Rivian, the electric vehicle company backed by Amazon, Cox Automotive and Ford, has resumed work at its factory in Normal, Ill. following a temporary shutdown due to the COVID-19 pandemic. Construction on the factory, which will eventually produce its R1T and R1S electric vehicles for consumers as well as 100,000 delivery vans for Amazon, has… Continue reading Rivian’s Amazon electric delivery van still on track as factory reopens
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Italy’s credit agency SACE approves state guarantees for FCA $7 billion bank loan: source
FILE PHOTO: A Fiat Chrysler Automobiles (FCA) sign is seen at the U.S. headquarters in Auburn Hills, Michigan, U.S., May 25, 2018. REUTERS/Rebecca Cook MILAN (Reuters) – The board of Italy’s export credit agency SACE has approved state guarantees covering 80% of a 6.3 billion euro ($7 billion) bank loan for Fiat Chrysler (FCHA.MI) (FCAU.N),… Continue reading Italy’s credit agency SACE approves state guarantees for FCA $7 billion bank loan: source
Renault prepares for 15,000 job cuts
Struggling French carmaker Renault is said to be planning 15,000 job cuts around the world as it tries to contain losses amid the pandemic. The move comes as the virus deepens the challenges facing the firm, which saw its first annual loss in a decade last year. The company, which has pledged to cut costs… Continue reading Renault prepares for 15,000 job cuts
The VW system strikes back
Otherwise, the brand’s new vehicles get their finishing touches in the pilot hall on Volkswagen’s Wolfsburg site. Because the boardroom in the branded high-rise, where VW’s board of directors resides, is too small in Corona times, the group’s supervisory board gathered there on Thursday. The most important topic: the power struggle between the Volkswagen boss,… Continue reading The VW system strikes back
The Wolfsburg ultimatum
This is the face and the head of the mobility turnaround in the group. Picture: dpa Replacing Herbert Diess right now seems foolhardy, especially since there is (still) no adequate replacement available. But this insight should not be confused with a license. Volkswagen is not a company like any other. While half the world is… Continue reading The Wolfsburg ultimatum
German auto supplier ZF Friedrichshafen to cut up to 15,000 jobs: memo
FILE PHOTO: Wolf-Henning Scheider, ZF CEO poses for a portrait at the 2019 Frankfurt Motor Show (IAA) in Frankfurt, Germany. September 10, 2019. REUTERS/Wolfgang Rattay/File Photo FRANKFURT (Reuters) – German car parts supplier ZF Friedrichshafen plans to reduce the workforce by up to 15,000 jobs, or around 10%, by 2025 as a result of a… Continue reading German auto supplier ZF Friedrichshafen to cut up to 15,000 jobs: memo
Renault poised to announce 15,000 layoffs worldwide: union
FILE PHOTO: A logo of Renault carmaker is pictured at a dealership in Nantes, France, May 26, 2020. REUTERS/Stephane Mahe PARIS (Reuters) – French car maker Renault is poised to announce 15,000 layoffs worldwide on Friday as it unveils a turnaround plan to cope with slumping demand and excess costs, a representative for the CFDT… Continue reading Renault poised to announce 15,000 layoffs worldwide: union
Nissan reports $6.2bn annual net loss, worst in 20 years
TOKYO — Nissan Motor has posted a net loss of 671 billion yen ($6.2 billion) for the year ended in March as the new coronavirus outbreak devastated sales and the carmaker started a big restructuring to cut costs. The annual financial result exceeds the company’s net loss of 233 billion yen for the 12 months… Continue reading Nissan reports $6.2bn annual net loss, worst in 20 years
Nissan to resume US production on Monday
TOKYO — Nissan Motor will begin restarting operations at its U.S. plants on Monday, a move that comes three weeks after Japanese rivals Toyota Motor and Honda Motor resumed North American production. A vehicle assembly plant in Canton, Mississippi, will resume production on Monday, per Nissan’s reopening plan, with one in Smyrna, Tennessee, to follow… Continue reading Nissan to resume US production on Monday
German union accuses Volkswagen of ‘management errors’ that put jobs at risks
FILE PHOTO: A Volkswagen logo is seen at a construction completion event of SAIC Volkswagen MEB electric vehicle plant in Shanghai, China November 8, 2019. REUTERS/Aly Song HAMBURG (Reuters) – Germany’s biggest labor union criticized Volkswagen (VOWG_p.DE) on Thursday for a recent advert deemed racist and other “errors”, saying management had damaged the carmaker’s reputation… Continue reading German union accuses Volkswagen of ‘management errors’ that put jobs at risks