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[1/2] Volkswagen logo is pictured at the 2022 New York International Auto Show, in Manhattan, New York City, U.S., April 13, 2022. REUTERS/Brendan McDermidSummarySummary Companies Volkswagen shareholders to vote on special dividend payout from Porsche listingCarmaker on "solid footing" - CEODecision on battery plant site in Eastern Europe "soon" - CEOBERLIN, Dec 16 (Reuters) - Volkswagen (VOWG_p.DE) shareholders gathered in Berlin on Friday to vote at an extraordinary general meeting on the payout of a special dividend of 19.06 euros ($20.28) per share from the proceeds of the listing of Porsche AG (P911_p.DE). A total of 9.6 billion euros, or 49% of the proceeds of the listing, will be paid out in January if shareholders vote in favour, as is widely expected. But through this it has also become clear that the current valuation of Volkswagen is imbalanced. ($1 = 0.9398 euros)Reporting by Victoria Waldersee, Jan Schwartz; editing by Rachel More and Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

☆ EU expects only partial fix from talks on U.S. green subsidy law
▼ + stars: | 2022-12-08 | by ( Expert Analysis | Reuters Professional | Calls Grow For Companies To Disclose Impacts On Nature In Bid To Plug Finance Gap | ) www.reuters.com time to read: +2 min

REUTERS/Kevin Lamarque/File PhotoBRUSSELS, Dec 8 (Reuters) - The European Union should not expect talks with the United States to resolve all the problems it sees in the U.S. Inflation Reduction Act and is not ruling out any potential response, EU trade chief Valdis Dombrovskis said on Thursday. The EU argues that the $430 billion act, which grants consumers tax credits for U.S.-produced electric vehicles (EV) and other green products, could make the United States a world leader in the EV market at Europe's expense. "And then we'll see to which extent our concerns are taken into account," he told lawmakers. At that point, the European Union would have to consider its response, Dombrovskis said, adding that the bloc did not want to enter a subsidy race. Reporting by Philip Blenkinsop Editing by Mark HeinrichOur Standards: The Thomson Reuters Trust Principles.

☆ GM CEO sees U.S. new-car sales rebounding in 2023
▼ + stars: | 2022-12-08 | by ( Joseph White | ) www.reuters.com time to read: +1 min

[1/2] General Motors CEO Mary Barra speaks to reporters while she waits for the arrival of President Joe Biden at media day of the North American International Auto Show in Detroit, Michigan,September 14, 2022. Barra said she expects 2023 U.S. sales of new cars and light trucks to finish at 15 million units. That would be up from an estimated 13.7 million in 2022 and in line with an expected 14.7 million in 2023, according to S&P Global Mobility. "We are seeing strong demand for our vehicles," Barra said, speaking at an Automotive Press Association event in Detroit. Barra said GM is planning “to be very conservative on costs” in its 2023 budgeting, in light of uncertainty about economic growth.

☆ 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."

☆ U.S. agency opens safety probes into Honda, Jeep, Ram vehicles
▼ + stars: | 2022-12-06 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

REUTERS/Benoit Tessier/File PhotoWASHINGTON, Dec 6 (Reuters) - The U.S. National Highway Traffic Safety Administration (NHTSA) is opening new safety probes into 1.72 million Honda vehicles, 230,000 Jeeps and 390,077 Ram trucks. The largest probe covers reports alleging a loss of power for more than 1.7 million U.S. 2018-2022 model year Honda CR-V and HR-V vehicles. NHTSA is also investigating 390,000 2017-2018 model year Ram 2500-3500 pickup trucks after received 134 reports alleging an intermittent or permanent loss of braking performance. A U.S. spokesman for Stellantis NV (STLA.MI), the parent company of Jeep and Ram, said it was fully cooperating in the investigations. There are no crashes or injuries reported in relation to any of vehicles in the three new investigations to date.

☆ EV maker Fisker faces liquidity questions after short-seller claims its cash is "tied up"
▼ + stars: | 2022-12-01 | by ( John Rosevear | ) www.cnbc.com time to read: +4 min

Henrik Fisker stands with the Fisker Ocean electric vehicle after it was unveiled at the Manhattan Beach Pier ahead of the Los Angeles Auto Show and AutoMobilityLA on November 16, 2021 in Manhattan Beach, California. Electric vehicle startup Fisker is facing new liquidity questions after a short seller report Thursday claimed the company's funds are "tied up." According to the report, much of Fisker's cash balance is tied up via bank guarantees on behalf of Magna International , the auto parts giant that began building Fisker's Ocean SUV under contract last month. "Fisker Inc. does not have a bank guarantee with Magna, and Fisker owns the intellectual property for the Fisker Ocean platform," Fisker said in a statement after the U.S. markets closed on Thursday. With a potential downturn looming, Fisker's cash hoard has provided some comfort to its investors.

[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'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.

☆ Rivian’s founder had an early advantage with his electric truck. Now rivals GM and Ford are closing in
▼ + stars: | 2022-11-22 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +11 min

Even now, as the company’s assembly lines have started churning out its electric vehicles, success still isn’t assured. The 39-year-old is running the car company he founded, building electric vehicles he helped engineer and design. A Rivian R1T pickup truck at the company's manufacturing facility in Normal, Illinois. Robert Joseph "RJ" Scaringe, Rivian's founder and CEO, said he had wanted to start a car company since he was a child. In 2021, Ford revealed the F-150 Lightning electric truck, which went into production this year.

☆ Rivian’s CEO created buzzy, outdoorsy EVs. Now big automakers are coming after it
▼ + stars: | 2022-11-22 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +11 min

Even now, as the company’s assembly lines have started churning out its electric vehicles, success still isn’t assured. The 39-year-old is running the car company he founded, building electric vehicles he helped engineer and design. Jamie Kelter Davis/Bloomberg/Getty ImagesEver since he was a child growing up in Melbourne, Florida, Scaringe wanted to start his own car company. At the time, the idea of starting a car company seemed very farfetched. Robert Joseph "RJ" Scaringe, Rivian's founder and CEO, said he had wanted to start a car company since he was a child.

☆ Meet 8 new cars from the LA Auto Show, where the electric future is rolling out to the public
▼ + stars: | 2022-11-22 | by ( Andrew Moseman | ) www.businessinsider.com time to read: +2 min

After a three-year pandemic hiatus, the in-person version of the Los Angeles Auto Show has returned. The show featured a slew of electrified vehicles and the presence of charging companies. As the show opens to the public, take a look at the best of what's new. This article is part of the Ride Along series, a collection of stories recapping some of the biggest auto shows around the country. But in Los Angeles, automakers preparing for a seismic shift talked up their electric futures.

☆ Vietnamese EV maker VinFast to supply 2,500 units to U.S. car subscription service Autonomy
▼ + stars: | 2022-11-17 | by ( ) www.reuters.com time to read: +1 min

"VinFast will begin delivering vehicles to Autonomy over the next 12 months," the companies said in a joint statement, noting Autonomy had initially ordered just 400 units in August. Autonomy allows users to subscribe to the use of one of their EVs, rather than having to buy or lease a car. VinFast has registered almost 65,000 reservations globally, and it expects to sell 750,000 EVs per year by 2026. In March, VinFast said it would build a production plant in North Carolina with an initial projected capacity of 150,000 EVs a year. According to the statement, VinFast is planning to showcase two new EV models, VF 6 and VF 7 at the upcoming Los Angeles auto show this week.

☆ Toyota's new Prius has a little more MPG but lots more power
▼ + stars: | 2022-11-16 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +5 min

CNN —Toyota unveiled an all-new version of its famous Prius hybrid car Wednesday just ahead of the Los Angeles Auto Show. With its batteries fully charged, the new Prius Prime will go at least 50% farther without burning any gasoline as today’s Prius Prime does, according to Toyota. It will be able to produce up to 220 horsepower, 100 horsepower more than today’s Prius Prime. Almost every vehicle in Toyota’s line-up is now available with hybrid power. Along with the Prius, Toyota also unveiled the Toyota BZ Compact SUV concept.

☆ Electric vehicle makers burning cash, slammed by sky-high costs
▼ + stars: | 2022-11-14 | by ( Akash Sriram | ) www.reuters.com time to read: +5 min

[1/2] A Canoo Lifestyle Vehicle is displayed during the 2021 LA Auto Show in Los Angeles, California, U.S. November, 17, 2021. Quarterly reports from electric vehicle (EV) makers from the past two weeks show them struggling to hit delivery targets and rapidly burning through cash. At the end of September, it had $6.8 million in cash and equivalents, down sharply from $415 million a year earlier. Still, higher output would ultimately reduce the cost per car and limiting production can threaten the path to profitability, analysts said. Rivian, backed by Amazon.com (AMZN.O) and Ford Motor (F.N), had $13.8 billion cash on hand at the end of September.

☆ Tesla says it will assist police probe into fatal crash in China
▼ + stars: | 2022-11-13 | by ( ) www.reuters.com time to read: +2 min

China is Tesla's second-largest market, and the crash was among the top trending topics on the Weibo social media platform on Sunday. Calls to police in Raoping, the county where the accident happened, went unanswered on Sunday. Tesla has faced claims of brake failure in China before. In that instance, Tesla said speeding violations were behind her crash but promised to improve how it addressed customer complaints. Reporting by Liz Lee, Zhang Yan, Liangping Gao and Cui Zhuzhu; Editing by Brenda Goh and William MallardOur Standards: The Thomson Reuters Trust Principles.

[1/2] People look at a Polestar car during the Munich Auto Show, IAA Mobility 2021 in Munich, Germany, September 8, 2021. The Swedish carmaker, founded by China's Geely (0175.HK) and Volvo Cars (VOLCARb.ST), posted an operating loss of $196.4 million, down from $292.9 million a year ago, while revenue rose to $435.4 million from $212.9 million. Polestar, which listed on the Nasdaq exchange in June via a merger with a special-purpose acquisition company (SPAC), said rising costs for raw materials used to make its batteries had not yet fully hit because of set contracts. "The full extent of that will then... partly offset the raw material costs," he said, adding that the carmaker expected to raise prices further. But Chief Executive Thomas Ingenlath said Polestar was on track to deliver 50,000 cars in 2022.

☆ Tiny crack opens in China’s zero-Covid wall
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, Nov 11 (Reuters Breakingviews) - Beijing announced minor relaxations of its pandemic policy on Friday, including shorter quarantine periods and more narrowly targeted lockdowns. Rumours of relaxations surfaced earlier this month, so the latest announcement lends credence to arguments that President Xi Jinping will return to economic pragmatism. Pressure to revive domestic consumption is becoming acute after the critical export sector suddenly contracted in October. If Beijing can convince sceptical retirees to get the jab, China might avoid a surge of nursing home deaths as observed in Hong Kong. To be sure, none of these marginal measures will do much to revive consumption, production or property investment.

☆ China's COVID curbs intensify as cases surge to highest since Shanghai lockdown
▼ + stars: | 2022-11-11 | by ( Ryan Woo | ) www.reuters.com time to read: +4 min

REUTERS/Aly SongBEIJING, Nov 11 (Reuters) - Chinese authorities stepped up COVID-19 lockdowns and other curbs to halt clusters from spreading as China's case load soared to its highest since this year's Shanghai lockdown, with Beijing and Zhengzhou seeing record daily cases. China reported on Friday 10,535 new locally transmitted cases for Nov. 10, the highest since April 29, when the country's commercial hub, Shanghai, was battling its most serious outbreak. The southern city of Guangzhou, the current epicentre of China's COVID fight, reported 2,824 new local cases for Nov. 10, the fourth day in which infections exceeded 2,000. TIGHTER MEASURESOther major cities such as Beijing, Zhengzhou and Chongqing have tightened measures this week as daily cases renewed all-time highs. Beijing reported 118 new local cases for Nov. 10, a daily record but still low compared with other Chinese cities.

☆ China reaffirms zero-COVID stance, city of Guangzhou on edge
▼ + stars: | 2022-11-10 | by ( Tony Munroe | ) www.reuters.com time to read: +5 min

[1/3] A boy gets tested for the coronavirus disease (COVID-19) at a nucleic acid testing site, following the coronavirus disease (COVID-19) outbreak in Shanghai, China, November 9, 2022. "As things stand, it is hard to tell whether Guangzhou will repeat the experience of Shanghai in spring this year. If Guangzhou repeats what Shanghai did in spring, it will lead to a new round of pessimism on China," Nomura analysts wrote in a Thursday note. Mason Long, who works for a Guangzhou gaming company, said some residents were bracing for a lockdown, with many leaving the city or planning to. BE MORE TARGETEDIn Beijing, residents of some areas have been asked to get COVID tests every day this week.

☆ China's Covid controls are hurting more of the economy
▼ + stars: | 2022-11-08 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

BEIJING — China's Covid situation is only getting worse, preventing the country from stamping out the virus and relaxing controls. As of Monday, China's Covid controls negatively affected 12.2% of national GDP — up from 9.5% a week ago, according to Nomura's model. Recent Covid infections have been reported in more than 20 of China's 31 province-level regions. It was not immediately clear whether there was any impact on factory production in the South China region. China's Ministry of Commerce did not immediately respond to a CNBC request for comment.

☆ Auto parts maker Magna trims sales forecast on high costs, supply woes
▼ + stars: | 2022-11-04 | by ( Priyamvada C | ) www.reuters.com time to read: +2 min

(Reuters) -Canadian auto parts maker Magna International Inc lowered its annual sales forecast after missing estimates for third-quarter profit on Friday, as supply chain snags and higher costs keep global vehicle production under pressure. FILE PHOTO: Magna logo is during Munich Auto Show, IAA Mobility 2021 in Munich, Germany, September 8, 2021. “We think auto parts pricing could come under pressure as auto inventories rise to more normal levels,” CFRA analyst Garrett Nelson said. The Aurora, Canada-based company which flagged lower sales in Russia, reported a revenue of $9.27 billion, above average analysts’ expectation of $9.16 billion, according to Refinitiv data. Excluding items, Magna’s profits came in at $1.07 per share, below estimates of $1.09 per share.

☆ China to make 'substantial' COVID policy changes soon - ex-govt expert
▼ + stars: | 2022-11-04 | by ( ) www.reuters.com time to read: +5 min

"The situation is changing now and China's 'dynamic zero' will also undergo major changes. Substantive changes will happen soon," he said, according to the recording of the session, which was titled "China's Exit Strategy from Zero-Covid". Chinese health authorities will hold a press conference on Saturday on COVID-19 prevention, according to a notice that said officials from the the National Bureau of Disease Control and Prevention would attend. LOCKDOWNS AND PROTESTSZeng was part of a top team at China's National Health Commission when the virus started to spread from the central Chinese city of Wuhan to other parts of China in 2020. On Wednesday, the country's National Health Commission said the nation should unwaveringly stick to zero-COVID.

☆ Fisker confirms production of the Ocean SUV will start later this month, now has over 62,000 reservations
▼ + stars: | 2022-11-02 | by ( John Rosevear | ) www.cnbc.com time to read: +1 min

Henrik Fisker stands with the Fisker Ocean electric vehicle after it was unveiled at the Manhattan Beach Pier ahead of the Los Angeles Auto Show and AutoMobilityLA on November 16, 2021 in Manhattan Beach, California. Electric vehicle startup Fisker said Wednesday it is on track to begin production of its first model, the Ocean SUV, later this month as planned — and that it now has more than 62,000 reservations for the vehicle, up from over 56,000 as of early August. CEO Henrik Fisker told CNBC the company plans to manufacture 42,400 Oceans by the end of next year. The majority of those vehicles will be built in the second half of 2023, Fisker said. Fisker said that work on its second model, a low-cost EV called the Pear, is progressing ahead of schedule.

☆ Toyota slashes leasing fee for troubled EV to rekindle orders
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +3 min

[1/2] A worker prepares 2023 Toyota Electric bZ4X at the 2022 New York International Auto Show, in Manhattan, New York City, U.S., April 13, 2022. Starting Wednesday, the application fee is 385,000 yen while the monthly cost is 1,100 yen cheaper. Those who signed up beforehand are eligible for a discount, said Shinya Kotera, president of KINTO, the Toyota unit offering the leases. Just a year into its $38 billion EV plan, Toyota is already considering starting again to better compete in a market growing beyond the automaker's projections, Reuters reported on Monday. ($1 = 148.7900 yen)Reporting by Satoshi Sugiyama and Maki Shiraki; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

☆ Toyota to produce electric car powered by BYD batteries in China
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +1 min

BEIJING, Oct 24 (Reuters) - Toyota Motor Corp (7203.T) announced on Monday the launch of a small electric sedan, which will be powered by BYD Co (002594.SZ) batteries and will be produced and sold in China. The Japanese automaker said the car would be called the Toyota bZ3. It is the second model in the new Beyond Zero (bZ) series of battery electric vehicles (BEVs) from Toyota, which has been criticised by activists and green investors for not embracing BEVs quickly enough. The bZ3 was developed jointly by Toyota and BYD, Toyota said on Monday. Register now for FREE unlimited access to Reuters.com RegisterReporting by Norihiko Shirouzu and Ella Cao Editing by David Goodman and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

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