1. Articles from Reuters

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    1. China July auto sales surge 16.4%, fourth month of gains - Reuters

      BEIJING (Reuters) - China’s auto sales in July climbed 16.4% from a year earlier, the fourth consecutive month of gains as the world’s biggest vehicle market comes off lows hit during the country’s coronavirus lockdown. Sales rose to 2.11 million vehicles, according to data from the China Association of Automobile Manufacturers. For the year to date, sales were down 12.7% to 12.37 million vehicles.

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    2. Auto supplier Magna's sales beat as virus-hit vehicle production rebounds - Reuters

      (Reuters) - Auto parts maker Magna International Inc (MG.TO) on Friday reported better-than-expected quarterly revenue and forecast full-year sales above estimates, as vehicle production in North America showed signs of a recovery from the COVID-19 pandemic. The company said it lost about $5.5 billion in sales during the second quarter, as its customers shut production amid government-enforced lockdowns.

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    3. U.S. manufacturing output increases more than expected in June - Reuters

      WASHINGTON (Reuters) - U.S. factory output increased for a second straight month in June as motor vehicle production accelerated amid the reopening of businesses, but the nascent improvement in manufacturing activity was overshadowed by surging new COVID-19 infections. The Federal Reserve said on Wednesday manufacturing production increased 7.2% last month. Output at factories advanced by an unrevised 3.8% in May.

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    4. Pirelli CEO proposes co-CEO as part of succession plan - Reuters

      MILANO, July 15 (Reuters) - Pirelli CEO Marco Tronchetti Provera will propose Angelos Papadimitrou, the current head of packaging machines maker Coesia, as general manager and co-CEO under succession plans due to be completed by 2023, the group said on Wednesday. Papadimitrou, who will report to Tronchetti Provera, has previously worked for pharmaceuticals group GlaxoSmithKline and as head of the board of foreign investors at industry lobby group Confindustria.

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    5. U.S. tire dumping probe clears initial trade panel vote - Reuters

      WASHINGTON (Reuters) - U.S. anti-dumping and anti-subsidy probes that could heap tariffs on imports of car and light truck tires from South Korea, Taiwan, Thailand and Vietnam cleared an initial hurdle on Tuesday as the U.S. International Trade Commission voted to let them proceed. The commission said in a statement that it voted affirmatively in the preliminary phase investigations.

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    6. Parts maker Visteon expects global auto output to plunge up to 25% - Reuters

      (Reuters) - Major auto parts supplier Visteon Corp (VC.O) on Thursday forecast global production volumes for the auto industry to fall between 20% and 25% this year and warned it would be a couple of years before they returned to 2019 levels. The U.S. auto industry has been struggling to recover after the coronavirus pandemic shutdown factories and disrupted global supply chains for two months.

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    7. U.S. auto suppliers cheer as carmakers relaunch, but long-term worries remain - Reuters

      DETROIT (Reuters) - Auto parts suppliers across North America said they are encouraged as major automakers accelerate production after coronavirus pandemic shutdowns, but are holding back on hiring and investment because of longer-term uncertainty. U.S. automakers reopened most assembly plants in late May after states began loosening restrictions, and stronger-than-expected retail auto sales in May have automakers ramping up production of the highly profitable trucks and SUVs consumers are buying. However, several auto suppliers interviewed by Reuters worry about demand heading into 2021. U.S. and global auto sales are not expected to recover to pre-COVID-19 crisis levels until 2022 ...

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    8. Carmakers must overhaul production plans to hit climate goals: report - Reuters

      LONDON (Reuters) - The world’s 14 biggest carmakers are on course to miss globally agreed climate targets, a leading sustainable finance think tank said on Wednesday, urging investors to do more to pressure boards to change their production plans. The report by the 2° Investing Initiative and the Institutional Investors Group on Climate Change looked at the firms’ plans for electric vehicles, hybrid and internal combustion engine (ICE) vehicles and modelled vehicle emissions and climate scenarios from the International Energy Agency. None of the companies’ current plans were fully aligned with the Paris Agreement on climate change, which aims to ...

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    9. Continental CEO warns staff of job, costs cuts - Wirtschaftswoche - Reuters

      BERLIN (Reuters) - German automotive supplier Continental (CONG.DE) must save hundreds of millions of euros in costs and will probably have to lay off workers due to a slump in demand caused by the coronavirus pandemic, WirtschaftsWoche cited the CEO as saying. “This will be very painful, but we have no other choice,” CEO Elmar Degenhart told staff in an internal video, according to accounts from company insiders reported by the business news weekly.

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    10. Volkswagen replaces Herbert Diess as CEO of the VW brand - Reuters

      Volkswagen replaces Herbert Diess as CEO of the VW brand - Reuters

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

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    11. Travel on U.S. roads fell by 40% in April amid stay-at-home orders - Reuters

      WASHINGTON, June 8 (Reuters) - Travel on U.S. roads fell by 39.8% in April as coronavirus stay-at-home orders prompted tens of millions of Americans to work from home and others to avoid travel as destinations temporarily closed. The U.S. Transportation Department said U.S. motorists drove 112 billion fewer miles compared with April 2019 to 169.6 billion vehicle miles. In the first four months of 2020, motorists drove fewer miles than in the period in any year since 2001.

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    12. France aims to become Europe's top producer of clean cars: Macron - Reuters

      PARIS (Reuters) - France wants to become the leading producer of clean cars in Europe and aims to build a million such vehicles within five years, French President Emmanuel Macron said on Tuesday. Macron also said that France would increase the state bonus for consumers buying electric cars to 7,000 euros ($7,691.60) from 6,000 euros ($6,592.80).

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    13. Michelin says its Mexican plants have resumed operations - Reuters

      MEXICO CITY (Reuters) - French tire maker Michelin resumed operations at its two plants in Mexico on Monday, saying that activity will be staggered at first. The Mexican government’s decision to classify the automotive industry as an essential activity made it possible to restart operations, Michelin said in a statement. The company, which reported an 8.3% drop in first-quarter sales worldwide, said it will resume operations in Mexico “based on production demand.”

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    14. New North American trade pact to take effect July 1: USTR - Reuters

      WASHINGTON (Reuters) - U.S. Trade Representative Robert Lighthizer on Friday said he has notified Congress that the new U.S.-Mexico-Canada trade agreement will take effect on July 1, a month later than initially proposed. In a statement, Lighthizer said both Mexico and Canada had taken measures necessary to comply with their commitments under the U.S.-Mexico-Canada Agreement (USMCA), which replaces the 26-year-old North American Free Trade Agreement (NAFTA).

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    15. Tyre maker Nokian completes U.S. factory investment - Reuters

      HELSINKI, March 9 (Reuters) - Finnish tyre maker Nokian Tyres has begun producing tyres for commercial sale at its new U.S. factory in Dayton, Tennessee, the company said on Monday. The $360 million investment was announced in 2017 by Nokian which previously had a large plant in Russia and a smaller one in Finland. Last year, Nokian said it aimed to double its sales in North America within five years, from 194.5 million euros ($217 million) and a little over 12% of its total sales in 2018.

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    16. Italian tiremaker Pirelli maps route to margin growth - Reuters

      MILAN (Reuters) - Italian tiremaker Pirelli (PIRC.MI) will focus on its premium products and cost-cutting measures to drive a gradual increase in core profit margins over the next two years. Announcing its strategic plan after reporting annual results on Wednesday, the group said its margin on adjusted earnings before interest and tax (EBIT) would rise to between 18% and 19% through 2022, up from 17.2% last year.

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    17. Continental's Vitesco expects margins to take a hit from electric shift - Reuters

      REGENSBURG, Germany (Reuters) - Vitesco, the powertrain division of auto supplier Continental (CONG.DE), faces margin pressure as it shifts its business beyond combustion engines, which make up 90% of revenues, to capture growth from electromobility, Chief Executive Andreas Wolf said. “Electrification is a huge change for the company but also a massive opportunity,” Wolf told Reuters in an interview.

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    18. China drafts rules to encourage tire recycling - Reuters

      SHANGHAI (Reuters) - China will establish new specialist firms to re-use and recycle its spent rubber tires as it tries to tackle a mounting waste problem, the industry ministry said in new draft guidelines. The rules, part of China’s efforts to cut pollution and ensure its resources are “comprehensively utilized”, were published by the industry ministry on Wednesday and have been opened to the public for consultation.

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    19. U.S., Canadian officials converge on Mexico City to seal final changes to trade deal - Reuters

      WASHINGTON (Reuters) - Senior U.S. and Canadian officials were set to fly to Mexico City on Tuesday to work on the final changes to a languishing North American trade pact that could clear the way for a vote in the U.S. Congress before the end of the year. U.S. House Speaker Nancy Pelosi said on Monday night she expected the final language of the U.S.-Mexico Canada Agreement (USMCA) to be set by Tuesday, which would bring Democrats to a “moment of truth” on whether to proceed to passage.

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    20. Continental, Osram cut costs as autos downturn hits suppliers - Reuters

      FRANKFURT (Reuters) - Auto suppliers Continental (CONG.DE) and Osram (OSRn.DE) plan deeper cost cuts after reporting weaker results on Tuesday, as a global slowdown hits the car industry. Demand in China, the world’s biggest auto market, has fallen for 15 months, while carmakers are under pressure to invest in cleaner and self-driving technologies set to reshape the industry.

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    21. Continental flags slowing autos growth, to spin off powertrains - Reuters

      FRANKFURT (Reuters) - Continental (CONG.DE) said on Tuesday that slower automobile production growth over the next five years had forced the car parts maker to book a 2.5 billion euro ($2.8 billion) impairment. The auto industry slowdown has already prompted profit warnings from various suppliers, including Continental, in the past few months.

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    22. Pence says clock ticking on USMCA, but Democrats won't be rushed - Reuters

      WASHINGTON (Reuters) - U.S. Vice President Mike Pence on Tuesday said that a new U.S.-Mexico-Canada trade deal needs to be approved without delay, but Democrats and organized labor said certain provisions must first be improved. Pence told reporters he was hopeful that the U.S. House of Representatives, which is controlled by Democrats, would pass the agreement this fall. “The clock is ticking,” Pence said.

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