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Washington, DC (CNN) Waymo, the self-driving company of Google's parent company Alphabet, has raised $2.5 billion as its investors appear undeterred by a CEO change and progress that has lagged expectations . Last month a self-driving Waymo van was seen on video stranded on an Arizona road, and then drove away as a Waymo worker arrive to help. The embarrassing incident spoke to the challenge of making self-driving vehicles that drive gracefully and reliably in all circumstances. The passenger in the Waymo van told CNN Business that if you really need to be on time, you don't take a Waymo yet. Last week, Waymo announced a partnership with the trucking company JB Hunt to move goods between Houston and Fort Worth, Texas.
Persons: Waymo, Waymo's, Tekedra Mawakana, Dmitri Dolgov, It's, Uber, Waymo van, van, JB Hunt, hasn't, John Krafcik, he'd Organizations: CNN, Waymo, Companies, General Motors, Ford, CNN Business, Fiat Chrysler, Pacifica Locations: Washington, Chandler , Arizona, Arizona, Houston, Fort Worth , Texas
REUTERS/Gonzalo Fuentes/File PhotoMILAN, June 15 (Reuters) - Stellantis (STLA.MI) will produce four medium-segment electric vehicles, of different brands, at its Melfi plant in southern Italy from 2024, the UILM union said on Tuesday. "Stellantis announced that Melfi would be the first plant in Italy to get new models, based on post-2022 business plan," UILM said in a statement after workers' representatives met with the carmaker at Italy's industry ministry in Rome. Stellantis Chief Executive Carlos Tavares has said the group would present its business plan late this year or in early 2022. Italy's Industry minister, Giancarlo Giorgetti, however, said in a separate statement after the meeting that Stellantis had yet to decide where it would build its third electric battery plant in Europe. The company is holding talks on this with Rome, as Italy is one of its main production hubs in Europe.
Persons: Gonzalo Fuentes, MILAN, Stellantis, Melfi, UILM, Rocco Palombella, Carlos Tavares, Giancarlo Giorgetti, Giulio Piovaccari, Agnieszka Flak Organizations: REUTERS, Fiat Chrysler, France's PSA, Stellantis, Italy's Industry, Thomson Locations: Saint, Yvelines, Paris, France, Melfi, Italy, Europe, Rome, Germany, United States
GM, Ford are all-in on EVs. Here’s how their dealers feel about it
  + stars: | 2021-06-13 | by ( Bob Woods | ) www.cnbc.com + 0.00   time to read: +9 min
GMAfter years of come-and-gone predictions that battery-powered sedans, pickups and SUVs would replace gas-guzzling, emissions-spewing models, the shift to electric vehicles is revving up. Though he added that because EV sales to date have been concentrated in coastal states, Michigan and Texas, many dealers elsewhere remain in wait-and-see mode. "Dealers are in the business of selling cars and making customers happy, so why wouldn't they want to sell EVs?" EV service will definitely evolve and won't be exactly the same. "Service is critical to what our dealers do today and will be in the future," said Travis Hester, GM's chief electric vehicle officer.
Persons: Tesla, General Motors, Mark Paladino, Ford.com, Jason Mase, Paladino, EVs, Chris Sutton, Sutton, Biden, Mike Stanton, George Mason, Travis Hester, GM's, Rita Case, Rick Case, we've, Case Organizations: General Motors Detroit, Hamtramck Assembly, Hamtramck Assembly Center, GM, General, Ford, Toyota, Volkswagen, Daimler, Hyundai, Fiat Chrysler, Honda, Colonial, EV, Credit Suisse, Bloomberg New Energy Finance, National Automobile Dealers, Yale, George, George Mason Center, Republicans, Republican, ICE, Rick Case Automotive Group, VW, Audi, Mazda, GM GM, GMC Hummer Locations: Hamtramck, Detroit, U.S, Colonial Ford, Danbury , Connecticut, China, Europe, Michigan, Texas, California , New Jersey, New York, EVs, Ft . Lauderdale, Florida, Atlanta
REUTERS/Gonzalo Fuentes/File PhotoItaly aims to spur total investments of more than one billion euros ($1.22 billion) to build an electric car battery factory with car maker Stellantis (STLA.MI) expected to play a leading role, three government sources told Reuters. But it is confident this could trigger further investments from industrial and financial partners to bring the total to more than one billion euros, the sources said. The document targets some 1.8 billion euros in funding by that date though one ministry source said this was unlikely. Stellantis, the world's fourth largest carmaker, currently has two gigafactory projects in Europe, in France and in Germany, with overall investments of 5 billion euros. read more"There's a lot of competition... we'll have to offer a strong strategy and a credible team," the ministry source said.
Persons: Gonzalo Fuentes, Stellantis, Roberto Cingolani Organizations: REUTERS, Reuters, Funds, Fiat Chrysler, PSA, Energy, ACC, Thomson Locations: Saint, Yvelines, Paris, France, Italy, Brussels, Rome, Europe, Germany, United States, Spain
Peugeot Is Latest Auto Maker Charged in French Emissions-Fraud Probe
  + stars: | 2021-06-10 | by ( Nick Kostov | ) www.wsj.com sentiment -0.89   time to read: +1 min
PARIS—Peugeot has become the latest auto maker to face preliminary charges in France on suspicion of emissions fraud, extending the fallout from a yearslong scandal that engulfed the industry after Volkswagen AG admitted to cheating in pollution tests. The probe related to the sale of diesel vehicles in France between 2009 and 2015. Two other Stellantis subsidiaries, Fiat Chrysler and Citroën, have been summoned to appear before a court in Paris in the coming weeks as part of the same investigation, the company said. All three subsidiaries “firmly believe that their emission control systems met all applicable requirements at the relevant times and continue to do so,” Stellantis said. A French judicial official confirmed the filing of preliminary charges, which allege Peugeot engaged in fraudulent practices that made its diesel-powered vehicles dangerous to human and animal health.
Persons: ” Stellantis, Peugeot Organizations: PARIS, Peugeot, Volkswagen AG, Stellantis, Fiat Chrysler Locations: France, Paris
Second UAW president sentenced to 28 months in prison in union corruption probe
  + stars: | 2021-06-10 | by ( Michael Wayland | ) www.cnbc.com sentiment -0.98   time to read: +1 min
Gary Jones, the newly-elected President of the United Auto Workers (UAW), addresses the 37th UAW Constitutional Convention June14, 2018 at Cobo Center in Detroit, Michigan. Gary Jones is the second UAW president to be sentenced as part of a multiyear corruption probe into the prominent American labor union. His sentencing is among the last in the multiyear corruption probe, which has tarnished the union's reputation, created mistrust among its members and led to federal oversight of the UAW. During the hearing, Jones spoke quickly and somewhat emotionally as he apologized to the court, his family and UAW members. "I failed [my family], and I failed the UAW," he said before asking and pleading the judge for his mercy in sentencing.
Persons: Gary Jones, Dennis Williams, Jones Organizations: United Auto Workers, UAW, Convention, Cobo Center, Fiat Chrysler Locations: Detroit , Michigan, DETROIT
France charges Peugeot with consumer fraud in diesel emissions probe
  + stars: | 2021-06-09 | by ( Reuters Staff | ) www.reuters.com sentiment -0.98   time to read: +2 min
(Reuters) - Stellantis said on Wednesday a French court has charged its Peugeot unit with consumer fraud in a far-reaching diesel emissions probe, ordering the company to provide 30 million euros ($36 million) in guarantees for potential payouts. FILE PHOTO: The logo of French car manufacturer Peugeot is seen at Brussels Motor Show, Belgium January 9, 2020. The Peugeot investigation focuses on older diesel vehicles sold in France between 2009 and 2015 and stems from a wider probe French authorities launched in 2017 over alleged emissions test cheating by diesel vehicle manufacturers. Several European carmarkers have come under scrutiny since the Volkswagen “dieselgate” scandal which erupted in 2015 over test cheating in the United States. A French court on Tuesday charged carmaker Renault with alleged deception and test manipulation of some of its older diesel vehicles.
Persons: Stellantis, Francois Lenoir, Peugeot, , carmaker Organizations: Reuters, Peugeot, REUTERS, Citroen, FCA Italy, Fiat Chrysler, French PSA Group, Volkswagen, carmaker Renault, Renault, U.S Locations: Brussels, Belgium, Paris, France, United States
Vigna will join Ferrari on Sept. 1, and will replace Acting CEO John Elkann, who will stay on as chairman. A subnuclear physics graduate of the University of Pisa, Vigna has been with STMicroelectronics since 1995. Among his credits, Vigna helped developed the gyro system that allows smartphones to change their displays when turned sideways. The late Sergio Marchionne, then chief executive of Fiat Chrysler Automobiles, stepped in to guide Ferrari’s spin-off and October 2015 initial public offering. Even conventionally powered Ferrari products will continue to use more electronics for their infotainment systems, advanced safety gear and drivetrain controls.
Persons: Benedetto Vigna, Ferrari, John Elkann, , ’ Ferrari, ” Jefferies, Philippe Houchois, Vigna, , Luca Di Montezemolo, Sergio Marchionne, Marchionne, Louis Camilleri, Elkann, Lamborghini, Pietro Solidoro Organizations: Ferrari, University of Pisa, Fiat Chrysler Automobiles, Fiat Chrysler, France’s PSA Group, Formula, Bestinver Locations: Covid,
Ferrari Hires Chip Specialist as CEO Amid Industry Pivot
  + stars: | 2021-06-09 | by ( Eric Sylvers | ) www.wsj.com + 0.00   time to read: +2 min
MILAN—Ferrari NV has hired a top executive from the semiconductor industry as its new chief executive, as the car industry focuses on microchips and digital technologies that increasingly control everything from the brakes to entertainment systems. Mr. Vigna is currently a divisional president at French-Italian semiconductor manufacturer STMicroelectronics STM 0.05% NV, where he has worked for more than 25 years. Photo: ferrari/ReutersThe global chip shortage that has led to production delays in the auto industry is expected to continue for months to come. He had a successful run at the helm, boosting Ferrari sales and profit until the pandemic upended the auto industry. In his years running Ferrari, Mr. Marchionne successfully pitched it to investors as a luxury-goods company that should be valued in a similar way to the likes of Hermès International SA and LVMH Moët Hennessy Louis Vuitton.
Persons: MILAN, Benedetto Vigna, John Elkann, Vigna, Elkann, Vigna’s, ” Benedetto Vigna, Ferraris, Louis Camilleri, Sergio Marchionne, Camilleri, Ferrari, Marchionne, LVMH Moët Hennessy Louis Vuitton, Eric Sylvers Organizations: Ferrari, ferrari, Reuters, Fiat Chrysler, Stellantis NV, Hermès International SA Locations: Italian
Throw in accidents, cyberattacks, extreme weather and the huge disruption caused by the desperate hunt for cleaner sources of energy, and you have a perfect storm. Rising costs have pushed producer price inflation in China to its highest level in nearly 13 years. The rising costs of resin and pulp, for example, are promptingandto increase the prices of household staples such as tampons, diapers and toilet paper. Logistics and labor costs climbCommodities are not the only factor driving prices higher, however. For example, workers might demand higher wages, forcing companies to increase the price of their goods and placing additional upward pressure on salaries.
Persons: Brent, We've, George Calhoun, Mike Jackson, Joe Biden's, Tesla, Elon Musk, Gamble PG Kimberly, Clark KMB It's, India's, Warren Patterson, Patterson, Rio, we've, I'm, Biden, Andrew Kenningham, Joe Biden Whirlpool, Marc Bitzer, Bitzer, Carsten Brzeski, Larry Summers, Mervyn King, Lael Brainard, Kenningham, — Charles Riley, Laura He, Chris Isidore Organizations: Organization for Economic Cooperation, Development, Stevens Institute of Technology, United Oil, Ford, Volkswagen, Fiat Chrysler, Nissan, Bureau of Labor Statistics, Congress, Bloomberg, National Association of Home Builders Association, Procter, Gamble, Colonial Pipeline, ING, Factories, Global, UN Food and Agriculture Organization, FAO Food Price, Nestlé, Unilever UL, Logistics, Commodities, Labor, Capital Economics, Bloomberg Television, Cummins CMI, US, Bank of, Deutsche Bank, Federal Reserve, CNN Business Locations: lockdowns, Moscow, Russia, New Jersey, Sunset Blvd, Los Angeles, United States, Volkswagen Navarra, Spain, China, Shanghai, Texas, Suez, South America, North America, Australia, Brazil, Thailand, Europe, Santa Cruz, Rio Pardo , Sao Paulo state, Cleveland , Ohio, Germany
New York (CNN Business) Tesla is one of the world's most valuable companies. Tesla did not respond to CNN Business' requests for comment on this story. Most recent, and most alarming to Tesla investors, is this week's departure of Jerome Guillen. Tesla stock has had an electric run but has cooled latelyTo be sure, many Tesla investors are not overly concerned about life after Musk. Rival US automakers have also left Tesla stock in the dust this year, as investors grow excited about their prospects in the EV market.
Persons: Tesla, Elon Musk, atanytime, He's, Gwynne Shotwell, Musk, Andrew Harrer, Ross Gerber, Gerber Kawasaki, Gerber, Jerome Guillen, Guillen, Jerome, Dan Ives, Ives, Steve Jobs had's, Tim Cook, and's Mark Zuckerberg, Sheryl Sandberg, David Whiston, Andrew, Drew, Baglino, Tesla's, it's Drew Baglino, Whiston, Zach Kirkhorn, " Guillen, Elon Organizations: CNN, SpaceX, Bloomberg, Getty, CNN Business, Tesla's, Wedbush Securities, Apple, Facebook, Morningstar, Tesla, Nasdaq, Rival US, GM GM Ford, Fiat Chrysler Locations: York
Stellantis discussing conditions with Rome to build gigafactory in Italy - source
  + stars: | 2021-06-01 | by ( ) www.reuters.com sentiment -0.99   time to read: +2 min
REUTERS/Gonzalo Fuentes/File PhotoStellantis (STLA.MI), is discussing conditions with Rome to build a gigafactory in Italy as part of the carmaker's plan to support its expansion into electric mobility, a source close to the matter said on Tuesday. These conditions will have to be studied with Italian authorities," the source said, adding that nothing had yet been decided. In its 205 billion euro ($251 billion) recovery plan, Italy will spend almost 24 billion euros on the transition to cleaner energy and sustainable mobility. As part of this, Rome plans to invest one billion euros to enhance its battery, and solar and wind power industries. "An exchange took place on the principle of the coverage of Stellantis needs in batteries, and given the group produces numerous vehicles in Italy, there would be a shared interest in discussing the conditions of a gigafactory in Italy," the source said.
Persons: Gonzalo Fuentes, Stellantis, Carlos Tavares, John Elkann, Giancarlo Giorgetti Organizations: REUTERS, Fiat Chrysler, Peugeot, PSA, Thomson Locations: Saint, Yvelines, Paris, France, Rome, Italy, Stellantis, Europe, United States, Germany, TotalEnergies
PARIS/SEOUL (Reuters) - Hyundai Motor Group will slash the number of combustion engine models in its line-up to free up resources to invest in electric vehicles (EVs), two people close to the South Korean automaker told Reuters. While Hyundai did not specifically address a Reuters query on its plans for combustion engine models, it said in an email on Thursday that it was accelerating adoption of eco-friendly vehicles such as hydrogen fuel cell vehicles and battery EVs. Hyundai Motor Group, which houses Hyundai Motor Co and Kia Corp and Genesis, aims to sell about one million EVs per year by 2025 to achieve a 10% share of the global EV market. “Hyundai has stopped developing new powertrains for internal combustion engine cars,” one of the people said. The group will finalise its strategy to switch to all electric models within the next six months, one source said.
Persons: Brendan McDermid, China’s Geely Organizations: Hyundai Motor, South Korean, Reuters, Hyundai Kona, New York Auto, REUTERS, Hyundai, Hyundai Motor Group, Hyundai Motor Co, Kia Corp, Genesis, “ Hyundai, PSA Group, Fiat Chrysler, Daimler, Volvo, Ford Motor Co, Kia, Apple Locations: PARIS, SEOUL, Manhattan, New York City , New York, U.S, , United States, Europe, China
REUTERS/Brendan McDermid/File PhotoHyundai Motor Group will slash the number of combustion engine models in its line-up to free up resources to invest in electric vehicles (EVs), two people close to the South Korean automaker told Reuters. While Hyundai did not specifically address a Reuters query on its plans for combustion engine models, it said in an email on Thursday that it was accelerating adoption of eco-friendly vehicles such as hydrogen fuel cell vehicles and battery EVs. Hyundai Motor Group, which houses Hyundai Motor Co (005380.KS) and Kia Corp (000270.KS) and Genesis, aims to sell about one million EVs per year by 2025 to achieve a 10% share of the global EV market. "Hyundai has stopped developing new powertrains for internal combustion engine cars," one of the people said. The group will finalise its strategy to switch to all electric models within the next six months, one source said.
Persons: Brendan McDermid, China's Geely Organizations: Hyundai Kona, New York Auto, REUTERS, South Korean, Reuters, Hyundai, Hyundai Motor Group, Hyundai Motor, Kia Corp, PSA Group, Fiat Chrysler, Daimler, Volvo, Ford Motor, Kia, Apple, Thomson Locations: Manhattan, New York City , New York, U.S, United States, Europe, China
UPDATE 1-Second-hand car group Aramis prepares for Paris market debut
  + stars: | 2021-05-26 | by ( Reuters Staff | ) www.reuters.com sentiment -0.99   time to read: +2 min
The company is 70% owned by Stellantis , the carmaker formed by the merger of France’s PSA and Italian-American group Fiat Chrysler. German used-car trading platform AUTO1 listed in Frankfurt earlier this year, raising 1 billion euros in an operation that valued the group at about 7.9 billion euros at its debut. “We operate in a huge market which is switching online,” said Nicolas Chartier, who will head the group post the IPO as chairman and chief executive. Stellantis, one of Aramis’ suppliers of used cars, will not sell down shares in the IPO, the company said. Aramis is aiming for organic revenues of 1.25 billion euros in the year ended 30 September 2021, it said, up from 1.1 billion euros in 2020.
Persons: Aramis, , Nicolas Chartier Organizations: Aramis, Stellantis, France’s PSA, Fiat Chrysler, Holding Locations: PARIS, Paris, France, American, Frankfurt, Britain, Spain, Belgium, Europe
French second-hand car group Aramis takes first step towards IPO
  + stars: | 2021-05-26 | by ( Reuters Staff | ) www.reuters.com sentiment -0.62   time to read: +1 min
PARIS, May 26 (Reuters) - France’s Aramis Group, which specialises in selling second hand cars online, said on Wednesday its had taken a first step towards an initial public offering (IPO) in Paris this year following a boom in used vehicle sales and as it looks to grow across Europe. The firm - which is 70% owned by Stellantis , the carmaker formed by the merger of France’s PSA and Italian-American group Fiat Chrysler - said its registration document had been approved by the French financial markets authority (AMF). “(This) constitutes the first step of its contemplated IPO on the regulated market of Euronext Paris”, Aramis said. “The completion of the IPO is subject to the approval of the prospectus relating to the offering by the AMF, as well as favorable market conditions”, it added. Aramis also said Stellantis will maintain a majority ownership after the IPO.
Persons: Aramis, Stellantis, Benoit Van Overstraeten, Dominique Vidalon Organizations: PARIS, Stellantis, France’s PSA, Fiat Chrysler, Euronext Paris ”, AMF Locations: Paris, Europe, American
GM improves rating in annual supplier relations study
  + stars: | 2021-05-24 | by ( Reuters Staff | ) www.reuters.com + 0.89   time to read: +2 min
(bit.ly/3fzOYhF)The annual survey measures trust and communication suppliers have with customers, something that translates to better pricing, and supplier willingness to invest in and share new technologies with automakers. “Typically, a crisis is not the time to improve established relations.”GM Vice President of global purchasing Shilpan Amin said in a separate statement the survey results show the company’s efforts to strengthen supplier ties. “This provides many important benefits, including stronger business results for both GM and the supply base, along with supplier willingness to invest in new technology,” he said. FCA finished last behind Nissan Motor Co, which saw a 21-point improvement to 211. The annual survey was conducted from mid-February to mid-April, drawing responses from 728 salespeople at 479 suppliers that represent about half of the six automakers’ annual purchases, Plante Moran said.
Persons: Plante, Dave Andrea, Shilpan Amin, , Plante Moran Organizations: General Motors Co, Toyota Motor Corp, Honda Motor, GM, Ford Motor Co, Fiat Chrysler, FCA, France’s PSA, Nissan Motor Co, Tesla Locations: DETROIT, U.S
MILAN (Reuters) -Carmaker Stellantis will completely restructure its European dealers network as it seeks to adapt to changes in the industry brought by electrification, including a boom in online sales, and achieve promised post-merger synergies. FILE PHOTO: A DS 4 automobile, produced by Stellantis, stands on display during its launch event in Paris, France, February 3, 2021. Stellantis will end all current sales and service contracts with European dealers for its 14 brands, with effect from June 2023, it said in a statement seen by Reuters on Thursday. It was however unclear whether the process would bring to a reduction of Stellantis’ network in Europe. Stellantis said the decision was also taken in anticipation of upcoming regulatory changes in the industry.
Persons: Benoit Tessier, Stellantis, Carlos Tavares, carmaker, Dodge, CECRA Organizations: MILAN, REUTERS, Fiat Chrysler, Peugeot, PSA, Reuters, Maserati, Austrian Supreme Locations: Paris, France, Europe, United States, Austrian
Stellantis, Foxconn to form car technology JV focused on connectivity
  + stars: | 2021-05-18 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: +1 min
Slideshow ( 4 images )MILAN (Reuters) -Carmaker Stellantis and iPhone assembler Foxconn said on Tuesday they plan to create a joint venture to supply in-car and connected-car technologies across the auto industry. The two companies have signed a non-binding memorandum of understanding to form Mobile Drive, a 50-50 joint venture based in the Netherlands, focused on infotainment, telematics and cloud service platform development. The software developed will include artificial intelligence-based applications, 5G communication, upgraded over-the-air services, e-commerce opportunities and smart cockpit integrations, they added. Finalisation of that deal was delayed by merger talks between Fiat Chrysler and France’s Peugeot maker PSA, which led to the creation of Stellantis, the world’s fourth-largest carmaker, at the start of this year. Milan-listed shares in Stellantis were up 1.5% by 1013 GMT, slightly outperforming Milan’s blue-chip index.
Persons: Hai Organizations: Fiat Chrysler, Hai Precision Industry, France’s Peugeot, PSA, Milan Locations: MILAN, Netherlands, Stellantis, China
Stellantis, Foxconn to form joint venture for connectivity solutions
  + stars: | 2021-05-18 | by ( ) www.cnbc.com sentiment -0.52   time to read: 1 min
Workers install a flag with the logo of Stellantis, the world's fourth-largest automaker which starts trading in Milan and Paris after Fiat Chrysler and Peugeot maker PSA finalised their merger, at the main entrance of FCA Mirafiori plant in Turin, Italy, January 18, 2021. Carmaker Stellantis and iPhone assembler Foxconn said on Tuesday they plan to create a joint venturethat will supply in-car and connected-car technologies. The two companies have signed a non-binding memorandum of understanding to form Mobile Drive, a 50-50 joint venture based in the Netherlands. Mobile Drive will operate as an automotive supplier, and take part in tenders to provide software solutions and related hardware for Stellantis and other interested automakers, the companies said in a joint statement.
Persons: Carmaker Organizations: Fiat Chrysler, Peugeot, PSA, Mobile Locations: Milan, Paris, Turin, Italy, Netherlands
Stellantis, Foxconn to form connectivity-focused car technology JV
  + stars: | 2021-05-18 | by ( ) www.reuters.com sentiment -0.99   time to read: +2 min
The logo of Stellantis, the world's fourth-largest automaker, is seen at the main entrance of FCA Mirafiori plant in Turin, Italy, January 18, 2021. REUTERS/Massimo Pinca/File PhotoCarmaker Stellantis (STLA.MI), and iPhone assembler Foxconn (2317.TW) plan to create a joint venture to supply in-car and connected-car technologies across the auto industry, they said on Tuesday. The two companies have signed a non-binding memorandum of understanding to form Mobile Drive, a 50-50 joint venture based in the Netherlands focused on infotainment, telematics and cloud service platform development. Stellantis Chief Software Officer Yves Bonnefont said the decision to enter a joint venture with Foxconn was mainly driven by the need to move fast and to access the best expertise available. Milan-listed shares in Stellantis were up 0.9% by 1120 GMT, slightly outperforming Milan's blue-chip index (.FTMIB).
Persons: Massimo Pinca, Carlos Tavares, Foxconn, Hai, Yves Bonnefont Organizations: REUTERS, Fiat Chrysler, Hai Precision Industry, Thomson Locations: Turin, Italy, Netherlands, Stellantis, China, Asia, Milan
London (CNN Business) Foxconn is partnering with automaker Stellantis to develop technology for vehicle cockpits, in the latest sign of the iPhone maker's ambitions to grow in electric car manufacturing. The 50/50 joint venture, known as "Mobile Drive," brings together Foxconn's might in mobile software and consumer electronics with Stellantis' vehicle design and engineering expertise to create a user experience akin to using a smartphone. Mobile Drive will enable a "personalized and upgradable cockpit," with features such as biometric recognition, artificial intelligence, remote command and augmented reality, Stellantis chief software officer Yves Bonnefont said at a press conference. Stellantis was formed from the merger of Fiat Chrysler and France's PSA Group. While Foxconn will initially develop smart cockpit solutions for Stellantis brands, the plan is to sell the technology to other carmakers.
Persons: Foxconn, Stellantis, Yves Bonnefont, Ram, Alfa Organizations: London, CNN, Fiat Chrysler, France's PSA Group, Peugeot, Dodge, Alfa Romeo
Burry of 'Big Short' fame reveals $530 million bet against Tesla
  + stars: | 2021-05-17 | by ( Hyunjoo Jin | Maiya Keidan | ) www.reuters.com sentiment -0.99   time to read: +2 min
BERKELEY, Calif. (Reuters) - The family office run by “Big Short” investor Michael Burry has disclosed a short position against Tesla Inc worth more than half a billion. FILE PHOTO: The logo of car manufacturer Tesla is seen at a dealership in London, Britain, May 14, 2021. In February, he tweeted “my last Big Short got bigger and Bigger and BIGGER,” referring to Tesla’s surge in market capitalisation. Powered by strong sales and its first annual profit, Tesla shares jumped more than eight times last year and hit a record high of $883 per share in January. Burry also said last year that the green regulatory credits which Tesla has relied on to generate profits will dwindle as Fiat Chrysler increases sales.
Persons: , Michael Burry, Matthew Childs, , Burry, Tesla Organizations: BERKELEY, Tesla Inc, REUTERS, Management, U.S, Fiat Chrysler, Italy’s FCA, France’s, Tesla, Scion, Golden Ocean Group, SunCoke, Occidental Petroleum Locations: Calif, London, Britain, Tesla, SunCoke Energy
Burry of 'Big Short' fame reveals large bearish bet against Tesla
  + stars: | 2021-05-17 | by ( Hyunjoo Jin | Maiya Keidan | ) www.reuters.com sentiment -1.00   time to read: +2 min
BERKELEY, Calif. (Reuters) - The family office run by “Big Short” investor Michael Burry has disclosed a large bearish bet via options on Tesla Inc. FILE PHOTO: The logo of car manufacturer Tesla is seen at a dealership in London, Britain, May 14, 2021. In February, he tweeted “my last Big Short got bigger and Bigger and BIGGER,” referring to Tesla’s surge in market capitalization. Powered by strong sales and its first annual profit, Tesla shares jumped more than eight times last year and hit a record high of $883 per share in January. (This story corrects headline and text of story to clarify reference to size of bearish bet against Tesla)
Persons: , Michael Burry, Matthew Childs, , Burry, Tesla Organizations: BERKELEY, Tesla Inc, REUTERS, Management, Scion, U.S, Fiat Chrysler, Italy’s FCA, France’s, Tesla, Golden Ocean Group, SunCoke, Occidental Petroleum Locations: Calif, London, Britain, Tesla, SunCoke Energy
Stellantis and Foxconn to announce strategic partnership on Tuesday
  + stars: | 2021-05-17 | by ( ) www.reuters.com sentiment -0.86   time to read: +1 min
REUTERS/Ann WangAutomaker Stellantis (STLA.MI) and iPhone (AAPL.O) assembler Foxconn (2317.TW) said on Monday they would announce a strategic partnership on Tuesday. Fiat Chrysler merged with France's Peugeot maker PSA at the beginning of the year to create Stellantis, the world's fourth-largest carmaker, to relaunch in China as one of its main goals. The two companies will hold a conference call on Tuesday to present the partnership, with Stellantis Chief Executive Carlos Tavares and Foxconn Chairman Young Liu among others, the groups said in a joint statement. In January Taiwan's Foxconn and China's Zhejiang Geely Holding Group [RIC:RIC:GEELY.UL] said they were joining hands to provide contract manufacturing for automakers. read moreThey have said they were in talks to provide contract manufacturing services to electric vehicle maker Faraday Future, while Foxconn will also help building electric sport-utility vehicles in 2022 for Chinese startup Byton.
Persons: Ann Wang, Stellantis, Hai, Carlos Tavares, Young Liu, Taiwan's Foxconn, Foxconn Organizations: REUTERS, Fiat Chrysler, Hai Precision Industry, France's Peugeot, PSA, Stellantis, Zhejiang Geely Holding, Faraday, Thomson Locations: Taipei, Taiwan, Stellantis, China, Zhejiang
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