By Nick Carey

LONDON, March 11 (Reuters) – Mercedes-Benz (MBGn.DE) has 2 billion euros ($2.2 billion) in assets that could be threatened by Russian proposals to nationalise the property of foreign firms that leave because of its invasion of Ukraine, the German premium carmaker said.

The company said in its annual report released on Friday that the war in Ukraine raised a range of risks from disruptions to parts to energy supply or even cyber attacks.

Continue reading “Mercedes-Benz says Russian nationalisation could threaten $2.2 bln in assets”

PARIS/BERLIN, March 9 (Reuters) – Volkswagen (VOWG_p.DE) unveiled a production version of its long-awaited ID. Buzz van in Paris on Wednesday, an electric reincarnation of its Microbus or Kombi, due to go on sale in a number of European countries in the third quarter of 2022.

The van will also launch in the United States in late 2023, the German automaker said in a statement, adding it is the first in a series of prototypes released in the past decade to successfully make it to production stage.

Continue reading “Volkswagen unveils all-electric ID. Buzz in Paris”

By Ben Klayman

DETROIT, March 9 (Reuters) – Auto industry companies need to take into account their communities and workers through greater environmental protections and higher pay in the transition to electric vehicles, a panel of investors, labor officials and human rights activists said on Wednesday.

The global auto industry is shifting to EVs in response to pressure from countries and regions like China and Europe that want to reduce carbon emissions.

Continue reading “Auto sector’s transition to EVs needs safeguards for workers, environment -panel”

By Tina Bellon

March 9 (Reuters) – The $100 billion Western rental car industry, flush with cash from a profitable pandemic, is gradually getting its electric show on the road, and Chinese-made vehicles are poised to play a starring role.

The electric transition could see car fleets, long dominated by famed marques from the United States and Europe, increasingly switch towards Asian automakers, according to a European executive.

“Historically, European and American manufacturers had an edge, but the shift towards electric is reshuffling the cards,” said Olivier Baldassari, group chief countries and operations officer at rental giant Europcar (EUCAR.PA).

Continue reading “Rental car giants embark on electric after pandemic bonanza”

By Heekyong Yang and Norihiko Shirouzu

SEOUL/BEIJING, March 9 (Reuters) – Asian battery makers for electric vehicles are shielded from a big, immediate hit from surging nickel prices amid Russia’s invasion of Ukraine, thanks to long-term contracts and a diversified supply chain, companies and industry sources said.

Nickel prices doubled on Tuesday to more than $100,000 per tonne, a surge sources blamed on short covering by one of the world’s top producers, forcing the London Metal Exchange (LME) to halt nickel trading. read more

Continue reading “Contracts shield Asia’s EV battery makers from nickel surge, for now”

By Jonathan Stempel

March 8 (Reuters) – Rivian Automotive Inc (RIVN.O) has been sued by a shareholder who claimed the startup failed to tell investors it had underpriced its electric vehicles, leading to unpopular price hikes that it swiftly rolled back.

In a complaint filed on Monday in U.S. District Court in San Francisco, shareholder Charles Larry Crews said Rivian concealed how its R1S SUV and R1T pickup truck were so underpriced that it needed to raise prices soon after its November initial public offering.

Continue reading “Rivian is sued for allegedly misleading investors about electric vehicle prices”

By Nivedita Balu and Tina Bellon

March 8 (Reuters) – Uber drivers are protesting on social media over record U.S. gasoline prices eating into their earnings just as the ride-hailing firm raised its profitability outlook, with some asking whether it was still worth getting behind the wheel.

U.S. retail gasoline prices hit an all-time of $4.173 on Tuesday after Russia’s invasion of Ukraine sent the price of crude oil rocketing. The price per gallon is now around 60% higher than it was two years ago before the COVID-19 crisis. read more

Continue reading “U.S. ride-hail drivers at career crossroads over record gas cost”

March 8 (Reuters) – The California Air Resources Board said on Tuesday it plans to significantly increase electric vehicle requirements by 2030 as the state moves to phase out the sale of gasoline-powered light duty vehicles by 2035.

In a draft document, the California regulator said previously it aimed to reach 61% zero emission electric vehicle (ZEV) sales by 2030 but it came under criticism from environmental groups Monday.

Continue reading “California planning to significantly boost 2030 EV requirements”

By David Shepardson

WASHINGTON, March 8 (Reuters) – A bipartisan group of more than 140 U.S. lawmakers on Tuesday urged leaders in Congress to approve $52 billion in government subsidies for semiconductor chips production and research.

The U.S. House of Representatives on Feb. 4 narrowly passed a bill aimed at increasing American competitiveness with China in part by allocating $52 billion to boost U.S. semiconductor manufacturing.

The funding will “help prevent future shortages that cause GDP drag, job losses, more expensive consumer goods, and national security vulnerabilities,” said a letter signed by lawmakers, including Representative Doris Matsui and Senator Mark Warner, both Democrats, and Republican Representative Michael McCaul and Senator John Cornyn.

Continue reading “More than 140 U.S. lawmakers urge speedy action on chips funding”

AUBERVILLIERS, France, March 8 (Reuters) – French carmaker Renault unwrapped its new Austral SUV on Tuesday, marking its latest effort to compete in the compact car segment while moving upmarket with a top-of-the-range “Alpine” marque finish.

The Alpine badge, with which Renault (RENA.PA) hopes to boost margins, is about specific accessories, including blue seat topstitching and a new satin shale grey body colour.

Luca de Meo, head of the French car manufacturer, said he wanted to exploit the Alpine brand’s sporty image, as he seeks to fuel Renault’s profit margin recovery, but not restrict it to a few exclusive models, as has been the case in the past.

Continue reading “Renault takes wraps off new Austral SUV with ‘Alpine’ finish”

BEIJING, March 8 (Reuters) – U.S. electric vehicle maker Tesla Inc (TSLA.O) sold 56,515 China-made vehicles in February, including 33,315 for export, the China Passenger Car Association (CPCA) said on Tuesday.

Tesla, which has made Model 3 sedans and Model Y sport-utility vehicles in Shanghai since 2019, sold 59,845 China-made vehicles in January.

Chinese NEV maker Nio Inc delivered 6,131 cars in February, up 9.9% year on year. Li Auto delivered 8,414 and Xpeng Inc (9868.HK) delivered 6,225 vehicles, rising year on year by 265.8% and 180% respectively.

Continue reading “Tesla sold 56,515 China-made vehicles in February – CPCA”

By Hyunjoo Jin

SAN FRANCISCO, March 7 (Reuters) – Surging raw materials costs, made worse by Russia’s invasion of Ukraine, could set back the dream of Tesla (TSLA.O) Chief Executive Elon Musk and other auto executives to roll out more affordable electric vehicles.

Rising prices of nickel, lithium and other materials threaten to slow and even temporarily reverse the long-term trend of falling costs of batteries, the most expensive part of EVs, hampering the broader adoption of the technology, said Gregory Miller, an analyst at industry forecaster Benchmark Mineral Intelligence.

Continue reading “Analysis: Ukraine invasion sets back Musk’s dream for cheaper EVs, for now”

By David Shepardson

WASHINGTON, March 7 (Reuters) – The U.S. Environmental Protection Agency (EPA) on Monday said it was proposing new rules to cut smog-forming and greenhouse gas emissions from heavy duty vehicles.

The EPA is proposing to require cuts in nitrogen oxide emissions from heavy trucks of 47% to 60% by 2045. The new standards would begin in the 2027 model year.

The administration also proposes stricter new greenhouse gas emissions standards for some types of heavy vehicles.

Continue reading “U.S. EPA proposing rules to cut emissions from heavy trucks”

By Hyunjoo Jin

SAN FRANCISCO, March 7 (Reuters) – Surging raw materials costs, made worse by Russia’s invasion of Ukraine, could set back the dream of Tesla (TSLA.O) Chief Executive Elon Musk and other auto executives to roll out more affordable electric vehicles.

Rising prices of nickel, lithium and other materials threaten to slow and even temporarily reverse the long-term trend of falling costs of batteries, the most expensive part of EVs, hampering the broader adoption of the technology, said Gregory Miller, an analyst at industry forecaster Benchmark Mineral Intelligence.

Continue reading “Analysis: Ukraine invasion sets back Musk’s dream for cheaper EVs, for now”

By Satoshi Sugiyama

TOKYO, March 7 (Reuters) – Japan’s transportation ministry on Monday raided the Tokyo offices of truck maker Hino Motors Ltd (7205.T) days after the Toyota Motor Corp (7203.T) unit said it had falsified emissions data, triggering its biggest one-day shares slump for 22 years.

Public TV station NHK broadcast footage showing officials from the ministry entering the company’s headquarters on Monday morning. Hino on Friday said it had found “misconduct” in falsifying engine performance for exhaust emissions certificates, and had also found problems in engine performance.

Continue reading “Japan transport ministry raids Hino Motors after false emissions data, shares tumble”

March 7 (Reuters) – Intel Corp said on Monday its Mobileye unit has confidentially filed paperwork for an initial public offering in the United States, which could value the chipmaker’s self-driving car unit at more than $50 billion.

Intel did not give more details about the offering, but has previously said it would receive the majority of the proceeds from the share sale. Some of those funds will be used to build more Intel chip plants, Chief Executive Officer Pat Gelsinger said in December. read more

Continue reading “Intel’s Mobileye confidentially files for U.S. IPO”

By Nick Carey

LONDON, March 7 (Reuters) – Electric vehicle (EV) battery startup Britishvolt is to develop high-performance batteries with Aston Martin (AML.L) as the British luxury carmaker gears up to launch its first fully electric vehicle in 2025, the two companies said on Monday.

A joint research and development team from fictional secret agent James Bond’s car brand and the battery company will design and develop battery packs and a battery management system.

Continue reading “Britishvolt to develop high-performance batteries with Aston Martin”

By Nadine Schimroszik and Christoph Steitz

Summary

POTSDAM, Germany, March 4 (Reuters) – Tesla Inc (TSLA.O) received a conditional go-ahead for its German gigafactory near Berlin on Friday, the state of Brandenburg said, ending months of delay for the 5 billion euro ($5.5 billion) landmark plant.

The gigafactory, which is crucial to Tesla Chief Executive Elon Musk’s ambitions to vanquish European market leader Volkswagen (VOWG_p.DE), was initially supposed to open last summer.

Continue reading “Tesla’s long-delayed German gigafactory gets conditional green light”

By David Shepardson

WASHINGTON, March 4 (Reuters) – The National Highway Traffic Safety Administration (NHTSA) said on Friday it denied a General Motors Co (GM.N) request that would have allowed the automaker to avoid fixing headlight glare problems on about 725,000 U.S. sport utility vehicles.

If the agency had agreed to declare the problem inconsequential, GM would not have been required to notify customers of the problem and provide a free fix.

The Detroit automaker argued the issue did not impact vehicle safety and petitioned NHTSA in 2019 to declare the issue inconsequential for GMC Terrain vehicles from the 2010 through 2017 model years. GM said the issue has been corrected in replacement parts and does not affect current generation vehicles.

Continue reading “U.S. requires GM to fix headlight glare on 725,000 SUVs”

BEIJING, March 5 (Reuters) – China will continue its crackdown on monopolies to ensure fair competition,Premier Li Keqiang said in a report released ahead of the start of the annual session of parliament on Saturday.

Li also singled out the integrated circuits and artificial intelligence industries as priority areas for the government to build up domestic capabilities.

Li said the government, whose recent crackdowns on industries from e-commerce to private education has roiled global markets, would continue to improve “regulatory rules.”

Continue reading “China vows to continue its crackdown on industry monopolies”

By Alberto Alerigi Jr.

SAO PAULO, March 4 (Reuters) – Stellantis (STLA.MI) is considering the production and sale of a hybrid vehicle powered by electricity and ethanol in Brazil by 2025, and plans to launch a new brand in the country this year, the company’s chief operating officer for South America said on Friday.

Antonio Filosa said the company plans to launch 16 new models and seven electric and hybrid models in the region by 2025, in a plan that aims to boost French brands Peugeot and Citroen without losing sight of Fiat and Jeep’s market leadership.

Continue reading “Stellantis weighs producing ethanol hybrid vehicle in Brazil”

TOKYO, March 4 (Reuters) – Japan’s Sony Corp (6758.T) and Honda Motor Co Ltd (7267.T) said on Friday they would pair up to develop and sell battery-powered electric vehicles, and said they were open to bringing in other partners.

The companies said in a statement they would form a joint venture this year and aim to begin selling the first model in 2025. Honda will be responsible for manufacturing the first model, while Sony will develop the mobility service platform, they said.

Continue reading “Sony, Honda team up to develop and sell electric vehicles”

By Heekyong Yang

SEOUL, March 4 (Reuters) – South Korea’s Hyundai Motor Co (005380.KS)said on Friday it has not decided when to resume operations at its assembly plant in St Petersburg, Russia, citing ongoing issues with components delivery.

“Hyundai Motor Company is deeply concerned by the situation in Ukraine. We can confirm operations of the Hyundai Motor Manufacturing Russia (HMMR) are suspended until further notice due to ongoing global logistics issues with components delivery,” it said in a statement to Reuters.

Continue reading “Hyundai Motor says unsure when Russian plant operations will resume”

TOKYO, March 4 (Reuters) – Japan’s Panasonic Corp (6752.T) is looking to purchase land in the United States for a mega-factory to make a new type of electric vehicle (EV) battery for Tesla Inc (TSLA.O), public broadcaster NHK reported on Friday.

Panasonic is looking at building the factory, to cost several billion dollars, in either Oklahoma or Kansas close to Texas, where Tesla is preparing a new EV plant, NHK reported. NHK gave no timeline for Panasonic’s U.S. project.

Continue reading “Panasonic plans new massive battery plant in U.S. to supply Tesla -NHK”

By David Shepardson

WASHINGTON, March 3 (Reuters) – Detroit’s Big Three automakers said on Thursday they will allow autoworkers to stop wearing masks at workplaces where U.S. health officials have said it is safe to do so.

General Motors Co (GM.N) Ford Motor Co (F.N), Chrysler-parent Stellantis NV (STLA.MI) and the United Auto Workers union said in a joint statement they would adopt the new Centers for Disease Control and Prevention (CDC) guidance allowing workers at U.S. facilities to not wear masks regardless of COVID-19 vaccination status, if those facilities are not in high-risk counties.

Continue reading “Detroit’s Big Three automakers to let workers stop wearing masks”

By Hyunjoo Jin, Ben Klayman and Bhargav Acharya

March 3 (Reuters) – Tesla Inc (TSLA.O) Chief Executive Officer Elon Musk said on Thursday he was inviting labor union United Auto Workers (UAW) to hold a vote at the electric carmaker’s California factory.

The announcement comes as the billionaire entrepreneur criticized the Biden administration and Democrats for a proposal to give union-made, U.S.-built electric vehicles an additional $4,500 tax incentive. Tesla and foreign automakers do not have unions at their U.S. factories. read more

Continue reading “Musk invites UAW union to hold vote at Tesla California factory”

By Satoshi Sugiyama

TOKYO, March 3 (Reuters) – Former Nissan Motor chairman Carlos Ghosn, who was ousted from the company following his arrest in Japan, said on Thursday that its alliance partner Renault SA (RENA.PA) is struggling because of the Japanese automaker’s lack of vision.

“I’m not very optimistic about the future of Nissan,” Ghosn told reporters following the sentencing of former Nissan executive Greg Kelly.

Kelly on Thursday received a six-month suspended sentence from a Tokyo court for helping Ghosn hide income.

Continue reading “Former boss Ghosn says Nissan’s lack of vision is hurting Renault”

MUNICH, March 3 (Reuters) – Volkswagen (VOWG_p.DE) is stopping its business in Russia because of the conflict in Ukraine, the company said on Thursday.

Production at Volkswagen’s Kaluga and Nizhny Novgorod sites will be suspended until further notice, and vehicle exports to Russia will be stopped with immediate effect, the company said.

“With the extensive interruption of business activities in Russia, the group management board is drawing the consequences from the overall situation, which is characterised by strong uncertainty,” Volkswagen said.

By Joseph White

DETROIT, March 2 (Reuters) – U.S. auto dealers, flush with cash, are buying each other at a record pace, but they are not closing stores in the process.

Defying predictions that the internet and Tesla Inc’s (TSLA.O) direct-to-consumer sales strategy would kill traditional auto dealerships, acquisitions in the sector hit a record $8 billion in value last year, according to data from Kerrigan Advisors, a company that tracks transactions among largely private auto dealer groups. That is more than triple the $2.5 billion for 2020.

Continue reading “Big U.S. auto dealers bet billions against the death of the dealership”

By Aishwarya Nair, Abhijith Ganapavaram and Paul Lienert

March 2 (Reuters) – Ford Motor Co (F.N) on Wednesday said it will boost spending on electric vehicles to $50 billion, up from the previous $30 billion, through 2026 and run its EV unit separately from its legacy combustion engine business, in a move aimed at catching industry leader Tesla Inc (TSLA.O).

The reorganization and additional investment comes as Chief Executive Jim Farley bets aggressively on the company’s electrification strategy.

Continue reading “Ford boosts EV spending to $50 billion, sets up new Model e unit”

By Satoshi Sugiyama

TOKYO, March 2 (Reuters) – Honda Motor (7267.T)said on Wednesday it has suspended exports of cars and motorcycles to Russia, signalling the likelihood more Japanese automakers would join the global swell of companies halting business with Russia after the invasion of Ukraine.

Western companies have spurned Moscow following the invasion, stopping sales in Russia and even saying they would exit investments there. Ford Motor (F.N) and other global automakers have already said they would suspend operations.

Continue reading “Honda suspends exports to Russia, more Japanese automakers could follow”

By Christina Amann and Nick Carey

March 2 (Reuters) – Carmakers including Germany’s Volkswagen (VOWG_p.DE), BMW and Porsche are struggling to obtain crucial wire harnesses as suppliers in western Ukraine have been shuttered by the Russian invasion, forcing them to curtail production.

Production of the part, needed for organizing miles of vehicle cables, has affected suppliers like Leoni (LEOGn.DE), Fujikura (5803.T) and Nexans (NEXS.PA), and rippled through to major carmakers.

Continue reading “Ukraine invasion hampers wire harness supplies for carmakers”

SEOUL, March 2 (Reuters) – South Korea’s Hyundai Motor Co (005380.KS) plans to invest about 95.5 trillion won ($79.21 billion) through 2030, the company said on Wednesday, including about 19.4 trillion won towards electric vehicles (EV).

In late 2020, Hyundai Motor, which together with affiliate Kia Corp (000270.KS) is among the world’s top 10 biggest automakers by sales, said it would target a share of 8% to 10% of the global EV market by 2040.

Continue reading “S.Korea’s Hyundai Motor plans to invest $79.2 bln through 2030”

SAN FRANCISCO, March 1 (Reuters) – U.S. electric vehicle startup Rivian Automotive Inc (RIVN.O) said on Tuesday it has increased selling prices of its vehicles by about 20% due to inflationary pressures and higher component costs, angering some customers.

The price increase also invited caustic comments from Elon Musk, chief executive of rival Tesla Inc (TSLA.O), who tweeted that Rivian’s “negative gross margin will be staggering” and it is “near impossible” for other firms to make affordable electric pickup trucks.

Continue reading “Rivian raises EV prices by 20%, inviting customer ire, taunt from Musk By Hyunjoo Jin”

By Gilles Guillaume and Giulio Piovaccari

Summary

AMSTERDAM, March 1 (Reuters) – Stellantis (STLA.MI) aims to double revenue to 300 billion euros ($335 billion) a year by 2030 and keep profit margins high, as it steps up efforts to roll out electric versions of its cars, profitable Jeep SUVs and RAM pickup trucks.

The world’s No.4 carmaker said in a strategy update on Tuesday it would have 75 battery electric vehicle (EV) models on the market and sell five million EVs a year by 2030.

Continue reading “Stellantis aims to double revenue by 2030 as it goes electric”