TOKYO, Nov 15 (Reuters) – As U.N. climate conference delegates considered how to save the planet over the weekend in Glasgow, Toyota Motor’s chief executive was in Japan racing an experimental hydrogen car – a vehicle he says could preserve millions of auto jobs.

The colourful Toyota Corolla Sport that Akio Toyoda steered around the Okayama International Circuit in western Japan was powered by a converted GR Yaris engine running on hydrogen. Making such a powerplant commercially viable could keep internal combustion engines running in a carbon-free world. Continue reading “As autos go electric, Toyota chases hydrogen dream”

WASHINGTON, Nov 11 (Reuters) – U.S. President Joe Biden will visit a Michigan General Motors (GM.N) electric vehicle plant next week as the White House pushes Congress to approve big tax incentives for zero-emission vehicles.

The largest U.S. automaker said its “Factory Zero” will mark its grand opening during Biden’s visit Wednesday. The plant, spanning parts of Detroit and Hamtramck, actually opened in 1985 but GM said in 2020 it would repurpose it to build electric trucks and SUVs. Continue reading “Biden, pushing tax breaks for electric vehicles, to visit GM factory”

Nov 11 (Reuters) – Tesla Inc (TSLA.O) Chief Executive Elon Musk disclosed on Wednesday that he sold about $5 billion in shares, just days after the billionaire polled Twitter users about offloading 10% of his stake in the electric carmaker.

It was the first time that Musk cashed out on a stake of that size since the electric carmaker was founded in 2003. Continue reading “Factbox: What happened with Musk’s Tesla stock sales”

FRANKFURT, Nov 12 (Reuters) – German container shipping line Hapag-Lloyd (HLAG.DE) reported a more than 10-fold surge in nine-month net profit on Friday, citing record freight rates amid scarce transport capacity and rising transport volumes.

The world’s fifth biggest operator said net profit climbed to 5.6 billion euros ($6.41 billion) in the January-September period, from 538 million euros a year earlier. Continue reading “Hapag-Lloyd nine-month net profit soars 10-fold on record freight rates”

Nov 11 (Reuters) – Tesla Inc (TSLA.O) boss Elon Musk said on Thursday high production and breakeven cash flow would be the “true test” for Rivian Automotive Inc (RIVN.O), a day after the electric vehicle maker’s blockbuster market debut.

“There have been hundreds of automotive startups, both electric and combustion, but Tesla is (the) only American carmaker to reach high volume production & positive cash flow in past 100 years,” Musk said in a tweet. Continue reading “Musk says high production, breakeven cash flow ‘true test’ for Rivian”

SEOUL, Nov 12 (Reuters) – General Motors Co (GM.N) will launch 10 electric vehicles (EVs) in South Korea by 2025, but has no plans yet to manufacture EVs in the country, Steven Kiefer, the head of GM’s international operations said on Friday.

The No.1 U.S. automaker, which warned last year that persistent industrial action was preventing further investment in South Korea, builds EVs in the United States and China. It also has plans to build them in Mexico and Canada. Continue reading “GM to launch 10 EVs in S.Korea by 2025; no local manufacturing plans yet”

BERLIN, Nov 10 (Reuters) – Electric vehicles (EVs) are a powerful weapon in the world’s battle to beat global warming, yet their impact varies hugely from nation-to-nation and in some places they pollute more than gasoline models, data analysis shows.

In Europe, where sales are rising the fastest in the world, EVs in Poland and Kosovo actually generate more carbon emissions because grids are so coal-reliant, according to the data compiled by research consultancy Radiant Energy Group (REG). Continue reading “Is your electric car as eco-friendly as you thought?”

Nov 10 (Reuters) – Lordstown Motors Corp (RIDE.O) said on Wednesday that Taiwan’s Foxconn has bought stock worth $50 million from the U.S. electric vehicle maker, finalizing an equity investment announced in September.

Foxconn acquired the shares at $6.8983 apiece, Lordstown said. The stock, which had closed at $5.56 in regular trading, rose about 10% to $6.11 after the bell. Continue reading “Foxconn finalizes $50 mln stock deal with Lordstown Motors”

WASHINGTON, Nov 10 (Reuters) – The U.S. Justice Department on Wednesday sued Uber Technologies Inc (UBER.N) over allegations of overcharging disabled passengers, and asked a federal court to order compliance with an anti-discrimination law.

The lawsuit, filed in the U.S. District Court in San Francisco, targets an April 2016 Uber policy of charging passengers “wait time” fees, a practice the ride-sharing service started in several cities and eventually expanded nationwide. Continue reading “U.S. sues Uber over alleged disability discrimination”

GLASGOW, Nov 10 (Reuters) – (This November 10 story corrected to read Volvo Cars in bullet point, paragraphs 9 and 12)

A group of countries, companies and cities committed on Wednesday to phasing out fossil-fuel vehicles by 2040, as part of efforts to cut carbon emissions and curb global warming. Continue reading “Countries, cities, carmakers commit to end fossil-fuel vehicles by 2040”

SEOUL, Nov 11 (Reuters) – South Korea demonstrated a system for controlling urban air mobility vehicles (UAM) on Thursday, which it hopes will serve as taxis between major airports and downtown Seoul as soon as 2025, cutting travel time by two-thirds.

Last year, South Korea announced a roadmap to begin commercial urban air travel by 2025. The transport ministry estimates such services could cut travel time for distances between 30-50km (19-31 miles) from an hour by car to 20 minutes by air. Continue reading “South Korea tests system for controlling air taxis”

Nov 10 (Reuters) – Tesla (TSLA.O) Chief Executive Elon Musk sold about $5 billion in shares, the billionaire reported in filings on Wednesday, just days after he polled Twitter users about selling 10% of his stake.

In his first share sale since 2016, Musk’s trust sold nearly 3.6 million shares in Tesla, worth around $4 billion, while he also sold another 934,000 shares for $1.1 billion after exercising options to acquire nearly 2.2 million shares. Continue reading “Elon Musk sells $5 bln in Tesla shares after Twitter poll”

BERLIN, Nov 11 (Reuters) – Opel’s status as the only German brand within the Stellantis (STLA.MI) group affords it “special prioritisation,” said the carmaker’s chief executive on Thursday, following concerns from unions over the company’s future in the country.

“We are the only German brand. We are building off this and with it I believe we will find success with the Opel brand,” Uwe Hochgeschurtz said at an online summit organised by German newspaper Handelsblatt. Continue reading “Opel has “special prioritisation” as Stellantis’ only German brand – CEO”

DETROIT, Nov 11 (Reuters) – For years, luxury vehicle brands have promoted holiday season sales with slogans like Lexus’s “A December to remember.”

But automakers and dealers are on track to spend less on advertising this holiday season, industry executives and analysts said, leaving behind the generous lease deals and discounts of seasons past. A year of supply chain and production disruptions have left auto dealerships with roughly one-third of the normal inventory levels, giving sellers little reason to shell out for splashy holiday ads. Continue reading “‘December to Forget’: Automakers, retailers cut TV ads amid supply chain woes”

TOKYO, Nov 11 (Reuters) – Large parts of the world are not ready for zero-emission vehicles, which is why Toyota Motor Corp (7203.T) did not sign a pledge this week to phase out fossil-fuel cars by 2040, the world’s largest automaker said o Thursday.

Six major carmakers, including General Motors (GM.N), Ford (F.N), Sweden’s Volvo Cars (VOLCARb.ST) and Daimler AG’s (DAIGn.DE) Mercedes-Benz, signed the Glasgow Declaration on Zero Emission Cars and Vans, as did a number of countries including India.  Continue reading “Toyota says large parts of world not ready for zero-emission cars”

Nov 11 (Reuters) – Companies in North America added a record number of robots in the first nine months of this year as they rushed to speed up assembly lines and struggled to add human workers.

Factories and other industrial users ordered 29,000 robots, 37% more than during the same period last year, valued at $1.48 billion, according to data compiled by the industry group the Association for Advancing Automation. That surpassed the previous peak set in the same time period in 2017, before the global pandemic upended economies. Continue reading “North American companies rush to add robots as demand surges”

Nov 10 (Reuters) – Shares of Rivian Automotive Inc (RIVN.O) surged as much as 53% in its Nasdaq debut on Wednesday, giving the Amazon-backed electric vehicle maker a market valuation of more than $100 billion after the world’s biggest initial public offering this year.

Rivian shares closed at $100.73, marking a nearly 30% jump from its offering price. Continue reading “Rivian valued at over $100 bln in debut, after world’s biggest IPO of 2021”

BEIJING, Nov 11 (Reuters) – For foreign automakers, selling in China – the world’s biggest car market and front-runner by far in the adoption of electric vehicles – can yield great rewards. But the regulatory headaches can also be really painful.

A lack of transparency, insufficient lead time for new rules as well as unequal “access to policy and standards drafting processes” were key complaints about Chinese auto regulation listed in a European Union Chamber of Commerce report. Continue reading “In China, global automakers seek clarity from a more ambitious regulator”

TOKYO, Nov 11 (Reuters) – Japan’s Subaru Corp (7270.T) on Thursday unveiled its first all-electric vehicle (EV), the Solterra, the result of a two-year joint development project with its biggest shareholder, Toyota Motor Corp (7203.T).

The sports utility vehicle (SUV) launch comes amid accelerating demand for EVs as nations around the world tighten environmental regulation to cut carbon emissions. Toyota last month announced its version of a battery electric vehicle (BEV), the bZ4X. Continue reading “Japan’s Subaru unveils first all-electric car, developed with Toyota”

HAMBURG, Nov 9 (Reuters) – Volkswagen (VOWG_p.DE) has no plans to cut 30,000 jobs, CEO Herbert Diess told staff in an internal video message, hoping to fix his damaged relationship with the carmaker’s works council that deteriorated further in recent weeks.

Diess said he was in talks with labour representatives on how the company’s Wolfsburg site, which the 63-year-old says lags in terms of efficiency and speed, could be transformed to better compete with new sector entrants such as Tesla (TSLA.O). Continue reading “Volkswagen CEO tells staff there are no plans to cut 30,000 jobs”

FRANKFURT, Nov 9 (Reuters) – Volkswagen (VOWG_p.DE)said on Tuesday it plans to build a new state-of-the-art car factory close to its headquarters in Wolfsburg, Germany, hoping to raise its game as the opening of Tesla’s (TSLA.O) gigafactory near Berlin draws closer.

The plant, which still requires approval by Volkswagen’s supervisory board over the coming weeks, is part of the group’s Trinity project under which the carmaker wants to build a flagship electric sedan in Wolfsburg from 2026. Continue reading “Volkswagen plans new site in Germany to counter Tesla’s gigafactory”

SEOUL/WASHINGTON, Nov 9 (Reuters) – The U.S. auto safety regulator announced on Tuesday its first-ever reward to a whistleblower, handing out more than $24 million to a former Hyundai Motor Co (005380.KS) employee who provided key information about safety lapses at the South Korean carmaker.

The award to ex-Hyundai Motor engineer Kim Gwang-ho is the biggest ever in a whistleblower case in the auto sector globally, according to law firm Constantine Cannon, which represented Kim.

Continue reading “U.S. auto safety regulator awards over $24 mln to Hyundai Motor whistleblower”

BERLIN, Nov 10 (Reuters) – Volkswagen’s (VOWG_p.DE) Herbert Diess said on Wednesday he was confident he would remain as chief executive into next year, dismissing speculation that he could be pushed aside.

Diess, who is facing disagreements with Volkswagen’s works council over potential cuts, was asked at an online summit organised by German newspaper Handelsblatt whether he believed he would keep his post to which he replied: “Yes, certainly”. Continue reading “VW’s Diess says to remain CEO, dismisses fossil fuel phase out”

GLASGOW, Nov 10 (Reuters) – Swedish automaker Volvo Cars (VOLCARb.ST) said on Wednesday it had set a price on carbon emissions from its operations of 1,000 Swedish crowns ($116.30) a tonne, part of attempts to ensure all future projects are sustainable.

Announcing the move at global climate talks in Scotland as it joined an imitative to phase out fossil fuel cars and vans, the company said it had deliberately set a relatively high price to “future proof” itself. Continue reading “Volvo Cars sets carbon price to assess sustainability of new projects”

LUDWIGSBURG, Nov 10 (Reuters) – Porsche AG, part of the Volkswagen Group, profits from being part of Volkswagen, its CEO Oliver Blume said on Wednesday, following speculation that an IPO of the luxury unit could be on the cards.

“We feel very comfortable in the Volkswagen Group, we can profit from synergies. The important thing in this time is to focus on transformation,” Blume said, speaking at a car industry conference organised by autos publication Automobilwoche in Ludwigsburg, Germany. Continue reading “Porsche AG benefits from being part of Volkswagen Group, CEO says”

Nov 8 (Reuters) – Tesla Inc (TSLA.O) chief Elon Musk’s Twitter poll proposing to sell a tenth of his holdings in the electric carmaker shaved around $60 billion off the company’s market value on Monday and raised questions about whether he may have violated his settlement with the U.S. securities regulator again.

Musk, the world’s richest person with a net worth estimated by Forbes at $304 billion on Monday, tweeted on Saturday that he would offload 10% of his stake if users of the social media network approved. The poll garnered more than 3.5 million votes, and 57.9% of the people voted in favor. Continue reading “Musk’s Twitter poll shaves stock price and raises regulatory questions”

DETROIT, Nov 8 (Reuters) – General Motors Co’s Cadillac brand is gearing up to challenge Tesla Inc (TSLA.O) and other rivals in the luxury electric vehicle market with a new electric utility vehicle and nearly 40% fewer U.S. dealers than it had in 2018, the brand’s global chief told Reuters.

Cadillac has largely completed a restructuring of its U.S. dealer network and expects to have 560 dealers by the end of this year, compared with about 920 three years ago, said Rory Harvey, head of the global Cadillac brand. Continue reading “Cadillac thins out U.S. dealers to get fit for the Tesla challenge”

BERLIN/LONDON, Nov 8 (Reuters) – European automakers reeling from a global chip shortage have in recent days hastened to assure shareholders that shortages of magnesium are not, for now, a risk to their production plans.

However, car part suppliers and industry associations warn that if production in China, which accounts for 85% of global magnesium supply, does not pick up pace soon, automakers could be facing significant shortfalls of the material. Continue reading “Automakers say magnesium shortage not a problem, for now”

Nov 8 (Reuters) – Uber and Lyft are emerging from the pandemic as leaner, lower-cost companies with a long-elusive operating profit and the unexpected power to raise prices without alienating riders.

Ride-hail fares have surged to unprecedented levels this year due to a driver shortage. Much to the companies’ delight, riders so far appear undeterred, flocking back to the platforms in ever-greater numbers. Continue reading “High prices spell no demand problem for resurgent Uber and Lyft”

WASHINGTON, Nov 5 (Reuters) – General Motors Co (GM.N) confirmed Friday it will again halt production at its Orion Assembly plant in Michigan, which makes the Chevrolet Bolt electric vehicle, for three more weeks.

The largest U.S. automaker in August widened its recall of the Bolt to more than 140,000 vehicles to replace battery modules and to address fire risks after a series of fires. Continue reading “GM to extend Chevrolet Bolt plant shutdown by three weeks”

Nov 5 (Reuters) – Rivian Automotive, backed by Amazon.com Inc (AMZN.O), on Friday significantly raised the expected offer price of its shares, with the electric vehicle manufacturer aiming for a valuation of as much as $65 billion in its initial public offering.

It had earlier this week aimed for a valuation of more than $53 billion at a price of $62 per share. The company now expects to sell 135 million shares in the range of $72-$74 apiece to raise nearly $10 billion on Nov. 9. Continue reading “EV maker Rivian boosts IPO price range, aims for $65 bln valuation”

SEOUL, Nov 4 (Reuters) – The battery unit of South Korea’s SK Innovation Co Ltd (096770.KS) plans to invest $2.53 billion to build a new electric vehicle (EV) battery factory in China, China’s local government backed Yancheng News reported on Thursday.

SK Innovation’s wholly-owned battery subsidiary SK On, which supplies electric car batteries to Ford Motor Co (F.N), Volkswagen (VOWG_p.DE) and Hyundai Motor Co (005380.KS) among others, has battery production sites in the United States, Hungary, China and South Korea. Continue reading “S.Korea’s SK On to invest $2.5 bln to build new EV battery factory in China -govt media”

Nov 4 (Reuters) – Nikola Corp (NKLA.O) said on Thursday it was working with U.S. regulators to pay a $125 million penalty to settle a charge against its founder, as the electric-truck maker works on ramping up production.

The U.S. Securities and Exchange Commission (SEC) had charged Trevor Milton for using social media to repeatedly mislead investors about the company’s technology and capabilities, reaping “tens of millions of dollars” as a result of his misconduct. Continue reading “Nikola to pay $125 mln penalty in SEC settlement”

Nov 5 (Reuters) – Spanish travel booking group Amadeus (AMA.MC) returned to profit in the third quarter after more than a year of quarterly losses, it said on Friday, citing a pick-up in flight bookings after pandemic-related travel restrictions eased.

The company made adjusted net profit of 23.8 million euros ($27.51 million) in the third quarter compared with a 125 million euro loss in the same period a year ago. Its free cash flow turned positive, with an inflow of about 84 million euros. Continue reading “Spain’s Amadeus books first profit since start of pandemic”

BEIJING, Nov 5 (Reuters) – Japanese automakers Honda Motor Co (7267.T), Nissan Motor Co (7201.T) and Toyota Motor Corp’s (7203.T) sales in China tumbled again in October as a microchip shortage hit vehicle production in the world’s biggest car market.

Honda said it sold 148,377 vehicles in China last month, down 18% from a year earlier, while Nissan said it sold 113,876 cars, down 22%. Continue reading “Japanese carmakers’ Chinese sales tumble in October”

Nov 4 (Reuters) – Ford Motor Co (F.N) said it plans to retire up to $5 billion in high-interest debt and tap into the fast-growing market for “green” bonds to help it finance new electric vehicles and expand credit to customers with lower scores.

Ultimately, the automaker aims to regain an investment grade rating for itself and Ford Credit, its captive financing arm, which in turn would lower the cost of future borrowing. Continue reading “Ford to retire $5 billion in high-interest debt, issue green bonds”

Nov 4 (Reuters) – Uber Technologies Inc (UBER.N) on Thursday reported its first profitable quarter on an adjusted basis since it launched more than a decade ago with its two most important segments, ride-hailing and restaurant delivery, both turning the corner.

Company executives allayed investor concerns about a shortage of drivers, telling analysts that spending on incentives to entice drivers back on the road after the pandemic was largely behind the company. Continue reading “Uber makes first operating profit as driver shortage eases”

FRANKFURT, Nov 5 (Reuters) – The Porsche and Piech families, which control Volkswagen’s (VOWG_p.DE) largest shareholder Porsche SE (PSHG_p.DE), continue to support the carmaker’s CEO Herbert Diess, a spokesperson for Porsche SE said on Friday.

“The families continue to back Mr. Diess. There has been no change in their position,” the spokesperson said. Continue reading “Porsche, Piech families still backing Volkswagen CEO Diess”

Nov 2 (Reuters) – Lyft Inc (LYFT.O) shares soared more than 13% in extended trading on Tuesday after the company reported an adjusted profit for the third quarter and outlined a path to sustained profitability on the back of drastic cost cuts and a return of riders and drivers.

Lyft’s leaner cost structure allowed it to increase ridership without incurring rising expenses and executives said they targeted even higher adjusted profit in the fourth quarter, outlining their conviction for a continued recovery from a bruising pandemic.

Continue reading “Lyft soars as company charts a path out of the pandemic”

LONDON, Nov 3 (Reuters) – Tesla cars from Wednesday will be available to Uber (UBER.N) drivers in London looking to buy or lease a green vehicle as part of an incentive scheme to boost electric car use, the ride-hailing app said.

Since Uber introduced a clean air fee, which adds 3 pence (4 cents) to every mile of a passenger trip in London, more than 135 million pounds has been collected for drivers to use towards environmentally-friendly models at discounted rates with partners such as Nissan and Kia. Continue reading “Tesla added to Uber London plan to boost electric car uptake”