NEW YORK, Oct 14 (Reuters) – Nikola Corp (NKLA.O) founder Trevor Milton on Friday was convicted by a U.S. jury of fraud over allegations he lied to investors about the electric vehicle company’s technology.
The jury found Milton guilty on one count of securities fraud and two counts of wire fraud after deliberating for around five hours. Milton was acquitted on an additional count of securities fraud. Continue reading “U.S. jury convicts Nikola founder of fraud”
Oct 14 (Reuters) – Automaker BMW (BMWG.DE) is set to move production of its electric minis from the United Kingdom to China, The Times reported on Friday.
The company denied the Times report on moving production to China from the UK. Continue reading “BMW to move production of electric minis from UK to China -The Times”
TOKYO/DETROIT, Oct 14 (Reuters) – A new joint venture formed by Japan’s Sony Group Corp (6758.T) and Honda Motor (7267.T) plans to introduce a premium electric vehicle later this decade, and the automaker’s U.S. dealers are anxious to be part of the sales process.
Sony Honda Mobility said on Thursday it was aiming to deliver the first of the unnamed EV by 2026, starting in the United States, and will sell them online. Continue reading “Honda’s U.S. dealers want to be part of Sony Honda venture’s EV launch plans”
BERLIN, Oct 14 (Reuters) – Tesla (TSLA.O) will not start mass production of battery cells at its European gigafactory near Berlin before 2024, German business daily Handelsblatt reported on Friday, citing experts, two of whom are close to the company.
According to the report, problems have been discovered with an important production process presented by Tesla Chief Executive Elon Musk two years ago. Continue reading “Tesla will not start German mass battery production before 2024 -Handelsblatt”
MILAN, Oct 14 (Reuters) – Carmaker Stellantis (STLA.MI) is expected to see its vehicle production in Italy fall for a fifth year in a row in 2022, mainly due to stoppages caused by a prolonged crunch in chip supply, the FIM-CISL union said on Friday. Continue reading “Stellantis output in Italy to fall in 2022 for a fifth year, union says”
MILAN, Oct 13 (Reuters) – Carmaker Stellantis said on Thursday it had signed a framework agreement with Algeria to develop activities of its Fiat brand in the county, including for local production of vehicles.
The deal covers a project for the development in Algeria of industrial, after-sales and spare parts activities for Fiat, as well as the development of the automotive sector in the country, Stellantis said in a statement, after signing the agreement with the director of cooperation of Algeria’s industry ministry. Continue reading “Stellantis signs framework deal for Fiat vehicle production in Algeria”
WOLFSBURG, Germany, Oct 14 (Reuters) – Germany’s giant carmakers may have secured their own energy supplies but thousands of small suppliers faced with a squeeze from soaring bills risk upsetting production through the winter. Continue reading “German car industry baulks at supplier demands over energy hikes”
The Global New Car Assessment Programme (Global NCAP) is a major project of the Towards Zero Foundation, a UK registered charity. It promotes the universal adoption of the United Nation’s most important motor vehicle safety standards worldwide.
BERLIN, Oct 13 (Reuters) – Volkswagen’s software unit Cariad (VOWG_p.DE) will spend more than $2 billion and take a 60% stake in a new venture with Chinese technology firm Horizon Robotics, it said on Thursday, tackling two big challenges: software and the Chinese market.
The carmaker will invest $1 billion in Horizon Robotics and a further 1.3 billion euros ($1.26 billion) in the joint venture, with the transaction to be completed in the first half of 2023. Continue reading “Volkswagen to take 60% stake in $2 bln tech JV with China’s Horizon Robotics”
BERLIN, Oct 13 (Reuters) – When German business chiefs got wind last month of an economy ministry proposal to screen all company investment going into China as part of a raft of new measures, there was uproar.
The investment proposal was soon shelved, a source in the ministry and a business leader told Reuters. Continue reading “German business chiefs clash with Berlin over China policies”
ZURICH, Oct 13 (Reuters) – Siemens (SIEGn.DE) has signed a deal a with a joint venture of Stellantis (STLA.MI), Mercedes Benz (MBGn.DE) and TotalEnergies (TTEF.PA) to supply equipment and technology for electric vehicle battery plants, the German engineering company said on Thursday.
The joint venture – Automotive Cells Company – has a plan worth more than 7 billion euros ($6.79 billion) to build the three gigafactories with a capacity of 40 gigawatt hours (GWh) each by 2030, to support the growing production of electrified vehicles. Continue reading “Siemens signs deal to supply equipment for gigafactories JV”
TOKYO, Oct 13 (Reuters) – A joint venture set up by Japan’s Sony Group Corp (6758.T) and Honda Motor (7267.T) is aiming to deliver its first electric vehicles by 2026 and will sell them online, starting in the United States and Japan.
The new EV will also be priced at a premium, offering a new software system developed by Sony that would open the way to recurring revenue from entertainment and other services that would be billed monthly, the companies said. Continue reading “Sony, Honda aim to deliver premium EV with subscription fees in 2026”
Oct 12 (Reuters) – The state of Ohio said on Wednesday it plans to provide $71.3 million in tax credits for a new Honda Motor Co Ltd (7267.T) and LG Energy Solution (373220.KS) joint venture battery plant.
On Tuesday, the companies announced they were committing to invest $3.5 billion and creating 2,200 jobs, but said the overall investment is projected to reach $4.4 billion. Honda separately is investing $700 million and adding 300 jobs to retool three Ohio plants to build EVs and parts. Continue reading “Honda, LG Ohio investments to receive $71 mln state tax credit”
AUSTIN, Oct 12 (Reuters) – For companies playing with virtual reality as disparate as plane-maker Boeing Co (BA.N) and online-gaming platform Roblox Corp (RBLX.N), forays into the so-called “metaverse” have come with equal parts promise and peril.
The U.S. aviation giant is looking to digital technology to accelerate production of new aircraft, said Susan Doniz, Boeing’s chief information officer, at the Reuters Momentum conference in Austin on Tuesday. She cited how Boeing cut the development time of the T-7 trainer jet by 80% to three years as an example of what might be possible for commercial airplanes. Continue reading “Metaverse could accelerate manufacturing as well as social ills”
MILAN, Oct 12 (Reuters) – Carmaker Stellantis (STLA.MI) said on Wednesday it had inaugurated a new software hub in Bengaluru, India, its second innovation centre in the country, focusing on cockpit and driver assistance technologies.
Software is increasingly crucial in modern vehicles and a growing source of revenue, with carmakers expanding research investments and hiring more executives with specific experience to offer clients more features driven by connectivity, data and e-commerce. Continue reading “Stellantis opens software hub in India to support digital strategy”
LONDON, Oct 12 (Reuters) – BYD (002594.SZ) on Wednesday received a coveted five-star Euro NCAP safety rating for its electric ATTO 3 crossover SUV, the latest Chinese carmaker to receive top marks as it seeks to gain a foothold in Europe’s competitive car market.
Two other Chinese-made cars – the eCitroënC5 X, Continue reading “China’s BYD wins five-star European safety rating for electric SUV”
BERLIN, Oct 12 (Reuters) – Mercedes-Benz (MBGn.DE) and Microsoft (MSFT.O) announced a partnership on Wednesday using Microsoft Cloud for a data platform intended to improve production efficiency at over 30 passenger car plants globally, the carmaker said on Wednesday.
The data platform, called MO360, is already available in Europe, the Middle East and Africa and will also be launched in the United States and China, the statement said. Continue reading “Mercedes-Benz and Microsoft collaborate on supply chain data platform”
TOKYO, Oct 12 (Reuters) – Toyota Motor Corp (7203.T) said on Wednesday it had begun assembling cars at a new plant in Myanmar that was put on hold for more than 19 months after a military coup and during the coronavirus pandemic.
The Japanese automaker said the plant, which is opening even as other companies have pulled out of the country, had begun to assemble one or two Hilux trucks per day, working from parts kits shipped to Myanmar in September. Continue reading “Toyota opens new Myanmar plant put on hold following coup”
WASHINGTON, Oct 11 (Reuters) – General Motors Co (GM.N) said on Tuesday it will invest up to $69 million and take an equity stake in Queensland Pacific Metals (QPM.AX) to secure a new source of nickel and cobalt for battery cells for use in the U.S. automaker’s vehicles.
GM said the investment will help support electric-vehicle eligibility for consumer incentives under new, clean energy U.S. tax credits. GM said the nickel laterite ore is expected to be processed using a new, proprietary process that helps reduce waste. Continue reading “GM to take equity stake in Australian mining company”
NEW YORK, Oct 11 (Reuters) – Authorities found children as young as 13 working at a Korean-operated parts supplier to automakers Hyundai Motor Co (005380.KS) and Kia Corp (000270.KS), and have fined the company and a labor recruiter, the U.S. Department of Labor and the Alabama Department of Labor said on Tuesday.
In August, authorities accused Alexander City, Alabama-based SL Alabama in federal court of violating child labor laws. Continue reading “Hyundai, Kia auto parts supplier in Alabama fined for child labor violations”
Oct 11 (Reuters) – Shares of Uber Inc (UBER.N), Lyft Inc (LYFT.O) and Doordash Inc (DASH.N) fell about 10% on Tuesday on fears that a U.S. proposal to deter companies from treating workers as independent contractors would raise costs for the barely profitable firms.
The U.S. Labor Department’s proposal will require workers to be considered a company’s employees – who are entitled to more benefits and legal protections than contractors – when they are “economically dependent” on the company. Continue reading “Uber, Lyft slump as U.S. proposal on workers a potential blow to gig economy”
MILAN, Oct 11 (Reuters) – Stellantis (STLA.MI) will look to upgrade its medium-term target for the minimum percentage of recycled material in its vehicles from 35%, the carmaker’s Senior Vice President Global Circular Economy Alison Jones said on Tuesday.
In its business plan, Stellantis has set a goal to boost revenues of its recycling business ten-fold to over 2 billion euros ($1.9 billion) by 2030. It also aims to quadruple revenues from extended-life parts and services. Continue reading “Stellantis aims to boost recycled material content in vehicles”
WASHINGTON, Oct 11 (Reuters) – Honda Motor Co Ltd (7267.T) and LG Energy Solution (373220.KS) on Tuesday announced Ohio as the site of their planned $4.4 billion joint-venture battery plant.
The two companies had announced the plan in August but had not settled on a U.S. location. They said on Tuesday they are initially committing to investing $3.5 billion and creating 2,200 jobs but said the overall investment is projected to reach $4.4 billion. Continue reading “Honda to build JV U.S. battery plant, retool Ohio plants”
Oct 11 (Reuters) – Ride-hailing firm Lyft Inc (LYFT.O) said on Tuesday it was testing an earnings algorithm that will allow drivers in 18 U.S. cities to see destination and pay details before accepting a request.
The test follows a similar move by bigger rival Uber Technologies Inc (UBER.N) and underlines how the companies are going the extra mile to fix driver shortages to take advantage of a demand surge brought on by a return to office and travel since the pandemic. Continue reading “Lyft testing new pay algorithm to lure drivers”
LONDON, Oct 11 (Reuters) – Auto forecaster S&P Global Mobility warned on Tuesday that, under a worst case scenario, Europe’s energy crisis could cut its car production by close to 40%, or more than 1 million vehicles, per quarter through the end of 2023.
In a report titled ‘Winter is Coming,’ S&P Global Mobility said the auto industry’s supply chain – already reeling from the COVID-19 pandemic and Russia’s invasion of Ukraine – “may face extensive pressure” from soaring energy costs or even power cuts. Continue reading “Energy crisis could cut Europe’s car output nearly 40% – S&P Global Mobility”
DETROIT, Oct 11 (Reuters) – General Motors Co (GM.N) is expanding beyond car making, with plans to offer energy storage and management services to residential and commercial customers through its new GM Energy unit in a move that puts it in even greater competition with Tesla Inc (TSLA.O).
GM Energy will bundle the existing Ultium Charge 360 public charging service with two new units, Ultium Home and Ultium Commercial, that will offer stationary storage batteries, as well as solar panels and hydrogen fuel cells, the company said on Tuesday. Continue reading “GM takes on Tesla in home and commercial energy storage, management”
WOLFSBURG, Oct 11 (Reuters) – Volkswagen (VOWG_p.DE) is looking at automating 20-30% of production at its upcoming Trinity plant near its Wolfsburg headquarters, the plant’s chief production officer said on Tuesday.
“Assembly is still 90% manual work,” Sebastian Schmickartz said at a suppliers summit in Wolfsburg. “This is what we want to change with the new factory. We are looking at 20-30% automation.” Continue reading “Volkswagen targeting 20-30% automation at new electric vehicle plant”
TOKYO, Oct 11 (Reuters) – Nissan Motor Co Ltd (7201.T) will hand over its business in Russia to a state-owned entity for 1 euro ($0.97), it said on Tuesday, taking a loss of around $687 million in the latest costly exit from the country by a global company.
The Japanese automaker transfer its shares in Nissan Manufacturing Russia LLC to state-owned NAMI, it said. The deal will give Nissan the right to buy back the business within six years, Russia’s industry and trade ministry said. Continue reading “Nissan takes $687 mln loss as sells Russian business for 1 euro”
NEW DELHI, Oct 11 (Reuters) – Warren Buffet-backed Chinese electric carmaker BYD (002594.SZ) launched its first passenger car in India on Tuesday, an electric sport-utility vehicle (SUV), marking its entry into the mainstream market amid a broader global expansion.
BYD launched the Atto 3 electric SUV, fitted with its renowned Blade battery technology, with a plan to corner 40% of the country’s electric car market by 2030. Continue reading “Buffet-backed BYD taps India as latest market amid global push”
SEOUL, Oct 11 (Reuters) – Renault (RENA.PA) Chief Executive Luca De Meo said on Tuesday the automaker was looking to find a partner for a carve-out of its combustion-engine business that would bring scale and drive down costs on technology, including hybrids.
De Meo was answering a question about Renault’s discussions with Geely Automobile (0175.HK) after touring a factory in South Korea that Renault has been running in a joint-venture with Geely since earlier this year. Continue reading “Renault CEO seeks partner on hybrids to bring scale, cut costs”
WASHINGTON, Oct 11 (Reuters) – Drivers using advanced driver assistance systems like Tesla (TSLA.O) Autopilot or General Motors (GM.N) Super Cruise often treat their vehicles as fully self-driving despite warnings, a new study has found.
The Insurance Institute for Highway Safety (IIHS), an industry funded group that prods automakers to make safer vehicles, said on Tuesday a survey found regular users of Super Cruise, Nissan/Infiniti (7201.T) ProPILOT Assist and Tesla Autopilot “said they were more likely to perform non-driving-related activities like eating or texting while using their partial automation systems than while driving unassisted.” Continue reading “Many U.S. drivers treat partially automated cars as self-driving – study”
SHANGHAI, Oct 11 (Reuters) – CATL (300750.SZ), a Chinese electric vehicle (EV) battery giant, forecast its net profit in the July-September quarter to nearly triple from a year-ago period, buoyed by rapid expansion in production to power the growth of EVs worldwide.
The company is the world’s biggest battery maker and accounts for more than a third of global EV battery sales. Continue reading “Chinese EV battery maker CATL expects Q3 profit to nearly triple”
NEW YORK, Oct 10 (Reuters) – Tech firm Honeywell International Inc (HON.O) will roll out technology that could increase supplies of lower-carbon aviation fuel produced from ethanol, the company said on Monday, as the Biden administration calls for the aviation industry to reduce emissions.
Honeywell’s technology can increase production efficiency of sustainable aviation fuel (SAF) to lower costs. The airline sector is considered one of the most difficult to decarbonize as fuel cannot be easily replaced with other kinds of power. Oil refiners have been trying to increase production of SAF to try to lower emissions. Continue reading “Honeywell announces new ethanol-to-jet fuel technology”
PARIS, Oct 10 (Reuters) – French carmaker Renault (RENA.PA) and its Japanese partner Nissan (7201.T) said on Monday they were in talks about the future of their alliance, confirming media reports over the weekend.
The partnership was founded in 1999 and long dominated by former Renault and Nissan top executive Carlos Ghosn. Continue reading “From boom to bottom: Renault, Nissan in talks that could reshape alliance”
Oct 10 (Reuters) – Rising demand for electric vehicles (EV) around the world is encouraging automakers such as Tesla Inc (TSLA.O), Volkswagen (VOWG_p.DE) and Stellantis NV (STLA.MI) to step up efforts to secure raw materials needed for making batteries.
Following are some of the deals major automakers have announced with suppliers and miners: Continue reading “Factbox: Automakers accelerate drive to secure battery raw materials”
MILAN/ROME, Oct 10 (Reuters) – Italian unions on Monday demanded a wage rise of 8.4% for next year to offset rising inflation as they prepare for official talks with industrial groups Stellantis (STLA.MI), Ferrari (RACE.MI), Iveco (IVG.MI) and CNH Industrial (CNHI.MI).
The request could pave the way for similar requests in wage bargaining in Italy, while companies across all Europe from airlines to retailers face demands from workers for major pay rises to cushion the impact of soaring prices. Continue reading “Italy unions seek Stellantis, Ferrari wage rise of over 8% for 2023”
PARIS, Oct 10 (Reuters) – Renault (RENA.PA) plans to build a network of charging stations for electric cars along motorways across Europe, the French carmaker’s e-mobility services unit said on Monday.
The first charging station will open in a few months in southern France, with 200 more planned to follow by mid-2024 in France, Belgium, Italy and Spain, Mobilize said, adding it was in advanced talks with potential partners to finance the network. Continue reading “Renault plans network of EV charging stations along European motorways”
BENGALURU, Oct 10 (Reuters) – Shares of India’s Tata Motors Ltd (TAMO.NS) fell as much as 4.6% on Monday after the automaker reported lower-than-expected wholesale volumes for its Jaguar Land Rover business, prompting brokerage J.P. Morgan to downgrade the stock over the weekend.
Tata Motors late on Friday said its Jaguar Land Rover wholesale volumes – excluding its joint venture in China – were 75,307 for the second quarter, while it had in August, projected wholesale volumes to be around 90,000. Continue reading “India’s Tata Motors shares fall 5% as Jaguar Land Rover wholesale volumes disappoint”
PARIS, Oct 10 (Reuters) – Stellantis (STLA.MI) announced it had signed a non-binding agreement with GME (GME.AX) to secure raw material supplies, including nickel and cobalt sulphate, needed to produce electric vehicle batteries.
The memorandum with the GME mining company “represents the first step toward a potential long-term partnership,” Stellantis said in a statement, as carmakers around the globe race to secure natural resources needed to go green. Continue reading “Carmaker Stellantis strikes nickel and cobalt supply deal for battery production”
LONDON, Oct 10 (Reuters) – Amazon.com Inc (AMZN.O) said on Monday it will invest more than 1 billion euros ($974.8 million) over the next five years in electric vans, trucks and low-emission package hubs across Europe, accelerating its drive to achieve net-zero carbon.
The retailer said the investment was also aimed at spurring innovation across the transportation industry and encouraging more public charging infrastructure for electric vehicles (EVs). Continue reading “Amazon.com to invest over 1 billion euros in European electric van, truck fleet”
