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☆ Uber, Motional launch robotaxi service in Las Vegas
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +2 min

Dec 7 (Reuters) - U.S. ride-hailing firm Uber Technologies Inc (UBER.N) and driverless tech-maker Motional have launched their public robotaxi service in Las Vegas on Wednesday. Tough regulatory scrutiny and delayed commercial adoption of autonomous vehicle technology have delayed deployment of robotaxi services, leaving investors worried. The launch is part of a non-exclusive 10-year agreement between both the companies for driverless vehicles, with a rollout in Los Angeles expected to follow. In the multi-market deal, Motional's autonomous vehicles would also ferry both passengers and delivery items for Uber and its Uber Eats division. Last month, rival Lyft (LYFT.O) said it would launch the robotaxi service in Los Angeles after it had rolled out in Las Vegas earlier this year.

☆ Automakers, South Korea urge U.S. to tap commercial EV tax credit
▼ + stars: | 2022-12-07 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

Rivian Automotive (RIVN.O), Hyundai Motor (005380.KS) and Kia Corp (000270.KS) among others want the administration to let consumer vehicle leasing qualify for the commercial EV tax credit that could reduce monthly lease payments. South Korea also asked Treasury not to impose any budget restrictions on commercial vehicle tax credits through 2025. The commercial credit does not have the same sourcing or pricing restrictions but has an "incremental cost" eligibility test that might prove complex. Some automakers want Treasury to make it easier to ensure most commercial light-duty vehicles qualify for $7,500 tax credits. Tesla (TSLA.O)said commercial credits "should apply exclusively for commercial end-users" and the consumer tax credit "should apply exclusively for individual end-users."

☆ UAW calls on automakers to move supply chain out of Xinjiang region
▼ + stars: | 2022-12-06 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

[1/2] Police officers patrol in the old city in Kashgar, Xinjiang Uyghur Autonomous Region, China, May 4, 2021. REUTERS/Thomas PeterWASHINGTON, Dec 6 (Reuters) - The United Auto Workers (UAW) union called on automakers to shift their entire supply chain out of China's Xinjiang region after a new report on Tuesday suggests that nearly every major automaker has significant exposure to products made with forced labor. "The time is now for the auto industry to establish high-road supply chain models outside the Uyghur Region that protect labor and human rights and the environment," said UAW President Ray Curry. "In some cases, Uyghur forced labor is apparent at multiple steps" of parts manufacturing, mining, refining, pre-fabrication and assembly, it added. Curry called on the U.S. government to "devote the necessary resources to allow Customs and Border Protection (CBP) to effectively identify and ban the importation of products made with forced labor."

TOKYO, Dec 6 (Reuters) - Japanese electronics and entertainment conglomerate Sony Group Corp (6758.T) said on Tuesday it has the technology to make humanoid robots quickly once it has identified how they could be effectively used. "In terms of technology, several companies in the world including this one have enough technology accumulated to make them swiftly once it becomes clear which usage is promising," Sony Chief Technology Officer Hiroaki Kitano told Reuters in an interview. Sony launched a robot dog called Aibo more than two decades ago. Humanoid robots have been in development for decades by Honda Motor Co (7267.T) and Hyundai Motor Co (005380.KS) and in September, Tesla (TSLA.O) Chief Executive Elon Musk showed off a prototype of its humanoid robot Optimus. Musk's company is floating plans to deploy thousands of the robots in its factories, expanding eventually to millions around the world.

☆ Ford claims No. 2 spot in EVs behind Tesla – but gap remains wide
▼ + stars: | 2022-12-02 | by ( Michael Wayland | ) www.cnbc.com time to read: +3 min

Tesla remains the industry leader by a wide margin, but has been losing market share as more EVs enter the market. The company reported sales of 53,752 all-electric vehicles in the U.S. through November. Tesla has long-dominated U.S. EV sales. Ford reported its EV sales as part of its November results, which overall were down 7.8% from a year earlier. Its EV sales were up from a year ago, when sales volume was very limited.

☆ Hyundai Motor, SK On in EV battery supply pact in N. America
▼ + stars: | 2022-11-29 | by ( ) www.reuters.com time to read: +1 min

SEOUL, Nov 29 (Reuters) - South Korea's Hyundai Motor Group and battery maker SK On have signed a pact on the supply of electric vehicle (EV) batteries in North America, the companies said on Tuesday. In a statement, SK On said the memorandum of understanding (MOU) lets the two companies cooperate in providing its batteries to the auto group’s plants in the United States after 2025 for production of electric vehicles. It added that the partnership allows the two firms to shape a response to the U.S. tax credit qualifications required under August's Inflation Reduction Act. From next year, at least 40% of the value of critical minerals for batteries will have to come from the United States or a U.S. free-trade partner in order to receive tax credits, a threshold set to rise to 80% in 2027. Reporting by Heekyong Yang and Joyce Lee; Editing by Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

☆ Elon Musk’s Twitter Politics Add to Pressure on Tesla’s Brand Image
▼ + stars: | 2022-11-29 | by ( Patrick Coffee | Rebecca Elliott | ) www.wsj.com time to read: +6 min

Self-identifying Democrats in particular have soured on the car maker since Mr. Musk bought Twitter for $44 billion in late October, according to data from research firm Morning Consult. Mr. Musk, who plays a large role in the public image of Tesla and now Twitter, on Nov. 7 urged voters to back Republicans in the midterm elections. Net favorability is the percentage of respondents with positive perceptions of a brand minus the percentage with negative perceptions. Tesla also has millions of active supporters online, as does Mr. Musk. More than 94% of U.S. adults are now familiar with Mr. Musk, up from about 75% one year ago, according to Mr. Marlatt of Morning Consult.

[1/2] Hyundai displays the new Ioniq 6 vehicle at the 2022 Los Angeles Auto Show in Los Angeles, California, U.S., November 17, 2022. REUTERS/Mike Blake/File PhotoSEOUL, Nov 29 (Reuters) - South Korea's Hyundai Motor Group has signed an agreement to source electric vehicle (EV) batteries in North America from battery maker SK On, the companies said on Tuesday. "We expect the stable supply of EV batteries from SK On will also enable us to contribute to emissions reduction and meet climate goals in the market," Hyundai said in a statement. South Korea's trade ministry said on Tuesday that Hyundai Motor was considering building EVs at its existing factories in the United States to qualify for U.S. federal EV tax credits. Reporting by Heekyong Yang and Joyce Lee; Editing by Clarence Fernandez and Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

☆ Hyundai Motor, LGES consider building two JV battery plants in U.S. -report
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +1 min

[1/2] A security guard is seen at the main entrance of a plant of Hyundai Motor Co on the outskirts of Beijing, China January 25, 2019. REUTERS/Jason Lee/File PhotoSEOUL, Nov 28 (Reuters) - South Korea's Hyundai Motor Co (005380.KS) and LG Energy Solution Ltd (LGES) (373220.KS) are considering building two joint venture battery plants in the United States, a local online news outlet reported on Monday. Hyundai Motor was not immediately available for comment when contacted by Reuters. The report added that the new factories were likely to be located near Hyundai Motor Group's new EV plant in Georgia and would help the company meet U.S. EV subsidy rules. Last year, Hyundai Motor Group and LG Energy Solution said they would set up a $1.1 billion EV battery joint venture in Indonesia.

☆ Take Five: Everything to play for
▼ + stars: | 2022-11-25 | by ( ) www.reuters.com time to read: +5 min

Markets are hopeful the Federal Reserve will soon slow the pace of its aggressive rate hikes. The U.S. economy likely created 200,000 new jobs, a Reuters poll of economists forecasts found, in what would be the smallest gain since December 2020. Manufacturing indicators, mainly PMIs, due next week might attest to the weakness already seen across the economy. Inflation in the euro zone was 10.6% in October, more than five times the European Central Bank's 2% target. Indeed, the Fed may be getting ready to slow the pace of its rate hikes, but the ECB is not there yet.

☆ Stellantis looks to India for affordable EVs for Europe
▼ + stars: | 2022-11-24 | by ( Aditi Shah | ) www.reuters.com time to read: +3 min

NEW DELHI, Nov 24 (Reuters) - Fiat parent Stellantis (STLA.MI) has concluded it can't currently make affordable electric vehicles (EVs) in Europe and is looking at lower-cost manufacturing in markets such as India, its chief executive told reporters. "So far, Europe is unable to make affordable EVs. Stellantis is investing heavily in EVs and plans to produce dozens in the coming decade, but Tavares warned last month that affordable battery EVs were between five and six years away. The power that is best placed to leverage this opportunity is obviously India," Tavares said. The carmaker plans to launch its first EV in India - an electric model of its Citroen C3 compact car - early next year.

☆ Stellantis looks to India for affordable EVs for Europe amid competition from China
▼ + stars: | 2022-11-24 | by ( Aditi Shah | ) www.reuters.com time to read: +3 min

NEW DELHI, Nov 24 (Reuters) - Fiat parent Stellantis (STLA.MI) has concluded it can't currently make affordable electric vehicles in Europe and is looking at lower-cost manufacturing in markets such as India, its chief executive told reporters. "So far, Europe is unable to make affordable EVs. The power that is best placed to leverage this opportunity is obviously India," Tavares said. Stellantis already makes its own electric motors and battery packs, and also has plans to make battery cells. In India, too, Tavares wants to locally procure EV components, including batteries so it can be competitive on cost and price.

☆ South Korean truckers go on strike, posing risk to supply chain
▼ + stars: | 2022-11-23 | by ( Ju-Min Park | ) www.reuters.com time to read: +2 min

SEOUL, Nov 24 (Reuters) - Unionised truckers in South Korea kicked off their second major strike in less than six months on Thursday, threatening to disrupt manufacturing and fuel supplies in the world's 10th-largest economy. With fuel costs soaring, the truckers are calling on the government to make permanent a minimum-pay system that is due to expire by the end of the year, and to expand benefits for truckers in other industries, including oil tankers. Lead organiser the Cargo Truckers Solidarity Union (CTSU) has warned the strike could stop oil supplies at major refineries and transport at major ports and industrial plants. In June, an eight-day strike by truckers delayed cargo shipments for industries from autos to semiconductors in Asia's fourth-largest economy, costing more than $1.2 billion in lost output and unmet deliveries. The Korea Oil Station Association is asking gas station owners to secure enough inventory ahead of the strike, an association official said earlier.

Land Minister Won Hee-ryong said that the government would consider deploying military trucks to areas needed for urgent transport. The Korea Oil Station Association is asking gas station owners to secure enough inventory ahead of the strike, an association official said on Wednesday. "We learned some lessons from the last strike," said the official, who declined to be named because of the sensitivity of the issue. The transport ministry had said some 7,000 people participated in the June strike, while the union said more than 22,000 took part. The Korea International Trade Association, a shippers' body, said on Wednesday that it has created a task force to handle any disruptions and minimise trade damage.

☆ Hyundai's best years in the U.S. are set to be tested by the Inflation Reduction Act
▼ + stars: | 2022-11-23 | by ( Michael Wayland | ) www.cnbc.com time to read: +7 min

"I think what Hyundai, Kia and Genesis have done is they've really compressed that time frame. Sales of Hyundai and Kia vehicles have risen roughly 61% since 2010 to more than 1.4 million vehicles in the U.S. last year. LMC forecasts Hyundai's sales of all-electric vehicles are expected to represent 9.2% of the U.S. EV market this year. While sales are expected to grow that percentage is seen as the company's peak until at least 2024 or 2025, when the new Georgia plant is set to come online. Munoz said the new Georgia plant is expected to produce 300,000 vehicles annually, with the potential to reach 500,000 in the future.

☆ LG Chem to invest over $3 billion to build U.S. battery cathode plant
▼ + stars: | 2022-11-22 | by ( Heekyong Yang | ) www.reuters.com time to read: +3 min

SEOUL, Nov 22 (Reuters) - South Korea's LG Chem Ltd (051910.KS) said on Tuesday it will invest more than $3 billion to build a battery cathode factory in Tennessee, as it ramps up plans to meet rising demand for U.S. electric vehicle components. Mass production is set to start in the second half of 2025 and the plant will create more than 850 jobs, LG Chem said in a statement. LG Chem is expected to supply cathode materials to Ultium Cells, a battery joint venture between General Motors (GM.N) and LG Chem's subsidiary LG Energy Solution Ltd (LGES) (373220.KS). GM has said it will use NCMA battery cathodes from LG Chem for a range of EVs using Ultium-branded batteries. At this month's G20 summit, South Korean President Yoon Suk-yeol asked U.S. President Joe Biden to prevent discriminatory measures against South Korean companies, his office said.

The move angered foreign governments and foreign-owned carmakers who say the change will disqualify a majority of their EV fleets from North American markets. "But it should not have negative side effects on their European allies and the European economy." South Korean President Yoon Suk-yeol also spoke to Biden about the issue during a bilateral meeting at the G20 summit, according to Yoon’s office. The Treasury is working to define the rules for some $278 billion worth of tax credits on EVs, solar and wind power investments and a range of other technologies. While a number of countries have said the U.S. tax credits likely violate World Trade Organization rules, none have sought to file a formal challenge.

☆ Lyft, Motional to launch robotaxi service in Los Angeles
▼ + stars: | 2022-11-17 | by ( ) www.reuters.com time to read: +1 min

Tough regulatory scrutiny and delayed commercial adoption of autonomous vehicle technology have delayed deployment of robotaxi services, worrying investors. Los Angeles will become the second city where the companies will offer the driverless taxi service after Las Vegas. Motional which uses Hyundai Motor Co's (005380.KS) IONIQ5 electric car for the robotaxi service is a joint venture between the South Korean manufacturer and automotive technology company Aptiv (APTV.N). The autonomous vehicle technology company also has a 10-year agreement with Uber Technologies Inc (UBER.N) for supplying driverless vehicles. Competitor Waymo started its autonomous ride-hailing service in Phoenix, Arizona last week.

☆ Indonesia's Adaro signs MoU with Hyundai for aluminium supply
▼ + stars: | 2022-11-13 | by ( ) www.reuters.com time to read: +1 min

NUSA DUA, Indonesia, Nov 13 (Reuters) - Indonesian metals company PT Adaro Minerals Indonesia, Tbk has signed a memorandum of understanding (MoU) with South Korea's Hyundai Motor Company on aluminium supply for automobile manufacturing, Adaro said in a statement on Sunday. The MoU was signed on the sidelines of the G20 summit in Bali, Indonesia. Under the MoU, Hyundai would secure the right to purchase aluminium produced by Adaro's subsidiary PT Kalimantan Aluminum Industry at an early stage of production, the statement said. Adaro Minerals is a unit of Indonesia's second-largest coal miner Adaro Energy. Reporting by Fransiska Nangoy and Ananda Teresia; Editing by Kanupriya KapoorOur Standards: The Thomson Reuters Trust Principles.

☆ Australia's Arafura inks rare-earth supply deal with Hyundai and Kia
▼ + stars: | 2022-11-06 | by ( Reuters Staff | ) www.reuters.com time to read: +1 min

Slideshow ( 2 images )(Reuters) -Australia’s Arafura Rare Earths Ltd said on Monday it had signed a binding supply deal with South Korea’s Hyundai Motor Co and its unit Kia Corp to supply up to 1,500 tonnes of a rare-earth oxide per year. Neodymium-Praseodymium (NdPr) oxide, an element used in the making of electric motors for electric vehicles, is prized by automobile companies making the green energy transition. Supply of the element is currently anticipated to commence in 2025 subject to project financing, construction and commissioning of the project. The Perth-based miner also signed an agreement to begin talks for strategic investment with Hyundai and its affiliates, it said. In July, Arafura signed a non-binding agreement to help GE Renewable Energy build a supply chain that it will need to manufacture offshore wind turbines.

☆ Tesla's California EV market share slips as rivals step up
▼ + stars: | 2022-11-03 | by ( Hyunjoo Jin | ) www.reuters.com time to read: +2 min

[1/2] Tesla vehicles are shown at a sales and service center in Vista, California, U.S., June 3, 2022. REUTERS/Mike BlakeSAN FRANCISCO, Nov 3 (Reuters) - Tesla's (TSLA.O) dominant market share of the electric vehicle market in California slipped again this year, according to Reuters' calculations based on government data from January to September, as rivals up their game. Tesla controlled 73% of the battery electric market in California from January to September, the lowest level since 2018, according to new vehicle registration data from the California Energy Commission. "We are reaching a saturation point for Tesla market share in California," said Ed Kim, president of AutoPacific. He expected rivals to continue to take away market share, while also expecting Tesla sales would still grow.

SEOUL, Nov 3 (Reuters) - SK Innovation Co Ltd (096770.KS), the owner of South Korea's top oil refiner SK Energy, said on Thursday it expects a gradual recovery in refining margins this quarter as stronger Western sanctions on Russia and the winter season push up fuel demand. However, the company said margins will likely remain not far from third-quarter levels due to global recession worries. SK Innovation's operating profit rose to 704 billion won ($493 million) in the July-September period from 669 billion won a year earlier, it said. Revenue rose 82% to 22.8 trillion won, beating an average analyst estimate of 19.8 trillion won according to Refinitiv SmartEstimate. SK Innovation shares were trading up 0.8% in morning trade, versus a 0.6% fall in the broader KOSPI (.KS11).

☆ Analysis: Ford, VW pop the automated-vehicle bubble with Argo AI exit
▼ + stars: | 2022-10-26 | by ( Paul Lienert | ) www.reuters.com time to read: +4 min

DETROIT, Oct 26 (Reuters) - The road map to fully self-driving vehicles is being rewritten once again, this time by Ford Motor Co (F.N) and Volkswagen AG (VOWG_p.DE). VW also bought Argo shares from Ford for $500 million. Ford previously injected $1 billion into Argo when it bought control of the company in 2017. Before it acquired the stake in Argo, VW flirted with at least two other U.S.-based self-driving startups: Alphabet Inc's (GOOGL.O) Waymo and Aurora Innovation (AUR.O). VW reportedly considered a $13.7 billion investment in 2018 in Waymo for a 10% stake that would have valued Waymo at $137 billion.

The South Korean firm said its battery order backlog rose to 370 trillion won ($260 billion) by the end of September, or nearly 15 times its projected 2022 revenue. LGES shares jumped 3.3% after the results, beating a rise of 1% rise in the benchmark index (.KS11). LGES, which also supplies automakers such as GM, Ford Motor Co (F.N) and Volkswagen AG (VOWG_p.DE), raised its 2022 revenue outlook to 25 trillion won from 22 trillion, citing new projects from automakers. The result beat a Refinitiv SmartEstimate of 488 billion won profit from 17 analysts and compares with a loss of 373 billion a year earlier. Revenue jumped 90% to 7.6 trillion won.

☆ Hyundai says new U.S. EV plant could begin production in 2024, produce 500,000 vehicles annually
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: 1 min

SAVANNAH, Georgia Oct 25 (Reuters) - Hyundai Motor Co (005380.KS) global chief operating officer Jose Munoz on Tuesday said the automaker's new $5.54 billion Georgia electric vehicle and battery plant could begin production in 2024 and eventually produce 500,000 vehicles annually. Korea's largest automaker broke ground on the new plant west of Savannah that is scheduled to begin producing vehicles in January 2025 and build 300,000 vehicles annually. Munoz told reporters the plant will produce five or six models and could begin building vehicles as early as the third quarter of 2024. "This plant is ready to get up to 500,000 (vehicles annually) if the demand is there," Munoz said. Reporting by David Shepardson; Editing by Mark PorterOur Standards: The Thomson Reuters Trust Principles.

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