DIRS.INFO The most relevant business & tech news

TOKYO (AP) — Toyota chief Koji Sato apologized Monday to customers, suppliers and dealers for flawed testing at a group company, following a series of similar problems in recent years. The apology came a day before Chairman Akio Toyoda is to announce a “global vision” for the Toyota Motor Corp. group. The latest woes at Japan’s top automaker involve testing required for Japanese government approval at Toyota Industries Corp., which makes diesel engines. In 2022, Hino Motors, a truck maker that’s also part of the Toyota group, said it had systematically falsified emissions data dating back as far as 2003. They include the Land Cruiser and Hilux sport utility vehicles, according to Toyota.

Persons: —, Koji Sato, Akio Toyoda, ” Sato, ”, that’s, Sato, “, Yuri Kageyama Organizations: TOKYO, — Toyota, Toyota Motor Corp, Toyota Industries Corp, Toyota, “, Daihatsu Motor Corp, Hino Motors, Cruiser Locations: Tokyo, Japan, Europe, East, Africa, Asia, North America

Attacks on ships in the Red Sea are delivering another shock to global trade, coming on top of pandemic-related logjams at ports and Russia's invasion of Ukraine. The normal route — three weeks via the Suez Canal — has been shut down by the Houthi attacks. Chief executive Stuart Machin said the Red Sea trouble was “impacting everyone and something we’re very focused on." For Europe, the impact is even bigger: 40% of clothes and 50% of shoes traverse the Red Sea. Norwegian fertilizer giant Yara said it was “only mildly impacted by the transit challenges in the Red Sea."

Persons: What’s, Ryan Petersen, Petersen, It’s, Clifton Broumand, Broumand, —, ”, “, it’s, Tesla, Spencer, Stuart Machin, Steve Lamar, Lamar, Flexport, Katheryn Russ, Davis, Judah Levine, Freightos, it's, Russ, Obama, Carlos Tavares, Stellantis, Jan Hoffmann, Frank Conforti, Conforti, ____ Anderson, Kelvin Chan, Anne D'Innocenzio, Yuri Kageyama, Tom Krisher, David McHugh Organizations: WASHINGTON, —, Hamas, Machine, Volvo, Suzuki Motor Corp, American Apparel & Footwear Association, University of California, U.S . Federal Reserve, BMW, Retailer, Free People, AP Business Locations: Belgium, Germany, British, Maryland, Asia, Ukraine, Yemen, Gaza, Europe, United States, Suez, Africa, “, Panama, Greater Landover , Maryland, Taiwan, China, Los Angeles, Berlin, Swedish, Ghent, Hungary, Japan, U.S, overcapacity, Red, Israel, India, New York, London, Tokyo, Detroit, Frankfurt

☆ Attacks on ships in the Red Sea are disrupting global trade. Here’s how it could affect what you buy
▼ + stars: | 2024-01-28 | by ( ) www.cnbc.com time to read: +8 min

Attacks on ships in the Red Sea are delivering another shock to global trade, coming on top of pandemic-related logjams at ports and Russia's invasion of Ukraine. The normal route — three weeks via the Suez Canal — has been shut down by the Houthi attacks. Chief executive Stuart Machin said the Red Sea trouble was "impacting everyone and something we're very focused on." For Europe, the impact is even bigger: 40% of clothes and 50% of shoes traverse the Red Sea. Norwegian fertilizer giant Yara said it was "only mildly impacted by the transit challenges in the Red Sea."

Persons: It's, Petersen, Ryan Petersen, Clifton Broumand, Broumand, it's, Tesla, Spencer, Stuart Machin, Steve Lamar, Lamar, Flexport, Katheryn Russ, Davis, Judah Levine, Freightos, Russ, Obama, Carlos Tavares, Stellantis, Jan Hoffmann, Frank Conforti, Conforti Organizations: Galaxy, Houthis Media, Getty, Machine, Hamas, Volvo, Suzuki Motor Corp, American Apparel & Footwear Association, University of California, U.S . Federal Reserve, BMW, Retailer Urban Outfitters, Free People Locations: Iran, Yemen, Anadolu, Greater Landover , Maryland, Taiwan, China, Gaza, Panama, Asia, Europe, United States, Suez, Africa, Ukraine, Belgium, Germany, British, Maryland, Los Angeles, Berlin, Swedish, Ghent, Hungary, Japan, U.S, overcapacity, Red, Israel, India

☆ Mass EV adoption is a lot harder than early adoption, says former Ford CEO Mark Fields
▼ + stars: | 2024-01-26 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMass EV adoption is a lot harder than early adoption, says former Ford CEO Mark FieldsMark Fields, former Ford Motor Company president and CEO, joins 'Squawk Box' to discuss the state of the EV market, why the EV transition has been slower than expected, and more.

Persons: Mark Fields Mark Fields Organizations: Ford Motor Company, EV

☆ Hyundai finalizes Russia exit as local firm buys its two car plants
▼ + stars: | 2024-01-26 | by ( ) www.cnbc.com time to read: +2 min

Hyundai on Friday said it had signed a deal to sell its two Russian plants, making the South Korean firm the latest global carmaker to exit Russia since the Ukraine conflict began. Hyundai Motor said in December it planned to sell its Russian assets for 10,000 roubles ($111.69), taking a 287 billion won ($214.7 million) loss. Art-Finance is owned by Andrei Pavlovich, who acquired Volkswagen's Russian assets in May 2023. Volkswagen's factory was renamed to AGR Automotive. Hyundai in December said it planned to continue operating post-sales services for existing vehicles in consideration of local conditions in Russia.

Persons: Andrei Pavlovich, Volkswagen's Organizations: Hyundai, Art, Finance, Motors, AGR Automotive Locations: Korean, Russia, Ukraine, Hyundai's St, Petersburg, Russian, Moscow, St Petersburg

☆ Hyundai Motor's fourth-quarter net profit rises 31%, misses forecasts
▼ + stars: | 2024-01-25 | by ( ) www.cnbc.com time to read: +2 min

Hyundai Motor, the world's No.3 automaker by sales with its affiliate Kia Corp, reported a net profit of 2.2 trillion won ($1.65 billion) for the October-December period versus a profit of 1.7 trillion won a year earlier. That compared with a 2.9 trillion won average forecast by LSEG SmartEstimate, which is weighted towards estimates from analysts who are more consistently accurate. It expects a 4.9% jump in North American vehicle sales but a 3.7% drop and 0.6% fall in vehicle sales in China and Europe, respectively. "Hyundai Motor expects the business environment will remain difficult to predict, due to macro uncertainties centered on emerging markets and a downturn in the real economy," Hyundai Motor said in a statement. Shares in Hyundai Motor were trading up 2.0% after it reported its earnings, outperforming 0.1 rise for the benchmark Kospi.

Persons: Hyundai, LSEG SmartEstimate, Lee Jae, Lee Organizations: Hyundai, Hyundai Motor, Kia Corp, Eugene Investment, Securities Locations: San, San Leandro , California, South, Russia, China, Europe

TOKYO (AP) — A Japanese automaker that cheated on safety tests for decades said Monday it doesn't expect to resume shipping cars any time soon. The Japanese government ordered a subsidiary of Toyota to halt production of its entire lineup after reports of faked safety test results emerged last year. The Daihatsu Motor Co. skipped mandatory safety tests by copying data from testing on one side of cars to the other, and used timers to ensure airbags went off in tests, a review found. An investigation including third-party experts found 174 cases of faked tests affecting dozens of models, including cars sold under the Toyota Motor Corp. nameplate. The review found that cheating went back 30 years.

Persons: —, Keita Ide, Soichiro Okudaira, truckmaker Hino, Akio Toyoda, Toyota’s, ” ___ Yuri Kageyama Organizations: TOKYO, Toyota, Daihatsu, Co, Toyota Motor Corp, Toyota Industries Corp

☆ Vintage photos taken 100 years ago show what life was like in 1924
▼ + stars: | 2024-01-12 | by ( Erin Mcdowell | ) www.businessinsider.com time to read: +1 min

The start of the 1920s brought in a new era for transportation, and automobiles had become a mainstream method of travel for many people. A man fills up his automobile at a fueling station in 1924. National Motor Museum/Heritage Images/Getty ImagesThough many countries were still recovering from the negative effects of World War I, by 1924 the United States had bounced back and become a hive of industry. One of the most popular vehicles of the time was the Ford Model T, which the Ford Motor Company sold between the years 1908 and 1927. When it was time to fill up the tank, drivers would pull into a fueling station, like the one pictured above, where gas would run you between 13 and 25 cents per gallon.

Organizations: National Motor Museum, Ford, Ford Motor Company Locations: United States

☆ Toyota says it halts some Tianjin operations after report of weak sales
▼ + stars: | 2023-12-02 | by ( ) www.reuters.com time to read: +1 min

[1/2] A sign is seen outside a Tianjin Faw Toyota Motor Co. Ltd showroom, a joint venture between China's Tianjin FAW Xiali Automobile Co Ltd and Japan's automaker Toyota Motor Corp, in central Beijing October 9, 2012. The production halt at the Tianjin venture with China's FAW was a planned move, and Toyota is adjusting production based on "changes in the composition of vehicle models", a spokesperson said by email. Japan's Jiji news service said on Friday the world's largest automaker by sales was suspending some production as part of a major production adjustment in response to weak sales of gasoline-engine cars. Reuters reported last month that Toyota had told dealers it would extend a plan to reduce output at the FAW venture. Slowing sales pose a growing challenge to Toyota in China which accounted for nearly a fifth of Toyota's worldwide sales of about 8.5 million vehicles over the first 10 months of the year, including sales of its luxury Lexus brand.

Persons: David Gray, David Kirton, Brenda Goh Organizations: Tianjin Faw Toyota Motor Co, China's Tianjin FAW Xiali Automobile Co Ltd, Japan's, Toyota Motor Corp, REUTERS, Rights, Toyota, China's FAW, FAW, Reuters, Lexus, Thomson Locations: Beijing, Rights SHENZHEN, China, Tianjin, Shenzhen, Shanghai

☆ An Architect’s Party Palace Hits the Market in Miami Beach for $33 Million
▼ + stars: | 2023-12-01 | by ( Sarah Paynter | ) www.wsj.com time to read: 1 min

Be the first to know about the biggest and best luxury home sales and listings by signing up for our Mansion Deals email alert. On a December afternoon, architect Chad Oppenheim served drinks to about 100 guests on the stone motor court of his roughly 8,000-square-foot home in Miami Beach, Fla. Partygoers faced a 23-foot-tall covered courtyard entry, shrouded in a large curtain. Drums began to beat.

Persons: Chad Oppenheim, Partygoers Locations: Miami Beach, Fla

It’s still not clear which vehicles would be eligible for the full $7,500 tax credit under the new rules because the government has yet to publish any lists. But they are still years away from being able to produce an electric vehicle without materials and components from China. Sam Abuelsamid, a mobility analyst for Guidehouse Insights, expects many EVs now eligible for the full $7,500 U.S. tax credit will see that cut in half next year when the new regulations take effect. Getting the tax credit upfront — rather than waiting until filing tax returns next year — “will actually reduce your monthly payment, which is a major stumbling block for consumers,” he said. Adeyemo and other officials declined to say whether batteries from the Ford plant would qualify for tax credits.

Persons: —, Biden, Joe Biden's, It’s, Wally Adeyemo, David Turk, Adeyemo, Turk, John Bozzella, Sam Abuelsamid, EVs, Abuelsamid, — “, ”, Joe Manchin, Manchin, Janet Yellen, Ford, Tom Krisher Organizations: WASHINGTON, Treasury, Energy, EV, Administration, “, Motors, Hyundai, Ford, GM, Alliance for Automotive Innovation, Guidehouse, Democratic, Natural Resources Committee, Ford Motor Co, Amperex Technology, Associated Press Locations: U.S, China, United States, North Korea, Russia, Iran, North America, Michigan, Detroit

All eyes are now on the personal consumption expenditure (PCE) index- the Fed's preferred inflation gauge- for October, due at 8:30 a.m. ET, which is expected to show inflation eased in the previous month. The PCE index is expected to rise 0.1% on a monthly basis in October, moderating from a 0.4% increase in September. Data cloud company Snowflake (SNOW.N) added 8.2% after it forecast fourth-quarter product revenue above Street estimates on artificial intelligence driven demand. Reporting by Shristi Achar A and Amruta Khandekar in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

Persons: Caitlin Ochs, Russ Mould, AJ Bell, Jefferies, Shristi Achar, Shinjini Organizations: New York Stock Exchange, REUTERS, Dow, Nasdaq, Wall, Federal Reserve, Dow e, Ford Motor, Inc, Thomson Locations: New York City, U.S, Chicago, Bengaluru

TOKYO (AP) — Toyota is selling a part of its stake in components maker Denso to raise cash for its drive toward electric vehicles and other innovations, Japan's top automaker said Wednesday. The move is estimated to raise about 290 billion yen ($2 billion), given recent share prices. Toyota affiliates, Toyota Industries and Aisin, are also selling a portion of their Denso shares, officials said. Toyota officials have acknowledged they have fallen behind in the industry shift toward electric vehicles, and they have been aggressively playing catch-up. Toyota officials hinted other such offers may be in the works but declined to give specifics.

Persons: ”, Masahiro Yamamoto, Yamamoto, Yamamato, Yuri Kageyama Organizations: TOKYO, Toyota, Toyota Motor Corp, Denso Corp, Toyota Industries, Lexus, KDDI Corp

☆ Some electric vehicles can charge while they drive thanks to special coils installed under a street in Detroit
▼ + stars: | 2023-11-29 | by ( Associated Press | ) www.businessinsider.com time to read: +3 min

A street in Detroit, Michigan has newly installed induction charging coils. The coils charge some electric vehicles when they're parked, driving, or idling. AdvertisementCrews have installed what's billed as the nation's first wireless-charging public roadway for electric vehicles beneath a street just west of downtown Detroit. Copper inductive charging coils allow vehicles equipped with receivers to charge up their batteries while driving, idling, or parking above the coils. The wireless-charging roadway helps puts Michigan and Detroit at the forefront of electric vehicle technology, officials said.

Persons: —, Crews, Gretchen Whitmer, Stefan Tongur, Tongur, Electreon, Biden, Bradley C, Wieferich Organizations: Service, Michigan Department of Transportation, Michigan Central Innovation District, Ford Motor Co, Michigan Central, Michigan Gov, Smart, Department of Transportation Locations: Detroit , Michigan, Detroit, Israel, Sweden, Italy, Germany, Michigan, United States

☆ Britain hopes to attract investment from Chinese carmakers - minister
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Damir Sagolj/File Photo Acquire Licensing RightsCompanies Nissan Motor Co Ltd FollowHAMPTON COURT, England, Nov 27 (Reuters) - Britain's investment minister on Monday said he was working to attract Chinese car manufacturers to build a factory in the country and that investment from China was crucial to meeting environmental targets. At a foreign direct investment summit at Hampton Court Palace on Monday, British investment minister Dominic Johnson said commercial talks could run in parallel with political disagreements. "Chinese investment is crucial if we're to achieve our net zero goals ... "Absolutely, I have an ambition to try and attract a Chinese car manufacturer." Britain is re-examining the application of its recently introduced National Security and Investment (NSI) Act that has disproportionately blocked Chinese-backed deals.

Persons: Damir Sagolj, Rishi Sunak's, David Cameron, Cameron, Sunak, Dominic Johnson, we're, Johnson, carmakers, Alistair Smout, Alex Richardson Organizations: China, Financial, Bank of China, REUTERS, Nissan Motor, Conservative Party, National Security and Investment, Tata, Nissan, European Union, Thomson Locations: Beijing, China, HAMPTON, England, Hampton, Britain

☆ Why doesn’t the US have more passenger trains?
▼ + stars: | 2023-11-25 | by ( Samantha Delouya | ) edition.cnn.com time to read: +12 min

Today, the United States’ passenger rail system is an echo of its former self, with swathes of the network unused or surrendered to freight. In 1970, President Richard Nixon signed the Rail Passenger Service Act, which removed the requirement that private rail companies provide passenger service. Mike Segar/ReutersBut many American towns and cities have lost access to passenger trains. Can passenger trains make a comeback? A passenger rides an Amtrak train passing near the Pacific Ocean on November 9, 2021 near Oceanside, California.

Persons: you’ll, Biden, ”, Miguel Medina, JP Morgan, Jay Gould, Cornelius Vanderbilt, Christian Wolmar, “, Yonah Freemark, Bing Guan, Freemark, Dwight D, Eisenhower, Harvey Weber, Paul Hammond, Hammond, Richard Nixon, Daniel Patrick Moynihan, Mike Segar, Ulysses S, Grant, Al Drago, Joe Biden, ” Freemark, Robert Puentes, It’s, ” Puentes, Mario Tama, Brightline, Carline Jean, Tony Coscia Organizations: Los Angeles CNN, Washington , D.C, Brightline, Miami, US Department of Transportation, du, Getty, Amtrak, US, Transcontinental Railroad, Central Pacific Railroad, Union Pacific Railroad, Railroad, CNN, Bloomberg, United States Senate, Newsday, Colorado Railroad Museum, Rail, Service, Hall, Pennsylvania, Bureau of Transportation Statistics, Washington DC, Eno Center for Transportation, Private, Las, Passengers, West Palm Beach, Fort, South Florida Sun Sentinel, Tribune Locations: Europe, Asia, America, United States, Boston, Washington ,, Orlando, California, Los Angeles, San Francisco, Swedish, Paris, AFP, France, Japan, China, Promontory Point , Utah, Compton , California, American, Levittown , New York, Manhattan, New York City , New York, U.S, Indiana, Ohio, Baltimore, Baltimore , Maryland, Potomac, Delaware, Oceanside , California, South Florida, Las Vegas, West Palm, Fort Lauderdale, Florida, South

LONDON (AP) — Nissan will invest more than 1 billion pounds ($1.3 billion) to update its factory in northeast England to make electric versions of its two best-selling cars, a boost for the British government as it tries to revive the country's ailing economy. The company said it's directly investing up to 1.12 billion pounds to produce electric successors to the two models. “Nissan’s investment is a massive vote of confidence in the U.K.’s automotive industry,” which contributes 71 billion pounds a year to the economy, Prime Minister Rishi Sunak said. India’s Tata Sons, which owns Jaguar Land Rover, is building a 4 billion-pound EV battery factory in the U.K. that's expected to produce about 40 gigawatt hours of battery cells every year, enough to provide half the U.K.’s electric vehicle batteries. Stellantis, parent company of British automaker Vauxhall, is investing 100 million pounds to make electric vans and cars in northwestern England.

Persons: —, it's, Rishi Sunak, Makoto Uchida, Sunak, India’s Tata Organizations: — Nissan, Nissan, BMW, India’s Tata Sons, Rover, EV, British, Vauxhall Locations: England, Sunderland, China, Europe, Oxford

Electric vehicle sales are expected to hit a record 9% of all passenger vehicles in the U.S. this year, according to Atlas Public Policy. That will be up from 7.3% of new car sales in 2022. These figures include both battery electric vehicles and plug-in hybrid EVs. But even as U.S. EV market share grows steadily, hurdles still stand in the way for some car buyers considering electric. Several U.S. states have set target dates by which they expect vehicle sales to be majority zero-emissions.

Persons: EVs, Tesla, Kelley, Alexa St, John Organizations: Atlas Public, EV, American, Ford Motor Co, General Motors, AP Locations: U.S, China, Germany, Norway, California, Washington, New Jersey, Press, ___

☆ Nissan to make electric versions of Qashqai, Juke in Britain -Sky News
▼ + stars: | 2023-11-22 | by ( ) www.reuters.com time to read: 1 min

[1/2] A badge is seen on the new Juke car at Nissan's car plant in Sunderland Britain, October 10, 2019. REUTERS/Phil Noble/ File Photo Acquire Licensing RightsCompanies Nissan Motor Co Ltd FollowLONDON, Nov 22 (Reuters) - Japanese carmaker Nissan Motor Co (7201.T) will announce on Friday that it will build the electric versions of its Qashqai and Juke models at its plant in Sunderland, northern England, Sky News reported on Wednesday. Citing automotive industry sources, Sky reported Nissan would commit hundreds of millions of pounds to the project. While no upfront taxpayer money will be involved, the British government is expected to provide guarantees, the report added. Nissan representatives could not immediately be reached for comment.

Persons: Phil Noble, Kylie MacLellan, Nick Carey Organizations: REUTERS, Nissan Motor, Nissan, Sky News, Thomson Locations: Sunderland Britain, Sunderland, England

DETROIT (AP) — Ford Motor Co. is resuming construction on a Michigan electric vehicle battery plant that the company postponed two months ago during a strike by the United Auto Workers union. But the automaker says that due to slowing electric vehicle sales growth, it will scale back the factory size, cutting the number of planned jobs by about one third from 2,500 to 1,700. Ford put the plant, originally to cost $3.5b, on hold in late September as the union went on strike at targeted assembly plants run by Ford, General Motors and Jeep maker Stellantis. Unlike the company's other battery plants that are joint ventures, the Marshall factory will be a fully owned Ford subsidiary staffed by Ford workers. But China’s Contemporary Amperex Technology Co. Ltd., or CATL, which is known for its lithium-iron-phosphate expertise, would supply technology, some equipment and workers.

Persons: —, Ford, Mark Truby, ”, Marshall Organizations: DETROIT, — Ford Motor Co, United Auto Workers, Ford, General Motors, EV, Amperex Technology, . Ltd Locations: Michigan, Marshall, Detroit

☆ Ford battery plant is back on track but scaled down
▼ + stars: | 2023-11-21 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +1 min

CNN —Ford has restarted work on an electric vehicle battery plant in Michigan, but the plant will be smaller than was originally planned. Last month, Ford had laid off some workers building the F-150 Lightning electric pickup truck. By producing batteries in the United States, the plant should help Ford to take advantage of EV tax credits tied, in part, to domestic battery manufacturing. Ford is also building two battery plants in Kentucky and Tennessee. Ford has said it plans to be able to produce two million electric vehicles globally by late 2026.

Persons: CNN — Ford, Ford, ” Ford, General Motors, CATL Organizations: CNN, United Auto Workers, General, Ford Motor Co, Amperex Technology, SK Innovations Locations: Michigan, United States, Kentucky, Tennessee, South Korea

☆ Unions are the strongest in decades. Nearly a million Americans got double-digit raises as a result
▼ + stars: | 2023-11-21 | by ( Chris Isidore | ) edition.cnn.com time to read: +12 min

New York CNN —Nearly 900,000 Americans sitting down to Thanksgiving dinner this week will have unions – and the double-digit pay increases they won – to thank. The strike lasted more than six weeks before the union won contracts it was seeking from all three unionized US automakers. The unions won significant pay increases and job protections they were seeking. And even with some of the contracts that pass, some union members offer significant opposition, believing they could have negotiated for even more. The union won a contract approved by 86% of membership who voted on ratification.

Persons: “, ”, Wheaton, Emily Elconin, David Paul Morris, Stellantis, Kate Andrias, Mike Blake, It’s, Greg Regan, ” Regan, Heidi Shierholz, union’s, Cornell’s Wheaton, That’s, EPI’s Organizations: New, New York CNN, CNN, Cornell University’s School of Industrial and Labor Relations, United Auto Workers, General Motors, Ford, Kaiser Permanente, Ford Motor Co, Michigan Assembly, Bloomberg, Getty, Writers Guild, SAG, Teamsters, UPS, Culinary, Los, Pilots, American, United, Southwest, The, Professional, American Airlines, FedEx, United Airlines, San Francisco International Airport, Detroit, MGM Entertainment, UAW, Big, GM, Labor, Columbia Law, Motors, Workers, AFL, Economic Policy Institute, Labor Department, Union, Toyota, Honda, Hyundai, Starbucks, Starbucks Workers United, ” Locations: New York, Buffalo, Kaiser, Michigan, Wayne , Michigan, DisneyWorld, Los Angeles, Vegas

☆ Ford to scale back plans for $3.5 billion Michigan battery plant as EV demand disappoints, labor costs rise
▼ + stars: | 2023-11-21 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

Ford CEO Jim Farley announces at a press conference that Ford Motor Company will be partnering with the worlds largest battery company, a China-based company called Contemporary Amperex Technology, to create an electric-vehicle battery plant in Marshall, Michigan, on February 13, 2023 in Romulus, Michigan. DETROIT – Ford Motor is scaling back plans for a $3.5 billion battery plant in Michigan as consumers move to electric vehicles more slowly than expected, labor costs rise and the company moves to cut costs. Ford executives including CEO Jim Farley and Chair Bill Ford initially announced the facility in February. Reductions at the Marshall, Michigan plant are part of Ford's plans announced last month to cut or delay about $12 billion in previously announced EV investments. The company will also postpone construction of another electric vehicle battery plant in Kentucky.

Persons: Jim Farley, Bill Ford, Ford, Mark Truby Organizations: Ford Motor Company, Technology, Ford, Amperex Technology, U.S, Marshall Locations: China, Marshall , Michigan, Romulus , Michigan, DETROIT, Michigan, EVs, Kentucky

☆ U.S. probes Hyundai, Kia recall into 6.4 million vehicles over fire risks
▼ + stars: | 2023-11-20 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsWASHINGTON, Nov 20 (Reuters) - U.S. auto safety regulators said Monday they had opened a probe into 16 separate recalls issued by Hyundai (005380.KS) and Kia (000270.KS) covering 6.4 million vehicles relating to brake fluid leaks that could result in fires. The automakers said internal brake fluid leaks can cause an electrical short that could lead to a fire. Kia said the Hydraulic Electronic Control Unit (HECU) in the vehicles may experience an electrical short as a result of brake fluid leaks. Hyundai said the Anti-Lock Brake System (ABS) module may leak brake fluid internally and cause an electrical short. The September recall covered 1.73 million Kia Borrego, Cadenza, Forte, Sportage, K900, Optima, Soul Rio, Sorento and Rondo vehicles from various model years for each vehicle from 2010 through 2017.

Persons: Andrew Kelly, Kia, Kia Borrego, Forte, Sportage, David Shepardson, Bernadette Baum, Louise Heavens Organizations: Hyundai Motor, New York, REUTERS, Rights, Hyundai, Kia, Korean, Control, Traffic Safety Administration, Tucson Fuel Cell, Santa Fe Sport, Thomson Locations: Manhattan , New York City, U.S, KS, United States, Santa Fe, Veracruz, Tucson

☆ Toyota to pay $60 mln for lending abuses, tarnishing credit reports, US regulator says
▼ + stars: | 2023-11-20 | by ( Jonathan Stempel | ) www.reuters.com time to read: +2 min

REUTERS/David 'Dee' Delgado/File Photo Acquire Licensing RightsCompanies Toyota Motor Corp FollowNov 20 (Reuters) - Toyota (7203.T) will pay $60 million to settle a U.S. regulator's charges it illegally prevented car buyers from canceling unwanted product bundles that increased their monthly loan payments, and tarnished buyers' credit reports. The Consumer Financial Protection Bureau (CFPB) on Monday said Toyota Motor Credit, the automaker's U.S.-based lending arm, will pay a $12 million civil fine and $48 million to car buyers harmed since 2016. Toyota Motor Credit, based in Plano, Texas, provides financing for people who buy vehicles at Toyota dealerships, with nearly 5 million customer accounts as of Oct. 2022. Toyota Motor Credit was also accused of falsely telling credit reporting agencies that borrowers had missed payments, and failing to promptly correct negative information for more than 27,500 borrowers. Under a consent order, and without admitting or denying liability, Toyota Motor Credit agreed to make it easy to cancel unwanted product bundles.

Persons: David, Dee, Delgado, Jonathan Stempel, Chizu Nomiyama, Bill Berkrot Organizations: New York, REUTERS, Rights, Toyota Motor, Toyota, Consumer Financial Protection Bureau, Monday, Motor Credit, Toyota Motor Credit, Thomson Locations: Manhattan , New York City, U.S, Plano , Texas, Monday's, New York

Search resuls for: "Motor Co"

25 mentions found