BEIJING/SHANGHAI (Reuters) – Tesla Inc (TSLA.O) has started hiring for a new factory in Shanghai, according to job postings on its website, just a month after the U.S. electric vehicle (EV) maker signed agreements with local authorities for the $2 billion project. People walk past a showroom outside Tesla China headquarters at China Central Mall… Continue reading UPDATE 1-Tesla starts hiring for new $2 bln Shanghai plant
Author: Ritters US Newsfeed
Saudi sovereign fund PIF has bought a below 5 percent stake in Tesla: source
DUBAI (Reuters) – Public Investment Fund, Saudi Arabia’s sovereign wealth fund, has bought a minority stake in Tesla (TSLA.O) at just below 5 percent, a source familiar with the matter said on Tuesday. FILE PHOTO: A Tesla sales and service center is shown in Costa Mesa, California, U.S., June 28, 2018. REUTERS/Mike Blake/File Photo PIF… Continue reading Saudi sovereign fund PIF has bought a below 5 percent stake in Tesla: source
BMW recalls 324,000 cars in Europe after Korean engine fires -FAZ
FRANKFURT (Reuters) – German luxury carmaker BMW (BMWG.DE) is recalling about 324,000 diesel vehicles in Europe to fix a technical fault that has caused engine fires in South Korea, German newspaper Frankfurter Allgemeine Zeitung (FAZ) said. FILE PHOTO: The logo of German car manufacturer BMW is seen on the bonnet of a vehicle covered with… Continue reading BMW recalls 324,000 cars in Europe after Korean engine fires -FAZ
Daimler abandons Iran expansion plans as sanctions bite
BERLIN (Reuters) – German car and truck manufacturer Daimler (DAIGn.DE) on Tuesday said it has dropped plans to expand its Iran business in reaction to renewed U.S. sanctions, which come into effect on Tuesday. FILE PHOTO: FILE PHOTO: The Mercedes-Benz logo is seen before the company’s annual news conference in Stuttgart, Germany, February 4, 2016.… Continue reading Daimler abandons Iran expansion plans as sanctions bite
BMW Korea apologizes as 27 vehicles catch fire over January-July
SEOUL (Reuters) – BMW’s (BMWG.DE) South Korean unit apologized over a spate of engine fires, estimated by the country’s transport ministry at 27 over January to July, that has prompted a government probe and a major backlash from consumers. BMW said it will launch a recall of 106,000 diesel vehicles, including the 520d, starting from… Continue reading BMW Korea apologizes as 27 vehicles catch fire over January-July
Honda to recall 96,900 SUVs in China, runs checks on two models
BEIJING (Reuters) – Honda Motor Co (7267.T) on Monday said it will recall 96,900 Avancier sport utility vehicles (SUVs) in China, due to a cold-climate engine problem that has already led to hundreds of thousands of its vehicles being recalled earlier this year. FILE PHOTO – A security agent guards Honda Avancier SUV after it… Continue reading Honda to recall 96,900 SUVs in China, runs checks on two models
UPDATE 1-GM seeks to exclude China-made Buick SUV from tariff
(Reuters) – General Motors Co (GM.N) is seeking an exemption to a 25 percent U.S. tariff on its Chinese-made Buick Envision sport utility, the automaker said on Thursday, in a move to prevent the key model in the brand’s U.S. lineup from becoming a victim of the U.S.-China trade war. FILE PHOTO: General Motors Co.… Continue reading UPDATE 1-GM seeks to exclude China-made Buick SUV from tariff
BMW beats second-quarter forecasts as new anti pollution rules dent rivals
FRANKFURT (Reuters) – BMW (BMWG.DE) reported a smaller-than-expected 6 percent decline in second quarter operating profit on Thursday while brushing off concerns about new anti-pollution rules and global trade tensions which caused rival Daimler (DAIGn.DE) to warn on profits. FILE PHOTO: The logo of German car manufacturer BMW is seen on the bonnet of a… Continue reading BMW beats second-quarter forecasts as new anti pollution rules dent rivals
BMW sees 5-10 pct sales growth in China despite tariffs
FRANKFURT, Aug 2 (Reuters) – BMW expects China sales to rise between 5 and 10 percent this year, despite the introduction of 40 percent import tariffs on vehicles imported from the United States since July. BMW recently started building its X3 in China, ending imports of the model from its plant in Spartanburg, South Carolina,… Continue reading BMW sees 5-10 pct sales growth in China despite tariffs
Volkswagen says WLTP could cause burden of more than 1 bln eur.
FRANKFURT, Aug 1 (Reuters) – Resolving bottlenecks caused by tougher emissions rules could cost Volkswagen more than 1 billion euros, Chief Financial Officer Frank Witter said on Wednesday. The auto industry is struggling to adapt its vehicles to meet the new Worldwide Harmonized Light Duty Vehicles Test Procedure, known as WLTP, which takes effect from… Continue reading Volkswagen says WLTP could cause burden of more than 1 bln eur.