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☆ U.S. Senator Rubio seeks review of Ford technology deal with China's CATL
▼ + stars: | 2023-02-15 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

Anna Rose Layden/Pool via REUTERSWASHINGTON, Feb 14 (Reuters) - Senator Marco Rubio on Tuesday asked the Biden administration to review Ford Motor's (F.N) deal to use technology from Chinese battery company CATL (300750.SZ) as part of the automaker's plan to spend $3.5 billion to build a battery plant in Michigan. The $430 billion IRA imposes restrictions on battery sourcing and is designed to wean the United States off the Chinese supply chain for electric vehicles (EVs). Treasury declined to comment, but Granholm said on Twitter on Monday that "bringing advanced manufacturing capabilities from overseas to the United States is key to our competitiveness, will stimulate our economy, and create good-paying American jobs." Ford said the plant would create 2,500 jobs and begin producing lower cost and faster recharging lithium-iron-phosphate batteries in 2026. Republican House Majority Leader Steve Scalise tweeted criticism of the Ford deal, while Republican Virginia Governor Glenn Youngkin said last month that his state had withdrawn from the competition to attract the Ford plant over concern's about China's potential involvement.

☆ Honda issues 'Do Not Drive' warning for 8,200 U.S. vehicles over air bag risks
▼ + stars: | 2023-02-03 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

REUTERS/Kim Kyung-HoonWASHINGTON, Feb 3 (Reuters) - Honda Motor Co (7267.T) on Friday issued a "Do Not Drive" warning for 8,200 model year Acura and Honda vehicles with unrepaired Takata air bag inflators in the United States. The urgent warning covers various 2001-2003 model year Honda Accord, Civic CR-V and Odyssey, Pilot and Acura 3.2CL and 3.2 TL vehicles with so-called "Alpha" inflators. More than 30 deaths worldwide - including at least 23 U.S. fatalities - and hundreds of injuries in various automakers' vehicles since 2009 are linked to Takata air bag inflators that can explode, unleashing potentially deadly metal shrapnel inside vehicles. NHTSA said last month a February death of the driver of a 2002 Accord in Bowling Green, Kentucky, was due to a faulty air bag inflator. In November, Chrysler parent Stellantis (STLA.MI) urged owners of 276,000 older U.S. vehicles to immediately stop driving after three crash deaths tied to faulty Takata air bag inflators were reported.

☆ Ford's U.S. sales start 2023 on strong footing, boosted by F-Series and Bronco
▼ + stars: | 2023-02-02 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

DETROIT – Ford Motor's new U.S. vehicle sales started 2023 on stronger footing than a year earlier, but were down 18.4% from December. The automotive industry continues to navigate through some supply chain and production issues, although the flow of parts and vehicle production this year is expected to be more consistent than in recent years. For January, Ford reported a 2% increase in sales from a year earlier to 146,356 vehicles sold. The uptick was led by sales increases of 8.8% for F-Series pickups, 25.5% for Broncos, and 52% for Bronco Sport SUVs — as well as a doubling of its electric vehicle sales, which have been and remain minimal. Some of the automaker's crossovers such as the Ford Edge and Escape experienced double-digit declines from a year earlier.

☆ What to watch for when 9 Club holdings report earnings on Thursday
▼ + stars: | 2023-01-30 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +11 min

So far, earnings season has been mixed — we've seen some strong results from Club holdings Morgan Stanley (MS) and Halliburton (HAL). Projected revenue: $4.58 billion Projected EPS: $1.30 Conference call at 9:30 a.m. Projected revenue: $7.33 billion Projected EPS: $1.81 Conference call at 10 a.m. Projected revenue: $9.26 billion Projected EPS: $2.51 Conference call at 8:30 a.m. Projected revenue: $121.19 billion Projected EPS: $1.94 Conference call at 5 p.m.

☆ Hyundai Motor's Q4 net profit triples but misses expectations
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: +1 min

SEOUL, Jan 26 (Reuters) - South Korea's Hyundai Motor Co (005380.KS) on Thursday reported a tripling in fourth-quarter profit on strong demand for its high-margin sport-utility vehicles and a weak won. Hyundai Motor reported a net profit of 1.7 trillion won ($1.4 billion) for the October-December period versus a profit of 547 billion won a year earlier, when the automaker booked some one-off costs. That compared with a Refinitiv SmartEstimate for fourth-quarter profit at 2.5 trillion won drawn from 18 analysts. Like many other automakers, Hyundai benefited from the tight supply of new vehicles last year which have kept retail prices high. Shares in Hyundai Motor rose on Thursday to be up 4.4% in afternoon trade.

☆ Testing group says Tesla Autopilot slips in driver assistance ratings
▼ + stars: | 2023-01-25 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

WASHINGTON, Jan 25 (Reuters) - Tesla's (TSLA.O) advanced driver assistance system Autopilot fell in a ranking of 12 major systems, Consumer Reports said Wednesday. Tesla, which was second in Consumer Reports ratings in 2020 behind Super Cruise, fell to seventh, the group said. "After all this time, Autopilot still doesn’t allow collaborative steering and doesn’t have an effective driver monitoring system," said Consumer Reports Auto Testing director Jake Fisher in a statement. The National Highway Traffic Safety Administration (NHTSA) is investigating 830,000 Tesla vehicles with Autopilot after a series of crashes with parked emergency vehicles. NHTSA is reviewing whether Tesla vehicles adequately ensure drivers are paying attention.

☆ Tata considers India, Europe for EV cell manufacturing plants
▼ + stars: | 2023-01-12 | by ( Aditi Shah | ) www.reuters.com time to read: +2 min

GREATER NOIDA, India, Jan 12 (Reuters) - Tata group is considering setting up plants in India and Europe to produce battery cells for electric vehicles (EV), the chief financial officer of its auto unit told Reuters in an interview. With total sales of 50,000 electric cars to date, India's Tata Motors dominates the country's EV market and has outlined plans to launch 10 electric models by March 2026. The company expects electric models to make up a quarter of its total sales by 2025 from around 8% now. Localising cell manufacturing for EV batteries is key to increasing local components in electric cars and will help the automaker develop a local supply chain too, Tata Motors' P.B. Balaji said the investment in cell manufacturing will be made by its parent company Tata Sons but did not elaborate on the quantum or timeline.

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.

☆ These 6 Club stocks look reasonably priced as Wall Street shuns high flyers
▼ + stars: | 2023-01-06 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +8 min

We're focusing on forward price-to-earnings ratios, calculated by dividing share price by estimated earnings-per-share over the next 12 months. In this high-level hypothetical, start with the multiple you want to pay and multiply that by forward earnings estimates. But now growth is less certain and interest rates are going up, so you think paying 10x forward earnings is too risky. Instead, you think paying 8x forward earnings is more appropriate, meaning you're only willing to pay $40 per share. Oilfield services provider Halliburton (HAL) trades at roughly 13x forward earnings, a valuation that we find very reasonable.

☆ North Korea says it tested 'high-thrust solid-fuel motor' for apparent ICBM development
▼ + stars: | 2022-12-15 | by ( Soo-Hyang Choi | ) www.reuters.com time to read: +3 min

[1/5] A view of a "high-thrust solid-fuel motor" test to develop a new strategic weapon, at the Sohae Satellite Launching Ground in Tongchang-ri, North Korea, December 15, 2022, in this photo released by North Korea's Korean Central News Agency (KCNA). KCNA via REUTERSSEOUL, Dec 16 (Reuters) - North Korea has tested a "high-thrust solid-fuel motor", state media reported on Friday, as the isolated country seeks to develop a new strategic weapon and speeds up its nuclear and missile programmes. The static firing test proved the motor's reliability and stability, providing a "guarantee for the development of another new-type strategic weapon system", KCNA added. North Korea has been working to build more solid-fuel missiles, which are more stable and can be launched with almost no warning or preparation time. North Korea has conducted an unprecedented number of missile tests this year, including an ICBM capable of reaching the U.S. mainland, despite international bans and sanctions.

☆ Ford CEO says 65% of U.S. dealers agree to sell EVs under company's investment programs
▼ + stars: | 2022-12-05 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

About 1,920 of Ford's nearly 3,000 dealers in the U.S. agreed to sell EVs, according to Farley. Ford, unlike crosstown rival General Motors , is allowing dealers to opt out of selling EVs and continue to sell the company's cars. GM has offered buyouts to Buick and Cadillac dealers that don't want to invest to sell EVs. Dealers who decided not to invest in EVs may do so when Ford reopens the certification process in 2027. However, there have been growing pains for Tesla , which uses the sales model, when it comes to servicing its vehicles.

☆ 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.

☆ Chinese carmakers target more European sales with five-star EVs
▼ + stars: | 2022-11-21 | by ( Nick Carey | ) www.reuters.com time to read: +7 min

"All Chinese EV makers want to achieve Euro NCAP five-star ratings in order to be more competitive in the European market," said Brian Gu, president of Chinese EV maker Xpeng (9868.HK). Perhaps more importantly for sales, high safety ratings also open up the potentially huge corporate car fleet market for Chinese EV makers. European carmakers are also pursuing five-star ratings for their EVs and hybrids, from BMW's (BMWG.DE) iX to Volkswagen's (VOWG_p.DE) ID.4 and ID.5. But almost half the Chinese cars sold were EVs, according to Inovev, giving them a 5.8% share of Europe's fully-electric vehicle market. Inovev vice-president Jamel Taganza said all Chinese cars sold in Europe would be EVs within a few years, with more lower-cost models on the way.

☆ Ford's October sales slide 10% amid supply chain issues
▼ + stars: | 2022-11-02 | by ( Michael Wayland | ) www.cnbc.com time to read: +3 min

DETROIT – Ford Motor's U.S. sales last month declined by 10% as the automaker battled through supply chain issues that delayed shipments to dealers. Ford has experienced unique supply chain issues lately, including sourcing of its blue oval badges for highly profitable pickup trucks and SUVs. Ford said orders for 2023 model-year vehicles totaled 255,000. Ford's 2022 all-electric vehicle sales totaled roughly 47,500 units through October, accounting for about 3% of the automaker's sales. Ford is among a handful of automakers to report new monthly vehicle sales.

☆ Volkswagen to work with Mobileye on automated driving after Argo exit - sources
▼ + stars: | 2022-10-27 | by ( Jan Schwartz | ) www.reuters.com time to read: +2 min

REUTERS/Shannon StapletonBERLIN, Oct 27 (Reuters) - Volkswagen (VOWG_p.DE) plans to expand its cooperation with Intel's Mobileye (MBLY.O) to include its automated driving program after Wednesday's decision to no longer invest in self-driving startup Argo AI, two sources familiar with the plan told Reuters on Thursday. Mobileye, which develops autonomous driving technologies, already cooperates with VW's software unit Cariad. Volkswagen's and Ford Motor's F.N exit from Argo came after three years of joint efforts on the development of automated driving systems and investments of more than $3 billion, highlighting the cost pressure automakers face in that field. Israel-based Mobileye went public this week, being valued at more than $20 billion. Chief Communications Officer Dan Galves said earlier this week that based on its design wins with automakers, the company's assisted driving systems would be deployed in 270 million cars by 2030.

☆ Sierra EV joins General Motors' electric truck family in early 2024
▼ + stars: | 2022-10-20 | by ( Paul Lienert | ) www.reuters.com time to read: +2 min

The first version, due in early 2024, is the fully loaded Sierra EV Denali Edition 1, which will be built in limited numbers and priced from $107,000. Register now for FREE unlimited access to Reuters.com RegisterLike its sister model, the Chevrolet Silverado EV, the four-door Sierra EV shares its Ultium battery pack with the GMC Hummer EV. The high-end Sierra EV Denali Edition 1 boasts 754 horsepower and an estimated range of 400 miles. When the battery pack is depleted, a DC fast charger can add about 100 miles of range in 10 minutes, GM said. The feature-laden Sierra EV Denali comes with an adaptive air suspension, a massive 16.8-inch center display, 14-inch multi-color head-up display, panoramic glass roof and Super Cruise hands-free driving assist.

☆ Two large Hong Kong IPOs drop in trading debut: China EV maker Leapmotor plunges, Onewo shares dip
▼ + stars: | 2022-09-29 | by ( Abigail Ng | ) www.cnbc.com time to read: +1 min

China Vanke's subsidiary Onewo and EV maker Zhejiang Leapmotor Technology began trading on the Hong Kong market on Thursday. Chinese electric vehicle maker Leapmotor's shares tumbled as much as 32% from its offer price of 48 Hong Kong dollars ($6.11) per share. Shares of Onewo fell 7.9% from its offer price of 49.35 Hong Kong dollars ($6.29) per share in early trade, and was last 4.76% lower. Onewo, a subsidiary of property developer China Vanke, raised 5.6 billion Hong Kong dollars ($713.5 million), while Leapmotor raised 6.06 billion Hong Kong dollars ($771.7 million). Data from the Hong Kong Exchange (HKEX) show there were 48 new listings in Hong Kong from January to August in 2022, raising a total of 56 billion Hong Kong dollars ($7.1 billion) – a steep drop from the same period in 2021, in which there were 69 new listings that raised 271.4 billion Hong Kong dollars ($34.6 billion).

☆ Ford stock on pace for worst day in more than 11 years after cost warning
▼ + stars: | 2022-09-20 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

DETROIT – Ford Motor's stock is on pace for its worst day in more than 11 years, after the automaker pre-released part of its third-quarter earnings report and warned investors of $1 billion in unexpected supplier costs. Shares of Ford were trading at about $13.10 apiece Tuesday afternoon, down by more than 12%. If the losses hold into the close, it would knock roughly $7 billion off the company's market value. That would be significantly below the forecasts of some analysts, who were projecting quarterly profit closer to $3 billion. Ford cited recent negotiations resulting in inflation-related supplier costs that will run about $1 billion higher than originally expected.

REUTERS/Tyrone SiuSept 20 (Reuters) - Chip giant Nvidia Corp (NVDA.O) on Tuesday unveiled its new computing platform called DRIVE Thor that would centralize autonomous and assisted driving as well as other digital functions including in-car entertainment. General Motor's (GM.N) autonomous driving unit Cruise last week said it had developed its own chips to be deployed by 2025. It currently uses Nvidia chips. read moreThe first customer Nvidia announced for DRIVE Thor is China's Geely-owned (GEELY.UL) ZEEKR. Shapiro said its current computer system called DRIVE Orin will be used in Chinese car company XPeng's new smart SUV and Chinese autonomous driving startup QCraft.

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