Summary

• Q2 cash flow sank 71%
• Shares down 3.6%, bottom of Germany’s blue-chip index
• VW sees deliveries between 9-9.5 mln this year
• Outlook contrasts with European rivals

BERLIN, July 27 (Reuters) – Volkswagen (VOWG_p.DE) said on Thursday it will aim to improve its cash flow in the second half as the German carmaker hikes prices and cuts costs, even after it lowered its 2023 outlook for deliveries.

The company’s shares were down 3.5% at 0805 GMT, the biggest faller on Germany’s blue-chip DAX 30 (.GDAXI) index. Continue reading “VW cuts 2023 deliveries outlook, aims to boost cash flow”

Summary

• H1 EBIT margin at 7.6% close to 2025 target of 8%
• H1 net profit at 2.12 bln euros vs loss of 1.68 bln last year
• Sales of electric cars seen as promising

July 27 (Reuters) – French car maker Renault (RENA.PA) on Thursday posted an operating margin of 7.6% for the first half year, its highest ever and already close to its 2025 target, helped by higher prices for new cars and by cost reductions. Continue reading “Renault posts record H1 operating margin helped by higher priced new cars”

Source : PTI | Renault Nissan Automotive on Thursday said it has crossed 25 lakh unit production milestone at its Chennai-based manufacturing plant. The plant is spread over 600 acres and caters to both domestic and export market requirements for Renault and Nissan.

Over the past 13 years, the plant has rolled out around 20 Renault and Nissan models from the facility. Continue reading “Renault Nissan Automotive crosses 25 lakh production mark”

LONDON, July 27 (Reuters) – It could take five more years for Britain to return to producing 1 million or more cars a year, the industry body said on Thursday, as figures showed car manufacturing still remained a third below pre-pandemic levels.

UK factories are expected to produce 860,000 cars this year, Society of Motor Manufacturers and Traders (SMMT) Chief Executive Mike Hawes told reporters at a media briefing. Continue reading “UK car production could take five years to return to 1 million units, says industry”

BERLIN, July (Reuters) – Volkswagen (VOWG_p.DE) is partnering with Chinese EV startup Xpeng and joint venture partner SAIC to build new models and potentially co-create platforms, it said on Wednesday, as it attempts to use local expertise to protect market share.

The Volkswagen brand will partner with Xpeng Inc (9868.HK) to produce two models targeting the middle-class segment which will carry the VW logo but feature Xpeng know-how on software and autonomous driving, a win for the EV startup that is less than a decade old. Continue reading “Volkswagen buys Xpeng stake, partners with SAIC to boost China EV lineup”

WASHINGTON, July (Reuters) – Four Republican U.S. senators on Wednesday sought to reverse a Biden administration decision to waive “Buy America” requirements for government-funded electric vehicle (EV) charging stations.

Senators Marco Rubio, Roger Marshall, Rick Scott and Kevin Cramer said the Federal Highway Administration waiver of U.S. content requirements for steel, iron and construction materials would result in U.S. taxpayers subsidizing Chinese-made products. “It hurts American companies and empowers foreign adversaries, like China, to control our energy infrastructure,” Rubio said. Continue reading “US senators seek to reverse ‘Buy America’ waiver for EV charging stations”

WASHINGTON, July  (Reuters) – Congress still faces serious hurdles to winning approval for long-stalled legislation to speed the adoption of self-driving cars.

“China is currently moving ahead with ambitious plans to lead the development and deployment of this technology,” said House Energy and Commerce Committee chair Cathy McMorris Rodgers at a hearing Wednesday. Continue reading “US lawmakers struggle to find deal on self-driving cars”

July (Reuters) – Alphabet Inc’s (GOOGL.O) Waymo is focusing on its ride-hailing service, Waymo One, while pushing back its efforts to develop commercial autonomous trucking technology, the self-driving unit said on Wednesday.

Autonomous driving software has come under strong regulatory scrutiny at a time when investors are concerned about heavy investments in the technology amid protracted development timelines. Continue reading “Waymo to focus on ride-hailing services, pushes back autonomous trucking efforts”

July (Reuters) – Seven major automakers on Wednesday said they were forming a new company to provide electric vehicle charging in the U.S., in a challenge to Tesla (TSLA.O) and a bid to take advantage of Biden administration subsidies.

The group includes General Motors (GM.N), Stellantis (STLAM.MI), Hyundai Motor (005380.KS) and its Kia affiliate, Honda (7267.T), BMW (BMWG.DE) and Mercedes Benz (MBGn.DE) – brands representing about half of U.S. vehicle sales but a small share of the EV market dominated by Tesla. Continue reading “In challenge to Tesla, automakers launch US EV charging network”

July (Reuters) – A tentative labor deal reached between United Parcel Service (UPS.N) and the Teamsters union on Tuesday, if ratified, could pressure full-year outlook for the world’s largest parcel delivery firm, according to analysts.

The five-year contract, which the head of the union claims to be worth $30 billion in new money, covers about 340,000 U.S. employees and provides wage increases, and one more paid holiday among other benefits. Continue reading “UPS labor deal could pressure delivery firm’s annual outlook, say analysts”

Source : PTI | Indian lubes market is expected to grow at a compounded annual growth rate (CAGR) of 3%, with the country likely to see continued demand for lubricants notwithstanding the emergence of the electric vehicle segment, according to a report. On the contrary, the other key markets of the US, China, Japan and Russia, may witness a decline or slowdown in demand, as per the ‘Kline’s Global Lubricants 2022: Market Analysis and Assessment’ report shared at an industry event here on Wednesday.

The factors that will drive this progression include a growing digital economy, industrialization, urbanization, increasing discretionary spending, and increased investments in infrastructure development, it said. Continue reading “Lubes market to grow a 3% CAGR in India: Report”

Source : PTI | Industries should come forward to build and support the electric vehicle segment, as Tamil Nadu is engaged in the creation of a comprehensive EV sector roadmap, a government official said here on Wednesday.

A government facilitation centre is being launched in Coimbatore in association with 25 companies to boost the EV industry, Thiru Srinivasan, Senior advisor (EV sector) of the Department of Micro, Small and Medium Enterprises, FaMe TN, said. “Tamil Nadu is one of the early movers in the EV space domain. Continue reading “TN govt creating comprehensive EV sector roadmap: official”

Source : PTI |Hinduja Group flagship Ashok Leyland on Wednesday launched ‘Manzil ka Safar’ Stallion drive from Kanyakumari to Leh commemorating Kargil Vijay Diwas and to mark the company’s 75th year anniversary celebrations. The ‘Manzil ka Safar’ is a tribute to Ashok Leyland’s Stallion range of vehicles and its association with the armed forces.

The expedition from Kanyakumari to Leh would cover 4,000 kilometres and traverse through diverse terrains, mountain passes before reaching Leh. Continue reading “Ashok Leyland embarks on ‘Manzil ka Safar’ drive”

Summary

• Investment ends months of talks over structure of alliance
• Renault to lower Nissan stake to 15%
• Ampere valued at up to 10 bln euros – sources

TOKYO/PARIS, July 26 (Reuters) – Nissan (7201.T) will invest up to $663 million in Renault’s (RENA.PA) new electric vehicle unit, the automakers said on Wednesday, as they finalised terms of their restructured partnership after months of negotiation clouded by tension. Continue reading “Nissan seals Renault deal, now faces hard yards in China”

LONDON, July 26 (Reuters) – Porsche (P911_p.DE) has a plan to gradually electrify its car lineup so that electric vehicles make up 80% of sales by 2030, and it aims to make its iconic 911 the only internal-combustion engine model left standing, a top executive said.

The German luxury automaker’s plans have been closely watched, including by environmentalists, because of its investment in e-fuels and push for the EU to allow sales of such vehicles after 2035. Continue reading “Porsche’s iconic 911 to be sole survivor of automaker’s combustion models”

Summary

• 2023 outlook unchanged
• Says Valour demand ‘unprecedented’, waiting list ‘growing’
• Shares rise 6% in morning trade

July 26 (Reuters) – British luxury carmaker Aston Martin’s (AML.L) second-quarter results beat market expectations on Wednesday, powered by higher prices and demand for its DBX707 sports utility vehicle and limited edition V12 Vantage Roadster, sending shares 6% higher. Continue reading “Aston Martin races past second quarter expectations”

July 25 (Reuters) – General Motors (GM.N) CEO Mary Barra has staked billions on a broad lineup of electric vehicles such as the Chevrolet Silverado EV designed from the wheels-up to be electric, software-defined vehicles that can match or beat any Tesla.

On Tuesday, Barra made a significant exception, reversing a decision to phase out the Chevrolet Bolt. Continue reading “GM does a U-turn to save the Chevy Bolt”

Summary

• Stellantis CEO sees cost-cutting pressure
• Adjusted operating profit beat forecasts in first half
• Net revenue rose 12% in H1 due to higher shipments
• Vehicle shipments rose as logistical issues ease in Europe
• Industrial free cash flow at 8.7 bln euros in H1

MILAN, July 26 (Reuters) – Revenue and operating profit grew at Stellantis (STLAM.MI) in the first half to beat estimates, with CEO Carlos Tavares saying the automaker would have to accelerate cost cutting to keep profitability strong in a more challenging pricing environment. Continue reading “Stellantis tops forecasts, looks to cost cuts to keep margins strong”

Summary

• Raises 2023 sales growth outlook to 14-15% from 10.5%-11.5%
• Lifts operating profit margin guidance to 8-9% from 6.5-7.5%
• Q2 EV sales up 47% to 78,000 units
• Increases U.S. EV incentives to $4,000-$5,000 per vehicle

SEOUL, July 26 (Reuters) – South Korea’s Hyundai Motor Co (005380.KS) raised its annual sales and profit margin guidance on Wednesday, after recording a 15% rise in quarterly net profit helped by a weaker won currency, robust sales of electric vehicles (EVs) and increased production. Continue reading “Hyundai Motor lifts full-year outlook as Q2 profit up 15%”

TOKYO, July 26 (Reuters) – Japan’s Nissan Motor (7201.T) on Wednesday posted a 98% rise in first-quarter operating profit to 128.6 billion yen ($913.35 million), beating analysts’ estimates.

The result compared with an average estimate of 120.33 billion yen in a poll of 10 analysts by Refinitiv and a 64.9 billion yen operating profit in the same period a year earlier. Continue reading “Nissan nearly doubles Q1 operating profit”

July  (Reuters) – General Motors (GM.N) will begin assembling electric vehicle battery packs near its BrightDrop commercial van plant in Ingersoll, Ontario, in the second quarter of 2024, the company said Tuesday, and will add pack assembly at other North American plants.

The 400,000-square-foot Ingersoll facility will make packs for CAMI Assembly, which last week temporarily halted production of BrightDrop’s Zevo electric vans because of an ongoing battery shortage. Continue reading “GM to add battery module assembly to some North American EV plants”

DETROIT, July  (Reuters) – General Motors (GM.N) is wrestling with costs and struggling to build more electric vehicles, as it reported Tuesday that adjusted pre-tax profit and margins in its key North American market fell from the first quarter, despite a jump in revenue and per-vehicle transaction prices.

Shares were down 4.4% at $37.58 in mid-day trading. Continue reading “GM shares fall as automaker outlines new cost-cutting drive”

BEIJING/SHANGHAI, July  (Reuters) – Chinese battery giant CATL (300750.SZ) on Tuesday recorded slower growth in net profit for the second quarter, as the company scrambled to maintain its industry leadership amid intensifying competition in the electric vehicle battery market.

Net profit for the three months ended June came in at 10.895 billion yuan ($1.53 billion), up 63.22% from a year earlier, according to a Reuters calculation based on CATL’s company filing. This compared with a 558% surge in its net profit in the first quarter. Continue reading “Battery giant CATL posts slower profit growth as competition heats up”

July  (Reuters) – Goodyear Tire & Rubber Co (GT.O) said it would add three directors in agreement with Elliott Investment Management, months after the activist investor disclosed a stake and called for changes to strengthen the company’s financial position.

Elliott’s investment announced in May made it one of Goodyear’s biggest investors. The firm urged the company to refresh the board, sell its stores and conduct an operational review. Continue reading “Goodyear Tire to expand board in settlement with Elliott”

LONDON, July (Reuters) – Britain is sticking to its plan to ban the sale of new petrol and diesel cars from 2030 but some measures to reduce the carbon footprint of residential homes will be relaxed, senior government minister Michael Gove said on Tuesday.

Britain’s green agenda has been thrown into question after the governing Conservatives won a vote for a parliamentary seat last week by attacking London’s flagship anti-pollution policy. Continue reading “UK minister: petrol car ban immovable but some green policies to be relaxed”

BENGALURU, July (Reuters) – Tata Motors (TAMO.NS), India’s largest automaker by revenue, comfortably beat quarterly profit expectations on Tuesday, helped by strong demand for its luxury Jaguar Land Rover (JLR) cars and as supply chain issues improved further.

The UK-based JLR unit, which accounted for 70% of Tata Motors’ revenue, has benefited from strong demand for its higher-margin SUVs like the Range Rover and an improving supply of semiconductors after crippling shortages for several quarters. Continue reading “India’s Tata Motors profit races past estimates on strong JLR sales”

Source : PTI | TVS Supply Chain Solutions, part of TVS Mobility Group, has received capital markets regulator Sebi’s go-ahead to raise funds through an initial public offering (IPO). The IPO comprises a fresh issue of equity shares aggregating up to INR 750 crore and an Offer for Sale (OFS) of over 2 crore equity shares by promoters and existing shareholders, according to the draft red herring prospectus. Continue reading “TVS Supply Chain Solutions gets Sebi nod to float IPO”

Source : PTI |The Goa government has filed a police complaint against Uber India Systems Private Limited accusing the company of illegally operating its services in the coastal state. Earlier last week, Uber announced its services in Goa, including airport pick-up and drop. Continue reading “Goa govt files police complaint against Uber, accuses it of illegally operating in state”

Source : PTI | New Delhi: The Centre has sought INR 469 crore from seven electric two-wheeler makers, including Hero Electric and Okinawa for claiming incentives while not complying with the Faster Adoption and Manufacturing of Electric Vehicles (FAME) ) II scheme norms, a government official said. The official said that in case of non-refund of the amount to the government, they will be de-registered from the scheme in the next 7-10 days and the government would not allow them to participate in the scheme. Continue reading “Centre to recover INR 469 cr from 7 electric 2W makers for non compliance with FAME II”

NEW DELHI, July  (Reuters) – Tesla representatives are set to meet India’s commerce minister this month to discuss plans to build a factory to produce what the company has described as an all-new $24,000 car, a person with direct knowledge of the matter told Reuters.

Tesla has expressed an interest in building a factory in India that would produce low-cost electric vehicles (EVs) for the local market and for export, the person said, adding that the company had indicated that it would be for the new vehicle. Continue reading “Tesla to discuss factory plan for new $24,000 car with India commerce minister -source”

July (Reuters) – New U.S. light vehicle sales volumes are set to rise again in July as easing supply-chain snags help automakers ramp up production to meet pent-up demand, automotive research firm S&P Global Mobility said on Monday.

S&P projects new light vehicle sales to reach 1.33 million units in July, up 18% year-over-year. It also upgraded the 2023 U.S. light vehicle sales forecast to 15.4 million units, from 15.1 million estimated earlier. Continue reading “US auto sales expected to rise again in July – S&P Global Mobility”

July  (Reuters) – UK battery startup Nexeon will supply high-energy silicon anode material to Panasonic’s (6752.T) newest U.S. plant starting in 2025, the companies said on Monday.

The use of silicon-rich anodes will enable Panasonic battery cells to store more energy and charge more quickly, the companies said. The greater energy density also gives Panasonic the option of making smaller, lighter packs with similar range to current battery cells. Continue reading “UK battery startup Nexeon to supply Panasonic with advanced material”

SHANGHAI/TOKYO, July  (Reuters) – Toyota Motor’s (7203.T) joint venture (JV) in China said on Monday that it has terminated early the contracts of about 1,000 dispatch workers, in a sign of pressure on automakers from a price war in the world’s largest auto market.

The JV between Toyota and China’s state-owned Guangzhou Automobile Group (GAC) (601238.SS) laid off the workers over the weekend and offered them compensation, three workers, who declined to be named for privacy, told Reuters earlier. Continue reading “Toyota’s China joint venture dismisses about 1000 workers”

NEW YORK, July  (Reuters) – Electric-vehicle charger operator EVCS is looking to raise $125 million, according to a document seen by Reuters, as it races to expand its network of fast chargers eightfold by 2025 and capitalize on the U.S. government’s push to boost EV adoption.

A $5 billion federal program to electrify U.S. highways and a recent slew of deals by market leader Tesla (TSLA.O) to open up its charging technology to rival automakers has unleashed a capital-intensive race among charger makers and operators to offer new products and expand their networks. Continue reading “EV charger operator EVCS seeks to raise $125 million to expand network”

NEW DELHI, July 24 (Reuters) – Tesla representatives are set to meet India’s commerce minister this month to discuss plans to build a factory to produce what the company has described as an all-new $24,000 car, a person with direct knowledge of the matter told Reuters.

Tesla has expressed an interest in building a factory in India that would produce low-cost electric vehicles (EVs) for the local market and for export, the person said, adding that the company had indicated that it would be for the new vehicle. Continue reading “Tesla to discuss factory plan for new $24,000 car with India commerce minister -source”

July (Reuters) – An electric truck which was previously damaged reignited at Nikola’s (NKLA.O) Phoenix, Arizona headquarters on Sunday afternoon but there were no injuries, the electric-truck maker said in a statement.

“At approximately 2 pm today at Nikola HQ, one of the trucks that was previously damaged reignited. No one was injured and the fire was quickly contained,” the company said. Continue reading “Nikola says damaged truck reignites at its headquarters”

SHANGHAI, July 24 (Reuters) – Toyota Motor Corp (7203.T) has dismissed some workers at one of its plants in China, three workers told Reuters, as the Japanese automaker struggles with a price war and sales slump in the world’s largest auto market.

The joint venture between Toyota and China’s state-owned Guangzhou Automobile Group (GAC) (601238.SS) laid off the workers over the weekend and offered them compensation, said the workers, who declined to be named for privacy. Continue reading “Toyota’s China venture dismisses some factory workers as sales fall – workers”

BERLIN, July 24 (Reuters) – Taiwan’s Foxconn (2317.TW) will acquire a 50% stake in ZF Group’s (ZFF.UL) axle system assembly unit, creating a joint venture aimed at growing automotive and supply chain opportunities, the companies said on Monday.

The deal, which values ZF Chassis Modules GmbH at 1 billion euros ($1.11 billion), will allow the companies to expand the range of product offerings in the internal combustion engine and electric vehicle space, they said in a statement. Continue reading “Taiwan’s Foxconn to take 50% stake in ZF axle system unit”

Summary

• China to step up macroeconomic adjustments – Politburo
• Says will focus on expanding domestic demand
• Will adjust and optimise property policies at appropriate time
• Says the economy faces new difficulties and challenges

BEIJING, July 24 (Reuters) – China will step up its policy support for the economy amid a tortuous post-COVID recovery, focusing on boosting domestic demand, the Politburo, a top decision-making body of the ruling Communist Party, said on Monday, the state-run Xinhua news agency reported. Continue reading “China to step up policy adjustments amid tortuous recovery”

July 24 (Reuters) – Beijing has asked law firms to tone down the language used to describe China-related business risks in Chinese companies’ offshore listing documents, warning failure to do so could cost them regulatory green light for the IPOs, three people familiar with the matter said.

The move, which not been reported before, is the latest in tightening scrutiny of Chinese companies’ offshore listings, and comes at a time when Beijing is stepping up controls over cross-border transfer of sensitive information. Continue reading “Exclusive: Beijing pushes for toning down of China risks in IPO prospectuses-sources”