uber Technologies Inc (UBER.N) was eating into its market share.

More than a dozen analysts slashed their price targets on Lyft by as much as $23 after third-quarter results. In stark contrast, investors had last week cheered Uber’s results and bumper holiday-quarter forecast. Continue reading “Investors dump Lyft on rising fears of Uber taking market share”

ARIS, Nov 8 (Reuters) – French carmaker Renault on Tuesday announced a big overhaul to split its operations into five businesses, deepen ties with China’s Geely and list its electric vehicle unit on the market from next year.

Here are the main planks and financial targets unveiled in a strategy presentation to investors. Continue reading “Factbox: Renault unveils big overhaul in drive to boost profits”

WASHINGTON, Nov 8 (Reuters) – Tesla Inc (TSLA.O) is recalling just over 40,000 2017-2021 Model S and Model X vehicles that may experience a loss of power steering assist when driving on rough roads or after hitting a pothole.

The Texas-based electric vehicle manufacturer has released an over-the-air software update to recalibrate the system after it began rolling out an update on Oct. 11 to better detect  unexpected steering assist torque. Continue reading “Tesla recalls 40,000 U.S. vehicles over potential loss of power steering assist”

PARIS, Nov 8 (Reuters) – Nissan (7201.T) is considering taking an equity stake in the Ampere unit, which could be listed on the stock market at the end of 2023, Renault (RENA.PA) chief financial officer Thierry Pieton told an investor presentation on Tuesday.

The scale of Renault’s planned overhaul– encompassing the gasoline engine business it has code-named “Horse” and the electric one code-named “Ampere” – speaks to the pressure automakers now feel from investors and regulators to quicken their move to electric vehicles, with Europe having effectively banned combustion engines from 2035. Continue reading “Renault CFO: Nissan eyeing equity stake in electric and software unit Ampere”

TAIPEI, Nov 8 (Reuters) – Foxconn-led (2317.TW) electric vehicle consortium MIH announced plans on Tuesday for its first car, a boxy single row three-seater which it hopes will be popular with one-child families in Asia.

Taiwan’s Foxconn, the world’s largest contract electronics manufacturer, has ramped up investment in EVs and semiconductors in recent years, announcing deals with U.S. startup Fisker Inc (FSR.N) and Indian conglomerate Vedanta Ltd (VDAN.NS). Continue reading “Foxconn electric vehicle alliance plans boxy three-seater”

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”

PARIS, Nov 8 (Reuters) – Renault (RENA.PA) and Google (GOOGL.O) said on Tuesday that they are expanding their partnership in software services for future Renault vehicles, adding that Google will become the preferred cloud supplier to the French automaker.

The partnership with Google will also help Renault accelerate its “end-to-end digital transformation, from the design of the car to its market launch through its production,” Renault Chief Executive Luca de Meo said in a statement. Continue reading “Renault, Google expand ties in automotive software”

SHANGHAI, Nov 8 (Reuters) – Chinese electric vehicle giant BYD said on Tuesday it would launch a new premium brand in the first quarter of 2023 under the name Yangwang, with its first model slated to be an off-road vehicle.

Vehicles produced under the new brand will be priced at between 800,000 and 1.5 million yuan ($110,287-$206,763), BYD added. Continue reading “China’s BYD to launch new premium electric car brand in 2023”

BEIJING, Nov 8 (Reuters) – Renault SA (RENA.PA) and China’s Geely (0175.HK) said on Tuesday they have agreed to launch a new, equally held joint venture that will supply gasoline engines and hybrid technology to the brands they own as well as to other automakers.

While it was not immediately clear whether the venture represents a step towards even closer collaboration on gasoline cars between the two companies, it marks a critical step in the French automaker’s complex restructuring. Continue reading “Renault, Geely clinch deal for internal-combustion joint venture”

Nov 8 (Reuters) – Foxconn, the world’s biggest contract electronics maker, has extended its drive into electric vehicle (EV) business with a deal to take a near-20% stake in loss-making U.S. electric truck maker Lordstown Motors Corp (RIDE.O) for up to $170 million.

The accord, which will also give a Foxconn (2317.TW) affiliate two board seats at startup Lordstown, comes as the iPhone maker bets on replicating its dominance in contract electronics manufacturing in the booming EV industry. Continue reading “Foxconn ramps up EV push with stake in U.S. truck maker Lordstown”

Nov 7 (Reuters) – An inadequate charging network and insufficient access to battery raw materials are critical bottlenecks that could shackle demand for electric vehicles, according to Ford Motor Co’s (F.N) chief electrification executive on Monday.

“Infrastructure is the biggest thing that really has to be nailed for widespread adoption” of EVs, Doug Field said at an EV conference in London. “A lot of coordination is going to be required to get the right levels of compatibility, capability, reliability in that charging network so people just don’t have to worry about it.” Continue reading “Ford’s EV guru Field talks bottlenecks and opportunities”

FRANKFURT, Nov 7 (Reuters) – Mercedes-Benz (MBGn.DE) Chief Executive Ola Källenius on Monday spoke out against distancing oneself from China, saying it was “absolutely inconceivable” to write off the country.

The comments came days after German Chancellor Olaf Scholz led a delegation of business leaders to China, urging German companies to diversify should the relationship between the two countries sour. Continue reading “Mercedes CEO: ‘absolutely inconceivable’ to write off China”

Nov 7 (Reuters) – European countries are facing strikes and protests due to high energy prices and mounting costs of living. Here are details of some industrial actions and demonstrations. Continue reading “Factbox: Strikes, protests in Europe over cost of living and pay”

BERLIN, Nov 7 (Reuters) – German tyre and automotive parts maker Continental said on Monday that a cyberattack it reported in August had resulted in some data being stolen from the company.

The investigation into the incident is still ongoing, said a spokesperson for the company in a statement. Continue reading “Continental: Some data stolen in August cyberattack”

Nov 7 (Reuters) – Lidar companies Ouster Inc (OUST.N) and Velodyne Lidar Inc (VLDR.O) have agreed an all-share merger that steps up consolidation in search of profitability in autonomous vehicle technology.

Velodyne and Ouster compete in precision sensors that enable self-driving vehicles to see the world around them. Both companies have been hit hard as timetables for large-scale autonomous vehicle deployment have stretched out. Continue reading “Lidar duo Ouster and Velodyne to merge in all-stock deal”

BEIJING, Nov 7 (Reuters) – China’s Farizon, a new-energy truck maker owned by automaker Geely (GEELY.UL), aims step up expansion beyond its home base with a light cargo van planned for Europe as early as 2024, the truck producer’s chief executive said.

Farizon’s Fan Xianjun told Reuters in an interview the first step in a global cargo van expansion plan will be to enter the European market with an all-electric version of a light cargo truck called the Super Van. Continue reading “China’s Geely truck unit Farizon targets Europe with electric cargo van”

WILMINGTON, Del., Nov 7 (Reuters) – As Elon Musk is engulfed in his overhaul of Twitter, the entrepreneur is headed to trial to defend his record $56 billion Tesla Inc pay package against claims it unjustly enriches him without requiring his full-time presence at the carmaker.

A Tesla (TSLA.O) shareholder is seeking to rescind Musk’s 2018 pay deal, claiming the board set easy performance targets and that Musk created the package to fund his dream of colonizing Mars. Continue reading “As Musk focuses on Twitter, his $56 billion Tesla pay goes to trial”

PRAGUE, Nov 7 (Reuters) – Czech carmaker Skoda Auto, part of the Volkswagen group (VOWG_p.DE), is still aiming for sales of at least 1 million cars a year but is targeting profitability over higher volumes, its CEO was quoted as saying on Monday.

Global deliveries for Skoda, the Czech Republic’s biggest exporter and a bellwether for the economy, dropped 12.6% year-on-year to 878,200 cars in 2021, with global supply snags for chips and other parts hitting output. Continue reading “Skoda focused on profitability over volumes, CEO tells E15”

BEIJING/TOKYO, Nov 7 (Reuters) – Nissan Motor Co’s (7201.T) concerns about technology transfers have complicated its partner Renault’s (RENA.PA) plans to sell a large stake in its gasoline-engine business to China’s Geely (0175.HK), three people familiar with the talks said.

Renault is pursuing a complex two-pronged restructuring. On one hand, it is aiming to revamp its alliance with Nissan and convince the Japanese automaker to invest in a new electric car unit called Ampere. Continue reading “Renault’s talks with Geely complicated by Nissan concerns -sources”

TOKYO, Nov 5 (Reuters) – Japan’s government warned on Saturday that new electric vehicle tax credits in the United States could ultimately deter further investment by the Japanese there and hit employment in the world’s biggest economy.

In a comment submitted to the U.S. Treasury Department, the government raised a number of concerns about the tax credits in the Inflation Reduction Act (IRA), which is designed to build more resilient supply chains as the United States aims to reduce exposure to China. Continue reading “Japan government sounds alarm over U.S. EV tax credits”

TOKYO, Nov 5 (Reuters) – Japan’s Honda Motor Co (7267.T) unveiled the second model of its new China-only electric vehicle (EV) lineup on Saturday, targeting the fast-growing, battery-driven car segment in the world’s largest auto market.

The Japanese automaker said last year it planned to roll out EV models under a new brand called “e:N Series” over the next five years with partners GAC (601238.SS) and Dongfeng Motor (0489.HK). It began selling the first model in China in April. Continue reading “Honda launches new EV model in China”

SEOUL, Nov 4 (Reuters) – South Korea is seeking a three-year grace period on the U.S. Inflation Act in order to enable Korean automakers to keep receiving electric vehicle (EV) incentives in the United States, Seoul’s foreign ministry said on Friday.

U.S. President Joe Biden sign into law in August a $430 billion bill, which among other measures, excludes Hyundai Motor Co (005380.KS) and its affiliate Kia Corp (000270.KS) from federal tax credits because they don’t yet make EVs in North America. Continue reading “South Korea seeks 3-year grace period on U.S. EV tax incentive law”

HAMBURG, Nov 4 (Reuters) – Volkswagen (VOWG_p.DE) on Friday said it has recommended to its brands to pause paid advertising on Twitter until further notice in the wake of Elon Musk’s takeover of the social media platform.

“We are closely monitoring the situation and will decide about next steps depending on its evolvement,” Europe’s top carmaker said in a statement. Continue reading “Volkswagen tells brands to pause paid advertising on Twitter”

HONG KONG, Nov 4 (Reuters) – Berkshire Hathaway Inc, the investment firm owned by Warren Buffett, has sold 3.297 million Hong Kong-listed shares of electric vehicle maker BYD (002594.SZ) for HK$560.05 million ($71.35 million), according to a filing on Friday.

The sale lowered Berkshire’s holdings in BYD’s total issued H shares to 17.92% on November 1 from 18.22%, the filing to the Hong Kong Stock Exchange showed. ($1 = 7.8498 Hong Kong dollars) Continue reading “Berkshire trims stake in China’s BYD H-shares worth HK$560 million – filing”

TOKYO, Nov 4 (Reuters) – Nissan Motor Co’s (7201.T) talks with Renault SA (RENA.PA) on revamping their alliance are focused on strengthening competitiveness as equal partners and getting the most from their investment in electric cars, the Japanese automaker’s CEO told Reuters.

The negotiations with Renault, Nissan’s top shareholder, have less than two weeks remaining to meet a Nov. 15 target the companies had set to reach a deal, according to people with knowledge of the talks. Continue reading “Nissan says talks with Renault focused on better competing in electric cars”

Nov 3 (Reuters) – Lithium producer Livent Corp (LTHM.N) is eyeing acquisitions in Canada and other countries as it looks to boost its production and processing of the metal used to make electric vehicle batteries, its chief executive told Reuters.

Already one of the top global producers of the metal, Livent has expansions underway across the globe, including Canada, but wants to grow more to meet rising demand for the metal from the electric vehicle (EV) and renewable energy industries. Continue reading “Livent looks to Canada for lithium growth opportunities – CEO”

WASHINGTON, Nov 3 (Reuters) – Luxury automaker Audi of America said on Thursday it has paused paid advertising on Twitter, the latest company to do so after the social media platform was acquired by billionaire Elon Musk.

The Herndon, Virginia-based U.S. unit of Audi, a Volkswagen Group (VOWG_p.DE) brand, said it would “continue to evaluate the situation.” Continue reading “Audi of America pauses paid Twitter advertising”

Nov 3 (Reuters) – Lyft Inc (LYFT.O) said on Thursday it would lay off 13% of its workforce, or about 683 employees, in the ride-hailing firm’s latest cost-cutting step to cope with a weakening economy.

As decades-high inflation hits consumer spending and drives up costs for businesses, companies across sectors are cutting jobs and downsizing their operations to preserve profits. Continue reading “Lyft to lay off 683 employees in cost-cutting push”

BERLIN, Nov 3 (Reuters) – Buyers of a BMW (BMWG.DE) should be able to order a car directly from the manufacturer in the future with no need to involve a car dealer, its finance chief told Muenchner Merkur.

“We want to give customers the opportunity to order directly from us,” Nicolas Peter said in an interview published on Thursday. Continue reading “BMW plans direct sales of its cars, CFO tells newspaper”

• BMW and Stellantis report strong rise in Q3 revenues
• But both raise concerns about prospects in Europe
• BMW shares fall more than 4%, Stellantis down 3%

Continue reading “Europe – the warning light flashing on carmakers’ dashboards”

WASHINGTON, Nov 3 (Reuters) – Chrysler-parent Stellantis (STLA.MI) on Thursday urged owners of 276,000 older U.S. vehicles to immediately stop driving after three crash deaths tied to faulty Takata air bag inflators were reported in the last seven months.

The “Do Not Drive” warning is for owners of previously recalled 2005 to 2010 Dodge Magnum station wagons, Dodge Challenger coupes, and Dodge Charger and Chrysler 300 sedans who have not yet addressed Takata driver-side air-bag recalls. Continue reading “Chrysler-parent air bag crash deaths prompt U.S. alert”

OAKLAND, Calif., Nov 3 (Reuters) – Silicon Valley-based AI chip startup SiMa.ai on Thursday said it is entering the automotive industry and has recruited Harald Kroeger, a former executive at top tier auto supplier Bosch and Mercedes Benz (MBGn.DE), to lead that business.

Kroeger, who is on the board of electric pickup truck firm Rivian (RIVN.O), will join SiMa.ai’s board, which includes top chip industry executives Moshe Gavrielov, a Taiwan Semiconductor Manufacturing Co. (2330.TW) board member, and Lip‑Bu Tan, an Intel (INTC.O) board member. Continue reading “AI chip startup SiMa.ai launches auto business with former Bosch, Mercedes executive”

Nov 3 (Reuters) – Tesla Inc (TSLA.O) delivered 71,704 China-made electric vehicles (EVs) in October, down 14% from a record high in the previous month, according to a report released on Thursday by the China Passenger Car Association (CPCA).

The U.S. EV maker delivered 83,135 cars in September, setting a record for Tesla’s Shanghai factory since production began in December 2019. October production was still higher than a year earlier. Continue reading “Tesla ships 71,704 China-made EVs in October – CPCA”

Nov 3 (Reuters) – Advertisers are grappling with Twitter’s new ownership under Tesla boss Elon Musk, who once tweeted “I hate advertising”.

Below are reactions from some of the companies:

Ford Motor Co (F.N) Continue reading “Factbox: Advertisers react to Twitter’s new ownership”

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

MOSCOW, Nov 3 (Reuters) – With Russia’s domestic car industry smarting from the impact of Western sanctions, sales of used cars are leading a relative resurgence, with Japan accounting for more than three quarters of those imported, according to data shared with Reuters. Continue reading “Russia turns to Japan for used car imports as domestic production slumps”

MADRID, Nov 3 (Reuters) – The chief of Volkswagen’s (VOWG_p.DE) Spanish unit SEAT said on Thursday the subsidies offered by Spanish authorities for a battery factory construction and electric vehicle production “is not sufficient”, but voiced optimism about finding a solution.

Speaking at a panel in Madrid, SEAT Chairman Wayne Griffiths said the solution, which he did not specify, has to be found within 10 days. Continue reading “VW’s SEAT says Spain’s subsidy for battery plant, EV production ‘not sufficient’”

LONDON, Nov 3 (Reuters) – Electric and hybrid vehicles accounted for 43% of sales of new cars in the European Union in the third quarter, data from the European Automobile Manufacturers Association (ACEA) showed on Thursday.

Fully electric vehicles, plug-in hybrids and hybrids made up less than 40% of all sales in the same period last year, the association said. Continue reading “EVs and hybrids account for 43% of third-quarter EU new car sales”

• Net revenue rose 29% in Q3 to 42.1 bln euros
• Shipments grew 13% in Q3 to 1.281 mln vehicles
• BEV sales up 41% year-on-year to 68,000 units

Continue reading “Stellantis sales rise 29% in Q3 but delivery issues cast cloud”

BERLIN, Nov 3 (Reuters) – German premium carmaker BMW (BMWG.DE) reported better than expected quarterly net profit on Thursday thanks to high car prices but warned that rising inflation and interest rates would start to weigh on sales in the coming months.

The higher profit comes despite lower sales volumes as supply chain issues including the semiconductor chip shortage that has curtailed output for carmakers globally. Continue reading “BMW expects sales dent as inflation hits consumer buying power”