WASHINGTON (Reuters) – U.S. President Donald Trump kept up pressure on trading partners on Saturday, threatening European automakers with a tax on imports if the European Union retaliates against his plan to slap tariffs on aluminum and steel. FILE PHOTO: Cars for export stand in a parking area at a shipping terminal in the harbour… Continue reading UPDATE 1-Trump threatens to tax European auto imports
Author: Ritters US Newsfeed
Geely drives in for M&A loan
* Loans: Chinese carmaker borrows €3.1bn for stake in Volvo trucks By Yan Jiang HONG KONG, March 3 (IFR) – Zhejiang Geely Holding Group , China’s largest privately owned carmaker, is raising €3.05bn (US$3.8bn) to fund its acquisition of an 8.2% stake in Swedish truckmaker AB Volvo, in one of the country’s biggest outbound investments… Continue reading Geely drives in for M&A loan
Ford Motor Co warns Trump metal tariffs may hike commodity prices
WASHINGTON, March 2 (Reuters) – Ford Motor Co said on Friday that U.S. President Donald Trump’s announced steel and aluminum tariffs could boost domestic commodity prices and harm the“competitiveness of American manufacturers.” In a statement, Ford noted the tariffs’ impact even though the automaker buys“the vast majority of its steel and aluminum for U.S. production… Continue reading Ford Motor Co warns Trump metal tariffs may hike commodity prices
Exclusive: GM plants to cut 5,000 South Korean jobs
SEOUL (Reuters) – General Motors’ (GM.N) South Korean unit plans to slash 5,000 jobs, or about 30 percent of its workforce, but keep production steady if Seoul agrees to its $2.8 billion proposal for the loss-making operation, according to a document seen by Reuters. General Motors Korea’s labour union members protest, while demanding that GM… Continue reading Exclusive: GM plants to cut 5,000 South Korean jobs
UPDATE 1-Uber abandons effort to have UberPOP reinstated in Germany
FRANKFURT (Reuters) – Ride-hailing firm Uber [UBER.UL] said it has withdrawn an appeal lodged with Germany’s high court to have its UberPOP service reinstated as part of a broader strategy shift to work with drivers licensed to carry paying passengers. The Uber logo is seen on a screen in Singapore August 4, 2017. REUTERS/Thomas White… Continue reading UPDATE 1-Uber abandons effort to have UberPOP reinstated in Germany
Toyota to form $2.8 bln venture with group cos for self-driving R&D
TOKYO (Reuters) – Toyota Motor Corp and group suppliers Denso Corp and Aisin Seiki Co said on Friday they would form a joint venture for researching and developing automated-driving technology, investing more than 300 billion yen ($2.8 billion). FILE PHOTO: A Toyota Motor Corp. logo is seen on a car at the International Auto Show… Continue reading Toyota to form $2.8 bln venture with group cos for self-driving R&D
How Geely’s Li Shufu spent months stealthily building a $9 billion stake in Daimler
SHANGHAI/BEIJING (Reuters) – When Daimler announced that Li Shufu had acquired almost 10 percent of the automaker last Friday, it caught financial markets – and German regulators – by surprise. Although the move seemed sudden, the head of the Chinese carmaker Geely had, according to multiple sources and documents reviewed by Reuters, spent months stealthily… Continue reading How Geely’s Li Shufu spent months stealthily building a $9 billion stake in Daimler
CORRECTED-Peugeot hits new earnings record despite Opel loss
PARIS (Reuters) – PSA Group (PEUP.PA) shrugged off losses at the newly acquired Opel division to lift sales, profit and operating margin to new records in 2017, the French carmaker said on Thursday. The maker of Peugeot, Citroen, Opel and Vauxhall cars said net income rose 11.5 percent to 1.93 billion euros ($2.35 billion) on… Continue reading CORRECTED-Peugeot hits new earnings record despite Opel loss
FCA to review potential Magneti Marelli spinoff in second quarter
DETROIT (Reuters) – Fiat Chrysler Automobiles NV (FCA) (FCHA.MI) said on Wednesday that in the second quarter the automaker would review the possible spinoff of its Magneti Marelli unit. Last month FCA Chief Executive Officer Sergio Marchionne said he had recommended to the company’s board that the automaker spin off the maker of components for… Continue reading FCA to review potential Magneti Marelli spinoff in second quarter
UPDATE 1-Germany weighs options to avoid diesel bans after ruling
BERLIN (Reuters) – Germany’s government scrambled on Wednesday to find ways to avoid possible bans on heavily polluting diesel vehicles in cities, in a bid to reassure drivers and carmakers after a court ruled that local authorities were allowed to bar them. Tuesday’s ruling to allow city bans embarrassed Angela Merkel’s government, criticized for having… Continue reading UPDATE 1-Germany weighs options to avoid diesel bans after ruling