By Bianca Flowers

March 1 (Reuters) – Harley-Davidson Inc said on Tuesday it had suspended its business and shipments of its bikes to Russia following that country’s invasion of Ukraine last week.

The attack marked the biggest conflict in Europe since World War Two. Many Western firms, including General Motors Co (GM.N) and Germany’s Daimler Truck Holding AG (DTGGe.DE), have idled operations in Russia. read more

Shares for the motorcycle giant fell 3% in afternoon trading, in line with Wall Street’s main indexes as the crisis in Ukraine escalates.

By Dawn Chmielewski and Ross Kerber

Summary

March 2 (Reuters) – Some of America’s best-known companies including Apple, Google, Ford, Harley-Davidson and Exxon Mobil rebuked and rejected Russia for its invasion of Ukraine, under steady pressure from investors and consumers decrying the violence.

Apple Inc (AAPL.O) late on Tuesday said it had stopped sales of iPhones and other products in Russia, adding that it was making changes to its Maps app to protect civilians in Ukraine.

Continue reading “Apple, Ford, other big US brands join corporate wave shunning Russia”

By Satoshi Sugiyama, Maki Shiraki and Tim Kelly

TOKYO, March 1 (Reuters) – Toyota Motor Corp (7203.T) will restart domestic production from Wednesday after a cyberattack on a supplier ground the automaking giant’s factories to a one-day halt, sparking concerns about vulnerability in Japan Inc’s supply chain.

No information was available about who was behind the attack, or the motive. It came just after Japan joined Western allies in clamping down on Russia in response to the invasion of Ukraine, although it was not known whether the attack was related.

Continue reading “Toyota to restart Japan production after cyberattack on supplier”

March 1 (Reuters) – Electric vehicle firm Faraday Future Intelligent Electric Inc (FFIE.O) said on Tuesday it appointed Becky Roof as interim chief financial officer.

Roof, who serves as managing director with consulting firm AlixPartners, will be replacing Walter McBride, who stepped down due to health reasons, the company said in a statement. McBride was appointed as CFO in November.

California-based Faraday Future also said that AlixPartners has been appointed to accelerate implementation of ‘Special Committee Recommendations’. EV startup Lordstown had announced a similar move following the exit of its CEO and CFO in June 2021.

Continue reading “EV firm Faraday Future appoints AlixPartners’ Becky Roof as interim CFO”

March 2 (Reuters) – Australia’s Core Lithium Ltd (CXO.AX) on Wednesday entered into an agreement with Tesla Inc (TSLA.O) to supply the U.S. electric car maker with lithium spodumene, sending its shares up 13% in early trading.

The deal reflects surging demand for battery metals such as lithium, nickel and cobalt due to the exponential rise in electric vehicle (EV) sales, as the world shifts towards a more sustainable future.

Continue reading “Australia’s Core Lithium enters into supply deal with Tesla, shares jump”

March 1 (Reuters) – General Motors Co (GM.N)said on Tuesday it sold its stake in electric vehicle startup Lordstown Motors Corp (RIDE.O).

GM spokesman Jim Cain said the Detroit automaker sold its 7.5 million shares in a series of sales into the market in the fourth quarter but the proceeds were not material to GM’s financial results.

GM declined to disclose the total proceeds it received.

Continue reading “GM sells stake in EV startup Lordstown Motors”

WASHINGTON, March 1 (Reuters) – U.S. Trade Representative Katherine Tai and Labor Secretary Marty Walsh on Tuesday lauded Mexico’s efforts to assure a “fair and safe” union vote at the Tridonex auto parts plant, and said they would continue to press Mexico to advance labor rights.

Tai said the U.S. would monitor Mexico’s certification of Monday’s vote, which came after a settlement reached with Tridonex following a U.S. complaint filed under a labor enforcement mechanism in the U.S.-Mexico-Canada trade agreement.

FRANKFURT, March 1 (Reuters) – The German carmaker BMW said on Tuesday it had halted the export of cars to Russia and would stop production on the ground there.

The company also said it expected production would be interrupted because of supply bottlenecks.

“Due to the current geopolitical situation, we are discontinuing our local production in Russia and export to the Russian market,” BMW said in a statement.

WASHINGTON, March 1 (Reuters) – U.S.-based United Parcel Service Inc (UPS.N) said Tuesday it has halted overflights of Russia as the White House continues to debate whether to close U.S. airspace to Russia.

A UPS spokesman said the company has “put contingency plans in place to continue serving customers, while not flying in restricted areas. That includes not overflying Russia.” American Airlines and Delta Air Lines (DAL.N) both said Monday they have halted overflights of Russia as well.

MOSCOW, March 1 (Reuters) – Hyundai Motor Co (005380.KS) will suspend its car assembly plant in Russia’s St Petersburg on March 1-5 due to supply chain interruptions, Interfax newsagency reported on Tuesday, citing a company official for the South Korean company in Russia.

By Ben Klayman

Feb 28 (Reuters) – Global auto and truck makers, including Sweden’s Volvo Cars (VOLCARb.ST) and Germany’s Daimler Truck (DTGGe.DE), on Monday suspended some business in Russia following that country’s invasion of Ukraine.

Russian forces invaded Ukraine last week, marking the biggest attack by one state against another in Europe since World War Two. Many firms have idled operations in Russia following Western sanctions against Russia.

Continue reading “Auto and truck makers suspend some business in Russia following invasion”

TOKYO, Feb 28 (Reuters) – Toyota Motor Corp (7203.T) said it will suspend domestic factory operations on Tuesday, losing around 13,000 cars of output, after a supplier of plastic parts and electronic components was hit by a suspected cyber attack.

No information was immediately available about who was behind the possible attack or the motive. The attack comes just after Japan joined Western allies in clamping down on Russia after it invaded Ukraine, although it was not clear if the attack was at all related.

Continue reading “Toyota suspends domestic factory operations after suspected cyber attack”

TOKYO, Feb 28 (Reuters) – Panasonic Corp (6752.T) said on Monday it will begin mass production of a new lithium-ion battery for Tesla Inc (TSLA.O) before the end of March 2024 at a plant in Japan.

Unveiled by the Japanese company in October, the 4680 format (46 millimetres wide and 80 millimetres tall) battery is around five times bigger than those currently supplied to Tesla, meaning the U.S. electric vehicle (EV) maker will be able to lower production costs.

Continue reading “Panasonic to begin mass producing new Tesla battery by end-March 2024”

By Satoshi Sugiyama and Maki Shiraki

SODEGAURA, Japan, Feb 28 (Reuters) – Toyota Motor Corp (7203.T), a late-comer to the battery electric vehicle (BEV) market, is weaving in all efforts to make sure its first mass-market model is safer and lasts longer than rivals’ products when it goes on sale later this year.

BEVs have grown in popularity globally, but some consumers have been put off by EV battery-related fire risks and rapid degradation.

General Motors (GM.N) and Hyundai Motor (005380.KS) were forced last year to recall EVs, carrying batteries manufactured by LG Energy Solution, after reports of fires.

Continue reading “Toyota gears up its first EV with safer, longer-lasting battery”

Feb 28 (Reuters) – Canada’s Ontario province on Monday will introduce legislation to establish a minimum wage and other rights for gig economy workers such as drivers for ride-hailing companies, Premier Doug Ford said.

The legislation, which Ford called a first for a Canadian province, includes clarity around hours and pay calculations. It also includes protection against dismissal from a digital platform without proper notice or explanation, and ensure tips that workers earn remain with them, Ford told reporters.

Continue reading “Canada’s Ontario province to introduce legislation for gig worker benefits”

BEIJING, Feb 28 (Reuters) – Swedish automaker Volvo Cars (VOLCARb.ST) said on Monday it will suspend car shipments to the Russian market until further notice, becoming the first international carmaker to do so as sanctions over Moscow’s invasion of Ukraine continue to bite.

In a statement provided by email, the company said it had made the decision because of “potential risks associated with trading material with Russia, including the sanctions imposed by the EU and US.”

Continue reading “As sanctions bite, Volvo suspends car shipments to Russia”

STOCKHOLM, Feb 28 (Reuters) – Swedish truck maker AB Volvo (VOLVb.ST) has halted all its production and sales in Russia due to the Ukraine crisis, the company said on Monday.

Volvo Group generates roughly 3% of its sales in Russia and has one factory in the country.

“We now have a bit more clarity on sanctions and security in the region… this means all operations in Russia end,” a company spokesperson told Reuters, adding that the measures would apply until further notice.

Continue reading “Truck maker AB Volvo halts production in Russia”

MOSCOW, Feb 28 (Reuters) – Buyers of Russian oil have faced difficulties over payments and availability of vessels after imposition of Western sanctions against Moscow over Ukraine, traders said on Monday, while BP Plc has cancelled fuel oil loadings from a Black Sea port.

The West has introduced wide-range sweeping sanctions, including on the banking sector, after Russia’s invasion of Ukraine on Thursday. Russia calls its action a “special operation” to disarm Ukraine.

Continue reading “Russian oil buyers struggle with payments and vessels, BP annuls loadings -traders”

Feb 28 (Reuters) – Companies have taken action to limit, put on hold or exit business activities in Russia following a wave of sanctions imposed after Moscow’s invasion of Ukraine.

Below is a list of European companies that have announced plans to exit Russia or to curb activities there:

AERCAP

World’s biggest aircraft leasing company AerCap Holdings (AER.N), headquartered in Dublin, will cease leasing activity with Russian airlines. read more

Continue reading “Factbox: Corporate ties to Russia uprooted as sanctions tighten”

MOSCOW, Feb 28 (Reuters) – Daimler Truck has suspended all cooperation with Russia’s largest truckmaker Kamaz , Germany’s Handelsblatt daily reported on Monday, in the face of severe criticism following Russia’s invasion of Ukraine.

Kamaz declined to comment.

By Tetsushi Kajimoto

TOKYO, Feb 25 (Reuters) – Toyota Motor Corp (7203.T) has accepted labour union pay demands, Toyota CEO Akio Toyoda told reporters late Thursday, wrapping up annual wage negotiations with unusual speed amid calls by the government for firms to lift wages.

“We have made an offer that fully met the union’s demands,” Toyoda said after a meeting with Prime Minister Fumio Kishida.

Neither Toyota or its union have disclosed the size of the pay rise that has been agreed.

Continue reading “Toyota agrees to union’s pay hike demands”

By Aditi Shah

NEW DELHI, Feb 25 (Reuters) – Stellantis’ (STLA.MI) Jeep will launch two new sport-utility vehicles (SUVs) in India this year to boost sales in a market where it has struggled to establish a meaningful presence.

Jeep will launch the Meridian, a mid-size, three-row SUV, that will be made in India, and the Grand Cherokee, which it will assemble in the country – a move the company expects will allow it to price its vehicles more competitively.

Continue reading “Jeep to launch two new SUVs in India to boost sales”

By Gleb Stolyarov

MOSCOW, Feb 25 (Reuters) – French carmaker Renault (RENA.PA) will suspend some operations at its car assembly plants in Russia next week due to logistics bottlenecks that have caused component shortages, its local units said on Friday.

The move comes after Russia launched an invasion of Ukraine on Thursday although Renault, which has three car assembly plants in Russia, did not specify whether its supply chain had been affected by the conflict.

Continue reading “Renault to temporarily shut some Russian operations due to components shortage”

Feb 25 (Reuters) – Aptiv Plc (APTV.N) shifted high-volume production of parts for vehicles out of Ukraine over the past couple months ahead of possible hostilities, the auto parts maker’s chief executive said.

“Over the course of the last couple of months, we actually moved a couple of what I call high runner programs out of the Ukraine … just so we were better positioned to manage disruption,” Clark said at a Barclays conference on Thursday.

Continue reading “Auto parts maker Aptiv recently shifted high-volume production from Ukraine -CEO”

By Tina Bellon

Feb 25 (Reuters) – Uber Technologies Inc (UBER.N) is testing a new driver earnings algorithm in 24 U.S. cities that allows drivers to see pay and destinations before accepting a trip and raises the incentives for drivers to take short rides in an effort to attract more drivers.

The changes, which are currently in pilot programs, mark the most wide-ranging updates to Uber’s driver pay algorithm in years and come at a time when the company is still trying to win back drivers who left at the start of the pandemic. Fares paid by consumers are not affected.

Continue reading “EXCLUSIVE Uber revamps driver pay algorithm in large U.S. pilot to attract drivers”

By Ben Klayman

Feb 25 (Reuters) – Several companies, including automakers Volkswagen (VOWG_p.DE) and Renault (RENA.PA) and tire maker Nokian Tyres (TYRES.HE), on Friday outlined plans to shut or shift manufacturing operations following Russia’s invasion of Ukraine.

After invading earlier this week, Russian forces pressed their advance on Friday as missiles pounded Kyiv and authorities said they were girding for an assault aimed at overthrowing the government. read more

Continue reading “Automakers idle production following Russia’s invasion, other firms also scramble”

Feb 25 (Reuters) – Russia’s invasion of Ukraine presents a “substantial risk” to the recovery of global light-vehicle sales this year, auto industry consultants J.D. Power and LMC Automotive said in a joint forecast on Friday.

The consultants cut their forecast for global light-vehicle sales by 400,000 to 85.8 million units, also due to rising oil and aluminum prices that could discourage buyers from spending on new cars and trucks.

Continue reading “Russia’s invasion of Ukraine may pressure light-vehicle sales growth – data”

MOSCOW, Feb 25 (Reuters) – Russia’s biggest carmaker Avtovaz (AVAZI_p.MM) may suspend some assembly lines at its Togliatti plant in central Russia on Monday for a day due to a persistent global shortage of electronic components, it said in a statement on Friday.

Avtovaz, controlled by French carmaker Renault (RENA.PA), plans to resume its Togliatti operations in full on Tuesday, March 1, it said. The company declined to comment on new U.S. sanctions on the Russian economy, saying it continued to monitor the situation.

By Ben Klayman

DETROIT, Feb 23 (Reuters) – Ford Motor Co (F.N) has no plans to spin off its electric vehicle or gasoline-powered vehicle businesses, Chief Executive Jim Farley said on Wednesday.

“We have no plans to spin off our electric business or our ICE business,” Farley said at a Wolfe Research conference appearance that was webcast, using an acronym for internal-combustion engine.

“We know our competition is Nio and Tesla, and we have to beat them, not match them,” he added. “And we also have to beat the best of the ICE players.”

SHANGHAI, Feb 24 (Reuters) – Tesla Inc (TSLA.O) plans to start work on a new plant in Shanghai as soon as next month as part of a plan to more than double production capacity in China to meet growing demand for its cars in the country and export markets, two people familiar with the matter told Reuters.

Once the new plant is fully operational, Tesla will have the capacity to produce up to 2 million cars per year at its expanded Shanghai facility, the company’s main export hub, according to the people, who asked not to be identified in discussing still-private plans.

Tesla declined to comment.

Continue reading “Tesla plans new Shanghai plant to more than double China capacity – sources”

By Julie Gordon

OTTAWA, Feb 24 (Reuters) – A three-week long protest in Canada against pandemic measures that snarled trade and shuttered Ottawa’s core likely cost billions in trade delays, tens of millions in lost sales for businesses, and left behind a hefty policing and clean-up tab.

Hundreds of trucks and vehicles rolled into Ottawa’s sleepy downtown on Jan. 28, blocking off key roadways as convoy members expressed their anger at government with loud, persistent horn honking before police cleared them on Sunday. read more

Continue reading “Canada’s trucker protests leave businesses and taxpayers with hefty bills”

BERLIN, Feb 24 (Reuters) – Mercedes-Benz (MBGn.DE) aims to double its electric vehicle sales in 2022 and expand its electrified car footprint in relevant markets worldwide, Chief Executive Ola Kaellenius said on Thursday in an earnings press conference.

Chief Financial Executive Harald Wilhelm listed a series of challenges the carmaker expected to face this year, including uncertain geopolitical developments, the ongoing COVID-19 pandemic and a significant rise in some raw material prices.

Continue reading “Mercedes-Benz to double EV sales in 2022, solidify supplier relationship”

By Giulio Piovaccari and Gilles Guillaume

Summary

MILAN, Feb 23 (Reuters) – Stellantis (STLA.MI) beat its profitability target in the first year following its creation from the merger of Fiat Chrysler and Peugeot maker PSA, boosting hopes the automaker can cope with rising raw material costs and a shortage of semiconductor chips.

Milan-listed shares in the world’s No.4 carmaker were up 6.5% in Wednesday afternoon trading.

Continue reading “Strong first year boosts Stellantis as cost challenges loom”

SHANGHAI, Feb 23 (Reuters) – Tesla Inc (TSLA.O) plans to expand parts production at its Shanghai factory to meet growing demand for exports, according to a document it filed with the city government.

The automaker will add production workshops, increase the number of workers and lengthen the time equipment is operational, the document.

Exact figures were redacted from the document, which was filed on Tuesday. Tesla did not respond to a request for comment.

Continue reading “Tesla to expand parts production in Shanghai to meet export demand -document”

By Nick Carey

Summary

LONDON, Feb 23 (Reuters) – Aston Martin (AML.L) narrowed its annual loss in 2021 as sales surged and the company said on Wednesday it expected further improvements this year as it launches new, more profitable models and plans to raise prices across its model line-up.

The British luxury carmaker said it expected to see sales rise again in 2022, despite ongoing global supply chain disruptions that have accompanied the COVID-19 pandemic.

Continue reading “Aston Martin sales rev up on higher prices, more profitable cars”

By Kate Abnett and Jan Strupczewski

BRUSSELS, Feb 23 (Reuters) – The European Commission on Wednesday proposed a law to make large companies operating in the EU check that their suppliers around the world respect environmental standards and do not use slave or child labour.

The Corporate Sustainability Due Diligence law will also oblige directors of European Union firms to ensure that their business strategy aligns with limiting global warming to 1.5 Celsius, as agreed under the Paris climate agreement.

“We can no longer turn a blind eye on what happens down our value chains,” EU justice commissioner Didier Reynders said.

Continue reading “EU proposes law forcing large firms to check suppliers for environment, human rights issues”

By Victoria Waldersee

Summary

BERLIN, Feb 23 (Reuters) – Tesla (TSLA.O) may lose the water supply contract for its long-delayed German plant if environmental groups win a court case challenging a licence granted to its water supplier at a hearing next week.

The Frankfurt Oder administrative court will hear on March 4 a complaint filed by local groups claiming the Brandenburg environmental ministry carried out insufficient checks before granting the licence to the Wasserverband Strausberg-Erkner (WSE) utility.

Continue reading “Tesla faces day of reckoning on water supply for planned German plant”

MILAN, Feb 22 (Reuters) – Italian-American vehicle maker CNH Industrial (CNHI.MI) on Tuesday estimated total revenue growth of up to 24% through 2024 as it presented a new business plan after spinning off its truck, bus and engine units.

CNH Industrial completed the spin-off of its truck, bus and engine operations, now separately listed as Iveco Group , at the start of 2022. It is focusing on higher-margin agriculture and construction machine businesses, whose data content, autonomous technologies and alternative fuels are increasingly at the center of CNH’s business.