Summary

• Costs to be cut by 400 billion yen in the current FY
• Cuts operating profit outlook by 70%
• Global production capacity to be cut by a fifth
• China sales slump, lacks hybrids for US market
• To sell up to 10% of Mitsubishi Motors for up to 68.6 bln yen

TOKYO, (Reuters) – Nissan Motor will cut 9,000 jobs and 20% of its global manufacturing capacity, the automaker said on Thursday, as it scrambles to reduce costs by $2.6 billion in the current fiscal year amid a sales slump in China and the U.S. Continue reading “Nissan to axe 9,000 jobs, cut production on weak China, US sales”

Summary

• BMW, VW, Porsche, Mercedes-Benz shares decline on tariff fears
• BMW, VW, Mercedes all have production plants in the U.S.
• BMW CEO: our U.S. set-up provides ‘natural cover’
• BMW has biggest factory in U.S.

FRANKFURT, (Reuters) – Potential import tariffs under the U.S. presidency of Donald Trump may benefit BMW, its CEO said on Wednesday, even as shares in the German premium carmaker and its rivals plummeted due to concerns the sector would be hurt by escalating trade disputes. Continue reading “BMW downplays US tariff fears as car stocks hit multi-year lows”

Summary

• First U.S. state to give drivers path to unionizing
• Could provide blueprint for drivers in other states
• Uber, Lyft have expressed concerns about details

BOSTON, (Reuters) – Massachusetts voters on Tuesday approved a ballot measure that would allow ride-share drivers to unionize, becoming the first U.S. state to allow drivers for app-based companies like Uber and Lyft to do so. Continue reading “Massachusetts voters allow Uber, Lyft drivers to unionize”

DETROIT, (Reuters) – Stellantis said on Wednesday it is laying off about 1,100 employees at a Jeep Gladiator plant in Toledo, Ohio, as it works to improve efficiency and reduce inventory across its North American operations.

The automaker recently shook up senior management in an attempt to revive slipping sales in the region, and has cut its salaried and hourly workforce over the past year. Continue reading “Stellantis to lay off 1,100 workers at Ohio Jeep plant”

Summary

• President-elect has said he will rescind EPA, Transportation Department rules
• Trump has warned of tariffs of 200% or more on vehicles imported from Mexico
• Honda would think about shifting production away from Mexico if tariffs permanent -executive

WASHINGTON, (Reuters) – Automakers are bracing for President-elect Donald Trump to impose new tariffs on vehicles from Mexico and potentially from other countries and to reverse many existing pro-electric vehicle policies, industry associations and executives said. Continue reading “Automakers brace for new tariffs, EV changes under Trump presidency”

(Reuters) – Elon Musk’s backing of Donald Trump’s decisive victory for a second presidency gives the billionaire entrepreneur extraordinary influence to help his companies secure favorable government treatment.

Musk contributed at least $119 million to a pro-Trump spending group, federal records show, and tirelessly touted the former president at the critical late stage of his campaign. Continue reading “How Musk’s clout with Trump could enrich his companies”

Summary

• Adj EBITDA at 638 mln euros, matching analyst forecasts
• Car shipments down 2% in Q3 to 3,383 units
• Confirms forecasts for FY 2024 results
• Shares down on Tuesday, but up around 35% this year

MILAN, (Reuters) – Ferrari core earnings rose 7% in the third quarter despite a small and calculated dip in car shipments aimed at facilitating an internal software transition at the luxury sports carmaker, its top executives said on Tuesday. Continue reading “Ferrari’s core profit rises despite shipment dip after software switch”

(Reuters) – The National Highway Traffic Safety Administration said on Tuesday General Motors would recall 107 Bolt EV and EUV vehicles over a fire risk.

The recall covers previously repaired Bolt vehicles from model years 2020-2022. Continue reading “GM recalls 107 Bolt vehicles over fire risk”

BERLIN, (Reuters) – Tesla has raised the wages of all employees at its German gigafactory outside Berlin by 4% since the start of November, the U.S. electric carmaker said on Tuesday.

The hike comes a month after Tesla said it would give permanent jobs from Nov. 1 to 500 temporary workers there. Continue reading “Tesla increases wages for staff at German gigafactory by 4%”

ROME, (Reuters) – Stellantis CEO Carlos Tavares has failed to confirm previously announced electrification plans for Maserati, Italian trade unionists said after meeting him on Tuesday, adding to concern about the loss-making luxury brand.

Tavares visited Maserati’s plant in its hometown of Modena, but “no clear answers came” from his conversations with workers’ representatives, Samuele Lodi and Stefania Ferrari of the FIOM-Cgil union said in a joint statement. Continue reading “Stellantis CEO did not confirm Maserati EV plans, union says”

Summary

• EU member states divided on tariffs, some seek closer China ties
• China aims to avoid trade war, needs EU market for EVs
• EU puts tariffs on Chinese EV imports

BEIJING, (Reuters) – Fears of a widening tariff war between China and other major exporting nations are keeping diplomacy between the world’s second-largest economy and the European Union alive, even as trade talks over electric vehicles stall. Continue reading “China’s messy EV dispute with Europe keeps trade tensions in check”

Summary

• Tyre maker to cut 1,250 jobs
• Company cites increased competition, overcapacity, and rising costs
• Unions react with strike calls; government expresses regret

PARIS, (Reuters) – Tyre maker Michelin plans to close two of its French factories, affecting about 1,250 workers, it said on Tuesday as Europe’s embattled automotive sector comes under increasing pressure. Continue reading “Michelin to close two French plants in latest blow to Europe’s auto sector”

(Reuters) – When Reuters reported in April that Tesla had scrapped plans for a long-promised, next-generation $25,000 electric vehicle, the automaker’s stock plunged. Chief Executive Elon Musk rushed to respond on X, his social-media network.

“Reuters is lying,” he posted without elaborating. Tesla’s stock recovered some of its losses. Continue reading “Musk now says it’s ‘pointless’ to build a $25,000 Tesla for human drivers”

Source : PTI | Japanese two-wheeler maker Suzuki Motorcycle on Tuesday said its vehicle sales in India jumped 19% year-on-year at 1,20,055 units in October 2024. The company had sold a total of 1,00,507 vehicles in October last year, Suzuki Motorcycle India Pvt Ltd (SMPIL) said.

Domestic sales during the previous month stood at an all-time high of 1,04,940 vehicles, as against 84,302 units in October 2023, a growth of 24% year-on-year, the company said. Continue reading “Suzuki Motorcycle India vehicle sales rises 19% to 1,20,055 units in October”

Summary

• Toyota’s quarterly operating profit expected to be $8 billion
• Sales and production figures show a modest slowdown
• Hybrids accounted for 41% of Toyota’s global sales in Q2

TOKYO, (Reuters) – Toyota Motor is expected to post its first profit drop in two years when it reports second-quarter earnings on Wednesday, signalling cooling demand after a run of robust earnings helped by a consumer shift away from electric vehicles. Continue reading “Toyota to post first profit drop in 2 years as demand cools after big run”

Source : PTI | With a record October month behind, the country’s largest carmaker Maruti Suzuki India is banking on a “few lakhs marriages” slated for November to carry forward the festive sales momentum, according to a senior company official. The company clocked retail sales of 2,02,402 units last month, which is its highest for any October month on the back of festive sales, breaking the previous record of 1,91,476 units posted in October 2020.

“We are made to understand that some ‘few lakhs’ marriages are being planned across the country (in November). So we are pretty hopeful that it will also give us good traction in terms of our retail sales,” Maruti Suzuki India Ltd Senior Executive Officer, Marketing and Sales, Partho Banerjee told PTI. Continue reading “Maruti Suzuki looks to cash in on ‘few lakh marriages’ in November to carry festive sales momentum”

Source : PTI | JSW MG Motor India on Monday said it has formed a strategic partnership with HSBC India, which will provide access to comprehensive and tailor-made financing solutions at competitive terms to the car maker’s dealer partners.

Leveraging HSBC India’s expertise will provide easy access to working capital for the company’s dealer network, JSW MG Motor India said. Continue reading “JSW MG Motor forms strategic partnership with HSBC India”

COPENHAGEN, (Reuters) – Volvo Cars’ sales rose 3% year-on-year in October to 61,686 cars driven primarily by an increase in sales of fully electric and plug-in hybrid models in Europe, the Sweden-based automaker said on Monday.

Volvo Cars, which is majority-owned by China’s Geely Holding, said in a statement that sales in Europe, its biggest market, were up 21% to 30,167 cars compared to the same period last year. Continue reading “Volvo Cars October sales rise 3% year-on-year”

SHANGHAI, (Reuters) – Chinese electric vehicle maker Nio is planning to launch its first hybrid model in 2026 and will only sell it in overseas markets, including the Middle East, North Africa and Europe, according to two people with knowledge of the matter.

Nio to date has only manufactured pure electric vehicles. It is building the hybrid vehicle to address challenges faced by Chinese firms selling EVs in foreign markets, which have put up trade barriers and been slower to install charging facilities. Continue reading “China’s Nio plans to sell its first hybrid car overseas only, sources say”

WASHINGTON, (Reuters) – The National Highway Traffic Safety Administration said on Monday it has closed a probe into 411,000 Ford SUVs and pickup trucks over a potentially defective engine that could lose power without warning.

In July 2022, the U.S. auto safety regulator opened its investigation into Ford Bronco vehicles equipped with 2.7L EcoBoost engines over concerns of a faulty valvetrain. Continue reading “US agency closes probe into 411,000 Ford vehicles due to loss of power”

BEIJING, (Reuters) – U.S. automaker Tesla sold 68,280 China-made electric vehicles in October, down 5.3% from a year earlier, data from the China Passenger Car Association (CPCA) showed on Monday.

Deliveries of China-made Model 3 and Model Y vehicles fell 22.7% from the previous month. Continue reading “Tesla’s Oct China-made EV sales fall 5.3% y/y”

Summary

• Wang urges ‘an active role’ by Paris to convince EU
• China’s probes into EU brandy, pork, dairy products follow rules – Wang
• EU refuses escalation but will not yield to pressure – Primas
• Wang open to consider brandy producers’ propositions – Primas

BEIJING, (Reuters) – China has urged France to push the European Commission towards a solution acceptable to both the European and Chinese electric vehicle industries, while France said the bloc would not yield on key matters as it pushes to overturn a tariff on brandy. Continue reading “China urges palatable EV trade solution from EU as France defends bloc”

BEIJING, (Reuters) – China’s electric vehicle giant BYD, ramped up production by nearly 200,000 units from August to October, while hiring close to 200,000 new employees in car manufacturing and components, Executive Vice President He Zhiqi said on Weibo on Saturday.

BYD posted an 11.5% rise in third-quarter net profit as it maintained strong sales momentum. Continue reading “China’s BYD boosts production and hiring amid Q3 growth”

TOKYO, (Reuters) – Japan’s Mitsubishi Corp and Nissan have decided to establish a joint venture to provide services related to autonomous driving and using electric vehicle batteries as storage batteries, the Yomiuri newspaper reported on Monday.

The new company will be launched by March 2025 and equally owned by the two firms, Yomiuri reported. Continue reading “Mitsubishi Corp, Nissan to establish JV on autonomous driving, EV batteries, Yomiuri says”

Source : PTI | New Delhi: Hero MotoCorp on Friday said its overall sales increased by 18 per cent year-on-year to 6,79,091 units in October. The country’s largest two-wheeler maker has sold 5,74,930 units in October 2023.

Domestic dispatches to dealers rose to 6,57,403 units compared to 5,59,766 units in the year-ago period, the company said in a statement. Continue reading “Hero MotoCorp sales rise 18% to 6.8 lakh units in Oct”

Source : PTI | Eicher Motors Ltd on Friday said its arm VE Commercial Vehicles Ltd posted a 5 % decline in total sales to 7,112 units in October 2024.

VE Commercial Vehicles (VECV), a joint venture of the Volvo Group and Eicher Motors, had sold 7,486 units in October 2023, Eicher Motors said in a regulatory filing. Continue reading “VECV sales down 5 % at 7,112 units in Oct”

Source : PTI | With a record October month behind, the country’s largest carmaker Maruti Suzuki India is banking on a “few lakhs marriages” slated for November to carry forward the festive sales momentum, according to a senior company official. The company clocked retail sales of 2,02,402 units last month, which is its highest for any October month on the back of festive sales, breaking the previous record of 1,91,476 units posted in October 2020.

“We are made to understand that some ‘few lakhs’ marriages are being planned across the country (in November). So we are pretty hopeful that it will also give us good traction in terms of our retail sales,” Maruti Suzuki India Ltd Senior Executive Officer, Marketing and Sales, Partho Banerjee told PTI.

Continue reading “Maruti Suzuki looks to cash in on ‘few lakh marriages’ in November to carry festive sales momentum”

Source : PTI | India and Saudi Arabia are exploring collaboration in emerging fields like fintech, new technologies, energy efficiency, clean hydrogen, textiles and mining to further boost trade and investment ties, an official statement said on Friday. These areas were discussed during the recent visit of Commerce and Industry Minister Piyush Goyal to Riyadh.

He co-chaired the second meeting of the economy and investment committee under the India-Saudi Strategic Partnership Council (SPC) along with Minister of Energy, Saudi Arabia, Abdulaziz bin Salman Al-Saud on October 30 in Riyadh. Continue reading “India, Saudi Arabia exploring collaboration in fintech, clean hydrogen”

Summary

• Lawsuit claims mine threatens rare wildflower and environment
• Interior Department and ioneer defend mine approval
• Mine to supply Ford and other EV makers, backed by $700 million loan

(Reuters) – Environmental and Indigenous groups on Thursday filed a lawsuit challenging the U.S. Interior Department’s approval of ioneer’s Rhyolite Ridge lithium mine in Nevada, the first domestic source of the battery metal to be permitted by Democratic President Joe Biden’s administration. Continue reading “Environmentalists sue over US approval of ioneer’s Nevada lithium mine”

Source : PTI | Retail sales during the Navratra grew by mid-to-high single digits across regions even as rural sales have remained muted, a brokerage firm said in a report on the automobile sector on Thursday.

The report by Motilal Oswal Financial Services also said that during the last week of October, inquiries and bookings are seeing a slight improvement for passenger vehicle OEMs (original equipment makers) especially for Maruti Suzuki and Tata Motors.

Continue reading “Auto sales up in mid-to-high single digits during Navratra”

Source : PTI | Hyundai Motor India Ltd (HMIL) reported a 2% increase in total sales for October 2024 with 70,078 units sold, compared to 68,728 units in October 2023. This increment includes marginal domestic sales growth and a significant rise in exports. HMIL’s sales for January to October 2024 totaled 647,789 units.

Domestic sales slightly increased to 55,568 units this October, from 55,128 units in October 2023, marking a 0.8% growth year-over-year. Meanwhile, exports saw a rise of 6.7%, reaching 14,510 units compared to 13,600 units in the same month last year.

Continue reading “Hyundai Motor India records marginal sales increase at 55,568 units in October”

Source : PTI | Toyota Kirloskar Motor on Friday reported a 41 % rise in total sales of 30,845 units in October as compared to 21,879 units in the same month last year. Domestic sales stood at 28,138 units while exports were at 2,707 units last month, Toyota Kirloskar Motor (TKM) said in a statement.

The company’s entire range of product offerings has experienced strong sales momentum during the festive season, TKM Vice President, Sales-Service-Used Car Business, Sabari Manohar said.

Continue reading “Toyota Kirloskar Motor sales up 41 pc at 30,845 units in Oct”

Source : PTI | Ather Energy on Thursday said it has recorded its highest-ever monthly dispatches in October, with over 20,000 scooters being shipped across the country. The recently launched family scooter, Rizta, has been a significant contributor, accounting for approximately 60 per cent-70 per cent of this month’s total volume.

Ather reported retail sales of 20,000 scooters across India as of October 30, the company said. Continue reading “Ather Energy achieves highest-ever monthly dispatches with 20,000 scooters in Oct”

DETROIT, (Reuters) – Ford Motor CEO Jim Farley has told employees that the automaker needs to speed efforts to improve quality and lower costs, and that manager bonuses, which are tied to those metrics, would be slashed to 65% of their total, according to three people familiar with the matter.

Farley recently introduced a new performance system where company bonuses are directly tied to progress on key goals in an effort to change the 121-year-old automaker’s culture to hold employees more accountable. He made the announcement about the lowered bonuses at a town hall on Wednesday. Continue reading “Ford to lower managers’ bonuses if company performance fails to improve, sources say”

(Reuters) – Ford Motor will halt production of its F-150 Lightning electric vehicle pickup trucks for six weeks from Nov. 18 to Jan. 6, the Dearborn automaker said on Thursday.

Ford’s U.S. plants are closed for a holiday week in December. Continue reading “Ford to halt production of F-150 Lightning EV pickup trucks for six weeks”

TOKYO, (Reuters) – Toyota Motor and Nippon Telegraph and Telephone (NTT) plan to invest a total 500 billion yen ($3.27 billion) by 2030 into an infrastructure and software platform using artificial intelligence to reduce traffic accidents.

The automaker and telecommunications firm said in a joint statement on Thursday they want to develop a mobility AI platform that uses large amounts of data to support driver assist technology, aiming to have a system ready by 2028. Continue reading “Toyota, NTT to invest $3.3 bln on development of AI platform”

Summary

• Gross bookings forecast slightly below estimates
• Net income includes $1.7 billion pre-tax gain
• Q3 revenue beats on lower driver incentives, refunds

(Reuters) – Uber Technologies signaled a further slowdown in its mainstay app-based taxi business as it forecast fourth-quarter gross bookings below Wall Street estimates, sending its shares down nearly 8%. Continue reading “Uber shares slide as slowing bookings growth spooks investors”

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Summary

• Q3 revenue 33 bln euros vs forecast 31.1 bln
• Total inventories down 129,000 on year to 1.33 mln
• US inventory reduction ahead of expectations – CFO

MILAN, (Reuters) – Stellantis reported on Thursday a 27% fall in third quarter revenue, slightly better than expected as the automaker pushed ahead with fixing bloated inventories and poor commercial performance that led to a major profit warning last month. Continue reading “Stellantis revenues sink as automaker cuts bloated inventories”