WILMINGTON, Del., Nov 7 (Reuters) – As Elon Musk is engulfed in his overhaul of Twitter, the entrepreneur is headed to trial to defend his record $56 billion Tesla Inc pay package against claims it unjustly enriches him without requiring his full-time presence at the carmaker.

A Tesla (TSLA.O) shareholder is seeking to rescind Musk’s 2018 pay deal, claiming the board set easy performance targets and that Musk created the package to fund his dream of colonizing Mars. Continue reading “As Musk focuses on Twitter, his $56 billion Tesla pay goes to trial”

PRAGUE, Nov 7 (Reuters) – Czech carmaker Skoda Auto, part of the Volkswagen group (VOWG_p.DE), is still aiming for sales of at least 1 million cars a year but is targeting profitability over higher volumes, its CEO was quoted as saying on Monday.

Global deliveries for Skoda, the Czech Republic’s biggest exporter and a bellwether for the economy, dropped 12.6% year-on-year to 878,200 cars in 2021, with global supply snags for chips and other parts hitting output. Continue reading “Skoda focused on profitability over volumes, CEO tells E15”

BEIJING/TOKYO, Nov 7 (Reuters) – Nissan Motor Co’s (7201.T) concerns about technology transfers have complicated its partner Renault’s (RENA.PA) plans to sell a large stake in its gasoline-engine business to China’s Geely (0175.HK), three people familiar with the talks said.

Renault is pursuing a complex two-pronged restructuring. On one hand, it is aiming to revamp its alliance with Nissan and convince the Japanese automaker to invest in a new electric car unit called Ampere. Continue reading “Renault’s talks with Geely complicated by Nissan concerns -sources”

TOKYO, Nov 5 (Reuters) – Japan’s government warned on Saturday that new electric vehicle tax credits in the United States could ultimately deter further investment by the Japanese there and hit employment in the world’s biggest economy.

In a comment submitted to the U.S. Treasury Department, the government raised a number of concerns about the tax credits in the Inflation Reduction Act (IRA), which is designed to build more resilient supply chains as the United States aims to reduce exposure to China. Continue reading “Japan government sounds alarm over U.S. EV tax credits”

TOKYO, Nov 5 (Reuters) – Japan’s Honda Motor Co (7267.T) unveiled the second model of its new China-only electric vehicle (EV) lineup on Saturday, targeting the fast-growing, battery-driven car segment in the world’s largest auto market.

The Japanese automaker said last year it planned to roll out EV models under a new brand called “e:N Series” over the next five years with partners GAC (601238.SS) and Dongfeng Motor (0489.HK). It began selling the first model in China in April. Continue reading “Honda launches new EV model in China”

SEOUL, Nov 4 (Reuters) – South Korea is seeking a three-year grace period on the U.S. Inflation Act in order to enable Korean automakers to keep receiving electric vehicle (EV) incentives in the United States, Seoul’s foreign ministry said on Friday.

U.S. President Joe Biden sign into law in August a $430 billion bill, which among other measures, excludes Hyundai Motor Co (005380.KS) and its affiliate Kia Corp (000270.KS) from federal tax credits because they don’t yet make EVs in North America. Continue reading “South Korea seeks 3-year grace period on U.S. EV tax incentive law”

HAMBURG, Nov 4 (Reuters) – Volkswagen (VOWG_p.DE) on Friday said it has recommended to its brands to pause paid advertising on Twitter until further notice in the wake of Elon Musk’s takeover of the social media platform.

“We are closely monitoring the situation and will decide about next steps depending on its evolvement,” Europe’s top carmaker said in a statement. Continue reading “Volkswagen tells brands to pause paid advertising on Twitter”

HONG KONG, Nov 4 (Reuters) – Berkshire Hathaway Inc, the investment firm owned by Warren Buffett, has sold 3.297 million Hong Kong-listed shares of electric vehicle maker BYD (002594.SZ) for HK$560.05 million ($71.35 million), according to a filing on Friday.

The sale lowered Berkshire’s holdings in BYD’s total issued H shares to 17.92% on November 1 from 18.22%, the filing to the Hong Kong Stock Exchange showed. ($1 = 7.8498 Hong Kong dollars) Continue reading “Berkshire trims stake in China’s BYD H-shares worth HK$560 million – filing”

TOKYO, Nov 4 (Reuters) – Nissan Motor Co’s (7201.T) talks with Renault SA (RENA.PA) on revamping their alliance are focused on strengthening competitiveness as equal partners and getting the most from their investment in electric cars, the Japanese automaker’s CEO told Reuters.

The negotiations with Renault, Nissan’s top shareholder, have less than two weeks remaining to meet a Nov. 15 target the companies had set to reach a deal, according to people with knowledge of the talks. Continue reading “Nissan says talks with Renault focused on better competing in electric cars”

Nov 3 (Reuters) – Lithium producer Livent Corp (LTHM.N) is eyeing acquisitions in Canada and other countries as it looks to boost its production and processing of the metal used to make electric vehicle batteries, its chief executive told Reuters.

Already one of the top global producers of the metal, Livent has expansions underway across the globe, including Canada, but wants to grow more to meet rising demand for the metal from the electric vehicle (EV) and renewable energy industries. Continue reading “Livent looks to Canada for lithium growth opportunities – CEO”

WASHINGTON, Nov 3 (Reuters) – Luxury automaker Audi of America said on Thursday it has paused paid advertising on Twitter, the latest company to do so after the social media platform was acquired by billionaire Elon Musk.

The Herndon, Virginia-based U.S. unit of Audi, a Volkswagen Group (VOWG_p.DE) brand, said it would “continue to evaluate the situation.” Continue reading “Audi of America pauses paid Twitter advertising”

Nov 3 (Reuters) – Lyft Inc (LYFT.O) said on Thursday it would lay off 13% of its workforce, or about 683 employees, in the ride-hailing firm’s latest cost-cutting step to cope with a weakening economy.

As decades-high inflation hits consumer spending and drives up costs for businesses, companies across sectors are cutting jobs and downsizing their operations to preserve profits. Continue reading “Lyft to lay off 683 employees in cost-cutting push”

BERLIN, Nov 3 (Reuters) – Buyers of a BMW (BMWG.DE) should be able to order a car directly from the manufacturer in the future with no need to involve a car dealer, its finance chief told Muenchner Merkur.

“We want to give customers the opportunity to order directly from us,” Nicolas Peter said in an interview published on Thursday. Continue reading “BMW plans direct sales of its cars, CFO tells newspaper”

• BMW and Stellantis report strong rise in Q3 revenues
• But both raise concerns about prospects in Europe
• BMW shares fall more than 4%, Stellantis down 3%

Continue reading “Europe – the warning light flashing on carmakers’ dashboards”

WASHINGTON, Nov 3 (Reuters) – Chrysler-parent Stellantis (STLA.MI) on Thursday urged owners of 276,000 older U.S. vehicles to immediately stop driving after three crash deaths tied to faulty Takata air bag inflators were reported in the last seven months.

The “Do Not Drive” warning is for owners of previously recalled 2005 to 2010 Dodge Magnum station wagons, Dodge Challenger coupes, and Dodge Charger and Chrysler 300 sedans who have not yet addressed Takata driver-side air-bag recalls. Continue reading “Chrysler-parent air bag crash deaths prompt U.S. alert”

OAKLAND, Calif., Nov 3 (Reuters) – Silicon Valley-based AI chip startup SiMa.ai on Thursday said it is entering the automotive industry and has recruited Harald Kroeger, a former executive at top tier auto supplier Bosch and Mercedes Benz (MBGn.DE), to lead that business.

Kroeger, who is on the board of electric pickup truck firm Rivian (RIVN.O), will join SiMa.ai’s board, which includes top chip industry executives Moshe Gavrielov, a Taiwan Semiconductor Manufacturing Co. (2330.TW) board member, and Lip‑Bu Tan, an Intel (INTC.O) board member. Continue reading “AI chip startup SiMa.ai launches auto business with former Bosch, Mercedes executive”

Nov 3 (Reuters) – Tesla Inc (TSLA.O) delivered 71,704 China-made electric vehicles (EVs) in October, down 14% from a record high in the previous month, according to a report released on Thursday by the China Passenger Car Association (CPCA).

The U.S. EV maker delivered 83,135 cars in September, setting a record for Tesla’s Shanghai factory since production began in December 2019. October production was still higher than a year earlier. Continue reading “Tesla ships 71,704 China-made EVs in October – CPCA”

Nov 3 (Reuters) – Advertisers are grappling with Twitter’s new ownership under Tesla boss Elon Musk, who once tweeted “I hate advertising”.

Below are reactions from some of the companies:

Ford Motor Co (F.N) Continue reading “Factbox: Advertisers react to Twitter’s new ownership”

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

MOSCOW, Nov 3 (Reuters) – With Russia’s domestic car industry smarting from the impact of Western sanctions, sales of used cars are leading a relative resurgence, with Japan accounting for more than three quarters of those imported, according to data shared with Reuters. Continue reading “Russia turns to Japan for used car imports as domestic production slumps”

MADRID, Nov 3 (Reuters) – The chief of Volkswagen’s (VOWG_p.DE) Spanish unit SEAT said on Thursday the subsidies offered by Spanish authorities for a battery factory construction and electric vehicle production “is not sufficient”, but voiced optimism about finding a solution.

Speaking at a panel in Madrid, SEAT Chairman Wayne Griffiths said the solution, which he did not specify, has to be found within 10 days. Continue reading “VW’s SEAT says Spain’s subsidy for battery plant, EV production ‘not sufficient’”

LONDON, Nov 3 (Reuters) – Electric and hybrid vehicles accounted for 43% of sales of new cars in the European Union in the third quarter, data from the European Automobile Manufacturers Association (ACEA) showed on Thursday.

Fully electric vehicles, plug-in hybrids and hybrids made up less than 40% of all sales in the same period last year, the association said. Continue reading “EVs and hybrids account for 43% of third-quarter EU new car sales”

• Net revenue rose 29% in Q3 to 42.1 bln euros
• Shipments grew 13% in Q3 to 1.281 mln vehicles
• BEV sales up 41% year-on-year to 68,000 units

Continue reading “Stellantis sales rise 29% in Q3 but delivery issues cast cloud”

BERLIN, Nov 3 (Reuters) – German premium carmaker BMW (BMWG.DE) reported better than expected quarterly net profit on Thursday thanks to high car prices but warned that rising inflation and interest rates would start to weigh on sales in the coming months.

The higher profit comes despite lower sales volumes as supply chain issues including the semiconductor chip shortage that has curtailed output for carmakers globally. Continue reading “BMW expects sales dent as inflation hits consumer buying power”

LONDON/BERLIN, Nov 3 (Reuters) – Europe’s drive to build a homegrown electric vehicle battery industry is hitting roadblocks as investors shy away from giving startups sufficient funding to challenge the Asian companies that dominate the market.

With the notable exception of Sweden’s Northvolt, some startups hoping to build so-called gigafactories to compete with the Asian behemoths are going for smaller plants, with the aim of attracting more investment further down the line. Continue reading “Europe leans on Asia for ‘homegrown’ EV batteries”

LISBON, Nov 2 (Reuters) – Mark MacGann, the whistleblower behind the so-called Uber Files, said on Wednesday that the ride-hailing company seemed to be taking steps toward improving its work culture, but that its business model was still “absolutely” unsustainable.

The Guardian and Le Monde newspapers reported in July that Uber Technologies Inc (UBER.N) broke laws and secretly lobbied politicians as part of an aggressive drive to expand into new markets from 2013 to 2017. Continue reading “Uber whistleblower says current business model ‘absolutely’ unsustainable”

WASHINGTON, Nov 2 (Reuters) – The United Auto Workers (UAW) wants an election next month on representing about 900 workers at a General Motors (GM.N)-LG Energy (373220.KS) battery cell manufacturing joint venture in Ohio after the companies refused to recognize the union.

The UAW petition filed on Monday with the National Labor Relations Board (NLRB) and seen by Reuters seeks a Dec. 7-8 election of workers at Ultium Cells after a majority of employees had signed cards authorizing the union to represent them. Continue reading “UAW seeks quick election to represent Ohio GM-LG battery plant workers”

• Palladium seen averaging $2,069/oz in Q4, $2,037.50/oz in 2023
• Platinum seen averaging $907/oz in Q4, $970/oz in 2023
• Individual forecasts ,

Continue reading “Economic slump nudges down platinum and palladium forecasts – Reuters poll”

• Co lifts FY core profit forecast to over 1.73 bln euros
• Sees margin on core profit around 35% this year
• Adjusted EBITDA rose 17% in Q3, above forecasts
• Shipments to China region rose 73% in July-Sept

Continue reading “Defying gloom, Ferrari sees strong demand for luxury cars”

Nov 2 (Reuters) – Flexport, one of the most valuable logistics startups, is looking to add about 400 engineers to double its technical team by next year, a top company executive told Reuters.

The hiring spree, spearheaded by Dave Clark who joined Flexport in September after two decades at Amazon.com (AMZN.O), comes at a time when many big tech companies and venture capital-backed startups are either freezing hiring or laying off employees amid economic uncertainty. Continue reading “Logistics startup Flexport plans hiring spree, to double engineers in 2023”

TOKYO, Nov 2 (Reuters) – Demand for new vehicles in the United States remains strong despite rising interest and loan rates, the chief executive of Japan’s Subaru Corp (7270.T) said on Wednesday.

“Americans are feeling a slowdown in the economy, but car sales are strong as supply lags,” said Tomomi Nakamura during a news conference after an earnings announcement. Continue reading “Subaru says U.S. vehicle demand strong amid economic slowdown fears”

TOKYO, Nov 2 (Reuters) – Mitsubishi Motors Corp (7211.T), a junior partner in the Nissan Motor Co (7201.T) and Renault (RENA.PA) alliance, has not made a decision yet on whether to invest in the French automaker’s electric vehicle company, a top executive said on Wednesday.

“It’s necessary to gain the full understanding of our shareholders and board members, and for this reason, it is necessary to carefully examine the figures,” said chief executive Takao Kato. “We do not expect to reach a conclusion in such a short period of time.” Continue reading “Mitsubishi Motors says no decision yet on investing in Renault’s new EV unit”

STOCKHOLM, Nov 2 (Reuters) – Sweden-based Volvo Car AB (VOLCARb.ST) said on Wednesday its sales grew 7% year-on-year in October to 54,317 cars.

“Overall underlying demand for the company’s cars remains robust, especially for its recharge range of pure electric and plug-in hybrid cars,” it said in a statement. Continue reading “Volvo Cars’ sales up 7% in October on “robust” underlying EV demand”

SHANGHAI, Nov 2 (Reuters) – Zhejiang Geely Holding Group’s (GEELY.UL) premium electric car business plans to sell the first electric vehicle produced under the Zeekr brand in Europe next year, Zeekr’s CEO said.

Zeekr joins a growing list of Chinese automakers looking to launch or expand sales of electric vehicles in Europe next year, including BYD (002594.SZ), Xpeng (9868.HK) and Great Wall Motors (601633.SS). Continue reading “Geely’s Zeekr plans electric vehicle sales in Europe in 2023”

PARIS, Nov 2 (Reuters) – Carmaker Stellantis (STLA.MI) said on Wednesday that it monitored all social media channels which involved its brands and will continue to do so in the wake of a new leadership at Twitter, where Stellantis would be “vigilant.”

“Stellantis consistently monitors all social media channels in which its brands actively participate through its advertising agencies. This vigilance will continue towards Twitter’s new leadership,” said Stellantis in a statement sent to Reuters. Continue reading “Carmaker Stellantis: will be vigilant after Musk’s takeover of Twitter”

• Supply snags having ‘more prolonged’ impact on working capital
• Cuts 2022 wholesale deliveries, margin outlook
• Posts bigger Q3 loss
• Shares fall more than 12%

Continue reading “Aston Martin says supply snags delaying turnaround”

LONDON, Nov 2 (Reuters) – Luxury British carmaker Bentley said on Wednesday that its operating profit for the first nine months of 2022 more than doubled, as global economic uncertainty failed to dent customer interest for niche models and increased car customisation.

The unit of German carmaker Volkswagen (VOWG_p.DE) posted an operating profit for the first three quarters of 2022 of 575 million euros ($568 million), more than the 275 million euros in the same period of last year. Continue reading “Bentley’s profit gets a lift from niche, personalised cars”

SAN FRANCISCO, Nov 1 (Reuters) – Argo AI, the now shut self-driving technology unit of Ford (F.N) and Volkswagen (VOWG_p.DE), will lay off 78 employees in Austin on Tuesday, according to a notice to the Texas Workforce Commission.

The Pittsburg-based Argo AI earlier this year commenced driverless operations in Austin and Miami. Continue reading “Ford’s shuttered unit argo lays off 78 employees in Austin -govt notice”

Nov 1 (Reuters) – Twitter Inc will charge $8 a month for its Blue service, which includes its sought-after “verified” badge, new boss Elon Musk said on Tuesday as he seeks to boost subscriptions and make the social media network less reliant on ads.

“Twitter’s current lords & peasants system for who has or doesn’t have a blue checkmark is bullshit. Power to the people! Blue for $8/month,” Musk said in a tweet, adding that the price will be adjusted by “country proportionate to purchasing power parity.” Continue reading “Musk says Twitter will charge $8/month for blue check mark”

BERLIN, Nov 1 (Reuters) – Volkswagen (VOWG_p.DE) said on Tuesday it would sell its carsharing service WeShare to Miles Mobility, under a deal that sees the Berlin-based competitor order more than 10,000 electric cars from the Audi, Seat/Cupra and VW brands.

Volkswagen said it would not disclose the selling price as per the agreement. Continue reading “Volkswagen sells WeShare to Berlin-based carsharing service”