Tag: Automotive

Volkswagen green up pointing triangle said it will invest $48 million in Canadian lithium company Patriot Battery Metals, as it seeks to secure the supply of lithium raw materials from North America.

Shares of CarMax Inc. were rallying toward their first gain in six sessions in early Thursday trading, after the used vehicle seller reported fiscal third-quarter earnings that rose well above expectations, as lower prices helped boost sales.

Japanese automakers Nissan Motor and Honda Motor reportedly plan to enter into negotiations for a merger to better compete in the rapidly changing global automotive industry, the Nikkei newspaper reported Tuesday.

The U.S. Energy Department on Monday said it has finalized a $9.63 billion loan to a joint venture of Ford Motor (F.N), opens new tab and South Korean battery maker SK On to help finance construction of three new battery manufacturing plants in Tennessee and Kentucky.

General Motors is restructuring Cruise, its self-driving-taxi company, in what amounts to an exit from the robotaxi business and a refocusing on improving driver- assistance technologies for everyday people.

Automaker Stellantis and Chinese battery giant CATL on Tuesday announced plans to jointly build a 4.1 billion euro ($4.3 billion), large-scale lithium iron phosphate (LFP) battery plant in Spain.

Automotive parts retailer AutoZone missed estimates for first-quarter profit and revenue on Tuesday, hurt by higher raw material prices and a stronger dollar.

China’s car sales grew 16.6% in November from a year earlier, its fastest pace since January, as government-subsidised auto trade-ins gather steam near the end of the year.

General Motors said it expects to incur more than $5 billion in impairment charges and write-downs in the fourth quarter because of weakness in its China business.

A US judge has shot down Tesla’s second attempt to award Elon Musk a record pay package, saying shareholders’ overwhelming reapproval did not override her previous rejection of the deal.

Automaker plans to sell its stake to joint-venture partner LG Energy, the latest pullback in its electric-car investments

The National Highway Traffic Safety Administration said on Tuesday that General Motors is recalling about 132,037 trucks due to concerns about tailgates unlatching unexpectedly.

Chinese automakers BYD, Leapmotor, and Xiaomi have raced past their annual delivery targets a month ahead of schedule, underscoring their rapid growth and strong market demand as the year comes to a close.

Volkswagen workers across Germany stopped work on Monday as the conflict between the German automotive giant and its employees over changes to labor agreements and potential factory closures escalated.

Stellantis Chief Executive Carlos Tavares resigned abruptly on Sunday, two months after a profit warning at the maker of Jeep, Fiat and Peugeot cars that has lost around 40% of its value this year.

Volkswagen has sold its plant in Xinjiang, a region in northwestern China beset by accusations of human rights abuses, citing “economic reasons.”

European and American carmakers are set to lose up to 17% of their combined annual core profits if the U.S. imposes import tariffs on Europe, Mexico and Canada, S&P Global said in a report on Friday, warning of potential credit downgrades.

Hyundai is recalling more than 226,000 SUVs and small cars in the U.S. because the rearview camera image may not show up on the screens.

About 6% of Nissan Motor staff in the United States have accepted early retirement packages, a company spokesperson said on Thursday, as part of the struggling Japanese carmaker’s plan to cut 9,000 jobs worldwide.

Ford said on Wednesday it would cut around 14% of its European workforce, blaming significant losses in recent years compounded by weak demand for electric vehicles, a lack of government support for the shift to EVs, and rising competition.