• BYD, Magna, VDL Nedcar possible investors in Saarlouis – reports
• Ford hopes to pick investor for site within Q1 – works council
• Negotiations ongoing over planned job cuts in Europe – union
• Works council threatens disruption if jobs not secured

BERLIN, Jan 24 (Reuters) – Ford (F.N) will decide by mid-February how many jobs to cut in Europe, a German union said on Tuesday, as reports surfaced that BYD (002594.SZ) and car contract manufacturer Magna (MG.TO) were interested in buying one of the U.S. carmaker’s German sites. Continue reading “Ford to make call on Europe job cuts by mid-Feb as buyers circle German site”

Mumbai: The Maharashtra government has banned the use of non-transport vehicles for aggregation and ride-pooling (car-pooling), citing the safety and security of passengers. As per a government resolution (GR) issued on January 19, non-transport vehicles including two-wheelers, three-wheelers and four-wheelers are banned (for the ride pooling and aggregation) “in order to ensure road safety of the general public and passengers at large”.

Currently, a few aggregators provide app-based bike, auto and car taxi services in major cities of Maharashtra. Some of them provide mobile application-based aggregator service using vehicles, especially two-wheelers, registered under the non-transport category. Continue reading “Maharashtra government bans car-pooling in non-transport vehicles”

WASHINGTON, Jan 24 (Reuters) – Automaker Stellantis’ (STLA.MI) U.S. unit said on Tuesday it was recalling 76,000 plug-in hybrid electric minivans because of a short circuit issue that could cause engines to stall unexpectedly.

The recall covers 67,000 2017 to 2023 Chrysler Pacifica Hybrid minivans in the United States and about 9,000 in other countries. The automaker said an internal transmission wiring connector may short circuit, resulting in an unexpected engine shutdown. Continue reading “Stellantis recalls 76,000 plug-in hybrid minivans over engine issue”

Source : PTI: Bharat Petroleum Corporation Ltd (BPCL) will set up 1 gigawatt (GW) of renewable energy capacity in Rajasthan as the nation’s second-largest state oil refiner pivots its path to achieving a net zero emission target by 2040.

In a statement, BPCL said it has signed a memorandum of understanding (MoU) with the government of Rajasthan for setting up the renewable energy power plant. It, however, neither gave a timeframe nor investment that will be made in the project. Continue reading “BPCL to set up 1 GW renewable energy plant in Rajasthan”

Source : PTI : Gandhinagar: Gujarat aims to become the world centre for green hydrogen by creating an estimated 8 TPA production capacity in another 10-12 years, state Industries Minister Balwantsinh Rajput has said. Addressing a plenary session on “Gujarat’s G20 Connect” as part of the Business 20 India Inception Meeting on Monday, Rajput said as a driving force, Gujarat will make a significant contribution to India’s economic development.

“By 2026-27, Gujarat aims to be a $500 billion economy and by 2030-32, a $1 trillion economy,” he said. Continue reading “Gujarat aims to become world centre for green hydrogen in next 12 years”

Source : PTI : Hero Electric on Monday said it has entered into a long-term partnership with Maxwell Energy Systems for the supply of advanced battery management systems. Under the partnership, IVaxwell will supply more than 10 lakh units of its battery management systems (BIS) over the next three years to Hero Electric, the company said in a statement.

Hero Electric CEO Sohinder Gill said the BMS solution from Maxwell will help the company provide safe and performance-oriented EVs to its customers. Continue reading “Hero Electric enters into long-term partnership with Maxwell for battery management systems”

Soruce : PTI : New Delhi: Tata Motors on Monday said it has partnered with ICICI Bank to offer financing solutions to its authorised passenger electric vehicle dealers. Under the partnership, ICICI Bank will provide inventory funding to the authorised passenger EV dealers in addition to the bank’s funding to dealers for diesel and petrol models, Tata Motors said in a statement.

“Our dealer network forms a part of our core support pillars, and through their constant effort, we ride the electrification wave in India. Continue reading “Tata Motors, ICICI Bank tie up to offer financing solutions to its passenger EV dealers”

• Up to 2,800 development job cuts and 700 in admin, says union
• Germany to be most affected, union says
• Some product development work to go to U.S., says union

BERLIN, Jan 23 (Reuters) – Ford Motor Co (F.N) plans to cut up to 3,200 jobs across Europe and move some product development work to the United States, Germany’s IG Metall union said on Monday, vowing action that would disrupt the carmaker across the continent if the cuts go ahead. Continue reading “Ford to cut up to 3,200 European jobs, union says, vowing to fight”

STOCKHOLM, Jan 24 (Reuters) – Sweden-based Volvo Cars (VOLCARb.ST) is recalling around 106,900 cars worldwide over a suspected fault related to the brakes, a Volvo Cars spokesperson said on Tuesday.

The vehicles being recalled are of the 2023 year model of the C40, XC40, S60, V60, XC60, V90 and XC90 models, the spokesperson said. Continue reading “Volvo Cars recalls around 106,900 cars worldwide”

MADRID, Jan 24 (Reuters) – Spain’s auto industry is in dire need of an overhaul to catch up with European peers and speed up its electrification process as automakers struggle to recover from a pandemic-induced slump, the country’s biggest manufacturers’ lobby said on Tuesday.

As elsewhere in Europe, Spanish car production has been hampered in the past few years by semiconductor shortages, temporary factory closures and supply chain bottlenecks after the 2020 global outbreak of the COVID-19 disease. Continue reading “Auto lobby urges Spain to speed up vehicle electrification as sales lag”

BENGALURU, Jan 24 (Reuters) – Maruti Suzuki India Ltd (MRTI.NS) beat quarterly profit estimates and reported improved margins on Tuesday as the country’s biggest carmaker benefitted from strong demand for its passenger cars, helped by festive sales.

Profit for Maruti, which has over 40% market share in the country’s passenger vehicles segment, more than doubled to 23.51 billion rupees ($288.5 million) in the quarter ended Dec. 31, from 10.11 billion rupees a year ago. Continue reading “India’s top carmaker Maruti’s profit doubles on strong demand”

BENGALURU, Jan  (Reuters) – Jaguar Land Rover (JLR) on Monday forecast free cash flow for the third quarter at more than 400 million pounds ($485 million), after reporting a 15% rise in wholesale volumes for the period on strong demand and improved chip supply.

The British automaker, in its earnings statement for the second quarter, had forecast a positive cash flow for the second half of fiscal year 2023 and “near breakeven” for the full year. Continue reading “Jaguar Land Rover forecasts third-quarter free cash flow above $485 million”

BRUSSELS, Jan 20 (Reuters) – The Netherlands, Belgium, Denmark and Luxembourg have urged the European Union to fix a date by which new trucks and buses sold in Europe must have zero carbon dioxide emissions.

The European Commission is set to propose tougher CO2 standards next month for heavy goods vehicles to comply with the bloc’s climate change goals. Continue reading “Four countries urge EU to set end date for new CO2-emitting trucks”

Source : PTI: Support provided by the government to promote electric and zero emission vehicles through schemes such as FAME II, need to be continued till penetration of such automobiles crosses a particular threshold with a good level of localisation, according to Tata Motors Executive Director Girish Wagh. There is also a case to consider the extension of the FAME II scheme, which will come to an end next year and include bigger electric buses to avail of subsidy, he told PTI

“The government has done a terrific job to promote, or more than promote I would say, ignite electric vehicle or zero emission vehicle demand. Whether it is FAME phase 1, phase II, now PLI and state level incentives, a lot of policy measures, the government has really done a terrific job,” he said Continue reading “Govt schemes needed till penetration of electric vehicles crosses particular threshold”

PUNE: Swiss sports bike maker KTM, which has a manufacturing joint venture with Bajaj Auto, on Friday said it will begin selling the electric model of the resurrected iconic Chetak in the first quarter of 2024 in Europe. The 50.1:49.9 joint venture also rolled out the 1 millionth KTM bike from the Chakan plant near here.

KTM claims to be the world’s No 1 premium motorbike brand. Continue reading “KTM to sell electric version of Chetak in Europe from Q1 of 2024”

International Road Federation (IRF), a global body advocating for safer roads, on Thursday said that it has made a plea to the government to do away with the GST imposed on helmets. At present a GST of 18 per cent is levied on helmets.

“IRF…in a letter written to the Union finance minister Nirmala Sitharaman has demanded reduction of GST on life saving device helmets for safety of the two- wheeler riders from present 18 per cent to 0 per cent in the forthcoming Union Budget 2023-24,” the global road safety body said. Continue reading “International Road Federation seeks removal of GST on helmets”

Sensing a huge opportunity in the global semiconductor market, India has set in motion an ambitious plan to become a key supplier for the world with the government itself putting in USD 10 billion, Communications Minister Ashwini Vaishnaw said on Thursday.

Speaking at a session on ‘Learning from semiconductor supply shocks’ at the World Economic Forum Annual Meeting 2023 here, the minister said there is a very large market that requires semiconductor and India has a huge potential in terms of infrastructure, talent pool and technology. Continue reading “India aims to become key semiconductor supplier for world”

MUMBAI, Jan 21 (Reuters) – India’s Adani Group, which is controlled by billionaire Gautam Adani, said it plans to spin off more businesses by 2028 and dismisses any debt concerns.

The corporate house plans to spin off, or demerge, its metals, mining, data centre, airports, roads and logistics businesses, said Chief Financial Officer Jugeshinder Singh said. Continue reading “India’s Adani Group plans to demerge more business; dismisses debt concerns”

WASHINGTON, Jan 20 (Reuters) – Major unions and public interest and environmental groups are urging President Joe Biden to reject efforts by the European Union and other foreign governments to revise U.S. electric vehicle tax incentives.

The $430 billion U.S. Inflation Reduction Act (IRA) passed in August restricts $7,500 consumer tax credits to North American-made EVs, but the U.S Treasury in December said consumers leasing vehicles assembled outside North America could benefit from the $7,500 commercial green vehicle tax credit. Continue reading “Unions press Biden administration to not change EV tax credit rules”

WASHINGTON, Jan 20 (Reuters) – General Motors Co (GM.N) and LG Energy Solution (373220.KS) do not plan to move forward with a fourth U.S. battery cell manufacturing plant, two sources told Reuters on Friday.

The companies’ joint venture Ultium Cells LLC said in August it was considering a site in New Carlisle, Indiana, for a fourth U.S. battery plant, expected to cost around $2.5 billion. Continue reading “GM, LG Energy drop plan for fourth U.S JV battery plant”

WASHINGTON, Jan 20 (Reuters) – General Motors (GM.N) said Thursday it was investing $918 million in four U.S. plants for V-8 gasoline engine production and electric vehicle components.

The largest U.S. automaker has a two-prong strategy to ramp up EV production while continuing to invest in its current gasoline-engine vehicles that account for the vast majority of profits and most of its U.S. vehicle sales. Continue reading “GM invests $918 million in U.S. plants for gas engine, EV components”

PARIS, Jan 20 (Reuters) – French court on Friday ordered Uber (UBER.N) to pay around 17 million euros ($18.43 million) in damages and lost salaries to a group of drivers who argued they should have been treated like employees rather than self-employed, both parties to the case told Reuters.

“This is a huge victory after a long legal battle which started in 2020”, said lawyer Stephane Teyssier who represented the 139 drivers that had brought the case before the Conseil des Prud’hommes labour court in Lyon. Continue reading “French court orders Uber to pay some $18 mln to drivers, company to appeal”

MILAN, Jan 20 (Reuters) – Stellantis (STLA.MI) will halt production at its Atessa van making plant In Italy next week due to a parts shortage, unions said on Friday.

The stoppage will affect most of the plant’s workers, FIM, UILM and Fismic unions said in a statement. Continue reading “Stellantis to halt Italian van plant next week due to parts shortage, unions say”

DETROIT, Jan 19 (Reuters) – Tesla Inc (TSLA.O) earns more money for every vehicle it sells than any of its global rivals. Now, Chief Executive Elon Musk is using that superior profitability as a weapon in the EV price war he started.

Tesla, once one of the auto industry’s biggest money losers, has over the past year built a commanding lead over most major rivals in profit per vehicle, a Reuters analysis of industry data shows. Continue reading “Analysis: Tesla uses its profits as a weapon in an EV price war”

DETROIT, Jan 19 (Reuters) – Tesla Inc (TSLA.O) earns more money for every vehicle it sells than any of its global rivals. Now, Chief Executive Elon Musk is using that superior profitability as a weapon in the EV price war he started.

Tesla, once one of the auto industry’s biggest money losers, has over the past year built a commanding lead over most major rivals in profit per vehicle, a Reuters analysis of industry data shows. Continue reading “Analysis: Tesla uses its profits as a weapon in an EV price war”

PARIS, Jan 19 (Reuters) – A deal between French carmaker Renault (RENA.PA) and Japanese partner Nissan (7201.T) could be announced as early as Feb. 1 as months of negotiations on how to reshape their alliance progress, a source familiar with the matter said on Thursday.

The deal would see Renault cut its stake in Nissan to 15%, equalising the carmakers’ holdings in each other, sources previously told Reuters. Continue reading “Nissan-Renault deal on alliance could come as early as Feb. 1 – source”

MEXICO CITY, Jan 19 (Reuters) – Mexican President Andres Manuel Lopez Obrador defended his plan to move all cargo flights from the capital’s principal airport to a new site on the outskirts of town Thursday after a draft proposal to do such was made public earlier this week.

“An agreement is being reached between the directors of the two airports, with customs, with everyone,” Lopez Obrador said in a regular news conference. Continue reading “Mexican president defends bid to move cargo from longstanding hub to new airport”

SHENZHEN, China, Jan 19 (Reuters) – Christian Gassner, whose furniture components factory in the southern Chinese city of Shenzhen had a dismal end of 2022 amid COVID-19 outbreaks, is finally seeing light at the end of the tunnel.

About two months ago, many workers quit to avoid potential lockdowns ahead of Lunar New Year, then in December, after pandemic controls came off, almost all who remained fell ill, disrupting production. Continue reading “COVID-hit Chinese factories eye gradual recovery after Lunar New Year break”

HANOI, Jan 19 (Reuters) – Vietnam’s electric-vehicle (EV) maker VinFast said on Thursday it will launch promotions to protect the market competitiveness of its models, a week after Tesla (TSLA.O) announced aggressive discounting to spur demand.

VinFast, which started operations in 2019, is gearing up to expand in the United States, where it hopes to compete with existing automakers by offering two models, the VF8 and VF9, which have starting prices of $59,000 and $83,000, respectively. Continue reading “Vietnam EV maker VinFast plans promotions in response to Tesla price cuts”

Jan 18 (Reuters) – As Elon Musk prepares to take the stand at a trial to determine whether he misled investors about taking Tesla Inc (TSLA.O) private in 2018, the billionaire can expect his tweets, public comments and his thin skin to be used against him, legal experts said.

Tesla shareholders want a jury to find Musk liable for a 2018 tweet that he had “funding secured” to take the electric vehicle maker private, which sparked wild swings in the company’s securities. Investors lost millions of dollars as it became clear no buyout was imminent, the shareholders allege. Continue reading “Grilling Musk: use CEO’s tweets, thin skin against him, trial experts say”

Source : PTI : New Delhi: Maruti Suzuki India on Monday said it transported over 3.2 lakh vehicles using indian railways last year, its highest-ever dispatch in a calendar year. The company had obtained a Automobile Freight Train Operator (AFTO) license in 2013 allowing it to fabricate and operate high-speed, high-capacity auto- wagon rakes on the Indian Railways network.

In the last ten years, the automaker has seen a five-fold increase in railway dispatches in terms of volumes. Share of railways in outbound logistics has increased from 5 per cent in 2013 to 17 per cent in 2022. Continue reading “Maruti Suzuki transports record 3.2 lakh units via railways in 2022”

SAN FRANCISCO, Jan 18 (Reuters) – Attorneys for Tesla Inc (TSLA.O) and for investors will make opening arguments in a San Francisco court on Wednesday in a case to decide whether CEO Elon Musk’s 2018 tweet that funding was “secured” to take the company private damaged shareholders.

The case is a rare securities class action trial, and Musk and his company are bucking the norm of settling claims that clear high legal hurdles, making for a potentially dramatic trial at which Musk himself may testify. Continue reading “Tesla, shareholders to lay out arguments in ‘funding secured’ fraud trial”

TOKYO, Jan 18 (Reuters) – Toyota Motor Corp (7203.T) on Wednesday said it plans to produce about 750,000 vehicles globally in February.

The Japanese automaker said it aims to make about 300,000 vehicles domestically and about 450,000 overseas, and that it will continue to monitor the supply of auto parts, including semiconductors. Continue reading “Toyota plans to produce 750,000 vehicles globally in February”

BERLIN, Jan 18 (Reuters) – European new car registrations increased sharply in December, data from the region’s carmaker association showed on Wednesday.

The number of new vehicles registered in the European Union, Britain and the European Free Trade Association (EFTA) rose by 14.8% on the year to 1.091 million units, the European Automobile Manufacturers Association (ACEA) said. Continue reading “European car sales jump in December”

PARIS, Jan 18 (Reuters) – Renault (RENA.PA) group sales in 2022 fell 5.9% to 2,051,174 vehicles, marking a fourth consecutive annual decline after capacity constraints and supply chain snags, the company said on Wednesday.

The group, which is in the middle of a turnaround, said its order book in Europe was at a record level of 3.5 months of sales. Continue reading “Renault group sales fall 5.9% in 2022, Europe order book at record levels”

PARIS, Jan 18 (Reuters) – Carmaker Stellantis (STLA.MI) and Finnish company Terrafame announced on Wednesday that they had struck a deal whereby Terrafame will supply Stellantis with nickel sulphate over a five-year period, starting from 2025 onwards.

“This agreement is part of the key raw material sourcing to fit with our electrified vehicle battery pack needs,” Stellantis Chief Executive Carlos Tavares said in a statement. Continue reading “Carmaker Stellantis strikes nickel sulphate supply deal with Terrafame”

• BYD studied U.S. market entry last year – sources
• Aggressive U.S. expansion unlikely for now – sources
• BYD could sell 10 mln cars by early 2030s – shareholder

BEIJING, Jan 18 (Reuters) – Chinese electric vehicle (EV) giant BYD (002594.SZ) is embarking on a rapid global expansion to challenge Tesla (TSLA.O) but for now it’s stuck in the slow lane on its rival’s home turf.

Continue reading “China’s BYD takes cautious approach to U.S. in global EV push”

Jan 17 (Reuters) – Carvana Co (CVNA.N) has adopted a “poison pill” to limit shareholders from raising their stakes and has reached an agreement to sell up to $4 billion of auto loans, the struggling used car retailer said on Tuesday.

The company’s shares gained 6.5% to $7.47 in afternoon trade. Continue reading “Carvana adopts ‘poison pill’, sells $4 billion of auto loans”

SHANGHAI, Jan 17 (Reuters) – Tesla’s (TSLA.O) retail sales surged in China in January after it slashed prices for its top-selling models earlier in the month, data compiled by China Merchants Bank International (CMBI) showed.

Average daily sales for Tesla in China during the Jan. 9 to Jan. 15 period jumped 76% from the same period in 2022. Total sales were 12,654 vehicles over that period, CMBI’s data showed. Continue reading “Tesla’s retail sales in China surged after price cut -brokerage data”

Jan 17 (Reuters) – India’s Maharashtra has entered a $2.5 billion partnership with Taiwan’s Gogoro Inc (GGR.O) and a local automotive systems supplier to build electric vehicle (EV) battery-swapping and charging stations in the state, the parties said on Tuesday.

The Indian company, Belrise Industries Ltd, and Gogoro will form an equal-stakes joint venture and invest the amount over eight years with the Maharashtra government. Continue reading “India’s Maharashtra enters $2.5 bln partnership for EV battery-swapping stations”