Category Archives: Automotive industry

Porsche IPO could raise up to €75bn for parent Volkswagen

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Flotation on Frankfurt stock market would be one of the largest European public offerings to date

The luxury carmaker Porsche could be valued at as much as €75bn when it floats on the Frankfurt stock exchange later this month, which would make it one of the largest European public offerings to date, according to the pricing of shares by its parent company, Volkswagen.

Volkswagen, which is planning to float 12.5% on 29 September, has priced the shares in Porsche at between €76.50 (£67.14) and €82.50.

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Biden talks up electric vehicle revolution – but is America ready to give up gas?

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President appears at Detroit auto show, where EVs are this year’s stars – but the road to electrification promises to be a bumpy one

Fresh off signing legislation aimed at propelling the nation’s electric vehicle (EV) transition, Joe Biden was in Detroit last week to reaffirm his support for electrification ahead of the opening of the US’s largest annual car show.

“The great American road trip is going to be fully electrified, whether you’re driving along the coast, or on I-75 here in Michigan,” he declared as the first North American International Auto Show since 2019 prepared to open its doors.

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Housebuilders ‘lobbied against plan for electric car chargers in new homes in England’

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‘Blatant efforts’ by companies criticised by campaign group Transport & Environment

Britain’s biggest housebuilders privately lobbied for the government to ditch rules requiring electric car chargers to be installed in every new home in England, documents have revealed.

The FTSE 100 construction firms Barratt Developments, Berkeley Group and Taylor Wimpey were among the companies who argued against the policy in responses to an official consultation seen by the Guardian. The “blatant lobbying efforts” were criticised by Transport & Environment, a campaign group.

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Cazoo to abandon its business operations in Europe and cut 750 jobs

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UK online car retailer will make all of its employees in France, Germany, Italy and Spain redundant

Online car retailer Cazoo has announced it will abandon its business in Europe and cut 750 jobs in the latest sign of retreat by a business that had hoped to transform its sector.

The company will make redundant all of its employees in France, Germany, Italy and Spain as it closes the operations, leaving it operating in only the UK as it tries to preserve cash.

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Washington state to ban sales of new gas cars by 2035, following California

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Public will have chance to weigh in on details of plan, with transportation accounting for 40% of state greenhouse gas emissions

Washington state will follow California and prohibit the sale of new gas-powered vehicles by 2035, Jay Inslee, the state governor, said.

California regulators on Thursday moved forward with a landmark plan to phase out the sale of gas cars over the next 13 years in the US’s largest auto market.

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California bans sales of new gasoline-powered vehicles by 2035 in milestone step

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Move to electric vehicles hailed as ‘monumental’ but challenges in consumer affordability and charging infrastructure lie ahead

California has approved a ban on the sale of new gasoline-powered vehicles by 2035 as the state takes dramatic steps to reduce emissions and combat the climate emergency.

In a vote on Thursday, state regulators moved forward with a plan to phase out the sale of gas cars over the next 13 years in America’s largest auto market.

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Ford to appeal $1.7bn verdict against it in Georgia truck crash case

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Civil suit centering on what was argued to be defective roofs came after couple killed when vehicle rolled over

The American automaker Ford Motor Co has promised to appeal a $1.7bn verdict leveled against it in connection with a pickup truck crash that killed a Georgia couple, a manufacturer representative said Sunday.

Jurors in Gwinnett county, just north-east of Atlanta, returned the verdict late last week in a yearslong civil case centering on what the plaintiffs’ lawyers argued were dangerously defective roofs on the Ford pickup involved in the crash and other vehicles like it, lawyer James Butler Jr said Sunday.

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VW boss Herbert Diess exits three years early after turbulent tenure

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Porsche’s Oliver Blume will take over after difficulties managing electric transition during Diess’s four years in charge

Volkswagen’s CEO, Herbert Diess, is stepping down and will be succeeded by the current head of Porsche, Oliver Blume, Europe’s top carmaker has said, after a four-year tenure in which Diess pushed VW’s electric vehicle ambitions and clashed with its work council and board.

Sources with knowledge of the matter said the Porsche and Piëch families, who own over half the voting rights and a 31.4% equity stake in Volkswagen, pressed for a change at the helm.

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Federal government under pressure to increase EV uptake after ACT announces petrol car ban

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Electric vehicle advocates and auto industry say Australia needs nationally mandated fuel efficiency standards

The federal government is under pressure to act to increase the uptake of electric vehicles after the Australian Capital Territory became the first state or territory to announce an end to the sale of petrol cars.

The Zero Emission Vehicle strategy was announced by the ACT chief minister, Andrew Barr, on Tuesday and commits the territory to phasing out internal combustion engines by 2035. This means no new petrol engine vehicles could be sold in the territory past that date.

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Aston Martin raises £650m as Saudi Arabia takes a stake

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Executive chairman ‘very comfortable’ with investment to help British manufacturer pay down large debts

Aston Martin Lagonda has received a large investment from Saudi Arabia as part of raising £650m of capital to pay down the luxury sportscar maker’s large debts.

The British manufacturer has not been able to generate the cash needed to invest in new models and electric technology, and has also struggled with delays to its Valkyrie hypercar and its newest DBX 707 sports utility vehicle.

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Tesla hit by new lawsuit alleging racial abuse

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Fifteen black former or current employees allege they faced racial abuse and harassment at carmaker’s factories

Fifteen black former or current employees at Tesla filed a lawsuit against the electric carmaker on Thursday, alleging they were subjected to racial abuse and harassment at its factories.

The workers said they were subjected to offensive racist comments and behaviour by colleagues, managers, and human resources employees on a regular basis, according to the lawsuit filed in a California state court.

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UK car industry calls for government help on energy bills as Brexit costs rise

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Manufacturers hit by energy cost rises of up to 50% as well as Covid lockdowns and chip shortages

The British car industry has called for help from the government with spiralling energy costs, with the prospect of further Brexit-related bills to hit the sector.

The rising price of energy, persistent shortages of computer chips, delays in parts caused by Covid lockdowns in vital supply markets such as China and Russia’s invasion of Ukraine have combined to affect manufacturers.

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‘The return of banditry’: Russian car industry buckles under sanctions

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Prices have spiralled out control since invasion of Ukraine as market struggles to adapt

Eldar Gadzhiev’s heart sank when he heard the sputtering from the engine of his Skoda one day in April. Gadzhiev, who owns a fleet of four cars that he leases as taxicabs in Moscow, knew it was a terrible and expensive time for a breakdown.

Prices for spare parts, if you even could find them, had spiralled out of control since Vladimir Putin ordered the invasion of Ukraine two months earlier. “I understood that I was in a bad situation,” he said. “I thought: the repairs are going to cost as much as the car.”

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UK battles to keep Jaguar Land Rover’s planned EV production

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Britain lagging behind in race to build vital large-scale and local battery factories

Britain is locked in a battle to hold on to production of Jaguar Land Rover’s future range of electric vehicles as concerns grow that the UK is falling behind in the race to build vital large-scale battery factories.

The company, which is owned by the Indian conglomerate Tata, said it continued to “explore all options” for battery supply amid reports it could build electric cars in eastern Europe.

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Aston Martin appoints third CEO in three years as Tobias Moers steps down

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Former Ferrari boss Amedeo Felisa will take over as chief executive of British carmaker

Aston Martin has appointed its third chief executive in three years, with Tobias Moers stepping down after only two years in charge.

Moers will leave the board of the British carmaker with immediate effect but will stay until the end of July to “support the leadership team with a smooth transition”, Aston Martin Lagonda announced.

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Elon Musk sells $8.5bn-worth of Tesla shares after Twitter deal

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Carmaker’s shares fell this week over concerns CEO would offload stock to help fund takeover of platform

Elon Musk has sold $8.5bn (£6.8bn) worth of shares in Tesla as the world’s richest man raises cash after reaching a deal to buy Twitter.

The Tesla chief executive has committed $21bn of his own money to the funding package for acquiring the social media platform, which he agreed to buy for $44bn on Monday. Since then Musk has sold 9.6m Tesla shares, or about 5.6% of his stake in the business, according to filings with the US financial regulator.

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Sharp rise in US fuel efficiency penalties for automakers is boost for Tesla

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The National Highway Traffic Safety Administration has reinstated penalties that could cost manufacturers hundreds of millions

The US National Highway Traffic Safety Administration (NHTSA) has reinstated a sharp increase in penalties for automakers whose vehicles do not meet fuel efficiency requirements for model years 2019 and beyond.

The decision is a win for Tesla that could cost other automakers hundreds of millions of dollars or more.

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UK government vows 10-fold increase in electric car chargers by 2030

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New target comes after criticism of infrastructure rollout for failing to match surging vehicle sales

The UK government has set a new target to increase the number of electric car chargers more than ten times to 300,000 by 2030 after heavy criticism that the rollout of public infrastructure is too slow to match rapid growth in sales.

The Department for Transport (DfT) said it would invest an extra £450m to do so, alongside hefty sums of private capital. Sales of new cars and vans with petrol and diesel engines will be banned from 2030.

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Abandoned burning ship ‘had $400m cargo of luxury cars’

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Estimate by insurers comes as Felicity Ace is ‘still assumed to remain on fire south of the Azores’

An abandoned ship that caught fire in the mid-Atlantic last week was carrying $401m (£295m) worth of cars, including Porsche, Audi, Bentley and Lamborghini models, an insurance estimate has revealed.

Felicity Ace, a specialist cargo ship carrying more than 4,000 cars, caught alight near the Azores on Wednesday evening. The vessel’s 22 crew members were evacuated but the fire continued to burn for several days, fuelled by lithium-ion batteries in electric vehicles on board.

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‘We are afraid’: Erin Brockovich pollutant linked to global electric car boom

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Exclusive: Investigation uncovers evidence of contaminated air and water from one of Indonesia’s largest nickel mines

A Guardian investigation into nickel mining and the electric vehicle industry has found evidence that a source of drinking water close to one of Indonesia’s largest nickel mines is contaminated with unsafe levels of hexavalent chromium (Cr6), the cancer-causing chemical more widely known for its role in the Erin Brockovich story and film.

The investigation also found evidence suggesting elevated levels of lung infections among people living close to the mine.

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