Final Edition - End of Day Automotive News Recap
End-of-Day Automotive News Recap
White House economic adviser Larry Kudlow said on Friday the United States and China are making progress in trade talks. In an interview on CNBC, Kudlow said “we are still making good headway including these talks,” after the latest round of negotiations concluded in Beijing on Friday.
Source: Reuters Fiat Chrysler grabbed the spotlight this week in the M&A rumor mill. The Wall Street Journal revealed that French automaker Peugeot approached Fiat Chrysler Automobiles (FCA) about a potential merger earlier this year and then the Financial Times reported that Renault aims to merge with Japanese partner Nissan before making its own bid for the Italian-American car maker.
Source: CNBC Lyft Inc’s shares opened up more than 20 percent in their market debut on Friday, giving the ride hailing startup a market value of more than $27 billion, amid strong investor demand that bodes well for larger rival Uber Technologies Inc.
Source: Reuters Honda Motor and Hino Motors are joining a venture of SoftBank Corp. and Toyota Motor that will develop self-driving car services in Japan, as alliances between automakers and tech firms broaden. It is the latest example in the growing trend of consolidation among automakers and technology and communications companies as they grapple with the massive investment and software expertise required to develop new services for which demand has yet to be tested.