BERLIN, July 5 (Reuters) – A consortium led by carmaker Volkswagen (VOWG_p.DE) has secured a 93.6% stake in car rental company Europcar (EUCAR.PA), it said on Tuesday, citing French financial authorities.
The move allows Europcar’s new owners to delist it from the Paris stock exchange as planned. Continue reading “Volkswagen-led consortium secures 93.6% of Europcar shares”
SEOUL, July 5 (Reuters) – South Korea’s LG Energy Solution (373220.KS) is on track to supply Japanese commercial vehicle maker Isuzu Motors (7202.T) with an estimated 1 trillion won ($763 million) or more worth of batteries, a South Korean newspaper reported on Tuesday.
LG Energy Solution is working with Isuzu to supply batteries for four years starting next year, starting with an electric vehicle version of the automaker’s bestselling Elf truck, the Korea Economic Daily reported, citing unnamed industry sources. Continue reading “LG Energy Solution to supply batteries to Japan’s Isuzu Motors, newspaper reports”
HONG KONG, July 5 (Reuters) – China Evergrande New Energy Vehicle Group Ltd (0708.HK) said on Tuesday it would start taking pre-orders for its first model, a key milestone for the unit of embattled property developer China Evergrande group (3333.HK).
The start of pre-orders for the sport-utility vehicle comes after Evergrande Chairmen Hui Ka Yan vowed within 10 years to shift the group’s primary business from real estate to the automobile venture, which has itself struggled for capital. Continue reading “Evergrande electric vehicle unit to start taking pre-orders”
SEOUL, July 5 (Reuters) – The union that represents Hyundai Motor Co’s (005380.KS) South Korean workers said on Tuesday it plans to resume a week of wage talks with management on Wednesday, staving off any immediate prospect of a walkout in a protracted industrial dispute.
The talks between the union and the automaker’s management are expected to continue until July 13, according to the union. A deal would allow Hyundai Motor, bracing for a possible economic downturn and grappling with a prolonged global chip shortage, to avoid what would have been its first domestic strike in four years. Continue reading “Hyundai Motor’s S.Korea trade union aims to resume annual wage talks”
TAIPEI, July 5 (Reuters) – Taiwan’s Foxconn (2317.TW), the world’s largest contract electronics maker, raised its full-year business outlook on Monday thanks to strong sales of smartphones and servers despite concerns of slowing demand due to rising inflation.
Like other global manufacturers, the Taiwanese firm has grappled with a severe shortage of chips, which has hurt smartphone production including for its major client Apple (AAPL.O), partly due to COVID-19 lockdowns in China. Continue reading “Taiwan’s Foxconn raises full-year outlook on strong tech demand”
NEW DELHI, July 4 (Reuters) – Tata Motors (TAMO.NS) aims to sell about 50,000 electric vehicles (EVs) in the fiscal year to March 31, and double that in the 2023/24 period, Chairman N Chandrasekaran told a shareholders’ meeting on Monday.
In 2021/22, Tata Motors sold 19,105 EVs, a growth of 353% from the previous fiscal year. Continue reading “Tata Motors aims to sell 50,000 EVs in this fiscal yr”
MILAN, July 4 (Reuters) – A global crunch in semiconductor supply could cost Stellantis (STLA.MI) up to 220,000 vehicles this year in terms of lost output in Italy, the FIM CISL union said, adding this would mark the fifth year in a row of declining production in the country.
FIM CISL said in its periodic report on the group’s production in Italy that Stellantis produced 351,890 vehicles in the first half of this year, almost 14% less than in the same period last year, with the key Melfi plant and the Sevel van-making facility being the most affected sites. Continue reading “Chip crunch to cut Stellantis’ Italy 2022 output by up to 220,000 vehicles -union”
BERLIN, July 4 (Reuters) – Volkswagen (VOWG_p.DE) and Bosch may begin jointly developing automated driving technology, the German cartel office said on Monday, adding that it would continue to monitor the companies’ cooperation.
“It is the task of the cartel office to maintain competition already at the level of research and development, as this is where the foundations for future products and markets are laid,” office head Andreas Mundt said in a statement. Continue reading “German cartel office allows VW, Bosch to start automated driving cooperation”
Around 3,20,609 passenger cars were sold in the Indian market for June 2022. The sales increased over 25% when compared to June last year. Industry recorded its second highest monthly volume in June’22 for 2022! It also crossed 3 Lakh dispatch figure for the third month in this calendar year.
FRANKFURT, July 3 (Reuters) – Germany’s road traffic agency said it was recalling Tesla (TSLA.O) models Y and 3 because of a fault in the automatic emergency call system that affects 59,000 vehicles globally.
The KBA watchdog said on its website dated June 29 that a software flaw was causing a breakdown of the eCall, which is designed to automatically contact emergency responders in the event of a serious accident. Continue reading “German road traffic agency says 59,000 Tesla vehicles have software glitch”
NEW DELHI, July 1 (Reuters) – China’s Great Wall Motor (601633.SS) has shelved plans to invest $1 billion in India and laid off all employees at its operations there after failing to obtain regulatory approvals, three sources with direct knowledge of the matter said on Friday.
The Chinese automaker has been planning to enter the Indian market since 2020 but now becomes one of the biggest casualties of New Delhi’s increased scrutiny of investments from Beijing. Continue reading “China’s Great Wall Motor shelves $1 bln India plan -sources”
July 1 (Reuters) – General Motors Co (GM.N) surpassed Toyota Motor Corp (7203.T) in second-quarter U.S. car sales, data on Friday showed, even as persistent chip shortages and supply chain disruptions crimped automakers’ ability to meet pent-up demand.
GM, which lost its crown as the U.S. sales leader last year for the first time since 1931 to Toyota, said it sold 582,401 vehicles in the quarter through June, 15% lower than a year earlier. Continue reading “GM outsells Toyota in Q2 as inventory shortages linger”
July 1 (Reuters) – General Motors Co (GM.N) said on Friday it had about 95,000 vehicles in its inventory that were manufactured without certain parts.
The U.S. automaker added its current-quarter vehicle wholesale volumes were hit by the chip shortages and supply chain disruptions. Continue reading “GM has nearly 100,000 vehicles parked at its facilities without some parts”
OSLO, July 1 (Reuters) – Volvo Car Group (VOLCARb.ST) will invest 1.2 billion euros ($1.25 billion) to build an electric vehicle (EV) plant in Slovakia, the Sweden-based automaker said on Friday.
The site, Slovakia’s fifth, will bolster its standing as the biggest car producer per capita in the world, with the central European country of 5.4 million producing more than 1 million cars in 2021. Continue reading “Volvo to create 3,300 jobs at $1.25 billion EV plant in Slovakia”
July 1 (Reuters) – General Motors Co (GM.N) reported a 15% drop in second-quarter auto sales on Friday, as a global chip shortage and supply chain disruptions hit production and left nearly 100,000 vehicles waiting for more parts.
The U.S. auto industry is struggling to keep up with pent-up consumer demand for new cars as it struggles to ramp up production due to the chip shortage, a labor crunch and problems related to supply chain logjams. Continue reading “GM vehicle sales tumble 15% as chip crunch, supply snags drag”
SEOUL, July 1 (Reuters) – Hyundai Motor Co’s (005380.KS) unionised workers in South Korea voted for a possible strike for the first time in four years over demands for higher wages and anger that management was prioritising overseas investment.
The union, one of the biggest in the country with more than 46,000 members, said on Friday that 81.63% of its voting union members had approved strike action unless the company accept their demands. Continue reading “Hyundai Motor’s union in S.Korea votes to strike after stalled negotiations”
MILAN, July 1 (Reuters) – Italian supercar brand Lamborghini plans to invest at least 1.8 billion euros ($1.88 billion) to produce a hybrid lineup by 2024 and more to bring out its fully electric model by the end of the decade, Chief Executive Stephan Winkelmann told Il Sole 24 Ore.
Lamborghini, part of the Volkswagen Group (VOWG_p.DE), said last year it would invest 1.5 billion euros to shift its current models – the Huracan and Aventador sports cars, and the Urus sport utility – to hybrid gasoline-electric powertrains by the end of 2024. Continue reading “Lamborghini to invest at least 1.8 billion euros in path towards electrification”
June 30 (Reuters) – Apple Inc (AAPL.O) wants you to start buying gas directly from your car dashboard as early as this fall, when the newest version of its CarPlay software rolls out, accelerating the company’s push to turn your vehicle into a store for goods and services.
A new feature quietly unveiled at Apple’s developer conference this month will allow CarPlay users to tap an app to navigate to a pump and buy gas straight from a screen in the car, skipping the usual process of inserting or tapping a credit card. Details of Apple’s demo for developers have not previously been reported. Continue reading “Apple eyes fuel purchases from dashboard as it revs up car software”
SEOUL, June 30 (Reuters) – South Korea’s Hyundai Motor Co (005380.KS) and its two affiliates plan to jointly set up a company in the United States to explore businesses, Hyundai Motor said on Thursday.
In May, Hyundai Motor Group said it plans to invest more than $10 billion in the United States by 2025 to strengthen collaboration with U.S. firms in advanced technology. Continue reading “S.Korea’s Hyundai Motor and its affiliates to jointly set up company in U.S. to explore businesses”
by WAF Think Tank
Mega deliveries planned for the recently launched new Volkswagen Virtus across India
MARANELLO, Italy, June 30 (Reuters) – Ferrari (RACE.MI) makes some of the fastest cars on the road, but the luxury Italian automaker is taking the slow lane to an electric future as it tries to overcome the technology’s disadvantages against today’s powerful fossil fuel engines.
At an investor day this month, executives promised a new era, with the first fully electric Ferrari in 2025. Continue reading “Ferrari to churn out gas guzzlers on its slow road to electric”
SHANGHAI, June 30 (Reuters) – Customers of China’s BYD Co Ltd , the world’s biggest electric vehicle (EVs) maker by sales, have taken the unusual step of urging regulators to expand a battery replacement recall to safeguard the reputation of a national champion.
Two BYD customers told Reuters they and others questioned why BYD had instructed dealers to replace batteries in their cars which were not subject to the recall. Though compensated, the customers said they wanted BYD to be more transparent. Continue reading “Fans take BYD to task as recall confusion clouds Chinese EV maker’s image”
TOKYO, June 30 (Reuters) – Nissan Motor Co Ltd (7201.T) on Thursday gave some details of its two-decade-old alliance agreement with top shareholder Renault SA (RENA.PA) for the first time, revealing the French automaker cannot unilaterally increase its stake beyond 44.4%.
In an annual securities report, Nissan said Renault cannot raise its stake without Nissan’s permission except in cases such as if another entity bids for the Japanese automaker. Continue reading “Renault limited to 44.4% stake in Nissan under agreement, filing shows”
SAO PAULO, June 29 (Reuters) – Volkswagen Group (VOWG_p.DE) workers at its Taubate plant, in the Brazilian state of Sao Paulo, approved on Wednesday an agreement allowing an investment of 1 billion reais ($192.97 million) for the production of a new model starting in 2025, the local metalworkers’ union said in a statement.
The plant, which currently produces the Gol and Voyage models, employs around 3,200 workers and is starting a new production cycle after the implementation of Volkswagen’s “MQB” modular design strategy. Continue reading “Brazil Volkswagen workers approve agreement for $193 mln investment”
LONDON, June 30 (Reuters) – British commercial electric vehicle (EV) startup Tevva on Thursday launched its first truck with a hydrogen fuel cell booster which should drive up to 310 miles (499 km) and provide fleet operators with greater zero-emission range.
Tilbury, England-based Tevva has so far raised $140 million from investors and later this year will launch production of a fully-electric version of its 7.5 tonne truck. Continue reading “British EV startup Tevva launches hydrogen booster truck model”
June 29 (Reuters) – A proposed flat-rate tax on lithium produced in California’s Salton Sea region will delay deliveries of the electric vehicle battery metal to General Motors Co (GM.N) and Stellantis NV (STLA.MI) and may push some mining companies to exit the state entirely, industry executives told Reuters.
The brewing tension comes as America’s largest state is trying to position itself as a leader in the green energy revolution and as supplies of lithium have failed to match surging demand amid the push to phase out gasoline-powered vehicles. Continue reading “EXCLUSIVE California lithium tax would delay shipments to automakers, executives warn”
SAO PAULO, June 29 (Reuters) – Audi, a Volkswagen Group (VOWG_p.DE) brand, announced on Wednesday an investment of 100 million reais ($19.22 million) to restart production at its plant in Parana state in Brazil, according to plans disclosed late last year.
Initially, the plant will have a maximum production capacity of 4,000 vehicles per year, the company said in a statement. Continue reading “Audi invests $19.2 mln to restart production in Brazil”
BERLIN, June 30 (Reuters) – German commercial vehicle maker Traton’s (8TRA.DE) MAN unit plans to raise the prices of its trucks as expensive energy and raw materials ramp up costs but demand remains high, media group Funke reported on Thursday.
Market leader Daimler Truck (DTGGe.DE) is also passing high costs, exacerbated by the war in Ukraine, to customers. Continue reading “Truckmaker MAN to raise prices to tackle energy, raw material inflation”
LONDON, June 30 (Reuters) – Electric vehicle (EV) battery startup Britishvolt has signed a deal with South Korean battery materials firm Posco Chemical (003670.KS) designed to secure the supply of cathode and anode materials, the two companies said on Thursday.
The two companies have signed a memorandum of understanding and are working on a longer-term agreement, which “paves the way to providing Britishvolt with a secure supply of active battery materials as we start to ramp up pilot production”, Britishvolt chief executive Orral Nadjari said in a statement. Continue reading “Britishvolt signs deal with Posco Chemical for battery materials”
June 29 (Reuters) – Liontown Resources Ltd (LTR.AX) signed a lithium supply agreement with Ford Motor Co (F.N), the Australian miner’s latest after similar deals earlier this year with Tesla (TSLA.O) and electric vehicle (EV) battery maker LG Energy (373220.KS).
Liontown said on Wednesday it will supply Ford with 150,000 dry metric tonnes (DMT) of lithium spodumene concentrate each year for five years from its flagship Kathleen Valley project in Western Australia. The concentrate is a source of lithium essential for making EVs. Continue reading “Australia’s Liontown inks lithium deal with Ford after Tesla, LG agreements”
FRANKFURT, June 29 (Reuters) – Germany, largely dependent on Russian gas to fuel its export-led economy and to keep homes warm, is bracing for a possible total halt in Russian supplies if Moscow steps up its use of gas as an economic weapon against the West while it wages war in Ukraine.
Already down since last year, Russian gas flows slowed further through the important Nord Stream 1 pipeline this month, and Berlin has moved to the second of three stages of its supply emergency plan. Continue reading “Germany’s gas crisis in five charts”
BERLIN, June 29 (Reuters) – Mercedes-Benz (MBGn.DE) is adjusting its network of plants to manufacture a new range of luxury electric vehicles as it prepares to switch to electric by the end of the decade.
Mercedes aims to halve CO2 emissions per passenger car over the life cycle by the end of this decade compared to 2020. Continue reading “Mercedes readies plants to produce electric vehicles”
MUNICH, June 29 (Reuters) – The EU deal to phase out combustion engine cars in just over 12 years is challenging, but a more daunting obstacle will be making enough batteries to power the electric cars needed as a result, a senior Volkswagen executive said on Wednesday.
The comment was made after European Union countries clinched deals on proposed laws to combat climate change early on Wednesday, including one requiring new cars sold in the bloc to emit zero CO2 from 2035. Continue reading “VW: EV battery output bigger challenge than EU combustion engine ban”
BEIJING, June 29 (Reuters) – Retail car sales in China jumped 28% during June 20 to June 26 compared with the same period in May, data from the China Passenger Car Association (CPCA) showed.
Sales of passenger vehicles in that period rose to 487,000 units, up 33% from a year earlier, the association said on Wednesday. Continue reading “China car retail sales up 28% in June 20-26 – China auto industry body”
SEOUL, June 29 (Reuters) – Hyundai Motor Co (005380.KS) has decided to delay the launch of its upgraded hydrogen-powered Nexo SUV to 2024 due to issues with its fuel cell development, a South Korean newspaper reported on Wednesday, citing the auto parts industry.
The South Korean automaker had planned to kick off mass production and sales of its new Nexo in the second half of next year, but has decided to postpone to 2024, the Seoul Economic Daily reported. The Nexo was launched in 2018. Continue reading “Hyundai Motor delays launch of upgraded Nexo hydrogen car – newspaper”
NEW DELHI, June 29 (Reuters) – Japanese chipmaker Renesas Electronics Corp (6723.T) and India’s Tata Motors (TAMO.NS) have formed a strategic partnership to design, develop and make semiconductor solutions, the firms said on Wednesday.
The move comes as a persistent global shortage of semiconductor chips has hobbled the automotive and electronics industries, among others, forcing production cutbacks, while highlighting global dependence on a few sources, such as Taiwan. Continue reading “Japan’s Renesas, India’s Tata Motors partner to develop chip solutions”
TOKYO, June 29 (Reuters) – Nissan Motor Co (7201.T) is recalling more than 300,000 SUVs in the United States over an issue in which the hood suddenly opens, obstructing the driver’s view and increasing the risk of a crash.
The Japanese automaker’s North American division said 322,671 Pathfinder vehicles for models between 2013 and 2016 are subjected to the recall. Continue reading “Nissan recalls more than 300,000 SUVs in U.S. for sudden hood opening”
SEOUL, June 29 (Reuters) – South Korean battery maker LG Energy Solution Ltd (LGES) (373220.KS), a major supplier to U.S. carmakers including Tesla (TSLA.O), is reassessing a $1.3 billion investment plan for a Arizona factory citing “unprecedented” economic conditions.
News that South Korea’s biggest battery maker is reviewing the plan, unveiled only three months ago, knocked LGES shares down 4.6% on Wednesday. It comes as more firms review business plans, fearing a drop in consumer demand amid roaring U.S. inflation mainly caused by global supply chain disruption. Continue reading “S.Korea’s LGES reviews $1.3 bln Arizona battery investment as U.S. inflation bites”
June 28 (Reuters) – A federal judge on Tuesday said a former Uber Technologies Inc (UBER.N) security chief must face wire fraud charges over his alleged role in trying to cover up a 2016 hacking that exposed personal information of 57 million passengers and drivers.
The U.S. Department of Justice had in December added the three charges against Joseph Sullivan to an earlier indictment, saying he arranged to pay money to two hackers in exchange for their silence, while trying to conceal the hacking from passengers, drivers and the U.S. Federal Trade Commission. Continue reading “Uber ex-security chief accused of hacking coverup must face fraud charges, judge rules”
