HAMBURG/WASHINGTON, (Reuters) – Volkswagen (VOWG_p.DE) plans to reintroduce the Scout off-road brand in the United States offering new electric pick-up and sport-utility vehicles (SUVs), the German automaker confirmed.
The German carmaker would invest around 100 million euros ($106 million) in the new Scout brand, two people briefed on the matter said. Continue reading “VW to challenge Rivian, Ford with electric Scout SUV”
MEXICO CITY, (Reuters) – General Motors (GM.N) and a new independent union at the U.S. automaker’s biggest Mexico plant have struck a deal for a new workers’ contract that includes raises and benefits above inflation, the union said on Wednesday.
The union, SINTTIA, did not provide further details about the wage deal. Mexican headline inflation accelerated to 7.68% in April, its highest level since January 2001. Continue reading “GM, new union reach deal for raises at major Mexico plant”
TOKYO, (Reuters) – Toyota Motor (7203.T) warned “unprecedented” hikes in raw material costs could slice a fifth off full-year profit, a clear sign the world’s top automaker by sales can no longer shrug off the supply-chain crunch that has roiled the global industry.
Also reporting a 33% drop in fourth-quarter operating profit, the Japanese giant saw its shares slide more than 5% on Wednesday, before closing down more than 4% – their biggest one-day fall in two months. The Tokyo benchmark (.N225) was up 0.3%.
Continue reading “Toyota warns profit to skid 20% as raw materials costs pile up”
HANOI, May 11 (Reuters) – The chairman of Vietnam’s Vingroup conglomerate said on Wednesday that an initial public offering (IPO) for the company’s auto unit, VinFast, may be delayed until next year due to market uncertainty.
The IPO is currently slated for the fourth quarter of this year. Vingroup Chairman Pham Nhat Vuong also told the company’s annual general meeting the conglomerate was prioritising spending on VinFast and gave an aggressive car sales target. Continue reading “Vietnam’s Vinfast IPO may be delayed to 2023 on market uncertainty”
(Reuters) – Ford Motor Co (F.N) sold eight million shares of electric-car maker Rivian Automotive Inc (RIVN.O) for $214 million, or $26.80 apiece, the U.S. automaker said in a filing on Tuesday.
Ford now holds nearly 94 million shares, or a 10.5% stake, and is still the fourth-largest shareholder in the Irvine, California-based company, according to Refinitiv data. Continue reading “Ford sells shares in EV maker Rivian for $214 mln”
(Reuters) – Uber Technologies Inc (UBER.N) will scale back hiring and reduce expenditure on its marketing and incentive activities, according to a letter from Chief Executive Officer Dara Khosrowshahi seen by Reuters.
The ride-hailing company becomes the latest to rein in costs to have a lean investment model, after Facebook-owner Meta Platforms Inc (FB.O) said last week it would slow down the growth of its workforce. Continue reading “Uber to cut costs, slow down hiring, CEO tells staff”
(Reuters) – China’s Geely Automobile (0175.HK) will buy just over a third of Renault’s (RENA.PA) Korea unit for roughly $200 million, potentially helping it boost U.S. exports, and freeing up funds for the French automaker to invest in its electric business.
Renault, which can assemble 300,000 vehicles a year in its factory in Busan, South Korea, is in the middle of a turnaround aimed at increasing margins and separating its electric vehicle (EV) business to catch up with rivals such as Tesla (TSLA.O). Continue reading “China’s Geely buys stake in Renault Korea, eyeing US exports”
TOKYO, (Reuters) – Toyota Motor Corp (7203.T) said on Tuesday it would suspend operations on 14 lines at eight domestic factories for up to six days in May due to the COVID lockdown in China.
The duration will be between May 16 and May 21, the company said, expanding the number of lines and factories affected by partial suspension to a total of 20 and 12, respectively. Continue reading “Toyota to slash production plan, suspend some domestic operation due to COVID lockdown in China”
PARIS, (Reuters) – French carmaker Renault (RENA.PA) said on Tuesday it was targeting a double-digit margin for its new Mobilize brand built around new mobility and data solutions, which should represent 20% of Renault’s overall group turnover by 2030.
Mobilize will focus on services like ride hailing, car sharing, subscription services and leasing where consumers pay for a vehicle’s use rather than owning it outright. Continue reading “Renault sees a double-digit margin for its Mobilize brand in 2027”
May 10 (Reuters) – Electric carmaker Lucid Group (LCID.O) plans to launch luxury sedans in Europe later this year, as the Tesla rival aims to expand its footprint outside the United States amid strong global demand for electric vehicles (EVs).
The company will launch its Lucid Air Dream Edition P and R sedans in limited numbers for customers in Germany, Netherlands, Switzerland and Norway in late 2022, it said in a statement on Tuesday. Continue reading “EV maker Lucid to launch luxury sedans in Europe in late 2022”
WASHINGTON, (Reuters) – Tesla Inc (TSLA.O) is recalling about 130,000 vehicles in the United States following an overheating issue that may cause the center touchscreen display to malfunction, the National Highway Traffic Safety Administration (NHTSA) said on Tuesday.
The recall covers Tesla’s S and X from the 2021 and 2022 model years and its 3 and Y from the 2022 model year. The electric vehicle maker will provide an over-the-air software update to resolve the issue, according to the NHTSA. Continue reading “Tesla recalls 130,000 vehicles in U.S. over touchscreen display malfunction”
May 9 (Reuters) – Uber Technologies Inc (UBER.N) will scale back hiring and reduce expenditure on its marketing and incentive activities, according to a letter from Chief Executive Officer Dara Khosrowshahi seen by Reuters.
The ride-hailing company becomes the latest to rein in costs to have a lean investment model, after Facebook-owner Meta Platforms Inc (FB.O) said last week it would slow down the growth of its workforce. Continue reading “Uber to cut costs, slow down hiring, CEO tells staff”
FRANKFURT, May 9 (Reuters) – Mercedes-Benz (MBGn.DE) is virtually sold out of electric cars as tight supply chains make it tough for the luxury carmaker to keep up with rising demand, its chief executive said on Monday.
Asked about comments by rivals, including Volkswagen (VOWG_p.DE), that demand for electric vehicles was outstripping supply, Ola Kaellenius told the FT Future of the Car 2022 conference: “That’s largely true for us as well.” Continue reading “Mercedes-Benz CEO sees soaring demand, teases electrified AMG platform”
May 9 (Reuters) – A continued decline in on-demand trucking prices risks squeezing out tens of thousands of small operator-owned trucking companies that rushed into the market when rates were surging earlier this year, Uber Technologies Inc’s (UBER.N) head of freight said.
Surging diesel fuel costs and a leveling of U.S. consumer demand meant many owner-operator truckers would have to exit the industry if prices drop by a further 10% to 20%, Lior Ron, head of Uber Freight, said in an interview. Continue reading “U.S. trucking downturn puts pressure on independent operators -Uber Freight”
May 10 (Reuters) – Renault (RENA.PA) said it would sell just over a third of its Korea unit to China’s Geely Automobile Holdings (0175.HK)for roughly $200 million, freeing up funds for the French automaker to invest in its lagging core markets and electric business.
Renault, whose sales fell for the third straight year in 2021, is in the middle of turnaround plan aimed at boosting profit margins and splitting its electric vehicle (EV) and combustion engine businesses as it looks to catch up with rivals such as Tesla (TSLA.O) and Volkswagen (VOWG_p.DE) in the race to cleaner driving. Continue reading “Renault to sell Korea unit stake to China’s Geely in turnaround push”
FRANKFURT, May 9 (Reuters) – Volkswagen (VOWG_p.DE) faces a tough road ahead to reach its self-imposed target of becoming the world’s largest seller of electric vehicles by 2025, its chief executive said on Monday, admitting rival Tesla (TSLA.O) was stronger than expected.
“It will be a tight race but we won’t give up on it,” Herbert Diess said at the FT Future of the Car 2022 conference. “I have to say we didn’t expect our main U.S. competitor to be so fast and well-prepared,” he added. Continue reading “Volkswagen CEO sees tight race with Tesla for e-car crown by 2025”
TOKYO, May 9 (Reuters) – Toyota Motor Corp (7203.T) is expected to forecast higher profit for the year ahead when it reports earnings this week, helped by solid demand and a weaker yen, even as commodities costs and supply chain woes put pressure on the global auto industry.
The forecast, on top of an expected strong profit increase in the year just ended, would highlight the Japanese automaker’s ability to navigate a difficult environment, in part by charging customers more as the chip shortage tightens supplies. Continue reading “Toyota expected to forecast higher profit, helped by solid demand, weak yen”
SEOUL/DETROIT, May 9 (Reuters) – Hyundai Motor Co (005380.KS) plans to build a new electric-vehicle manufacturing plant in the United States and has held discussions with officials in Georgia, near existing plants for the Hyundai and Kia (000270.KS) brands, people with knowledge of its plans told Reuters.
Hyundai Motor confirmed an imminent plan for a new EV plant but declined to comment on any details, including site negotiations. Continue reading “Exclusive: Hyundai plans U.S. EV plant, in talks with Georgia”
SHANGHAI, May 6 (Reuters) – China’s auto association estimates that sales in April dropped 48% year-on-year, as zero COVID-19 policies shut factories, limited traffic to showrooms and put the brakes on spending.
The estimate represents the steepest decline in sales for the world’s largest auto market since February, 2020, near the outset of the pandemic, when sales fell 79% from a year earlier. Continue reading “Chinese autos group estimates sales skidded 48% lower in April”
May 5 (Reuters) – (This May 5 story has been refiled to reflect change of company name from Smith Travel Research Inc to STR in paragraph 6)
With more U.S. travelers expected to take to the skies and the roads this summer as COVID restrictions ease, unbridled demand will strain capacity in the leisure and travel industry and push prices even higher. Continue reading “U.S. summer travelers can expect long lines, higher prices as COVID restrictions ease”
May 6 (Reuters) – Automaker Mahindra And Mahindra Ltd (MAHM.NS) said on Friday it had no plans to restructure the company into three verticals, following a media report that said the company was considering splitting up into an electric vehicle (EV), a tractor and a passenger vehicle business through a demerger process.
The Economic Times newspaper had reported the Mahindra Group is also seeking funds for the EV unit and will club it with Italian design house Automobili Pininfarina to form a separate company, citing sources familiar with the matter. Continue reading “India’s Mahindra and Mahindra says no plans to split company into three”
May 6 (Reuters) – CATL (300750.SZ), the world’s largest battery maker, is in the final stages of vetting sites in the United States to build electric vehicle batteries, an investment that would mark the Chinese company’s first production in the world’s second-largest car market, two people with knowledge of the plans told Reuters.
Contemporary Amperex Technology Co (CATL) is in talks to open plants that would serve BMW AG (BMWG.DE) and Ford Motor Co (F.N), and potential sites include South Carolina and Kentucky, where those automakers have assembly plants, according to the two people, who asked not to be identified because the talks are ongoing and private. Continue reading “EXCLUSIVE CATL planning EV battery production in United States, vetting sites”
May 6 (Reuters) – U.S. agricultural equipment maker AGCO Corp (AGCO.N) said on Friday a ransomware attack was affecting operations at some of its production facilities, and dealers said tractor sales had been stalled during the crucial planting season.
Georgia-based AGCO said in a statement it expects operations at some facilities to be affected for “several days and potentially longer.” Continue reading “AGCO ransomware attack disrupts tractor sales during U.S. planting season”
May 6 (Reuters) – Lyft Inc’s (LYFT.O) choice to stay on the narrow ride-hail road worries investors as its larger rival Uber Technologies Inc (UBER.N)explores more profitable paths, such as becoming a food delivery giant during the pandemic.
Lyft shares plummeted more than 30% on Wednesday after an earnings report made investors question whether it could compete with Uber. Continue reading “Diverging businesses: Uber vs Lyft in six graphics”
NEW DELHI, May 6 (Reuters) – Faulty battery cells and modules have been identified as the leading cause of electric scooters catching fire in India in recent weeks, according to the findings of an initial federal investigation, two government sources told Reuters.
The probe looked into fire incidents involving three companies, including Ola Electric, which is backed by Japan’s SoftBank Group (9984.T), and was the country’s top-selling e-scooter maker in April. Continue reading “Faulty battery cells, modules likely caused e-scooter fire in India, initial probe finds”
MEXICO CITY, May 4 (Reuters) – Japanese automaker Nissan Motor Co (7201.T) said on Wednesday it will invest more than $700 million in Mexico during the next three years to boost its operations in the country.
The investment is set to improve the facilities, equipment and automation procedures in Nissan’s facility located in the state of Aguascalientes, the company said in a statement. Continue reading “Nissan says it will invest more than $700 million in Mexico”
May 4 (Reuters) – Electric vehicle battery startup Group14 has raised $400 million from a group of investors led by Germany’s Porsche (PSHG_p.DE), the firm said on Wednesday.
Part of that money, which boosts Group14’s valuation to more than a billion dollars, will be used to build a second battery materials factory in eastern Washington state, a few hours from the firm’s current site in Woodinville, outside Seattle, Chief Executive Officer Rick Luebbe said in an interview. Continue reading “Porsche leads $400 million investment in EV battery startup Group14”
LONDON, May 4 (Reuters) – The European Union has proposed a phased embargo of Russian oil, tightening its sanctions on Moscow for its invasion of Ukraine. What would the impact be of banning Russian barrels in Europe?
WHAT DOES THE EU CURRENTLY IMPORT?
The European Union imported 2.2 million barrels per day (bpd) of crude oil and 1.2 million bpd refined oil products before the war in Ukraine, according to the International Energy Agency (IEA). Continue reading “Explainer: What would be the impact of Russian oil sanctions in Europe?”
May 4 (Reuters) – Uber Technologies Inc (UBER.N) on Wednesday said it had no need to boost incentives further to lure more drivers and forecast a strong second quarter, a day after rival Lyft said it needed to spend more for labor in the coming months.
The ride hail giant brought forward its results to Wednesday morning from the afternoon after Lyft Inc (LYFT.O) shares sank 26% on Tuesday when its projected operating earnings fell short of expectations on higher driver pay, dragging down Uber’s stock in its wake. Continue reading “Uber to Wall Street: We’re not Lyft”
FRANKFURT, May 5 (Reuters) – Battery-powered electric vehicles (BEVs) almost doubled their market share in the European Union during the first quarter, industry data showed on Thursday, as the rollout of models across the continent picks up pace.
BEVs accounted for 10% of total passenger car sales in the EU, data from the region’s carmaker association (ACEA) showed, surpassing plug-in hybrid electric vehicles, which took an 8.9% share. Continue reading “Battery-powered electric vehicles nearly double EU market share in Q1 – ACEA”
LONDON, May 5 (Reuters) – BMW (BMWG.DE) posted a rise in first-quarter profit on Thursday, boosted by a reevaluation of the German car maker’s stake in its Chinese joint venture and strong pricing, and maintained its 2022 outlook despite volatile prices for commodities and energy.
BMW said the reevaluation of its stake in its joint venture with Brilliance Auto Group had resulted in a preliminary profit of 7.7 billion euros ($8.2 billion). Continue reading “BMW profit boosted by Chinese joint venture, strong prices”
Around 2,93,081 passenger cars were sold in the Indian market for April 2022. The sales increased a dismal 2.4% when compared to April last year. However; the dispatches fell below the 3 Lakh units mark after 2 consecutive months of Feb’22 & Mar’22.
May 2 (Reuters) – Stellantis N.V. (STLA.MI) will spend up to C$3.6 billion ($2.8 billion) to boost production of electric vehicles at its Windsor and Brampton, Ontario plantswith government investment, it said on Monday.
The Canadian government will spend up to C$529 million and the Ontario government up to C$513 million to support the automaker, government officials said. Continue reading “Stellantis to boost EV plants with C$3.6 bln investment”
MILAN, May 2 (Reuters) – Carmaker Stellantis (STLA.MI) has agreed with unions it will cut 480 jobs this year at its Mirafiori facility in Turin through voluntary redundancies, Italy’s FIM-CISL union said on Monday.
The deal was signed by all major metal workers unions with the exception of the leftist FIOM-CGIL. Continue reading “Stellantis, unions agree further 480 voluntary exits in Italy”
May 3 (Reuters) – Data shows there is enough nickel and lithium to produce up to 14 million electric vehicles (EVs) globally in 2023, so Europe should secure more raw materials to shift away from oil faster, campaign group Transport and Environment (T&E) said on Tuesday.
In a study based on BloombergNEF data on global maximum volumes of EV battery-grade nickel and lithium, T&E said that in 2025 there would be enough to make 21 million EVs globally. Continue reading “Enough nickel, lithium for 14 mln EVs in 2023 – European climate group”
May 2 (Reuters) – Electric carmaker Rivian Automotive Inc (RIVN.O) will receive $1.5 billion in state and local incentives and tax credits for the electric vehicle assembly plant it plans to build in Georgia, the state and company said on Monday.
The $5 billion plant is expected to employ some 7,500 workers once up and running. Workers will be paid an average annual salary of $56,000, Georgia’s Department of Economic Development said in a statement. Continue reading “Rivian to receive $1.5 billion incentive package for Georgia plant”
WASHINGTON, May 2 (Reuters) – The Biden administration will allocate more than $3 billion in infrastructure funding to finance electric vehicle (EV) battery manufacturing, U.S. officials said on Monday.
The funds will be allocated by the Department of Energy from the $1 trillion infrastructure bill President Joe Biden signed last year. Among the initiatives will be processing of minerals for use in large-capacity batteries and recycling those batteries, the agency said in a statement. Continue reading “U.S. to spend more than $3 bln on EV battery manufacturing -White House”
LONDON, May 3 (Reuters) – Over the last two years a series of unexpected events has scrambled global supply chains. Coronavirus, war in Ukraine, Brexit and a container ship wedged in the Suez Canal have combined to delay deliveries of everything from bicycles to pet food.
In response, a growing group of startups and established logistics firms has created a multi-billion dollar industry applying the latest technology to help businesses minimize the disruption. Continue reading “Startups apply artificial intelligence to supply chain disruptions”
May 3 (Reuters) – Lyft Inc (LYFT.O) stock plunged 26% on Tuesday after the ride hail company said it would have to spend more heavily to attract drivers and forecast operating earnings less than a quarter of Wall Street targets, reflecting the added costs.
A full recovery of driver supply from pandemic lows was taking longer than Lyft had hoped, President John Zimmer said in an interview with Reuters. Continue reading “Lyft shares tank 26% on higher cost of getting drivers back on street”
FRANKFURT, May 3 (Reuters) – Volkswagen’s (VOWG_p.DE) Cariad on Tuesday said it will source chips from U.S. semiconductor maker Qualcomm to develop autonomous driving software, which the German carmaker has made the backbone of its future strategy.
Qualcomm will supply so-called system-on-chips (SoCs) for Cariad’s platform that aims to enable automated driving up to Level 4 standards, in which the car can handle all aspects of driving in most circumstances with no human intervention. Continue reading “VW embeds Qualcomm chips in autonomous driving software plans”
