Automobile

BLOOMBERG Nikola Corp is cutting 270 jobs as the maker of electric big rigs seeks to reduce costs and preserve cash. The move will affect 150 employees supporting European operations and another 120 workers based mostly at sites in Arizona and California, the company said in a statement. Nikola expects to save $50 million annually through the staff reduction, while …

BLOOMBERG  Toyota Motor Corp posted its biggest two-day gain in three years, fuelled by an aggressive messaging campaign around the Japanese carmaker’s electric-vehicle strategy, a drama-free shareholders’ meeting and a broader global stock rally. Shares in the world’s largest carmaker are up 12%, their biggest jump since March of 2020, with the reappointment of Chairman Akio Toyoda adding to the …

BLOOMBERG The clouds are finally parting for Tesla Inc investors who stuck with the electric-vehicle maker through a rough ride. A rush of good news for the company and the return of bullish market conviction have put the stock on pace to more than double this year. The Elon Musk-led EV company has added more than $194 billion to its …

BLOOMBERG  Automakers moving into an electric future are locked in a battle with broadcasters concerned about the potential loss of an aged and fading technology: AM radio. Major carmakers, including Tesla Inc and BMW AG, are omitting AM tuners from electric vehicles, citing electromagnetic interference with the frequencies used by the century-old broadcasting service. AM radio is particularly susceptible to …

BLOOMBERG General Motors (GM) Co and Stellantis NV paid a combined $363 million in civil penalties for failing to meet US fuel efficiency standards dating back to the Trump administration, according to filings with federal regulators. Stellantis paid more than $123 million in January for missing the mark with its 2018 model year lineup and in excess of $112 million …

BLOOMBERG  Vietnam’s electric-car maker VinFast recalled all 999 of its initial sport utility vehicles shipped to the US over malfunctioning software that can lead the main screen to go blank. The company can begin delivering an over-the-air software update on Thursday that fixes the issue, according to its defect notice posted to the US National Highway Traffic Safety Administration’s (NHTSA) …

BLOOMBERG Eight European Union (EU) nations called for the bloc to scrap new pollution limits for car tailpipes as they distract from the goal of effectively banning new combustion engine vehicles after 2035, the latest sign of push back against environmental regulation. The nations — including France and Italy — said they oppose new exhaust emission rules under the so-called …

BLOOMBERG Nissan Motor Co forecast operating profit for the current fiscal year that exceeded analyst projections, as the Japanese carmaker gets costs under control while expanding output, thanks to improving supplies of semiconductors. Operating profit will be Â¥520 billion ($3.9 billion) for the period through March 2024, the Yokohama-based company said. That compares with the average estimate for Â¥402.8 billion. …

BLOOMBERG Honda Motor Co shares rose the most in seven weeks after the Japanese automaker forecast profit for the current fiscal year that slightly exceeded analysts’ projections and a buy back of as much as Â¥200 billion ($1.5 billion) of its own shares. Operating profit for the period through March 2024 will be Â¥1 trillion, the company said. That compares …

BLOOMBERG BYD Co plans to produce electric vehicles (EVs) in Vietnam and expects support from the country’s government to do so, the Southeast Asian nation said following a meeting between Deputy Premier Tran Hong Ha and the automaker’s chairman and founder, Wang Chuanfu. Wang expects Vietnam to create “favourable conditions” for BYD to complete investment procedures so it can quickly start …