Europe

WASHINGTON — The downgrade of Nissan’s credit rating from investment grade to junk by S&P Global marks the start of a cycle that could see as much as $55 billion of so-called “fallen angels” this year, said fund managers. Global supply-chain disruptions, higher labor costs and persistently high inflation in a slowing economy is expected

MILAN — Automotive Cells Company, a joint venture of Stellantis, Mercedes and TotalEnergies said its planned Italian battery making plant was expected to start operations in 2026. The plan will involve an overall investment worth over 2 billion euros ($2.1 billion) in Italy, including public funds, Automotive Cells Company (ACC) said after meeting unions in

Ford is slashing its workforce in Spain where the automaker is winding down production of once-popular models. The company plans to cut 1,100 jobs at its plant in Valencia in eastern Spain, a Ford spokesperson said on Friday. The layoffs are part of the company’s changes to its car production lineup in Europe, the spokesperson

BMW’s Mini brand will launch a full-electric version of the Countryman compact SUV this year as it prepares to expand its EV range to three models in the next two years. The new Countryman will offer more space than the outgoing car, BMW said in a statement. It will use the same front-wheel-drive FAAR (from

BMW Group has appointed a new chief financial officer as the German premium automaker spends billions of euros on the shift toward electric cars. Walter Mertl, 49, will succeed Nicolas Peter, 60, who is stepping down after reaching the company’s usual age limit for executive board members. The change takes affect in May. Mertl has

BRUSSELS — The Czech Republic has convened a meeting of transport ministers from 12 European Union countries that are seeking to challenge a proposed law to cut vehicle emissions. The meeting will also discuss a separate row over the bloc’s 2035 deadline to effectively ban internal combustion engine cars Apart from the Czech Republic, those

BERLIN — Continental predicted rising sales would boost margins this year, as it moves beyond supply-chain disruption and Russian asset impairments that in 2022 contributed to a decline in net income of nearly half, the supplier said in a statement. Announcing results on Wednesday, CEO Nikolai Setzer also said the company was selling its operations

The role of the squeaky wheel in Renault and Nissan’s alliance looks to be changing in a remarkable example of what a difference a year makes. One year ago today, Renault shares hit rock bottom in a rout triggered by the invasion of Ukraine. Fitch Ratings was sounding alarm bells about the automaker’s exposure to

PINZOLO, Italy — Ferrari expects to deliver its first four-door model, the Purosangue, to customers by mid-year, as the supercar maker responds to competitors such as the Lamborghini Urus SUV. Ferrari says that the Purosangue, which was unveiled in September 2022, is not a crossover or SUV, although at 1589 mm tall, it is only

BERLIN — Hyundai’s first-generation full-electric Kona has exceeded expectations. Last year the small SUV was the No. 9-selling EV in Europe. Based on that performance, the Korean automaker has set its sights even higher for the second-generation model that arrives later this year. Hyundai Europe CEO Michael Cole said he expects the electric Kona to

Hyundai’s Genesis premium brand is increasing the number of sales outlets in its European launch markets of Germany and the UK ahead of a wider expansion in the region. Genesis is recruiting dealer groups to add between 15 and 20 outlets in Germany and the UK to grow beyond its city center studios that were

Volkswagen Group has raised its electric car sales goal for Europe for its core VW passenger cars brand. The brand’s new target is for at least 80 percent of its sales in Europe to be full-electric models in 2030, said Thomas Ulbrich, who heads VW brand’s New Mobility business. Under VW’s Accelerate electrification strategy unveiled

TOKYO – Subaru has appointed Atsushi Osaki as its next CEO, tasking the manufacturing chief to steer the small-sized Japanese automaker through a challenging era of electrification, automated driving and industry upheaval as it strives to rekindle U.S. sales. The next boss, speaking at a press conference on Friday, said that flexibility and expansion will

HAMBURG – Volkswagen Group’s supervisory board was meeting on Friday to discuss plans for two new factories in North America,  two people familiar with the matter said. One will be a production plant and the other will be a battery cell factory. While the board is expected to approve a site for its Scout brand

BERLIN — Sentiment in Germany’s automotive industry took a tumble in February as concerns grew over falling demand, according to a survey from the Ifo economic institute. The institute said on Friday in a statement that its business situation index for the sector fell to 6.0 from 12.5 in January. “Manufacturers in particular assess their

Volkswagen Group will build its Scout Motors assembly plant in South Carolina. The plant will produce electric-powered pickups and SUVs. It will be Volkswagen’s second U.S. assembly factory along with its existing operations in Chattanooga. Production is expected to begin in 2026. More than 200,000 vehicles could be produced annually at the facility Scout Motors

Volkswagen Group expects strong increases in vehicle sales and revenue this year as the automaker benefits from full order books and better access to semiconductors. Revenue is forecast to grow by 10 percent to 15 percent, indicating 2023 revenue of 307 billion euros  to 331 billion euros. Global deliveries are expected to rise 14 percent

The European Union delayed a key vote on an effective ban on combustion-engine cars after Germany unexpectedly voiced last-minute objections amid concerns about how the bloc’s green plans will affect industry. EU and German officials are in talks over how to reach a compromise over allowing the use of e-fuels in new cars after 2035,

Stellantis and Renault are turning to their own ranks to tackle a shortage of truck drivers that is leaving thousands of vehicles stranded away from dealerships and customers.  Stellantis, the maker of Fiat and Peugeot cars, sent off emails and placed posters in some of its factories in a drive to convince workers to fill

Polestar cut its fourth-quarter operating loss as revenue grew 67 percent to $985 million on strong sales of its Tesla Model 3 rival and lower costs. Polestar’s fourth-quarter operating loss of $204.7 million was down from $337.3 million a year ago, the automaker said in a statement on Thursday. The Swedish automaker’s gross profit during

BERLIN – Volkswagen Group’s supervisory board will discuss plans to build a new U.S. factory at a meeting on Friday, two sources close to the matter said, with one adding the board was expected to approve the project. The factory is a new plant for the Scout brand, according to one of the sources, which

Russia’s Avilon dealership group is poised to buy Volkswagen Group’s Kaluga factory, Moscow-based business news site RBC reported on Wednesday, citing two unidentified sources. RBC reported that one of the sources said the deal was already agreed, and would be finalized on March 3, which coincides with the automaker’s upcoming supervisory board meeting. VW said

Tesla Inc. CEO Elon Musk is expected to outline a series of initiatives to take the automaker into the future at Wednesday’s Investor Day event, including a new vehicle platform that could be used for a less-expensive entry-level model and for an autonomous robotaxi without human controls. A possible $25,000 Tesla is the main news

ROME — Stellantis has invested $155 million to buy a minority stake in a copper mine in Argentina as part of its global push to secure raw materials for electric-vehicle batteries. The company acquired a 14.2 percent stake in McEwen Copper, a subsidiary of Canada’s McEwen Mining, which owns the Los Azules project in Argentina,

MILAN — Stellantis plans to cut as many as 2,000 jobs in Italy this year to further reduce its workforce in Fiat’s former home country as the transition to electric vehicles takes its toll. The automaker, formed from the merger of PSA Group and Fiat Chrysler, and local unions agreed on the reductions that represent

Audi has named Renate Vachenaur, a former BMW executive who has been at the Volkswagen Group subsidiary  since 2021, as head of procurement.  The position was held by Dirk Grosse-Loheide, who was promoted to head of procurement at VW Group and VW Group on Jan. 1 in a reorganization of the purchasing department at Europe’s largest

Stellantis plans to roll out electric vehicles in Europe with cheaper lithium iron phosphate (LFP) batteries. European automakers are currently using the more power dense, but costlier, NMC cell chemistry (nickel, manganese and cobalt). However they facing increasing cost competition from rivals using Chinese-sourced LFP batteries. “We need LFP and we will have LFP because

Valeo forecasts strong sales growth this year, as record 2022 orders helped by demand for car electrification and driving-assistance technology helped it navigate a challenging year for the automotive sector. The group is targeting sales of between 22 billion and 23 billion euros this year, against the 20.04 billion posted for 2022, the company said

Volkswagen Group will build its own production plant in the U.S. for its new Scout brand, company sources told Automotive News Europe sister publication Automobilwoche. The automaker was considering using contract manufacturers Foxconn or Magna to build the vehicles. However, those plans are off the table. “The decision to build the plant ourselves has been

Volvo Cars‘ decision to pick an executive to lead its design team who has no experience at a traditional automaker could become a new industry trend. “This is the first but unlikely the last move where an automaker shakes up its design by bringing in someone who isn’t a longtime car design boss,” Sam Livingstone,