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UK bans petrol, diesel car sales from 2030; Germany agrees €5B auto industry aid

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UK bans petrol, diesel car sales from 2030; Germany agrees €5B auto industry aid

TOP NEWS

* U.K. Prime Minister Boris Johnson confirmed that the country will ban the sale of new petrol and diesel cars and vans from 2030, 10 years earlier than planned. Sales of hybrid cars and vans that can drive a significant distance with no carbon emissions from the tailpipe will be allowed until 2035.

* The German government agreed to provide €5 billion of aid to the country's auto industry to support the transition to electric cars, incentivize replacing older trucks, and mitigate the impact of the coronavirus crisis on the industry, Bloomberg News reported.

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➤ Volkswagen revs up supply chain localization on USMCA, tariff risk reduction

Volkswagen is opening new engine production facilities in Mexico, extending its supply chain localization strategy after regulatory risks were reduced by the passage of the U.S.-Mexico-Canada Agreement and the reduced risk of arbitrary tariffs.

➤ Southern California Edison tests Daimler 'electric big rig' in fleet conversion

The utility is testing Daimler Trucks North America's new eCascadia Class 8 electric truck, targeted for mass production in 2022.

➤ New utility-backed group sets ambitious 100%-by-2030 electric vehicle goals

The Zero Emission Transportation Association's goal aligns with U.S. President-elect Joe Biden's goal to develop new fuel economy standards to ensure all new light- and medium-duty vehicles will be powered by electricity.

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CARMAKERS

* General Motors Co. warned that ongoing industrial unrest in South Korea could make it difficult for the company to invest or launch new products in the country, Reuters reported, citing GM's president for international operations Steve Kiefer. Workers have staged two, four-hour strikes daily since Oct. 30 over wage issues, which will equate to 20,000 vehicles in lost production by the end of the week.

* Nissan Motor Co. Ltd. COO Ashwani Gupta said the Japanese carmaker's U.K. business will not be sustainable without a Brexit trade deal, Reuters reported. Gupta said the company is not seeking compensation from Britain for any no-deal related costs.

* A U.S. district court judge dismissed four counts and a portion of a fifth count in the 13-count indictment against Fiat Chrysler Automobiles NV senior manager Emanuele Palma, who was charged with conspiracy to defraud the U.S. after allegedly making misstatements to regulators about the emissions control software used in diesel vehicles, Reuters reported.

ELECTRIC VEHICLES

* Shanghai-based electric-vehicle maker NIO Ltd. said it expects fourth-quarter revenue to grow 119.7% to 126% year over year after reporting a third-quarter adjusted net loss that narrowed to 996.0 million yuan from 2.45 billion yuan in the year-ago period. Vehicle deliveries jumped 154.3% during the quarter.

* Daimler AG and China's Geely Automobile Holdings Ltd. will team up to manufacture next-generation engines for hybrid drivetrains in Europe and China, Reuters reported Nov. 17, citing a Daimler spokesperson.

* About 200 owners of Hyundai Motor Co. Kona electric vehicles have filed a class-action suit against the South Korean automaker due to battery fires, Reuters reported. They are initially seeking 8 million South Korean won per plaintiff.

* Volkswagen AG-owned truck maker Scania plans to invest more than 1 billion Swedish kronor in a battery assembly plant in Södertälje, Sweden. The company will build an 18,000-square-meter facility, which will be operational by 2023. Scania will also invest €15.5 million in a new battery laboratory in Södertälje.

* U.K.-based electric van and bus maker Arrival Ltd. is in talks to go public through a merger with blank check company CIIG Merger Corp., Bloomberg News reported, citing people familiar with the matter. The company, which is backed by investors including BlackRock Inc., would reportedly have an enterprise value of $5 billion to $6 billion.

* Panasonic Corp. will team up with Norwegian companies Equinor ASA and Norsk Hydro to explore establishing a lithium-ion battery manufacturing business in Norway. Preliminary findings from the project are expected in mid-2021.

POLICY, REGULATION AND SAFETY

* Joseph Ashton, former vice president of the United Auto Workers' General Motors department, has been sentenced to 30 months in prison for taking $250,000 in bribes and kickbacks from a UAW vendor.

* The state of Nevada granted approval for Boston-based Motional, a joint venture between Hyundai Motor Co. and Aptiv PLC, to test self-driving vehicles without drivers.

AUTOMOTIVE RETAIL

* New passenger car registrations in Europe fell 7.8% year over year during October to 953,615 units, according to the European Automobile Manufacturers' Association. Registrations are down 26.8% year-to-date.

MOTORCYCLES

* Minnesota-based all-terrain vehicle maker Polaris Inc. said its Chairman and CEO Scott Wine will step down from the company Dec. 31.

MARKETS

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