TOP NEWS
* BYD Co. Ltd. shares dipped 2.73% over weak third quarter forecast even though its first-half net income tripled to 1.46 billion yuan, meeting the S&P Global Market Intelligence mean consensus estimate. The Chinese electric-vehicle maker said it expects a "significant" year-over-year decrease in net income and sales of new energy vehicles to slow down in the third quarter under the impact of various factors including declining demand and the considerable reduction in subsidies for new energy vehicles in China.
* President Donald Trump criticized Ford Motor Co. for its pushback against his fuel economy plan, which would freeze Obama-era fuel-economy standards, and support for California's stricter emissions standards. Trump said that founder Henry Ford "would be very disappointed" with the modern-day automaker. Ford responded that it is proud to support more sustainable vehicle standards and will continue to produce "cleaner, smarter and safer vehicles."
ELECTRIC AND AUTONOMOUS VEHICLES
* Volkswagen AG's Audi could reportedly join the self-driving car alliance between Bayerische Motoren Werke AG and Daimler AG and may announce the move in September, Reuters reported, German weekly news magazine Wirtschaftswoche. Audi also will continue to collaborate with Volkswagen's self-driving alliance with Ford, the report added.
* U.S. tech giant Alphabet-owned Waymo LLC will release high-resolution sensor data collected from 1,000 driving segments to aid researchers in developing autonomous vehicle software. The California-based self-driving company said the Waymo Open Dataset will be available for free and contains data from different environments and driving conditions.
MOBILITY SERVICES
* A consortium comprising Russian internet group Mail.ru Group Ltd. and private equity firm Proxima Capital Group took a controlling stake in car-sharing company YouDrive for an undisclosed amount. The startup will use the funds to drive organic growth.
POLICY, REGULATIONS AND SAFETY
* China could ban gasoline-powered vehicles in select areas of the country before phasing them out entirely, Reuters reported, citing a document posted on the Ministry of Industry and Information Technology website. The document did not provide a timetable for the plans, according to the report.
* India's road transport and highways minister, Nitin Gadkari, said the government does not plan to limit or stop the production of petrol and diesel-powered vehicles and that it does not plan to impose a deadline on automakers for shifting to electric vehicles, which will be allowed to "happen in natural progression," Mint reported.
* Toyota Motor Corp. will recall a total of 14,215 RAV4 vehicles of model year 2019 that were sold in the U.S. over concerns that their back-up camera may not activate when the car is in reverse, increasing the risk of a crash.
* Japanese tire-maker Bridgestone Corp. said it won a design patent infringement lawsuit against Chinese rivals Guangzhou South China Rubber and Tire Co. Ltd. and Guangzhou Wanli Tire Trading Co. Ltd., which reportedly copied Bridgestone's tread patterns for SUV tires. The Shanghai Intellectual Property Court ordered the Chinese companies to pay damages of about 600,000 yuan, or ¥9.6 million, and to cease sales and manufacturing of the infringing tires.
* Indian carmaker Mahindra & Mahindra Ltd. said its logistics arm will operate a parts distribution center for Volkswagen India in Bangalore and the National Capital Region.
AUTOMOTIVE RETAIL
* Goldman Sachs is mulling a sale of auto warranty company Safe-Guard Products International LLC, but there is no certainty a deal will be announced, Reuters reported, citing sources familiar with the matter. The sale could value Safe-Guard at more than $1 billion, inclusive of debt, and the investment banking giant is working with advisers on a possible auction for the company, the sources said.
COMMERCIAL VEHICLES
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The day ahead
Early morning futures indicators pointed to a lower opening for the U.S. market.
In Asia, Hang Seng dropped 0.84% to 26,048.72, while the Nikkei 225 gained 0.05% to 20,628.01.
In Europe, around midday, the FTSE 100 fell 0.59% to 7,161.28, and the Euronext 100 was down 0.39% to 1,050.52.
On the macro front
The jobless claims report, the PMI composite FLASH report, the leading indicators report, the EIA natural gas report, the Kansas City Fed Manufacturing index, the Fed balance sheet and the money supply report are due out today.
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