Automobile

  Bloomberg Mercedes-Benz Group AG has committed to manufacturing electric vehicles (EVs) in Thailand after signing an agreement to import its battery-powered cars — part of a government plan to bolster the Southeast Asian nation’s status as a clean automaking hub. The luxury carmaker will receive a slew of benefits including lower import duties and excise taxes for each fully electric …

  Bloomberg Stellantis NV plans to idle a Jeep-making factory in Belvidere, Illinois, citing challenges such as cost burdens due to the shift towards electrification of more models. The automaker said in a statement that the “difficult but necessary action,” effective Feb. 28, will result in layoffs of an unspecified number of workers, which will likely extend for more than …

  Bloomberg Volkswagen AG is considering funding coding schools in Mexico and Brazil as part of its strategy to recruit software-savvy employees. The carmaker is already backing similar institutions in the Czech Republic and Germany — including in Berlin and near its Wolfsburg headquarters — and is now weighing to expand, said Gunnar Kilian, the board member in charge of …

  Bloomberg Porsche has finally made a modern off-road 911. The Porsche 911 Dakar was debuted during a private presentation at the Los Angeles Auto Show. The Stuttgart, Germany-based brand has sent its sports cars off-road since the early 1960s, when drivers Vic Elford and Herbert Linge piloted 911s in gruelling cross-country races. In 1968, a 911 T won the …

  Bloomberg The UK is on course to botch the shift away from the combustion engine and end up a carmaking minnow. This week, mostly UK-based electric-van startup Arrival announced its CEO and president were stepping down. Last week, the CEO of Britain’s biggest auto manufacturer, Jaguar Land Rover, resigned after making little headway on an all-electric shift announced almost …

  Bloomberg BMW AG is doubling its investment at its Hungarian factory to $2.1 billion, adding a high-voltage battery assembly facility that will create more than 500 jobs. Locating the battery assembly at the Debrecen plant will help BMW streamline logistics for production of its next generation electric cars that will use the ‘Neue Klasse’ underpinnings, the carmaker said. Output …

  Bloomberg Mercedes-Benz Group AG cut prices on two electric car models in China by as much as $33,000, as heated competition in the world’s biggest EV market impacts sales. The luxury automaker said in a statement that it was reducing prices on certain models from its EQ range, and that it would provide subsidies to customers who recently bought …

  Bloomberg Fiat, the Italian car brand owned by Stellantis NV, said it will bring the 500e, an electric version of its urban minicar, back to North America in 2024, roughly three years after it yanked the model from US dealerships. The Fiat 500e, which is currently made at its Mirafiori plant in Turin, Italy, has been doing well in …

  Bloomberg VinFast, an electric vehicle maker backed by Vietnam’s richest man, is weighing whether to hold its planned initial public offering in the US as soon as January 2023. The unit of conglomerate Vingroup JSC could raise at least $1 billion but it could also be more depending on interest, one of the people said, asking not to be …

  Bloomberg Europe’s inflation crisis is beginning to catch up with the automakers. Stellantis NV said consumers in Europe are slightly dialling back car purchases, joining Germany’s BMW AG in warning the region is on the backfoot due to surging costs for anything from energy to lending. Carmakers long defied economic headwinds thanks to robust demand for their priciest models, …