Automobile

BLOOMBERG GoTo Group cut its 2023 loss projection after staunching some of the bleeding in the second quarter, taking the Indonesian internet leader closer to its goal of getting into the black after an era of costly expansion. Its shares rose 6.6% in Jakarta, the biggest gain since June. Indonesia’s largest tech company reported second-quarter adjusted loss before interest, taxes, ...

BLOOMBERG Tesla Inc Chief Financial Officer Zachary Kirkhorn stepped down after 13 years at the electric-vehicle maker, a surprise shakeup that raises new questions about succession in the top ranks of Elon Musk’s company. Kirkhorn, one of just four executive officers and a prominent voice for the company with shareholders, resigned from his duties, the company said in a regulatory ...

BLOOMBERG Mazda Motor Corp will expand its electric vehicle lineup from around 2025 in response to declining sales in China, seeking to catch up with EV manufacturers in the world’s largest car market. Electrified vehicles — including hybrids and battery EVs — have taken over almost a third of the market in China. “The new trend is faster than we ...

BLOOMBERG Maruti Suzuki India Ltd aims to double production to about 4 million vehicles a year by 2031 by introducing new models and boosting exports, according to the latest annual report from India’s biggest carmaker. The New Delhi-based company, which exports its cars from South Africa to Chile, plans to triple overseas sales to 800,000 units by the fiscal year ...

BLOOMBERG Ford Motor Co’s is throttling back on plans to ramp-up electric vehicle production, pointing the finger at a price war for battery-powered vehicles. The automaker said it would need another year to meet a year-end target to reach an annual production rate of 600,000 EVs, which it now expects to reach in 2024. Ford also abandoned plans to be ...

BLOOMBERG China Evergrande New Energy Vehicle Group Ltd plunged as trading resumed in its shares for the first time since April 2022, wiping $2.8 billion off the company’s market value in Hong Kong. The China Evergrande Group unit was down 62%, having fallen as much as 69% when trading started, leaving it with a market value of about $1.7 billion. ...

BLOOMBERG Ola Electric Mobility Pvt is in line for an initial public offering (IPO) sooner than its founder previously imagined, reflecting the Indian startup’s whirlwind pace of growth since it started selling electric scooters in late 2021. “I thought it would take me four to six years of revenue to go public,” Founder and Chief Executive Officer Bhavish Aggarwal said ...

BLOOMBERG Hyundai Motor Co recruited female technicians for automobile manufacturing in South Korea for the first time, following union pressure to improve gender equality. The world’s third-largest automaker hired six women out of 200 new technicians, the first time it allowed females to apply for the position since the company started in 1967, according to a statement from Korea Metal ...

BLOOMBERG France’s Renault SA has formally signed a joint venture agreement with China’s Zhejiang Geely Holding Group Co to set up a new combustion engine and hybrid powertrain company. The move follows a letter of intent signed between the three parties in March as the joint venture seeks to pool resources to work on hybrid technology and synthetic fuels to ...

BLOOMBERG  Audi’s new boss faces a number of pressing issues to fix the premium brand, after years of missteps left Volkswagen AG’s cash cow with a stale model lineup and behind in the shift to electric cars. Gernot Döllner, a 54-year-old VW veteran who wrote his dissertation on speeding up product development, has little time to waste to ensure the ...