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...Syre will need “a couple of billion dollars” to finance the planned construction of 12 factories in North America, southern Europe and Asia, according to Nobelius....
...Another heavily-traded company that until recently was a penny stock is Mullen Automotive....
...The group will also lay out plans this week to invest the same amount across Latin America, as it foresees particularly high demand in Mexico from the automotive sector....
...Inchcape warned last month that demand in its South Americas market this year was likely to be towards historic lows, as inflation and interest rates have continued to drag on household finances....
Shares of start-up slide after reporting a $5.4bn annual loss and 10% cut to salaried payroll
...The owner of the Fiat, Peugeot and Jeep brands on Wednesday said its capital expenditure commitment for the five years to 2030 was a record for the South American automotive industry....
...“The main issue with rerouting to alternative ports is the lack of skilled labour and specialist equipment in handling the cars,” said Dominic Tribe, an automotive analyst at Vendigital....
...“The market seems to be going through a correction,” said Lee Hang-koo, president of Jeonbuk Institute of Automotive Convergence Technology (JIAT)....
...Stellantis, which already manufactures EVs in Europe and North America, aims to produce fully electric vehicles as soon as 2026 in South America, said Tavares, adding it would depend on bringing down costs...
...Mike Hawes, boss of the Society of Motor Manufacturers and Traders, said the decision was “especially disappointing and sends a signal that the UK’s world-class automotive products are not welcome in Canada...
...While US automotive companies have focused on hardware, China is leading the industry on automotive software, particularly in autonomous driving. “For America, the cost will be high . . ....
...The battle for America’s automotive future is now under way in places like a cotton farm in the small South Carolina town of Florence, where, every day, yellow and red excavators are digging up enough dirt...
...The group will maintain its long-term alliance with Renault and Mitsubishi Motors in certain markets such as Europe, south-east Asia and Latin America....
...And that is what Nissan and Honda, traditionally arch-rivals in the Japanese automotive market, are doing....
...Lee Hang-koo, president of the Jeonbuk Institute of Automotive Convergence Technology, said the effects of the embargo had been exacerbated by Hyundai “trying to compete with Chinese automakers on price...
...Using automotive spray paint along with other such travesties as off-the-shelf transfers, lustre glazes and hobbyist china paint was, in the 1970s, heresy to the traditionalists....
...According to Mastercard SpendingPulse, which measures activity in stores and online across all forms of payment, US retail sales on Friday excluding automotive categories were up 2.5 per cent year on year...
...“In 2019, Tesla created a frenzy at the Cybertruck reveal by claiming the electric pickup’s starting price would come in below $40K,” said Jessica Caldwell, an analyst at automotive industry insights platform...
...Carmakers from America to Europe to Asia are already facing rising costs from new technology development and tougher emissions rules, while also struggling to develop cheap electric vehicles that they can...
...Chart of the day Millions of people watched the total solar eclipse yesterday as it swept across Central and North America....
...Plus, competition for foreign investment in electric vehicles is pitting the US southeast against the automotive heartland of the Midwest....
...America’s Texas Instruments still sees a soft market ahead for its automotive and industrial semiconductors. At the foothills of a cyclical boom, its valuation looks attractive....
...Pendragon, one of the UK’s largest automotive retailers, is to sell all of its car dealerships for £280mn and focus on software, ending a tumultuous period in which the company’s attempts to sell itself...
...“With this guidance and the clarity that it will provide, we’re ensuring that the US electric vehicle future will be made in America,” said John Podesta, Biden’s top clean energy adviser....
...Until October 20; further information and tickets here Sport NASCAR Cup Series Race Homestead-Miami Speedway plays host annually to the automotive playoffs....
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