Dec 13 (Reuters) – China’s Geely Automobile Holdings Ltd (0175.HK) said on Tuesday its electric car brand, Zeekr, had confidentially filed for a U.S. initial public offering, in what would be the first major Chinese listing in the country in nearly two years.

Zeekr filed with U.S regulators last week, without providing any details on the size of its IPO or about its listing date, said Geely, which in October had laid out plans to spin off the subsidiary. Continue reading “Geely’s premium electric car brand Zeekr files for U.S. IPO”

HONG KONG, Dec 13 (Reuters) – Berkshire Hathaway, the investment company owned by Warren Buffett, has sold 1.33 million Hong Kong-listed shares of electric vehicle maker BYD (002594.SZ) for HK$267.69 million ($34.43 million), a stock exchange filing showed.

The sale lowered Berkshire’s holdings in BYD’s total issued H-shares to 14.95% on Dec. 8, down from 15.07%, according to a filing to the Hong Kong Stock Exchange on Tuesday. Continue reading “Berkshire Hathaway sells $34.4 mln worth of shares in China’s BYD”

BEIJING, Dec 13 (Reuters) – From e-commerce giant JD.com to cosmetics brand Sephora, companies in China are rushing to minimise the impact of surging COVID infections – doling out test kits, encouraging more work from home and, in some cases, procuring truckloads of medicine.

After unprecedented protests against oft-draconian COVID curbs, the world’s second-largest economy abruptly dropped its zero-tolerance COVID stance last week. The ensuing fierce spread of the virus has even forced certain businesses to shut their doors for the time being. Continue reading “Hit by COVID wave, companies in China strain to keep operations running normally”

• German, Chinese and S.Koreans head to Hungary
• They dominate auto investment and subsidies
• Orban’s Hungary keen to court foreign business

BERLIN/BUDAPEST, Dec 13 (Reuters) – German automakers and Asian battery suppliers are getting together in Hungary in a multi-billion-dollar marriage of convenience to drive their electric ambitions. Continue reading “German car giants and Asian battery kings: a match made in Hungary”

WASHINGTON, Dec 12 (Reuters) – The U.S. new vehicle automotive fleet’s fuel efficiency was flat in the 2021 model year as automakers sold more sport utility vehicles and pickup trucks compared to cars, while the Detroit Three lagged behind foreign competitors and Tesla.

The U.S. Environmental Protection Agency said on Monday the fleetwide real-world average was 25.4 miles per gallon in the 2021 model year, the same as in 2020. The EPA estimates the 2022 fleetwide efficiency average will rise to 26.4 mpg. Continue reading “U.S. auto fleet fuel efficiency flat in 2021 as Detroit Three lag”

WASHINGTON, Dec 12 (Reuters) – United Auto Workers (UAW) President Ray Curry said Monday he is optimistic the union can quickly reach a contract deal with a General Motors (GM.N), LG Energy Solution (373220.KS) battery cell joint venture factory.

Last week, workers at the Ultium Cells LLC plant northeast Ohio overwhelmingly voted to join the UAW, a big win for the union seeking to organize the growing electric vehicle supply chain sector. Continue reading “UAW union president optimistic on quick contract with GM-LG battery venture”

Dec 12 (Reuters) – Automaker Stellantis NV (STLA.MI) said on Monday it will power 70 of its facilities in Michigan entirely with solar energy by 2026 through a partnership with DTE Energy Co (DTE.N), the state’s largest producer of renewable energy.

The partnership is a part of Stellantis’s goal to achieve “carbon net zero globally” by 2038 and comes at a time when businesses are under pressure to cut their environmental impact. Continue reading “Stellantis teams up with Michigan’s DTE to advance renewable energy goals”

WASHINGTON, Dec 12 (Reuters) – The U.S. Senate will aim to vote on a bill to keep the federal government operating for one week past a Friday deadline, as Democrats and Republicans bicker over a longer-term measure likely to spend more than $1.5 trillion, Majority Leader Chuck Schumer said on Monday.

“Over the weekend, appropriators held positive and productive conversations,” Schumer said in a speech to the Senate. Referring to a short-term bill known as a “continuing resolution,” he added, “Later this week members should be prepared to take quick action on a CR, a one-week CR, so we can give appropriators more time to finish a full-funding bill before the holidays.” Continue reading “U.S. Senate aims for stop-gap bill as funding deadline looms, Schumer says”

WASHINGTON, Dec 12 (Reuters) – The U.S. Energy Department said on Monday it had finalized a $2.5 billion low-cost loan to a joint venture of General Motors Co (GM.N) and LG Energy Solution (373220.KS) to help pay for three new lithium-ion battery cell manufacturing facilities.

Reuters first reported in July the planned loan to Ultium Cells LLC from the government’s Advanced Technology Vehicles Manufacturing (ATVM) loan program. Continue reading “U.S. finalizes $2.5 billion loan to GM, LG battery joint venture”

MILAN, Dec 12 (Reuters) – Discussions over new job contracts in Italy for Stellantis (STLA.MI), Ferrari (RACE.MI), CNH Industrial (CNHI.MI) and Iveco (IVG.MI) workers will be extended into January, a union representative said on Monday.

The UILM, FIM-CISL, Fismic, UGLM and AQCF metalworkers’ unions in October started talks to renew four-year contracts expiring at the end of 2022 for most Italian workers at the four groups, all descended from the former Fiat. Continue reading “Italian autos pay talks to run into January – union”

Dec 12 (Reuters) – Mercedes-Benz (MBGn.DE) Vans will invest more than 1 billion euros ($1.05 billion) to build its first electric-only vans plant in Jawor, Poland, pending approval of conditions such as the sign-off of subsidies for its investment, the company said on Monday.

The van maker, a division of Mercedes-Benz, has signed a declaration of intent with the Polish government and other partners to add the van factory to its Jawor site where it makes combustion engines and batteries for Mercedes-Benz Cars. Continue reading “Mercedes-Benz Vans plans first electric-only plant in Jawor”

Dec 12 (Reuters) – Rivian Automotive Inc (RIVN.O) said on Monday it is pausing its joint venture with Mercedes-Benz Vans, just three months after the companies entered a partnership to make electric vans in Europe.

The electric vehicle maker said it will focus on its consumer and existing commercial business as it tries to become cash flow positive in its U.S. operations. Continue reading “Rivian pauses JV plans with Mercedes-Benz to make electric vans in Europe”

HONG KONG, Dec 12 (Reuters) – Zeekr, one of Chinese automaker Geely’s upmarket electric car brands, has confidentially filed for a U.S. initial public offering, aiming to raise more than $1 billion, three sources with direct knowledge of the matter told Reuters.

In what would be the first major Chinese float in the United States in more than a year and a half, Zeekr is seeking a valuation of more than $10 billion, two of the sources said. Continue reading “Exclusive: Zeekr, a premium Geely electric car brand, seeks over $1 billion in U.S. IPO – sources”

MEXICO CITY, Dec 9 (Reuters) – A dispute panel under a regional trade pact has sided with Mexico and Canada against the United States in a disagreement over regional content requirements for the auto sector, Mexico’s presidency said on Friday in a tweet that was later deleted.

“The decision could generate more incentives to generate auto parts in our country,” the tweet said. Continue reading “Trade panel sides with Mexico, Canada in auto rules dispute, Mexico says”

WASHINGTON, Dec 9 (Reuters) – A U.S. auto safety regulator on Friday said it had confirmed a new crash death from a faulty air bag in a Honda (7267.T) car, as it urged owners to get recall repairs completed.

The National Highway Traffic Safety Administration (NHTSA) said it had confirmed that the February death of the driver of a 2002 Honda Accord in Bowling Green, Kentucky, was due to a faulty air bag inflator. Continue reading “U.S. confirms another Honda death from faulty air bag”

WASHINGTON/DETROIT, Dec 9 (Reuters) – Chrysler parent Stellantis (STLA.MI) on Friday said it will indefinitely halt operations at an assembly plant in Illinois in February, citing the rising costs of electric vehicle production.

The automaker, which employs about 1,350 workers at the Belvidere, Illinois, plant that builds the Jeep Cherokee SUV, said the action will result in indefinite layoffs and added it may not resume operations as it considers other options. Continue reading “Stellantis to indefinitely idle Illinois plant, cites EV costs”

WASHINGTON, Dec 9 (Reuters) – Workers at a General Motors-LG Energy (GM.N), (373220.KS) battery cell factory in northeast Ohio overwhelmingly voted to join the United Auto Workers, a big win for the union seeking to organize the growing electric vehicle supply chain sector.

The National Labor Relations Board said hourly employees at the Ultium Cells LLC plant near Cleveland voted 710 to 16 in favor of joining the union. Continue reading “Ohio workers vote for union at GM, LG battery plant”

• Strike disrupted supplies of cars, cement and fuel
• No breakthrough over minimum wage scheme with government
• Businesses were better prepared for truckers’ strike
• Yoon took harder line on second strike in six months -analysts

SEOUL, Dec 9 (Reuters) – South Korean truckers voted to end their strike on Friday as it entered a third week with public support waning and the government refusing to budge, saying the action had caused “astronomical” damage to the economy. Continue reading “South Korean truckers vote to end strike for minimum wage protections”

MEXICO CITY, Dec 9 (Reuters) – A dispute panel under a regional trade pact has sided with Mexico and Canada against the United States in a disagreement over regional content requirements for the auto sector, Mexico’s presidency said on Friday in a tweet that was later deleted.

“The decision could generate more incentives to generate auto parts in our country,” the tweet said. Continue reading “Trade panel sides with Mexico, Canada in auto rules dispute, Mexico says”

WASHINGTON/DETROIT, Dec 9 (Reuters) – Chrysler parent Stellantis (STLA.MI) on Friday said it will indefinitely halt operations at an assembly plant in Illinois in February, citing the rising costs of electric vehicle production.

The automaker, which employs about 1,350 workers at the Belvidere, Illinois, plant that builds the Jeep Cherokee SUV, said the action will result in indefinite layoffs and added it may not resume operations as it considers other options. Continue reading “Stellantis to indefinitely idle Illinois plant, cites EV costs”

WASHINGTON, Dec 9 (Reuters) – A U.S. auto safety regulator on Friday said it had confirmed a new crash death from a faulty air bag in a Honda (7267.T) car, as it urged owners to get recall repairs completed.

The National Highway Traffic Safety Administration (NHTSA) said it had confirmed that the February death of the driver of a 2002 Honda Accord in Bowling Green, Kentucky, was due to a faulty air bag inflator. Continue reading “U.S. confirms another Honda death from faulty air bag”

BERLIN, Dec 9 (Reuters) – Germany wants a joint European response to the U.S. Inflation Reduction Act that would involve simplifying rules on state support and expanding funding opportunities, according to a German economy ministry document seen by Reuters on Friday.

The European Union could set up a programme to promote green technology by combining various funding elements to avoid budget constraints: the Innovation Fund could increase support for large-scale projects for clean technologies, for example, or the European Investment Bank (EIB) could take on more risk through guarantees, it said. Continue reading “German economy ministry calls for joint EU response to U.S. inflation act”

• Strike disrupted supplies of cars, cement and fuel
• No breakthrough over minimum wage scheme with government
• Businesses were better prepared for truckers’ strike
• Yoon took harder line on second strike in six months -analysts

SEOUL, Dec 9 (Reuters) – South Korean truckers voted to end their strike on Friday as it entered a third week with public support waning and the government refusing to budge, saying the action had caused “astronomical” damage to the economy. Continue reading “South Korean truckers vote to end strike for minimum wage protections”

DETROIT, Dec 8 (Reuters) – General Motors Co (GM.N) Chief Executive Mary Barra said on Thursday demand for the American automaker’s vehicles remains strong and it expects U.S. new-vehicle sales to rebound next year.

Barra said she expects 2023 U.S. sales of new cars and light trucks to finish at 15 million units. That would be up from an estimated 13.7 million in 2022 and in line with an expected 14.7 million in 2023, according to S&P Global Mobility. Continue reading “GM CEO sees U.S. new-car sales rebounding in 2023”

Dec 8 (Reuters) – More than 40 manufacturers, shippers and industry groups including Siemens (SIEGn.DE), Maersk (MAERSKb.CO) and Unilever (ULVR.L) called on the EU on Thursday to mandate that all freight trucks be zero-emission models by 2035.

In a letter published on Thursday the group said its signatories “urge the European Commission to set all new freight trucks on a path to zero emission from 2035,” with a five-year exemption for vocational vehicles such as construction, mining and timber trucks that will require longer to develop and produce at scale. Continue reading “Siemens, others call for only zero-emission freight trucks to be sold in EU by 2035”

TOKYO, Dec 8 (Reuters) – The talks between Renault SA (RENA.PA) and Nissan Motor Co (7201.T) over alliance restructuring are certain to spill into next year, Bloomberg reported on Thursday, citing people familiar with the matter.

The automakers are looking to make announcements toward the end of January, Bloomberg reported. Continue reading “Renault-Nissan alliance talk certain to spill into new year, sources say -Bloomberg”

WASHINGTON, Dec 7 (Reuters) – Two senior Republican lawmakers on Wednesday were highly critical of the decision by the U.S. Energy Department to award $200 million to Microvast Holdings (MVST.O) over the lithium battery company’s ties to the Chinese government.

In October, Texas-based Microvast won a $20 million U.S. grant from the department to help build a new EV battery components plant in Tennessee. Continue reading “Republican lawmakers criticize U.S. grant to battery company with China ties”

CREWE, England, Dec 7 (Reuters) – Volkswagen’s (VOWG_p.DE) Bentley expects a slight drop in production in 2023 as shutdowns in China have slowed orders, the British luxury carmaker’s chief executive said on Wednesday.

While its customers are still placing orders, they were not doing so during lockdowns in major cities such as Beijing and Shanghai which account for a large portion of Bentley’s orders in China, CEO Adrian Hallmark told reporters. Continue reading “Bentley China orders slowed by shutdowns, has no IPO plans”

BERLIN, Dec 7 (Reuters) – Volkswagen (VOWG_p.DE) will invest 460 million euros ($482 million) by early 2025 in its Wolfsburg plant, with most of the funds to be spent for the production of the electric ID.3 model, brand chief Thomas Schaefer said on Wednesday.

After full production of the compact car gets underway, which is expected by 2025, an additional fully-electric model in the SUV segment will be produced in Wolfsburg on the MEB platform, an electric-only platform used since 2019. Continue reading “Volkswagen to invest $482 mln to make electric compact car at Wolfsburg”

Dec 7 (Reuters) – U.S. ride-hailing firm Uber Technologies Inc (UBER.N) and driverless tech-maker Motional said on Wednesday they launched their public robotaxi service in Las Vegas.

Tough regulatory scrutiny and delayed commercial adoption of autonomous vehicle technology have delayed deployment of robotaxi services, leaving investors worried. Continue reading “Uber, Motional launch robotaxi service in Las Vegas”

WASHINGTON, Dec 7 (Reuters) – Workers begin two days of voting on Wednesday to decide whether to unionize at a General Motors (GM.N)-LG Energy (373220.KS) battery cell manufacturing joint venture in Ohio.

Workers at an Ultium Cells plant near Cleveland are voting on Wednesday and Thursday after the United Auto Workers (UAW) union petitioned to represent about 900 workers. Results of the election overseen by the National Labor Relations Board are expected on Friday. Continue reading “Voting opens in key UAW test to organize U.S. battery plants”

Dec 7 (Reuters) – Swedish electric self-driving truck start-up Einride said on Wednesday it had agreed to raise capital of $500 million from debt, equity and the conversion of earlier loans, speeding up the company’s ability to pursue new markets and customers.

A $300 million debt facility was signed with Barclays Europe, while $200 million in equity came from new and existing investors, including EQT and Northzone, Einride said in a statement. Continue reading “Swedish self-driving truck start-up Einride raises more cash”

BANGKOK, Dec 7 (Reuters) – Tesla Inc launched two electric vehicle (EV) models in Thailand on Wednesday, marking its first foray into the regional autos hub that has long been dominated by Japanese manufacturers.

The launch of two EVs with prices ranging between 1.7 million baht to 2.5 million baht (($48,447 to $71,205) comes as Thailand makes a push for EV adoption and production by offering tax cuts and subsidies. Continue reading “Tesla launches EVs in Thailand amid competition from cheaper brands”

MEXICO CITY, Dec 6 (Reuters) – Mexico’s auto parts production will likely hit a record of nearly $107 billion this year, up almost 13% from last year, the director of the national auto parts lobby INA announced on Tuesday.

Mexico’s massive car making and auto parts sector is a key driver for the country’s manufacturing industry, which is heavily integrated into U.S. and Canadian supply chains. Continue reading “Mexican trade body sees auto parts output setting record this year”

WASHINGTON, Dec 6 (Reuters) – The U.S. National Highway Traffic Safety Administration (NHTSA) is opening new safety probes into 1.72 million Honda vehicles, 230,000 Jeeps and 390,077 Ram trucks.

The auto safety regulator said it will begin preliminary evaluations into issues involving loss of power and braking, a first step before it could seek to compel recalls. Continue reading “U.S. agency opens safety probes into Honda, Jeep, Ram vehicles”

WASHINGTON, Dec 6 (Reuters) – The United Auto Workers (UAW) union called on automakers to shift their entire supply chain out of China’s Xinjiang region after a new report on Tuesday suggests that nearly every major automaker has significant exposure to products made with forced labor.

In June, a U.S. law took effect banning the import of forced labor goods from Xinjiang, in pushback against Beijing’s treatment of China’s Uyghur Muslim minority, which Washington has labeled genocide. Continue reading “UAW calls on automakers to move supply chain out of Xinjiang region”

MEXICO CITY, Dec 6 (Reuters) – Mexico’s auto parts production will likely hit a record of nearly $107 billion this year, up almost 13% from last year, the director of the national auto parts lobby INA announced on Tuesday.

Mexico’s massive car making and auto parts sector is a key driver for the country’s manufacturing industry, which is heavily integrated into U.S. and Canadian supply chains. Continue reading “Mexican trade body sees auto parts output setting record this year”

Dec 6 (Reuters) – Apple Inc (AAPL.O) has scaled back ambitious self-driving plans for its future electric vehicle and postponed the car’s target launch date to 2026, Bloomberg News reported on Tuesday, citing people with knowledge of the matter.

The iPhone maker’s shares fell 2.4% following the report. Continue reading “Apple scales back self-driving car, delays launch to 2026 – Bloomberg News”