Investing

Europe’s Car Industry Too Reliant on Other Regions, Says Bosch Chairman | Investing News

By Michael J. Moody 6 months ago

FRANKFURT (Reuters) – Europe’s automotive sector has become too reliant on Asia and other regions for vital components such as semiconductors and battery cells, Bosch’s outgoing chairman told a German newspaper.

Automotive Chips and battery cells have become the two most important components in the age of electric and autonomous vehicles, forcing European carmakers to rely on Asian suppliers as local industry has been slow to build capacity close by.

“Yes, we have become too dependent on other regions, and a change of course is needed,” Bosch’s Supervisory Board Chairman Franz Fehrenbach, who steps down at the end of the year, told Frankfurter Allgemeine Zeitung.

“However, this is not the fault of politics, but is related to cost optimisation in the supply chain,” he said. “The car industry is slowly asking itself how raw material supply will look like, particularly for battery cells.”

German firms have outlined plans to claw

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Lowest October UK Car Output Since 1956 Amid Chip Shortage | Investing News

By Michael J. Moody 6 months ago

LONDON (Reuters) – British car output fell by an annual 41.4% last month to its lowest October level since 1956 as the global lack of semiconductor chips and a plant closure hit the sector, according to a trade industry body.

A total of 64,729 cars rolled off British production lines, data from the Society of Motor Manufacturers and Traders (SMMT) showed on Friday.

The fall reflected the global supply chain problems and Honda’s permanent closure of its factory in late July.

Car output in the first 10 months of the year stood at 721,505 vehicles, down 2.9% on 2020 when sites were closed for months as the coronavirus pandemic hit Britain.

Full-year car and van output will be below 1 million for a second consecutive year but is expected to return to above that level in 2022, the SMMT said, citing an independent forecast by AutoAnalysis.

“Britain’s automotive sector is

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Germany’s Car Association Cuts 2021 Sales Growth Forecast | Investing News

By Michael J. Moody 11 months ago

BERLIN (Reuters) – Germany’s automotive industry association on Wednesday cut its growth forecast for 2021 car sales in Europe’s biggest economy to 3% from 8% citing production hurdles posed by semiconductor shortages.

The Association of German Automobile Manufacturers (VDA) now expects car sales in Germany to be at 3.15 million units this year. It slashed its production forecast on Tuesday.

Presenting the figures at its summer news conference, VDA warned against a possible European Union de facto ban on combustion engines from 2035 and called for more investment in charging stations for electric cars in the bloc.

VDA said a ban on internal combustion engines would take a toll on jobs, innovation and consumers’ freedom.

“People don’t want bans, they want offers: innovative, attractive, networked,” VDA said in a statement.

German newspaper Frankfurter Allgemeine Zeitung reported on Tuesday that the European Commission was drafting a law, to be proposed next

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Cox Automotive Signs Service Deal With U.S. Commercial EV Maker | Investing News

By Michael J. Moody 1 year ago

DETROIT (Reuters) – U.S. electric commercial vehicle maker Electric Last Mile Solutions (ELMS) said on Monday it has signed a letter of intent for Cox Automotive to supply service and repairs for the delivery van it will launch later this year.

Under the deal, Cox’s Pivet unit will provide warranty repairs, vehicle maintenance, roadside assistance, collision repairs and EV battery servicing to ELMS’ customers, the companies said. Cox boasts a network of more than 6,000 service centers, 3,000 partners and over 800 mobile technicians. Financial terms were not disclosed.

“The opportunity to collaborate with industry leader Cox Automotive helps put us on track to offer customers one of the most comprehensive service solutions that addresses their fleet needs in the most time and cost-efficient manner,” ELMS Chief Executive James Taylor said in a statement.

Cox, a subsidiary of privately owned Cox Enterprises, owns the Autotrader online automobile market, Kelley Blue

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