Volkswagen targets 70-75 billion euro valuation in planned Porsche IPO

Volkswagen targets 70-75 billion euro valuation in planned Porsche IPO

HAMBURG/BERLIN, Sept 18 (Reuters) – Volkswagen (VOWG_p.DE)is targeting a valuation of up to 75 billion euros ($75.1 billion) for luxury sportscar maker Porsche, it said on Sunday, in what will be Germany’s second-largest initial public offering (IPO) in history.

Volkswagen will price preferred shares in the flotation of Porsche AG at 76.50 euros to 82.50 euros per share, the carmaker said, translating into a valuation of 70 billion to 75 billion euros. Continue reading “Volkswagen targets 70-75 billion euro valuation in planned Porsche IPO”

Tesla aims to double vehicle sales in Germany in 2022, Automobilwoche reports

Tesla aims to double vehicle sales in Germany in 2022, Automobilwoche reports

FRANKFURT, Sept 18 (Reuters) – Tesla (TSLA.O) is planning to double vehicle sales in Germany in 2022, German weekly Automobilwoche reported, citing a local executive.

“Our goal is to double sales each year, which translates into around 80,000 units in 2022,” the executive was quoted as saying. Continue reading “Tesla aims to double vehicle sales in Germany in 2022, Automobilwoche reports”

Auto industry ad spend falls to $4.8 billion in first seven months of 2022, data show

Auto industry ad spend falls to $4.8 billion in first seven months of 2022, data show

Sept 16 (Reuters) – U.S. auto industry ad spend for the first seven months of this year fell 4% year-on-year as inventory shortages crimped sales even as vehicle demand stayed strong, according to data from an advertising research firm.

Digital ad spending accounted for 53% of the totall $4.80 billion the industry spent during the period, according to data from Standard Media Index (SMI). Continue reading “Auto industry ad spend falls to $4.8 billion in first seven months of 2022, data show”

Opel stops planned China expansion amid geopolitical tensions, Handelsblatt reports

Opel stops planned China expansion amid geopolitical tensions, Handelsblatt reports

BERLIN, Sept 16 (Reuters) – German carmaker Opel has stopped a planned expansion into China amid geopolitical tensions between Beijing on one side and the United States and European Union on the other, the Handelsblatt daily reported on Friday, citing sources.

A company spokesperson confirmed the decision to Handelsblatt, citing current challenges in the auto sector. Continue reading “Opel stops planned China expansion amid geopolitical tensions, Handelsblatt reports”

Porsche IPO to comprise 911 million shares in nod to its most famous model

Porsche IPO to comprise 911 million shares in nod to its most famous model

HAMBURG/FRANKFURT/LONDON, Sept 15 (Reuters) – Volkswagen’s (VOWG_p.DE) supervisory board is due to meet on Sunday to move forward with the IPO of its Porsche brand, which will comprise 911 million shares in a nod to its most famous model, two sources close to matter said.

Details on the price range, valuation and confirmed cornerstone investors are likely to be announced after the meeting, a third source said. Continue reading “Porsche IPO to comprise 911 million shares in nod to its most famous model”

EU trade commissioner: concerns over e-car tax incentives raised with U.S.

EU trade commissioner: concerns over e-car tax incentives raised with U.S.

BERLIN, Sept 15 (Reuters) – The European Commission has raised concerns with the United States that its tax incentives for electric cars could violate WTO rules, EU trade commissioner Valdis Dombrovskis said.

“We agreed our teams are going more in depth,” he said on the sidelines of a G7 trade ministers meeting in Germany on Thursday. Continue reading “EU trade commissioner: concerns over e-car tax incentives raised with U.S.”

Thailand’s top court rules Toyota unit must pay $272 mln in import duties

Thailand’s top court rules Toyota unit must pay $272 mln in import duties

BANGKOK, Sept 15 (Reuters) – Thailand Supreme Court on Thursday upheld a lower court ruling that the local unit of Toyota Motor Corp (7203.T) owed the government 10 billion baht ($272.11 million) in extra taxes for importing components not subject to a reduced tariff.

The court was handling an appeal against a 2019 ruling that the company must pay duties on some parts imported from Japan, which were for its Prius gas-electric hybrid model assembled in Thailand between 2010 and 2012. Continue reading “Thailand’s top court rules Toyota unit must pay $272 mln in import duties”

For Nissan, currency doesn’t determine long-term plans, COO says

For Nissan, currency doesn’t determine long-term plans, COO says

TOKYO, Sept 15 (Reuters) – Nissan Motor Co Ltd (7201.T) doesn’t make its longer-term decisions based on currency fluctuations, its chief operating officer said on Thursday, even as the yen’s sharp sell-off has sparked concerns about Japan Inc’s ability to manage the volatility.

The comments from Ashwani Gupta also highlight how the yen is no longer a straightforward issue for many Japanese manufacturers. Continue reading “For Nissan, currency doesn’t determine long-term plans, COO says”

Compass Minerals picks lithium extraction technology to supply Ford, others

Compass Minerals picks lithium extraction technology to supply Ford, others

Sept 14 (Reuters) – Compass Minerals International Inc (CMP.N) said on Wednesday it will use a lithium extraction technology developed by EnergySource Minerals LLC to produce the electric vehicle battery metal for Ford Motor Co (F.N) and others.

Washington has been pressing for U.S. companies to find greener ways to boost domestic production of battery metals and lessen the country’s reliance on China. Continue reading “Compass Minerals picks lithium extraction technology to supply Ford, others”

Car electrification unlikely to erase market for ethanol, says producer

Car electrification unlikely to erase market for ethanol, says producer

NEW YORK, Sept 14 (Reuters) – The global movement by governments and automakers to boost electrification of cars does not mean ethanol will be dead as a product, according to an executive of one of the world’s largest producers of the biofuel.

Beyond the demand that will continue to exist in countries that produce the biofuel and where adoption of EVs is seen as slower, such as Brazil and India, there are industries that will need to use biofuels to reduce emissions where electrification is not a feasible option, said Paula Kovarsky, chief strategy officer at Brazil’s Raízen SA (RAIZ4.SA). Continue reading “Car electrification unlikely to erase market for ethanol, says producer”

Sweden’s AB Volvo starts series production of heavy electric trucks

Sweden’s AB Volvo starts series production of heavy electric trucks

STOCKHOLM, Sept 14 (Reuters) – Swedish truck maker AB Volvo (VOLVb.ST) said on Wednesday it was starting series production of heavy electric trucks, catering to a growing demand for zero-emission transport.

It said in a statement it was beginning series production of the electric versions of models Volvo FH, Volvo FM and Volvo FMX, which represent around two thirds of group sales. Continue reading “Sweden’s AB Volvo starts series production of heavy electric trucks”

Upset by high prices, GM’s Cruise develops its own chips for self-driving cars

Upset by high prices, GM’s Cruise develops its own chips for self-driving cars

SAN FRANCISCO, Sept 13 (Reuters) – General Motors’ (GM.N) autonomous driving unit Cruise has developed its own chips for self-driving cars to be deployed by 2025, as they aim to bring down costs and scale up volume, executives said Tuesday.

Cruise is taking a page out of Tesla’s (TSLA.O) playbook, switching from Nvidia Corp’s (NVDA.O) products to customized chips to power their vehicles. Continue reading “Upset by high prices, GM’s Cruise develops its own chips for self-driving cars”

Stellantis to buy back shares worth about $920 mln from GM
Honda considers listing electric motorcycle business – WSJ

Honda considers listing electric motorcycle business – WSJ

Sept 13 (Reuters) – Honda Motor Co Ltd (7267.T) is considering taking its electric motorcycle unit public, the Wall Street Journal reported on Tuesday, citing the Japanese manufacturer’s managing officer Yoshishige Nomura.

The report, which did not disclose where the company would list its unit, said talks of the pros and cons of the plan were still at an early stage. (https://on.wsj.com/3La5Vi2) Continue reading “Honda considers listing electric motorcycle business – WSJ”

Auto parts supplier Aptiv to acquire 85% of Intercable unit in EV tech push

Auto parts supplier Aptiv to acquire 85% of Intercable unit in EV tech push

Sept 13 (Reuters) – Auto parts supplier Aptiv Plc (APTV.N) said on Tuesday it would acquire a majority stake in a unit of Italy’ Intercable for 595 million euros ($605.71 million), allowing the U.S. company access to technology used in electric vehicles (EVs).

Aptiv will own an 85% stake in the unit, Intercable Automotive Solutions, which manufactures high-voltage busbars that carry more electrical power than traditional cables. It has manufacturing facilities in Europe and Asia. Continue reading “Auto parts supplier Aptiv to acquire 85% of Intercable unit in EV tech push”

Chip tech startup SiFive launches products aimed at automotive market

Chip tech startup SiFive launches products aimed at automotive market

Sept 13 (Reuters) – Silicon Valley startup SiFive Inc on Tuesday launched three new products aimed at the automotive market, which is emerging as one of the hottest areas for chip makers with electric and self-driving cars expected to boost the number of chips needed.

The new chip designs launched are the E6-A series for digital control applications like steering, S7-A for so-called “safety islands” that act as a failsafe for other critical applications, and X280-A to manage data from image sensors and do machine learning work, including for autonomous driving. Continue reading “Chip tech startup SiFive launches products aimed at automotive market”

Australia’s Atlas Arteria scoops up 67% stake in Chicago Skyway for $2.01 billion

Australia’s Atlas Arteria scoops up 67% stake in Chicago Skyway for $2.01 billion

Sept 13 (Reuters) – Toll road operator Atlas Arteria Group (ALX.AX) said on Tuesday it had entered into an agreement to acquire a 66.67% stake in Chicago Skyway for an equity value of $2.01 billion.

Chicago Skyway is a 12.5-km (7.8-mile) toll road that connects the Indiana Toll Road to the Dan Ryan Expressway on Chicago’s South Side, and has 81 years of remaining concession life, the Melbourne-based toll roads operator said. Continue reading “Australia’s Atlas Arteria scoops up 67% stake in Chicago Skyway for $2.01 billion”

Mercedes-Benz climate case dropped by German court, appeal planned

Mercedes-Benz climate case dropped by German court, appeal planned

BERLIN, Sept 13 (Reuters) – A lawsuit accusing Mercedes-Benz (MBGn.DE) of infringing on people’s freedoms by exacerbating climate change was dropped by the Stuttgart district court on Tuesday but the German climate NGO behind the case said it planned to appeal.

The case brought by NGO Deutsche Umwelthilfe (DUH) marked the first by individual citizens in Germany against a private company for exacerbating climate change. Continue reading “Mercedes-Benz climate case dropped by German court, appeal planned”

Traton sells some assets in Russia, incurs 550 million euro loss

Traton sells some assets in Russia, incurs 550 million euro loss

FRANKFURT, Sept 13 (Reuters) – Volkswagen’s (VOWG_p.DE) truck division Traton (8TRA.DE) on Tuesday said some of its divisions were disposing assets in Russia, a move that will cause a 550 million euro ($560 million) loss.

MAN Truck & Bus SE and Scania AB, subsidiaries of Traton, are selling their sales companies in Russia to local partners, while Scania is also divesting its Russian financing business, Traton said. Continue reading “Traton sells some assets in Russia, incurs 550 million euro loss”

Fire at e-scooter showroom in India kills eight in deadliest such incident

Fire at e-scooter showroom in India kills eight in deadliest such incident

MUMBAI, Sept 13 (Reuters) – A fire that started at an electric scooter showroom in India killed at least eight people and injured 11, police said on Tuesday, in what is the deadliest such incident involving electric vehicles in the country.

A spate of electric scooter fires this year has alarmed the government, which is keen to promote use of such two-wheelers in its fight against pollution. Early investigations have identified faulty battery cells and battery modules among the main causes. Continue reading “Fire at e-scooter showroom in India kills eight in deadliest such incident”

Battery startup ONE aims to slash cell cost, deliver 600-mile range

Battery startup ONE aims to slash cell cost, deliver 600-mile range

Sept 13 (Reuters) – Michigan-based startup Our Next Energy has unveiled a new anode-free battery pack designed to slash cell cost as much as 50% while delivering up to 600 miles (965 km) of driving range, the company said Tuesday.

The young company hopes to begin producing its Gemini pack at a new 20-gigawatt-hour U.S. manufacturing plant in 2026, founder and Chief Executive Mujeeb Ijaz said in an interview. Continue reading “Battery startup ONE aims to slash cell cost, deliver 600-mile range”

Ferrari woos super rich with $400,000, petrol-fuelled SUV

Ferrari woos super rich with $400,000, petrol-fuelled SUV

MILAN, Sept 13 (Reuters) – Ferrari (RACE.MI) unveiled on Tuesday its first SUV, the 390,000 euro ($397,000), 12-cylinder Purosangue, aimed at super-rich drivers still not ready to go all-electric.

While late to the SUV market, the Italian brand famed for its prancing horse logo is sure the luxury sports car-style of the Purosangue – or Thoroughbred – will make the model stand out. Continue reading “Ferrari woos super rich with $400,000, petrol-fuelled SUV”

Nissan extends suspension of Russia factory for three months

Nissan extends suspension of Russia factory for three months

TOKYO, Sept 12 (Reuters) – Japanese automaker Nissan (7201.T) will extend its suspension of an assembly plant in Saint Petersberg, Russia, for three months until late December, it said on Monday.

“Production is suspended at St Petersburg until the end of December and employees have been informed. We continue to monitor the situation closely and will take actions as needed,” a Nissan spokesperson said. Continue reading “Nissan extends suspension of Russia factory for three months”

Jury selection begins in U.S. trial of Nikola founder Trevor Milton

Jury selection begins in U.S. trial of Nikola founder Trevor Milton

NEW YORK, Sept 12 (Reuters) – The U.S. fraud trial of Trevor Milton, the founder and former chief executive of Nikola Corp (NKLA.O) who prosecutors accuse of lying to investors about the electric- and hydrogen-powered truck maker, began on Monday in New York with jury selection.

Prosecutors have said Milton sought to deceive investors about the company’s technology starting in November 2019. He left the company in September 2020 after a report by short seller Hindenburg Research called the company a “fraud.” Continue reading “Jury selection begins in U.S. trial of Nikola founder Trevor Milton”

Truly autonomous cars may be impossible without helpful human touch

Truly autonomous cars may be impossible without helpful human touch

MILTON KEYNES, England, Sept 12 (Reuters) – Autonomous vehicle (AV) startups have raised tens of billions of dollars based on promises to develop truly self-driving cars, but industry executives and experts say remote human supervisors may be needed permanently to help robot drivers in trouble.

The central premise of autonomous vehicles – that computers and artificial intelligence will dramatically reduce accidents caused by human error – has driven much of the research and investment. Continue reading “Truly autonomous cars may be impossible without helpful human touch”

Workers at Stellantis’ Indiana plant go on strike

Workers at Stellantis’ Indiana plant go on strike

Sept 10 (Reuters) – Members of the United Auto Workers union walked out of Stellantis’ (STLA.MI) Kokomo plant in Indiana on Saturday, citing health and safety concerns.

In a statement, the union demanded the company replace its heating and air-conditioning systems, provide clean uniforms and repair equipment to provide a safer and more comfortable working environment. Continue reading “Workers at Stellantis’ Indiana plant go on strike”

Vietnam’s VinFast hands over first electric SUVs, eyes U.S. deliveries

Vietnam’s VinFast hands over first electric SUVs, eyes U.S. deliveries

HAIPHONG, Vietnam, Sept 10 (Reuters) – Vietnamese carmaker VinFast on Saturday began handing its first batch of 100 all-electric sport utility vehicles (SUVs) to local customers, with U.S. deliveries of the vehicle due to begin as soon as December.

VinFast, which began operations in 2019, is gearing up to expand in the U.S. market, where it hopes to compete with legacy automakers and startups with its two all-electric SUVs, the VF8 and VF9, including battery leasing to reduce the purchase price. Continue reading “Vietnam’s VinFast hands over first electric SUVs, eyes U.S. deliveries”

Volkswagen in Mexico offers extra pay to get worker approval for new deal

Volkswagen in Mexico offers extra pay to get worker approval for new deal

MEXICO CITY, Sept 9 (Reuters) – German carmaker Volkswagen (VOWG_p.DE) will offer workers at its main Mexico plant an extra month of wages in a bid to secure their approval of a deal negotiated by their union for a 9% raise, labor officials said on Friday.

Workers in votes twice last month rejected the agreement, which would mark the highest raise at an automaker in Mexico in recent years. However, it is only slightly above inflation. Continue reading “Volkswagen in Mexico offers extra pay to get worker approval for new deal”

BMW’s Chinese partner woes are a warning to rivals

BMW’s Chinese partner woes are a warning to rivals

HONG KONG, Sept 9 (Reuters Breakingviews) – The looting of Brilliance China Automotive (1114.HK), BMW’s (BMWG.DE) joint venture partner in the People’s Republic, by its indebted state-owned parent sends a signal to other foreign carmakers stuck in similar arrangements: take control or leave.

On Friday, Hong Kong-listed Brilliance revealed that a complex series of undisclosed transactions totalling 53 billion yuan ($7.6 billion) had resulted in a 2.4 billion yuan loss for the company — a separate entity from the BMW JV — between 2019 and 2021. That included 11 billion yuan of fund transfers and loan guarantees for its struggling state-owned parent Huachen Automotive Group which were never run by the board or explained to shareholders. This is not exactly shocking. Huachen has been in bankruptcy restructuring following a series of defaults in 2020, and its ex-chairman was charged with graft. Continue reading “BMW’s Chinese partner woes are a warning to rivals”

China’s Aug auto sales jump 32% with strong EV demand

China’s Aug auto sales jump 32% with strong EV demand

SHANGHAI, Sept 9 (Reuters) – China’s auto sales reached 2.38 million units in August, increasing 32.1% from a year ago, as they extended a recovery led by electric vehicles (EV) whose sales have been boosted by government incentives.

Sales for the first eight months were 1.7% higher than the same period in 2021, data from the China Association of Automobile Manufacturers (CAAM) showed on Friday. Continue reading “China’s Aug auto sales jump 32% with strong EV demand”

Brazil’s Mercedes-Benz union goes on strike after layoffs announced

Brazil’s Mercedes-Benz union goes on strike after layoffs announced

Sept 8 (Reuters) – Brazilian workers at Mercedes-Benz (DTGGe.DE) have gone on strike after the Brazilian arm of the company announced plans to lay off 3,600 employees, their union said on Thursday.

The Sindicato dos Metalurgicos do Grande ABC union said in a statement that workers would strike until Sept. 12 after the company said it would lay off 3,600 workers and outsource operations at its truck and bus chassis plant in Brazil’s Sao Paulo state. Continue reading “Brazil’s Mercedes-Benz union goes on strike after layoffs announced”

Volkswagen launches First Anniversary Edition of Taigun, marking one stellar year of the SUVW in India

Volkswagen launches First Anniversary Edition of Taigun, marking one stellar year of the SUVW in India

•Most-awarded SUVW, the Volkswagen Taigun completes one phenomenal year in the premium mid-size SUV segment in India

•The Taigun First Anniversary Edition is available for customers in three vibrant colours that would add to their Bold & Dynamic personality; A brand new colour ‘Rising Blue’ along with the Curcuma Yellow and Wild Cherry Red

•The First Anniversary Edition will be available across the 152 Volkswagen touch points in India

Continue reading “Volkswagen launches First Anniversary Edition of Taigun, marking one stellar year of the SUVW in India”

China’s BYD to start EV production in Thailand by 2024

China’s BYD to start EV production in Thailand by 2024

BANGKOK, Sept 8 (Reuters) – Chinese electric vehicle (EV) maker BYD (002594.SZ) on Thursday announced it would set up a facility in Thailand to start producing 150,000 passenger cars per year from 2024.

BYD announced in a joint statement with Thai industrial developer WHA Group (WHA.BK) that a purchase agreement had been signed for 96 hectares (237 acres) of land in the eastern province of Rayong for the plant. Continue reading “China’s BYD to start EV production in Thailand by 2024”

EXCLUSIVE General Motors targets China’s urban rich with luxury imports

EXCLUSIVE General Motors targets China’s urban rich with luxury imports

BEIJING, Sept 8 (Reuters) – General Motors has lost its mojo in China.

Sales of its flagship Buick, Cadillac and Chevrolet brands have slumped by a third over the past five years to 1.3 million cars a year as consumers snap up smart EVs made by home-grown firms such as Xpeng (9868.HK), Nio (9866.HK) and BYD . Continue reading “EXCLUSIVE General Motors targets China’s urban rich with luxury imports”

Deutsche Bank mandated to lead Porsche IPO retail offering – spokesperson

Deutsche Bank mandated to lead Porsche IPO retail offering – spokesperson

FRANKFURT, Sept 7 (Reuters) – Deutsche Bank (DBKGn.DE) has been mandated to run the retail offering of Porsche’s upcoming listing, a spokesperson for Deutsche Bank said on Wednesday.

As part of the initial public offering, Volkswagen (VOWG_p.DE) plans to offer preferred shares to the public in Germany, Austria, France, Italy, Spain and Switzerland in addition to offers to institutional investors. Continue reading “Deutsche Bank mandated to lead Porsche IPO retail offering – spokesperson”

Elon Musk $258 billion Dogecoin lawsuit expands

Elon Musk $258 billion Dogecoin lawsuit expands

NEW YORK, Sept 7 (Reuters) – The $258 billion racketeering lawsuit accusing Elon Musk of running a pyramid scheme to support the cryptocurrency Dogecoin has expanded, adding seven new investor plaintiffs and six new defendants including his tunnel construction business Boring Co.

According to an amended complaint filed on Tuesday night in Manhattan federal court, Musk, his electric car company Tesla Inc (TSLA.O), his space tourism company SpaceX, Boring and others intentionally drove up the price of Dogecoin more than 36,000% over two years and then let it crash. Continue reading “Elon Musk $258 billion Dogecoin lawsuit expands”

Stellantis appoints Chris Taylor as chief digital information officer

Stellantis appoints Chris Taylor as chief digital information officer

MILAN, Sept 7 (Reuters) – Stellantis (STLA.MI) on Wednesday said it had appointed IT veteran Chris Taylor as its chief digital information officer, a newly created position aimed at helping the world’s No. 4 carmaker transform into a mobility tech company.

Digital applications and data are increasingly crucial in carmakers’ strategies as they provide new areas for growth, with Stellantis targeting 20 billion euros ($19.8 billion) in annual revenue in 2030 from software-related products and subscriptions. Continue reading “Stellantis appoints Chris Taylor as chief digital information officer”

Mercedes-Benz to lay off 3,600 workers in Brazil

Mercedes-Benz to lay off 3,600 workers in Brazil

SAO PAULO, Sept 6 (Reuters) – Mercedes-Benz (MBGn.DE) said on Tuesday it will fire 3,600 employees in a restructuring of its truck and bus chassis plant in Brazil’s Sao Paulo state amid pressures on its production.

The company said it plans to outsource elements of its operations in the Brazilian city of Sao Bernardo in an effort to confront cost pressures and a changing automobile industry. Continue reading “Mercedes-Benz to lay off 3,600 workers in Brazil”

Russia’s auto sales in Aug down 62.4% year on year, AEB says