US electric carmaker Tesla reported its first-ever quarterly profit above $1 billion Monday as it reiterated its 2021 production targets despite supply chain upheaval. Profits surged to $1.1 billion in the quarter ending June 30, up from $104 million in the year-ago period as revenues nearly doubled to $12.0 billion. The fast-growing automaker led by […]
automobile
Mexico disputes US application of USMCA rules on autos
Mexico is at odds with the United States over how it is applying content rules for the regional auto trade, Mexican Economy Minister Tatiana Clouthier said Friday. The dispute centers on content requirements known as rules of origin that allow cars manufactured in North America to receive duty free treatment under the regional trade pact […]
Vietnam’s Vinfast to launch electric cars in US, Europe next year
Vietnam’s first homegrown car manufacturer Vinfast said Monday it will launch two new electric vehicle models early next year in North America and Europe, as it pushes to enter the lucrative but crowded market. The carmaker is a subsidiary of Vietnam’s largest private conglomerate, Vingroup, which is owned by the country’s richest man, a press-shy […]
Mitsubishi says paid 25 million euro Dieselgate fine
Japanese automaker Mitsubishi Motors confirmed Monday it paid a 25 million euro fine issued by German prosecutors over emissions fraud allegations earlier this year. German authorities last year raided 10 sites as part of a probe into suspected diesel emissions cheating involving Mitsubishi cars, with prosecutors saying they had opened a fraud investigation. Mitsubishi Motors […]
Chip shortage driving French industry lower
The global shortage of semiconductors that has been plaguing the automobile industry is helping drive industrial production lower in France, data showed Monday. Manufacturing of motor vehicles fell by 7.9 percent in May from the previous month “due to shortages of raw materials in the automotive industry”, the national statistics agency INSEE said. That helped […]
Nissan announces first UK battery gigafactory, new electric car
Japanese auto giant Nissan on Thursday announced plans to build the UK’s first car-battery “gigafactory”, where it will build a new electric vehicle. Prime Minister Boris Johnson hailed the post-Brexit investment totalling £1.0 billion ($1.4 billion, 1.2 billion euros), which is set to create 6,200 jobs, as “a major vote of confidence in the UK”. […]
France hails Chinese battery factory for Renault in electric push
President Emmanuel Macron on Monday visited northern France to laud plans to build a Chinese-owned battery factory that will supply automaker Renault as Europe steps up its shift towards electric vehicles. Chinese group Envision’s two-billion-euro ($2.4 billion) project is being saluted as an example of Macron’s efforts to encourage foreign firms to “Choose France” for […]
Tesla to ‘recall’ over 285,000 cars in China due to faulty software
Electric car giant Tesla will “recall” over 285,000 cars from the Chinese market after an investigation found issues with its assisted driving software that could cause road collisions, a government regulator announced late Friday. Tesla would contact affected users to upgrade their vehicle’s software remotely for free, a State Administration of Market Regulation (SAMR) notice […]
General Motors hits the gas on electric, autonomous push
General Motors is hitting the accelerator on its drive towards electric autos, significantly boosting its near-term investments as it unveils new models and builds production capacity. The biggest US automaker announced it will raise spending by 30 percent to $35 billion through 2025 and plans to build two additional battery cell plants. Some of the […]
General Motors lifts electric auto investment to $35 bn through 2025
General Motors again boosted its investments in electric and autonomous vehicles, announcing Wednesday it is raising planned spending by 30 percent to $35 billion through 2025 as it unveils new models and builds capacity. The big US automaker cited strong consumer reception to its early electric vehicle (EV) models and beneficial public policies as factors that […]