Volkswagen board member Stefan Sommer told he was confident that battery cell production in Salzgitter would be realised. FRANKFURT: Volkswagen is intensifying talks with Swedish startup Northvolt on plans to jointly build up battery cell production in Salzgitter, near its headquarters in Lower Saxony, one of its board members told a German newspaper. Volkswagen earlier… Continue reading VW to intensify talks with Northvolt on battery project: Report
Author: Economic Times of India Online News
Tesla reduces prices on Models S and X amid stock slump
Musk predicted another loss in the second quarter but said Tesla would be profitable again by the third quarter. DETROIT: Faced with a slumping stock price and questions about demand for its vehicles, Tesla has lowered the U.S. base prices of its two most expensive models. The company on Monday cut $3,000 from the price… Continue reading Tesla reduces prices on Models S and X amid stock slump
Daimler plans to cut administration costs by 20%: Report
Kaellenius said earlier this month that Daimler will cut development costs of new Mercedes-Benz cars. FRANKFURT: Incoming Daimler boss Ola Kaellenius is working on a cost cut programme to reach profit margin targets which are threatened by global trade woes and ramp up issues at factories, Handelsblatt reported, citing company sources. Kaellenius, who will take… Continue reading Daimler plans to cut administration costs by 20%: Report
City simulator wins Venture capital backing as investors seek driverless car exposure
Immense makes simulations of cities which aim to show where and how people and vehicles might be moving on any given day. LONDON: Venture capital investors backed Immense Simulations, a British software company which creates interactive replicas of cities, on Tuesday in the latest sign of money pouring into firms that stand to gain from… Continue reading City simulator wins Venture capital backing as investors seek driverless car exposure
Cash-strapped Chinese automaker Haima sells properties to raise funds
Haima reported a 72% plunge in sales in the first four months of this year, following a 48% dive in 2018 revenue. BEIJING: China’s Haima Automotive Group Co Ltd said the company planned to sell over 400 units of real estate to revitalise its corporate assets and boost liquidity, stock exchange filings showed. The unusual… Continue reading Cash-strapped Chinese automaker Haima sells properties to raise funds
Nissan full-year net profit more than halves to near-decade low
Ghosn denies that charge and insists he is innocent of all allegations against him. TOKYO: Crisis-hit Nissan on Tuesday revealed full-year net profits at a near-decade low and forecast a further decline as it battles to recover after the shock arrest of its talismanic former boss Carlos Ghosn. The Japanese firm’s bottom-line profit for the… Continue reading Nissan full-year net profit more than halves to near-decade low
Daimler’s CEO designate will push alliances to cut costs
Kaellenius said Daimler had moved from using an equal amount of nickel, cobalt and manganese in its electric car batteries, towards a new ratio of 8:1:1. Germany: Daimler will cut development costs of new Mercedes-Benz cars by a significant amount by 2025 and will intensify alliances with rivals as a way to improve margins, Ola… Continue reading Daimler’s CEO designate will push alliances to cut costs
Ford concerned about potential China retaliation
Tariffs could affect imported auto parts and it would raise production costs and lead to higher vehicle prices for U.S. consumers. WASHINGTON: Ford spokeswoman Rachel McCleery says the company is most concerned about any retaliatory tariffs China might impose. The Dearborn, Michigan-based company says 80% of the vehicles it assembles in the U.S. are sold… Continue reading Ford concerned about potential China retaliation
Suzuki Motor says India uncertainty to limit profit growth
Growing use of app-based cab services such as from Ola and Uber Technologies Inc, tighter credit and market uncertainty ahead of India’s general election have all weighed on the auto industry, hurting sales of private cars. TOKYO: Suzuki Motor Corp on Friday forecast a 1.7% rise in profit this year, anticipating limited growth due to… Continue reading Suzuki Motor says India uncertainty to limit profit growth
Nissan Spain to cut 600 jobs from Barcelona plant
As part of the deal, any further changes to the workforce are to be negotiated separately with unions. MADRID: The Spanish arm of Japanese carmaker Nissan has reached an agreement with unions to cut 600 jobs at its plant in Barcelona, or almost 20 percent of the plant’s workforce. The layoffs, a mixture of voluntary… Continue reading Nissan Spain to cut 600 jobs from Barcelona plant