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By Gayatri Suroyo, Kate Lamb and Ananda Teresia

JAKARTA – Indonesian President Joko Widodo is confident Tesla Inc will finalise a deal to invest in a production facility in his country, having offered the U.S. car maker incentives ranging from tax breaks to a concession to mine nickel.

Southeast Asia’s largest economy has been wooing Tesla to invest in battery and car manufacturing since 2020, seeking to leverage its rich reserves of nickel ore, which can be processed for use in EV batteries.

The president, widely known as Jokowi, has held talks with Tesla Chief Executive Elon Musk twice, meeting him in person at his SpaceX facility in Texas last year and a telephone call, to try to secure a deal.

Continue reading “Exclusive-President Jokowi “confident” Tesla will invest in Indonesia”

The Elon Musk-led electric vehicle company said it expects to spend between $7 billion and $9 billion in 2024 and 2025, days after it unveiled its plans to expand its factory in Nevada.

Continue reading “Tesla raises spending plan as it looks to ramp up production”

by Paul Lienert and Ben Klayman

DETROIT, Jan 31 (Reuters) – General Motors Co GM.N on Tuesday reported a higher quarterly net income for the fourth quarter, but said profit in 2023 would fall from last year.

For the full year, GM’s profit dropped to $9.9 billion from $10.0 billion in 2021. EBIT-adjusted income of $14.5 billion was a record, up slightly from $14.3 billion a year earlier.

GM said it expects net income in 2023 of $8.7 billion to $10.1 billion, and EBIT adjusted of $10.5 billion to $12.5 billion.

Continue reading “GM reports higher quarterly profit, forecasts lower results in 2023”

Source : PTI : New Delhi: Storage battery maker and distributor Sunlit Power has collaborated with Lucas TVS under which it will supply 50,000 electric vehicle motors and controllers manufactured by TVS group company to various industries, a release said on Monday. It will include motors with 1kw-15kw capacity for various applications including those for two-wheelers, high-speed passenger autos, and pick-up vans, Sunlit Power, which manufactures ARENQ brand of batteries, said in a statement.

The three-year partnership with the automotive electrical component maker will also help the company extend its sales and marketing services to facilitate the distribution of these motors and controllers pan-India, the battery manufacturer said. Continue reading “Sunlit Power collaborates with Lucas TVS for supply of 50,000 EV motors to industries”

Source : PTI : India will find it difficult to realise the ‘AtmaNirbhar Bharat’ (self-reliant) vision till the share of the agriculture and allied sectors in the GDP crosses 24 per cent, Union minister Nitin Gadkari said on Friday, pitching for the introduction of technologies in farming and rural and tribal areas. The minister was speaking at the 22nd convocation of Sri Balaji University here.

“Our agriculture and allied sector income is 12 per cent of the GDP, manufacturing sector income is 22 to 24 per cent, and service sector is 52 to 54 per cent. | have come here to say that till the time this 12 per cent (of agriculture and allied sectors) does not go beyond 24 per cent, there are difficulties in making ‘AtmaNirbhar Bharat’,” he said. Continue reading “Need farm sector income at more than 24% of GDP to realise ‘AtmaNirbhar Bharat’ dream: Gadkari”

BERLIN, Jan 31 (Reuters) – Volkswagen (VOWG_p.DE) is looking at setting up a battery cell factory in Ontario, the Handelsblatt business daily reported on Tuesday, adding that the Canadian province had offered investments and other incentives.

Five entries from this month are listed in a lobby register of the province for Volkswagen, including one that mentions Chief Executive Oliver Blume by name, the report said, citing the documents. Continue reading “Volkswagen considering battery cell factory in Ontario -Handelsblatt”

SHANGHAI, Jan 31 (Reuters) – Chinese electric vehicle (EV) giant BYD said on Tuesday it is working on a potential acquisition of Yi’an P&C Insurance Co, an insurer that was seized by Chinese regulators two years ago as part of a crackdown on financial conglomerates.

Chinese business publication Caixin reported earlier this month, citing unnamed sources, that BYD would fully take over the insurer and would use it to start an insurance business targeting electric vehicles. Continue reading “China’s EV giant BYD in talks to acquire insurer Yi’an”

TOKYO, Jan 31 (Reuters) – Shares of Nissan Motor Corp (7201.T) rose in Tokyo on Tuesday, after the Japanese automaker and its French partner Renault SA (RENA.PA) announced a sweeping overhaul of their two-decade-old alliance putting them on equal footing.

Nissan shares climbed as much as 3.1% in early trade before giving up some gains. They finished the morning session up 2.1%, outperforming a slightly negative Nikkei 225 share average (.N225). Continue reading “Nissan shares rise after overhaul of Renault alliance”

Jan 30 (Reuters) – Twitter Inc has made its first interest payment under Elon Musk after the billionaire took the social media company private last year using about $12.5 billion of debt, Bloomberg News reported on Monday, citing people with knowledge of the matter.

Twitter paid a group of seven banks, led by Morgan Stanley, which became stuck with the debt after they were unable to sell it to outside investors, the report added. Continue reading “Twitter makes first interest payment on Musk buyout debt – Bloomberg News”

PRAGUE, Jan 30 (Reuters) – Volkswagen’s (VOWG_p.DE) Czech subsidiary Skoda Auto is cutting production this week due to chip shortages, trade unions at the carmaker said.

Some shifts will be cancelled in the production of the Octavia, Enyaq, Fabia, Scala and Kamiq models, the unions said. Continue reading “VW’s Skoda Auto cuts production due to chip shortage – trade unions”

NEW YORK, Jan 30 (Reuters) – U.S. lender Citizens Financial Group (CFG.N) cut back on auto lending last year and plans to further reduce its exposure to the segment as it becomes cautious on certain businesses as it factors in risk of a recession, its chief executive officer said in a interview.

Moody’s Investors Service late last year cut the outlook for U.S. auto financing arms to negative, citing likelihood of higher delinquency and provisioning Continue reading “U.S. lender Citizens stepping back from auto loans – CEO”

BERLIN, Jan 30 (Reuters) – Faced with a tight labour market and a shortage of workers with key software engineering skills, some German companies are looking at thousands of layoffs in Silicon Valley as an opportunity to recruit top talent.

The U.S. West Coast has always been the main destination for ambitious software engineers looking to work in the best-paid, most elite corner of their profession, but the mass redundancies have created a pool of jobseekers that Germany is eager to tap. Continue reading “‘They fire, we hire’ – Germany seizes on Silicon Valley’s woes”

• US auto safety agency found Volvo wasn’t timely with recalls
• Penalty is one of the largest for violations under recall law

WASHINGTON, Jan 30 (Reuters) – A U.S. auto safety agency said Monday it was imposing a $130 million civil penalty on AB Volvo (VOLVb.ST) unit Volvo Group North America, following an investigation that found the manufacturer of heavy-duty trucks and buses failed to recall vehicles in a timely fashion. Continue reading “U.S. hits Volvo Group North America with $130 mln penalty over delayed recalls”

PARIS, Jan 30 (Reuters) – Renault and Nissan hailed a new deal announced on Monday as a major step in reviving their two decade alliance. But for the French car group the benefits of the revamp are for now unclear and potentially quite limited, three industry sources said.

The deal, months in the making and still subject to board approvals, will see Renault (RENA.PA) reduce its stake in Nissan to 15% from around 43%.

Continue reading “Analysis: Renault cedes power at Nissan for uncertain benefits”

Jan 30 (Reuters) – China’s BYD Co , the world’s biggest seller of battery electric vehicles (BEVs) and plug-in hybrids, expects its 2022 net profit to be more than five times the amount it booked a year earlier, it said on Monday.

With sales of 1.86 million cars, it expects a net profit of 16-17 billion yuan ($2.37-$2.52 billion) versus 3 billion in 2021, an exchange filing showed.

Continue reading “Chinese EV giant BYD set for surge in 2022 profit as sales jump”

TOKYO, Jan 30 (Reuters) – Toyota Motor Corp (7203.T) sold 10.5 million vehicles in 2022, it said on Monday, defending its title as the world’s top-selling automaker for a third straight year.

Global sales for the group, including truck unit Hino Motors (7205.T) and small-car maker Daihatsu, inched down 0.1% as record overseas sales of 8.6 million vehicles helped offset a 9.6% dip in its home market to 1.9 million.

Continue reading “Toyota defends title as world’s top-selling automaker in 2022”

TOKYO/PARIS, Jan 30 (Reuters) – Nissan Motor Co (7201.T) and Renault SA (RENA.PA) agreed on Monday to a sweeping remake of their two-decade-old automaking alliance that will put them on equal footing and see the Japanese company invest in Renault’s new electric vehicle business.

The joint announcement capped nearly four months of intense talks that sources told Reuters were complicated by concerns about the sharing of intellectual property as Renault sought tie-ups with companies outside their alliance.

Continue reading “Nissan and Renault agree to overhaul alliance, this time as equals”

PARIS/TOKYO, Jan 30 (Reuters) – French carmaker Renault (RENA.PA) and its Japanese partner Nissan (7201.T) on Monday agreed to a sweeping reset of their two-decade alliance that will put them on equal footing.

The partnership, which has grown to include junior member Mitsubishi Motors (7211.T), was founded in 1999 and long dominated by former Renault and Nissan top executive Carlos Ghosn.

Continue reading “From boom to bottom and now big change: Renault and Nissan reshape alliance”

Jan 30 (Reuters) – Nissan Motor Co (7201.T) and Renault SA (RENA.PA) have agreed to a sweeping revamp of their two-decade-old automaking alliance that will put them on an equal footing and see the Japanese company invest in Renault’s new electric business.

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Continue reading “Reactions: Nissan, Renault agree to overhaul alliance, putting themselves on equal footing”

Jan 30 (Reuters) – Israeli electric vehicle (EV) startup City Transformer aims to launch production of its small urban CT-2 model in Western Europe by the end of 2024 and will soon launch a Series B funding round to raise $50 million, the company said on Monday.

Chief Executive Asaf Formoza told Reuters the company, which has so far raised $20 million, has selected a factory in Western Europe where it will have initial annual production of 15,000 vehicles, but cannot disclose its location yet.

Continue reading “With tiny EV, City Transformer takes aim at Europe’s urban markets”

FRANKFURT, Jan 28 (Reuters) – Ford (F.N) executives have indicated they are willing to hold talks with labour representatives over planned structural changes at the U.S. carmaker’s plants in Germany, the head of the worker’s council at Ford’s Cologne plant said on Saturday.

Ford said on Jan. 20 that its planned shift to electric vehicle (EV) production will require unspecified structural changes, giving rise to fears of job cuts at its German production sites.

Continue reading “German labour representative says Ford execs have offered talks on restructuring plan”

Jan 27 (Reuters) – Lucid Group’s (LCID.O) shares surged 43% on Friday, paring gains after doubling on market speculation that Saudi Arabia’s Public Investment Fund (PIF) wanted to buy out the electric vehicle maker.

The speculation originated from an “uncooked” alert attributed to deals website Betaville, using its term for market gossip. Lucid was the sixth-most traded stock on U.S. exchanges and third top mover on the Nasdaq mid-afternoon.

Continue reading “EV maker Lucid surges on report Saudi PIF to buy remaining stake”

WASHINGTON, Jan 27 (Reuters) – Tesla (TSLA.O) Chief Executive Elon Musk met two top White House officials on Friday in Washington to discuss how the car maker and Democratic President Joe Biden could work together to advance electric vehicle production and speed electrification of U.S. vehicle networks.

Musk met John Podesta, a Democratic stalwart who serves as Biden’s senior adviser for clean energy innovation, and Mitch Landrieu, who oversees infrastructure spending, the White House said. The billionaire and Biden have often been at odds over political and labor issues.

Continue reading “Exclusive: Tesla’s Musk meets top Biden officials on EVs in Washington”

WASHINGTON, Jan 27 (Reuters) – Ford Motor Co (F.N) said Friday it is recalling 462,000 vehicles worldwide because video output may fail, preventing the rearview camera image from displaying.

The U.S. automaker said the recall covers some 2020-2023 model year Explorer, Lincoln Aviator, and 2020-2022 Lincoln Corsair vehicles equipped with 360-degree cameras and includes 382,000 in the United States.

Continue reading “Ford recalls 462,000 vehicles for rear camera display failure”

DETROIT, Jan 27 (Reuters) – General Motors Co (GM.N) and Ford Motor Co (F.N) are expected to report strong profits for 2022 next week, powered by premium-priced pickup trucks and sports utility vehicles (SUVs).

Now, the Detroit rivals must convince investors that last year’s profit formula can keep working when costs for EV batteries are rising, high interest rates are cutting consumer purchasing power, and Tesla Inc TSLA.O is slashing prices.

Continue reading “GM, Ford must convince investors they can profit as prices fall”

LONDON, Jan 27 (Reuters) – An era of breathtaking palladium rallies is likely to be ending, analysts said, as rising supply and stagnant demand erode prices of the metal used to neutralise vehicle exhaust emissions.

Palladium , once the cheapest major precious metal, rocketed from less than $500 an ounce in 2016 to above $3,400 last March, leaving platinum and gold for dust.

Continue reading “Electric vehicles throw palladium’s mega-rally into reverse”

TOKYO, Jan 27 (Reuters) – Toyota Motor Corp (7203.T) chief Akio Toyoda is set to remain a dominant force inside the world’s largest automaker for years to come, and will continue to influence the agenda after stepping down in April, experts and people familiar with the firm said.

The 66-year-old Toyoda on Thursday announced he would step aside as leader of the company his grandfather founded from April 1 to take the role of chairman. He will hand over to Koji Sato, the 53-year-old head of Toyota’s luxury Lexus brand.

Continue reading “Akio Toyoda set to remain a force at Toyota, even as he steps aside”

MUMBAI, Jan 27 (Reuters) – Indian banks’ exposure to the Adani Group is within manageable limits, said brokerage houses CLSA and Jefferies, as the group fend off an attack from well-known short-seller Hindenburg Research.

The U.S. short-seller said it held short positions in the Indian conglomerate, accusing it of improper use of offshore tax havens and flagging concerns about high debt that eroded $11 billion in investor wealth on Wednesday.

Continue reading “India banks’ exposure to Adani Group is limited – CLSA, Jefferies”

BENGALURU, Jan 27 (Reuters) – Shares of Tata Motors Ltd (TAMO.NS), India’s No.3 carmaker by volume, rose as much as 8.2% to a more-than-four-month high on Friday after the company reported its first quarterly profit in two years.

The stock posted its biggest intraday jump in over 8 months, before easing to trade up about 5.2% at 440 rupees as of 12:45 p.m. IST. It was among the top gainers on the benchmark Nifty 50 index (.NSEI), which was down 1.8% on the day.

Continue reading “India’s Tata Motors surges 8% on first quarterly profit in 2 years”

SAN FRANCISCO/SEOUL, Jan 27 (Reuters) – LG Energy Solution (373220.KS) said on Friday it is in “active discussions” with Tesla (TSLA.O) and electric vehicle startups to supply batteries from the supplier’s proposed Arizona factory in the United States, without elaborating further.

LG Energy Solution, which currently supplies batteries to Tesla in China, said it is reviewing investments in building the new battery factory in Arizona. The comments were made during a conference call.

Continue reading “LG says it’s in talks with Tesla to supply batteries from Arizona factory”

TOKYO, Jan 26 (Reuters) – Toyota’s chief executive will step down as head of the company his grandfather founded, the automaker said on Thursday, handing over to the leader of its Lexus luxury brand as the Japanese giant struggles to meet the shift to electric vehicles.

The 53-year-old chief branding officer and president of Toyota Motor Corp’s (7203.T) Lexus brand, Koji Sato, will take over from April 1 when Akio Toyoda becomes chairman, it said.

Continue reading “Lexus chief to take over Toyota as founder’s grandson steps down”

PARIS, Jan 26 (Reuters) – French carmaker Renault PA> is offering workers to increase its 2023 budget for salaries by 7.5% in 2023 to help cope with the rising cost of living, three sources familiar with the company’s proposal said on Thursday.

Continue reading “Renault offers workers 7.5% salary budget raise in 2023 -sources”

TOKYO, Jan 26 (Reuters) – When the head of Toyota (7203.T) announced on Thursday he would step down as CEO, Akio Toyoda opted for the news outlet he sees as the fairest source of information on the automaker’s environmental record: his own.

For the last three years, the 66-year-old has built up the “Toyota Times”, hiring Japanese journalists and ramping up coverage of the company to counter what he sees as persistent misinformation and unfair criticism.

Continue reading “Toyota boss bows out on news outlet he trusts – his own”

SILVERTON, South Africa, Jan 26 (Reuters) – U.S. Treasury Secretary Janet Yellen on Thursday lauded the Ford Motor Co’s 100-year history of assembling vehicles in South Africa and underscored Washington’s resolve to expand trade ties with countries that it “can count on,” including South Africa.

Yellen spoke after touring Ford’s plant in Silverton, a suburb of Pretoria, where she got behind the wheel of bright yellow new Ranger pickup truck and spoke with workers and company officials. This is the third leg of her three-country trip across the African continent that is aimed at expanding U.S. economic ties and countering China’s influence on the continent.

Continue reading “Yellen lauds Ford’s 100-year history in South Africa, flags more investments”

Jan 26 (Reuters) – Akio Toyoda, president and chief executive of Japan’s Toyota Motor Corp (7203.T) for nearly 14 years, will resign from the top job in April to become chairman, handing over the reins to the company’s top branding officer.

Here’s a chronology of key events and milestones in Toyota’s history under Toyoda, the 66-year-old grandson of the company’s founder.

Continue reading “Milestones in Toyota’s history under Akio Toyoda”