MEXICO CITY, Jan 11 (Reuters) – Carmaker Audi’s Mexico unit and worker representatives have agreed to 9.4% salary raises for 2023, forestalling a strike in reaching a deal for one of the highest automaker wage hikes in Mexico in recent years.

The Independent Union of Audi Mexico Workers (SITAUDI) and Audi previously negotiated two options to raise wages for the plant’s 4,000 unionized employees in the central state of Puebla, but workers in December rejected both. Continue reading “Audi Mexico and union avert strike in deal for 9.4% pay rise”

PRAGUE, Jan 11 (Reuters) – Volkswagen (VOWG_p.DE) unit Skoda Auto saw its global deliveries fall by 16.7% in 2022 due to parts shortages, supply chain problems and the war in Ukraine, but it expects improvement this year, the Czech carmaker said on Wednesday.

The automotive sector struggled globally last year, hindered by components shortages, especially for semiconductors, triggered by COVID-19 outbreaks in Asia, and by the impact of Russia’s war against Ukraine launched in February. Continue reading “VW’s Skoda Auto deliveries drop for fourth straight year in 2022”

WASHINGTON, Jan 10 (Reuters) – The National Highway Traffic Safety Administration (NHTSA) plans to propose new fuel economy standards for the 2027 model year and beyond in April which could dramatically reshape new cars on America’s roads.

Acting NHTSA Administrator Ann Carlson told reporters on Tuesday the agency aims to release its proposal by late April and finalize it within a year. The proposal will include regulatory alternatives. Continue reading “U.S. agency plans to propose new fuel economy standards in April”

BERLIN, Jan 10 (Reuters) – German carmakers, Tesla, chip producers and battery maker Northvolt met the German chancellor and cabinet ministers on Tuesday to discuss topics from European law on vehicle emissions to energy prices, according to two participants.

The annual summit was formerly only for carmakers but was this time dubbed a “mobility” summit, with the broader focus signalled by Northvolt’s presence on the guestlist for the first time. Continue reading “German chancellor meets auto, battery bosses in ‘mobility’ summit”

Chief Economic Advisor V Anantha Nageswaran said on Monday that the Indian economy will be USD 3 trillion by the end of the current 2022-23 fiscal and is expected to be USD 7 trillion in the next seven years. The government had previously said India would become a USD 5 trillion economy by 2025

Speaking at a session organised by MCC, Nageswaran said virtually that the calendar year 2023 began in the context of the continuing conflict between Russia and Ukraine, which will “create geo-political and geo-economic uncertainties” Continue reading “India expected to become $7 trillion economy in seven years: CEA”

MADRID, Jan 10 (Reuters) – Spanish ride-hailing app Cabify plans to list its shares on the stock market within 12 to 15 months, local news website El Confidencial reported on Tuesday citing unidentified sources closed to the company’s management.

The company’s valuation would be close to 2 billion euros ($2.2 billion), El Confidencial added, citing other unidentified financial sources. Continue reading “Spain’s ride-hailing Cabify plans IPO within 12-15 months -El Confidencial”

PARIS, Jan 10 (Reuters) – Renault (RENA.PA) will team up with propulsion systems and electronics developper PUNCH Torino on 4-cylinder diesel engines for light commercial vehicles, the French carmaker said on Tuesday

PUNCH Torino will be able to purchase, use and sell the current and future Renault 4-cylinder Diesel engines, which will be produced at Renault’s Cleon plant in Normandy. Continue reading “Renault and PUNCH Torino join forces on low-emission diesel engines”

BERLIN, Jan 10 (Reuters) – Volkswagen (VOWG_p.DE) warned on Tuesday that ongoing chip shortages meant 2023 would remain volatile and challenging but expects supplies to improve, as it reported a 6.8% drop in sales by the brand to 4.56 million in 2022.

Order books in Europe, where the war in Ukraine has caused extensive supply chain problems, were up 18% from the same time to 640,000 vehicles, and the carmaker was working to deliver faster this year, it said in a statement. Continue reading “Volkswagen warns of unstable 2023 as full-year brand deliveries down 6.8%”

LONDON, Jan 10 (Reuters) – Amazon (AMZN.O) plans to shut three warehouses in Britain in a move that will impact 1,200 jobs, but workers will be given the chance to transfer to other units, the online retail giant said on Tuesday.

The company said it opened a consultation to close three older British warehouses this year in Hemel Hampstead, Doncaster and Gourock, sites employing 1,200 people in one of Amazon’s biggest markets outside the United States. Continue reading “Amazon plans to shut three UK warehouses, impacting 1,200 jobs”

SHANGHAI, Jan 10 (Reuters) – China’s passenger car sales rose 2.4% in December as consumers rushed to make use of a subsidy for electric vehicles (EV) before they expired last month, with sales likely to sharply weaken in January, an auto industry body said on Tuesday.

China’s decision to end a more than decade-long subsidy for EV purchases has forced automakers, including Tesla (TSLA.O), to deepen discounts to maintain sales, as demand eases in the world’s largest car market. Continue reading “China passenger vehicle sales rise in Dec, Tesla sales slump 41% – data”

BERLIN, Jan 10 (Reuters) – Mercedes-Benz (MBGn.DE) delivered 2.05 million passenger cars in 2022, the company said on Tuesday, down 1% on the previous year as the carmaker felt the impact of COVID-19 measures and bottlenecks.

Still, fourth-quarter sales rose 17% as logistics and supply chain bottlenecks eased, and battery-electric sales grew 124% over the course of the year to 117,800 units. Continue reading “Mercedes-Benz sells 2.05 million passenger cars in 2022”

BERLIN, Jan 10 (Reuters) – BMW (BMWG.DE) fourth-quarter group sales rose 10.6%, the carmaker said on Tuesday, helped by easing supply chain bottlenecks in a year that has been plagued by war in Ukraine and lockdowns in China.

Full-year deliveries were down 4.8%, with Europe and China hardest hit by supply chain troubles that curbed output, particularly in the first half of the year. Continue reading “BMW sales recover in fourth quarter as supply chain issues ease”

LONDON, Jan 10 (Reuters) – British luxury carmaker Bentley on Tuesday reported record vehicle sales for 2022, with strong demand offsetting a 9% drop in China caused by coronavirus-related lockdowns.

The Volkswagen (VOWG_p.DE) unit said it had sold 15,174 vehicles during 2022, up 4% from in 2021, which was itself a banner year for Bentley. Continue reading “Bentley cruises to record sales in 2022 despite China drop”

WASHINGTON, Jan 9 (Reuters) – The National Highway Traffic Safety Administration (NHTSA) Monday said it was in contact with Tesla (TSLA.O) about a tweet Chief Executive Elon Musk wrote about a driver monitoring function.

A Dec. 31 tweet suggested drivers with more than 10,000 miles using Tesla’s “Full Self-Driving” (FSD) software system should be able to disable the “steering wheel nag,” an alert that instructs drivers to hold the wheel to confirm they are paying attention. Musk responded: “Agreed, update coming in Jan.” Continue reading “U.S. asks Tesla about Musk tweet on driver monitoring function”

MADRID, Jan 9 (Reuters) – The European Commission has opened talks with the United States to discuss subsidies on electric vehicles sold in the North American trade bloc, EU Commissioner for the Internal Market Thierry Breton said on Monday.

He added that the Commission is also discussing other aspects of the recently approved U.S. Inflation Reduction Act. Continue reading “EU, U.S. start talks on electric vehicle subsidies – Commissioner”

BRUSSELS, Jan 9 (Reuters) – EU antitrust regulators will decide by Feb. 13 whether to clear U.S. company Viasat’s (VSAT.O) $7.3 billion takeover of satellite rival Inmarsat, a European Commission filing showed on Monday.

The deal is already the target of an in-depth investigation by the UK competition watchdog, concerned that it could block competition in the aviation connectivity market and potentially result in airlines facing higher prices for on-board Wi-Fi. Continue reading “EU regulators to rule on Viasat’s Inmarsat takeover by Feb. 13”

SHANGHAI, Jan 9 (Reuters) – Chinese carmaker Guangzhou Automobile Group (GAC)(601238.SS) said on Monday its joint venture with Honda Motor (7267.T) is no longer producing or selling products under the Japanese firm’s premium Acura brand.

GAC will continue to provide after-sales services to Acura customers in China through the joint venture’s network, it said in a statement to Reuters. The joint venture will continue to produce other Honda brands. Continue reading “Honda’s JV with GAC ends production of Acura brand in China”

LONDON, Jan 9 (Reuters) – Rolls-Royce on Monday reported record sales last year despite an average price tag of around $534,000 for its luxury cars and a drop in Chinese demand, with orders stretching into 2023.

The British carmaker, which began as Rolls-Royce in Manchester, England nearly 120 years ago and is now owned by Germany’s BMW (BMWG.DE), said that it sold 6,021 cars in 2022, up from 5,586 in 2021, which was also a record year. Continue reading “Rolls-Royce rides ongoing luxury demand to sales record in 2022”

MILAN, Jan 9 (Reuters) – Carmaker Stellantis (STLA.MI) has signed a deal with Australian miner Element 25 (E25.AX) for the supply of manganese sulphite for batteries for its electric vehicles (EVs), the two companies said on Monday.

The agreement marks another step in efforts by Stellantis to secure long-term supplies of raw materials essential for electric vehicles as carmakers prepare for a surge in global demand for EVs in the transition towards cleaner motoring. Continue reading “Carmaker Stellantis seals batteries material deal with Element 25”

SEOUL, Jan 9 (Reuters) – South Korean electric vehicle battery maker SK On said on Monday it has not decided whether to pursue a battery cell venture in Turkey with Ford Motor Co (F.N) and Koc Holding AS (KCHOL.IS), after signing a memorandum of understanding (MoU) in March.

The Dong-A Ilbo daily newspaper earlier reported, citing an unidentified source, that SK On plans to scrap the idea due to a weak macro economic environment. Continue reading “SK On says it is undecided whether to proceed with battery venture with Ford, Koc”

NEW DELHI, Jan 8 (Reuters) – Mercedes Benz (MBGn.DE) expects double-digit sales growth in India this year, despite concerns that a weaker rupee could increase car prices, the head of its local unit said in an interview.

The German luxury carmaker’s sales in India rose 41% last year to 15,822 cars, its highest ever in the country, and it has an order backlog of around 6,000 vehicles, Santosh Iyer, managing director for Mercedes-Benz India, told Reuters. Continue reading “Mercedes expects double-digit growth in India in 2023 despite weak rupee”

India needs to “decarbonise” its transport sector quickly as the country has the potential to be a global torch-bearer in bio-fuels, Union Minister Nitin Gadkari said on Sunday. Speaking virtually at the Sugar and Ethanol Conference organised by Chini Mandi, he said 80 per cent of the energy requirement of the Indian transport sector was being fulfilled through import of fossil fuels like petrol, diesel etc, which was costing the country more than Rs 16 lakh crore annually.

“This is an economic and environment problem. The transport sector also accounts for 90 per cent carbon emissions. There is immediate need to decarbonise the transport sector. The Union government is pursuing bio-fuels and compressed bio gas on mission mode to replace these imports in a cost effective, pollution free way,” he said Continue reading “Nitin Gadkari bats for decarbonising transport sector, push for ethanol economy”

Source PTI : The Ministry of Road Transport and Highways (MoRTH) is confident of achieving the highways construction target of 12,000 kilometres for the current fiscal as the pace of construction has increased, its secretary Alka Upadhyaya said on Sunday. Upadhyaya further said the National Highways Authority of India (NHAI) has already realised around Rs 2,850 crore through Infrastructure Investment Trust (InvIT) mode in phase 2, and phase 3 is in the advanced stage to realise the target by the end of the current financial year.

“Extended monsoon has dampened the pace of National Highway construction. Continue reading “MoRTH confident of achieving highway construction target of 12,000 km this fiscal”

WASHINGTON, Jan 6 (Reuters) – General Motors (GM.N) said Friday it wants the U.S. Treasury to reconsider classification of GM’s electric Cadillac Lyriq to allow it to qualify for federal tax credits.

The Treasury and Internal Revenue Service did not classify the Lyriq as an SUV, meaning its retail price cannot be above $55,000 to qualify for up to $7,500 in federal tax credits. The Lyriq currently starts at $62,990. SUVs can be priced at up to $80,000 to qualify, while cars, sedans and wagons can only be priced at up to $55,000. Continue reading “GM wants U.S. Treasury to reconsider tax credits for Cadillac Lyriq EV”

SHANGHAI, Jan 7 (Reuters) – Hundreds of Tesla (TSLA.O) owners gathered at the automaker’s showrooms and distribution centres in China over the weekend, demanding rebates and credit after sudden price cuts they said meant they had overpaid for electric cars they bought earlier.

On Saturday, about 200 recent buyers of the Tesla Model Y and Model 3 gathered at a Tesla delivery centre in Shanghai to protest against the U.S. carmaker’s decision to slash prices for the second time in three months on Friday. Continue reading “Tesla owners in China protest against surprise price cuts they missed”

Oil companies are selling petrol at a profit of Rs 10 per litre but retail prices haven’t been reduced as they recoup past losses and make up fora Rs 6.5 a litre loss on diesel, a report said. State-owned Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd
(HPCL) have for the past 15 months not revised petrol and diesel prices in line with the cost. They have times of low oil prices to recoup losses incurred when rates were high.

“Post record high losses of Rs 17.4 per litre on petrol and Rs 27.7 a litre diesel for the week ended June 24, 2022, margins for petrol are estimated at a positive Rs 10 per litre for Q3 (October-December 2022) while diesel losses too have likely narrowed to Rs 6.5 a litre for the same quarter,” ICICI Securities said in a report. Continue reading “Oil cos making Rs 10 a litre profit on petrol, Rs 6.5 loss on diesel”

Union New and Renewable Energy Minister R K Singh on Thursday said his ministry will come out with detailed guidelines and standards for making India a global hub for hydrogen manufacturing. The comment comes a day after the Union Cabinet approved the National Green Hydrogen Mission with an outlay of Rs 19,744 crore

“We will come out with a detailed order after clearance by the Cabinet,” Singh said during a media interaction. Continue reading “Govt to soon bring norms for promoting green hydrogen”

NEW DELHI/PARIS, Jan 6 (Reuters) – Renault (RENA.PA) is considering building a mass-market electric vehicle in India, two people with knowledge of the ongoing review told Reuters, as part of a renewed push into a market where EV adoption is expected to grow quickly from a small base.

The study by Renault underscores how the French automaker is pushing ahead with electrification plans even as it extends unresolved negotiations with its partner Nissan Motor (7201.T) about investing in an EV unit it plans to carve out from its other operations. Continue reading “Exclusive: Renault considers making mass-market EVs in India -sources”

Jan 6 (Reuters) – Tesla (TSLA.O) cut electric car prices in China and other Asian markets on Friday, part of efforts to stoke demand for output from its Shanghai plant, a person with direct knowledge of the plan said. read more

Following are details of the price cuts: Continue reading “Factbox: Details of Tesla price cuts in China, other Asian markets”