By Brenda Goh and Dominique Patton

Summary

SHANGHAI, March 21 (Reuters) – Volkswagen will form joint ventures with Huayou Cobalt and Tsingshan Group to secure nickel and cobalt supplies forelectric vehicles in China, the world’s No. 1 car market, and to slash costs at a time of surging raw material prices.

The move is part of a 30 billion euro ($33 billion) push by the world’s second-largest carmaker to build a network of battery cell factories and secure more direct access to vital raw materials that are needed to supply them. read more

TOKYO, March 19 (Reuters) – Japan’s Suzuki Motor (7269.T) plans to invest about 150 billion yen ($1.26 billion) to produce electric vehicles and batteries in India, Japanese media reported on Saturday.

Japanese Prime Minister Fumio Kishida is visiting India on Saturday to meet his Indian counterpart Narendra Modi. Suzuki’s investment plan will be part of an announcement by Kishida during his trip of plans to invest 5 trillion yen over the next five years in India, according to the Nikkei business daily. read more

Suzuki has decided to build a new electric vehicle production line in India with the aim of starting operations as early as 2025, Nikkei said, without identifying the source of its report.

Continue reading “Japan’s Suzuki Motor to invest $1.3 bln for electric vehicle production in India – media”

By David Shepardson and Hyunjoo Jin

WASHINGTON, March 18 (Reuters) – SoftBank Group Corp’s (9984.T) Vision Fund exited its bet on General Motors (GM) (GM.N) self-driving car subsidiary Cruise as the auto giant upped the ante, investing another $3.45 billion in the loss-making unit.

SoftBank’s departure, which comes as the Japanese conglomerate struggles with debts, prompted questions from sector watchers about whether Cruise is ready to generate meaningful revenue for the time being, and how deep GM might have to dig to fund development.

Continue reading “GM bets $3.5 bln more on self-driving tech unit as SoftBank exits”

By Nivedita Balu and Praveen Paramasivam

(Reuters) – A number of Uber (UBER.N) and Lyft (LYFT.O) drivers are considering quitting the app-based ride-hailing platforms as fueling up becomes costlier, with some calling the newly announced surcharges “insulting”.

The companies announced this month a 55-cent per-ride surcharge that would be paid directly to drivers, in response to record gas prices because of the Ukraine crisis.

But Uber and Lyft drivers, who form a big chunk of the gig economy and typically pay for their own gas, are not happy.

Continue reading “Uber, Lyft drivers consider quitting as pain at the gas pump grows”

SHANGHAI, March 18 (Reuters) – Germany’s Mercedes-Benz Group AG (MBGn.DE) said on Friday it has opened a research and development (R&D) centre in Shanghai that will focus on mobility technology.

The centre, its second R&D facility in China, will work in tech fields such as connectivity, automated driving and big data, the company said in a statement.

Mercedes-Benz did not elaborate on the size of its investment in the new tech centre, nor how many engineers it plans to eventually hire for the new location.

Continue reading “Mercedes-Benz opens new R&D centre in Shanghai”

By Shinji Kitamura and Satoshi Sugiyama

TOKYO, March 18 (Reuters) – Japanese manufacturers began restarting production at plants in the country’s quake-hit northeast, but Toyota Motor Corp (7203.T) said it plans to idle 18 assembly lines for a few days next week due to a shortage of parts from suppliers.

On one hand, the limited damage caused by the magnitude 7.4 temblor has highlighted Japan’s success in building resilience against the frequent tremors that shake the archipelago.

Continue reading “Quake-hit Japan plants restart but Toyota to suspend 18 assembly lines”

FRANKFURT, March 18 (Reuters) – Luxury sportscar maker Porsche AG, which parent Volkswagen (VOWG_p.DE) could float in a partial stock market listing later this year, on Friday set out a more ambitious sales target for electric vehicles.

More than 80% of newly sold Porsche vehicles will be fully-electric in 2030, Porsche AG Chief Executive Oliver Blume said at the group’s annual press conference.

That target previously applied to Porsche’s electrified models overall, which also includes plug-in hybrids.

Continue reading “Porsche AG sets more ambitious electric vehicle target”

By Nick Carey

GAYDON, England, March 16 (Reuters) – Aston Martin (AML.L) on Wednesday launched the final fossil-fuel version of its limited-run powerful V12 Vantage sports car, with every vehicle already snapped up before the British luxury carmaker starts its gradual shift to an electric lineup.

“This V12 Vantage is really a swan song,” Aston Martin executive chairman and investor Lawrence Stroll told Reuters. “There is a history of V12 Vantages at this company that goes back several decades and it will be the last one we make… before we move onto hyrbidisation and electrification.”

Continue reading “Aston Martin launches ‘swan song’ V12 Vantage before going electric”

BERLIN, March 17 (Reuters) – New car registrations in Europe deteriorated further in February, after hitting a record low in January, as supply chain disruptions continued to hurt the automotive sector across the region, data from the region’s carmaker association (ACEA) showed on Thursday.

The number of new vehicles registered in the European Union, Britain and the European Free Trade Association (EFTA) fell 5.4% to 804,028 in February, marking the eighth consecutive month of declines, ACEA’s data showed.

By Eric Onstad

LONDON, March 17 (Reuters) – Volkswagen (VOWG_p.DE) has joined a group that sets environmental and social standards in mining as the world’s No.2 carmaker steps up efforts ensure its raw materials are sustainable, especially in electric vehicles (EVs).

Big companies have come under increasing pressure from shareholders and consumers to meet stricter standards relating to the environment, social issues and governance (ESG).

VW is the biggest member company by revenue to join the Initiative for Responsible Mining Assurance (IRMA), the carmaker told Reuters ahead of an announcement later on Thursday.

Continue reading “VW joins sustainable mining initiative to boost scrutiny”

By Aditi Shah

NEW DELHI, March 17 (Reuters) – Reliance Industries (RELI.NS) and Softbank Group-backed (9984.T) Ola Electric will receive incentives under India’s $2.4 billion programme to boost local battery cell production after winning a tender, four sources told Reuters.

The winning bidders also include Hyundai Global Motors Company and Indian jewellery maker Rajesh Exports (REXP.NS), the sources said on condition of anonymity.

The Indian government last year finalised a programme to encourage companies to make battery cells locally as it seeks to establish a domestic supply chain for clean transport and renewable energy storage to meet its decarbonisation goals.

Continue reading “Reliance, Ola Electric win incentives in India’s $2.4 bln battery scheme, sources say”

SHANGHAI, March 17 (Reuters) – Tesla (TSLA.O) said on Thursday it was doing its best to keep production going at its Shanghai factory while it cooperates with China’s COVID-19 prevention measures.

Reuters reported on Wednesday that the U.S. electric vehicle maker had suspended production at its Shanghai factory for two days, according to a notice sent internally and to suppliers, as China tightens measures to curb the country’s latest outbreak. read more

By Foo Yun Chee

BRUSSELS, March 15 (Reuters) – EU antitrust regulators on Tuesday raided several automotive companies and associations in several countries on suspicion of breaching the bloc’s cartel rules, while Britain’s competition authority also launched a probe.

The European Commission also sent companies requests for information, it said without disclosing company names.

“The inspections and requests for information concern possible collusion in relation to the collection, treatment and recovery of end-of-life cars and vans which are considered waste,” the EU competition enforcer said in a statement.

Continue reading “Global carmakers raided by EU; UK also announces probe”

By Satoshi Sugiyama and Maki Shiraki

TOKYO, March 15 (Reuters) – A decade after Mazda Motor’s (7261.T) cars disappeared from Ford Motor’s (F.N) factory floors in Michigan, the Japanese automaker is once again building in the United States – this time with compatriot Toyota Motor (7203.T).

When the first Mazda CX-50 crossovers rolled off the assembly line at the joint Alabama plant in January, they were packed with efficiencies hammered out by the two automakers, both known for their cost-cutting smarts and manufacturing prowess.

Continue reading “With Toyota as partner, Mazda hopes to jump-start US market”

By Joseph White

TUSCALOOSA, Ala., March 15 (Reuters) – Mercedes-Benz AG opened its first U.S. electric vehicle (EV) battery factory on Tuesday and said Japanese battery maker Envision AESC would supply battery modules for U.S.-made Mercedes EVs from a new U.S. plant by the middle of the decade.

Alongside the launch of its Bibb County, Alabama battery plant, Mercedes also previewed a large electric SUV to be built at the nearby Tuscaloosa, Alabama assembly facility this year.

Continue reading “Mercedes takes on Tesla with new U.S. battery plant, electric SUV”

March 15 (Reuters) – Volvo Cars U.S. (VOLVb.ST) said on Tuesday it was partnering with coffee giant Starbucks Corp (SBUX.O) to create a public electric vehicle (EV) charging network that is set to begin this summer.

The Swedish automaker maker said that its pilot installations would include as many as 60 Volvo-branded ChargePoint DC fast chargers at up to 15 Starbucks store locations.

Volvo, which plans to have a charger installed at every 100 miles, said it expects the installations to be completed by the end of 2022. The charging stations could be used by all EV drivers for a fee. However, Volvo car owners could use these at no charge or at preferential rates.

Continue reading “Volvo Cars teams up with Starbucks for pilot EV charging network”

March 15 (Reuters) – Britain’s competition watchdog on Tuesday launched an investigation into suspected anti-competitive conduct involving a number of unnamed vehicle manufacturers and some industry bodies for not recycling old or discarded vehicles.

The Competition and Markets Authority (CMA) said it was working closely along with the European Commission, which also launched an investigation into the matter on Tuesday.

Continue reading “UK regulator investigates recycling of cars and vans”

BERLIN, March 15 (Reuters) – Volkswagen (VOWG_p.DE) is shifting production to China and the United states as a result of the war in Ukraine and will prioritise China this year, its Chief Executive Herbert Diess said in a press call on Tuesday.

“We will shift more into China because of the situation in Europe,” Diess said. When asked about how the carmaker would respond in the event that China attacked Taiwan, he said that he did not believe the country would take such a step.

Continue reading “Volkswagen prioritises China, U.S. amid Europe instability”

BERLIN, March 15 (Reuters) – The Volkswagen Group (VOWG_p.DE) achieved a 16% market share in China in 2021 and the VW brand returned to profit in North and South America, the German carmaker said on Tuesday.

The Volkswagen Group could have sold significantly more cars in China in 2021 but was hindered by the ongoing semiconductor shortage, added the carmaker in a statement.

Volkswagen also said that the brand had achieved a turnaround in South America and reported a positive result for the first time since 2013, as well as returning to profitability in North America after several years in all three markets.

By Aditi Shah

NEW DELHI, March 15 (Reuters) – Indian refining giant Reliance Industries (RELI.NS) has acquired the assets of battery maker Lithium Werks for $61 million, its second such deal in less than three months, as it makes a bigger push towards clean energy and transport.

Reliance’s investment in Lithium Werks, which manufactures lithium iron phosphate batteries that are mainly used in electric vehicles (EVs), includes funding for future growth, the company said late on Monday.

The deal comes as Reliance looks to cut dependence on its mainstay oil-to-chemicals business, with plans to invest $10 billion in clean energy projects to boost its green credentials and meet its goal of net zero carbon by 2035. read more

“Along with Faradion, Lithium Werks will enable us to accelerate our vision of establishing India at the core of developments in global battery chemistries,” Reliance’s owner, billionaire Mukesh Ambani said in the statement.

India is offering incentives of up to $6 billion to companies to build EVs and batteries locally as the government looks to establish a domestic supply chain for clean transport and renewable energy. read more

($1 = 0.7668 pounds)

By Sarah Wu and Norihiko Shirouzu

TAIPEI/BEIJING, March 14 (Reuters) – China’s efforts to curb its largest COVID-19 outbreak in two years has forced companies from Apple (AAPL.O) supplier Foxconn to automakers Toyota (7203.T) and Volkswagen (VOWG_p.DE) to suspend some operations, raising concerns over supply chain disruptions.

Multiple Chinese provinces and cities have tightened restrictions in line with Beijing’s zero-tolerance goal of suppressing contagion as quickly as possible, among them the southern Chinese tech hub of Shenzhen. read more

Continue reading “China’s COVID curbs hit Toyota, Volkswagen and Apple supplier Foxconn”

FRANKFURT, March 14 (Reuters) – Volkswagen (VOWG_p.DE) on Monday said it has deepened its e-mobility partnership with Ford (F.N) under which the U.S. carmaker will produce a second electric vehicle for the European market based on its German rival’s platform.

As part of the expanded cooperation, Ford will double its planned volume of vehicles to be produced based on Volkswagen’s modular electric-drive platform, known as MEB, to 1.2 million units over a six-year time frame.

Continue reading “Volkswagen, Ford deepen electric vehicle cooperation”

By Christina Amann and Nick Carey

BERLIN, March 11 (Reuters) – Carmakers including Volkswagen (VOWG_p.DE) and BMW are scrambling to find alternative sources of vital parts made in Ukraine from as far afield as China and Mexico, as Russia’s invasion halts assembly lines and breaks complex supply chains.

The hunt for new supplies is the latest challenge for an auto industry already reeling from soaring metal and energy prices, supply chains snarled by the pandemic, and a shortage of semiconductor chips. read more

Continue reading “Europe’s carmakers scramble to replace Ukrainian auto parts”

By Nick Carey

LONDON, March 14 (Reuters) – Where you go. What you pass. Where you stop. What you listen to. What you watch. Your good habits. Your bad habits.

Companies in Europe and beyond are vying for control of the crown jewels of the connected car era: your vehicle’s data.

The contest is entering a pivotal phase as EU regulators look to hammer out the world’s first laws for the ballooning industry around web-enabled vehicles, pitting carmakers against a coalition of insurers, leasing companies and repair shops.

Continue reading “Your connected car knows you. The tussle for that data’s hitting high gear”

SEOUL, March 14 (Reuters) – South Korean battery maker SK On said on Monday it has signed a memorandum of understanding (MOU) with Ford Motor Co (F.N) and Koc Holding As (KCHOL.IS) to form a joint venture to produce electric vehicle (EV) battery cells in Turkey.

The plant is targeted to start by 2025 and aims to have an annual production capacity of 30-45 gigawatt hours (GWh), SK On said in its statement.

SK Innovation Co Ltd’s (096770.KS) wholly owned battery unit, which counts Ford Motor, Hyundai Motor Co (005380.KS), and Volkswagen AG (VOWG_p.DE) among its customers, announced last year a plan to invest 10.2 trillion won ($8.22 billion) with Ford to build three battery plants in the United States. read more

Continue reading “SK On, Ford and Koc Holding to form EV battery joint venture in Turkey”

By Christoph Steitz and Tom Sims

Summary

FRANKFURT, March 11 (Reuters) – Volkswagen AG (VOWG_p.DE), Europe’s top carmaker, doubled its operating profit in 2021 but warned that Russia’s invasion of Ukraine and its impact on supply chains could hit business this year in unforeseen ways.

Carmakers are scrambling to find alternative sources of vital parts made in Ukraine, including wire harnesses, from as far afield as China and Mexico, as Russia’s invasion halts assembly lines and breaks complex supply chains. read more

Continue reading “Volkswagen warns of risks from Ukraine crisis as operating profit doubles”

By Nick Carey

LONDON, March 11 (Reuters) – Mercedes-Benz (MBGn.DE) has 2 billion euros ($2.2 billion) in assets that could be threatened by Russian proposals to nationalise the property of foreign firms that leave because of its invasion of Ukraine, the German premium carmaker said.

The company said in its annual report released on Friday that the war in Ukraine raised a range of risks from disruptions to parts to energy supply or even cyber attacks.

Continue reading “Mercedes-Benz says Russian nationalisation could threaten $2.2 bln in assets”

PARIS/BERLIN, March 9 (Reuters) – Volkswagen (VOWG_p.DE) unveiled a production version of its long-awaited ID. Buzz van in Paris on Wednesday, an electric reincarnation of its Microbus or Kombi, due to go on sale in a number of European countries in the third quarter of 2022.

The van will also launch in the United States in late 2023, the German automaker said in a statement, adding it is the first in a series of prototypes released in the past decade to successfully make it to production stage.

Continue reading “Volkswagen unveils all-electric ID. Buzz in Paris”

By Ben Klayman

DETROIT, March 9 (Reuters) – Auto industry companies need to take into account their communities and workers through greater environmental protections and higher pay in the transition to electric vehicles, a panel of investors, labor officials and human rights activists said on Wednesday.

The global auto industry is shifting to EVs in response to pressure from countries and regions like China and Europe that want to reduce carbon emissions.

Continue reading “Auto sector’s transition to EVs needs safeguards for workers, environment -panel”

By Tina Bellon

March 9 (Reuters) – The $100 billion Western rental car industry, flush with cash from a profitable pandemic, is gradually getting its electric show on the road, and Chinese-made vehicles are poised to play a starring role.

The electric transition could see car fleets, long dominated by famed marques from the United States and Europe, increasingly switch towards Asian automakers, according to a European executive.

“Historically, European and American manufacturers had an edge, but the shift towards electric is reshuffling the cards,” said Olivier Baldassari, group chief countries and operations officer at rental giant Europcar (EUCAR.PA).

Continue reading “Rental car giants embark on electric after pandemic bonanza”

By Heekyong Yang and Norihiko Shirouzu

SEOUL/BEIJING, March 9 (Reuters) – Asian battery makers for electric vehicles are shielded from a big, immediate hit from surging nickel prices amid Russia’s invasion of Ukraine, thanks to long-term contracts and a diversified supply chain, companies and industry sources said.

Nickel prices doubled on Tuesday to more than $100,000 per tonne, a surge sources blamed on short covering by one of the world’s top producers, forcing the London Metal Exchange (LME) to halt nickel trading. read more

Continue reading “Contracts shield Asia’s EV battery makers from nickel surge, for now”

By Jonathan Stempel

March 8 (Reuters) – Rivian Automotive Inc (RIVN.O) has been sued by a shareholder who claimed the startup failed to tell investors it had underpriced its electric vehicles, leading to unpopular price hikes that it swiftly rolled back.

In a complaint filed on Monday in U.S. District Court in San Francisco, shareholder Charles Larry Crews said Rivian concealed how its R1S SUV and R1T pickup truck were so underpriced that it needed to raise prices soon after its November initial public offering.

Continue reading “Rivian is sued for allegedly misleading investors about electric vehicle prices”

By Nivedita Balu and Tina Bellon

March 8 (Reuters) – Uber drivers are protesting on social media over record U.S. gasoline prices eating into their earnings just as the ride-hailing firm raised its profitability outlook, with some asking whether it was still worth getting behind the wheel.

U.S. retail gasoline prices hit an all-time of $4.173 on Tuesday after Russia’s invasion of Ukraine sent the price of crude oil rocketing. The price per gallon is now around 60% higher than it was two years ago before the COVID-19 crisis. read more

Continue reading “U.S. ride-hail drivers at career crossroads over record gas cost”

March 8 (Reuters) – The California Air Resources Board said on Tuesday it plans to significantly increase electric vehicle requirements by 2030 as the state moves to phase out the sale of gasoline-powered light duty vehicles by 2035.

In a draft document, the California regulator said previously it aimed to reach 61% zero emission electric vehicle (ZEV) sales by 2030 but it came under criticism from environmental groups Monday.

Continue reading “California planning to significantly boost 2030 EV requirements”

By David Shepardson

WASHINGTON, March 8 (Reuters) – A bipartisan group of more than 140 U.S. lawmakers on Tuesday urged leaders in Congress to approve $52 billion in government subsidies for semiconductor chips production and research.

The U.S. House of Representatives on Feb. 4 narrowly passed a bill aimed at increasing American competitiveness with China in part by allocating $52 billion to boost U.S. semiconductor manufacturing.

The funding will “help prevent future shortages that cause GDP drag, job losses, more expensive consumer goods, and national security vulnerabilities,” said a letter signed by lawmakers, including Representative Doris Matsui and Senator Mark Warner, both Democrats, and Republican Representative Michael McCaul and Senator John Cornyn.

Continue reading “More than 140 U.S. lawmakers urge speedy action on chips funding”