Automobile

BLOOMBERG The European Union (EU) and the UK approved a three-year postponement of tariffs on electric vehicles, giving carmakers more time to make necessary changes to comply with local content requirements under a bilateral trade deal. The tariffs that were set to kick in from next year would have charged a 10% duty on vehicles and batteries traded between the …

BLOOMBERG Thailand will allocate 34 billion baht ($970 million) through to 2027 to fund its ambition of becoming a major production hub for electric vehicles, renewing a flagship incentive program in the Southeast Asian nation. Foreign EV makers will be eligible to receive up to 40% cuts on import duties and a reduced excise tax rate of 2% for their …

BLOOMBERG Chinese electric carmaker Nio Inc unveiled a flagship sedan at its annual customer event, with the vehicle set to take on Porsche AG’s Panamera series and Mercedes-Benz Group AG’s luxury S range. The four-seater executive sedan dubbed ET9 is expected to start delivery in the first quarter of 2025, with an estimated starting price at around 800,000 yuan ($112,000). …

BLOOMBERG The Canadian government is poised to pass rules requiring all new vehicles sold in the country to be zero-emissions by 2035, according to news reports. The federal government will announce the regulation, called the Electric Vehicle Availability Standard, in the coming days, with the aim of phasing out the sale of new combustion vehicles, the Canadian Broadcasting Corporation and …

BLOOMBERG Tesla Inc will receive 2.63 billion pesos ($153 million) in incentives from the Mexican state of Nuevo Leon to build its next major factory there, as state officials seek to assuage local concerns about delays to the electric-vehicle maker’s plant. The incentives, approved by the state’s economic development council, include the creation of basic infrastructure such as roads and …

BLOOMBERG Tesla Inc’s biggest vehicle recall ever threatens to hurt the company’s defense in several high-profile lawsuits it faces over crashes linked to Autopilot. The automaker’s recall of 2 million cars comes after a top US auto-safety regulator found its driver-assistance program failed to ensure drivers stay attentive. Lawyers representing crash victims and family members who have sued Tesla, some …

BLOOMBERG Huawei Technologies Co’s latest automobile-related foray once again drove big share-price moves, showing the technology giant continues to draw investors despite the uncertainty overhanging China’s stock market. Chongqing Changan Automobile Co surged by its daily limit of 10% in Shenzhen after it forged a smart-car pact with Huawei. Suppliers to both Changan Auto and unlisted Huawei also climbed, even …

BLOOMBERG The selloff that’s ripped through green stocks looks set to continue into 2024, bringing a fourth consecutive year of losses, according to Bloomberg’s latest Markets Live Pulse survey. The negative sentiment appears poised to engulf a wider array of green asset classes, with Tesla Inc seen at risk of losing its place among the 10 biggest stocks in the …

BLOOMBERG Nissan Motor Co will significantly ramp up electric-vehicle production in the UK with a £2 billion ($2.5 billion) investment at its Sunderland site in a boon to the country’s car industry. The Japanese carmaker will set up another battery factory and produce electric versions of the popular Qashqai and Juke models at Britain’s largest carmaking hub, it said. Nissan …

BLOOMBERG Chinese billionaire Li Shufu’s Zhejiang Geely Holding Group Co is raising around $350 million selling part of its stake in Volvo Car AB, responding to investor concerns about the automaker’s limited free float. Geely, which owns a web of automotive interests in Europe, offered approximately 100 million shares in the company at 37 kronor ($3.49) apiece, according to a …