TOP NEWS
* Volkswagen AG rejected a judge's call to settle the largest collective lawsuit in Germany over manipulation of diesel emissions tests, Reuters reported. Volkswagen reportedly said it believes that there is no damage or cause for complaint. Presiding Judge Michael Neef asked the 470,000 diesel-car owners who signed up for a case against the group to show the damage caused by the scandal, Bloomberg News reported. Even if the court finds damages, claims may be lowered because of drivers' continued use of their cars over time, the judge reportedly said.
* Ford Motor Co. and India's Mahindra & Mahindra Ltd. signed a definitive agreement to create a joint venture valued at $275 million that will develop, market and distribute Ford vehicles in India and Ford and Mahindra vehicles in emerging markets around the world. Mahindra will own a 51% controlling stake in the venture, with Ford owning the rest. Ford will transfer its India operations to the joint venture, except Ford's engine plant operations in Sanand and the Global Business Services unit, Ford Credit and Ford Smart Mobility.
CARMAKERS
* Nissan Motor Co. Ltd. said it will introduce 14 models at the 2019 Tokyo Motor Show, including a zero-emission, intelligent-mobility concept car called the IMk. The Japanese carmaker will also introduce versions of its LEAF e+, Serena e-POWER, GT-R and Skyline equipped with the ProPilot 2.0 driver assistance system.
* Ford Motor Co.'s Chinese arm said its joint venture with local carmaker Chongqing Changan Automobile Co. Ltd. opened a new research and development center in Chongqing, Automotive News reported. Changan Ford will use the center to develop vehicle prototypes and test vehicles for emissions requirements, endurance, performance and functionality, the report said.
* Fiat Chrysler Automobiles NV workers in Cassino, Italy, staged a strike after an employee died in an accident while trying to move a mould in the plant's cold press area, Reuters reported, citing officials. The workers are demanding stricter safety measures for the site, which produces the Alfa Romeo Giulia sedans and Alfa Romeo Stelvio SUV models.
* Chinese carmaker SAIC Motor Corp. Ltd. said it began producing MG vehicles at its Ningde plant in the Fujian province, Automotive News reported. The 5 billion yuan plant has an annual capacity of 240,000 vehicles and will produce MG models including the HS, MG6 and EZS, for export.
* AUDI AG named Alfons Dintner the CEO of its Hungarian arm, effective Oct. 1. The Volkswagen AG-owned carmaker said Dintner will replace Achim Heinfling, who will take the helm of Audi's plant in Ingolstadt, Germany.
* Volkswagen's namesake brand named Dirk Große-Loheide to its board as the head of procurement operations, effective Oct. 1. Große-Loheide replaces Stefan Sommer, who will focus on board-related tasks.
* French carmaker Renault SA said it formed a social and sustainable impact division, which will be led by Christine Rodwell, effective Oct. 1. Renault said the division will house its corporate social responsibility arm and the Groupe Renault Foundation.
ELECTRIC VEHICLES
* Volkswagen CEO Herbert Diess said its ID.1 Polo-size electric compact, which will retail for under €20,000, will probably not go into production before 2023 and that it will be built in Emden, Germany, Electrive reported.
* Tesla Inc. delivered 7,289 Model 3 vehicles in the Netherlands during the third quarter, with 2,261 deliveries made in September, Electrek reported, citing registration data.
* Credit Suisse and RBC Capital Markets analysts predict that Tesla could see year over year revenue decline in the third quarter as its cheapest Model 3 takes over its sales mix, Bloomberg News reported. Tesla is reportedly aiming for a new delivery record of 100,000 vehicles for the quarter.
* Electric-vehicle maker Polestar will start producing its Polestar 2 model in the first quarter and roll out the cars in San Diego, San Francisco, Los Angeles and Seattle in the U.S. and in Vancouver in Canada in the second quarter, The Detroit News reported, citing COO Jonathan Goodman. The Polestar 2, owned by Volvo Cars, will feature a 275-mile range and will retail for $63,000. The company plans to eventually sell the vehicle for about $45,000 in a bid to challenge Tesla's Model 3.
AUTONOMOUS AND CONNECTED VEHICLES
* Waymo LLC launched a campaign called Let's Talk Self-Driving, which aims to promote its self-driving taxi service Waymo One and educate children on the technology. Waymo, owned by Google-parent Alphabet, launched the campaign in partnership with organizations including the American Automobile Association in Northern California, Nevada and Utah, Mothers Against Driving, The Foundation for Blind Children and The National Safety Council.
* German auto-parts maker Continental AG renamed its powertrain unit to Vitesco Technologies, effective immediately. The unit will be headquartered in Siemensstrasse, Austria, and has been operating independently since January. Vitesco will focus on clean and sustainable mobility by developing smart and electric powertrains.
* Autokiniton US Holdings Inc. said it completed its acquisition of auto-parts maker Tower International Inc. for $31 per share in cash. Autokiniton U.S. Holdings is a unit of Autokiniton Global Group LP, which supplies metal-formed components and complex assemblies to the automotive industry.
AUTOMOTIVE RETAIL
* Indian auto industry slowdown continued in September as its largest carmaker, Maruti Suzuki India Ltd., saw sales plunge 24.4% year over year to 122,640 vehicles, with the Suzuki Motor Corp. subsidiary's passenger car sales dropping 31.5% to 78,979. Mahindra & Mahindra also reported a 21% decline in total sales at 43,343, while the Hinduja Group's commercial vehicle unit Ashok Leyland reported a 55% decline in total commercial vehicle sales at 8,780.
* South Korean carmaker Hyundai Motor Co. sold 382,375 vehicles worldwide in September, down 1.3% year over year, while sister company Kia Motors Corp. sold 233,648 vehicles during the month, up 1.3%.
MOTORCYCLES
* Polaris Inc., the maker of Indian Motorcycles brand, said it plans to increase its market share for heavy motorbikes in Japan to 10% by 2025, Bloomberg News reported, citing Polaris Japan manager Kintaro Izumida. Polaris will double its Indian Motorcycle store count to 30 and relaunch the brand, Izumida said.
NY climate week marked with pledges and new initiatives
Nintendo switches on import growth; MSC's trusted trader status is reinstated
The day ahead
Early morning futures indicators pointed to a higher opening for the U.S. market.
In Asia, the Nikkei 225 lifted 0.59% to 21,885.24.
In Europe, around midday, the FTSE 100 fell 0.40% to 7,378.59, and the Euronext 100 was down 0.15% to 1,097.49.
On the macro front
The Redbook Index for retail sales, the Purchasing Managers' Manufacturing Index, Institute For Supply Management manufacturing index and the construction spending report are due out today.
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