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Mexican auto parts firms expect record year after U.S. backs trade deal

But the new rules pose a challenge to automakers

Mexican auto parts manufacturers with clients across North America expect a record year after U.S. approval of a trade deal mandating higher regional inputs, but the new rules pose a bigger challenge to carmakers. After months of wrangling, U.S. lawmakers on Thursday ratified the United States-Mexico-Canada Agreement (USMCA), brokered at the behest of President Donald Trump to replace the 1994 North American Free Trade Agreement (NAFTA). The accord, which Canada's parliament is expected to app

Toyota to move Tacoma assembly to Mexico as part of massive North American production shift

The company announced big changes for its Indiana, Texas and Mexico facilities

Critical catalytic converter metal shortages send prices soaring

"There's no metal," said a trader in London.

A long-term supply deficit has led prices of the metal, used mainly in engine exhausts to curb harmful emissions, to double over the last year. In the futures market, prices of metal for near-term delivery have also moved sharply above those for later-dated contracts - a situation known as backwardation, which also indicates buyers fear a lack of ready supply. Before this rally began, palladium prices had never exceeded $1,100.

CEO says VW needs to change faster or risk going the way of Nokia

'The big question is: Are we fast enough?' Diess clearly thinks not

Tesla plans China design and research center

It wants to make 'Chinese-style' vehicles

U.S. electric car maker Tesla plans to open a design and research center in China to make "Chinese-style" vehicles, the company said in a recruitment notice on its official WeChat account. "In order to achieve a shift of 'Made in China' to 'Designed in China', Tesla's CEO Elon Musk has proposed a very cool thing - set up a design and research center in China," it read.

India's slowing economy led to record drop in car sales in 2019

Sales plummet 20% as economy slows

Car sales in India fell by a record 19% last year as a slowing economy made consumers reluctant to spend on big-ticket items and demand is likely to be flat this year, the Society of Indian Automobile Manufacturers (SIAM) said on Friday. Passenger car sales fell to 1.81 million in 2019 from 2.24 million in 2018. Sales of sport-utility vehicles (SUVs), however, rose 5% helped by the launch of new models, data released by SIAM showed.

Carmaker Red Flag, favorite of Chairman Mao, eyes 1m customers by 2030

BEIJING/SHANGHAI (Reuters) - China's FAW Group aims to double its annual sales of Chairman Mao Zedong's carmaker of choice, Hongqi, or Red Flag, to 200,000 units this year and grow them further to 1 million cars in the next decade, its chairman Xu Liuping said. Hongqi, launched in 1958 by the state-owned carmaker, will have 21 car models under its marque and 18 of them will be electrified by 2025, Xu said at an event held in China's Great Hall of People late on Wednesday. Hongqi, based in the

FCA to idle Jeep Cherokee plant to reduce inventory backlog

Belvedere facility was idled in August for the same reason

Mexican auto exports post first annual decline in a decade

Exports fell by 3.4% to 3,333,586 units last year

Elon Musk unleashes dance moves at Tesla Model Y launch in China

The first 10 customers from the public have received their China-made Model 3 sedans

Elon Musk showed off his dance moves at the launch of Tesla's Model Y electric sports utility vehicle programme at its new Shanghai factory on Tuesday, where the company delivered its first cars built outside the United States to the public. The $2 billion Tesla Inc factory started delivering cars in just 357 days, a record for global automakers in China. Billionaire CEO Musk danced enthusiastically on stage at the event, then stripped off his jacket and flung it aside to reveal a T-s

Tesla cuts price for made-in-China Model 3 by 16%

Now starting at just under $43,000

U.S. electric vehicle maker Tesla Inc cut the starting price for its China-made Model 3 sedans by 16% to 299,050 yuan ($42,919) after receiving Chinese subsidies for electric vehicles, according to its China website. The reduction, partly thanks to 24,750 yuan of subsidies, from an earlier 355,800 yuan is among a slew of adjustments Tesla has made to its sales policy in China, including tweaking prices for car accessories and home charging facilities. Tesla has said it plans to start deliveri

Tesla hits sales goals, reports 367,500 cars delivered in 2019

That's an annual increase of over 50%

Tesla's global deliveries rose more than 50% last year, meaning the company surpassed the low end of its sales goals for 2019. Tesla, based in Palo Alto, California, had earlier projected deliveries of between 360,000 and 400,000 units worldwide last year. Shares of Tesla Inc. rose nearly 2% in premarket trading Friday to $438.44.

Tesla says it will start delivering China-made Model 3s next week

Says plant is producing 1,000 cars a week

Tesla Inc will deliver its first China-made Model 3 sedans to the public on Jan. 7 at an event at its Shanghai plant, a representative for the firm told Reuters on Thursday. The deliveries come a year after construction of Tesla's only plant outside the United States began. "As Model 3s roll off Tesla's Chinese manufacturing facility with local subsidies intact, we believe the U.S.-based focus will need to shift globally for the company," Canaccord Genuity analyst Jed Dorsheimer wrote in a not

Tesla delivers first Chinese-built Model 3s in just under a year

15 Tesla employees received cars, and one took the opportunity to propose to his girlfriend

Tesla has started delivering Model 3 electric cars built at its Shanghai factory in just under a year since it began work on the $2 billion plant, a record for global automakers in China, and said it would ramp up deliveries from next month. The U.S. electric vehicle maker marked the start with an event on Monday where 15 Tesla employees received cars they had purchased, one of whom took the opportunity to propose marriage to his girlfriend after getting his new set of wheels. The Shanghai pla

Top 10 automotive stories of 2019

From high-powered EVs to a mid-engine Corvette

Volkswagen will put one million EVs on the road sooner than expected

It's now planning to make 1.5 million electric cars in 2025

Tesla set to begin deliveries of China-made Model 3 cars on December 30

First 15 deliveries will be to Tesla employees

BEIJING/SHANGHAI (Reuters) - U.S. electric vehicle maker Tesla Inc will begin delivering Model 3 vehicles built at its Shanghai factory on Monday, a company representative told Reuters. The first 15 customers to get the cars on Dec 30 are Tesla employees, the company representative added. The delivery date of Dec. 30 means that the plant will start delivering cars to customers just 357 days after the factory's construction started, which will mark a new record for global automakers in

Tesla will take $1.4 billion loan from Chinese banks for Shanghai factory

Tesla aims to build at least 1,000 Model 3 cars a week at the plant by the end of this year

BEIJING/SHANGHAI (Reuters) - U.S. electric vehicle maker Tesla Inc and a group of China banks have agreed a new 10 billion yuan ($1.4 billion), five-year loan facility for the automaker's Shanghai car plant, three sources familiar with the matter said, part of which will be used to roll over an existing loan. China Construction Bank (CCB), Agricultural Bank of China (AgBank), Industrial and Commercial Bank of China (ICBC) and Shanghai Pudong Development Bank (SPDB) are among the banks which hav

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