Summary

• Adjusted return on sales forecast now 10-11% from 10-12%
• Group earnings before tax down 19% in Q2
• Mercedes facing tough competition in China
• Company says new models should boost sales
• Shares down 1.4% in early trade

(Reuters) – Mercedes-Benz lowered its annual profit margin forecast after weak second quarter sales and earnings on Friday but expects new models to help it battle stiff competition in China in the second half of the year. Continue reading “Under pressure in China, Mercedes trims profit outlook”

HOUSTON, (Reuters) – Baker Hughes cut its outlook for spending by oil producers on Friday, citing lower drilling activity by North American companies, joining other oilfield service companies in warning about softness in the region.

However, the company raised its full-year revenue and profit estimates, banking on strong international growth and demand for gas equipment. Continue reading “Baker Hughes sees lower North America activity; bets on foreign demand”

(Reuters) – Severe wildfire seasons are increasingly hurting western Canada’s lucrative tourism industry, with some visitors beginning to avoid the busy late-summer months due to concerns about uncontrolled blazes, smoke-filled skies and road closures.

After a scorching start to July, nearly 600 wildfires are now ablaze across British Columbia and Alberta, including a huge fire that this week devastated the picturesque tourist town of Jasper in the Canadian Rockies. Continue reading “Fire, smoke upend western Canada’s summer tourism season”

SANTIAGO, (Reuters) – Twelve companies including global miner Rio Tinto and Chinese electric vehicle maker BYD have submitted proposals to extract lithium in Chile’s Altoandinos salt flats, the state mining company ENAMI said on Thursday.

The salt flats in the northern region of Atacama are one of the areas where the Chilean government is aiming to boost lithium production in partnership with the state by kicking off new projects. Continue reading “Rio Tinto, BYD and LG Energy show interest in Chile’s Altoandinos lithium site”

Summary

• June personal consumption expenditures price index up 0.1%
• PCE inflation increases 2.5% year-on-year
• Core PCE price index gains 0.2%; up 2.6% year-on-year
• Consumer spending climbs 0.3%; income rises 0.2%

WASHINGTON, (Reuters) – U.S. prices increased moderately in June as the declining cost of goods tempered a rise in the cost of services, underscoring an improving inflation environment that could position the Federal Reserve to begin cutting interest rates in September. Continue reading “Cooling US inflation bolsters September rate cut hopes”

BEIJING, (Reuters) – Chinese electric vehicle battery giant CATL recorded faster profit growth in the second quarter, even as EV demand slows in the world’s largest auto market while geopolitical tensions cast clouds over its overseas expansion.

CATL’s net profit jumped 13.4% from a year earlier to 12.36 billion yuan ($1.70 billion) in April-June, on a 13.2% drop in revenue to 87 billion yuan, according to Reuters calculations based on a stock filing on Friday. Continue reading “Chinese EV battery maker CATL posts faster profit growth in Q2”

TOKYO, (Reuters) – Nissan cut planned production by a third at its top Japanese plant this month, a move that will also see it slash output of a flagship crossover model, two people said, as it struggles with weak U.S. demand for its ageing line-up.

The Japanese automaker on Thursday reported an almost complete wipe-out in April to June profit and cut its full-year outlook after it was forced to offer deep discounts in the U.S., highlighting the deepening risk it faces in its largest market. Continue reading “Nissan cuts output at top Japanese plant, sources say”

TOKYO, (Reuters) – Japan’s Toyota Motor plans to build a battery plant for electric vehicles in the southwestern prefecture of Fukuoka and supply its batteries to a factory that makes luxury Lexus brand cars, the Nikkei business daily reported on Friday.

The world’s top-selling automaker would seek to make the island of Kyushu where Fukuoka is located a central part of its supply chain for battery-powered vehicles and an export base for Asia, the newspaper said. Continue reading “Toyota to build EV battery plant for Lexus cars, Nikkei reports”

Summary

• Adjusted return on sales forecast now 10-11% from 10-12%
• Group earnings before tax down 19% in Q2
• Mercedes facing tough competition in China
• Company says new models should boost sales
• Shares down 1.4% in early trade

(Reuters) – Mercedes-Benz lowered its annual profit margin forecast after weak second quarter sales and earnings on Friday but expects new models to help it battle stiff competition in China in the second half of the year. Continue reading “Under pressure in China, Mercedes trims profit outlook”

Source : PTI | In a significant move to enhance road safety, Gautam Buddh Nagar District Magistrate Manish Kumar Verma on Wednesday directed officials to launch a campaign against vehicles flouting safety standards including unfit school vehicles. He issued the directions as he chaired a meeting of the District Road Safety Committee at the collectorate auditorium, aimed at enforcing traffic rules and reducing road accidents and fatalities in the district.

Verma emphasized the critical importance of road safety, stating, “Road safety is an essential program to ensure maximum compliance with traffic rules among the general public. If all drivers adhere to traffic regulations 100 per cent, we can significantly reduce road accidents and fatalities.” Continue reading “Noida district magistrate calls for crackdown on vehicles flouting safety norms”

Source : PTI | New Delhi: The Budget announcements related to critical minerals and green transition will not only make India self reliant in resources but also help in meeting net-zero goals, energy industry players said. In her Budget speech on Tuesday, Finance Minister Nirmala Sitharaman announced a slew of measures for sectors, including infrastructure, manufacturing, healthcare, education, startups, and green energy, among others.

Amit Rautela, CFO of state-owned Meja Urja Nigam said the Budget has strategically addressed present requirement of thermal power with a focus on Advanced Ultra Super Critical (AUSC) technology through joint venture route. Further, duty related measures for critical minerals will make the country self reliant in these important resources. Continue reading “Budget proposals for critical minerals, energy transition to push net-zero goals: Energy players”

(Reuters) – Tesla CEO Elon Musk said on Thursday he and the board of the electric vehicle company will discuss making a $5 billion investment in his artificial intelligence startup xAI, fueling concerns about a conflict of interest.

Musk, the world’s richest person, launched xAI last year in a bid to compete with Microsoft-backed OpenAI. That sparked concerns he may allocate some resources of the automaker to the AI company. Continue reading “Musk to discuss $5 billion xAI investment with Tesla board”

Summary

• Stellantis, Nissan profits hit by problems in U.S. market
• Shares hit by poor results
• Ford’s EV business weights on earnings
• Stellantis ready to axe unprofitable brands

LONDON/DETROIT, (Reuters) – Problems in the highly competitive U.S. car market including weak prices, high inventories and difficult logistics dented profits and hit shares of automakers including Ford Motor, Stellantis and Nissan on Thursday, as they scramble to find a fix. Continue reading “US market proves a headache for global carmakers”

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World breaks hottest day record again, despite El Nino’s end WAF Continue reading “WAF Auto News | The Auto World This Week (26th July 2024)”

Summary

• Record set despite absence of warming El Nino weather pattern
• Wildfires blaze in parts of Mediterranean, Siberia, Canada, US
• Excess ocean heat may be helping fuel typhoon nearing Taiwan

LONDON, (Reuters) – The world again registered its hottest day on record on Monday, inching past the previous high recorded just 24 hours earlier on Sunday, according to preliminary data from a European Union monitoring agency. Continue reading “World breaks hottest day record again, despite El Nino’s end”

BANGKOK, (Reuters) – Car production in Thailand fell 20.11% in June from a year earlier due to tighter financing rules and high consumer debt, and full-year production is now expected to be lower than in 2023, the Federation of Thai Industries (FTI) said on Thursday.

The figure compared with May’s 16.19% year-on-year drop. Continue reading “Thailand car production drops sharply in June, local sales fall”

TOKYO, (Reuters) – Japan’s Nissan Motor slashed its annual outlook on Thursday after deep discounting in the United States almost completely wiped out the automaker’s first-quarter profit.

The figures confounded the expectations of analysts who saw profit exceeding last year’s, sending Nissan stock plunging 7%. Continue reading “Nissan profit wiped out by US discounts; shares hammered”

Summary

• Strong sales of premium vehicles, hybrids drive record profit
• Shares close down 2.7% prior to results
• Co expects US Inflation Reduction Act unlikely to be scrapped

SEOUL, (Reuters) – Hyundai Motor reported record quarterly profit and revenue on Thursday on strong sales of high-margin cars and said it would expand hybrid lineups to brace for possible changes in U.S. electric vehicle (EV) policies following the election. Continue reading “Hyundai Motor posts record Q2 profit on strong US sales, to boost hybrid lineups”

Summary

• In change of stance, CEO says may axe unprofitable brands
• Company expects to launch 20 new models this year
• North America ‘needs the most work’ – exec
• To reduce North America output, prices

MILAN, (Reuters) – Stellantis is taking steps to fix weak margins and high inventory at its U.S. operations and will not hesitate to axe underperforming brands in its sprawling portfolio, its chief executive Carlos Tavares said on Thursday. Continue reading “Stellantis ready to axe brands and fix US problems, CEO says”

MEXICO CITY, (Reuters) – Mexico’s president on Wednesday pushed back on Tesla CEO Elon Musk’s comments that the EV maker has paused plans for a plant in Mexico and would reassess investing in a new gigafactory in the country after the U.S. presidential election.

President Andres Manuel Lopez Obrador said the comments are “not serious.” Continue reading “Mexico president says Musk ‘not serious’ about possibly scrapping Mexican investment”

(Reuters) – Software vendors can band together as a class to sue automotive technology giant CDK Global for allegedly restricting access to data and causing them to pay hundreds of millions of dollars in overcharges, a federal judge in Chicago has ruled.

Chief U.S. District Judge Rebecca Pallmeyer on Tuesday said, AutoLoop, which sells software to thousands of dealerships, had met the legal standard to certify its 2018 lawsuit against CDK into a class action with hundreds of other auto industry vendors. Continue reading “Automotive tech company CDK must face antitrust class action, judge says”

Summary

• Ford operating profit misses analysts’ expectations
• Ford maintains full-year outlook
• Investors express frustration with Ford’s progress despite management’s optimism

(Reuters) – Ford Motor reported a dip in second-quarter adjusted profit on Wednesday as the automaker continues to battle costly quality issues and an EV business that is weighing on its bottom line, sending shares tumbling 11% in after-hours trading. Continue reading “Ford profit disappoints, stock falls 11% as quality issues dog automaker”

SINGAPORE, (Reuters) – China’s BYD widened its sales lead over Tesla in Singapore in the first half of this year, government data showed, highlighting the challenge facing the world’s biggest electric vehicle maker by sales from Chinese rivals.

BYD’s strong growth in Singapore, one of the region’s smallest auto markets, underscores the Chinese firm’s ambition to dominate the Southeast Asia market, where gasoline car brands from Japan and South Korea are popular and Tesla has yet to establish a big presence. Continue reading “China’s BYD widens EV lead over Tesla in Singapore, Southeast Asia, data shows”

Summary

• Investors welcome Q2 results, concerned by supply chain problems Porsche cut outlook on Tuesday on supply chain shortage
• Q2 results largely meet analyst expectations
• Model launches, weak sales in China dampen revenue

BERLIN, (Reuters) – Porsche said on Wednesday it was fighting to restore production volumes and re-prioritise spending towards a more flexible product line-up after months of supply chain snags, slow EV demand and a sales slump in China. Continue reading “Porsche bids to restore output, tackle supply chain risks in second half”

(Reuters) – Electric car maker Rivian Automotive will go on trial over allegations that it encouraged its employees who defected from Elon Musk’s Tesla to steal trade secrets, according to a tentative ruling issued by a California judge.

Judge Theodore C. Zayner of the Santa Clara County Superior Court tentatively denied Rivian’s motion to dismiss the lawsuit, stating Tesla presented sufficient evidence for a trial. Continue reading “Rivian to face trial in Tesla trade secrets theft case, judge says”

(Reuters) – BMW is recalling 291,112 vehicles in the U.S. as their interior cargo rails could detach during a rear crash, increasing the risk of injury, the U.S. National Highway Traffic Safety Administration said on Wednesday.

Dealers will replace the rear cargo rail attachment bolts for free, the regulator said. Continue reading “BMW to recall 290,000 faulty vehicles in US on safety fears”

Summary

• Shares lose 11% after disappointing results
• EV deliveries down for second straight quarter
• Auto margins decline on competition

(Reuters) – Tesla shares sank more than 11% on Wednesday as its shrinking auto-sales margins disappointed investors after top boss Elon Musk hyped the company’s investment plans for AI and self-driving technologies. Continue reading “Tesla’s bleak margins sour investors as Musk hypes everything but cars”

Source : PTI | Porsche India on Wednesday said its retail sales increased 40% year-on-year to 489 units in the January-June period. The company saw robust sales of Cayenne and Macan models during the period under review, the luxury sports carmaker said in a statement.

“The desire to own a Porsche in India continues to grow and we are elated to see that the first half of 2024 has been our best ever,” said Manolito Vujicic, Brand Director, Porsche India. Continue reading “Porsche India retail sales grow 40% in January-June period”

Summary

• GM raises adjusted pre-tax profit projection for the year to $13 billion to $15 billion from previous range of $12.5 billion to $14.5 billion
• GM shifts focus to next-generation Chevrolet Bolt for Cruise self-driving unit
• GM’s China operations face scrutiny, $104 million loss reported

DETROIT, Reuters) – General Motors reported second-quarter profit and revenue on Tuesday that beat Wall Street’s expectations, and raised its annual profit forecast for a second time this year, buoyed by strong pricing and demand for gas-powered Continue reading “GM beats quarterly expectations and raises forecast, but shares dive”

(Reuters) – Tesla CEO Elon Musk said on Tuesday that U.S. presidential candidate Donald Trump’s potential removal of support for electric vehicles would hurt other automakers more than the Austin, Texas-based firm.

“It would be devastating for our competitors, and it would hurt Tesla slightly but long term probably actually helps Tesla would be my guess,” Musk said in a post-earnings conference call after the EV maker reported its lowest profit margin in more than five years. Continue reading “Musk says any Trump move against EV support would hurt competitors more than Tesla”

Summary

• Tesla’s Q2 automotive gross margin to 14.6% vs. analysts’ estimates of 16.3%
• Musk forecasts self-driving software to drive Tesla vehicles without human supervision next year
• Musk says Tesla likely to win approval for “supervised” FSD in China, Europe this year
• Tesla’s sales of regulatory credits triple in Q2
• Tesla delays Robotaxi unveiling to Oct. 10 for vehicle improvements

(Reuters) – Tesla on Tuesday reported its lowest profit margin in more than five years and missed Wall Street earnings targets in the second quarter, as the electric vehicle maker cut prices to revive demand while it increased spending on AI projects. Continue reading “Tesla profit margins worst in five years as price cuts, incentives weigh”

Source : PTI | The extent to which renewables should dominate Australia’s energy grids is a major issue in science and politics. Solar and wind are clearly now the cheapest form of electricity. But limits to these technologies can undermine the case for a renewables-only electricity mix. The challenges posed by solar and wind generators are real. They are inherently variable, producing electricity only when the sun is shining and the wind is blowing. To ensure reliable energy supplies, grids dominated by renewables need “firming” capacity: back-up technology that can supply electricity on demand.

Some, including the Albanese government, argue gas-fired generators are needed to fill the gap. Others, such as the Coalition, say renewables can’t “keep the lights on” at all and Australia should pursue nuclear energy instead. Continue reading “Sodium-ion batteries are set to spark a renewable energy revolution – and Australia must be ready”

(Reuters) – Porsche AG cut its sales and profit outlook on Tuesday due to an unexpected aluminium alloy supply shortage, sending the German company’s shares down 4% to the bottom of Frankfurt’s blue-chip index.

Flooding at an unspecified European contractor has hurt supply of aluminium alloy, the luxury sports car maker said, affecting production of all its models and possibly leading to shutdowns for one or more vehicle series. Continue reading “Porsche cuts forecasts, shares fall, amid alloy shortage”

TOKYO, (Reuters) – Toyota Motor said on Tuesday it would launch an 807 billion yen ($5.16 billion) tender offer for its own shares.

The buyback comes amid a governance push by the Tokyo Stock Exchange that has prompted major companies to unwind cross-shareholdings. Continue reading “Toyota to launch $5.16 billion tender offer for own shares”

Summary

• Forvia, BYD to bring Asian partnership to Europe for the first time
• Partnership to take place in BYD’s new Hungarian factory
• Spokesperson- no comment on scale of operations

(Reuters) – The world’s seventh largest car parts supplier Forvia will bring its partnership with Chinese battery specialist and car maker BYD to Europe, it said on Tuesday. Continue reading “Forvia and BYD to bring Asian partnership to Europe”

DETROIT, (Reuters) – General Motors reported second-quarter profit and revenue on Tuesday that beat Wall Street’s expectations, and raised its annual profit forecast for a second time this year, buoyed by strong pricing and demand for gas-powered trucks.

The Michigan automaker is leaning heavily on its gasoline-engine offerings to fuel its profits through a slower-than-anticipated transition to electric vehicles. GM executives say it has now laid the foundation necessary to meet ambitious ramp-up targets on EVs. Continue reading “GM beats second-quarter expectations, raises forecast again”

(Reuters) – Stellantis owned Chrysler is recalling 19,516 hybrid mini-vans in the U.S. as their battery pack may cause a fire when parked, even when the ignition is switched off, the U.S. National Highway Traffic Safety Administration said on Tuesday.

The recall affects certain Pacifica Plug-In Hybrid Electric (PHEV) vehicles manufactured between 2017-2021, said the NHTSA, advising the owners to not charge their vehicles, and to park outside and away from structures, until they are repaired. Continue reading “Stellantis to recall about 19,500 hybrid mini-vans in U.S. over battery fire risk”

(Reuters) – General Motors’ Cruise self-driving unit will focus its development efforts on a next-generation Chevrolet Bolt rather than its planned futuristic Origin vehicle that would not have a steering wheel or other human controls, the automaker said on Tuesday.

In 2022, GM filed a petition with the National Highway Traffic Safety Administration seeking permission to deploy up to 2,500 self-driving Origin vehicles annually without human controls such as brake pedals or mirrors. The agency still has not acted on the request. Continue reading “GM puts self-driving vehicle without steering wheel on hold”