Daimler AG is pushing ahead with plans to produce an all-electric version of its flagship Mercedes S-Class sedan from next year even as it cuts back in other areas to weather a slump in demand across the industry.
Author: World_Newz Mon
Fiat Chrysler Nears $6.9 Billion State-Backed Loan From Intesa
Lender Intesa Sanpaolo SpA is nearing approval of a 6.3 billion-euro ($6.9 billion) credit facility for Fiat Chrysler Automobiles NV, in what would be Europe’s biggest government-backed financing to a carmaker since the start of the coronavirus pandemic.
Aston Martin chief to leave, Mercedes-AMG CEO to replace him
May 24 (Reuters) – Aston Martin Chief Executive Andy Palmer is leaving the business as part of a management shake-up and will be replaced by Tobias Moers, CEO of Mercedes-AMG, a source familiar with the matter told Reuters on Sunday.
The luxury carmaker said in an emailed statement that it is reviewing its management team but declined to comment on Palmer's fate.
Palmer and Germany's Daimler AG, which owns a 5% stake in Aston Martin and supplies the carmaker with Mercedes-AMG engines, also declined to comment.
The Financial Times newspaper had reported earlier that the Aston Martin chief was going to leave as part of a shake-up of its leadership, with an official announcement expected on Tuesday.
Palmer had not been informed of the upcoming announcement, the newspaper reported.
Aston Martin, famed for being fictional secret agent James Bond's car of choice, has seen its share price plummet since floating in October 2018.
The 107-year old British luxury carmaker earlier t..
Renault could ‘disappear’ without government help, French finance minister warns
London (CNN Business)Renault may not survive the shock of the coronavirus pandemic without help from the French government.The French government and Japan’s Nissan (NSANF) are Renault’s largest shareholders, each owning a 15% stake in the company.The government is currently negotiating the terms of a €5 billion ($5.4 billion) loan for Renault.
Ford Throws Lifeline to Auto-Parts Suppliers Facing Cash Crunch
Ford Motor Co. is helping some of its suppliers survive a cash crunch by paying its bills early to ensure that critically needed parts keep flowing to its auto factories.
GM’s ‘Ultra Cruise’ to take on Tesla with hands-free city driving
General Motors is close to taking its self-driving tech onto neighborhood streets.Super Cruise uses facial recognition technology to ensure a driver is looking ahead with their eyes open, and a combination of cameras, GPS and hyper-accurate 3D maps to steer the vehicle in a lane on certain highways.
Fourth-gen Honda City to be sold alongside upcoming fifth-gen
We are well aware that Honda Cars India is gearing up to launch the new City in the country.The fifth-generation Honda City will get BS6 petrol and BS6 diesel powertrains.The fourth-generation Honda City is available in SV, V, VX and ZX variants.
LEAKED: Europe’s draft ‘green recovery’ plan
The European Commission’s promised green recovery plan will focus on building renovation, renewables and hydrogen as well as clean mobility and the circular economy.Yesterday, EURACTIV got hold of a draft presented as “a working document” related to the green aspects of the recovery plan.On the funding side, the Commission plans to launch a “European Renovation Financing Facility”, tentatively financed with €91 billion per annum and blended with other sources of funding to reach €350 billion in investment per year.
E-car batteries will be produced in Voderady
The first factory for e-car batteries will stand in Voderady (Trnava Region).At the same time, the new research and development centre should create 150 new, highly-qualified vacancies.By finishing the centre, the InoBat Auto company will complete the first phase of launching its operation.
Uber to cut 3,000 more jobs amid COVID-19 pandemic
SAN FRANCISCO, May 18 (Xinhua) — Uber said on Monday that the company is cutting about 3,000 more jobs amid COVID-19 pandemic.
“We have made the incredibly difficult decision to reduce our workforce by around 3,000 people, and to reduce investments in several non-core projects,” Uber CEO Dara Khosrowshahi wrote in a letter to employees.
Along with the 3,700 jobs the company announced to cut earlier this month, the San Francisco-based ride-hailing company is laying off 25 percent of its staff.
Uber is also closing or consolidating some 45 offices globally, including its Pier 70 office in San Francisco, a branch responsible for its experimental projects like self-driving cars. Over the next 12 months, it will begin the process of moving its Asia-Pacific headquarters out of Singapore to a new location “in a market where we operate our services,” according to the company.
Uber will reduce its costs by over 1 billion U.S. dollars a year by these actions, the company said.
“We began 2020 on..