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☆ The new F-150 and 8 other cool things we saw at the Detroit auto show
▼ + stars: | 2023-09-16 | by ( Alexa St. John | Nora Naughton | ) www.businessinsider.com time to read: +1 min

The North American International Auto Show kicked off in Detroit this week. While it looks different than it used to, automakers brought a lot to the show. Here are nine things that stood out to Insider reporters this year. The Detroit show looks a lot differently than it used to. Here are the nine things that stood out to Insider this year.

Persons: Ford Organizations: North American, Service, American, United Auto Workers union, Motor, General Motors, Toyota Locations: Detroit, Wall, Silicon, Motor City

At a rally in downtown Detroit on Friday, just a couple of hundred yards from the headquarters of General Motors, Senator Bernie Sanders of Vermont addressed a cheering crowd of United Auto Workers members, capping a day of walkouts by the union with an effort to rally support for the strike. “The fight you are waging here is not just about decent wages and working conditions and pensions in the auto industry,” Mr. Sanders said. “It’s a fight to take on corporate greed and tell the people on top the country belongs to all of us, not just the few.”The rally took place along Detroit’s riverfront, near the city’s iconic Renaissance Center towers, home to G.M. headquarters. Also nearby is the Huntington Place convention center, where auto executives were gathering for a black-tie charity ball to kick off the 2023 Detroit auto show.

Persons: Bernie Sanders, Sanders, —, ” Mr, “ Organizations: General Motors, United Auto Workers, Big Three, Ford Locations: Detroit, Vermont, walkouts, United States, G.M

Analysts said the probe could slow capacity expansion and the capital spending cycle of China's battery suppliers, although the move should not pose a big downside risk for Chinese EVs. Hong Kong shares of market leader BYD fell more than 3%. Nio and Geely declined to comment on the EU probe, while BYD, Xpeng and SAIC did not respond to requests for comment. GROWING MARKET SHAREEU officials believe Chinese EVs are undercutting the prices of local models by about 20% in the European market, piling pressure on European automakers to produce lower-cost electric vehicles. It accounted for 40.25% of EV exports from China between January and April 2023, up from 36.5% in 2022.

Persons: Angelika Warmuth, Ursula von der Leyen, BYD, CATL, der Leyen, Li Qiang, Cui Dongshu, EVs, Donny Kwok, Brenda Goh, Ryan Woo, Anne Marie Roantree, Tom Hogue, Jamie Freed Organizations: BYD Company, REUTERS, China, EV, European Commission, EU . European, Analysts, HK, Geely, SAIC, EU, Chamber of Commerce, China Passenger Car Association, Center, Strategic, Internal Studies, Volvo, Thomson Locations: Munich, Germany, Europe, HONG KONG, SHANGHAI, Hong Kong, Beijing, Shanghai, Xpeng, Shenzhen, SZ, China, Moscow, Russian, Ukraine, New Delhi, Brussels, U.S

☆ U.A.W. Strike Looms Over Detroit Auto Show
▼ + stars: | 2023-09-14 | by ( Neal E. Boudette | More About Neal E. Boudette | ) www.nytimes.com time to read: +1 min

He added that workers at all three companies were prepared to strike and stay away from their factory stations as long as it took to win big gains. But a prolonged strike would almost certainly jeopardize the automakers’ plans to roll out new cars and trucks to take advantage of still strong demand. The auto industry has spent much of the last three years struggling to produce enough vehicles because of pandemic shutdowns and supply chain chaos. Those other automakers operate U.S. plants that use nonunion workers and their production is unlikely to be affected directly by the strike. The Detroit show, officially the North American International Auto Show, was once one of the premier auto expositions in the world.

Organizations: North American Locations: Texas, Detroit, Michigan

☆ Ford CEO rebuffs UAW leader's criticisms as strike deadline on Thursday approaches
▼ + stars: | 2023-09-14 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

Ford CEO Jim Farley speaks with media after revealing the 2024 Ford F-150 for the Detroit auto show on Sept. 12, 2023. Farley said the company has received "no genuine counteroffer" on its four economic proposals, including the latest offer that Ford is calling the most generous offer ever between the UAW and company. He also said Fain, who is simultaneously negotiating with General Motors and Stellantis , was absent during a Tuesday meeting that he and Ford Chair Bill Ford expected Fain to attend. Public criticism between the union and an automaker aren't unprecedented but the amount of detail being released, announced strike plans and simultaneous bargaining certainly are. Farley said he didn't know Fain had received the offer until he was discussing it during a 5 p.m. Facebook Live with union members.

Persons: Jim Farley, Shawn Fain, Farley, Fain, Bill Ford, didn't Organizations: Detroit, DETROIT, Ford Motor, United Auto Workers, Ford, UAW, General Motors, Detroit Auto, Facebook

But there’s a good chance at least some of them, at a mix of plants and companies, will walk out. Those limited, targeted strikes could be enough to grind production to a halt at America’s three unionized automakers. One advantage for the union of a targeted strike is the potential to save resources and extend a possible walkout. Striking union members are eligible for $500 a week from the union’s strike fund. The companies did not respond to questions Wednesday about their plans if faced with the targeted strikes Fain described on Wednesday.

Persons: Shawn Fain, Fain, Jeff Schuster, ”, Schuster, Jim Farley, Farley, Bill Ford, ” Farley, “, ” Ford, can’t, “ We’re, Patrick Anderson, Anderson, That’s, Ford Organizations: Detroit CNN, General Motors, Ford, United Auto Workers, UAW, America ’, GlobalData, GM, Detroit Auto, Jeep, Dodge, Chrysler, Anderson Economic Group, Fiat Chrysler, PSA Group Locations: America, Detroit, North America, Michigan, Edmunds, That’s, European

☆ Ford CEO says UAW proposal could force bankruptcy
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: +1 min

Ford Motor President and CEO Jim Farley attends the press day of the North American International Auto Show in Detroit, Michigan, U.S. September 13, 2023. REUTERS/Rebecca Cook/File Photo Acquire Licensing RightsSept 14 (Reuters) - Ford Motor (F.N) Chief Executive Jim Farley said Thursday the United Auto Workers union proposal to hike wages by 40%, cut workweeks and add new pension benefits could bankrupt the company. "You want us to choose bankruptcy over supporting our workers," Farley, in a CNBC interview, said of the UAW proposal. Farley said if the UAW proposal had been in effect since 2019, instead of making about $30 billion in profits over four years, the company would have lost about $15 billion "and gone bankrupt by now." Reporting by David Shepardsond; editing by Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

Persons: Jim Farley, Rebecca Cook, Farley, David Shepardsond, Jonathan Oatis Organizations: Ford Motor, North American, REUTERS, Ford, United Auto Workers, CNBC, UAW, Thomson Locations: Detroit , Michigan, U.S

☆ In Detroit, UAW’s Strike Threat Overshadows a Shrunken Auto Show
▼ + stars: | 2023-09-13 | by ( Ryan Felton | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones Locations: detroit

☆ EV maker VinFast plans Asia expansion, to launch Indonesia plant in 2026
▼ + stars: | 2023-09-13 | by ( Phuong Nguyen | ) www.reuters.com time to read: +3 min

Of that, up to $200 million would be for its Indonesian plant, targeting production in 2026 with an output of 30,000 to 50,000 units each year. Since its establishment in 2017, VinFast has announced numerous ambitious EV growth plans overseas. VinFast aims to establish its own distributors and may open show rooms in those locations, it said. VinFast is entering the American market at a time when EV pricing is under pressure, led by market leader Tesla and a range of Chinese companies. Shares of Vietnam's largest conglomerate and VinFast parent Vingroup (VIC.HM) were down 0.33% as of 0635 GMT.

Persons: Mike Blake, Pham Nhat Vuong, EVs, VinFast, Tesla, Phuong Nguyen, Christina Fincher Organizations: Los Angeles Auto, REUTERS, Nasdaq, U.S . Securities, Exchange Commission, EV, Thomson Locations: Los Angeles , California, U.S, Indonesia, India, Malaysia, HANOI, Asia, VinFast, Indonesian, Southeast, Vietnamese, Haiphong, North Carolina, East, Africa, America, Europe

☆ Insider Today: Apple's new iPhone is here
▼ + stars: | 2023-09-13 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +9 min

This post originally appeared in the Insider Today newsletter. But the show's real stars were the new versions of Apple's iPhone and Apple Watch. But if you were hoping a new iPhone will send Apple's stock soaring, think again. Prior to Tuesday's event, Apple's shares fell an average of 0.2% on days a new iPhone was announced, according to Barron's. The Insider Today team: Dan DeFrancesco, senior editor and anchor, in New York City.

Persons: Bond, Elon Musk's, Justin Sullivan, Octavia Spencer, Tim Cook, Max, Insider's Sarah Jackson, Jordan Hart, Lakshmi, iPhones, Gary Coronado, Jamie Dimon, — Warren Buffett —, Bill Gross, DoubleLine's Jeffrey Gundlach, Pimco, DoubleLine's, Gross, Anna Moneymaker, Thomas Trutschel, isn't, Sundar Pichai, Elon, Walter Isaacson, Read, Kent Walker, Chelsea Jia Feng, Patreon, Naomi Osaka, Shaquille O'Neal, Allegra, Dayquil, Jennifer Aniston, Reese Witherspoon, Yelp, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Service, Jets, Apple, Apple Watch, Getty, Bloomberg, JPMorgan, Wall, Google, Software, Amazon, FDA, North American, Detroit Auto, GMC, Bourbon Locations: Wall, Silicon, Milwaukee, Lakshmi Varanasi, ., China, that's, Latvia, Estonia, Chelsea, Colorado, Arizona, Morocco, New York City, San Diego, London, New York

All-new: 2024 GMC Acadia The show's one big new model reveal came as General Motors unveiled the completely redesigned 2024 GMC Acadia on Wednesday morning. 2024 GMC Acadia GMProduction of the 2024 Acadia is expected to begin early next year at a plant in mid-Michigan, with vehicles slated to hit dealer showrooms during the first quarter. The company revealed its refreshed 2024 F-150 pickup truck lineup Tuesday night to a large crowd in downtown Detroit, not far from the show floor. Jeep unveiled a refreshed 2024 version of its Gladiator pickup in Detroit on Sep. 13, 2023. Not surprisingly, the Gladiator's new grille is very similar to the revamped grille that the Wrangler itself will be sporting for the 2024 model year.

Persons: it's, Duncan Aldred, wasn't, Ford, Jim Farley, John Emmert, Motors, Cadillac, Alex MacDonald, Gladiator, Stellantis, Jim Morrison Organizations: DETROIT, Detroit, United Auto Workers, Detroit Auto, North American, CNBC, General Motors, Acadia, GMC, GMC Acadia GM, GM, Chevrolet Traverse, Buick, CT5, Cadillac CT5, Google, Jeep, Apple Locations: Acadia, Michigan, U.S, Yukon, Detroit, Toledo ., North America

☆ Tesla, suppliers to invest $15 bln in Mexico factory - local governor
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Angelika Warmuth/File Photo Acquire Licensing RightsMEXICO CITY, Sept 11 (Reuters) - A state governor in Mexico said on Monday that Tesla (TSLA.O) and its suppliers would invest $15 billion over the next two years in a factory that is still under construction, an amount that is triple what Mexican officials previously announced. In March, Tesla CEO Elon Musk said his company would open a gigafactory in northern Nuevo Leon state, part of the electric carmaker's push to expand its global footprint. At the time, Musk did not detail Tesla's investment, but Mexican officials said the factory would involve a $5 billion investment. Speaking at an event, Nuevo Leon Governor Samuel Garcia said the facility will now involve thrice that amount. Neither Tesla's press office nor Nuevo Leon officials responded after hours to a request for comment on the governor's comments.

Persons: Angelika Warmuth, Tesla, Elon Musk, Musk, Samuel Garcia, Nuevo Leon, Carolina Pulice, Beth Soloman, David Alire Garcia, Miral Organizations: REUTERS, Tesla, Nuevo Leon, Nuevo, BMW, General Motors, Ford, Reuters, Thomson Locations: Munich, Germany, MEXICO, Mexico, Nuevo Leon

☆ Elon Musk's 700 mph hyperloop tech hasn't become reality. But companies aren't giving up
▼ + stars: | 2023-09-12 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

The Hyperloop test track tube with its transport cabin is open for viewing before the opening begins. MUNICH — Hyperloop, a mega-fast transportation system dreamed up in 2013 by Tesla and SpaceX founder Elon Musk, was supposed to be a reality by now. There has been so much hype, with several firms years ago saying that we would have a mass-scale hyperloop system by now. By the end of the next decade, hyperloop technology will have longer tracks built through continents, Semino said. Hyperloop Transportation Technologies (HTT) and Elon Musk's Boring Company are also exploring the technology.

Persons: Elon Musk, I've, Gabriele Semino, Hyperloop, Semino, Elon Organizations: Technical University of Munich, Tesla, SpaceX, CNBC, IAA, Hyperloop Transportation Technologies, Elon Musk's Boring Locations: Europe, TUM, MUNICH, Munich

☆ Wall Street analysts tore down a Chinese Tesla rival and say it's exactly why Elon Musk should be worried about China
▼ + stars: | 2023-09-12 | by ( Alexa St. John | ) www.businessinsider.com time to read: +5 min

Chinese electric car maker BYD might be the closest thing to a true Tesla competitor. Experts say the auto company's Seal electric sedan is comparable to the Tesla Model 3. UBS analysts tore down the Seal and found it's a great Model 3 alternative for less. AdvertisementAdvertisementInterestingly, unlike Tesla, BYD seems to be steering clear from autonomous driving technology, and instead, is opting for a standard, Level 2, advanced driver assistance system. "Given the Chinese EV development cycle is still faster than that of the foreign brands, we believe Chinese brands' market share gains from foreign brands will be structural and continuous."

Persons: Warren Buffett's Berkshire Hathaway, Elon, Tesla, Li Auto, it's Organizations: Tesla, UBS, Service, EV, Tesla's, Getty Images Locations: Wall, Silicon, China, Europe, Munich, German

☆ What China slowdown? Three Chinese companies making big money globally
▼ + stars: | 2023-09-10 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

More Chinese companies are becoming global players. In all, BYD, state-owned SAIC and other Chinese companies gained 9% of the global electric car market in the second quarter, up from 5% in the second quarter, Counterpoint Research said. That's on top of the companies' share in the domestic Chinese market — the largest globally for autos. For the full year, XCMG has an export sales growth target of 50% growth, UBS stock analyst Phyllis Wang and a team said in a Sept. 4 note. Chinese companies have been trying to "go global" for years, with tacit encouragement from Beijing.

Persons: Lei Meng, That's, Xiao Feng, BYD, UBS's Meng, XCMG, Phyllis Wang, Mingyang, JPMorgan's Helen Zhu, — CNBC's Michael Bloom Organizations: Car, UBS Securities, China Equity, SAIC, Research, Hong, Toyota, General Motors, Britannica ., Xuzhou Construction Machinery, Central, UBS, Beijing ., JPMorgan Locations: Hong Kong, Britannica, China, Shenzhen, Xuzhou, West Asia, North Africa, Central America, Europe, Central Asia, North America, Beijing, Beijing . State, Shanghai

☆ EV batteries will have to be 50% lighter in future, Stellantis tech chief says
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Carlos Barria/File Photo Acquire Licensing RightsMILAN, Sept 8 (Reuters) - Carmaker Stellantis (STLAM.MI) aims to develop lighter electric vehicle batteries, cutting weights in half to improve sustainability, the group's technology chief said on Friday. Ned Curic said current electric vehicle (EV) batteries were "just too heavy", making vehicles "not compatible" with sustainability purposes. "So what I have in mind and a very hard goal for my team by 2030 is to change the battery weight to at least 50% lighter battery," Curic said during the inauguration of the group's Battery Technology Center in Turin, Italy. "We will have to think about completely new materials, new chemistry, new way of replacing this heavy, heavy, heavy materials to something much lighter," he said. "We are consuming a lot of carbon-based energy in existing systems so moving to electric vehicle systems does allow for a lot more sustainable a future," he added.

Persons: Carlos Barria, Ned Curic, Curic, Stellantis, Giulio Piovaccari, Susan Fenton Organizations: FIAT, Los Angeles Auto Show, REUTERS, group's Battery Technology, Fiat, Peugeot, Battery Technology Center, Thomson Locations: Los Angeles , California, U.S, Turin, Italy, North America, Windsor , Canada

☆ From BMW to Porsche: Take a look at the cars on display at one of the world's biggest auto shows
▼ + stars: | 2023-09-08 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +6 min

BMW Vision Neue KlasseBMW revealed the BMW Vision Neue Klasse, a concept electric vehicle that will underpin its foray into battery-powered cars. Mercedes-Benz Vision One ElevenThe Mercedes-Benz Vision One Eleven on display at the IAA Mobility show in Munich, Germany. GTI ConceptThe all-electric Volkswagen ID GTI Concept car on display at the IAA Mobility 2023 show in Munich, Germany. Porsche Mission XThe Porsche Mission X on display at the IAA Mobility 2023 show in Munich, Germany. Lego Lamborghini Sián FKP 37A Lego version of the Lamborghini Sián FKP 37 on display at IAA Mobility 2023 in Munich, Germany.

Persons: Olaf Scholz, Ola Källenius, Mercedes, Sven Hoppe, Arjun Kharpal, Leapmotor, Zhu Jiangming, BYD, Warren Buffett, Kharpal, Lucid, Cyberster Organizations: Management, Mercedes, Benz AG, Getty, Mobility, BMW, Neue, CNBC, Benz, IAA, Leapmotor, Opel, CNBC Stellantis, Air, Volkswagen, IAA Mobility, Porsche, Carrera GT, Shanghai Auto, Lamborghini Locations: Munich, GERMANY, Germany, Xpeng, BYD, Hangzhou, Europe

☆ Fisker expects to ramp up Ocean EV production in fourth quarter
▼ + stars: | 2023-09-07 | by ( ) www.reuters.com time to read: +1 min

Fisker CEO Henrik Fisker unveils the Fisker Ocean during the 2021 LA Auto Show in Los Angeles, California, U.S. November, 17, 2021. REUTERS/Mike Blake Acquire Licensing RightsSept 7 (Reuters) - Electric-vehicle startup Fisker (FSR.N) said on Thursday it expects to increase the production of its Ocean sports utility vehicle to about 300 units a day in the fourth quarter from around 180 units. Vehicle deliveries are expected to accelerate in North America in September, CEO Henrik Fisker said. Last month, Fisker cut its annual production target due to supply chain issues. That overshadowed a smaller-than-expected quarterly loss and its first revenue from deliveries of electric sport utility vehicles.

Persons: Henrik Fisker, Mike Blake, Zaheer Kachwala, Arun Koyyur Organizations: REUTERS, Magna International, Magna, Thomson Locations: Los Angeles , California, U.S, North America, Fisker, Bengaluru

☆ IAA Mobility: China's automakers take the world by storm with EV push
▼ + stars: | 2023-09-07 | by ( Laura He | ) edition.cnn.com time to read: +8 min

Leonhard Simon/Getty ImagesEven before the show kicked off, Renault chief executive Luca de Meo was on French radio talking up the rapid advances made by Chinese EV makers. Competitors worry that Chinese brands may eventually dominate the global EV market. In Europe, the top destination for China’s car exports, sales of Chinese EVs are booming. Supply chain advantageA major factor contributing to the lower cost of Chinese EVs is the country’s dominance of the EV battery supply chain. However, geopolitical tensions could complicate Chinese EV firms’ global push.

Persons: Leonhard Simon, Luca de Meo, ” de Meo, ” “, ”, Dylan Khoo, Li Yunfei, Oliver Zipse, Khoo, It’s, — Hanna Ziady, Olesya Dmitracova Organizations: Hong Kong CNN, Visitors, Renault, Chinese EV, RTL Radio, China Association of Automobile Manufacturers, China Passenger Car Association, Union, UBS, Europe Auto, EV, New, Research, Deloitte, BMW, ABI Research, Jato Dynamics, “, China’s SAIC, MG, IAA, SNE Research Locations: China, Hong Kong, Munich, Germany, Chinese, Europe, Australia, Southeast Asia, Japan, Russia, New York, United States, France, British, United Kingdom, South Korean

☆ U.S. electric carmaker Lucid is exploring China entry; confirms mass market models ahead
▼ + stars: | 2023-09-07 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

In this article LCID Follow your favorite stocks CREATE FREE ACCOUNTThe Lucid Air Midnight Dream Edition. LucidMUNICH — Lucid is exploring selling its cars in China but has no timeline for when it will enter the world's largest electric car market, a top executive told CNBC. It's the world's largest car market. If you enter China on the wrong terms, you can make a lot of mistakes. "If you enter China on the wrong terms, you can make a lot of mistakes," he added.

Persons: Lucid, Zhu Jiang, Eric Bach, Bach, China's Organizations: CNBC, Air, IAA Locations: China, Munich, Germany, Arizona, U.S, BYD, Nio

☆ China's Xpeng says German carmakers ready to tackle crisis as EV race hots up
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +4 min

REUTERS/Angelika Warmuth/File Photo Acquire Licensing RightsMUNICH, Sept 6 (Reuters) - German carmakers are ready to tackle their worst crisis, an executive at Chinese EV maker Xpeng said on Wednesday, as China's carmakers expand overseas, putting pressure on Europe in the race to electrify. Globally, China leads EV sales, the latest data from tech industry researcher Counterpoint shows. The U.S. has the fastest growing EV sales with Germany in third place. "The Chinese companies are flooding into overseas markets like mushrooms, deepening their sense of crisis," Gu said. German Chancellor Olaf Scholz said EV competition from abroad should be a spur, not a worry for German carmakers.

Persons: Olaf Scholz, Hildegard Mueller, Markus Soeder, Angelika Warmuth, Xpeng, Brian Gu, Gu, Jia Jianxu, Zheng, Zhang Yan, Victoria Waldersee, Josephine Mason, Elaine Hardcastle Organizations: German Association of, Automotive, REUTERS, Rights, HK, IAA, EV, Germany, Reuters, Volkswagen, SAIC, Xuanyuan Academy, Germany's IAA, New Energy Vehicle Congress, Gang, Thomson Locations: Bavarian, Munich, Germany, Europe, Xpeng, China, U.S, Britain, France

☆ Siemens to invest $30 million to train U.S. EV charger technicians
▼ + stars: | 2023-09-06 | by ( Paul Lienert | ) www.reuters.com time to read: +2 min

A Siemens electric vehicle charging station is displayed during an event a day ahead of the official opening of the 2023 Munich Auto Show IAA Mobility, in Munich, Germany, September 4, 2023. The Siemens Foundation is partnering with the North Carolina Business Committee for Education and the Michigan-based Electric Vehicle Infrastructure Training Program (EVITP). Siemens Foundation partners also include the National League of Cities and the National Governors Association. Etzwiler said the initiative will emphasize training for individuals in underserved and underrepresented communities, providing a path to well-paying, long-lasting jobs in the EV charging sector. Automakers support the foundation's efforts to "ensure that we've got a network of chargers across the country" to support accelerating EV production, Etzwiler said.

Persons: Leonhard Simon, David Etzwiler, EVITP, Etzwiler, we've, Paul Lienert, Aurora Ellis Organizations: Siemens, REUTERS, Companies Siemens Foundation, Siemens Foundation, North Carolina Business, Education, Infrastructure Training, EV, Motors, BMW, National League of Cities, National Governors Association, Thomson Locations: Munich, Germany, United States, Michigan, North Carolina, Canada, Detroit

☆ Toyota says plant shutdown last week due to server malfunction
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +1 min

A Toyota logo is seen during the New York International Auto Show, in Manhattan, New York City, U.S., April 5, 2023. "The system was restored after the data was transferred to a server with a larger capacity," Toyota said. The issue occurred following regular maintenance work on the servers, the company said, adding that it would review its maintenance procedures. Two people with knowledge of the matter had told Reuters the malfunction occurred during an update of the automaker's parts ordering system. Toyota restarted operations at its assembly plants in its home market on Wednesday last week, a day after the malfunction occurred.

Persons: David, Dee, Delgado, Daniel Leussink, Edmund Klamann Organizations: New York, REUTERS, Rights, Toyota, Reuters, Thomson Locations: Manhattan , New York City, U.S, Japan

☆ CATL Chairman: we need partnerships to address disparities in EV growth
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: 1 min

MUNICH, Sept 6 (Reuters) - Chinese battery giant CATL's (300750.SZ) chairman Robin Zeng called for global partners to accelerate electric vehicle development at a Chinese EV forum at the Munich auto show IAA Mobility on Wednesday. Zeng said in a speech addressing an audience including heads of major German suppliers that there was a growing disparity in EV adoption across different regions worldwide due to differences in policies, industrial foundations and technology development. He pointed to higher proportions of electric vehicles among total car sales in China and Europe, with the United States, South East Asia, and Australia lagging behind. Reporting by Zhang Yan, Victoria Waldersee; Editing by Friederike HeineOur Standards: The Thomson Reuters Trust Principles.

Persons: Robin Zeng, Zeng, Zhang Yan, Victoria Waldersee, Friederike Heine Our Organizations: Thomson Locations: MUNICH, Munich, China, Europe, United States, South East Asia, Australia

☆ China's Xpeng says German carmakers ready to tackle crisis in EV race
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +4 min

Globally, China leads EV sales, the latest data from tech industry researcher Counterpoint shows. The U.S. has the fastest growing EV sales with Germany in third place. Chinese companies including Xpeng, BYD and Leapmotor (9863.HK) are seeking the higher margins and faster growth overseas markets can offer, which means they are challenging European companies on their home turf with cheaper models. "The Chinese companies are flooding into overseas markets like mushrooms, deepening their sense of crisis," Gu said. German Chancellor Olaf Scholz said EV competition from abroad should be a spur, not a worry for German carmakers.

Persons: Olaf Scholz, Hildegard Mueller, Markus Soeder, Angelika Warmuth, Xpeng, China's carmakers, Brian Gu, Gu, Mueller, ” Gu, “, ”, Jia Jianxu, Zheng, Zhang Yan, Victoria Waldersee, Josephine Mason, Elaine Hardcastle Organizations: German Association of, Automotive, REUTERS, Rights, HK, IAA, Automotive Industry, EV, Germany, Reuters, Volkswagen, SAIC, Xuanyuan Academy, Germany's IAA, New Energy Vehicle Congress, Gang, Thomson Locations: Bavarian, Munich, Germany, Europe, China, U.S, Britain, France

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