A Tesla logo on a Model S is photographed inside of a Tesla dealership in New York
Tesla Inc <TSLA> has cut prices of its electric vehicles by as much as 6% in North America following a decline in auto demand in the region during weeks of lockdown that have now started to ease.
Tesla also said its Supercharger quick-charging service will no longer be free to new customers of its Model S sedans and Model X sport utility vehicles (SUV’s).
Auto retail sales in the United States likely halved in April from a year earlier, showed data from J.D. Power. However, sales in May are likely to improve due to pent-up demand and incentives offered by most carmakers, the analytics firm said.
Automakers including General Motors Co <GM>, Ford Motor Co <F> and Fiat Chrysler Automobiles NV <FCAU>, are offering 0% financing rates and deferred payment options for new purchases.
Factories in the United States started to reopen earlier this month with suppliers gearing up to support an auto industry employing nearly 1 million people.
Tesla was briefly forced to stop work at its Fremont, California, factory due to stay-at-home orders. It resumed production after resolving a dispute over safety measures with local authorities.
On Wednesday, Tesla website’s showed the starting price for its Model S sedan is now $74,990, down from $79,990.
Its Model X SUVs are now priced at $79,990, from $84,990, and the lowest-priced Model 3 sedan is $2,000 cheaper at $37,990.
Tesla said it will also cut prices in China – as per usual after price adjustments in the United States – by around 4% for the Model X and Model S.
Tesla China, which is delivering Model 3 sedans from its Shanghai factory, in a Weibo post said it has also cut prices for the Model S and Model X cars it imports, but will keep prices of locally made Model 3 cars unchanged.
(Reporting by Yilei Sun and Brenda Goh; Editing by Tom Hogue and Christopher Cushing)
Workers leave the General Motors CAMI car assembly plant where the GMC Terrain and Chevrolet Equinox are built in Ingersoll
WASHINGTON (Reuters) – General Motors Co <GM> will revive the Hummer name to sell a new family of electric pickup trucks and sport utility vehicles and will tout the return with a Super Bowl ad featuring NBA star LeBron James, two people briefed on the matter said on Friday.
The vehicles will be sold under the GMC nameplate. Reuters reported in October that GM planned to build a new family of premium electric pickup trucks at its Detroit-Hamtramck plant beginning in late 2021 and was considering reviving the Hummer name, citing several people familiar with the plans.
The Wall Street Journal reported GM’s decision to move forward earlier on Friday. GM declined to comment.
The electric truck and SUV program is the centerpiece of a planned $3 billion investment in the Detroit-Hamtramck plant to make electric trucks and vans, and part of a broader $7.7 billion (5.9 billion pounds) investment in GM’s U.S. plants over the next four years that was part of a new contract signed with the United Auto Workers union last year.
The investment moves the automaker into a part of the EV market that is largely untested and where GM has a higher likelihood of turning a profit, analysts said.
Reuters reported GM plans to first build EV pickups in late 2021 and then an electric SUV in 2023.
Tesla <TSLA> CEO Elon Musk in November unveiled an electric pickup called “Cybertruck” it plans to build starting in late 2021.
Rivian, a start-up electric company backed by Amazon.com <AMZN>, will begin building 100,000 electric delivery vans for Amazon starting in 2021.
Hummers were rugged civilian utility vehicles with low gas mileage that were inspired by military vehicles and were popular with such celebrities as actor Arnold Schwarzenegger but derided by environmentalists as gas-guzzlers. GM shut down its Hummer brand after a deal to sell the SUV-line to an obscure Chinese machinery maker was blocked by Chinese regulators in 2010.
Michael Harley, executive editor for Kelley Blue Book, noted “the original Hummer was ostracized out of showrooms for being heavy and ponderous with an insatiable appetite for gasoline. An all-electric powertrain essentially exonerates the truck on all charges.”
Electric pickups and SUVs – the heart of the U.S. market – could help Ford Motor Co <F> and GM generate significant sales of EVs needed to meet tougher California emission standards and electric vehicle mandates.
The Trump administration is moving to roll back those standards – and eliminate extra credits that automakers receive from EV sales but electric trucks are a hedge if California prevails.
(Reporting by David Shepardson; Editing by Sandra Maler and Alistair Bell)
(Reuters) – Fiat Chrysler and Peugeot owner PSA are in talks to combine in a deal that could create a $50 billion (£38.88 billion) automaker, a source familiar with the matter said on Tuesday.
Fiat Chrysler shares rose sharply after news of the talks and ended up more than 7.5% in U.S. trading. The companies and the French government had no comment.
The Wall Street Journal first reported the discussions. PSA’s supervisory board was due to meet on Wednesday to discuss the potential merger, another source close to the matter said.
If a combination of Peugeot and Fiat Chrysler succeeded in overcoming political, financial and governance hurdles, the new enterprise would still face substantial challenges. Global automakers face the prospect of a slowdown in global demand coinciding with the most dramatic technology changes in a century.
Peugeot Chief Executive Carlos Tavares has predicted “ten years of chaos” for global automakers as regulators demand a switch to electric vehicles to reduce emissions linked to climate change.
Investors have speculated for several years that Fiat Chrysler was hunting for a merger partner, encouraged by the rhetoric of the company’s late chief executive, Sergio Marchionne.
In 2015, Marchionne outlined the case for consolidation of the auto industry and tried unsuccessfully to interest General Motors Co in a deal. Fiat Chrysler earlier this year broached a merger with French automaker Renault SA that ultimately collapsed.
Created when Fiat, under Marchionne’s leadership, bought control of Chrysler out of a U.S. government-backed bankruptcy in 2009, Fiat Chrysler has one of the global auto industry’s most profitable franchises in the Jeep sport utility vehicle brand and a money-spinning North American pickup and commercial van operation in Ram. Both would boost Peugeot, which does not sell vehicles in the U.S. market.
Peugeot and Fiat Chrysler could over time share engines and vehicle architectures, reducing capital spending and freeing up cash to invest in electric vehicles and emissions reduction technology required in Europe, China and other global markets.
Fiat Chrysler is under increasing pressure to invest in clean car technology. The company disclosed earlier this month that it faces a $79 million fine for falling short of U.S. fuel efficiency standards. Fiat Chrysler agreed to pay U.S. electric car maker Tesla Inc for credits to help it comply with European emissions standards until 2022.
Evercore analyst Arndt Ellinghorst in a note on Tuesday said a combination of Fiat Chrysler and Peugeot “should ignite more rational industry behavior around allocation of capital and this particular merger makes materially more sense than a potential FCA-Renault merger.”
Peugeot and Fiat Chrysler had discussed a combination earlier this year, before Fiat Chrysler proposed a $35 billion merger with Renault. At that time, Fiat Chrysler said a deal with Renault offered more advantages than a combination with Peugeot.
Fiat Chrysler Chairman John Elkann broke off talks with Renault in June after French government officials intervened and pushed for Renault first to resolve tensions with its Japanese alliance partner, Nissan Motor Co.
Following the collapse of the Renault merger plan, Fiat Chrysler CEO Mike Manley left the door open for talks with would-be partners. But he said the Italian-American automaker could go it alone despite mounting costs to develop electric vehicles and comply with tougher emissions rules in Europe, the United States and China.
Along with Jeep and Ram would come Fiat’s Italian operations, which have struggled in recent years. Fiat’s Mirafiori assembly complex in its home city of Turin has run below 50% capacity, with thousands of workers on temporary layoffs.
Overall, Fiat has 58,000 workers in Italy, where the government has long resisted mass lay-offs by large employers.
Peugeot’s Tavares dismissed the idea of a combination with Fiat Chrysler during a discussion with reporters at the Frankfurt auto show last month. “We don’t need it,” he said when asked whether he was still interested in a deal with Fiat Chrysler.
Tavares has moved aggressively to expand Peugeot, acquiring German auto brand Opel from General Motors Co for $2.6 billion in 2017. Since then, he has overseen a turnaround at Opel.
Fiat Chrysler already has a commercial vehicle partnership with Peugeot.
(Reporting by Dominic Roshan K.L. in Bengaluru; Editing by Maju Samuel, Richard Chang and Dan Grebler)
New embodiment of Lexus’ commitment to deliver innovative and amazing experiences
Expressing the Lexus design language a new in the form of a 65‑foot yacht
Exceptional performance and quietness befitting a maritime flagship
An extraordinary user experience created by advanced technology
High-quality craftsmanship and Toyota Production System built-in quality
Boca Raton, Fla. (September 19, 2019)— In its continuing challenge to deliver innovative and amazing experiences to its customers, Lexus held the world premiere of its first luxury yacht, the Lexus LY 650, today in Boca Raton.
The LY 650 is a new embodiment of Lexus’ challenge to go beyond the automobile to deliver innovative and amazing experiences. Based on the Lexus Sport Yacht Concept first shown in January 2017, the LY 650 features unique styling and superb cruising performance. Lexus – which aspires to be a true luxury lifestyle brand – has fused advanced technology and craftsmanship to provide an irreplaceable experience that stimulates the senses and exceeds owner expectations, even at sea. This LY 650 flagship yacht is the new embodiment of the Lexus “CRAFTED” philosophy, to which exquisite attention to detail and anticipatory hospitality are applied in every possible aspect.
The shape of the hull, the abundant volume of the stern, and other elements, in addition to beautiful curved lines, give the LY 650 unprecedented and distinctive exterior styling. Collaboration with Italian yacht design studio Nuvolari Lenard*1 has resulted in an advanced design and a comfortable interior living space that exemplifies high quality in every detail. Furthermore, in pursuit of cruising that achieves the exhilarating performance of a Lexus, the yacht rides on a light and highly rigid composite hull that combines CFRP (carbon fiber-reinforced plastic) and GFRP (glass fiber-reinforced plastic), and was jointly developed with Marquis Yachts LLC*2. Additionally, the LY 650 is equipped with LY-Link, an advanced connectivity technology for boating that shares timely information and provides control of various yacht functions.
The LY 650 is built in collaboration with the craftspeople of Marquis Yachts in Pulaski, Wisconsin, USA. With the start of LY 650 manufacturing, Marquis Yachts has applied the famous Toyota Production System in its production processes to improve production efficiencies and quality. The new yacht will appear at the Fort Lauderdale International Boat Show in Florida Oct. 30 – Nov. 3, 2019.
President Akio Toyoda commented: “The LY 650 symbolizes the challenge taken by Lexus, which aspires to be a true luxury lifestyle brand, to venture beyond the automobile. A collaborative team between Toyota and Marquis Yachts introduced the Toyota Production System to the boat manufacturing facility to improve productivity and quality. This allowed the Lexus “CRAFTED” philosophy of anticipatory hospitality and meticulous attention to detail to become a reality in the form of a luxury yacht. I am truly looking forward to seeing the advanced, high quality LY650 display its beauty on the oceans across the globe. As a mobility company, we are pursuing new possibilities for mobility even on the sea.”
PEBBLE BEACH, Calif. (Reuters) – Italian premium sports car maker Ferrari NV will expand sales of easier-driving grand touring cars, but will not try to chase rival Porsche’s annual sales volume, Ferrari Chairman John Elkann told an audience of classic car enthusiasts gathered at this storied golf resort on the Pacific coast.
Elkann also reiterated that Fiat Chrysler Automobiles NV, of which he is chairman, remains open to opportunities to combine with other automakers, but is positioned to remain independent. Fiat Chrysler in May proposed a merger with French automaker Renault SA, but the deal fell apart after the French government intervened and Elkann withdrew the proposed merger.
Fiat Chrysler Chief Executive Mike Manley sent the same message to Renault and other would-be partners earlier this month.
Elkann visited Pebble Beach during the annual Concours d’Elegance, during which wealthy collectors bring some of the world’s rarest vintage automobiles to be admired — and sold — and premium manufacturers showcase exotic new models.
Ferrari is best known for flashy, high performance sports cars. Among fans of vintage Ferraris, more understated GT, or grand touring, cars from the 1960s, some with seating for four people, are among the most popular models on auction blocks and at enthusiast events. GT cars were designed to be comfortable on longer road trips.
Elkann hinted Ferrari will unveil a new GT type car in November. Ferrari has said previously that about 40% of its total sales could come from GT cars by 2022, up from 32% now.
Ferrari has outlined plans to expand revenue to 5 billion euros ($5.54 billion) by 2022 from 3.4 billion euros in 2017. The company has said it plans to add a model called the Purosangue to compete with a growing stable of sport utility vehicles wearing premium sports car brands, such as the Lamborghini Urus.
Rival Porsche AG, a unit of Volkswagen AG, has expanded its sales to more than 250,000 sports cars and sport utility vehicles annually. Elkann said Ferrari is not aiming for Porsche’s level of sales.
North Carolina boatbuilder will exclusively offer Garmin electronics as standard fit on all offshore sportfishing center consoles in 2020
Garmin International, Inc., a unit of Garmin Ltd. (NASDAQ:GRMN), today announced that Regulator Marine has selected Garmin to be its premier electronics supplier to outfit its full line of offshore sportfishing center console boats beginning model year 2020. Garmin electronics will be standard equipment on all Regulator boats ranging from 23 to 41 feet, including the new Regulator 26XO center console crossover, the company announced at its annual dealer meeting, July 23-25.
“It’s truly an honor to know that every new Regulator boat leaving the factory will include Garmin electronics,” said Dan Bartel, Garmin vice president of global consumer sales. “Garmin and Regulator share a passion for designing and engineering products without compromise, and we’re confident that having our award-winning electronics onboard will meet and exceed the needs of the Regulator customer.”
“We are honored to offer our customers what we believe are the finest electronics available today. Every new 2020 model year Regulator will come standard with a Garmin electronics package. From quality to innovation, our customers want it all and we know from our years of experience working together, that Garmin is the perfect fit,” said Joan Maxwell, Regulator Marine president and co-founder.
Regulator will be factory-installing the award-winning GPSMAP® 8600 chartplotter series, offering display sizes ranging from 12 to 17 inches, with models 28-feet and over offering dual 16- or 17-inch displays. Built for mariners who demand high performance, ease-of-use and feature integration, the GPSMAP 8600 series offers premium features like built-in sonar, preloaded BlueChart® g3 cartography with Navionics data, IPS touchscreen displays, full network capabilities and more. Each boat will also come standard with a Garmin VHF marine radio. Other electronics selected by Regulator include the GMR™ xHD2 open array radar series and the award-winning Reactor™ 40 Hydraulic Autopilot with SmartPump, Garmin’s most responsive autopilot system with AHRS technology. Several fishing and convenience upgrade packages are also available to ensure customers can choose additional electronics to fit their needs.
Garmin is the world’s leading marine electronics manufacturer1 and was recently named Manufacturer of the Year for the third consecutive year by the NMEA, an honor given to the most recognized marine electronics company for support of products in the field. Garmin’s portfolio includes some of the industry’s most sophisticated chartplotters and touchscreen multifunction displays, sonar technology, high-definition radar, autopilots, high-resolution mapping, sailing instrumentation, audio, entertainment and other products and services that are known for innovation, reliability, and ease-of-use. Other Garmin marine brands include FUSION® Entertainment, Navionics—a premier supplier of navigation charts, and EmpirBus™. To learn more, visit www.garmin.com/marine.
About Garmin International Inc. Garmin International, Inc. is a subsidiary of Garmin Ltd. (Nasdaq: GRMN). Garmin Ltd. is incorporated in Switzerland, and its principal subsidiaries are located in the United States, Taiwan and the United Kingdom. Garmin, GPSMAP, BlueChart and FUSION are registered trademarks and GMR and Reactor are trademarks of Garmin Ltd. or its subsidiaries.
All other brands, product names, company names, trademarks and service marks are the properties of their respective owners. All rights reserved.
Notice on Forward-Looking Statements:
This release includes forward-looking statements regarding Garmin Ltd. and its business. Such statements are based on management’s current expectations. The forward-looking events and circumstances discussed in this release may not occur and actual results could differ materially as a result of known and unknown risk factors and uncertainties affecting Garmin, including, but not limited to, the risk factors listed in the Annual Report on Form 10-K for the year ended December 29, 2018, filed by Garmin with the Securities and Exchange Commission (Commission file number 0-31983). A copy of such Form 10-K is available at:
DETROIT (Reuters) – Ford Motor Co said on Monday it would invest $50 million upgrading a Chicago facility to partially assemble hybrid electric SUVs and vehicles for police use, creating 450 jobs.
The plant currently modifies vehicles for police use. That work will be transferred to a nearby facility.
After retooling, the new production line will later this year start partially assembling hybrid versions of the Ford Explorer sport utility vehicle and the luxury Lincoln Aviator Grand Touring SUV.
It will also partially assemble the Police Interceptor SUV.
On Friday, Ford said it would lay off about 200 workers in September at a Canadian manufacturing plant in Oakville, Ontario, with more layoffs possible in January, because of slowing sales of the sedans that the plant manufactures.
Overall, U.S. new vehicle sales are expected to fall this year, although pickup trucks and SUVs remain more popular than traditional passenger cars.
Last week, Ford also kicked off talks on a new four-year contract with the United Auto Workers union, with job security, healthcare costs and the use of temporary workers expected to be major sticking points.
(Reporting by Nick Carey; Editing by Peter Cooney)
July 2 (Reuters) – Automakers including Fiat Chrysler Automobiles NV and Hyundai Motor Co on Tuesday reported a rise in U.S. sales for June, lifted by strong demand for sport utility vehicles and trucks.
Automakers have focused on selling the more profitable larger SUVs and trucks and had offered heavy discounts of up to 30% or more on their most popular models in June amid a slowdown in the broader market.
U.S. auto sales are slowing after a long bull-run that has satiated replacement demand.
Fiat Chrysler said its sales rose 1.9% to 206,083 vehicles in June, driven by a 45% surge in sales of its Ram trucks.
Hyundai said its sales rose 1.5% to 64,202 vehicles in the month, boosted by a 36% increase in sales of its Santa Fe sport utility vehicles.
GM and Ford are yet to report their sales numbers.
Mitsubishi Motors North America Inc said its June sales rose 10.5% to 12,317 vehicles due to an increase in sales of its seven-seater Outlander and Eclipse Cross SUV’s.
(Reporting by Ankit Ajmera in Bengaluru; Editing by Shinjini Ganguli and James Emmanuel)
July 1 (Reuters) – Lucid Motors said on Monday it hired Tesla Inc’s former vice president of production at its Freemont factory, Peter Hochholdinger, as vice president of manufacturing.
The Newark, California-based electric carmaker in April also named Peter Rawlinson, former chief engineer of Tesla’s Model S, as its chief executive officer.
Lucid, which has more than $1 billion investment from Saudi Arabia’s Public Investment Fund, was founded in 2007 as Atieva by Sam Weng and Bernard Tse, a former vice president of Tesla.
The company positions itself as being less of a direct competitor to Tesla than with luxury car makers such as Audi or BMW, Rawlinson had said.
Hochholdinger, a former production executive at Volkswagen AG, left Tesla last week after three years with the company. At Tesla, he was tasked with improving production for Tesla’s luxury Model S sedan and Model X sport utility vehicle as well as helping build a cost-effective manufacturing program for the Model 3 sedan.
He was the latest high-profile executive to leave Tesla in the past two years, as the automaker struggles to ramp up production of Model 3, which is seen as crucial for its long-term profitability.
Rawlinson said Hochholdinger’s experience in manufacturing would help the company in launching Lucid Air and other future models.
Tesla is expected to report its second-quarter delivery and production numbers this week.
(Reporting by Vibhuti Sharma in Bengaluru; Editing by James Emmanuel)
