MILAN — Ferrari has trimmed its sales forecasts for this year after reporting decreasing core earnings, although in line with expectations, in the second quarter due to the coronavirus pandemic. Ferrari said Monday that its adjusted earnings before interest, tax, depreciation and amortization (EBITDA) would come in between 1.075 billion euros and 1.125 billion euros
Tesla could be on track to complete its new plant near Berlin more quickly than its Shanghai facility, according to a local government minister. The U.S. electric car maker has said it wants to finish the factory in Gruenheide by the middle of 2021, and faster than the Chinese operation, which went up in less
FRANKFURT – Volkswagen Group is not done reshuffling its management, CEO Herbert Diess told a German newspaper in an interview. “We are 80 percent done with our personnel decisions. Some outstanding decisions have been prepared and we will implement them in a planned manner,” Diess said in the interview with Frankfurter Allgemeine Zeitung published on Friday.
Jaguar Land Rover will slash costs by more than already planned after the coronavirus pandemic battered results in the first quarter of its fiscal year. The automaker, which is owned by India’s Tata Motors, increased its savings target for the year to 2.5 billion pounds ($3.3 billion) after booking a 413 million-pound pre-tax loss for
Volkswagen Group on Thursday asked the Ninth Circuit U.S. Court of Appeals to reconsider a ruling that said two counties could seek potentially billions in financial penalties over excess diesel emissions. The 3-0 ruling in June said Utah’s Salt Lake County and Florida’s Hillsborough County could seek “staggering” damages over updates made to polluting diesel
PARIS/TOKYO — When the French part of the Renault-Nissan alliance reports its results on Thursday, investors expect confirmation of a harsh reality: automakers that already had weaknesses are having them mercilessly exposed by the pandemic. All the world’s automakers have been in crisis at one time or another in the past few years, but it
PSA Group CEO Carlos Tavares said the strength of recovery from the coronavirus pandemic will determine whether a planned combination with Fiat Chrysler Automobiles can move ahead under terms agreed to last year. “At this stage it is premature to discuss this matter as long as we don’t see the magnitude of the rebound both
PARIS — Peugeot has named Matthias Hossann as design director, replacing 10-year veteran Gilles Vidal, who was responsible for the design of top-selling models such as the 2008, 3008 and 5008 SUVs, the latest-generation 208 small car and 508 midsize fastback and station wagon. Hossann, 40, is currently head of concept vehicles at Peugeot, a
TURIN – Former Seat design director Alejandro Mesonero-Romanos is set to join Renault, a source close to the matter told Automotive News Europe. Mesonero-Romanos, 52, will join the French automaker “to strengthen the design team,” the source said, adding that he will report to Renault Group design boss Laurens van den Acker. Mesonero-Romanos will reunite
Renault has had a “significant” breakthrough in cost reduction by co-developing its new CMF-EV electric vehicle platform with alliance partner Nissan. “We have achieved a 30 percent reduction on the platform cost, we have reduced the battery cost by 30 percent and the e-motor by 20 percent,” Jean-Paul Drai, Renault Group’s product development director for
Volkswagen Group’s CEO again praised Tesla’s Elon Musk, this time for showing it’s possible to profit off electric cars even in the midst of a global pandemic. Tesla and VW group’s Porsche sports-car division will be among the few automakers who navigate the market turmoil caused by COVID-19 without suffering a quarterly loss, CEO Herbert
Daimler AG’s top labor leaders are rejecting possible factory closures or renegotiation of a pact that rules out forced layoffs until 2030, signaling tension with management that wants to make deeper cost cuts. If an agreement can’t be reached during a Friday meeting, labor unions will rally their ranks at all factories and inform them
Daimler’s plans to make deeper cost cuts than planned before the global pandemic could translate to the elimination of about 20,000 jobs, according to people familiar with the matter. The Mercedes-Benz maker has boosted its labor-cost savings target to 2 billion euros ($2.3 billion) from 1.4 billion euros, said the people, who asked not to
PARIS — French supplier Valeo said Tuesday it swung to a 1.2 billion euro ($1.4 billion) loss in the first half of 2020, after production was hit by the coronavirus crisis, and that it had cut some 10 percent of staff among measures to reduce costs. The company recorded 622 million euros ($716 million) of
BERLIN — Continental suffered a nearly 40 percent year-on-year decline in group sales during the second quarter, causing the German supplier to burn cash and forcing it to refrain from providing an outlook for the year. Consolidated group sales declined by 39.8 percent to 6.62 billion euros ($7.6 billion), the company said Monday as it
BEIJING — Volkswagen Group said on Friday it expects its China sales to fall a single-digit percent this year as new SUVs and premium models help it recover from a sales slide in the world’s biggest auto market. The automaker sold 1.59 million vehicles in China in the first six months of 2020, down 17
Automakers and suppliers are looking into a potential problem that could affect passenger cars equipped with autonomous driving technology, industry experts told viewers during the latest Automotive News Europe Congress Conversations. “The question that worries us the most is how do the sensors and components work after they have been on the road for two
FRANKFURT — Tired of waiting for global regulators to act, the German government is preparing landmark legislation that could commercialize driverless vehicle technology by next summer. If passed, it could be the first comprehensive legal framework covering both homologation and road traffic requirements for robotaxis in which the computer controls the vehicle at all times.
DETROIT — A federal court magistrate Thursday granted a request by former Volkswagen executive Oliver Schmidt to carry out the remainder of his seven-year prison sentence for his role in the automaker’s massive diesel emissions fraud in his native Germany. Schmidt, 51, appeared via video conference before Magistrate Judge Elizabeth A. Stafford of the U.S.
The merged unit of Fiat Chrysler Automobiles and PSA Group will be known as Stellantis, the two automakers said Wednesday. The automakers said the name “will be used exclusively at the group level, as a corporate brand” and that the names and the logos of the group’s constituent brands will remain unchanged. The companies said
FRANKFURT — Volkswagen Group will shift leadership for software development to the company’s premium Audi division, Herbert Diess, chief executive of the multi-brand group, said on Tuesday. “The center of gravity for software development will move from Wolfsburg to Ingolstadt,” Diess said at a virtual conference hosted by PwC in Germany on Tuesday. Earlier this
Electric car maker Fisker will go public through a merger with a blank check company backed by private equity firm Apollo Global Management at a valuation of $2.9 billion, the companies said on Monday. Reuters reported last week that the special purpose acquisition company, Spartan Energy Acquisition, was leading a bidding war among blank-check companies
BEIRUT — Carlos Ghosn is helping everyone who stood by him, he said in an interview broadcast on Saturday, though he declined to comment on cases of people accused of helping him flee to Lebanon from Japan. Ghosn, the ex-chairman of the Renault-Nissan-Mitsubishi alliance was arrested in Japan in late 2018 on charges of underreporting
MADRID/ROME — To get around Madrid, Javier Wassmann used to wake up in the morning, grab his smartphone and start searching short-term rental apps to find a ride to work. Then came the coronavirus. “Now I don’t want to use a car without knowing how long ago someone else was in it, if that person
Europe’s car market is performing better than expected as the region emerges from lockdowns imposed to prevent the spread of the coronavirus, Kia Europe Chief Operating Officer Emilio Herrera said. June was the first full month in which car buyers were able to return to showrooms across Europe and the results gave automakers hope for
Bernhard Maier, CEO of Volkswagen Group’s Skoda brand, will leave his post after nearly five years at the end of July. Maier’s successor will be elected by the board in August, Skoda said in a release on Thursday. Skoda declined to say whether Maier, who is 60, will move to another post within VW Group.
FRANKFURT — Continental said the auto industry slump, triggered by the shutdown of car factories and showrooms in the wake of the corona pandemic, will be the worst seen by the sector since 1945. “The second quarter is just behind us. It will be the historically weakest quarter for the auto industry since 1945,” Continental
FRANKFURT — Audi will add the Q4 Sportback e-tron, a sportier-looking version of the upcoming Q4 e-tron compact electric SUV, to its expanding range of battery-powered cars. Both models will go on sale by next summer in the automaker’s global markets as entry-level full-electric cars. Audi unveiled pictures and details of the Q4 Sportback e-tron
FRANKFURT — Volkswagen said it has fulfilled its obligations under a civil settlement over its diesel emissions scandal reached three years ago with the U.S. Department of Justice. Larry Thompson, the former U.S. deputy attorney general appointed by the department to monitor VW, has concluded in his third and final report that the automaker has
MADRID — Patricia Notario’s life started unraveling when she first heard rumors that Nissan would shutter its car factories in Barcelona. It was during Spain’s state of emergency to contain the coronavirus, and the 36-year-old and her partner, also a Nissan employee, were confined to their home like millions of others. The couple had put