Europe

Shares in Porsche fell below their initial public offering, as interest in the sports-car maker was not enough to offset an overall downturn in European automotive stocks. On Monday, the third day of trading since Porsche’s $72 billion listing by parent company Volkswagen Group, the share price was 81 euros, down from the IPO pricing of

Electric automaker Polestar‘s first crossover is on deck with a planned unveiling Oct. 12 in Copenhagen, Denmark. The 2024 Polestar 3, built on a new all-electric platform developed by affiliate Volvo, has dual motors and an expected EPA range of more than 300 miles (480 km). “With this car, we bring the ‘sport’ back to

Zhejiang Geely Holding Group said it had taken a 7.6 percent stake in Aston Martin. The purchase is another move by Li Shufu, Geely’s billionaire owner, to expand his automobile empire. Geely also owns Volvo and Lotus Cars and has a stake in Daimler. “We look forward to exploring potential opportunities to engage and collaborate

After reversing a decision to quit Europe, Mitsubishi Motors now believes it can rebuild its vehicle sales in the region to close to pre-pandemic figures with the help of alliance partner Renault. Mitsubishi targets annual sales of 130,000 in Europe by 2024, the automaker’s European head, Frank Krol told Automotive News Europe, giving the automaker

Former Volvo Cars CEO Hakan Samuelsson said in 2021 that the automaker’s replacement for theXC90 would have a name that deviated from its longtime use of letter and number combinations. “This car will have a name, more like a [newborn] child,” Samuelsson said during a presentation of the company’s EV-centric future on June 30. Last

NEW DELHI — A comprehensive trade deal between India and the European Union could pave the way for Mercedes-Benz to produce more cars in the South Asian nation, potentially making it an export hub, Mercedes’ India chief, Martin Schwenk, told Reuters. In June, the EU and India relaunched talks for a free trade agreement with

John Elkann, the scion of Italy’s Agnelli clan, sees potential for a “new Tesla” to emerge from the current wave of energy transition at a time his family’s Exor holding is investing in startups, including some focused on cleaner sources. “There is a lot of excitement in energy transition, and not just for automotive, at

Porsche Automobil Holding SE won the dismissal of lawsuits from hedge funds seeking about 5.4 billion euros ($5.3 billion) in damages they say they incurred during Porsche’s failed takeover of Volkswagen Group more than a decade ago. Institutional investors and private shareholders had pursued Porsche for compensation for losses they suffered in the trading of

Mercedes-Benz and Volvo Cars are suspending operations at U.S. plants in South Carolina ahead of the arrival of a storm that has already caused massive destruction as well as least seven deaths in Florida. Volvo’s plant, which employs 1,500 people, stopped building the S60 at about 11 a.m. local time (5 p.m. CEST) on Thursday.

FRANKFURT — Volkswagen Group is considering forming partnerships in the next one to two years as a first step towards a possible listing of its PowerCo batteries operation, finance chief Arno Antlitz said as the group’s sports-car brand Porsche listed. “We do not rule out an IPO of the battery unit, but the financial flexibility

MILAN — Renault CEO Luca de Meo has resigned as a director at Italy’s biggest phone company, Telecom Italia, to focus on the automaker’s turnaround plan, the telecoms company said. De Meo’s resignation will be effective after Telecom Italia’s board of directors meeting scheduled on Thursday, TIM said, adding the company’s nomination committee will start

MILAN — Renault CEO Luca de Meo has resigned as a director at Italy’s biggest phone company, Telecom Italia, to focus on the automaker’s turnaround plan, the telecoms company said. De Meo’s resignation will be effective after Telecom Italia’s board of directors meeting scheduled on Thursday, TIM said, adding the company’s nomination committee will start

Volvo Cars says its new EX90 electric flagship SUV will feature a world-first interior radar system designed to ensure that no one is unknowingly left behind in the car. One aim is to stop hot car deaths, which government statistics show have taken the lives of more than 900 children in the U.S. since 1998.

Local residents are demanding that production is stopped at Tesla’s plant in Gruenheide, near Berlin, after a fire broke out on the factory grounds. Firefighters on Monday took five hours to extinguish the fire, with no injuries reported. The firefighters were called when 800 cubic meters (1,046 cubic yards) of cardboard, paper and wood scraps

BERLIN — BMW expects to reach the higher end of its 7-9 percent margin target for the cars business and sees slight sales growth in 2023, Chief Financial Officer Nicolas Peter said. Demand was recovering in China in the third quarter after lockdowns plagued the first half, Peter said, describing it as a “roller coaster”

Pendragon has received an unsolicited preliminary proposal from its largest shareholder, Hedin Mobility Group, offering to buy the dealership group for about 406 million pounds ($429.67 million). The cash offer, made on Sept. 21, valued London-listed Pendragon at 29 pence per share, nearly 28 percent higher than the company’s closing price of 22.7 pence on

Volkswagen Group could shift production out of Germany and eastern Europe if a shortage of natural gas persists, the latest sign that the energy crisis unleashed by Russia’s invasion of Ukraine threatens to shake up Europe’s industrial landscape. VW said Thursday that moving production was one of the options available for it in the medium-term

TOKYO — Mazda is discussing ending production of its vehicles at a joint venture plant in Vladivostok, eastern Russia, the Nikkei newspaper reported. The Japanese automaker sold 30,000 cars in Russia last year. Mazda said in March that exports of parts to the plant were going to end and production would cease when stocks ran

PARIS — Renault has offered over 1,000 euros ($977) in one-off payments to a majority of its workers to help them cope with inflation, union sources told Reuters. The sources said the automaker proposed a bundle of exceptional measures to support the purchasing power of its employees in France. The measures will have a combined

Toyota will close its plant in St. Petersburg, Russia, and may sell it, amid shortages of key components and materials following Russia’s invasion of Ukraine. The automaker suspended production at the factory in March following Russia’s invasion of Ukraine. It also stopped vehicle imports into Russia. Toyota said on Friday that over the last six

Mercedes-Benz is stockpiling parts it makes using natural gas in a move to keep production going for several weeks even if Germany introduces drastic fuel rationing. The automaker has produced extra parts made at its foundries in Untertuerkheim, which go into gearboxes, axles and transmission components to build up stockpiles at plants in the U.S.

PARIS — Renault has offered over 1,000 euros ($977) in one-off payments to a majority of its workers to help them cope with inflation, union sources told Reuters. The sources said the automaker proposed a bundle of exceptional measures to support the purchasing power of its employees in France. The measures will have a combined

Ford Motor is reorganizing its executive ranks as it adds new talent and gives a handful of leaders expanded roles in conjunction with the previously announced retirement of Hau Thai-Tang, the longtime product and purchasing chief. CFO John Lawler will temporarily oversee a makeover of Ford’s global supply chain operations as the company looks for

HAI PHONG, Vietnam — Vietnamese automaker VinFast, which plans to start delivering electric vehicles to customers in Europe and the U.S before year-end, aims to be profitable within the next three years, Chief Financial Officer David Mansfield said. When asked whether getting there was tied to the EV maker’s goal of boosting sales to 1

The biggest all-new product debut for Volvo Cars in half a decade will have standard safety equipment that goes “beyond that of any Volvo before it,” the automaker’s CEO, Jim Rowan, said. The EX90 full-electric premium large SUV will replace the XC90 as Volvo’s flagship. It will have an “invisible shield of safety” that can

BERLIN — The books for Volkswagen Group’s public offering of Porsche are covered multiple times on the full size of the deal, a bookrunner involved in the listing said. Indicated demand for the listing, due to take place on Sept. 29 at the Frankfurt Stock Exchange, exceeds the full deal size, the bookrunner said. The

PARIS — The ASX, a small SUV based on the Renault Captur and available in full-hybrid and plug-in hybrid versions, will lead Mitsubishi’s European relaunch when it arrives in showrooms in March. Mitsubishi revealed the ASX on Tuesday. The ASX differs from the Captur primarily in its badging. “As an electrified SUV, with a full package

Renault is launching a full-electric version of its midsize Trafic van, giving the company a full range of electric vans to match its competitor Stellantis. The Trafic will have a 52-kilowatt-hour battery with a range of 240 km (150 miles). A 90-kilowatt electric motor allows a payload of 1.1 tons and a towing capacity of

BERLIN — Tesla still plans to produce batteries in Germany, but the company is prioritizing the U.S. because of the prospect of tax incentives. Tesla has paused plans for a 50 gigawatt-hour battery factory next to its car assembly plant in Gruenheide, near Berlin, while it looks into tapping into tax credits that will be

HAMBURG/BERLIN — Volkswagen Group is targeting a valuation of up to 75 billion euros ($75.1 billion) for luxury sportscar maker Porsche, it said on Sunday, in what will be Germany’s second-largest initial public offering (IPO) in history. Volkswagen will price preferred shares in the flotation of Porsche AG at 76.50 euros to 82.50 euros per