PARIS, Dec 22 (Reuters) – French carmaker Renault (RENA.PA) has issued a 210 billion yen ($1.6 billion) bond that will mature in December 2026 and carry a coupon of 2.80%, it said on Thursday, adding this highlighted its appeal to Japanese investors.

“The final orderbook amounted to close to 300 billion yen, underlying the high confidence of Japanese retail investors in the Renault Group strategy as well as its ongoing transformation,” Renault said. Continue reading “Carmaker Renault issues 210 bln yen bond”

Dec 21 (Reuters) – TuSimple Holdings Inc (TSP.O) said on Wednesday it will lay off 25% of its workforce, or nearly 350 employees, as the self-driving truck company seeks to chart a course out of the economic upheaval that has been raging throughout the year.

The company said it expects to record a one-time charge of nearly $10 million to $11 million, most of which would be recorded in the fourth quarter. Continue reading “TuSimple to lay off 25% of workforce”

Dec 21 (Reuters) – U.S. total new vehicle retail sales are expected to decline in December as high vehicle prices and rising borrowing costs pushed consumers to cut back spending, a report from industry consultants J.D. Power-LMC Automotive showed on Wednesday.

“Elevated pricing, coupled with repeated interest rate increases, continue to inflate monthly loan payments,” said Thomas King, president of the data and analytics division at J.D. Power. Continue reading “U.S. new vehicle sales to fall in December as high prices deter buyers – report”

Dec 21 (Reuters) – Solid Power Inc (SLDP.O) said on Wednesday it will offer some intellectual property rights related to its solid-state batteries to BMW (BMWG.DE) and allow production of the battery cells at the automaker’s facilities in Germany.

Colorado-based Solid Power will license the cell design and manufacturing processes to BMW, which will pay the company $20 million through June 2024, subject to certain conditions. Continue reading “BMW to make Solid Power’s battery cells under expanded agreement”

Dec 21 (Reuters) – Another wave of layoffs are coming at electric-car maker Tesla Inc (TSLA.O) in the next quarter, news website Electrek reported on Wednesday, citing a source familiar with the matter.

Tesla is also going to freeze hiring, according to the report. The company did not immediately respond to a Reuters request for comment. Continue reading “Tesla to freeze hiring, lay off employees next quarter – Electrek”

Beersheva, Israel, Dec 21 (Reuters) – An Israeli-made electric vehicle designed to fly commuters on short trips far above streets overcrowded with cars has made its maiden unmanned flight, a milestone the developer says will help it reach the market in the next two years.

The test-phase voyage may not look out of the ordinary at first given the huge progress made in drone technology. Another propellered aircraft rising vertically off the ground and then thrusting forward high in the sky. Continue reading “Israeli startup makes inroads with personal flying vehicle”

Source PTI : New Delhi: Globally diversified natural resources firm Vedanta Ltd on Tuesday said it has rolled out an EV policy for its employees, under which incentives ranging from 30 to 50 per cent will be provided on purchase of eleciric vehicles. As part of its commitment towards net-zero carbon, the company has pledged 100 per cent of its light motor vehicles to be decarbonised by 2030.

The incentives would be given to various employee grades for purchase of four- and two-wheeler electric vehicles (EVs), it said. Continue reading “Vedanta announces incentives for purchase of EVs by employees”

WASHINGTON, Dec 20 (Reuters) – General Motors Co (GM.N) said Tuesday it is recalling 140,000 Chevrolet Bolt EVs in North America because the carpet could catch fire after a crash where a front seat belt pretensioner deploys.

The U.S. automaker said the recall covers various 2017 through 2023 model year Chevrolet Bolt EV vehicles due to rare instances of front seatbelt pretensioner exhaust gases coming in contact with floor carpeting fibers, after a vehicle crash, which could cause a fire. Continue reading “GM recalls 140,000 Chevrolet Bolt EVs over fire risks”

Dec 20 (Reuters) – BlackBerry Ltd (BB.TO), said on Tuesday the sales cycles for its cybersecurity software have become longer and it expects the current macroeconomic environment to pose more challenges in the near term.

The Canadian technology company said revenue from the cybersecurity business would remain flat in the first half of 2023, but grow in the latter half of the year. Continue reading “BlackBerry warns of economic impact on cybersecurity business”

MILAN, Dec 20 (Reuters) – Piero Ferrari, son of founder Enzo and the second largest shareholder in Ferrari (RACE.MI), set up a family trust this month to manage his stake of around 10% in the Italian luxury sports carmaker, a U.S. regulatory filing showed.

The move outlines plans for succession in relation to the group’s shareholding structure. Continue reading “Ferrari heir sets up succession with trust for supercar firm stake”

MEXICO CITY, Dec 20 (Reuters) – Mexican private equity manager AINDA expects to raise $600 million for a new fund by early next year and will launch projects in Colombia, its top executive told Reuters, as the company seeks to grow its portfolio of public works investments.

AINDA, which focuses on environmental, social and corporate governance (ESG) projects, also aims to expand along with the Mexican government’s nearshoring push, in a bid to grow operations in its home country, CEO Manuel Rodriguez said. Continue reading “Mexico’s AINDA seeks $600 mln to kickstart fund, Colombian business”

WASHINGTON, Dec 19 (Reuters) – With a revamped $7,500 electric vehicle tax credit taking effect Jan. 1, the U.S. Treasury Department said on Monday it will delay until March its release of proposed guidance on the required sourcing of electric vehicle batteries.

The announcement means some electric vehicles that will not meet the new requirements may have a brief window of eligibility in 2023 before the battery rules take effect. Continue reading “U.S. Treasury will delay EV battery sourcing guidance until March”

Summary

• This content was produced in Russia, where the law restricts coverage of Russian military operations in Ukraine.

MOSCOW, Dec 19 (Reuters) – South Korea’s Hyundai Motor Co (005380.KS), formerly one of Russia’s biggest car makers, has begun laying off workers at its St Petersburg factory, which has stood idle since March, largely due to the effects of Russia’s military intervention in Ukraine. Continue reading “Hyundai lays off staff after idling Russian plant since March”

BERLIN, Dec 19 (Reuters) – Tesla’s (TSLA.O) German plant produced 3,000 cars last week for the first time, the carmaker tweeted late on Sunday – but the milestone was reached over two months later than planned in both Berlin and Austin, Texas, according to a memo seen by Reuters.

The memo, which Reuters reported on in September, projected 3,000 units in weekly output from the Gruenheide plant near Berlin in the first week of October and from Tesla’s plant in Austin, Texas, in the first week of November. Continue reading “Tesla hits 3,000 cars a week in Berlin, Austin later than planned”

Summary

• Economic slump to deepen through H1 2023 – fin min
• Sales tax breaks on fuel oil, cars extended by 4-5 months
• President Yoon’s govt to unveil policy blueprint on Wed

SEOUL, Dec 19 (Reuters) – South Korea on Monday flagged a deeper economic slowdown than expected at least through the first half of next year, and extended sales tax breaks on some fuel oil products and passenger cars by a few months. Continue reading “South Korea flags economic slump deepening for while”

SEOUL, Dec 19 (Reuters) – South Korean battery maker LG Energy Solution (373220.KS) said on Monday it plans to invest 4 trillion won ($3.1 billion) from this year to 2026 in a facility making batteries for electric vehicles and other goods.

The project in Ochang, South Korea, will include R&D and production facilities and related infrastructure, and is expected to add 1,800 employees, the company said in a statement. Continue reading “LG Energy Solution to invest $3.1 bln in S.Korea battery facility”

Summary

• Surpluses of low-carbon aluminium as production ramps up
• Automakers, consumers pay modest premiums for green metal
• Climate benefits as aluminium most energy-intensive metal

LONDON, Dec 17 (Reuters) – Aluminium makers are set to boost low-carbon metal output by 10% in 2023 and churn out even more in the years ahead, driving down the cost for carmakers seeking climate-friendly supplies and shrinking the industry’s hefty carbon footprint. Continue reading “Analysis: Bumper green aluminium output is good news for carmakers, and climate”

NEW DELHI, Dec 17 (Reuters) – Indian banks are reluctant to lend to electric-bus makers for supply to ailing state transport operators over concerns on recovery of dues, hurting the country’s goal of curbing vehicle emissions, said banking, industry and government sources.

The lack of funding is limiting the ability of e-bus makers to participate in federal government tenders to supply to states, the sources told Reuters, threatening to slow the electrification of major public transport now reliant on diesel. Continue reading “India’s e-bus ambition hits financing speed bump”

Source PTI : Coal is dirty it makes up for 40 per cent of carbon dioxide emissions from fossil fuels, its mining wreaks havoc on the environment and burning it produces pollutants like mercury which are linked to acid rain and particulate matter that causes respiratory illnesses. But the war in Ukraine has caused a mini-energy crisis globally, pushing its use to record levels this year.

And India, the world’s third largest energy consumer, was at the forefront of the global rise in coal usage as it fell back on the easiest available fossil fuel in the face of a surge in oil and gas prices that threatened to derail the economic recovery from the pandemic. Continue reading “Coal is here to stay despite India’s ambitious renewable energy goals”

Source PTI : BMW Motorrad, the two wheeler division of the German luxury car maker, expects sales to grown in double digits next year as well as it remains bullish on the long term growth prospects of the country. The company, which sells a range of motorcycles in the country, is looking to cross the 7,000 unit sales mark this year.

With sales volume this year till November having already crossed the 6,000 units mark, a growth of around 40 per cent as compared to same period last year, BMW Motorrad India has for the first time entered the top ten markets for the brand globally. Continue reading “BMW Motorrad India expects sales momentum to continue; eyes double-digit growth next year”

Source PTI :  New Delhi: Auto industry body Society of Indian Automobile Manufacturers on Saturday welcomed the GST Council’s clarification on the definition of SUVs, saying it is on the lines of its discussions with the finance ministry. Briefing reporters after the 48th GST Council meeting, finance minister Nirmala
Sitharaman said the higher rate of compensation cess of 22 per cent is applicable to a motor vehicle fulfilling all four conditions — it is popularly known as SUV; has engine capacity exceeding 1,500ce; length exceeding 4,000 mm; has ground clearance of 170 mm and above.

In response, SIAM in a statement said this has brought in a clarity that higher rate of compensation cess of 22 per, over and above of 28 per of GST, will be applicable only on such vehicles which meet all the four conditions. Continue reading “Auto industry body hails GST Council’s clarification on definition of SUVs”

Source PTI : New Delhi: India is the fastest growing major economy in the world and is all set to achieve USD 5 trillion GDP by 2024-25, Union Minister Nitin Gadkari said on Friday. Addressing an event organized by industry body FICCI, Gadkari said the central government is aiming to boost growth and employment to achieve sustainable development.

The road transport and highways minister said India will play a key role in achieving global Sustainable Development Goals (SDGs) 2030. Continue reading “India all set to become USD 5 trillion economy by FY25: Gadkari”

Summary

• Surpluses of low-carbon aluminium as production ramps up
• Automakers, consumers pay modest premiums for green metal
• Climate benefits as aluminium most energy-intensive metal

LONDON, Dec 17 (Reuters) – Aluminium makers are set to boost low-carbon metal output by 10% in 2023 and churn out even more in the years ahead, driving down the cost for carmakers seeking climate-friendly supplies and shrinking the industry’s hefty carbon footprint. Continue reading “Analysis: Bumper green aluminium output is good news for carmakers, and climate”

NEW DELHI, Dec 17 (Reuters) – Indian banks are reluctant to lend to electric-bus makers for supply to ailing state transport operators over concerns on recovery of dues, hurting the country’s goal of curbing vehicle emissions, said banking, industry and government sources.

The lack of funding is limiting the ability of e-bus makers to participate in federal government tenders to supply to states, the sources told Reuters, threatening to slow the electrification of major public transport now reliant on diesel. Continue reading “India’s e-bus ambition hits financing speed bump”

Dec 16 (Reuters) – Tesla Inc (TSLA.O) is finalizing plans to build an electric vehicle assembly plant in an industrial area of northeastern Mexico and may announce the factory as early as next week, Bloomberg News reported late Friday.

The plant will be located in Santa Catarina in Monterrey city, the capital of Nuevo Leon state in Mexico, the report said, citing people familiar with the matter. Continue reading “Tesla plans to announce Mexico EV plant as soon as next week -Bloomberg News”

• U.S. business activity slumps in December
• Meta jumps on J.P. Morgan rating upgrade
• Adobe climbs on upbeat profit forecast
• Dow down 0.85%, S&P 500 down 1.11%, Nasdaq down 0.97%

NEW YORK, Dec 16 (Reuters) – U.S. stocks dropped for a third straight session and suffered a second straight week of losses on Friday as fears continued to mount that the Federal Reserve’s campaign to arrest inflation would tilt the economy into a recession. Continue reading “Wall Street ends lower for third straight day as recession worries rise”

WASHINGTON, Dec 16 (Reuters) – The Biden administration is grappling with a long list of complex technical issues to implement new electric vehicle tax credits, putting pressure on officials working to quickly unveil guidance to automakers, battery firms and minerals producers.

With some key provisions launching on Jan. 1, government and industry officials say hundreds of billions of dollars’ worth of new clean energy incentives – potentially unlocking trillions of dollars of new investments – are at stake. Continue reading “EV tax credit complexity pressures deadlines on U.S. Treasury rule-writing”

BERLIN, Dec 16 (Reuters) – Volkswagen (VOWG_p.DE) will refocus on raising productivity after numerous challenging years and is targeting margin parity between electric and combustion engine cars in 2-3 years if raw material prices normalise, its finance chief said on Friday.

“The challenges will not become easier next year,” Arno Antlitz said on the sidelines of the carmaker’s extraordinary general meeting in Berlin, pointing to order books of 1.8 million in Europe with demand far oustripping the pace of supply as chip supply remained tight. Continue reading “Volkswagen to refocus on raising productivity, warns of challenging 2023 – finance chief”

Dec 16 (Reuters) – TuSimple Holdings Inc (TSP.O) appointed interim financial chief Eric Tapia on a permanent basis and reconstituted its audit committee, the self-driving trucking firm said on Friday, weeks after an internal probe revealed links to a China-backed firm.

The company reappointed former chief executive Cheng Lu as its top boss last month after it fired his predecessor Xiaodi Hou following the probe. Continue reading “Self-driving trucking firm TuSimple appoints CFO, reconstitutes audit panel”

LONDON, Dec 16 (Reuters) – Europe’s car repair and spare parts industry is calling for a rewrite of EU competition rules, arguing they allow carmakers and franchise dealers to disadvantage independent operators.

The European Commission has recommended extending 2010’s Motor Vehicle Block Exemption Regulation (MVBER) for five years when it expires in 2023, with some supplementary guidelines. Continue reading “Europe’s car repairers call for competition rules rewrite”

WASHINGTON, Dec 16 (Reuters) – U.S. auto safety regulators said on Friday they have opened a formal safety probe into the autonomous driving system in vehicles produced by General Motors Co’s (GM.N) robotaxi unit Cruise LLC after reports of two injuries in rear-end crashes.

The National Highway Traffic Safety Administration (NHTSA) said it has received notices of incidents in which self-driving Cruise vehicles “may engage in inappropriately hard braking or become immobilized.” Continue reading “U.S. opens safety probe into autonomous driving system in GM’s Cruise vehicles”

Dec 16 (Reuters) – Shares of Faraday Future Intelligent Electric (FFIE.O) tumbled 21% on Friday after the company unveiled production plans for its much-delayed luxury electric car that hinged on securing additional financing.

The company is in talks with new and existing investors to raise the $150 million to $170 million in capital needed to start production in March and deliveries a month later of the FF 91 Futurist, Faraday disclosed on Thursday. Continue reading “Faraday Future slides on signaling need for funds to start production”

MEXICO CITY, Dec 15 (Reuters) – Italian premium brakes maker Brembo, which supplies Tesla, Ferrari and other car companies, plans to expand one of its factories in the northern Mexican state of Nuevo Leon, government officials said on Thursday.

The company has operated since 2015 in Nuevo Leon state, which borders Texas, and where it employs 1,150 people at its Escobedo site, the Nuevo Leon governor’s office said in a statement. Continue reading “Italian brake maker Brembo plans expansion in northern Mexico”

WASHINGTON, Dec 15 (Reuters) – The Democratic chairman and the top Republican on the House of Representatives Transportation and Infrastructure Committee urged the Biden administration to take an active role in helping automakers deploy “connected vehicle” technology to avoid crashes.

Democratic Representative Peter DeFazio and incoming chair Sam Graves in a letter Thursday urged Transportation (USDOT) Secretary Pete Buttigieg to help ensure automakers can deploy “vehicle-to-everything” (V2X) technologies to use cellular transmissions to avoid crashes and help address the rising number of U.S. traffic deaths. Continue reading “U.S. lawmakers want Buttigieg to speed deployment of connected vehicles”

Dec 15 (Reuters) – Nikola Corp (NKLA.O) founder Trevor Milton asked a judge in New York on Thursday to overturn his conviction on charges of defrauding investors in the electric vehicle company, saying a juror who decided the case concealed her bias against the ultrawealthy.

Milton told U.S. District Judge Edgardo Ramos in court papers that the juror’s Twitter and Facebook pages were “riddled with attacks on wealthy executives” despite denying during jury selection that she used social media. Continue reading “Nikola founder seeks new trial, says juror concealed bias against wealthy”

SHANGHAI, Dec 15 (Reuters) – China’s BYD Co will launch a new “professional and personal” electric car brand in 2023, a senior executive said on Thursday as the automaker expands its range following a year of strong sales.

Brian Luo, the company’s branding assistant general manager, made the comments at a media event. The new brand will be an addition to Yangwang, a premium brand set for launch in the first quarter of 2023 that it announced last month. Continue reading “China’s BYD to launch a second new EV brand in 2023 -executive”

OSLO, Dec 15 (Reuters) – Norsk Hydro (NHY.OL) will supply Mercedes-Benz (MBGn.DE) with low-carbon aluminium for a range of models from 2023, including its electric EQ models, as the luxury carmaker plans to decarbonise its supply chain, the companies said on Thursday.

Mercedes-Benz, which already uses Hydro-supplied components, aims to reach near-zero carbon aluminium by the end of 2030 and targets halving its CO2 emissions by 2030 and becoming CO2-neutral by 2039. Continue reading “Norsk Hydro to supply Mercedes-Benz with low-carbon aluminium”

Dec 14 (Reuters) – The California Energy Commission on Wednesday approved a $2.9 billion investment plan to accelerate the state’s 2025 electric vehicle (EV) charging and hydrogen refueling goals.

The investment will result in 90,000 new EV chargers across the state, more than double the 80,000 chargers already installed, the energy commission said. Continue reading “California approves $2.9 bln investment to double car chargers in state”

BERLIN, Dec 14 (Reuters) – Mercedes-Benz (MBGn.DE) laid out on Wednesday an over 1 billion-euro ($1.06 billion) plan to adapt its global production network for electric powertrain systems – including battery assembly, electric drive units, and axles – from 2024.

Plants in Kamenz and Untertuerkheim in Germany as well as Beijing, which already assemble batteries for electric and hybrid models, will assemble batteries for models on the upcoming MMA and MB.EA platforms, with another battery assembly site in Koelleda pending support from regional government. Continue reading “Mercedes-Benz gears up powertrain network for EVs from 2024”