May 3 (Reuters) – Ford Motor Co (F.N) expects to take up restructuring charges between $1.5 billion and $2 billion in 2023, it said in a regulatory filing on Wednesday, as part of the U.S. automaker’s move to exit unprofitable locations and cut headcount.

The charges will be primarily attributable to “employee separations and supplier settlements,” the automaker said, adding additional restructuring actions may be taken “where a path to sustained profitability is not feasible when considering the capital allocation required for those businesses.”

Continue reading “Ford sees $1.5 billion to $2 billion restructuring charges in 2023”

STOCKHOLM, May 3 (Reuters) – Sweden-based Volvo Cars (VOLCARb.ST) said on Wednesday that sales increased by 10% year-on-year in April to 51,976 cars, boosted by strong gains in China.

Volvo Cars, which is majority-owned by China’s Geely Holding (0175.HK), said in a statement that sales in China were up 46%. In Europe, its biggest market, sales were up 5%, while in the U.S. they were down 4%.

Continue reading “Volvo Cars’ sales grow 10% in April on demand jump in China”

BERLIN, May 3 (Reuters) – Luxury carmaker Porsche (P911_p.DE) will raise prices by 4-8% in Europe and the U.S. in the second half to combat higher costs that weighed on returns in the first quarter, even as profits and revenue jumped by over 25%, it said on Wednesday.

The company was still seeing issues with the supply of semiconductors and parts for the electric Taycan’s high voltage heating system, but expects them to ease in the coming months, Chief Financial Officer Lutz Meschke said on a call following first quarter results.

Continue reading “Porsche to raise prices further as profits jump”

BANGKOK, May 3 (Reuters) – Thailand is in talks with China’s CATL (300750.SZ) and other battery makers to build production facilities in Southeast Asia’s second-largest economy that has ambitions to become a regional EV production hub, a government official said.

These discussions come as Thailand, a regional autos hub, pushes to become a key player in the global electric vehicle (EV) supply chain outside of China by offering tax cuts and subsidies to drive EV adoption and production.

Continue reading “Thailand in talks with CATL, others on potential battery plants, government official says”

May 2 (Reuters) – Ford Motor Co (F.N) on Tuesday posted robust first-quarter revenue and profit, thanks to strong demand for trucks and SUVs, but issued a measured full-year outlook tempered by continued losses in its electric-vehicle unit.

In a late briefing, Ford Chief Executive Officer Jim Farley said he hopes the company becomes “boringly predictable” at meeting investor expectations. Ford missed Wall Street estimates for the fourth quarter, leaving $2 billion on the table, Farley said earlier this year.

Continue reading “Ford’s profit rises on strong truck demand but EV outlook weighs”

WASHINGTON, May 2 (Reuters) – White House senior adviser John Podesta said Toyota Motor Corp (7203.T) “had been the laggard” on producing electric vehicles but is now “fully committed” after he met recently with senior company officials at the Japanese automaker.

“I think they’re going to stick with plug-in hybrids for a while, maybe longer than some of the other companies but they’re fully now committed under their new leadership to electrification,” Podesta told Reuters reporters and editors in a roundtable meeting on Tuesday.

Continue reading “White House says Toyota ‘fully committed’ to electrifying auto fleet”

PTI – The move is part of the company’s recently announced plan to extend services to 30 cities in the country and expand its fleet size to 2-lakh e-scooters by 2025.

May 1 (Reuters) – Lordstown Motors (RIDE.O) warned on Monday it might be forced to file for bankruptcy due to uncertainty over a $170 million investment deal with its major shareholder Foxconn (2317.TW), sending shares of the Ohio-based electric truck maker down 23%.

Foxconn struck a deal in November to take a near-20% stake in the money-losing U.S. firm for up to $170 million. It has since invested $52.7 million and is balking at purchasing additional shares, citing a breach of their agreement, Lordstown said.

Continue reading “Lordstown shares dive 23% as investor Foxconn alleges agreement breach”

May 1 (Reuters) – A federal judge in Detroit on Monday threw out a jury verdict ordering Ford Motor Co (F.N) to pay Versata Software Inc $104.6 million for breaching a 2004 licensing contract and misappropriating trade secrets.

U.S. District Judge Matthew Leitman said that while Versata Software, which licensed software to Ford from 1998 to 2015, offered sufficient evidence of a contract breach, it did not offer evidence to let jurors calculate damages accurately.

Continue reading “Ford wins reversal of $105 mln trade secrets verdict”

NEW YORK, May 1 (Reuters) – The U.S. government could delay a decision on giving electric vehicle (EV) manufacturers tradable credits under a renewable fuel scheme, due to concern about legal challenges to the plan, two sources familiar with the matter said.

The plan would have given EV automakers such as Tesla (TSLA.O) credits for charging vehicles using power generated from renewable natural gas, or methane collected from sources such as cattle or land fills.

Continue reading “Exclusive: US government may delay decision on electric vehicles biofuel program”

May 1 (Reuters) – General Motors Co (GM.N) on Monday said it had cut several hundred full-time contract workers over the weekend including at its engineering hub in suburban Detroit, the latest effort by the U.S. automaker to streamline operations.

The contractors losing their jobs were within global product development at locations such as the company’s Warren Tech Center. The Wall Street Journal reported the job cuts earlier.

Continue reading “GM cuts several hundred full-time contract workers”

PTI – The Finance Ministry on Monday reported the GST collections for the month of April 2023 at Rs 1.87 lakh crore, the highest ever.

“Gross GST collection in April 2023 is all time high, Rs 19,495 crore more than the next highest collection of Rs. 1,67,540 lakh crore, in April 2022,” said a release from the Centre.

Continue reading “GST revenue collection for April 2023 highest ever at Rs 1.87 lakh crore”

FRANKFURT, May 1 (Reuters) – Volkswagen (VOWG_p.DE) co-owner Wolfgang Porsche will stand for one more term on the German car manufacturer’s supervisory board, according to trade publication Automobilwoche.

At Volkswagen’s annual general meeting on May 10, Porsche wants to be re-elected for five years. “After that, younger people have to do it,” he told the publication.

Continue reading “Wolfgang Porsche announces final term on Volkswagen supervisory board”

BENGALURU, May 1 (Reuters) – Maruti Suzuki India Ltd (MRTI.NS) expects some recovery in chip shortages in the second quarter, an executive at the country’s top carmaker said on Monday.

The shortage, which affected the company’s April production, will continue in the current quarter ended June, the executive said.

Continue reading “Maruti Suzuki India expects chip shortage to ease in Q2”

PTI – The Transport department will also hold a consultation with the Delhi Metro Rail Corporation regarding the takeover of the feeder buses that will ply as “mohalla” buses. They will also be painted in hues of blue like the other electric buses.

PTI – There will also be retail outlets for promoting handicrafts and locally-manufactured products, the minister said, adding some of the WSAs will also have helipads and drone landing facilities to deal with medical emergencies like road accidents and organ transplantation.

PTI – “The problem (chip shortage) is a global one..it could affect different models, different companies, different modules differently..all our efforts are to organise supplies through multiple sources,” Maruti Suzuki India (MSI) Executive Officer (Corporate Affairs) Rahul Bharti said in an analyst call.

PTI – Nayara, the largest private fuel retailer that owns over 7 per cent of India’s 86,855 petrol pumps, started pricing petrol and diesel at market rates sometime in March and RBML’s 1,555 petrol pumps are selling diesel at par from this month.