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☆ Vinfast rallies on after becoming world's third-most valuable automaker
▼ + stars: | 2023-08-28 | by ( ) www.reuters.com time to read: +2 min

The logo of VinFast is pictured at the 2022 Paris Auto Show in Paris, France October 17, 2022. The company made a blowout debut on Wall Street this month and has quickly grown in valuation to become the third-most valuable automaker - only behind Tesla (TSLA.O) and Toyota (7203.T). The stock was on track to add nearly $50 billion to its market capitalization, based on the premarket share price of $90.55. Vinfast expects to sell as many as 50,000 electric vehicles this year, compared with Tesla's projection to deliver 1.8 million cars. To drive sales, Vinfast is breaking away from the direct-to-consumer approach used by Tesla and turning to dealers.

Persons: Stephane Mahe, Pham Nhat Vuong, Tesla, Vinfast, Akash Sriram, Devika Organizations: REUTERS, Toyota, Ford Motor, General Motors, Reuters, P Global Mobility, U.S, Tesla, Thomson Locations: Paris, France, U.S, United States, North Carolina, Bengaluru

☆ Kia revealed yet another awesome-looking electric SUV — and it's headed to China first
▼ + stars: | 2023-08-25 | by ( Tim Levin | ) www.businessinsider.com time to read: +2 min

Kia unveiled its latest electric SUV. The Kia EV5. The Kia EV5. AdvertisementAdvertisementThe Kia EV5. The Kia EV5.

Persons: Kia, Tesla, Kia EV6, Kia Kia hasn't, hasn't Organizations: Kia, Hyundai Locations: China

☆ Truck purchases are driving up the average cost of car payments. Some buyers pay over $1,000 a month
▼ + stars: | 2023-08-23 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +2 min

A 2024 Chevrolet Silverado EV RST all-electric pickup truck on display at the International Auto Show at the Jacob Javits Convention Center in New York on April 13, 2022. Tight inventory and sky-high prices have kept interested truck buyers on the sidelines, but as the market cools, shoppers are coming across better deals. Pickup trucks have larger fuel tanks, allowing these vehicles to have longer ranges. Additionally, pickup trucks are beneficial for the work many people do in these areas, such as farming, ranching and energy production. Thus, owning a pickup truck can be key in regions with lots of heavy-duty, hands-on work, Waatti said.

Persons: Jacob Javits, Tom McParland, Paul Waatti, they've, Waatti, you've Organizations: Silverado EV RST, International, Jacob Javits Convention, China News Service, Buyers, Automatch Consulting, Cowboys, Silverado, ZR2 Bison, Texas, Automatch Locations: New York, Texas, Wyoming

"Hybrid is a great alternative to a pure electric vehicle (and) it's an easier sell to a lot of customers." Interest in hybrids is rebounding as consumer demand for pure electrics has not accelerated as quickly as expected. Sales of pure electrics will claim about 37%, leaving combustion vehicles — including so-called “mild” hybrids — with a nearly 40% share. In addition to new pure electric models coming soon, "we are very bullish on hybrids going forward," a spokesperson said. Hyundai and sister brand Kia offer seven hybrid models, with Ford and Lincoln six.

Persons: Mike Blake, Tim Ghriskey, Ingalls, Snyder, ”, Sam Fiorani, Ford, Jim Farley, ” Farley, “, Stellantis, GlobalData, ” Stellantis, Andrew DiFeo, Augustine, Biden, “ I've, I've, Paul Lienert, Ben Klayman, Nick Zieminski Organizations: Toyota, Los Angeles Auto, REUTERS, Rights, Ford, Reuters, AutoForecast Solutions, P Global, General Motors, Chrysler Pacifica, U.S, Lexus, Hyundai, Kia, Lincoln, Chevrolet Corvette, Thomson Locations: Los Angeles , California, U.S, America, New York, St, Jacksonville , FL, Detroit

☆ VinFast shares more than double to highest since market debut
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Mike Blake/File Photo Acquire Licensing RightsAug 22 (Reuters) - VinFast's shares more than doubled on Tuesday to the highest since Vietnamese electric vehicle maker's blowout Wall Street debut after Reuters reported that South Korea's Star Group Industrial plans to open factory in Vietnam. In the latest volatile session since its backdoor listing last week, VinFast's stock was last up 127% at $40.24, giving it a market capitalization of $95 billion. The stock traded as high as $46.98 earlier in the session. The stock was the second highest on trading website Stocktwits "Trending" list on Tuesday, suggesting it has attracted the interest of individual investors. About $428 million worth of VinFast's shares had been traded as of mid-day, compared to Tesla's (TSLA.O) turnover of over $17 billion.

Persons: Mike Blake, Black, Pham Nhat Vuong, Noel Randewich, David Evans Organizations: Los Angeles Auto, REUTERS, Reuters, Korea's Star, Hyundai, SGI, Thomson Locations: Los Angeles , California, U.S, Vietnam

[1/2] A worker cleans an electric-powered car Neta V, that is displayed during the Gaikindo Indonesia International Auto Show in Tangerang, near Jakarta, Indonesia, August 10, 2023. Dody Hartono, a visitor at the auto show who plans to buy his first EV by 2024, said he wants a better deal. Indonesia has ambitious EV growth plans as it races Thailand and India to build out an EV industry as an alternative to China, the world's largest producer. CONFIDENCE ISSUESToyota (7203.T), its affiliate Daihatsu, and Honda (7267.T) account for two-thirds of auto sales in Indonesia but have been slow to pivot to EVs. Toyota has said it has no plans yet to build an EV in Indonesia.

Persons: Willy Kurniawan, Dody, EVs, Hartono, China's, Hendra Pratama, Hendra Budi, –, Johan Purnomo, Stefanno Sulaiman, Kevin Krolicki, Himani Organizations: REUTERS, Hyundai, HK, Air EV Lite, Daihatsu, Huawei, Toyota, Honda, Mitsubishi Motors, Thomson Locations: Indonesia, Tangerang, Jakarta, Thailand, India, China, Southeast Asia

☆ Vietnam's EV firm skids for third straight US stock session after debut boom
▼ + stars: | 2023-08-18 | by ( Medha Singh | ) www.reuters.com time to read: +2 min

VinFast shares on Friday fell 23% to close at $15.40, slipping below its opening price of $22 on Tuesday, when it had surged up to $38.78. With about 99% of the firm controlled by founder Pham Nhat Vuong, the small amount of publicly available shares makes the stock prone to volatility. Just $45 million worth of its shares had been traded by late morning, compared with $29 billion worth of shares in Tesla (TSLA.O), according to Refinitiv data. "Founder Pham Nhat Vuong brought a portion of VinFast to the public markets because he may seek to further monetize his stake over time. That may be a material overhang for VinFast shares for some time to come," Benowitz said.

Persons: Mike Blake, VinFast, Pham Nhat Vuong, Jason Benowitz, Benowitz, Nikola, Medha Singh, Noel Randewich, Arun Koyyur, Matthew Lewis Organizations: Los Angeles Auto, REUTERS, Nasdaq, U.S, Reuters, Roosevelt Investment Group, Faraday, Thomson Locations: Los Angeles , California, U.S, Tesla, Vietnam, VinFast, Bengaluru, Oakland, California

☆ Vietnam's EV firm skids for third session after debut boom
▼ + stars: | 2023-08-18 | by ( Medha Singh | ) www.reuters.com time to read: +2 min

The loss-making company was last valued at $32.4 billion, compared to $85 billion in its Wall Street debut on Tuesday. With about 99% of the firm controlled by founder Pham Nhat Vuong, the small amount of publicly available shares makes the stock prone to volatility. Just $28 million worth of its shares had been traded by late morning, compared to $13 billion worth of shares in Tesla (TSLA.O), according to Refinitiv data. That may be a material overhang for VinFast shares for some time to come," Benowitz said. Shares of Vietnam's largest conglomerate and VinFast parent Vingroup (VIC.HM) closed down 7% in Ho Chi Minh trading.

Persons: Mike Blake, Pham Nhat Vuong, Jason Benowitz, Benowitz, Nikola, Medha Singh, Noel Randewich, Arun Koyyur Organizations: Los Angeles Auto, REUTERS, Nasdaq, U.S, Reuters, Roosevelt Investment Group, Faraday, Thomson Locations: Los Angeles , California, U.S, Tesla, Vietnam, VinFast, Ho Chi, Bengaluru

☆ After stellar debut, Vietnamese EV maker VinFast drops for second straight session
▼ + stars: | 2023-08-17 | by ( Medha Singh | ) www.reuters.com time to read: +2 min

The logo of VinFast is pictured at the 2022 Paris Auto Show in Paris, France October 17, 2022. VinFast had hit an eye-popping valuation of $85 billion on its first day of trading on Tuesday. Shares of other EV firms including Lucid (LCID.O) and Fisker (FSR.N) that listed through blank-check deals have also fallen since their debut. Meanwhile, its lofty valuation could be at risk as it looks to raise more capital over the next 18 months. Reporting by Medha Singh in Bengaluru; Editing by Arun Koyyur and Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

Persons: Stephane Mahe, Ford, Pham Nhat Vuong, Rick Meckler, VinFast, Meckler, Medha Singh, Arun Koyyur Organizations: REUTERS, General Motors, Nasdaq, Cherry Lane Investments, Spade, Asia Pacific's, VinFast's, Thomson Locations: Paris, France, New Jersey, Asia, Bengaluru

☆ Hyundai Motor's unit to buy General Motors' India plant
▼ + stars: | 2023-08-16 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Wolfgang Rattay/File Photo Acquire Licensing RightsBENGALURU, Aug 16 (Reuters) - Hyundai Motor Co's (005380.KS) Indian unit will buy automaker General Motors' (GM.N) Talegaon plant in the western state of Maharashtra, a move that will allow the U.S. automaker to exit the country as well increase Hyundai's annual production. Through its Sriperumbudur facility outside Chennai city and now the Talegaon plant, Hyundai aims to increase its cumulative production capacity to one million units per year, it said on Wednesday. The company had a production capacity of 820,000 units in the first half of this year. The South Korean firm said it intends to upgrade the existing infrastructure at the Talegaon unit and start manufacturing in 2025. The plant currently has an annual production capacity of 130,000 units.

Persons: Wolfgang Rattay, Ashish Chandra, Sonia Cheema Organizations: Hyundai, REUTERS, Rights, General Motors, U.S, GM, Kia, Thomson Locations: Munich, Germany, KS, Maharashtra, Chennai, India, Bengaluru

☆ Vietnam’s Tesla charges itself up for a big fall
▼ + stars: | 2023-08-16 | by ( Anshuman Daga | ) www.reuters.com time to read: +3 min

VinFast (VFS.O) shares leapt 270% on Tuesday following the group’s $27 billion merger with a special purpose acquisition company (SPAC). It catapults the enterprise’s value to $90 billion, a grand outcome only possible because Vuong and related entities still own 99% of the Tesla (TSLA.O) wannabe. The pop values the unprofitable Vietnamese company at 142 times its sales in 2022, some 16 times Tesla’s multiple. VinFast has pushed back plans to operate its $4 billion plant in North Carolina by a year to 2025. Ultimately, VinFast is heavily reliant on Vuong who is betting big on electric vehicles.

Persons: Mike Blake, Pham Nhat Vuong, Rivian, VinFast, topline, David Mansfield, Reuters Breakingviews, Una Galani, Thomas Shum Organizations: Los Angeles Auto, REUTERS, Rights, Reuters, Tesla, Elon Musk’s, P Global Mobility, Nasdaq, Thomson Locations: Los Angeles , California, U.S, North Carolina, Vingroup

Shares of dedicated EV maker VinFast, which merged with special purpose acquisition company (SPAC) Black Spade, surged on their Nasdaq debut on Tuesday. Other EV SPAC deals, including Lucid (LCID.O), which Black Spade used as the basis of its initial $23 billion valuation of VinFast, have seen their shares tumble after listing. Lucid is valued now at under $15 billion, nearly 40% less than its $24 billion SPAC valuation in 2021. Through the first seven months, it has sold over 16,000, including its sales in Vietnam. The Tesla Model Y is almost $7,000 cheaper than VinFast's VF8 after including federal subsidies.

Persons: Stephane Mahe, Black Spade, Pham Nhat Vuong, David Mansfield, Le, Thuy, VinFast, Vuong, Mansfield, AlixPartners, Tesla, Kevin Krolicki Organizations: REUTERS, Rights, Nasdaq, Ford, General Motors, Tesla, VinFast, VinFast's, EV, U.S ., Thomson Locations: Paris, France, Rights HANOI, U.S . West Coast, Vietnam, United States, Haiphong, North Carolina, China

A few hours before its Nasdaq debut, VinFast more than doubled its value in premarket trading involving less than 4% of its shares. Nikola now commands a market value of $1.4 billion, versus $13.9 billion before listing while Lucid has a current market value of $15.5 billion, versus $24 billion during its 2021 SPAC deal. It is still unclear how many of the company shares will trade on Tuesday and at what price. VinFast's founder, Vietnam's richest man Pham Nhat Vuong, pledged $2.5 billion in April to bolster the EV maker, including $1 billion from his personal fortune. He is the beneficial owner of 99% of the ordinary shares of the EV maker after the merger.

Persons: Mike Blake, Black Spade, Nikola Corp, Nikola, Lucid, Rivian, Pham Nhat Vuong, VinFast, Phuong Nguyen, Yantoultra, Jaiveer Singh, Francesco Guarascio Organizations: Los Angeles Auto, REUTERS, Nasdaq, Nikola, Tesla Inc, Rivian Automotive Inc, VinFast, P Global Mobility, Investors, Thomson Locations: Los Angeles , California, U.S, HANOI, Dealogic, North Carolina, Vietnam, United States

☆ Fisker to add Tesla's EV charging connector by 2025
▼ + stars: | 2023-08-15 | by ( ) www.reuters.com time to read: +1 min

The logo of Fisker Automotive is pictured on a car at the 2022 Paris Auto Show in Paris, France, October 18, 2022. REUTERS/Stephane MaheAug 15 (Reuters) - Electric vehicle startup Fisker (FSR.N) said on Tuesday it signed a deal with Tesla (TSLA.O) to adopt its North American Charging Standard (NACS), giving Fisker customers access to the automaker's Supercharger network by 2025. A plethora of automakers, including Ford Motor (F.N) and General Motors (GM.N), are moving away from the standard Combined Charging System (CCS) connector to Tesla's previously proprietary charging design, which is set to dominate the industry. Fisker said its vehicles made 2025 onwards will have the NACS port for charging, while other customers can use an adapter to access Tesla's 12,000-strong network of public fast chargers in the U.S. and Canada. Tesla's recent deals represent major strides in displacing a rival standard, CCS, that earlier exclusively had the backing of President Joe Biden's administration.

Persons: Stephane Mahe, Fisker, Joe Biden's, Akash Sriram, Shweta Agarwal Organizations: Fisker, REUTERS, Tesla, Ford, General Motors, CCS, Thomson Locations: Paris, France, U.S, Canada, United States, Bengaluru

☆ Chrysler owner calls for focus on reality in UAW labor talks
▼ + stars: | 2023-08-11 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

People attend a Stellantis presentation at the New York International Auto Show, in Manhattan, New York City, U.S., April 5, 2023. REUTERS/David 'Dee' DelgadoAug 11 (Reuters) - Chrysler parent Stellantis (STLAM.MI) sharply criticized the demands of the United Auto Workers (UAW) union on Friday, saying they need "a focus on reality from everyone involved." A UAW spokesman declined immediate comment on Stewart's letter, but earlier this week UAW President Shawn Fain called the Stellantis proposals "trash" and tossed a copy of them in a waste basket in live streamed remarks. "Stellantis proposals are a slap in the face," Fain said disclosing the company was proposing cuts to healthcare coverage, fewer vacation days for new hires and lifting a cap on temporary employees. The UAW also said the company opposes an end to two-tier wages, a practice of newer hires getting paid much less than veteran workers.

Persons: David, Dee, Delgado, Mark Stewart, Shawn Fain, Stewart, Fain, Stellantis, David Shepardson, Mark Porter, Alexander Smith Organizations: New York, REUTERS, Chrysler, United Auto Workers, UAW, Reuters, Stellantis, General Motors, Ford, Thomson Locations: Manhattan , New York City, U.S, America

☆ Vietnamese EV maker VinFast gets go ahead for Nasdaq SPAC listing
▼ + stars: | 2023-08-10 | by ( Phuong Nguyen | ) www.reuters.com time to read: +3 min

Shareholders of Hong Kong-based Black Spade Acquisition (BSAQ.A), a blank-check company, voted on Thursday to approve the merger with VinFast. VinFast, in a joint statement with Black Spade, said it would list on the Nasdaq under the ticker symbol VFS "on or around August 15". It leaves VinFast's existing shareholders, including parent company Vingroup and Vuong, Vietnam's richest man, with 99% of shares in the company. "The voting results today are a vote of confidence in VinFast from Black Spade shareholders," VinFast's global head Thuy Le said in the statement. Black Spade was founded by the private investment arm of Lawrence Ho, son of the late gambling mogul Stanley Ho.

Persons: Mike Blake, VinFast, Black Spade, Pham Nhat Vuong, Thuy Le, Nikola Corp, EVs, VinFast's, Vuong, Lawrence Ho, Stanley Ho, Phuong Nguyen, Kirsten Donovan, Susan Fenton Organizations: Los Angeles Auto, REUTERS, U.S, Nasdaq, of Hong, VinFast, Black, Black Spade, Faraday, Nikola, Vingroup, Tesla, Thomson Locations: Los Angeles , California, U.S, HANOI, of Hong Kong, VinFast, North Carolina, Black, United States, Haiphong, Vietnam

☆ Indonesia gives automakers more time to qualify for EV credits in investment bid
▼ + stars: | 2023-08-10 | by ( Stefanno Sulaiman | ) www.reuters.com time to read: +3 min

[1/5] A worker stands near a Mini Cooper Electric car, that is displayed during the Gaikindo Indonesia International Auto Show in Tangerang, near Jakarta, Indonesia, August 10, 2023. REUTERS/Willy KurniawanTANGERANG, Indonesia, Aug 10 (Reuters) - Indonesia said on Thursday it would give automakers two more years to qualify for electric vehicle incentives in Southeast Asia's largest auto market, a move followed by investment commitments by China's Neta EV brand and Mitsubishi Motors. The moves announced at the Jakarta auto show come as Indonesia races Thailand and India to build out an EV industry as an alternative to China, the world’s largest producer. Indonesia is Southeast Asia’s largest auto market and its second-largest production hub behind Thailand. Until now, only two manufacturers have shifted enough production to Indonesia to qualify for full incentives: Wuling Motors (0305.HK) and Hyundai (005380.KS).

Persons: Willy Kurniawan TANGERANG, Agus Gumiwang Kartasasmita, ” Agus, Wuling, Hiroyuki Ueda, Stefanno Sulaiman, Kevin Krolicki, Conor Humphries Organizations: Cooper, REUTERS, China's, Mitsubishi Motors, Toyota, Daihatsu, Honda, Mitsubishi, New Energy Automobile, Wuling Motors, HK, Hyundai, Wuling, Air EV, Reuters, Gaikindo, Auto Show, Astra Motor, PT Astra International, Thomson Locations: Indonesia, Tangerang, Jakarta, Thailand, India, China, Southeast, Neta, Gaikindo Indonesia

☆ China's Hozon to start selling Neta EVs in Indonesia from Q4
▼ + stars: | 2023-08-10 | by ( ) www.reuters.com time to read: +2 min

The company also plans to start localized assembly and production for its products in Indonesia from the second quarter of 2024, it said. Wang Chengjie, president director of PT NETA Auto Indonesia, said the local assembly plant will have a production capacity of 30,000 units annually. Hozon, which exported 6,970 cars in the first half of this year, has been selling its Neta EVs to Southeast Asian countries including Thailand, Myanmar and Nepal. It is building its first overseas plant in Thailand and aims to start production there in January 2024. Hozon's Neta V was the second best-selling EV in Southeast Asia in the first quarter, following BYD's Atto 3, according to research firm Counterpoint.

Persons: Tingshu Wang TANGERANG, Hozon Auto, Wang Chengjie, Hozon's Neta, Stefanno Sulaiman, Zhang Yan, Kim Coghill Organizations: Beijing International Automotive, Auto, REUTERS, Hozon, Gaikindo, PT NETA Auto, Thomson Locations: Auto China, Beijing, China, Indonesia, SHANGHAI, Southeast Asia, Gaikindo Indonesia, Hozon, Thailand, Myanmar, Nepal, Jakarta, Shanghai

☆ South Korea's Hyundai to launch more EVs in India
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: +1 min

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 Kelly/File PhotoBENGALURU, Aug 8 (Reuters) - South Korea's Hyundai Motor Group said on Tuesday it plans to launch more electric vehicles (EVs) under the Hyundai (005380.KS) and Kia (000270.KS) brands in India, in a sign that it is betting big on the world's third-largest auto market. Hyundai has already laid out plans to invest $2.45 billion to beef up EV production in the country, and is bullish on the local appetite for EVS. "The country is becoming an increasingly important center for electric vehicle production and sales," Hyundai said. That could include Teslas, with the Elon Musk-run company (TSLA.O) planning to sell locally made EVs, starting at $24,000.

Persons: Andrew Kelly, Kia, Hritam Mukherjee, Nandan, Savio D'Souza Organizations: Hyundai Motor, New York, REUTERS, Hyundai, Kia, EV, Hyundai Motor Group, Elon, Thomson Locations: Manhattan , New York City, U.S, BENGALURU, India, Bengaluru

☆ Magna lifts annual forecasts as results beat estimates on parts demand
▼ + stars: | 2023-08-04 | by ( ) www.reuters.com time to read: +2 min

Magna logo is during Munich Auto Show, IAA Mobility 2021 in Munich, Germany, September 8, 2021. REUTERS/Wolfgang Rattay/File PhotoAug 4 (Reuters) - Canada's Magna International (MG.TO) on Friday raised its full-year profit and sales outlook after its quarterly results beat estimates on solid demand for parts, as automakers ramp up production. Magna expects 2023 revenue between $41.90 billion and $43.50 billion, compared with its previous forecast of $40.20 billion to $41.80 billion. The company raised its adjusted annual income outlook to between $1.40 billion and $1.60 billion, from $1.30 billion to $1.50 billion forecast earlier. Its second-quarter revenue rose 17% to $10.98 billion, topping estimates of $10.30 billion.

Persons: Wolfgang Rattay, Seetarama Kotagiri, Garrett Nelson, Nathan Gomes, Pratyush Thakur, Vinay Dwivedi Organizations: Munich, REUTERS, United Auto Workers, UAW, Ford Motor, Motors, Chrysler, Detroit, Magna, Thomson Locations: Munich, Germany, Europe, North America, Bengaluru

REUTERS/Mike Blake/File PhotoWASHINGTON, Aug 3 (Reuters) - The United States should extend electric vehicle tax credit benefits to Vietnam if it wants to encourage a landmark investment from the country in U.S.-based manufacturing, the head of the main U.S. business lobby for Southeast Asia said. Rules included in the U.S. Inflation Reduction Act (IRA) aimed at reducing U.S. dependence on Chinese EV battery supply chains currently only benefit countries that have free trade agreements with Washington - a list that excludes Vietnam. VinFast responded to President Joe Biden's call for electric vehicles to be manufactured in the United States, Osius told Reuters in an interview on Thursday, "Now they will have some asks. They will want to be part of the EV supply chain and they won't want to be discriminated against in favor of other EV producers." The United States signed a deal in March with Japan on critical minerals that ensures Japanese cars will benefit from the tax credit.

Persons: Mike Blake, Ted Osius, VinFast, Joe Biden's, Osius, EVs, Biden, Donald Trump, David Brunnstrom, Simon Lewis, David Shepardson, Don Durfee, Diane Craft Organizations: Los Angeles Auto, REUTERS, EV, Washington, VinFast, U.S, U.S ., ASEAN Business Council, Reuters, United, EU, Economic, Thomson Locations: Los Angeles , California, U.S, United States, Vietnam, Southeast Asia, North Carolina, Japan, Britain, New Delhi, China, Washington, Indonesia, Asia, Pacific

☆ EV maker Nikola says CEO Lohscheller to step down
▼ + stars: | 2023-08-04 | by ( ) www.reuters.com time to read: +1 min

VinFast Global CEO Michael Lohscheller looks on during the Vietnamese car company's EV global premiere during the 2021 LA Auto Show in Los Angeles, California, U.S. November, 17, 2021. REUTERS/Mike Blake/File photoCompanies Nikola Corp FollowAug 4 (Reuters) - Electric truck maker Nikola said on Friday that Michael Lohscheller will step down as chief executive officer and would be replaced by Stephen Girsky at the end of the month. Separately, Nikola reported a narrower second-quarter loss as lower production of its Tre battery-electric trucks in the April-June period helped keep costs in check. Lohscheller has decided to step down due to a family health matter and will be returning to Europe, the company said, adding that he would remain in an advisory capacity through the end of September. Reporting by Akash Sriram in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: Michael Lohscheller, Mike Blake, Nikola, Stephen Girsky, Lohscheller, Akash Sriram, Anil D'Silva Organizations: VinFast Global, EV, REUTERS, Nikola, Thomson Locations: Los Angeles , California, U.S, Europe, Bengaluru

☆ Automakers promote advanced tech to compete in China — the world's top EV market
▼ + stars: | 2023-08-04 | by ( Sheila Chiang | ) www.cnbc.com time to read: +1 min

Global electric vehicle makers are tapping advanced technology to vie with each other and domestic brands in the intensively competitive Chinese market. China is the world's largest EV market with 5.9 million units sold in 2022, capturing 59% of EVs sold globally, according to Canalys. Counterpoint Research data showed that domestic brands command 81% of the EV market, with BYD, Wuling, Chery, Changan and GAC among the top players. BofA Securities in a May report said it expects China to still be the world's largest EV market in 2025, standing at 40%-45% market share. China EV products are much more competitive than before, and China will continue to see EV penetration expanding, in our view," said the BofA Securities analysts.

Persons: EVs, Canalys Organizations: Inc, Shanghai Auto Show, Global, EV, Chery, Changan, GAC, BofA Securities, China EV Locations: Shanghai, China

☆ Hyundai, Kia recall 91,000 US vehicles over fire risks, urge owners to park outside
▼ + stars: | 2023-08-03 | by ( David Shepardson | ) www.reuters.com time to read: +1 min

[1/2] Hyundai logo is seen during Munich Auto Show, IAA Mobility 2021 in Munich, Germany, September 8, 2021. The recall covers Hyundai 2023-2024 Palisade, 2023 Tucson, Sonata, Elantra, and Kona vehicles and 2023-2024 Seltos and 2023 Kia Soul, Sportage vehicles. Owners will be notified in late September and dealers will inspect and replace the electric oil pump controller as needed. Kia said it has six reports of potentially related thermal events but no accidents or injuries while Hyundai has four similar reports. In addition to the fire risk, heat damage could trigger a short circuit impacting other onboard vehicle controllers, Hyundai said.

Persons: Wolfgang Rattay, Kia, David Shepardson, Jane Merriman, Nick Zieminski Organizations: REUTERS, Hyundai, Kia, Traffic, Administration, Thomson Locations: Munich, Germany, KS, United States, Tucson

☆ Shares of Chinese Tesla rival Xpeng fall 5% after head of autonomous driving resigns
▼ + stars: | 2023-08-02 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

Xinzhou Wu, vice president of autonomous driving at Xpeng, tendered his resignation "for personal and family reasons," Xpeng said in a statement. Liyun Li, senior director of Xpeng's autonomous driving team, will takeover Wu's role. He Xiaopeng, CEO of Xpeng, praised Wu's contribution to getting Xpeng into a "leading position in autonomous driving technology." The Guangzhou-headquartered firm has tried to position itself as more advanced on autonomous driving and other technologies than its competitors. "I will continue to personally lead our autonomous driving team and strengthen our leadership in Smart EV technologies," the CEO added.

Persons: Xpeng, Xinzhou Wu, Liyun Li, Li, Xpeng's, Xpeng's Xiaopeng, Xiaopeng Organizations: Inc, Shanghai Auto Show, Xpeng, Nio, Li Auto, Volkswagen Group, Smart Locations: Shanghai, China, Tesla, Guangzhou

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