Automobile

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 …

Bloomberg The most stylish SUV you can buy today is, yes, a Volvo. Others may be more exciting (Lamborghini Urus), more athletic (Porsche Cayenne), more luxurious (Mercedes-Benz GLE), or more conscientious (Tesla Model X). But only the 2020 Volvo XC90 possesses that rare combination of restraint, comfort, attention to detail, and heritage that translates into true style. Yes, even in …

Bloomberg Volkswagen AG struck deals with two Chinese companies and deepened cooperation with Ford Motor Co., broadening its strategic footprint as the coronavirus sparks the worst economic contraction in decades and internal tensions rise. The German manufacturer will become the biggest shareholder of battery company Guoxuan High-Tech Co. and closed in on a 50% stake in a Chinese electric-vehicle partner. …

Bloomberg On the outskirts of a small town less than 50 miles southeast of Phoenix, a 720,000 square foot electric vehicle factory is arising in the desert. If all goes as planned, a luxurious new battery-electric sedan will roll off its production line by year’s end. Lucid Motors, a US startup, is building the factory and slated to start manufacturing …

Bloomberg Fiat Chrysler Automobiles NV is in talks to obtain a state-backed credit line of about 6.3 billion euros ($6.8 billion) to buttress the carmaker’s finances against the steep downturn caused by the coronavirus, according to people familiar with the matter. Fiat’s local unit is discussing the facility with lead lender Intesa Sanpaolo SpA, the people said, asking not to …