TURIN, Sept 22 (Reuters) – Stellantis (STLA.MI) chairman said on Wednesday production in Italy was key to the carmaker, responding to criticism that manufacturing in the country was becoming less important after the merger between Fiat Chrysler and PSA that created the group.

John Elkann said Stellantis had invested 2 billion euros ($2.35 billion) in Turin to produce full-electric cars – including the BEV 500 – and hybrid ones along with innovative projects, such as smart-grid recharging infrastructure.

The investment, he added, is a “clear and important sign that we believe not only in all the women and men who work there, but also in the entire automotive district of the city@.

Continue reading “Stellantis chairman says Turin is key for group’s manufacturing”

WASHINGTON, Sept 22 (Reuters) – General Motors Co (GM.N) is set to name a senior U.S Senate aide and former top auto safety official as its new regulatory affairs chief as the largest U.S. automaker expands its electric vehicle plans, sources told Reuters.

GM will appoint David Strickland as vice president for global regulatory affairs, beginning Oct. 1, they said.

Strickland is currently staff director of the U.S. Senate Commerce Committee and served as National Highway Traffic Safety Administration (NHTSA) chief under President Barack Obama.

Continue reading “GM to name former NHTSA chief as global regulatory chief – sources”

Sept 22 (Reuters) – Ford Motor Co (F.N) and startup Redwood Materials said on Wednesday they are partnering to form a “closed loop” or circular supply chain for electric vehicle batteries, from raw materials to recycling.

The aim is to lower the cost of EVs by reducing the dependence on imported materials, while also narrowing the environmental impact from mining and refining of battery materials.

Ford and Redwood will work closely with Korean battery maker SK Innovation (096770.KS), which has a joint venture with Ford called BlueOvalSK to make EV battery cells in the United States, Ford executive Lisa Drake said at a media briefing.

Continue reading “Ford, Redwood form ‘circular’ supply chain for EV battery materials”

SANAND, India, Sept 21 (Reuters) – Hundreds of workers at a Ford Motor Co (F.N) factory in India’s western Gujarat state protested outside the automaker’s plant on Tuesday, demanding that the factory’s closure plan be scrapped or workers be provided other jobs.

The blue-uniformed workers gathered outside what is Ford’s car manufacturing and engine-making facility in Gujarat’s Sanand city and said the plant’s closure planned for the year-end would lead to the loss of their livelihoods.

“After working here for seven years, I am suddenly being told I do not have a job. What is my future?” asked Anil Singh Jhala, one of the workers.

Continue reading “Hundreds of Ford India workers protest over planned plant closure”

MEXICO CITY, Sept 22 (Reuters) – Mexican used-car platform Kavak said it has more than doubled its valuation to $8.7 billion based on its latest funding round, making it the second-most valuable startup in Latin America as it eyes further expansion beyond its home market.

Kavak’s chief executive, Carlos Garcia, told Reuters the Mexico City-based firm netted $700 million in its Series E round, making the platform second only to Brazilian fintech Nubank among the highest-valued startups in the region.

The injection of capital has delivered a boost to Kavak’s plans to expand outside the region as a one-stop shop for browsing, purchasing and financing pre-owned cars via an app.

Continue reading “EXCLUSIVE Mexico’s Kavak says new funds make it second-most valuable LatAm startup”

Sept 21 (Reuters) – Robin Geoulla had doubts about the automated driving technology equipped on his Tesla Model S when he bought the electric car in 2017.

“It was a little scary to, you know, rely on it and to just, you know, sit back and let it drive,” he told a U.S. investigator about Tesla’s Autopilot system, describing his initial feelings about the technology.

Geoulla made the comments to the investigator in January 2018, days after his Tesla, with Autopilot engaged, slammed into the back of an unoccupied fire truck parked on a California interstate highway. Reuters could not reach him for additional comment.

Continue reading “A life and death question for regulators: Is Tesla’s Autopilot safe?”

SINGAPORE, Sept 21 (Reuters) – A global drive towards electrification of road transport to reduce carbon emissions may cut demand for the world’s oil refining capacity by half in 2050, consultancy Rystad Energy says.

“Going forward we will be touching by 2050 somewhere very close to 90% of electrification,” Mukesh Sahdev, senior vice president and head of downstream at Rystad Energy said, adding that this scenario would probably lead to a 50% decline in global refining capacity.

Electric vehicles will cut global consumption of gasoline and diesel, but demand for other refined oil products in aviation, maritime and petrochemical sectors could remain high because of urbanisation which will pose a challenge to the refining sector, Mukesh said.

Continue reading “Electric vehicles may cut global refining capacity demand by half in 2050 – Rystad”

BERLIN, Sept 21 (Reuters) – German activists have filed a lawsuit against automakers BMW and Daimler for refusing to tighten carbon emissions goals, the first time German citizens have sued private companies for exacerbating climate change.

The lawsuit from the heads of Deutsche Umwelthilfe (DUH), a non-governmental organisation (NGO), is similar to one being lined up for Volkswagen (VOWG_p.DE) by the heads of Greenpeace’s Germany division in collaboration with Fridays for Future activist Clara Mayer and an unidentified landowner. However, this group has given Volkswagen until Oct. 29 to respond.

DUH also challenged energy firm Wintershall (WINT.UL) to restrict its emissions targets, but no suit has been filed against the company as of yet.

Continue reading “Explainer: Why are BMW and Daimler being sued over climate change?”

BENGALURU, Sept 20 (Reuters) – Indian used-car platform Cars24 said on Monday it raised $450 million from investors including SoftBank Group (9984.T), nearly doubling its valuation to $1.84 billion, as demand for personal transport soared during the pandemic.

Car sales have picked up in recent months as curbs ease and people avoid public transport, but carmakers have been hit by semiconductor shortages that have disrupted production. The used-car market has also seen a pick-up in recent months.

Demand for used cars is at an all-time high, Cars24 Chief Executive Officer Vikram Chopra said in an emailed statement to Reuters.

Continue reading “India’s Cars24 valuation nearly doubles after $450 mln raise”

BERLIN, Sept 20 (Reuters) – A consortium led by Volkswagen (VOWG_p.DE) on Monday handed in a proposal for a takeover of Europcar Mobility Group (EUCAR.PA) to France’s market regulator AMF, Volkswagen said on Monday, following through on an announcement in July that an offer was underway.

Volkswagen, which has teamed up with asset manager Attestor Limited and Dutch mobility group Pon Holdings BV for the deal, is proposing an offer price of 0.50 euro per share, valuing the car rental company at 2.9 billion euros ($3.4 billion). read more

WASHINGTON, Sept 20 (Reuters) – Honda Motor Co’s (7267.T) U.S. unit said on Monday it is targeting initial annual sales of 70,000 for its planned electric Prologue sport utility vehicle when it goes to market in 2024.

Honda plans to add additional electric vehicle models as it aims to have sold a total of 500,000 electric vehicles in the United States by 2030, and to achieve 100% zero emission vehicles sales in North America by 2040.

It comes as President Joe Biden signed an executive order last month setting a target to make half of all new passenger vehicles sold in 2030 zero-emissions vehicles.

Continue reading “Honda targets annual sales of 70,000 Prologue electric vehicles in U.S. from 2024”

WASHINGTON, Sept 19 (Reuters) – U.S. auto safety investigators have opened a new probe into 30 million vehicles built by nearly two dozen automakers with potentially defective Takata air bag inflators, a government document seen by Reuters on Sunday showed.

The National Highway Traffic Safety Administration (NHTSA) on Friday opened an engineering analysis into an estimated 30 million U.S. vehicles from the 2001 through 2019 model years. Automakers were alerted to the investigation, which is not yet public.

Continue reading “Exclusive: U.S. opens probe into 30 million vehicles over air bag inflators”

WASHINGTON, Sept 17 (Reuters) – General Motors Co (GM.N) Chief Executive Mary Barra said Friday the largest U.S. automaker plans to make changes in its supply chain as it works to address the continuing semiconductor chip crisis that has forced significant production cuts.

“We’re going to make some pretty substantial shifts in our supply chain,” Barra said in an online interview. “We’re already working much deeper into the tiered supply base because generally General Motors doesn’t buy chips (directly) but (our suppliers do). But now we’re building direct relationships with the manufacturers.”

A GM spokesman declined to comment further on how the company might shift its supply chain.

Continue reading “Barra: GM will make ‘substantial shifts’ in supply chain over chips”

PTI

Kotak will gain access to over 30,000 high-quality customers with a total loan outstanding with VWFPL of around Rs 1,340 crore, the company said.

Kotak Mahindra Bank on Thursday announced the acquisition of German carmaker Volkswagen’s captive vehicle finance business for an undisclosed sum. The deal involves the private sector lender’s in-house NBFC Kotak Mahindra Prime acquiring the passenger car and two-wheeler portfolio, while Kotak Mahindra Bank Limited (KMBL) will acquire the commercial vehicles portfolio from Volkswagen Finance (VF), as per an official statement.

Kotak will gain access to over 30,000 high-quality customers with a total loan outstanding with VWFPL of around Rs 1,340 crore, the statement said, adding all these loans have been classified as “standard loans”.

Continue reading “Kotak Mahindra Group acquires vehicle finance portfolio of Volkswagen Finance”

PTI

In the coming days, MERPL’s line of activity will also include pre-processing and recycling of Lithium-Ion Batteries and EV Batteries of different chemistries, Solar PV Module recycling, Plastic recycling, and Waste to Energy (W2E), the statement said.

Bengaluru, Metal scrap processors the MTC Group and E-waste recycler Exigo Recycling Private Limited have formed a joint venture company MTC-Exigo Recycling Pvt. Ltd (MERPL). The joint venture company will be headquartered in Mumbai and its plants will be operational in Bengaluru and Chennai by March 2022, a joint statement said on Thursday.

MERPL targets to process over two lakh tons of e-waste annually, ramping up the recycling capacity in a phased manner across ten cities in India, including NCR, Hyderabad, Ahmedabad, Kolkata, and Lucknow.

Continue reading “MTC Group, Exigo Recycling form JV, to invest USD 25 million”

Sept 15 (Reuters) – Rivian, the Amazon.com Inc (AMZN.O)-backed electric vehicle maker that registered last month for a stock market debut, is aiming to raise between $5 billion and $8 billion with the listing, making it one largest U.S. initial public offerings of recent years, according to people familiar with the matter.

Rivian, which counts Ford Motor Co (F.N) and T. Rowe Price (TROW.O) among its investors, registered the IPO confidentially with U.S. regulators last month. It is seeking a valuation of about $80 billion in the listing, which is expected to land in late October or November, the sources said. read more

Rivian declined to comment.

Continue reading “Rivian aims to raise as much as $8 bln in IPO -sources”

WASHINGTON, Sept 14 (Reuters) – The U.S. auto safety regulator said Tuesday it has asked 12 major automakers for assistance as part of its probe into crashes involving Tesla (TSLA.O) vehicles striking emergency vehicles while using advanced driver assistance systems like Autopilot.

The National Highway Traffic Safety Administration (NHTSA) sent letters to General Motors Co (GM.N), Toyota Motor Corp (7203.T), Ford Motor Co (F.N), Volkswagen AG (VOWG_p.DE) and others questions as the agency conducts a “comparative analysis” with other “production vehicles equipped with the ability to control both steering and braking/accelerating simultaneously under some circumstances.”

In August, NHTSA opened a formal safety probe into Tesla driver assistance system Autopilot after 12 crashes with emergency vehicles. The probe covers 765,000 U.S. Tesla vehicles built between 2014 and 2021.

Continue reading “U.S. asks 12 automakers for assistance in Tesla probe”

BEIJING, Sept 16 (Reuters) – One of General Motors Co’s (GM.N) China joint ventures said on Wednesday it is developing auto chips and aims to increase use of locally sourced chips in the next five years.

Liuzhou-based SGMW, GM’s venture with partners SAIC Motor Corp (600104.SS) and Guangxi Automobile Group, said at an industry conference that it has been developing its own auto computing chips since 2018.

SGMW did not say whether it is merely designing chips or is also participating in chip-manufacturing but said it would boost cooperation with Chinese manufacturers to improve quality and economy of its chips. Continue reading “GM’s China joint venture develops own auto chips”

SEOUL, Sept 16 (Reuters) – SK Innovation Co Ltd (096770.KS) said on Thursday its shareholders had approved the company’s proposal to separate its battery business into a new company.

The decision paves the way for the battery business, a supplier for Ford Motor Co (F.N), Hyundai Motor Co (005380.KS) and others to potentially raise funds and go public to finance its high-cost production capacity expansion.

The unit, to be launched on Oct. 1, will initially be a wholly-owned subsidiary of SK Innovation, tentatively named “SK Battery Co Ltd.”

Continue reading “SK Innovation shareholders approve plan to split off battery business”

STOCKHOLM, Sept 15 (Reuters) – China’s Geely Holding (GEELY.UL) is in advanced discussions with banks to list its Volvo Cars unit in the coming weeks, three sources told Reuters, in what is expected to be one of Europe’s biggest initial public offerings (IPOs) this year.

Volvo Cars is aiming for a valuation of about $20 billion in the planned Stockholm listing, the sources said, with one saying the launch was pencilled in for the end of September.

Goldman Sachs (GS.N) and SEB are leading the transaction, while other banks including BNP Paribas (BNPP.PA), Carnegie and HSBC (HSBA.L) are also involved in the deal, the sources added.

Continue reading “Volvo Cars gears up for $20 bln IPO in coming weeks, sources say”

PARIS, Sept 16 (Reuters) – Carmaker Stellantis plans to launch a new model in India and Latin America next year under its Citroen brand, the group said on Thursday, as it aims to push out of its European turf and branch further into emerging markets where it has less exposure.

The plan marks Citroen’s return to India, a market it left in the 1930s, and comes at a time when some other foreign carmakers are leaving the country after struggling to make a profit.

Stellantis, which was formed earlier this year by the merger between Fiat Chrysler and Peugeot-maker PSA, has brands like Jeep and Ram in the United States, but is still aiming to reduce its reliance on Europe.

Continue reading “Stellantis to push into challenging Indian market with Citroen”

WASHINGTON, Sept 15 (Reuters) – General Motors Co (GM.N)on Wednesday recommended that Chevrolet Bolt electric vehicle owners parking in decks do so on the top floor or on an open level, at least 50 feet away from other vehicles, citing potential fire risks.

The precaution would “reduce potential damage to structures and nearby vehicles in the rare event of a potential fire,” a company spokesman said in an email. GM sent a notice to consumers who had asked about parking issues, he added.

GM had previously asked owners to park Bolt vehicles outdoors, away from structures, and to not charge them overnight.

Continue reading “GM tells Bolt EV owners park away from vehicles in decks”

WASHINGTON, Sept 13 (Reuters) – Toyota Motor Corp and Tesla clashed with Ford Motor Co (F.N) and the United Auto Workers (UAW) union over a proposal by Democrats in the U.S. House to give union-made, U.S.-built electric vehicles an additional $4,500 tax incentive.

In a letter to Congress, Toyota (7203.T) said the plan discriminates against nearly half of American autoworkers who do not belong to a union and called on lawmakers to reject giving “exorbitant tax breaks” to wealthy buyers of high-priced cars and trucks.

The bill, set to be taken up on Tuesday by the House Ways and Means Committee as part of a proposed $3.5 trillion spending bill, would benefit Detroit’s Big Three automakers – General Motors (GM.N), Ford Motor Co (F.N) and Stellantis NV (STLA.MI), the parent of Chrysler – which assemble their U.S.-made vehicles in UAW-represented plants.

Continue reading “Tesla, Toyota spar with Ford, UAW over EV tax bill”

BEIJING, Sept 13 (Reuters) – China has “too many” electric vehicle (EV) makers and the government will encourage consolidation, Industry and Information Technology Minister Xiao Yaqing said on Monday.

The minister also said China would improve its charging network and develop EV sales in rural markets.

The government’s promotion of greener vehicles to cut pollution has prompted electric car makers such as Nio Inc (NIO.N), Xpeng Inc (9868.HK) and BYD Co Ltd (002594.SZ) to expand manufacturing capacity in China.

Continue reading “China to consolidate overcrowded electric vehicle industry – minister”

SAN FRANCISCO, Sept 13 (Reuters) – General Motors Co’s (GM.N) venture capital arm has invested millions of dollars in Oculii, a U.S. startup maker of software for radar sensors used in self-driving cars, Oculii co-founder Steven Hong said.

GM can use Oculii’s low-cost software to boost the resolution of radars and scale up its partially automated vehicles and full self-driving cars, he told Reuters in an interview.

The investment is a “fantastic signal they’re serious about the technology and bullish about radar in general,” said the Stanford University graduate who founded Oculii with his father, Lang Hong, an engineering professor at Wright State University.

Continue reading “GM invests in Oculii, radar software maker for self-driving cars”

AMSTERDAM, Sept 13 (Reuters) – Uber (UBER.N) drivers are employees, not contractors, and so entitled to greater workers’ rights under local labour laws, a Dutch court ruled on Monday, handing a setback to the U.S. company’s European business model.

It was another court victory for unions fighting for better pay and benefits for those employed in the gig economy and followed a similar decision this year about Uber in Britain.

Continue reading “Uber drivers are employees, not contractors, says Dutch court”

WASHINGTON, Sept 11 (Reuters) – Toyota Motor Corp (7203.T) and Honda Motor Co (7267.T) on Saturday sharply criticized a proposal by Democrats in the U.S. House of Representatives to give union-made electric vehicles in the United States an additional $4,500 tax incentive.

Toyota said in a statement that the plan unveiled late Friday discriminates “against American autoworkers based on their choice not to unionize.”

The bill, set to be voted on Tuesday by the Democratic-led House Ways and Means Committee as part of a proposed $3.5 trillion spending bill, would benefit Detroit’s Big Three automakers, which have union-represented auto plants.

Continue reading “Toyota, Honda oppose U.S. House electric vehicle tax plan”

Sept 13 (Reuters) – General Motors Co (GM.N) is taking a more direct role with South Korea’s LG Corp (003550.KS), its longtime electric vehicle partner, in tracking down and fixing problems linked to battery fires in Chevrolet Bolts that threaten the strategic plans of both companies.

At an investor conference on Friday, GM Chief Financial Officer Paul Jacobson said LG is working with GM engineers to “clean up the manufacturing process” at LG battery plants and implement some “GM quality metrics.”

Continue reading “GM digs in with LG Corp to speed a fix for Bolt battery fires”

WASHINGTON, Sept 10 (Reuters) – U.S. Democratic lawmakers on Friday proposed an expansion of tax credits for electric vehicles that includes significantly higher subsidies for union-made zero emission models assembled in the United States.

The proposal, a key part of President Joe Biden’s goal to ensure EVs comprise at least 50% of U.S. vehicle sales by 2030 and boost U.S. union jobs, will give Detroit’s Big Three automakers a big competitive edge and has drawn criticism from foreign automakers like Honda Motor Co (7267.T) and Toyota Motor Corp (7203.T).

The tax credit for up to $12,500 per vehicle for U.S.-made union-made zero emission models compares with a $7,500 incentive for most other electric cars – an amount that has not changed.

Continue reading “U.S. Democrats propose dramatic expansion of EV tax credits that favors Big Three”

FRANKFURT, Sept 10 (Reuters) – Volkswagen (VOWG_p.DE) is open to partnerships with other carmakers to develop software, Chief Executive Herbert Diess told Der Spiegel

Volkswagen has bundled all its software efforts into one unit, Cariad, hoping to challenge Tesla (TSLA.O) and Alphabet (GOOGL.O) in a field in which it has not traditionally been active.

The development of operating systems and software for autonomous driving requires high one-time costs, making it important to fit as many vehicles with the technology as possible to pay off, Diess told the German weekly.

Continue reading “Volkswagen open to software partnerships, CEO tells Der Spiegel”

DETROIT, Sept 9 (Reuters) – General Motors Co (GM.N) will give its best-selling Chevrolet Silverado large pickup truck models a makeover next spring to fix competitive shortcomings that have left Chevy in third place in one of the most lucrative vehicle market segments in the world.

Catching up with rival trucks from Stellantis NV (STLA.MI) and Ford Motor Co (F.N), most 2022 Silverado models will get larger dashboard screens and new connectivity technology featuring built-in Google voice commands and software.

Chevrolet also will add a 420-horsepower Silverado ZR2 designed for rugged off-road adventures – or to give the appearance that the owner would have them. The Silverado ZR2 will chase Ford’s F-series Raptor and the Ram TRX from Stellantis, which are attention-getting performance models for those brands.

Continue reading “GM’s pickup money machine gets a technology tuneup”

WASHINGTON, Sept 9 (Reuters) – General Motors Co (GM.N) said on Thursday it will extend a shutdown of a Michigan assembly plant by two weeks in the aftermath of a new recall of its Chevrolet Bolt electric vehicles over battery issues.

The largest U.S. automaker said the extension of the production halt at its Orion Assembly plant that will go through at least Sept. 24 was “a result of a battery pack shortage” related to the recall that followed reports of 10 battery fires. GM said it will not resume Bolt production or sales until it is satisfied that the recall remedy will address the fire risk issue.

GM in August widened its recall of the Bolt to more than 140,000 vehicles to replace battery modules, at a cost now estimated at $1.8 billion. The automaker said it would seek reimbursement from GM battery supplier LG (051910.KS).

Continue reading “GM extends Michigan plant shutdown over Bolt EV recall”

TOKYO, Sept 9 (Reuters) – Disruptions to parts and components suppliers caused by the COVID-19 pandemic could force fresh production cuts at Japanese automakers in October, Akio Toyoda, the head of the auto industry lobby group, said on Thursday.

Japanese car companies have already had to cut production this month because of difficulties finding semiconductors and other components as the pandemic disrupts manufacturing around the world and drives up demand for chips from consumer electronic device makers.

“Depending on the manufacturer, we could see production cut to a lower level in October,” said Toyoda, who leads the Japan Automobile Manufacturers Association and is President of Toyota Motor Corp (7203.T), the country’s biggest car maker.

Continue reading “COVID-19 impact could hit Japanese automakers’ output in Oct”