By Jane Lanhee Lee, Joseph White and Stephen Nellis

OAKLAND, Calif/DETROIT, Feb 9 (Reuters) – General Motors Co (GM.N) and chipmaker GlobalFoundries Inc (GFS.O) on Thursday announced a long-term deal for the automaker to secure U.S.-made processors that will enable it to avoid the factory-halting chip shortages that kept millions of cars from being manufactured during the pandemic.

GlobalFoundries said the agreement for at least three years was the first of its kind and establishes a dedicated capacity exclusively for GM’s key chip suppliers at their upstate New York fabrication facility.

Continue reading “GM inks deal with GlobalFoundries to secure U.S.-made chips”

By Sam Tobin

LONDON, Feb 9 (Reuters) – Mercedes-Benz (MBGn.DE) faces more than 300,000 claims at London’s High Court from the owners of diesel vehicles that were allegedly equipped with “defeat devices” to cheat emissions tests.

The German carmaker is said to have misled customers about certain diesel vehicles’ compliance with nitrogen oxide (NOx) emissions standards.

Mercedes-Benz denies that any defeat devices, which can change vehicles’ emissions levels, were installed in its vehicles.

Continue reading “Mercedez-Benz faces over 300,000 UK claims over diesel emissions”

By Marie Mannes

STOCKHOLM, Feb 9 (Reuters) – Volvo Cars’ (VOLCARb.ST) top executive said on Thursday that the Swedish automaker has no intention of cutting its electric vehicle (EV) prices despite a similar move by market leader Tesla (TSLA.O) that has put pressure on others to follow suit.

Speaking after the Swedish carmaker posted a lower fourth-quarter profit, Chief Executive Jim Rowan said there was no need to cut prices because demand for Volvo’s cars remain high and the company has a solid order backlog for its full EVs.

Continue reading “Volvo Cars will not cut EV prices to follow Tesla’s lead – CEO”

PARIS, Feb 9 (Reuters) – French carmaker Renault (RENA.PA), which is revamping its 24-year old alliance with Nissan (7201.T), said on Thursday the Japanese firm contributed 174 million euros ($187 million) to its own results in the fourth quarter.

The total contribution for 2022 stood at 526 million euros, the highest amount since 2018 and up from 352 million euros in 2021.

Continue reading “Nissan’s 2022 contribution to Renault results highest in four years”

PARIS, Feb 9 (Reuters) – French carmaker Renault (RENA.PA), which is revamping its 24-year old alliance with Nissan (7201.T), said on Thursday the Japanese firm contributed 174 million euros ($187 million) to its own results in the fourth quarter.

The total contribution for 2022 stood at 526 million euros, the highest amount since 2018 and up from 352 million euros in 2021.

Continue reading “Berkshire Hathaway sells $138.9 mln of shares in China’s BYD”

TOKYO, Feb 9 (Reuters) – Japan’s Nissan Motor Co (7201.T) on Thursday posted a better-than-expected 155% jump in third-quarter operating profit, boosted by a weaker yen and cost management.

Operating profit for the three months ended Dec. 31 came to 133.1 billion yen ($1.01 billion), beating the average 104.79 billion yen profit estimated by nine analysts, according to Refinitiv data. That compared to a 52.2 billion yen profit in the same period a year earlier.

Continue reading “Nissan’s Q3 operating profit more than doubles, outstrips expectations”

By Hyunsu Yim

SEOUL, Feb 9 (Reuters) – South Korea’s anti-trust regulator said on Thursday it would impose a combined fine of 42.3 billion won ($33.48 million) on three German automakers for colluding to curb emissions-cleaning technology for their diesel cars.

Mercedes-Benz (MBGn.DE), BMW (BMWG.DE), Volkswagen (VOWG_p.DE) and Audi were involved in collusion that reduced competition and restricted consumer choice, the Korea Fair Trade Commission (KFTC) said in a statement.

Continue reading “S. Korea fines German automakers for colluding to curb emissions-cleaning technology”

Stockholm, Feb 9 (Reuters) – Volvo Cars (VOLCARb.ST) said on Thursday that 2023 is likely to be another challenging year despite healthy demand for its vehicles as the Swedish carmaker reported a fall in quarterly profit.

Volvo Cars, which is majority-owned by Chinese automotive company Geely Holding (0175.HK), said its fourth-quarter operating profit dropped to 3.4 billion crowns ($322.2 million)from 3.7 billion crowns a year ago.

Continue reading “Volvo Cars braces for challenges in 2023 after quarterly profit falls”

By Daniel Leussink

TOKYO, Feb 9 (Reuters) – Toyota Motor Corp (7203.T) on Thursday posted a surprise 22% rise in third-quarter operating profit, as a weaker yen and higher sales volumes helped the Japanese automaker overcome a jolt from soaring raw-materials costs.

Operating profit for the three months ended Dec. 31 was 956.7 billion yen ($7.28 billion). That beat the average 764.54 billion yen profit estimated by 10 analysts, according to Refinitiv data. In the same period a year earlier, Toyota reported a 784.4 billion yen profit.

Continue reading “Toyota’s Q3 profit jumps 22% as weak yen helps”

By David Shepardson and Hyunjoo Jin

WASHINGTON, Feb 8 (Reuters) – A U.S. safety board said Wednesday found no evidence a Tesla Model S was operating on Autopilot during an April 2021 fatal crash, saying the probable cause was the driver’s speeding, alcohol impairment and failure to control the vehicle.

Shortly after the accident in Spring, Texas, local police said they believed the crash occurred with no one in the driver’s seat, raising questions about Tesla’s driver-assistance systems and prompting widespread media coverage.

Continue reading “U.S. probe finds no evidence of Tesla Autopilot use in 2021 Texas crash”

By Michel Rose, Belén Carreño and Kate Abnett

PARIS/MADRID/BRUSSELS, Feb 8 (Reuters) – A new row has erupted between France, Germany and Spain over nuclear energy, with Paris furious about a lack of support from Berlin and Madrid for its efforts to have nuclear-derived hydrogen labelled as ‘green’ in EU legislation, sources said.

Continue reading “France in new row with Germany and Spain over nuclear-derived hydrogen”

By Joshua Schneyer, Mica Rosenberg and Kristina Cooke

NEW YORK, Feb 8 (Reuters) – Hyundai Motor Co said it is in talks with the U.S. Department of Labor to resolve concerns about child workers in its U.S. supply chain, and the company is taking corrective actions after a Reuters investigation found children as young as 12 working in hazard-laden Alabama factories linked to the automotive giant.

In a statement late Tuesday, Hyundai told Reuters it has held a series of discussions with the Labor Department, which has been investigating a Hyundai subsidiary in Alabama and other parts suppliers to the automaker, and its sister brand Kia Corp, for potential child labor violations.

Continue reading “Exclusive: Hyundai in talks with U.S. Labor Department over Alabama child labor”

Feb 8 (Reuters) – Tesla Inc’s (TSLA.O) Model Y and Model 3 electric vehicles were the top-sellers in California last year, outselling Toyota Motor Corp’s (7203.T) RAV4 and Camry models, according to an industry body report.

It is the first time a Tesla model topped the annual sales list in California, a major vehicle market where one in five cars is electric.

Continue reading “Tesla’s Model Y and Model 3 top-selling vehicles in California in 2022”

Feb 8 (Reuters) – Uber Technologies Inc (UBER.N) said on Wednesday it would focus on delivering profits this year, after rounding off 2022 with blowout earnings as a surge in demand for airport and office rides helped the company rebound from pandemic lows.

Uber’s shares rose nearly 4% at midday after the rideshare giant reported a surprise fourth-quarter profit and Chief Executive Dara Khosrowshahi reassured investors that the impact of the pandemic was “well and truly behind” the company.

Continue reading “Uber focuses on 2023 profits as pandemic pain eases”

SHANGHAI/BEIJING, Feb 8 (Reuters) – China’s passenger car sales slumped 38% in January, reversing a 2.4% gain in the previous month, industry data showed on Wednesday, as demand weakened after a tax cut on combustion engine cars and subsidies on electric vehicles (EV) expired.

Sales of new energy cars that include pure battery EVs and plug-in hybrids also fell 6.3% in January after a blistering 90% growth in 2022, the China Passenger Car Association (CPCA) said.

Continue reading “China car sales plunge 38% in January as subsidies, tax cut end”

By David Lawder

SPRING HILL, Tenn., Feb 8 (Reuters) – U.S. Treasury Secretary Janet Yellen visits an electric vehicle battery plant in Tennessee on Wednesday, touting the U.S. clean energy investments enabled by President Joe Biden’s climate legislation just hours after Biden did the same in his State of the Union address.

The trip to a General Motors (GM.N) and LG Energy Solution (373220.KS) joint venture facility under construction near Nashville also comes a day after Yellen heard more pleas from French and German ministers not to exclude their companies from tax incentives in the Inflation Reduction Act.

Continue reading “Yellen touts battery investments in Tennessee after Biden speech”

LONDON, Feb 8 (Reuters) – BMW (BMWG.DE) and Volkswagen (VOWG_p.DE) won an appeal in a London tribunal on Wednesday over the British antitrust regulator’s powers to demand information from companies based outside the United Kingdom.

The German carmakers challenged the powers of the Competition and Markets Authority to request documents and information relating to a probe into alleged anti-competitive conduct in the recycling of old or written-off vehicles.

Continue reading “BMW and VW win appeal over UK antitrust information request”

Ethanol blending in petrol has been gradually increasing in the last several years, and India achieved 10 per cent ethanol blending in 2022, according to ICRA

CNG, EVs and hybrid vehicles may grab up to 30 per cent share in total auto sales in next five years even as petrol cars are likely to dominate passenger vehicle volumes in medium-term, a report said on Tuesday. Demand for Electric Vehicles (EVs) has increased exponentially in the last two years with the government’s push, increasing awareness, and new launches, domestic rating agency ICRA said in its report.

Continue reading “Share Of CNG, EVs And Hybrid Vehicles Likely To Reach 30 Pieces Of Total Auto Sales In 5 Years: ICRA”

By Victoria Waldersee

BERLIN, Feb 7 (Reuters) – Volkswagen AG’s (VOWG_p.DE) earnings margin was at the upper end of its forecast for 2022 at 8.1%, with sales and earnings above 2021 levels despite supply-chain turmoil dragging its net cash flow far below target, the carmaker said on Tuesday.

Continue reading “Volkswagen boosts earnings in 2022, high inventory drags down cash flow”

Feb 7 (Reuters) – Uber Technologies Inc’s (UBER.N) revenue growth is set to outpace that of rival Lyft Inc (LYFT.O) as the rideshare firm’s presence in major markets around the world gives it the heft to deal with inflationary pressures.

Ridesharing companies are starting to recover from pandemic lows as offices reopen and following a resurgence in travel on the back of reopening of closed borders and a strong U.S. dollar.

Continue reading “Uber to steal a march on Lyft in resurgent rideshare market”

BERLIN, Feb 7 (Reuters) – The Ford Motor Co (F.N) works council in Cologne, Germany invited workers to a meeting on Feb 14 to update them on negotiations with management over planned job cuts at Ford’s plants in Europe, a union representative said on Tuesday.

Ford said in late January it would decide by mid-February how many jobs would be lost in the region after the works council at its Cologne plant, which supports the interests of employees, informed employees that up to 3,200 roles may be cut in the worst-case scenario. The plant employs about 14,000 people.

Continue reading “Ford works council in Germany to update staff on job cut talks on Feb 14”

By Christian Kraemer and David Lawder

WASHINGTON, Feb 7 (Reuters) – France and Germany’s economy ministers found a willingness in Washington to engage with Europe’s concerns over subsidies for green technologies under the U.S. Inflation Reduction Act, but emerged with few specifics from meetings with top officials there.

European capitals worry that the act, designed to shelter U.S. companies from the impact of price rises as well as subsidize investments in new green technologies, will undermine their firms’ competitiveness in the giant North American market.

Continue reading “France, Germany protest U.S. green subsidies on Washington trip”

By Paul Lienert

SANTA MONICA, Calif., Feb 7 (Reuters) – Automakers may not be able to build as many electric vehicles as they would like — and consumer demand for those EVs may not materialize as quickly as anticipated — if government and industry do not address and resolve a convergence of issues, a new study released on Tuesday said.

Among those roadblocks, a looming shortage of battery raw materials could put government mandates “in conflict with manufacturing reality” — one of the macro trends charted in the 2023 Moving World Report, published by investment firm UP.Partners.

Continue reading “Mobility study cites roadblocks for U.S. electric vehicles, sustainable aviation”

Feb 7 (Reuters) – Hertz Global Holdings Inc (HTZ.O) on Tuesday reported a better-than-expected quarterly profit, aided by strong demand for rental cars amid surging leisure travel and constrained production from automakers.

Shares of the company rose 3.8% in premarket trading.

The car rental industry, tied closely to airline traffic and hotel bookings, has benefited from pent-up desire to travel and explore after an easing of coronavirus restrictions even as inflation remains high.

Continue reading “Hertz beats profit estimates on strong rental car demand”

MILAN, Feb 7 (Reuters) – Ferrari (RACE.MI) said on Tuesday it had appointed Lorenzo Giorgetti to the newly-created position of chief racing revenue officer, tasked with boosting long-term relations with sponsors across all racing activities.

Among his previous posts Giorgetti has been chief commercial officer at Serie A soccer club AC Milan and head of commercial management in the sports division of Italian publisher RCS Mediagroup (RCSM.MI), Ferrari said in a statement.

Continue reading “Ferrari names Lorenzo Giorgetti as chief racing revenue officer”

By Gilles Guillaume and David Dolan

LONDON/TOKYO, Feb 6 (Reuters) – Renault SA (RENA.PA) has taken big steps to simplify its complicated alliance with Japan’s Nissan Motor Co (7201.T), but still faces a tough road ahead to escape the conglomerate discount that has long dogged its shares.

The retooled agreement, details of which were announced at a presentation in London on Monday, will see Nissan investing in a stake of up to 15% in Renault’s new electric vehicle unit, Ampere.

Continue reading “Analysis: Renault cuts Nissan stake, shedding conglomerate discount may be tougher”

As India took over G20 Presidency in December 2022, Government of India is celebrating  The India Energy Week 2023 at Bengaluru from 6^th – 8^th February, 2023. The event attains greater significance in view of India’s commitments to sustainable development and Honourable Prime Minister Mr Narendra Modi’s pledge at COP26 to cut India’s emissions to net-zero by 2070. It is a major step in the direction of Decarbonisation and Sustainable Mobility.

The India Energy Week 2023 event is being held under the patronage of the Ministry of Petroleum & Natural Gas, Government of India.  India Energy Week has seen participation from the highest level of the Indian government, including all the Public Sector Undertakings (PSUs), and is supported by the Federation of Indian Petroleum Industry (FIPI).

Continue reading “SIAM Organises Sustainable Mobility Pavilion at India Energy Week, 6th -8th February-2023, Bengaluru”

By Fransiska Nangoy, Gayatri Suroyo and Bernadette Christina

JAKARTA, Feb 6 (Reuters) – Armed with the world’s largest reserves of nickel and a ban on the export of nickel ore, Indonesia is making itself indispensable for the electric vehicle industry, which uses the metal extensively.

In just three years, Indonesia has signed more than a dozen deals worth more than $15 billion for battery and electric vehicle production in the country with manufacturers including Hyundai Motor (005380.KS), LG Group (003550.KS) and Foxconn (2317.T).

Continue reading “Like Musk, nickel-rich Indonesia has high electric vehicle ambitions”

MOSCOW, Feb 6 (Reuters) – Russian President Vladimir Putin on Monday approved the sale of Mercedes-Benz’s (MBGn.DE) local financial services division to Russian car dealer Avtodom, nudging the German automaker closer towards fully offloading its Russian assets.

Mercedes-Benz suspended production at its factory in Russia and halted exports to the country last March, and said in October it would fully quit the Russian market, selling stakes in its Russian assets to a local investor.

Continue reading “Putin approves sale of Mercedes-Benz Russian finance arm”

Feb 6 (Reuters) – Shares of Faraday Future Intelligent Electric Inc (FFIE.O) rose about 8% to $1.17 on Monday after the company said it had raised enough funds to start production of its electric luxury car FF 91 Futurist in March.

Delivery of the sports utility vehicle, originally slated to start in late 2022, will now begin before the end of April, the company said on Sunday.

The stock has plummeted 92% since listing in July 2021 as the loss-making startup grappled with a boardroom battle, governance issues and a dwindling cash balance that upended its production plans.

Continue reading “Faraday Future shares gain on securing funding to start EV production”

Feb 6 (Reuters) – New car registrations in the United Kingdom rose for the sixth straight month, recording a 14.7% annual rise in January due to robust sales of electric vehicles and large fleets, and full-year sales are expected to top last year’s, an industry body said on Monday.

The Society of Motor Manufacturers and Traders (SMMT) said car registrations for the month amounted to 131,994 units, marking the UK car industry’s best start to a year since January 2020.

Continue reading “UK new car sales rise in January, full-year sales to top last year – SMMT”

LONDON, Feb 6 (Reuters) – Japanese car maker Nissan (7201.T) will buy a stake of up to 15% in Renault’s (RENA.PA) electric vehicle (EV) unit Ampere, the pair said on Monday, in a reboot of a long and sometimes contentious alliance that will also create more common car platforms.

Continue reading “In alliance reboot, Nissan to buy up to 15% stake in Renault EV unit”

PTI – With the world looking for an alternative to China for sourcing tyres, Ceat Ltd is planning to cash in on the opportunity based on its ‘value brand’ positioning despite slowdown in many economies, according to company Executive Director, Finance & CFO, Kumar Subbiah. The company, which gets 20 per cent of its total revenue from exports, plans to enter the US market in the later part of the current year, following up on its entry into the European market for truck and bus radial tires last year.In the current fiscal, the company’s exports have been flattish as it “took some kind of beating, largely on account of current conditions in Europe and some other countries finding it difficult to get currency to import tyres”, Subbiah told PTI.

By Gilles Guillaume and Nick Carey

LONDON (Reuters) – Nissan and Renault on Monday are set to unveil details of their redesigned alliance and answer questions about Renault’s electric vehicle (EV) business and how it will sell off most of its stake in the Japanese carmaker.

Chandigarh, Feb 3 (PTI) The Punjab Cabinet under the chairmanship of Chief Minister Bhagwant Mann approved new industrial and electric vehicle policies here on Friday, Finance Minister Harpal Singh Cheema said.

The approval of both the policies comes days ahead of an investors’ summit to be organised by the state government on February 23-24 in Mohali.

Continue reading “Punjab cabinet approves new Industrial and Electric Vehicle policies”

Shimla (Himachal Pradesh) [India], February 3 (ANI): The Himachal Pradesh State Transport Department has achieved the distinction of becoming the first such department in the country to switch over to electric vehicles by switching on its entire fleet of official vehicles, electrical.

Chief Minister, Sukhvinder Singh Sukhu while congratulating the State Transport department said that Himachal Pradesh had taken a lead in switching over to electrical vehicles and notifying its policy. In contrast, some states of the country are in the final stage of implementing the same.

Continue reading “Himachal Pradesh transport dept switches to electric vehicles”

Kochi, Feb 3 (PTI) Union minister Nitin Gadkari on Friday said increased metal recycling can bring down the cost of auto components by a hefty 30 per cent which will automatically increase the industry’s export competitiveness.

Addressing an international conference on material recycling here through a video conferencing, the minister said the government has set a target of doubling the size of the automobile sector to Rs 15 lakh crore and create an additional 5 crore jobs. But he did not give a time line for achieving the target.

India overtook Japan to become a the world’s third largest automobile market in 2022.

Continue reading “Increased metal recycling can cut auto components cost by 30 per cent: Gadkari”

Continue reading “Billionaire Musk Likely to ‘Double Down’ on Tweets After Court Victory”

Continue reading “Mexico in Talks With Top Carmakers to Make Electric Vehicles, Foreign Minister Says”