* First-quarter net profit falls 22 pct to 575 mln euros * Expects market upturn in second half * Affirms guidance for operating margin of 8-9 pct * CFO says powertrain IPO depends on market conditions (Recasts, adds CFO quotes on powertrain IPO) HAMBURG/BERLIN, May 9 (Reuters) – German automotive supplier Continental’s spin-off of its… Continue reading UPDATE 2-Continental powertrain IPO could be delayed further after profit slides
Author: Ritters US Newsfeed
Toyota, Panasonic to set up company for ‘connected’ homes
FILE PHOTO: A Toyota logo is displayed at the 89th Geneva International Motor Show in Geneva, Switzerland March 5, 2019. REUTERS/Pierre Albouy/File Photo TOKYO (Reuters) – Japan’s Toyota Motor Corp and Panasonic Corp said they plan to establish a joint company to develop “connected” services to be used in homes and urban development. The tie-up… Continue reading Toyota, Panasonic to set up company for ‘connected’ homes
GM, union reach deal to rescue part of Ontario plant: source
FILE PHOTO: The General Motors assembly plant in Oshawa, Ontario, Canada November 26, 2018. REUTERS/Carlos Osorio (Reuters) – General Motors and the largest union representing Canada’s auto workers have reached a deal to partly rescue an auto plant in Ontario slated to close this year by converting it to a parts-stamping facility, a source familiar… Continue reading GM, union reach deal to rescue part of Ontario plant: source
Toyota, Honda plan to attack costs to free up cash for new tech
TOKYO (Reuters) – Two top Japanese automakers said they planned to tighten their belts in the years ahead to free up cash to develop electric cars and ride-sharing services, underscoring the hard task ahead as traditional automakers face a rapidly changing industry. FILE PHOTO: A Toyota logo is displayed at the 89th Geneva International Motor… Continue reading Toyota, Honda plan to attack costs to free up cash for new tech
Defying Brexit, Volvo car brand Polestar picks UK for new development hub
STOCKHOLM (Reuters) – Swedish luxury electric carmaker Polestar, which is jointly owned by Volvo Cars and its Chinese parent Geely, is setting up an R&D center in Britain to develop future passenger cars, it said on Wednesday. FILE PHOTO: The new Volvo Polestar 2 is displayed at the 89th Geneva International Motor Show in Geneva,… Continue reading Defying Brexit, Volvo car brand Polestar picks UK for new development hub
As Uber gears up for IPO, many Indian drivers talk of shattered dreams
MUMBAI/NEW DELHI (Reuters) – In 2016, Rajesh Raut started driving an Uber taxi in Mumbai, hoping he could earn more than the $215 he received each month for making flatbreads at a roadside stall. Rajesh Raut, a former Uber driver, prays inside the truck that he currently drives and lives in, at a street in… Continue reading As Uber gears up for IPO, many Indian drivers talk of shattered dreams
UPDATE 1-Brazilian automakers fret about cheap imports from Mexico
(Recasts with comments on competition with Mexico) By Marcelo Rochabrun SAO PAULO, May 7 (Reuters) – Automakers in Brazil warned on Tuesday of the threat from cheap imported cars from Mexico, as the end of a cap on bilateral trade in the sector presents a new challenge to the dominance of local manufacturing in South… Continue reading UPDATE 1-Brazilian automakers fret about cheap imports from Mexico
Scout24 bidders reach 9.7 pct stake ahead of deal deadline
BERLIN (Reuters) – The private equity houses seeking to take over Scout24 said on Tuesday they had built up a 9.69 percent stake in the company as the clock ticked down on their tender offer to buy the Germany-based car and property classifieds group. Hellman & Friedman and Blackstone must win majority support by May… Continue reading Scout24 bidders reach 9.7 pct stake ahead of deal deadline
UPDATE 2-GM’s Cruise gets $1.15 bln new cash from T. Rowe Price, SoftBank
FILE PHOTO: The GM logo is seen at the General Motors plant in Sao Jose dos Campos, Brazil, January 22, 2019. REUTERS/Roosevelt Cassio/File Photo (Reuters) – General Motors Co’s majority-owned Cruise self-driving division on Tuesday said T. Rowe Price and a group of existing investors put down $1.15 billion in new equity, valuing the unit… Continue reading UPDATE 2-GM’s Cruise gets $1.15 bln new cash from T. Rowe Price, SoftBank
GM Cruise gets $1.15 bln investment from group including SoftBank fund
FILE PHOTO: The GM logo is seen at the General Motors plant in Sao Jose dos Campos, Brazil, January 22, 2019. REUTERS/Roosevelt Cassio/File Photo (Reuters) – General Motors Co’s majority-owned Cruise self-driving car unit said on Tuesday it received a $1.15 billion investment from a consortium of investors, valuing the subsidiary at $19 billion. The… Continue reading GM Cruise gets $1.15 bln investment from group including SoftBank fund