PARIS: Racing Force Group (RFG.MI) reported a sharp acceleration in third-quarter 2025 revenue growth on Tuesday, driven by robust demand for its driver equipment and new helmet models, prompting the motorsport safety specialist to reaffirm its positive outlook. The Italy-based company, which develops and markets safety components for motorsports, said consolidated revenues for the third…
Tag: automotive industry
Renault Group raises €850 million in oversubscribed green bond offering
PARIS: Renault Group announced Tuesday the successful placement of its first-ever green bond issuance, raising €850 million with a maturity date of Sept. 30, 2030, and a coupon of 3.875%. The offering was significantly oversubscribed, signaling strong investor confidence in the automaker’s strategic transformation under its Renaulution plan. Proceeds from the bonds will be allocated…
Ford to invest $2 billion in Kentucky plant for affordable EVs
LOUISVILLE: Ford Motor Co. said Monday it will invest $2 billion in its Louisville Assembly Plant to accelerate production of affordable electric vehicles, marking a major step in the automaker’s push to expand its EV lineup. The Detroit-based company plans to build a midsize, four-door electric pickup at the Kentucky facility, with production expected to…
U.K.-U.S. trade deal takes effect, cuts tariffs on British cars but leaves metals in question
LONDON: A new U.K.-U.S. trade deal took effect Monday, granting British car exports preferential tariff rates while leaving final levies on metal shipments unresolved. The agreement, the first Washington has struck since President Donald Trump announced reciprocal tariffs in April, imposes a blanket 10% duty on most British goods entering the U.S. For autos, the…
Tesla sales rebound in Australia amid global challenges
Tesla reported a sales rebound in Australia in May, with deliveries reaching their highest level in nearly 12 months. The automaker sold 3,897 vehicles, driven by record sales of its updated Model Y SUV, which surged 122.5% year over year. However, Model 3 sales dropped significantly. Despite the May rebound, Tesla’s year-to-date sales in Australia…
Pinewood.AI to acquire Lithia’s stake in North American JV in $76.5 million deal
LONDON: Pinewood.AI, a leading cloud-based software provider for the automotive retail sector, has agreed to acquire Lithia UK Holdings Limited’s 51% stake in Pinewood North America LLC for $76.5 million, the company announced today. The deal, structured through the issuance of 14,560,691 new ordinary shares in Pinewood.AI at 386.5 pence per share, values the joint…
Tesla’s Australian sales surge as Model Y demand soars
Tesla saw a rebound in Australian sales in May, hitting their highest level in nearly a year despite declines in the U.S. and Europe. The EV maker reported 3,897 deliveries, largely driven by strong demand for its revamped Model Y compact SUV, which surged 122.5% year over year. In contrast, sales of the Model 3…
Renault and Volvo launch Flexis SAS for next-gen electric vans
PARIS: Renault Group and Volvo Group have announced the completion of their joint venture, Flexis SAS, marking a significant leap in the production of next-generation electric vans. The new venture, which follows the binding agreements signed on October 6th, 2023, has received all necessary regulatory approvals and is poised to revolutionize urban logistics with its…
Atos joins Catena-X, the automotive industry network across Europe
PARIS, FRANCE: Atos is now a member of Catena–X, an open, scalable European network, based on the GAIA-X cloud infrastructure initiative, which aims to enable secure cross-company data exchange across the automotive industry to improve efficiency, accelerate innovation and decarbonization, and thereby strengthen the competitiveness of the European automotive industry. Atos, founding and Board member of GAIA-X, will be joining leading automotive manufacturers…
BASF and GO Pakistan sign MoU for research-based collaboration for the automotive industry
KARACHI: BASF has entered a partnership with Gas and Oil (GO) Pakistan to help vehicles improve fuel efficiency and reduce their environmental impact, a news release said. A memorandum of understanding (MoU) was signed in the presence of Faisal Akhtar, Managing Director, BASF Pakistan and Zeeshan Tayyeb, Chief Operating Officer, GO Pakistan. Under the MoU,…