Oct 25 (Reuters) – Tesla Inc (TSLA.O) surpassed $1 trillion in market value on Monday after landing its biggest-ever order from rental car company Hertz, a deal that reinforced the electric car leader’s ambitions to top the entire auto industry in sales over the next decade.

Tesla shares surged as much as 14.9% to $1,045.02, making it the world’s most valuable automaker according to Reuters calculations based on its latest filing.

Continue reading “Tesla zooms past $1 trillion market cap on bet that the EV future is now”

CANBERRA, Oct 25 (Reuters) – Australia’s cabinet is expected to formally adopt a target for net zero emissions by 2050 when it meets on Monday to review a deal reached between parties in Prime Minister Scott Morrison’s coalition government, official sources told Reuters.

The ruling coalition has been divided over how to tackle climate change, with the government maintaining that harder targets would damage the A$2-trillion ($1.5-trillion) economy.

Continue reading “Australia’s cabinet to review deal on net zero emissions target -sources”

TOKYO, Oct 25 (Reuters) – Panasonic’s battery unit head on Monday unveiled a powerful prototype battery he said will deepen business ties with U.S. electric car maker Tesla Inc (TSLA.O).

He also said the company had no plan to make cheaper lithium iron phosphate (LFP) batteries for electric vehicles.

Continue reading “Panasonic unveils prototype battery for Tesla”

NEW YORK/ SAN FRANCISCO, Oct 24 (Reuters) – U.S. electric car maker Tesla Inc (TSLA.O) on Sunday rolled back the latest version of its Full Self-Driving (FSD) beta software, less than a day after its release, after users complained of false collision warnings and other issues.

The setback comes as Tesla is under regulatory scrutiny over the safety of its semi-autonomous driving technology, which it calls “FSD.”

Continue reading “Tesla pulls its new Full Self-Driving beta due to software ‘issues’”

Oct 22 (Reuters) – German solar car firm Sono Motors on Friday filed for a U.S. initial public offering (IPO), looking to cash in on investor demand as governments worldwide push for a shift to greener transport.

Reuters reported in March that Sono is exploring a U.S. stock market listing that may value the company at more than $1 billion, citing people close to the matter.

Continue reading “German solar car firm Sono Motors files for U.S. IPO”

Oct 22 (Reuters) – Lyft Inc (LYFT.O) received reports of more than 4,000 instances of sexual assault on its ride-hailing platform between 2017 and 2019, it said, detailing the data in a safety report it had promised to publish about two years ago.

The company report, issued late on Thursday, showed sexual assault reports on its platform had increased from around 1,100 in 2017 to some 1,800 in 2019. But it said bookings increased at a higher rate during that time, resulting in a 19% drop in the overall incident rate.

Continue reading “Lyft records more than 4,000 sexual assault cases in long-overdue safety report”

DETROIT, Oct 22 (Reuters) – Daimler AG (DAIGn.DE) Chief Executive Ola Kaellenius told Reuters on Friday the automaker hopes to stabilize its supply chain for semiconductors during this quarter, but expects real relief from shortages of chips will not arrive until 2023.

Kaellenius, who is visiting Mercedes operations in the United States, said production of Mercedes vehicles during the fourth quarter will be lower than a year ago, which was an unusually strong quarter as the company began recovering from pandemic shutdowns.
Continue reading “Daimler CEO hopes to stabilize supply chain this quarter”

WASHINGTON/OTTAWA, Oct 22 (Reuters) – Canada said on Friday that U.S. proposals to create new electric vehicle tax credits for American-built vehicles could harm the North American auto industry and fall foul of trade agreements, according to a letter seen by Reuters.

Separately, a Canadian government source expressed confidence a solution would eventually be reached but said Ottawa might have to launch a challenge through the United States-Mexico-Canada (USMCA) trade deal.
Continue reading “EXCLUSIVE Canada says proposed U.S. EV tax credit could harm sector, mulls possible challenge”

LONDON, Oct 22 (Reuters) – Renault (RENA.PA) said on Friday it would cut output by 500,000 cars this year, more than double its previous forecast due to a crippling global semiconductor shortage, but maintained its profit outlook helped by higher car prices and cost cuts.

During a presentation to analysts, Renault Chief Financial Officer Clotlide Delbos said the carmaker’s visibility on the chip shortage in the fourth quarter was “still very poor because the information coming from suppliers is very unreliable.”

Continue reading “Chip crunch to cut Renault’s 2021 output by 500,000 cars”

LONDON, Oct 22 (Reuters) – Nearly one in five vehicles sold in the European Union in the third quarter was an electrified model as sales continued to soar while fossil-fuel cars slumped, according to sales data released on Friday by a trade organization.

The European Automobile Manufacturers’ Association, or ACEA, which represents major European car, truck, van and bus makers, said that battery electric and plug-in hybrid model sales across the European Union made up just under 19% of all sales.
Continue reading “Electrified cars hit almost a fifth of EU Q3 vehicle sales”

SHANGHAI/HONG KONG, Oct 22 (Reuters) – Apple Inc’s (AAPL.O) talks with China’s CATL and BYD over battery supplies for its planned electric vehicle have been mostly stalled after they refused to set up teams and build U.S. plants that would solely cater to the tech giant, three people with knowledge of the discussions said.

The firms informed Apple sometime in the past two months that they were not able to meet its requirements, the people said. But the U.S. company has not given up hope of resuming talks with either CATL (300750.SZ) or BYD , according to one source.

Continue reading “EXCLUSIVE Apple’s talks with Chinese battery makers CATL and BYD mostly stalled -sources”

BERLIN, Oct 22 (Reuters) – German automaker BMW’s (BMWG.DE) first sales-ready battery electric i4 models rolled off production lines at its main plant in Munich on Friday, as the company expands its electric offering under industry-wide pressure to reduce emissions.

The car was made on the same assembly line as internal combustion engine (ICE) and hybrid models such as the BMW 3 Series Sedan and Touring, the company said, a shift that cost 200 million euros ($233 million) in investment in production structures.

Continue reading “BMW starts producing new electric model, commits to emissions-free transport at main plant”

NEW DELHI, Oct 20 (Reuters) – Tesla Inc (TSLA.O) has urged Indian Prime Minister Narendra Modi’s office to slash import taxes on electric vehicles before it enters the market, four sources told Reuters, ratcheting up demands that faced objections from some Indian automakers.

Tesla wants to begin selling imported cars in India this year but says taxes in the country are among the highest in the world. Its request for tax cuts – first reported by Reuters in July – prompted objections from several local players, who say such a move would deter investment in domestic manufacturing.

Continue reading “Tesla lobbies Modi’s office in India to slash taxes before it enters market-sources”

WASHINGTON, Oct 20 (Reuters) – A group of 160 Republican lawmakers said addressing supply chain woes that have dramatically slowed the manufacture and shipment of goods around the United States must be fixed before considering new spending on social programs, according to a letter sent to President Joe Biden on Wednesday.

“We urge you to call on your congressional allies to halt discussions on a budget reconciliation bill that aims to reshape the social fabric of this country and instead work on real infrastructure solutions that focus on moving goods and people safely and efficiently,” said the letter signed by lawmakers including House Minority Leader Kevin McCarthy, Representative Sam Graves, the ranking member on the Transportation and Infrastructure Committee and others.

Continue reading “U.S. Republicans say fixing supply chain is more urgent than social spending”

Oct 21 (Reuters) – For central bankers wrestling with the question of whether inflationary pressures are transitory, industry chiefs around the world have a clear message: prices are only going higher.

Shortages of workers, fuel, cargo ships, semiconductors and building materials as the global economy bounces back after pandemic lockdowns have companies from electric car makers to chocolatiers scrambling to keep a lid on costs.

Continue reading “The only way is up: corporate chiefs warn on prices”

Oct 21 (Reuters) – AutoNation Inc (AN.N) on Thursday reported a better-than-expected quarterly profit and unveiled an additional $1-billion share buyback program, as the largest U.S. auto retailer benefited from surging car prices on tight inventories.

Consumer preference for personal transportation since the pandemic outbreak and a global chip shortage that has led to auto production cuts across the globe have been driving car prices higher.

Continue reading “U.S. auto retailer AutoNation beats profit estimates on surging car prices”

FRANKFURT, Oct 21 (Reuters) – Investment bank Goldman Sachs (GS.N) and law firm Freshfields are among advisors working on a possible listing of Volkswagen’s (VOWG_p.DE) luxury unit Porsche AG, Manager Magazin reported on Thursday, without saying where it obtained the information.

The report prompted Volkswagen shares to rise 3% to the top of Frankfurt’s blue-chip DAX index (.GDAXI), reflecting hopes that such a move could unlock tens of billions of euros in value hidden under the carmaker’s complex conglomerate structure.

Continue reading “Goldman Sachs, Freshfields working on possible Porsche IPO -Manager Magazin”

WASHINGTON, Oct 20 (Reuters) – U.S. Transportation Secretary Pete Buttigieg said on Wednesday that Tesla (TSLA.O) Chief Executive Elon Musk should directly raise with him any issues about the hiring of a senior safety adviser who has been critical of the automaker.

“He’s welcome to call me if he’s concerned,” Buttigieg told reporters at an event on Wednesday. “We are responsible for making sure that every vehicle on the road is safe.

Continue reading “U.S. transport chief defends auto safety agency after Musk criticism”

LONDON, Oct 19 (Reuters) – At least 50% of British luxury carmaker Aston Martin’s (AML.L) sales should be electric models by 2030, the company’s top executive said on Tuesday.

“I would say a minimum of 50% of our sales will be electric, possibly more,” Aston Martin Chief Executive Tobias Moers said during the Reuters Events Automotive Summit.

Continue reading “At least 50% of Aston Martin car sales should be electric by 2030, says CEO”

KUALA LUMPUR, Oct 20 (Reuters) – Malaysian electronics firms central to the supply of basic chips that drive the world’s cars, smartphones and home devices say big-name customers are beating on their doors to lock in take-or-pay, longer-term deals – and happy to pay more if need be.

Manufacturers are rushing to replenish chip stocks depleted during coronavirus pandemic factory curbs – not least automakers who earlier cancelled orders expecting poor demand. That chip shortage has slammed their output, and still dislocates supply chains, just as consumer demand ramps up along with a global easing of COVID restrictions in everyday life.

Continue reading “‘They’ll have to pay’: Malaysia chip crunch triggers new era in supply deals”

BERLIN, Oct 20 (Reuters) – Volkswagen (VOWG_p.DE) has produced just 300,000 cars at its main Wolfsburg plant so far this year, a company source with knowledge of the matter said, the lowest figure since 1958 and far behind its average output before the pandemic.

The plant, which makes cars from the Golf, Tiguan, and Seat brands among others, produced an average of 780,000 vehicles per year in the past decade and the company said in 2018 it aimed to boost this figure to a million.

Continue reading “Volkswagen’s main plant producing fewest cars since 1958, source says”

SHANGHAI, Oct 20 (Reuters) – Geely (GEELY.UL) and Volvo Car’s (VOLVb.ST) joint Lynk & Co brand said on Wednesday it plans to expand its sales network beyond China and Europe to the Gulf region in the fourth quarter of this year.

Lynk & Co, which sells and rents cars to customers on monthly subscriptions, will also begin its Asian market expansion “in due course”, it said in a statement.

Continue reading “Geely and Volvo’s Lynk & Co set to expand to Gulf region in Q4 2021”

TOKYO, Oct 20 (Reuters) – Japan’s Nippon Steel Corp is suing customer Toyota Motor Corp (7203.T) to stop it manufacturing and selling vehicles that contain specialised steel made by rival supplier Baoshan Iron & Steel Co Ltd (Baosteel) of China, which it is also suing.

It highlights the high stakes for materials producers as technology transforms the auto industry and comes as Japan is increasingly concerned about safeguarding supply chains and intellectual property.

Continue reading “Explainer: Why is Toyota being sued by supplier Nippon Steel?”

TAIPEI, Oct 20 (Reuters) – Taiwan tech giant Foxconn (2317.TW) is looking at making electric vehicles (EVs) in Europe, India and Latin America, including “indirectly” cooperating with German automakers, Chairman Liu Young-way said on Wednesday.

Foxconn, formally called Hon Hai Precision Industry Co Ltd, aims to become a major player in the global EV market and has clinched deals with U.S. startup Fisker Inc (FSR.N) and Thailand’s energy group PTT PCL (PTT.BK).

Continue reading “Foxconn sets sights on making EVs in Europe, India, Latin America”

SEOUL, Oct 19 (Reuters) – South Korean battery maker Samsung SDI Co Ltd (006400.KS) and global automaker Stellantis NV (STLA.MI) have agreed to jointly produce electric vehicle (EV) batteries for the North American market, a person familiar with the matter said on Tuesday.

Samsung SDI, an affiliate of South Korean tech giant Samsung Electronics (005930.KS), already has EV battery plants in South Korea, China and Hungary, which supply customers such as BMW (BMWG.DE) and Ford Motor (F.N).

Continue reading “Samsung SDI, Stellantis agree joint electric vehicle battery deal -source”

LONDON, Oct 18 (Reuters) – With electric car sales soaring and regulations increasingly favouring zero-emission vehicles, a flurry of announcements on Monday showed how the global auto industry has kicked into a higher gear as it races to speed past the fossil-fuel car era.

As part of its own 30 billion euro ($34.7 billion) electrification plan Stellantis (STLA.MI) – born out of a merger of PSA and Fiat Chrysler earlier this year – said it had entered a preliminary agreement with battery maker LG Energy Solution to produce battery cells and modules for North America, where the world’s No. 4 automaker expects more than 40% of its U.S. sales will be electric vehicles (EVs) by 2030.

Continue reading “Carmakers shift up a gear in race to go electric”

SHANGHAI, Oct 19 (Reuters) – Xiaomi Corp (1810.HK)Chief Executive Lei Jun said the Chinese smartphone maker will mass produce its own cars in the first half of 2024, a company spokesperson said on Tuesday.

The comments, which were made at a investor event, were first reported by local media and later confirmed by the company.

Continue reading “Xiaomi CEO says firm to mass produce its own cars in H1 2024 -spokesperson”

Oct 19 (Reuters) – Global automaker Stellantis NV (STLA.MI) has agreed a partnership with Italian e-mobility startup TheF Charging to create a European public charging network accessible to all electric vehicles, the two companies said on Tuesday.

Under the partnership, the companies will jointly develop quick charging points in over 15,000 locations with 2 million parking spaces across Europe until 2025, they said in a joint statement.

Continue reading “Stellantis, TheF Charging team up for EV charging network in Europe”

WASHINGTON, Oct 17 (Reuters) – A Michigan judge has thrown out a lawsuit that General Motors Co (GM.N) filed against Stellantis’ Fiat Chrysler Automobiles (FCA) that accused its rival of fraud and unfair competition.

GM sued FCA in 2019, alleging it bribed United Auto Workers (UAW) union officials over many years to corrupt the bargaining process and gain advantages, costing GM billions of dollars.

Continue reading “Michigan judge tosses GM lawsuit against Fiat Chrysler”

TAIPEI, Oct 18 (Reuters) – Taiwan’s Foxconn (2317.TW) unveiled its first three electric vehicle prototypes on Monday, underscoring ambitious plans to diversify away from its role of building consumer electronics for Apple Inc (AAPL.O) and other tech firms.

The vehicles – an SUV, a sedan and a bus – were made by Foxtron, a venture between Foxconn and Taiwanese car maker Yulon Motor Co Ltd (2201.TW).

Continue reading “Foxconn bullish on electric vehicle prospects as it shows off three prototypes”

STOCKHOLM, Oct 18 (Reuters) – Geely-owned Volvo Cars said on Monday its initial public offering would be priced within a range of 53 to 68 Swedish crowns per share, valuing the automaker at up to $23 billion in what is likely to be one Europe’s biggest listings this year.

Volvo Cars, which has spent years under the Geely Holding (GEELY.UL) umbrella strengthening its foothold in the premium market, said this month it planned to raise $2.9 billion through an IPO and list its shares on the Nasdaq Stockholm stock exchange.

Continue reading “Geely’s Volvo Cars sets IPO price range, seeking up to $23 billion valuation”

LONDON, Oct 18 (Reuters) – Ford (F.N) said on Monday it would invest up to 230 million pounds ($316 million) to build electric car components at its Halewood factory in northern England.

The plant will produce around 250,000 power units a year from mid-2024, the first European in-house location to make electric vehicle parts for Ford, which has pledged that its car line-up for the continent will be all-electric by 2030.

Continue reading “Ford to invest around $300 million to build electric car parts at UK plant”

WASHINGTON, Oct 18 (Reuters) – Toyota Motor Corp’s (7203.T) North American unit said Monday it will invest about $3.4 billion (380 billion yen) on U.S. automotive battery development and production in the United States through 2030.

The world’s largest automaker by volume also said it plans to establish a new company and build a new U.S. automotive battery plant together with Toyota Tsusho (8015.T), the automaker’s metals trading arm and a unit of the Toyota Group.

Continue reading “Toyota to invest $3.4 billion on U.S. automotive batteries through 2030”

LONDON, Oct 18 (Reuters) – With electric car sales soaring and regulations increasingly favouring zero-emission vehicles, a flurry of announcements on Monday showed how the global auto industry has kicked into a higher gear as it races to speed past the fossil-fuel car era.

As part of its own 30 billion euro ($34.7 billion) electrification plan Stellantis (STLA.MI) – born out of a merger of PSA and Fiat Chrysler earlier this year – said it had entered a preliminary agreement with battery maker LG Energy Solution to produce battery cells and modules for North America, where the world’s No. 4 automaker expects more than 40% of its U.S. sales will be electric vehicles (EVs) by 2030.

Continue reading “Carmakers shift up a gear in race to go electric”

PRAGUE, Oct 17 (Reuters) – Czech car makers will produce quarter a million fewer cars than expected this year due to the global shortage of chips and the automotive sector will lose 200 billion crowns ($9.14 billion) in sales, the Auto Industry Association (AutoSAP) said on Sunday.

AutoSAP said domestic passenger car production dropped by 53.1% in September year-on-year, to 56,157 cars.

Continue reading “Czech car sector to make 250,000 fewer vehicles this year due to chip shortage”

BERLIN, Oct 14 (Reuters) – The leaders of three German states where Opel has factories wrote to the chief executive of the carmaker’s owner Stellantis (STLA.MI) on Thursday, criticising his lack of communication on plans for Opel which they said was eroding public trust in the company.

Stellantis disclosed to the press late last month that Opel’s Eisenach plant would shut for at least three months due to ongoing global chip shortages.

Continue reading “Stellantis’ silence on Opel plans erodes trust, German states say”

LONDON, Oct 14 (Reuters) – The era of breakneck growth for electric scooter firms is giving way to more selective expansion focused on profits as they face tougher regulations, more demanding customers and wary insurers.

Hurt badly by global coronavirus lockdowns last year, companies offering by-the-minute rental of e-scooters say ridership is soaring to pre-COVID 19 levels among urban consumers eager to avoid public transport or taxis.

Continue reading “After Wild West start, scooter providers chase scale to survive”

PARIS, Oct 15 (Reuters) – French auto supplier Novares is claiming tens of millions euros in damages from its customers after a global shortage in semiconductor chips has forced many carmakers to halt production and cancel orders.

Novares, which makes plastic components used in one in three vehicles worldwide, is seeking compensation for the cancellations that have left its stocks piling up.

Continue reading “Supplier Novares seeks damages from carmakers over cancelled orders”

BERLIN, Oct 15 (Reuters) – European car registrations slumped more than 25% in September due to a lack of supply of vehicles due to the ongoing semiconductor shortage, industry data showed on Friday.

New passenger car registrations fell 25.2% in the European Union, Britain and the countries of the European Free Trade Association (EFTA) compared to last year, figures from the European Automobile Manufacturers’ Association (ACEA) showed.

Continue reading “European new car sales down in September – ACEA”

Oct 15 (Reuters) – Investor Michael Burry of “The Big Short” fame said he was no longer betting against Tesla Inc (TSLA.O) and that his position was just a trade, CNBC reported on Friday.

Burry’s Scion Asset Management said in a regulatory filing in mid-May it had put options on 800,100 Tesla shares as of the end of the first quarter. Details on the strike price of the puts, their value and whether they were part of a broader trade were not available.

Continue reading “‘Big Short’ investor Burry says he’s no longer betting against Tesla – CNBC”