Punjab cabinet approves new Industrial and Electric Vehicle policies

Posted on February 5, 2023 by admin

Chandigarh, Feb 3 (PTI) The Punjab Cabinet under the chairmanship of Chief Minister Bhagwant Mann approved new industrial and electric vehicle policies here on Friday, Finance Minister Harpal Singh Cheema said.

Talking to media, Cheema said that the Punjab Electric Vehicle Policy and the new Industrial Policy, both have been approved in the cabinet.

The approval of both the policies comes days ahead of an investors’ summit to be organised by the state government on February 23-24 in Mohali.

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Himachal Pradesh transport dept switches to electric vehicles

Posted on February 5, 2023 by admin

Shimla (Himachal Pradesh) [India], February 3 (ANI): The Himachal Pradesh State Transport Department has achieved the distinction of becoming the first such department in the country to switch over to electric vehicles by switching on its entire fleet of official vehicles, electrical.

Adopting the ‘Go Green’ approach, the directorate of transport has replaced the official petrol and diesel vehicles with electrical ones, according to an official statement.

Chief Minister, Sukhvinder Singh Sukhu while congratulating the State Transport department said that Himachal Pradesh had taken a lead in switching over to electrical vehicles and notifying its policy. In contrast, some states of the country are in the final stage of implementing the same.

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Towards Panchamrit by ICAT for Cleaner Mobility is a Huge Success | Draws 1500 Auto Professionals on a Saturday!

Posted on February 4, 2023March 3, 2023 by admin

• Union Minister for Heavy Industries Dr. Mahendra Nath Pandey inaugurates “Towards Panchamrit” – Conference and Exposition on driving India towards clean mobility, at ICAT Manesar

• Government under visionary leadership of PM Shri Narendra Modi is taking efforts to achieve vision of Atmanirbhar Bharat in Automotive Industry: Union Minister Dr Mahendra Nath Pandey

• According to the Hon’ble Minister Dr Pandey, The Modi Government has abolished duty on vehicles imported for testing.

Continue reading “Towards Panchamrit by ICAT for Cleaner Mobility is a Huge Success | Draws 1500 Auto Professionals on a Saturday!”

Increased metal recycling can cut auto components cost by 30 per cent: Gadkari

Posted on February 4, 2023 by admin

Kochi, Feb 3 (PTI) Union minister Nitin Gadkari on Friday said increased metal recycling can bring down the cost of auto components by a hefty 30 per cent which will automatically increase the industry’s export competitiveness.

Addressing an international conference on material recycling here through a video conferencing, the minister said the government has set a target of doubling the size of the automobile sector to Rs 15 lakh crore and create an additional 5 crore jobs. But he did not give a time line for achieving the target.

India overtook Japan to become a the world’s third largest automobile market in 2022.

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Billionaire Musk Likely to ‘Double Down’ on Tweets After Court Victory

Posted on February 4, 2023 by admin

By Jody Godoy and Jonathan Stempel

(Reuters) – Elon Musk may become even more emboldened in his Twitter use after a jury cleared the billionaire Tesla Inc chief executive over his missive that he had “funding secured” to take his electric car company private.

A San Francisco jury took just two hours to unanimously find the world’s second-richest person not liable for having allegedly tweeted fraudulently in August 2018 about a possible Tesla buyout.

Musk is likely to “double down” on his communication tactics after the verdict, said Minor Myers, a professor of corporate law at the University of Connecticut.

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Mexico in Talks With Top Carmakers to Make Electric Vehicles, Foreign Minister Says

Posted on February 4, 2023 by admin

By Stefanie Eschenbacher

MEXICO CITY (Reuters) – Mexico is gearing up to build several manufacturing hubs for electric vehicles across the country, Foreign Minister Marcelo Ebrard told Reuters, and is in talks with some of the world’s top carmakers.

The shocks of the pandemic and two years of supply chain chaos are colliding with a once-in-a-century shift of the industry’s fundamental technology as combustion vehicles give way to electric ones.

Ebrard said in an interview late on Thursday that Mexico was keen to capitalize on the global shift to electric vehicles.

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Carmaker BMW to invest around $870 mln in Mexico in EV push

Posted on February 4, 2023February 9, 2023 by admin

By Kylie Madry

SAN LUIS POTOSI, Mexico (Reuters) -German automaker BMW will invest 800 million euros ($866 million) in the central Mexican state of San Luis Potosi to produce high-voltage batteries and fully electric “Neue Klasse” models, the carmaker said Friday.

The expansion, set to add around 1,000 new jobs at its operations in the Mexican state, is BMW’s latest push into electric vehicles (EVs) as it looks to convert more than half of its sales into all-electric cars by 2030, it said.

More than half of the funds to be invested in Mexico – 500 million euros – are earmarked for the battery assembly center on the carmaker’s existing plant grounds, BMW said, and some 500 additional employees will work there.

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Nissan to Face Union Vote at Tennessee Plant After Labor Ruling

Posted on February 4, 2023 by admin

By Daniel Wiessner

(Reuters) – A U.S. labor board has cleared the way for 86 technicians at Nissan Motor Co’s Smyrna, Tennessee plant to vote on whether to join a union, rejecting the automaker’s claim that the unit should include thousands of production workers.

The Democrat-controlled National Labor Relations Board (NLRB) in a ruling on Thursday said the tool and die workers have special skills and separate supervision, making them distinct from production employees, backing the International Association of Machinists.

The NLRB overruled a 2021 decision by a regional official who said any election should also involve employees on the production line because they share working conditions.

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Ford’s pain underscores uneven impact of two-year auto chip shortage

Posted on February 4, 2023 by admin

by Ben Kleiman and Stephen Nellis

DETROIT/SAN FRANCISCO (Reuters) – Disappointing quarterly results from Ford Motor Co underscored that disruptions caused by the global semiconductor shortage are still plaguing automakers, but some are suffering more than others. .

Ford said Thursday it has left billions of dollars on the table that were under its control and attributed its fourth-quarter volume shortfall of 100,000 vehicles mostly to an inability to obtain chips.

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U.S. Says More Tesla, Ford, GM EVs Eligible for Tax Credits

Posted on February 4, 2023 by admin

By David Shepardson

WASHINGTON (Reuters) -The U.S. Treasury Department said Friday it will make more Tesla , Ford Motor, General Motors and Volkswagen electric vehicles eligible for up to $7,500 tax credits after it revised its vehicle classification definitions.

The reversal by Treasury is a win for Tesla, GM, Ford and other automakers which had pressed the Biden administration to change the vehicle definitions.

Under the $430 billion climate bill approved in August, SUVs can be priced at up to $80,000 to qualify for EV tax credits, while cars, sedans and wagons can only be priced at up to $55,000.

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Honda issues ‘Do Not Drive’ warning for 8,200 older U.S. vehicles over Takata airbag risks

Posted on February 4, 2023February 4, 2023 by admin

REUTERS

The National Highway Traffic Safety Administration (NHTSA) said owners of those vehicles should not drive them until they get repairs, warning ‘the risk to vehicle occupants is dire.’

Honda Motor Co on Friday issued a “Do Not Drive” warning for 8,200 model year Acura and Honda vehicles with unrepaired Takata air bag inflators in the United States.

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Truckmaker Volvo launches search for successor as CFO resigns

Posted on February 4, 2023 by admin

STOCKHOLM (Reuters) – Swedish truckmaker AB Volvo said on Thursday its Chief Financial Officer Tina Hultkvist had decided to resign and the company had launched a search for her successor.

“Tina Hultkvist will leave her role with immediate effect but stands available to the company’s disposal during 2023,” Volvo said in a statement.

Board member, senior advisor and former CFO Jan Ytterberg will step in as acting CFO during the recruitment for Hultkvist who leaves after 25 years at Volvo.

Renault-Nissan plan India reboot in test of reshaped alliance

Posted on February 2, 2023 by admin

By Aditi Shah and Gilles Guillaume

A revamped alliance between Renault and Nissan will face an early test in India, where the automakers plan new investment in a bid to close the gap on rivals, people with knowledge of the plans told Reuters.

The automakers reached a deal in principle on Monday to restructure their two-decade partnership by putting both companies on an equal footing in terms of shareholding and with Nissan investing in Renault’s new electric vehicle (EV) unit.

The French and Japanese companies announced they had identified key projects on which they would deepen collaboration in India, Latin America and Europe, without elaborating.

Budget 2023 : Electric Vehicle Manufacturers Welcome Continuation Of Import Sops

Posted on February 2, 2023February 2, 2023 by admin

PTI

The credit relief measures given to MSMEs in the Union budget are a welcome move, SMEV said and added that since many EV manufacturers also fall in this category, it hopes that these credit relief measures would be extended to them also, as they too had faced tremendous hardships during the pandemic

Electric vehicle manufacturers’ body SMEV on Wednesday said the continuation of the existing import sops for machinery used to produce lithium-ion batteries will help support current battery pricing.

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As Tesla ignites an EV price war, suppliers brace for Musk seeking givebacks

Posted on February 2, 2023 by admin

By Hyunjoo Jin

SAN FRANCISCO (Reuters) – Tesla Inc suppliers are bracing for pressure from Chief Executive Elon Musk and his team to cut their prices further after the electric car leader aggressively slashed vehicle prices in a slowing economy, industry officials who work with the automaker and its suppliers said.

The suppliers saw as ominous last month’s comments by Tesla Chief Financial Officer Zach Kirkhorn that the carmaker was “attacking every other area of cost” including the supply chain, and would work closely with suppliers. During Tesla’s earnings conference call last week, Musk said a recession could lead to “meaningful decreases” in almost all its input costs.

“It is never good for suppliers when (automakers) cut vehicle prices because that pressure rolls downhill,” said Dan Sharkey, an attorney who represents suppliers to Tesla and other automakers. “I never like it, because I know eventually they’re going to try to get it out of one of us.”

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ChatGPT sets record for fastest-growing user base – analyst note

Posted on February 2, 2023 by admin

Feb 1 (Reuters) – ChatGPT, the popular chatbot from OpenAI, is estimated to have reached 100 million monthly active users in January, just two months after launch, making it the fastest-growing consumer application in history, according to a UBS study on Wednesday.

The report, citing data from analytics firm Similarweb, said an average of about 13 million unique visitors had used ChatGPT per day in January, more than double the levels of December.

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Honda to start producing new hydrogen fuel cell system co-developed with GM

Posted on February 2, 2023 by admin

TOKYO, Feb 2 (Reuters) – Japan’s Honda Motor Co (7267.T) said it will start producing a new hydrogen fuel cell system jointly developed with General Motors Co (GM.N) this year and gradually step up sales this decade, in a bid to expand its hydrogen business.

Honda will target annual sales of around 2,000 units of the new system in the middle of this decade, the company said on Thursday, aiming to boost that to 60,000 units per year in 2030.

The Japanese carmaker is seeking to expand the use of its new system not only for its own fuel cell electric vehicles (FCEVs), but also commercial vehicles such as heavy trucks, as stationary power stations and in construction machinery.

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Exclusive: Volvo readies EV blitz in biggest product revamp under Geely

Posted on February 2, 2023 by admin

By Norihiko Shirouzu

Feb 2 (Reuters) – Volvo Cars is gearing up for an electric blitz to convert all its mainstay models – three SUVs and two sedans – into electric vehicles and to introduce a luxury electric van aimed at boosting sales in Asia, two people with knowledge of the plans said.

The Swedish carmaker, wholly owned by China’s Zhejiang Geely Holding Group, is expected to launch at least six new battery electric vehicles through 2026, the two people told Reuters.

Volvo has announced an objective to make its entire lineup fully electric by 2030. The company’s Australia unit has said it plans to sell only EVs in that market by 2026.

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Electric two-wheeler sales to reach 22 million by 2030: Report

Posted on February 1, 2023 by admin

PTIElectric two-wheeler sales in the country are expected to grow to around 22 million by 2030 amid a demand for affordable transportation and the focus on reducing carbon emissions, a report said on Tuesday.

A predominantly two-wheeler market, India’s overall EV penetration, including two-wheeler stood at around 3 per cent of the total automobile sales in 2022 calendar year.

Most developed countries are four-wheeler-dominated markets with as high as 63 per cent and 56 per cent penetration, in the US and China, respectively, Redseer Strategy Consultants said in its report released on Tuesday.

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Tata Motors raises final tranche of Rs 3,750 crore from TRG Rise Climate

Posted on February 1, 2023 by admin

Tata Motors on Tuesday said it has raised the second and final tranche of Rs 3,750 crore from TPG Rise Climate as per an agreement inked in 2021.

In October 2021, Tata Motors announced that it will raise USD 1 billion in its passenger Electric Vehicle (EV) business from TPG Rise Climate in exchange for compulsorily convertible preference shares to create a portfolio of EVs and dedicated Battery Electric Vehicle (BEV) platforms.

Tata Motors and TPG Rise Climate entered into a binding agreement under which TPG along with its co-investor ADQ to invest in a subsidiary of Tata Motors.

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European car sales will start recovering in 2023 despite economic uncertainty -ACEA

Posted on February 1, 2023February 1, 2023 by admin

BRUSSELS (Reuters) – Sales of new cars in Europe should start to recover in 2023 despite the broader economic uncertainty, with an increase expected of 5% to reach 9.8 million vehicles, the European Automobile Manufacturers Association (ACEA) said on Tuesday.

Luca De Meo, president of the car industry body and CEO of Renault, said during a news conference that only 5% of the raw materials needed for battery production would be sourced in Europe by 2030.

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U.S. Opens Safety Probe Into 1.8 Million Ford Explorer SUVs

Posted on February 1, 2023 by admin

By David Shepardson

WASHINGTON (Reuters) -U.S. auto safety regulators said Tuesday they have opened a safety probe into more than 1.8 million Ford Explorer sport utility vehicles over reports windshield trim panels can detach while driving at highway speeds.

The National Highway Traffic Safety Administration (NHTSA) said it was opening the preliminary evaluation into 2011 through 2019 model year Explorer SUVs because the issue could cause the detached part to hit the windshield of another vehicle or motorcyclist and cause a loss of vehicle control and crash.

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Analysis-GM Goes Slow on EVs as Rivals Fight a Price War

Posted on February 1, 2023 by admin

By Joseph White and Paul Lienert

DETROIT (Reuters) – General Motors Chief Executive Mary Barra is betting that moving more slowly than Tesla or Ford to accelerate electric vehicle production for North America will be more profitable in the long run.

Suppliers familiar with GM’s production plans through 2025 support the notion the automaker continues to slow-walk electric vehicle investment and output while it continues to bank money from its big combustion-engine pickups and SUVs.

GM plans to build just 170,000 EVs at its plants in the U.S., Canada and Mexico in 2023, and 285,000 in 2024, according to data gathered by AutoForecast Solutions, which expects the automaker’s EV production to remain under 500,000 in 2025 – about half of its actual capacity of 1 million.

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Stellantis Focused on Ethanol Hybrid Vehicles in South America, Executive Says

Posted on February 1, 2023 by admin

SAO PAULO (Reuters) -Stellantis NV expects to have in place by the end of this year the technologies needed for it to develop ethanol hybrid vehicles in Brazil, the head of the carmaker in South America said on Tuesday.

The initiative comes amid a broader push for sustainability in the region, with Brazilian President Luiz Inacio Lula da Silva saying also on Tuesday that under him the country’s economy would be based on “finding clean energy alternatives”.

Antonio Filosa said the Brazilian state of Minas Gerais would be the “epicenter” of ethanol hybrid cars for Stellantis, which has three plants in Brazil, two in Argentina and an industrial partnership in Uruguay.

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EV battery maker ONE raises $300 million, now valued at $1.2 billion

Posted on February 1, 2023 by admin

By Paul Lienert

Feb 1 (Reuters) – Michigan-based battery startup Our Next Energy (ONE) on Wednesday said it closed a $300 million Series B funding round that takes the three-year-old company’s valuation to $1.2 billion.

The latest round, led by investors Franklin Templeton and Fifth Wall, makes Our Next Energy one of the most valuable privately held battery companies in the United States.

ONE is delivering prototype versions of its Aries I battery pack to several companies for testing, and aims to begin producing Aries II lithium iron phosphate cells next year at a new factory in Van Buren Township in southeastern Michigan, Chief Executive Mujeeb Ijaz said in an interview.

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Adani Group’s Local Bonds Resist Panic Sales on Hindenburg’s Report

Posted on February 1, 2023 by admin

By Siddhi Nayak and Dharamraj Dhutia

MUMBAI (Reuters) – Indian conglomerate Adani Group’s locally listed bonds have resisted the panic selling in the groups’ dollar-denominated debt and domestically listed stocks since last Wednesday following short-seller Hindenburg Research’s scathing report on the group.

Hindenburg accused the conglomerate of improper use of offshore tax havens and flagged concerns about high debt. The Adani Group has rejected the allegations, but that has not prevented its group entities’ market value tumbling by $65 billion and yields on their dollar bonds plumbing to multi-year lows.

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Investors Go Back to Basics with Simpler Self-driving Vehicles – Latest Tweet by Reuters

Posted on February 1, 2023 by admin

COVENTRY, England : Developing fully autonomous vehicles (AVs) that can go everywhere has proven harder and more expensive than expected, but investors are continuing to fund startups that target simpler self-driving vehicle solutions far removed from pedestrians and other vehicles operated by unpredictable humans.

British AV software company Oxbotica, Sweden’s Einride, America’s Outrider and British supplier Aurrigo International Plc are among a number of companies drawing investor interest with more focused approaches, aimed at smaller, simpler customer segments – from mining vehicles to tractors or forklifts.

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Exclusive-President Jokowi “confident” Tesla will invest in Indonesia

Posted on February 1, 2023 by admin

REUTERS

By Gayatri Suroyo, Kate Lamb and Ananda Teresia

JAKARTA – Indonesian President Joko Widodo is confident Tesla Inc will finalise a deal to invest in a production facility in his country, having offered the U.S. car maker incentives ranging from tax breaks to a concession to mine nickel.

Southeast Asia’s largest economy has been wooing Tesla to invest in battery and car manufacturing since 2020, seeking to leverage its rich reserves of nickel ore, which can be processed for use in EV batteries.

The president, widely known as Jokowi, has held talks with Tesla Chief Executive Elon Musk twice, meeting him in person at his SpaceX facility in Texas last year and a telephone call, to try to secure a deal.

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Tesla raises spending plan as it looks to ramp up production

Posted on February 1, 2023 by admin

The Elon Musk-led electric vehicle company said it expects to spend between $7 billion and $9 billion in 2024 and 2025, days after it unveiled its plans to expand its factory in Nevada.

REUTERS

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GM reports higher quarterly profit, forecasts lower results in 2023

Posted on February 1, 2023 by admin

by Paul Lienert and Ben Klayman

DETROIT, Jan 31 (Reuters) – General Motors Co GM.N on Tuesday reported a higher quarterly net income for the fourth quarter, but said profit in 2023 would fall from last year.

For the full year, GM’s profit dropped to $9.9 billion from $10.0 billion in 2021. EBIT-adjusted income of $14.5 billion was a record, up slightly from $14.3 billion a year earlier.

GM said it expects net income in 2023 of $8.7 billion to $10.1 billion, and EBIT adjusted of $10.5 billion to $12.5 billion.

Continue reading “GM reports higher quarterly profit, forecasts lower results in 2023”

• Union Minister for Heavy Industries Dr. Mahendra Nath Pandey inaugurates “Towards Panchamrit” – Conference and Exposition on driving India towards clean mobility, at ICAT Manesar

• Government under visionary leadership of PM Shri Narendra Modi is taking efforts to achieve vision of Atmanirbhar Bharat in Automotive Industry: Union Minister Dr Mahendra Nath Pandey

• According to the Hon’ble Minister Dr Pandey, The Modi Government has abolished duty on vehicles imported for testing.

REUTERS

The National Highway Traffic Safety Administration (NHTSA) said owners of those vehicles should not drive them until they get repairs, warning ‘the risk to vehicle occupants is dire.’

BRUSSELS (Reuters) – Sales of new cars in Europe should start to recover in 2023 despite the broader economic uncertainty, with an increase expected of 5% to reach 9.8 million vehicles, the European Automobile Manufacturers Association (ACEA) said on Tuesday.

The Elon Musk-led electric vehicle company said it expects to spend between $7 billion and $9 billion in 2024 and 2025, days after it unveiled its plans to expand its factory in Nevada.

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