Volvo to be electric-only brand by 2030; EVs will be sold exclusively online

The bid is backed by a travel industry-focused investment fund that Knighthead and Certares created last year to take advantage of an expected rebound in companies that were disrupted by the COVID-19 pandemic.

India is ready to offer incentives to ensure Tesla Inc.'s cost of production would be less than in China if the carmaker commits to making its electric vehicles in the South Asian country, Reuters reported.

As of January, Nio had delivered 82,866 electric cars in China since its first model came to market in June 2018. Its high-end utility vehicles have proven a hit with wealthy consumers, helping to push Nio’s gross margin to 17.2 percent in the December quarter.

Project Black S, based on the Q60 coupe, debuted as a running prototype at the 2018 Paris auto show to showcase technologies developed in collaboration with the Renault Sport Formula One racing team.

U.S. light-vehicle sales fell nearly 10 percent at Hyundai and Kia in February, in line with forecasts for what is expected to be a weaker month with fewer selling days as the industry slowly recovers from the pandemic. Volume surged 51 percent at Genesis.

Toyota said proceeds from the sale of “Woven Planet Bonds” will be used for projects such as the development of zero emission and assisted mobility vehicles, and increased use of renewable energy.

Daimler's decision to prioritize Europe for Mercedes EVs led to the automaker failing to achieve fuel economy targets in the two key markets.

Volvo aims to be an electric-only brand in less than a decade and plans to sell all its EVs exclusively via its online store. When asked what this means to Volvo's global retail network, Lex Kerssemakers, head of global commercial operations, said no closures are planned.

The Five Star Automotive Group, based in Atlanta, has purchased five Mike Raisor Automotive Group dealerships in Lafayette, Ind. The expansion includes two new brands for the group.

President Joe Biden's vow to set aside at least 30 percent of U.S. federal land and coastal areas for conservation could clash with his promises to environmentalists and labor unions to support electric-vehicle output.