By Gilles Guillaume

BOULOGNE-BILLANCOURT, France, Feb 16 (Reuters) – French carmaker Renault (RENA.PA) offered a dividend for the first time in four years and saw a strong increase in its operating margin despite swinging back to losses in 2022 as it took a hit from its pullout from Russia.

Renault, which is revamping its 24-year old alliance with Nissan (7201.T), said on Thursday that it was targeting a group operating margin of 6% or more in 2023, after it reached 5.6% in 2022, twice as high as in 2021 and slightly above expectations.

Continue reading “Renault offers dividend on ‘thoroughly cleaned fundamentals’ despite 2022 loss on Russia exit”

LONDON/BERLIN, Feb 16 (Reuters) – Interest in using hydrogen fuel cells to power trucks and vans is getting a boost from fleet operators looking for a more practical alternative to electric vehicles and rising government aid, particularly the U.S. Inflation Reduction Act (IRA).

While most of the world’s combustion engine cars and short-distance vans and lorries should be replaced by battery electric vehicles (BEVs) over the next two decades, fuel-cell proponents and some long-haul fleet operators say batteries are too heavy, take too long to charge and could overload power grids.

Continue reading “Truckers and subsidies rev up interest in fuel cell vehicles By Nick Carey and Christina Amann”

WASHINGTON, Feb 15 (Reuters) – Chrysler-parent Stellantis (STLAM.MI) is recalling 340,000 diesel Ram pickup trucks to replace an electrical connector after reports of six fires, and recommends parking the vehicles outside until repairs are made.

The company’s U.S. unit FCA US discovered that a part on some trucks may overheat and in rare instances may pose a fire risk. The automaker said it is unaware of any related injuries or accidents.

Continue reading “Stellantis recalls 340,000 Ram trucks, recommends parking outside”

By Hyunjoo Jin and Jarrett Renshaw

SAN FRANCISCO, Feb 15 (Reuters) – Tesla (TSLA.O) will open part of its U.S. charging network to electric vehicles (EVs) made by rivals as part of a $7.5 billion federal program to electrify the nation’s highways to cut carbon emissions, the Biden administration said on Wednesday.

Such a move could help turn Tesla into the universal filling station of the EV era – and risk eroding a competitive edge for vehicles made by the company, which has exclusive access to the biggest network of high-speed ‘superchargers’ in the United States.

Continue reading “Tesla to open U.S. charging network to rivals in $7.5 bln federal program -White House”

Feb 15 (Reuters) – Global demand for lithium batteries is expected to surge more than five-fold by 2030, public-private alliance Li-Bridge said on Wednesday, as more people opt for electric vehicles and energy storage systems.

Demand for lithium batteries in the United States is expected to grow more than six times and translate into $55 billion per year by the end of the decade, but still the country is expected to depend on imports for supply, the report added.

Continue reading “Global demand for lithium batteries to leap five-fold by 2030- Li-Bridge”

Feb 14 (Reuters) – Tesla chief executive Elon Musk donated shares worth $1.95 billion in the world’s most valuable automaker to charity last year, a filing with the U.S. Securities and Exchange Commission (SEC) showed on Tuesday.

Musk donated about 11.6 million shares between August and December last year, according to the filing, which did not say which organization or organizations were the recipients.

Continue reading “Musk donated around $1.95 billion in Tesla shares last year”

By David Shepardson

WASHINGTON, Feb 14 (Reuters) – Senator Marco Rubio on Tuesday asked the Biden administration to review Ford Motor’s (F.N) deal to use technology from Chinese battery company CATL (300750.SZ) as part of the automaker’s plan to spend $3.5 billion to build a battery plant in Michigan.

Rubio, the top Republican on the Senate Intelligence Committee, wrote to Treasury Secretary Janet Yellen, Energy Secretary Jennifer Granholm and Transportation Secretary Pete Buttigieg calling for an immediate Committee on Foreign Investment in the United States (CFIUS) review of the licensing agreement between Ford and CATL.

Continue reading “U.S. Senator Rubio seeks review of Ford technology deal with China’s CATL”

MEXICO CITY, Feb 14 (Reuters) – Mexican Foreign Minister Marcelo Ebrard said on Tuesday he met with senior executives from electric automaker Tesla, teasing that “good news” is on the way, as speculation runs high over expected high-stakes investment decisions.

Ebrard met with Rohan Patel, Tesla’s senior global director of public policy and business development, and Eugenio Grandio, director of business development and policy for Latin America, Mexico’s senior diplomat wrote in a post on Twitter.

Continue reading “Mexico’s top diplomat says met with Tesla brass, ‘good news’ imminent”

Feb 14 (Reuters) – Ford Motor Co (F.N) said on Tuesday it had stopped production and shipments of its F-150 Lightning electric pickup after discovering a potential battery issue during pre-delivery checks.

“We are not aware of any incidences of this issue in the field,” Ford spokesperson Emma Bergg said in an email. She said the production stop was issued at the start of last week.

Continue reading “Ford halts production, shipments of F-150 Lightning over possible battery issue”

By Kate Abnett

BRUSSELS, Feb 14 (Reuters) – The European Parliament on Tuesday formally approved a law to effectively ban the sale of new petrol and diesel cars in the European Union from 2035, aiming to speed up the switch to electric vehicles and combat climate change.

Continue reading “EU lawmakers approve effective 2035 ban on new fossil fuel cars”

By David Shepardson

WASHINGTON, Feb 14 (Reuters) – Hyundai Motor (005380.KS) and Kia Corp (000270.KS) will offer software upgrades to 8.3 million U.S. vehicles to help curb increasing car thefts using a method popularized on TikTok and other social media channels, the Korean automakers said on Tuesday.

LONDON, Feb 14 (Reuters) – The United Kingdom recorded the highest number of working days lost to labour disputes in 2022 for more than 30 years, official data showed on Tuesday, as a cost-of-living crisis led employees to walk out in demand of higher pay.

The Office for National Statistics (ONS) said nearly 2.5 million working days were lost to industrial action last year, the highest since 1989 when 4.1 million days were lost.

Feb 14 (Reuters) – Tesla Inc (TSLA.O) workers in New York state said on Tuesday they are launching a campaign to form a union, setting the stage for the latest labor challenge for Chief Executive Elon Musk.

In a letter to the electric carmaker’s management, the employees announced their plan to unionize with Workers United Upstate New York.

The union, if formed, would be a first for Tesla, which up until now has managed to avoid unionization at its U.S. facilities unlike other major automakers.

By Victoria Waldersee

• Ford to cut around 2,300 jobs in Germany
• Around 1,300, or one in five, UK jobs to go
• Electric cars require less labour, Ford says
• No compulsory redundancies in Cologne, Aachen before 2032

BERLIN, Feb 14 (Reuters) – Ford (F.N) plans to cut one in nine jobs in product development and administration across Europe as part of a global drive to cut costs and be competitive in the electric vehicle market, the U.S. automaker said on Tuesday.

WASHINGTON, Feb 14 (Reuters) – Hyundai Motor (005380.KS) said Tuesday it will offer a software upgrade to nearly 4 million U.S. vehicles in response to increasing thefts targeting vehicles without push-button ignitions and immobilizing anti-theft devices.

TOKYO, Feb 14 (Reuters) – Shoichiro Toyoda, the son of Toyota Motor Corp (7203.T) founder and father of current chief executive Akio Toyoda, died on Tuesday of heart failure, the company said. He was 97.

DETROIT, Feb 13 (Reuters) – Ford Motor Co Chair Bill Ford said Monday the automaker’s Chief Executive, Jim Farley, has a “full court press” on to fix operational problems that caused fourth quarter results to fall short of the company’s targets.

“We probably had so much focus on the future that perhaps we took our eye off the ball a little bit on the present,” Ford said, speaking with reporters on the sidelines of an event to announce plans to build a battery factory in Michigan.

SHANGHAI, Feb 14 (Reuters) – BYD , the world’s largest maker of electrified vehicles, plans to invest $1.2 billion to build a new factory for its batteries in China, according to environmental appraisal filings.

FinDreams Technology, the Chinese company’s battery unit， is aiming to build a facility with the capacity to produce 40 gigawatt hours per year of its Blade Battery in the city of Zhengzhou in Henan province, according to environmental filings published on the Zhengzhou government website on Friday seeking public feedback on the project.

Feb 13 (Reuters) – Ford Motor Co (F.N) has agreed to recognize the United Auto Workers (UAW) at a new planned Michigan battery plant if a majority of workers sign cards, the automaker and union said.

Under the “card check” process, a majority of plant hourly workers could simply sign cards supporting the union, and once certified an election would not be necessary.

In December, workers at a General Motors-LG Energy Solution (GM.N), (373220.KS) Ultium Cells battery cell factory in northeast Ohio overwhelmingly voted to join the UAW. Ultium had rejected the UAW’s bid to use card check at the plant.

Reporting by David Shepardson and Ben Klayman; Editing by Chris Reese

Our Standards: The Thomson Reuters Trust Principles.

SHANGHAI, Feb 13 (Reuters) – Slashed prices have given Tesla’s O> China sales a pop, but analysts – and even fans – warn the U.S. automaker needs to up its long-term game to avoid choking on the dust of fast-moving rivals in the world’s biggest electric vehicle market.

Most immediately, Tesla’s January price cuts drove deliveries of its China-made vehicles up 18% from December. Tesla’s thick profit margins have put it in a position to take a price war to competitors in China and beyond, analysts say.

Continue reading “Analysis: In China, Tesla could win electric vehicle price battle – but lose the war”

TOKYO, Feb 13 (Reuters) – Toyota Motor Corp (7203.T) will use its Lexus luxury brand to lead a pivot towards next-generation battery electric vehicles, Koji Sato, its incoming chief executive, said on Monday.

Sato, who takes over as the next head of the world’s largest automaker from April 1, made the comment at a news conference in Tokyo, his first since being introduced as the successor to outgoing chief Akio Toyoda last month.

The automaker has faced criticism that it has been late to embrace battery electric vehicles, in favour of hybrids and hydrogen technology. It has long said that different markets need different technologies for the drive to zero emissions.

Continue reading “Lexus to lead Toyota’s push for next-generation EVs, incoming CEO says”

TOKYO, Feb 13 (Reuters) – Nissan Motor Co (7201.T) and Renault SA (RENA.PA) said on Monday they would invest $600 million to make six new models in India.

The Japanese and French automakers will work on the projects from their base in Chennai, turning it into an export hub, they said in a statement.

The six models, with each automaker making three, will be built on joint platforms and will also be exported, they said. The new models will consist of two electric vehicles, the first EVs to be rolled out by the automakers in India, and four sports utility vehicles (SUVs).

Continue reading “Nissan, Renault to invest $600 million to make new models in India”

SHANGHAI, Feb 13 (Reuters) – Zeekr, the electric car brand of China’s Geely Automobile Holdings (0175.HK), is raising $750 million from five new and existing investors in a funding round that values the brand at $13 billion.

Zeekr, which sells two purely electric car models, said in a statement on Monday that proceeds from the funding round will be used to support technology research and the global expansion of the Zeekr brand.

Continue reading “Geely’s EV brand Zeekr raises $750 million in fresh funding round”

The new plant spread over 50 acres will have a capacity of 1.2 lakh units per month with eight assembly lines

Electric two-wheeler maker Kabira Mobility on Saturday said it along with partner Al-Abdulla Group of Qatar will invest Rs 300 crore to set up a new manufacturing plant at Jewar in Uttar Pradesh.

Continue reading “Kabira Mobility with Al-Abdulla Group to invest Rs 300 crore to set up manufacturing plant in UP”

BERLIN, Feb 12 (Reuters) – BMW (BMWG.DE) met its 2022 target for significantly higher pretax earnings than in the previous year, Focus Money magazine reported on Sunday, citing the German carmaker’s chief financial officer.

“We had no reason to correct the forecasts … Otherwise we wouldn’t be sitting here so relaxed,” CFO Nicolas Peter was quoted as saying by Focus Money magazine.

The carmaker, which is due to publish its full-year results in mid-March, was not immediately available to confirm the report.

Continue reading “BMW meets 2022 pretax earnings target -Focus magazine citing CFO”

By David Shepardson

Feb 10 (Reuters) – Ford Motor Co (F.N) is set to announce as soon as Monday it plans to build a $3.5 billion lithium iron phosphate battery plant in Michigan, sources told Reuters.

Ford is expected to own and operate the plant with Chinese battery company China’s Contemporary Amperex Technology Co Ltd (CATL) (300750.SZ) as a technology partner to help develop the batteries, sources said. Ford declined to confirm the plans.

Continue reading “Ford to announce $3.5 bln battery plant in Michigan, sources say”

SAN FRANCISCO, Feb 10 (Reuters) – The Biden administration next week is expected to detail requirements for its $7.5 billion subsidy for electric charging stations, a bid to jumpstart the country’s adoption of electric vehicles (EV).

Here are the terms and acronyms you need to know to understand the booming EV charger market.

LEVEL UP

EV chargers are classified in three categories: Level 1, Level 2 and DC fast chargers.

Continue reading “Factbox: CCS? CHAdeMO? EV charger terms you need to know”

By Mica Rosenberg, Kristina Cooke and Joshua Schneyer

NEW YORK, Feb 10 (Reuters) – Thirty-three members of Congress are urging the U.S. Labor Secretary to seek strong and swift penalties against those responsible for child labor in automotive plants after a Reuters investigation found kids as young as 12 working in Alabama factories that make parts for Hyundai Motor Co and Kia Corp.

In a letter addressed to Secretary of Labor Marty Walsh, the group of Democratic lawmakers, led by Michigan Congressman Dan Kildee, pressed the department “to take immediate action to rid Hyundai’s supply chain of child labor.” Those responsible, the letter added, should be held accountable “to the fullest extent of the law.”

Continue reading “Exclusive: U.S. lawmakers press Labor Department to probe child labor in Hyundai supply chain”

By Jarrett Renshaw and Hyunjoo Jin

Feb 10 (Reuters) – Tesla CEO Elon Musk has often talked about opening his Supercharging network to competitors, but has never actually done so in the United States, where the company dominates the electric vehicle market.

Now, the brash CEO may have 7.5 billion reasons to accelerate those plans.

The Department of Transportation next week is expected to finalize a requirement that will pressure Tesla to expand beyond its proprietary charging equipment in the U.S. and add the charger used by its competitors, administration officials tell Reuters.

Continue reading “Exclusive: To tap U.S. government billions, Tesla must unlock EV chargers”

Feb 10 (Reuters) – Ford Motor Co (F.N) has cut its stake in struggling EV maker Rivian Automotive Inc (RIVN.O) to 1.15%, a week after the Detroit automaker reported a fall in profit and predicted a tough year ahead.

Shares of Rivian, which declined to comment on the matter, were down 3.6% in early trade.

Ford, which wrote down the value of its Rivian investment by $7.4 billion in 2022, has been paring down its stake amid production struggles at the Irvine, California-based company. Ford held a 11.4% stake in Rivian at the end of 2021.

Continue reading “Ford cuts Rivian stake to about 1% amid production woes at EV maker”

By Kannaki Deka

Feb 10 (Reuters) – Canada’s Magna International Inc (MG.TO) on Friday reported an 80% fall in quarterly profit and warned of more pressure on its margins from volatile production schedules at automakers and elevated costs.

The auto parts maker’s U.S.-listed shares were down 13.7% and on track for their worst day in nearly three years.

Chip shortages, lost production and rising raw material costs have weighed on auto suppliers and auto executives say some of the pressures are expected to persist this year amid a looming recession.

Continue reading “Auto parts maker Magna warns of margin pressures on higher costs”

By Timothy Aeppel

Feb 10 (Reuters) – North American companies struggling to hire workers in the tightest labor market in decades brought on more robots last year than ever before, with many earmarked for new electric vehicle and battery factories under construction.

Demand for robots appears to have slackened near the end of the year, though, raising questions about how strong 2023 will be in the face of shifting household consumption patterns and the rising interest rates engineered by central bankers to bring high inflation under control.

Continue reading “North American companies notch another record year for robot orders”

By Giulio Piovaccari

By Daniel Leussink

TOKYO, Feb 10 (Reuters) – Japan’s Honda Motor Co (7267.T) on Friday posted a better-than-expected 22% rise in third-quarter operating profit, as a weak yen helped offset rising raw material costs and lower vehicle production and sales amid shortages of computer chips.

Operating profit for the three months to Dec. 31 stood at 280.4 billion yen ($2.13 billion). That compared with an average estimate of 239.4 billion yen in a poll of 11 analysts by Refinitiv, and a 229.4 billion yen operating profit the same period a year earlier.

Continue reading “Honda reports 22% rise in Q3 operating profit, beating estimates”

By Nivedita Balu

By Joseph White