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Detroit becomes 'Jeep City' with first new auto plant in 30 years
  + stars: | 2021-06-11 | by ( ) www.reuters.com + 0.00   time to read: +3 min
A Stellantis assembly worker walks between two 2021 Jeep Grand Cherokee L vehicles on the assembly line at the Detroit Assembly Complex - Mack Plant in Detroit, Michigan, U.S., June 10, 2021. REUTERS/Rebecca CookInside the first new auto assembly plant built in the Motor City since 1991, the smell of hot metal hangs in the air as new Jeep Grand Cherokee L SUVs head down the welding line. The plant, which began building vehicles in March, now is operating three shifts a day, plant manager Michael Brieda said. The new Jeep plant underscores the split personality of the United States vehicle market, where most of the vehicles coming down the Mack assembly line will be sold. The nearby Jefferson North Jeep plant was built in 1991 - and until now was the Motor City's newest assembly plant.
Persons: Mack Plant, Rebecca Cook, Stellantis, General Motors, Michael Brieda, Brieda, Mack, Mario Holmes Organizations: Cherokee, REUTERS, Motor City, Stellantis NV, City, Grand Cherokees, Ford, General, GMC, Detroit City, United, Tesla Inc, Jefferson, Thomson Locations: Detroit, Detroit , Michigan, U.S, Motor, City of Detroit, GMC Acadia, United States, Jefferson North
France's Citroen charged with consumer fraud over dieselgate probe
  + stars: | 2021-06-10 | by ( ) www.reuters.com sentiment -0.99   time to read: +1 min
The logo of Citroen is seen on a new electric car AMI during a media presentation in Paris, France, August 25, 2020. REUTERS/Charles PlatiauCarmaker Stellantis (STLA.MI) said on Thursday that its French Citroen unit had been charged with consumer fraud by French prosecutors in a far-reaching diesel emissions probe. Citroen would have to make a deposit of 8 million euros and provide a bank guarantee of 25 million euros for potential compensation for losses, Stellantis said in a statement. Renault (RENA.PA), Peugeot, owned by Stellantis, and Volkswagen France, the French unit of German carmaker Volkswagen (VOWG_p.DE), have also been charged in France over the dieselgate investigation. Several carmakers in Europe have come under scrutiny since the Volkswagen "dieselgate" scandal which erupted in 2015 over test-cheating in the United States, at a time when regulators are becoming ever tougher on pollution standards.
Persons: Charles Platiau Carmaker, Stellantis Organizations: Citroen, AMI, REUTERS, French Citroen, Renault, Peugeot, Stellantis, Volkswagen France, Volkswagen, Thomson Locations: Paris, France, French, Europe, United States
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
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
REUTERS/Rebecca Cook/File PhotoGM’s position, outlined in a letter from Chief Executive Mary Barra to Environmental Protection Agency head Michael Regan, represented the latest shift on vehicle emissions policy by the No. Until November, GM backed the Trump administration’s effort to block California from setting tougher emissions standards than the federal government. Under the California standard, GM and other automakers will be out of compliance for the current 2021 model year and 2022. GM proposes that automakers ramp up to the California greenhouse gas standards by 2023 and then go beyond the proposed California emissions targets for 2024-2026 to reduce overall emissions for the 2020-2026 period by the same amount. The industry would then be set up for regulations for the 2027-2035 period that “will need to focus on full battery electric vehicle deployment,” Barra wrote.
Persons: Biden, Mary Barra, Rebecca Cook, Michael Regan, Regan, ” Barra, , Trump, Nick Conger Organizations: WASHINGTON, General Motors, Wednesday, GM Orion Assembly Plant, REUTERS, Environmental Protection Agency, GM, Trump, Ford Motor Co, Honda Motor Co, Volkswagen AG, BMW, Industry, Stellantis, Biological, Toyota Locations: Lake Orion , Michigan, U.S, California, Barra, United States
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
Detroit Three automakers will continue to require facial coverings
  + stars: | 2021-06-09 | by ( David Shepardson | ) www.reuters.com sentiment -0.98   time to read: +1 min
REUTERS/Rebecca Cook/File PhotoDetroit’s Big Three automakers and the United Auto Workers (UAW) union said on Wednesday that workers will continue to be required to wear masks in workplaces. The UAW and the automakers said temperature screening upon entering facilities is expected to be phased out. The UAW and automakers continue to recommend autoworkers get vaccinated. Many U.S. employers are still requiring vaccinated workers to wear masks in workplaces. Toyota Motor Corp (7203.T) is among the automakers that has ended temperature checks and entry questionnaires at U.S. plants but it is continuing to require facial coverings.
Persons: Rebecca Cook, autoworkers, COVID Organizations: Warren, Assembly, REUTERS, United Auto Workers, UAW, General Motors Co, Ford Motor, Chrysler, Stellantis, U.S . Centers for Disease Control, Prevention, U.S, Volkswagen, Toyota Motor Corp, Honda Motor, Nissan Motor, Thomson Locations: Warren , Michigan, U.S
Electric-van startups race for a 'golden ticket' order
  + stars: | 2021-06-03 | by ( Nick Carey | Lisa Baertlein | ) www.reuters.com + 0.00   time to read: +5 min
Chanje has a 1,000 van order from FedEx in California, while Rivian has an order to build 100,000 vans for Amazon. Meurer says DHL Express is also talking to two Asian startups about electric vans for Europe. But the company wants 14,000 electric vans in its European fleet by 2030 and is eager to get going. In April, DHL ordered 100 E-Ducato electric vans from Stellantis, a long-established manufacturer, to deliver packages in Europe. The Kentish Town depot is still home to some old former diesel trucks that UPS converted into electric vehicles.
Persons: Simon Dawson, , Steven Merkt, Rivian, Thore Meurer, ” Meurer, , Luke Wake, ” Wake, Wake, Carl, Magnus Norden, Petit, James Taylor, ” Taylor Organizations: UPS, FedEx, DHL, REUTERS, TE, Tesla Inc, Ford Motor, Volkswagen, Chanje, Amazon ., NextGen, Canoo, Deutsche Post AG, DHL Express, Meurer, GAP, Uber, III Corp, Ford Locations: London, Britain, California, U.S, Europe, Stellantis, London’s Kentish, Kentish, Stockholm, United States
For the full year, GM said it expected pretax profits "at the higher end" of a $10 billion to $11 billion range. GM did not give a precise second quarter or full year forecast, beyond saying it was "optimistic" of hitting the full-year target. GM said "smaller volumes" of other vehicles that have been held back awaiting chips will also be shipped during June and July. However, GM said production at other factories in North America, Asia and South America will be curtailed through June and July. During the second half, GM said it expects semiconductor supplies to recover, allowing for increased production and shipments of vehicles.
Persons: Rebecca Cook Organizations: General Motors, REUTERS, General Motors Co, Detroit, GM, Ford Motor, Stellantis, Chevrolet Silverado, GMC Sierra, Silverado, Colorado, GMC, Thomson Locations: Detroit , Michigan, U.S, North America, New York, United States, China, Flint, Mich, Sierra, German, Mo, Asia, South America
Chanje has a 1,000 van order from FedEx (FDX.N) in California, while Rivian has an order to build 100,000 vans for Amazon (AMZN.O). Meurer says DHL Express is also talking to two Asian startups about electric vans for Europe. But the company wants 14,000 electric vans in its European fleet by 2030 and is eager to get going. The Arrival van is the culmination of many years work by UPS to incorporate electric vehicles into its fleet. The Kentish Town depot is still home to some old former diesel trucks that UPS converted into electric vehicles.
Persons: Simon Dawson, Steven Merkt, Chanje, Rivian, Thore Meurer, Meurer, Luke Wake, Wake, Carl, Magnus Norden, Petit, James Taylor, ” Taylor Organizations: REUTERS, FedEx, DHL, TE, Tesla Inc, Ford Motor, Volkswagen AG, UPS, NextGen, Canoo, Deutsche Post AG, DHL Express, Meurer, III Corp, Ford, Thomson Locations: London, Britain, California, U.S, Europe, Stellantis, London's Kentish, Kentish, Stockholm, United States
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
Global shift to electrification will be uneven, Faurecia CEO says
  + stars: | 2021-06-01 | by ( ) www.cnbc.com sentiment -1.00   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGlobal shift to electrification will be uneven, Faurecia CEO saysFaurecia CEO Patrick Koller discusses the auto supply company's strategy following its spinoff from Stellantis and its electrification and hydrogen strategy.
Persons: Patrick Koller Locations: Stellantis
Tesla said on Tuesday it had set up a site in China to store data generated by all vehicles it sells in the country. Other automakers told Reuters they have done the same. Ford Motor said it established a data center in China in the first half of last year and was storing all vehicle data locally. The rule, in the public consultation phase, would also require automakers to store data locally and get regulatory permission when they want to send such data to foreign entities. The European Union’s General Data Protection Regulation also sets strict rules on how companies handle and store data.
Persons: Jason Lee, Tesla, France’s Renault, Stellantis, Tu Le, they’re, ” Le Organizations: BMW, Daimler, Ford, Reuters, REUTERS, Ford Motor, , Motors, Toyota Motor Corp, Nissan, Honda Motor Co, Hyundai Motor, Data Locations: BEIJING, China, Beijing
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
(CNN) When Ford unveiled the all-electric F-150 Lightning at an event in Dearborn, Michigan last week it marked a key moment for one of the most American of American products: Pickup trucks -- Ford pickup trucks, no less --- had gone zero emissions . But when it comes to pickup trucks, the Ford F-150 is the unquestioned king. Ford sold 7.4 million F-series trucks in the past decade, according to Cox Automotive data, including the larger F-250 and F-350 heavy duty pickup trucks. There are older Ford trucks, including the heavy-duty Ford Model TT introduced in 1917, but they were mostly sold without cargo beds. "In terms of social mobility, those people didn't trade in their pickup trucks for sedans, they traded in their pickup trucks for nicer pickup trucks," he said.
Persons: Ford, they're, Kelley, Allyson Harwood, Henry Ford, Mike Mueller, Trucks, Ted Ryan, Mitchell Carlson, Carlson, Jim Ellis, Andy Weise, Wiese, Cotten Seiler, Seiler, Johnson, Kelley Blue Book's Harwood, Linda Zhang, Harwood Organizations: CNN, Ford, Cox Automotive, Chevrolet Silverado, General Motors, Carrier, San Diego State University, American, Dickinson College, Drivers, Chrysler, Toyota, Nissan, Honda, Hyundai, GM, Chevrolet, Ford's Locations: Dearborn , Michigan, America, United States, Government, Automobility, Stellantis, Santa Cruz, Chevrolet Colorado
WASHINGTON (Reuters) - U.S. Commerce Secretary Gina Raimondo was holding a pair of meetings Thursday with senior U.S. auto industry leaders and other industry executives on a semiconductor shortage that has cut production, two sources briefed on the matter said. FILE PHOTO: Commerce Secretary Gina Raimondo testifies before a Senate Appropriations Committee hearing to examine the American Jobs Plan, on Capitol Hill in Washington, D.C., U.S., April 20, 2021. The meetings - which are taking place at two separate times Thursday to accommodate schedules - include General Motors Co, Ford Motor Co and Stellantis NV, the sources said. The Alliance for Auto Innovation, an automaker trade group, said Thursday it welcomes “Raimondo’s continued commitment to addressing the microchip shortage. On Wednesday, U.S. Senate Democratic Leader Chuck Schumer unveiled revised bipartisan legislation late Tuesday that includes $52 billion in emergency funding to significantly boost U.S. semiconductor chip production and research over five years.
Persons: Gina Raimondo, Oliver Contreras, “ Raimondo’s, Raimondo, TSMC, Ford, Joe Biden, Chuck Schumer Organizations: WASHINGTON, . Commerce, U.S, American Jobs, Capitol, Washington , D.C, REUTERS Reuters, General Motors Co, Ford Motor Co, Stellantis NV, The Alliance, Auto Innovation, Department of Commerce, Taiwan Semiconductor Manufacturing, GM, Senate Democratic, Reuters Locations: Washington ,, China
Commerce chief says U.S. could help boost chips transparency
  + stars: | 2021-05-20 | by ( David Shepardson | ) www.reuters.com + 0.00   time to read: +3 min
WASHINGTON (Reuters) -U.S. Commerce Secretary Gina Raimondo said Thursday she held meetings with three dozen senior industry leaders on a semiconductor chip shortage and said the United States could help boost transparency in the market. Oliver Contreras/Pool via REUTERSThe meeting included General Motors Co, Ford Motor Co, Stellantis NV, chip suppliers and other users of chips. Raimondo and the Biden administration back $50 billion in U.S. government spending to dramatically boost U.S. semiconductor production and research, but it will take significant time for that spending - if approved by Congress - to boost supply. Asked if there was any action the Biden administration could take to address short-term auto production issues, Raimondo suggested it could help with demand forecasting and address a “lack of transparency” around the chips market and various sector needs. “We are thinking about ways that we might be able to help with more information-sharing between suppliers and consumers,” Raimondo said.
Persons: Gina Raimondo, Oliver Contreras, Raimondo, Biden, ” Raimondo, AlixPartners, Ford, Raimondo’s, , , Chuck Schumer Organizations: WASHINGTON, . Commerce, American Jobs, Capitol, Washington , D.C, REUTERS, General Motors Co, Ford Motor Co, Stellantis, Congress, GM, Biden, ” Reuters, Senate Democratic Locations: United States, Washington ,, 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
Commerce Secretary Gina Raimondo testifies before a Senate Appropriations Committee hearing to examine the American Jobs Plan, on Capitol Hill in Washington, D.C., U.S., April 20, 2021. Oliver Contreras/Pool via REUTERSU.S. Commerce Secretary Gina Raimondo was holding a pair of meetings Thursday with senior U.S. auto industry leaders and other industry executives on a semiconductor shortage that has cut production, two sources briefed on the matter said. The Alliance for Auto Innovation, an automaker trade group, said Thursday it welcomes "Raimondo’s continued commitment to addressing the microchip shortage. ... We look forward to continuing our work with the Department of Commerce and other stakeholders to strengthen transparency and resiliency in the automotive semiconductor supply chain and to create additional semiconductor production capacity." On April 12, President Joe Biden convened semiconductor, tech and auto industry executives to discuss solutions to the crisis.
Persons: Gina Raimondo, Oliver Contreras, Raimondo’s, Raimondo, TSMC, Ford, Joe Biden, Chuck Schumer Organizations: American Jobs, Capitol, Washington , D.C, REUTERS U.S . Commerce, U.S, Reuters, General Motors Co, Ford Motor, Stellantis, The Alliance, Auto Innovation, Department of Commerce, Taiwan Semiconductor Manufacturing, GM, Senate Democratic, Thomson Locations: Washington ,, China
Why Car Makers Are Taking On the EV Supply Chain
  + stars: | 2021-05-19 | by ( Stephen Wilmot | ) www.wsj.com sentiment -0.98   time to read: +1 min
Today’s car makers are getting into batteries and software. On Tuesday, Chrysler owner Stellantis and iPhone-assembler Foxconn, also known as Hon Hai Precision Industry , announced a joint venture to develop in-vehicle software and services. This is the latest in a long series of moves by auto makers to improve their supply chains for fully electric, digital vehicles. Car makers want more control over components central to the performance and experience of EVs. Toyota and Volkswagen, the two largest car makers by sales, are building up their own software companies.
Persons: Henry Ford, General Motors, Ford Organizations: Chrysler, Stellantis, Hai Precision Industry, General, South, LG, Volkswagen, Toyota, Panasonic, JV, Volvo, Renault, Google
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
Jeep Maker Stellantis Teams Up With Foxconn on In-Car Software
  + stars: | 2021-05-18 | by ( Nick Kostov | ) www.wsj.com + 0.99   time to read: +1 min
Jeep and Chrysler maker Stellantis NV is joining forces with iPhone assembler Foxconn Technology Group in a new collaboration aimed at accelerating the development of in-car software. The companies said the JV, which will be based in the Netherlands and sell its software to other car makers, would combine Stellantis’s expertise in vehicle design and engineering with Foxconn’s know-how in software and consumer electronics. The move comes as auto makers are racing to compete with Alphabet Inc.’s Google, Apple Inc. and other Silicon Valley giants for control of the dashboard display and other connected car features. Many car makers are betting that future growth and profits could come less from building and selling cars and more from features like connected car services and apps, a business model that is closer to the tech industry. Stellantis Chief Executive Carlos Tavares said the JV with Foxconn would enable “the swift development of connectivity features and services that mark the next great evolution of our industry, just as electrification technology has.”
Persons: Carlos Tavares, Organizations: Chrysler, Stellantis, Technology, JV, Inc, Apple Inc, Foxconn Locations: Netherlands
Reopening optimism pushes European stocks closer to record high
  + stars: | 2021-05-18 | by ( Reuters Staff | ) www.reuters.com sentiment -0.96   time to read: +1 min
(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window)May 18 (Reuters) - European stocks neared record high on Tuesday on optimism around several countries easing economic restrictions, falling unemployment rate in the United Kingdom and strong earnings reports from companies. The pan-European STOXX 600 index rose 0.7% by 0716 GMT, trading just shy of its record high hit last week, with economy-linked cyclical sectors like miners and automakers leading the gains. The German DAX rose 0.8% to hit a record high, while Italy’s FTSE MIB added 0.8% to fresh pre-pandemic highs. The world’s biggest maker of hearing aids Sonova Holding surged 8.5% after predicting strong growth this year due to a market recovery and new products. Meanwhile, Vodafone fell 7.2% after the UK mobile operator reported a 1.2% drop in full-year adjusted earnings as COVID-19 hit roaming revenue and handset sales.
Persons: DAX, Sonova, Sruthi Shankar, Arun Koyyur Organizations: Stellantis, Vodafone Locations: United Kingdom, Milan, Bengaluru
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