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☆ Luminar says it has begun production of its automotive lidar units ahead of schedule
▼ + stars: | 2022-11-02 | by ( John Rosevear | ) www.cnbc.com time to read: +2 min

Automotive sensor company Luminar said it has begun production of its Iris lidar units for an automaker client, a major milestone that it had previously expected to reach around year-end. Luminar's lidar units are part of an advanced driver-assist system on the Rising Auto R7, a new electric SUV from the largest Chinese automaker, SAIC Motor. Luminar previously announced deals to supply other automakers including Volvo Cars and Polestar, but it hadn't previously revealed plans to begin production of the Iris units earlier than 2023. The lidar units are being made in a factory in Mexico owned by Canadian electronics manufacturer Celestica. Celestica and Luminar are together building a new dedicated factory, also in Mexico, that will be able to manufacture 250,000 Iris units per year.

☆ Volvo Cars' sales up 7% in October on "robust" underlying EV demand
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: 1 min

STOCKHOLM, Nov 2 (Reuters) - Sweden-based Volvo Car AB (VOLCARb.ST) said on Wednesday its sales grew 7% year-on-year in October to 54,317 cars. "Overall underlying demand for the company’s cars remains robust, especially for its recharge range of pure electric and plug-in hybrid cars," it said in a statement. Volvo Cars, which is majority-owned by Chinese automotive company Geely Holding (0175.HK), said fully electric vehicles accounted for 15% of sales. Recharge models including those not fully electric accounted for 37%. The group last week reported a drop in quarterly operating profit as higher costs bite and predicted slightly lower wholesale volumes in 2022 than last year.

☆ Geely’s pricey cars can hope for some premium spin
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, Nov 1 (Reuters Breakingviews) - Geely Automobile (0175.HK) is hiving off its young electric vehicle brand, Zeekr. The Hong Kong-listed group’s chairman and founder Li Shufu has a lot riding on how the deal is positioned as the valuations of its homegrown rivals crash. Parent Zhejiang Geely’s extensive experience building battery-powered models and the Volvo Car (VOLCARb.ST) owner’s track record overseas suggests the upstart can scale rapidly. So far so good: Zeekr, which launched only last year, sold nearly 40,000 premium cars in the first nine months. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Oct 27 (Reuters) - Swedish automaker Volvo Cars (VOLCARb.ST) expects lower wholesale volumes this year, it said on Thursday as it reported a drop in third-quarter operating profit, hit by higher costs and lower volumes. The Gothenburg-based company now expects 2022 wholesale volumes to be "slightly lower" compared with the year before, down from a previous forecast for better wholesales volumes than in 2021. In addition, Volvo said it had been forced to conduct spot buying of semiconductors to fill production shortfall and logistics costs, in addition to mounting raw material costs that all hurt its operating profit. Only this week, the shortage saw Volvo having to shut one of its Swedish factories for a week. Stockholm-listed Volvo, majority owned by Chinese automotive company Geely Holding [RIC:RIC:GEELY.UL], said its quarterly operating profit fell to 2.1 billion Swedish crowns ($193.41 million) from 3.3 billion a year ago.

☆ Chinese automaker Geely's new energy brand Farizon raises over $300 mln
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +2 min

BEIJING/HONG KONG, Oct 26 (Reuters) - Chinese automaker Geely's new energy vehicle subsidiary on Wednesday said its brand Farizon has raised over $300 million from a funding round led by Asian logistics firm Global Logistics Properties' (GLP) investment arm Hidden Hill Capital. The new capital raise, which involves other investors such as Chinese logistics and chemical group Transfar and an investment firm backed by major Chinese investment bank CITIC Securities, came as Geely stepped up its new energy vehicle development. Hangzhou-based Geely Holding Group, owner of Zhejiang Geely New Energy Commercial Vehicle Group which sells Farizon, is known globally with its investments in Volvo Cars and Mercedes-Benz. Farizon will use much of the funding "for research & development and ecosystem development, in order to further consolidate its market-leading position in new energy commercial vehicles," Zhejiang Geely New Energy Commercial Vehicle Group said in a statement. Geely New Energy Commercial Vehicle did not disclose Farizon's valuation in the statement.

☆ Truck maker Volvo to build battery modules plant in Belgium
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +1 min

STOCKHOLM, Oct 26 (Reuters) - Swedish truck maker Volvo Group (VOLVb.ST) said on Wednesday its plant in Ghent in Belgium would start to produce battery modules in 2025. "The investment decision to install battery module manufacturing capacity in Ghent is another important step for the Volvo Group to shape its future value chain for battery systems," it said in a statement. The new manufacturing line would be able to use battery cells both from partners and from a planned battery cell plant in Sweden, Volvo Group said. Volvo Group has an ambition that at least 35% of vehicles sold will be electric by 2030. Its plant in Gothenburg in Sweden builds heavy-duty electric trucks, and the Ghent truck factory will start doing so too next year.

☆ U.S. business equipment borrowings grew 11% in September - ELFA
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: +2 min

Oct 25 (Reuters) - U.S. companies borrowed 11% more in September to finance their equipment investments compared with a year earlier, industry body Equipment Leasing and Finance Association (ELFA) said on Tuesday, while raising doubts over the sustainability of this growth amid slowdown fears. The companies signed up for $10.2 billion in new loans, leases and lines of credit last month, compared with $9.2 billion a year earlier, according to ELFA. ELFA, which reports economic activity for the nearly $1-trillion equipment finance sector, said credit approvals totaled 77.3%, up from 75.2% in August. The Washington-based body's leasing and finance index measures the volume of commercial equipment financed in the United States. The Equipment Leasing & Finance Foundation, ELFA's non-profit affiliate, said its confidence index in October stood at 45%, compared with 48.7% in September.

☆ Chip shortage forces temporary closure of Volvo Cars factory - GP
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: 1 min

STOCKHOLM, Oct 25 (Reuters) - Swedish automaker Volvo Cars (VOLCARb.ST) will temporary close one of its factories due to a chip shortage, the company told newspaper Goteborgs-Posten on Tuesday. "There will be a temporary break in production," Merhawit Habte, press spokesperson at Volvo Cars told GP, adding the factory will be closed for one week. "It is the ongoing problem with semiconductor shortages." Volvo said last month that demand remained good, but the component shortages as well as power cuts and COVID-19 outbreaks in China interrupted output. Reporting by Johan Ahlander; Editing by Jacob Gronholt-PedersenOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. autonomous vehicle group picks ex-Senate aide as director
▼ + stars: | 2022-10-25 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

The Autonomous Vehicle Industry Association (AVIA) has tapped Jeff Farrah as its first executive director, the group told Reuters. U.S. lawmakers have been divided for years over how to amend current auto safety regulations to encompass self-driving cars, including the scope of consumer and legal protections. In August, U.S. House members launched a bipartisan effort to help revive stalled legislative efforts to boost self-driving vehicles. In July, the National Highway Traffic Safety Administration said GM's Cruise and Ford sought exemptions to deploy up to 2,500 self-driving vehicles annually without human controls. The Transportation Trades Department for the AFL-CIO, told U.S. lawmakers in 2021 that autonomous vehicles place "millions of jobs at risk" and any self-driving legislation should not apply to commercial trucks.

☆ A recession looks increasingly likely. But Goldman Sachs says these stocks could beat the gloom
▼ + stars: | 2022-10-21 | by ( Zavier Ong | ) www.cnbc.com time to read: +5 min

Central banks are relentlessly hiking interest rates to rein in inflation — even at the expense of economic growth — prompting fears of a recession. "Concerns on sticky inflation and a tight labor market have focused investor attention on implications for rising rates and recession risk. Those stocks have high and expanding cash return on capital invested and return on equity, according to the bank. BlackRock says that's now an 'obsolete' strategy Investors keen to add growth names to their portfolio could also look to Goldman's list of high growth stocks. The bank also identified high growth names that are trading at an attractive valuation, including Watches of Switzerland and Standard Chartered .

☆ U.S. diplomat's wife pleads guilty over fatal car crash that killed British teen
▼ + stars: | 2022-10-20 | by ( ) www.nbcnews.com time to read: +2 min

Appearing at London’s Old Bailey court by videolink from the United States, Sacoolas denied causing death by dangerous driving but admitted the less serious charge. The crash led to a diplomatic spat between London and Washington, with the British government backing the call for Sacoolas to be prosecuted. In 2019, Dunn’s parents travelled to the White House for a meeting with then-President Donald Trump, who surprised them by revealing that Sacoolas was in an adjoining room. Dunn's parents declined to meet her. Sacoolas will be sentenced in the week commencing Nov. 28, and the judge, Bobbie Cheema-Grubb, directed that she attend in person.

☆ Truck maker AB Volvo posts third-quarter earnings slightly below forecasts
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: +1 min

Volvo trucks are seen for sale in Linden, New Jersey, U.S., May 23, 2022. REUTERS/Andrew KellyOct 20 (Reuters) - Swedish truck maker AB Volvo (VOLVb.ST) posted third-quarter core earnings slightly below market forecasts on Thursday and warned rising costs related to energy, materials and supply chain disruptions would continue to pose a challenge. The operating profit of the Gothenburg-based manufacturer rose to 11.87 billion Swedish crowns from 9.40 billion a year ago, missing the mean forecast of 11.96 billion seen by analysts polled by Refinitiv. Volvo also kept its forecasts for truck registrations in the company's European and North American markets unchanged at 300,000 in each region for 2022. Register now for FREE unlimited access to Reuters.com RegisterReporting by Marie Mannes, Editing by Michael KahnOur Standards: The Thomson Reuters Trust Principles.

☆ Morning Bid: Truss drama deepens
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: +2 min

A look at the day ahead in European and global markets from Anshuman DagaBritain's political drama keeps getting more and more interesting. The abrupt resignation of Britain's interior minister Suella Braverman, who criticised Liz Truss, reflects the continued erosion of the prime minister's authority after just weeks in the job. And as markets watch the political chaos, there seems to be no respite for the beleaguered pound. The yen has depreciated by about 23% so far this year, making it the weakest major currency in Asia. Asian stocks headed down on Thursday, taking a cue from rising yields and cutting short a brief rally that was triggered by strong earnings reports by U.S. and European companies.

☆ U.S. diplomat's wife pleads guilty over fatal UK car crash
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: +2 min

A banner and a memorial area for British teenager Harry Dunn who died in a road traffic collision is pictured near to the entrance of RAF Croughton, in Croughton, near Brackley, Britain June 11, 2021. The crash led to a diplomatic spat between London and Washington, with the British government backing the call for Sacoolas to be prosecuted. Sacoolas will be sentenced in the week commencing Nov. 28, and the judge, Bobbie Cheema-Grubb, directed that she attend in person. "If sentence is one that does not involve immediate custody, there is no barrier to her returning home after the hearing," the judge said. Register now for FREE unlimited access to Reuters.com RegisterReporting by Michael Holden Editing by Raissa KasolowskyOur Standards: The Thomson Reuters Trust Principles.

☆ Biden says abandoned U.K. tax cut plan was a 'mistake' amid 'worldwide inflation'
▼ + stars: | 2022-10-16 | by ( ) www.cnbc.com time to read: +1 min

U.S. President Joe Biden delivers remarks at the Volvo Group Powertrain Operations plant in Hagerstown, Maryland, U.S., October 7, 2022. President Joe Biden on Saturday called embattled British Prime Minister Liz Truss' abandoned tax cut plan a "mistake," and said he is worried that other nations' fiscal policies may hurt the U.S. amid "worldwide inflation." It marked an unusual criticism by a U.S. president of the domestic policy decisions of one of its closest allies. Biden's comments came after weeks of White House officials declining to criticize Truss' plans, though they emphasized they were monitoring the economic fallout closely. Said Biden: "It's worldwide inflation, that's consequential."

☆ Polestar unveils a new $84,000 electric SUV it's hoping will help cement its foothold in the U.S.
▼ + stars: | 2022-10-12 | by ( John Rosevear | ) www.cnbc.com time to read: +2 min

Swedish EV maker Polestar on Wednesday unveiled a new electric SUV that it's counting on to expand its sales and presence in the United States. The new model, called the Polestar 3, is a five-passenger EV that the company describes as a "performance SUV." Priced at about $84,000, the car comes loaded with technology, including an Nvidia computer running advanced driver-assist software developed by Polestar's part owner, Volvo Cars. Another potential rival, BMW's all-electric iX SUV, starts at about $85,000. Polestar is a joint venture between Volvo Cars and Chinese automaker Geely, which has owned Volvo Cars since 2010.

☆ Biden says he doesn't think there will be a recession, if so it will be 'very slight'
▼ + stars: | 2022-10-12 | by ( Emma Kinery | ) www.cnbc.com time to read: 1 min

US President Joe Biden arrives to speak at the Volvo Group powertrain manufacturing facility in Hagerstown, Maryland, on Friday, Oct. 7, 2022. President Joe Biden said he doesn't believe there will be a recession in the near future and if there is, he expects it to be a "slight" economic dip. I don't think there will be a recession. If it is, it'll be a very slight recession. JPMorgan Chase CEO Jamie Dimon on Monday warned of the likelihood of a recession in six to nine months.

SEOUL, Oct 11 (Reuters) - Renault (RENA.PA) Chief Executive Luca De Meo said on Tuesday the automaker was looking to find a partner for a carve-out of its combustion-engine business that would bring scale and drive down costs on technology, including hybrids. Register now for FREE unlimited access to Reuters.com RegisterDe Meo said Renault was in talks with the French government over its evolving strategy. De Meo has said Renault needs new partnerships because of the scale of the investment needed to shift toward battery-powered cars and charging. In exchange for investing in the EV venture, Nissan is looking to Renault to reduce its stake in the Japanese automaker, a person familiar with the talks said. Renault currently owns about 43% of Nissan, which in turn has a 15% stake in its long-term partner with the French state holding another 15%.

The Renault CEO was scheduled to speak to reporters in Seoul on Tuesday evening, his first public appearance since news broke of the talks with Nissan. In exchange for its investment in Renault's EV unit, Nissan has asked Renault to take steps to sell down its 43% stake in Nissan, people with knowledge of the talks have said. Nissan has a 15% stake in Renault, as does the French government, but the Japanese automaker does not have voting rights. Nissan would also have to sign off on the plan for Geely to take a large stake in Renault's gas-engine business, code-named "Horse." Volvo and Geely created a joint-venture under the name Aurobay to shift their own combustion-engine business into a new stand-alone business.

☆ Choked-Up Yards and Trailer Shortages Box In America’s Truckers
▼ + stars: | 2022-10-08 | by ( Paul Berger | ) www.wsj.com time to read: +8 min

“There’s a lot more hours and a lot more waiting, just because there’s no chassis.” Mr. Carrera said. Mr. Carrera uncouples a truck trailer, known as a chassis, from his rig at a yard outside Chicago. Mr. Carrera works as an independent owner-operator for California Cartage, a subsidiary of NFI Industries, a Camden, N.J.-based logistics and trucking operator. Mr. Carrera arrived at the container yard that held the Michaels box at about 6:45 a.m. His was the seventh truck in line when the yard opened. There was another empty container waiting nearby that needed to be picked up.

☆ Polestar confirms it will deliver 50,000 electric vehicles in 2022
▼ + stars: | 2022-10-07 | by ( John Rosevear | ) www.cnbc.com time to read: +1 min

Polestar, the Swedish electric performance car company, has announced that the world premiere of its next car, the Polestar 3 electric performance SUV, will be in October 2022. Swedish electric vehicle maker Polestar said Friday that it is still on track to deliver 50,000 vehicles in 2022 after its factory resumed full production following disruptions from Covid outbreaks in China. Polestar said it delivered 9,215 vehicles in the third quarter, bringing its total deliveries so far this year to about 30,400 vehicles. Polestar is a joint venture between Sweden's Volvo Cars and Geely, which has owned Volvo Cars since 2010. The Polestar 3 is expected to make its formal debut at an event in Copenhagen on Wednesday, with production beginning soon thereafter.

☆ Volvo in Advanced Talks on Possible Lithium Mining
▼ + stars: | 2022-10-03 | by ( William Boston | ) www.wsj.com time to read: 1 min

BERLIN— Volvo Car AB is in advanced talks with some of the biggest mining companies, including over potential stakes in lithium mining or processing operations, Chief Executive Jim Rowan said, joining the auto-industry-wide race to secure the minerals and metals needed to power electric vehicles. “Right now, we already have advanced conversations with some of the big miners, as well as the processing factories that process lithium,” Mr. Rowan said, adding that Volvo would decide in the coming months whether to engage in “long-term deals and long-term price negotiations for supply, or whether you want to make an equity investment.”

Gareth Kaminski-Cook, CEO of Autins, which makes noise-reducing and thermal insulation for carmakers, gives a tour of the auto supplier's factory in Tamworth, Britain, May 3, 2022. Many auto suppliers, already squeezed by rampant inflation and energy prices, say they have little choice but to shoulder the extra costs of making their components sustainable to meet carmakers' environmental targets. "We're going to see a real big shakeout the next five, 10 years in the auto supply chain." The company, which is worth about $39 billion, launched its own sustainability drive in 2020 and is working on recyclable products with carmakers including Volkswagen, Volvo and BMW. Guell says carmakers only want to work with suppliers who use green energy, leaving him in a tight spot.

☆ U.S. business equipment borrowings grow 4% in August - ELFA
▼ + stars: | 2022-09-23 | by ( ) www.reuters.com time to read: +2 min

Register now for FREE unlimited access to Reuters.com RegisterThe skyline is seen in Manhattan, New York City, U.S., August 21, 2021. "With the Fed's most recent 75-basis-point jump in short-term interest rates, and the prospect of a hard landing, time will tell whether — and to what extent — these same business owners continue to grow and invest in equipment," ELFA Chief Executive Ralph Petta said in a statement. The Washington-based body's leasing and finance index measures the volume of commercial equipment financed in the United States. The Equipment Leasing & Finance Foundation, ELFA's non-profit affiliate, said its confidence index in September stood at 48.7%, compared with 50% in August. Register now for FREE unlimited access to Reuters.com RegisterReporting by Kannaki Deka in Bengaluru; Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

"It's an enormous first step," Carlisle said, adding that GM is in talks about similar deals with other rental car companies. read moreAutomakers have cut reliance on low-profit, bulk sales to rental car agencies as supply chain problems curtailed production. Carlisle said GM expects to deliver electric vehicles to Hertz at close to retail profit margins. The first GM electric vehicles to ship to Hertz will be Chevrolet Bolt models starting early next year, Carlisle said. GM expects Hertz to deploy many of its EVs in Los Angeles and San Francisco, helping to meet California electric vehicle quotas.

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