SEOUL, Aug 25 (Reuters) – South Korea will seek cooperation with the European Union over the U.S. Inflation Reduction Act that excludes electric vehicles (EVs) assembled outside of North America from tax credits in the United States, the country’s industry ministry said on Thursday.

U.S. President Joe Biden signed into law on Aug. 16 a $430 billion bill which, among other measures, ends tax credits for about 70% of the 72 EV models that were previously eligible. Continue reading “S.Korea seeks cooperation with EU over U.S. Inflation Reduction Act”

Aug 24 (Reuters) – U.S. new vehicle prices are expected to hit a record high in August on the back of strong demand despite rising interest rates, an industry report showed on Wednesday.

Average transaction prices are set to reach a record $46,259, an 11.5% increase from a year earlier, according to the report from auto industry consultants J.D. Power and LMC Automotive. Continue reading “U.S. new vehicle prices to hit record high despite rising interest rates”

BARCELONA, Aug 24 (Reuters) – Ford (F.N) said on Wednesday it is delaying its production investments in Spain, citing a “revised outlook for Europe” but said it remained committed to its plant in Valencia, where it announced plans in June to produce electric vehicles (EVs).

The U.S. carmaker said in a statement it will not ask for a share of Spain’s EU pandemic relief funds to invest in the roll-out of EVs by June 2025, but said it will work with local authorities to identify other potential public funding as it moves to an all-electric fleet of passenger vehicles by 2030. Continue reading “Ford delays Spanish investments, citing ‘revised outlook for Europe’”

TOKYO, Aug 24 (Reuters) – Honda Motor Co Ltd (7267.T) is considering building a separate supply chain that would reduce its dependence on China, the Sankei newspaper reported on Wednesday, in what would be a high profile move by a major Japanese manufacturer.

Many big Japanese companies have built extensive production hubs in China but have recently seen output snarled by COVID-19-related lockdowns. There are also deepening worries about the impact of tensions between the United States and China. Continue reading “Honda considering decoupling supply chain from China -Sankei”

TOKYO, Aug 24 (Reuters) – Toyota Motor Corp (7203.T) and others involved in a commercial vehicle partnership have expelled Hino Motors (7205.T) from the group over a scandal involving falsification of engine data by the truckmaker, Toyota said on Wednesday.

It is the most severe step announced so far by Toyota, which has a controlling 50.1% in Hino, since the scandal erupted in March. Continue reading “Truckmaker Hino expelled from Toyota-led commercial vehicle partnership”

NEW DELHI, Aug 24 (Reuters) – Indian billionaire Gautam Adani, Asia’s richest man, is making his biggest media bet with a bid to buy a majority stake in New Delhi Television (NDTV) (NDTV.NS).

Adani’s coal-to-edible-oils conglomerate has been on a deals spree over the past two years. Continue reading “Factbox: Asia’s richest man Adani on deals spree in India, abroad”

SHANGHAI, Aug 24 (Reuters) – CATL (300750.SZ), the world’s largest electric vehicle (EV) battery manufacturer, more than doubled its profit in the second quarter as Chinese authorities rolled out incentives to boost EV sales to cushion the impact of lockdowns during the period.

CATL, whose clients include Tesla (TSLA.O), Volkswagen and BMW (BMWG.DE), booked a net profit of 6.68 billion yuan ($974.61 million) from April to June, according to Reuters calculations based on the company’s filings, up 164% from a year ago. Continue reading “Chinese battery giant CATL posts strong Q2 profit on robust EV sales”

WASHINGTON, Aug 23 (Reuters) – Toyota Motor Corp (7203.T) on Tuesday said it recognized the state of California’s authority to set vehicle emissions standards under the U.S. Clean Air Act.

Toyota said the move will make it eligible for government fleet purchases by California. Continue reading “Toyota recognizes California authority to set vehicle emissions standards”

PARIS, Aug 23 (Reuters) – Nissan (7201.T) said it would stop production of cylinder heads for French car maker Renault at its plant in Sunderland, northern England, from early 2024, adding it did not expect this move to result in job losses.

“From early 2024, Nissan Sunderland Plant will cease production of cylinder heads on site. We do not expect this to result in job losses, and are working with staff as we redeploy them to other parts of the business,” the company said, confirming a Sky News report. Continue reading “Nissan to cease producing cylinder heads for Renault from 2024”

TORONTO, Aug 23 (Reuters) – German carmakers Volkswagen (VOWG_p.DE) and Mercedes signed Memorandums of Understanding with the Canadian government on Tuesday to cooperate on the development of batteries.

The agreements were signed during a two-day visit by German Chancellor Olaf Scholz to Canada. Continue reading “VW, Mercedes sign MoUs with Canada to cooperate on battery development”

WASHINGTON, Aug 23 (Reuters) – Owners of some Hyundai (005380.KS) and Kia (000270.KS) SUVs that were recently recalled over fire risks should park them outdoors and away from homes until they are repaired, the U.S. Department of Transportation said on Tuesday.

The South Korean automakers last week recalled thousands of Hyundai Palisade and Kia Telluride vehicles made from 2020 to 2022, citing a risk of fire while parked or driving due to a trailer hitch issue, the National Highway Traffic Safety Administration’s website showed. Continue reading “Some Kia, Hyundai SUVs should be parked outdoors over fire risk -U.S. regulator”

TOKYO, Aug 23 (Reuters) – A widening scandal at Japan’s Hino Motors (7205.T) over falsification of engine data has become a headache that will not go away for parent Toyota Motor Corp (7203.T), adding to a difficult year already complicated by multiple production halts.

Hino, Toyota’s truck and bus unit, said on Monday it would suspend shipments of small trucks after a transport ministry investigation revealed that some 76,000 of its small trucks sold since 2019 had not been subject to the required number of engine tests. Continue reading “Hino’s widening engine scandal becomes nagging headache for Toyota”

NEW YORK, Aug 22 (Reuters) – The U.S. Department of Labor on Monday accused a Korean-owned auto parts maker and supplier of Hyundai Motor Co of violating federal child labor laws at an Alabama factory, federal court filings reviewed by Reuters show.

The Department of Labor (DOL) said that SL Alabama LLC, a subsidiary of South Korea’s SL Corp (005850.KS), employed underage workers at its Alexander City, Alabama factory, according to filings on Monday with the U.S. District Court for the Middle District of Alabama. Continue reading “Hyundai supplier accused of child labor violations by U.S. authorities”

Aug 22 (Reuters) – Ford Motor Co(F.N) said it will cut a total of 3,000 salaried and contract jobs, mostly in North America and India, as it restructures to catch up with Tesla Inc (TSLA.O) in the race to develop software-driven electric vehicles.

Ford Chief Executive Jim Farley has been saying for months that he believed the Dearborn, Mich. automaker had too many people, and that not enough of its workforce had the skills required as the auto industry shifts to electric vehicles and digital services. Continue reading “Ford cuts 3,000 jobs as it pivots to EVs, software”

TOKYO, Aug 22 (Reuters) – Japan’s Hino Motors (7205.T) will suspend shipments of small trucks after confirming that a widespread data falsification scandal included those models, it said on Monday, highlighting deepening problems at the Toyota Motor Corp (7203.T) unit.

Truck and bus maker Hino’s President Satoshi Ogiso told a news conference that during a transport ministry investigation additional misconduct regarding emissions was found that affects more than 76,000 vehicles. Continue reading “Toyota unit Hino halts light truck shipments as data scandal widens”

BIDADI, India, Aug 22 (Reuters) – Toyota is rebooting its strategy for India, doubling down on a bet that emerging markets will learn to love its hybrids, as long as the price is right.

Renowned for its pioneering Prius, the Japanese carmaker has struggled to sell large numbers of its hybrid Camry sedan since its Indian debut in 2013, partly due to a sticker price of more than eight times the annual income of a middle-class family. Continue reading “Toyota doubles down on its hybrid bet in India”

SEOUL, Aug 22 (Reuters) – A new U.S. law excluding electric vehicles assembled outside North America from tax credits could persuade South Korea’s Hyundai Motor Co (005380.KS) to bring forward the start-date for construction of an EV and battery plant in the United States to as early as this year, Yonhap news agency reported on Monday.

Hyundai Motor said in May that it would break ground on its new facility in Georgia in early 2023, with commercial production starting in the first half of 2025 with an annual capacity of 300,000 units. Continue reading “Hyundai Motor may speed up construction of U.S. EV plant, Yonhap reports”

Aug 21 (Reuters) – A jury in Gerogia has returned a $1.7 billion verdict against Ford Motor Co (F.N) involving a pickup truck crash that claimed the lives of a couple, the AP reported on Sunday.

James Butler Jr., lawyer for the Georgia couple Melvin and Voncile Hill who were killed in April 2014 in the rollover wreck of their 2002 Ford F-250, said on Sunday that jurors in Gwinnett County, northeast of Atlanta, returned the verdict late last week, AP reported. https://bit.ly/3PGdcHl Continue reading “Georgia jury awards $1.7 billion in Ford truck crash case, AP reports”

BERLIN, Aug 21 (Reuters) – Volkswagen’s (VOWG_p.DE) sportscar brand Porsche expects to produce as many units of its Macan model in the electric version as the original with combustion engine, production chief Albrecht Reimold told magazine Automobilwoche.

“We produce more than 80,000 units of today’s generation, and in the long term we also plan to produce as many of the all-electric Macan,” Reimold was quoted as saying. Continue reading “Porsche expects to make as many electric Macans as combustion versions”

LONDON, Aug 19 (Reuters) – Britain said on Friday it wanted a widespread rollout of self-driving vehicles on roads by 2025, announcing plans for new laws and 100 million pounds ($119.09 million) of funding.

The government said it wanted to take advantage of the emerging market for autonomous vehicles, which it valued at 42 billion pounds and estimated could create 38,000 new jobs. Continue reading “Britain sets out roadmap for self driving vehicle usage by 2025”

Aug 19 (Reuters) – General Motors Co (GM.N) said on Friday it would reinstate quarterly dividend payouts, suggesting the automaker was confident it was past the worst risks from the pandemic and the economic turbulence of the past several months.

The automaker had suspended dividend payments and share buybacks in April 2020 after the global coronavirus pandemic hit sales and impacted production, forcing the company to conserve cash during the crisis. Continue reading “GM restores quarterly dividend after more than two years”

BEIJING, Aug 19 (Reuters) – China will extend its exemption of new energy vehicles’ from purchase taxes to the end of 2023, creating tax cuts worth a total of 100 billion yuan, state media Xinhua quoted cabinet meeting as saying on Friday. Continue reading “China extends NEV purchase tax exemption worth 100 billion yuan”

SYDNEY, Aug 19 (Reuters) – Australia’s government said on Friday it plans to introduce new regulations targeting vehicle carbon emissions to boost the uptake of electric cars, as it looks to catch up with other developed economies.

Just 2% of cars sold in Australia are electric compared with 15% in Britain and 17% in Europe, and the country risked becoming a dumping ground for vehicles that can’t be sold elsewhere, Climate Change and Energy Minister Chris Bowen said. Continue reading “Australia to target vehicle emissions to boost electric car supply”

WASHINGTON, Aug 18 (Reuters) – General Motors Co (GM.N) and LG Energy Solution (373220.KS) are considering a site in Indiana for a fourth U.S. battery cell manufacturing plant, a spokeswoman for the companies’ joint venture said on Thursday.

Ultium Cells LLC “is developing a competitive business case for a potential large investment that could be located in New Carlisle, Indiana,” she said, adding that Ultium had submitted a tax abatement application that it hopes will be approved later this month. Continue reading “GM, LG Energy Solution considering Indiana for fourth U.S. battery plant”

ZURICH, Aug 18 (Reuters) – The Geneva International Motor Show scheduled to take place in February has been cancelled for the fourth year running, the organisers said on Thursday.

They said they would focus instead on a complementary motor show, the Geneva International Motor Show Qatar, due to be held in Doha later in 2023. Continue reading “Next year’s Geneva auto show cancelled -organisers”

SHANGHAI, Aug 18 (Reuters) – China’s Geely Automobile Holdings Ltd (0175.HK) aims to increase the proportion of electric vehicles (EVs) in its total sales to 50% in 2023, as it accelerates a transition to electric power amid weakening demand for petrol-driven cars.

Sales of pure electric and plug-in hybrids will already account for more than 30% of Geely’s monthly sales in the second half of this year, Chief Executive Jerry Gan told reporters in an online event on Thursday. Continue reading “China’s Geely Auto grows EV ambition as fossil fuel vehicle demand sinks”

DETROIT, Aug 18 (Reuters) – Korea’s SK Inc (034730.KS) has invested $100 million in North Carolina startup Atom Power, which aims to upgrade the electric vehicle (EV) charging experience in the United States with new hardware and software, the companies said Thursday.

Based in Huntersville, North Carolina, eight-year-old Atom Power has developed a digital circuit breaker that provides more control, flexibility and reliability to EV charging, especially for commercial fleet operators and managers of multi-family dwellings, according to Chief Executive Ryan Kennedy. Continue reading “Korea’s SK invests $100 million in EV-focused startup Atom Power”

MOSCOW, Aug 18 (Reuters) – Chinese car manufacturer Chery is in talks with Russian manufacturers about producing cars in Russian plants, Russia’s state-owned news agency TASS reported on Thursday, citing Vladimir Shmakov, director of Chery’s Russian branch.

“First of all in our plans is the need to localise production on Russian territory,” TASS cited Shmakov as saying. Continue reading “China’s Chery in talks to produce cars in Russian plants -TASS”

SEOUL, Aug 18 (Reuters) – South Korean auto parts maker Hyundai Mobis Co Ltd (012330.KS) said on Thursday it was considering separating its modules and key parts production businesses into new wholly owned units in an effort to enhance each segment’s expertise and maximise efficiency.

Hyundai Mobis, an affiliate of automaker Hyundai Motor Co (005380.KS), said in a regulatory filing it aims to hold a board meeting in September to approve plans to separate the businesses, expected to be launched in November. Continue reading “S.Korea’s Hyundai Mobis aims to separate key businesses into new units”

SHANGHAI, Aug 18 (Reuters) – China’s Geely Automobile Holdings Ltd(0175.HK) said on Thursday its first-half net profit fell 35%, as the country’s strict COVID-19 restrictions dented sales and disrupted production.

Hangzhou-based Geely, China’s highest-profile automaker globally due to the group’s investments in Volvo Cars and Mercedes-Benz, posted January-June profit of 1.55 billion yuan ($228.3 million), versus 2.38 billion yuan in the same period a year earlier. Continue reading “China’s Geely Automobile first-half profit slumps 35%”

WASHINGTON, Aug 18 (Reuters) – A major expansion in tax credits for companies that capture and store carbon emissions under U.S. President Joe Biden’s new climate law could be a boon to the ethanol industry as it seeks to meet its mid-century climate goals.

The Inflation Reduction Act (IRA) Biden signed on Tuesday significantly expands tax credits for industrial projects that capture emissions of carbon dioxide, the main gas blamed for climate change, and either store it underground or use it as a building block for other products. Continue reading “Ethanol could get boost from carbon capture credits in Biden climate law”

MOSCOW, Aug 17 (Reuters) – Higher oil export volumes, coupled with rising gas prices, will boost Russia’s earnings from energy exports to $337.5 billion this year, a 38% rise on 2021, according to an economy ministry document seen by Reuters.

The jump in revenues, if it materialises, will help shore up Russia’s economy in the face of waves of Western sanctions. Continue reading “EXCLUSIVE Russia sees 38% rise in energy export earnings this year – govt document”

Aug 17 (Reuters) – Attorneys general in 18 U.S. states have joined Missouri’s probe into whether Morningstar Inc (MORN.O) violated consumer-protection law with its evaluations of companies’ performance on environmental, social and governance (ESG) issues, staff for Missouri Attorney General Eric Schmitt said on Wednesday.

Schmitt began the probe last month, and spokesman Chris Nuelle said the office invited attorneys general from states including Texas and Virginia “to widen our pool of resources and share information.” Continue reading “Eighteen U.S. states join Missouri probe into Morningstar ESG”

SHANGHAI, Aug 17 (Reuters) – China’s EVE Energy Co Ltd (300014.SZ) will supply BMW (BMWG.DE) with large cylindrical batteries for its electric cars in Europe, two people with knowledge of the matter said, as the German automaker follows Tesla Inc (TSLA.O) in adopting the new technology.

EVE has signed contracts to be BMW’s primary supplier of the battery cells in Europe for its new series of electric vehicles due to hit the market from 2025, said one of the people who has direct knowledge of the deal. Continue reading “Exclusive: China’s EVE to supply BMW with large Tesla-like cylindrical batteries in Europe”

TOKYO, Aug 17 (Reuters) – A major Japanese auto lobby said it was concerned about a new U.S. law that restricts tax credits for electric vehicles to those assembled in North America.

The Biden administration said on Tuesday about 20 models still qualify for tax credits of up to $7,500. Credits end immediately for about 70% of the 72 models that were previously eligible, according to the Alliance for Automotive Innovation, an industry trade group. Continue reading “Japan auto lobby says it is concerned about new U.S. law on EV credits”

WASHINGTON, Aug 16 (Reuters) – The Biden administration said on Tuesday about 20 models will still qualify for electric vehicle tax credits of up to $7,500 through the end of 2022 under legislation signed by President Joe Biden.

The law signed Tuesday immediately ends credits for about 70% of the 72 models that were previously eligible, said the Alliance for Automotive Innovation, an industry trade group. Continue reading “U.S. says about 20 models will get EV credits through end of 2022”

MEXICO CITY, Aug 16 (Reuters) – The U.S. and Mexican governments have resolved a labor dispute at a Mexican unit of Stellantis (STLA.MI), officials said on Tuesday, marking the latest blow by a recent trade pact against entrenched unions seen as cozy with management.

The agreement at Teksid Hierro de Mexico marks the fourth labor probe to be concluded under the 2020 United States-Mexico-Canada Agreement (USMCA), which has tougher labor rules than the earlier NAFTA, and ends one of Mexico’s longest-running labor conflicts. Continue reading “U.S., Mexico end labor probe at Stellantis Mexico plant under trade pact”

FRANKFURT, Aug 16 (Reuters) – Tesla (TSLA.O) can continue referring to the capabilities of its driver assistance system and to autonomous driving in its advertising in Germany after a court threw out a complaint against the practice.

Germany’s Wettbewerbszentrale, an industry-sponsored body tasked with policing anti-competitive practices, had filed the so-called non-admissibility complaint with Germany’s Federal Court of Justice. Continue reading “German court lets Tesla ads continue referring to autonomous driving”

BEIJING, Aug 16 (Reuters) – (This story and the headline is being officially corrected after Momenta amended their statement to remove reference to robotaxi unit)

A ridehailing unit of China’s state-owned SAIC Motor (600104.SS) has raised more than 1 billion yuan ($147.37 million) in a second round of fundraising from its autonomous technology partner Momenta and several other institutions, according to a Momenta statement and a person familiar with the matter. Continue reading “SAIC Motor’s ridehailing unit raises 1 billion yuan in Series B funding”