by Nandita Bose & David Shepardson

Reuters

4 Min read

President Joe Biden made the case on Tuesday for his $174 billion electric-vehicle proposal, urging automakers not to build zero-emission vehicles abroad for U.S. consumers – and even got to take a new zero-emission truck out for a drive.

“We need automakers and other companies to keep investing here in America and not take the benefits of our public investments and expand electric vehicles and battery manufacturing abroad,” Biden said on a visit to a Ford Motor Co (F.N) electric-vehicle plant in Dearborn, Michigan, to see the EV version of its best-selling F-150 pickup truck.

Continue reading “Biden pitches $174 bln EV plan in Michigan, takes truck for a spin”

by Stephanie Kelly

Reuters

4 min Read

U.S. retail gasoline prices hit seven-year highs on Monday and many filling stations in the Southeast were still without fuel, as the region slowly recovers from a cyberattack on the nation’s largest fuel pipeline.

Last week’s closure of Colonial Pipeline’s 5,500-mile (8,900-km) system was the most disruptive cyberattack on record, preventing millions of barrels of gasoline, diesel and jet fuel from flowing to the East Coast from the Gulf Coast. That alarmed drivers, who took to gas stations to fill tanks and jerry cans.

Continue reading “U.S. gas stations still shut, prices at 7-yr high in slow recovery from cyberattack”

by Ben Klayman

Reuters

4 Min read

Electric car maker Fisker Inc (FSR.N) has finalized its vehicle-assembly deal with Foxconn Technology Co Ltd (2354.TW), including plans to open a U.S. plant in 2023, the companies said on Thursday.

The plant’s location has not been identified, but Fisker Chief Executive Henrik Fisker said four states are under consideration, including Foxconn’s plant site in Wisconsin. Foxconn Chairman Liu Young-way previously said electric vehicles (EVs) have a “promising future” in Wisconsin but did not elaborate.

Continue reading “Fisker finalizes deal with Foxconn to make EVs in U.S. starting in 2023”

Reuters

2 Min read

Greyhound has permanently closed its services in Canada after nearly a century, the inter-city bus operator said on Thursday, as the COVID-19 pandemic dented demand for public transport.

The move is a blow to Canada’s rural communities, which have relied on buses to connect them to larger towns. The company ended all services in western Canada in 2018 due to falling ridership in rural areas and increased competition.

Continue reading “Greyhound ends Canadian operations after nearly a century, hit by pandemic”

by Tom Wilson, Anna Irrera

Reuters

6 min read

Elon Musk says Tesla (TSLA.O) won’t use or accept bitcoin until he can be sure it’s produced sustainably. He may be waiting some time.

Musk announced his new position in a major U-turn on Wednesday, prompting speculation among some experts about whether he had a plan to wean the crypto industry off the fossil fuels that power “mining,” the energy-intensive process that creates coins.

Continue reading “Analysis: Elon Musk wants a greener bitcoin. Has he got a plan or a pipedream?”

By Hyunjoo Jin, Kanishka Singh

Reuters

4 Min Read

Tesla Inc (TSLA.O) will no longer accept bitcoin for car purchases, Chief Executive Elon Musk said on Wednesday, citing long-brewing environmental concerns for a swift reversal in the company’s position on the cryptocurrency.

Bitcoin fell more than 10% after Musk tweeted his decision to suspend its use, less than two months after Tesla began accepting the world’s biggest digital currency for payment. Other cryptocurrencies, including ethereum, also fell before regaining some ground in Asia trade.

Continue reading “Tesla’s Musk halts use of bitcoin for car purchases”

by WAF Editorial Team

Ramesh Suri, Chairman Subros Limited and Rohan Motors and past president ACMA, passed away yesterday.

WAF salutes this Octogenarian’s Vision, Commitment and Contributions to the growth of the Industry across last 5 decades. A Team Player, A Great Philanthropist, A Family Man – We Shall miss you Sir.

Subros, founded in 1985 as a joint venture public limited company with 40% ownership by the Suri family of India and 13% ownership by Denso Corp. and Suzuki Motor Corp. each, is the leading manufacturer of thermal products for automotive applications in India in technical collaboration with Denso.

Continue reading “Remembering Ramesh Suri Chairman Subros & Rohan Motors”

By Hyunjoo Jin, Paresh Dave

Reuters

4 Min read

Alphabet Inc’s (GOOGL.O) Waymo and rival Cruise have applied for permits needed to start charging for rides and delivery using autonomous vehicles in San Francisco, state documents reviewed by Reuters showed, setting the stage for the biggest tests yet of their technology in a dense urban environment.

Neither company revealed when they intend to launch services. But they detailed contrasting deployment plans, with Waymo starting with “drivered operations” and Cruise expecting to deploy vehicles without humans behind the wheel.

Continue reading “Waymo, Cruise seek permits to charge for autonomous car rides in San Francisco”

by Nick Carey

Reuters

3 Min Read

If the European Union wants to push a faster shift to zero-emissions cars then Daimler AG (DAIGn.DE) is ready, but there needs to be an open debate on the impact electrification will have on auto jobs, the carmaker’s top executive said on Tuesday.

“It’s an ambition that we say yes to,” Chief Executive Ola Källenius said during an interview at a Financial Times conference on the future of the car. But he added “we have to have an honest conversation about jobs.”

Continue reading “Daimler CEO: ‘We need an honest conversation” about EVs and jobs”

Reuters

1 Min Read

Jaguar Land Rover’s (JLR) fourth-quarter results next week will be “good news” and the carmaker is open to doing more in partnership with other companies, including going further on an existing relationship with BMW (BMWG.DE), its boss said on Wednesday.

“You don’t know what is quarter four but I can tell you that it’s going to be good news again,” Chief Executive Thierry Bollore said at an online FT conference.

Continue reading “Jaguar Land Rover’s fourth quarter is ‘good news’ -CEO”

David Lawder, Daina Solomon, David Shepardson

Reuters

6 Min Read

The United States is testing powers to protect workers under the trade deal replacing NAFTA and asked Mexico on Wednesday to probe alleged abuses at a General Motors Co (GM.N) factory, a move that may put tariffs on some of the firm’s profitable pickups.

U.S. Trade Representative Katherine Tai said her office and the Department of Labor received “information appearing to indicate serious violations” of worker rights in an April union contract vote at GM’s Silao factory in central Mexico.

Continue reading “U.S. and Mexico target GM labor ‘violations,’ testing new trade deal”

Reuters

1 Min Read

Swedish automaker Volvo Cars said on Wednesday it is considering listing on the Nasdaq Stockholm stock exchange this year.

The company, which is owned by China’s Geely Holding Group (GEELY.UL), also said it extended Chief Executive Hakan Samuelsson’s contract to the end of 2022.

Geely’s Hong Kong-listed unit Geely Automobile (0175.HK) and Volvo Cars scrapped a merger plan in February. read more

Reuters

by Lucia Mutikani

5 Min Read

U.S. consumer prices increased by the most in nearly 12 years in April as booming demand amid a reopening economy pushed against supply constraints, which could add fuel to financial market fears of a lengthy period of higher inflation.

The report from the Labor Department on Wednesday also showed a strong buildup of underlying price pressures, extending a stocks selloff on Wall Street. Most economists were, however, unwavering in their belief that the surge in prices would be temporary, noting that the main drivers of the bigger-than-expected inflation increase were hotels and airlines, industries that were hardest hit by the coronavirus pandemic.

Continue reading “U.S. consumer prices post largest gain since 2009 as inflation ramps up”

3 Min Read

Reuters

by Aditi Shah

India’s leading automobile dealers association on Monday said sales will take longer to recover than they did after the first wave of COVID-19 infections last year as the virus spreads to villages and smaller towns.

Auto sales, especially cars and sport-utility vehicles (SUVs), bounced back strongly last year as buyers rushed to buy private vehicles to ensure safety and maintain social distance.

With infections now spreading to rural areas, a recovery is expected to take longer, the Federation of Automobile Dealers Association (FADA) said. The association said it expects sales to return to their peak levels of March 2019 only by fiscal year 2023 – about two years from now.

Continue reading “Indian auto dealers predict slow sales recovery as virus spreads to rural areas”

1 Min Read

Reuters

Harley-Davidson Inc (HOG.N) on Monday launched an all-electric motorcycle brand “LiveWire,” the latest effort by the company to ramp up bets on the rapidly growing electric-vehicle market.

Named after Harley’s first electric motorbike, which was unveiled in 2019, the “LiveWire” division is slated to launch its first branded motorcycle in July.

Continue reading “Harley-Davidson launches all-electric motorcycle brand ‘LiveWire’”

2 Min read

Reuters

by David Shepardson

The U.S. National Highway Traffic Safety Administration (NHTSA) said on Monday it was opening a formal safety probe into more than 1.1 million Honda Motor Co Ltd (7267.T) Accord vehicles over sudden loss of steering control reports.

The agency said the engineering analysis covers 2013 through 2015 models and said “under normal driving conditions, with no warning or input from the driver, the vehicle may veer or jerk out of its intended path of travel.”

Continue reading “U.S. opens safety probe into 1.1 million Honda Accord vehicles”

3 Min Read

Reuters

by Aaron Sheldrick

Some Toyota Motor (7203.T) shareholders have criticized its President Akio Toyoda for questioning Japan’s plans to ban conventional cars only days after the firm said it was reviewing its climate lobbying and aimed for carbon neutrality by 2050.

The five investors, who collectively have around $500 billion in assets under management and spoke exclusively to Reuters, said the carmaker risks falling behind competitors that are rolling out electric vehicles, while giving cover for other companies seeking to avoid big changes to meet climate goals.

Japan’s Toyota signalled a shift in its climate change stance last month when it said it would review its lobbying and be more transparent on what steps it was taking as it responded to increased activist and investor pressure.

Three days later though, in his capacity as head of the Japanese automobile Manufacturers Association, Toyoda questioned the country’s decision to ban new internal combustion engined vehicles by 2035 in its quest for carbon neutrality.

“What Japan needs to do now is to expand its options for technology. I think regulations and legislations should follow after,” Toyoda said.

Continue reading “Investors chide Toyota’s Toyoda for questioning combustion car ban”

Reuters

3 Min Read

Franco-Italian carmaker Stellantis (STLA.MI), expects to achieve its European carbon dioxide (CO2) emissions targets this year without environmental credits bought from Tesla (TSLA.O), its CEO said in an interview published on Tuesday.

Stellantis was formed through the merger of France’s PSA and Italy’s FCA, which spent about 2 billion euros ($2.40 billion) to buy European and U.S. CO2 credits from electric vehicle maker Tesla over the 2019-2021 period.

Continue reading “Stellantis to hit emissions target without Tesla’s help, says CEO”

Reuters

2 Min Read

When Rob Ferretti of car rental firm Gothamdreamcars looked up the selling price for a 2018 Mercedes-Benz G-Class SUV, part of his luxury 25-vehicle fleet, he was elated it could fetch over $130,000 – nearly the same price paid three years ago.

It is a very good time for car rental companies. A very rare combination of low depreciation costs on existing fleets, higher rates and a global shortage of semiconductors that has squeezed new car production, pushed trade-in prices for older vehicles to record highs in March.

Continue reading “Low depreciation, higher rates give U.S. car rental firms rare perfect script”

Reuters

3 Min Read

Germany’s conservative-led government announced more ambitious plans to cut greenhouse gas emissions on Wednesday, prodded by a constitutional court ruling and with an eye to the opposition Greens’ lead in polls ahead of elections in September.

The court said last week the government had failed to set out how it would bring carbon emissions down beyond 2030 after a group of plaintiffs, including North Sea islanders fearing inundation from climate change – challenged the 2019 climate law as unfit for purpose. read more

Finance Minister Olaf Scholz said Germany would now aim for a 65% cut in carbon emissions by 2030 and 88% by 2040. Under the new targets, Germany will also aim for nearly net zero emissions by 2045, rather than 2050 as initially planned, he said.

Continue reading “Germany sets tougher CO2 emission reduction targets after top court ruling”

Reuters, Elizabeth Culliford

5 min read

Facebook Inc’s (FB.O) oversight board on Wednesday upheld the company’s suspension of former U.S. President Donald Trump but said the company was wrong to make the suspension indefinite and gave it six months to determine a “proportionate response.”

Trump called the decision and his banning across tech platforms “a total disgrace” and said the companies would “pay a political price.”

The much-awaited board verdict has been watched for signals on how the world’s largest social media company will treat rule-breaking political leaders in the future, a key area of controversy for online platforms.

Continue reading “Facebook has six months to determine if Trump returns”

Carmaker Aston Martin (AML.L) posted a smaller first quarter loss in 2021 of 42.2 million pounds ($59 million) and said it continued to take steps towards profitability, as its sales to dealers more than doubled.

That compared with the 110.1 million pound loss the luxury brand posted in the same period last year, when it brought in fresh investment from billionaire Executive Chairman Lawrence Stroll to shore up its finances.

The carmaker of choice for fictional secret agent James Bond has had a tough time since floating in 2018, as it failed to meet expectations and burnt through cash.

Continue reading “Aston Martin posts smaller loss as sales more than double”

Reuters, Christoph Steitz

1 Min Read

Volkswagen (VOWG_p.DE), Europe’s largest car maker, raised its operating margin target for 2021 on Thursday, pointing to stronger demand for more profitable cars in the first three months of the year.

The group now expects its operating profit margin to be 5.5-7% this year, versus a previous forecast for 5.0-6.5%, with vehicle deliveries and sales each up by more than a fifth.

The better outlook is mainly driven by improved demand for high-margin premium cars such as Porsche and Audi, a trend that has also been observed by rivals General Motors (GM.N), Daimler (DAIGn.DE) and Ford (F.N) and Stellantis (STLA.MI).

Continue reading “Volkswagen lifts margin target on demand for premium cars”

5 Min Read, Reuters,  Ben Klayman

Ford Motor Co (F.N) and BMW AG (BMWG.DE) are leading a $130 million funding round in a solid-state battery startup, Solid Power, as carmakers push to lower the cost of electric vehicles by investing in the development of affordable but powerful rechargeable batteries, the companies said on Monday.

The Series B investment round, which includes venture capital firm Volta Energy Technologies, allows Solid Power to expand in-house manufacturing capabilities and positions the battery maker to eventually supply future EVs, possibly by the end of the decade according to BMW battery cell technology chief Peter Lamp. Solid Power declined to say at what level the funding round values the company.

Continue reading “Ford, BMW lead $130 mln investing round in solid-state battery startup”

Reuters Sharay Angulo, David Shepardson

4 Min read

General Motors Co (GM.N) said on Thursday it will invest $1 billion in a manufacturing complex in Mexico, drawing immediate criticism from the union for U.S. autoworkers as it prepares to build electric vehicles in 2023 in the border state of Coahuila.

GM said it is building a new high-tech paint shop that will start operations from June at the Ramos Arizpe site, which currently assembles conventional internal-combustion vehicles, including the Chevrolet Equinox and Blazer models, along with engines and transmissions.

Continue reading “GM to invest $1 bln in Mexico to build electric vehicles”

– Volkswagen India’s robust service strategy that has been built on key attributes of factual changes, infrastructural development and improvement in customer perception

– Enhanced and holistic service initiatives that provides accessible information, reduced cost of ownership and peace of mind value proposition

– Reduction in Volkswagen Genuine Spare Parts pricing up to 11%, ensuring a safe and high-quality journey

– Engine Oil price reduction (gasoline) by nearly 32%

– Benefits through Service Value Packages upto 24%

– Volkswagen’s best-selling carlines Polo & Vento are now 23% – 25% more economical (depending on the variant) from a periodic maintenance cost perspective

– Volkswagen Assistance and Mobile Service Units fleet, covering nearly 80% of the country with door-step service facilities

– Introduction of Volkswagen Service Cam and Service Cost Calculator

Continue reading “With ‘Accessibility’ at its core, Volkswagen India announces its robust Service and TCO initiatives”

Reuters

General Motors Co (GM.N) will double its commitment to spending with Black-owned media to 4% of its ad budget next year with a target of reaching 8% by 2025, the U.S. automaker said on Friday.

GM has come under criticism, including in full-page ads in several national newspapers, from some Black media leaders for not advertising enough in Black-owned media. GM said it will spend 2% of this year’s budget in that sector.

“This action plan will transform our engagement model with diverse media in a sustainable way,” GM Chief Marketing Officer Deborah Wahl said in a statement.

Continue reading “GM commits to doubling ad spending with Black-owned media”

by Tina Bellon, Eimi Yamamitsu – Reuters 

4 Min read

Toyota Motor Corp (7203.T) will acquire Lyft Inc’s (LYFT.O) self-driving technology unit for $550 million, the companies said, as the Japanese firm steps up its automation ambitions with the newly created Woven Planet division.

The acquisition of Level 5 automation will also provide Toyota access to the U.S. ride-hailing firm’s more than 300 employees of the essentially complete autonomy technology.

“This is the first step of establishing and bringing together the people. Obviously building technology and product requires people, and that’s much what this acquisition is about,” Woven Planet chief executive James Kuffner told reporters on Tuesday.

Continue reading “Toyota to buy Lyft unit in boost to self-driving plans”

Tesla’s (TSLA.O) quarterly report on Monday hit targets qualifying Chief Executive Elon Musk for two options payouts worth a combined $11 billion.

The electric car maker beat Wall Street’s expectations for first-quarter revenue and profit, boosted by record deliveries, robust demand from China and environmental credit sales.

It reported quarterly revenue of $10.39 billion and adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of $1.84 billion, surpassing milestones that trigger the vesting of the fifth and sixth of 12 tranches of options granted to Musk in his 2018 pay package to buy discounted Tesla shares. (Graphic of options payout)

Musk, who is also a major shareholder and CEO of rocket maker SpaceX, receives no salary at Tesla. His pay package requires Tesla’s market capitalization and financial growth to hit a series of rising targets.

Continue reading “Tesla’s Elon Musk qualifies for $11 billion options payout”

Mayank Bhardwaj, Shivani Singh at Reuters

6 Min Read

A handful of startups are trying to find a new way to recycle used car batteries, using water, chemicals and electricity to produce lead instead of the hazardous, high-heat smelting that has been identified as the world’s most polluting industry.

One of the first to bring a new recycling technology to market is ACE Green Recycling Inc, which has developed a room-temperature process that turns lead from scrap batteries into briquettes of 99.5% purity and above, its Singapore-based CEO Nishchay Chadha told Reuters.

At its recycling plant in Ghaziabad, on the outskirts of the Indian capital New Delhi, the firm then uses electric kettles to refine the briquettes into ingots which are then sold to battery manufacturers. Plastic and other components are recycled separately.

Continue reading “Start-ups aim to change car battery recycling, clean up world’s most polluting industry”

Reuters, Heekyong Yang, Joyce Lee

4 Min Read

Hyundai Motor Co (005380.KS) posted a first-quarter profit that nearly tripled to its highest in four years as people bought its luxury cars, but warned it would have to adjust production again in May because of a chip shortage.

Unlike its rivals, the South Korean automaker staved off production halts in the first quarter, thanks to a healthy chip inventory. But the shortage, exacerbated by factors including a fire at a chip factory in Japan and storms in Texas, is now catching up with Hyundai. read more

Hyundai, which together with affiliate Kia Corp (000270.KS) is among the world’s top 10 automakers by sales, has temporarily paused production three times since the beginning of this month and saved chips for its most popular models. read more

“The condition of semiconductor parts is being a little more prolonged than we expected,” said Seo Gang-hyun, an executive vice president at Hyundai.
Continue reading “Hyundai Q1 profit triples, to adjust May auto production due to chip shortage”

Reuters

Renault’s sales fell for a fifth straight quarter as the French carmaker struggled to shrug off the fallout from the pandemic without a major presence in booming Chinese markets and a global shortage of electronic chips hit production.

Under Chief Executive Officer Luca de Meo, who took the reins last July, Renault is looking to produce fewer cars and focus on those with higher margins, a strategy that is starting to bear some fruit.

The company got a boost from rising vehicle prices in January-March, for the third consecutive quarter.

But this was not enough to offset the hit from shrinking inventories and other headwinds like unfavourable foreign exchange effects, and overall revenue fell 1.1% to 10 billion euros ($12 billion) from a year earlier.

Continue reading “Lagging rivals, Renault sales fall for fifth straight quarter”

Stellantis on Thursday launched its first fully electric large van, the Fiat e-Ducato, as part of its bid to expand its range of battery electric and hybrid vehicles.

Stellantis has said it would offer electric versions of almost all of its European line-up by 2025, as the auto industry faces regulatory pushes in Europe and China to accelerate the shift to zero-emission vehicles.

The e-Ducato, which has a range of around 370 km (230 miles) on a single charge, is already available for orders to clients and will be followed this year by other similar large vans produced by Stellantis under the Peugeot, Opel and Citroen brands.

The e-Ducato is produced in Atessa, Stellantis’ only plant in Italy running almost at full capacity, but will have its electric powertrain installed in Turin’s Mirafiori.

Continue reading “Stellantis launches Fiat e-Ducato, the group’s first electric large van”

Reuters

5 Min read

Tesla Inc has had a terrible week in China, but sentiment against the U.S. electric car company in its second-biggest market had been building as it struggled to keep pace with rapid growth.

The pile-on by media and scolding by regulators show how precarious China can be for big foreign brands, and how a company’s handling of an incident can turn into a crisis if the country’s tightly-controlled news outlets turn against it.

Tesla’s defiance of industry convention, embodied by founder Elon Musk and a corporate culture that rarely admits mistakes, has won fans in the United States, but has backfired in China. Musk had such cachet that China’s government allowed Tesla to be the first foreign carmaker not forced to team up with a partner to make cars locally. Now, Tesla is learning lessons its longer-established rivals got years ago.

Tesla’s troubles in China also underscore a problem Musk and senior Tesla executives have acknowledged, though mainly in relation to the company’s North American business. Tesla’s rapid sales growth has outrun its capacity to repair vehicles when hardware goes bad.
Continue reading “Analysis: Tesla’s bad week in China was months in the making”

The fatal crash of a Tesla with no one apparently behind the wheel has cast a new light on the safety of semi-autonomous vehicles and the nebulous U.S. regulatory terrain they navigate.

Police in Harris County, Texas, said a Tesla Model S smashed into a tree on Saturday at high speed after failing to negotiate a bend and burst into flames, killing one occupant found in the front passenger seat and the owner in the back seat.

Tesla Chief Executive Elon Musk tweeted on Monday that preliminary data downloaded by Tesla indicate the vehicle was not operating on Autopilot, and was not part of the automaker’s “Full Self-Driving” (FSD) system.

Tesla’s Autopilot and FSD, as well as the growing number of similar semi-autonomous driving functions in cars made by other automakers, present a challenge to officials responsible for motor vehicle and highway safety.

Continue reading “Tesla drives on Autopilot through a regulatory grey zone”

by Joseph White ( Reuters )

2 Min Read

General Motors Co on Tuesday outlined plans to allow remote work after the pandemic, in part to cast a wider net for recruiting programmers, marketers and other talent needed for its connected, electric vehicle strategy.

“The future of jobs will not be a one-size fits all approach,” the automaker said in a statement explaining its “Work Appropriately” program to cover 155,000 employees worldwide.

Instead, many employees will be allowed to keep working remotely, coming to an office as needed, as long as their tasks are not tied to assembly lines or on-site equipment.

That would allow GM to recruit a programmer who lives in Boston without requiring that employee to move, GM global talent acquisition director Cyril George told reporters on a videoconference.

Continue reading “At GM, blue and white collar give way to remote and on-site”