PARIS, Dec 6 (Reuters) – Michelin will cut fewer jobs in France than the 2,300 estimated in its initial voluntary redundancy plan in a bid to safeguard production.
The French tyre maker said in Jan. 2021 it would cut the jobs, including 1,100 in the service sector and 1,200 in factories, over three years as part of a three-year collective bargaining agreement. Continue reading “Michelin to cut fewer jobs to protect production”
HAMBURG, Dec 6 (Reuters) – Volkswagen’s (VOWG_p.DE) CEO will outline a new software and vehicle platform strategy to the carmaker’s supervisory board on Dec. 15 as he tries to turn his predecessor’s vision into deliverable goals, three company sources told Reuters.
Oliver Blume, who took the helm in September, has been developing the plans with the German group’s brands, which range from mass-market VWs and Skodas to high-end Audis and Porsches. Continue reading “Volkswagen CEO to present software ‘reality check’ to board on Dec 15”
Dec 5 (Reuters) – TuSimple Holdings Inc (TSP.O) and Navistar have ended a deal to co-develop self-driving trucks, the companies announced on Monday.
In 2020, Illinois-based Navistar bought a minority stake in TuSimple and announced a deal to co-develop heavy-duty self-driving trucks by 2024, as the autonomous driving technology space boomed with investor attention. Continue reading “TuSimple, Navistar scrap deal to develop self-driving trucks”
BERLIN, Dec 5 (Reuters) – German sportscar maker Porsche AG (P911_p.DE) will join the blue-chip index, just over two months after its market debut, exchange operator Deutsche Boerse (DB1Gn.DE) said on Monday.
Porsche AG will replace sportswear maker Puma (PUMG.DE) on the DAX stock index (.GDAXI) on Dec. 19 while Puma will move down to the MDAX index (.MDAXI), it said. Continue reading “Porsche will join Germany’s blue-chip index – Deutsche Boerse”
WASHINGTON, Dec 5 (Reuters) – United Auto Workers (UAW) President Ray Curry will face a run-off election against reform presidential candidate Shawn Fain, a court-appointed monitor said on Monday, after none of the five candidates captured a majority.
Fain, who as a reform candidate wants the UAW to take a more confrontational approach in auto contract talks and push to end a two-tier compensation system that pays newer workers less, narrowly trailed Curry in the election. Continue reading “UAW president faces run-off election as reformers make gains”
Dec 5 (Reuters) – The first electric delivery trucks rolled off production lines at BrightDrop’s new factory in Canada on Monday, when the upstart unit of General Motors Co (GM.N) also announced DHL Express Canada (DPWGn.DE) as its first customer outside the United States.
GM spent seven months and more than $2 billion transforming its 2 million-square-foot CAMI Assembly plant in Ingersoll, Ontario, into Canada’s first large-scale electric vehicle (EV) factory for BrightDrop Zevo delivery trucks. Before the switch, the site manufactured the gasoline-powered Chevy Equinox. Continue reading “GM’s BrightDrop signs first customer in Canada, unveils country’s first large EV factory”
Lithium-ion battery pack maker and recycling firm Lohum has said it is eyeing a three-fold jump in its topline at over Rs 300 crore this fiscal driven by surging demand.
The company has drawn up an aggressive expansion plan for the next five years amid the Lithium-ion battery industry expecting to grow 11-times between 2020- 2030, Lohum Cleantech said. Continue reading “Lithium-ion battery pack maker Lohum targets 3-fold jump in topline to Rs 300 cr”
Kolkata: West Bengal is planning to set up a green hydrogen plant in Durgapur, with the central government identifying the state as a potential region for its production, Power Minister Aroop Biswas said. Speaking at the ABP Group- organised |NFOCOM 2022 on Saturday evening, Biswas said nearly Rs 11,900 crore of investment has been lined for the power sector under the Centre’s Revamped Distribution Sector Scheme (RDSS).
“Recently, the Union government has identified West Bengal as a potential state for green hydrogen and ammonia manufacturing zone, and the West Bengal Power Development Corporation Limited (WBPDCL) is planning to install a green hydrogen plant at Durgapur as a pilot project,” he said. Continue reading “West Bengal planning green hydrogen plant in Durgapur”
Foreign investors have upgraded India as a dedicated allocation in their investment portfolios given the strong economy, stable government and significant reforms undertaken over the last eight years, equity experts have said.
According to the experts, who participated in Futures Industry Association (FIA) Asia trade conference held in Singapore from November 29 to December 1, investment is flowing into India’s growth story. Continue reading “Foreign investors upgrade India as dedicated allocation in investment portfolios”
Mumbai: The Brihanmumbai Electricity Supply and Transport (BEST) will launch its premium e-bus service this month and roll out double-decker e-buses in January 2023, an official said. The approvals for double-decker e-buses are in the final stages and will be completed soon, BEST general manager Lokesh Chandra told media persons on Friday.
At least 10 double-decker e-buses will be rolled out on January 14, 2023 and the fleet will be gradually increased to 50 in the first phase, he said. Continue reading “Mumbai: BEST to launch double- decker e-buses from Jan 14”
Bhubaneswar. Tata Power CEO and MD Praveer Sinha announced a Rs 6,000 crore capital investment by the company in Odisha. Speaking at the Make in Odisha Conclave here on Thursday, Sinha said the four power discoms of Odisha, where Tata Power has a majority stake, are committed to Rs 6,000 crore capex
investment in the next five years.
Sinha said the company will also set up 1,000 electric vehicle (EV) charging points, 1,00,000 solar pumps, microgrids, rooftop and floating solar plants in the next five years. Continue reading “Tata Power announces Rs 6,000 crore investment in Odisha”
New Delhi: Amara Raja Batteries Ltd on Friday said it intends to invest Rs 9,500 crore over the next 10 years in Telangana on setting up research and manufacturing facilities for lithium-ion battery-making in the state. The company on Friday signed a memorandum of understanding (MoU) with the Telangana
government to set up research and manufacturing facilities for lithium-ion battery- making in Mahbubnagar district, Amara Raja Batteries said in a regulatory filing.
“Over the next 10 years, the company intends to invest over Rs 9500 crore, after necessary approvals,” it added. Continue reading “Amara Raja Batteries plans to invest Rs 9,500 cr battery mfg, R&D in Telangana”
COLLEGE PARK, Md., Dec 5 (Reuters) – Top European Union officials intend to complain loudly to their U.S. counterparts at a trade meeting on Monday about the bloc’s electric vehicles being cut off from tax credits in U.S. President Joe Biden’s signature climate law.
The U.S.-EU Trade and Technology Council (TTC), a year-old transatlantic forum for dialogue, focused in its first two meetings on regulatory co-operation and presenting a united front against China’s non-market economic practices.
Continue reading “Monday’s EU-US trade talks overshadowed by tax concerns on climate measure”
TOKYO, Dec 5 (Reuters) – BYD Co’s (002594.SZ) Japanese division said on Monday it would start selling its first battery electric vehicles (BEVs) in the country early next year, as the world’s largest EV maker further steps up its plan to either sell or make its cars available across major markets.
China’s BYD, in which Berkshire Hathaway (BRKa.N) owns a stake, said it will roll out an electric sports utility vehicle, ATTO 3, in Japan starting Jan. 31. The car has a cruising distance of 485 kilometres and will cost 4.4 million yen ($32,735.66).
In comparison, Nissan Motor Co’s (7201.T) electric Leaf standard model has a cruising range of 322 kilometres and costs about 3.7 million yen.
Continue reading “China’s BYD to start selling EVs in Japan by early 2023”
BENGALURU, Dec 2 (Reuters) – Maruti Suzuki India Ltd (MRTI.NS), the country’s top carmaker, said on Friday it expected a shortage of electronic components to impact its production in December more than in recent months.
The company’s production in November, which also saw a “minor impact” due to the shortage, rose 5% year-on-year to 152,786 units, but was at the lowest level since June.
TOKYO, Dec 3 (Reuters) – Renault SA (RENA.PA) and Nissan Motor Co (7201.T) are set to forgo a Wednesday announcement of a deal to restructure their automotive alliance as they struggle to bridge their differences, Japanese television network JNN reported.
In their discussions, Renault is looking to Nissan to invest in its electric vehicle business, while Nissan is seeking the sale of part of Renault’s 43% stake in Nissan to put the two partners on a more equal footing. Continue reading “Renault and Nissan forgo Wednesday announcement of alliance deal -media”
WASHINGTON, Dec 2 (Reuters) – General Motors Co (GM.N) and LG Energy Solution Ltd (373220.KS) said Friday they are investing another $275 million in their Tennessee joint venture battery cell plant to increase production by more than 40%.
The new investment in the Ultium Cells Spring Hill plant will boost battery output from an annual capacity of 35 gigawatt-hours to 50 GWh, when the plant is operational in late 2023. It is one of at least four U.S. joint venture battery plants planned to supply GM electric vehicles as the largest U.S. automaker ramps up production. Continue reading “GM, LG joint venture to invest $275 million in Tennessee battery cell plant”
BRUSSELS, Dec 2 (Reuters) – The United States and the European Union will seek to tackle EU concerns about a new U.S. green energy subsidy package in a constructive way, officials from both sides are due to say at a meeting next week, a draft joint statement shows.
The 27-country bloc fears that the U.S. $430 billion Inflation Reduction Act with its generous tax breaks may lure away EU businesses and disadvantage European companies from car manufacturers to makers of green technology. Continue reading “U.S., EU to address Inflation Reduction Act fears constructively -draft”
Dec 2 (Reuters) – Uber Technologies Inc (UBER.N) and self-driving technology company Aurora Innovation Inc (AUR.O) will expand their driverless pilot program in Texas to meet increased delivery demand during the holidays.
The program will be expanded to the recently launched 600-mile commercial lane between Fort Worth and El Paso in Texas to support customers of logistics business Uber Freight as it ships goods this holiday season, Aurora said on Friday. Continue reading “Uber, Aurora to expand self-driving truck ops in Texas to meet holiday rush”
LONDON, Dec 2 (Reuters) – Britain’s financial watchdog on Friday warned insurers against undervaluing cars and other items when customers submit a damage claim and said it was taking unspecified action against firms breaking its rules.
The Financial Conduct Authority said it has evidence that some consumers who had their cars written off after an accident are being offered sums lower than the vehicle’s fair market value. Continue reading “UK insurers face crackdown for undervaluing cars in damage claims”
STOCKHOLM, Dec 2 (Reuters) – Sweden-based Volvo Car AB (VOLCARb.ST) said on Friday its sales grew 12% year-on-year in November to 59,154 cars.
“Overall underlying demand for the company’s cars continues to remain robust, especially for its Recharge range of pure electric and plug-in hybrid cars,” it said in a statement. Continue reading “Volvo Cars’ sales growth accelerates to 12% in November”
SHANGHAI, Dec 2 (Reuters) – China Evergrande Group’s electric vehicle unit has suspended mass production of its only model due to a lack of new orders, two people with knowledge of the matter said, in the latest set of troubles facing the indebted property developer.
China Evergrande New Energy Vehicle Group (0708.HK) said in mid-September that it had started mass production of the Hengchi 5 model at a plant in the northern city of Tianjin and in late October said it had delivered its first 100 cars. Continue reading “Evergrande’s EV unit suspends mass production due to lack of orders – sources”
Dec 1 (Reuters) – Tesla Inc (TSLA.O) Chief Executive Elon Musk delivered the company’s first heavy-duty Semi on Thursday to PepsiCo (PEP.O) without offering updated forecasts for the truck’s pricing, production plans or how much cargo it could haul.
Continue reading “Musk delivers first Tesla truck, but no update on output, pricing”
Dec 1 (Reuters) – The Biden administration on Thursday proposed an overhaul of the nation’s biofuel policy that would for the first time allow electric vehicle manufacturers to tap into a lucrative market for tradable renewable fuels credits.
The proposal, unveiled by the U.S. Environmental Protection Agency, reflects President Joe Biden’s broader agenda to decarbonize the economy to fight climate change, and could provide a big new revenue stream for green cars and trucks. Continue reading “Factbox: How a revamped U.S. biofuel program could help electric vehicle makers”
LONDON, Dec 1 (Reuters) – German carmaker BMW (BMWG.DE) has invested in Jetti Resources, which has technology to extract more copper from low-grade resources and produce metal with a low carbon footprint, BMW said on Thursday.
BMW and other automakers are forging deals to ensure supply of copper and other critical raw materials that may see shortages in coming years as demand soars for a planned surge in electric vehicle production. Continue reading “BMW invests in low carbon copper firm Jetti”
BERLIN, Dec 1 (Reuters) – Volkswagen (VOWG_p.DE) and its battery subsidiary PowerCo SE have begun searching for a site for the carmaker’s first battery cell factory in North America, a company source told Reuters on Thursday.
The source said Canada was “a logical option” for the plant, which would be VW’s first gigafactory outside Europe. Continue reading “VW eyes Canada in search for first North America cell plant – source”
HALEWOOD, England, Dec 1 (Reuters) – Ford Motor Co (F.N) will invest an extra 149 million pounds ($180 million) to boost output of electric vehicle (EV) power units by 70% at its engine factory in northern England as the U.S. carmaker accelerates its push to go electric.
Electric drive unit production capacity at the Halewood plant will increase to 420,000 units a year, from 250,000 units, starting in 2024, the Detroit-based carmaker said on Thursday. Continue reading “Ford to boost EV parts investment for UK plant by $180 mln”
SHANGHAI, Dec 1 (Reuters) – Tesla Inc (TSLA.O) will issue software updates for more than 435,000 vehicles in China to fix an issue with side marker lights that could in extreme circumstances lead to a collision, a regulatory body said.
The fix, which counts as a recall, will be issued by an over-the-air update. Continue reading “Tesla to issue software updates for 435,000 cars in China over marker light issue”
SHANGHAI, Dec 1 (Reuters) – Tesla (TSLA.O) will recall a total of 435,132 units of China-made Model 3 and Model Y cars in China due to software faults, the country’s market regulator said on Thursday.
The U.S. automaker will recall 142,277 Model 3 cars and 292,855 Model Ys as the clearance lamps in some of these cars could fail to work due to software errors, leading to collision risks under extreme circumstances, according to a statement by the State Administration for Market Regulator. Continue reading “Tesla to recall 435,000 China-made Model 3, Model Y cars in China -regulator”
DETROIT, Nov 30 (Reuters) – Cruise, General Motors Co’s (GM.N) robotaxi unit, plans to enter a “large number of markets” and scale operations up to “thousands of vehicles” in 2023, Chief Operating Officer Gil West told Reuters.
Cruise has announced plans to start offering rides in Austin and Phoenix, adding those cities to its current base in San Francisco. West said the company plans to expand to more cities in 2023. Continue reading “GM’s Cruise plans to enter ‘a large number of markets’ in 2023”
DETROIT, Nov 30 (Reuters) – Cruise, General Motors Co’s (GM.N) robotaxi unit, plans to enter a “large number of markets” and scale operations up to “thousands of vehicles” in 2023, Chief Operating Officer Gil West told Reuters.
Cruise has announced plans to start offering rides in Austin and Phoenix, adding those cities to its current base in San Francisco. West said the company plans to expand to more cities in 2023. Continue reading “GM’s Cruise plans to enter ‘a large number of markets’ in 2023”
PARIS, Nov 30 (Reuters) – French President Emmanuel Macron will use a state visit to Washington this week to press European Union concerns about the United States’ huge new green energy subsidy package.
While EU countries welcome the new commitment to energy transition, they fear the $430 billion Inflation Reduction Act will put their companies at an unfair disadvantage. Continue reading “Explainer: Why the U.S. Inflation Reduction Act has Europe up in arms”
TOKYO, Dec 1 (Reuters) – Honda (7267.T) said it would develop technology enabling its level 3 self-driving capability to function at any speed below legal limits on highways by the second half of the 2020s as it strives to eliminate traffic deaths involving its vehicles.
Honda Motor Co Ltd in March 2021 became the world’s first carmaker to sell a vehicle with level 3 self-driving technology. Continue reading “Honda to develop advanced level 3 self-driving technology by 2029”
WARWICK, England, Nov 30 (Reuters) – The joint venture between Croatian electric carmaker Rimac and Bugatti has been far more profitable than anticipated as the two brands work on developing vehicles together under one roof, Rimac’s top executive said on Wednesday.
“It’s highly profitable and cash flow positive beyond anybody’s expectations,” Rimac CEO Mate Rimac told Reuters in an interview at the UK offices of the carmaker’s Rimac Technology unit in Warwick. “It’s such a win-win situation for everybody.” Continue reading “Bugatti joint venture profitable “beyond expectations” – Rimac CEO”
SHANGHAI, Nov 30 (Reuters) – BYD was the top-selling car brand in China in the first four weeks of November, brokerage data showed, outperforming the Volkswagen brand in a reversal that highlights the pressure on legacy brands in the world’s largest auto market.
Tesla’s (TSLA.O) retail sales in China also nearly doubled in November, from a year earlier, after the U.S. automaker cut prices and offered incentives on its Model 3 and Model Y, the data from China Merchants Bank International (CMBI) showed. Continue reading “BYD set to be China’s top-selling car brand for Nov, Tesla gains -data”
TOKYO, Nov 30 (Reuters) – Mazda Motor Corp (7261.T) does not expect to have problems maintaining production in Japan for the time being despite COVID lockdowns in China as the automaker has sufficient inventories of parts, a company executive said on Wednesday.
A draconian two-month lockdown in Shanghai earlier this year forced the Hiroshima-based automaker to suspend production for 11 days at its two domestic plants due to a lack of parts. Continue reading “Mazda sees no impact on Japan vehicle production from current China lockdowns”
