MUNICH, (Reuters) – Volkswagen will invest up to a billion euros ($1.2 billion) in artificial intelligence by 2030, feeding the technology into every area of its business in a bid to unlock billions in savings, the German carmaker said on Tuesday.

The announcement was made on the first day of the IAA car show in Munich, Europe’s biggest, where European carmakers have gone on the offensive with electric model launches and technology revamps to combat Chinese competition. Continue reading “Volkswagen to invest up to a billion euros in AI by end of decade”

Summary

• Tesla accounted for 38% of August US EV sales
• Its July US market share down most since March 2021
• Rivals launch new vehicles, offer steep incentives

SAN FRANCISCO, (Reuters) – Tesla’s (TSLA.O),  U.S. market share dropped to a near eight-year low in August as buyers chose electric vehicles from a growing stable of rivals over the aging lineup offered by CEO Elon Musk’s company, according to data from research firm Cox Automotive shared exclusively with Reuters. Continue reading “Exclusive: Tesla market share in US drops to lowest since 2017 as competition heats up”

WASHINGTON, (Reuters) – Ford (F.N), is recalling 1.9 million vehicles worldwide due to faulty rear-view cameras, the latest in a series of callbacks over the issue, the automaker said Tuesday.

The recall covers various 2015 through 2019 model year Lincoln MKC, Lincoln Navigator, Mustang, F-250, F-350, F-450, F-550, Expedition, Edge, Transit, Transit Connect, Econoline and Ranger vehicles because rearview cameras can display inverted, distorted, or blank images, Ford said in a filing with the National Highway Traffic Safety Administration. Continue reading “Ford recalls 1.9 million vehicles over faulty rear-view camera”

Summary

• Musk’s pay tied to Tesla’s product and profit milestones
• Tesla’s valuation depends on investor perception and growth potential
• ARK has predicted Tesla’s market cap could reach $7 trillion-$10.9 trillion by 2029

SAN FRANCISCO, (Reuters) – How can Tesla (TSLA.O), become an $8.5 trillion company? That’s the market valuation the electric vehicle maker would have to reach to justify CEO Elon Musk’s new pay package announced last week. Continue reading “Musk’s pay package: How does Tesla get to $8.5 trillion in value?”

Summary

• European automakers face radically changing sector
• Volkswagen, Porsche, Mercedes launch revamps to compete
• Fate of Chinese market, the world’s biggest, uncertain

MUNICH, (Reuters) – Whisper it quietly, but beneath the buzz of shiny new car models and bright lights at Europe’s largest car show, the industry sector is worried that their party is over. Continue reading “‘The party is over’ as European carmakers face tariffs and a price war in China”

Summary

• New model replaces 2019’s SF90 Stradale
• Ferrari to offer both coupe and retractable-top versions
• 849 Testarossa coupe priced at $540,000 in Italy
• Prices expected to be higher in U.S. due to tariffs

MILAN, (Reuters) – Ferrari (RACE.MI), on Tuesday completed a refresh of its hybrid range with the new 849 Testarossa sportscar, a tribute to the famous original Testarossa model of the 1980s. Continue reading “Ferrari evokes spirit of 1980s with new 849 Testarossa hybrid”

Wheels falling off cars at speed. Suspensions collapsing on brand-new vehicles. Axles breaking under acceleration. Tens of thousands of customers told Tesla about a host of part failures on low-mileage cars. The automaker sought to blame drivers for vehicle ‘abuse,’ but Tesla documents show it had tracked the chronic ‘flaws’ and ‘failures’ for years.

Shreyansh Jain was ecstatic in March when he picked up his first electric vehicle, a brand-new 2023 Tesla Model Y. He used a sizable chunk of family savings to buy it with cash. Continue reading “Tesla blamed drivers for failures of parts it long knew were defective”

LONDON,(Reuters) – U.S. and European politicians have raised alarms that their domestic auto industries could be destroyed by a wave of cheap Chinese electric vehicles. But so far, China’s top EV maker, BYD, has dramatically hiked export prices compared to what it charges at home rather than undercut foreign rivals.

The goal: to rake in hefty profit margins the automaker can’t get in China amid fierce competition.

In some foreign showrooms, BYD charges more than double — sometimes nearly triple — the price it gets for three key models in China, according to a Reuters review of the automaker’s pricing in five of its biggest export markets. Continue reading “Insight: Why BYD’s EV exports sell for twice the China price”

(Reuters) – A made-in-China electric vehicle will hit U.S. dealers this summer offering power and efficiency similar to the Tesla Model Y, the world’s best-selling EV, but for about $8,000 less.

The EX30 from Volvo Cars the Swedish luxury brand owned by China’s Geely (GEELY.UL) , foreshadows the fierce competitive threat U.S. automakers could face from Chinese EV manufacturers that have surged far ahead of global rivals, especially on affordability. Continue reading “How Volvo landed a cheap Chinese EV on U.S. shores in a trade war”

(Reuters) – The day before Elon Musk fired virtually all of Tesla’s electric-vehicle charging division last month, they had high hopes as charging chief Rebecca Tinucci went to meet with Musk about the network’s future, four former charging-network staffers told Reuters.

After Tinucci had cut between 15% and 20% of staffers two weeks earlier, part of much wider layoffs, they believed Musk would affirm plans for a massive charging-network expansion. Continue reading “The inside story of Elon Musk’s mass firings of Tesla Supercharger staff”

LONDON, (Reuters) – Low resale values for electric cars have pushed the leasing firms that drive Europe’s auto market to double prices over the last three years and some are threatening to quit the business altogether if regulators force them to go electric too fast, industry executives say.

The jump in prices for electric car leases comes as cuts in subsidies for new EVs in key markets such as Germany are hitting sales and risks stalling Europe’s electric transition, just when Brussels wants to step on the accelerator, the executives say. Continue reading “Leasing model behind Europe’s EV drive at risk of breakdown”

Summary

• European automakers’ face tariff hikes, costly electrification
• BMW CEO criticizes EU’s 2035 combustion-engine car ban
• Chinese automakers gaining market share in Europe, China

MUNICH, (Reuters) – Major automakers will showcase their latest models at Munich’s car show on Monday as Europe’s automotive sector faces crises ranging from U.S. tariff hikes to costly electrification and the expansion of Chinese automakers on their home turf.

Aside from a product blitz to counter Chinese models being pushed to European consumers, including by BYD, Changan and GAC, domestic firms will focus on lobbying to persuade the European Union to reconsider its 2035 ban on combustion-engine cars. Continue reading “European automakers confront tariffs, Chinese rivalry at Munich car show”

Summary

• Overall car sales slowest in seven months
• Slower growth expected in fourth quarter, association says

BEIJING, (Reuters) – China’s August sales of electric vehicles and hybrids grew at the slowest pace in one and a half years as the government continues efforts to halt punishing price wars.

EV and hybrid sales outstripped gasoline cars for the sixth straight month in August, but annual growth cooled to 7.5% from 12% in July, China Passenger Car Association (CPCA) data showed on Monday. Continue reading “China’s EV and hybrid sales growth at slowest in 18 months”

Summary

• Shareholders likely to approve Musk’s $1 trillion pay package
• Critics argue package is excessive and sets bad corporate governance precedent
• The board met 37 times with its lawyers and 10 times with Musk

NEW YORK, (Reuters) – Tesla’s $1 trillion, 10-year pay package to retain CEO Elon Musk is likely to be approved by shareholders at the company’s annual meeting in November even though the amount is staggering. Continue reading “Tesla’s ‘Super Ambitious’ $1 trillion deal for Musk could still pass shareholder muster”

Summary

• VW in talks with US to mitigate tariff impact
• Investment in US would boost supply chain, local employment
• CEO says Porsche brand in ‘sandwich’ between China, tariffs
• Undecided whether Blume will give up VW or Porsche CEO role

MUNICH, (Reuters) – Volkswagen was in advanced talks with the U.S. government over substantial investments in the world’s second-largest auto market, where tariffs have cost Europe’s top carmaker billions of euros so far this year. Continue reading “Volkswagen in advanced talks with US over investment deal”

TOKYO, (Reuters) – U.S. tariffs on Japanese goods including cars and auto parts are set to be lowered by September 16, Japan’s tariff negotiator Ryosei Akazawa said on Tuesday.

Citing a U.S. Federal Register document dated September 9 that formalised President Donald Trump’s executive order on the U.S.-Japan trade deal, Akazawa said in a press conference the revised tariff rates on Japanese goods will take effect within seven days from its publication. Continue reading “Japan says lower US tariffs will take effect by September 16”

Summary

• European automakers’ face tariff hikes, high costs, rivalry
• Many firms concerned over Europe’s emissions goals for 2035
• Chinese automakers gaining market share in Europe, China

MUNICH, (Reuters) – Major automakers showcased their latest models at the Munich car show on Monday, unveiling new EVs and lower-cost models as Europe’s auto sector fights crises ranging from tariff hikes to rising costs and rivalry with Chinese firms on their home turf. Continue reading “Automakers debut new EVs, affordable models at Munich car show”

Source : PTI | In an initiative aimed at modernising its fleet, the West Bengal government has launched a massive cleanup drive to scrap its nearly 22,000 vehicles that are over 15 years old, a senior official said.

The process, which is already underway, seeks to decommission the old vehicles used by various government departments, most notably police and transport, he said.

Continue reading “Bengal govt undertakes massive cleanup drive to scrap its 22,000 ‘aged’ vehicles”

Source : PTI | Auto stocks continued to remain on buyers’ radar on Monday, fuelled by hopes of demand recovery following the recent GST rate cut announcement.

Shares of Bharat Forge jumped 5.73 per cent, Ashok Leyland surged 4.85 per cent, Samvardhana Motherson International climbed 4.22 per cent, Tata Motors rallied 3.97 per cent and Bajaj Auto edged higher by 3.97 per cent on the BSE. Continue reading “Auto stocks continue to draw investors’ attention; Bharat Forge jumps nearly 6%”

Summary

• Order cuts US tariffs on Japanese cars to 15% from 27.5%
• Order reiterates Japan will invest $550 billion in US projects
• Trump says Japan pledges to buy more rice, other agricultural products

WASHINGTON/TOKYO, (Reuters) – U.S. President Donald Trump signed an order on Thursday to implement lower tariffs on Japanese automobile imports and other products that were announced in July, providing some relief to Japan’s export-heavy economy.

Formalizing the deal between the U.S. and a key Asian ally comes after months of negotiations, reduces uncertainty plaguing the massive Japanese auto sector since the July announcement and confirms an agreement for $550 billion of Japanese investment in U.S. projects. Continue reading “Exclusive: Trump signs order to bring lower Japanese auto tariffs into effect”

Summary

• Munich auto show highlights growing competition in Europe
• Chinese attendance is up 40% compared with 2023, VDA says
• IAA Mobility officially runs from September 9 to 14

LONDON/FRANKFURT/BERLIN, Sept 5 (Reuters) – Chinese and European carmakers are set to face off at next week’s Munich car show, reflecting intensifying competition on the continent that has pitted incumbents such as Volkswagen against EV giant BYD and newcomers GAC and Changan.

This year’s IAA Mobility, the continent’s biggest biennial car show, comes as European automakers lose ground in China – the world’s biggest market – in what some executives have described as a “Darwinian” price war. Continue reading “‘It’s Europe vs China’ as Chinese brands crowd Munich car show”

SEOUL, (Reuters) – Hyundai Motor said on Friday that it will investigate the employment practices by suppliers and their subcontractors, after hundreds of workers at a Hyundai Motor car battery facility under construction in the state of Georgia were detained in a major raid by U.S. authorities.

“We take our responsibility as a corporate citizen seriously, and incidents like this remind us of the importance of robust oversight throughout our entire supply chain and contractor network,” the South Korean automaker said in a statement. Continue reading “Hyundai Motor to investigate employment practices by suppliers, contractors”

(Reuters) – A U.S. appeals court on Friday voided a Biden administration-era rule that changed the calculation of the petroleum-equivalent fuel economy of electric vehicles, a victory for 13 Republican state attorneys general who said the rule overstated EVs’ efficiency.

The 8th U.S. Circuit Court of Appeals in St. Louis said the Department of Energy exceeded its authority by deciding to phase out during the 2027 to 2030 model years a “fuel content” factor that artificially inflated EV fuel economy, rather than eliminating that factor. Continue reading “US appeals court voids Biden-era electric vehicle fuel economy rule”

Summary

• Tesla moved its legal home to Texas from Delaware last year
• Texas makes it harder for shareholders to challenge Musk’s pay package
• Musk will be able to vote on the pay plan

WILMINGTON, Delaware, (Reuters) – Elon Musk’s blow-out $1 trillion pay package from Tesla proves everything is bigger in Texas, especially under its new management-friendly law.

Last year, Tesla reincorporated in the Lone Star State after a judge in its former corporate home, Delaware, ruled a $56 billion compensation for the CEO was “unfathomable” and unfair to shareholders. Musk urged companies to ditch Delaware and his board worked on a new pay package. Continue reading “Musk’s Texas-sized $1 trillion payday enabled by state’s new law”

Summary

• Shareholders likely to approve Musk’s $1 trillion pay package
• Critics argue package is excessive and sets bad corporate governance precedent
• The board met 37 times with its lawyers and 10 times with Musk

NEW YORK, (Reuters) – Tesla’s $1 trillion, 10-year pay package to retain CEO Elon Musk is likely to be approved by shareholders at the company’s annual meeting in November even though the amount is staggering.

That is because it was crafted with an eye on keeping Musk in place, addressing concerns about the company’s technical outlook and giving big company owners just enough reason to back the massive amount, investors and executive pay analysts said. Continue reading “Tesla’s ‘Super Ambitious’ $1 trillion deal for Musk could still pass shareholder muster”

Source : PTI | A Sri Lankan court here on Wednesday ordered the release of a second lot of Chinese BYD electric vehicles (EVs), held by the Customs over an alleged misrepresentation of their motor power.

The Court of Appeal’s verdict to release 506 Chinese EVs came after the official dealer, John Keells CG Auto, sought relief for the second time within a month.

Continue reading “Sri Lanka Customs to release over 500 BYD EVs after judicial intervention”

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(Reuters) – Vietnamese electric-vehicle maker VinFast on Thursday reported a wider second-quarter net loss as it stepped up spending on global expansion and marketing to spur demand and support its ambitious growth strategy.

The EV maker, however, reaffirmed its commitment to achieving breakeven by the end of 2026. Founder and CEO Pham Nhat Vuong last month pledged an additional $1.5 billion to the automaker in exchange for R&D assets to support its expansion plans. Continue reading “EV maker VinFast’s quarterly loss widens amid heavy spending on ambitious growth strategy”

By Mobility Outlook

SWITCH Mobility, part of the Hinduja Group and a global leader in electric buses and light commercial vehicles, has commenced deliveries of its SWITCH EiV12 low-floor electric city buses to the Department of Transport, Delhi. The 950-unit order, awarded under the CESL tender, was flagged off by Hon’ble Chief Minister Rekha Gupta, along with senior dignitaries including Transport Minister Dr Pankaj Singh, MP Sh. Manoj Tiwari, and senior executives from SWITCH Mobility and Delhi Transport Corporation.

The 12-meter bus offers seating for 39 passengers and features a wheelchair ramp, CCTV cameras, panic buttons, and GPS tracking. Its ultra-low-floor design ensures easy boarding, while LFP batteries and a fire detection and suppression system enhance stability and safety. Continue reading “SWITCH Mobility Flags Off First Batch Of 950 Electric Buses For Delhi”

STOCKHOLM, (Reuters) – Volvo Cars sold 48,029 cars in August, down 9% from a year earlier, the Sweden-based company said on Thursday.

Volvo Cars, which is majority-owned by China’s Geely, said in a statement sales of fully electric cars fell 28% to account for 20% of total sales volumes.

Sales of electrified cars as a whole, also including plug-in hybrids, were down 17% and accounted for 43% of total sales volumes. Continue reading “Volvo Cars’ August sales fall 9%”

TOKYO, (Reuters) – Japan and the United States are in the final stages of talks to implement lower tariffs on Japanese automobile imports within 10-14 days after the issuance of a U.S. presidential executive order, a Japanese government source told Reuters on Thursday.

That means that a reduced U.S. tariff rate on Japanese cars, from the current 27.5% to 15%, is set to take effect by the end of this month, said the source, who declined to be identified as the matter is confidential. Continue reading “Exclusive: Japan, US near deal to bring lower auto tariffs into effect, source says”

Summary

• Investment not a lump-sum, tailored to project demands, says Lee Hyoung-il
• Lee says to act to stabilise FX market if needed
• Expects South Korea’s economy to grow 1.8% next year

SEOUL, (Reuters) – South Korea’s pledge to invest $350 billion in strategic U.S. industries as part of a trade deal with Washington is likely to be led by state policy institutions that will provide funding on a case-by-case basis, the country’s vice finance minister said.

Under a trade deal struck in July to cap U.S. tariffs at 15%, the countries agreed to a financial package to support industries such as shipbuilding, key minerals, batteries, pharmaceuticals, chips and AI, although officials in Seoul have said details on implementing the plan still need to be hashed out. Continue reading “Exclusive: Top South Korea official says policy institutions to lead on $350 billion US fund, watching FX”

Summary

• Chinese investments in Brazil double to $4.2 billion in 2024
• U.S. remains top investor in Brazil with $8.5 billion in 2024
• Chinese firms struggle with Brazil supply chains, labor laws

SAO PAULO, (Reuters) – Brazil has emerged as the third-biggest destination for Chinese investments in the world, a study showed, with dozens of projects across several sectors attracting $4.2 billion last year, as the two countries tightened diplomatic ties.

The study by the Brazil-China Business Council (CEBC), a think tank, showed Chinese direct investment in Brazil more than doubled in 2024 from 2023, as companies continued to pour money into energy projects and entered new areas, such as electric cars and food delivery. Continue reading “Chinese investment doubles in Brazil, jumping to No. 3 destination”

SEOUL, (Reuters) – The union of South Korean carmaker Hyundai Motor will stage partial strikes over three days this week at plants across South Korea, in a push for shorter working hours and higher wages, according to a notice sent to members of the union.

The company’s Korean union, which has about 40,000 members, will launch the partial strikes at various plants including factories in Ulsan, Jeonju and Asan, the notice said. Workers will leave work for two hours on Wednesday and Thursday and four hours on Friday, it said. Continue reading “Hyundai Motor union launches strikes in South Korea over wages, working hours”

STOCKHOLM, (Reuters) – Swedish electric vehicle maker Polestar reported a wider loss for the second quarter on Wednesday, after tariffs and intensifying price pressure led to an impairment charge of its Polestar 3, sending its U.S.-listed shares down 11%.

U.S. trade tariffs on global trading partners have hit the automotive industry hard, with automakers including Polestar scrambling to adjust supply chains and shift manufacturing to mitigate the impact. Continue reading “EV maker Polestar takes tariff hit, reports wider quarterly loss”

Summary

• BYD faces slowest annual growth in five years
• BYD’s new target below analysts’ forecasts
• BYD sees sales of 4.6 mln vs 5.5 mln previously

(Reuters) – BYD has slashed its sales target for this year by as much as 16% to 4.6 million vehicles, two people with knowledge of the matter said, as the Chinese EV giant faces its slowest annual growth in five years and other signs that its era of record-setting expansion could be drawing to a close.

China’s largest automaker told analysts in March it was targeting sales of 5.5 million vehicles for 2025. But internally, the number has been downgraded multiple times in recent months, according to the people. Continue reading “China’s BYD cuts sales target, sources say, as white hot growth cools”

Source : PTI | Tyre maker Ceat on Tuesday said it expects the Camso brand integration with itself to give a 10-15 per cent boost to its topline.

The Mumbai-headquartered firm reported revenue of ₹13,218 crore for FY25.

Last December, Ceat entered into a definitive agreement with Michelin to acquire its Camso brand’s off-highway construction equipment bias tyres and tracks business for about $225 million. Continue reading “Ceat expects Camso integration to boost its topline by 10-15%”

ISTANBUL, (Reuters) – Tesla’s auto sales soared in Turkey in August, reaching the No. 2 spot ahead of traditional European and Japanese rivals, as the U.S. brand benefited from buyers’ seeking tax breaks and a currency hedge.

The electric vehicle (EV) maker sold 8,730 Model Y’s, up 86% from the previous month, in sharp contrast to a sales rout in some parts of Europe amid fierce competition from China’s BYD and a backlash against CEO Elon Musk. Continue reading “Tesla sales soar in Turkey, becomes No. 2 brand in August”