Automobile

  Bloomberg Ford Motor Co said it is cutting 3,000 jobs in a move to boost profits as it seeks to fund the $50 billion it plans to spend on electric vehicles. The cuts will come primarily in the US, while some positions also are being eliminated in Canada and India, a company spokesman said. The total includes 2,000 salaried ...

Bloomberg More than $4.8 billion has been pumped into the electric-vehicle (EV) charging industry this year — a combination of roll-out announcements, debt financing, investment and acquisitions. And this is just the deals that have disclosed financial figures. Large corporates are competing for M&A targets with pure-play charging companies they may previously have acquired, and new competitors are cropping up. ...

  Bloomberg Tesla Inc and SAIC Motor Corp told Shanghai’s government they may have difficulty maintaining production if a power crunch in Sichuan continues to impact suppliers, according to people familiar with the matter, prompting city officials to ask the southwestern province if it could prioritise electricity for the carmakers’ suppliers. The companies informed authorities in Shanghai that key parts ...

  Bloomberg Chinese car maker Geely Automobile Holdings Ltd. reported first-half profit that missed analyst estimates as sales fell short of expectations — pummeled by Covid-19 lockdowns and supply chain disruptions. Net income dropped 35% to 1.55 billion yuan ($228 million) in the six months ended June 30 from a year earlier, the Hangzhou-based automaker said in a statement. That ...

Bloomberg Mercedes-Benz Group AG will join China’s Contemporary Amperex Technology Co Ltd (CATL) in building a battery factory in Hungary with an investment of as much as 7.3 billion euros ($7.6 billion), with some of Europe’s leading automakers set to become customers too. The plant will have capacity of 100 gigawatt hours, enough to power more than 1 million cars, ...

Bloomberg Electric vehicles sales in China are forecast to hit a record 6 million this year as demand for cleaner cars surges. The China Passenger Car Association (CPCA) raised its estimate from 5.5 million, after releasing data showing deliveries of new-energy vehicles more than doubled in July to around 486,000 units — accounting for 26.7% of the new auto market. ...

  Bloomberg Everybody likes to have options to choose from, or at least they think they do. That’s part of what led some automakers to bet heavily on plug-in hybrid electric vehicles, or PHEVs, which offer consumers a way to get a sampling of the EV experience without jumping fully in. PHEVs are often described as a transition technology — ...

  Bloomberg Elon Musk, chief executive officer (CEO) of Tesla Inc and the world’s richest person, said he sees signs the global economy is ‘past peak inflation.’ Speaking at the electric-vehicle maker’s annual shareholder meeting, Musk said Tesla’s commodity and component costs are trending downward over the next six months. He also reiterated that he expects a mild recession that ...

Bloomberg Xiaomi Corp is facing difficulties getting regulatory approval for its electric vehicle project in China, an unexpected hurdle for the smartphone giant’s $10 billion car-making endeavour. The Beijing-based company has been talking to officials at the National Development and Reform Commission (NDRC) about the licensing for months without success, according to people familiar with the matter. Xiaomi is one ...

  Bloomberg Renault SA will carry out a plan to carve out electric and combustion-engine businesses, even without its Japanese auto-making partners. “They know that we have to do it, that we will do it and we’ve opened the door for them to each project,” Chief Executive Officer Luca de Meo said in an interview on Bloomberg Television. “At the ...