SAN FRANCISCO – Registrations of Tesla Inc vehicles in California, by far the largest market of the luxury electric car maker, fell 24 percent in April from a year ago, according to data from IHS Markit. The findings come as investors worry that demand for Tesla’s luxury Model S sedan is waning ahead of the mass market Model 3 launch. Tesla earlier this week reported first-half global deliveries of its Model S and its Model…"Tesla April registrations drop in key California market"
WASHINGTON – The U.S. Justice Department said on Thursday it charged a former Audi manager with directing employees at the company, a division of Volkswagen AG , to design software to cheat U.S. emissions tests in thousands of Audi diesel cars. Giovanni Pamio, an Italian citizen, was charged with conspiracy to defraud the United States, wire fraud, and violation of the Clean Air Act, the Justice Department said in a news release. The complaint released…"U.S. charges ex-Audi manager in emissions cheating case"
– Shares of Tesla Inc fell for the third straight day on Thursday, after its Model S sedan failed to get the top score in some tests conducted by a U.S. safety group and a larger rival secured supplies to power its electric vehicle program. Tesla’s shares have fallen about 13 percent this week, wiping off nearly $8 billion from the company’s market capitalization, following the carmaker’s lower-than-expected deliveries and rising competition in the electric…"Tesla shares drift lower as Model S fails to ace some safety tests"
BERLIN – German carmaker BMW wants to cut 1 billion euros ($1.14 billion) in indirect procurement costs by 2019, BMW head of production Markus Duesmann told the Handelsblatt daily. A BMW spokesman confirmed the figure. BMW’s indirect procurement costs amount to about 20 billion euros a year, but BMW needs to make savings so the company can invest more in developing electric and self-driving cars. Duesmann also said BMW is seeking damages from automotive parts…"BMW looking to cut 1 billion euros in indirect costs"
BERLIN – Volkswagen is recalling 766,000 vehicles of its core passenger car brand worldwide for a software update to their braking control systems, a spokesman said. The braking control system may not function properly in certain driving conditions, such as when the driver over-steers, under-steers or slams on the brakes, the spokesman said. The car maker is recalling 288,000 VW-brand cars in Germany over the issue. Including the Audi and Skoda brands, the German recall…"Volkswagen recalls 766,000 VW cars worldwide for brake system update"
WASHINGTON, – The number of Americans filing for unemployment benefits unexpectedly rose for a third straight week last week, likely as some automakers closed assembly plants for the annual summer retooling. Initial claims for state unemployment benefits increased 4,000 to a seasonally adjusted 248,000 for the week ended July 1, the Labor Department said on Thursday. Data for the prior week was unrevised. Economists polled by had forecast first-time applications for jobless benefits falling to…"U.S. jobless claims rise for third straight week"
SEOUL – U.S. auto imports from the likes of General Motors and Ford Motor must become more chic, affordable or fuel-efficient to reap the rewards of President Donald Trump’s attempts to renegotiate a trade deal with key ally South Korea, officials and industry experts in Seoul say. Meeting South Korean President Moon Jae-in last week in Washington, Trump said the United States would do more to address trade imbalances with South Korea and create a…"U.S. cars a tough sell in South Korea even as Trump targets trade deal"
STOCKHOLM – All Volvo car models launched after 2019 will be electric or hybrids, the Chinese-owned company said on Wednesday, making it the first major traditional automaker to set a date for phasing out vehicles powered solely by the internal combustion engine. The Sweden-based company will continue to produce pure combustion-engine Volvos from models launched before that date, but its move signals the eventual end of nearly a century of Volvos powered solely that way.…"Geely’s Volvo to go all electric with new models from 2019"
BEIJING – Ford Motor Co said its China sales surged 15 percent in June, their strongest pace of the year, and it was optimistic about the outlook for the second half as the industry puts the phasing out of a tax cut behind it. Peter Fleet, Ford’s Asia-Pacific chief, said the first quarter had been difficult after a purchase tax on small-engine cars rose to 7.5 percent from 5 percent previously. Although Ford’s China sales…"Ford’s China sales bounce back in June as tax impact fades"
NEW YORK – Tesla Inc shares slid more than 7 percent on Wednesday, their biggest percentage decline in more than a year, on poorer-than-expected delivery numbers, yet the luxury electric carmaker’s stock price remained above analysts’ median target. Silicon Valley-based Tesla overtook General Motors in April to become the U.S. carmaker with the largest market capitalization. On Wednesday, its shares fell 7.2 percent to $327.09, its lowest in more than a month. Its biggest daily…"Tesla shares dive 7 percent; still above analysts’ target price"