Automobile

BLOOMBERG Even before the European Union targeted imports of cheap Chinese electric vehicles, their makers faced another big challenge: winning over consumers who don’t know or necessarily trust their brands. At the heart of their strategy is the traditional dealership model that European carmakers have been exiting in favour of direct sales. BYD, Xpeng, Great Wall Motor and others hope ...

BLOOMBERG Toyota Motor Corp’s quarterly profit exceeded estimates as improvements in supply of semiconductors and a weak yen helped it capitalise on a global rebound in demand for vehicles. The stock closed at a record high. Operating profit for the three months through June was a record ¥1.1 trillion ($7.7 billion), the world’s No 1 carmaker said in a statement. ...

BLOOMBERG BMW AG will invest in the 110-year-old plant where the Mini brand was born to make electric models, tapping the UK government for support in the fight to prop up the country’s flagging automaking industry. The company’s more than £600 million ($751 million) outlay averts what would have been a disaster for the UK, where car production slumped last ...

BLOOMBERG Xpeng Inc’s shares soared after it agreed to buy Didi Global Inc’s smart-car development arm in a deal that both eliminates a potential competitor in the crowded electric-vehicle market and gives it a tech-savvy partner in a new venture. The HK$5.84 billion ($744 million) all-stock deal will see Didi emerge with a 3.25% stake in Xpeng, according to an ...

BLOOMBERG The electronics arm of electric-vehicle maker BYD Co agreed to buy Jabil Inc’s manufacturing business in China for 15.8 billion yuan ($2.2 billion), expanding its production base in the world’s largest mobile arena. BYD Electronic International Co, a non-wholly owned unit of one of China’s biggest EV makers, is taking over the US company’s product manufacturing business located in ...

BLOOMBERG The first analyst to cover Aston Martin after the carmaker’s 2018 initial public offering has finally recommended buying the stock. Jefferies’ Philippe Houchois lifted his rating to buy from hold, saying the British company’s net debt has stabilised and a refocus on traditional “front engine” cars like the DB12 and Vantage should benefit sales. Houchois gave Aston Martin an ...

BLOOMBERG Hyundai Motor Co is facing a pressure campaign from a coalition of labour groups and civil rights groups in Alabama and Georgia, the home of its new $5.5 billion electric vehicle assembly and battery complex. The coalition is asking Hyundai to negotiate a community benefits agreement that will “enshrine high-road commitments to workers and their communities in an enforceable ...

BLOOMBERG Malaysian conglomerate Sime Darby Bhd said it’s buying a 61.2% stake in UMW Holdings Bhd for 3.57 billion ringgit ($769 million) to further strengthen its position in the country’s automobile industry. Sime Darby entered into a conditional purchase agreement with the nation’s largest state-owned fund, Permodalan Nasional Bhd, to buy its shares of UMW. The company will subsequently make ...

BLOOMBERG Hyundai Motor Co’s union workers voted to go on strike for the first time in five years, part of an effort to boost wages and raise the mandatory retirement age as inflation hits the South Korean economy. A majority of the roughly 45,000 unionised workers at Hyundai voted to strike, officials said in a text message on Friday. The ...

BLOOMBERG Stellantis NV is considering a tie-up with a Chinese electric vehicle company as Europe’s second-largest automaker by sales seeks to bolster its presence in the world’s biggest auto market, according to people familiar with the matter. The carmaker has explored potentially working with Chinese EV makers including Zhejiang Leapmotor Technologies Ltd, the people said, asking  not to be identified ...