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Stockholm, Sweden | AFP | Swedish automaker Volvo Cars on Thursday rising raw material costs and inflation drove down profits in the third quarter. The group posted a net profit of 665 million kronor ($61 million) in the July-September period, a drop of 71 percent compared to 2.3 billion kronor during the same quarter a year ago. The figure was far below analysts’ forecasts of between 2.15 and 2.19 billion kronor, according to Bloomberg and […]
by Sam Reeves Agence France-Presse FRANKFURT, Germany (AFP) — Luxury sports carmaker Porsche will debut on the Frankfurt stock exchange Thursday in one of Europe’s biggest listings in years, hoping its brand power can attract investors despite market turbulence. Even as stocks worldwide suffer from surging inflation and mounting recession fears, the maker of the 911 sports car is pushing ahead with the blockbuster flotation. The initial public offering (IPO) has generated buzz in Porsche’s […]
by John BIERS Agence France-Presse DETROIT, United States (AFP) — Ford unveiled Wednesday its seventh-generation Mustang in a brash and boisterous launch event in downtown Detroit that pointed to the staying power of gasoline-powered vehicles. The big reveal had been teased for months by company officials and organized as a celebration of the 58-year-old model. The event, organized for Ford employees and Mustang mavens, featured pulsating music, slickly produced videos on wide screens and a […]
Tokyo, Japan (AFP) Japanese auto giant Honda and South Korean battery maker LG Energy Solution announced a joint venture Monday to invest $4.4 billion in a new US electric car battery plant. The move comes after California last week ruled that all new cars sold in America’s most populous state must be zero-emission from 2035, with other US states expected to follow suit. In a joint statement, the firms said they expected construction of the […]
by Marina Moyseyenko Agence France-Presse ZAPORIZHZHIA, Ukraine (AFP) — At a workshop in Zaporizhzhia in southern Ukraine, mechanics are hard at work turning rally cars into vehicles that can be used to fight Russian troops on the frontline. They change mufflers, remove sports tuning and change the interiors to create pared-down vehicles — all under the supervision of businessman Volodymyr Tarkhov. Before the Russian invasion, the 32-year-old produced fiberglass catamarans and kayaks. Since the start […]
by Clara WRIGHT Agence France Presse Nanterre, France (AFP) — French authorities have issued an international arrest warrant for Carlos Ghosn, the disgraced auto tycoon who jumped bail in Japan and fled to Lebanon in a sensational getaway, prosecutors told AFP on Friday. The warrant was issued on Thursday over 15 million euros ($16.3 million) in suspect payments between the Renault-Nissan alliance that Ghosn once headed and an Omani company, Suhail Bahwan Automobiles (SBA), […]
BEIJING, China (AFP) — Tesla has recalled nearly 128,000 cars in China due to a fault that could “increase the risk of vehicle collision”, the country’s state market regulator said. It is the latest hitch for the US electric vehicle giant that is hugely popular in China, but has also faced complaints from consumers and been hit by Covid-19 lockdowns. About 127,785 domestic and imported Tesla Model 3 cars were recalled due to a […]
by Francois PICARD with Glenn CHAPMAN in San Francisco © Agence France-Presse AUSTIN, United States (AFP) — Tesla welcomed throngs of electric car lovers to Texas Thursday for a huge party dubbed a “cyber rodeo” to inaugurate a manufacturing plant the size of 100 soccer fields. Photos and videos flooded Twitter as guests explored the cavernous factory plant decked out in a distinctive nightclub look. Visitors mingled under red and blue lights while production […]
NEW YORK, United States (AFP) – US carmaker Ford on Monday said it would offer seven new electric vehicle models in Europe by 2024 and expand operations in Germany, Romania and Turkey. Ford last month created a new business dedicated to electric cars, and said it aims to sell more than 600,000 of these vehicles annually in Europe alone by 2026, as part of a larger goal of selling two million electric cars worldwide by […]
Toyota and Volkswagen, the world’s two biggest auto manufacturers, said Thursday they would suspend operations at their production facilities in Russia, following the invasion of Ukraine. Toyota said it would halt work at its only factory in Russia and stop shipping vehicles to the country, citing “supply chain disruptions” linked to Moscow’s assault on Ukraine and Western sanctions. The world’s top-selling carmaker said its plant in Saint Petersburg produced around 80,000 vehicles last year, mainly […]
by John BIERS Agence France-Presse NEW YORK, United States (AFP) – Ford announced Wednesday it is creating separate businesses for its conventional and electric-auto operations, as it accelerates its build-out of emission-free vehicles. Under the plan, which sent Ford shares sharply higher, the conventional internal combustion operations will be known as “Ford Blue,” while the electric vehicle (EV) products will be run through “Ford Model e.” The reorganization, while significant, keeps both operations under the […]
TOKYO, Japan (AFP) — Japan’s government said Tuesday that a cyberattack was behind disruption at a Toyota supplier that forced the top-selling automaker to halt operations at domestic plants for a day. Local media reported the attack on parts supplier Kojima Industries was a possible ransomware attack, with the firm saying it detected a “threat message” on Saturday night before discovering its server was “infected with a virus”. Its statement had to be forwarded by […]
