BERLIN, May (Reuters) – Volkswagen (VOWG_p.DE) expects its electric vehicle business to be as profitable as its fossil fuel-burning cars sooner than planned, its chief executive Herbert Diess said on Thursday.

Volkswagen previously expected to match its profit margins from combustion engine vehicles with electric vehicle sales in two to three years, but the carmaker was in a robust financial position to do so sooner, Diess said, despite a challenging economic environment. Continue reading “Volkswagen’s EV profit margins to match combustion engines sooner than planned – CEO”

PARIS, May (Reuters) – Renault (RENA.PA) hopes to receive first orders for its hydrogen-powered minibuses and vans from the Netherlands and Germany soon, the head of the company’s light commercial vehicles department told Reuters, as soaring pump prices boosted customer interest in the technology.

The French car manufacturer’s first fuel cell vehicle, a Master van, will be launched this summer, followed by a City Bus version, Heinz-Jürgen Löw said on the sidelines of a trade fair. Continue reading “Renault expects first hydrogen utility sales in Germany and Netherlands soon, executive says”

TOKYO, May (Reuters) – Subaru Corp (7270.T) aims to build a dedicated electric vehicle (EV) factory in Japan in the late 2020s, it said on Thursday, as part of a $1.9 billion ramp-up to respond to surging demand for battery cars in its main North American market.

Subaru, known for its Outback crossover, has long had a strong presence in the United States and on Thursday warned that its U.S. dealers only have a record low stockpile of around 5,000 vehicles left, reflecting the squeeze of a supply-chain crunch. Continue reading “Japan’s Subaru to build its first electric vehicle factory”

TOKYO, May(Reuters) – Nissan Motor Co (7201.T) expects flat operating profit this fiscal year, far below analysts’ expectations, as Japan’s third-biggest carmaker grapples with a global chip shortage, rising material costs and China’s COVID restrictions.

Nissan joins a growing list of global companies warning about declining profitability as they cannot fully pass on soaring input costs to consumers and are bracing for more supply chain hold-ups following the Ukraine conflict and prolonged COVID lockdowns in China. Continue reading “Nissan warns of flat profit as chip shortage becomes ‘new normal’”

PARIS, May  (Reuters) – French carmaker Renault (RENA.PA) on Thursday said the two business units that would result from its planned separation of electric and conventional car production could each employ 10,000 staff by 2023.

Renault said in a statement it was currently studying the option of creating two separate entities to manage a major shift towards fossil-free vehicles and would present progress of these studies at a capital market day in the autumn. Continue reading “Renault says split-off electric unit could employ 10,000 staff by 2023”

May (Reuters) – Four top Wall Street firms and Ford Motor Co (F.N) will start to disclose the race and gender of individual directors under deals reached with New York City pension officials, the city’s comptroller, Brad Lander, said on Thursday, while a utility company has pushed back on the idea.

According to a representative for Lander, the companies, which include JPMorgan Chase & Co, (JPM.N) BlackRock Inc, (BLK.N) Morgan Stanley (MS.N) and Goldman Sachs Group (GS.N)in addition to Ford, will provide the self-identified disclosureson race, ethnicity and gender. Continue reading “Top Wall Street firms, Ford to disclose directors’ race and gender”

WASHINGTON, May (Reuters) – Mercedes-Benz’s (MBGn.DE) U.S. unit said on Thursday it is recalling 292,000 ML, GL and R-Class vehicles from the 2006 through 2012 model years over braking issues and urged owners to stop driving immediately.

The National Highway Traffic Safety Administration (NHTSA) said the German automaker was issuing a voluntary “do not drive” recall because of potentially corroded brake boosters that could severely affect braking capability, increasing the risk of a crash. Continue reading “Mercedes-Benz issues ‘do not drive’ recall for 292,000 U.S. vehicles”

May (Reuters) – Brake maker Brembo (BRBI.MI) has a full order book and all of its plants are running at full capacity, apart from those in China due to a COVID-19 lockdown, its executive chairman said.

Matteo Tiraboschi said on Wednesday that Brembo had visibility of 3-4 months for its order book, as the Italian brake maker posted a 11.2% rise in first-quarter core earnings. Continue reading “Brake maker Brembo says order book full as core earnings climb”

DETROIT, May 12 (Reuters) – Assisted driving systems installed in Tesla Inc (TSLA.O), Hyundai Motor Co (005380.KS) and Subaru Corp (7270.T) vehicles failed to avoid head-on collisions in testing done by AAA, though Tesla’s Autopilot system did slow the vehicle to a walking speed before striking an oncoming, foam model of a car.

The AAA, a U.S. consumer and travel services organization, said the tests illustrate how current assisted driving and automated braking systems fall short of true autonomous driving, and require drivers to stay in control of vehicles. Continue reading “Assisted driving systems struggle with collision tests – study”

TOKYO, May 12 (Reuters) – Toyota Motor Corp (7203.T) rolls out its first mass-produced battery electric car in Japan on Thursday for lease only, a strategy the automaker says will help ease driver concerns about battery life and resale value but has raised analysts’ eyebrows.

Gasoline-electric hybrid models remain far more popular in Toyota’s home market than electric vehicles (EVs), which accounted for just 1% of the passenger cars sold in Japan last year, according to industry data. Still, the market is growing fast and foreign automakers including Tesla Inc (TSLA.O) are making visible inroads on the streets of cities such as Tokyo. Continue reading “Toyota rolls out first battery electric car in cautious debut as rivals go full-throttle”

(Reuters) – New car sales in Russia fell by a record 78.5% year on year in April, dropping for a tenth month in a row as the sector was hit by acute shortages and soaring prices caused by disrupted logistics and a volatile rouble.

New car sales of 32,706 cars in April were less than one-quarter of those sold a year earlier, the Association of European Businesses (AEB) said on Wednesday. Continue reading “New car sales in Russia slump by record 78.5% y/y in April”

BERLIN, (Reuters) – The BMW Group (BMWG.DE) has largely secured its energy and raw material needs for 2022, its Chief Financial Officer Nicolas Peter said on Wednesday, but rising raw material prices could still weigh on results.

This has been achieved both through methods such as hedging on the financial market, and energy efficiency adaptations in production, Peter said, speaking at the carmaker’s annual general meeting for shareholders. Continue reading “BMW’s energy and raw material needs largely secured for 2022 – CFO”

HAMBURG/WASHINGTON, (Reuters) – Volkswagen (VOWG_p.DE) plans to reintroduce the Scout off-road brand in the United States offering new electric pick-up and sport-utility vehicles (SUVs), the German automaker confirmed.

The German carmaker would invest around 100 million euros ($106 million) in the new Scout brand, two people briefed on the matter said. Continue reading “VW to challenge Rivian, Ford with electric Scout SUV”

MEXICO CITY, (Reuters) – General Motors (GM.N) and a new independent union at the U.S. automaker’s biggest Mexico plant have struck a deal for a new workers’ contract that includes raises and benefits above inflation, the union said on Wednesday.

The union, SINTTIA, did not provide further details about the wage deal. Mexican headline inflation accelerated to 7.68% in April, its highest level since January 2001. Continue reading “GM, new union reach deal for raises at major Mexico plant”

TOKYO, (Reuters) – Toyota Motor (7203.T) warned “unprecedented” hikes in raw material costs could slice a fifth off full-year profit, a clear sign the world’s top automaker by sales can no longer shrug off the supply-chain crunch that has roiled the global industry.

Also reporting a 33% drop in fourth-quarter operating profit, the Japanese giant saw its shares slide more than 5% on Wednesday, before closing down more than 4% – their biggest one-day fall in two months. The Tokyo benchmark (.N225) was up 0.3%.

Continue reading “Toyota warns profit to skid 20% as raw materials costs pile up”

HANOI, May 11 (Reuters) – The chairman of Vietnam’s Vingroup conglomerate said on Wednesday that an initial public offering (IPO) for the company’s auto unit, VinFast, may be delayed until next year due to market uncertainty.

The IPO is currently slated for the fourth quarter of this year. Vingroup Chairman Pham Nhat Vuong also told the company’s annual general meeting the conglomerate was prioritising spending on VinFast and gave an aggressive car sales target. Continue reading “Vietnam’s Vinfast IPO may be delayed to 2023 on market uncertainty”

(Reuters) – Ford Motor Co (F.N) sold eight million shares of electric-car maker Rivian Automotive Inc (RIVN.O) for $214 million, or $26.80 apiece, the U.S. automaker said in a filing on Tuesday.

Ford now holds nearly 94 million shares, or a 10.5% stake, and is still the fourth-largest shareholder in the Irvine, California-based company, according to Refinitiv data. Continue reading “Ford sells shares in EV maker Rivian for $214 mln”

(Reuters) – Uber Technologies Inc (UBER.N) will scale back hiring and reduce expenditure on its marketing and incentive activities, according to a letter from Chief Executive Officer Dara Khosrowshahi seen by Reuters.

The ride-hailing company becomes the latest to rein in costs to have a lean investment model, after Facebook-owner Meta Platforms Inc (FB.O) said last week it would slow down the growth of its workforce. Continue reading “Uber to cut costs, slow down hiring, CEO tells staff”

(Reuters) – China’s Geely Automobile (0175.HK) will buy just over a third of Renault’s (RENA.PA) Korea unit for roughly $200 million, potentially helping it boost U.S. exports, and freeing up funds for the French automaker to invest in its electric business.

Renault, which can assemble 300,000 vehicles a year in its factory in Busan, South Korea, is in the middle of a turnaround aimed at increasing margins and separating its electric vehicle (EV) business to catch up with rivals such as Tesla (TSLA.O). Continue reading “China’s Geely buys stake in Renault Korea, eyeing US exports”

TOKYO,  (Reuters) – Toyota Motor Corp (7203.T) said on Tuesday it would suspend operations on 14 lines at eight domestic factories for up to six days in May due to the COVID lockdown in China.

The duration will be between May 16 and May 21, the company said, expanding the number of lines and factories affected by partial suspension to a total of 20 and 12, respectively. Continue reading “Toyota to slash production plan, suspend some domestic operation due to COVID lockdown in China”

PARIS,  (Reuters) – French carmaker Renault (RENA.PA) said on Tuesday it was targeting a double-digit margin for its new Mobilize brand built around new mobility and data solutions, which should represent 20% of Renault’s overall group turnover by 2030.

Mobilize will focus on services like ride hailing, car sharing, subscription services and leasing where consumers pay for a vehicle’s use rather than owning it outright. Continue reading “Renault sees a double-digit margin for its Mobilize brand in 2027”

May 10 (Reuters) – Electric carmaker Lucid Group (LCID.O) plans to launch luxury sedans in Europe later this year, as the Tesla rival aims to expand its footprint outside the United States amid strong global demand for electric vehicles (EVs).

The company will launch its Lucid Air Dream Edition P and R sedans in limited numbers for customers in Germany, Netherlands, Switzerland and Norway in late 2022, it said in a statement on Tuesday. Continue reading “EV maker Lucid to launch luxury sedans in Europe in late 2022”

WASHINGTON, (Reuters) – Tesla Inc (TSLA.O) is recalling about 130,000 vehicles in the United States following an overheating issue that may cause the center touchscreen display to malfunction, the National Highway Traffic Safety Administration (NHTSA) said on Tuesday.

The recall covers Tesla’s S and X from the 2021 and 2022 model years and its 3 and Y from the 2022 model year. The electric vehicle maker will provide an over-the-air software update to resolve the issue, according to the NHTSA. Continue reading “Tesla recalls 130,000 vehicles in U.S. over touchscreen display malfunction”

May 9 (Reuters) – Uber Technologies Inc (UBER.N) will scale back hiring and reduce expenditure on its marketing and incentive activities, according to a letter from Chief Executive Officer Dara Khosrowshahi seen by Reuters.

The ride-hailing company becomes the latest to rein in costs to have a lean investment model, after Facebook-owner Meta Platforms Inc (FB.O) said last week it would slow down the growth of its workforce. Continue reading “Uber to cut costs, slow down hiring, CEO tells staff”

FRANKFURT, May 9 (Reuters) – Mercedes-Benz (MBGn.DE) is virtually sold out of electric cars as tight supply chains make it tough for the luxury carmaker to keep up with rising demand, its chief executive said on Monday.

Asked about comments by rivals, including Volkswagen (VOWG_p.DE), that demand for electric vehicles was outstripping supply, Ola Kaellenius told the FT Future of the Car 2022 conference: “That’s largely true for us as well.” Continue reading “Mercedes-Benz CEO sees soaring demand, teases electrified AMG platform”

May 9 (Reuters) – A continued decline in on-demand trucking prices risks squeezing out tens of thousands of small operator-owned trucking companies that rushed into the market when rates were surging earlier this year, Uber Technologies Inc’s (UBER.N) head of freight said.

Surging diesel fuel costs and a leveling of U.S. consumer demand meant many owner-operator truckers would have to exit the industry if prices drop by a further 10% to 20%, Lior Ron, head of Uber Freight, said in an interview. Continue reading “U.S. trucking downturn puts pressure on independent operators -Uber Freight”

May 10 (Reuters) – Renault (RENA.PA) said it would sell just over a third of its Korea unit to China’s Geely Automobile Holdings (0175.HK)for roughly $200 million, freeing up funds for the French automaker to invest in its lagging core markets and electric business.

Renault, whose sales fell for the third straight year in 2021, is in the middle of turnaround plan aimed at boosting profit margins and splitting its electric vehicle (EV) and combustion engine businesses as it looks to catch up with rivals such as Tesla (TSLA.O) and Volkswagen (VOWG_p.DE) in the race to cleaner driving. Continue reading “Renault to sell Korea unit stake to China’s Geely in turnaround push”

FRANKFURT, May 9 (Reuters) – Volkswagen (VOWG_p.DE) faces a tough road ahead to reach its self-imposed target of becoming the world’s largest seller of electric vehicles by 2025, its chief executive said on Monday, admitting rival Tesla (TSLA.O) was stronger than expected.

“It will be a tight race but we won’t give up on it,” Herbert Diess said at the FT Future of the Car 2022 conference. “I have to say we didn’t expect our main U.S. competitor to be so fast and well-prepared,” he added. Continue reading “Volkswagen CEO sees tight race with Tesla for e-car crown by 2025”

TOKYO, May 9 (Reuters) – Toyota Motor Corp (7203.T) is expected to forecast higher profit for the year ahead when it reports earnings this week, helped by solid demand and a weaker yen, even as commodities costs and supply chain woes put pressure on the global auto industry.

The forecast, on top of an expected strong profit increase in the year just ended, would highlight the Japanese automaker’s ability to navigate a difficult environment, in part by charging customers more as the chip shortage tightens supplies. Continue reading “Toyota expected to forecast higher profit, helped by solid demand, weak yen”

SEOUL/DETROIT, May 9 (Reuters) – Hyundai Motor Co (005380.KS) plans to build a new electric-vehicle manufacturing plant in the United States and has held discussions with officials in Georgia, near existing plants for the Hyundai and Kia (000270.KS) brands, people with knowledge of its plans told Reuters.

Hyundai Motor confirmed an imminent plan for a new EV plant but declined to comment on any details, including site negotiations. Continue reading “Exclusive: Hyundai plans U.S. EV plant, in talks with Georgia”

SHANGHAI, May 6 (Reuters) – China’s auto association estimates that sales in April dropped 48% year-on-year, as zero COVID-19 policies shut factories, limited traffic to showrooms and put the brakes on spending.

The estimate represents the steepest decline in sales for the world’s largest auto market since February, 2020, near the outset of the pandemic, when sales fell 79% from a year earlier. Continue reading “Chinese autos group estimates sales skidded 48% lower in April”

May 5 (Reuters) – (This May 5 story has been refiled to reflect change of company name from Smith Travel Research Inc to STR in paragraph 6)

With more U.S. travelers expected to take to the skies and the roads this summer as COVID restrictions ease, unbridled demand will strain capacity in the leisure and travel industry and push prices even higher. Continue reading “U.S. summer travelers can expect long lines, higher prices as COVID restrictions ease”

May 6 (Reuters) – Automaker Mahindra And Mahindra Ltd (MAHM.NS) said on Friday it had no plans to restructure the company into three verticals, following a media report that said the company was considering splitting up into an electric vehicle (EV), a tractor and a passenger vehicle business through a demerger process.

The Economic Times newspaper had reported the Mahindra Group is also seeking funds for the EV unit and will club it with Italian design house Automobili Pininfarina to form a separate company, citing sources familiar with the matter. Continue reading “India’s Mahindra and Mahindra says no plans to split company into three”

May 6 (Reuters) – CATL (300750.SZ), the world’s largest battery maker, is in the final stages of vetting sites in the United States to build electric vehicle batteries, an investment that would mark the Chinese company’s first production in the world’s second-largest car market, two people with knowledge of the plans told Reuters.

Contemporary Amperex Technology Co (CATL) is in talks to open plants that would serve BMW AG (BMWG.DE) and Ford Motor Co (F.N), and potential sites include South Carolina and Kentucky, where those automakers have assembly plants, according to the two people, who asked not to be identified because the talks are ongoing and private. Continue reading “EXCLUSIVE CATL planning EV battery production in United States, vetting sites”

May 6 (Reuters) – U.S. agricultural equipment maker AGCO Corp (AGCO.N) said on Friday a ransomware attack was affecting operations at some of its production facilities, and dealers said tractor sales had been stalled during the crucial planting season.

Georgia-based AGCO said in a statement it expects operations at some facilities to be affected for “several days and potentially longer.” Continue reading “AGCO ransomware attack disrupts tractor sales during U.S. planting season”

May 6 (Reuters) – Lyft Inc’s (LYFT.O) choice to stay on the narrow ride-hail road worries investors as its larger rival Uber Technologies Inc (UBER.N)explores more profitable paths, such as becoming a food delivery giant during the pandemic.

Lyft shares plummeted more than 30% on Wednesday after an earnings report made investors question whether it could compete with Uber.  Continue reading “Diverging businesses: Uber vs Lyft in six graphics”

NEW DELHI, May 6 (Reuters) – Faulty battery cells and modules have been identified as the leading cause of electric scooters catching fire in India in recent weeks, according to the findings of an initial federal investigation, two government sources told Reuters.

The probe looked into fire incidents involving three companies, including Ola Electric, which is backed by Japan’s SoftBank Group (9984.T), and was the country’s top-selling e-scooter maker in April. Continue reading “Faulty battery cells, modules likely caused e-scooter fire in India, initial probe finds”

MEXICO CITY, May 4 (Reuters) – Japanese automaker Nissan Motor Co (7201.T) said on Wednesday it will invest more than $700 million in Mexico during the next three years to boost its operations in the country.

The investment is set to improve the facilities, equipment and automation procedures in Nissan’s facility located in the state of Aguascalientes, the company said in a statement. Continue reading “Nissan says it will invest more than $700 million in Mexico”

May 4 (Reuters) – Electric vehicle battery startup Group14 has raised $400 million from a group of investors led by Germany’s Porsche (PSHG_p.DE), the firm said on Wednesday.

Part of that money, which boosts Group14’s valuation to more than a billion dollars, will be used to build a second battery materials factory in eastern Washington state, a few hours from the firm’s current site in Woodinville, outside Seattle, Chief Executive Officer Rick Luebbe said in an interview. Continue reading “Porsche leads $400 million investment in EV battery startup Group14”