Europe

FRANKFURT — Volkswagen Group on Wednesday stuck to its outlook for the current year after its global production network helped it offset supply chain disruptions caused by the war in Ukraine and the coronavirus pandemic. Global carmakers, like many industrial sectors, face a scarcity of key components in the wake of COVID-related lockdowns and Russia’s

FRANKFURT — Volkswagen Group’s Cariad software division said it will source chips from Qualcomm to develop autonomous driving software, which VW has made the core part of its future strategy. Qualcomm Technologies will supply system-on-chips (SoCs) from its Snapdragon Ride portfolio for Cariad’s software platform. The SoCs will be an important hardware component in its

FRANKFURT — BMW and Mercedes-Benz are selling their car-sharing joint venture Share Now to Stellantis for an undisclosed sum, they said on Tuesday. The sale follows Share Now’s retreat from the North American car-sharing market in 2019 in response to high maintenance costs and what the companies then described as the “volatile state of the

BERLIN — Gas supply risks from the war in Ukraine pose a serious threat to Volkswagen’s main plant in Wolfsburg, VW Group CEO Herbert Diess said. As a consequence, VW will temporarily base its energy supply on coal-fired power plants for longer, CEO Herbert Diess said during a discussion broadcast on YouTube on Monday. VW

Cariad, the Volkswagen Group’s software unit, formed a China subsidiary in Beijing to develop products tailored for Chinese consumers.  The subsidiary, the first Cariad has opened outside of Europe, will create products ranging from a new unified scalable software platform, advanced driver assistance systems to automated driving and next-generation connectivity functions, VW Group’s China unit

U.S. Senator Marco Rubio is seeking information from Volkswagen Group about a pair of planned joint ventures with companies accused of having a record of alleged human rights violations such as forced labor and human trafficking. The Republican party member, who is known for his hawkish stance on China, wants VW to explain its decision

Ford Motor posted “better-than-expected” financial results in Europe for the first quarter, as the region returned to profitability following three quarters of losses, the company said. The $207 million net profit (197 million euros) in Europe came despite a decline in vehicle sales due to supply chain disruptions, CFO John Lawler told analysts on an

BERLIN — As Germany speeds up investment in renewables, the energy consumption of its automakers reveals just how reliant the country’s most important industry is on fossil fuels, a Reuters analysis of environmental data shows. Their dependence lays bare the hurdles automakers face in transforming their own energy consumption while moving the transport sector, responsible

Mercedes-Benz is looking at energy alternatives should Russia cut gas deliveries and is working closely with German authorities to ensure energy supplies. “Every company is looking at options for diversifying energy sources,” CEO Ola Kaellenius told Reuters TV ahead of the company’s annual meeting on Friday. “It is still too early to say exactly which

PARIS — Plastic Omnium has agreed to buy the European and North American lighting units of Varroc Engineering, a Tier 1 Indian supplier, for 600 million euros ($634 million). The French supplier said Friday that it will create a new lighting business unit with expected revenue of 1 billion euros, including sales from Osram Automotive Lighting

Volvo Cars and Jaguar Land Rover are laying off the bulk of their Russian office staff, Kommersant newspaper reported. JLR is in effect leaving Russia, only keeping staff to coordinate administrative procedures, one source told the newspaper. Volvo plans to continue warranty support in the country and is ready to pay for parts via parallel

DUESSELDORF — Volkswagen and BP plan to deepen their European electric-charging partnership and could expand it to other regions and technologies, the CEOs of both companies said. The comments reflect increasing efforts by automakers and energy companies, including utilities and oil companies, to expand charging infrastructure for electric vehicles and tackle the issue of range

Ford has teased a new van that is expected to be the new Transit Custom midsize model, which will be sold with full-electric, plug-in hybrid and combustion-engine versions. The company released a dark picture showing a distinctive light bar running the width of the van’s grille. The new-generation Transit Custom will go into production in

LONDON –  Morgan Motor Company has hired Lamborghini executive Massimo Fumarola as CEO as part of an expansion push. Fumarola takes over from current CEO and Chairman Steve Morris, who becomes executive chairman of the niche sports-car maker, which is based in the UK. Morris described the appointment as “extremely important” for the company. “Massimo

Renault will transfer its 68 percent stake in AvtoVAZ to a Russian science institute for a nominal sum, Interfax cited Russian Trade Minister Denis Manturov as saying on Tuesday. Renault will have the right to buy the stake back within the next five to six years, Interfax added, citing Manturov. He also said that Renault’s

Skoda has resumed production of the Enyaq full-electric SUV after several weeks of interruption due a shortages of wiring harnesses from Ukraine. Initially, around 1,000 vehicles a week will roll off the lines, but capacity will gradually increase, Skoda said in a statement on Tuesday. Depending on parts availability, Enyaq production will be increased to

NEW YORK — Elon Musk clinched a deal to buy Twitter for $44 billion cash on Monday in a transaction that will shift control of the social media platform populated by millions of users and global leaders to the world’s richest person. It is a seminal moment for the 16-year-old company that emerged as one

SHANGHAI — Volkswagen Group‘s Shanghai factory has started gradually resuming production, the automaker said. The company’s factories in the northeastern Chinese city of Changchun, which it runs in a joint venture with China’s FAW Group, continues to ramp up production volumes, it added. VW halted work at its factory in Shanghai, which is a joint