Nov 9 (Reuters) – Twitter’s new owner Elon Musk told advertisers on Wednesday he aimed to turn the social media platform into a force for truth and stop fake accounts in an effort to assuage brands and advertising agencies that have increasingly been backing away.

Days after Twitter rattled users and advertisers by cutting half its staff, over 100,000 listeners tuned in to hear Musk speak on Twitter’s Spaces feature. He was joined by Yoel Roth, Twitter’s head of safety and integrity, who has reassured users that Twitter would uphold its policies against harmful content. Continue reading “Elon Musk tells Twitter advertisers he wants to stop fake accounts, pursue truth”

Nov 9 (Reuters) – Nissan Motor Co’s (7201.T) U.S. arm said Wednesday that supply chain issues will force it to trim production this month at its Canton, Mississippi, assembly plant.

The Japanese automaker said it will cut some production days in November for its Titan and Frontier pickup trucks as well as its Altima sedan. The cuts, which were reported earlier by Automotive News, are expected to be similar in December. A memo to dealers seen by Reuters said the cuts were “due to supply chain disruptions related to ongoing semiconductor chip shortages in the industry.” Continue reading “Nissan to trim production at U.S. plant over chips shortage”

WASHINGTON, Nov 9 (Reuters) – A U.S. judge on Wednesday granted final approval to a class-action settlement worth at least $80 million to resolve claims Volkswagen AG (VOWG_p.DE) and its Porsche AG unit skewed emissions and fuel economy data on 500,000 Porsche vehicles in the United States.

The settlement, first reported by Reuters in June, covers 2005 through 2020 model year Porsche vehicles. Owners accused the automaker of physically altering test vehicles that affected emissions and fuel economy results. Continue reading “Judge approves $80 mln Porsche U.S. vehicle settlement”

SAN FRANCISCO, Nov 9 (Reuters) – Tesla Inc (TSLA.O) shares slid to their lowest level in nearly two years on Wednesday after Chief Executive Elon Musk disclosed he sold another $3.95 billion worth of shares in the electric-vehicle maker.

Shares ended down 7.2% at $177.59, the lowest level since Nov. 23, 2020. Continue reading “Tesla stock hits 2-year low after Musk sells $4 bln worth of shares”

BERLIN, Nov 9 (Reuters) – BMW Chief Executive Oliver Zipse said the premium carmaker would not abandon its lower-priced segment in the transition to electrification.

“We are not leaving the lower market segment. Even if you consider yourself a premium manufacturer, it is wrong to leave the lower market segment – that will be the core of your business in the future,” Zipse said, speaking at an event organised by autos supplier Robert Bosch GmbH in Berlin. Continue reading “BMW’s Zipse: we are not leaving lower segment for electric cars”

WASHINGTON, Nov 9 (Reuters) – U.S. wholesale inventories increased less than initially thought in September amid decreases in stocks of petroleum and computer equipment, also suggesting that businesses were carefully managing their inventory amid slowing demand.

The Commerce Department said on Wednesday that wholesale inventories rose 0.6% instead of 0.8% as reported last month. Stocks at wholesalers advanced 1.4% in August. Economists polled by Reuters had expected that inventories would be unrevised. Continue reading “U.S. wholesale inventories revised lower in September”

MADRID, Nov 9 (Reuters) – Volkswagen’s Spanish unit SEAT will go ahead with a mega project to make electric vehicles and batteries after overcoming initial reservations about the size of government subsidies for the venture of strategic importance for Spain, it said on Wednesday.

The SEAT-led project, in which 60 other Volkswagen-linked companies will also take part, anticipates an investment of 10 billion euros ($10.06 billion) to electrify Spain’s auto industry and turn the country into a European hub for e-vehicle and battery production. Continue reading “SEAT-VW says to go ahead with Spanish e-car, battery project”

• Co sees FY sales of industrial activities up 5-6%
• Adj EBIT expected between 420-440 mln euros this year
• Helped by easing of semiconductor shortage

Continue reading “Iveco Group relies on strong pricing as the truckmaker lifts FY forecasts”

TOKYO, Nov 9 (Reuters) – Japan’s Honda Motor Co (7267.T) posted on Wednesday a 16% rise in second-quarter profit and lifted its full-year outlook, as better pricing, strong sales of motorcycles and a weak yen helped it ride out semiconductor shortages.

While Japanese automakers, like many of their overseas rivals, have been hit by shortages of chips and supply chain snarls, Honda has been helped by robust performance in its motorcycle business, particularly in Asia. Continue reading “Honda posts 16% rise in Q2 profit and hikes outlook as motorcycles, yen help”

Nov 8 (Reuters) – Tesla Inc (TSLA.O) Chief Executive Officer Elon Musk has sold 19.5 million shares of the electric vehicle maker worth $3.95 billion on Tuesday, according to U.S. securities filings, days after he completed the $44 billion takeover of Twitter Inc.

Musk, the world’s richest man, had about $20 billion in cash after selling a part of his stake in Tesla and would have required to raise an additional $2 billion to $3 billion to finance the Twitter deal, according to a Reuters calculation. Continue reading “Musk sells Tesla shares worth $3.95 bln days after Twitter takeover”

WASHINGTON, Nov 8 (Reuters) – Hyundai Motor Group (005380.KS) and other automakers want the United States to delay implementation of new electric vehicle tax credit rules that make vehicles assembled outside North America ineligible.

South Korea, Japan, Brazil and the European Union have criticized the overhaul of the $7,500 EV tax credit signed into law in August by President Joe Biden as part of the Inflation Reduction Act that immediately disqualified most EVs for credits. Continue reading “Automakers, foreign governments seek changes to U.S. EV tax rules”

LUXEMBOURG, Nov 8 (Reuters) – Fiat Chrysler on Tuesday won its fight against an EU order to pay 30 million euros ($30 million) in back taxes to Luxembourg, dealing a major setback to antitrust chief Margrethe Vestager’s crackdown on sweetheart deals between EU countries and multinationals.

In her 2015 decision, Vestager said Luxembourg had granted Fiat Chrysler, now part of Stellantis (STLA.MI), an unfair tax advantage by endorsing artificial and complex methods that artificially lowered the company’s taxes. Continue reading “Blow for EU crackdown on tax deals as Fiat wins appeal”

SAO PAULO, Nov 8 (Reuters) – Brazil’s auto industry production fell 0.8% in October from the previous month, totaling 206,000 units, data from automakers association Anfavea showed on Tuesday.

Auto sales in the South American country were down 6.7% in the period to 180,900 vehicles, Anfavea added. Continue reading “Brazil’s auto production down slightly in October”

Nov 8 (Reuters) – Electric-truck maker Nikola Corp (NKLA.O) said on Tuesday it will partner with charging company ChargePoint Holdings (CHPT.N) to speed up the deployment of the required infrastructure for commercial EVs.

Many fleet operators are inclined to use more electric vehicles as they aim to reduce carbon emissions and meet sustainability targets, however, the lack of proper infrastructure has been a deterrent. Continue reading “Nikola, ChargePoint to boost charging infrastructure for commercial EVs”

Nov 8 (Reuters) – Electric-vehicle startup Arrival SA warned on Tuesday it may not have enough cash to keep its business going toward the end of next year, sending its U.S.-listed shares tumbling 33.2%.

The company said it has been exploring options to tackle the fund crunch and hinted at cost-cuts that could have a sizeable impact on its workforce in the United Kingdom. Continue reading “EV startup Arrival raises going-concern risk, warns of job cuts in UK”

PARIS, Nov 8 (Reuters) – Nissan (7201.T) said on Tuesday that it was deepening its reflection on how alliance partner Renault’s (RENA.PA) new electric vehicle business could be beneficial for the Japanese carmaker and how it would participate.

“We are considering to invest in the new Renault EV entity subject to the outcome of the discussions,” Nissan said in a statement. Continue reading “Nissan says it is deepening reflection on Renault’s EV entity”

Nov 8 (Reuters) – Lyft Inc (LYFT.O) shares sank 20% to near record lows on Tuesday after a miss on active rider growth fanned fears that bigger rival Uber Technologies Inc (UBER.N) was eating into its market share.

More than a dozen analysts slashed their price targets on Lyft by as much as $23 after third-quarter results. In stark contrast, investors had last week cheered Uber’s results and bumper holiday-quarter forecast. Continue reading “Investors dump Lyft on rising fears of Uber taking market share”

ARIS, Nov 8 (Reuters) – French carmaker Renault on Tuesday announced a big overhaul to split its operations into five businesses, deepen ties with China’s Geely and list its electric vehicle unit on the market from next year.

Here are the main planks and financial targets unveiled in a strategy presentation to investors. Continue reading “Factbox: Renault unveils big overhaul in drive to boost profits”

WASHINGTON, Nov 8 (Reuters) – Tesla Inc (TSLA.O) is recalling just over 40,000 2017-2021 Model S and Model X vehicles that may experience a loss of power steering assist when driving on rough roads or after hitting a pothole.

The Texas-based electric vehicle manufacturer has released an over-the-air software update to recalibrate the system after it began rolling out an update on Oct. 11 to better detect  unexpected steering assist torque. Continue reading “Tesla recalls 40,000 U.S. vehicles over potential loss of power steering assist”

PARIS, Nov 8 (Reuters) – Nissan (7201.T) is considering taking an equity stake in the Ampere unit, which could be listed on the stock market at the end of 2023, Renault (RENA.PA) chief financial officer Thierry Pieton told an investor presentation on Tuesday.

The scale of Renault’s planned overhaul– encompassing the gasoline engine business it has code-named “Horse” and the electric one code-named “Ampere” – speaks to the pressure automakers now feel from investors and regulators to quicken their move to electric vehicles, with Europe having effectively banned combustion engines from 2035. Continue reading “Renault CFO: Nissan eyeing equity stake in electric and software unit Ampere”

TAIPEI, Nov 8 (Reuters) – Foxconn-led (2317.TW) electric vehicle consortium MIH announced plans on Tuesday for its first car, a boxy single row three-seater which it hopes will be popular with one-child families in Asia.

Taiwan’s Foxconn, the world’s largest contract electronics manufacturer, has ramped up investment in EVs and semiconductors in recent years, announcing deals with U.S. startup Fisker Inc (FSR.N) and Indian conglomerate Vedanta Ltd (VDAN.NS). Continue reading “Foxconn electric vehicle alliance plans boxy three-seater”

LUXEMBOURG, Nov 8 (Reuters) – Fiat Chrysler on Tuesday won its fight against an EU order to pay 30 million euros ($30 million) in back taxes to Luxembourg, dealing a major setback to antitrust chief Margrethe Vestager’s crackdown on sweetheart deals between EU countries and multinationals.

In her 2015 decision, Vestager said Luxembourg had granted Fiat Chrysler, now part of Stellantis (STLA.MI), an unfair tax advantage by endorsing artificial and complex methods that artificially lowered the company’s taxes. Continue reading “Blow for EU crackdown on tax deals as Fiat wins appeal”

PARIS, Nov 8 (Reuters) – Renault (RENA.PA) and Google (GOOGL.O) said on Tuesday that they are expanding their partnership in software services for future Renault vehicles, adding that Google will become the preferred cloud supplier to the French automaker.

The partnership with Google will also help Renault accelerate its “end-to-end digital transformation, from the design of the car to its market launch through its production,” Renault Chief Executive Luca de Meo said in a statement. Continue reading “Renault, Google expand ties in automotive software”

SHANGHAI, Nov 8 (Reuters) – Chinese electric vehicle giant BYD said on Tuesday it would launch a new premium brand in the first quarter of 2023 under the name Yangwang, with its first model slated to be an off-road vehicle.

Vehicles produced under the new brand will be priced at between 800,000 and 1.5 million yuan ($110,287-$206,763), BYD added. Continue reading “China’s BYD to launch new premium electric car brand in 2023”

BEIJING, Nov 8 (Reuters) – Renault SA (RENA.PA) and China’s Geely (0175.HK) said on Tuesday they have agreed to launch a new, equally held joint venture that will supply gasoline engines and hybrid technology to the brands they own as well as to other automakers.

While it was not immediately clear whether the venture represents a step towards even closer collaboration on gasoline cars between the two companies, it marks a critical step in the French automaker’s complex restructuring. Continue reading “Renault, Geely clinch deal for internal-combustion joint venture”

Nov 8 (Reuters) – Foxconn, the world’s biggest contract electronics maker, has extended its drive into electric vehicle (EV) business with a deal to take a near-20% stake in loss-making U.S. electric truck maker Lordstown Motors Corp (RIDE.O) for up to $170 million.

The accord, which will also give a Foxconn (2317.TW) affiliate two board seats at startup Lordstown, comes as the iPhone maker bets on replicating its dominance in contract electronics manufacturing in the booming EV industry. Continue reading “Foxconn ramps up EV push with stake in U.S. truck maker Lordstown”

Nov 7 (Reuters) – An inadequate charging network and insufficient access to battery raw materials are critical bottlenecks that could shackle demand for electric vehicles, according to Ford Motor Co’s (F.N) chief electrification executive on Monday.

“Infrastructure is the biggest thing that really has to be nailed for widespread adoption” of EVs, Doug Field said at an EV conference in London. “A lot of coordination is going to be required to get the right levels of compatibility, capability, reliability in that charging network so people just don’t have to worry about it.” Continue reading “Ford’s EV guru Field talks bottlenecks and opportunities”

FRANKFURT, Nov 7 (Reuters) – Mercedes-Benz (MBGn.DE) Chief Executive Ola Källenius on Monday spoke out against distancing oneself from China, saying it was “absolutely inconceivable” to write off the country.

The comments came days after German Chancellor Olaf Scholz led a delegation of business leaders to China, urging German companies to diversify should the relationship between the two countries sour. Continue reading “Mercedes CEO: ‘absolutely inconceivable’ to write off China”

Nov 7 (Reuters) – European countries are facing strikes and protests due to high energy prices and mounting costs of living. Here are details of some industrial actions and demonstrations. Continue reading “Factbox: Strikes, protests in Europe over cost of living and pay”

BERLIN, Nov 7 (Reuters) – German tyre and automotive parts maker Continental said on Monday that a cyberattack it reported in August had resulted in some data being stolen from the company.

The investigation into the incident is still ongoing, said a spokesperson for the company in a statement. Continue reading “Continental: Some data stolen in August cyberattack”

Nov 7 (Reuters) – Lidar companies Ouster Inc (OUST.N) and Velodyne Lidar Inc (VLDR.O) have agreed an all-share merger that steps up consolidation in search of profitability in autonomous vehicle technology.

Velodyne and Ouster compete in precision sensors that enable self-driving vehicles to see the world around them. Both companies have been hit hard as timetables for large-scale autonomous vehicle deployment have stretched out. Continue reading “Lidar duo Ouster and Velodyne to merge in all-stock deal”

BEIJING, Nov 7 (Reuters) – China’s Farizon, a new-energy truck maker owned by automaker Geely (GEELY.UL), aims step up expansion beyond its home base with a light cargo van planned for Europe as early as 2024, the truck producer’s chief executive said.

Farizon’s Fan Xianjun told Reuters in an interview the first step in a global cargo van expansion plan will be to enter the European market with an all-electric version of a light cargo truck called the Super Van. Continue reading “China’s Geely truck unit Farizon targets Europe with electric cargo van”

WILMINGTON, Del., Nov 7 (Reuters) – As Elon Musk is engulfed in his overhaul of Twitter, the entrepreneur is headed to trial to defend his record $56 billion Tesla Inc pay package against claims it unjustly enriches him without requiring his full-time presence at the carmaker.

A Tesla (TSLA.O) shareholder is seeking to rescind Musk’s 2018 pay deal, claiming the board set easy performance targets and that Musk created the package to fund his dream of colonizing Mars. Continue reading “As Musk focuses on Twitter, his $56 billion Tesla pay goes to trial”

PRAGUE, Nov 7 (Reuters) – Czech carmaker Skoda Auto, part of the Volkswagen group (VOWG_p.DE), is still aiming for sales of at least 1 million cars a year but is targeting profitability over higher volumes, its CEO was quoted as saying on Monday.

Global deliveries for Skoda, the Czech Republic’s biggest exporter and a bellwether for the economy, dropped 12.6% year-on-year to 878,200 cars in 2021, with global supply snags for chips and other parts hitting output. Continue reading “Skoda focused on profitability over volumes, CEO tells E15”

BEIJING/TOKYO, Nov 7 (Reuters) – Nissan Motor Co’s (7201.T) concerns about technology transfers have complicated its partner Renault’s (RENA.PA) plans to sell a large stake in its gasoline-engine business to China’s Geely (0175.HK), three people familiar with the talks said.

Renault is pursuing a complex two-pronged restructuring. On one hand, it is aiming to revamp its alliance with Nissan and convince the Japanese automaker to invest in a new electric car unit called Ampere. Continue reading “Renault’s talks with Geely complicated by Nissan concerns -sources”

TOKYO, Nov 5 (Reuters) – Japan’s government warned on Saturday that new electric vehicle tax credits in the United States could ultimately deter further investment by the Japanese there and hit employment in the world’s biggest economy.

In a comment submitted to the U.S. Treasury Department, the government raised a number of concerns about the tax credits in the Inflation Reduction Act (IRA), which is designed to build more resilient supply chains as the United States aims to reduce exposure to China. Continue reading “Japan government sounds alarm over U.S. EV tax credits”

TOKYO, Nov 5 (Reuters) – Japan’s Honda Motor Co (7267.T) unveiled the second model of its new China-only electric vehicle (EV) lineup on Saturday, targeting the fast-growing, battery-driven car segment in the world’s largest auto market.

The Japanese automaker said last year it planned to roll out EV models under a new brand called “e:N Series” over the next five years with partners GAC (601238.SS) and Dongfeng Motor (0489.HK). It began selling the first model in China in April. Continue reading “Honda launches new EV model in China”

SEOUL, Nov 4 (Reuters) – South Korea is seeking a three-year grace period on the U.S. Inflation Act in order to enable Korean automakers to keep receiving electric vehicle (EV) incentives in the United States, Seoul’s foreign ministry said on Friday.

U.S. President Joe Biden sign into law in August a $430 billion bill, which among other measures, excludes Hyundai Motor Co (005380.KS) and its affiliate Kia Corp (000270.KS) from federal tax credits because they don’t yet make EVs in North America. Continue reading “South Korea seeks 3-year grace period on U.S. EV tax incentive law”

HAMBURG, Nov 4 (Reuters) – Volkswagen (VOWG_p.DE) on Friday said it has recommended to its brands to pause paid advertising on Twitter until further notice in the wake of Elon Musk’s takeover of the social media platform.

“We are closely monitoring the situation and will decide about next steps depending on its evolvement,” Europe’s top carmaker said in a statement. Continue reading “Volkswagen tells brands to pause paid advertising on Twitter”

HONG KONG, Nov 4 (Reuters) – Berkshire Hathaway Inc, the investment firm owned by Warren Buffett, has sold 3.297 million Hong Kong-listed shares of electric vehicle maker BYD (002594.SZ) for HK$560.05 million ($71.35 million), according to a filing on Friday.

The sale lowered Berkshire’s holdings in BYD’s total issued H shares to 17.92% on November 1 from 18.22%, the filing to the Hong Kong Stock Exchange showed. ($1 = 7.8498 Hong Kong dollars) Continue reading “Berkshire trims stake in China’s BYD H-shares worth HK$560 million – filing”