DETROIT, Nov 17 (Reuters) – General Motors Co (GM.N) expects its electric vehicles will make money in 2025, with recently enacted federal subsidies plugging the profitability gap between EVs and GM’s combustion fleet, Chief Executive Mary Barra said Thursday.

Federal subsidies could add $3,500 to $5,500 a vehicle to pre-tax profits for GM electric vehicles, CFO Paul Jacobson said during a call ahead of a presentation to investors in New York. GM expects pre-tax profits for EVs could reach “low to mid-single digits” in 2025, not including federal subsidies from the Inflation Reduction Act. Continue reading “GM promises profitable EVs, with a boost from Washington”

WASHINGTON, Nov 17 (Reuters) – The United States aims to only sell and produce zero-emissions medium- and heavy-duty vehicles like school buses and tractor trailers by 2040, the U.S. energy secretary agreed at the COP27 climate summit in Egypt on Thursday.

The non-binding memorandum of understanding (MOU) sets a target for 30% of those new vehicles – which include commercial delivery vehicles, buses and trucks – to be zero-emission by 2030 and 100% by 2040. Continue reading “U.S. aims for zero-emissions heavy-duty vehicles by 2040”

SAO PAULO, Nov 17 (Reuters) – Chinese automaker BYD Co Ltd (002594.SZ) will start selling two new electric vehicle models in Brazil this month, betting on favorable political and environmental developments in Latin America’s largest vehicle market, the company said.

“I believe now is the right time politically and environmentally for us to invest in building these new technologies in Brazil,” BYD Americas President Stella Li said in an interview during the launch of the two SUV models on Wednesday. Continue reading “China’s BYD expands electric vehicle operation in Brazil”

Nov 17 (Reuters) – Lyft and driverless technology firm Motional said on Thursday that residents in Los Angeles will be able to book robotaxis on the ride-hailing company’s app, but did not specify by when the service will be available.

Tough regulatory scrutiny and delayed commercial adoption of autonomous vehicle technology have delayed deployment of robotaxi services, worrying investors. Continue reading “Lyft, Motional to launch robotaxi service in Los Angeles”

WASHINGTON, Nov 17 (Reuters) – Chrysler-parent Stellantis is recalling 280,000 Ram heavy-duty diesel trucks worldwide for fire risks, a filing with the National Highway Traffic Safety Administration and a company statement showed on Thursday.

The recall covers 2020-2023 Ram 2500 and 2020-2022 Ram 3500 trucks. A build-up of pressure and heat inside the transmission may result in a transmission fluid leak that could spark a vehicle fire. The company has reports of 16 vehicle fires and one minor injury between March and October that may be related to the recall, but no crashes. Continue reading “Chrysler recalling 280,000 heavy-duty trucks for fire risks”

MILAN, Nov 17 (Reuters) – Carmaker Stellantis (STLA.MI) said on Thursday it had agreed to buy aiMotive, a Hungary-based developer of advanced artificial intelligence and autonomous driving software, to advance its technology development efforts.

No financial details of the transaction were disclosed. Continue reading “Stellantis to buy software developer aiMotive in autonomous driving push”

TOKYO, Nov 17 (Reuters) – A Japanese automobile lobbying group “firmly opposes” a plan for mileage tax on electric vehicles (EVs), an official of the group said on Thursday, adding that it would slow electrification efforts.

“We are firmly opposed to the hasty introduction of measures such as a mileage tax without public discussion,” said Seiichi Nagatsuka, vice chair of the Japan Automobile Manufacturers Association. Continue reading “Japan auto lobby opposes plan to tax mileage of electric vehicles”

MONTERREY, Mexico, Nov 16 (Reuters) – General Motors’ Mexico head Francisco Garza foresees just 15% of the vehicles produced in the country in 2030 as being electric, missing the goal given by Mexican officials, he said Wednesday.

“Obviously there are factors that could speed up that adoption,” Garza told Reuters, adding that electric-vehicle (EV) production could reach 30% due to falling costs as production moves to a larger scale, government incentives and expanding availability of charging stations. Continue reading “GM Mexico head sees country missing electric vehicle target for 2030”

TOKYO, Nov 17 (Reuters) – Renault SA (RENA.PA) may transfer more than half its stake in Nissan Motor (7201.T) to a trust to match the Japanese car maker’s holdings in itself, the Nikkei newspaper reported on Thursday.

Renault would transfer a 28% stake it owns in Nissan to a trust and would be left with a 15% stake, equivalent to what Nissan owns in the French automaker, the Nikkei said. Continue reading “Renault considers transferring over half of Nissan stake to match holdings – Nikkei”

Nov 16 (Reuters) – Elon Musk said on Wednesday he expected to reduce his time at Twitter and eventually find a new leader to run the social media company, adding that he hoped to complete an organizational restructuring this week.

Musk made the remarks while testifying in a Delaware court to defend against claims that his $56 billion pay package at Tesla Inc (TSLA.O) was based on easy to achieve performance targets and was approved by a compliant board of directors.  Continue reading “Elon Musk says he will find a new leader for Twitter”

MOSCOW, Nov 16 (Reuters) – President Vladimir Putin urged the Russian government on Wednesday to control car prices, as one industry head said Western sanctions could send annual sales crashing to below 1 million for the first time since records began.

Auto sales have fallen over 60% so far this year, and may end up being less than a quarter of what they were a decade ago, according to Maxim Sokolov, head of Russia’s top carmaker Avtovaz. Continue reading “Putin calls for price controls as Russian car sales crash to record low”

Nov 16 (Reuters) – Grab Holdings Ltd (GRAB.O) bumped up its 2022 revenue forecast on Wednesday as demand booms for the Southeast Asian super-app’s rideshare and delivery services, sending its U.S.-listed shares up 7%.

The results capped a strong July-September period in which Grab’s adjusted operating loss also narrowed and its food and grocery delivery business broke even three quarters ahead of the company’s expectations. Continue reading “Grab lifts revenue forecast, delivery business breaks even”

BEIJING/FRANKFURT, Nov 16 (Reuters) – Mercedes-Benz said it had cut prices on some of its EQE and EQS models in China due to changing market demand for top-end electric vehicles (EVs), triggering a 6.7% fall in the premium carmaker’s share price on Wednesday.

Europe’s automobile and parts index (.SXAP) slid 4.06% on the move, which highlights the challenges for foreign automakers struggling to break into China’s growing EV market. Continue reading “Mercedes cuts some China electric car prices, shaking shares”

WILMINGTON, Del, Nov 16 (Reuters) – Elon Musk said in court on Wednesday that he made some Tesla Inc (TSLA.O) decisions without the approval of the company’s directors, as he defended his $56 billion pay package against claims that he dictated its terms to a compliant board.

Tesla shareholder Richard Tornetta sued Musk and the board in 2018 and hopes to prove that Musk used his dominance over Tesla’s board to obtain an outsized compensation package that did not require him to work at the electric car maker full-time. Continue reading “Musk says he made some Tesla decisions without board nod, defends $56 bln pay”

TOKYO, Nov 16 (Reuters) – Toyota Motor Corp (7203.T) rolled out a 2-litre plug-in version of its Prius on Wednesday, in an attempt to reboot the 25-year-old hybrid that was once at the cutting edge of low-emissions technology and appeal more widely to cost-conscious drivers.

Toyota billed the new Prius, with its shark-like front and ability to operate as an electric-only vehicle for most daily driving, as a way bring hybrids to a wider audience. Battery-powered electric vehicles such as those made by Tesla Inc (TSLA.O) still remain too expensive for many consumers. Continue reading “Toyota revamps Prius in bid to give hybrids back their halo”

TOKYO, Nov 16 (Reuters) – Japanese chipmaker Rohm Co Ltd (6963.T) said on Wednesday it was considering joining a consortium led by private equity fund Japan Industrial Partners (JIP) to buy out Toshiba Corp (6502.T), as JIP works to consolidate its proposal.

The Nikkei newspaper reported that Kyoto-based Rohm planned to invest up to about 300 billion yen ($2.14 billion) in the proposed 2.2 trillion yen acquisition of Toshiba, citing multiple sources it did not name. Continue reading “Japanese chipmaker Rohm considering joining JIP for Toshiba buyout”

DETROIT, Nov 15 (Reuters) – Ford Motor Co (F.N) Chief Executive Jim Farley said on Tuesday the automaker will need to build more components for electric vehicles in its own factories so “everyone has a role” in the future.

Electric vehicles will require 40% less labor to build than current combustion vehicles, Farley told a conference in Detroit sponsored by the Rainbow PUSH Coalition, a civil rights group. Continue reading “Ford must bring more work in-house to preserve jobs – CEO”

Nov 15 (Reuters) – Electric vehicles (EVs) from Tesla Inc (TSLA.O) and other brands were among the least reliable vehicles in the United States, Consumer Reports magazine’s annual reliability survey showed on Tuesday.

Although EVs and full-size pick up trucks enjoy the hottest demand in the market, they are the “most problematic”, the nonprofit organization that evaluates products and services said. Continue reading “Tesla EVs ranked worst in annual reliability survey by Consumer Reports”

HONG KONG, Nov 15 (Reuters) – Chinese automaker BYD Co Ltd (002594.SZ) said on Tuesday it had scrapped plans to list its semiconductor unit in China, saying a move to increase investments in wafer production would significantly affect the unit’s asset structure.

“BYD Semiconductor intends to seize the time window to make large-scale investment in wafer production capacity,” BYD said in a filing to the Shenzhen stock exchange, adding current wafer supplies were far from enough to meet demand amid rapid growth in electric vehicle manufacturing. Continue reading “China’s BYD scraps IPO plan for semiconductor unit”

DETROIT, Nov 14 (Reuters) – General Motors Co (GM.N) plans to add more links to its North American battery supply chain, adding to roughly 20 deals so far, in a key strategy to help the Detroit automaker narrow the gap with Tesla Inc (TSLA.O) in electric vehicle profitability.

GM Chief Executive Mary Barra and other executives are scheduled to brief investors Thursday on the automaker’s progress toward scaling up production capacity to deliver 1 million electric vehicles a year in North America by 2025. Continue reading “GM’s North American battery supply chain is key to EV profits”

WASHINGTON, Nov 15 (Reuters) – A group of 10 Democratic senators Tuesday urged U.S. auto safety regulators to move quickly to issue new regulations after traffic crash deaths hit a 16-year-high in 2021.

Senators Ed Markey, Richard Blumenthal, Sherrod Brown, Dick Durbin, Jack Reed, Ron Wyden and others wrote the National Highway Traffic Safety Administration (NHTSA) asking the agency to explain its lack of progress in writing new regulations mandated by Congress. Continue reading “Democratic senators press U.S. auto agency on safety rules”

Nov 15 (Reuters) – U.S. and European startups are racing to develop new batteries using two abundant, cheap materials — sodium and sulfur — that could reduce China’s battery dominance, ease looming supply bottlenecks and lead to mass-market electric vehicles (EVs).

Today’s EVs run on lithium ion batteries — mostly made with lithium, cobalt, manganese and high-grade nickel, whose prices have soared. Western producers are struggling to catch up with their Asian rivals, and carmakers expect supply bottlenecks to hit car production around the middle of the decade. Continue reading “EV battery makers race to develop cheaper cell materials, skirting China”

Nov 15 (Reuters) – U.S. and European startups are racing to develop new batteries using two abundant, cheap materials — sodium and sulfur — that could reduce China’s battery dominance, ease looming supply bottlenecks and lead to mass-market electric vehicles (EVs).

Today’s EVs run on lithium ion batteries — mostly made with lithium, cobalt, manganese and high-grade nickel, whose prices have soared. Western producers are struggling to catch up with their Asian rivals, and carmakers expect supply bottlenecks to hit car production around the middle of the decade. Continue reading “EV battery makers race to develop cheaper cell materials, skirting China”

TOKYO, Nov 15 (Reuters) – Nothing is blocking discussions between Nissan (7201.T) and Renault (RENA.PA) over the future of their alliance and the two companies will have “important talks” on Tuesday and Wednesday, the French automaker’s chairman said in Tokyo.

Speaking at an event on Tuesday, Renault SA chairman Jean-Dominique Senard touted the Franco-Japanese alliance, which has been discussing ways to revamp the relationship. Continue reading “Renault chairman says ‘nothing is blocking’ Nissan alliance talks”

Nov 14 (Reuters) – Faraday Future Intelligent Electric (FFIE.O) said on Monday it had signed a deal to raise up to $350 million as the electric-vehicle startup looks to roll out its FF 91 luxury car.

The company said that financing from an affiliate of Yorkville Advisors Global at an initial commitment of $200 million gives it financial flexibility to help start production and deliver its car to customers. Continue reading “EV startup Faraday Future signs deal to raise up to $350 mln”

BENGALURU, Nov 14 (Reuters) – U.S.-listed Cummins Inc (CMI.N) said on Monday it has signed an agreement with Indian automaker Tata Motors (TAMO.NS) to develop hydrogen-powered internal combustion engines, fuel cells and battery electric vehicle systems for commercial automobiles in India.

Several automakers, including Tata Motors, are aggressively shifting towards greener forms of energy for their vehicles as they try to reduce their dependence on fossil fuels, with India targeting net-zero carbon emissions by 2070. Continue reading “Cummins, Tata Motors team up for hydrogen-powered engines”

WILMINGTON, Del, Nov 14 (Reuters) – A trial opened Monday over shareholder allegations that Tesla Inc Chief Executive Elon Musk’s $56 billion pay package was rigged with easy performance targets and that investors were duped into approving it, with Musk slated to take the stand later this week.

A Tesla (TSLA.O) shareholder hopes to prove during the five-day trial that Musk used his dominance over the electric vehicle maker’s board to dictate terms of the 2018 package, which did not even require him to work at Tesla full-time. Continue reading “Elon Musk trial opens to decide fate of his $56 billion Tesla pay”

Nov 14 (Reuters) – Every time Lucid Group Inc (LCID.O) or Rivian Automotive Inc (RIVN.O) sells an electric car, they are losing hundreds of thousands of dollars due to staggering raw material and production costs, their latest earnings statements showed.

Quarterly reports from electric vehicle (EV) makers from the past two weeks show them struggling to hit delivery targets and rapidly burning through cash. Continue reading “Electric vehicle makers burning cash, slammed by sky-high costs”

NUSA DUA, Indonesia, Nov 13 (Reuters) – Indonesian metals company PT Adaro Minerals Indonesia, Tbk has signed a memorandum of understanding (MoU) with South Korea’s Hyundai Motor Company on aluminium supply for automobile manufacturing, Adaro said in a statement on Sunday.

The MoU was signed on the sidelines of the G20 summit in Bali, Indonesia. Continue reading “Indonesia’s Adaro signs MoU with Hyundai for aluminium supply”

BEIJING, Nov 13 (Reuters) – U.S. automaker Tesla (TSLA.O) said on Sunday it will assist Chinese police investigating a crash involving one of its Model Y cars after local media reports said two people had died and three were injured when the driver lost control of the vehicle.

The incident on Nov. 5 in the southern province of Guangdong killed a motorcyclist and a high school girl, Jimu News reported, posting a video of a car driving at high speed crashing into other vehicles and a cyclist. Continue reading “Tesla says it will assist police probe into fatal crash in China”

SHANGHAI, Nov 12 (Reuters) – Tesla has considered plans for exporting made-in-China electric vehicles to the United States and Canada, two people with knowledge of the planning told Reuters, a step that would connect its largest factory to North America, its largest market.

Tesla has been evaluating whether Model 3 and Model Y electric vehicles made in Gigafactory Shanghai could be sold in North America as soon as next year, according to the people, who declined to be named because the process was confidential. Continue reading “Exclusive: Tesla has considered exporting EVs from Shanghai to U.S., Canada”

• VW South Africa not to move to EVs soon, says new MD
• To partner with India, Brazil for petrol, diesel cars
• To target Asia, Latin America and Africa mkts for sales
• Will import EVs for Africa till production can start

Continue reading “VW South Africa looks to Asia, Latam as Europe shifts to EVs”

FRANKFURT, Nov 11 (Reuters) – The Mercedes-Benz (MBGn.DE) works council expects the German car manufacturer to dole out a record-high bonus to its employees while anticipating bumper profits for the financial year, the works council chief said in an interview published on Friday.

“So far, annual profit-sharing has been limited to a maximum of 6,450 euros ($6,617). This cap should be abolished,” Ergun Luemali told Reuters. Continue reading “Mercedes-Benz works council asks for record bonus for employees”

Nov 11 (Reuters) – Polestar on Friday reported a smaller third-quarter operating loss as revenue more than doubled and the company cut spending, sending shares soaring 25% in early trading.

However, the electric vehicle (EV) maker warned that higher raw material costs would start to hurt later in the year. Continue reading “Polestar Q3 loss narrows, expects hit from rising costs”

HONG KONG, Nov 11 (Reuters) – Berkshire Hathaway, the investment company owned by Warren Buffett, has sold 5.78 million Hong Kong-listed shares of electric vehicle maker BYD (002594.SZ) for HK$1.14 billion ($145.38 million), a stock exchange filing showed.

The sale lowered Berkshire’s holdings in BYD’s total issued H-shares to 16.62% on Nov. 8, down from 17.15%, Friday’s filing to the Hong Kong Stock Exchange showed. Continue reading “Berkshire Hathaway sells $145 mln of shares in China’s BYD, filing shows”

Nov 10 (Reuters) – Alphabet Inc’s (GOOGL.O) Waymo said it was opening up its autonomous ride-hailing service for customers in Phoenix, Arizona on Thursday, pushing ahead with the deployment of robotaxi services in the United States.

Investors have been worried about the timeline for autonomous vehicle deployment, as it has been stretched by tough regulatory scrutiny, and delayed commercial adoption of the technology. Continue reading “Waymo starts full-fledged robotaxi services in Phoenix”

WASHINGTON, Nov 10 (Reuters) – European Union Ambassador Stavros Lambrinidis on Thursday said he was very hopeful that negotiations with the United States could result in elimination of discriminatory provisions in the U.S. Inflation Reduction Act.

Lambrinidis told an event hosted by the U.S. Chamber of Commerce that EU officials were working with U.S. officials in a special task force to address their concerns about the U.S. law’s exclusion of foreign electric vehicles from tax credits. Continue reading “EU envoy says ‘hopeful’ about getting changes to U.S. EV tax rules”

SINGAPORE, Nov 10 (Reuters) – Indian Oil Corp (IOC.NS) has offered one diesel cargo to be loaded in early December, its first export in almost three months, three sources who reviewed the tender document said on Thursday.

“The availability could be because of supply resumption after the end of a turnaround at one of the company’s Paradip refinery in mid- to second half September,” one of the sources said. Continue reading “Indian Oil offers first diesel export since mid-Sept – sources”

Nov 10 (Reuters) – Chinese electric automaker Nio Inc (9866.HK), on Thursday reported a bigger quarterly loss due to a jump in costs, and said it expects deliveries to almost double in the current quarter.

Most Chinese electric vehicle (EV) makers are battling higher battery prices, intensifying competition and a rise in cost of sales. Continue reading “Chinese EV maker Nio posts bigger quarterly loss, sees higher deliveries”

• This content was produced in Russia where the law restricts coverage of Russian military operations in Ukraine.

MOSCOW, Nov 10 (Reuters) – Russian carmaker Sollers (SVAV.MM) will buy out Japanese auto maker Mazda’s (7261.T) 50% stake in their joint venture car assembly plant in Vladivostok, Sollers said on Thursday.

In a results statement on Thursday, Mazda said the deal would be worth one euro, bring it the right to buy the asset back for the same amount within three years. Continue reading “Russian carmaker Sollers to buy out Mazda’s stake in Vladivostok plant”