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Peugeot to exit Iran; Tesla said to refund 23% Model 3 deposits

TOP NEWS

* French carmaker Peugeot SA said it would pull out of its joint venture activities in Iran to avoid sanctions that the U.S. intends to renew following its withdrawal from the Iran nuclear deal. The automaker said that since its Iranian activities accounted for less than 1% of its revenue, the decision does not change the company's financial guidance. The company said it is "engaging with the U.S. authorities" to consider a waiver.

* Tesla Inc. has refunded 23% of reservation deposits on its entry-level Model 3 since bookings for the sedan began in 2016, shelling out more on refunds than it is earning on new reservations in 2018, according to a report by analytics firm Second Measure. The figure does not include instances of reservation cancellation where customers are still awaiting refunds. As of April, 8% of U.S. Model 3 depositors had configured a Tesla for production.

CARMAKERS

* Jean-Marc Gales, CEO of British sports car maker Lotus Cars, is stepping down due to personal reasons and will be succeeded by Feng Qingfeng, vice president and chief technology officer at Geely Auto Group, parent company Geely Automobile Holdings Ltd. said in a statement. Gales, credited with turning around Lotus Cars to post its first profit in 2017, will become chief strategic adviser to Lotus Chairman Daniel Donghui Li, Geely said.

ELECTRIC AND AUTONOMOUS VEHICLES

* General Motors Co.'s China unit will launch 10 new electrified models in the country from 2021 through 2023, in addition to the 10 models the company planned to launch from 2016 through 2020, Reuters reported, citing a media briefing by GM China head Matt Tsien.

* Japan is looking to launch a driverless car system trial on public roads in fiscal 2018, aiming to roll out the service in time for the 2020 Tokyo Olympics, Reuters reported, citing a government strategic review that was showcased at a meeting chaired by Prime Minister Shinzo Abe. The government reportedly expects to commercialize the self-driving car service as early as 2022.

* Daimler AG will launch battery-powered luxury cars as planned, refuting a report in German business daily Handelsblatt that the company is facing delays amid battery shortages and other technical problems, Reuters reported. A Daimler spokesman said a plug-in hybrid version of the new S-Class will be launched according to the plan. However, the spokesman did not specify a launch date for the EQC model. "We are on target, there are no delays," the spokesman said.

* Geely Automobile Holdings and Hainan State Farms Investment Holdings Group Co. Ltd., or HSF, are collaborating on ride-sharing and new energy initiatives. Under the deal, HSF and Geely's electric vehicle ride-hailing service Share'n Go will launch in the country's Hainan province. HSF and Share'n Go also will tap Hainan's methanol reserves to push for the use of methanol-fueled vehicles, with a view to building a methanol fuel transmission system and refueling service stations across the province, Gasgoo reported. The companies reportedly will also work together to develop flying cars.

AUTO PARTS AND EQUIPMENT

* Chinese battery maker BYD Co. Ltd. is considering setting up battery production plants for automotive and home storage purposes outside the country, including in Europe, Reuters reported, quoting the company's Global Sales Director Julia Chen. The move reportedly would be in line with a growing number of Asian companies like Chinese peer Contemporary Amperex Technology Co., Ltd and South Korea's SK Innovation Co. Ltd. exploring battery production facilities in Europe.

* Magna International Inc. unit Magna Steyr AG & Co. KG will build BMW Group's Z4 at its Graz, Austria, plant from 2018-end as part of its contract vehicle manufacturing business. The company has a partnership with BMW Group since 2001 and built the first BMW X3 at its facility in 2003, Magna said.

AUTOMOTIVE RETAIL

* The U.K. new car market grew 3.4% in May with 192,649 new vehicles registered, according to figures released by the Society of Motor Manufacturers and Traders. Demand for hybrid and plug-in cars grew by 36.1% to 11,240 units, accounting for a record 5.8% of the market. Meanwhile, the U.K. light commercial vehicle market rose rising 2.4% with 27,639 new vans registered in May, according to the SMMT.

* Overall car registrations in Germany fell 5.8% year over year to 305,057 units in May as most carmakers posted a sales decline, Automotive News Europe reported, citing information released by the country's KBA motor vehicle authority. Volkswagen AG's namesake brand was the only top carmaker to report a sales growth, up 5.8% at 63,835 vehicles. Fiat Chrysler Automobiles NV's sales were down 14%, Peugeot SA's sales fell by 9.9% and Hyundai Motor Co.'s sales dropped 10%. BMW Group posted a 16% decline in sales, while Daimler AG-owned Mercedes-Benz recorded a 13% drop year over year, the newspaper said.

The day ahead

Early morning futures indicators pointed to a higher opening for the U.S. market.

In Asia, Hang Seng gained 0.31% to 31,093.45, while the Nikkei 225 rose 0.28% to 22,539.54.

In Europe, around midday, the FTSE 100 dropped 0.33% to 7,715.60, and the Euronext 100 lifted 0.55% to 1,070.93.

On the macro front

The Redbook Index, the US Services Purchasing Managers' Index, the Institute For Supply Management nonmanufacturing index and the Labor Department's JOLTS report are due out today.

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