Automobile

Bloomberg Daimler AG plans to sell its factory in Hambach, France, as the maker of Mercedes-Benz cars pursues deeper-than-expected restructuring to overcome the fallout of coronavirus pandemic. The move to unload the home of the Smart two-seater will result in a negative one-time effect of roughly $562 million in the second quarter, Daimler said. It doesn’t expect an impact on ...

Bloomberg Daimler AG plans to sell its factory in Hambach, France, as the maker of Mercedes-Benz cars pursues deeper-than-expected restructuring to overcome the fallout of the coronavirus pandemic. The move to unload the home of the Smart two-seater will result in a negative one-time effect of roughly $562 million in the second quarter, Daimler said. It doesn’t expect an impact ...

Bloomberg When news broke last month that Amazon.com Inc. was interested in buying Zoox Inc., observers assumed the e-commerce giant was looking to automate its delivery fleet. After all, Amazon already invested in an electric truck maker and is a major buyer of everything from planes to diesel vehicles. But in a statement confirming its acquisition of the autonomous vehicle ...

Bloomberg Lyft Corp. is committing to make 100% of its trips in electric vehicles by the end of 2030. But to get there, it’ll need the support of policymakers and automakers, a robust charging network, and most of all, its drivers’ cooperation. Ride-hailing companies have struggled as governments asked citizens to stay home to manage the spread of Covid-19. Uber ...

Bloomberg Morgan Stanley cut Tesla Inc. to underweight from equal-weight, saying the rally that saw the stock break above $1,000 this week doesn’t properly reflect emerging risks. Analyst Adam Jonas cited price cuts across Tesla’s model range in China and the US that suggest auto demand coming out of the coronavirus pandemic isn’t as strong as before. An even greater ...

Bloomberg His company has sent his net worth soaring to $7.4 billion, but Trevor Milton is frustrated. The executive chairman of Nikola Corp. is under siege from skeptics of the company he started in 2014 with the goal of revolutionising the trucking industry. The doubters who have him particularly down are criticising him for taking orders for hydrogen fuel cell-powered ...

Bloomberg Yandex NV will test a driverless car it developed with Hyundai Motor Co. in Detroit as the Russian technology giant makes plans to approximately double its fleet of self-driving vehicles. Yandex plans to buy 100 of the cars, which are souped-up versions of Hyundai’s Sonata, the company said in a statement. The test-drives, which had been planned around the ...

Bloomberg The UK car industry joined in a round of job cuts that has swept Europe, with auto companies looking to downsize to cope with lower sales following the Covid-19 pandemic. Aston Martin Lagonda Global Holdings Plc said it plans to eliminate almost 20% of the workforce, or as many as 500 positions, to cope with a slump in demand ...

Bloomberg Bentley Motors Ltd. plans to slash as many as 1,000 jobs in the UK, about a quarter of its workforce, to cut costs and contain the fallout of the coronavirus crisis after years of weak profitability. The move adds to 2,000 other British auto-industry job cuts announced this week, while European car, truck and parts makers have set plans ...

Bloomberg BMW AG is negotiating with unions about giving more incentives to workers to persuade them to leave, helping the carmaker reach a target of eliminating about 5,000 positions. The German firm has been unable to meet its headcount-reduction goal with existing measures, CFO Nicolas Peter said. Those have included placing employees on unpaid leave and reducing working hours for those ...