May 23 (Reuters) – Russia’s top carmaker Avtovaz (AVAZI_p.MM) said on Monday it had appointed former transport minister Maxim Sokolov as its new president and CEO after its main shareholder Renault (RENA.PA) withdrew from the Russian market.

Renault struck a deal to sell its majority stake in Avtovaz to a Russian science institute, reportedly for the symbolic sum of just one rouble, with a six-year option to buy it back. Continue reading “Russia’s Avtovaz names ex-transport minister as CEO after Renault exit”

May 23 (Reuters) – U.S. consumers are using their existing vehicles for longer as the inventory of new cars and light trucks remains constrained due to supply chain challenges, marking an all-time high for the average age, according to a report from S&P Global Mobility.

The average age of light vehicles in operation (VIO) in the United States rose to 12.2 years this year, increasing by nearly two months from the prior year, the report said. Continue reading “Average age of U.S. cars hits record high due to tight supplies, report says”

BERLIN, May 23 (Reuters) – BMW (BMWG.DE) is exploring new investments in solar, geothermal and hydrogen energy to lower its dependence on natural gas, the carmaker’s production chief told Reuters on Monday, warning an embargo on Russian gas would bring the industry to a standstill.

The carmaker, which relied on natural gas for 54% of its energy consumption in 2021, is examining where it can add solar panels to its plants and developing plans with local authorities to transport hydrogen to its plant in Leipzig, Germany.
Continue reading “BMW exploring energy investments to reduce dependence on natural gas”

May 23 (Reuters) – When Jeff Wells placed a reservation for a Rivian R1T pickup in early 2019, he was one of the first in line for a truck from the Amazon.com Inc (AMZN.O)-backed electric vehicle startup that at the time promised to tap in to a niche not served by other automakers.

But Wells, an accountant from Southern California, has become increasingly frustrated as he sees others, who placed their order years after him, receive trucks while he keeps waiting. Continue reading “For EV maker Rivian, delivery headache hits as market shuts down coffers”

DAVOS, Switzerland, May 23 (Reuters) – India’s Mahindra and Mahindra (MAHM.NS) will explore sourcing more components from other companies to boost its electric vehicle (EV) portfolio, its chief executive told Reuters.

Anish Shah said Mahindra had over time focussed on developing EV components in-house, but now changed tack to forge partnerships to achieve faster growth in the segment. Continue reading “India’s Mahindra to explore more partnerships for EV parts”

SEOUL, May 22 (Reuters) – Hyundai Motor Group said on Sunday it would invest an additional $5 billion in the United States by 2025 to strengthen collaboration with U.S. firms in advanced technology.

The investments, announced during a visit to Seoul by President Joe Biden, are for robotics, urban air mobility, autonomous driving and artificial intelligence, the group said. Continue reading “Hyundai Motor Group to invest more than $10 billion in U.S. up to 2025”

May 20 (Reuters) – Tesla Inc Chief Executive Elon Musk has denounced as “utterly untrue” claims in a news report that he sexually harassed a flight attendant on a private jet in 2016.

Shares of the electric carmaker skidded more than 10% on Friday amid concerns that the alleged sexual misconduct and Musk’s political comments could threaten to damage Tesla’s brand and sales. Continue reading “Musk denies he sexually harassed flight attendant; Tesla shares sink”

BERLIN, May 20 (Reuters) – A German court has put a nation-wide sales and production ban on Ford (F.N) cars able to establish internet connection, it said, as part of a lawsuit over the violation of wireless technology patents.

The verdict by the Munich regional court is not legally binding and can still be appealed, it said, adding a 227 million euro ($240 million) security payment by the plaintiff, Japan’s IP Bridge Inc, was required for it to become “provisionally enforceable”. Continue reading “Court puts sales ban on Ford’s internet-linked cars in Germany in patent dispute”

KURASHIKI, Japan, May 20 (Reuters) – Japan’s Mitsubishi Motors Corp (7211.T) and Nissan Motor Co (7201.T) unveiled their first jointly developed light electric vehicles (EVs), aiming to draw more Japanese drivers to battery-powered cars by offering low-priced micro models.

The two Japanese automakers, part of an alliance with French carmaker Renault SA (RENA.PA), were once considered trailblazers in Japan’s EV market but have struggled to attract customers and face challenges from fast-growing newcomers such as Tesla (TSLA.O).
Continue reading “Nissan, Mitsubishi Motors unveil light EVs for Japan”

LONDON/BOSTON, May 20 (Reuters) – Elon Musk’s rejection of environmental, social and corporate governance (ESG) scores as a “scam” highlights how Wall Street’s hottest investment trend that encompasses some $35 trillion in assets means different things to different people.

The chief executive of Tesla Inc (TSLA.O) lashed out on Wednesday against S&P Global Inc (SPGI.N) after the electric car maker was dropped from its flagship ESG index while it added some companies whose activities are harmful to the environment, such as oil and gas producers. Continue reading “Analysis: Musk’s ESG attack spotlights $35 trillion industry confusion”

NEW DELHI, May 20 (Reuters) – Indian auto parts maker Sona BLW Precision Forgings expects two-thirds of its revenues to come from electric vehicle (EV) components over the next few years, as automakers rush to build more clean cars, its chairman told Reuters.

Sona BLW, which produces drivetrain components such motors and gears, will invest about $130 million over the next three years towards its electrification push, Sunjay Kapur said in a recent interview. Continue reading “Indian auto parts supplier Sona BLW bets on global EV push”

May 19 (Reuters) – Harley-Davidson Inc (HOG.N) said on Thursday it will stop assembling and shipping motorcycles for two weeks except for its electric models due to a problem with parts from a supplier.

The iconic motorbike maker said a third-party supplier that it did not identify has a regulatory compliance matter with a component. Harley-Davidson had no additional comment. Continue reading “Harley-Davidson halts motorcycle production, shipping for two weeks”

PARIS, May 19 (Reuters) – Renault (RENA.PA) unveiled on Thursday a prototype hydrogen fuel cell-powered sports utility vehicle (SUV), as the French carmaker scrambles to catch up with rivals in the race to cleaner driving.

Renault said the car, dubbed the ‘Scenic Vision’, would not be commercially available before 2030-2032. A fully electric version will hit the market in 2024. Continue reading “Renault unveils hydrogen-powered prototype SUV in race to cleaner driving”

WASHINGTON/SEOUL, May 19 (Reuters) – Georgia Governor Brian Kemp will announce on Friday that Hyundai Motor Group is investing more than $7 billion in the state, an announcement coinciding with a visit by President Joe Biden to Seoul, sources told Reuters.

The South Korean auto group, which houses Hyundai Motor Co (005380.KS) and Kia Corp (000270.KS), will build a plant to make electric vehicles (EVs) in south Georgia, the sources said. Continue reading “Georgia to announce $7 bln Hyundai EV investment as Biden visits Seoul – sources”

WASHINGTON, May 19 (Reuters) – Ford Motor Company said Thursday it was recalling 39,000 SUVs after reports of 16 fires, and has advised owners to park their vehicles outdoors and away from structures until a fix is completed.

The recall, which covers some 2021 model year Ford Expedition and Lincoln Navigator vehicles, was prompted as an engine compartment fire could occur while the car is parked or being driven, even with the ignition off, the No. 2 U.S. automaker said. Continue reading “Ford recalls 39,000 U.S. SUVs after engine fire reports”

NEW DELHI, May 19 (Reuters) – Germany’s Volkswagen AG (VOWG_p.DE) is exploring a partnership to supply electric components to Indian automaker Mahindra and Mahindra (MAHM.NS), the companies said on Thursday.

Volkswagen and Mahindra are evaluating the scope of the collaboration and expect to finalise the supply agreement by the end of 2022, they said. Continue reading “Volkswagen, Mahindra explore partnership for electric vehicle components”

May 18 (Reuters) – An S&P Dow Jones Indices executive told Reuters on Wednesday it has removed electric carmaker Tesla Inc (TSLA.O) from the widely followed S&P 500 ESG Index (.SPXESUP)because of issues including claims of racial discrimination and crashes linked to its autopilot vehicles, and Tesla CEO Elon Musk responded with harsh tweets including that “ESG is a scam”.

In it changes, effective May 2, the sustainability index also added soon-to-be-Musk-controlled Twitter Inc (TWTR.N) and oil refiner Phillips 66 (PSX.N) while dropping Delta Air Lines and Chevron Corp, according to an announcement. Continue reading “Tesla cut from S&P 500 ESG Index, and Elon Musk tweets his fury”

BRUSSELS, May 18 (Reuters) – A group led by Europe’s largest carmaker Volkswagen (VOWG_p.DE) is set to win unconditional EU antitrust approval for its 2.9-billion-euro ($3 billion) bid for French car rental company Europcar (EUCAR.PA), two people familiar with the matter said.

Volkswagen teamed up with asset manager Attestor Limited and Dutch mobility group Pon Holdings BV last year to launch the bid for French-listed Europcar, placing a bet on fast-growing mobility services. Continue reading “EXCLUSIVE Volkswagen set to get unconditional EU nod for Europcar deal”

BERLIN, May 18 (Reuters) – The number of new cars sold in Europe declined for the 10th month in a row as supply chain issues continue to take a heavy toll on car production, industry data showed on Wednesday.

The number of new vehicles registered in the European Union, Britain and the European Free Trade Association (EFTA) in April was down 20.2% year-on-year, at 830,447 cars, data from the region’s carmaker association (ACEA) showed. Continue reading “European new car sales drop 10th month in a row in April -ACEA”

VERONA, Italy, May 18 (Reuters) – Stellantis (STLA.MI) will start a reshuffle of its European dealers’ network next year from Austria, Belgium and the Netherlands, and its van and premium brands in all markets, its regional sales chief said on Wednesday.

As part of its efforts to cut costs and finance its electrification strategy, the carmaker, formed through the merger of Fiat Chrysler and France’s PSA, has said it would end all current sales and services contracts with European dealers for its 14 brands, effective form June 2023. Continue reading “Stellantis to start reshuffle of dealer network next year”

SEOUL, May 18 (Reuters) – Hyundai Motor Group said on Wednesday it plans to invest a total of 21 trillion won ($16.54 billion) through 2030 for the expansion of its electric vehicle (EV) business in South Korea.

The South Korean auto group, which houses Hyundai Motor Co (005380.KS) and Kia Corp (000270.KS), plans to annually build 1.44 million units of EVs in South Korea by 2030. Continue reading “Hyundai Motor Group plans to invest $16.5 bln in S.Korea EV business”

NEW DELHI, May 18 (Reuters) – Stellantis (STLA.MI) chief Carlos Tavares expects India to be a profitable market and a bigger growth opportunity than the carmaker previously expected as it faces challenges in countries such as China and Russia.

India, where Stellantis sells its Jeep and Citroen brands, makes up a fraction of the carmaker’s global sales but Tavares said he expects revenues in the South Asian nation to more than double by 2030 and operating profit margins to be in double-digits within the next couple of years. Continue reading “Stellantis sees India as profitable auto market amid challenges in China, Russia”

SHANGHAI, May 18 (Reuters) – China is in talks with automakers about extending costly subsidies for electric vehicles (EV) that were set to expire in 2022, aiming to keep a key market growing as the broader economy slows, three people familiar with the matter said.

The move by policymakers comes as the world’s second-biggest economy has slowed sharply – and auto sales along with it – after cities led by Shanghai imposed tight COVID-19 lockdowns from March. The curbs have shut stores, disrupted supply chains and slashed spending, including on new homes. Continue reading “EXCLUSIVE China in talks with automakers on EV subsidy extension -sources”

AUSTIN, May 17 (Reuters) – Self-driving startup Argo AI on Tuesday said it was having driverless vehicles carry employees around streets of Miami, Florida and Austin, Texas, noting that commercial applications would follow after an unspecified time.

Argo, backed by Ford Motor Co (F.N) and Volkswagen AG (VOWG_p.DE), has tested its robotaxis on public roads in both cities for several years, but had previously included safety drivers behind the wheel. Continue reading “Argo testing driverless vehicles on Miami and Austin streets”

ZURICH, May 17 (Reuters) – ABB (ABBN.S) is aiming to increase sales at its motion business 50% quicker than the overall market for electric motors, the Swiss engineering company said on Tuesday ahead of its investor day for the division.

The business, which makes motors and drives, is targeting faster growth by offering more variable speed drives which save energy. Continue reading “ABB targets faster growth for motion business”

May 17 (Reuters) – Billionaire Elon Musk’s SpaceX is poised to become the most valuable U.S. startup as its valuation rose to over $125 billion in an ongoing share sale in the secondary market, sources familiar with the matter told Reuters.

The shares, which are marketed at about $72, jumped in valuation from last October, when SpaceX’s shares were sold at $56 apiece after a 10-1 split and valued the rocket company at $100 billion. Continue reading “Elon Musk’s SpaceX is poised to become the most valuable U.S. startup”

WASHINGTON, May 17 (Reuters) – U.S. business inventories increased slightly more than expected in March, lifted by a jump in motor vehicle stocks, government data showed on Tuesday.

Business inventories rose 2.0% after increasing 1.8% in February, the Commerce Department said. Inventories are a key component of gross domestic product. Economists polled by Reuters had forecast inventories rising 1.9%. Continue reading “Motor vehicles boost U.S. business inventories in March”

BERLIN, May 17 (Reuters) – Daimler Truck Holding (DTGGe.DE) said rising raw materials prices and inflationary pressures could weigh into its second quarter, but the truckmaker expected to continue passing high costs to customers amid record levels of demand.

Once costs begin to decrease again, it could lower customer prices, Chief Financial Officer Jochen Goetz said on an earnings call. Continue reading “Daimler Truck sees high demand cushioning raw material price impact”

MLADA BOLESLAV, Czech Republic, May 17 (Reuters) – Czech carmaker Skoda, owned by Germany’s Volkswagen (VOWG_p.DE), is confident that its parent will take a decision on its fourth large battery factory in Europe by 2023 at the latest, a management board member said.

Wolfsburg-based Volkswagen in October said it planned to decide in the first half of 2022 on the location for a planned battery cell plant in eastern Europe, which would be the fourth under its plan to build six such sites across Europe by the end of the decade. Continue reading “Volkswagen’s Skoda hopes for eastern European gigafactory decision by 2023”

SHANGHAI, May 17 (Reuters) – U.S. electric vehicle manufacturer Tesla Inc (TSLA.O) has stopped taking orders for its upcoming Cybertruck pickup truck outside of North America, according to its official website.

The automaker is only taking reservations for the Cybertruck in the United States, Canada and Mexico, the website showed. Continue reading “Tesla stops taking orders for Cybertruck outside North America”

May 16 (Reuters) – Uber Technologies Inc (UBER.N) on Monday said it launched pilot food delivery services with autonomous vehicles in two California cities, and said it was adding electric vehicle charging stations into its global driver app.

The announcements are part of Uber’s annual product event where the ride-hail and food delivery company showcases the latest updates to its app. Continue reading “Uber launches robot food delivery in California”

May 16 (Reuters) – A Soviet-era car brand the “Moskvich” could make a surprise comeback in Russia, as Moscow takes over assets belonging to Renault (RENA.PA) following the French carmaker’s exit from the country.

Moscow’s mayor Sergei Sobyanin said he would nationalise Renault’s car factory in the city, after the Western carmaker said it was selling its local business following the start of the conflict in Ukraine. Continue reading “Return of the Moskvich: Russia to revive ‘legendary’ Soviet-era car after Renault exit”

May (Reuters) – General Motors Co (GM.N), Ford Motor Co (F.N) and Chrysler parent Stellantis NV (STLA.MI) said on Sunday they are reinstating a requirement that employees wear masks in southeastern Michigan where there are high levels of COVID-19.

The Detroit Three automakers said in early March they would allow auto workers to stop wearing masks at workplaces where U.S. health officials said it was safe to do so. Continue reading “Detroit Three automakers reinstate mask mandate at some Michigan facilities”

LONDON, May 16 (Reuters) – Automakers are accelerating efforts to use less palladium and more platinum due to worries over palladium supply from Russia, the World Platinum Investment Council (WPIC) said on Monday, predicting a large surplus in the platinum market this year.

Automakers were already shifting to platinum, which is cheaper than palladium, to save money, but a faster transition would increase platinum demand and could lift prices while having the opposite effect on palladium. , Continue reading “Russia risks speed up automakers’ switch from palladium to platinum, WPIC says”

May 16 (Reuters) – Renault (RENA.PA) is to sell its majority stake in carmaker Avtovaz (AVAZI_p.MM) to a Russian science institute reportedly for just one rouble with a six-year option to buy it back, leaving the door open for the French carmaker’s return.

Moscow Mayor Sergei Sobyanin said to preserve thousands of jobs Renault’s plant in the city would be used to restart production of the Soviet era Moskvich brand. Continue reading “Renault sells Russia’s Avtovaz stake, but leaves room for return”

NEW DELHI, May 13 (Reuters) – Tesla Inc (TSLA.O) has put on hold plans to sell electric cars in India, abandoned a search for showroom space and reassigned some of its domestic team after failing to secure lower import taxes, three people familiar with the matter told Reuters.

The decision caps more than a year of deadlocked talks with government representatives as Tesla sought to first test demand by selling electric vehicles (EVs) imported from production hubs in the United States and China, at lower tariffs. Continue reading “Exclusive: Tesla puts India entry plan on hold after deadlock on tariffs”

May (Reuters) – Ford Motor Co (F.N) said on Thursday it had dropped plans to make electric vehicles (EVs) in India for exports, while it explores options for its two factories in the country that stopped production last year.

The U.S. car maker said in February it would manufacture EVs in India and also got approval for the Indian government’s $3.5-billion production-linked incentive scheme for making clean-fuel vehicles. Continue reading “Ford makes U-turn, shelves plans for EV exports from India”