TOKYO, Oct 6 (Reuters) – Toyota Motor Corp said it would restart production of its first electric vehicle, the bZ4X, on Thursday after fixing potential safety problems that had halted sales of the new battery-powered model for more than three months.
Japan’s largest automaker, a laggard in the EV market, recalled 2,700 bZ4Xs globally in June after discovering that there was a risk the car’s wheels could come loose. Continue reading “Toyota restarts output of first EV after fixing safety issues”
TOKYO, Oct 6 (Reuters) – Honda Motor Co (7267.T) said on Thursday it would reduce car output by up to 40% at two Japanese plants for the rest of October from its earlier plans, as the company battles with persistent supply chain and logistical problems.
Two lines at Honda’s Suzuka plant in western Japan will cut production by about 20% in October, while its assembly plant in Saitama prefecture, north of Tokyo, will lower production plans by about 40% for the month. Continue reading “Honda to cut car output at two Japanese plants in October”
WASHINGTON, Oct 5 (Reuters) – GM Financial, a unit of General Motors Co (GM.N), agreed to pay over $3.5 million to resolve allegations it violated a U.S. federal law that provides certain benefits and protections to eligible servicemembers, the Justice Department said.
GM Financial was accused of violating the Servicemembers Civil Relief Act by illegally repossessing 71 servicemembers’ vehicles and by improperly denying or mishandling over 1,000 vehicle lease termination requests, the Justice Department said in a statement on Wednesday. Continue reading “GM Financial to pay over $3.5 mln to resolve claims it violated U.S. law”
Oct 5 (Reuters) – Ford Motor Co is raising the price of its electric truck F-150 Lightning Pro for the 2023 year model by nearly 11%, seeking to cushion the hit from ongoing supply chain snags and decades-high inflation, a spokesperson for the automaker said on Wednesday.
The price of the new model has been set at $51,974 compared to $46,974 earlier, due to “ongoing supply chain constraints, rising material costs and other market factors,” the spokesperson said. Continue reading “Ford raises price of F-150 electric truck as inflation bites”
Oct 5 (Reuters) – Car haulers are pushing the Biden administration and lawmakers to increase truck weight limits on U.S. highways so they can transport more heavy electric vehicles, a move fiercely opposed by the rail industry and safety advocates who say the heavier loads are significantly more dangerous.
Even before a recent spike in EV sales, U.S. roads have been carrying heavier loads, as cars and trucks climbed from an average of 3,200 pounds (1,451 kilos) to 4,200 pounds over the last four decades, according to the Environmental Protection Agency. Continue reading “As EV sales grow, battle over U.S. road weight limits heats up”
Oct 5 (Reuters) – In a February meeting with mining executives, President Joe Biden laid out an aggressive goal for the United States to produce more of its own minerals for the electric vehicle revolution in ways that respected the environment.
A “big part” of those efforts, the president said, was Berkshire Hathaway Inc’s (BRKa.N) plan to filter lithium from superhot geothermal brines swirling beneath California’s Salton Sea, something that had never been done before. Continue reading “U.S. steps away from flagship lithium project with Berkshire”
KIDDERMINSTER, England, Oct 5 (Reuters) – Auto engine parts makers eyeing the promising electric-vehicle market are dealing with a severe case of delayed gratification.
Until EVs truly take off, engine parts makers face a perilous few years where they must invest heavily in new machinery, while struggling with falling sales of fossil-fuel cars. Continue reading “Engine parts makers must cross ‘valley of death’ to reach EV era”
SEOUL, Oct 5 (Reuters) – President Joe Biden has expressed willingness to continue talks with South Korea over recent U.S. legislation that denies subsidies to most foreign makers of electric vehicles (EVs), an official from Yoon’s office said on Wednesday.
Biden gave the assurance in a letter to South Korean President Yoon Suk-yeol, who had asked the U.S. president last month for help to allay Seoul’s concerns that the new U.S. rules would hurt South Korea’s automakers. Continue reading “Biden says U.S. willing to continue talks with S.Korea on EV subsidy”
KIDDERMINSTER, England, Oct 5 (Reuters) – Auto engine parts makers eyeing the promising electric-vehicle market are dealing with a severe case of delayed gratification.
Until EVs truly take off, engine parts makers face a perilous few years where they must invest heavily in new machinery, while struggling with falling sales of fossil-fuel cars. Continue reading “Engine parts makers must cross ‘valley of death’ to reach EV era”
Oct 5 (Reuters) – Demand for electric vehicles helped drive a 4.6% rise in Britain’s new car registrations in September, according to industry data released on Wednesday.
The Society of Motor Manufacturers and Traders (SMMT) said registrations during the month rose to 225,269 units from 215,312 units a year earlier, but still remained 34.4% below pre-pandemic levels. Continue reading “UK new car registrations up 4.6% in September on EV sales”
TAIPEI, Oct 5 (Reuters) – Shares in Taiwan’s Foxconn (2317.TW), the world’s largest contract electronics maker, rose 3% on Wednesday morning after the company said it was “cautiously optimistic” about its fourth-quarter revenue outlook.
Foxconn, a major Apple Inc (AAPL.O) supplier, also on Tuesday reported record-breaking September sales. Continue reading “Foxconn shares rise after offering cautiously optimistic Q4 outlook”
SAN FRANCISCO, Oct 4 (Reuters) – Tesla Inc (TSLA.O) said on Tuesday it will remove ultrasonic sensors from its vehicles starting this month, as it moves ahead with using only cameras in its safety and driver-assistant features.
Tesla vehicles now have 12 ultrasonic sensors on the front and rear bumpers, and short-range sound sensors are mainly used in parking applications and to detect close objects. Continue reading “Tesla will remove more vehicle sensors amid Autopilot scrutiny”
MUNICH, Oct 4 (Reuters) – German drivers should brace for higher auto insurance premiums next year, following three years of price declines, an industry executive told Reuters.
Higher insurance prices are the latest headache for drivers, who already must contend with soaring fuel costs, parts shortages and long waiting times for new vehicles. Annual inflation in Germany was 10.9% in September, the fastest pace in more than a quarter of a century. Continue reading “Drivers in Germany face higher insurance premiums, industry executive says”
MUNICH, Oct 4 (Reuters) – German drivers should brace for higher auto insurance premiums next year, following three years of price declines, an industry executive told Reuters.
Higher insurance prices are the latest headache for drivers, who already must contend with soaring fuel costs, parts shortages and long waiting times for new vehicles. Annual inflation in Germany was 10.9% in September, the fastest pace in more than a quarter of a century. Continue reading “Drivers in Germany face higher insurance premiums, industry executive says”
MOSCOW, Oct 4 (Reuters) – Russia’s AvtoVAZ (AVAZI_p.MM) recorded a 20.1% jump in sales of its flagship Lada cars in September compared to the same month last year, the company said in a statement on Tuesday.
Russia’s automobile industry has been hit hard by Western sanctions this year, with many factories suspending production for weeks as they scrambled to source new parts and re-establish supply chains, or adjust the specifications of their models. Continue reading “Russia’s AvtoVAZ: Lada sales up 20.1% year-on-year in September”
WASHINGTON, Oct 4 (Reuters) – A former Tesla (TSLA.O) senior executive and chief operating officer at ride hailing company Lyft (LYFT.O) is joining General Motors (GM.N) board of directors.
The largest U.S. automaker said in statement on Tuesday Jonathan McNeill, 55, the co-founder and CEO of venture firm DVx Ventures has joined its board. Continue reading “Former Tesla executive joins board of rival automaker GM”
BENGALURU, Oct 4 (Reuters) – Electric vehicle-maker Euler Motors said on Tuesday it had raised $60 million in its latest funding round, led by investment firm GIC Singapore, to shore up its manufacturing and supply chain.
The Indian startup did not disclose the valuation at which it raised the money in the Series C round, although it said its other investors included Blume Ventures, Athera Venture Partners, QRG Holdings, ADB Ventures and Moglix. Continue reading “India’s Euler Motors raises $60 million in GIC Singapore-led funding round”
LONDON, Oct 4 (Reuters) – The cost of making electric cars will reach parity with internal combustion cars by around 2025/26, the head of Envision Racing forecast on Tuesday, a step expected to accelerate the industry’s transition to cleaner, greener vehicles.
Sylvain Filippi, managing director of Envision Racing, said it would soon become more expensive to manufacture traditional cars than their electric counterparts, given the cost of manufacturing internal combustion vehicles is increasing. Continue reading “Envision sees cost of electric cars at parity by 2025-2026”
BERLIN, Oct 4 (Reuters) – Sixt (SIXG.DE) has committed to buying around 100,000 electric vehicles from China’s BYD (002594.SZ) in the coming years under a new partnership agreement signed by the two companies, the German car rental company said on Tuesday.
Under the first stage of the agreement, Sixt is to order several thousand all-electric vehicles from BYD, the first of which will be available to Sixt customers in Europe in the fourth quarter of 2022, the company said in a statement. Continue reading “Sixt agrees to purchase around 100,000 e-vehicles from China’s BYD”
Oct 3 (Reuters) – General Motors Co (GM.N) outsold Japanese automaker Toyota Motor Corp (7203.T) in the United States in the third quarter, data on Monday showed, but analysts and investors are fretting that a darkening economic picture will lead to a drop in car sales.
Thus far, a shortage of cars due to supply disruptions, combined with a preference for personal transport, has seen consumers willing to shell out more money, largely protecting profits at automakers and auto dealers who have pulled back on discounts. Continue reading “GM outsells Toyota in U.S. as industry braces for brakes on demand”
Oct 3 (Reuters) – Rivian Automotive Inc (RIVN.O) said on Monday it produced 7,363 vehicles at its manufacturing facility in Normal, Illinois and delivered 6,584 vehicles in the quarter ended Sept. 30.
The company also reiterated its full-year production target of 25,000 vehicles, sending shares up 9% in post-market trade. Continue reading “Rivian produces over 7,000 vehicles in third quarter, maintains full-year target”
MILAN, Oct 3 (Reuters) – Ferrari (RACE.MI) said on Monday some internal documents had been posted online and the luxury sports carmaker was working to identify how this had happened.
It will implement all the appropriate actions as needed, it said in an emailed statement. Continue reading “Ferrari says internal documents online, but no evidence of cyber attack”
MILAN, Oct 3 (Reuters) – Maserati, the luxury brand of carmaker Stellantis (STLA.MI), unveiled on Monday its new GranTurismo model ahead of an official launch scheduled next year for the brand’s first car available in a fully-electric version.
Maserati, which returned to an operating profit last year, has promised fully-electric – or so-called ‘folgore’ – versions of all its cars by 2025, as part of a wider turnaround plan. Continue reading “Maserati unveils the new GranTurismo, its first fully-electric model”
LONDON, Oct 3 (Reuters) – Shares in sports car brand Porsche (.P911_p.DE) fell below its listing price on Monday, the third day of trading since its $72 billion listing by parent company Volkswagen (VOWG_p.DE).
The closely watched initial public offering (IPO) was the largest listing in Germany in more than 25 years despite a backdrop of volatile global markets. Continue reading “Porsche shares fall below IPO pricing”
Oct 3 (Reuters) – France’s Faurecia (EPED.PA) said its project to develop a new generations of hydrogen tanks was granted 213 million euros ($209 million) of support from the European Commission as part of the Hydrogen IPCEI programme.
Faurecia’s “Historhy Next” project aims to develop new generations of hydrogen tanks, both gaseous and liquid, by the end of 2027, it said in a statement. Continue reading “Faurecia gets 213 million euros from the EU to develop hydrogen tanks”
Oct 3 (Reuters) – Major automakers are expected to report modest declines in U.S. new vehicle sales on Monday but analysts and investors are concerned that a darkening economic picture, not inventory shortages, will lead to a drop in future car sales.
Thus far, a shortage of cars due to supply disruptions, combined with a preference for personal transport, has seen consumers willing to shell out more money, largely protecting profits at automakers and auto dealers who have pulled back on discounts. Continue reading “Inflation to put U.S. auto industry in low gear”
Sept 30 (Reuters) – (This Sept. 30 story corrects previous closing day in second paragraph to Sept 29 from Sept 28 and also stake value to 66.6 mln pounds from 7.55 bln pounds)
Chinese automotive company Zhejiang Geely Holding Group said on Friday it bought a 7.6% stake in British luxury carmaker Aston Martin (AML.L), but did not disclose the deal value. Continue reading “China’s Zhejiang Geely buys 7.6% stake in Aston Martin”
Oct 3 (Reuters) – France’s Faurecia (EPED.PA) said its project to develop a new generations of hydrogen tanks was granted 213 million euros ($209 million) of support from the European Commission as part of the Hydrogen IPCEI programme.
Faurecia’s “Historhy Next” project aims to develop new generations of hydrogen tanks, both gaseous and liquid, by the end of 2027, it said in a statement. Continue reading “Faurecia gets 213 mln euros from the EU to develop hydrogen tanks”
Sept 30 (Reuters) – (This Sept. 30 story corrects previous closing day in second paragraph to Sept 29 from Sept 28 and also stake value to 66.6 mln pounds from 7.55 bln pounds)
Chinese automotive company Zhejiang Geely Holding Group said on Friday it bought a 7.6% stake in British luxury carmaker Aston Martin (AML.L), but did not disclose the deal value. Continue reading “China’s Zhejiang Geely buys 7.6% stake in Aston Martin”
PARIS, Oct 2 (Reuters) – The head of carmaker Stellantis , Carlos Tavares, expects the semiconductor supply chain to remain tight until the end of next year, he said in an interview published on Sunday in French newspaper Le Parisien.
“The situation will remain very complicated until the end of 2023, then will ease a little,” said Tavares, adding that “semiconductor manufacturers have an interest in making business with us again, especially as they’re raising prices”. Continue reading “Stellantis boss expects chip supply to remain ‘complicated’ until end 2023”
Sept 30 (Reuters) – Intel Corp’s (INTC.O) self-driving unit Mobileye on Friday unveiled its filing for a U.S. initial public offering, testing support for a high profile stock debut even as the market for new issues has virtually collapsed.
The tech IPO market globally is in the middle of its worst drought in nearly two decades. U.S. listings have raised a little over $7 billion so far this year, according to data from Dealogic. Last year traditional IPOs, excluding special purpose acquisition companies, had raised a record $154 billion. Continue reading “Intel’s Mobileye files for listing in first sign of thawing tech IPO market”
NEW DELHI, Sept 30 (Reuters) – A comprehensive trade deal between India and the European Union could pave the way for Mercedes-Benz (MBGn.DE) to produce more cars in the South Asian nation, potentially making it an export hub, Mercedes’ country head told Reuters on Friday.
In June, the EU and India relaunched talks for a free trade agreement with the aim of completing them by the end of 2023. Talks began in 2007, but were frozen in 2013 due to lack of progress on issues including EU demands for greater access to Indian markets for its cars. Continue reading “Mercedes says comprehensive trade deal with EU could make India an export hub”
PARIS, Oct 2 (Reuters) – The head of carmaker Stellantis , Carlos Tavares, expects the semiconductor supply chain to remain tight until the end of next year, he said in an interview published on Sunday in French newspaper Le Parisien.
“The situation will remain very complicated until the end of 2023, then will ease a little,” said Tavares, adding that “semiconductor manufacturers have an interest in making business with us again, especially as they’re raising prices”. Continue reading “Stellantis boss expects chip supply to remain ‘complicated’ until end 2023”
Rise in Pollution…Depletion of the ozone layer and valuable resources getting exhausted are just a few of the symptoms of an extensive issue that has not only plagued the Environment but also jeopardized the future Generations from being able to use various resources for development and prosperity. The Automobile industry, one of the core sectors effecting our daily lives has recently been on the forefront of this battle to Combat this issue in their own way by introducing and promoting the use of Electric Vehicles to replace Petrol based vehicles to strive towards utilizing fuel alternatives. As the culture of Automobile Giants like Tesla, Tata and Hyundai introducing better and progressively efficient Electric Vehicles in the Market continues in this day & age, it has risen the need for Telematics in the EV industry for these Vehicles to provide competitive features to the end user so that a smarter choice can be made to invest in Electric vehicles and venture towards a cleaner ecosystem. Continue reading “The iTriangle mission to Create & Sustain a Connected, Secure, Safe and Efficient Ecosystem for the Electric Vehicle Industry through Telematics and Mobility”
LA PLAINE ST DENIS, France, Sept 29 (Reuters) – Imagine a future world starved of resources where carmakers have to resort to replacing the metal in your car’s roof and hood with cardboard.
That’s what Citroën has done with a new concept car designed in anticipation of a resourceless world, using cardboard instead of steel for those parts. Continue reading “Citroën invents cardboard car for resourceless world”
FRANKFURT, Sept 29 (Reuters) – Porsche AG Chief Executive Oliver Blume rang the bell and hugged colleagues on what he called the “historic moment” of the luxury car brand listing on Thursday after Germany’s biggest initial public offering (IPO) in more than 25 years.
Porsche Chief Financial Officer Lutz Meschke added that the company had proven it could succeed in challenging market circumstances. Continue reading “CEO Blume hails ‘historic moment’ as Porsche AG lists on Frankfurt exchange”
HONG KONG, Sept 29 (Reuters) – Hong Kong’s two largest completed IPOs of 2022 worth a combined $1.5 billion closed deep in the red on their market debuts on Thursday, dampening prospects of a recovery in new share sales in the city for the rest of the year.
Shares of Chinese electric vehicle (EV) maker Zhejiang Leapmotor Technology ended at HK$31.90, down 33.5% from its initial public offering price, which is the worst first day performance for a Hong Kong IPO above $500 million on record, according to Dealogic data. Continue reading “Leapmotor and Onewo shares tumble in Hong Kong debut”
FRANKFURT, Sept 29 (Reuters) – Volkswagen (VOWG_p.DE) is well-positioned to fund its electrification strategy, its finance chief said on Thursday, as it reaped around 9.6 billion euros ($9.30 billion) from the IPO of Porsche and with a possible listing of its battery unit on the cards.
The carmaker was sticking to its outlook of reaching the higher end of a 7-8.5% operating profit margin this year, Arno Antlitz told Reuters, even as energy prices, logistics bottlenecks and inflation boost its costs. Continue reading “Volkswagen well-positioned to fund electrification, keeps outlook -CFO”
MILAN, Sept 29 (Reuters) – Porsche AG shares rallied on their Frankfurt market debut on Thursday as traders dumped holdings of its controlling companies to grab a slice in the newly listed supercar manufacturer.
The listing of Porsche AG , under a trading code that includes the 911 number in a nod to its most famous model, defied turbulent markets to give the car brand a value north of 75 billion euros ($72.78 billion). Continue reading “Investors switch into Porsche AG from Volkswagen on debut day”
FRANKFURT, Sept 29 (Reuters) – Porsche AG shares made a strong start on Thursday after Volkswagen (VOWG_p.DE) defied volatile markets to list the sports car brand at a valuation of 75 billion euros ($72 billion) in Germany’s second-biggest market debut.
Continue reading “Porsche races higher after landmark $72 bln listing”
