Reuters
1 min read
Celonis, a German process mining software startup, raised $1 billion in its Series D funding round, taking its post-money valuation to more than $11 billion, the company said on Wednesday.
Celonis also appointed former Wall Street analyst and Google (GOOGL.O) executive Carlos Kirjner as its chief financial officer.
Continue reading “Celonis raises $1 billion, taps Google exec as CFO”
4 min read
Leaders of South Korea’s largest conglomerates urged President Moon Jae-in on Wednesday to pardon Jay Y. Lee, the jailed vice chairman of Samsung Electronics Co Ltd (005930.KS), to maintain the country’s edge in the chip industry.
The plea was made during a luncheon between Moon and chiefs of four major business empires – Samsung, Hyundai, LG and SK – designed to boost economic cooperation after Moon and U.S. President Joe Biden agreed to bolster the global supply chain for high-tech manufacturing. read more
Continue reading “Korea’s business leaders call on Moon to free jailed Samsung boss Lee”
Reuters
2 min read
Creating a digital euro could boost the single currency’s international status by making it easier to use for paying or saving, the European Central Bank said on Wednesday.
The European Commission has made it a goal to boost the euro’s use outside the euro area, which has stagnated for years and declined slightly in 2020 as a result of the coronavirus pandemic.
Continue reading “Digital euro could boost single currency’s international use, ECB says”
Hyunjoo Jin
5 min read
Tesla Inc (TSLA.O) has dropped radar sensors from its semi-autonomous driving system, Autopilot, raising concerns over the safety of the camera-only version, Tesla Vision.
Tesla aims to make the driver-assist system fully self-driving, and many in that young industry are skeptical that a vision-only system will work, saying such systems face challenges in darkness, sunny glare and poor weather conditions.
Continue reading “Explainer: Tesla drops radar; is Autopilot system safe?”
Melanie Burton
3 min read
Tesla (TSLA.O) said it expects to spend more than $1 billion a year on battery raw materials from Australia given the country’s reliable mining industry and responsible production practices.
Robyn Denholm, chair of the U.S. carmaker, said on Wednesday that Australia, which is rich in minerals used for batteries like lithium and nickel, is poised to benefit as developing supply chains for electric vehicle batteries and the green energy age focus on environmental, social and governance (ESG).
Continue reading “Tesla to buy more than $1 bln of Australian battery minerals a year”
Reuters
2 min read
London’s transport operator will receive a funding deal worth 1.1 billion pounds ($1.53 billion) from the government, the third emergency support package since the pandemic hit as it scrambles to find more savings amid a drop in income.
Ridership is at nearly 60 percent of pre-pandemic levels, according to Transport for London which will need to make savings, raise income from new sources and review its pensions scheme as part of the agreement.
Continue reading “London transport operator in third emergency financing deal since COVID”
Reuters
3 min read
Stellantis (STLA.MI), might pick Italy to build a new gigafactory in Europe, to support its expansion into electric mobility, as the carmaker is discussing conditions of the project with Rome, a source close to the matter said on Tuesday.
In April Stellantis, which was formed at the beginning of this year through the merger of Fiat Chrysler and Peugeot maker PSA, said additional gigafactories in Europe and in the United States would be decided this year.
Continue reading “Stellantis discussing conditions with Rome to build gigafactory in Italy – source”
Foo Yun Chee
4 min read
Daimler (DAIGn.DE) has agreed to pay Nokia (NOKIA.HE) for using its patents, ending a row that highlighted a battle between tech and car companies over royalties for key technologies.
Nokia, which makes 1.4 billion euros ($1.7 billion) in licensing revenues every year, and carmaker Daimler had sued each other in German courts in recent years, with mixed results.
Continue reading “Daimler to pay Nokia patent fees, ending German legal spat”
Reuters
2 min read
Electric-truck startup Rivian Automotive Inc could target a valuation of about $70 billion in its potential public listing later this year, Bloomberg news reported on Friday.
Amazon.com Inc (AMZN.O) and Ford Motor Co (F.N)-backed Rivian had a valuation of $27.6 billion, Reuters reported in January, after a $2.65-billion investment round led by T. Rowe Price.
Continue reading “Electric-vehicle firm Rivian could seek $70 bln valuation in IPO- Bloomberg News”
Aditi Shah, Sudarshan Varadhan
5 min read
An Indian court on Monday ordered officials to inspect coronavirus-related safety protocols at Renault-Nissan’s Tamil Nadu car plant, where workers are on strike over allegations that social distancing rules are not being followed.
Workers at the southern Indian factory, jointly owned by Renault (RENA.PA) and alliance partner Nissan Motor (7201.T), did not report for duty on Monday over COVID-related safety concerns, the workers’ union said.
Continue reading “Indian court orders COVID-related audit of Renault-Nissan plant”
Ashok Leyland has consistently relied on its in-house R&D talent and indigenous technology for leading innovations in the CV (Commercial Vehicle) industry.
Continue reading “Team Star Performer 1615 at Ashok Leyland inducted to WAF Innovators Club”
Reuters
2 min read
U.S. consumers borrowed more for longer in the first quarter of 2021 so they could drive more expensive trucks and sport utility vehicles, according to a new Experian study of auto credit market trends.
At the same time, average credit scores for consumers who financed new and used vehicles are higher, and delinquency rates are lower, indicating a healthy auto credit market overall, the study found. Experian, an information services company, gathers data on consumer and business credit and generates credit scores, among other services.
Continue reading “U.S. consumers borrow more for longer to drive trucks and SUVs”
Sudarshan Varadhan
Reuters 3 min read
Ford Motor Co (F.N) said it will halt production at its car plant in India’s southern state of Tamil Nadu after workers staged a lunchtime sit-in protest on Thursday, demanding leave and health benefits, as the country battles the coronavirus.
The automaker will stop work at its Chennai plant on Friday and Saturday as it continues to engage with the union on other health and safety demands, Ford said in a statement.
Continue reading “Ford halts southern India plant production as pandemic surges”
John O’donnell, Brenna Neghaiwi
Reuters 4 min read
Exasperation with Credit Suisse following a string of scandals is prompting Switzerland to rethink a system in which top bankers have been largely untouchable.
Credit Suisse’s heavy losses from the collapse of family office Archegos and the decimation of billions of client investments backed by insolvent British financier Greensill have angered regulators and triggered a rare discussion among lawmakers about fining bankers.
Continue reading “Credit Suisse scandals prompt Switzerland to think unthinkable: punish bankers”
Reuters
2 min read
Nissan Motor Co (7201.T) will partner with China-based battery maker Envision AESC group to build new battery plants for electric vehicles in Japan and United Kingdom and will invest over 200 billion yen ($1.82 billion), Nikkei reported on Friday.
The Japanese automaker will start turning out batteries in two new plants as early as 2024, aiming for total capacity sufficient to power 700,000 EVs per year, the report said.
Continue reading “Nissan to set up EV battery plants in Japan, Britain – Nikkei”
Svea Herbst-bayliss, Jennifer Hiller
Reuters 6 min read
Last December, when a week-old hedge fund named Engine No. 1 challenged Exxon Mobil to change its ways, laughter echoed through Wall Street circles, from the fund’s name that recalled a famous children’s book to its tiny, then-$40 million stake in what was once the world’s largest publicly traded company.
Just six months later, the fund delivered a massive blow that rippled throughout the oil-and-gas industry. Engine No. 1′s campaign forced Exxon to accept new board members who could bring about a reckoning over its business strategy and confront the risk of global climate change that many investors say Exxon has long been reluctant to address.
Continue reading “The little engine that could, and the oil giant that couldn’t”
Reuters
4 min read
German police are investigating whether a fire that broke out overnight at the construction site of Tesla’s first European gigafactory had a political motive, after far-left activists claimed responsibility.
The fire at Gruenheide in the eastern state of Brandenburg early on Wednesday morning damaged several power cables leading to the Tesla site and an area of around 3 square metres, said a spokesman for the LKA state criminal investigation office.
Continue reading “German police investigate possible arson at Tesla site”
David Shepardson
Reuters 4 min read
The U.S. Senate Finance Committee advanced legislation on Wednesday that would boost electric vehicle tax credits to as much as $12,500 for EVs that are assembled by union workers in the United States.
The bill would limit tax credits to vehicles with a retail price below $80,000 to qualify for the tax credits. The current maximum tax credit is $7,500 with no maximum price and currently phases out for individual automakers once they hit 200,000 total EVs sold.
Continue reading “U.S. Senate panel advances EV tax credit of up to $12,500”
Gilles Guillaume, Heekyong Yang
Reuters 3 min read
Hyundai Motor Group will slash the number of combustion engine models in its line-up to free up resources to invest in electric vehicles (EVs), two people close to the South Korean automaker told Reuters.
The move will result in a 50% reduction in models powered by fossil fuels, one of the people said, adding the strategy was approved by top management in March.
Continue reading “EXCLUSIVE Hyundai to slash combustion engine line-up, invest in EVs – sources”
Reuters
2 min read
China’s electric vehicle maker Li Auto expects sales to reach 10,000 cars a month from September and will expand its sales network, executives said on Wednesday.
Li Auto President Shen Yanan said Li Auto, which has only one model, expects monthly sales of its facelifted Li ONE extended-range electric sport-utility vehicle model to nearly double by September. It sold 5,539 cars in April.
Continue reading “China’s EV maker Li Auto expects monthly sales to reach 10,000 cars in Sept”
Reuters
3 min read
General Motors Co (GM.N) said on Tuesday the United Auto Workers union is “well positioned” to represent more than 2,300 workers at new U.S. joint venture battery plants with Korea’s LG Chem (051910.KS).
The UAW said it looks forward to starting discussions with GM on the “joint venture to produce batteries in Ohio and Tennessee so workers will have a voice at the table in order to create good paying union jobs and benefits.”
Continue reading “GM says UAW ‘well positioned’ to represent workers at battery JV”
Reuters
2 min read
U.S. electric vehicle maker Tesla Inc (TSLA.O) said on Tuesday it had established a site in China to store car data locally, as automakers come under growing scrutiny over how they handle information collected by vehicle cameras and sensors.
Tesla said in a Weibo post that data generated by all cars it sells in China, where it is making Model 3 sedans and Model Y sport-utility vehicles, would be stored in the country.
Continue reading “Tesla sets up China site to store car data locally”
Reuters
3 min read
Volkswagen (VOWG_p.DE) has received a 7.5 billion euro ($9.2 billion) offer for Lamborghini, British weekly magazine Autocar reported on Tuesday, though VW’s Audi said the supercar brand was not for sale.
The non-binding offer sets out terms for the purchase of Automobili Lamborghini by Switzerland’s Quantum Group AG, which has formed a consortium with London-based investment firm Centricus Asset Management, Autocar reported. (https://bit.ly/3hSmxhW)
Continue reading “VW says Lamborghini is not for sale after reported $9.2 bln bid”
David Shepardson
Reuters 4 min read
U.S. Commerce Secretary Gina Raimondo said on Monday a proposed $52 billion boost in U.S. government funding for semiconductor production and research could result in seven to 10 new U.S. factories.
Raimondo said at an event outside a Micron Technology Inc (MU.O) chip factory that she anticipated the government funding would generate “$150 billion-plus” in investment in chip production and research – including contributions from state and federal governments and private-sector firms.
Continue reading “U.S. chip funding could result in seven to 10 new factories -officials”
Reuters
2 min read
Los Angeles-based Fisker Inc (FSR.N) plans to supply the first pure electric vehicle for Pope Francis next year, it said on Friday, with features such as a solar roof and carpets made of recycled plastic bottles from the ocean.
Fisker will covert its all-electric Ocean sport utility vehicle for use by the pope, providing a retractable glass cupola and sustainable interior materials, such as the carpets.
Continue reading “Pope Francis to get first electric popemobile from U.S. firm Fisker”
Reuters
3 min read
Dutch charging infrastructure company Fastned (FASTN.AS) has teamed up with Tesla (TSLA.O) to build electric vehicle (EV) charging stations in Oxford, England, it said on Friday, sending its shares higher.
The hub of 38 charging stations, will include 26 ultra-rapid chargers from Fastned and Tesla, with additional AC chargers from Spain’s Wenea, and is scheduled to open at the end of 2021.
Continue reading “Fastned, Tesla to power up Oxford with EV charging superhub”
Reuters 6 min read
If suppliers in China fail to pick up freight containers to fill an order for MediaShop, Marcel Schneider gets an alert via a digital freight system, allowing the retailer to reach out and fix the problem swiftly.
Before July 2020, Austria-based MediaShop’s deputy supply chain director says he would discover problems in his supply chain only when containers failed to arrive in Hamburg as scheduled.
Continue reading “Sea change: global freight sails out of the digital dark ages”
Nick Carey
Reuters 4 min read
The transition to zero-emission fuel cell trucks will slash about half the jobs at Europe’s truck engine plants in the next 15 years, Daimler Truck Chief Executive Martin Daum said on Friday, urging policymakers to prepare for that now.
Truck makers are moving towards a zero-emission world as hitting sustainability targets becomes more important for their customers but the fuel cells have fewer moving parts and require less labour to make than combustion engines.
Continue reading “Daimler Truck predicts engine job losses in transition to ‘green’ trucks”
Vera Eckert, John Revill
Reuters 8 min read
South Korea’s Hyundai Motor (005380.KS) plans to ship a new series of fuel-cell trucks to Europe later this year, turning up the heat on rivals in a battle to test the viability of hydrogen-powered heavy goods transport.
A new class of the Xcient Hyundai truck, equipped with more efficient fuel cells with longer life-span, is due to arrive in Europe in the fourth quarter, said Mark Freymueller, CEO of Hyundai Hydrogen Mobility (HHM).
Continue reading “Hyundai raises hydrogen game as new trucks roll into Europe”
Reuters 4 min read
Automakers Renault (RENA.PA), its alliance partner Nissan Motor Co (7201.T) and Hyundai Motor Co (005380.KS) face temporary factory closures in India due to growing unrest among workers concerned about rising COVID-19 infections.
Workers at Renault-Nissan’s car plant in the southern state of Tamil Nadu will go on strike on Wednesday because their COVID-related safety demands have not been met, a union representing the workers told the company in a letter on Monday.
Continue reading “Renault-Nissan and Hyundai face shutdowns in India over workers’ COVID fears”
by Reuters
2 min read
Eicher Motors-owned (EICH.NS) Royal Enfield said on Wednesday it will recall close to 236,966 motorcycles across some models due to defects in the ignition coil that can cause misfiring and, in rare cases, an electric short circuit.
Royal Enfield is an iconic brand in India, the world’s biggest motorbike market, with a dedicated fan-following for its range of cruisers and classic-looking motorcycles.
Continue reading “India’s Royal Enfield recalls about 237,000 motorcycles on ignition coil defect”
by Reuters
1 min read
Italian tyremaker Pirelli (PIRC.MI) said on Wednesday it was producing the world’s first FSC-certified range of tyres, which it designed for BMW’s X5 xDrive45e plug-in hybrid model.
The Forest Stewardship Council (FSC) is an international non-profit organisation which sets standards for environmentally responsible management of forests and certifying environmental policies. Continue reading “Pirelli launches world’s first FSC-certified tyres for BMW’s hybrid model”
By Gertrude Chavez-dreyfuss, Sujata Rao, Tommy Wilkes
Reuters 6 min Read
Cryptocurrencies that seemed to be defying gravity just weeks ago came back down to earth with a bump on Wednesday after a roller-coaster ride which could undermine their potential as mainstream investments.
The two main digital currencies, bitcoin and ether, fell as much as 30% and 45% respectively, but significantly pared losses after two of their biggest backers – Tesla Inc (TSLA.O) chief Elon Musk and Ark Invest’s (ARKK.P) Chief Executive Cathie Wood – indicated their support for bitcoin.
by David Shepardson
Reuters
Detroit’s Big Three automakers and the United Auto Workers union said Wednesday they will continue to require workers to wear masks pending new guidelines from a U.S. agency.
The Centers for Disease Control and Prevention said last week that fully vaccinated people do not need to wear masks in most instances including at work.
Continue reading “U.S. autoworkers will continue to wear masks on job”
by Marcelo Rochabrun
Reuters 8 Min Read
A century ago Henry Ford came to Brazil and established the town of Fordlandia, hoping to become an Amazonian rubber baron, but retreated deep in the red.
Now the automaker he founded is once again licking its Brazilian wounds, having abandoned production in the challenging market after burning through roughly 61 billion reais ($11.6 billion) in the past decade.
Reuters 6 Min Read
Place your bets! The race to find the next Tesla (TSLA.O) is on but the search is turning up plenty of clunkers as well as potential superstars.
Fidelity Investments, BlackRock Inc (BLK.N), T. Rowe Price Group Inc (TROW.O) and Scotland’s Baillie Gifford are among the fund houses helping to bankroll the shift from fossil-fueled transportation with investments in one or more of 32 electric vehicle industry companies which they believe will be long-term winners in the electrification movement.
Continue reading “No pain, no gain for big funds hunting the next Tesla”
by Nick Carey
3 min Read
The European Union needs to dramatically toughen weak CO2 targets for commercial vans to spur a shift to electric models and phase out fossil-fuel sales entirely by 2035, European campaign group Transport and Environment (T&E) said on Monday.
T&E said an analysis of van sales in 2020 showed no change in CO2 emissions from 2017 and found the EU’s CO2 targets are so weak that most manufacturers can meet them without selling a single zero-emission van.
Continue reading “European climate group says EU needs far tougher van CO2 targets”
by Reuters
Intel Corp’s (INTC.O) Mobileye and German supplier ZF (ZFF.UL) said Tuesday they will jointly develop advanced safety systems for future Toyota Motor Corp (7203.T) vehicles.
Mobileye will provide its camera-based system-on-a-chip, which ZF will integrate with its latest automotive radar system, the companies said.
Continue reading “Mobileye, ZF team on advanced safety systems for Toyota”
Reuters
Carmaker Stellantis (STLA.MI), and iPhone assembler Foxconn (2317.TW) plan to create a joint venture to supply in-car and connected-car technologies across the auto industry, they said on Tuesday.
The two companies have signed a non-binding memorandum of understanding to form Mobile Drive, a 50-50 joint venture based in the Netherlands focused on infotainment, telematics and cloud service platform development.
Continue reading “Stellantis, Foxconn to form connectivity-focused car technology JV”
