Reuters

2 min read

HANOI, July 12 (Reuters) – Vietnam’s first domestic car manufacturer, Vinfast, said on Monday it has opened offices in North America and Europe, joining a crowded field of players seeking to woo customers with smart electric cars.

VinFast, a unit of Vietnam’s largest conglomerate Vingroup JSC (VIC.HM), became the country’s first fully fledged domestic car manufacturer when its gasoline-powered models built under its own badge hit the streets in 2019.

Continue reading “Vietnam’s VinFast starts operations in North America and Europe”

Tom Hals, Sierra Jackson

Reuters 4 min read

WILMINGTON, Del., July 12 (Reuters) – Elon Musk insisted in court that Tesla Inc’s(TSLA.O)board controls the company but also said the electric vehicle maker would “die” if he wasn’t the chief executive, as he ended his first day of testimony on Monday in defense of Tesla’s 2016 acquisition of SolarCity.

The lawsuit by union pension funds and asset managers alleges the celebrity CEO strong-armed Tesla’s board of directors into depleting the company’s assets with the $2.6 billion all-stock deal for SolarCity.

Continue reading “Musk tells SolarCity trial that Tesla would ‘die’ if he wasn’t CEO”

Joan Faus, Nathan Allen

Reuters 3 min read

MADRID, July 12 (Reuters) – Spain will invest 4.3 billion euros ($5.1 billion) to kick-start the production of electric vehicles and batteries as part of a major national spending programme financed mostly by European Union recovery funds, the government said on Monday.

Prime Minister Pedro Sanchez said the government-run plan would include the whole production chain, giving grants to companies with the goal of building the country’s first battery plant and boosting manufacturing of electric vehicles.

Continue reading “Spain to invest $5.1 bln in electric vehicle production”

David Shepardson

Reuters 3 min read

WASHINGTON, July 8 (Reuters) – Toyota Motor Corp’s (7203.T) political action committee will halt donations to U.S. members of Congress who voted against President Joe Biden’s election certification in January, the company said on Thursday.

The largest Japanese automaker has faced harsh criticism for donations to some lawmakers – members of then-President Donald Trump’s Republican Party – who voted against certification of Biden’s win in some U.S. states.

Continue reading “Toyota halting contributions to U.S. lawmakers who opposed Biden certification”

Giulio Piovaccari, Ben Klayman

Reuters 5 min read

MILAN/DETROIT, July 8 (Reuters) – Stellantis (STLA.MI), the world’s No. 4 automaker, said on Thursday it plans to invest more than 30 billion euros ($35.54 billion) through 2025 on electrifying its vehicle lineup.

The company, formed in January from the merger of Italian-American automaker Fiat Chrysler and France’s PSA, said its strategy will be supported by five battery plants in Europe and North America as it gears up to compete with electric vehicle (EV) leader Tesla (TSLA.O) and other automakers globally.

Continue reading “Stellantis makes 30 billion euro wager on electric vehicle market”

Christoph Steitz

Reuters 2 min read

FRANKFURT, July 9 (Reuters) – Volkswagen’s (VOWG_p.DE) first-half operating profit is expected to reach around 11 billion euros ($13 billion), it said on Friday, topping pre-pandemic levels on strong demand in Europe and the United States, particularly for Porsches and Audis.

The upmarket brands were less affected by an ongoing global shortage of crucial semiconductors, the German automaker said, adding its financial services arm also helped to boost earnings.

Continue reading “Premium cars drive Volkswagen profit above pre-pandemic levels”

Reuters

1 min read

BEIJING, July 9 (Reuters) – Chinese electric vehicle maker Nio Inc (NIO.N) plans to have 4,000 battery swapping stations globally in 2025, its president Qin Lihong said on Friday.

The company, which makes premium electric cars, aims to have 700 battery swapping stations by the end of this year. A battery swapping station allows drivers to change the battery in their cars to power the rides.

Continue reading “EV maker Nio to have 4,000 battery swapping stations globally in 2025”

Kate Abnett, Mark John

Reuters 5 min read

BRUSSELS/LONDON, July 9 (Reuters) – A European Union plan to extend carbon pricing to the fuel used in cars and to heat homes is facing a wall of early resistance from countries and lawmakers fearing a public pushback unless backers find ways to compensate those worst hit.

According to leaked drafts, the scheme would set up an Emissions Trading Scheme (ETS) for transport and heating, creating a market price for carbon – a price that fuel suppliers are likely to pass on to Europe’s half a billion consumers in the form of higher bills.

Continue reading “Analysis: Europe’s carbon push stokes backlash fears”

Tom Hals, Sierra Jackson

Reuters 4 min read

July 9 (Reuters) – Does Elon Musk control Tesla Inc (TSLA.O) or does Tesla control Elon Musk?

More than $2 billion hinges on that question as a trial kicks off on Monday. Shareholders allege that Musk used his control of Tesla to force the company in 2016 to rescue SolarCity, saving the solar panel maker – and Musk’s investment in the company – from bankruptcy.

Continue reading “Musk trial asks the $2 bln question: Who controls Tesla?”

Reuters

3 min read

FRANKFURT, July 9 (Reuters) – Volkswagen (VOWG_p.DE) on Friday handed Chief Executive Herbert Diess a contract extension under which he will lead the carmaker until October 2025, the group said, a victory made possible by the recent departure of works council head Bernd Osterloh.

Reuters reported on Thursday that Volkswagen’s supervisory board was discussing a two-year extension to Diess’ contract, which would have expired in 2023, after two attempts last year failed over ongoing resistance by labour representatives. read more

Continue reading “Volkswagen hands CEO Diess contract extension ahead of strategy presentation”

PTI

2 min read

Automaker Renault India on Thursday said it has included the Hindi language on its website in order to cater to its growing customer base in the country. The automaker, which sells models like Kwid, Triber, and Kiger, now has a bi-lingual website (English & Hindi), taking another step towards enhancing its familiarity and consumer connect.

Offering customers language of choice as an interface, the website will enable customers who wish to access the website in Hindi, to efficiently avail information related to the company’s entire product range and services, enabling direct access to a large portion of potential customer base adopting Internet throughout the country, Renault India said in a statement.

Continue reading “Renault India rolls out website with Hindi option”

Heekyong Yang

Reuters 3 min read

SEOUL, July 8 (Reuters) – LG Chem Ltd (051910.KS) and its wholly-owned battery subsidiary LG Energy Solution (LGES) plan to invest a combined 15.1 trillion won ($13.17 billion) in South Korea this decade, LGES said on Thursday.

Across the globe, countries are racing to bolster EV battery supply chains as demand for electric vehicles surges to combat climate change and automakers partner with battery makers to ensure uninterrupted supplies.

Continue reading “S.Korea’s LG Chem, LGES pledge $13 bln in battery investment by 2030”

Giulio Piovaccari

Reuters 4 min read

MILAN, July 8 (Reuters) – Stellantis (STLA.MI) softened up investors ahead of its electrification strategy event on Thursday by flagging that 2021 got off to a better than expected start despite a chip shortage that has hit automakers worldwide.

Stellantis, which was formed in January from the merger of Italian-American automaker Fiat Chrysler and France’s PSA, faces an investor community keen to hear how it plans to come up with a range of electrified vehicles (EVs) to rival Tesla (TSLA.O).

Continue reading “Stellantis flags favourable margins ahead of EV strategy event”

Reuters

2 min read

BERKELEY, California, July 7 (Reuters) – Elon Musk’s tunneling enterprise, Boring Company, has submitted a bid to build an underground transit system between downtown and the beach in Fort Lauderdale, Florida, the city’s mayor said.

“This could be a truly innovative way to reduce traffic congestion,” Fort Lauderdale Mayor Dean J. Trantalis tweeted on Tuesday, adding that other firms have 45 days to submit competing proposals.

Continue reading “Musk’s Boring Company bids to build transit tunnel in Florida”

Josh Horwitz, Yilei Sun

Reuters 3 min read

SHANGHAI, July 7 (Reuters) – China’s cyberspace regulator has launched a probe into ride-hailing giant Didi Global , calling for it to stop adding new users and for app stores to remove it, days after it went public in a $4.4 billion New York stock sale.

The move, followed by similar actions against two other recently U.S.-listed Chinese firms, comes amid tightening policies around data control and privacy, and a broader crackdown on tech firms.

Continue reading “Explainer: What is driving China’s clampdown on Didi and data security?”

Tata Power

2 min read

The initiative is in sync with the Government’s move to create country’s first ‘only electric vehicle city’ at Kevadia, Gujarat

Supported by Tata Power EZ Charge Mobile App, the charging point will help EV owners locate the station in real-time

Continue reading “Tata Power EZ Charge ‘stands tall ‘ with the first rapid charger near the Statue of Unity”

Arno Schuetze, Christoph Steitz

Reuters 4 min read

FRANKFURT, July 6 (Reuters) – Volkswagen (VOWG_p.DE) is to sell a stake in its electric vehicle charging unit Electrify America, two people familiar with the matter said, as the carmaker looks for outside funds to build infrastructure for battery-powered cars.

Volkswagen is working with Citi (C.N) to look for a co-investor that is prepared to inject roughly $1 billion into the division, the people said, adding that the company is expected shortly to reach out to infrastructure groups and other potential investors.

Continue reading “Volkswagen to sell stake in charging unit Electrify America -sources”

David Shepardson

Reuters 3 min read

WASHINGTON, July 6 (Reuters) – The U.S. Commerce Department on Tuesday released a confidential Trump administration report that was the basis for the former president’s threats in 2019 to impose tariffs on imported automobiles on grounds of national security.

Then-U.S. President Donald Trump in May 2019 declared that some unidentified imported autos posed national security risks. He refused to release the report to Congress or the public, which prompted a lawsuit seeking its disclosure.

Continue reading “U.S. releases confidential Trump report on foreign auto threat”

Reuters

2 min read

BERKELEY, California, July 6 (Reuters) – Shareholders of Nikola Corp (NKLA.O) have voted against a proposal to approve compensation paid to its “named executive officers,” including $159.2 million to founder and former executive chairman Trevor R. Milton, the electric truck maker said on Tuesday.

The decision, although non-binding, illustrates shareholders’ discontent about Nikola, once a high-flying company whose shares tanked over 80% from its peak partly due to ongoing probes by regulators and prosecutors.

Continue reading “Nikola shareholders reject executive pay proposal”

Reuters

1 min read

MOSCOW, July 7 (Reuters) – Russian tech giant Yandex (YNDX.O) will launch an electric scooters rental service in Moscow on Wednesday, the company said, tapping into surging demand across the city.

Electric scooters are a common sight in Moscow during summer, whizzing around the city’s parks and pavements, but authorities have been forced to impose speed limits following a string of accidents. read more

Continue reading “Russia’s Yandex launches fleet of electric scooters in Moscow”

Nick Carey

Reuters 4 min read

HETHEL, England, July 6 (Reuters) – Lotus unveiled its last ever petrol car on Tuesday, a milestone in the British sportscar brand’s journey towards becoming an all-electric and far bigger automaker by the end of the decade.

Lotus and its Chinese owner Geely want to transform what is now a tiny company making some 1,500 sports cars a year into an electric powerhouse churning out tens of thousands of high-end saloons and sports-utility vehicles (SUVs) as well.

Continue reading “Unveiling its last petrol car, Lotus sets off in pursuit of Porsche”

Costas Pitas

Reuters 3 min read

LONDON, July 6 (Reuters) – The Vauxhall car factory in northwest England will get a 100-million pound ($140 million) investment to produce electric vans, owner Stellantis (STLA.MI) said on Tuesday, the second positive announcement for British vehicle output in recent days.

Nissan pledged last week to invest further in the country with plans for a new giant battery plant, as companies electrify their line-ups ahead of tougher emissions rules and looming bans. read more

Continue reading “UK Vauxhall factory gets new lease of life with electric vans”

Reuters

2 min read

BERLIN, July 6 (Reuters) – German flying taxi startup Volocopter said on Tuesday it was acquiring long-time partner DG Flugzeugbau, in a step that secures its compliance with the European Union air safety regulator’s production standards.

The acquisition, the terms of which were not disclosed, means that Bruchsal-based Volocopter now has production organisation approval in compliance with the European Union Aviation Safety Agency (EASA), in addition to existing EASA design approval.

Continue reading “Air taxi startup Volocopter gains key production certification”

Reuters

2 min read

FRANKFURT, July 5 (Reuters) – Volkswagen’s (VOWG_p.DE) luxury sportscar unit Porsche AG on Monday said it agreed to form a joint venture (JV) with Croatia’s Rimac Automobili that will include VW’s Bugatti brand, confirming plans mapped out earlier this year.

To be set up in the fourth quarter and based in Zagreb, the venture, called Bugatti-Rimac, will be 55%-owned by Rimac, with Porsche AG owning the rest.

Continue reading “Porsche AG, Croatia’s Rimac set up JV involving VW’s Bugatti brand”

Alexander Cornwell, Marwa Rashad

Reuters 2 min read

DUBAI, July 5 (Reuters) – Saudi Arabia will invest over 500 billion riyals ($133.34 billion) in airports, sea ports, rail and other infrastructure by the end of the decade in a bid to make the kingdom a global transportation and logistics hub, its transport minister said on Monday.

Crown Prince Mohammed bin Salman, who is pushing economic diversification to wean Saudi Arabia off oil revenues and create jobs, announced a transport and logistics drive, of which few details have been released publicly, last Tuesday. read more

Continue reading “Saudi Arabia to invest over $133 bln in transport sector, minister says”

Reuters

2 min read

SEOUL, July 5 (Reuters) – South Korea’s Hyundai Motor Co (005380.KS) has invested about $100 million to buy a stake in a lithium metal battery startup, Yonhap news agency reported on Sunday, citing industry sources.

“As we have been investing in various companies related to electrification, our investment in SolidEnergy is part of that,” an official at Hyundai Motor told Yonhap.

Continue reading “Hyundai Motor to invest $100 mln in battery startup SolidEnergy Systems – Yonhap”

Norihiko Shirouzu

Reuters 3 min read

SHANGHAI, July 5 (Reuters) – General Motors Co (GM.N) said on Monday it expanded its design studio in China, which will focus only on developing electric and connected cars and no longer design petrol vehicles.

The move comes as the largest U.S. automaker prepares to cut out petrol and diesel vehicles from its fleet by 2035 and underscores its efforts to gain a bigger foothold in China, the world’s largest electric car market.

Continue reading “GM expands China design studio to focus on EVs, smart cars”

Reuters

3 min read

FRANKFURT, July 5 (Reuters) – Three major European truck manufacturers – Daimler Trucks (DAIGn.DE), AB Volvo (VOLVb.ST) and Traton (8TRA.DE) – said on Monday they plan to form a joint venture (JV) to develop an electric battery-charging network for long-haul trucks and buses.

Charging infrastructure expansion has been a central hurdle to the mass adoption of battery-powered vehicles, with the lack of expansion fuelling so-called range anxiety, the fear of not having enough charging spots to make the trip.

Continue reading “Daimler, Volvo and Traton plan $600 million truck-charging JV”

2 min read

Hyundai continued to be India’s second-largest OEM in the month of June 2021 as 40,496 units were dispatched against 21,320 units during the same period in 2020 with a Year-on-Year growth of 90 percent. The dispatches also grew 62 percent in June 2021 against May 2021. The South Korean major grabbed a 15.9 percent Market Share with a decrease of 8.3 percent over May 2021 (source).

Commenting on the June 2021 sales, Tarun Garg, Director (Sales, Marketing & Service), Hyundai Motor India Ltd., has hinted that with markets opening up and improvement in customer sentiments, Hyundai is witnessing sales revival. The automaker has recently introduced its Alcazar SUV. Garg said the Alcazar has been receiving a pretty good customer response and setting some new benchmarks in the industry.

Continue reading “Hyundai India Sales Analysis for June 2021 – Creta, Venue, i10 Nios, Alcazar”

PTI

2 min read

Electric mobility start-up Oye! Rickshaw plans to invest up to USD 500 million (over Rs 3,700 crore) in the next three years to set up battery swapping infrastructure for electric three-wheelers across India, according to a top company official. The company, which is backed by investors such as Matrix Partners, Chiratae Ventures, Xiaomi and industrialist Pawan Munjal, will be putting in close to USD 20-30 million between this year and the next to accelerate its battery swapping business.

It had set a target of deploying 10,000 lithium-ion batteries by the end of this year but the plans have been impacted by the second wave of the COVID-19 pandemic and is now looking at deploying 6,500 lithium-ion batteries across 5,000 vehicles.

Continue reading “Oye! Rickshaw looks to invest up to $500 million over three years on battery swapping infra”

Ernest Scheyder

Reuters 3 min read

July 2 (Reuters) – General Motors Co (GM.N) is investing in a U.S. lithium project that could become the country’s largest by 2024, making the automaker one of the first to develop its own source of a battery metal crucial for the electrification of cars and trucks.

The deal, announced on Friday, comes as automakers around the world scramble for access to lithium and other electric vehicle (EV) metals as internal combustion engines are phased out.

Continue reading “GM shakes up lithium industry with California geothermal project”

Reuters

1 min read

July 2 (Reuters) – Ford Motor Co’s (F.N) U.S. auto sales in the second quarter rose 9.6% to 475,327 units, benefiting from strong SUV and EV demand in June, the No.2 U.S. automaker said on Friday.

The company posted a 117% rise in U.S. electric and hybrid vehicle sales for June. Ford-branded SUV sales rose 37% in June while its Lincoln SUV sales increased 23.3%.

Continue reading “Ford quarterly U.S. auto sales rise on strong SUV, EV demand”

Reuters 

2 min read

PARIS, July 2 (Reuters) – Carmaker Stellantis (STLA.MI) said on Friday that talks were continuing with the Italian government over the possible construction of a new battery plant, or gigafactory, in Italy.

Stellantis, which already has two battery factory projects in France and Germany, has said that adding gigafactories in Europe and the United States would be decided this year.

Continue reading “Carmaker Stellantis: talks continue with Italian government over new factory”

Reuters 

3 min read

BEIJING/HONG KONG, July 2 (Reuters) – Didi Global’s (DIDI.N) shares fell more than 10% in New York on Friday after China’s cyberspace agency said it had launched an investigation into the Chinese ride-hailing giant to protect national security and the public interest.

The Cyberspace Administration of China (CAC) said on its website that Didi was not allowed to register new users during its investigation, which was announced just two days after Didi began trading on the New York Stock Exchange. read more

Continue reading “China investigates Didi over cybersecurity days after its huge IPO”

Paul Lienert

Reuters 2 min read

July 1 (Reuters) – Volkswagen of America said it sold more than 211,000 cars in the first half of 2021, its highest level for the period in nearly 50 years, and is on pace to sell more than 400,000 this year, Chief Executive and President Scott Keogh said in a media briefing on Thursday.

The U.S. arm of Germany’s Volkswagen AG (VOWG_p.DE) has been able to boost sales volume and market share thanks to an expanded portfolio that is increasingly focused on SUVs, from the new Taos compact to the all-electric ID.4, Keogh said.

Continue reading “Volkswagen sees strongest first-half U.S. sales since 1973”

Reuters

1 min read

BERLIN, July 2 (Reuters) – Germany will in July have 1 million electric cars on the road, hitting its target six months late, Economy Minister Peter Altmaier told Tagesspiegel daily on Friday, saying subsidy programmes had boosted demand.

“We will reach our target of 1 million electric cars by 2020, which everyone thought was unattainable, this July, just six months late,” the minister was quoted as saying.

Continue reading “Germany to have 1 million electric cars on the road in July – paper”

Reuters

2 min read

July 1 (Reuters) – U.S. automakers on Thursday reported a sharp rise in quarterly sales on strong demand for SUVs and pointed to the trend continuing into 2022, as more people shift to private conveyance and new electric vehicles (EVs) line up for launch.

Low interest rates, government stimulus and a preference for personal transportation due to the COVID-19 pandemic have bolstered demand for cars, even as prices have risen due to tight inventories following a global semiconductor shortage.

Continue reading “U.S. quarterly auto sales jump on strong SUV demand, shift to EVs”

2 min read

The Top 10 selling models for June 2021 contributed to over 50% of overall passenger cars sold in India. It included 8 models from Maruti Suzuki and 2 models from Hyundai’s stable. Maruti dominated the list as the supplies were streamlined and the spurt in demand supported as well.

Continue reading “Top 10 Selling Cars in India for June 2021 – Wagon R emerges as the best seller!”

3 min read

Around 2,55,937 passenger cars were sold in the Indian market for June 2021. The sales shot up by a mammoth 118 percent YoY and 147 percent MoM. This was primarily due to the ease of lockdown in several parts of the country and the pent-up demand created by the previous lockdown months.

Continue reading “June 2021 Car Sales – Snapshot”