MOSCOW, Aug 18 (Reuters) – Chinese car manufacturer Chery is in talks with Russian manufacturers about producing cars in Russian plants, Russia’s state-owned news agency TASS reported on Thursday, citing Vladimir Shmakov, director of Chery’s Russian branch.

“First of all in our plans is the need to localise production on Russian territory,” TASS cited Shmakov as saying. Continue reading “China’s Chery in talks to produce cars in Russian plants -TASS”

SEOUL, Aug 18 (Reuters) – South Korean auto parts maker Hyundai Mobis Co Ltd (012330.KS) said on Thursday it was considering separating its modules and key parts production businesses into new wholly owned units in an effort to enhance each segment’s expertise and maximise efficiency.

Hyundai Mobis, an affiliate of automaker Hyundai Motor Co (005380.KS), said in a regulatory filing it aims to hold a board meeting in September to approve plans to separate the businesses, expected to be launched in November. Continue reading “S.Korea’s Hyundai Mobis aims to separate key businesses into new units”

SHANGHAI, Aug 18 (Reuters) – China’s Geely Automobile Holdings Ltd(0175.HK) said on Thursday its first-half net profit fell 35%, as the country’s strict COVID-19 restrictions dented sales and disrupted production.

Hangzhou-based Geely, China’s highest-profile automaker globally due to the group’s investments in Volvo Cars and Mercedes-Benz, posted January-June profit of 1.55 billion yuan ($228.3 million), versus 2.38 billion yuan in the same period a year earlier. Continue reading “China’s Geely Automobile first-half profit slumps 35%”

WASHINGTON, Aug 18 (Reuters) – A major expansion in tax credits for companies that capture and store carbon emissions under U.S. President Joe Biden’s new climate law could be a boon to the ethanol industry as it seeks to meet its mid-century climate goals.

The Inflation Reduction Act (IRA) Biden signed on Tuesday significantly expands tax credits for industrial projects that capture emissions of carbon dioxide, the main gas blamed for climate change, and either store it underground or use it as a building block for other products. Continue reading “Ethanol could get boost from carbon capture credits in Biden climate law”

MOSCOW, Aug 17 (Reuters) – Higher oil export volumes, coupled with rising gas prices, will boost Russia’s earnings from energy exports to $337.5 billion this year, a 38% rise on 2021, according to an economy ministry document seen by Reuters.

The jump in revenues, if it materialises, will help shore up Russia’s economy in the face of waves of Western sanctions. Continue reading “EXCLUSIVE Russia sees 38% rise in energy export earnings this year – govt document”

Aug 17 (Reuters) – Attorneys general in 18 U.S. states have joined Missouri’s probe into whether Morningstar Inc (MORN.O) violated consumer-protection law with its evaluations of companies’ performance on environmental, social and governance (ESG) issues, staff for Missouri Attorney General Eric Schmitt said on Wednesday.

Schmitt began the probe last month, and spokesman Chris Nuelle said the office invited attorneys general from states including Texas and Virginia “to widen our pool of resources and share information.” Continue reading “Eighteen U.S. states join Missouri probe into Morningstar ESG”

SHANGHAI, Aug 17 (Reuters) – China’s EVE Energy Co Ltd (300014.SZ) will supply BMW (BMWG.DE) with large cylindrical batteries for its electric cars in Europe, two people with knowledge of the matter said, as the German automaker follows Tesla Inc (TSLA.O) in adopting the new technology.

EVE has signed contracts to be BMW’s primary supplier of the battery cells in Europe for its new series of electric vehicles due to hit the market from 2025, said one of the people who has direct knowledge of the deal. Continue reading “Exclusive: China’s EVE to supply BMW with large Tesla-like cylindrical batteries in Europe”

TOKYO, Aug 17 (Reuters) – A major Japanese auto lobby said it was concerned about a new U.S. law that restricts tax credits for electric vehicles to those assembled in North America.

The Biden administration said on Tuesday about 20 models still qualify for tax credits of up to $7,500. Credits end immediately for about 70% of the 72 models that were previously eligible, according to the Alliance for Automotive Innovation, an industry trade group. Continue reading “Japan auto lobby says it is concerned about new U.S. law on EV credits”

WASHINGTON, Aug 16 (Reuters) – The Biden administration said on Tuesday about 20 models will still qualify for electric vehicle tax credits of up to $7,500 through the end of 2022 under legislation signed by President Joe Biden.

The law signed Tuesday immediately ends credits for about 70% of the 72 models that were previously eligible, said the Alliance for Automotive Innovation, an industry trade group. Continue reading “U.S. says about 20 models will get EV credits through end of 2022”

MEXICO CITY, Aug 16 (Reuters) – The U.S. and Mexican governments have resolved a labor dispute at a Mexican unit of Stellantis (STLA.MI), officials said on Tuesday, marking the latest blow by a recent trade pact against entrenched unions seen as cozy with management.

The agreement at Teksid Hierro de Mexico marks the fourth labor probe to be concluded under the 2020 United States-Mexico-Canada Agreement (USMCA), which has tougher labor rules than the earlier NAFTA, and ends one of Mexico’s longest-running labor conflicts. Continue reading “U.S., Mexico end labor probe at Stellantis Mexico plant under trade pact”

FRANKFURT, Aug 16 (Reuters) – Tesla (TSLA.O) can continue referring to the capabilities of its driver assistance system and to autonomous driving in its advertising in Germany after a court threw out a complaint against the practice.

Germany’s Wettbewerbszentrale, an industry-sponsored body tasked with policing anti-competitive practices, had filed the so-called non-admissibility complaint with Germany’s Federal Court of Justice. Continue reading “German court lets Tesla ads continue referring to autonomous driving”

BEIJING, Aug 16 (Reuters) – (This story and the headline is being officially corrected after Momenta amended their statement to remove reference to robotaxi unit)

A ridehailing unit of China’s state-owned SAIC Motor (600104.SS) has raised more than 1 billion yuan ($147.37 million) in a second round of fundraising from its autonomous technology partner Momenta and several other institutions, according to a Momenta statement and a person familiar with the matter. Continue reading “SAIC Motor’s ridehailing unit raises 1 billion yuan in Series B funding”

WASHINGTON, Aug 16 (Reuters) – The U.S. Transportation Department said on Tuesday it is awarding $1.66 billion in grants to cities and states to buy 1,800 buses in a shift to cleaner, lower-emission travel.

The grants will fund 1,100 zero-emission buses, which will nearly double the existing 1,300 zero-emission transit buses, the White House said. Continue reading “U.S. grant of $1.66 billion for new buses aims to curb emissions”

DETROIT, Aug 15 (Reuters) – Stellantis NV’s (STLA.MI) Dodge brand plans to squeeze maximum profit from the farewell party for its petrol-burning Challenger and Charger muscle cars, which are scheduled to go out of production at the end of next year, the company said on Monday.

Dodge will offer seven low-volume “heritage-influenced” versions of the Charger and Challenger at certain dealerships – previewing them under cover at events starting Monday in a throwback to marketing tactics that were old when the brand’s current leaders were starting their careers. Continue reading “Stellantis plans a profitable goodbye for combustion muscle cars”

Aug 15 (Reuters) – U.S. President Joe Biden will sign legislation on Tuesday that will eliminate electric vehicle tax credits for most models currently getting up to $7,500 effective.

The White House said Biden will sign legislation to approve the $430 billion climate, health and tax bill on Tuesday. The bill restructures the existing $7,5000 new EV tax credit and creates a new $4,000 rebate for used EVs. It also includes tens of billions of dollars in new loan, tax credit and grant programs for automakers to build cleaner vehicles. Continue reading “Biden to sign law on Tuesday cutting most current EV credits”

FRANKFURT, Aug 15 (Reuters) – Volkswagen AG (VOWG_p.DE) and Mahindra & Mahindra (MAHM.NS) on Monday expanded their cooperation and signed a term sheet under which the German carmaker will supply electric components to its Indian peer.

The agreement covers components of Volkswagen’s open platform for electric vehicles (EVs), called MEB, to be supplied to Mahindra’s new electric platform INGLO, the companies said. Continue reading “Volkswagen, Mahindra deepen electric vehicle component cooperation”

NEW DELHI, Aug 15 (Reuters) – Indian ride-hailing firm Ola Electric plans to start producing electric cars in India in 2024 with a range of up to 500 km (310 miles), Chief Executive Bhavish Aggarwal said on Monday.

Ola, which is backed by Japan’s Softbank Group (9984.T) and currently makes e-scooters, did not give an investment figure or production target. Continue reading “Indian ride-hailing firm Ola plans to start producing electric cars in 2024”

SINGAPORE, Aug 15 (Reuters) – China’s fuel product exports will rebound in August to near the highest for the year so far after Beijing issued more quotas in June and July, although broader curbs are set to cap shipments at seven-year lows for 2022, analysts and traders said.

The rebound in fuel exports from China, the world’s second-biggest producer of refined fuels, has helped cool global prices that hit record highs in May and June as western sanctions on Russia following the Ukraine war tightened global markets. Continue reading “China to lift August fuel exports but 2022 shipments to drop to 7-year lows”

LONDON, Aug 15 (Reuters) – Russian gas flows to Europe via some major pipeline routes were steady on Monday morning, operator data showed.

Physical flows via the Nord Stream 1 pipeline from Russia to Germany were at 14,554,412 kilowatt hours per hour (kWh/h) at 0800-0900 CET, similar to the previous 24 hours. Continue reading “Russian gas flows to Europe stable”

Aug 14 (Reuters) – Saudi Arabia’s Kingdom Holding Co (4280.SE), the investment firm controlled by billionaire Prince Alwaleed Bin Talal, quietly invested more than $500 million in three major Russian energy companies between February and March, regulatory filings showed.

By investing in Gazprom (GAZP.MM), Rosneft (ROSN.MM) and Lukoil (LKOH.MM), Kingdom was likely seeking undervalued assets, but its move came as many Western nations imposed sanctions on Russian energy firms and their executives following Russia’s invasion of Ukraine on Feb. 24. Continue reading “Saudi prince made $500 million Russia bet at start of Ukraine war”

TOKYO, Aug 12 (Reuters) – Japanese vehicle maker Hino Motors Ltd (7205.T) and its parent, Toyota Motor Corp (7203.T), have been accused of historical misconduct in a class action lawsuit brought in the United States, Hino said on Friday.

The case, in the Southern District of Florida, has been filed on behalf of those who bought or leased 2004-2021 model year Hino trucks in the United States, the company said in a statement. Continue reading “Japan’s Hino Motors, Toyota accused of misconduct in U.S. lawsuit”

MACCLESFIELD, England, Aug 12 (Reuters) – Large corporations are jumping on the “green” bandwagon left and right, which in turn is pushing firms that lease and manage car fleets to convert to electric vehicles (EVs) faster than they had ever thought possible.

In late 2020, fleet management company ALD (ALDA.PA) set a to have 30% of its new cars electrified by 2025 – a goal that seemed like a stretch because as recently as 2019 only one in 200 of ALD’s new vehicles was an EV or a hybrid. Continue reading “Chasing green goals, corporations push car fleet managers toward EVs”

BRUSSELS, Aug 12 (Reuters) – The European Union and South Korea have raised concerns about proposed U.S. tax credits for purchases of electric vehicles, saying they may discriminate against foreign-made vehicles and breach World Trade Organization (WTO) rules.

Under the $430 billion climate and energy bill passed by the U.S. Senate on Sunday, Congress would lift the cap on the existing $7,500 tax credit for electric vehicle purchasers but impose restrictions, including barring vehicles not assembled in North America from receiving the credit. Continue reading “EU, South Korea say U.S. plan for EV tax breaks may breach WTO rules”

Aug 11 (Reuters) – Electric-vehicle maker Rivian Automotive Inc (RIVN.O) on Thursday forecast a wider operating loss for the year and also said many of its current models will not qualify for new federal tax incentives.

Shares dropped more than 2% in after-hours trade. Continue reading “EV maker Rivian says its current models will not qualify for tax breaks”

Aug 11 (Reuters) – A U.S. appeals court on Thursday upheld a 2020 ruling that tossed out a racketeering lawsuit filed by General Motors Co (GM.N) against rival Fiat Chrysler Automobiles (FCA), now part of Stellantis NV (STLA.MI), and former executives.

GM filed the racketeering lawsuit in November 2019, alleging FCA bribed United Auto Workers (UAW) union officials over many years to corrupt the labor contract bargaining process and gain advantages, costing GM billions of dollars. Continue reading “U.S. appeals court rejects GM racketeering suit against Fiat Chrysler”

WASHINGTON, Aug 11 (Reuters) – A group representing heavy-duty truck and engine companies withdrew a lawsuit over emissions standards rolloutsthat it filed against the California Air Resources Board (CARB), court records showed.

The Truck and Engine Manufacturers Association said on Thursday its lawsuit was intended to ensure California regulators provided manufacturers at least four years of lead time before implementing new heavy-duty engine emission standards. Continue reading “Heavy-duty truck group drops lawsuit against California air regulators”

SHANGHAI, Aug 11 (Reuters) – Chinese ride-hailing firm Didi’s joint venture with Li Auto has applied for bankruptcy, according to a court filing, pointing to the end of a four-year-old partnership to make electric vehicles (EV).

The company, 51% owned by Didi while 49% held by Li Auto, submitted the bankruptcy application to Beijing No. 1 Intermediate People’s Court on Thursday, a statement on a website run by the Supreme Court showed. Continue reading “China’s Didi EV joint venture with Li Auto applies for bankruptcy – court”

BERLIN, Aug 11 (Reuters) – Daimler Truck (DTGGe.DE) will keep prices high even if certain costs begin to fall in order to compensate for lower margins since last year, the truckmaker said on Thursday, forecasting demand will remain strong into 2023 despite fears of recession.

Energy prices, bottlenecks in China and chip shortages will continue to weigh in the second half of this year, chief executive Martin Daum said, even though the company expects some supply chain issues to ease. Continue reading “Daimler Truck to keep prices high, sees strong 2023”

SHANGHAI, Aug 11 (Reuters) – China’s auto sales surged 29.7% in July from a year earlier to 2.42 million units, extending a recovery that began in June with the help of eased COVID curbs and government incentives.

Sales for the first seven months, though, were still 2% lower than the corresponding period in 2021, data from the China Association of Automobile Manufacturers (CAAM) showed on Thursday. Continue reading “China’s July auto sales extend recovery, jump 30% as COVID curbs ease”

FRANKFURT, Aug 11 (Reuters) – German container shipper Hapag-Lloyd (HLAG.DE) on Thursday posted a net profit of 8.7 billion euros ($8.94 billion) for the first half of 2022, more than three times as much as a year earlier, but said war in Ukraine and the coronavirus crisis somewhat clouded its prospects.

The company, the world’s fifth-biggest container line, upheld forecasts made on July 28 for full year 2022 earnings before interest, tax, depreciation and amortisation to range between 18.2 billion and 20.1 billion euros, and for earnings before interest and tax to come in between 16.3 billion and 18.2 billion euros. Continue reading “Hapag-Lloyd more than trebles H1 net profit, sees economic uncertainty”

TOKYO, Aug 10 (Reuters) – Japan’s Honda Motor Co (7267.T) raised the outlook for its full-year operating profit on Wednesday thanks to weaker yen, but warned against over-optimism as it saw the chips shortage continuing and was concerned about an economic slowdown.

The mixed view from Honda reflected sentiment held widely among Japanese carmakers that although demand is strong and recovery from COVID-19 is underway, they have yet to completely shrug off negative factors hindering operations. Continue reading “Honda raises annual profit forecast after beating quarterly view”

TOKYO, Aug 10 (Reuters) – Toyota Motor Corp (7203.T) said on Wednesday it would hold to its plan to produce 9.7 million vehicles globally this fiscal year, even as it announced another stoppage related to the spread of COVID-19.

The Japanese automaker is seeking to boost production in earnest after COVID lockdowns in China and a global chip shortage forced it to repeatedly scale back output in the April-June quarter. Continue reading “Toyota says no change to plan to produce 9.7 mln vehicles globally this year”

Aug 10 (Reuters) – Ford Motor Co (F.N) said on Wednesday every vehicle it manufactures in Michigan would be assembled using solar and other renewable energy sources by 2025, as the automaker aims to lower its emissions.

Michigan-based Ford has signed a renewable energy purchase pact with local provider DTE Energy (DTE.N), under which the utility firm will add 650 megawatts of new solar energy in the state for the carmaker. Continue reading “Ford to use renewable energy sources to make vehicles in Michigan”

Aug 10 (Reuters) – Nikola Corp (NKLA.O) said on Wednesday that Michael Lohscheller will take over as the electric-truck maker’s chief executive officer when Mark Russell retires on Jan. 1 next year.

Lohscheller, who joined the company in February, will take over as president from Russell and join Nikola’s board effective immediately, the company said. Continue reading “Nikola names Michael Lohscheller as next CEO”

Aug 10 (Reuters) – Tesla Inc (TSLA.O) Chief Executive Officer Elon Musk sold $6.9 billion worth of shares in the electric vehicle maker, saying the funds could be used to finance a potential Twitter deal if he loses a legal battle with the social media platform.

“In the (hopefully unlikely) event that Twitter forces this deal to close *and* some equity partners don’t come through, it is important to avoid an emergency sale of Tesla stock,” he said in a tweet late on Tuesday. Continue reading “Musk sells Tesla shares worth $6.9 billion, cites chance of forced Twitter deal”

NEW YORK, Aug 9 (Reuters) – U.S. oil refiners and pipeline operators expect energy consumption to be strong for the second half of 2022, even though analysts and industry watchers have worried that demand could falter if the global economy enters a recession or high fuel prices deter travelers.

The company outlooks suggest a stronger view than recent data showing weakness in U.S. fuel demand, particularly in gasoline, where consumption recently hit its lowest level since February even though this is the middle of the peak summer driving season. Continue reading “U.S. oil refiners, pipeline companies expect strong demand for rest of 2022”

Aug 9 (Reuters) – Tesla Inc (TSLA.O) is lobbying the Ontario government as part of an effort to set up an “advanced manufacturing facility” in Canada, a filing by the electric-vehicle maker to the province’s Office of the Integrity Commissioner showed.

The company’s Canadian unit is working with the government to “identify opportunities for industrial facility permitting reforms”, the amended filing from July 18 said. Continue reading “Tesla discloses lobbying effort to set up factory in Canada”

Aug 9 (Reuters) – U.S. equipment maker Emerson Electric Co (EMR.N) on Tuesday posted a near 47% jump in third-quarter profit, benefiting from stronger performance at its automation unit as companies revamp their assembly lines to offset a shortage of factory workers.

The St. Louis, Missouri-based company, which began selling fans and electric motors more than a century ago, has been positioning itself as a technology-focused firm with a string of acquisitions over the last few years. Continue reading “Emerson Electric profit jumps 47% on strength in automation unit”

TOKYO, Aug 9 (Reuters) – Toyota Motor Corp (7203.T) said it would suspend the night shift operation on Tuesday at one production line at its factory in central Japan due to an outbreak of COVID-19, after it suspended operations there also on Monday night.

The suspension comes as the Japanese automaker seeks to boost its production in earnest after COVID-19 lockdowns in China and a global chip shortage forced it to repeatedly scale back output in the April-June quarter, falling about 10% short of its initially planned target. Continue reading “Toyota suspends some Japan factory production due to COVID outbreak”