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☆ Aston Martin F1 team gets investment from PE firm Arctos
▼ + stars: | 2023-11-16 | by ( Anousha Sakoui | ) www.reuters.com time to read: +1 min

The Aston Martin logo is seen on a V12 Vantage car at the company’s factory in Gaydon, Britain, March 16, 2022. REUTERS/Phil Noble/File Photo Acquire Licensing RightsNov 16 (Reuters) - The Aston Martin Formula One team said on Thursday it had agreed on an investment by U.S. private equity firm Arctos Partners in exchange for a minority shareholding. The stake sale values the car racing group at 1 billion pounds ($1.24 billion), a person with knowledge about the matter told Reuters. "They share our vision for our ultra-luxury brand, and they are extremely passionate about the sport and its prospects," Aston Martin Formula One Executive Chairman Lawrence Stroll said in a statement. The F1 team is sponsored by the eponymous British luxury carmaker in which Stroll holds the largest shareholding of over 25%.

Persons: Aston Martin, Phil Noble, Lawrence, French carmaker, Ryan Reynolds, Rob McElhenney, Prerna Bedi, Maju Samuel Organizations: Aston, REUTERS, Aston Martin Formula, U.S, Arctos Partners, Reuters, French carmaker Renault, Alpine, Thomson Locations: Gaydon, Britain, French, Bengaluru

U.S. President Joe Biden and China’s Xi Jinping, who met in San Francisco on Wednesday, may disagree on the terminology. Barely half the manufactured goods imported into the United States from low-cost Asian countries now come from China. Chinese firms have raised just $529 million from initial and secondary stock offerings in the United States in the year to mid-October. But the conscious decoupling between the U.S. and China looks set to continue. Follow @ugalani and @a_fitri_alias on XCONTEXT NEWSU.S. President Joe Biden and Chinese President Xi Jinping met on Nov. 15 in San Francisco on the sidelines of the Asia-Pacific Economic Cooperation forum.

Persons: Xi, Joe Biden, Kevin Lamarque, friendshoring, China’s Xi Jinping, Breakingviews, Donald Trump, China’s ByteDance, Reuters Graphics Reuters Graphics Goldman Sachs, Xi Jinping, Una, Peter Thal Larsen, Oliver Taslic, Thomas Shum Organizations: U.S, Economic Cooperation, REUTERS, Rights, Reuters, People’s Republic . U.S, People’s, World Trade Organization, Reuters Graphics Reuters, FRAYING FINANCE, U.S . Federal Reserve, Federal, Investment Board, HK, Republican, Reuters Graphics Apple, United, Reuters Graphics Reuters Graphics, Thomson Locations: Filoli, Asia, Woodside , California, U.S, Rights MUMBAI, United States, China, Washington, People’s Republic ., San Francisco, People’s Republic, Southeast Asia, Hong Kong, That’s, New York, Greater China, India, TAIWAN, Taiwan, Una Galani, Mumbai, London

☆ Ford CEO Jim Farley Throws Shade at the Cybertruck's Viral Off-Road Video
▼ + stars: | 2023-11-16 | by ( Kai Xiang Teo | ) www.businessinsider.com time to read: +2 min

A video of Tesla's Cybertruck struggling to make it up a dirt hill went viral on Friday. On Wednesday, Ford CEO Jim Farley appeared to shade the rival carmaker with his own off-road demo. On Wednesday, Ford CEO Jim Farley appeared to shade the rival carmaker by posting a video of the F-150 Lightning, his company's flagship electric vehicle, making its way up a very similar dirt hill. 👍 pic.twitter.com/uCMUSxUIpj — Jim Farley (@jimfarley98) November 15, 2023He captioned the video, "F-150 Lightning does it all." The F-150 Lightning was released to consumers in 2022, and is the company's first fully electric pickup truck.

Persons: Tesla's Cybertruck, Jim Farley, —, Elon Musk, Tesla, ord Organizations: Ford, Service, EO Locations: Hollister

☆ IBM suspends ads on X after corporate ads appeared next to pro-Nazi content
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +3 min

The logo for social media platform X, following the rebranding of Twitter, is seen covering the old logo in this illustration taken, July 24, 2023. Media watchdog Media Matters said it found that corporate advertisements by IBM, Apple (AAPL.O), Oracle (ORCL.N) and Comcast's (CMCSA.O) Xfinity were being placed alongside antisemitic content. "IBM has zero tolerance for hate speech and discrimination and we have immediately suspended all advertising on X while we investigate this entirely unacceptable situation," IBM said in a statement. Musk's Wednesday comments on the social media platform are not the first time he has engaged in discussions that reference antisemitic tropes or conspiracy theories. "When it comes to this platform - X has also been extremely clear about our efforts to combat antisemitism and discrimination.

Persons: Dado Ruvic, Adolf Hitler, Musk, Xfinity, X, Linda Yaccarino, Jonathan Greenblatt, Yuvraj Malik, David Gaffen, Lisa Shumaker Organizations: Twitter, REUTERS, IBM, Elon, Nazi Party, Media, Apple, Oracle, Defamation League, ADL, Reuters, U.S, X, Hamas, Thomson Locations: America, United States, Israel, Palestinian, Bengaluru, New York

☆ Vatican in deal with Volkswagen for all-electric car fleet by 2030
▼ + stars: | 2023-11-15 | by ( Philip Pullella | ) www.reuters.com time to read: +2 min

REUTERS/Benoit Tessier/File Photo Acquire Licensing RightsCompanies Volkswagen AG FollowVATICAN CITY, Nov 15 (Reuters) - The Vatican on Wednesday signed an agreement with German carmaker Volkswagen to replace the city-state's entire car fleet with electric vehicles by 2030. The Vatican's fleet of cars includes dozens of vehicles, most of them dark blue. A pool of drivers take senior Vatican officials to events in Rome and beyond. Many lower-ranking Vatican officials and employees own and drive their own cars into the city-state from Rome. The statement said the Vatican would build a network of electric charging stations inside its walls and at its properties in Rome.

Persons: Pope Francis, Benoit Tessier, Mercedes, Francis, Philip Pullella, Cynthia Osterman Organizations: Prado, REUTERS, AG, VATICAN, German, Volkswagen, Skoda, Volkswagen Group, Vatican, Fiat, Thomson Locations: Marseille, France, Rome, St

☆ Tesla faces pressure in Sweden as workers at supplier to strike
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: +2 min

Tesla has no manufacturing plant in Sweden but its electric cars are serviced at workshops across the country, where around 130 mechanics affiliated with Swedish union IF Metall began a strike on Oct. 27. Hydro Extrusions's Vetlanda plant makes aluminium profiles - aluminium alloys transformed into shapes, and is the first Tesla supplier in Sweden to down tools in support of the mechanics' strike. The carmaker told IF Metall on Nov. 6 it did not want to sign a collective agreement, the union said. "We want Tesla Sweden to sign a collective agreement... We want this conflict to be as brief and short as possible," IF Metall spokesperson Jesper Pettersson said. German unions have pressured the carmaker to implement a similar agreement for its 11,000 workers in Gruenheide, near Berlin.

Persons: Tyrone Siu, Tesla, Jesper Pettersson, Marie Mannes, Victoria Waldersee, Johan Ahlander, Emelia Sithole Organizations: Tesla, REUTERS, Rights, U.S, Swedish, IF Metall, dockworkers, Hydro Extrusions, Hydro, IF, Thomson Locations: Taipei, Taiwan, Rights STOCKHOLM, Sweden, Vetlanda, Gruenheide, Berlin

The Managem Group in a statement denied the findings published in German newspaper Suddeutsche Zeitung that pointed to increased levels of arsenic in the water near its century-old cobalt mine at Bou Azzer in the central Moroccan desert. The newspaper's investigation, published last weekend, found those levels of arsenic were hazardous. At the mine itself, they found almost 19,000 micrograms of arsenic per liter in the water. Political Cartoons View All 1250 ImagesIn its statement, Managem — a subsidiary of King Mohammed VI’s Al Mada Group — said its own monitoring had yielded no evidence of health or water quality issues. The German manufacturer said in a statement this week that it had spoken about the new allegations to Managem, which denied wrongdoing.

Persons: Sidi Blal, Managem, King Mohammed VI’s Al, —, Bou Azzer Organizations: Managem, Suddeutsche Zeitung, BMW, Renault, AFP Locations: RABAT, Morocco, Bou Azzer, Moroccan, United States, China, Europe, Congo, Australia, Bou

☆ GM plans F1 power unit supply to Andretti from 2028
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Rebecca Cook/File Photo Acquire Licensing RightsNov 14 (Reuters) - General Motors has formally registered with Formula One's governing body to provide power units to a proposed Andretti Cadillac team from 2028, the U.S. carmaker announced on Tuesday. "We are thrilled that our new Andretti Cadillac F1 entry will be powered by a GM power unit," said GM President Mark Reuss in a statement issued ahead of this weekend's Las Vegas Grand Prix, one of three races in the United States. "With our deep engineering and racing expertise, we’re confident we'll develop a successful power unit for the series, and position Andretti Cadillac as a true works team. Formula One will have new engine regulations from 2026, with GM set to be the seventh manufacturer if Andretti secure approval. "Engineering a F1 power unit will advance GM’s expertise in areas including electrification, hybrid technology, sustainable fuels, high efficiency internal combustion engines, advanced controls and software systems," the carmaker said.

Persons: Rebecca Cook, Andretti, carmaker, Mark Reuss, Andretti Cadillac, Stefano Domenicali, Michael Andretti, Mario, Mercedes, Red Bull, Bruno Famin, We're, Alan Baldwin, Andrew Heavens Organizations: General Motors, REUTERS, Formula, Andretti Cadillac, FIA, Andretti, GM, Las Vegas, Formula One Management, U.S, Prix, Ferrari, Renault, Audi, Honda, Thomson Locations: Detroit , Michigan, U.S, United States, Austin, London

☆ Rivian to raise nearly $15 bln in debt for EV plant in Georgia
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +1 min

The Rivian name and logo are shown on one of their new electric SUV vehicles in San Diego, U.S., December 16, 2022. REUTERS/Mike Blake Acquire Licensing RightsNov 13 (Reuters) - Rivian Automotive (RIVN.O) plans to raise nearly $15 billion in debt to help build an electric vehicle manufacturing plant in Georgia, the EV maker said on Monday. The company has agreed to pay a minimum of nearly $300 million in property tax payments through 2047. Rivian had said in 2021 that it plans to set up the Georgia plant and had said at the time that it would be commissioned by 2024. The new plant will employ more than 7,500 people and eventually build 400,000 vehicles a year.

Persons: Mike Blake, Morgan, Newton, Rivian, Anirudh, Rashmi Organizations: REUTERS, Rivian, Georgia Department of Economic, Joint Development Authority of, Thomson Locations: San Diego , U.S, Georgia, Joint Development Authority of Jasper, Walton, Bengaluru

☆ Renault to launch new Slovenia-made electric city car - sources
▼ + stars: | 2023-11-13 | by ( Gilles Guillaume | ) www.reuters.com time to read: +2 min

A logo of Renault is seen on a car during the French carmaker Renault's 2022 annual results presentation in Boulogne-Billancourt, near Paris, Feburary 16, 2023. REUTERS/Christian Hartmann Acquire Licensing RightsPARIS, Nov 13 (Reuters) - Renault (RENA.PA) will reveal the launch of an additional "affordable" city electric car during this week's capital markets day for its new EV unit Ampere, three sources familiar with the matter told Reuters. Ampere targets 600,000 produced electric vehicles in 2026 and one million in 2031. The company sold just under 50,000 electric Megane and Kangoo vehicles, its current models, last year. It flagged the arrival of electrified Scenic and R5 models for 2024, followed by the R4, in 2025.

Persons: Christian Hartmann, Ampere, Gilles Guillaume, Tassilo Hummel, Silvia Aloisi Organizations: Renault, REUTERS, Rights, Ampere, Reuters, Nissan, Thomson Locations: Boulogne, Billancourt, Paris, French, Mesto, Slovenia

☆ 1962 Ferrari Brings $51.7 Million at Sotheby’s
▼ + stars: | 2023-11-13 | by ( Julia Halperin | ) www.nytimes.com time to read: +1 min

A bright red Ferrari with a storied history sold for $51.7 million, with buyer’s fees, on Monday, becoming the most expensive automobile from that Italian carmaker ever sold at auction. RM Sotheby’s, the automobile seller in which Sotheby’s bought a controlling stake in 2022, offered the 1962 Ferrari 330 LM/250 GTO by Scaglietti with an unpublished estimate of $60 million. Two bidders drove the price to $47 million before auction-house fees. Sotheby’s promoted the car as a luxury object, offering it in a stand-alone sale during its marquee fall auctions of fine art in New York. There are only 36 Ferrari 250 GTOs in existence, produced between 1962 and 1964.

Persons: Sotheby’s, Oliver Barker —, Europe —, Jonas Wood, Ralph Lauren, Nick Mason, Pink Floyd Organizations: Ferrari Locations: New York, Europe

☆ Hyundai plans to make 200,000 EVs a year at $1.5 billion plant in South Korea
▼ + stars: | 2023-11-13 | by ( Diksha Madhok | ) edition.cnn.com time to read: +1 min

New Delhi CNN —Hyundai Motor has kicked off construction on a 2 trillion won ($1.5 billion) facility in South Korea that will be dedicated to manufacturing electric vehicles. The group, which owns the Hyundai and Kia brands, held the groundbreaking ceremony on Sunday in Ulsan, where the carmaker built its first assembly plant in 1968. The new factory will be capable of producing 200,000 electric vehicles a year, the company said in a statement. The Korean carmaker’s investment in electric vehicles comes at a time when some of its rivals are taking the foot off the pedal. Meanwhile, Hyundai Motor Group, is also investing $5.5 billion in Georgia to build electric vehicles and battery facilities.

Persons: ”, Euisun Chung, General Motors Organizations: New, New Delhi CNN — Hyundai, Hyundai, Kia, Ulsan, Hyundai Motor Group, General, Ford Locations: New Delhi, South Korea, Ulsan, Korean, Georgia

☆ BMW says it is looking into Morocco labour, environment issues after newspaper report
▼ + stars: | 2023-11-12 | by ( ) www.reuters.com time to read: +2 min

The headquarters of German luxury carmaker BMW is seen in Munich, Germany, August 5, 2020. BMW has contacted local supplier Managem with a range of queries and requested additional information, a spokesperson for the company told Reuters. By far the largest proportion of the world's cobalt deposits are located in the Congo, where child labour still occurs, particularly in small mines. BMW no longer sources cobalt from Congo, said the BMW spokesperson. Reporting by Christina Amann, writing by Vera Eckert, Editing by Hugh LawsonOur Standards: The Thomson Reuters Trust Principles.

Persons: Michael Dalder, Managem, Christina Amann, Vera Eckert, Hugh Lawson Organizations: BMW, REUTERS, Bayerische Motoren, FRANKFURT, Reuters, Managem, Daily, Sueddeutsche Zeitung, NDR, WDR, Thomson Locations: Munich, Germany, Moroccan, Morocco, Congo, Australia

☆ Japan has become a gold mine for value investors
▼ + stars: | 2023-11-10 | by ( Edward Chancellor | ) www.reuters.com time to read: +7 min

Having experienced a multi-decade decline after 1990, Japanese stocks have escaped the doldrums. Reuters GraphicsAnother shadow that has long lingered over corporate Japan is management teams which tended to neglect shareholders and prioritise the interests of other stakeholders. METI is also redefining the aim of Japanese companies, says Stephen Codrington, founder of the independent research firm Codrington Japan. Japan, whose regime was formerly unfriendly to equity investors, is moving in the opposite direction, says Drew Edwards, head of GMO Usonian Japan. Japan, as Codrington says, has become a gold mine for value investors.

Persons: Jeremy Siegel, “ Stocks, It's, Alex Kinmont, James Montier, METI, Stephen Codrington, Codrington, Toby Rodes, Edward McQuarrie, McQuarrie, Drew Edwards, there’s, Warren Buffett, Peter Thal Larsen, Thomas Shum Organizations: Reuters, Investors, Credit Suisse Global Investment, Nikkei, U.S ., Local, Credit Suisse, Ministry, Economy, Trade, Industry, Electronics, Hitachi, Fujitsu, Investment, Toyota, Investment Fund, Tokyo Stock Exchange, Kaname, Takisawa Machine Tool, managements, Toyota Industries, Santa Clara University, U.S, Thomson Locations: Japan, U.S, Europe, Codrington Japan, United States

☆ Chinese carmaker Nio still "debating" 2025 entry in North America -executive
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +1 min

A NIO ET5 car model and the NIO EP9 sports car are pictured at the NIO House, the showroom of the Chinese premium smart electric vehicle manufacture NIO Inc. in Berlin, Germany August 17, 2023. REUTERS/Annegret Hilse/File Photo Acquire Licensing RightsCompanies NIO Inc FollowNov 9 (Reuters) - Chinese automaker Nio (9866.HK) is still "debating" a 2025 entry in North America, a top executive said on Thursday. Speaking at Reuters Events Automotive USA 2023 conference, Ganesh Iyer, chief executive officer of Nio USA, said the company is considering "any kind of partnerships" in North America. Nio also needs to build infrastructure before bringing electric vehicles to North America, he said. Nio sees an "immersive user experience" as a differentiator for the brand, Iyer said.

Persons: Annegret, Ganesh Iyer, Nio, Iyer, Paul Lienert, Mark Porter Organizations: REUTERS, Automotive, Nio, Thomson Locations: Berlin, Germany, HK, North America, Nio USA, Detroit

SEOUL, Nov 8 (Reuters) - Operations at Kia Corp's (000270.KS) assembly plant in South Korea have been suspended due to disruptions in parts supplies, the carmaker said on Wednesday. Poongki Industrial Co Ltd, a Kia supplier that makes chassis parts, suffered a fatal accident that resulted in the death of one worker on Tuesday and halted its own operations, causing supply disruptions at Kia's plant, a Kia spokesperson said. Labour authorities are investigating the accident, putting a halt to forklift truck operations at the Kia supplier's factory, a labour ministry spokesperson said. Kia is checking on alternative sources for Poongki's components, according to the Kia spokesperson. The plant located in the southwestern city of Gwangju produces about 2,000 vehicles a day, according to media reports.

Persons: Kia Corp's, Poongki, Kia, Lee Jae, Heekyong Yang, Ed Davies Organizations: Kia, Poongki Industrial Co Ltd, Labour, Eugene Investment, Securities, Thomson Locations: SEOUL, South Korea, Gwangju

[1/2] India's Commerce Minister Piyush Goyal takes part at the panel discussion "Trade: Now what?" during the World Economic Forum 2022 (WEF) in the Alpine resort of Davos, Switzerland May 25, 2022. This meeting is to ensure that talks between India and Tesla "are moving in the right direction," the person added. Prime Minister Modi's office held a meeting with various ministries on Monday to expedite the new EV policy, said a third source. Reporting by Aditya Kalra, Aditi Shah and Shivangi Acharya; Editing by Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

Persons: Piyush Goyal, Arnd, Elon Musk, Narendra Modi, Tesla, Aditya Kalra, Aditi Shah, Shivangi, Chizu Organizations: India's, REUTERS, Tesla, Indian, Reuters, U.S, EV, Thomson Locations: Davos, Switzerland, DELHI, United States, U.S, India

☆ Nissan to invest $575 mln in Brazil plant by 2025
▼ + stars: | 2023-11-07 | by ( ) www.reuters.com time to read: 1 min

A Nissan logo is seen next to a vehicle during the New York International Auto Show, in Manhattan, New York City, U.S., April 5, 2023. REUTERS/David 'Dee' Delgado/File Photo Acquire Licensing RightsRIO DE JANEIRO, Nov 7 (Reuters) - Japanese carmaker Nissan (7201.T) will invest 2.8 billion reais ($575.22 million) between 2023 and 2025 in its Resende plant in Brazil to produce two new SUV models, global CEO Makoto Uchida said on Tuesday. According to Uchida, the new generation of the Nissan Kicks will be one of the vehicles manufactured in Resende, which he said will become a hub for exports to other Latin American countries. The announcement comes a day after Uchida met with President Luiz Inacio Lula da Silva in Brasilia. ($1 = 4.8677 reais)Reporting by Rodrigo Viga Gaier; Editing by Steven GrattanOur Standards: The Thomson Reuters Trust Principles.

Persons: David, Dee, Delgado, Makoto Uchida, Uchida, Luiz Inacio Lula da Silva, Rodrigo Viga Gaier, Steven Grattan Organizations: New York, REUTERS, DE, Nissan, Thomson Locations: Manhattan , New York City, U.S, DE JANEIRO, Brazil, Resende, Brasilia

The source, who declined to be named, did not say when production would begin. A general view shows the Tesla logo on the Gigafactory in Gruenheide near Berlin, Germany, August 30, 2022. At the same meeting, he informed staff of plans to build the 25,000-euro vehicle there, the source said. German union IG Metall said in 2022 that Tesla wages were around 20% below those offered under collective bargaining agreements at other carmakers. ($1 = 0.9315 euros)Reporting by Victoria Waldersee, Editing by Rachel More, Bernadette Baum and Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

Persons: Musk, Tesla, Annegret, Elon Musk, Europe's, Metall, Victoria Waldersee, Rachel More, Bernadette Baum, Emelia Organizations: Staff, JATO Dynamics, Reuters, Volkswagen, REUTERS, Thomson Locations: BERLIN, Berlin, United States, Europe, China, Gruenheide, Germany

☆ Tesla to build 25,000-euro car at German plant - source
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +2 min

A general view shows the Tesla logo on the Gigafactory in Gruenheide near Berlin, Germany, August 30, 2022. REUTERS/Annegret Hilse/File Photo Acquire Licensing RightsCompanies Tesla Inc FollowBERLIN, Nov 6 (Reuters) - Tesla (TSLA.O) will build a 25,000-euro ($26,837.50) car at its factory near Berlin, a source with knowledge of the matter said on Monday, in a long-awaited development for the electric vehicle maker which is aiming for mass uptake of its cars. Tesla Chief Executive Elon Musk visited the plant in Gruenheide, near Berlin, on Friday, after attending an artificial intelligence summit in England. The CEO thanked staff at the plant for their hard work, according to a video posted on X, formerly known as Twitter. At the same meeting, he also informed staff of plans to build the 25,000-euro vehicle there, the source said.

Persons: Annegret, Tesla, Elon Musk, Musk, Victoria Waldersee, Rachel More Organizations: REUTERS, Twitter, Reuters, Thomson Locations: Gruenheide, Berlin, Germany, England

UBS lowered its rating on Albemarle to neutral from buy, slashing its price target by more than 40%. Analyst Matthew Hedberg initiated coverage of the data stock at an outperform rating with a $22 target price for shares. Hedberg's price target implies shares could climb 23.9% over the next year from Friday's close. In addition to the downgrade, analyst Jessica Reif Ehrlich slashed her price target on the stock to $9 from $32. Analyst Joshua Spector downgraded the stock to neutral from buy and slashed his price target to $140 from $253.

Persons: Ferrari, Matthew Hedberg, Hedberg, Alex Harring, Jason Bazinet, Bazinet, — Alex Harring, Jefferies, Brent Thill, Thill, Jessica Reif Ehrlich, Reif, Vivek Arya, Arya, Nicholas Campanella, Campanella, " Campanella, Banks, Goldman Sachs, Citi's Paul Lejuez, Baird, Mark Altschwager, Morgan Stanley, Edouard Aubin, Aubin, there's, Henning Cosman, Cosman, Joshua Spector, Spector Organizations: CNBC, UBS, Barclays, Bank of America, Nvidia, RBC, RBC Capital Markets, Citi, Disney, Jefferies, Paramount, Paramount Global, Dominion Energy, Dominion, Wall, JPMorgan, Ferrari, U.S, UBS downgrades Locations: Albemarle, Friday's, China, Birkenstock

☆ Tesla may finally be about to produce a truly affordable electric car
▼ + stars: | 2023-11-06 | by ( Tom Carter | ) www.businessinsider.com time to read: +3 min

Tesla could build a new car that will sell for nearly $27,000, per Reuters. It could be a boost for the EV transition, which has been hampered by a lack of affordable options. AdvertisementAdvertisementTesla is planning to build a 25,000 euro ($27,000) electric car at its Berlin Gigafactory, according to a report from Reuters citing an unnamed source. Tesla CEO Elon Musk reportedly told staff about the plans during a visit to the factory on Friday. AdvertisementAdvertisementCurrently, the cheapest vehicle Tesla sells is the $38,990 Model 3, which was briefly available for $35,000 in 2019.

Persons: Tesla, —, Elon Musk, Kelley, Musk Organizations: Reuters, Service, Tesla, Ford, GM, EV Locations: Berlin

“We’re trying to make robots that can operate in human spaces.”Do we even need humanoids? Seemingly farther along is Tesla's Austin, Texas-based neighbor Apptronik, which unveiled its Apollo humanoid in an August video demonstration. “That led to development of a new robot that was not really a humanoid, but had several characteristics of a humanoid,” he said via an emailed message. Walking is "not the hardest problem to solve in humanoid robotics," said Geordie Rose, co-founder and CEO of British Columbia, Canada-based startup Sanctuary AI. “Forever more, human- centric robots like that are going to be part of human life.

Persons: hasn’t, Jonathan Hurst, “ We’re, Hurst, There’s, Brett Adcock, Elon Musk, —, “, Marc Raibert, Raibert, ”, Geordie Rose, Rose, ” Rose, Tye Brady, Damion Shelton, ” Shelton, Haleluya Hadero Organizations: Agility Robotics, tote, Amazon, Agility, Boston Dynamics, carmaker Hyundai, Robotics Locations: Oregon, Sunnyvale , California, Austin , Texas, British Columbia, Canada, Seattle

A worker cleans a BMW i7 xDrive60 elecric car while it is charging at a BMW dealership in Sandton, South Africa, October 27, 2023. "We have no interest in sinking prices to gain market share. In a statement, BMW made no mention of high interest rates or inflation weighing on growth, in contrast to competitors such as Mercedes-Benz (MBGn.DE) and Porsche (P911_p.DE). Fully electric sales hit 15.1% of total sales in the third quarter, outstripping BMW's end-year target of 15%. Models from the upper price segment, like the 7 Series, the updated BMW X7, and the BMW X5 and BMW X6 models, are also driving sales growth.

Persons: Siphiwe, Oliver Zipse, That's, Walter Mertl, Victoria Waldersee, Christina Amann, Elaine Hardcastle, Mark Potter Organizations: BMW, REUTERS, JV, LSEG, Mercedes, Benz, Porsche, BMW X5, Thomson Locations: Sandton, South Africa, BERLIN, China

☆ Chinese Tesla rival Nio cuts 10% of workforce as CEO predicts 'intense competition'
▼ + stars: | 2023-11-03 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

Nio's ET5 stands on display at the Central China International Auto Show on May 25, 2023, in Wuhan, China. Chinese electric carmaker Nio plans to cut 10% of its workforce amid "fierce competition," CEO William Li said Friday. This is a tough but necessary decision against the fierce competition." Like many Chinese electric vehicle startups, Nio has been hit by weak consumer sentiment in the world's second-largest economy, stiff competition and a price war kicked off by Elon Musk's Tesla. Nio first resisted any price declines, but ultimately carried one out in June.

Persons: Nio's ET5, William Li, Li, Nio, Elon Musk's Tesla, Xpeng Organizations: Central China International, CNBC, stoke Locations: Wuhan, China

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