TOKYO/WASHINGTON, Aug 29 (Reuters) – Japan’s Honda Motor Co (7267.T) will build a new $4.4 billion lithium-ion battery plant for electric vehicles in the United States with Korean battery supplier LG Energy Solution Ltd (373220.KS), the two companies said on Monday.

Battery makers are looking to increase production in the U.S. where a shift toward electric vehicles (EV) could increase as the country implements stricter regulation and tightens tax credit eligibility. Continue reading “Honda Motor, LG Energy to build $4.4 bln U.S. EV battery plant”

GANDHINAGAR, India, Aug 28 (Reuters) – Suzuki Motor Corp (7269.T) will set up a global research and development company in India, its president said on Sunday, pushing deeper into a market that is set to become an electric vehicle (EV) hub for the Japanese carmaker.

The new company, a wholly owned unit of Suzuki Japan, will strengthen the carmaker’s R&D competitiveness and capabilities in India and other global markets, Toshihiro Suzuki told an event in Gandhinagar, the capital of western Gujarat state. Continue reading “Japan’s Suzuki drives deeper into India with global R&D unit”

Aug 26 (Reuters) – Panasonic Holdings Corp (6752.T), a supplier to electric-car maker Tesla Inc (TSLA.O), is in talks to build an additional electric vehicle (EV) battery plant in the United States at a cost of around $4 billion, the Wall Street Journal reported on Friday, citing people familiar with the matter.

Panasonic is looking at Oklahoma as the location for its new plant, the newspaper said. (https://on.wsj.com/3pJJs1F) Continue reading “Tesla supplier Panasonic plans additional $4 bln U.S. EV battery plant – WSJ”

HONG KONG/WASHINGTON, Aug 26 (Reuters) – Beijing and Washington took a major step on Friday towards ending a dispute that threatened to boot Chinese companies, including Alibaba, from U.S. stock exchanges, signing a pact to allow U.S. regulators to vet accounting firms in China and Hong Kong.

U.S. regulators have for more than a decade demanded access to audit papers of U.S.-listed Chinese companies, but Beijing has been reluctant to let overseas regulators inspect its accounting firms, citing national security concerns. Continue reading “U.S. and China reach landmark audit deal in boon for Chinese tech companies”

Aug 26 (Reuters) – Smartphone maker Xiaomi Corp (1810.HK) is eyeing an electric vehicle (EV) production tie-up with Beijing Automotive Group Co (BAIC) (1958.HK), as it faces delays in acquiring a licence to make cars on its own, Bloomberg News reported on Friday.

Such partnership among EV startups and traditional carmakers has become increasingly common in China, as state planners have been limiting the issuance of manufacturing licences to new EV makers in a bid to contain excessive investment. Continue reading “Xiaomi in talks with BAIC to produce electric cars -Bloomberg News”

Aug 25 (Reuters) – The California Air Resources Board voted Thursday to adopt sweeping regulations to require all new cars sold in the most populous U.S. state to be electric or plug-in hybrid by 2035, a move that will likely speed the end of gas-powered vehicles.

The rules, which have been adopted by more than a dozen U.S. states, must still be approved by the U.S. Environmental Protection Agency. Continue reading “California board votes to phase out gasoline-only cars in state by 2035”

DETROIT, Aug 25 (Reuters) – U.S. consumers are responding to surging prices for new cars and trucks by going deeper into debt, pushing the average new vehicle loan to a record-high $40,290 during the second quarter, credit monitoring company Experian said Thursday.

The average monthly payment for a new vehicle loan rose to $667 in the second quarter, up nearly 15% from a year earlier, Experian said in its latest report on the automotive finance market. The average amount borrowed rose 13.2%, Experian said. Continue reading “U.S. consumers borrow at record levels as car prices surge – Experian”

PARIS, Aug 25 (Reuters) – The French transport minister called on Thursday for an investigation into whether French oil major TotalEnergies (TTEF.PA) was involved in supplying jet fuel to the Russian military through a local joint venture.

Le Monde newspaper reported on Wednesday that TotalEnergies was involved in supplying gas condensate to make jet fuel that may have been used by Russian warplanes in Ukraine, via the French firm’s stake in a venture with Russia’s Novatek (NVTK.MM). Continue reading “French minister seeks probe into TotalEnergies’ possible fuel links to Russian army”

IZHEVSK, Russia, Aug 25 (Reuters) – Russia’s record employment signals a surprisingly smooth decoupling from the West. Its rapid replacement of McDonald’s and Starbucks says business as usual. Yet pressures are building inside its economic machine.

Six months into the Ukraine conflict, the strategies and struggles of Russia’s biggest automaker offers an insight into the contrasting fortunes of a country striving to withstand what Vladimir Putin calls an economic “blitzkrieg” by the West.
Continue reading “In isolated Russia, a tale of two economies”

SEOUL, Aug 25 (Reuters) – South Korea will seek cooperation with the European Union over the U.S. Inflation Reduction Act that excludes electric vehicles (EVs) assembled outside of North America from tax credits in the United States, the country’s industry ministry said on Thursday.

U.S. President Joe Biden signed into law on Aug. 16 a $430 billion bill which, among other measures, ends tax credits for about 70% of the 72 EV models that were previously eligible. Continue reading “S.Korea seeks cooperation with EU over U.S. Inflation Reduction Act”

Aug 24 (Reuters) – U.S. new vehicle prices are expected to hit a record high in August on the back of strong demand despite rising interest rates, an industry report showed on Wednesday.

Average transaction prices are set to reach a record $46,259, an 11.5% increase from a year earlier, according to the report from auto industry consultants J.D. Power and LMC Automotive. Continue reading “U.S. new vehicle prices to hit record high despite rising interest rates”

BARCELONA, Aug 24 (Reuters) – Ford (F.N) said on Wednesday it is delaying its production investments in Spain, citing a “revised outlook for Europe” but said it remained committed to its plant in Valencia, where it announced plans in June to produce electric vehicles (EVs).

The U.S. carmaker said in a statement it will not ask for a share of Spain’s EU pandemic relief funds to invest in the roll-out of EVs by June 2025, but said it will work with local authorities to identify other potential public funding as it moves to an all-electric fleet of passenger vehicles by 2030. Continue reading “Ford delays Spanish investments, citing ‘revised outlook for Europe’”

TOKYO, Aug 24 (Reuters) – Honda Motor Co Ltd (7267.T) is considering building a separate supply chain that would reduce its dependence on China, the Sankei newspaper reported on Wednesday, in what would be a high profile move by a major Japanese manufacturer.

Many big Japanese companies have built extensive production hubs in China but have recently seen output snarled by COVID-19-related lockdowns. There are also deepening worries about the impact of tensions between the United States and China. Continue reading “Honda considering decoupling supply chain from China -Sankei”

TOKYO, Aug 24 (Reuters) – Toyota Motor Corp (7203.T) and others involved in a commercial vehicle partnership have expelled Hino Motors (7205.T) from the group over a scandal involving falsification of engine data by the truckmaker, Toyota said on Wednesday.

It is the most severe step announced so far by Toyota, which has a controlling 50.1% in Hino, since the scandal erupted in March. Continue reading “Truckmaker Hino expelled from Toyota-led commercial vehicle partnership”

NEW DELHI, Aug 24 (Reuters) – Indian billionaire Gautam Adani, Asia’s richest man, is making his biggest media bet with a bid to buy a majority stake in New Delhi Television (NDTV) (NDTV.NS).

Adani’s coal-to-edible-oils conglomerate has been on a deals spree over the past two years. Continue reading “Factbox: Asia’s richest man Adani on deals spree in India, abroad”

SHANGHAI, Aug 24 (Reuters) – CATL (300750.SZ), the world’s largest electric vehicle (EV) battery manufacturer, more than doubled its profit in the second quarter as Chinese authorities rolled out incentives to boost EV sales to cushion the impact of lockdowns during the period.

CATL, whose clients include Tesla (TSLA.O), Volkswagen and BMW (BMWG.DE), booked a net profit of 6.68 billion yuan ($974.61 million) from April to June, according to Reuters calculations based on the company’s filings, up 164% from a year ago. Continue reading “Chinese battery giant CATL posts strong Q2 profit on robust EV sales”

WASHINGTON, Aug 23 (Reuters) – Toyota Motor Corp (7203.T) on Tuesday said it recognized the state of California’s authority to set vehicle emissions standards under the U.S. Clean Air Act.

Toyota said the move will make it eligible for government fleet purchases by California. Continue reading “Toyota recognizes California authority to set vehicle emissions standards”

PARIS, Aug 23 (Reuters) – Nissan (7201.T) said it would stop production of cylinder heads for French car maker Renault at its plant in Sunderland, northern England, from early 2024, adding it did not expect this move to result in job losses.

“From early 2024, Nissan Sunderland Plant will cease production of cylinder heads on site. We do not expect this to result in job losses, and are working with staff as we redeploy them to other parts of the business,” the company said, confirming a Sky News report. Continue reading “Nissan to cease producing cylinder heads for Renault from 2024”

TORONTO, Aug 23 (Reuters) – German carmakers Volkswagen (VOWG_p.DE) and Mercedes signed Memorandums of Understanding with the Canadian government on Tuesday to cooperate on the development of batteries.

The agreements were signed during a two-day visit by German Chancellor Olaf Scholz to Canada. Continue reading “VW, Mercedes sign MoUs with Canada to cooperate on battery development”

WASHINGTON, Aug 23 (Reuters) – Owners of some Hyundai (005380.KS) and Kia (000270.KS) SUVs that were recently recalled over fire risks should park them outdoors and away from homes until they are repaired, the U.S. Department of Transportation said on Tuesday.

The South Korean automakers last week recalled thousands of Hyundai Palisade and Kia Telluride vehicles made from 2020 to 2022, citing a risk of fire while parked or driving due to a trailer hitch issue, the National Highway Traffic Safety Administration’s website showed. Continue reading “Some Kia, Hyundai SUVs should be parked outdoors over fire risk -U.S. regulator”

TOKYO, Aug 23 (Reuters) – A widening scandal at Japan’s Hino Motors (7205.T) over falsification of engine data has become a headache that will not go away for parent Toyota Motor Corp (7203.T), adding to a difficult year already complicated by multiple production halts.

Hino, Toyota’s truck and bus unit, said on Monday it would suspend shipments of small trucks after a transport ministry investigation revealed that some 76,000 of its small trucks sold since 2019 had not been subject to the required number of engine tests. Continue reading “Hino’s widening engine scandal becomes nagging headache for Toyota”

NEW YORK, Aug 22 (Reuters) – The U.S. Department of Labor on Monday accused a Korean-owned auto parts maker and supplier of Hyundai Motor Co of violating federal child labor laws at an Alabama factory, federal court filings reviewed by Reuters show.

The Department of Labor (DOL) said that SL Alabama LLC, a subsidiary of South Korea’s SL Corp (005850.KS), employed underage workers at its Alexander City, Alabama factory, according to filings on Monday with the U.S. District Court for the Middle District of Alabama. Continue reading “Hyundai supplier accused of child labor violations by U.S. authorities”

Aug 22 (Reuters) – Ford Motor Co(F.N) said it will cut a total of 3,000 salaried and contract jobs, mostly in North America and India, as it restructures to catch up with Tesla Inc (TSLA.O) in the race to develop software-driven electric vehicles.

Ford Chief Executive Jim Farley has been saying for months that he believed the Dearborn, Mich. automaker had too many people, and that not enough of its workforce had the skills required as the auto industry shifts to electric vehicles and digital services. Continue reading “Ford cuts 3,000 jobs as it pivots to EVs, software”

TOKYO, Aug 22 (Reuters) – Japan’s Hino Motors (7205.T) will suspend shipments of small trucks after confirming that a widespread data falsification scandal included those models, it said on Monday, highlighting deepening problems at the Toyota Motor Corp (7203.T) unit.

Truck and bus maker Hino’s President Satoshi Ogiso told a news conference that during a transport ministry investigation additional misconduct regarding emissions was found that affects more than 76,000 vehicles. Continue reading “Toyota unit Hino halts light truck shipments as data scandal widens”

BIDADI, India, Aug 22 (Reuters) – Toyota is rebooting its strategy for India, doubling down on a bet that emerging markets will learn to love its hybrids, as long as the price is right.

Renowned for its pioneering Prius, the Japanese carmaker has struggled to sell large numbers of its hybrid Camry sedan since its Indian debut in 2013, partly due to a sticker price of more than eight times the annual income of a middle-class family. Continue reading “Toyota doubles down on its hybrid bet in India”

SEOUL, Aug 22 (Reuters) – A new U.S. law excluding electric vehicles assembled outside North America from tax credits could persuade South Korea’s Hyundai Motor Co (005380.KS) to bring forward the start-date for construction of an EV and battery plant in the United States to as early as this year, Yonhap news agency reported on Monday.

Hyundai Motor said in May that it would break ground on its new facility in Georgia in early 2023, with commercial production starting in the first half of 2025 with an annual capacity of 300,000 units. Continue reading “Hyundai Motor may speed up construction of U.S. EV plant, Yonhap reports”

Aug 21 (Reuters) – A jury in Gerogia has returned a $1.7 billion verdict against Ford Motor Co (F.N) involving a pickup truck crash that claimed the lives of a couple, the AP reported on Sunday.

James Butler Jr., lawyer for the Georgia couple Melvin and Voncile Hill who were killed in April 2014 in the rollover wreck of their 2002 Ford F-250, said on Sunday that jurors in Gwinnett County, northeast of Atlanta, returned the verdict late last week, AP reported. https://bit.ly/3PGdcHl Continue reading “Georgia jury awards $1.7 billion in Ford truck crash case, AP reports”

BERLIN, Aug 21 (Reuters) – Volkswagen’s (VOWG_p.DE) sportscar brand Porsche expects to produce as many units of its Macan model in the electric version as the original with combustion engine, production chief Albrecht Reimold told magazine Automobilwoche.

“We produce more than 80,000 units of today’s generation, and in the long term we also plan to produce as many of the all-electric Macan,” Reimold was quoted as saying. Continue reading “Porsche expects to make as many electric Macans as combustion versions”

LONDON, Aug 19 (Reuters) – Britain said on Friday it wanted a widespread rollout of self-driving vehicles on roads by 2025, announcing plans for new laws and 100 million pounds ($119.09 million) of funding.

The government said it wanted to take advantage of the emerging market for autonomous vehicles, which it valued at 42 billion pounds and estimated could create 38,000 new jobs. Continue reading “Britain sets out roadmap for self driving vehicle usage by 2025”

Aug 19 (Reuters) – General Motors Co (GM.N) said on Friday it would reinstate quarterly dividend payouts, suggesting the automaker was confident it was past the worst risks from the pandemic and the economic turbulence of the past several months.

The automaker had suspended dividend payments and share buybacks in April 2020 after the global coronavirus pandemic hit sales and impacted production, forcing the company to conserve cash during the crisis. Continue reading “GM restores quarterly dividend after more than two years”

BEIJING, Aug 19 (Reuters) – China will extend its exemption of new energy vehicles’ from purchase taxes to the end of 2023, creating tax cuts worth a total of 100 billion yuan, state media Xinhua quoted cabinet meeting as saying on Friday. Continue reading “China extends NEV purchase tax exemption worth 100 billion yuan”

SYDNEY, Aug 19 (Reuters) – Australia’s government said on Friday it plans to introduce new regulations targeting vehicle carbon emissions to boost the uptake of electric cars, as it looks to catch up with other developed economies.

Just 2% of cars sold in Australia are electric compared with 15% in Britain and 17% in Europe, and the country risked becoming a dumping ground for vehicles that can’t be sold elsewhere, Climate Change and Energy Minister Chris Bowen said. Continue reading “Australia to target vehicle emissions to boost electric car supply”

WASHINGTON, Aug 18 (Reuters) – General Motors Co (GM.N) and LG Energy Solution (373220.KS) are considering a site in Indiana for a fourth U.S. battery cell manufacturing plant, a spokeswoman for the companies’ joint venture said on Thursday.

Ultium Cells LLC “is developing a competitive business case for a potential large investment that could be located in New Carlisle, Indiana,” she said, adding that Ultium had submitted a tax abatement application that it hopes will be approved later this month. Continue reading “GM, LG Energy Solution considering Indiana for fourth U.S. battery plant”

ZURICH, Aug 18 (Reuters) – The Geneva International Motor Show scheduled to take place in February has been cancelled for the fourth year running, the organisers said on Thursday.

They said they would focus instead on a complementary motor show, the Geneva International Motor Show Qatar, due to be held in Doha later in 2023. Continue reading “Next year’s Geneva auto show cancelled -organisers”

SHANGHAI, Aug 18 (Reuters) – China’s Geely Automobile Holdings Ltd (0175.HK) aims to increase the proportion of electric vehicles (EVs) in its total sales to 50% in 2023, as it accelerates a transition to electric power amid weakening demand for petrol-driven cars.

Sales of pure electric and plug-in hybrids will already account for more than 30% of Geely’s monthly sales in the second half of this year, Chief Executive Jerry Gan told reporters in an online event on Thursday. Continue reading “China’s Geely Auto grows EV ambition as fossil fuel vehicle demand sinks”

DETROIT, Aug 18 (Reuters) – Korea’s SK Inc (034730.KS) has invested $100 million in North Carolina startup Atom Power, which aims to upgrade the electric vehicle (EV) charging experience in the United States with new hardware and software, the companies said Thursday.

Based in Huntersville, North Carolina, eight-year-old Atom Power has developed a digital circuit breaker that provides more control, flexibility and reliability to EV charging, especially for commercial fleet operators and managers of multi-family dwellings, according to Chief Executive Ryan Kennedy. Continue reading “Korea’s SK invests $100 million in EV-focused startup Atom Power”