Short Torque

Red tape around used auto trade to be cut

China's Ministry of Commerce said Thursday that it would remove unwarranted restrictions and accelerate cross-province registration for trading used cars to promote consumption. The ministry is working with relevant departments to accelerate the development of the used-car market by lifting restrictions on cross-region transfers, facilitating trading, promoting information sharing, and innovating circulation modes, MOC spokesperson Gao Feng said during a regular news briefing.

Tesla opens solar charging station

US electric vehicle maker Tesla has opened a solar-powered charging station with on-site power storage in Lhasa, Tibet autonomous region, the company said last week, its first such facility in China. The company cited the ample sunlight in the mountainous area behind the move. China is Tesla's second-biggest market, but the charging site is its first in the country with dedicated solar power and on-site power storage.

US tire industry harmed by imports

The United States International Trade Commission said last week that US manufacturers are "materially injured" by imports of passenger vehicle and light truck tires from South Korea, China's Taiwan and Thailand. The ITC also found subsidized passenger tires from Vietnam "injure" domestic manufacturers. The US Commerce Department as a result of the order "will issue anti-dumping duty orders on imports of these products from South Korea, China's Taiwan and Thailand, and a countervailing duty order on imports of these products from Vietnam," the ITC said.

Ferrari unveils $320,000 hybrid

Ferrari unveiled its first plug-in hybrid car on Thursday as the luxury sports carmaker known for its roaring combustion engines retools its range for an electric era. The 296 GTB is Ferrari's third hybrid to go into series production, which excludes limited-edition vehicles. It follows the SF 90 Stradale in 2019 and a convertible version, the SF90 Spider, released last year. Ferrari Chief Marketing and Commercial officer Enrico Galliera said the 296 GTB created a new segment. The Italian company, known worldwide for its prancing horse logo and red racing cars, has promised its first full electric model in 2025.

Bosch's new CEO to steer electric course

German car parts supplier Bosch on Thursday said CEO Volkmar Denner will step down at the end of year, leaving his successor to steer the firm through a massive transition toward electric mobility. Denner, 64, has been in the driving seat at the world's largest auto parts maker since 2012. His contract was due to run until mid-2022. He will be replaced by Stefan Hartung, 55, who currently heads Bosch's high-profile mobility solutions division. He joined the Stuttgart-based firm in 2004. The shakeup comes at a time when the entire auto industry is investing heavily in greener, smarter cars of the future and suppliers like Bosch are increasingly evolving into tech companies.

Self-driving truck tech firm to go public

Embark Trucks said last week it will merge with a blank-check firm, in a deal that will give the private equity firm Tiger Global Management-backed self-driving truck technology developer a market capitalization of $5.2 billion. Founded in 2016, the San Francisco-based Embark helps carriers enable self-driving trucks within their fleet through its software.

Agencies - Motoring