Short Torque

Renault Seeks Wider Role in electric cars, China in new strategy

Renault SA will double battery-powered offerings in the following five years and widen its presence in China to protect its global ranking in building rechargeable vehicles as competitors, including Volkswagen AG, expand in the segment. The much models will comprise half of Renault's lineup by the end of 2022 as the automaker rolls out eight new or refurbished wholly battery-powered autos and adds 12 hybrid models, CEO Carlos Ghosn said Friday in Paris. "We intend to remain the leading provider of mass-market electric vehicles," Ghosn said. rechargeable autos are "turning into a significant contributor to our performance," and "our vision is obviously now a profitable core business" with the models.

Toyota's Denso spends $1 billion on EVs and safety systems

Japan's Denso Corp is placing a $1 billion bet that the US auto sector's future is electric. Toyota Motor's top parts supplier said Friday that it'll invest that much to expand its factory in Maryville, Tennessee, to make components for electrified, connected and self-driving cars. The factory's customers include the Detroit Three and Japan-based carmakers, said Bill Foy, senior vice-president of engineering for Denso International America. The expanded facility will become one of the largest automotive component factories in North America at a time when EVs with autonomous and connected features are entering high-volume output for the first time.

Companies rush to put Saudi Women behind wheels of their models

Car companies haven't wasted any time courting the 9 million potential customers unlocked when Saudi Arabia lifted its ban on female drivers. The decision has lit up social media, with both cheers and jeers for the ruling, which takes effect in June. Also joining the chorus are automakers looking to capitalize on the move, racing each other to get the first word out to woo prospective female drivers in the Middle East's biggest economy. For now, car companies are trying to capture the attention of their potential female drivers. While SUVs have been a fixture on Saudi roadways for quite some time, carmakers may need to make smaller models for single working women and female students, analysts say. On the flip side, ride-hailing services like Uber could see a steep decline as more women get behind the wheel.

Fiat Chrysler CEO focuses on goals amid doubts on battery-powered deals

Fiat Chrysler Automobiles NV CEO Sergio Marchionne said he's focusing on the Italian-American carmaker's five-year strategy as the auto industry grapples with its biggest-ever challenges, stemming from new electric and self-driving technologies. Battery-powered autos have yet to become profitable, with the company losing as much as $20,000 per single car on its Fiat 500 subcompact's electric version, Marchionne said Monday in a speech at a university event in Rovereto, Italy. The carmaker, which the CEO has wanted to combine with a competitor to share development costs, hasn't been in talks with Hyundai Motor, he said in a Bloomberg Television interview, referring to South Korean media reports of a potential tie-up.

Elon Musk's focus on Model 3 to delay semitruck unveiling

Tesla pushed back the reveal of its semi truck by three weeks as CEO Elon Musk focuses on upping production of the less expensive sedan that the electric-car maker is counting on to dramatically increase sales. "Resources are being diverted to address the bottlenecks holding back the Model 3," Musk wrote in a tweet Friday. He's also delaying the semi unveiling to Nov 16 because Tesla is prioritizing efforts to increase battery output for Puerto Rico, which has sought the company's help to restore power following Hurricane Maria. Tesla built only 260 Model 3 sedans during the third quarter, less than a fifth of its 1,500-unit forecast.

General Motors stock rises as $30 billion business emerges from bet

A surprising theory is fueling a long-awaited breakthrough for General Motors shares: that the stuffy century-old automaker may have some technology chops, after all. Bullish reports from a Deutsche Bank analyst who sees a $30 billion business emerging from GM's bets on self-driving and shared cars has concluded in the stock closing at a record each day this week. Analyst Rod Lache upgraded GM to a "buy" last month and said Monday that management didn't refute his prediction - the company will spin off its mobility business. The stock climb is a big turnabout for GM. For years, the shares were stuck in neutral as investors were smitten by Tesla Inc as the better bet on where the industry was headed - toward a future where plug-in cars pilot themselves between charges.

Automakers worldwide plot and plan as Tesla burns through billions unfazed

By the end of the year, electric carmaker Tesla will have burned through more than $10 billion without ever having made 10 cents, yet companies around the world are lining up to compete with it. Almost 50 new pure electric-car models will come to the market globally between now and 2022, including vehicles from Daimler AG and Volkswagen AG. General Motors raised the stakes Monday by pledging to sell 20 all-electric vehicles by 2023, including launching two new EVs in the next 18 months. Even British inventor James Dyson is getting into the game, announcing last week that he's investing two billion pounds ($2.7 billion) to develop an electric car in addition to the batteries to power it.

Agencies

(China Daily 10/09/2017 page19)