TOKYO, Sept 22 (Reuters) – The weak yen was once a cause for celebration for Japanese companies as it meant they could sell cars and cameras cheaper abroad and saw fatter profits when earnings were brought home.
These days, it’s not so straightforward – a point that was clearly driven home on Thursday when Japan intervened in the currency markets to buy yen for the first time in nearly a quarter of a century. Continue reading “Explainer: Why the weak yen isn’t a big boost for Japan Inc anymore”
U.S. vehicles because the window automatic reversal system may not react correctly after detecting an obstruction, increasing the risk of injury.
The electric vehicle manufacturer told the National Highway Traffic SafetyAdministration (NHTSA) that it would perform an over-the-air software update of the automatic window reversal system. The recall covers some 2017-2022 Model 3, 2020-2021 Model Y, and 2021-2022 Model S and Model X vehicles. Continue reading “Tesla recalls nearly 1.1 million U.S. vehicles to update window reversing software”
WASHINGTON, Sept 21 (Reuters) – U.S. theft claims were nearly twice as common for Hyundai Motor (005380.KS) and Kia Corp (000270.KS) vehicles compared with all other manufacturers among 2015 through 2019 model-year vehicles, a non-profit group said Thursday.
The Insurance Institute for Highway Safety’s (IIHS) Highway Loss Data Institute said many 2015-19 model year Hyundai and Kia vehicles do not have electronic immobilizers, which prevent people from breaking in and bypassing the ignition. The feature is standard equipment on nearly all vehicles made by other manufacturers during that time-frame, IIHS said. Continue reading “U.S. theft claims soar for Hyundai, Kia vehicles, non-profit group says”
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BEIJING, Sept 22 (Reuters) – China said the U.S. Inflation Reduction Act is suspected of violating the WTO rules and will adopt measures to safeguard its legitimate rights when necessary, the commerce ministry spokesperson Shu Jueting said on Thursday.
China will follow and evaluate the implementation of the law, Shu added. Continue reading “China says U.S. EV subsidy rules suspected of violating WTO rules”
PARIS, Sept 22 (Reuters) – French carmaker Renault (RENA.PA) will reach its target of having an 80% integrated electric vehicle (EV) chain before its initial date of 2030, said Renault chief executive Luca de Meo.
De Meo added that collaboration remained a key aspect regarding thermal engines vehicles. Continue reading “Renault to reach its goal on integrated electric vehicles chain before 2030 -CEO”
TOKYO, Sept 22 (Reuters) – Honda Motor Co (7267.T) said on Thursday it would reduce car output by up to 40% at two Japanese plants in early October because of ongoing supply chain and logistical problems.
The cutback provides further evidence of problems automakers likely face in trying to increase production volumes in the second half of the financial year to the end of March to make up for a shortfall caused by a persistent shortage of chips and supply chain disruptions in the first half of the business year. Continue reading “Honda to cut car output by up to 40% in Japan on supply problems”
TOKYO, Sept 21 (Reuters) – Toyota Motor Corp (7203.T) said on Thursday it plans to produce about 800,000 vehicles worldwide in October, about 100,000 short of its average monthly production plan, due to semiconductor shortages.
The world’s largest automaker by sales said last month it aimed to produce about 900,000 vehicles per month from September through November. Continue reading “Toyota to produce 800,000 vehicles in October, weighed by chips shortage”
WASHINGTON, Sept 21 (Reuters) – The U.S. Environmental Protection Agency (EPA) will consider adopting more stringent greenhouse gas emissions rules for heavy trucks after Congress passed new incentives to speed the adoption of zero-emission vehicles, the agency told Reuters.
In March, the EPA proposed new rules to cut smog-forming and greenhouse gas (GHG) emissions from heavy-duty vehicles. The agency said it will reopen the proposed GHG rules after passage in August of the climate and spending Inflation Reduction Act, a move that could speed the U.S. shift to electric heavy-duty vehicles. Continue reading “EXCLUSIVE U.S. EPA to consider tougher emissions rules for heavy trucks”
SHANGHAI, Sept 21 (Reuters) – Lotus Technology, the technology arm of sports car brand Lotus, said on Wednesday it had completed a fundraising that valued the business at nearly $4.5 billion.
The unit, part of Group Lotus which is in turn owned jointly by Chinese automaker Geely (GEELY.UL) and Malaysia’s Etika Automotive, said it would use the proceeds for product innovation and developing global distribution networks. Continue reading “Sports car maker Lotus’s tech arm valued at $4.5 bln in fundraising”
STOCKHOLM/BERLIN, Sept 21 (Reuters) – Over a dozen automakers including Toyota (7203.T) and Nissan (7201.T), have signed up with a platform for patent licences from 51 tech companies, aiming to simplify access to wireless technology and avoid costly legal battles.
Conflicts have stemmed in part from different views among carmakers, suppliers and tech firms over who should shoulder the cost of licensing. Continue reading “Automakers tackle patent hurdle in quest for in-car tech”
SHANGHAI, Sept 21 (Reuters) – Chinese electric-car startup Nio is looking to grab a share of Europe’s growing market for electric vehicles by rolling out a battery leasing and swapping network to cut costs for users, its president told Reuters.
Nio plans to build 1,000 battery swapping stations outside China by 2025, most of them in Europe, to service the expanded range of EVs it will begin selling this year in Germany and other markets, said Qin Lihong, who is also a Nio co-founder.
Continue reading “China’s Nio takes on BMW, Mercedes in home market with flexible battery plan”
NEW YORK, Sept 20 (Reuters) – California’s choice of 2035 as the deadline to end gasoline-only new car sales was the “sweet spot” that will sharply cut emissions but was also realistic for the industry, the head of the state’s clean air regulator said on Tuesday.
“We had to be cognizant of where the automakers are, where the supply chains are, where the production facilities are,” California Air Resources Board (CARB) chair Liane Randolph told Reuters in an interview during Climate Week, a summit that takes place alongside the U.N. General Assembly. Continue reading “California regulator sees 2035 EV mandate as ‘sweet spot’”
MEXICO CITY, Sept 20 (Reuters) – Mexican used-car platform Kavak on Tuesday said it had secured $675 million in financing from HSBC (HSBA.L) to back the company’s car loan offerings, adding to other recent credit lines agreed with Goldman Sachs and Santander totaling $135 million.
The deal will put more drivers on the streets in Latin America, where only 1.5 of every 10 residents have a car, according to Kavak, which operates in Brazil, Colombia, Argentina, Chile and Peru as well as Mexico. Continue reading “Mexican used-car startup Kavak lands $810 mln in debt financing”
Sept 20 (Reuters) – Rental car company Hertz Global Holdings (HTZ.O) plans to order up to 175,000 General Motors Co(GM.N) electric vehicles over the next five years, its latest move toward zero-emission models.
The multi-billion dollar, multi-year deal could be the first of many GM agreements to supply electric vehicles to rental car companies, said Steve Carlisle, the automaker’s North American operations chief, on a conference call. Continue reading “GM, Hertz make deal to deploy up to 175,000 EVs”
NEW YORK, Sept 20 (Reuters) – General Motors Co (GM.N) said on Tuesday it backed establishing tougher federal emissions standards to help ensure at least 50% of new vehicles sold by 2030 are zero-emission.
The largest U.S. automaker and the Environmental Defense Fund (EDF) released a series of joint recommendations to boost electric vehicles as the Environmental Protection Agency (EPA) develops proposed requirements from the 2027 model year through at least 2030. Continue reading “GM backs setting tough U.S. emissions targets for 2030”
Sept 20 (Reuters) – Ford Motor Co’s (F.N) stock tumbled over 12% on Tuesday in its deepest one-day decline in over a decade after the automaker said inflation-related costs would be $1 billion more than expected in the current quarter and that parts shortages had delayed deliveries.
The stock ended at $13.09, making its percentage decline for the session its largest since January 2011. Continue reading “Ford stock has biggest daily drop since 2011 after inflation warning”
ABUJA, Sept 20 (Reuters) – Hauwa Shakir puts the finishing touches to an elegant lilac and grey dress, grabs her handbag and steps into a grey Toyota Corolla in front of her home in the outskirts of central Abuja.
Shakir, 31, is among thousands of Nigerians hailing rides using mobile apps, but her car has something unusual: a female driver. She said the trip on HerRyde, a ride-hailing app with exclusively women drivers that launched in August, set her mind at ease. Continue reading “Nigerian ride-hailing app aims to put women at ease”
TURIN, Italy, Sept 20 (Reuters) – Stellantis (STLA.MI)signalled its commitment to the historic carmaking city of Turin on Tuesday with an investment to boost its role in electric vehicle production and as a centre for the recycling of cars and their parts.
The Franco-Italian group signed an agreement with its partner Punch Powertrain to increase production of electrified dual-clutch transmissions (eDCT) for hybrid and plug-in hybrid electric vehicles at its Mirafiori plant in Turin, the carmaker said on Tuesday. Continue reading “Stellantis invests in Turin as part of switch to electric”
SEOUL, Sept 20 (Reuters) – South Korea’s opposition to new rules governing U.S. subsidies for electric vehicles are set to overshadow President Yoon Suk-yeol’s first official trip to the United States, disrupting a recent display of alliance strength with Washington.
Yoon, who was in London for the funeral of Britain’s Queen Elizabeth, departed for New York late on Monday to attend the U.N. General Assembly. He will fly to Canada on Thursday for the last leg of his trip before returning home on Saturday. Continue reading “Electric vehicles row overshadows South Korean president’s first U.S. visit”
SAN FRANCISCO, Sept 20 (Reuters) – Tesla (TSLA.O) Chief Executive Elon Musk blamed overreliance on factory robots for sending the electric carmaker to “production hell” four years ago, saying humans were better at certain jobs.
My, how times have changed. Continue reading “Elon Musk faces skeptics as Tesla gets ready to unveil ‘Optimus’ robot”
SEOUL, Sept 20 (Reuters) – Kia Corp (000270.KS) is expected to produce electric vehicles in the United States from 2024, South Korean media Maeil Business Newspaper and TV channel SBS reported on Tuesday, citing an unidentified auto industry source.
Kia Corp was not immediately available for comment when contacted by Reuters. Continue reading “Kia Corp to produce electric vehicles in the U.S. from 2024, reports say”
TOKYO, Sept 20 (Reuters Breakingviews) – The arrest and escape of former Chairman Carlos Ghosn in 2019 put a harsh spotlight on the Japanese auto giant. Covid and inflation have added pressure since. In this episode, Nissan’s (7201.T) COO talks to Pete Sweeney about electrification, fast cars and turning the business corner.
Continue reading “Nissan’s Ashwani Gupta on the need for speed: podcast”
(Reuters) – Fiat Chrysler on Monday received a second chance to permanently block U.S. sales of redesigned Roxor off-road vehicles made by Indian carmaker Mahindra & Mahindra Ltd, which is fighting claims that it copied Fiat Chrysler’s Jeep design.
The 6th U.S. Circuit Court of Appeals said that a Detroit federal court applied the wrong standard when it found that Mahindra’s post-2020 Roxors were unlikely to cause consumer confusion. Continue reading “Fiat Chrysler gets new chance to block Mahindra 4x4s in Jeep trademark case”
Sept 19 (Reuters) – Ford Motor (F.N) said on Monday inflation-related supplier costs will run about $1 billion higher than expected in the current quarter and estimates it will have 40,000 to 45,000 vehicles in inventory lacking parts, which will delay sales.
Ford shares were down 4.4% to $14.27 in after hours trading. Continue reading “Ford sees inflation lifting quarterly supply costs $1 bln”
MILAN/HANOVER, Sept 19 (Reuters) – Italy’s Iveco (IVG.MI) showcased on Monday a prototype of the hydrogen powered eDaily large van it has developed with Hyundai Motor (005380.KS), the first tangible outcome of a wider partnership between the two manufacturers.
Iveco and South Korea’s Hyundai Motor in March signed a preliminary deal to explore cooperating on shared vehicle technology, joint sourcing and mutual supply. Continue reading “Iveco showcases prototype of large hydrogen van developed with Hyundai”
HANNOVER, Germany, Sept 19 (Reuters) – Daimler Truck’s (DTGGe.DE) deliveries could have been higher by a “five-digit figure” in 2021 and 2022 if it had not faced supply chain problems, its chief executive Martin Daum told Reuters.
Daum said in an interview on the sidelines of the IAA Transportation conference in Hannover on Monday that he did not see any signs of demand dipping in the truck market and that order books were filling up the moment they were opened. Continue reading “Daimler Truck CEO says output could have been higher by ‘five-digit figure’ without supply chain problems”
BERLIN, Sept 19 (Reuters) – Volkswagen (VOWG_p.DE) no longer sees chip shortages ending in 2023, and the German carmaker is preparing for the “new normal” of supply chain disruptions, Murat Aksel, head of procurement on the Volkswagen board, told German weekly Automobilwoche.
“Investments for new capacity are now on track, but there will probably still be a structural shortfall in semiconductors up to and including 2023,” Aksel told the weekly, adding that “it’s a structural issue that can’t be solved so quickly.” Continue reading “Volkswagen does not see chip shortage ending in 2023, Automobilwoche reports”
Sept 18 (Reuters) – Hydrogen fuel cell maker Loop Energy (LPEN.TO) said on Sunday that its latest cell system can deliver better fuel economy than a diesel engine at current price levels.
The Burnaby, British Columbia-based company said that – based on a pan-European diesel cost of $1.91 per litre on Sept. 5 and $10 per kg of hydrogen – a truck could travel just over 111 miles (179 km) on $100 worth of fuel using its new S1200 hydrogen fuel cell system versus a little over 109 miles for an equivalent diesel truck. Continue reading “Loop Energy says new hydrogen fuel cell more efficient than diesel engine”
HAMBURG/BERLIN, Sept 18 (Reuters) – Volkswagen (VOWG_p.DE)is targeting a valuation of up to 75 billion euros ($75.1 billion) for luxury sportscar maker Porsche, it said on Sunday, in what will be Germany’s second-largest initial public offering (IPO) in history.
Volkswagen will price preferred shares in the flotation of Porsche AG at 76.50 euros to 82.50 euros per share, the carmaker said, translating into a valuation of 70 billion to 75 billion euros. Continue reading “Volkswagen targets 70-75 billion euro valuation in planned Porsche IPO”
FRANKFURT, Sept 18 (Reuters) – Tesla (TSLA.O) is planning to double vehicle sales in Germany in 2022, German weekly Automobilwoche reported, citing a local executive.
“Our goal is to double sales each year, which translates into around 80,000 units in 2022,” the executive was quoted as saying. Continue reading “Tesla aims to double vehicle sales in Germany in 2022, Automobilwoche reports”
Sept 16 (Reuters) – U.S. auto industry ad spend for the first seven months of this year fell 4% year-on-year as inventory shortages crimped sales even as vehicle demand stayed strong, according to data from an advertising research firm.
Digital ad spending accounted for 53% of the totall $4.80 billion the industry spent during the period, according to data from Standard Media Index (SMI). Continue reading “Auto industry ad spend falls to $4.8 billion in first seven months of 2022, data show”
BERLIN, Sept 16 (Reuters) – German carmaker Opel has stopped a planned expansion into China amid geopolitical tensions between Beijing on one side and the United States and European Union on the other, the Handelsblatt daily reported on Friday, citing sources.
A company spokesperson confirmed the decision to Handelsblatt, citing current challenges in the auto sector. Continue reading “Opel stops planned China expansion amid geopolitical tensions, Handelsblatt reports”
HAMBURG/FRANKFURT/LONDON, Sept 15 (Reuters) – Volkswagen’s (VOWG_p.DE) supervisory board is due to meet on Sunday to move forward with the IPO of its Porsche brand, which will comprise 911 million shares in a nod to its most famous model, two sources close to matter said.
Details on the price range, valuation and confirmed cornerstone investors are likely to be announced after the meeting, a third source said. Continue reading “Porsche IPO to comprise 911 million shares in nod to its most famous model”
BERLIN, Sept 15 (Reuters) – The European Commission has raised concerns with the United States that its tax incentives for electric cars could violate WTO rules, EU trade commissioner Valdis Dombrovskis said.
“We agreed our teams are going more in depth,” he said on the sidelines of a G7 trade ministers meeting in Germany on Thursday. Continue reading “EU trade commissioner: concerns over e-car tax incentives raised with U.S.”
BANGKOK, Sept 15 (Reuters) – Thailand Supreme Court on Thursday upheld a lower court ruling that the local unit of Toyota Motor Corp (7203.T) owed the government 10 billion baht ($272.11 million) in extra taxes for importing components not subject to a reduced tariff.
The court was handling an appeal against a 2019 ruling that the company must pay duties on some parts imported from Japan, which were for its Prius gas-electric hybrid model assembled in Thailand between 2010 and 2012. Continue reading “Thailand’s top court rules Toyota unit must pay $272 mln in import duties”
TOKYO, Sept 15 (Reuters) – Nissan Motor Co Ltd (7201.T) doesn’t make its longer-term decisions based on currency fluctuations, its chief operating officer said on Thursday, even as the yen’s sharp sell-off has sparked concerns about Japan Inc’s ability to manage the volatility.
The comments from Ashwani Gupta also highlight how the yen is no longer a straightforward issue for many Japanese manufacturers. Continue reading “For Nissan, currency doesn’t determine long-term plans, COO says”
Sept 14 (Reuters) – Compass Minerals International Inc (CMP.N) said on Wednesday it will use a lithium extraction technology developed by EnergySource Minerals LLC to produce the electric vehicle battery metal for Ford Motor Co (F.N) and others.
Washington has been pressing for U.S. companies to find greener ways to boost domestic production of battery metals and lessen the country’s reliance on China. Continue reading “Compass Minerals picks lithium extraction technology to supply Ford, others”
NEW YORK, Sept 14 (Reuters) – The global movement by governments and automakers to boost electrification of cars does not mean ethanol will be dead as a product, according to an executive of one of the world’s largest producers of the biofuel.
Beyond the demand that will continue to exist in countries that produce the biofuel and where adoption of EVs is seen as slower, such as Brazil and India, there are industries that will need to use biofuels to reduce emissions where electrification is not a feasible option, said Paula Kovarsky, chief strategy officer at Brazil’s Raízen SA (RAIZ4.SA). Continue reading “Car electrification unlikely to erase market for ethanol, says producer”
