Europe

BRUSSELS — The European Union said it was “deeply concerned” about proposed tax credits for purchases of electric vehicles in the U.S. because they would be biased against foreign producers and may breach World Trade Organization (WTO) rules. Under a provision of the $430 billion climate and energy bill that was passed by the Senate
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Nikola Corp. said Michael Lohscheller will take over as the electric-truck maker’s CEO when Mark Russell retires on Jan. 1. Lohscheller will assume Russell’s president title and will join the Nikola board effective immediately. He will become CEO on Russell’s retirement, the company said on Wednesday. Russell joined Nikola as president in 2019 and became
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Self-driving tech startup Aurora Innovation is working with several partners, including Toyota, Paccar’s Peterbilt brand and Volvo Trucks, to develop self-driving technology for trucks and robotaxis. The company also has autonomous freight hauling pilot programs with FedEx, Uber Freight and motor carriers Werner and Schneider National. “We are going to be putting more emphasis on
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Porsche is trying to secure anchor investments from some of the largest Middle Eastern sovereign wealth funds, as the sports-car maker looks to pull off one of Europe’s biggest listings amid market headwinds and valuation concerns, people familiar with the matter said. Abu Dhabi’s Mubadala Investment Co. and ADQ are among those considering committing funds
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Car dealer Pendragon said on Friday talks over a potential takeover of the company were terminated after the bidder withdrew its interest, as one of the company’s five major shareholders did not participate. The company did not disclose the identity of the bidder, who was looking to offer about 460 million pounds ($558.35 million) for
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MOSCOW — Russian carmaker AvtoVAZ said on Thursday it would move production of the Lada Vesta small car to its main site in Togliatti from its Izhevsk assembly plant, in a move which should allow it to retain Togliatti’s 42,000-strong workforce. AvtoVAZ said the Izhevsk factory would switch to production of an electric version of
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German passenger car sales fell 13 percent in July as automakers were unable to keep up with demand because of production shortfalls due to parts shortages. Registrations for the month were 205,911, the KBA motor transport authority said on Wednesday. Electric-car maker Tesla was the biggest monthly winner with registrations up 142 percent for a
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Volvo Cars’ CEO Jim Rowan has left some wiggle room for his company to keep working with Europe’s largest automotive lobbying group, ACEA. “We never want to close that door completely,” Rowan told Automotive News Europe. “But right now there is a misalignment on the sustainability strategy, which is an important part for us.” Volvo,
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Volvo Cars took a step backward last month on its quest to reach a key sales milestone for its full-electric vehicles. EVs accounted for 3.5 percent, just 1,583 units, of automaker’s total global volume in July. That was a 26 percent decline on its EV sales in July 2021. The automaker’s overall volume was down
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Israel’s Innoviz Technologies said it will supply hardware and software to Volkswagen Group‘s Cariad unit in a deal valued at $4 billion. The components, including laser-based lidar sensors, will be used in advanced driver assistance systems and automated vehicles from multiple brands in the Volkswagen Group, starting mid-decade, Innoviz said in a statement on Tuesday.
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Wealthy sports car enthusiasts powered Italian supercar brand Lamborghini to record first-half deliveries and profitability, but CEO Stephan Winkelmann said he is preparing for a challenging winter if Europe’s energy crunch gets worse. Lamborghini is banking natural gas to sustain operations during the winter should Russia carry through on threats to cut gas supplies to
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Volkswagen Group is bracing to pay higher prices for commodities as improving supply of semiconductors allows the automakers to increase production and start delivering cars to waiting customers. Sales have already ticked up “noticeably” in recent weeks as more chips have become available, VW said Thursday. With stockpiles of more cheaply sourced materials dwindling, restocking
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Next.e.GO Mobile, a German maker of compact electric vehicles, is going public through a merger with a blank-check firm to create a company valued at $913 million, including debt. The deal will provide e.GO with about $285 million of proceeds, assuming investors do not redeem their shares, according to a statement Thursday, confirming a Bloomberg
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MILAN — Italy’s Alfa Romeo will work on a new large-size car in the United States to be launched in 2027, the brand’s head Jean-Philippe Imparato said on Friday, adding however the group had not yet decided where to manufacture it. Imparato said the step was key to tailoring the design for overseas markets, helping
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As Porsche finalizes its plan to enter Formula One racing, leaked documents detail the sports-car maker’s plan to buy half of Red Bull Technology. The filing shows that Porsche petitioned Moroccan race authorities on July 8 regarding an impending 10-year deal with the F1 team. The notification outlined a 50 percent purchase of Red Bull
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