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”
PARIS, Dec 6 (Reuters) – Michelin will cut fewer jobs in France than the 2,300 estimated in its initial voluntary redundancy plan in a bid to safeguard production.
The French tyre maker said in Jan. 2021 it would cut the jobs, including 1,100 in the service sector and 1,200 in factories, over three years as part of a three-year collective bargaining agreement. Continue reading “Michelin to cut fewer jobs to protect production”
HAMBURG, Dec 6 (Reuters) – Volkswagen’s (VOWG_p.DE) CEO will outline a new software and vehicle platform strategy to the carmaker’s supervisory board on Dec. 15 as he tries to turn his predecessor’s vision into deliverable goals, three company sources told Reuters.
Oliver Blume, who took the helm in September, has been developing the plans with the German group’s brands, which range from mass-market VWs and Skodas to high-end Audis and Porsches. Continue reading “Volkswagen CEO to present software ‘reality check’ to board on Dec 15”
Dec 5 (Reuters) – TuSimple Holdings Inc (TSP.O) and Navistar have ended a deal to co-develop self-driving trucks, the companies announced on Monday.
In 2020, Illinois-based Navistar bought a minority stake in TuSimple and announced a deal to co-develop heavy-duty self-driving trucks by 2024, as the autonomous driving technology space boomed with investor attention. Continue reading “TuSimple, Navistar scrap deal to develop self-driving trucks”
BERLIN, Dec 5 (Reuters) – German sportscar maker Porsche AG (P911_p.DE) will join the blue-chip index, just over two months after its market debut, exchange operator Deutsche Boerse (DB1Gn.DE) said on Monday.
Porsche AG will replace sportswear maker Puma (PUMG.DE) on the DAX stock index (.GDAXI) on Dec. 19 while Puma will move down to the MDAX index (.MDAXI), it said. Continue reading “Porsche will join Germany’s blue-chip index – Deutsche Boerse”
WASHINGTON, Dec 5 (Reuters) – United Auto Workers (UAW) President Ray Curry will face a run-off election against reform presidential candidate Shawn Fain, a court-appointed monitor said on Monday, after none of the five candidates captured a majority.
Fain, who as a reform candidate wants the UAW to take a more confrontational approach in auto contract talks and push to end a two-tier compensation system that pays newer workers less, narrowly trailed Curry in the election. Continue reading “UAW president faces run-off election as reformers make gains”
Dec 5 (Reuters) – The first electric delivery trucks rolled off production lines at BrightDrop’s new factory in Canada on Monday, when the upstart unit of General Motors Co (GM.N) also announced DHL Express Canada (DPWGn.DE) as its first customer outside the United States.
GM spent seven months and more than $2 billion transforming its 2 million-square-foot CAMI Assembly plant in Ingersoll, Ontario, into Canada’s first large-scale electric vehicle (EV) factory for BrightDrop Zevo delivery trucks. Before the switch, the site manufactured the gasoline-powered Chevy Equinox. Continue reading “GM’s BrightDrop signs first customer in Canada, unveils country’s first large EV factory”
Lithium-ion battery pack maker and recycling firm Lohum has said it is eyeing a three-fold jump in its topline at over Rs 300 crore this fiscal driven by surging demand.
The company has drawn up an aggressive expansion plan for the next five years amid the Lithium-ion battery industry expecting to grow 11-times between 2020- 2030, Lohum Cleantech said. Continue reading “Lithium-ion battery pack maker Lohum targets 3-fold jump in topline to Rs 300 cr”
Kolkata: West Bengal is planning to set up a green hydrogen plant in Durgapur, with the central government identifying the state as a potential region for its production, Power Minister Aroop Biswas said. Speaking at the ABP Group- organised |NFOCOM 2022 on Saturday evening, Biswas said nearly Rs 11,900 crore of investment has been lined for the power sector under the Centre’s Revamped Distribution Sector Scheme (RDSS).
“Recently, the Union government has identified West Bengal as a potential state for green hydrogen and ammonia manufacturing zone, and the West Bengal Power Development Corporation Limited (WBPDCL) is planning to install a green hydrogen plant at Durgapur as a pilot project,” he said. Continue reading “West Bengal planning green hydrogen plant in Durgapur”
Foreign investors have upgraded India as a dedicated allocation in their investment portfolios given the strong economy, stable government and significant reforms undertaken over the last eight years, equity experts have said.
According to the experts, who participated in Futures Industry Association (FIA) Asia trade conference held in Singapore from November 29 to December 1, investment is flowing into India’s growth story. Continue reading “Foreign investors upgrade India as dedicated allocation in investment portfolios”
Mumbai: The Brihanmumbai Electricity Supply and Transport (BEST) will launch its premium e-bus service this month and roll out double-decker e-buses in January 2023, an official said. The approvals for double-decker e-buses are in the final stages and will be completed soon, BEST general manager Lokesh Chandra told media persons on Friday.
At least 10 double-decker e-buses will be rolled out on January 14, 2023 and the fleet will be gradually increased to 50 in the first phase, he said. Continue reading “Mumbai: BEST to launch double- decker e-buses from Jan 14”
Bhubaneswar. Tata Power CEO and MD Praveer Sinha announced a Rs 6,000 crore capital investment by the company in Odisha. Speaking at the Make in Odisha Conclave here on Thursday, Sinha said the four power discoms of Odisha, where Tata Power has a majority stake, are committed to Rs 6,000 crore capex
investment in the next five years.
Sinha said the company will also set up 1,000 electric vehicle (EV) charging points, 1,00,000 solar pumps, microgrids, rooftop and floating solar plants in the next five years. Continue reading “Tata Power announces Rs 6,000 crore investment in Odisha”
New Delhi: Amara Raja Batteries Ltd on Friday said it intends to invest Rs 9,500 crore over the next 10 years in Telangana on setting up research and manufacturing facilities for lithium-ion battery-making in the state. The company on Friday signed a memorandum of understanding (MoU) with the Telangana
government to set up research and manufacturing facilities for lithium-ion battery- making in Mahbubnagar district, Amara Raja Batteries said in a regulatory filing.
“Over the next 10 years, the company intends to invest over Rs 9500 crore, after necessary approvals,” it added. Continue reading “Amara Raja Batteries plans to invest Rs 9,500 cr battery mfg, R&D in Telangana”
COLLEGE PARK, Md., Dec 5 (Reuters) – Top European Union officials intend to complain loudly to their U.S. counterparts at a trade meeting on Monday about the bloc’s electric vehicles being cut off from tax credits in U.S. President Joe Biden’s signature climate law.
The U.S.-EU Trade and Technology Council (TTC), a year-old transatlantic forum for dialogue, focused in its first two meetings on regulatory co-operation and presenting a united front against China’s non-market economic practices.
Continue reading “Monday’s EU-US trade talks overshadowed by tax concerns on climate measure”
TOKYO, Dec 5 (Reuters) – BYD Co’s (002594.SZ) Japanese division said on Monday it would start selling its first battery electric vehicles (BEVs) in the country early next year, as the world’s largest EV maker further steps up its plan to either sell or make its cars available across major markets.
China’s BYD, in which Berkshire Hathaway (BRKa.N) owns a stake, said it will roll out an electric sports utility vehicle, ATTO 3, in Japan starting Jan. 31. The car has a cruising distance of 485 kilometres and will cost 4.4 million yen ($32,735.66).
In comparison, Nissan Motor Co’s (7201.T) electric Leaf standard model has a cruising range of 322 kilometres and costs about 3.7 million yen.
Continue reading “China’s BYD to start selling EVs in Japan by early 2023”
BENGALURU, Dec 2 (Reuters) – Maruti Suzuki India Ltd (MRTI.NS), the country’s top carmaker, said on Friday it expected a shortage of electronic components to impact its production in December more than in recent months.
The company’s production in November, which also saw a “minor impact” due to the shortage, rose 5% year-on-year to 152,786 units, but was at the lowest level since June.
TOKYO, Dec 3 (Reuters) – Renault SA (RENA.PA) and Nissan Motor Co (7201.T) are set to forgo a Wednesday announcement of a deal to restructure their automotive alliance as they struggle to bridge their differences, Japanese television network JNN reported.
In their discussions, Renault is looking to Nissan to invest in its electric vehicle business, while Nissan is seeking the sale of part of Renault’s 43% stake in Nissan to put the two partners on a more equal footing. Continue reading “Renault and Nissan forgo Wednesday announcement of alliance deal -media”
WASHINGTON, Dec 2 (Reuters) – General Motors Co (GM.N) and LG Energy Solution Ltd (373220.KS) said Friday they are investing another $275 million in their Tennessee joint venture battery cell plant to increase production by more than 40%.
The new investment in the Ultium Cells Spring Hill plant will boost battery output from an annual capacity of 35 gigawatt-hours to 50 GWh, when the plant is operational in late 2023. It is one of at least four U.S. joint venture battery plants planned to supply GM electric vehicles as the largest U.S. automaker ramps up production. Continue reading “GM, LG joint venture to invest $275 million in Tennessee battery cell plant”
BRUSSELS, Dec 2 (Reuters) – The United States and the European Union will seek to tackle EU concerns about a new U.S. green energy subsidy package in a constructive way, officials from both sides are due to say at a meeting next week, a draft joint statement shows.
The 27-country bloc fears that the U.S. $430 billion Inflation Reduction Act with its generous tax breaks may lure away EU businesses and disadvantage European companies from car manufacturers to makers of green technology. Continue reading “U.S., EU to address Inflation Reduction Act fears constructively -draft”
Dec 2 (Reuters) – Uber Technologies Inc (UBER.N) and self-driving technology company Aurora Innovation Inc (AUR.O) will expand their driverless pilot program in Texas to meet increased delivery demand during the holidays.
The program will be expanded to the recently launched 600-mile commercial lane between Fort Worth and El Paso in Texas to support customers of logistics business Uber Freight as it ships goods this holiday season, Aurora said on Friday. Continue reading “Uber, Aurora to expand self-driving truck ops in Texas to meet holiday rush”
LONDON, Dec 2 (Reuters) – Britain’s financial watchdog on Friday warned insurers against undervaluing cars and other items when customers submit a damage claim and said it was taking unspecified action against firms breaking its rules.
The Financial Conduct Authority said it has evidence that some consumers who had their cars written off after an accident are being offered sums lower than the vehicle’s fair market value. Continue reading “UK insurers face crackdown for undervaluing cars in damage claims”
STOCKHOLM, Dec 2 (Reuters) – Sweden-based Volvo Car AB (VOLCARb.ST) said on Friday its sales grew 12% year-on-year in November to 59,154 cars.
“Overall underlying demand for the company’s cars continues to remain robust, especially for its Recharge range of pure electric and plug-in hybrid cars,” it said in a statement. Continue reading “Volvo Cars’ sales growth accelerates to 12% in November”
SHANGHAI, Dec 2 (Reuters) – China Evergrande Group’s electric vehicle unit has suspended mass production of its only model due to a lack of new orders, two people with knowledge of the matter said, in the latest set of troubles facing the indebted property developer.
China Evergrande New Energy Vehicle Group (0708.HK) said in mid-September that it had started mass production of the Hengchi 5 model at a plant in the northern city of Tianjin and in late October said it had delivered its first 100 cars. Continue reading “Evergrande’s EV unit suspends mass production due to lack of orders – sources”
Dec 1 (Reuters) – Tesla Inc (TSLA.O) Chief Executive Elon Musk delivered the company’s first heavy-duty Semi on Thursday to PepsiCo (PEP.O) without offering updated forecasts for the truck’s pricing, production plans or how much cargo it could haul.
Continue reading “Musk delivers first Tesla truck, but no update on output, pricing”
Dec 1 (Reuters) – The Biden administration on Thursday proposed an overhaul of the nation’s biofuel policy that would for the first time allow electric vehicle manufacturers to tap into a lucrative market for tradable renewable fuels credits.
The proposal, unveiled by the U.S. Environmental Protection Agency, reflects President Joe Biden’s broader agenda to decarbonize the economy to fight climate change, and could provide a big new revenue stream for green cars and trucks. Continue reading “Factbox: How a revamped U.S. biofuel program could help electric vehicle makers”
LONDON, Dec 1 (Reuters) – German carmaker BMW (BMWG.DE) has invested in Jetti Resources, which has technology to extract more copper from low-grade resources and produce metal with a low carbon footprint, BMW said on Thursday.
BMW and other automakers are forging deals to ensure supply of copper and other critical raw materials that may see shortages in coming years as demand soars for a planned surge in electric vehicle production. Continue reading “BMW invests in low carbon copper firm Jetti”
BERLIN, Dec 1 (Reuters) – Volkswagen (VOWG_p.DE) and its battery subsidiary PowerCo SE have begun searching for a site for the carmaker’s first battery cell factory in North America, a company source told Reuters on Thursday.
The source said Canada was “a logical option” for the plant, which would be VW’s first gigafactory outside Europe. Continue reading “VW eyes Canada in search for first North America cell plant – source”
HALEWOOD, England, Dec 1 (Reuters) – Ford Motor Co (F.N) will invest an extra 149 million pounds ($180 million) to boost output of electric vehicle (EV) power units by 70% at its engine factory in northern England as the U.S. carmaker accelerates its push to go electric.
Electric drive unit production capacity at the Halewood plant will increase to 420,000 units a year, from 250,000 units, starting in 2024, the Detroit-based carmaker said on Thursday. Continue reading “Ford to boost EV parts investment for UK plant by $180 mln”
