PARIS, April 22 (Reuters) – Carlos Ghosn was surprised by an international warrant sought by a French magistrate linked to an investigation into allegations of suspect money flows to an Omani dealership, a spokesman for the fugitive former Renault-Nissan boss said.

Ghosn, the architect of the Renault-Nissan (RENA.PA) automaking alliance, has been contesting several probes since fleeing in late 2019 to Lebanon from Japan, where he faced separate financial misconduct allegations.

“This is surprising, Ghosn has always co-operated with French authorities,” a spokesperson for Ghosn in France told Reuters on Friday in response to a report of the international arrest warrant in the Wall Street Journal. Continue reading “Carlos Ghosn surprised by French international arrest warrant”

PARIS, April 22 (Reuters) – French carmaker Renault (RENA.PA) said on Friday all options were on the table for separating its electric vehicle (EV) business, including a possible public listing in the second half of 2023.

Thierry Piéton, Renault’s finance chief, said any plans were subject to approval from its alliance partner Nissan (7201.T), but made clear the Japanese carmaker was “in the loop” as Ranault weighs up its options.

Renault has been pushing ahead with plans to split its electric vehicle and combustion engine businesses as it seeks to catch up with rivals such as Tesla (TSLA.O) and Volkswagen (VOWG_p.DE) in the race to cleaner driving. Continue reading “Renault weighs separating electric car business via IPO”

NEW YORK, April 20 (Reuters) – BMW (BMWG.DE) began pre-sales of the seventh generation of the BMW 7 Series on Wednesday, featuring for the first time an all-electric luxury sedan as well as hybrid and internal combustion engine (ICE) models.

All three versions will be assembled on the same production line in BMW’s Dingolfing plant, with the first deliveries worldwide to take place from November 2022.

The i7 electric vehicle (EV), a competitor to Mercedes’ (MBGn.DE) electric EQS, will start at $119,300 in the United States and 135,900 euros in Europe. Continue reading “BMW launches new 7 Series with all-electric model”

SAN FRANCISCO, April 20 (Reuters) – Tesla Inc results (TSLA.O) surged past Wall Street expectations on Wednesday, as higher prices helped insulate the electric vehicle maker from supply chain chaos and rising costs.

The results also should trigger $23 billion in new payouts to CEO Elon Musk, already the world’s richest man.

Tesla has been an outlier since the pandemic outbreak, posting record deliveries and earnings for several quarters when rivals wrestling with global supply chain snarls rolled out production halts.  Continue reading “Elon Musk’s Tesla races ahead of rising costs with price hikes”

HONG KONG/SHANGHAI, April 20 (Reuters) – Prolonged lockdowns in Shanghai, as China doubles down on its zero-COVID policy, have become the predominant risk to its economy and markets, forcing money managers to cut holdings or turn defensive on stocks.

Global fund managers such as Pictet Wealth Management and Principal Global Investors and China-focused managers such as MegaTrust Investment and Water Wisdom Asset Management point to the worrying toll that weeks of tough anti-virus measures in many major cities have taken on people and businesses.

BERLIN, April 20 (Reuters) – New car registrations in Europe dropped for the ninth month in a row in March as supply chain problems hampered even further by the war in Ukraine continued to hit the region’s automotive sector, industry data showed on Wednesday.

The number of new vehicles registered in the European Union, Britain and the European Free Trade Association (EFTA) fell 18.8% year on year in March, data from the region’s carmaker association (ACEA) showed.

All four of the major European Union markets – Spain, Italy, Germany and France – reported a decline in car registrations ranging from 17.5% in Germany to 30.2% in Spain. Continue reading “European car sales dip for ninth consecutive month in March -ACEA”

BERLIN, April 19 (Reuters) – Volkswagen (VOWG_p.DE) said on Tuesday that a new growth plan would aim to reduce its vulnerability to the effects of global conflicts, such as supply chain disruption and rising prices, by divesting more power to its regions and brands.

“The latest geopolitical changes and increased block-building have been exposing our global vulnerability, particularly with regards to the U.S.,” Volkswagen Chief Executive Herbert Diess said in a LinkedIn post.

Continue reading “Volkswagen focuses on regions to reduce supply chain vulnerability”

By Eric Onstad

Summary

LONDON, April 19 (Reuters) – German auto parts supplier Schaeffler (SHA_p.DE) has signed a raw materials deal to ensure the supply of rare earth magnets from Europe for its burgeoning electric vehicle (EV) motor business, an executive told Reuters.

It is the first reported agreement by a European auto sector supplier or automaker to source rare earths within the region.

Continue reading “EV parts maker Schaeffler signs first of a kind European rare earth deal”

April 19 (Reuters) – Uber Technologies (UBER.N) and Lyft Inc (LYFT.O) have scrapped face mask mandates for their riders and drivers in the United States, the ride-hailing companies said on Tuesday, as COVID cases have fallen sharply from their Januray peak.

Lyft, which also ended requirements for the vehicle windows to be kept open and for the front seat to empty, said health safety reasons will no longer appear under cancellation options on its app.

Continue reading “Uber, Lyft end mask mandates for riders, drivers as COVID cases fall”

April 19 (Reuters) – Buyers around the world are lining up to purchase electric vehicles this year even with sticker prices surging, flipping the script on a decade and a half of conventional auto industry wisdom that EV sales would break out only after battery costs dropped below a threshold that was always just over the horizon.

This year, EV demand has stayed strong even as the average cost of lithium-ion battery cells soared to an estimated $160 per kilowatt-hour in the first quarter from $105 last year. Costs rose due to supply chain disruptions, sanctions on Russian metals and investor speculation.

For a smaller vehicle like the Hongguang Mini, the best-selling EV in China, the higher battery costs added almost $1,500, equal to 30% of the sticker price. Continue reading “Analysis: Soaring battery costs fail to cool electric vehicle sales”

MILAN, April 19 (Reuters) – Carmaker Stellantis (STLA.MI) said on Tuesday it was suspending production at its Russian plant due to logistical difficulties and sanctions imposed on Moscow.

The world’s fourth-largest automaker, which produced and sold the Peugeot, Citroёn, Opel, Jeep, and Fiat brands in Russia, has just 1% of the country’s car market.

It runs a van-making plant in Kaluga, around 125 miles (201 kilometres) south-east of Moscow, co-owned with Japanese carmaker Mitsubishi (7211.T), which halted production at the facility earlier this month.

“Given the rapid daily increase in cross sanctions and logistical difficulties, Stellantis has suspended its manufacturing operations in Kaluga to ensure full compliance with all cross sanctions and to protect its employees,” Stellantis said in a statement. Continue reading “Stellantis suspends vehicle production in Russia”

NORMAL, Ill., April 18 (Reuters) – Rivian Automotive Inc (RIVN.O) CEO R.J. Scaringe needs to sell a lot more electric vans and pickup trucks to boost a beaten down stock price and fund his ambitious long-term growth plans, but the startup is having trouble buying the parts to build them.

Scaringe can’t get all the semiconductors Rivian needs to accelerate the assembly lines at its factory in Normal, Illinois. Chip suppliers are skeptical of the young electric vehicle company’s capability to hit promised production numbers. They are instead allocating more chips to established customers based on the numbers of vehicles they have built in the past, Scaringe said during a tour of the plant.

“I have to call up semiconductor supplier Y and say this is how many Supplier X gave us, and get everybody comfortable because the system’s unproven,” Scaringe said while piloting a golf cart through the factory. Continue reading “CEO steers electric truck startup Rivian through supply chain twilight zone”

SHANGHAI, April 18 (Reuters) – Manufacturers including Tesla (TSLA.O) began preparing on Monday to reopen their Shanghai plants as China’s most populous city speeds up efforts to get back to normal after a nearly three-week COVID shutdown.

Still, most workers will have to live onsite, and there was no immediate word how factories will deal with disrupted supply lines and access to market, with closures ordered by authorities in other cities and port and trucking problems.

The shutdown in the city and China’s measures to control the pandemic elsewhere have hurt the economy and rattled global supply chains. Shanghai’s 25 million people have struggled with income losses, lack of steady food supplies, separation of families and poor conditions in quarantine centres. Continue reading “Shanghai factories sputter towards reopening as city aims to ease lockdown”

April 17 (PTI) – “With most states on board to raise revenue so that they do not have to depend on Centre for compensation, the GST Council at its meeting next month is likely to consider a proposal to do away with the 5 per cent slab by moving some goods of mass consumption to 3 per cent and the remaining to 8 per cent categories, sources said.

Currently, GST is a four-tier structure of 5, 12, 18 and 28 per cent. Besides, gold and gold jewellery attract 3 per cent tax.

In addition, there is an exempt list of items like unbranded and unpacked food items which do not attract the levy.

Sources said in order to augment revenue the Council may decide to prune the list of exempt items by moving some of the non-food items to 3 per cent slab. Continue reading “GST Council may do away with 5% rate; move items to 3% & 8% slabs”

April 17 (PTI) – Increase in raw material costs and semiconductor prices, coupled with supply chain disruptions due to the war in Ukraine, could become headwinds for the Indian automobile industry going forward this year thereby affecting growth, according to MG Motor India President and Managing Director Rajeev Chaba. The domestic auto industry was looking forward to over 10 per cent growth in 2022 in the beginning of the year but if the current situation persists, it could have an impact on demand as the year progresses, he noted.

“The Indian (auto) market, before January and February, we were hoping that the 2022 calendar year could be the best year of all times and we could cross the peak which we had achieved in 2018.

“We were expecting 10 per cent plus market growth this year. As of now, if you talk in April, the situation seems to be okay but frankly, I can see huge headwinds coming to demand, ” Chaba told PTI. Continue reading “Rising input costs, supply chain woes headwinds for Indian auto sector in 2022: MG Motor India president”

April 17 (Reuters) -A federal judge has ruled that Tesla (TSLA.O) CEO Elon Musk’s 2018 tweets about having secured financing to take the company private were false, according to court filings by Tesla investors suing the billionaire over the tweets.

The filing said that the court ruled April 1 that Musk’s 2018 tweets were “false and misleading.” The court “held that he recklessly made the statements with knowledge as to their falsity,” it said.

Investors in the electric car maker asked in the filing, submitted on Friday, for U.S. District Court Judge Edward Chen to block the celebrity entrepreneur from his “public campaign to present a contradictory and false narrative regarding” his 2018 tweets. Continue reading “Judge rules Musk’s tweets over taking Tesla private were false, investors say”

April 15 (Reuters) – A sharp rebound in automotive output in March spurred a third straight monthly gain in U.S. factory activity, perhaps signaling the worst of the production woes that have dogged the motor vehicle industry over the last year may have passed.

Overall industrial production increased 0.9% last month, keeping pace with February’s upwardly revised pace, the Federal Reserve said on Friday. Economists polled by Reuters had forecast factory production accelerating 0.4%. Output jumped 5.5% from a year earlier.

Continue reading “Autos rebound fuels U.S. manufacturing output gain in March”

PARIS, April 15 (Reuters) – French President Emmanuel Macron and his far-right challenger Marine Le Pen on Friday called the pay package of Franco-Italian carmaker Stellantis’ CEO “shocking” with excessive executive pay now a hot topic in France’s tight-run presidential election.

Just 9 days ahead of a runoff that will determine who will lead the European Union’s second-largest economy for the next five years, opinion polls show Macron is only slightly ahead of Le Pen in a contest that could potentially go either way.

Continue reading “France’s Macron, Le Pen call Stellantis CEO’s pay package “shocking””

SHANGHAI, April 15 (Reuters) – Automakers in China may have to suspend production in May if suppliers in Shanghai and surrounding areas are not able to resume work, He Xiaopeng, the chief executive officer of Chinese electric-car maker Xpeng (9868.HK), said on Thursday.

Growing lockdowns to stop the spread of COVID-19 in China are clogging highways and ports and shutting countless factories – disruptions that are rippling through global supply chains for goods ranging from electric vehicles to iPhones.

Continue reading “Xpeng CEO warns China automakers face production suspensions in May”

TOKYO, April 15 (Reuters) – Japan’s Subaru Corp (7270.T) has suspended shipment of some of its three main automobile models over an engine sensor malfunction and also plans to temporarily halt production of the models, the company said on Friday.

The automaker discovered the problem with the sensor in the CB18 engine used in its Forester, Outback and Levorg models, a spokesperson said, adding that production of models with that engine would be halted in due course, without giving further details.

Continue reading “Subaru says suspends shipment of some models over engine sensor malfunction”

April 14 (Reuters) – Automaker Stellantis (STLA.MI) has signed a multiyear deal to use Qualcomm’s (QCOM.O) next-generation connected-car technology in its vehicle lineup, the companies said on Thursday.

Fourteen Stellantis brands, including Peugeot, Fiat and Jeep, will use Qualcomm’s vehicle cockpit and 5G telematics technology starting in 2024 with the Maserati brand being the first out the gate, said the companies, which did not disclose the deal value.

Continue reading “Automaker Stellantis to use Qualcomm tech in its vehicles”

Elon Musk’s offer to buy Twitter sparked concerns among Tesla investors and analysts that the electric carmaker could suffer as the chief executive becomes distracted by his takeover play and the possible sales of Tesla shares to fund the deal.

The billionaire entrepreneur, who also heads rocket company SpaceX, targeted Twitter Inc (TWTR.N) on Thursday with a $43 billion takeover offer.

The idea of Musk working to close that deal, possibly by selling even more of his Tesla stake, and then overseeing yet another company has Tesla observers worried. Continue reading “Musk’s Twitter play sparks concerns about distraction, stock sales at Tesla”

NEW YORK, April 14 (Reuters) – BMW (BMWG.DE) Chief Executive Officer Oliver Zipse said companies must be careful not to become too dependent on a select few countries by focusing only on electric vehicles, adding that there was still a market for combustion engine cars.

“When you look at the technology coming out, the EV push, we must be careful because at the same time, you increase dependency on very few countries,” Zipse said at a roundtable in New York, highlighting that the supply of raw materials for batteries was controlled mostly by China.

Continue reading “BMW CEO warns against electric-only strategy By Doyinsola Oladipo”

By Krystal Hu and Anirban Sen

April 14 (Reuters) – Intel Corp’s (INTC.O) Mobileye has tapped investment banks Goldman Sachs Group Inc (GS.N) and Morgan Stanley (MS.N) to lead preparations for the initial public offering of the self-driving car unit, according to three people familiar with the matter.

The stock market flotation, which is set to launch later this year, could value Mobileye at as much as $50 billion, the sources said, cautioning that the timing, valuation and size of the IPO are subject to market conditions.

Continue reading “Goldman Sachs, Morgan Stanley to lead Intel’s Mobileye IPO -sources”

BERLIN, April 14 (Reuters) – Mercedes-Benz (MBGn.DE) aims to produce electric cars consuming as little as 10 kilowatt hours of energy per 100 km (62 miles), its chief technology officer (CTO) said on Thursday, a third more efficient than the current average for electric cars.

Speaking as the carmaker celebrated the successful test drive of its EQXX prototype vehicle over more than 1,000 km from Sindelfingen in Germany to the Cote d’Azur on a single charge, CTO Markus Schaefer said efficient design was key to maximising an electric car’s range.

Continue reading “Mercedes-Benz completes 1,000 km electric drive on energy-efficient design”

SHANGHAI, April 13 (Reuters) – China’s race to stop the spread of COVID-19 is clogging highways and ports, stranding workers and shutting countless factories – disruptions that are rippling through global supply chains for goods ranging from electric vehicles to iPhones.

While some factory owners try to tough it out through “closed loop” management that keeps workers isolated inside, some said that is becoming harder to sustain given the extent of local COVID-19 curbs aimed at heading off the Omicron variant, complicating efforts to procure materials or ship products.

Continue reading “Analysis: China’s widening COVID curbs threaten global supply chain paralysis”

By Giulio Piovaccari and Gilles Guillaume

Summary

April 13 (Reuters) – Stellantis (STLA.MI) Chief Executive Carlos Tavares on Wednesday took a bullish stance on the U.S. market despite rising fears of a downturn, as the carmaker’s shareholders voted against the 2021 compensation package for top executives.

Speaking at the carmaker’s annual shareholders’ meeting, Tavares said Stellantis was confirming its forecast for double-digit operating income margin this year, and added that expected sales in North America, especially in its highly profitable U.S. business, should rise 3%.

Continue reading “Stellantis CEO upbeat on U.S. as shareholders vote against pay package”

MILAN, April 13 (Reuters) – Luxury sports-car maker Ferrari (RACE.MI) will launch in the coming months its first sport utility vehicle (SUV), the Purosangue (Thoroughbred), the company’s Chief Executive Benedetto Vigna said on Wednesday.

Speaking at the company’s shareholders’ meeting, Vigna said Ferrari would unveil a further two models in the coming months, after the four presented last year.

“One (…) is the much anticipated Purosangue, which I’m confident will exceed our customers’ expectations,” he said.

By Alexander Schummer

TORONTO, April 13 (Reuters) – Canada’s accelerated timeline to fully embrace electric vehicles (EVs) presents a threat to some auto suppliers and auto mechanics, with the latter pinning hopes on a key legislation to adapt to the changing needs of the industry.

Last month, Justin Trudeau’s Liberal government set out a mandatory target for all new light-duty cars and passenger trucks to be zero-emission by 2035, from an earlier goal of 2040. Recent investments by General Motors Co (GM.N) and Ford Motor Co (F.N) in their Canadian units to primarily boost EVs give the parts industry some hope in the immediate future. read more

Continue reading “Analysis: Canada’s accelerated timetable for EVs brings spotlight on key bill”

SEOUL, April 13 (Reuters) – Hyundai Motor Co (005380.KS) plans to add electric vehicles (EV) in its Montgomery assembly line in the United States, marking the South Korean automaker’s first EV production in the country, Hyundai Motor Manufacturing Alabama said on Tuesday.

Hyundai said it plans to invest $300 million to build the Electrified Genesis GV 70 and hybrid version of the Santa Fe at its U.S. manufacturing center.

By David Randall

NEW YORK, April 12 (Reuters) – Star stock picker Cathie Wood of Ark Invest remained bullish on top holding Tesla Inc on Tuesday despite growing fears of a U.S. recession and shutdowns of the car maker’s Shanghai factory due to spiking coronavirus cases.

“What we said during COVID about innovation solving problems will move into overdrive,” she told a webinar, with Tesla poised to “deliver truly exponential growth for many, many years” as it expands its autonomous driving programs.

Continue reading “Ark’s Wood remains bullish on Tesla as U.S. recession fears rise”

PARIS, April 13 (Reuters) – Stellantis (STLA.MI) said on Wednesday it would sell its entire stake in an auto financing joint venture with Dongfeng to the Chinese car maker and consolidate its own financial services in China into a new structure it fully owns.

“As we continue our push to drive profitable growth in China, we need to also reset our financial services offering in the country,” said Carlos Tavares, the chief executive of Stellantis, in a statement.

Continue reading “Stellantis reshuffles Chinese financing business in deal with Dongfeng”

April 13 (Reuters) – Australia’s competition watchdog on Wednesday took Honda Motor Co’s (7267.T) local unit to court alleging the Japanese carmaker falsely claimed to its customers that two of its dealerships had stopped servicing Honda vehicles.

Between January and June last year, Honda Australia told customers of Brighton Automotive (Astoria) in Victoria and Tynan Motors in New South Wales that the dealerships would no longer service Honda vehicles, the Australian Competition & Consumer Commission (ACCC) alleged.

Continue reading “Australian competition watchdog sues Honda unit for false dealership closure claims”

PUNE, India, April 12 (Reuters) – Germany’s Mercedes-Benz (MBGn.DE) is betting that an expanding pool of young new millionaires will drive demand for luxury cars in India, creating faster sales growth than for mass market cars, a top company official said.

India’s increasing numbers of “dollar millionaires” include young entrepreneurs or high-earning professionals who appreciate the luxury element and technology of the cars, said Martin Schwenk, chief executive of Mercedes-Benz India.

Continue reading “Mercedes-Benz bets on India’s nouveau riche to drive luxury car sales”

By Abhijith Ganapavaram

April 12 (Reuters) – General Motors Co (GM.N) said on Tuesday it would buy cobalt from miner Glencore PLC (GLEN.L) to use in its electric vehicles (EVs), as automakers around the world scramble to stock up on the critical raw material amid supply chain disruptions.

Global automakers, ranging from EV leader Tesla Inc (TSLA.O) to Volkswagen (VOWG_p.DE), are splurging billions of dollars on developing vehicles for a market that could be worth $5 trillion over the next decade.

Continue reading “GM signs cobalt deal with Glencore as rush for battery metals intensifies”

PARIS, April 12 (Reuters) – Renault (RENA.PA) Chief Executive Luca de Meo said on Tuesday that the automaker’s plans to create a separate division for its electric (EV) assets could eventualy lead to a separate listing.

“This could mean a separate listing. This is a conditional, this is precisely what we are reviewing,” De Meo told a news conference.

The plan to separate the combustion engines activity could interest Nissan or long-term investors, he added.

Continue reading “Renault considers separate bourse listing for electric vehicle assets – CEO”

TOKYO, April 12 (Reuters) – Japan’s Honda Motor Co Ltd (7267.T) said on Tuesday it plans to spend $64 billion on research and development over the next decade, laying out an ambitious target to roll out 30 electric vehicle models globally by 2030.

Its goals also include producing some 2 million electric vehicles a year by 2030. The strategy marks a push to take ground in the fast-growing market for electric vehicles, where Tesla Inc (TSLA.O) leads and Japanese automakers risk falling behind traditional European and U.S. rivals.

Continue reading “Honda to spend $64 billion on R&D as it revs up electric ambitions”

By Ernest Scheyder

April 11 (Reuters) – Ford Motor Co (F.N) said on Monday it has signed a preliminary deal to buy lithium from a Lake Resources NL (LKE.AX) facility in Argentina, marking the first time the automaker has publicly announced where it will procure the electric vehicle battery metal.

The deal is a major bet by Ford on direct lithium extraction (DLE), a relatively new breed of technologies that filter the metal from brines and use far less acreage than open-pit mines and evaporation ponds.

Continue reading “Ford inks Argentina lithium supply deal with Lake Resources”

SHANGHAI, April 12 (Reuters) – German auto parts supplier Bosch on Tuesday said it has suspended production at two sites in the Chinese cities of Shanghai and Changchun as it follows government policies to contain a surge of COVID-19 cases.

Bosch said it had paused production at a Thermotechnology factory in Shanghai and an automotive components site in Changchun in northeastern Jilin province.

Two other auto parts plants in Shanghai and neighbouring Taicang city are maintaining “closed-loop” operations, in which workers sleep, live and work in isolation from the rest of society to prevent virus transmission, the manufacturer said.

Continue reading “Bosch halts production at two China plants due to COVID curbs”