LONDON/BERLIN, Nov 3 (Reuters) – Europe’s drive to build a homegrown electric vehicle battery industry is hitting roadblocks as investors shy away from giving startups sufficient funding to challenge the Asian companies that dominate the market.

With the notable exception of Sweden’s Northvolt, some startups hoping to build so-called gigafactories to compete with the Asian behemoths are going for smaller plants, with the aim of attracting more investment further down the line. Continue reading “Europe leans on Asia for ‘homegrown’ EV batteries”

LISBON, Nov 2 (Reuters) – Mark MacGann, the whistleblower behind the so-called Uber Files, said on Wednesday that the ride-hailing company seemed to be taking steps toward improving its work culture, but that its business model was still “absolutely” unsustainable.

The Guardian and Le Monde newspapers reported in July that Uber Technologies Inc (UBER.N) broke laws and secretly lobbied politicians as part of an aggressive drive to expand into new markets from 2013 to 2017. Continue reading “Uber whistleblower says current business model ‘absolutely’ unsustainable”

WASHINGTON, Nov 2 (Reuters) – The United Auto Workers (UAW) wants an election next month on representing about 900 workers at a General Motors (GM.N)-LG Energy (373220.KS) battery cell manufacturing joint venture in Ohio after the companies refused to recognize the union.

The UAW petition filed on Monday with the National Labor Relations Board (NLRB) and seen by Reuters seeks a Dec. 7-8 election of workers at Ultium Cells after a majority of employees had signed cards authorizing the union to represent them. Continue reading “UAW seeks quick election to represent Ohio GM-LG battery plant workers”

• Palladium seen averaging $2,069/oz in Q4, $2,037.50/oz in 2023
• Platinum seen averaging $907/oz in Q4, $970/oz in 2023
• Individual forecasts ,

Continue reading “Economic slump nudges down platinum and palladium forecasts – Reuters poll”

• Co lifts FY core profit forecast to over 1.73 bln euros
• Sees margin on core profit around 35% this year
• Adjusted EBITDA rose 17% in Q3, above forecasts
• Shipments to China region rose 73% in July-Sept

Continue reading “Defying gloom, Ferrari sees strong demand for luxury cars”

Nov 2 (Reuters) – Flexport, one of the most valuable logistics startups, is looking to add about 400 engineers to double its technical team by next year, a top company executive told Reuters.

The hiring spree, spearheaded by Dave Clark who joined Flexport in September after two decades at Amazon.com (AMZN.O), comes at a time when many big tech companies and venture capital-backed startups are either freezing hiring or laying off employees amid economic uncertainty. Continue reading “Logistics startup Flexport plans hiring spree, to double engineers in 2023”

TOKYO, Nov 2 (Reuters) – Demand for new vehicles in the United States remains strong despite rising interest and loan rates, the chief executive of Japan’s Subaru Corp (7270.T) said on Wednesday.

“Americans are feeling a slowdown in the economy, but car sales are strong as supply lags,” said Tomomi Nakamura during a news conference after an earnings announcement. Continue reading “Subaru says U.S. vehicle demand strong amid economic slowdown fears”

TOKYO, Nov 2 (Reuters) – Mitsubishi Motors Corp (7211.T), a junior partner in the Nissan Motor Co (7201.T) and Renault (RENA.PA) alliance, has not made a decision yet on whether to invest in the French automaker’s electric vehicle company, a top executive said on Wednesday.

“It’s necessary to gain the full understanding of our shareholders and board members, and for this reason, it is necessary to carefully examine the figures,” said chief executive Takao Kato. “We do not expect to reach a conclusion in such a short period of time.” Continue reading “Mitsubishi Motors says no decision yet on investing in Renault’s new EV unit”

STOCKHOLM, Nov 2 (Reuters) – Sweden-based Volvo Car AB (VOLCARb.ST) said on Wednesday its sales grew 7% year-on-year in October to 54,317 cars.

“Overall underlying demand for the company’s cars remains robust, especially for its recharge range of pure electric and plug-in hybrid cars,” it said in a statement. Continue reading “Volvo Cars’ sales up 7% in October on “robust” underlying EV demand”

SHANGHAI, Nov 2 (Reuters) – Zhejiang Geely Holding Group’s (GEELY.UL) premium electric car business plans to sell the first electric vehicle produced under the Zeekr brand in Europe next year, Zeekr’s CEO said.

Zeekr joins a growing list of Chinese automakers looking to launch or expand sales of electric vehicles in Europe next year, including BYD (002594.SZ), Xpeng (9868.HK) and Great Wall Motors (601633.SS). Continue reading “Geely’s Zeekr plans electric vehicle sales in Europe in 2023”

PARIS, Nov 2 (Reuters) – Carmaker Stellantis (STLA.MI) said on Wednesday that it monitored all social media channels which involved its brands and will continue to do so in the wake of a new leadership at Twitter, where Stellantis would be “vigilant.”

“Stellantis consistently monitors all social media channels in which its brands actively participate through its advertising agencies. This vigilance will continue towards Twitter’s new leadership,” said Stellantis in a statement sent to Reuters. Continue reading “Carmaker Stellantis: will be vigilant after Musk’s takeover of Twitter”

• Supply snags having ‘more prolonged’ impact on working capital
• Cuts 2022 wholesale deliveries, margin outlook
• Posts bigger Q3 loss
• Shares fall more than 12%

Continue reading “Aston Martin says supply snags delaying turnaround”

LONDON, Nov 2 (Reuters) – Luxury British carmaker Bentley said on Wednesday that its operating profit for the first nine months of 2022 more than doubled, as global economic uncertainty failed to dent customer interest for niche models and increased car customisation.

The unit of German carmaker Volkswagen (VOWG_p.DE) posted an operating profit for the first three quarters of 2022 of 575 million euros ($568 million), more than the 275 million euros in the same period of last year. Continue reading “Bentley’s profit gets a lift from niche, personalised cars”

SAN FRANCISCO, Nov 1 (Reuters) – Argo AI, the now shut self-driving technology unit of Ford (F.N) and Volkswagen (VOWG_p.DE), will lay off 78 employees in Austin on Tuesday, according to a notice to the Texas Workforce Commission.

The Pittsburg-based Argo AI earlier this year commenced driverless operations in Austin and Miami. Continue reading “Ford’s shuttered unit argo lays off 78 employees in Austin -govt notice”

Nov 1 (Reuters) – Twitter Inc will charge $8 a month for its Blue service, which includes its sought-after “verified” badge, new boss Elon Musk said on Tuesday as he seeks to boost subscriptions and make the social media network less reliant on ads.

“Twitter’s current lords & peasants system for who has or doesn’t have a blue checkmark is bullshit. Power to the people! Blue for $8/month,” Musk said in a tweet, adding that the price will be adjusted by “country proportionate to purchasing power parity.” Continue reading “Musk says Twitter will charge $8/month for blue check mark”

BERLIN, Nov 1 (Reuters) – Volkswagen (VOWG_p.DE) said on Tuesday it would sell its carsharing service WeShare to Miles Mobility, under a deal that sees the Berlin-based competitor order more than 10,000 electric cars from the Audi, Seat/Cupra and VW brands.

Volkswagen said it would not disclose the selling price as per the agreement. Continue reading “Volkswagen sells WeShare to Berlin-based carsharing service”

Nov 1 (Reuters) – Uber Technologies Inc (UBER.N) on Tuesday forecast fourth-quarter operating profit above Wall Street estimates, betting on cost controls and rising demand for its rides as customers resume spending more on travel, sending its shares up 13%.

With cities reopening and travel booming, consumers are shifting their budgets to services, Chief Executive Dara Khosrowshahi said, compared to the two years of COVID-led lockdowns when they had limited spending to basic needs. Continue reading “Uber shares surge on solid profit forecast as rideshare recovery defies inflation”

Nov 1 (Reuters) – Elon Musk has championed Tesla Inc’s (TSLA.O) driver assistance Autopilot and “Full Self-Driving” software as innovations that will both improve road safety and position the electric vehicle maker as a technology leader.

But the Tesla systems – and Musk’s claims about them – face their biggest challenge since the launch of Autopilot in 2015 as a series of lawsuits and a criminal case over fatal Tesla accidents head to court. Continue reading “Factbox: Tesla’s Autopilot faces unprecedented scrutiny”

Source : PTI | New Delhi: Auto components maker Minda Corporation on Monday said it has collaborated with South Korean firm Daesung Eltec to bring next generation advanced driver assistance system solutions to India. The two companies signed a technology licence and assistance agreement on October 28, 2022, Minda Corporation said in a statement.

Through the collaboration, the partners will offer advanced driver assistance system (ADAS) for passenger, commercial and off-road vehicles segment. Continue reading “Minda Corporation ties up with South Korea’s Daesung Eltec for ADAS technology”

Source : PTI New Delhi: The Indian passenger vehicles segment is expected to touch record sales this fiscal and follow it up in 2023-24 with an 8 per cent growth, Maruti Suzuki India Ltd Chairman R C Bhargava said on Friday. In a virtual press conference on the company’s second-quarter earnings, Bhargava said several factors such as easing of semiconductor shortage, restoration of supply chain after the disruption by COVID-19 pandemic besides a better economic growth prospect in India are propelling automobile sales although small cars sales are gradually declining. Continue reading “Maruti chairman expects record PV sales for auto industry this fiscal, 8% growth in FY24”

Source : PTI  In a bid to bring down air pollution, the West Bengal government is set to launch nearly 1,200 electric buses in Kolkata over the next two years, of which 400 will be operational by January 2023, a senior transport official said.

The transport department is also working to introduce CNG-run buses in the northern and western parts of the state, he said. Continue reading “Bengal to launch more electric, CNG buses to reduce air pollution”

Source : PTI Its steel works, tubes division and cold rolling mill (Bara) in Jamshedpur have joined an exclusive group of steel producing sites around the world to receive the certification.

Three production facilities of Tata Steel Monday received the ResponsibleSteel certification placing the country in the global decarborisation and sustainability map, officials said. The Tata Steel site is the first to be certified and receive the
first ResponsibleSteel certification in India, they said. Continue reading “Tata Steel in global decarbonisation and sustainability map”

• Q2 profit 562.7 bln yen vs 772.2 bln yen forecast
• Cuts FY production target to 9.2 mln units from 9.7 mln
• Unclear when chip shortage will end – executive
• Results ‘very unimpressive’ considering positive factors -analyst
• Shares end down 1.9%, Nikkei benchmark up 0.3%

Continue reading “Toyota cuts output target amid chip crunch as profit tumbles 25%”

MEXICO CITY, Oct 31 (Reuters) – U.S. automaker Ford Motor Co (F.N) opened its new global technology and business center on the outskirts of Mexico’s capital on Monday after a $260 million investment.

The new campus will host business operations, global transformation activities and the largest engineering center in Mexico, according to a video shared by the company’s Twitter account. Continue reading “U.S. automaker Ford opens $260 million campus in Mexico”

Oct 31 (Reuters) – The United Auto Workers on Monday said it was seeking an election to represent workers at a General Motors (GM.N)/LG Energy (373220.KS) battery cell manufacturing joint venture in Ohio after the companies refused to recognize the union.

The UAW said it had filed a petition with the National Labor Relations Board (NLRB) on behalf of approximately 900 workers at Ultium Cells after a majority of workers had signed cards authorizing the union to represent them. Continue reading “UAW seeks election to represent GM battery joint venture workers”

Oct 31 (Reuters) – A fragile supply chain marred by geopolitical tensions could hit the planned expansion of electric vehicle (EV) battery production, slowing EV adoption, S&P Global Mobility warned in a report on Monday.

The auto industry information provider said original equipment manufacturers’ battery-electric and hybrid vehicle sales aspirations will face strong headwinds as they scramble for raw materials, with annual market demand for lithium-ion batteries pegged at about 3.4 Terawatt hours (TWh) by 2030. Continue reading “EV battery production faces supply chain, geopolitical headwinds – report”

PARIS, Oct 31 (Reuters) – Elon Musk has assured the European Commission that Twitter will abide by tough European rules on illegal online content policing now that the social network has passed under his ownership, European Union sources said on Monday.

In a previously unreported exchange last week, Musk told Thierry Breton, the EU’s industry chief, that he planned to comply with the region’s Digital Services Act, which levies hefty fines on companies if they do not control illegal content. Continue reading “Exclusive: Elon Musk reached out to EU industry chief to pledge content policing compliance”

Oct 31 (Reuters) – Electric vehicle maker Nikola Corp (NKLA.O) said on Monday it was working with KeyState Natural Gas Synthesis to create Pennsylvania state’s first low-carbon hydrogen production supply chain.

However, Nikola said it was working on a definitive agreement with the hydrogen producer to expand supply for Nikola’s fuel-cell electric vehicles. Continue reading “Nikola, KeyState to collaborate on hydrogen supply”

TOKYO, Oct 31 (Reuters) – Japan’s Panasonic Holdings Corp (6752.T) said on Monday it will start building a new battery plant in Kansas in November and aims to begin mass production by March 2025, targeting North America’s fast-growing market for electric vehicles.

The conglomerate’s energy unit said in July it had picked Kansas as the site for a new plant to supply batteries primarily to Tesla Inc (TSLA.O), joining other battery producers planning massive U.S. investments to qualify for new EV tax credit rules and to tap that market’s potentially massive demand. Continue reading “Panasonic to start building Kansas battery plant next month”