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Search resuls for: "Automotive Industry"


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TOKYO, June 27 (Reuters) - Nissan Motor (7201.T) shareholders on Tuesday backed Chief Executive Makoto Uchida and other board nominees at its first annual general meeting since reaching a new deal with alliance partner Renault (RENA.PA). The shareholder meeting has taken place amid new ructions for the automaker's management. Nissan is investigating claims that Uchida carried out surveillance of deputy Ashwani Gupta, sources have said. There were no questions by shareholders about the claims at the shareholder meeting. Shareholders on Tuesday also rejected a proposal by an individual investor for higher dividends this financial year that was opposed by the company's board.
Persons: Makoto Uchida, Uchida, Ashwani Gupta, Gupta, Brenda Harvey, Maki Shiraki, Daniel Leussink, Chang, Ran Kim, David Dolan, Edwina Gibbs Organizations: Nissan, Renault, IBM, Reuters, Thomson Locations: TOKYO
Family offices are the private wealth management firms managing the fortunes of wealthy families. But six people agreed to pull back the curtain on family offices to reveal their inner workings. Trust comes before everything elseThe world of family offices is built on relationships and trust before everything else. "Family offices really primarily are about wealth preservation," said Nisa Amoils, managing partner of A100x Ventures who also sits on the board of the Swig Family Office. "As much as it is a family business, it is also the business of family," said Swig.
Persons: Jahnavi Kumari Mewar, JKM, Oliver Swig, I've, Swig, We've, hasn't, Amoils, Consuelo Vanderbilt, SohoMuse, Vanderbilt, Maximilian Winter, Roy, Ben Bergman, bbergman Organizations: North, RBC, Campden, nouveau, Forbes Iconoclast Summit, A100x Ventures, Vanderbilt, Central American, Wimbledon, Harmonix, SOJA Ventures Locations: New York, Columbus, Central America, San Francisco
New York CNN —British ultra-luxury sports car maker Aston Martin has signed a deal with Lucid Group, the California-based electric luxury car startup. Saudi Arabia’s Public Investment Fund is the largest shareholder in Lucid and the second-largest in Aston Martin, after billionaire chairman Lawrence Stroll. And Lucid will take a 3.7% stake in Aston Martin as part of the newly announced arrangement. Lucid said it was selected by Aston Martin “through a competitive process” in its Monday announcement of the deal. Shares of Aston Martin rose about 11% by midday Monday on news of the deal.
Persons: Aston Martin, Lawrence, Lucid, Aston Martin “, Aston Martin’s Organizations: New, New York CNN, Lucid Group, Aston, Saudi Arabia’s Public Investment Fund, Volvo, Lotus, Mercedes, Benz, Volkswagen Group, BMW, Royce Locations: New York, British, California, Aston Martin
TOKYO, June 24 (Reuters) - Nissan (7201.T) has launched an investigation into claims by a senior adviser that Chief Executive Makoto Uchida carried out surveillance of his deputy Ashwani Gupta, four people with direct knowledge of the matter said. In the letter, Nada said Uchida carried out surveillance over a long period. Asked to comment on the surveillance investigation, Nissan said in response to Reuters: "Independent third parties have been retained to verify facts and carry out appropriate actions." Nada did not detail in the letter how he knew of the alleged surveillance of Gupta. Nada is a member of two executive committees established by Nissan in 2019 as part of a governance reform after the Ghosn scandal.
Persons: Makoto Uchida, Ashwani Gupta, Hari Nada, Nada, Uchida, Renault, Gupta, Nissan, Akira Takeuchi, Anderson Mori, Tomotsune, Carlos Ghosn, Ghosn, Jean, Dominique Senard, Luca de Meo, de Meo, Greg Kelly, Nissan's, Ampere, David Dolan, Gilles Guillaume, Kevin Krolicki, David Clarke Organizations: Nissan, Financial Times, Reuters, Renault, NISSAN, RENAULT, Thomson Locations: TOKYO, Tokyo, Lebanon, Japan, Paris
Power's Initial Quality Study released Thursday. "The automotive industry is facing a wide range of quality problems, a phenomenon not seen in the 37-year history of the [Initial Quality Study]," said Frank Hanley, senior director of auto benchmarking at J.D. The 2023 Initial Quality Study found industry-wide problems per 100 vehicles rose by 12 to 192, on average. The top mass-market brands for initial quality were Dodge, Ram and Buick. The company conducts separate surveys to rank brands by long-term dependability, the appeal of their new vehicles' features and car buyers' purchasing experiences across brands.
Persons: Frank Hanley, Tesla, — Dodge, Ram, Alfa Romeo —, Polestar, General Motors, Korea's, Alfa, aren't, Power, It's Organizations: Volvo, Tesla, U.S, General, Chevrolet, GMC, Buick, Cadillac, Ford, Lincoln, Korea's Hyundai, Kia, longtime paragon, Toyota, Porsche Locations: .
Build quality of certain parts such as audio systems and cup-holders have resulted in quality issues, the report said, which collected data from 93,380 purchasers and lessees of 2023 model-year vehicles. Problems per 100 vehicles (PP100) rose 30 PP100 during the past two years, the report said. A lower score reflects higher vehicle quality. The wide range of quality problems in the automotive industry is "a phenomenon not seen in the 37-year history of the Initial Quality Study", said J.D Power's senior director of auto benchmarking Frank Hanley. Dodge ranked the highest overall in terms of initial quality, while Chrysler and Volvo were jointly ranked lowest, according to J.D.
Persons: Bing Guan, J.D Power's, Frank Hanley, Hanley, Nathan Gomes, Shilpi Majumdar Organizations: Tesla Inc, Dodge, Chrysler, Volvo, Thomson Locations: United States, Carson , California, U.S, Bengaluru
Rome's move will limit the influence of its largest investor, China's Sinochem which has a 37% stake. China is the third-largest market for Bergamo-based Brembo, after the United States and Germany. "If China should somehow retaliate, it wouldn't be just Brembo to suffer, but the whole Italian economy," the source said, referring to the extensive business interests of Italian companies in China. PUTTING THE BRAKES ONAnalysts have speculated about a possible long-term plan to merge Brembo and Pirelli, two of Italy's largest components suppliers in the automotive industry. Pirelli has a market cap of around 4.5 billion euros ($4.9 billion), broadly in line with 4.8 billion euros for Brembo.
Persons: Brembo, Camfin, Marco Tronchetti Provera, Sinochem, Gold, Carlo Alberto Carnevale Maffè, Tronchetti, They've, Giulio Piovaccari, Keith Weir, Sharon Singleton Organizations: MILAN, Pirelli, Reuters, Gold Phoenix, Bocconi University's School of Management, Thomson Locations: China, Bergamo, United States, Germany, Rome, Netherlands
[1/2] The logo of Stellantis is seen on a company's building in Velizy-Villacoublay near Paris, France, February 23, 2022. REUTERS/Gonzalo Fuentes/File PhotoMILAN, June 20 (Reuters) - Carmaker Stellantis (STLAM.MI) and iPhone assembler Foxconn (2317.TW) have created a 50-50 joint venture to design and sell semiconductors for the automotive industry from 2026. The joint venture, called SiliconAuto, will supply Stellantis, including its new 'STLA Brain' electronic and software architecture, Foxconn and other customers, the two companies said in a statement. The deal, for which no financial details were provided, follows a preliminary agreement that Stellantis and Foxconn signed in December 2021 to partner in semiconductors for the automotive industry. Separately, Stellantis and Foxconn already have the Mobile Drive joint venture to develop in-car and connected-car technologies for the auto industry.
Persons: Gonzalo Fuentes, MILAN, Foxconn, Stellantis, Ned Curic, SiliconAuto, Giulio Piovaccari, Keith Weir Organizations: REUTERS, Fiat, Peugeot, Thomson Locations: Velizy, Villacoublay, Paris, France, Netherlands
Tesla CEO Elon Musk is scheduled to meet India's Prime Minister Narendra Modi today in New York during Modi's visit to the United States, according to two sources familiar with the situation. Musk and Modi are expected to discuss Tesla's ambitions in the country, setting up a manufacturing base and possible incentives for battery production. Tesla has discussed operating in India in the past, but so far hasn't reached an agreement there. Tesla's largest manufacturing base outside the U.S. is in China, and it's also working on a major facility outside Berlin. While India is widely seen as a growth market for the broader automotive industry, the International Energy Agency projects electric car sales still represent a small share of the global market.
Persons: Elon Musk, Narendra Modi, Modi, Tesla, it's Organizations: India's, Tata Motors, Mahindra, Ola, EV, International Energy Agency Locations: New York, United States, India, U.S, China, Berlin, Mexico, Europe
DETROIT – Toyota Motor stock sealed its best week since 2009 on Friday, as the automaker laid out a robust plan for future all-electric vehicles and company scion Akio Toyoda became leader of the Japanese company's board. Shares of Toyota on the New York Stock Exchange closed Friday at $164.35 per share, down 2.3% for the day but still up 10.6% on the week. That 5-day gain is the stock's best week since April 2009 when shares increased 14.5%. It's only the third double-digit weekly gain in more than two decades for the relatively well-performing but mundane stock. Shares of the company are up 20% so far in 2023.
Persons: Akio Toyoda, Toyoda, Koji Sato Organizations: DETROIT, Toyota, New York Stock Exchange, Prius Prime Locations: EVs
A Tesla charging station stands in a parking lot on January 17, 2023 in Springfield, Virginia. But other EV charging companies have, so far, faced a far greater reliability challenge than Tesla’s. It’s an integrated system and has been from the very beginning,” said Jim Burness, chief executive of National Car Charging, a wholesaler of equipment to the EV charging industry. In both cases, drivers will be able to access Tesla chargers without having to use Tesla apps. That could lead to more lines at Tesla chargers, irritating Tesla owners.
Persons: Tesla, Anna Moneymaker, Stephanie Brinley, Jon McNeill, , “ Tesla, Jim Burness, Justin Sullivan, Alan Wexler, , ” Wexler, Dan Barbossa, CNN’s, Mark J, Terrill, they’re, you’re, Brendan Jones, Blink, Burness, “ That’s, Stephen Beck, Gary Silberg Organizations: CNN, P Global Mobility, Ford, General Motors, EV, GM, Nissan, Tesla, DVx Ventures, CNN Business, Detroit, CCS, KPMG Locations: United States, Springfield , Virginia, America, San Francisco , California, Westlake, Calif
Mercedes-Benz and Microsoft to test ChatGPT in vehicles
  + stars: | 2023-06-15 | by ( Michael Wayland | ) www.cnbc.com   time to read: +1 min
Mercedes-Benz and Microsoft are partnering to test in-car ChatGPT artificial intelligence, available to more than 900,000 vehicles in the U.S., the companies announced Thursday. The luxury automaker said the emerging technology will be used for audio requests through its Hey Mercedes voice assistant, which is expected to greatly expand the system's capabilities. It is the first implementation of ChatGPT in a vehicle, according to a Microsoft spokesperson. Similar to other industries, the potential applications of ChatGPT in the automotive industry have emerged as a growing discussion. GM earlier this year said it was exploring use cases for ChatGPT in its vehicles as part of a broader collaboration with Microsoft, an investor in OpenAI, which created the technology.
Persons: Mercedes, Hey Mercedes Organizations: Mercedes, Benz, Microsoft, Motors, GM Locations: U.S, OpenAI
[1/2] The Toyota logo is seen on the bonnet of a newly launched Camry Hybrid electric vehicle at a hotel in New Delhi, India, January 18, 2019. REUTERS/Anushree Fadnavis/File PhotoTOYOTA CITY, Japan, June 14 (Reuters) - Shareholders of Toyota (7203.T) voted down an unprecedented resolution on its automaker's climate lobbying and backed its board at an annual general meeting (AGM) on Wednesday, sending an endorsement of the Japanese automaker's strategy. Shareholders also voted in favour of all 10 members of the board. That vote, and particularly support for Chairman Akio Toyoda, has been in focus after some major U.S. pension funds said they would not vote for Toyoda, citing concerns about board independence. Toyota is taking a multi-pathway approach toward carbon neutrality that includes petrol-electric hybrids and hydrogen fuel cells, along with EVs.
Persons: Anushree, Akio Toyoda, Toyoda, Akio, Tadashi Imai, Daniel Leussink, David Dolan, Christopher Cushing Organizations: REUTERS, TOYOTA CITY, Toyota, Shareholders, Thomson Locations: New Delhi, India, Japan
The plan comes a day before an annual shareholders meeting where governance and strategy - including a slow pivot to battery EVs under former CEO Akio Toyoda - will be scrutinised. Toyota said it aims to launch next-generation lithium-ion batteries from 2026 offering longer ranges and quicker charging. At the high end of the market, Toyota said it would produce an EV with a more efficient lithium-ion battery offering a range of 1,000 km (621 miles). An EV powered by a solid-state battery would have a range of 1,200 km and charging time of just 10 minutes, Toyota said. "What we want to achieve is to change the future with BEVs," Takero Kato, president of new Toyota EV unit BEV Factory, said in a video posted on the automaker's YouTube channel on Tuesday.
Persons: Akio Toyoda, Koji Sato, Takero Kato, BEV Factory, Henry Ford, Koji Endo, Toyota's, I'm, it's, Toyota's BEV Factory, Kato, Tesla, Daniel Leussink, Christopher Cushing, Kevin Krolicki Organizations: Toyota, EVs, Tesla, Engineers, Toyota EV, YouTube, NEW ASSEMBLY, SBI Securities, Lexus, Thomson Locations: TOKYO, China
The Japanese carmaker said it aims to launch next-generation batteries from 2026, seeking to win over consumers with vehicles that offer longer driving ranges and quicker charging times. It also said it was developing a method to mass produce solid-state batteries, which it aims to commercialise in 2027-2028. The automaker said it would produce an EV with a more efficient lithium-ion battery which would have a range of 1,000 km (621 miles). "We will launch the next-generation battery EVs globally and as a full lineup on the market from 2026," Kato said. Toyota also detailed other technologies that it plans to deploy to reduce costs for its EVs and batteries.
Persons: Takero Kato, BEV Factory, Kato, Tesla, Daniel Leussink, Christopher Cushing, Kevin Krolicki Organizations: Toyota, EVs, Tesla, Toyota EV, YouTube, U.S, Lexus, Thomson Locations: TOKYO
That equates to discounts ranging from 6% to 9% on Nio cars. The company also would no longer provide free battery swapping services to buyers who place deposits on Monday and onwards, it said. Nio had been offering the swapping services for free at least four times each month to existing owners. The loss-making company's investments in battery swapping stations, however, have been questioned by investors for dragging on its profitability. With its pure electric cars priced above 300,000 yuan, Nio delivered 43,854 vehicles in the first five months.
Persons: William Li, Nio, Tesla, Zhang Yan, Brenda Goh, Kim Coghill, Tom Hogue Organizations: HK, Volkswagen, Tesla, Thomson Locations: SHANGHAI, China, BYD, Hong Kong
Tesla stock charges upwards on deal with GM
  + stars: | 2023-06-09 | by ( Peter Valdes-Dapena | ) edition.cnn.com   time to read: +3 min
Both Ford and GM EV drivers will, for now, need special adapters to allow their vehicles to use Tesla chargers. Tesla’s charging system had been proprietary and only usable by Teslas – although Teslas could use CCS chargers with an adapter. But CEO Elon Musk announced in late 2022 that he was inviting other automakers and charging companies to use Tesla’s charging system and design standards. Tesla’s NACS chargers outnumber CCS chargers in the United States by a factor of two to one, according to Tesla. Other automakers, such as KIa, Hyundai, BMW, Mercedes and Volkswagen, still use the CCS charging standard and have not announced any plans to change.
Persons: CNN — Tesla, , Gary Silberg, , Elon Musk, Mary Barra, Sam Abuelsamid, Tesla, Justin Sullivan, Guidehouse’s, KPMG’s Silberg, Abuelsamid, Musk, GM’s Organizations: CNN, General Motors, Ford, GM EV, Tesla, KPMG, GM EVs, Guidehouse, CCS, GM, GM’s Chevrolet, Cox Automotive, KIa, Hyundai, BMW, Mercedes, Volkswagen Locations: United States, CALIFORNIA, San Rafael , California, North America
This year marks the 100th anniversary of the 24 Hours of Le Mans, which was first held in May 1923 to help spur innovation in the growing automotive industry by emphasizing not just speed, but also efficiency, reliability and endurance. “It is a very demanding race, and the greatest race,” said Tom Kristensen, who has won Le Mans a record nine times. The Automobile Club de l’Ouest organized that first race, designing a course on public roads south of Le Mans that bisected forests and passed residential areas.
Persons: , Tom Kristensen, Le Locations: Le
Toyota shares closed up 3.4%, outperforming the 1.2% gain in the Nikkei index (.N225). BOARD INDEPENDENCENew York City Comptroller Brad Lander said in a statement the Toyota board was not adequately independent. The New York comptroller's office oversees a pension system with $243 billion in assets under management. Those funds held 6.7 million shares in Toyota Group companies, including Toyota Boshoku (3116.T) and Toyota Tsusho (8015.T) as of end March. The New York pension system has also urged both Ford (F.N) and General Motors (GM.N) to move rapidly toward electrification and to disclose more about their lobbying on vehicle standards.
Persons: Akio Toyoda, Glass Lewis, Toyoda, CalPERS, Brad Lander, Daniel Leussink, David Dolan, Maki Shiraki, Kevin Krolicki, Jamie Freed, Christopher Cushing, Leslie Adler Organizations: Toyota Motor Corp, California Public Employees, New York, Toyota, Tokyo Stock Exchange, Nikkei, The, Toyota Group, Ford, General Motors, Lexus, Thomson Locations: TOKYO, New York City, York, Tokyo
One of them, Glass Lewis, recommended shareholders vote against re-electing Toyoda, citing what it said was his responsibility for the lack of a sufficiently independent board. Toyota on Friday did not immediately comment on the votes against the re-election of Toyoda. The New York comptroller's office oversees a pension system with $243 billion in assets under management. BOARD INDEPENDENCENew York City Comptroller Brad Lander said the Toyota board was not adequately independent, in a statement explaining the vote by the funds it oversees. The New York pension system has also urged both Ford (F.N) and General Motors (GM.N) to move rapidly toward electrification and to disclose more about their lobbying on vehicle standards.
Persons: Akio Toyoda, Glass Lewis, Toyoda, CalPERS, Brad Lander, Elon, Daniel Leussink, David Dolan, Maki Shiraki, Kevin Krolicki, Jamie Freed Organizations: Toyota Motor Corp, California Public Employees, New York, Toyota, Tokyo Stock Exchange, The, New, Ford, General Motors, Thomson Locations: TOKYO, New York City, York, New York, Tokyo
One of them, Glass Lewis, recommended shareholders vote against re-electing Toyoda, citing what it said was his responsibility for the lack of a sufficiently independent board. CalPERS, which declined to comment, is the largest U.S. public pension fund with some $450 billion in assets under management. The New York City pension funds held 6.7 million shares in Toyota Group companies, including Toyota Boshoku (3116.T) and Toyota Tsusho (8015.T) as of end March. BOARD INDEPENDENCENew York City Comptroller Brad Lander said the Toyota board was not adequately independent, in a statement explaining the vote by the funds it oversees. The New York pension system has also urged both Ford (F.N) and General Motors (GM.N) to move rapidly toward electrification and to disclose more about their lobbying on vehicle standards.
Persons: Akio Toyoda, Glass Lewis, Toyoda, CalPERS, Brad Lander, Daniel Leussink, David Dolan, Maki Shiraki, Kevin Krolicki, Jamie Freed, Christopher Cushing Organizations: Toyota Motor Corp, California Public Employees, New York, Toyota, Tokyo Stock Exchange, The, New, Toyota Group, Nikkei, Ford, General Motors, Lexus, Thomson Locations: TOKYO, New York City, York, Tokyo
Companies Toyota Motor Corp FollowTOKYO, May 31 (Reuters) - Toyota Motor Corp (7203.T) said on Wednesday that information on customers in some countries in Oceana and Asia, excluding Japan, may have been left publicly accessible from October 2016 to May 2023. Toyota is investigating the issue based on the laws and regulations of each country, a company spokesperson said. Toyota did not say how many customers were affected by the incident, in which countries they are located exactly, and whether customers of its luxury Lexus brand were affected. Only part of customers' information may have been externally accessible, the company said. The company initially uncovered the incident announced this month by chance, during inspections that started on April 7, the spokesperson said.
Persons: Daniel Leussink, Tom Hogue, Jacqueline Wong, Gerry Doyle Organizations: Toyota Motor Corp, Toyota Connected Corp, Toyota, Lexus, Thomson Locations: Oceana, Asia, Japan
[1/2] Tesla Chief Executive Officer Elon Musk gets in a Tesla car as he leaves a hotel in Beijing, China May 31, 2023. REUTERS/Tingshu WangBEIJING, May 31 (Reuters) - Tesla Inc (TSLA.O) CEO Elon Musk kicked off his second day in China with visits to the country's commerce ministry and industry ministry. Musk left his hotel on Wednesday morning accompanied by Grace Tao, Tesla's China-based public affairs chief and Tom Zhu, head of global manufacturing. He next visited the Ministry of Industry and Information which has regulatory oversight of the automotive industry. Tesla and the ministries did not immediately reply to a request for comment on discussions with Musk.
Persons: Elon Musk, Tingshu Wang, Musk, Grace Tao, Tom Zhu, Wang Wentao, Tesla, Qin Gang, Zeng Yuqun, CATL, Martin Pollard, Josh Arslan, Wang Tingshu, Joe Cash, Zhang Yan, Brenda Goh, Edwina Gibbs Organizations: Tesla, REUTERS, Tesla Inc, Ministry of Industry, Foreign, Thomson Locations: Beijing, China, Tingshu Wang BEIJING, Shanghai, United States
Companies Advance Auto Parts Inc FollowMay 31 (Reuters) - Advance Auto Parts Inc (AAP.N) lowered its full-year profit outlook on Wednesday on the back of elevated costs, sending the auto parts retailer's shares down 24% before the opening bell. The Delaware-based supplier now expects to report net sales between $11.2 billion and $11.3 billion for 2023, down from its prior guidance of $11.4 billion to $11.6 billion. Despite pricing actions, the company added that supply headwinds and unfavorable product mix pulled down its first-quarter earnings. The company posted net income of $0.72 per share, down from $2.26 reported last year. The Delaware-based supplier reported net sales of $3.42 billion for the quarter ended April 23, up 1.3% from the prior year.
Persons: Tom Greco, Raechel Thankam, Maju Samuel Organizations: Parts Inc, Thomson Locations: Delaware, The Delaware, Bengaluru
In other news:Tech workers are searching for low stress jobs on social media. Tech workers are looking for less stressful jobs. But one Amazon worker said there's "no such thing as [a] high pay low stress job in tech." Love Love Love: Award-winning engagement photos from around the world. Email dsiu@insider.com or tweet @diamondnagasiu) Edited by Alistair Barr (tweet @alistairmbarr) in San Francisco and Hallam Bullock (tweet @hallam_bullock) in London.
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