SEOUL/WASHINGTON, Nov 9 (Reuters) – The U.S. auto safety regulator announced on Tuesday its first-ever reward to a whistleblower, handing out more than $24 million to a former Hyundai Motor Co (005380.KS) employee who provided key information about safety lapses at the South Korean carmaker.

The award to ex-Hyundai Motor engineer Kim Gwang-ho is the biggest ever in a whistleblower case in the auto sector globally, according to law firm Constantine Cannon, which represented Kim.

Continue reading “U.S. auto safety regulator awards over $24 mln to Hyundai Motor whistleblower”

BERLIN, Nov 10 (Reuters) – Volkswagen’s (VOWG_p.DE) Herbert Diess said on Wednesday he was confident he would remain as chief executive into next year, dismissing speculation that he could be pushed aside.

Diess, who is facing disagreements with Volkswagen’s works council over potential cuts, was asked at an online summit organised by German newspaper Handelsblatt whether he believed he would keep his post to which he replied: “Yes, certainly”. Continue reading “VW’s Diess says to remain CEO, dismisses fossil fuel phase out”

GLASGOW, Nov 10 (Reuters) – Swedish automaker Volvo Cars (VOLCARb.ST) said on Wednesday it had set a price on carbon emissions from its operations of 1,000 Swedish crowns ($116.30) a tonne, part of attempts to ensure all future projects are sustainable.

Announcing the move at global climate talks in Scotland as it joined an imitative to phase out fossil fuel cars and vans, the company said it had deliberately set a relatively high price to “future proof” itself. Continue reading “Volvo Cars sets carbon price to assess sustainability of new projects”

LUDWIGSBURG, Nov 10 (Reuters) – Porsche AG, part of the Volkswagen Group, profits from being part of Volkswagen, its CEO Oliver Blume said on Wednesday, following speculation that an IPO of the luxury unit could be on the cards.

“We feel very comfortable in the Volkswagen Group, we can profit from synergies. The important thing in this time is to focus on transformation,” Blume said, speaking at a car industry conference organised by autos publication Automobilwoche in Ludwigsburg, Germany. Continue reading “Porsche AG benefits from being part of Volkswagen Group, CEO says”

Nov 8 (Reuters) – Tesla Inc (TSLA.O) chief Elon Musk’s Twitter poll proposing to sell a tenth of his holdings in the electric carmaker shaved around $60 billion off the company’s market value on Monday and raised questions about whether he may have violated his settlement with the U.S. securities regulator again.

Musk, the world’s richest person with a net worth estimated by Forbes at $304 billion on Monday, tweeted on Saturday that he would offload 10% of his stake if users of the social media network approved. The poll garnered more than 3.5 million votes, and 57.9% of the people voted in favor. Continue reading “Musk’s Twitter poll shaves stock price and raises regulatory questions”

DETROIT, Nov 8 (Reuters) – General Motors Co’s Cadillac brand is gearing up to challenge Tesla Inc (TSLA.O) and other rivals in the luxury electric vehicle market with a new electric utility vehicle and nearly 40% fewer U.S. dealers than it had in 2018, the brand’s global chief told Reuters.

Cadillac has largely completed a restructuring of its U.S. dealer network and expects to have 560 dealers by the end of this year, compared with about 920 three years ago, said Rory Harvey, head of the global Cadillac brand. Continue reading “Cadillac thins out U.S. dealers to get fit for the Tesla challenge”

BERLIN/LONDON, Nov 8 (Reuters) – European automakers reeling from a global chip shortage have in recent days hastened to assure shareholders that shortages of magnesium are not, for now, a risk to their production plans.

However, car part suppliers and industry associations warn that if production in China, which accounts for 85% of global magnesium supply, does not pick up pace soon, automakers could be facing significant shortfalls of the material. Continue reading “Automakers say magnesium shortage not a problem, for now”

Nov 8 (Reuters) – Uber and Lyft are emerging from the pandemic as leaner, lower-cost companies with a long-elusive operating profit and the unexpected power to raise prices without alienating riders.

Ride-hail fares have surged to unprecedented levels this year due to a driver shortage. Much to the companies’ delight, riders so far appear undeterred, flocking back to the platforms in ever-greater numbers. Continue reading “High prices spell no demand problem for resurgent Uber and Lyft”

WASHINGTON, Nov 5 (Reuters) – General Motors Co (GM.N) confirmed Friday it will again halt production at its Orion Assembly plant in Michigan, which makes the Chevrolet Bolt electric vehicle, for three more weeks.

The largest U.S. automaker in August widened its recall of the Bolt to more than 140,000 vehicles to replace battery modules and to address fire risks after a series of fires. Continue reading “GM to extend Chevrolet Bolt plant shutdown by three weeks”

Nov 5 (Reuters) – Rivian Automotive, backed by Amazon.com Inc (AMZN.O), on Friday significantly raised the expected offer price of its shares, with the electric vehicle manufacturer aiming for a valuation of as much as $65 billion in its initial public offering.

It had earlier this week aimed for a valuation of more than $53 billion at a price of $62 per share. The company now expects to sell 135 million shares in the range of $72-$74 apiece to raise nearly $10 billion on Nov. 9. Continue reading “EV maker Rivian boosts IPO price range, aims for $65 bln valuation”

SEOUL, Nov 4 (Reuters) – The battery unit of South Korea’s SK Innovation Co Ltd (096770.KS) plans to invest $2.53 billion to build a new electric vehicle (EV) battery factory in China, China’s local government backed Yancheng News reported on Thursday.

SK Innovation’s wholly-owned battery subsidiary SK On, which supplies electric car batteries to Ford Motor Co (F.N), Volkswagen (VOWG_p.DE) and Hyundai Motor Co (005380.KS) among others, has battery production sites in the United States, Hungary, China and South Korea. Continue reading “S.Korea’s SK On to invest $2.5 bln to build new EV battery factory in China -govt media”

Nov 4 (Reuters) – Nikola Corp (NKLA.O) said on Thursday it was working with U.S. regulators to pay a $125 million penalty to settle a charge against its founder, as the electric-truck maker works on ramping up production.

The U.S. Securities and Exchange Commission (SEC) had charged Trevor Milton for using social media to repeatedly mislead investors about the company’s technology and capabilities, reaping “tens of millions of dollars” as a result of his misconduct. Continue reading “Nikola to pay $125 mln penalty in SEC settlement”

Nov 5 (Reuters) – Spanish travel booking group Amadeus (AMA.MC) returned to profit in the third quarter after more than a year of quarterly losses, it said on Friday, citing a pick-up in flight bookings after pandemic-related travel restrictions eased.

The company made adjusted net profit of 23.8 million euros ($27.51 million) in the third quarter compared with a 125 million euro loss in the same period a year ago. Its free cash flow turned positive, with an inflow of about 84 million euros. Continue reading “Spain’s Amadeus books first profit since start of pandemic”

BEIJING, Nov 5 (Reuters) – Japanese automakers Honda Motor Co (7267.T), Nissan Motor Co (7201.T) and Toyota Motor Corp’s (7203.T) sales in China tumbled again in October as a microchip shortage hit vehicle production in the world’s biggest car market.

Honda said it sold 148,377 vehicles in China last month, down 18% from a year earlier, while Nissan said it sold 113,876 cars, down 22%. Continue reading “Japanese carmakers’ Chinese sales tumble in October”

Nov 4 (Reuters) – Ford Motor Co (F.N) said it plans to retire up to $5 billion in high-interest debt and tap into the fast-growing market for “green” bonds to help it finance new electric vehicles and expand credit to customers with lower scores.

Ultimately, the automaker aims to regain an investment grade rating for itself and Ford Credit, its captive financing arm, which in turn would lower the cost of future borrowing. Continue reading “Ford to retire $5 billion in high-interest debt, issue green bonds”

Nov 4 (Reuters) – Uber Technologies Inc (UBER.N) on Thursday reported its first profitable quarter on an adjusted basis since it launched more than a decade ago with its two most important segments, ride-hailing and restaurant delivery, both turning the corner.

Company executives allayed investor concerns about a shortage of drivers, telling analysts that spending on incentives to entice drivers back on the road after the pandemic was largely behind the company. Continue reading “Uber makes first operating profit as driver shortage eases”

FRANKFURT, Nov 5 (Reuters) – The Porsche and Piech families, which control Volkswagen’s (VOWG_p.DE) largest shareholder Porsche SE (PSHG_p.DE), continue to support the carmaker’s CEO Herbert Diess, a spokesperson for Porsche SE said on Friday.

“The families continue to back Mr. Diess. There has been no change in their position,” the spokesperson said. Continue reading “Porsche, Piech families still backing Volkswagen CEO Diess”

Nov 2 (Reuters) – Lyft Inc (LYFT.O) shares soared more than 13% in extended trading on Tuesday after the company reported an adjusted profit for the third quarter and outlined a path to sustained profitability on the back of drastic cost cuts and a return of riders and drivers.

Lyft’s leaner cost structure allowed it to increase ridership without incurring rising expenses and executives said they targeted even higher adjusted profit in the fourth quarter, outlining their conviction for a continued recovery from a bruising pandemic.

Continue reading “Lyft soars as company charts a path out of the pandemic”

LONDON, Nov 3 (Reuters) – Tesla cars from Wednesday will be available to Uber (UBER.N) drivers in London looking to buy or lease a green vehicle as part of an incentive scheme to boost electric car use, the ride-hailing app said.

Since Uber introduced a clean air fee, which adds 3 pence (4 cents) to every mile of a passenger trip in London, more than 135 million pounds has been collected for drivers to use towards environmentally-friendly models at discounted rates with partners such as Nissan and Kia. Continue reading “Tesla added to Uber London plan to boost electric car uptake”

LONDON, Nov 3 (Reuters) – Swedish electric self-driving truck start-up Einride said on Wednesday it has launched operations in the U.S. market and signed up GE Appliances, Swedish vegan milk maker and Oatly and tiremaker Bridgestone (5108.T) as customers.

The company has already started operating a fleet of 20 Einride Pods – its electric self-driving truck without a driver cabin – at the Louisville headquarters of GE Appliances, a unit of Chinese home appliance maker Haier (600690.SS), which includes a sprawling manufacturing complex. Continue reading “Swedish self-driving start-up Einride expands into U.S. market”

WASHINGTON, Nov 3 (Reuters) – Ford Motor(F.N) will require most of its 32,000-strong U.S. salaried workforce to be vaccinated by Dec. 8.

The second largest U.S. automaker said on Wednesday more than 84% of U.S. salaried employees already are vaccinated. The company deadline for most salaried workers to get vaccinated against COVID-19 “aligns to federal contractor guidelines.”

Continue reading “Ford Motor to require most of its 32,000 U.S. salaried employees be vaccinated”

WASHINGTON, Nov 3 (Reuters) – Democrats in the U.S. House of Representatives released an updated social spending and climate measure on Wednesday that expands a proposed $12,500 tax credit to pricier zero-emission vehicles, while lowering income limits for eligible buyers.

The updated bill, which could be voted on by the House in coming days and now includes paid family leave, revises pricing for vehicles eligible for the credit. Vans, sport utility vehicles and trucks with a manufacturer’s suggested retail price of up to $80,000 are eligible, while sedans remain at $55,000 as they were under the prior version. Continue reading “U.S. Democrats’ plan boosts EV tax credit eligibility to pricier trucks, SUVs”

TOKYO, Nov 4 (Reuters) – Japan’s Toyota Motor Corp (7203.T) raised its profit outlook on Thursday helped by favourable currency rates but warned that the global semiconductor shortage still posed risks to its full-year production plans.

Like other global automakers, Toyota has been forced to cut output due to the chip shortage and lockdown measures that have slowed component production at factories in Malaysia and Vietnam, even as vehicle demand around the world rebounds from a pandemic slump. Continue reading “Toyota boosts profit outlook on weaker yen, but warns of production risks”

FRANKFURT, Nov 3 (Reuters) – Volkswagen (VOWG_p.DE) is expanding its green strategy by investing in an EU-backed fund to jointly back technology firms in the field of energy transformation.

The carmaker, which has committed to becoming carbon neutral by 2050, said on Wednesday it had entered a strategic partnership with EIT InnoEnergy and will become a shareholder in the EU-backed venture.

Continue reading “Volkswagen invests in EU-backed energy transformation fund”

BERLIN, Nov 3 (Reuters) – BMW (BMWG.DE) beat analysts’ forecasts on Wednesday with a 42.4% increase in third quarter net profits to 2.58 billion euros ($2.99 billion) as higher prices and strong electric vehicle (EV) sales offset lower deliveries due to scarce chips.

In an earnings call, finance chief Nicolas Peter said the company was confident of topping its target for a 10% margin on pre-tax earnings this year, though the fourth quarter could be slightly dampened by higher tax payments and investment costs. Continue reading “High prices, steady supply chain protect BMW from industry woes”

AUSTIN/SEATTLE, Nov 2 (Reuters) – In Wichita, Kansas, nearly half of the roughly 10,000 employees at aircraft companies Textron Inc (TXT.N) and Spirit AeroSystems (SPR.N) remain unvaccinated against COVID-19, risking their jobs in defiance of a federal mandate, according to a union official.

“We’re going to lose a lot of employees over this,” said Cornell Beard, head of the local Machinists union district. Many workers did not object to the vaccines as such, he said, but were staunchly opposed to what they see as government meddling in personal health decisions.

Continue reading “From Boeing to Mercedes, a U.S. worker rebellion swells over vaccine mandates”

Nov 2 (Reuters) – Lyft Inc (LYFT.O) shares soared more than 13% in extended trading on Tuesday after the company reported an adjusted profit for the third quarter and outlined a path to sustained profitability on the back of drastic cost cuts and a return of riders and drivers.

Lyft’s leaner cost structure allowed it to increase ridership without incurring rising expenses and executives said they targeted even higher adjusted profit in the fourth quarter, outlining their conviction for a continued recovery from a bruising pandemic. Continue reading “Lyft soars as company charts a path out of the pandemic”

LONDON, Nov 3 (Reuters) – Tesla cars from Wednesday will be available to Uber (UBER.N) drivers in London looking to buy or lease a green vehicle as part of an incentive scheme to boost electric car use, the ride-hailing app said.

Since Uber introduced a clean air fee, which adds 3 pence (4 cents) to every mile of a passenger trip in London, more than 135 million pounds has been collected for drivers to use towards environmentally-friendly models at discounted rates with partners such as Nissan and Kia.

Continue reading “Tesla added to Uber London plan to boost electric car uptake”

Nov 2 (Reuters) – Tesla Inc’s (TSLA.O) top boss Elon Musk said the company had not signed a contract with Hertz, more than a week after the car rental firm announced a massive deal with the electric carmaker.

Tesla’s shares fell 4% in early trading on Tuesday, after a steep jump following the news of the biggest-ever order – 100,000 electric cars for Hertz – on Oct. 25, which helped Tesla breach $1 trillion in market capitalization. Continue reading “Musk says Tesla has not signed a contract with Hertz yet, halts stock rally”

MILAN, Nov 2 (Reuters) – Ferrari (RACE.MI) will seek technology partnerships as it moves ahead with the transition towards cleaner mobility, new CEO Benedetto Vigna said on Tuesday after the sportscar maker raised this year’s core earnings guidance.

Vigna was presenting his first set of quarterly results. Continue reading “Vigna makes partnerships a priority as his reign at Ferrari starts”

Nov 2 (Reuters) – Autonomous delivery vehicle maker Nuro raised $600 million in its latest funding round, the Silicon Valley-based startup said on Tuesday, bringing on board Alphabet Inc’s (GOOGL.O) Google as an investor.

The funding round, led by Tiger Global Management, lifted Nuro’s valuation to $8.6 billion from $5 billion previously, according to a person close to the deal. Continue reading “U.S. autonomous delivery startup Nuro raises $600 mln for $8.6 bln valuation”

NEW DELHI, Nov 1 (Reuters) – Starlink, the satellite internet division of billionaire Elon Musk’s rocket company SpaceX, registered its business in India on Monday, company documents filed with the government showed, as it gears up to launch internet services in the country.

Having a local unit, Starlink Satellite Communications Private Limited, will allow the company to apply for licenses which it needs from the government before it can provide broadband and other satellite-based communication services. Continue reading “Musk’s Starlink registers India unit, targets rural districts”

Nov 1 (Reuters) – Rivian Automotive Inc, which is backed by Amazon.com Inc (AMZN.O), is targeting a valuation of more than $53 billion for its U.S. debut, making the electric vehicle manufacturer potentially almost as valuable as rival Honda Motor (7267.T).

The startup is looking to raise up to $8.4 billion, setting it up to be the third-largest initial public offering (IPO) by funds raised in the past decade in the United States. Continue reading “EV startup Rivian could be worth nearly as much as Honda in U.S. IPO”

Nov 1 (Reuters) – Stellantis NV (STLA.MI), the world’s fourth-largest automaker, is offering voluntary retirement program to pension-eligible employees in the United States, the company said late Monday.

The Netherlands-based firm said the early retirement is available to workers who are at least 55 years old and have been with the company for 30 years or who are at least 58 years old with 10 years of employment. Continue reading “Stellantis offers early retirement program to eligible U.S. employees”

LONDON, Oct 4 (Reuters) – The world’s biggest economies need to do more to ensure environmental, social and governance-related ratings and investments are effective in the transition to a low-carbon economy, a report from the OECD on Monday said.

Launched ahead of an October meeting of the G20, the report said while the drive to invest using ESG criteria could help international climate objectives, “considerable challenges” needed to be overcome.

Continue reading “G20 urged to drive better environmental, social investing practices”

GLASGOW, Nov 1 (Reuters) – Countries must put a price on the carbon dioxide emissions causing climate change, European Commission President Ursula von der Leyen told the United Nations COP26 summit on Monday.

Von der Leyen joined leaders from more than 100 countries in Glasgow for the start of the COP26 conference, which will attempt to finish the rules to implement 2015’s Paris Agreement.

Continue reading “‘Put a price on carbon, nature cannot pay’: EU urges COP26”

GLASGOW, Nov 1 (Reuters) – India’s prime minister on Monday used the COP26 climate talks to announce 2070 as the target for his country to reach net zero carbon emissions, two decades beyond what scientists say is needed to avert catastrophic climate impacts.

Narendra Modi defended India, however, as having stuck to its climate pledges “in spirit and letter” and noted that his country contained 17% of the world’s population but was responsible for only 5% of global emissions. Continue reading “Modi says India targets net zero emissions by 2070”

TOKYO, Nov 1 (Reuters) – Japan’s automobile sales slumped 31.3% in October from a year earlier to mark the fourth straight month of declines, industry data showed on Monday, a sign output cuts caused by the COVID-19 pandemic were hurting the country’s already weak consumption.

The domestic sales data is among few indicators available so far in gauging the strength of consumption since state of emergency curbs to combat the pandemic were lifted on Sept. 30. Continue reading “Japan’s auto sales slump clouds prospects of consumption rebound”

Nov 1 (Reuters) – Tesla Inc (TSLA.O) is opening its charging network to other electric cars for the first time with a pilot program in the Netherlands, as the world’s most valuable carmaker looks to bring electric vehicles into the mainstream.

The program will be tested at 10 locations in the Netherlands, the company said on Monday, adding that Dutch non-Tesla EV drivers can access the Tesla stations, or Superchargers, through the Tesla app.

Continue reading “Tesla opens charging network to other EVs for the first time”

WASHINGTON, Oct 29 (Reuters) – Senior executives at 12 major international automakers on Friday urged California’s two U.S. senators to oppose a proposal to give union-made electric vehicles an additional $4,500 tax credit.

The automakers including Toyota Motor Corp (7203.T), Volkswagen AG (VOWG_p.DE), Hyundai Motor Co (005380.KS) and BMW AG (BMWG.DE), which said in 2020 they collectively employed over 9,000 California residents and generated $19.7 billion for the state’s economy, asked Democratic Senators Dianne Feinstein and Alex Padilla in a letter seen by Reuters “to oppose any federally funded EV consumer incentives that do not treat California’s auto workers as equal to every other American auto worker.”

Continue reading “12 automakers urge California senators to oppose union EV tax credit”