Archive for the ‘Asia Pacific’ Category

BMW Recalling 1.6 Million Vehicles Worldwide Due to Fire Risk

Company including 54,700 vehicles in U.S. and Canada.

by on Oct.23, 2018

Some of BMW's 5-Series are the target of the maker's latest safety recall, involving 1.6 million vehicles around the world.

BMW is recalling 1.6 million vehicles around the world, including 54,700 in the U.S. and Canada, due to a potential fire hazard.

The action is really an expansion of an earlier recall of 480,000 vehicles in Europe and Asia. In the affected vehicles a fluid leak could cause a fire. More than 40 fires were reported in South Korea.

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In fact, the South Korean government recommended owners of the affected vehicles stop driving them until they could be repaired. Police raided the automaker’s office in Seoul while investigating the issue, after videos of cars engulfed by fire went viral. (more…)

Dyson Confirms Plans to Build Electric Vehicles at New Singapore Plant

Factory set to open in 2020.

by on Oct.23, 2018

Company founder James Dyson has been hinting at plans to build an EV for a number of years.

While best known for its vacuums and fans, British company Dyson has confirmed long-standing expectations that it will enter the electric vehicle market, announcing plans to build a new assembly plant in Singapore.

Dyson has been investing heavily in advanced battery technology, among other things acquiring Michigan-based Sakti3, a pioneer in the development of solid state technology. But after writing down some of the purchase price, it is not clear if the British manufacturer will use conventional lithium-ion or more advanced battery technology for the vehicles it is planning.

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The decision to choose Singapore for its new factory “offers access to high-growth markets as well as an extensive supply chain and a highly skilled workforce,” Dyson CEO Jim Rowan told employees in a letter. “Singapore has a comparatively high cost base, but also great technology expertise and focus. It is therefore the right place to make high quality technology loaded machines, and the right place to make our electric vehicle.” (more…)

Hackett Says Ford Making Headway on Turnaround

Rollout of new Ranger leads new product onslaught.

by on Oct.23, 2018

Ford CEO Jim Hackett is talking to employees and dealers about the changes coming to the automaker.

Ford isn’t standing still in the face of changing business and economic climate, the company’s top executive said this week.

Ford Motor Co. CEO Jim Hackett was also talking up the company’s prospects as he met with dealers and employees this week.

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At a meeting with some 4,000 dealers in Las Vegas Hackett had stressed that Ford is working on a turnaround plan that will re-invigorating the company’s operations.   (more…)

Audi Again Delaying Launch of E-Tron Electric SUV

Software problems blamed, but automaker also faces push for higher battery prices.

by on Oct.22, 2018

Audi was ready to take on the industry leader, Tesla, with the all-new e-tron, which will be delayed four weeks.

Audi will delay the launch of its first long-range electric vehicle, the e-tron, by about four weeks, the automaker confirmed, due to a software problem.

It would be the latest in a series of problems that repeatedly pushed back the unveiling of the e-tron, which Audi finally unveiled in mid-September. The German automaker had initially hoped to reveal the electric SUV earlier in the year, ahead of archrival Mercedes-Benz, which revealed its own battery-powered ute, the EQC two weeks earlier.

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According to a report by the Reuters news service, Audi blamed a “software development issue,” the automaker needing to receive regulatory approval after modifying some of the code used to control the electric vehicle’s drivetrain. (more…)

FCA Sells Magneti Marelli for $7.1B to KKR’s Calsonic Kansei

CEO Manley signs off on deal Marchionne started.

by on Oct.22, 2018

Selling off Magneti Marelli could accelerate the development of EVs and AVs FCA CEO considers critical to FCA's success.

After two years of speculation about if it and when it would do so, Fiat Chrysler Automobiles agreed to sell Magneti Marelli to KKR’s Calsonic Kansei for $7.14 billion, or 6.2 billion euros.

The new company, which is now the world’s seventh largest auto supplier, will be called Magneti Marelli CK Holdings. The new company boasts revenue of 15.2 billion euros, or $17.5 billion, the companies said.

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“This combination with Calsonic Kansei has emerged as an ideal opportunity to accelerate Magneti Marelli’s future growth,” Manley said on Monday of the FCA unit, which specializes in lighting, powertrain and high-tech electronics. (more…)

Daimler Cuts Earnings Estimates as Outlook Gets Tougher

Mercedes-Benz Cars saw earnings slip, driving new forecast.

by on Oct.19, 2018

Sales of the Mercedes-Benz GLE are off this year as are other models, causing Daimler to revise its earnings forecast downward.

Daimler AG trimmed its earnings outlook for 2018, blaming the rising cost of fines and litigation over the emissions from the company’s diesel engines and a sharp reduction in the earnings by Mercedes-Benz Cars for the expected decline.

“The main factor is an increase in expected expenses in connection with ongoing governmental proceedings and measures in various regions with regard to Mercedes-Benz diesel vehicles,” said as the company revised its financial guidance.

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“Furthermore, against the backdrop of a recent ruling by the European Court of Justice, provisions have been recognized for the potential need to take action on certain vehicles still operating with the previously used refrigerant R134a,” the company said. (more…)

Ford Boosting by 1/3 Production of $400,000 GT Supercar

“Demand outstripping supply by more than six-to-one.”

by on Oct.19, 2018

Ford is extending its production run of the current Ford GT to 1,350 cars. Fans have until Nov. 8 to apply to buy one.

Ford now plans to produce 1,350 of its $400,000 GT supercars, more than a third higher than the original 1,000-vehicle run it had planned when the two-seater was getting ready to come to market in 2016.

As with the original batch, however, potential buyers still will have to go through a qualification process, the Detroit automaker primarily targeting loyal customers, particularly those who purchased an earlier version of the GT.

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“The response to our Ford GT has been unprecedented, with initial demand outstripping supply by more than six-to-one,” Hermann Salenbauch, director of Ford Performance, said in a statement. “By extending the Ford GT production run for a limited period, we’re able to maintain the exclusivity of the ultra-desirable supercar while offering the ownership experience to a greater number of customers.” (more…)

Ford, VW Looking at Potentially Major Alliance

Update: Ford rules out merger or equity swap with VW.

by on Oct.18, 2018

Ford Motor Co. entered into a MoU with Volkswagen AG to work on some undetermined projects.

(This story has been updated to reflect comments from Ford ruling out a merger or equity swap.)

Like many an automotive manufacturer, Ford Motor Co. has been forming alliances with erstwhile rivals such as General Motors in a bid to reduce development costs and speed new products to market. But one potential partnership has been generating widespread buzz in industry circles, observers wondering just how far Ford might take things with German giant Volkswagen AG.

The two companies inked an MoU, or memorandum of understanding, announcing they will explore a number of possible projects, including the joint development and production of commercial vehicles.

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But industry analysts are now suggesting such a partnership could reach far beyond the commercial vehicle market, some even wondering whether there could be full-fledged merger or, at the least, an equity swap, in their future. (more…)

Departure of Manufacturing Chief Accelerates Tesla Management Defections

Three top execs have bailed out since September, including brand new accounting chief.

by on Oct.18, 2018

Tesla's VP of Manufacturing, Gilbert Passin, has left the electric vehicle maker without offering an explanation.

While a variety of factors may be in play, Tesla is having more and more trouble holding onto key executives, three top members of its management team bailing out since just the beginning of September.

The latest to walk: Gilbert Passin, the battery-carmaker’s vice president of manufacturing. His departure comes barely a month after both Tesla’s chief accounting officer and chief people officer quit. While the company contends it has a deep enough pool of talent to weather these and prior departures, the management turmoil comes at a time when Tesla is under heavy pressure to accelerate production and sales in order to deliver the long-sought profit that CEO Elon Musk has promised for the second half of 2018.

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Musk himself is facing a variety of pressures, among other things to find a new chairman for Tesla, a role he agreed to forfeit as part of a settlement with the U.S. Securities and Exchange Commission. Musk also paid a $20 million fine after settling SEC allegations of fraud linked to the company’s abortive effort to go private. (more…)

Ford Expands Alliance with Mahindra Group

New deal comes on heels of partnership with VW.

by on Oct.18, 2018

Ford and Mahindra officials, including Ford's Jim Farley, (l), celebrate the signing of their first alliance. The two sides added two new agreements.

(This story has been updated to more accurately represent partnership between Volkswagen and Ford.)

Just a day after rumors circulated about the state of its open-ended partnership with Volkswagen AG, Ford Motor Co. expanded its alliance with India’s Mahindra Group.

The two companies this week signed new agreements on sharing powertrains and connected car solutions to reinforce the progress made in the strategic alliance between the two companies, first announced in September 2017 and followed with five Memoranda of Understanding.

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“We are pleased with the progress our teams have made since we announced our strategic alliance with Mahindra Group a year ago,” said Jim Farley, Ford executive vice president and president of Global Markets. (more…)

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