David Shepardson

Reuters 4 min read

President Joe Biden’s administration on Thursday said it would propose reversing the Trump-era loosening of vehicle emissions rules with a new plan to boost efficiency 10% in the 2023 model year and aiming for a fleet average of 52 miles per gallon by 2026.

The U.S. Environmental Protection Agency proposal also calls for a near 5% stringency increase in each model year from 2024 through 2026. But it would not seek to reverse former President Donald Trump’s rollbacks in fuel efficiency standards for the 2021 or 2022 model years.

Continue reading “U.S. EPA shoots to push vehicle fuel efficiency to 52 mpg by 2026”

Reuters

1 min read

Ford Motor Co (F.N) confirmed Thursday it hopes to cut 1,000 U.S. salaried positions as it offers voluntary incentives to leave to some white-collar employees in select areas.

The No. 2 U.S. automaker said the “action is to further enable us to match our business priorities with the critical skills needed to turnaround our automotive operations.”

Continue reading “Ford to offer salaried buyouts, hopes to cut 1,000 U.S. positions”

Reuters

2 min read

Australia’s consumer watchdog filed a court case against Mercedes-Benz on Wednesday alleging that the company downplayed the risks involved with the use of Takata airbags in its vehicles.

The defective airbags, which in rare instances lead to a rupture in inflator and send potentially deadly metal fragments flying, have resulted in the world’s largest automotive recall impacting 100 million vehicles.

Continue reading “Australia takes Mercedes to court for downplaying Takata airbag risks”

Paul Lienert

Reuters 3 min read

British-based Zapp Scooters plans to begin selling its new i300 electric two-wheeler this fall in Europe and early next year in the United States, the company said on Wednesday, as the electric motorbike segment grows increasingly crowded.

Founded by Thai entrepreneur Swin Chatsuwan, a former investment banker now based in the UK, four-year-old Zapp is going to market with a build-to-order business model, according Tony Posawatz, a Zapp investor and adviser who was formerly with General Motors Co (GM.N).

Continue reading “Zapp Scooters poised to enter crowded electric motorbike segment”

Nate Raymond, Tina Bellon

Reuters 3 min read

A coalition of app-based companies, including Uber Technologies Inc(UBER.N), Lyft Inc(LYFT.O) and DoorDash Inc(DASH.N), on Wednesday took the first step to put a measure before Massachusetts voters that would define their drivers as independent contractors entitled to minimum benefits but avoid having them declared their employees.

If placed on the ballot next year, the proposal could make Massachusetts the epicenter for an expensive fight over the legal rights of gig workers, after a heated battle in California ended last year with voters cementing their contractor status.

Continue reading “Group backed by Uber, Lyft pushes Massachusetts gig worker ballot measure”

Vera Eckert

Reuters 3 min read

Hyundai Motor Co (005380.KS) will invest in Germany’s H2 Mobility network of hydrogen fuelling station operators, it said on Thursday, as it looks to support infrastructure for fuel cell-powered vehicles.

A partner in the project since 2017, Hyundai Motor’s German subsidiary will become a seventh shareholder shortly, it said, having received approval from Germany’s cartel office.

Continue reading “Hyundai to take stake in German hydrogen fuelling group H2 Mobility”

David Shepardson

Reuters 4 min read

U.S. President Joe Biden will sign an executive order on Thursday setting a target to make half of all new vehicles sold in 2030 zero-emissions vehicles and propose new vehicle emissions rules to cut pollution through 2026, the White House said.

Biden’s goal, which is not legally binding, won the support of major U.S. and foreign automakers who warned it would require billions of dollars in government funding.

Continue reading “Biden to set target for 50% EVs by 2030; industry backs goal”

Tina Bellon, Akanksha Rana

Reuters 3 min read

Uber Technologies Inc (UBER.N) on Wednesday reported widening losses as it spent more to entice drivers to return to its platform, sending shares of the ride-hail and food delivery company down in after-hours trade.

Investors sold the shares despite Uber management’s assurances that the company can deliver a sharp turnaround in profitability even as New York and other major cities reimpose some pandemic restrictions.

Continue reading “Uber posts $509 mln adjusted loss on driver incentives even as trips rise”

Reuters

2 min read

British new car sales fell by 29.5% to their lowest July level since 1998 as the ‘pingdemic’ of people self-isolating alongside supply shortages hit demand, according to an industry body.

Whilst July 2020 was boosted by being the first full month dealerships were open across Britain after the initial lockdown, this year has been hit by a semiconductor shortage in the industry and people having to self-isolate due to catching COVID-19 or being in contact with someone who had.

Continue reading “UK new car sales fall to lowest July level since 1998”

PTI

2 min read

The Ministry of Road Transport and Highways on Tuesday said it has issued a notification to exempt battery operated vehicles from the payment of fees for issue or renewal of registration certificate.

In a statement, the ministry said it has also exempted battery operated vehicles from the payment of fees for assignment of new registration marks.

Continue reading “E-Vehicles Exempted From Registration Certificate Fees”

Reuters

1 min read

Nissan Motor Co’s (7201.T) Chinese battery partner Envision AESC said on Wednesday it would spend 50 billion yen ($460 million) to build a new battery plant in Japan’s Ibaraki prefecture north of Tokyo.

Over the long term, Envision could invest over 100 billion yen in the plant, which would start mass production in 2024, the company said.

Continue reading “Nissan’s battery partner to spend over $450 mln on new plant in Japan”

Orathai Sriring, Liz Lee

Reuters 5 min read

Fresh outbreaks of the Delta coronavirus variant in Southeast Asia have crippled its factory sector, disrupting global supplies of goods such as rubber gloves, semiconductors and SUVs and threatening the $3 trillion region’s recovery.

A series of factory surveys this week showed business activity across most Southeast Asian economies fell sharply in July, a contrast to more resilient manufacturing economies in Northeast Asia and the West, where business growth has slowed but remained in expansion. read more

Continue reading “Southeast Asia’s factory powerhouses hit by vaccination woes, Delta”

Maki Shiraki, Norihiko Shirouzu

Reuters 5 min read

Toyota Motor Corp (7203.T) posted a record quarterly operating profit on Wednesday as pandemic-hit sales rebounded, but refrained from raising its full-year estimate, citing rising COVID-19 cases and a global chip shortage.

The world’s biggest automaker by vehicle sales stuck by its forecast made in May for an operating profit of 2.5 trillion yen ($22.93 billion) for the current fiscal year, trailing an average forecast for a 2.88 trillion yen operating profit, according to 24 analysts polled by Refinitiv. read more

Continue reading “Toyota posts record profit but cautious on outlook as chip crunch weighs”

Tom Polansek, Aishwarya Venugopal

Reuters 2 min read

Tyson Foods Inc (TSN.N), Microsoft Corp (MSFT.O) and Detroit’s Big Three automakers joined a growing list of U.S. companies that are changing their vaccination and masking policies as the Delta variant triggers renewed pandemic restrictions.

Microsoft said on Tuesday all employees, vendors and guests will be required to show proof of COVID-19 vaccination to enter its U.S. buildings, while meatpacker Tyson Foods said it was mandating vaccinations for its workforce.

Continue reading “Tyson Foods, Microsoft mandate vaccinations, U.S. automakers mask up”

Aditi Shah

Reuters 3 min read

The use of hydrogen power for mobility is an “interesting alternative” for India, especially as it would reduce dependence on lithium imports, the chairman of Maruti Suzuki (MRTI.NS), India’s top-selling carmaker, said on Monday.

Demand for lithium for batteries is soaring as governments across the world push automakers to meet stringent targets for cutting carbon emissions, partly by phasing out internal combustion engines.

Continue reading “India’s top carmaker sees hydrogen as ‘interesting alternative’”

Aditi Shah

Reuters 3 min read

Indian automakers are making a renewed push for more time to meet tighter rules on fuel efficiency, aimed at reducing carbon emissions, as companies still reel from the financial impact of COVID-19, sources told Reuters.

The industry body leading the push, the Society of Indian Automobile Manufacturers (SIAM), is expected to meet the transport minister on Tuesday to seek a one-year delay in complying with the rules, due to take effect from next April, said the sources, who have direct knowledge of the plans.

Continue reading “Indian carmakers renew bid to delay tougher fuel efficiency rules -sources”

Ernest Scheyder

Reuters 3 min read

German-Australian start-up Vulcan Energy Resources Ltd (VUL.AX) said on Monday it has signed a deal to supply lithium to Renault SA (RENA.PA), the latest move by an electric vehicle maker to lock down supply of the battery metal ahead of a projected surge in demand.

Vulcan will supply 6,000 to 17,000 tonnes of lithium annually to the French automaker from its geothermal brine deposits in Germany starting in 2026, the companies said. The five-year deal is renewable if both parties agree.

Continue reading “Renault locks in lithium supply from Vulcan Energy in five-year deal”

Reuters

2 min read

Amazon.com Inc-backed electric vehicle start-up Rivian Automotive is in talks with ministers about building a factory in the UK that could include a big state support package, Sky News reported on Saturday.

The company, which is also backed by Ford Motor Co (F.N), has been in negotiations with the British government for weeks about the construction of a plant near Bristol, the report added.

Continue reading “Amazon-backed Rivian in talks with ministers over UK factory -Sky News”

Christoph Steitz

Reuters 3 min read

Daimler (DAIGn.DE) will keep a 35% stake in the trucks division it plans to spin off this year, the luxury carmaker said on Friday, giving more details on a landmark corporate split it hopes will boost share values.

The spinoff of Daimler Truck Holding AG as a separate listed entity, first announced in February, will be voted on by Daimler shareholders at an extraordinary general meeting on Oct. 1.

Continue reading “Daimler to keep 35% stake as trucks business goes solo”

Reuters

1 min read

Volkswagen’s (VOWG_p.DE) Skoda Auto raised its global deliveries to 515,300 cars in the first half of the year from 426,700 cars in the same period last year, the carmaker said on Friday.

Skoda said that its net cash flow was 678 million euros in the January-June period, compared to -25 million euros last year.

Continue reading “VW’s Skoda Auto raises deliveries to 515,300 cars in H1”

Jonathan Stempel, Ben Klayman

Reuters 4 min read

Trevor Milton, the billionaire founder and former chief executive of Nikola Corp (NKLA.O), was criminally charged on Thursday with defrauding investors by lying to them about the electric- and hydrogen-powered truck maker.

Milton, 39, pleaded not guilty at a hearing in Manhattan federal court to two counts of securities fraud and one count of wire fraud over statements he made from November 2019 to September 2020 about Nikola’s products and technology.

Continue reading “U.S. charges Nikola founder Trevor Milton with lying to investors”

David Shepardson

Reuters 4 min read

The White House has told U.S. automakers it wants them to back a voluntary pledge of at least 40% of new vehicles sales being electric by 2030 as it works to reduce greenhouse gas pollution, sources briefed on the matter said.

The administration is set as early as next week to roll out proposed revisions to vehicle emissions standards through 2026. Sources said a voluntary electric vehicle (EV) target could be as high as 50% but emphasized that no agreement with automakers has been reached and many details remain under discussion, including whether that pledge will include various types of gasoline-electric hybrids.

Continue reading “Biden wants U.S automakers to pledge 40% electric vehicles by 2030 -sources”

Makiko Yamazaki, Tim Kelly

Reuters 3 min read

Panasonic Corp (6752.T) said first-quarter operating profit surged more than 27 times, handily beating expectations as demand for home appliances and automotive batteries recovered from a particularly weak COVID-hit year.

Profit for April-June rose to 104.4 billion yen ($950 million) from 3.8 billion yen a year earlier, some 50% higher than market expectations and its strongest performance for a first quarter since 2008.

Continue reading “Panasonic’s Q1 profit soars 27 times on robust demand for car batteries, appliances”

Reuters

2 min read

South Korea’s Hyundai Motor Group and LG Energy Solution said on Thursday they would set up a joint venture (JV) in Indonesia to establish a battery cell plant for electric vehicles (EV), investing $1.1 billion with each owning half the business.

The JV will help Hyundai Motor Co (005380.KS) and its sister company Kia Corp (000270.KS) secure a stable supply of EV batteries at a competitive price for their battery electric vehicles.

Continue reading “Hyundai Motor, LG’s battery unit to invest $1 bln in EV partnership”

Reuters

2 min read

Volkswagen (VOWG_p.DE) must change its approach to how it sells electric vehicles (EV) in China, the world’s largest car market, Chief Executive Herbert Diess said, in a response to poor EV sales there.

“Sales are picking up but it requires focus and different approaches as the customers for the EVs are much younger and different to our customer base we are having with the more traditional brands like Volkswagen in China,” Diess told journalists after first-half results release. read more

Continue reading “Volkswagen CEO: we need to change e-car approach in China”

Keith Weir

Reuters 7 min read

Carmaker Volkswagen (VOWG_p.DE), plane maker Airbus (AIR.PA) and energy major Royal Dutch Shell (RDSa.L) all posted bumper financial earnings on Thursday reflecting a generally buoyant mood among European companies emerging from the coronavirus pandemic. read more

European stocks hit record highs, taking their cue from the positive outlook and increased investor payouts offered by many companies reporting on one of the busiest days on the financial calendar.

Continue reading “Money rolls in for Europe Inc as companies banish pandemic blues”

Ben Klayman, Paul Lienert

Reuters 3 min read

Ford Motor Co (F.N) on Wednesday boosted its 2021 profit forecast after reporting better-than-expected quarterly results, lifting the No. 2 U.S. automaker’s shares nearly 3%.

While an ongoing global chip shortage cost Ford market share in North America, Europe and China, higher prices on more profitable models such as large pickups and SUVs helped increase revenue and operating profit in North America, its largest market.

Continue reading “Ford raises 2021 profit outlook, eyes shift to build-to-order”

Reuters

2 min read

China’s CATL (300750.SZ) on Thursday became the first major automotive battery maker to unveil a sodium-ion battery, saying it planned to set up a supply chain for the new technology in 2023.

As electric vehicles become increasingly popular, demand for key battery ingredients, particularly cobalt, has spiked. That has spurred car and battery makers to seek alternatives to the current three main technologies – nickel-cobalt-aluminium (NCA), nickel-cobalt-manganese (NCM) and lithium iron phosphate (LFP) batteries.

Continue reading “China’s CATL unveils sodium-ion battery – a first for a major car battery maker”

Norihiko Shirouzu

Reuters 1 min read

Japanese automaker Nissan Motor Co (7201.T) on Wednesday raised its earnings outlook for the year, helped by a weaker yen and favourable demand in the United States and China, after reporting a surprise first-quarter operating profit.

The company also warned that a global shortage of semiconductor chips will significantly hurt sales volume in the July-September quarter, but added that demand for its newly launched, pricier models will mitigate the impact on profits.

Continue reading “Nissan raises earnings outlook, optimistic chip crunch will ease”

Reuters

2 min read

Carmaker Aston Martin (AML.L) reported on Wednesday a 224% increase in sales to its dealers, boosted by its first sport utility vehicle, the DBX, as losses fell in the first half of the year.

The DBX 4×4, which first rolled off the production line just over a year ago, accounted for more than half of its 2,901 vehicles between January and June.

Continue reading “Aston Martin’s first SUV helps push up sales by more than 200%”

Nick Carey

Reuters 3 min read

Scotch whisky maker Glenfiddich has begun converting its delivery trucks to run on low-emission biogas made from waste products from its own whisky distilling process as part of a “closed loop” sustainability initiative, it said on Tuesday.

Glenfiddich said it has installed fueling stations at its Dufftown distillery in north-eastern Scotland that use technology developed by its parent company William Grant & Sons to convert its production waste and residues into an Ultra-Low Carbon Fuel (ULCF) gas that produces minimal carbon dioxide and other harmful emissions.

Continue reading “One for the road: Glenfiddich uses whisky waste to fuel trucks”

Chibuike Oguh

Reuters 2 min read

Macquarie Group Ltd’s (MQG.AX) asset management division has raised $6.9 billion for its latest fund dedicated to investing in North American infrastructure, well over its $5 billion target, the Australian bank told Reuters on Tuesday.

The fundraising was completed as U.S. lawmakers negotiate a plan to spend $1.2 trillion over five years on roads, bridges, ports and other public works projects, with some of the financing coming from private investors.

Continue reading “EXCLUSIVE Macquarie raises $6.9 billion for North America infrastructure fund”

Lisa Baertlein, Sanjana Shivdas

Reuters 2 min read

United Parcel Service Inc (UPS.N) shares fell to a three-month low on Tuesday on worries that growth from the pandemic-fueled e-commerce boom may be fading.

The company said second-quarter domestic volume fell 2.9%, with ground – composed largely of e-commerce deliveries – dropping 4% versus the year earlier.

Continue reading “UPS shares hit three-month low on worries e-commerce is cooling”

Gwénaëlle Barzic, Arno Schuetze

Reuters 3 min read

Volkswagen (VOWG_p.DE) is in advanced talks with the hedge fund owners of Europcar (EUCAR.PA) about buying the French car rental company after a first bid from the German automaker was rejected in June, according to two sources close to the matter.

Volkswagen, which has owned Europcar in the past, is exploring an approach at about 0.50 euros per share, following its last offer at 0.44 euros, which would value Europcar’s equity at close to 2.5 billion euros ($3 billion), the sources said.

Continue reading “Volkswagen in advanced talks to buy Europcar – sources”

Hyunjoo Jin

Reuters 4 min read

Tesla Inc (TSLA.O) has weathered the pandemic and supply chain crisis better than many of its rivals, achieving record deliveries last quarter. But Chief Executive Elon Musk faces pressure to deliver on breakthrough batteries and new factories and models, which are late.

Those questions, demand in China and the financial effect of a Bitcoin sell-off will be high on investors’ minds when the electric vehicle company publishes results Monday.

Continue reading “Analysis: Tesla’s plans for batteries, China scrutinized as Musk drops features”

Ben Klayman

Reuters 3 min read

Electric car startup Rivian said on Friday it has closed a $2.5 billion fundraising round led by investors Amazon.com Inc (AMZN.O), Ford Motor Co (F.N) and T. Rowe Price.(TROW.O)

The announcement came the day after the California-based company said it was exploring building a second U.S. assembly plant. Reuters, citing unnamed sources, reported on Thursday that Rivian’s planned plant, dubbed “Project Tera,” will include battery cell production. read more

Continue reading “EV startup Rivian announces $2.5 bln funding round led by Amazon, Ford”

Joseph White

Reuters 3 min read

General Motors Co (GM.N) and its Cruise robo-taxi subsidiary have filed a lawsuit to stop Ford Motor Co (F.N) from using the name “BlueCruise” to market its hands-free driving technology, the companies said on Saturday.

In a statement released shortly after midnight Detroit time, GM said Ford’s use of the BlueCruise name infringed on GM’s Super Cruise trademark, as well as Cruise’s trademark.

Continue reading “GM, Cruise sue Ford to block use of ‘BlueCruise’ name for hands-free driving”

Nick Carey

Reuters 4 min read

Mercedes-Benz maker Daimler (DAIGn.DE) plans to invest more than 40 billion euros ($47 billion) by 2030 to be ready to take on Tesla (TSLA.O) in an all-electric car market, but warned the shift in technology would lead to job cuts.

Outlining its strategy for an electric future, the inventor of the modern motor car said on Thursday it would, with partners, build eight battery plants as it ramps up electric vehicle (EV) production.

Continue reading “Mercedes-Benz hits accelerator in e-car race with Tesla”