Mercedes-Benz parent Daimler’s shares fell close to 3% Thursday, after news it will have to cut costs more than 1 billion euros ($1.1 billion) by 2022 to meet tougher European Union (EU) fuel efficiency rules, while profitability will struggle.
Author: World_Newz Mon
Daimler CEO Faces Showdown With Investors Amid Industry Shift
Daimler AG’s new Chief Executive Officer Ola Kallenius is under pressure to map out a strategy to revive flagging profits at the maker of Mercedes-Benz luxury cars, while at the same time preparing for the disruptive shift to electric vehicles.
Peugeot brand to return to Le Mans 24 hours motor race from 2023
French carmaker PSA said on Wednesday its Peugeot brand would once again take part in the Le Mans 24 hours motor race in 2023, one of the sport’s most famous endurance events.Peugeot had won the race in 2010, coming ahead of Audi, before withdrawing when it faced financial problems.
Avtovaz begins selling Lada Granta cars of local assembly in Egypt
MOSCOW, November 13. /TASS/. Avtovaz launched sales of cars of the new Lada Granta family of local assembly in Egypt, the company said on Wednesday.
Sales started on November 12 in Cairo. Cars are manufactured at the Al Amal factory.
Managing Director of Lada Export Max Missana said that with the release of a new model Avtovaz expects to strengthen the brand's position in Egypt.
It was reported earlier that Avtovaz sales on the Russian market increased by 1.5% year-on-year to 295,437 cars in January – October 2019. “295,437 Lada cars and light commercial vehicles were sold in Russia as of the end of 10 months 2019, up 1.5% against the like period of 2018,” the company said.
Car sales in October declined by 5.5%, the carmaker reports. 30,240 Lada cars were sold.
The market share of Lada in the segment of cars and light commercial market is about 21% as of the end of 10 months 2019, according to the company's estimate.
Avtovaz is the largest producer of cars in Russia. The Avto..
Electric-Car Maker Xpeng Raises $400 Million
Chinese electric-vehicle startup Guangzhou Xiaopeng Motors Technology Co. Ltd. said Wednesday it secured $400 million in its latest fundraising round.This Series C round brings the total funds raised by the carmaker to 12 billion yuan ($1.7 billion).Xpeng’s latest fundraising haul may have fallen below its expectations.
NIO Hires China Auto Analyst as Its Next Chief Financial Officer
NIO Inc. hired an analyst covering the Chinese electric carmaker as its next chief financial officer, according to people familiar with the matter.
Chinese-invested auto powertrain test center opens in UK despite Brexit uncertainty
BIRMINGHAM, Britain, Nov. 12 (Xinhua) — A world-class auto powertrain test center, invested by China's Changan Automobile, was unveiled Tuesday in the British industrial city of Birmingham despite continuing uncertainty caused by Brexit.
Zhang Xiaoyu, director of Changan's Blue Core NE Powertrain Platform, said Birmingham was chosen as the start of the company's global powertrain research and development journey because the UK is the birthplace of the Industrial Revolution with an innovative spirit and an abundance of talent resources.
The test center is designed to test automotive powertrains, including engine and transmission. The center can be used to test Changan's engine products for conventional cars as well as power systems for hybrid electric vehicles and pure electric vehicles.
Tim Pile, chair of Greater Birmingham and Solihull Local Enterprise Partnership, said Chinese investment has helped the region grow and created jobs needed for the renaissance of th..
Volvo pledges greater electrification for future
Luxury car manufacturer Volvo Cars delivered its forward-looking development concepts of safety, health and sustainability while showcasing three imported models at the second China International Import Expo, held in Shanghai from Tuesday to Sunday.On Thursday, Volvo Cars opened its first battery lab in the Asia Pacific region.The battery lab will test batteries based on global and local standards to ensure the safety of electrified vehicles.
Mercedes launches first electric SUV
Mercedes-Benz launched its China-made and first electric model, the EQC SUV, in Beijing on Friday, underscoring its efforts to blaze a trail in the competitive new energy vehicle segment of the world’s largest car market.From January to November, such vehicles’ sales in China totaled 872,000, up 20.8 percent year-on-year.China has been the world’s largest market for the brand.
Japanese transmission maker JATCO opens new plant in east China
NANJING, Nov. 9 (Xinhua) — JATCO, one of the largest manufacturers of automatic transmissions in the world, put its new plant into operation on Friday in Zhangjiagang of east China's Jiangsu Province.
It is the second production base set up and wholly funded by the Japanese company in China.
With some 700 employees, the new plant covers 96,000 square meters and has an annual production capacity of 480,000 transmissions.
The main products will be the Jatco CVT8 models, which are used on premium midsize automobiles of Nissan and Renault brands produced by their joint ventures with China's automaker Dongfeng Motor Corporation, JATCO said.
Teruaki Nakatsuka, president of JATCO, said CVT (continuously variable transmission) technology has been a success in the Chinese market with the fuel-efficient and comfortable rides it provides for automobiles.
“China is an important strategic market of JATCO,” Nakatsuka said.
JATCO entered China in 2007 and founded its first manufacturing en..