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☆ South Korea's LGES revives Arizona battery factory plan with $5.6 bln investment
▼ + stars: | 2023-03-24 | by ( ) www.reuters.com time to read: +2 min

SEOUL, March 24 (Reuters) - South Korea's LG Energy Solution Ltd (LGES) (373220.KS) said on Friday it would invest 7.2 trillion won ($5.58 billion) to build a battery factory in Arizona, reviving a project paused last year due to adverse economic conditions. Friday's announcement comes after LGES in January said it had been in "active discussion" with Tesla and electric vehicle startups to supply batteries from the proposed factory. Automakers and EV battery producers are racing to set up manufacturing in the United States to take advantage of federal subsidies that could generate up to $45 per kilowatt hour (kWh) to offset the costs of production. LGES, which supplies Tesla, General Motors Co (GM.N) and others, also has production sites in South Korea, China, Poland, Canada and Indonesia. Shares of LGES were trading down 1.6% versus a 0.4% fall in the benchmark KOSPI (.KS11) as of 0620 GMT.

☆ Four ways for car buyers to survive the interest-rate crunch
▼ + stars: | 2023-03-23 | by ( Chris Taylor | ) www.reuters.com time to read: +4 min

New car buyers with a monthly payment over $1,000 rose to an all-time high of 16.8% in February, auto information site Edmunds' data showed. While car prices have been leveling off as the supply chain normalizes, interest rates are squeezing buyers' wallets. A monthly car payment of more than $1,000 is starting to show its painful effects. Punishing interest rates are forcing car buyers to make tough decisions. "If you're already tied up with a large car payment, then I suggest you sell it and get a car you can actually afford," Fetters said.

☆ One-third of Americans would consider EV purchase -Reuters/Ipsos poll
▼ + stars: | 2023-03-21 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

WASHINGTON, March 21 (Reuters) - Just over one-third of Americans would consider buying an electric vehicle for their next model, a new Reuters/Ipsos poll found. The seven-day poll completed on Monday found 34% of all respondents would consider an EV, while 31% said no. Among Democrats 50% said they would consider an EV, while 26% of Republicans and 27% of independents said they would consider. There are now more than 80 EV models for sale in the United States. President Joe Biden wants 50% of all new vehicles sold in 2030 to be EV or plug-in hybrid models.

☆ Mexico makes lots of electric cars, but few Mexicans drive them
▼ + stars: | 2023-03-21 | by ( Aida Pelaez-Fernandez | ) www.reuters.com time to read: +5 min

General Motors Co, Ford Motor Co, BMW and Volkswagen's Audi unit also are producing EVs in Mexico, or plan to. "There are still a number of issues that need resolving in Mexico before there's a massive influx of electric cars," said Mario Hernandez, KPMG's lead manufacturing partner in Mexico. Hernandez said drawbacks included a lack of subsidies for buyers, high costs for installing charging devices at homes and a shortage of public charging stations, vital for longer journeys. Mexico has about 1,100 charging stations nationwide, mostly in the capital and other major cities, according to AMIA. Pedro Corral, director of operations for EV charging stations platform Evergo, drives his all-electric i3 BMW around Mexico City.

☆ Volkswagen's Scout unit wins $1.3 bln in incentives for South Carolina factory
▼ + stars: | 2023-03-20 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

The project could also receive up to $180 million in job development tax credits based on hiring, said South Carolina Commerce Secretary Harry Lightsey. In May, VW said it would reintroduce the Scout off-road brand in the United States, offering new electric pickup and sport-utility vehicles. Scout said it hopes to eventually create 4,000 jobs and produce 200,000 Scout vehicles annually. Volkswagen has moved away from cars in the United States. Monday's event was the latest major auto announcement for South Carolina, home to BMW's (BMWG.DE) U.S. operations and its largest plant by volume.

Most carmakers said their battery packs are repairable, though few seem willing to share access to battery data. Lauterwasser said access to EV battery data is part of that fight. EV battery problems also expose a hole in the green "circular economy" touted by carmakers. Hill estimated at least 95% of the cells in the hundreds of EV battery packs - and thousands of hybrid battery packs - Synetiq has stored at Doncaster are undamaged and should be reused. 'PAIN POINTS'The British government is funding research into EV insurance "pain points" led by Thatcham, Synetiq and insurer LV=.

☆ Factbox: Insurers press carmakers for more help with EV batteries
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: +1 min

Many carmakers in turn say their EV battery packs are repairable, though few seem willing to share access to battery data. General Motors Co (GM.N) said its new Ultium batteries are designed to be repaired at the module level, which is "significantly less expensive than replacing the entire battery pack." It also allows third-party access to battery data. When asked about third-party data access, a spokesman said "Nissan dealers have all the training and special tools required to assure the quality or repair needs of EV batteries." Renault (RENA.PA) said modules in its EVs can be repaired at specially designated "battery centres," but did not respond to a question about third-party data access.

☆ Ford, GM Engage in China Price War as Car Sales Slump
▼ + stars: | 2023-03-17 | by ( Selina Cheng | ) www.wsj.com time to read: 1 min

Ford has cut about $6,000 off its Mustang Mach-E until the end of April, according to online sales promotions. HONG KONG—Auto makers and dealerships in China are slashing prices after the lifting of pandemic controls failed to reverse slumping demand in the world’s largest car market. Companies including Ford Motor Co., BMW Group and Volkswagen AG are offering deep discounts and promotions on electric vehicles after China phased out its nationwide subsidies for EVs. Others including General Motors Co. and the maker of Citroën are slashing prices on their gas-powered cars.

☆ GM extends production halt at Mexico truck plant over supply chain issue
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: 1 min

Companies General Motors Co FollowMarch 14 (Reuters) - General Motors (GM.N) said Tuesday its Silao Assembly Plant in Mexico that makes Chevrolet and GMC pickup trucks will extend a production halt through March 20 because of an undisclosed temporary supply chain issue. The largest U.S. automaker previously announced it was halting production from March 4-12 because of a supply chain issue. The automaker said is working with suppliers to resolve the supply chain issue and plans to resume production next week. Reporting by David ShepardsonOur Standards: The Thomson Reuters Trust Principles.

☆ Hyundai Motor's India unit to buy plant from General Motors
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: 1 min

[1/2] The logo of Hyundai Motor Company is pictured at the New York International Auto Show, in Manhattan, New York City, U.S., April 13, 2022. REUTERS/Andrew KellyBENGALURU, March 13 (Reuters) - The Indian arm of Hyundai Motor Co (005380.KS) said on Monday it had signed a term sheet to buy General Motors Co's (GM.N) plant in the western state of Maharashtra. The term sheet covers proposed acquisition of land and buildings, certain machinery and equipment for manufacturing at the plant, Hyundai added in a statement. Reporting by Meenakshi Maidas in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

☆ GM explores using ChatGPT in vehicles
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +1 min

March 10 (Reuters) - General Motors Co (GM.N) is exploring uses for ChatGPT as part of its broader collaboration with Microsoft Corp (MSFT.O), a company executive told Reuters. "ChatGPT is going to be in everything," GM Vice President Scott Miller said in an interview last week. GM in 2021 partnered with Microsoft to accelerate the commercialization of driverless vehicles. Shares of GM were down about 2% on Friday amid a broader drop. Reporting by Nathan Gomes in Bengaluru and Joseph White in Detroit; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

☆ EU Draft Law Sets Out Moves to Secure Critical Energy Transition Materials
▼ + stars: | 2023-03-09 | by ( Yusuf Khan | ) www.wsj.com time to read: +5 min

According to draft legislation seen by The Wall Street Journal, the Critical Raw Materials Act aims to set standards and promote policy designed to ensure Europe has the metals and minerals it deems necessary for its energy transition and defense and energy security. The Critical Raw Materials Act will also make it easier to mine and process the materials within the bloc; establish a European Critical Minerals Board; identify strategic projects to mine, process and recycle the materials; and work to ensure those projects have quick permitting and sufficient funding. It also said the EU should be able to extract 10% and process 40% of its strategic raw material needs while also expanding recycling capacity so that 15% of consumption can come from secondary sources by 2030. Other countries such as Japan have put in place similar plans to secure raw materials. Raw materials projects could also be labeled as being in the public interest or as strategic, which could further streamline funding.

☆ EU Draft Law Sets Out Moves to Secure Supply of Critical Energy Transition Materials
▼ + stars: | 2023-03-09 | by ( Yusuf Khan | ) www.wsj.com time to read: +5 min

According to draft legislation seen by The Wall Street Journal, the Critical Raw Materials Act aims to set standards and promote policy designed to ensure Europe has the metals and minerals it deems necessary for its energy transition and defense and energy security. The Critical Raw Materials Act will also make it easier to mine and process the materials within the bloc; establish a European Critical Minerals Board; identify strategic projects to mine, process and recycle the materials; and work to ensure those projects have quick permitting and sufficient funding. The purchasing system would negotiate with global sellers but will be structured to comply with EU competition law. Other countries such as Japan have put in place similar plans to secure raw materials. Raw materials projects could also be labeled as being in the public interest or as strategic, which could further streamline funding.

☆ General Motors to Offer Voluntary Buyouts
▼ + stars: | 2023-03-09 | by ( Colin Kellaher | ) www.wsj.com time to read: 1 min

General Motors Co. on Thursday said it would begin a voluntary separation program for eligible employees, the latest in a series of auto-industry cuts as car companies coming off a period of robust profitability prepare for an economic downturn. GM said in a securities filing that it would offer lump-sum payments and other compensation based on years of service to the eligible employees under the program, which the Detroit company said is aimed at accelerating its normal attrition process.

March 9 (Reuters) - General Motors Co (GM.N) on Thursday said it was offering buyouts for most of its salaried employees and global executives and expects to take a pre-tax charge of up to $1.5 billion to cover the costs. GM, whose share fell about 1%, had 58,000 salaried employees at the end of 2022. Eligible employees interested in the voluntary program must sign up by March 24 and those agreeing will leave GM by June 30. The buyouts are separate from job cuts the company made last month. A GM executive in February said the company was cutting hundreds of executive-level and salaried jobs.

☆ GM’s EV Push Stalls Amid Slow Rollouts for GMC Hummer, Cadillac Lyriq
▼ + stars: | 2023-03-08 | by ( Mike Colias | ) www.wsj.com time to read: 1 min

General Motors Co. Chief Executive Mary Barra has called 2023 a breakout year for the company’s electric-vehicle push. It is off to a slow start. The Detroit auto maker is dealing with the slower-than-expected rollout of two high-profile electric vehicles, the GMC Hummer EV and the Cadillac Lyriq, increasing pressure on Ms. Barra after GM lost EV market share to rivals last year.

☆ GM's Cruise to focus on cost cuts as it ramps up robotaxis
▼ + stars: | 2023-03-07 | by ( Abhirup Roy | ) www.reuters.com time to read: +2 min

Ford Motor Co (F.N) and Volkswagen AG (VOWG_p.DE) last fall announced they would shutter their Argo AI self-driving unit and focus on driver-assistance technology that provided more immediate returns. Cruise's rival and Alphabet Inc's (GOOGL.O) self-driving technology unit, Waymo, has this year laid off over 8% of its workforce. The company is also developing a fully autonomous vehicle called Origin from scratch without a steering wheel and with subway-like doors for rideshare and deliveries. "This is a really pivotal year for us that will really transform not just Cruise but the whole perception of autonomous vehicles." Reporting by Abhirup Roy in San Francisco; Editing by Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

REUTERS/Rebecca Cook/File PhotoMarch 6 (Reuters) - American carmakers will lean on technology to keep the horsepower wars going among their electric muscle cars, a tectonic shift from the big, rumbling motors of the past. GM and Dodge have both issued timelines to stop selling gas-powered muscle cars and replace them with electric variants that will wear the same badges. Dodge's Charger and Challenger muscle cars will not be made next year, while Chevrolet has laid out plans for an electric Corvette. Brands such as Polestar and Mercedes-Benz (MBGn.DE) have announced optional power upgrades to their sedans that improve acceleration and total horsepower via paid OTA (over-the-air) software updates. Dodge has said it will transition its muscle cars to an electric platform, and is working to differentiate those models.

☆ US files new labor complaint in Mexico, eyeing allegations at Unique Fabricating
▼ + stars: | 2023-03-06 | by ( Daina Beth Solomon | ) www.reuters.com time to read: +1 min

MEXICO CITY, March 6 (Reuters) - The U.S. government on Monday filed its seventh labor complaint in Mexico under a trade pact that aims to improve workplace conditions, asking Mexican officials to probe alleged rights abuses at a plant owned by U.S. firm Unique Fabricating Inc (UFAB.A). "The union alleges Unique Fabricating refused to grant the union access to the facility and interfered with its organizing efforts," the Department of Labor said in a statement. Unique Fabricating did not immediately respond to a request for comment. Mexican officials did not immediately respond to requests for comment. Reporting by Daina Beth Solomon in Mexico City Editing by Dan Whitcomb and Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

☆ Ford taps masses of vehicle data to stay ahead in commercial van market
▼ + stars: | 2023-03-06 | by ( Nick Carey | ) www.reuters.com time to read: +5 min

Ford, which leads the commercial vehicle market in both Europe and the United States, launched the system in 2021. Hans Schep, European head of Ford Pro, the company's commercial vehicle business, said it is already close to hitting long-term targets of increasing vehicle "up time" by up to 60%. Ford recently announced engineering job cuts in Europe, but is still hiring software experts for its data services. Data is a huge battleground for commercial vehicle makers and competition will only intensify with electric models, which are essentially computers on wheels. Starting with 2024 models, GM will provide a range of OnStar data services free for fleet vehicles.

[1/2] Honda CEO Toshihiro Mibe speaks in this handout picture taken in Marysville, Ohio, U.S., March 1, 2023. HONDA/Handout via REUTERSMARYSVILLE, Ohio, March 3 (Reuters) - Honda Motor Co (7267.T) is moving rapidly to catch up with electric-vehicle competitors in global markets, but the company's top executive said combustion engines could last through 2040 and beyond. Regarding the Japanese automaker's accelerating transition to EVs, Chief Executive Toshihiro Mibe said, “I’ve been in the engine development business for more than 30 years, so personally it’s a little threatening. Before then, Honda in 2024 will get two new electric SUVs, the Honda Prologue and the Acura ZDX, from GM’s Spring Hills factory in Tennessee. Reporting by Paul Lienert in Marysville, Ohio Editing by Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

LONDON, March 3 (Reuters) - The race for electric vehicle (EV) battery metals is heating up. Carmakers have already been busy tying up supplies of battery metals under direct off-take agreements with existing metals producers. Automakers' collective move into the mining sector has so far largely prioritised the lithium sector, where Western companies have been playing catch-up with Chinese investors. Lithium supply is struggling to scale up at the speed required to meet accelerating demand from battery-makers. Capital expenditure in the sector slumped, miners opting to return cash to shareholders rather than dig more big copper mines.

☆ GM Cuts About 500 Salaried Workers
▼ + stars: | 2023-03-01 | by ( Mike Colias | ) www.wsj.com time to read: 1 min

General Motors Co. is cutting roughly 500 salaried employees, people familiar with the matter said, as the auto maker seeks to cut costs and prepares to roll out several new models this year. The company confirmed that it is cutting what it described as a small number of salaried workers and executives, but didn’t cite a figure. GM employs about 81,000 salaried workers globally, according to a regulatory filing.

☆ Factbox: As Tesla prepares a Mexico plant, a look at auto plants in Mexico
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +3 min

[1/2] A general view shows the General Motors assembly plant in Ramos Arizpe, in Coahuila state, Mexico February 11, 2021. REUTERS/Daniel BecerrilFeb 28 (Reuters) - Mexico has long been a manufacturing hub in North America for multiple automakers, and the country is trying to position itself for the wave of electric vehicles (EVs) to come. The auto sector is a driver of Mexico's major manufacturing industry, which is heavily integrated into U.S. and Canadian supply chains. Mexican officials on Tuesday said Tesla Inc (TSLA.O) is the latest automaker with plans to build a plant in Mexico. Here are major automakers with plants in Mexico -General Motors Co (GM.N)Silao Plant in the central city in Guanajuato state, produces Chevrolet and GMC full-size pickup trucksRamos Arizpe Plant in the northern city in Coahuila state, builds the Chevrolet Equinox and Blazer SUVs now and will build the 2024 Blazer EV and Equinox EVSan Luis Potosi Plant in the state capital of the central state of San Luis Potosi, produces the Chevrolet Equinox and GMC TerrainFord Motor Co (F.N)Cuautitlan Assembly plant in the central city of Cuautitlan Izcalli, produces Ford Mustang Mach-EHermosillo Assembly Plant in the state capital of the northern state of Sonora, produces Ford Bronco Sport and Ford MaverickToyota Motor Corp (7203.T)Toyota Motor Manufacturing de Baja California in the northern border city of Tijuana, Baja California, produces the Toyota Tacoma pickupToyota Motor Manufacturing de Guanajuato in Apaseo el Grande, Guanajuato, produces the Toyota TacomaStellantis (STLAM.MI)Saltillo Truck Assembly Plant in the state capital of Coahuila, produces Ram light and heavy-duty pickupsSaltillo Van Assembly Plant, makes the Ram ProMaster vanToluca Assembly Plant, produces the Jeep CompassNissan Motor Co (7201.T)Nissan Mexicana (Cuernavaca) in the central city of Jiutepec, produces NP300 pickup truckNissan Mexicana (Aguascalientes 1 Plant) in the central city of Aguascalientes, produces March, Versa, KicksNissan Mexicana (Aguascalientes 2 Plant), produces SentraNissan also has a joint venture plant with Mercedes (MBGn.DE) in Aguascalientes, making the Infinti QX 50 and 55 SUVs, and Mercedes GLB SUVHonda Motor Co (7267.T)Honda de Mexico (HDM) in Celaya, Guanajuato, produces HR-VVolkswagen (VOWG_p.DE)Volkswagen de México in Sanctorum, Puebla, produces Jetta, Tiguan, TaosVW's Audi unit in San José Chiapa, Puebla, produces Audi Q5 premium SUV and plans to start manufacturing EVs by 2027Mazda Motor Corp (7261.T)Mazda de Mexico Vehicle Operation (MMVO) in Salamanca, Guanajuato, produces Mazda2, Mazda3, Mazda CX-30Kia AmericaHyundai Motor Co's (005380.KS) Kia has a plant in Pesqueria, Nuevo Leon, produces Kia Forte, RioBMW AGBMW Plant in San Luis Potosi, produces BMW 3 Series, 2 Series and will produce fully electric "Neue Klasse" modelsSOURCES: Carmakers and Auto Forecast SolutionsCompiled by Kannaki Deka in Bengaluru; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

☆ Analysis: Goldman Sachs faces hard sell for its consumer assets
▼ + stars: | 2023-03-01 | by ( Saeed Azhar | ) www.reuters.com time to read: +5 min

NEW YORK, March 1 (Reuters) - Goldman Sachs Group Inc (GS.N) is embarking on a tough sales pitch to investors for assets in its troubled consumer business, which has dragged on earnings and may lack appeal for potential buyers. In an unexpected move, Chief Executive Officer David Solomon said on Tuesday the bank is looking at 'strategic alternatives' for the consumer business, a signal of a possible sale. Solomon had championed Goldman's foray into consumer banking since taking the reins at the Wall Street powerhouse in 2018. The consumer operations largely failed to gain traction against well-established consumer banks and lost billions of dollars due to credit provisioning. Mike Mayo, an analyst at Wells Fargo, wrote in a note that the key question about Goldman's consumer business is: "who would be willing to buy it, and at what price?"

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