Europe

MILAN — Fiat Chrysler Automobiles is close to securing a 6.3 billion-euro ($6.9 billion) credit facility as Italy’s biggest retail bank, Intesa Sanpaolo, is expected to give conditional approval at a board meeting on Tuesday to a state-guaranteed loan, according to people familiar with the matter. The loan would be Europe’s biggest government-backed financing to
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LONDON — Aston Martin CEO Andy Palmer is leaving the automaker as part of a management shake-up, the Financial Times reported, citing people with knowledge of the move. The company will name Tobias Moers, CEO of Mercedes-AMG, as Palmer’s replacement on Tuesday, the paper reported on Sunday. Daimler owns a 5 percent stake in Aston
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A German startup run by a former Audi engineer has received backing for his planned makeover of the assembly-line approach to carmaking introduced by Henry Ford a century ago. The company, Arculus, wants automakers to abandon rigid production lines and adopt its more flexible platform in which self-driving robots move half-built cars to different sections. London-based
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LONDON — Automotive industry borrowers have raised $155 billion amid the coronavirus outbreak as the pandemic shutters showrooms and factories. Companies worldwide have been drawing down on existing credit lines and seeking new credit deals to weather the health crisis, which has hit demand for vehicles. The $155 billion gathered since mid-March, when global cities went
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In Germany, Karl-Thomas Neumann sees a country rooting its next-generation mobility culture around traditional cars. In Israel, he sees one formulating future plans around a variety of transportation modes. The longtime automotive executive lamented Germany’s lack of vision and praised Israel’s efforts during remarks at the virtual EcoMotion mobility tech conference. EcoMotion is a joint
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LONDON — The UK government will offer a degree of post-Brexit protection to the country’s auto industry by keeping a 10 percent tariffs on cars imported from countries with which Britain has no trade agreement, while lowering levies on raw materials used in car production. The government on Tuesday announced a new tariff regime that
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TOKYO — Toyota, Honda and Mazda all intend to keep stoking their heavy spending on costly next-generation technologies, even as the COVID-19 pandemic inflicts financial pain on them. Toyota  saw net income tumble 86 percent in the January-March quarter, and Honda plunged to a net loss. But both said cash reserves are fine and that
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Daimler is suspending production at a Mercedes-Benz SUV plant due to a shortage of parts supplied from Mexico. The Vance, Alabama, operation won’t build vehicles next week, according to an internal notice viewed by Bloomberg. Workers are being given the option to use vacation time or go without pay and file for state and federal
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Nissan may build the Renault Kadjar and Captur SUVs at its plant in Sunderland, England, the Financial Times reported, citing sources close to the discussions between the alliance partners. The plant has the capacity to produce the SUVs because they share the same underpinnings as the Nissan Qashqai and Juke, which are built in Sunderland.
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Fiat Chrysler Automobiles and French rival PSA Group decided to scrap the 1.1 billion euro ($1.2 billion) dividends that each agreed to pay as part of their merger agreement, citing the negative impact of the global coronavirus pandemic. Fiat Chrysler and PSA had vowed to each distribute those dividends this year as part of their
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Tesla sued local authorities in California as the company tried to reopen a factory there and CEO Elon Musk threatened to move Tesla’s headquarters and future programs from the state to Texas or Nevada. Musk has been pushing to restart Tesla’s Fremont, California, factory after Alameda County’s health department said the company must not reopen
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DETROIT — Lear managed to churn a profit in the first quarter of 2020 despite a significant impact on production from the global COVID-19 outbreak. The seating and electronics supplier said net income fell 67 percent to $76.4 million during the quarter while revenue fell 14 percent to $4.5 billion. COVID-19 sliced $900 million of
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