MILAN, Feb 28 (Reuters) – Stellantis (STLAM.MI) said on Tuesday it will invest a total of $155 million in three plants located in Kokomo, Indiana, to produce new electric drive modules (EDM) that will be fitted in electric vehicles which the carmaker will assemble in North America.

Production is expected to start in the third quarter of 2024, following retooling, the company said.

“With the investment, more than 265 jobs will be retained across all three plants,” it said.

Continue reading “Stellantis to invest $155 million in U.S. to produce new electric drive modules”

Feb 27 (Reuters) – Elon Musk has approached AI researchers in recent weeks about forming a new research lab to develop an alternative to OpenAI’s ChatGPT, the Information reported on Monday, citing people with direct knowledge of the effort.

Tesla and Twitter chief Musk has been recruiting Igor Babuschkin, a researcher who recently left Alphabet’s (GOOGL.O) DeepMind AI unit, the report said.

Continue reading “Elon Musk recruits team to develop OpenAI’s ChatGPT rival – The Information”

STOCKHOLM, Feb 27 (Reuters) – Germany has asked the European Union to propose rules allowing combustion-engine cars that run on CO2-neutral fuels to be sold in Europe after 2035, the date by which the EU has agreed all new cars should have zero emissions.

Under the landmark law agreed by the EU last year requiring that by 2035 carmakers achieve a 100% cut in CO2 emissions from new cars sold, it would be impossible to sell new fossil fuel-powered vehicles in the 27-country bloc.

Continue reading “Germany asks EU for wiggle room on combustion engine phaseout”

SHANGHAI/LONDON, Feb 27 (Reuters) – CATL (300750.SZ), the world’s largest battery maker, has offered to cut costs for Chinese automakers, a move that demonstrates its market power and could also widen China’s cost advantage in electric vehicles.

China’s CATL has offered smaller domestic electric-vehicle makers discounted prices on batteries, according to four people with knowledge of the terms.

Continue reading “Analysis: CATL’s ‘price war’ shows its power, and China’s EV edge”

NEW DELHI, Feb 20 (Reuters) – Uber Technologies (UBER.N) said on Monday it will introduce electric vehicles (EVs) in India for ride-sharing, its first move to adopt clean cars amid an Indian government push for greater electrification of public transport and shared mobility.

With plans to introduce 25,000 EVs over three years, Uber is stepping up competition with local rival BluSmart, an electric mobility start-up backed by BP’s (BP.L) venture fund, which has taken the lead in India’s electric taxi space.

Continue reading “Uber to introduce EVs in India in push to clean cars”

Feb 27 (Reuters) – Electric-vehicle startup Fisker Inc (FSR.N) on Monday flagged increased orders for its sports utility vehicle Ocean and maintained its production forecast for the year, sending its shares higher by 26% in early trading.

Demand for electric vehicles has surged globally as countries seek to tackle climate change by opting for cleaner transport options and setting net-zero carbon emissions targets.

Continue reading “Fisker reports higher orders, maintains annual production target”

BERLIN, Feb 27 (Reuters) – Tesla’s (TSLA.O) German plant in Brandenburg near Berlin is now producing 4,000 cars per week, the company said on Monday, quadrupling from May when Chief Executive Elon Musk had compared investment in Tesla’s new plants to “gigantic money furnaces.”

The Berlin plant hit the production target three weeks ahead of a production schedule reviewed by Reuters.

Shares of Tesla were up 1.9% at $200.70 in U.S. premarket trading.

Continue reading “Tesla’s German plant hits 4,000 cars per week ahead of schedule”

TOKYO, Feb 27 (Reuters) – Nissan Motor Co Ltd (7201.T) on Monday raised its electrified car sales goals and said it would boost power train production in the United States, as it looks to catch up in a segment dominated by newer automakers such as Tesla Inc (TSLA.O).

The Japanese automaker was a pioneer in electric vehicles (EVs) with its all-battery-powered Leaf but has struggled alongside many legacy automakers in the face of increasing competition from nimbler new entrants.

Continue reading “Nissan raises global EV targets; to boost U.S. input”

BARCELONA, Feb 27 (Reuters) – Cisco (CSCO.O) is working with Mercedes Benz (MBGn.DE) to add its Webex conferencing tools to the dashboard of vehicles arriving in dealerships in the coming weeks, the company said on Monday, as it seeks to turn the car into a mobile office.

The 2024 Mercedes-Benz E Class will be equipped with Wi-Fi and a cellular data connection, meaning drivers can download the Webex application to appear directly on the touchscreen of the vehicle’s infotainment system without needing a mobile phone.

Continue reading “Cisco works with Mercedes-Benz to create mobile office”

TOKYO, Feb 27 (Reuters) – Nissan Motor Co Ltd (7201.T) on Monday raised its electrified car sales goals and said it will increase power train production in the United States, as it looks to catch up in a segment dominated by newer automakers such as Tesla Inc (TSLA.O).

The Japanese automaker was a pioneer in electric vehicles (EVs) with its all-battery-powered Leaf but has struggled alongside many legacy automakers in the face of increasing competition from nimbler new entrants.

Continue reading “Nissan raises global EV targets; to increase U.S. localisation”

SHANGHAI/LONDON, Feb 27 (Reuters) – CATL (300750.SZ), the world’s largest battery maker, has offered to cut costs for Chinese automakers, a move that demonstrates its market power and could also widen China’s cost advantage in electric vehicles.

China’s CATL has offered smaller domestic electric-vehicle makers discounted prices on batteries, according to four people with knowledge of the terms.

The discount offers included a clause that shocked the auto industry after a year of rising prices: a built-in assumption that prices of lithium carbonate, a key component in auto batteries, would more than halve, three of the people said.

Continue reading “Analysis: CATL’s ‘price war’ shows its power, and China’s EV edge”

PTI – The company intends to expand its refining capacity to 106.7 million tonnes per annum from 81.2 million tonnes as it sees India’s oil demand climbing from 5.1 million barrels per day to 7-7.2 million bpd by 2030 and 9 million bpd by 2040.

India’s top oil firm IOC will set up green hydrogen plants at all its refineries as it pivots a Rs 2-lakh crore green transition plan to achieve net-zero emissions from its operations by 2046, its chairman Shrikant Madhav Vaidya said.

Continue reading “IOC to set up green hydrogen plants at all refineries; lines up Rs 2 lakh cr for net zero by 2046”

PTI – TICM is focused on manufacturing and marketing of electric three-wheelers. It is also into the manufacturing and marketing of e-tractors an electric heavy commercial vehicles through its subsidiaries.

Tube Investment India’s wholly-owned subsidiary TI Clean Mobility (TICM) will raise Rs 3,000 crore by March 2024 to fuel its electric vehicle business, a release said on Saturday. Of this, TII (Tube Investment India) has already invested Rs 639 crore, the company said in a statement.

Continue reading “Tube Investment India arm TI Clean Mobility to raise INR 3,000 crore by Mar 2024”

PTI – He pointed out that solar plants are increasingly coming up for meeting power requirements, use of hydrogen-derived fuel for vehicles is being explored and small CBG plants can also go a long way in meeting fuel demand for vehicles and industries.

Guwahati, Assam Chief Minister Himanta Biswa Sarma on Saturday described compressed biogas (CBG) plants as an important alternative energy source, as such units have a cascading impact on the local economy with the raw materials procured from nearby areas. He stressed on the need to focus on renewable and alternative energy sources to overcome the challenges of global warming and environmental pollution.

Continue reading “Biogas plants important alternative energy source, helpful for local economy”

Feb 24 (Reuters) – Stellantis (STLAM.MI) CEO Carlos Tavares’ 2022 pay fell 14% to 14.9 million euros ($15.71 million), the maker of Fiat, Ram and Peugeot vehicles said in a filing on Friday.

Tavares did not receive a retention bonus in 2022, compared with a bonus of about 2 million euros in 2021, the filing showed.

Continue reading “Stellantis CEO Tavares’ 2022 pay fell 14% to $15.7 mln”

MEXICO CITY, Feb 24 (Reuters) – Tesla Inc. would be denied permits to build a plant in the northern Mexican state of Nuevo Leon, where it has eyed investing, if water is scarce, Mexican President Andres Manuel Lopez Obrador said on Friday.

His comments mark the strongest sign yet that his concerns over water supply could become a deal-breaker for Tesla’s plans near the U.S.-Mexico border, underscoring critiques from analysts and investors that interference from Lopez Obrador’s government is undercutting Mexico’s potential as a nearshoring destination serving the U.S. market.

Continue reading “Tesla can’t build in northern Mexico if water is scarce, president says”

BERLIN, Feb 24 (Reuters) – Volkswagen-owned Audi (VOWG_p.DE) may build a factory in the United States in light of the Inflation Reduction Act, it said on Friday, the latest company to consider investments in the region to take advantage of the subsidies it offers.

The premium carmaker, which sold around 190,000 cars in the U.S. last year, accounting for 11% of its total sales, does not yet have a plant in the country, and is at present not eligible for tax incentives and subsidies offered under the Inflation Reduction Act (IRA) for vehicles sourced and made in North America.

Continue reading “Audi mulls U.S. plant as IRA subsidies draw carmakers”

DETROIT, Feb 24 (Reuters) – New vehicle sales in the United States are expected to increase in February, but the decision by General Motors Co to cut production of large pickup trucks at a U.S. plant points to new challenges for Detroit’s automakers.

The major Detroit pickup truck brands are sitting on growing inventories of unsold vehicles, according to Cox Automotive data provided to Reuters.

Continue reading “GM’s truck production cut signals a turn in U.S. auto sales”

PTI – “The entire founding team remains focused on not just surmounting the formidable challenge before us but in ensuring a sustainable solution and not just a temporary quick fix,” a GoMechanic spokesperson said.

New Delhi: Automobile after-sales service startup GoMechanic on Friday announced a turnaround in its co business in January. The company, which admitted to errors in financial reporting last month, said it serviced 30,000 vehicles last month, which is 70 per cent of the peak sales it achieved in July 2022.

Continue reading “GoMechanic announces turnaround in core business in January”

NEW YORK, Feb 24 (Reuters) – South Korean automaker Hyundai Motor Co (005380.KS) on Friday told shareholders that it would divest its controlling stake in a major Alabama auto parts plant where Reuters last year documented children as young as 12 were working.

In a Feb. 24 letter to shareholders from Hyundai Chief Executive Jaehoon Chang, the company said recent audits at 29 of its direct suppliers across Alabama made it confident they are “now in full compliance with underage labor laws.”

Continue reading “Exclusive: Hyundai to divest Alabama subsidiary following child labor revelations”

LONDON, Feb 24 (Reuters) – The world’s leading experts on influenza met this week to discuss the threat posed to humans by a strain of H5N1 avian flu that has caused record numbers of bird deaths around the world in recent months.

The group of scientists, regulators and vaccine manufacturers meets twice a year to decide which strain of seasonal flu to include in the vaccine for the upcoming winter season, in this case for the northern hemisphere.

Continue reading “Flu experts gather with H5N1 risk on the agenda”

Feb 24 (Reuters) – A record number of women and minorities hold seats this year on the boards of the Federal Reserve’s 12 regional banks, providing perhaps the most diverse range of input ever as those banks’ presidents – alongside Fed governors in Washington – wrestle with how to slow inflation without tanking the economy.

Fed bank directors generally stay out of the limelight, but many U.S. central bankers view them as a critical resource. Indeed, some argue prospects for a best-case outcome to their policy-tightening campaign are heightened by the advice from such a wide spectrum of voices.

Continue reading “Analysis: With record diversity on their boards, Fed bank chiefs see lower chances of policy error”

BERLIN, Feb 24 (Reuters) – The German economy contracted more strongly than expected in the final three months of 2022, as inflation and the energy crisis took their toll on household consumption and capital investment.

The German economy shrank by 0.4% in the fourth quarter of 2022 compared with the previous three months, the statistics office said on Friday.

Continue reading “German economy shrinks 0.4% in fourth quarter, weak start to 2023 seen”

BERLIN, Feb 24 (Reuters) – Volkswagen-owned Audi (VOWG_p.DE) may build a factory in the United States, alone or with the Volkswagen Group, to take advantage of subsidies offered by the Inflation Reduction Act (IRA), the premium carmaker said on Friday.

Chief Executive Markus Duesmann said that a decision had not yet been made but that the IRA made it far more attractive to build electric vehicles (EVs) in the United States. Duesmann made the comments in an interview with Frankfurter Allgemeine Zeitung, which were later confirmed by the company.

Continue reading “Audi CEO: IRA subsidies make prospect of building U.S. plant “highly attractive””

SHANGHAI, Feb 24 (Reuters) – Nio (9866.HK) plans to build its first battery plant to produce big cylindrical cells similar to those used by Tesla, two people familiar with the matter said, as the Chinese EV maker seeks to cut its reliance on CATL (300750.SZ) for supplies.

The plant underscores Nio’s ambition to ramp up its presence in the electric vehicle (EV) market at home and abroad. The Chinese company is also planning a factory in the neighbouring city of Chuzhou to make budget EVs to sell to Europe.

Continue reading “Exclusive: EV maker Nio plans new 40 GWh battery plant in China – sources”

Feb 24 (Reuters) – Ford Motor Co (F.N) said on Thursday it has promoted Sam Wu to head up its China business as the U.S. automaker seeks to reverse a more than five-year sales slump in the world’s largest auto market.

Wu will move up to the role of president and chief executive of Ford China from his current position as its managing director and chief operating officer on March 1, Ford said in a statement. He takes over from Anning Chen, who will retire from the company on Oct. 1.

Continue reading “Ford names Sam Wu as new China chief”

Feb 24 (Reuters) – Britain’s auto industry said on Friday it was looking to the upcoming budget to help boost competitiveness and investment in the sector in light of “increasing protectionism” that could hurt the UK economy.

The call comes amid concerns in Europe that the U.S. Inflation Reduction Act (IRA), which promises hundreds of billions of dollars of subsidies for electric vehicles and other clean technologies, could put companies based on the continent at a disadvantage.

Continue reading “UK auto body calls for competitive help amid protectionism fears”

Feb 23 (Reuters) – Carvana Co (CVNA.N) said on Thursday its net loss rose over nine-fold in the fourth quarter hurt by shrinking demand for pre-owned vehicles, sending its shares down 5% in extended trade.

The debt-laden used car retailer has been struggling to sell cars it acquired at elevated rates last year when semiconductor shortages hampered supply of new cars.

Continue reading “Carvana’s net loss widens on cooling used car demand”

Feb 23 (Reuters) – General Motors (GM.N) said on Thursday it will halt production at its Fort Wayne Assembly truck plant in Indiana for two weeks from March 27 as inventory starts to outweigh demand with the easing of supply-chain snags.

Shares of the U.S. automaker fell 3% in early trade, while rival Ford Motor Co (F.N) was about 1% lower.

Continue reading “GM to idle Indiana truck plant for two weeks as demand plateaus”

Feb 23 (Reuters) – China’s Geely Auto (0175.HK) said on Thursday it aimed to launch seven electrified models under a new premium brand in the next two years.

Of the seven models planned for the Geely Galaxy brand featuring its self-developed battery system, three will be pure electric cars while four will be hybrid models, the company said in a statement.

Continue reading “China’s Geely to launch seven electrified models under new brand Galaxy”

PTI – An organisation of private bus and minibus operators have said it will not be possible on their part to install vehicle-tracking devices with emergency buttons by March this year as asked by state transport department and urged the government to reconsider it.

An organisation of private bus and minibus operators have said it will not be possible on their part to install vehicle-tracking devices with emergency buttons by March this year as asked by state transport department and urged the government to reconsider it. General Secretary of West Bengal Bus and Minibus Owners Association Pradip Narayan Bose told reporters Wednesday that buses and minibuses ply along a fixed route in the city and surrounding areas covering a distance of around 30 km maximum and are under strict surveillance of Kolkata Traffic Police and cops in adjacent commissionerate areas. Hence buses do not require a tracking device.

Continue reading “Private bus, minibus operators say not possible to fit tracker and emergency button in vehicles”

PTI – In the wake of the depletion of natural resources and the negative impacts of air pollution and emissions, Olectra has taken the initiative to accelerate the development of Hydrogen-powered buses. Olectra aims to contribute to the nation’s environmentally sustainable energy security through its Hydrogen buses.

Olectra Greentech in technical partnership with Reliance on Thursday unveiled a Hydrogen Bus, which is a carbon- free alternative to traditional public transportation. Olectra Greentech Ltd (OGL), a subsidiary of Megha Engineering and Infrastructures Ltd (MEIL), is set to offer the next- generation transport system to the Indian market, a statement stated.

Continue reading “Olectra in partnership with Reliance unveils Hydrogen bus”

BERLIN, Feb 22 (Reuters) – Mercedes-Benz (MBGn.DE) said on Wednesday it has teamed up with Google (GOOGL.O) on navigation and will offer “super computer-like performance” in every car with automated driving sensors as it seeks to compete with Tesla (TSLA.O) and Chinese newcomers.

Automakers new and old are racing to match software-powered features pioneered by Tesla, which allow for vehicle performance, battery range and self-driving capabilities to be updated from a distance.

Continue reading “Mercedes-Benz cars to have ‘supercomputers’, unveils Google partnership”

SAN FRANCISCO, Feb 22 (Reuters) – Elon Musk is not entirely abandoning California, saying on Wednesday that Tesla Inc (TSLA.O) will make the state its global engineering home, even though the electric vehicle maker’s corporate headquarters are now in Texas.

Musk on Wednesday announced the news with the state’s governor, Gavin Newsom, and the Tesla CEO later told CNBC that putting the engineering hub in California means it is “effectively a headquarters of Tesla.”

Continue reading “Eureka! Tesla says California is still home – for its engineering HQ”

Feb 22 (Reuters) – Italian tyremaker Pirelli (PIRC.MI) said on Wednesday it expects revenues this year of some 6.6-6.8 billion euros, at least in line with the better-than-expected figure for 2022.

Revenues at the group totalled 6.62 billion euros ($7.03 billion) in 2022, beating a target of about 6.5 billion euros which was set only in November as an upgrade on an earlier estimate.

Continue reading “Pirelli sees scope for higher 2023 revenues after strong results”

Feb 22 (Reuters) – Companies across North America and Europe have in recent months cheered the Biden Administration’s $430 billion U.S. Inflation Reduction Act (IRA) that includes major provisions to cut carbon emission, boost domestic production and manufacturing.

The act, signed into a law late last year by President Joe Biden, has also sparked a reaction from the European Union because of fears that it could lure businesses away from the bloc with its generous tax breaks.

Continue reading “Factbox: Company reaction to the U.S. Inflation Reduction Act”