Category: Newswire

Alphabet’s Waymo raises US$2.25b for driverless cars

WAYMO raised US$2.25 billion from a slate of private equity investors, venture capitalists and automotive companies, the first time Alphabet Inc’s autonomous vehicle unit has taken outside funds.Silver Lake Management LLC, a private equity firm, led the round, which also includes vehicle manufacturer Magna International Inc, car seller AutoNation Inc, Abu Dhabi’s Mubadala Investment Co and the Canada Pension Plan Investment Board.Alphabet’s “other bets” division, which includes Waymo, has absorbed billions of dollars in losses in recent years.

PSA expects compensation for Vauxhall’s UK factories in the event of no deal

Vauxhall’s owner PSA is expecting the UK Government to compensate it for the extra costs involved in a no-deal exit from the EU, its chief executive Carlos Tavares said today.Vauxhall’s 1,100 staff at its Ellesmere Port factory build the Vauxhall Astra (mostly the estate version, which sells best on the European continent), which is due for replacement in 2021.

Volkswagen to reduce production at Kaluga plant due to parts shortage

MOSCOW, March 3. /TASS/. Volkswagen will temporarily cut production of Skoda Rapid cars at their plant in Kaluga due to shortage of components, an official spokesperson of the company told TASS on Tuesday.
“In view of shortage of components (tail lamps from an international supplier), Volkswagen Group Rus will tentatively lower the daily production volume of the Skoda Rapid model. We are keeping a close eye on the situation and will restore the model production in full at the earliest opportunity,” the company said.

China-made Tesla vehicles downgrade hardware amid epidemic

SHANGHAI, March 3 (Xinhua) — Tesla China issued a statement Tuesday on “downgrading” hardware on the made-in-China Model 3 due to the supply chain status amid the epidemic and promised free upgrades.
Some Chinese consumers noticed the hardware in their newly delivered Tesla Model 3 vehicles was inconsistent with their orders. Tesla China responded that the Hardware 2.5 version was installed in some vehicles instead of the promised Hardware 3.0 version.
Tesla also said it will provide free replacement with the recovery of production capacity and supply chain. Consumers in need of the service can make appointments with the Tesla service center.
Tesla said in the statement that the company is taking measures to ensure the supply chain and timely delivery.
　　The Tesla Shanghai gigafactory resumed operation on Feb. 10, among one of the earliest automakers in China.

Renault’s Alpine goes further upmarket as it looks beyond France

PARIS, March 3 (Reuters) – Renault's Alpine brand will launch a more luxurious version of its sleek A110 sports car as it looks to branch out from its core French market and consolidate a jump in sales last year, its chief executive said.
The Renault group, which also makes budget Dacia cars, revived the Alpine brand and its two-seater models in 2017, updating a classic design which hit a peak in the 1960s and 70s.
But the French company is struggling with slumping demand in emerging markets and outlined cost cuts in February to try to turn around a decline in operating margins.
Pricier models like the Alpine could help improve the group's profitability and growth in the longer run as the brand goes even more upmarket and plans more launches, Alpine Chief Executive Patrick Marinoff told Reuters.
“If you look at profit potential in the future, Alpine is the tool and the weapon for Groupe Renault to harvest that potential,” he said in a telephone interview to replace an event p..

Martinrea International Inc. Completes Purchase of Structural Components for Passenger Cars Division of Metalsa S.A. de C.V.

TORONTO, March 02, 2020 (GLOBE NEWSWIRE) — Martinrea International Inc., a diversified and global automotive supplier engaged in the design, development and manufacturing of highly engineered, value-added Lightweight Structures and Propulsion Systems, today announced it has completed the acquisition of the Structural Components for Passenger Cars operations of Metalsa S.A. de C.V. The purchase price… Continue reading Martinrea International Inc. Completes Purchase of Structural Components for Passenger Cars Division of Metalsa S.A. de C.V.