Europe

LONDON — The McLaren Group announced a 550 million pound ($758 million) equity investment, with much of it coming from Saudi Arabia’s Public Investment Fund (PIF) and global investment firm Ares Management. McLaren Group includes the British supercar maker as well as McLaren Racing, which competes in Formula One and IndyCar in the United States
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Aston Martin has unveiled its first plug-in hybrid model with the 937-hp Valhalla hypercar. The Valhalla is the second of three mid-engine models Aston Martin has promised as it shifts into segments long dominated by Ferrari. Deliveries of the delayed Valkyrie are planned to start September this year, with a lower-priced mid-engine supercar called Vanquish
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French President Emmanuel Macron will meet with executives and union representatives from the automobile sector on Monday to discuss the green transition, ahead of the publication of a sweeping climate-policy package by the European Union. The meeting will revolve around “what’s at stake for the sector,” Macron’s office said on Saturday. The European Commission is
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FRANKFURT — Volkswagen Group’s Porsche brand said it will form a joint venture with Croatia’s Rimac Automobili that will include VW’s Bugatti brand, confirming plans mapped out earlier this year. The venture will be called Bugatti-Rimac. Rimac will own 55 percent, with Porsche owning the rest. The new entity will be established in the fourth
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Volvo’s goal to sell 800,000 vehicles globally by 2020 was derailed by the pandemic, but the automaker’s rapid recovery over the last 12 months has put the target within reach again. “Right now we are on a run rate of 770,000,” Volvo CEO Hakan Samuelsson told Automotive News Europe. “I think we will finish 2021
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Slovakian battery startup InoBat has appointed two more former Aston Martin executives to top positions within the company, who will join the supercar maker’s ex-CEO, Andy Palmer. Paul Hancock will be chief financial officer at InoBat after leaving his position as deputy chief financial officer at Aston Martin. Hancock had worked at the British automaker
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BMW has established a second corporate venture fund, earmarking $300 million to bankroll startup companies focused on sustainability, advanced manufacturing and future transportation, the automaker said. BMW i Ventures, based in Mountain View, California, will manage the fund, as well as continuing to disburse money from its initial 500-million-euro ($593 million) fund. The two funds
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FRANKFURT — Renault and Royal Dutch Shell are among companies interested in taking a stake in electric vehicle charging group Ionity, two people familiar with the matter said. Ionity, whose owners include Volkswagen, Daimler, BMW and Ford, in March said it was examining ways to expand its network of fast-chargers across Europe, adding additional shareholders
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LONDON — Nissan is expected to confirm as soon as this week that it will build a battery gigafactory in Sunderland, northeastern England, as part of its electric vehicle strategy. “I understand Nissan will confirm as soon as this week details of its EV strategy for the UK, including the construction of a battery gigafactory
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BERLIN — Continental has appointed company veteran Gilles Mabire as its chief technology officer for the supplier’s automotive technologies business. Mabire will lead 17,000 engineers worldwide working on embedded software and the development of high-performance computers seen as an essential component of future vehicle architectures, the German supplier said in a statement on Wednesday. Mabire,
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DETROIT — Ford Motor Chief Technology Officer Ken Washington, who developed the automaker’s next-generation electrical architecture and other advanced technologies, is leaving for a job with Amazon. Washington, who has three nuclear engineering degrees and joined Ford in 2014 from the Lockheed Martin space program, will step down July 16 to become Amazon’s vice president
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PARIS — Peugeot is adding plug-in hybrid options and features such as a motorized hatchback to its latest 308 station wagon to challenge the Skoda Octavia, which dominates compact wagon sales in Europe. The first deliveries of the new 308 wagon are scheduled for the beginning of 2022, Peugeot said. The 308 wagon’s motorized hatchback can
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Volkswagen Group is undergoing the world’s largest industrial overhaul for the electric-vehicle age, plotting half a dozen battery plants just in Europe and retooling assembly lines around the globe. And yet, its CEO sees autonomous-driving technology bringing about an even bigger shift. “This change will transform the industry more than EVs or the electrification does,”
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FRANKFURT — Porsche is setting up a joint venture with Customcells to produce high-performance batteries that will significantly reduce charging times, the automaker said. The partnership with Customcells, a company in southern Germany specializing in lithium-ion cells, will aim to produce car batteries with higher energy density than prototypes used in Porsche’s current electric cars,
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U.S. electric vehicle startup Canoo has chosen VDL Nedcar to build its Lifestyle Vehicle, starting with up to 1,000 units for both the European and U.S. markets in 2022, with a target of 15,000 units in 2023, Canoo CEO Tony Aquila told investors on Thursday. Canoo said its arrangement with the contract manufacturer will allow
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