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October 22, 2021

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EV maker Polestar strikes $20-bln deal with Gores Guggenheim SPAC

Reuters
Sept 27 (Reuters) – Swedish electric-car maker Polestar said on Monday it will go public by merging with a U.S.-listed blank-check firm backed by billionaire Alec Gores and investment bank Guggenheim Partners at an enterprise value of $20 billion. The deal with Gores Guggenheim (GGPI.O) will provide Polestar cash proceeds......

China’s Geely to set up 5,000 battery swapping stations by 2025

Reuters
The Geely logo is seen at a car dealership in Shanghai, China August 17, 2021. Picture taken August 17, 2021. REUTERS/Aly Song/Files BEIJING, Sept 26 (Reuters) – China’s Geely (GEELY.UL) aims to set up 5,000 battery swapping stations for electric vehicles (EV) globally by 2025, as sales grow in the......

Daimler expands European battery network with 33% stake in ACC venture

Reuters
Mercedes logo in Stuttgart, Germany, February 11, 2020. REUTERS/Andreas Gebert/File Photo Daimler to take 33% stake in battery venture ACC will begin supplying Daimler from mid-decade Daimler to invest up to 1 billion euros CEO Kallenius: “Our focus is on Europe” BERLIN, Sept 24 (Reuters) – Daimler’s (DAIGn.DE) Mercedes-Benz said......

White House prods companies on chips information request

Reuters
WASHINGTON, Sept 23 (Reuters) – The White House is pressing automakers, chip companies and others to cooperate in a bid for more information about the ongoing semiconductor crisis that has forced cuts to U.S. auto production, but made clear on Thursday that the industry needs to take the lead to......

Soft, warm and vegan-friendly, Volvo cars go leather-free

Reuters
LONDON, Sept 23 (Reuters) – Swedish carmaker Volvo Cars said on Thursday that its vehicle range will go leather-free or ‘vegan-friendly’ by 2030, offering instead bio-based and recycled materials to a customer base that increasingly wants sustainably sourced products. “We’ve got a new generation of customers coming through, they’re far......

Tesla pushes U.S. to boost fuel economy penalties

Reuters
The company and law firm names shown above are generated automatically based on the text of the article. We are improving this feature as we continue to test and develop in beta. We welcome feedback, which you can provide using the feedback tab on the right of the page. WASHINGTON,......

German auto giants place their bets on hydrogen cars

Reuters
BMW iX5 Hydrogen is seen during Munich Auto Show, IAA Mobility 2021 in Munich, Germany, September 8, 2021. REUTERS/Wolfgang Rattay MUNICH, Sept 22 (Reuters) – Battery power may be the frontrunner to become the car technology of the future, but don’t rule out the underdog hydrogen. That’s the view of......

Exclusive: U.S. opens probe into 30 million vehicles over air bag inflators

Reuters
Heavy vehicular traffic is seen in the Ocean Beach neighbourhood of San Diego, California, U.S., ahead of the Fourth of July holiday July 3, 2020. REUTERS/Bing Guan WASHINGTON, Sept 19 (Reuters) – U.S. auto safety investigators have opened a new probe into 30 million vehicles built by nearly two dozen......

Banks beware, outsiders are cracking the code for finance

Reuters
Embedded finance investment jumps in 2021, data shows Buy now pay later deals take centre stage Fintech market valuations leapfrog banks LONDON, Sept 17 (Reuters) – Anyone can be a banker these days, you just need the right code. Global brands from Mercedes and Amazon (AMZN.O) to IKEA and Walmart......

Nikola, Iveco sign MoU to deliver 25 e-trucks to Hamburg port

Reuters
ULM, Germany, Sept 15 (Reuters) – Electric-truck maker Nikola (NKLA.O) and Iveco, the commercial vehicles brand of Italy’s CNH Industrial (CNHI.MI), on Wednesday said they had agreed to test and deliver up to 25 vehicles to the port of Hamburg, one of Europe’s largest. The memorandum of understanding, which was......

Great Reboot: Germany’s auto show tries for more climate friendly image

Reuters
MUNICH, Sept 5 (Reuters) – Germany’s biggest motor show, taking place in Munich this week, is no longer just about cars. This year’s IAA show, the first major motor industry event worldwide since the COVID-19 pandemic, wants to be about mobility in general, from bikes to e-scooters to cars. “Climate-friendly......

Chinese regulators raise concerns with ride-hailing firms

Reuters
BEIJING, Sept 2 (Reuters) – Chinese regulators summoned 11 ride-hailing firms including Didi Global Inc (DIDI.N), Geely’s (GEELY.UL) Caocao and Meituan’s (3690.HK) ride-hailing unit to a meeting, the transport ministry said on Thursday, to discuss points of concern in the sector. At the meeting held on Wednesday, authorities highlighted the......

Stellantis extends output halts at several European car plants on chip shortage

Reuters
A view shows the logo of Stellantis at the entrance of the company’s factory in Hordain, France, July 7, 2021. REUTERS/Pascal Rossignol/Files PARIS, Aug 30 (Reuters) – Carmaker Stellantis (STLA.MI) is extending production halts at several plants in Europe due to a shortage in microchips, a spokesperson for Stellantis said......

Alphabet’s Waymo to stop selling lidar self-driving car sensors

Reuters
A Waymo Chrysler Pacifica Hybrid self-driving vehicle is parked and displayed during a demonstration in Chandler, Arizona, November 29, 2018. REUTERS/Caitlin O’Hara SAN FRANCISCO, Aug 26 (Reuters) – Alphabet Inc’s (GOOGL.O) self-driving unit Waymo has ended an effort to sell light detection and ranging (lidar) sensors to other companies, a......

China halts over 40 IPOs as it investigates law firm and broker

Reuters
SHANGHAI, Aug 23 (Reuters) – Chinese bourses have halted processing more than 40 initial public offering (IPO) plans in Shanghai and Shenzhen amid an investigation into four intermediaries in the deals including a law firm and a broker, according to exchange disclosures. The Shenzhen Stock Exchange suspended more than 30......

AB Volvo buys Chinese truck business for about $125.7 million

Reuters
STOCKHOLM/BEIJING, Aug 23 (Reuters) – AB Volvo said on Monday it had struck a deal to buy a heavy duty truck subsidiary of Jiangling Motors Corp (JMC) (000550.SZ) for about 1.1 billion Swedish crowns ($125.7 million) to make trucks in the world’s biggest vehicle market. The acquired business includes a......

The electric vehicle boom is pay-dirt for factory machinery makers

Reuters
DETROIT, Aug 20 (Reuters) – The investment surge by both new and established automakers in the electric vehicle market is a bonanza for factory equipment manufacturers that supply the highly automated picks and shovels for the prospectors in the EV gold rush. The good times for the makers of robots......

Toyota slashes September output amid chip crunch, COVID resurgence

Reuters
To cut Sept output 40%, or about 360,000 cars Reiterates annual sales, production targets Shares closed down 4.4% Aug 19 (Reuters) – Toyota Motor Corp (7203.T) said it will slash global production for September by 40% from its previous plan, becoming the last major automaker to cut output due to......

EV startups hunt for low-cost roads to mass production

Reuters
BICESTER, England, Aug 17 (Reuters) – Electric car and van startups racing to become the next Tesla Inc (TSLA.O) all want to avoid Elon Musk’s journey through “manufacturing hell.” But electric vehicle firms such as UK van company Arrival SA (47K.F) and Fisker Inc (FSR.N) are taking very different roads......

Detroit sticks with trucks, SUVs despite lofty 2030 goals for EVs

Reuters
DETROIT, Aug 16 (Reuters) – The future may belong to electric cars, but for U.S. automakers, trucks will rule for years to come. Automakers in North America plan to build more big pickups and sport utility vehicles than electric vehicles well into the late 2020s, chasing sales trends that run......

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