Trade News

Chinese carmaker Li Auto Inc.’s second-quarter loss widened as the cost of making and selling electric vehicles took a toll on the company’s bottom line.

Li Auto posted a net loss of 235.5 million yuan ($36.4 million), compared to a 75.2 million yuan shortfall a year earlier, the Beijing company said in a statement Monday. Analysts had been looking for a 38 million yuan profit. Revenue for the period was 5.04 billion yuan, in line with analyst estimates of 5.01 billion yuan.

The carmaker, which has just one model for sale -- the Li One crossover powered by an electric motor and gasoline engine -- delivered a record 17,575 units in the quarter, a 166 percent increase from a year earlier. It shipped 8,589 vehicles to local customers in July, putting it on par for the first time with California-based EV pioneer Tesla Inc., whose local shipments plunged last month.

“The 2021 Li One received rave reviews and strong endorsement from users, resulting in cumulat…

BEIJING -- Geely Automobile said on Monday that it had proposed a share award program for employees as part of a "common prosperity" plan.

The Chinese government is encouraging companies to implement initiatives to share wealth as part of a "common prosperity" drive laid out by President Xi Jinping to ease inequality in the world's second-largest economy by increasing the earnings of low-income groups and curbing excessive wealth among individuals.

Under Geely's planned scheme, the carmaker will issue up to 350 million new shares for employees, representing around 3.56 percent of the company's current total number of issued shares, Geely said in a filing at Hong Kong Stock Exchange.

Geely, China's biggest non-state owned carmaker, currently has a market capitalisation of over HK$264 billion ($33.90 billion).

The company said following adoption of the plan, its board would in a first phase grant 167 million shares to 10,884 selected participants. Read more about Geely plans staff share awards in ‘common prosperity’ push

The ongoing chip shortage has forced Stellantis to halt Ram 1500 production this week at its Sterling Heights Assembly Plant in Michigan.

The Sterling Heights facility, which employs 7,068 and operates on three shifts, will be down for one week. The plant also had downtime in July.

Sterling Heights is just one of several Stellantis sites cutting production.

The Belvidere Assembly Plant in Illinois, which builds the Jeep Cherokee, and the Windsor Assembly Plant in Ontario, which handles the Pacifica and Voyager minivans, are down the weeks of Aug. 30 and Sept. 6.

The Brampton Assembly Plant in Ontario, which assembles the Dodge Challenger, Charger and Chrysler 300, is down this week.

"Stellantis continues to work closely with our suppliers to mitigate the manufacturing impacts caused by the various supply chain issues facing our industry," the company said in a statement Monday.

The Windsor site was also down the weeks of Aug. …

Legal expert Justin Savage chats about the legalities of going public via a special-purpose acquisition company and lessons learned from recent probes into some EV startups.

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China Evergrande Group’s electric-vehicle unit said it might have to delay car production unless it can secure more capital in the short-term.

“The mass production of Hengchi vehicles has entered the final stretch, nonetheless the group is still facing challenges on its cash flows,” the company said in a statement to the Hong Kong stock exchange Monday. “If the group lacks further capital contribution in the short term, the mass-production timetable of new energy vehicles may have to be delayed.”

The Hong Kong-listed unit, China Evergrande New Energy Vehicle Group, reported a 4.8 billion yuan ($742 million) loss in the six months to June 30, it said earlier Monday, confirming a profit warning from the parent company last week. Revenue came in at 6.9 billion yuan, with the vast majority of that from the group’s health and aged-care business.

More than two years have now passed since Evergrande’s billionaire Chairman Hui Ka Yan pledged to overtake Elon Mus…

Hurricane Ida battered southeastern Louisiana with torrential rainfall and high winds Sunday and Monday, causing flooding and extensive power outages throughout the region and forcing auto dealerships to close.

More than 1 million homes and businesses in the state were without electricity Monday morning. All of New Orleans lost power Sunday evening because Ida caused extensive damage to the transmission system of Entergy, the city's main utility.

Ray Brandt Auto Group has nine stores in the state. Several are clustered around New Orleans. The group said in a Facebook post that all of its dealerships would be closed on Monday.

Southland Dodge, a Dodge-Chrysler-Jeep-Ram-Fiat dealership in Houma, La., closed Saturday in anticipation of the storm.

Premier Automotive Group’s five Louisiana stores experienced no major damage but lost power, dealer principal Troy Duhon told Automotive News.

The group’s corporate office was vandalized and a vehic…

A 2019 Tesla Model 3 reportedly driving on Autopilot mode crashed into a parked Florida Highway Patrol car Saturday morning, according to a police report.

The state trooper had stopped to help the driver of a disabled 2012 Mercedes-Benz GLK350 on an interstate highway near downtown Orlando around 5 a.m. when the incident occurred, the report states.

The emergency lights were activated on the state patrol car -- a 2018 Dodge Charger -- when the 26-year-old female driver in the Tesla slammed into it and then crashed into the disabled vehicle, narrowly missing the trooper, the report says. There were no major injuries.

The Tesla's Autopilot advanced driver-assistance system was engaged when it struck the patrol car, police officials tweeted.

A NHTSA spokesperson had no immediate comment on the matter.

U.S. auto safety regulators this month opened an investigation into the EV maker's Autopilot mode after a series of collisions with first respo…

No need to double-check the license plate on these Lyft rides before getting in.

The ride-hailing company surprised some customers in New York, Los Angeles, Atlanta and Chicago last week by picking them up in an Oscar Mayer Wienermobile. The rides included music, neon lights, free shirts, hot dog masks and a souvenir Weenie Whistle.

Customers in those cities received a notification on their phone that they might get to relish such a unique experience by summoning a Lyft XL.

"Oscar Mayer has a legacy of elevating enjoyment from people's plates into pop culture — from our 27-foot-long Wienermobile, to the iconic Weenie Whistle, to the famed 'Oh, I wish' jingle," said Megan Lang, Oscar Mayer associate marketing director. "With the world as our canvas and meat as our medium, we want to do all we can to spark unexpected smiles wherever we go."

The promotion comes after the food brand's newest campaign, "Keep It Oscar," launch…