Carmakers borrow industry-leading $132 billion to weather Covid-19

The automotive industry has borrowed $132 billion since March as the spread of the coronavirus curbed demand for cars and closed factories. The sector is the largest user of funds put in place to ease the impact of the pandemic. The amount consists of $79 billion in new loans and $53 billion in drawdowns from existing credit lines. Facilities linked to the pandemic account for almost 80% of overall loan borrowings by the sector in the year to date. Loans for virus relief, which peaked during the March-to-June period, eased…

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Ford, other automakers will stay neutral on challenges to US vehicle emissions rule document

WASHINGTON: Four major automakers will not take a position on legal challenges to the Trump administration‘s decision in March to dramatically weaken Obama-era fuel economy standards but want to weigh in on any court fix, according to a document seen by Reuters. The Trump administration in March finalized rollback of U.S. vehicle emissions standards to require 1.5% annual increases in efficiency through 2026. That is far weaker than the 5% annual increases in the discarded rules adopted under President Barack Obama. Ford Motor Co, Volkswagen AG, Honda Motor Co and…

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Apple and Other US Goods Shipped From China Face Customs Hurdle Amid Border Tensions

Image for Representation (Image: Reuters) Though no government notice has been issued, customs officers at major Indian port have held back containers coming from China, seeking additional clearances. Reuters Last Updated: June 24, 2020, 7:48 PM IST Apple, Cisco and Dell products are among the goods from U.S. companies being caught up in India’s border tensions with China, as Indian ports hold up imports from China, two sources told Reuters on Wednesday. Though no government notice has been issued, customs officers at major Indian port have held back…

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Apple launches phone-based car keys, new features at developer conference

SAN FRANCISCO: Apple Inc on Monday announced a system to let iPhone owners unlock and start cars with their devices at its annual conference for software developers. The new system, which also lets users share digital car keys with friends and family members via the company’s iMessage system, will work with BMW 5 Series vehicles that will ship next month, Apple said in a virtual keynote filmed at its Cupertino, California, headquarters. The system will work with phones running the current iOS 13 operating system so that owners can start…

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Ford to offer hands-free driving in 2021 – six years after Tesla

DETROIT: Ford Motor Co said on Thursday that it will offer hands-free driving on its new Mustang Mach-E in fall 2021, six years after Tesla Inc and four years after General Motors Co introduced similar systems. The system, called Active Drive Assist, will be offered on several Ford models, most notably the Mustang Mach-E, an all-electric crossover vehicle that goes on sale later this year and is targeted at the Tesla Model Y market. Ford said US buyers can order the Mustang Mach-E this fall with the Active Driver Assist…

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Ford Motor Company: Buffett-backed BYD to supply EV batteries to Ford

BEIJING: Chinese electric vehicle (EV) maker BYD Co Ltd, will supply EV batteries to U.S. automaker Ford Motor Co, a document on the website of the Ministry of Industry and Information Technology showed on Monday. Ford’s China venture with Changan Automobile is seeking government approval to build a plug-in hybrid model equipped with BYD’s batteries, according to the document. This marks BYD’s first-known battery supply deal with a major global automaker. Shenzhen-based BYD, which is backed by U.S. investor Warren Buffett, said it would supply EV components including batteries and…

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