AutoNation tops earnings estimates, expects new vehicle demand to stay strong

AutoNation tops earnings estimates, expects new vehicle demand to stay strong

3 min read

 

AutoNation Inc (AN.N) said it expects strong demand for new vehicles to continue into next year, as low-interest rates and robust demand helped the top U.S. auto retailer trounce quarterly earnings estimates.

The company said on Monday sales of new and used vehicles surged 42% and 37%, respectively, in the second quarter.

Continue reading “AutoNation tops earnings estimates, expects new vehicle demand to stay strong”

Back to basics may propel Harley’s profit although Street is wary of volume gains

Back to basics may propel Harley’s profit although Street is wary of volume gains

4 min read

 

The big question hanging over Harley Davidson Inc’s (HOG.N) second-quarter results on Wednesday will be a familiar one: has the 118-year old brand sold enough bikes?

After struggling to broaden its appeal beyond middle-aged and affluent riders for several years, the company has gone back to what it knows best, which is selling big bikes, and the decision is making inroads under Chief Executive Officer Jochen Zeitz.

Continue reading “Back to basics may propel Harley’s profit although Street is wary of volume gains”

Mobileye tests self-driving cars in New York City

Mobileye tests self-driving cars in New York City

2 min read

 

Intel Corp (INTC.O) unit Mobileye on Tuesday said it was testing self-driving vehicles in New York City, including the bustling Manhattan borough, in an effort to prove its technology can handle jaywalkers, construction zones and even horse carriages.

Mobileye Chief Executive Amnon Shashua said the company has begun testing camera-only vehicles in New York City in the past weeks. It is currently testing one car, with plans to add a second one later this year, a spokeswoman said.

Continue reading “Mobileye tests self-driving cars in New York City”

Suzuki and Daihatsu join Toyota electric vehicle venture

Suzuki and Daihatsu join Toyota electric vehicle venture

2 min read

 

Suzuki Motor Corp (7269.T) and Daihatsu are joining a commercial electric vehicle coalition led by Toyota Motor Corp (7203.T), the carmakers announced on Wednesday, helping the Japanese alliance expand its focus from trucks to smaller cars.

The two automakers will each acquire a 10% stake in the joint venture, on par with Isuzu Motors (7202.T) and Hino Motors (7205.T), while Toyota will hold a 60% stake, they said.

Continue reading “Suzuki and Daihatsu join Toyota electric vehicle venture”

BASF, Porsche to develop high-performing lithium-ion batteries

BASF, Porsche to develop high-performing lithium-ion batteries

1 min read

 

Germany’s BASF (BASFn.DE) said on Wednesday it has been chosen as the exclusive partner to develop high-performing lithium-ion batteries for electric vehicles with Cellforce Group, a joint venture between Porsche (VOWG_p.DE) and Customcells.

As part of the collaboration, BASF will provide materials for high-performance battery cells for fast charging and high energy density. Cellforce Group will produce the high-performing battery.

Continue reading “BASF, Porsche to develop high-performing lithium-ion batteries”

Moscow, capital of oil-rich Russia, targets electric car growth

Moscow, capital of oil-rich Russia, targets electric car growth

2 min read

 

Moscow, capital of one of the world’s biggest hydrocarbon exporters, plans to boost the use of electric cars by rolling out a raft of charging infrastructure in the coming years, the city’s top transport official told Reuters.

The use of electric cars in oil and gas giant Russia lags far behind other European capitals. But Moscow plans to install 200 electric charging stations annually starting thisyear, said Maxim Liksutov, head of the city’s transport department.

Continue reading “Moscow, capital of oil-rich Russia, targets electric car growth”

Tesla plans to open its charging network to other EVs later this year

Tesla plans to open its charging network to other EVs later this year

2 min read

 

Tesla Inc (TSLA.O) plans to open its network of superchargers to other electric vehicles later this year, Chief Executive Officer Elon Musk said on Twitter.

The electric-car maker’s fast charging network, with over 25,000 superchargers globally, has given it a competitive edge. Meanwhile, other carmakers have formed alliances or invested in startups for networks as they rush new electric vehicle entrants to market.

Continue reading “Tesla plans to open its charging network to other EVs later this year”

All aboard the hyperloop: How your commute could be changing
China frictions steer electric automakers away from rare earth magnets

China frictions steer electric automakers away from rare earth magnets

Reuters 7 min read

 

As tensions mount between China and the United States, automakers in the West are trying to reduce their reliance on a key driver of the electric vehicle revolution – permanent magnets, sometimes smaller than a pack of cards, that power electric engines.

Most are made of rare earth metals from China.

The metals in the magnets are actually abundant, but can be dirty and difficult to produce. China has grown to dominate production, and with demand for the magnets on the rise for all forms of renewable energy, analysts say a genuine shortage may lie ahead.

Continue reading “China frictions steer electric automakers away from rare earth magnets”

Running low on battery power: Brexit Britain faces an acid test

Running low on battery power: Brexit Britain faces an acid test

Reuters 6 min read

 

Britain has set a fast pace in the electric vehicle race with its 2030 ban on sales of new fossil fuel-powered cars and has offered 1 billion pounds ($1.4 billion) to jump start its battery industry and associated supply chain.

But the cash and the headline-grabbing deadline – which is sooner than many other nations by several years – still leaves it trailing the European Union’s drive to create a supply chain and far behind China, the electric vehicle (EV) battery leader.

Continue reading “Running low on battery power: Brexit Britain faces an acid test”

Stellantis halts UK van plant shift as workers isolate amid COVID-19 spread

Stellantis halts UK van plant shift as workers isolate amid COVID-19 spread

1 min read

 

Carmaker Stellantis (STLA.MI) said on Monday it will temporarily halt a shift at its Vauxhall van factory in Luton, southern England, due to the large number workers isolating to halt the spread of COVID-19.

“The safety of our staff is of the highest priority at Stellantis,” the world’s fourth-largest carmaker said in a statement. “In order to protect our teams, our plant in Luton will move from three shifts to two shifts for the duration of this week.”

Continue reading “Stellantis halts UK van plant shift as workers isolate amid COVID-19 spread”

VW to end U.S. production, sales of Passat as focuses on SUVs

VW to end U.S. production, sales of Passat as focuses on SUVs

Reuters 2 min read

 

Volkswagen AG (VOWG_p.DE) said Monday it will end U.S. sales and production of the Passat sedan next year, the latest shift by automakers away from cars and toward larger sport utility vehicles.

Volkswagen said it will end U.S. assembly of the Passat sedan in Tennessee with model year 2022. VW has sold various versions of the Passat since 1974 in the United States – initially under the Dasher and Quantum names – and the Passat name first appeared in the U.S. market in 1990.

Continue reading “VW to end U.S. production, sales of Passat as focuses on SUVs”

India’s Segment Wise Top Selling Cars June’21. Alto, Brezza, Creta, City, Innova Crysta and others.

India’s Segment Wise Top Selling Cars June’21. Alto, Brezza, Creta, City, Innova Crysta and others.

2 min read

 

We have consistently shared the car sales analysis with our readers. In yet another attempt to help our readers understand the performance of the car sales figures, we present to you the segment-wise analysis.

 Understanding the Segments.
 Car segments are broader categories in which cars can be classified. This helps us understand the market performance of each segment and how each segment is moving.

Continue reading “India’s Segment Wise Top Selling Cars June’21. Alto, Brezza, Creta, City, Innova Crysta and others.”

Top 10 Selling Two Wheelers for June’21. Splendor, Activa, Pulsar, Access and others.

Top 10 Selling Two Wheelers for June’21. Splendor, Activa, Pulsar, Access and others.

1 min read

 

The Two wheeler Industry has seen a flat performance when it comes to the top 10 cars. A total of only 39,767 units were in growth. The Last Year June saw 7,52949 units. This year June saw 7,92,716 units sold. If we look at the growth rate, it was about 5.28% up against Ly same month.

Continue reading “Top 10 Selling Two Wheelers for June’21. Splendor, Activa, Pulsar, Access and others.”

U.S. officials look to address transportation supply chain issues
Ford recalling 775,000 SUVs for steering issue linked to six injuries

Ford recalling 775,000 SUVs for steering issue linked to six injuries

Reuters 2 min read

 

Ford Motor Co (F.N) said on Friday it was recalling about 775,000 Ford Explorer SUVs worldwide for a steering issue linked to reports of six injuries in North America.

The recall covers 2013-2017 model year vehicles that may experience a seized cross-axis ball joint that could cause a fractured rear-suspension toe link, which could significantly diminish steering control, increasing the risk of a crash.

Continue reading “Ford recalling 775,000 SUVs for steering issue linked to six injuries”

GM’s China venture to recall 1.44 mln cars over engine issue

GM’s China venture to recall 1.44 mln cars over engine issue

1 min read

 

SAIC-GM-Wuling, General Motors Co’s (GM.N) China joint venture with SAIC Motor (600104.SS) and a smaller company, will recall 1.44 million cars under Wuling and Baojun brands in China due to an engine component issue, China’s market regulator said.

The Liuzhou-based joint venture also sells Wuling Hong Guang MINI EV, the top-selling electric vehicle in the world’s biggest car market.

Continue reading “GM’s China venture to recall 1.44 mln cars over engine issue”

Honda open to new alliances to bring down EV costs, says CEO

Honda open to new alliances to bring down EV costs, says CEO

3 min read

 

 Honda Motor Co’s (7267.T) new chief executive said on Friday the Japanese automaker was willing to form new alliances to make electrification profitable.

“If through an alliance Honda can accomplish early what it should aim to be, then we’d be willing to form an alliance,” Toshihiro Mibe, who took the top job in April, told a press briefing, when asked how he envisions global alliances on electrification.

Continue reading “Honda open to new alliances to bring down EV costs, says CEO”

Lyft to resume shared rides in U.S. for first time since pandemic

Lyft to resume shared rides in U.S. for first time since pandemic

2 min read

 

Lyft Inc (LYFT.O) on Thursday said it will return the option for passengers to book shared rides in select U.S. markets for the first time since the pandemic, when shared trips were scrapped to halt the spread of the novel coronavirus.

Lyft said shared rides, which allow multiple passengers to split a car traveling in the same direction, would become available in Chicago, Philadelphia and Denver as of Monday. The company, which prior to the pandemic operated shared rides in 18 markets, said it plans to return the option to all those cities in the next few months.

Continue reading “Lyft to resume shared rides in U.S. for first time since pandemic”

FedEx to invest $100 mln in Indian logistics firm Delhivery

FedEx to invest $100 mln in Indian logistics firm Delhivery

2 min read

 

FedEx Corp will make a $100-million equity investment in Indian e-commerce logistics startup Delhivery as part of a long-term commercial agreement, the U.S. delivery firm said on Friday.

SoftBank-backed Delhivery will sell FedEx Express’ international products and services in India, as part of the deal, and also provide pick-up and delivery services across the country.

Continue reading “FedEx to invest $100 mln in Indian logistics firm Delhivery”

Tesla registrations in California surge 85% in second quarter – data

Tesla registrations in California surge 85% in second quarter – data

2 min read

 

Tesla Inc’s (TSLA.O) vehicle registrations in California rose more than 85% in the second quarter versus last year, largely due to the success of the company’s Model Y, according to data from Cross-Sell, a research firm that collates title and registration data.

The automaker posted record vehicle deliveries for the April-to-June quarter earlier this month, as it dealt with a semiconductor shortage and relied on sales of its cheaper models. read more

Continue reading “Tesla registrations in California surge 85% in second quarter – data”

General Motors Invests in New Advanced Design and Technology Campus in Southern California

General Motors Invests in New Advanced Design and Technology Campus in Southern California

GM Media

2 min read

 

$71 million investment in new 149,000-square-foot technology campus will significantly expand advanced design and innovation work in the region

General Motors announced a more than $71 million investment to establish a new campus in Pasadena, California, for GM’s Advanced Design Center operations, a move that will substantially increase the center’s capacity and create more jobs in the area.

 

Continue reading “General Motors Invests in New Advanced Design and Technology Campus in Southern California”

U.S. urges 50,000 Chevy Bolt owners to park outside because of fire risks

U.S. urges 50,000 Chevy Bolt owners to park outside because of fire risks

Reuters 2 min read

 

U.S. auto safety regulators on Wednesday urged about 50,000 owners of General Motors electric Chevrolet Bolt vehicles that were recalled last year to park outside and away from homes and other structures after charging because of fire risks.

Earlier on Wednesday, GM made the same recommendation and added owners should not leave vehicles charging overnight. The recommendation was prompted after the largest U.S. automaker said it was investigating reports of two recent fires in vehicles that were recalled in November for fire risks.

Continue reading “U.S. urges 50,000 Chevy Bolt owners to park outside because of fire risks”

Daimler reports Q2 preliminary adjusted EBIT of $6.42 bln

Daimler reports Q2 preliminary adjusted EBIT of $6.42 bln

3 min read

 

Mercedes-Benz maker Daimler AG (DAIGn.DE) on Thursday reported preliminary adjusted group earnings before interest and tax (EBIT) of 5.42 billion euros ($6.42 billion) for the second quarter, with car and truck divisions beating analyst targets.

Mercedes-Benz Car and Van results were helped by pricing and cost discipline, helping to offset any impact from a global shortage of semiconductors. Adjusted EBIT for Mercedes-Benz cars and vans was 3.60 billion euros, versus consensus of 3.1 billion euros, it said.

Continue reading “Daimler reports Q2 preliminary adjusted EBIT of $6.42 bln”

Toyota buys U.S. mapping, road data firm to bulk up driverless tech

Toyota buys U.S. mapping, road data firm to bulk up driverless tech

Reuters 5 min read

 

TOKYO, July 15 (Reuters) – Toyota Motor Corp’s (7203.T) research arm said on Thursday it acquired U.S.-based Carmera, a provider of maps and data for driverless vehicles, marking the Japanese car maker’s latest investment in autonomous technology.

The purchase, through newly created subsidiary Woven Planet for an undisclosed sum, underscores Toyota’s push to bulk up its self-driving arsenal as traditional automakers compete with the autonomous ambitions of tech giants including Apple (AAPL.O) and Amazon (AMZN.O).

Continue reading “Toyota buys U.S. mapping, road data firm to bulk up driverless tech”

Tata Motors launches the ‘XPRES’ brand for fleet customers!

Tata Motors launches the ‘XPRES’ brand for fleet customers!

2 min read

 

Tata Motors announced the launch of a new brand ‘XPRES,’ exclusively for fleet customers. Under the XPRES brand, the company will introduce offerings, catering to fleet-specific needs of safety, passenger comfort, and low cost of ownership. All vehicles for the fleet segment will sport an XPRES badge, clearly differentiating them from the growing ‘New Forever’ range of cars and SUVs that cater to the requirements of the personal segment.

Continue reading “Tata Motors launches the ‘XPRES’ brand for fleet customers!”

VW shows confidence in electric future with higher margin goal

VW shows confidence in electric future with higher margin goal

Reuters 3 min read

 

WOLFSBURG, Germany, July 13 (Reuters) – Volkswagen (VOWG_p.DE) raised its long-term profitability target on Tuesday in a sign of the German automaker’s growing confidence in managing the shift to electric and self-driving vehicles.

Presenting its strategy until 2030, Europe’s largest carmaker also said it expected half of its global vehicle sales to be battery-powered by that date – joining rivals in setting ambitious goals to move on from the era of combustion engines.

Continue reading “VW shows confidence in electric future with higher margin goal”

Factbox: Five facts on why electric buses are key to Biden’s green agenda

Factbox: Five facts on why electric buses are key to Biden’s green agenda

Reuters 4 min read

 

President Joe Biden has vowed to significantly reduce emissions by 2030, while at the same time creating new, well-paid green energy jobs. His administration has identified bus electrification as one of the main ways to achieve that goal.

While more than half of transport emissions are produced by conventional passenger cars, diesel-powered transit buses are considered among the worst polluters, particularly in America’s cities.

Continue reading “Factbox: Five facts on why electric buses are key to Biden’s green agenda”

Britain to ban all new diesel and petrol heavy goods vehicles from 2040

Britain to ban all new diesel and petrol heavy goods vehicles from 2040

2 min read

 

LONDON, July 14 (Reuters) – Britain will ban the sale of new petrol and diesel heavy good vehicles from 2040 as part of a broader package of green initiatives aimed at achieving net zero emissions from all forms of transport ten years later.

Prime Minister Boris Johnson’s government is seeking to elevate Britain’s environmental credentials as he prepares to hold the United Nations’ Climate Change Conference, known as COP26, in Scotland later this year.

Continue reading “Britain to ban all new diesel and petrol heavy goods vehicles from 2040”

EU set to call time on combustion engine within two decades

EU set to call time on combustion engine within two decades

Reuters 3 min read

 

LONDON, July 14 (Reuters) – The European Union is set to propose measures on Wednesday, as part of a broad climate package, that signal the end of petrol (gasoline) and diesel car sales within 20 years, and accelerate a switch to electric propulsion.

Many carmakers have already announced huge investments in electrification, partly in anticipation of tougher emissions targets, but want to know whether the EU will back them by building public charging stations, and how soon it wants hybrid electric/combustion vehicles to be phased out.

Continue reading “EU set to call time on combustion engine within two decades”

Biden to warn U.S. companies of risks of operating in Hong Kong – FT

Biden to warn U.S. companies of risks of operating in Hong Kong – FT

2 min read

 

The U.S. government will this week warn companies of increasing risks of operating in Hong Kong and also update a previously issued warning on Xinjiang, the Financial Times reported on Tuesday.

The report said that U.S. companies face threats including the Chinese government’s ability to gain access to data that foreign companies store in Hong Kong.

Continue reading “Biden to warn U.S. companies of risks of operating in Hong Kong – FT”

Vietnam’s VinFast starts operations in North America and Europe

Vietnam’s VinFast starts operations in North America and Europe

2 min read

 

HANOI, July 12 (Reuters) – Vietnam’s first domestic car manufacturer, Vinfast, said on Monday it has opened offices in North America and Europe, joining a crowded field of players seeking to woo customers with smart electric cars.

VinFast, a unit of Vietnam’s largest conglomerate Vingroup JSC (VIC.HM), became the country’s first fully fledged domestic car manufacturer when its gasoline-powered models built under its own badge hit the streets in 2019.

Continue reading “Vietnam’s VinFast starts operations in North America and Europe”

Musk tells SolarCity trial that Tesla would ‘die’ if he wasn’t CEO

Musk tells SolarCity trial that Tesla would ‘die’ if he wasn’t CEO

Reuters 4 min read

 

WILMINGTON, Del., July 12 (Reuters) – Elon Musk insisted in court that Tesla Inc’s(TSLA.O)board controls the company but also said the electric vehicle maker would “die” if he wasn’t the chief executive, as he ended his first day of testimony on Monday in defense of Tesla’s 2016 acquisition of SolarCity.

The lawsuit by union pension funds and asset managers alleges the celebrity CEO strong-armed Tesla’s board of directors into depleting the company’s assets with the $2.6 billion all-stock deal for SolarCity.

Continue reading “Musk tells SolarCity trial that Tesla would ‘die’ if he wasn’t CEO”

Spain to invest $5.1 bln in electric vehicle production

Spain to invest $5.1 bln in electric vehicle production

Reuters 3 min read

 

MADRID, July 12 (Reuters) – Spain will invest 4.3 billion euros ($5.1 billion) to kick-start the production of electric vehicles and batteries as part of a major national spending programme financed mostly by European Union recovery funds, the government said on Monday.

Prime Minister Pedro Sanchez said the government-run plan would include the whole production chain, giving grants to companies with the goal of building the country’s first battery plant and boosting manufacturing of electric vehicles.

Continue reading “Spain to invest $5.1 bln in electric vehicle production”

Toyota halting contributions to U.S. lawmakers who opposed Biden certification

Toyota halting contributions to U.S. lawmakers who opposed Biden certification

 

WASHINGTON, July 8 (Reuters) – Toyota Motor Corp’s (7203.T) political action committee will halt donations to U.S. members of Congress who voted against President Joe Biden’s election certification in January, the company said on Thursday.

The largest Japanese automaker has faced harsh criticism for donations to some lawmakers – members of then-President Donald Trump’s Republican Party – who voted against certification of Biden’s win in some U.S. states.

Continue reading “Toyota halting contributions to U.S. lawmakers who opposed Biden certification”

Stellantis makes 30 billion euro wager on electric vehicle market

Stellantis makes 30 billion euro wager on electric vehicle market

 

MILAN/DETROIT, July 8 (Reuters) – Stellantis (STLA.MI), the world’s No. 4 automaker, said on Thursday it plans to invest more than 30 billion euros ($35.54 billion) through 2025 on electrifying its vehicle lineup.

The company, formed in January from the merger of Italian-American automaker Fiat Chrysler and France’s PSA, said its strategy will be supported by five battery plants in Europe and North America as it gears up to compete with electric vehicle (EV) leader Tesla (TSLA.O) and other automakers globally.

Continue reading “Stellantis makes 30 billion euro wager on electric vehicle market”

Premium cars drive Volkswagen profit above pre-pandemic levels

Premium cars drive Volkswagen profit above pre-pandemic levels

 

FRANKFURT, July 9 (Reuters) – Volkswagen’s (VOWG_p.DE) first-half operating profit is expected to reach around 11 billion euros ($13 billion), it said on Friday, topping pre-pandemic levels on strong demand in Europe and the United States, particularly for Porsches and Audis.

The upmarket brands were less affected by an ongoing global shortage of crucial semiconductors, the German automaker said, adding its financial services arm also helped to boost earnings.

Continue reading “Premium cars drive Volkswagen profit above pre-pandemic levels”

EV maker Nio to have 4,000 battery swapping stations globally in 2025

EV maker Nio to have 4,000 battery swapping stations globally in 2025

1 min read

 

BEIJING, July 9 (Reuters) – Chinese electric vehicle maker Nio Inc (NIO.N) plans to have 4,000 battery swapping stations globally in 2025, its president Qin Lihong said on Friday.

The company, which makes premium electric cars, aims to have 700 battery swapping stations by the end of this year. A battery swapping station allows drivers to change the battery in their cars to power the rides.

Continue reading “EV maker Nio to have 4,000 battery swapping stations globally in 2025”

Analysis: Europe’s carbon push stokes backlash fears

Analysis: Europe’s carbon push stokes backlash fears

 

BRUSSELS/LONDON, July 9 (Reuters) – A European Union plan to extend carbon pricing to the fuel used in cars and to heat homes is facing a wall of early resistance from countries and lawmakers fearing a public pushback unless backers find ways to compensate those worst hit.

According to leaked drafts, the scheme would set up an Emissions Trading Scheme (ETS) for transport and heating, creating a market price for carbon – a price that fuel suppliers are likely to pass on to Europe’s half a billion consumers in the form of higher bills.

Continue reading “Analysis: Europe’s carbon push stokes backlash fears”

Musk trial asks the $2 bln question: Who controls Tesla?

Musk trial asks the $2 bln question: Who controls Tesla?

 

July 9 (Reuters) – Does Elon Musk control Tesla Inc (TSLA.O) or does Tesla control Elon Musk?

More than $2 billion hinges on that question as a trial kicks off on Monday. Shareholders allege that Musk used his control of Tesla to force the company in 2016 to rescue SolarCity, saving the solar panel maker – and Musk’s investment in the company – from bankruptcy.

Continue reading “Musk trial asks the $2 bln question: Who controls Tesla?”