SYDNEY – Australian automotive dealership group Peter Warren Automotive Holdings Limited (ASX: PWR) announced Friday it has agreed to acquire Wakeling Automotive, a family-owned multi-franchise dealership group based in Macarthur, New South Wales. The strategic acquisition, valued at approximately $28 million, will add 30 dealerships representing 16 brands to Peter Warren’s portfolio. Brands include…
LONDON – Britain’s government will introduce a new “pay-per-mile” tax for electric vehicles (EVs) starting in 2028, Chancellor Rachel Reeves announced in her Autumn Budget, a move designed to offset falling fuel duty revenues but which critics warn could dampen consumer demand for zero-emission cars. The new levy, set at 3 pence per mile…
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…
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…
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,…
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…
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…
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…
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…
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…
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…