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Tag: car

  • Lamborghini Likely To Unveil A New Sports Car Next Week

    Lamborghini Likely To Unveil A New Sports Car Next Week

    Lamborghini, the Italian luxury sports car manufacturer is gearing up to unveil something exciting, which the company claims will be ahead of its time. The carmaker has officially released a teaser graphic image asking people to tune in for a digital event that is streamed online through Lamborghini’s official website. The event is scheduled for July 8, 2020.

    However, the company hasn’t revealed the exact vehicle that will be revealed next week. Currently, there are several wild guesses and speculations regarding the supercar that the Italian marque will be revealing in the next few days. Going by the teaser image, the Lamborghini has used phrases such as ‘ahead of its time’ and ‘newest creation’, hints that the upcoming car could be a new model or even a one-off concept.

    It is also believed that the Italian brand could unveil a new iteration or a derivative of the Lamborghini’s Sian FKP 37 which was officially introduced last year. Several rumour mills are claiming that the upcoming car could be a Sian FKP 37 roadster, however, several reports suggest that all units of the car have been sold out already. Notably, more details about the Sian roadster are rare at this moment

    Lamborghini is believed to be working on three new supercars which include SCV12 track car, which has already been teased. The company is also believed to be building a Sian Roadster. The third product is a track-focused Huracan STO. And, the spy pictures suggest that it could be a more hardcore version of the Huracan Performante. We request the readers to take this with a pinch of salt. The mystery car will be unveiled in the next few days.

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  • Tesla Becomes Most Valuable Automaker In Latest Stock Rally

    Tesla Becomes Most Valuable Automaker In Latest Stock Rally

    Tesla Inc on Wednesday became the highest-valued automaker as its shares surged to record highs and the electric carmaker’s market capitalization overtook that of former front runner Toyota Motors Corp. Tesla shares gained 5% in early morning trade to a record of $1,133, boosting the company’s market cap to $209.47 billion – roughly $6 billion more than Toyota is currently valued by investors. Tesla is now worth more than triple the combined value of U.S. automakers General Motors Co and Ford Motor Co.

    The shares’ meteoric rise, up more than 163% since the start of 2020, highlight growing confidence among investors about the future of electric vehicles and Tesla’s shift from a niche carmaker into a global leader in cleaner cars.

    After several years of losses, Tesla has delivered three straight profitable quarters since the third quarter of 2019 and surprised investors with solid first-quarter deliveries despite the virus outbreak.

    Toyota, one of the world’s most profitable automakers, sold 10.46 million vehicles during its 2019 financial year, ending on March 31, 2020. It reported net revenues of 30,226 billion yen, or roughly $281.20 billion, during that time.

    Tesla, in comparison, ended 2019 with $24.6 billion in revenues, having delivered 367,200 vehicles last year. Chief Executive Elon Musk in the past said Tesla would deliver at least 500,000 vehicles in 2020, a forecast the company has not changed despite the coronavirus pandemic.

    Tesla is expected to report second-quarter delivery numbers this week.

  • Nissan Denies Corporate Conspiracy To Oust Ex-chairman Ghosn

    Nissan Denies Corporate Conspiracy To Oust Ex-chairman Ghosn

    Nissan Motor on Monday blasted suggestions in media reports of a conspiracy within the company to oust former chairman Carlos Ghosn. Ghosn’s 2018 arrest in Japan on financial misconduct charges has led to much speculation that the move was orchestrated by Nissan executives who opposed closer ties with partner Renault SA. “I know that in books and the media there has been talk about a conspiracy but there are no facts whatsoever to support this,” Motoo Nagai, chairman of Nissan’s auditing committee, told shareholders at the company’s annual general meeting.

    Responding to demands from a shareholder to address the speculation, Nagai argued that the investigation into Ghosn was conducted both internally and by outside law firms.

    Nissan’s former chair Ghosn says he was victim of ‘backstabbing’ in video address

    Nissan’s former chair Carlos Ghosn says he was a victim of “backstabbing” and a “conspiracy” in a video address showed on Tuesday.

    Monday’s meeting lasted almost two hours – twice as long as planned, as shareholders grilled Chief Executive Makoto Uchida on how he planned to restore trust in the company following the Ghosn scandal, and revive sales in the United States and China.

    Uchida, who took the helm in December, told shareholders he would stick to his promise to step down as leader if he fails to deliver on a turnaround plan for the Japanese automaker, which last month reported its first annual loss in 11 years.

    Seeking to slash costs and downsize after years of excessive spending in the pursuit of market share, Nissan plans to cut its model range by about a fifth and reduce production capacity, shuttering plants in Spain and Indonesia and laying off workers in countries including Mexico.

    It now aims to sell 5 million vehicles a year, far fewer than past ambitions of 8 million.

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  • Toyota Holds $293 Million Stake In Uber

    Toyota Holds $293 Million Stake In Uber

    Toyota Motor holds a $293 million stake in Uber Technologies, as it partners with the ride-hailing company to further expand into new mobility services, Toyota’s latest corporate governance report released on Wednesday showed.

    The Japanese automaker has also unloaded shares in some of its suppliers, adjusting its portfolio to reflect partnerships with rival automakers and technology firms as it transforms into a mobility services company, the report showed.

    Reporting the total size of its stake in Uber, which became a listed company last year, Toyota said it held 10.25 million shares valued at 31.15 billion yen ($292.46 million) as of March 30. That is around 0.6% of Uber’s outstanding shares, according to a Reuters calculation.

    Toyota, one of the world’s biggest automakers, said it had reduced its shareholdings in 24 companies and increased them in 10, including two listed companies. Lufthansa shares down as investor battles bailout

    Lufthansa shares slumped Monday morning after CEO Carsten Spohr said the company would seek to avoid a grounding and insolvency in a battle with the airline’s biggest shareholder over the terms of a 9-billion-euro bailout. Ciara Lee reports

    In the past year, it took a stake in rival Suzuki Motor Corp as the pair deepen cooperation around the development of lower-emission vehicles.

    Toyota sold its stakes in cutting tool manufacturer OSG Corporation, Nippon Steel Corporation, automotive lights and interior mirrors maker Ichikoh Industries, and transmission belt maker Mitsuboshi Belting.

    “If Toyota determines a shareholding is no longer meaningful or the meaning of a shareholding has been diluted due to changes in a business environment or other reasons, (it) will proceed with the sale of such shares,” the automaker said in the report.

    Toyota currently has an interest in 174 firms, including 65 listed companies, compared with 200 firms in 2015, of which 80 were listed companies.

    Toyota’s biggest shareholders remained the same, although investors including Nippon Life Insurance Co, JPMorgan Chase Bank N.A. and State Street Bank and Trust Company slightly increased their stakes, the latter two through proxy Mizuho Bank.

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  • Tesla Plans Battery Manufacturing Facility Under Project ‘Roadrunner’

    Tesla Plans Battery Manufacturing Facility Under Project ‘Roadrunner’

    Tesla Inc plans to build a battery research and manufacturing facility in Fremont, California, to be operated around the clock, under a project dubbed Roadrunner, documents from the city government showed.

    The plan signals the U.S. electric vehicle (EV) maker’s efforts to make its own automotive batteries, EVs’ most expensive components.

    Tesla, which said it currently has a “small-scale” battery manufacturing operation in Fremont, applied for city government approval to build an expanded battery operation. It estimated construction of the project, including the installation of all manufacturing equipment, can be completed in around 3 months.

    Tesla’s stock jumped above $1,000 a share for the first time on Wednesday after Chief Executive Elon Musk told his staff it was time to bring the Tesla Semi commercial truck to “volume production.” Conway G.

    Workers assigned to the facility would total 470, of which 400 would “work in shifts, such that there are 100 employees working at manufacturing and production operations at any given time, all day, every day.”

    Tesla did not immediately respond to Reuters’ request for comment.

    Chief Executive Elon Musk earlier this week said it will give a tour of Tesla’s battery cell production on Sept. 15, the tentative date for what the automaker has dubbed Battery Day.

    Tesla currently produces batteries with Japan’s Panasonic Corp at the so-called Gigafactory near Reno, Nevada. It also has battery contracts with South Korea’s LG Chem Ltd and China’s Contemporary Amperex Technology Ltd.

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  • Hyundai Verna Fuel Economy Figures Out

    Hyundai Verna Fuel Economy Figures Out

    The 2020 Hyundai Verna Facelift was launched in India last month and while the company had shared the specifications and details at the time of the launch, its fuel economy figures were still unknown. Finally, we have managed to get our hands on the fuel efficiency figures of all variants of the Verna across its engine line-up. The new Hyundai Verna Facelift is offered in India in four variants- S, S+, SX, SX(O), and SX(O) Turbo and it’s the first fully connected compact sedan on sale in India.

    The Hyundai Verna is offered in India with three engine options and five engine and gearbox combinations. First up is the 1.5-liter, naturally aspirated four-cylinder motor that delivers 17.7 kmpl when mated to a six-speed manual transmission and 18.45 kmpl when it is offered with the CVT automatic gearbox. The 1.0-liter, the three-cylinder turbo engine is offered with the seven-speed automatic dual-clutch transmission (DCT) as standard and delivers a fuel economy of 19.2 kmpl. The 1.5-liter, four-cylinder diesel mill when offered with the torque converter automatic transmission delivers a fuel economy of 21.3 kmpl while the diesel manual transmission variant delivers the highest fuel economy in the range at 25 kmpl.

    The 1.5-liter, four-cylinder MPi petrol engine belts out 113 bhp and 144 Nm of peak torque and comes mated to a six-speed manual transmission as standard while an iVT (CVT) gearbox is optional. Then there is the 1.5-liter, four-cylinder diesel engine that puts out 113 bhp and 250 Nm of peak torque. This engine is also mated to a six-speed manual transmission as standard while a six-speed torque-converter transmission is optional. The most powerful of all is the 1.0-liter, three-cylinder Turbo GDi petrol engine that churns out 118 bhp and 172Nm of peak torque which is mated to a seven-speed dual-clutch transmission (DCT) which is a segment-first.

  • Toyota Sees July Global Output Down 10% On Initial Plan

    Toyota Sees July Global Output Down 10% On Initial Plan

    Toyota Motor Corp said on Monday it would make 10% fewer vehicles next month than originally planned, as it gradually resumes output following factory closures earlier this year due to the coronavirus pandemic.

    The Japanese automaker said it planned to make 71,000 fewer vehicles globally in July than its original goal of about 700,000. While production has yet to return to normal, the July reduction is smaller than the 20% output cut for June.

    “We expect the recovery trend to continue in August,” a spokesman said.

    Global automakers are trying to get their plants back up and running after many were closed earlier this year to curb the spread of the virus.

    Toyota Motor, Japan’s biggest automaker, said on Tuesday it expects its lowest annual operating profit in nine years, down over 4 billion US dollars, or 80%, from the previous year.

    For the April-July period, Toyota anticipates a global production drop of 30% from its initial plans, made before the virus outbreak and a plunge in demand for vehicles.

    The automaker produced nearly 3.7 million vehicles during the same period last year.

    At home, Toyota plans to make 39,000 fewer vehicles in July, or 10% less than initially planned.

    It will stop making its Coaster minibus model for six days, while lines producing the Land Cruiser and Prado SUV models, and the Porte subcompact, will stop for two days. These adjustments will affect six production lines at three of the automaker’s plants.

    Second shifts at some of these plants will remain canceled, potentially until September. In total, Toyota operates 28 production lines at 15 vehicle factories in Japan.

    Toyota will also cancel some Saturday shifts next month on four lines that produce models including its popular RAV4 SUV crossover model and the Prius gasoline hybrid, many of which are exported overseas.

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  • Lamborghini Urus Gets A New Pearl Capsule Design Edition

    Lamborghini Urus Gets A New Pearl Capsule Design Edition

    Italian Supercar marque Lamborghini’s first SUV in the market, the Urus has just got a new design edition to its name. The Pearl capsule edition aims to make the Urus even more appealing than before by using dual color tones outside and inside the car along with black accents at several places. The Urus Pearl Capsule is available on Urus model year 2021, alongside an extended range of colors and features following the first full year of Urus production in 2019.

    The customer has the option to choose from three base colors. These are Verde Mantis (green), Arancio Borialis (orange) and Giallo Inti (yellow). This base color is complemented well by the use of gloss black paint which has been applied on the lower bumpers, locker covers as well as the roof. The 23-inch taigete alloys get a shiny black color to match with the base color accent. To match the exterior paint the two-tone theme is carried forward into the cabin as well. Base colour accents and stitching is seen at many places like seats, cup holders, dashboard and grab handles.

    The 2021 Model year Urus also features an optional park assist feature

    The Lamborghini Urus Pearl Capsule models also gets logo embroidery on the seat, carbon fiber and black anodized Aluminium details and the optional fully-electric seat that features airy perforated Alcantara. It continues to run on a 4.0 litre twin-turbocharged V8 engine which offers a maximum power output of 650 bhp at 6,000 rpm and a peak torque of 850 Nm at 2,250 – 4,500 rpm. It accelerates from 0-100 kmph in just 3.6 seconds and hits a tops speed of 306 kmph. For the time being the car is being sold in Europe, USA and China.

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  • Porsche Panamera 4 10 Years Edition Unveiled

    Porsche Panamera 4 10 Years Edition Unveiled

    Porsche India has unveiled a special Panamera 4 10 Year Edition model to commemorate the luxury sports saloon’s 10th anniversary in the country. Launched at ₹ 1.60 crore (ex-showroom, India), the special edition model comes with an extensive range comfort and performance features, all offered as part of the standard equipment, and no extra cost. Furthermore, the Panamera 4 10 Year Edition also comes with special design highlights that help the anniversary edition stand apart from the regular Porsche Panamera 4. Compared to the regular Panamera 4, which is priced at ₹ 1.48 crore (ex-showroom, India), the anniversary edition is ₹ 11.47 lakh more expensive

    The Porsche Panamera 4 10 Years Edition gets 21-inch satin-gloss White Gold Metallic Panamera Sport Design wheels

    Announcing the launch of the Panamera 4 10 Year Edition, Pavan Shetty, Director of Porsche India said, “With more than 250,000 Panamera cars delivered around the world since its launch, our luxury saloon has established itself as a coveted model in the last decade. The new Panamera 4 10 Years Edition represents this remarkable achievement. In a market where many luxury vehicles are chauffeur driven, it’s rewarding for me to see the Panamera remains as the only prestige saloon in our market which is focused equally towards the driver as well as its passengers. It’s a true sports car for the drive to the office and fun on the track.”

    The Porsche Panamera 4 10 Year Edition comes with the company’s Matrix LED headlamps, and 21-inch satin-gloss White Gold Metallic Panamera Sport Design wheels. Other visual cues include – white gold metallic “Panamera10” logos on the front doors, the door sills, and the on the front passenger trim panel. The entire cabin is draped in black faux leather with contrast white gold stitching. In terms of features, the car comes with a panoramic sunroof, 14-way comfort seats with the Porsche crest on the head restraints, soft-close doors, digital radio and a BOSE Surround Sound system are also included as standard equipment.

    Porsche also offers PDLS Plus, Lane Change Assist, Park Assist, including a reversing camera. Furthermore, the car also comes with adaptive three-chamber air suspension, including Porsche Active Suspension Management (PASM) and Power Steering Plus as standard. Under the hood, the Panamera 4 10 Year Edition comes with the 2.9-litre, biturbo V6-engine developing 326 bhp, and it can accelerate from 0 to 100 kmph in 5.3 seconds before reaching a top speed of 262 kmph. Plus it gets all-wheel drive.

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  • Fiat Chrysler Plans To Resume Panda Production On June 16

    Fiat Chrysler Plans To Resume Panda Production On June 16

    Fiat Chrysler (FCA) plans to resume production of its Panda small car at its plant in Pomigliano, near Naples in southern Italy, on June 16, a union representative said on Wednesday.

    The restart, initially scheduled for June 8, had been postponed this month because of weak demand in the face of the coronavirus crisis.

    The company has informed unions that production would restart at pre-crisis levels, said Gianluca Ficco of the UILM union.

    “FCA told us it aimed to give continuity of production and jobs, even if that will also depend on demand, which is still very weak,” Ficco said. “So we can’t rule out further stops if demand proves too weak”.

    Reuters sources say EU competition watchdogs may demand concessions before clearing Fiat-Chrysler’s proposed merger with Peugeot-maker PSA.

    A spokesman for the Italian-American carmaker confirmed plans to restart Panda production on June 16.

    FCA has already resumed regular production of vans and of Jeep’s Renegade and Compass models in Italy, as well as preparatory work for the new electric Fiat 500 small car.

    Ficco said he hoped that the new hybrid version of the Panda would help to support volumes and that the government would agree measures to support demand and production in the Italian automotive industry.

    Italy is considering incentives of up to 4,000 euros ($4,550) to buy the latest generation of petrol and diesel cars, joining France and Germany in offering support to an industry that has been hit hard by the coronavirus crisis

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  • Volkswagen Appoints Ralf Brandstaetter As VW Brand CEO

    Volkswagen Appoints Ralf Brandstaetter As VW Brand CEO

    Volkswagen replaced Herbert Diess as chief executive of the VW brand on Monday and installed chief operating officer Ralf Brandstaetter to lead cost-cutting efforts at the company’s largest plants in Germany.

    The management reshuffle comes after weeks of squabbling between Volkswagen’s powerful labor leaders and managers over the pace and scale of cost-cutting plans to free up resources for a radical shift toward electric cars.

    Volkswagen said Brandstaetter would take over on July 1 to give Diess, who remains group chief executive, more leeway to run the rest of the company, which includes brands such as Audi, Bentley, Skoda, Lamborghini, and Porsche.

    Herbert Diess to continue to hold his position as the Chief Executive Officer of the Volkswagen Group

    “Ralf Brandstaetter is one of the company’s most experienced managers,” Diess said in a statement. “I am therefore very pleased that Ralf Brandstaetter will be forging ahead with the development of the brand as CEO.”

    Volkswagen said Diess retained overall responsibility for Volkswagen passenger cars and that the management reshuffle would also result in the departure of procurement and components chief Stefan Sommer.

    Sommer joined VW in 2018 and oversaw ambitious procurement plans, including the construction of large factories to power Volkswagen’s ambitious electrification shift as the carmaker encountered supply bottlenecks.

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    Earlier on Monday, sources told Reuters that Volkswagen’s supervisory board was hosting an extraordinary meeting to discuss replacing Diess as CEO of the VW brand.

    Diess is trying to get the company’s powerful labor leaders, who control nine of the 19 seats on the supervisory board, to agree to painful cost cuts.

    The savings are designed to help pay for a 34 billion euro (29.89 billion pounds) investment in electric and autonomous cars and 50 billion euros for EV battery procurement.

    Diess also came under pressure after Volkswagen was forced to halt sales of its newest VW Golf model because of software glitches at a time when the company is preparing to mass-produce VW’s ID.3 electric car.

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  • China Auto Sales Growth Seen For Second Straight Month

    China Auto Sales Growth Seen For Second Straight Month

    China’s vehicle sales are estimated to rise 11.7% on year in May, its top auto industry body said on Tuesday, cementing hopes of a recovery in the world’s biggest auto market with the first back to back monthly sales increase in about two years. The China Association of Automobile Manufacturers (CAAM), in a post on its official WeChat account, said vehicle sales were estimated to rise to 2.14 million in May. It said the numbers were based on sales data it had collected from key companies, without giving further details.

    China’s vehicle sales are estimated to rise by 11.7 percent on-year in May,

    CAAM expects January to May auto sales in China to fall 23.1% year on year to 7.9 million units.

    As the global auto industry is hit hard by the coronavirus pandemic, China has become a ray of hope for automakers including Volkswagen and General Motors

    In April, China’s auto sales hit 2.07 million units, up 4.4% from a year earlier, the first monthly sales growth in almost two years, CAAM data showed.

    China is expected to see a drop of 15 percent in auto sales, even if the COVID-19 outbreak is contained effectively

    It cautioned last month that even if China contains the outbreak effectively, its auto sales are expected to drop 15% this year, from over 25 million vehicles in 2019. If the pandemic continues, the annual sales contraction will likely be by up to 25%.

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  • Aston Martin To Shed Upto 500 Jobs In Cost Cutting Drive

    Aston Martin To Shed Upto 500 Jobs In Cost Cutting Drive

    British luxury carmaker Aston Martin plans to shed up to 500 jobs as it seeks to bring its cost base into line with reduced sports car production levels, it said on Thursday. The job cuts come a week after Aston Martin confirmed that Tobias Moers, CEO of Mercedes-AMG, would become chief executive on August 1, replacing Andy Palmer. The 107-year old firm said the job losses reflected lower than originally planned production volumes and improved productivity across the business. An employee and trade union consultation process will be launched in the coming days.

    An employee and trade union consultation process will be launched in the coming days

    Aston Martin, famed for being fictional secret agent James Bond’s car of choice, has seen its share price plummet since floating in October 2018. Last month it posted a deep first-quarter loss after sales dropped by almost a third due to the impact of the novel coronavirus outbreak.

    “The measures announced today will right-size the organizational structure and bring the cost base into line with reduced sports car production levels, consistent with restoring profitability,” it said.

    Aston Martin’s DBX SUV will be a key product for boosting volumes

    It said its first sports utility vehicle (SUV), the DBX, which is key to boost volumes and appeal to new buyers including more women, remains on track for deliveries in the summer and has a strong order book.

    Aston Martin is also reducing costs and removing non-critical expenditure in other areas, including contractor numbers, site footprint, marketing and travel. It said the restructuring is expected to deliver total annual savings of about 38 million pounds ($47.6 million). Restructuring costs are expected to be about 12 million pounds. Shares in Aston Martin, down 78% over the last year, closed Wednesday at 68.9 pence, valuing the business at 1.05 billion pounds.

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  • Volkswagen Group Considering More Cost Cuts To Cope With Downturn

    Volkswagen Group Considering More Cost Cuts To Cope With Downturn

    Volkswagen is considering more cost cuts to help cope with the economic impact of the coronavirus pandemic, a spokesman for the German automaker said on Saturday.

    The issue was recently discussed at an internal event, the spokesman said, when asked about a report in industry magazine Automobilwoche.

    “There were general deliberations about what further cost measures could be taken to respond to the pandemic,” the spokesman said. “There are no concrete decisions yet.

    Volkswagen and Daimler both said Wednesday that they foresaw full-year profits despite taking a beating from the global virus crisis.

    Automobilwoche quoted Volkswagen CEO Herbert Diess as telling top managers at a meeting on Thursday: “We must significantly cut R&D expenditure, investments and fixed costs compared with the previous planning.”

    The group’s net liquidity would “continue to decline at least until July due to weak demand”, the magazine, citing participants at the event, quoted Diess as saying, adding that not all group brands would achieve a positive result in 2020.

    This meant the main VW passenger car brand must reduce its so-called material overheads by 20%, the magazine said.

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  • Renault Finalises 5 Billion Euro State-Backed Loan

    Renault Finalises 5 Billion Euro State-Backed Loan

    Renault finalized on Wednesday a 5 billion euro ($5.60 billion) loan from with the French government, strengthening the carmaker’s finances in the wake of the coronavirus pandemic which has ravaged the auto industry.

    Renault said that the credit facility carried a guarantee from the French state – which owns a 15% stake in Renault – of up to 90% of the total amount borrowed.

    Renault has sealed a state-backed loan totaling 5 billion euros, sparking a big jump in its share price Wednesday.

    Banks BNP Paribas, Credit Agricole, HSBC France, Natixis, and SocGen were involved in the credit deal.

    Renault also said in a statement that the loan would help finance the company’s liquidity requirements.

    The carmaker announced last week plans to cut about 15,000 jobs worldwide, including 4,600 in France, where the company will seek voluntary departures and use retirement schemes.

    The announcement sparked weekend protests at some factories, including at Maubeuge in northern France, although Renault’s chairman Jean-Dominique Senard has pledged the site will not be closed.

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