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☆ Nissan, Renault to invest $600 million to make 6 new models in India
▼ + stars: | 2023-02-13 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Mike BlakeTOKYO, Feb 13 (Reuters) - Nissan Motor Co (7201.T) and Renault SA (RENA.PA) said on Monday they would invest $600 million to make six new models in India, one of three markets in which the two automakers plan to coordinate closely in a revamped alliance announced last week. Two models would be electric vehicles (EVs), the companies' first in India; the others would be sports utility vehicles. Unlike Nissan, Renault does not have a significant presence China, the United States and Japan, raising the stakes for its success in India. Industry-wide sales in India surged 23% last year to 4.4 million vehicles, overtaking the Japanese market, according to S&P Global Mobility. The Chennai plant can produce about 500,000 vehicles a year, but last year Renault sold only 87,000 in India and Nissan 35,000.

☆ Hyundai launches 'no commitment' electric vehicle monthly subscription – here's why it's different from leasing
▼ + stars: | 2023-02-12 | by ( Jordan Hart | ) www.businessinsider.com time to read: +3 min

The subscription program will allow users to rent an electric car for as low as $699 per month. The South Korean car manufacturer announced the start of its Evolve+ electric vehicle subscription service at the 2023 Chicago Auto Show on Thursday. The Evolve+ app is available on the Google Play store and the Apple App Store. It's also advertised as a way to test out an electric vehicle with no long-term commitment. "Evolve+ gives our customers the opportunity to try an electric vehicle and see if it is right for their lifestyle.

☆ Vietnamese EV maker VinFast says job cuts won't derail plans to start U.S. production
▼ + stars: | 2023-02-10 | by ( Sheila Chiang | ) www.cnbc.com time to read: +3 min

"We still plan to start the trial production in 2024 as originally planned," Le said. The annual production capacity of the plant is 150,000 electric vehicles, according to the company's release. The next markets VinFast plans to target will be in Europe, namely Germany, France and the Netherlands, said the CEO. However, VinFast vehicles do not currently qualify for the $7,500 tax credit in the U.S. because they are not built in the country, but are built in Vietnam. "I believe that in the long run [we are] going to concentrate the manufacturing of electric vehicles as well as the key components of electric vehicles in the U.S.," Le added.

☆ Why you won't see many car ads during Sunday's Super Bowl
▼ + stars: | 2023-02-10 | by ( Michael Wayland | ) www.cnbc.com time to read: +7 min

The average cost of a 30-second commercial during last year's Super Bowl was $6.5 million, up more than $2 million over 2016 rates. Automakers — historically among the largest Super Bowl advertisers — are mostly bypassing this Sunday's NFL championship game to preserve cash or spend ad dollars elsewhere. And EV startup Polestar, whose ad was a success in the 2022 Super Bowl, said it will also not advertise this year. Ferrell also appeared in GM's Super Bowl ad promoting EVs two years ago. Stellantis has not released its ads, while GM, Kia and WeatherTech released their commercials earlier this week.

☆ Jeep reveals its most expensive Wrangler SUV ever, topping $115,000
▼ + stars: | 2023-02-09 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

CHICAGO – Jeep on Thursday revealed its most expensive Wrangler SUV ever, topping more than $115,000. The limited-edition vehicle is the 2023 Wrangler Rubicon 392 20th Anniversary with heavy-duty off-road parts customization from upfitter American Expedition Vehicles. Only 150 of the AEV SUVs will be produced as part of a broader 20th Anniversary collection of Wrangler's popular Rubicon model. The 2023 Wrangler Rubicon 392 20th Anniversary vehicle, without the extra off-roading capability, starts at $94,485. A plug-in hybrid electric version of the 20th Anniversary Wrangler Rubicon SUV starts at $71,380.

☆ Toyota unveils new Grand Highlander, expanding hybrid crossover lineup
▼ + stars: | 2023-02-08 | by ( Michael Wayland | ) www.cnbc.com time to read: +5 min

In this article 7203.T-JP Follow your favorite stocks CREATE FREE ACCOUNT2024 Toyota Grand Highlander ToyotaCHICAGO — Toyota Motor is expanding its segment-leading, three-row crossover lineup with the new 2024 Grand Highlander, including two gas-powered hybrid offerings. The automaker revealed the vehicle as a bigger sibling to the Toyota Highlander midsize SUV/crossover on Wednesday night. The Grand Highlander adds to the growing three-row midsize crossover segment in the U.S., which has expanded from 12 nameplates in 2018 to 16 vehicles for 2023, including the Grand Highlander, Edmunds reports. 2024 Toyota Grand Highlander ToyotaThe Grand Highlander was revealed in connection to this week's Chicago Auto Show. 2024 Toyota Grand Highlander ToyotaToyota says the Grand Highlander will offer a suite of active safety and convenience features as well as 13 cupholders and seven USB-C charge ports across the vehicle's three rows.

☆ Nissan to buy up to 15% stake in Renault EV unit under reshaped alliance
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Mike BlakePARIS, Feb 6 (Reuters) - Nissan (7201.T) and Renault (RENA.PA) on Monday unveiled details of their redesigned alliance, with the Japanese car maker committing to buy a stake of up to 15% in Renault's electric vehicles unit Ampere. The alliance junior partner Mitsubishi Motors (7211.T) will also consider investing in Ampere, the companies said in a statement. Renault will transfer 28.4% of Nissan shares into a French trust, making the two more equal partners in the alliance. Sources close to the matter said the agreement aimed to make the alliance freer and more balanced for the next 15 years. When it does sell, "Nissan would benefit from a right of first offer, to its or the benefit of a designated third party."

☆ Ford CEO Jim Farley's frustration builds as he vows to transform the automaker
▼ + stars: | 2023-02-03 | by ( Phil Lebeau | ) www.cnbc.com time to read: +4 min

In this article F Follow your favorite stocks CREATE FREE ACCOUNTwatch nowFord CEO Jim Farley is frustrated. In short, Farley wants Ford to become a far more efficient company, and he needs it to happen quickly. Ford workers produce the electric F-150 Lightning pickup on Dec. 13, 2022, at the automaker's Ford Rouge Electric Vehicle Center. Farley said the answer is not simply cutting jobs, which has historically been the way automakers have cut costs. Will this new push to cut costs hurt Ford's growth in production and sales of electric vehicles?

Suppliers familiar with GM's production plans through 2025 support the notion the automaker continues to slow-walk electric vehicle investment and output while it continues to bank money from its big combustion-engine pickups and SUVs. GM on Tuesday stuck to its plan to produce a total of 400,000 electric vehicles for North America from 2022 through the first half of 2024. GM said it has secured all the battery materials it will need to build 1 million EVs a year in North America by 2025. In the short run, GM's go-slow approach could allow it to side-step the price war that Tesla launched earlier this month. The division has 90,000 reservations for the high-performance Hummer EVs and is sold out into next year, he said.

☆ GM’s Fourth-Quarter Profit Soared as Supply-Chain Problems Eased
▼ + stars: | 2023-01-31 | by ( Mike Colias | ) www.wsj.com time to read: 1 min

An new Corvette showed at the North American International Auto Show last year. General Motors Co. reported a 15% rise in fourth-quarter net income, as vehicle output rebounded from supply-chain troubles and pricing held strong despite mounting consumer pressures. GM said strong results in North America helped offset weakness in China to lift its net profit during the October-to-December period to $2 billion, from $1.7 billion a year earlier. One-time losses from an exit of some Russian operations and payments to buy out some U.S. Buick dealerships cut more than $1 billion from the bottom line.

☆ Stocks making the biggest moves midday: GM, McDonald's, UPS, Pulte, International Paper and more
▼ + stars: | 2023-01-31 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

The company reported an adjusted $2.12 per share on $43.11 billion in revenue. Analysts surveyed by Refinitiv were looking for $1.69 in earnings per share on $40.65 billion in revenue. Smith — Shares skyrocketed 13.7% after the manufacturing company reported earnings of $0.86 per share, beating consensus estimates. UPS also raised its dividend and sanctioned a new $5 billion stock repurchase plan. Pentair — Shares of Pentair surged 9.2% after the water treatment company reported earnings that topped Wall Street estimates for earnings and revenue.

☆ Ford and General Motors enter a new phase of uncertainty on prices and demand
▼ + stars: | 2023-01-30 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

At least, General Motors and Ford Motor likely will be doing that this week as they report fourth-quarter results and 2023 guidance, with Wall Street watching for signs of weakening consumer demand and a tougher pricing landscape. Either issue would mean lower profits this year for the automakers, which are expected to report relatively solid fourth-quarter results over subdued year-ago earnings. Automakers have reported record results in recent years amid the tight supply of new vehicles and resilient consumer demand. Ford on Monday cut the starting prices on its electric Mustang Mach-E, weeks after EV industry leader Tesla slashed its own prices. GM is scheduled to report its results Tuesday before markets open, followed by Ford after the bell Thursday.

[1/4] Ford Mustang Mach-E GT is seen during the Munich Auto Show, IAA Mobility 2021 in Munich, Germany, September 8, 2021. The move comes as electric vehicle manufacturers are feeling pressure from Tesla's price cut to respond. "Ford just cut Mustang EV prices in response to Tesla’s price cut. "Tesla’s price cut was a major blow to the prospects of competing EV models and the Mustang Mach-E directly competes with Tesla’s Model Y," said Garrett Nelson, an analyst at CFRA Research. Ford said existing Mustang Mach-E customers awaiting delivery of vehicles will automatically receive the price cut.

☆ Ford’s EV price cuts could pressure profitability, a headwind the automaker needs to address
▼ + stars: | 2023-01-30 | by ( Paulina Likos | ) www.cnbc.com time to read: +4 min

Ford Motor (F) confirmed Monday what Jim Cramer has been speculating for weeks: Price cuts on its electric vehicles following similar moves by Tesla (TSLA). Depending on the models, Ford's price reduction "hurts our decision to own Ford," Jim said Monday after the automaker said the move will make some Mach-E trims unprofitable. Last year, Ford announced a split of its EV and internal combustion engine units into separate businesses — called Ford Model e and Ford Blue, respectively — aiming to increase efficiencies unique to each and maximize profits. F 1Y mountain Ford (F) 1 year performance The Club's take With investors concerned about margin pressure due to the price cuts, we'll be looking for messaging on Ford's next steps to address the problem. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

☆ Nissan and Hitachi look to charge elevators with EV batteries
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +1 min

[1/2] 2023 Nissan Pathfinder is unveiled at the 2022 New York International Auto Show, in Manhattan, New York City, U.S., April 13, 2022. In what appears to be an early attempt in earthquake-prone Japan to make wider use of EV batteries, Nissan and Hitachi Building Systems Co Ltd are focused on keeping elevators running when the power supply is disrupted. The V2X system uses the CHAdeMO charging standard supported by Nissan, an Hitachi Building Systems executive said. That allows it to also draw power from larger Nissan EVs, such as the Ariya and Leaf models. Tatsunori Takahashi, a director in the domestic business management division of Hitachi Building Systems, said he hopes the firm will start providing the system to apartment buildings from the financial year starting in April.

☆ Biden administration officials tout EVs at DC auto show
▼ + stars: | 2023-01-25 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

REUTERS/Jonathan ErnstWASHINGTON, Jan 25 (Reuters) - Two senior Biden administration officials got behind the wheel of new electric vehicles (EV) Wednesday at the Washington, D.C. auto show to urge Americans to consider buying a zero-emission model. They also highlighted that since President Joe Biden took office, companies have announced nearly $130 billion in U.S. EV investment including $56 billion in EV manufacturing and $72 billion in battery production. "It's electric vehicles, it's the guts to the electric vehicle, it's the guts to the battery - the whole supply chain now locating in the United States." Congress has approved billions of dollars in new incentives, low-cost loans and other funding for EV production and $5 billion for charging stations. Some consumers are still confused about whether they will qualify for EV credits.

☆ Unions press Biden administration to not change EV tax credit rules
▼ + stars: | 2023-01-20 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

WASHINGTON, Jan 20 (Reuters) - Major unions and public interest and environmental groups are urging President Joe Biden to reject efforts by the European Union and other foreign governments to revise U.S. electric vehicle tax incentives. Foreign governments have been pressing the Biden administration to do more to expand credit eligibility. The letter rejected the suggestion from foreign governments that the EV tax incentives violate World Trade Organization and free trade rules. The EU in December praised the U.S. Treasury Department decision to allow EVs leased by consumers to qualify for up to $7,500 in commercial clean vehicle tax credits. South Korea, Europe and some automakers in December had sought approval from Treasury to use the commercial electric vehicle tax credit to boost consumer EV access.

☆ China's BYD takes cautious approach to U.S. in global EV push
▼ + stars: | 2023-01-18 | by ( Norihiko Shirouzu | ) www.reuters.com time to read: +7 min

[1/2] The logo of BYD is pictured at the 2022 Paris Auto Show in Paris, France October 17, 2022. While BYD has not fully articulated its global ambitions in public, a concerted worldwide push has become the single most important strategic focus for China's biggest EV maker, four sources familiar with BYD management's thinking said. "BYD is taking a cautious approach to the U.S.," the person said. "I would say BYD at this point is already better positioned than Tesla in the EV era." "America is going to be a key, key part of this global push strategy," one said.

☆ GM reveals new Chevy Corvette E-Ray hybrid sports car, starting at over $104,000
▼ + stars: | 2023-01-17 | by ( Michael Wayland | ) www.cnbc.com time to read: +3 min

In this article GM Follow your favorite stocks CREATE FREE ACCOUNT2024 Chevrolet Corvette E-Ray hybrid sports car GMDETROIT – General Motors' first-ever "electrified" Corvette will be available later this year starting at more than $104,000, the automaker said Tuesday. 2024 Chevrolet Corvette E-Ray hybrid sports car GMThe E-Ray is expected to be the only hybrid in GM's lineup when it arrives in dealer showrooms. The hybrid system was specifically designed for the eighth-generation Corvette, according to Harlan Charles, Chevrolet Corvette product marketing manager. GM decided on a hybrid Corvette instead of a PHEV because it offered better overall performance for the car. 2024 Chevrolet Corvette E-Ray hybrid sports car GM"The mission of this vehicle was performance, performance, performance," said Mike Kociba, lead Corvette development engineer.

☆ Jeep's first EV just won Europe's Car of the Year award — but you can't buy the Avenger in America
▼ + stars: | 2023-01-14 | by ( Stephanie Stacey | ) www.businessinsider.com time to read: +3 min

The Jeep Avenger has been named European Car of the Year for 2023 – but it's not on sale in the US. The Jeep Avenger was named European Car of the Year at the Brussels auto show on Friday. Sjoerd van der Wal/Getty Images)The Avenger is part of Jeep's drive to become a leader in electric SUVs. The Jeep Recon and Wagoneer S will be the first fully-electric Jeep SUVs available to American buyers, but they're not scheduled to go into production until 2024. In France, for example, buyers can receive up to 7,000 euros ($7,590) towards an electric car that costs less than 47,000 euros ($50,964).

NEW DELHI, Jan 11 (Reuters) - Suzuki Motor Corp's (7269.T) Indian unit showcased a concept electric sport utility vehicle (SUV) at India's biennial car show on Wednesday, with the Japanese car maker's president saying the car would be launched in 2025. "I'm delighted to unveil the eVX, a concept SUV of our first global strategic EV (electric vehicle). We plan to bring it to market by 2025," said Suzuki Motor President Toshihiro Suzuki, speaking at an auto show event on the outskirts of the capital city of New Delhi. India is pushing carmakers to build more electric cars by offering companies billions of dollars in incentives with a lofty target of a market share of 30% for electric cars by 2030. Currently, electric cars make up less than 1% of total car sales in India.

☆ Developing Nations Aren’t Ready for EVs—Unless They Are Made in China
▼ + stars: | 2023-01-09 | by ( River Davis | ) www.wsj.com time to read: 1 min

An EV from Great Wall Motor—the Ora Good Cat—on display at the Bangkok auto show last year. KORAT, Thailand—When Wimonsiri Boonyopakorn ‘s husband moved to Bangkok for work, the 35-year-old schoolteacher decided to buy a car so she could make the 160-mile trip to visit him on weekends. She was surprised to find several electric vehicles from Chinese manufacturers that cost less than gas-powered cars of a similar size.

☆ Tesla owners in China protest against abrupt price cuts they missed
▼ + stars: | 2023-01-08 | by ( ) edition.cnn.com time to read: +4 min

After Friday’s surprise discounts, Tesla’s EV prices in China are now between 13% and 24% below their September levels. A Tesla sign is seen at its factory in Shanghai, China, May 13, 2021. ‘Return the money’Other videos appearing to be of Tesla owners protesting were also posted to Chinese social media platforms on Saturday. Tesla does not plan to compensate buyers who took delivery before the most recent price cut, a spokesman for Tesla China told Reuters on Saturday. Analysts have been positive about the potential for Tesla’s price cuts to drive sales growth at a time when it is a year from announcing its next new vehicle, the Cybertruck.

☆ Tesla owners in China protest against surprise price cuts they missed
▼ + stars: | 2023-01-07 | by ( ) www.reuters.com time to read: +5 min

[1/3] People protest at a Tesla showroom in Chengdu, Sichuan, China, released January 6, 2023 in this picture obtained by Reuters from social media. After Friday's surprise discounts, Tesla's EV prices in China are now between 13% and 24% below their September levels. 'RETURN THE MONEY'Other videos appearing to be of Tesla owners protesting were also posted to Chinese social media platforms on Saturday. Tesla does not plan to compensate buyers who took delivery before the most recent price cut, a spokesman for Tesla China told Reuters on Saturday. Analysts have been positive about the potential for Tesla's price cuts to drive sales growth at a time when it is a year from announcing its next new vehicle, the Cybertruck.

☆ Geely's EV brand Zeekr aims to double sales in 2023, expand in Europe
▼ + stars: | 2023-01-05 | by ( Joseph White | ) www.reuters.com time to read: +2 min

REUTERS/Carlos Barria/LAS VEGAS, Jan 5 (Reuters) - Chinese electric vehicle brand Zeekr aims to double sales in 2023 to about 140,000 vehicles and plans to expand sales in Europe, Chief Executive Andy An told Reuters on Thursday. Zeekr, a brand created by Chinese automaker Geely (0175.HK), sold 72,000 vehicles in 2022, mostly in China. A second Zeekr model, the 009, will go into production this month. Later this year, Zeekr plans to begin selling vehicles there with assisted driving systems engineered with Mobileye (MBLY.O), he added. An said Zeekr plans to build vehicles for Waymo in China, but U.S. production is a possibility, "depending on the market situation."

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