(Reuters) – Stellantis has no intention of selling its luxury vehicle business Maserati or aggregating the unit with other Italian luxury groups, the Jeep maker said on Tuesday.
“Stellantis restates unwavering commitment to Maserati’s bright future as the unique luxury brand of the 14 Stellantis brands,” the carmaker said in a statement, while also reaffirming commitment to its entire portfolio. Continue reading “Stellantis says no intention of selling Maserati, after CEO issues warning”
(Reuters) – Disappointing quarterly results from Microsoft melted $340 billion of stock market value on Tuesday from it and rival heavyweights racing to dominate artificial intelligence technology, while Nvidia and other AI chip sellers rallied after results from Advanced Micro Devices.
The gains in chipmakers and losses in their biggest customers underscored a divide in the AI landscape, with investors recently questioning whether Wall Street’s AI rally may have become overextended. Continue reading “Microsoft sinks, chipmakers climb as AI rally faces divide”
(Reuters) – Chinese EV maker BYD, is looking to enter the Canadian automotive market, according to a regulatory document filed earlier this month, even as Canadian officials consider imposing tariffs on vehicles imported from China.
Canada, following in the footsteps of the United States and the European Union, said in June it was considering imposing tariffs on Chinese-made electric vehicles as it seeks to align itself with its allies against what the West views as a heavily subsidized Chinese industry. Continue reading “China’s BYD explores Canadian auto market entry -regulatory filing”
DETROIT, (Reuters) – Jeep-maker Stellantis said on Tuesday it is offering a new round of voluntary buyouts to its U.S. salaried workers, the latest in a series of cost-cutting measures CEO Carlos Tavares is placing on its American operations.
The Netherlands-based automaker laid off 400 U.S. salaried workers in March and last year twice offered buyouts to groups of thousands of U.S. workers. Continue reading “Stellantis offering new round of voluntary buyouts to US salaried workers”
BEIJING, (Reuters) – Italian Prime Minister Giorgia Meloni came to China to boost co-operation with the world’s second-largest economy and reset trade ties, she said on Tuesday, during a visit to burnish relations after leaving the Belt and Road scheme.
Meloni, making her first visit to China as prime minister, which comes after Italy left Chinese President Xi Jinping’s flagship initiative last year, said the euro zone’s third-largest economy wanted to rebalance ties with Beijing. Continue reading “Meloni seeks better terms for Italian firms in China”
MILAN, (Reuters) – Ferrari said on Tuesday its Dutch parent company Ferrari N.V. has strengthened ties with the Italian tax authority by joining a compliance programme that includes regular and preemptive checks aimed at preventing potential tax disputes.
One of the most famous Italian brands, Ferrari moved its registered office to the Netherlands in 2015, before the carmaker was spun off from former parent Fiat Chrysler and separately listed at the beginning of 2016. Continue reading “Ferrari shores up cooperation with Italian tax authority to ensure transparency”
BERLIN, (Reuters) – BMW plans to set up five new assembly sites on three continents to build its sixth-generation high-voltage batteries, the German carmaker said on Tuesday.
Assembly plants for the batteries are currently under construction in Germany, Hungary, the United States, Mexico and China, said the carmaker, which said a “local for local” approach would help it ensure production could continue even when unexpected political or economic events take place. Continue reading “BMW to set up five new assembly sites for high-voltage batteries”
WASHINGTON, (Reuters) – Tesla is recalling 1.85 million vehicles in the United States due to risk of software failure to detect an unlatched hood, the automaker said.
An unlatched hood could fully open and obstruct the driver’s view, raising the risk of a crash, the National Highway Traffic Safety Administration (NHTSA) said. Continue reading “Tesla recalls 1.85 million US vehicles over unlatched hood issue”
WASHINGTON, (Reuters) – The U.S. Trade Representative’s office said on Tuesday, some of the steep U.S. tariff increases on an array of Chinese imports, including electric vehicles and their batteries, computer chips and medical products will be delayed by at least two weeks.
USTR said in May those tariffs would take effect on Aug. 1 but the office said it is still reviewing 1,100 comments received and now expects to issue a final determination in August. The office added the new tariffs will take effect approximately two weeks after the final determination is released. Continue reading “US says start of new China tariffs will be delayed by at least two weeks”
Source : PTI | Vedanta Nico, a subsidiary of Vedanta Ltd, on Monday said it has entered into a pact with US-based AEsir Technologies for the supply of nickel, a critical component for next-generation batteries. Nickel plays an important role in EV battery technology, particularly in the cathode, where it enhances energy density, power output, and battery lifespan. Nickel-rich batteries, such as nickel-zinc variants, offer fast charging, reduce reliance on cobalt, and improve the overall electric vehicle (EV) value proposition.
The global demand for nickel in batteries is projected to reach 500,000 tonnes by 2025 from 150,000 tonnes in 2020 due to the expanding EV market adoption. Continue reading “Vedanta Nico signs pact for supplying nickel to US-based AEsir Technologies”
Source : PTI | China still processes the biggest share of the critical minerals needed for the transition to greener sources of energy but other countries are mining them too.
Countries around the world are demanding more solar panels, electric vehicles and other technologies as they make the transition to greener sources of energy – part of the global push to address climate change. Continue reading “Who’s fuelling the transition to greener energy?”
TOKYO, (Reuters) – Toyota Motor Chairman Akio Toyoda said he may not be reelected as a director if shareholder support for him continues to fall at the pace it did this year, according to an interview published on Monday.
Shareholder backing for Toyoda slid to 72% at the company’s annual general meeting last month, following proxy advisers’ recommendations to vote against his reelection. That compares to the support of 85% in 2023. Continue reading “Toyota chairman warns he may lose board spot if investor support continues to fall”
BERLIN, (Reuters) – Germany’s Volkswagen and U.S electric car maker Rivian Automotive may form a joint venture, the German competition authority said on Monday.
There are “no serious competition problems to be feared”, Andreas Mundt, head of the Bundeskartellamt, said in a statement. Continue reading “German antitrust body gives green light to VW-Rivian joint venture”
TOKYO, (Reuters) – Nissan cut planned production by a third at its top Japanese plant this month, a move that will also see it slash output of a flagship crossover model, two people said, as it struggles with weak U.S. demand for its ageing line-up.
The Japanese automaker on Thursday reported an almost complete wipe-out in April to June profit and cut its full-year outlook after it was forced to offer deep discounts in the U.S., highlighting the deepening risk it faces in its largest market. Continue reading “Nissan cuts output at top Japanese plant, sources say”
TOKYO, (Reuters) – Shares in Mitsubishi Motors surged on Monday following media reports that the Japanese automaker is in talks to join Nissan’s and Honda’s planned strategic partnership.
Nissan and Honda said in March they were looking at collaborating on electric vehicle components and artificial intelligence in automotive software platforms, though they are not planning a capital tie-up. Continue reading “Mitsubishi Motors’ shares up on reports it will join Honda-Nissan partnership”
TOKYO, (Reuters) – Japan’s Mitsubishi Motors is set to join an alliance between Honda Motor and Nissan Motor, creating a tie-up between automakers with combined sales of more than 8 million vehicles, the Nikkei newspaper said on Sunday.
Mitsubishi Motors, which is 34% owned by Nissan, will work with Honda and Nissan to finalise the details of their strategic partnership, Nikkei said, adding the three firms intend to standardise in-vehicle software that controls cars. Continue reading “Mitsubishi Motors to join Honda-Nissan alliance, Nikkei reports”
Summary
NEW DELHI, (Reuters) – SoftBank-backed Indian e-scooter maker Ola Electric’s IPO is set to draw investor bids from Fidelity, Nomura and Norway’s Norges Bank, as well as several Indian mutual funds, two sources with direct knowledge told Reuters. Continue reading “Fidelity, Nomura line up bids for Ola Electric’s India IPO, sources say”
Source : PTI | Work on projects worth INR 70,000 crore is underway in Delhi and its nearby areas for the construction of roads, highways and expressways to provide relief to people from traffic jams, Union Minister Nitin Gadkari said on Friday.
Addressing an event here, the road transport and highways minister further said hydrogen-run vehicles are the future and will ultimately help in getting rid of the problems of pollution created by fossil fuels.
Summary
(Reuters) – Mercedes-Benz lowered its annual profit margin forecast after weak second quarter sales and earnings on Friday but expects new models to help it battle stiff competition in China in the second half of the year. Continue reading “Under pressure in China, Mercedes trims profit outlook”
HOUSTON, (Reuters) – Baker Hughes cut its outlook for spending by oil producers on Friday, citing lower drilling activity by North American companies, joining other oilfield service companies in warning about softness in the region.
However, the company raised its full-year revenue and profit estimates, banking on strong international growth and demand for gas equipment. Continue reading “Baker Hughes sees lower North America activity; bets on foreign demand”
(Reuters) – Severe wildfire seasons are increasingly hurting western Canada’s lucrative tourism industry, with some visitors beginning to avoid the busy late-summer months due to concerns about uncontrolled blazes, smoke-filled skies and road closures.
After a scorching start to July, nearly 600 wildfires are now ablaze across British Columbia and Alberta, including a huge fire that this week devastated the picturesque tourist town of Jasper in the Canadian Rockies. Continue reading “Fire, smoke upend western Canada’s summer tourism season”
SANTIAGO, (Reuters) – Twelve companies including global miner Rio Tinto and Chinese electric vehicle maker BYD have submitted proposals to extract lithium in Chile’s Altoandinos salt flats, the state mining company ENAMI said on Thursday.
The salt flats in the northern region of Atacama are one of the areas where the Chilean government is aiming to boost lithium production in partnership with the state by kicking off new projects. Continue reading “Rio Tinto, BYD and LG Energy show interest in Chile’s Altoandinos lithium site”
Summary
WASHINGTON, (Reuters) – U.S. prices increased moderately in June as the declining cost of goods tempered a rise in the cost of services, underscoring an improving inflation environment that could position the Federal Reserve to begin cutting interest rates in September. Continue reading “Cooling US inflation bolsters September rate cut hopes”
BEIJING, (Reuters) – Chinese electric vehicle battery giant CATL recorded faster profit growth in the second quarter, even as EV demand slows in the world’s largest auto market while geopolitical tensions cast clouds over its overseas expansion.
CATL’s net profit jumped 13.4% from a year earlier to 12.36 billion yuan ($1.70 billion) in April-June, on a 13.2% drop in revenue to 87 billion yuan, according to Reuters calculations based on a stock filing on Friday. Continue reading “Chinese EV battery maker CATL posts faster profit growth in Q2”
TOKYO, (Reuters) – Nissan cut planned production by a third at its top Japanese plant this month, a move that will also see it slash output of a flagship crossover model, two people said, as it struggles with weak U.S. demand for its ageing line-up.
The Japanese automaker on Thursday reported an almost complete wipe-out in April to June profit and cut its full-year outlook after it was forced to offer deep discounts in the U.S., highlighting the deepening risk it faces in its largest market. Continue reading “Nissan cuts output at top Japanese plant, sources say”
TOKYO, (Reuters) – Japan’s Toyota Motor plans to build a battery plant for electric vehicles in the southwestern prefecture of Fukuoka and supply its batteries to a factory that makes luxury Lexus brand cars, the Nikkei business daily reported on Friday.
The world’s top-selling automaker would seek to make the island of Kyushu where Fukuoka is located a central part of its supply chain for battery-powered vehicles and an export base for Asia, the newspaper said. Continue reading “Toyota to build EV battery plant for Lexus cars, Nikkei reports”
Summary
(Reuters) – Mercedes-Benz lowered its annual profit margin forecast after weak second quarter sales and earnings on Friday but expects new models to help it battle stiff competition in China in the second half of the year. Continue reading “Under pressure in China, Mercedes trims profit outlook”
Source : PTI | In a significant move to enhance road safety, Gautam Buddh Nagar District Magistrate Manish Kumar Verma on Wednesday directed officials to launch a campaign against vehicles flouting safety standards including unfit school vehicles. He issued the directions as he chaired a meeting of the District Road Safety Committee at the collectorate auditorium, aimed at enforcing traffic rules and reducing road accidents and fatalities in the district.
Verma emphasized the critical importance of road safety, stating, “Road safety is an essential program to ensure maximum compliance with traffic rules among the general public. If all drivers adhere to traffic regulations 100 per cent, we can significantly reduce road accidents and fatalities.” Continue reading “Noida district magistrate calls for crackdown on vehicles flouting safety norms”
Source : PTI | New Delhi: The Budget announcements related to critical minerals and green transition will not only make India self reliant in resources but also help in meeting net-zero goals, energy industry players said. In her Budget speech on Tuesday, Finance Minister Nirmala Sitharaman announced a slew of measures for sectors, including infrastructure, manufacturing, healthcare, education, startups, and green energy, among others.
Amit Rautela, CFO of state-owned Meja Urja Nigam said the Budget has strategically addressed present requirement of thermal power with a focus on Advanced Ultra Super Critical (AUSC) technology through joint venture route. Further, duty related measures for critical minerals will make the country self reliant in these important resources. Continue reading “Budget proposals for critical minerals, energy transition to push net-zero goals: Energy players”
(Reuters) – Tesla CEO Elon Musk said on Thursday he and the board of the electric vehicle company will discuss making a $5 billion investment in his artificial intelligence startup xAI, fueling concerns about a conflict of interest.
Musk, the world’s richest person, launched xAI last year in a bid to compete with Microsoft-backed OpenAI. That sparked concerns he may allocate some resources of the automaker to the AI company. Continue reading “Musk to discuss $5 billion xAI investment with Tesla board”
Summary
LONDON/DETROIT, (Reuters) – Problems in the highly competitive U.S. car market including weak prices, high inventories and difficult logistics dented profits and hit shares of automakers including Ford Motor, Stellantis and Nissan on Thursday, as they scramble to find a fix. Continue reading “US market proves a headache for global carmakers”
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Summary
LONDON, (Reuters) – The world again registered its hottest day on record on Monday, inching past the previous high recorded just 24 hours earlier on Sunday, according to preliminary data from a European Union monitoring agency. Continue reading “World breaks hottest day record again, despite El Nino’s end”
BANGKOK, (Reuters) – Car production in Thailand fell 20.11% in June from a year earlier due to tighter financing rules and high consumer debt, and full-year production is now expected to be lower than in 2023, the Federation of Thai Industries (FTI) said on Thursday.
The figure compared with May’s 16.19% year-on-year drop. Continue reading “Thailand car production drops sharply in June, local sales fall”
TOKYO, (Reuters) – Japan’s Nissan Motor slashed its annual outlook on Thursday after deep discounting in the United States almost completely wiped out the automaker’s first-quarter profit.
The figures confounded the expectations of analysts who saw profit exceeding last year’s, sending Nissan stock plunging 7%. Continue reading “Nissan profit wiped out by US discounts; shares hammered”
Summary
SEOUL, (Reuters) – Hyundai Motor reported record quarterly profit and revenue on Thursday on strong sales of high-margin cars and said it would expand hybrid lineups to brace for possible changes in U.S. electric vehicle (EV) policies following the election. Continue reading “Hyundai Motor posts record Q2 profit on strong US sales, to boost hybrid lineups”
Summary
MILAN, (Reuters) – Stellantis is taking steps to fix weak margins and high inventory at its U.S. operations and will not hesitate to axe underperforming brands in its sprawling portfolio, its chief executive Carlos Tavares said on Thursday. Continue reading “Stellantis ready to axe brands and fix US problems, CEO says”
MEXICO CITY, (Reuters) – Mexico’s president on Wednesday pushed back on Tesla CEO Elon Musk’s comments that the EV maker has paused plans for a plant in Mexico and would reassess investing in a new gigafactory in the country after the U.S. presidential election.
President Andres Manuel Lopez Obrador said the comments are “not serious.” Continue reading “Mexico president says Musk ‘not serious’ about possibly scrapping Mexican investment”
(Reuters) – Software vendors can band together as a class to sue automotive technology giant CDK Global for allegedly restricting access to data and causing them to pay hundreds of millions of dollars in overcharges, a federal judge in Chicago has ruled.
Chief U.S. District Judge Rebecca Pallmeyer on Tuesday said, AutoLoop, which sells software to thousands of dealerships, had met the legal standard to certify its 2018 lawsuit against CDK into a class action with hundreds of other auto industry vendors. Continue reading “Automotive tech company CDK must face antitrust class action, judge says”
Summary
(Reuters) – Ford Motor reported a dip in second-quarter adjusted profit on Wednesday as the automaker continues to battle costly quality issues and an EV business that is weighing on its bottom line, sending shares tumbling 11% in after-hours trading. Continue reading “Ford profit disappoints, stock falls 11% as quality issues dog automaker”
