Renault has ended its common purchasing partnerships with Nissan and Mitsubishi, another step in unwinding the Alliance among the three automakers.
Pendragon, a British auto retail group, is now the prize in a bidding war. AutoNation, one of the largest U.S. auto dealer groups, is offering $544 million, trying to outbid U.S. rival Penske Automotive Group and its partner Hedin Mobility Group.
French EV subsidies are propelling a venture by British EV supplier Bedeo to convert thousands of diesel vans to hybrid-electric powertrains.
Hyundai and Kia recalled 3.37 million vehicles in the United States to fix defects linked to 31 fires.
U.S. consumers bought more vehicles in September than a year ago, according to Cox Automotive, another sign that the economy is chugging along despite the Fed’s run of interest rate increases. Cox plussed up its forecast for the year, predicting U.S. auto sales will finish at 15.3 million to 15.4 million cars and light trucks, not 15 million as forecast earlier.
Fisker is accelerating deliveries of its Ocean electric SUVs to 300 vehicles a day later this year. The company said it has built 5,000 Oceans, but so far delivered just 900. Fisker shares popped in response to the release.
VW cut production of two of its lower-priced EVs in Europe blaming slow sales. The ID.3 and Seat Cupra models are among the European-assembled models under pressure from Tesla and Chinese EV imports.
Faraday Future shares plunged after the struggling EV startup said it will raise another $90 million through a stock offering. That’s nearly double the company’s current market cap.
An EV solar charging subsidy offered by a state-owned German bank was over-subscribed and shut down to new customers after just one day. The program offered 10,200 euros to customers who agreed to install solar charging systems for their EVs.
