BRUSSELS, June 22 (Reuters) – Swedish truckmaker Volvo (VOLVb.ST) and Paccar’s DAF Trucks can be sued for compensation by a Spanish claimant over a truckmakers’ cartel, Europe’s top court said on Wednesday, in a ruling that could spur more claims against the cartel members.

Both companies, Daimler and Italy’s Iveco were fined a record 2.9 billion euros ($3 billion) in 2016 by the European Commission for fixing prices and coordinating on the introduction of new emission technologies. Continue reading “Volvo, DAF Trucks can be sued in Spanish cartel case, EU court says”

MOSCOW, June 23 (Reuters) – Russia is increasing gasoline and naphtha supplies to Africa and the Middle East as it struggles to sell fuel in Europe, while Asia is already taking bigger volumes of Russian crude, Refinitiv Eikon data showed and sources said.

The development is likely to increase competition for Asian customers between Russia and other big fuel exporters – Saudi Arabia and the United States – which are the top three suppliers to Asia. Continue reading “Russia seeks new fuel markets in Africa, Middle East as Europe turns away”

BARCELONA, June 22 (Reuters) – Ford Motor Co (F.N) said on Wednesday it will start producing electric vehicles in Spain later this decade but that would imply “significant” job cuts at its Spanish factory and another one in Germany amid its ambitious electrification push in Europe.

The U.S.-based carmaker said in a statement it had chosen its plant in Valencia as the preferred site to assemble vehicles based on a next-generation electric vehicle (EV) architecture. Continue reading “Ford sees ‘significant’ job cuts as it picks Spain for EV production”

DOHA, June 22 (Reuters) – Germany’s Volkswagen (VOWG_p.DE) is optimistic that the carmaker can meet its 2022 targets in China despite COVID-19 lockdowns, its chief executive said on Wednesday.

“We’re still optimistic that we can meet our 2022 targets in China because we have a recovery plan in place, a huge incentive programme from the government into automotive demand,” said Herbert Diess, CEO of Volkswagen AG, told the Qatar Economic Forum. Continue reading “Volkswagen CEO says optimistic about meeting China target in 2022”

TOKYO, June 22 (Reuters) – Toyota Motor Corp (7203.T) on Wednesday cut its July global production plan by 50,000 vehicles as semiconductor shortages and COVID-19 parts supply disruptions continued to curb output.

The world’s largest car maker by volume expects to make 800,000 vehicles next month, it said in a statement. Continue reading “Toyota cuts July global production plan by 50,000 vehicles”

PARIS, June 22 (Reuters) – Peugeot, one of Stellantis’ (STLA.MI) French brands, unveiled its new 408 model on Wednesday, betting the “fastback” sedan will attract motorists suffering from sports-utility vehicle (SUV) fatigue.

SUVs have been hugely popular in recent years in Europe, reaching a record 46% share of new sales in France in May, the same level as traditional sedans. Continue reading “Stellantis looks beyond SUV era with new Peugeot 408”

June 22 (Reuters) – Piedmont Lithium Inc’s (PLL.O) first steps toward securing lithium supplies will be in Quebec or Ghana, not the United States, as an intensifying North Carolina regulatory review delays the miner’s goal of anchoring America’s electric vehicle battery renaissance.

The delay has forced Piedmont to expand its strategy beyond its proposed North Carolina mine – a project it has touted as the best way to help secure American energy independence, but one that now faces a regulatory quagmire – and fund mines abroad. Continue reading “Piedmont Lithium looks abroad amid North Carolina uncertainty”

June 21 (Reuters) – Labor union Unite on Tuesday rejected Rolls-Royce’s (RR.L) latest pay offer, which included a 2000 pound ($2,455) cash lump sum to much of the aircraft engine maker’s British workforce, saying it fell short of expectations.

The British company earlier in the day said it was offering the lump sum to about 70% of its UK workforce to help them steer through rising living costs. Continue reading “Rolls-Royce latest pay offer to workers rejected by British union”

WASHINGTON, June 21 (Reuters) – General Motors Co (GM.N), Ford Motor Co (F.N) and Chrysler parent Stellantis NV (STLA.MI) said on Tuesday they are making masking optional for workers at all U.S. facilities.

In mid-May, the Detroit Three automakers and the United Auto Workers — which have a COVID-19 joint task force — reinstated a requirement that employees wear masks in southeastern Michigan, which was dealing with high COVID-19 rates. Continue reading “Detroit Three automakers to make masking optional at all U.S. plants”

June 21 (Reuters) – Trevor Milton, the billionaire founder and former chief executive of Nikola Corp (NKLA.O) has asked a federal judge to block evidence related to his “wealth, lifestyle or spending habits” at his trial for fraud charges.

A court filing from Monday showed that Milton’s lawyers told U.S. District Judge Edgardo Ramos that details of Milton’s wealth were “unfairly prejudicial” and could mislead the jury. Continue reading “Nikola founder asks judge to block evidence of ‘wealth’, ‘lifestyle’ in fraud case”

WASHINGTON, June 21 (Reuters) – U.S. President Joe Biden on Tuesday said a potential suspension of the federal gasoline tax would have some, but not significant, impact on highway funds.

Biden said he would decide by the end of the week on whether to ask Congress to suspend the tax to help with high gas prices. The revenue from the gas tax is used to help fund highway and other transportation projects. Continue reading “Biden says U.S. gas tax holiday would have no major impact on highway funds”

June 21 (Reuters) – Shifting political winds during the U.S. November mid-term elections could spell trouble for automakers’ hopes of getting billions of dollars in consumer tax credits that would help the United States compete with Chinese and European rivals.

General Motors Co (GM.N), Ford Motor Co (F.N), Chrysler-parent Stellantis NV (STLA.MI) and Toyota Motor Corp (7203.T) have pledged to invest more than $170 billion through 2030 to bolster EV development, production and sales. Continue reading “Electric automakers make last-ditch plea for more tax credits before U.S. election”

PARIS, June 21 (Reuters) – Carmaking partners Renault (RENA.PA) and Nissan (7201.T) face legal action in France from customers who have suffered problems with some engines made between 2012 and 2016.

Christophe Lèguevaques, a lawyer for the MyLeo legal platform involved in the lawsuit, said the companies had just been notified of the group action representing some 1,100 people. Continue reading “Renault and Nissan face legal action in France over engine problem”

BERLIN, June 21 (Reuters) – Germany’s government will not agree to European Union plans to effectively ban the sale of new cars with combustion engines from 2035, Finance Minister Christian Lindner said on Tuesday.

In its bid to cut planet-warming emissions by 55% by 2030 from 1990 levels, the European Commission has proposed a 100% reduction in CO2 emissions from new cars by 2035. That means it would be impossible to sell combustion engine cars from then. Continue reading “Germany rejects EU plan for ban on new fossil-fuel cars from 2035”

June 21 (Reuters) – U.S. startup Redwood Materials Inc on Tuesday said Japan’s Toyota Motor Corp (7203.T) has become the latest auto industry giant to join its comprehensive electric vehicle (EV) battery recycling and remanufacturing initiative.

Redwood Materials, whose partners include automaker Ford Motor Co (F.N) and EV battery maker Panasonic Holdings Corp (6752.T), is building a closed-loop battery ecosystem aimed at lowering EV costs by lessening dependence on imported materials while also reducing the environmental impact. Continue reading “Toyota joins Redwood Materials’ EV battery recycling initiative”

BUDAPEST, June 21 (Reuters) – German carmaker Audi’s Hungarian unit will invest 120 billion forints ($320.2 million) to ramp up electric engine production at its factory in western Hungary, Foreign Minister Peter Szijjarto said on Tuesday.

Szijjarto said Audi, which earlier said it could substantially boost output at the plant, would start manufacturing the new engines from 2025, adding 500 jobs at the plant, which Audi says is the world’s biggest engine factory. Continue reading “Audi to invest $320.2 million to boost electric engine output in Hungary”

DUBAI, June 21 (Reuters) – Electric carmaker Tesla (TSLA.O) will reduce its salaried workforce by roughly 10% over the next three months, Chief Executive Elon Musk said on Tuesday.

The cuts would amount to about a 3.5% reduction in total headcount at the company, Musk said at the Qatar Economic Forum organised by Bloomberg. Continue reading “Tesla to cut salaried workforce by 10% over next 3 months, says Musk”

TOKYO, June 21 (Reuters) – Honda Motor Co Ltd (7267.T) said on Tuesday its joint venture in China with Guangzhou Automobile Group Co (601238.SS) has begun building an electric vehicle factory in Guangdong province with an initial investment of 3.49 billion yuan ($522 million).

The Japanese automaker is aiming to start the factory’s operation in 2024, it said in a statement. The new factory has an annual production capacity of 120,000 units. Continue reading “Honda China venture begins construction of Guangdong EV factory”

June 21 (Reuters) – A record 42 million people around the United States are expected to hit the road for trips over the July 4 Independence Day weekend, AAA said Tuesday, absorbing historically high fuel costs to crowd the highways.

The average U.S. retail price of gasoline recently broke through $5 per gallon for the first time in history. While that is not a record from an inflation-adjusted basis, it still represents an increase of nearly $2 per gallon from a year earlier. Despite the higher cost, gasoline demand is only 1% below the average for this time of year in the United States. Continue reading “Record number of travelers to hit U.S. roads for July 4 weekend, AAA says”

SHANGHAI, June 20 (Reuters) – Tesla (TSLA.O) cars will be prohibited from entering the Chinese coastal district of Beidaihe, site of a secretive annual summer party leadership conclave, for at least two months starting on July 1, a local traffic police official told Reuters on Monday.

The decision by the Beidaihe authorities comes just weeks after Tesla cars were also barred from driving on to some roads in the central city of Chengdu in early June, which coincided with a visit by Chinese President Xi Jinping to the city. Continue reading “Tesla cars barred for 2 months in Beidaihe, site of China leadership meet”

June 17 (Reuters) – Japan’s Sony (6758.T) and Honda Motor (7267.T) on Thursday officially agreed to an equally owned joint venture that will start selling electric cars in 2025.

Honda, like bigger rival Toyota Motor (7203.T), has been slower to shift to electric vehicles (EV) than global automakers and is under pressure from investors to make cars that are carbon-free and equipped with newer technology such as self-driving features. Continue reading “Sony, Honda sign JV to sell electric cars by 2025”

LONDON, June 16 (Reuters) – Russian President Vladimir Putin ordered his government on Thursday to quickly come up with new measures to support the domestic car industry, which has seen sales crater since the invasion of Ukraine.

Amid a crunch on demand from Russian buyers and severe logistics problems as a result of Western sanctions, car sales slumped a record 83.5% in May, according to Association of European Businesses (AEB) data. Continue reading “Putin says government must support domestic car industry, wants new plan soon”

June 16 (Reuters) – Lyft Inc (LYFT.O) has reached a $25 million settlement to resolve shareholder claims that the ride-hailing company concealed safety problems, including sexual assaults by drivers, prior to its 2019 initial public offering.

The preliminary all-cash settlement was filed on Thursday with the federal court in Oakland, California, and requires approval by U.S. District Judge Haywood Gilliam Jr. Continue reading “Lyft reaches $25 million settlement of claims it hid safety problems before IPO”

WASHINGTON, June 16 (Reuters) – Volkswagen AG’s (VOWG_p.DE) top U.S. executive said on Thursday the United States faces major challenges in ramping up battery production to facilitate a shift to electric vehicles including attracting skilled workers, mining for key metals and supply chain issues.

Scott Keogh, chief executive of Volkswagen Group of America, told an Automotive News forum in Washington that the move to EVs is the single biggest “industrial transformation in America.” Continue reading “VW U.S. chief warns of industry challenges with EV battery shift”

LONDON, June 16 (Reuters) – Russian President Vladimir Putin ordered his government on Thursday to quickly come up with new measures to support the domestic car industry, which has seen sales crater since the invasion of Ukraine.

Amid a crunch on demand from Russian buyers and severe logistics problems as a result of Western sanctions, car sales slumped a record 83.5% in May, according to Association of European Businesses (AEB) data. Continue reading “Putin says government must support domestic car industry, wants new plan soon”

June 16 (Reuters) – Volkswagen AG (VOWG_p.DE) and its Porsche AG unit have agreed to a class-action settlement worth at least $80 million to resolve claims it skewed emissions and fuel economy data on 500,000 Porsche vehicles in the United States, court documents show.

The settlement, filed in U.S. District Court in San Francisco, must be approved by a federal judge. It covers 2005 through 2020 model year Porsche vehicles after owners accused the automaker of physically altering test vehicles that affected emissions and fuel economy results. Continue reading “Porsche to pay $80 mln to resolve fuel economy claims on U.S. vehicles”

June 16 (Reuters) – Four senior executives at Vietnam’s VinFast have left the electric vehicle startup as it prepares to launch its first overseas model and roll out a network of showrooms in the United States and Europe, the company said.

The recent round of departures comes as VinFast prepares to start construction of a $4-billion factory in North Carolina, open its first showrooms in California, moves toward a potential initial public offering of shares and seeks financing from the U.S. government. Continue reading “VinFast parts ways with four top executives as it readies expansion”

BERLIN, June 16 (Reuters) – Volkswagen’s (VOWG_p.DE) Audi has filed a lawsuit in a Munich court against Chinese electric vehicle maker Nio (9866.HK) over an alleged infringement of Audi’s trademark rights, German newspaper Handelsblatt reported on Thursday.

According to Audi, Nio’s decision to name two of its models ES6 and ES8 infringes Audi’s trademark for its own model designations S6 and S8, Handelsblatt reported. Continue reading “Audi files lawsuit against Chinese EV maker Nio over trademark rights – Handelsblatt”

June 16 (Reuters) – Toyota Motor Corp (7203.T) said on Thursday it plans an additional domestic factory line production suspension in June and July due to semiconductor shortages and a COVID-19 outbreak at one of its suppliers.

Thursday’s announcement is the third time the world’s largest automaker by sales has adjusted its June production plans, which are down about 12% from its original plan. Continue reading “Toyota to halt more Japan production in June, July”

MARANELLO, Italy, June 16 (Reuters) – Electric and hybrid models should make up 80% of Ferrari’s (RACE.MI) sales by 2030, the luxury carmaker told investors on Thursday, vowing to produce “even more unique” cars as it leans on partners to make the costly shift to zero-emission driving.

“Everything we do will always focus on being distinctively Ferrari,” chairman John Elkann said as the company unveiled its new business plan. Electrification “will allow us to make even more unique cars.” Continue reading “Ferrari says going electric means ‘even more unique’ cars”

June 16 (Reuters) – Tesla Inc (TSLA.O) again raised prices for all its car models in the United States in response to persistent global supply-chain problems and soaring raw material costs.

The electric carmaker increased its Model Y long-range price to $65,990 from $62,990, its website showed on Thursday, after delaying the deliveries of some long-range models in the United States by up to a month. Continue reading “Tesla to charge more for cars in United States as inflation bites”

June 15 (Reuters) – General Motors (GM.N) will invest $81 million to build its future Cadillac Celestiq electric flagship sedan at GM’s Warren Technical Center, the company said on Wednesday.

The Celestiq, which will share battery cells, motors and other components with the Cadillac Lyriq, is slated to begin production in the Detroit suburb in late 2023, according to AutoForecast Solutions. Continue reading “GM invests $81 mln to build Cadillac Celestiq EV flagship in Michigan”

SEOUL, June 15 (Reuters) – South Korea’s unionised truckers drove a strong bargain with their largely peaceful strike action proving effective without antagonising a public largely unsympathetic towards unions after years of militant action.

But the group of ageing drivers are often seen as outliers in the country’s combative and politicised industrial landscape and their success may not be a harbinger of any wider labour market peace, experts say. Continue reading “Analysis: S.Korea truckers’ win no harbinger of labour market peace”

OTTAWA, June 14 (Reuters) – Canada’s minister of natural resources on Tuesday said U.S. Senator Joe Manchin, a key Democrat, would likely block the passage of tax credits that favor U.S.-manufactured electric vehicles (EVs) and are opposed by Ottawa.

Last year, many Democrats in Congress and President Joe Biden proposed boosting EV tax credits to up to $12,500 – including a $4,500 incentive for union-made, U.S.-assembled vehicles and $500 for U.S.-made batteries. The base $7,500 credit would be limited to only U.S. made vehicles starting in 2027. Continue reading “U.S. Senator likely would block passage of EV tax credits – Canada minister”

SEOUL, June 15 (Reuters) – South Korea’s unionised truckers headed back on the roads on Wednesday after the union and the transport ministry reached a tentative late-night agreement, ending a nationwide strike that crippled ports and industrial hubs.

The transport ministry and truckers union agreed on late Tuesday to extend the truckers’ minimum freight rates and continue discussing expanding a guarantee of minimum pay for carrying cargo to cover additional products. The transport ministry will also review expanding fuel subsidies. Continue reading “South Korea truckers return to work after strike deal; shares rally”

BERLIN, June 15 (Reuters) – Volkswagen-led (VOWG_p.DE) consortium Green Mobility Holdings has acquired 87.38% of France’s Europcar (EUCAR.PA), enough to give it control over the car rental group but below its targeted 90% threshold, Volkswagen said on Wednesday.

Shareholders have the option to tender their stock until June 29, the carmaker said. Continue reading “Volkswagen-led consortium obtains 87.38% of Europcar shares in takeover bid”

TOKYO, June 15 (Reuters) – For decades, Japan’s powerful automakers had a playbook to deal with deflation: press suppliers for lower prices on everything from seat belts to wire harnesses and promise volume.

Now, with inflation biting around the world, Toyota Motor Corp (7203.T), Nissan Motor Corp (7201.T) and others are shouldering more of the burden of soaring raw materials prices, or extending other help to hard-hit parts makers, executives say. Continue reading “As yen tumbles, Japan’s automakers take cost burden off their suppliers”

LONDON, June 15 (Reuters) – Private capital has a keen eye on British bus companies.

Low valuations, hopes that travellers will ditch cars, and government incentives to invest in environmentally-friendly vehicles are enticing buyers, analysts and investors said. Continue reading “Analysis: Golden age of buses? Buyers hop on UK transport firms”

TOYOTA, Japan, June 15 (Reuters) – Toyota Motor Corp (7203.T) pushed back against critics who say it has been slow to embrace battery electric vehicles (BEV), arguing it needed to offer a variety of car choices to suit different markets and customers.

At its annual general meeting on Wednesday, the world’s largest automaker by sales doubled down on its position that it would stick with technologies including fuel cell vehicles and hybrids that have for the past two decades made it a leader in cleaner cars. Continue reading “Toyota says consumer choice dictates pace of electrification”

WASHINGTON, June 15 (Reuters) – Ford Motor Co (F.N) is recalling more than 3.3 million vehicles in North America that could roll away because a damaged or missing part may prevent the vehicle from shifting into the intended gear.

In a filing with the National Highway Traffic Safety Administration (NHTSA), Ford said Wednesday the recall covers various 2013-2019 Escape, 2013-2018 C-Max, 2013-2016 Fusion, 2013-2021 Transit Connect and 2015-2018 Edge vehicles, the agency said in a notice on Wednesday. Continue reading “Ford recalls 3.3 million vehicles over rollaway concerns”