March 20 (Reuters) – A Russian court on Monday froze all Volkswagen (VOWG_p.DE) assets in Russia, in the latest obstacle to the German carmaker’s year-long efforts to wind down its Russian operations.
Volkswagen, along with other foreign carmakers, suspended operations in Russia last year after western countries imposed unprecedented sanctions on Moscow over the conflict in Ukraine.
Continue reading “Russian court freezes Volkswagen assets in Russia”
BERLIN, March 20 (Reuters) – Talks between Germany’s Transport Ministry and the European Commission about the planned end of new combustion engines from 2035 are moving forward, the ministry said on Monday, but added it could not say when agreement would be reached.
After months of negotiations, the European Parliament, the Commission and EU member states agreed last year to the law that would require new cars sold in the European Union from 2035 to have zero CO2 emissions – effectively making it impossible to sell combustion engine cars from that date.
Continue reading “Germany says making progress in EU talks on 2035 ban on fossil fuel cars”
AKARTA, March 20 (Reuters) – Indonesia will allocate 7 trillion rupiah ($455.88 million) in state funds to subsidise electric motorcycle sales through 2024, officials said on Monday, as it pushes mass adoption of EVs with the aim of attracting investment in the domestic industry.
The government will also announce incentives for electric cars on April 1, said senior cabinet minister Luhut Pandjaitan said.
Continue reading “Indonesia sets aside $455 million to subsidise electric motorcycle sales”
WASHINGTON, March 20 (Reuters) – A trade group representing rideshare and delivery companies such as Uber (UBER.N) and Lyft (LYFT.O) is asking President Joe Biden’s nominee to lead the U.S. Department of Labor, Julie Su, to explain her position on worker-classification rules.
The Flex Association sent a letter to Biden on Monday asking that Su explain how she would implement a proposed rule that could make it easier for workers to be considered employees rather than independent contractors, or gig workers, in a “manner that protects independent work.”
DETROIT, March 20 (Reuters) – Insurers and industry experts say electric vehicle insurance premiums will keep rising as sales grow unless the car companies make it easier to access battery data and repair packs that are only slightly damaged in collisions.
Many carmakers in turn say their EV battery packs are repairable, though few seem willing to share access to battery data.
Continue reading “Factbox: Insurers press carmakers for more help with EV batteries”
LONDON/DETROIT, March 20 (Reuters) – For many electric vehicles, there is no way to repair or assess even slightly damaged battery packs after accidents, forcing insurance companies to write off cars with few miles – leading to higher premiums and undercutting gains from going electric.
And now those battery packs are piling up in scrapyards in some countries, a previously unreported and expensive gap in what was supposed to be a “circular economy.”
Continue reading “Scratched EV battery? Your insurer may have to junk the whole car”
PRAGUE, March 19 (Reuters) – Czech carmaker Skoda would have to cut 3,000 jobs and axe some models if the European Union’s “Euro 7” emissions scheme is implemented in its current form, a Skoda board member warned in a TV debate on Sunday.
The proposed Euro 7 law, which EU countries and lawmakers will start negotiating this year, would tighten limits on the emission by cars of health-harming pollutants, including nitrogen oxides.
Continue reading “VW’s Skoda would cut 3,000 jobs if ‘Euro 7’ implemented in current form”
PARIS, March 19 (Reuters) – Carmaker Stellantis will spend more than 200 million euros ($213.32 million) to manufacture four Fiat models in Algeria, it said on Sunday.
Construction of the plant will be completed by August with production of the the first Fiat 500 expected by the end of the year, it said.
Continue reading “Stellantis invests 200 million euros to produce Fiat cars in Algeria”
BERLIN, March 19 (Reuters) – Mercedes (MBGn.DE) will invest billions of dollars to modernise its plants in China, Germany and Hungary over the coming years, magazine Automobilwoche reported, as the carmaker prepares to switch to electric vehicles and cut emissions.
The European Union has set a goal to halve CO2 emissions per passenger car over their life cycle by the end of this decade compared to 2020 and is seeking agreement on a 2035 deadline to end the sale of fossil fuel cars.
Continue reading “Mercedes set to invest billions in e-vehicles plants”
PTI – Describing the proposed move as a “revolutionary step”, the minister said advisories are being sent to all States to prepare a new scrap policy for private vehicles, which will prove beneficial for them.
Union Minister of State for Environment Ashwini Kumar Choubey on Sunday said the government has taken various steps to bring down pollution and will soon bring out a policy on the scrapping of private vehicles aged more than 15 years. He was addressing reporters at ‘Meet the Press’ in Nagpur.
Continue reading “Private vehicle scrapping policy in the offing, says Union minister Choubey”
PTI – The targeted outcomes include a reduction in cost of logistics and leveraging private participation aided by initiatives like fiscal incentives for truck firms, container freight stations, warehouse operators, freight forwarders, start-ups and technology service providers among other related enterprises.
The Tamil Nadu government on Saturday unveiled its ‘Logistics Policy 2023’, featuring objectives including enabling a robust logistics infrastructure development. The targeted outcomes include a reduction in cost of logistics and leveraging private participation aided by initiatives like fiscal incentives for truck firms container freight stations warehouse operators freight forwarders, start-ups and technology service providers among other related enterprises.
Continue reading “TN govt unveils logistics policy, aims at reducing cost; proposes incentives”
PTI – “For semiconductor manufacturing, other than Strategic Works, SCL etc, we do not have skilled manpower readily available in India. There will be around 10,000-13,000 kinds of requirements for semiconductor manufacturing,” he said citing the task force report.
There is no skilled talent available to handle chip manufacturing plants in India, and there will be a requirement of 10,000-13,000 human resources to meet industry requirements by 2027, a Meity official said on Friday, citing an internal report. While speaking at a panel discussion on Electronics Sector Skill Council foundation day, Ministry of Electronics and IT Scientist ‘E’ Prashant Kumar said that India has a big pool of semiconductor design engineers, but to handle semiconductor plants, talents will initially come from overseas, and gradually resources will be developed in the country.
Continue reading “India lacks talent for chip manufacturing; requires 10-13k people by 2027”
PTI – Mercedes-Benz India expects India to be its fastest growing market globally, maintaining the feat that it had achieved last year as well. The company is delaying some of the launches, pushing it to the second and third quarters of 2023 (calender year) due to supply chain constraints. India’s growth is still strong, even compared to many of the Asian markets in our region also, according to the company’s managing director and CEO.
German luxury carmaker Mercedes-Benz expects India to be its fastest growing market globally, maintaining the feat that it had achieved last year as well, according to a senior company official. Mercedes-Benz India, which had planned to launch ten new products this year, is delaying some of the launches, pushing it to the second and third quarters of 2023 (calender year) due to supply chain constraints with an aim to avoid further increasing the waiting period of its products.
Continue reading “Mercedes-Benz expects India to be its fastest growing market this year too”
SHANGHAI, March 17 (Reuters) – Baidu (9888.HK), and Pony.ai said on Friday they have won permits to provide fully driverless ride-hailing services in the Chinese capital of Beijing.
Baidu’s Apollo service will deploy 10 fully autonomous vehicles in a technology park developed by the government of Beijing, the Chinese ride-hailing giant said in a statement.
Continue reading “Baidu, Pony.ai win permits to offer driverless robotaxi services in Beijing”
March 17 (Reuters) – A U.S. appeals court on Friday revived a lawsuit by Uber Technologies Inc (UBER.N) and subsidiary Postmates Inc challenging a California law that would require them to provide more proof that workers are independent contractors, a classification that helps the companies save millions.
In a major win for app-based services that heavily rely on contractors, the San Francisco-based 9th U.S. Circuit Court of Appeals said the state must face claims that the law known as AB5 is unconstitutional because it improperly singles out app-based transportation businesses while exempting many other industries.
Continue reading “Uber challenge to California contractor law revived by U.S. appeals court”
WASHINGTON, March 17 (Reuters) – Challenger Shawn Fain is narrowly leading United Auto Workers (UAW) President Ray Curry in a runoff election for leadership of the powerful union, as Curry’s campaign said it had filed a protest over issues including undelivered ballots.
Late Friday, court-appointed monitor Neil Barofsky said in the presidential race Fain has received 69,386 votes and Curry has 68,881 votes – a difference of 505 votes – but with 600 unresolved challenged ballots.
Continue reading “UAW presidential challenger holds lead as rival campaign files protest”
March 17 (Reuters) – Earnings of U.S. auto dealers have eased over the past few months from record levels hit in 2022 as margins came under pressure from high interest rates and inflation, a report showed on Friday.
In 2022, profits reached an estimated $6.5 million per location for dealerships owned by public auto retailers, more than triple of pre-pandemic levels, according to the report from Haig Partners, a buy-sell advisory firm to auto dealers.
Continue reading “U.S. auto dealer profits ease from 2022 peak, M&A drive stays high – report”
BERLIN, March 17 (Reuters) – Tenaciou3 Prospect Investment has sold its entire stake in Daimler Truck (DTGGe.DE), a Daimler Truck spokesperson said on Friday.
“We can confirm that … investor Tenaciou3 Prospect Investment Ltd has sold its shares in Daimler Truck Holding AG. We will not comment further,” the spokesperson said.
Continue reading “Geely Chair Li Shufu sells his stake in Daimler Truck”
March 16 (Reuters) – A group of technicians at Nissan Motor Co’s (7201.T) Smyrna, Tennessee, factory voted overwhelmingly against joining a union on Thursday, marking yet another defeat for organized labor in the U.S. South.
The tool and die workers in a 62-9 vote rejected a campaign by the International Association of Machinists and Aerospace Workers (IAM), according to results announced by the U.S. National Labor Relations Board.
Continue reading “Nissan workers at Tennessee plant reject union campaign”
BERLIN, March 17 (Reuters) – Volkswagen (VOWG_p.DE) plans to invest in mines to bring down the cost of battery cells, meet half of its own demand and sell to third-party customers, the carmaker’s board member in charge of technology said.
Its strategy aligns with a wider trend of carmakers seeking greater control over parts of the supply chain traditionally left to third parties, from energy generation to raw material sourcing, as they compete for scarce resources they urgently need to meet electrification targets.
Continue reading “Volkswagen to invest in mines in bid to become global battery supplier”
TOKYO, March 17 (Reuters) – Mazda Motor Corp (7261.T) will appoint 40-year company veteran Masahiro Moro as its new president and CEO, the Japanese automaker said on Friday, as it ramps up spending to electrify its vehicles and considers investing in battery production.
Moro, 62, currently a director and senior managing executive officer, had previously served as the head of the automaker’s North America operations. He will officially take over pending the approval of the shareholders and board in June, the company said.
Continue reading “Mazda to appoint former North America head Moro as next CEO”
BEIJING, March 17 (Reuters) – SAIC Volkswagen Automotive Co is offering 3.7 billion yuan ($537 million) in cash subsidies for car purchases in China, joining more than 40 brands in slashing prices ahead of a change in emissions rules in the world’s largest auto market.
The joint venture between China’s SAIC Motor Corp Ltd (600104.SS) and Germany’s Volkswagen AG (VOWG_p.DE) is offering 15,000 yuan to 50,000 yuan in subsidies until April 30 for its full lineup, which includes the Teramont, Lavida and Phideon models, SAIC-VW said on its WeChat account late on Thursday.
Continue reading “Volkswagen joins China price war as new emissions rule looms”
WASHINGTON, March 16 (Reuters) – General Motors (GM.N) CEO Mary Barra met with two key senators on Thursday as the Detroit automaker pushes for legislation to speed deployment of self-driving vehicles on U.S. roads.
Barra met with Senate Commerce Committee Chair Maria Cantwell and Senator Gary Peters, a fellow Democrat and a Commerce Committee member, the company confirmed.
Continue reading “GM CEO meets with senators on self-driving cars”
March 16 (Reuters) – Finland’s Nokian Tyres (TYRES.HE) said on Thursday Russian energy and petrochemical company PJSC Tatneft (TATN.MM) had paid it 285 million euros ($302.30 million) for its operations in Russia.
As many other international companies withdrew from Russia in response to the Ukraine war, Nokian Tyres said last year it would exit the Russian tyre-making business.
Continue reading “Nokian Tyres receives 285 mln euros for sale of Russia operations”
PTI – India’s largest gas utility GAIL on Friday said it has signed an agreement with Shell Energy India Pvt Ltd to explore ethane sourcing and other opportunities along the energy value chain. GAIL is planning to import ethane from the US to replace natural gas and naphtha as feedstock at petrochemical plants. In a statement, GAIL said it has signed a memorandum of understanding with Shell Energy India to “explore opportunities for infrastructure development for ethane sourcing.”
India’s largest gas utility GAIL on Friday said it has signed an agreement with Shell Energy India Pvt Ltd to explore ethane sourcing and other opportunities along the energy value chain. GAIL is planning to import ethane from the US to replace natural gas and naphtha as feedstock at petrochemical plants.
Continue reading “GAIL signs pact with Shell to explore ethane sourcing”
PTI – Hero Future Energies is delighted to announce the signing of a Memorandum of Understanding with the Govt. of Andhra Pradesh per which it will be setting up a renewable energy facility in the state and work closely with the state Government to catalyze economic growth in Andhra Pradesh.
Hero Future Energies is delighted to announce the signing of a Memorandum of Understanding with the Govt. of Andhra Pradesh per which it will be setting up a renewable energy facility in the state and work closely with the state Government to catalyze economic growth in Andhra Pradesh.
PTI – In a written reply to Lok Sabha, Union Minister Nitin Gadkari said the Indian Computer Emergency Response Team (CERT-In), which is mandated to track and monitor cyber security incidents in India, received reports of vulnerabilities in products and applications related to electric vehicle charging stations.
New Delhi Electric vehicle charging stations are also susceptible to cyber attacks and cyber security incidents like any other technological application, Parliament was informed on Thursday.
Continue reading “EV charging stations susceptible to cyber attacks: Gadkari”
March 16 (Reuters) – Volkswagen-owned Audi (VOWG_p.DE) forecast sizeable revenue growth in 2023 to 69-72 billion euros ($149.53 billion) from 61.8 billion last year, but expects a more conservative earnings margin as higher costs weigh on profits, it said on Thursday.
The premium brand had a bumper year in 2022 with earnings up 40% to 7.6 billion euros as it prioritised production of higher-priced products during the chip shortage.
Continue reading “Audi to bring back lower-priced models as chip shortages ease after bumper 2022”
March 16 (Reuters) – Russia’s top carmaker Avtovaz (AVAZI_p.MM) said on Thursday it plans to sell at least 370,000 vehicles this year, the TASS news agency reported – almost double last year’s sales volumes.
The company sold 188,645 cars in 2022 as Russia’s auto industry was hit hard by the fallout of Russia’s invasion of Ukraine and imposition of Western sanctions.
Continue reading “Russia’s Avtovaz aims to almost double car sales in 2023”
PRAGUE, March 16 (Reuters) – Czech carmaker Skoda Auto, part of the Volkswagen Group (VOWG_p.DE), is in the final stages of quitting Russia after taking an almost 700 million euros ($742 million) hit from the impact of Moscow’s war in Ukraine, its CEO said on Thursday.
Skoda, the leader of a Czech car sector that is the backbone of the country’s industrial output, has seen its Russian operation hit hard by the disruptions caused by the war and by Western sanctions imposed on Russia.
Continue reading “VW’s Skoda in final stages of exit from Russia”
OSLO, March 16 (Reuters) – Volvo Group (VOLVb.ST) will restructure its European bus-making operation in a bid to restore it to profitability, divesting from a Polish plant and axing 1,600 jobs, the Swedish company said on Thursday.
Volvo Buses will change its business model in Europe to focus on chassis production while cooperating with external companies for the bodybuilding, in line with a strategy pursued in other markets, it said.
Continue reading “Volvo Buses to restructure in Europe, hitting 1,600 jobs”
MOSCOW, March 16 (Reuters) – Japanese carmaker Toyota’s (7203.T) St Petersburg plant may be transferred to the Russian state entity NAMI, Russian Industry and Trade Minister Denis Manturov said on Thursday, according to the state-run TASS news agency.
“The transfer of Toyota’s Russian asets to NAMI is being considered,” Manturov was quoted as saying on the sidelines of a business congress.
Continue reading “Russia says it may take over Toyota plant in St Petersburg -TASS”
BERLIN, March 15 (Reuters) – Volkswagen (VOWG_p.DE) laid out on Wednesday the details of a planned all-electric car costing under 25,000 euros ($26,790), part of the German carmaker’s push to derive 80% of VW passenger brand sales in Europe from all-electric vehicles by 2030.
The car with a 450-km range (280 miles), to launch in Europe by 2025, will be the first on Volkswagen’s modular electric platform to feature a front-wheel drive, with design elements that hark back to the first Golf, VW said in a statement.
Continue reading “Volkswagen lays out details of planned affordable electric car”
LA PAZ, March 15 (Reuters) – Protesters in Bolivia’s lithium-rich region of Potosi are blockading a key processing plant, demanding legislation that guarantees better benefits for local communities and larger royalties from extraction of the electric battery metal.
The protests are focused on a plant in Llipi, near the Uyuni salt flats, which hold one of the world’s largest troves of the metal whose price has surged so much during the global shift towards electric vehicles that it is now called “white gold”.
Continue reading “In Bolivia’s heartland, protests rattle lithium development push”
PTI – The move is aimed at consolidating all existing green assets under one umbrella and rapidly expanding its footprint across sustainable energy avenues like biofuels, renewables, green hydrogen and carbon offsets (CCUS or carbon capture, utilisation and storage).
Indian Oil Corporation (IOC) has floated a new subsidiary for low carbon, clean and green energy business as the nation’s biggest oil refining and fuel marketing company pivots a transition plan to achieve net zero emissions from its operations by 2046.
Continue reading “Indian Oil consolidates renewable energy business under new unit”
SAN FRANCISCO, March 15 (Reuters) – Self-driving trucking startup Gatik will double its workforce by year end, a top executive said, after it announced a deal on Wednesday with grocer Kroger Co (KR.N) to transport goods within its Dallas, Texas network.
Gatik, which operates traditional mid-sized trucks fitted with its autonomous technology, aimed to expand to 15 new U.S. states over five years, CEO Gautam Narang told Reuters.
Continue reading “Self-driving startup Gatik to double workforce, strikes Kroger deal”
BERLIN, March 15 (Reuters) – BMW (BMWG.DE) Chief Executive Oliver Zipse said he viewed e-fuels as having the biggest impact for decarbonising transport if used in existing car fleets, rather than in new cars as was being discussed in Europe.
“The main impact of e-fuels is on existing fleets, not in the regulation of new vehicles being hotly discussed in Europe,” Zipse said.
Continue reading “BMW: e-fuels have highest impact for current fleet, not new cars”
TOKYO, March 15 (Reuters) – Top Japanese companies agreed to their largest pay increases in a quarter century at annual labour talks that wrapped up on Wednesday, heeding, at least for now, Prime Minister Fumio Kishida’s call for higher wages to offset rising living costs.
Worker pay has been a casualty of years of sputtering growth in the world’s third-largest economy. Japanese salaries are virtually unchanged since the late 1990s and now well behind the average for the OECD grouping of rich countries.
Continue reading “Japan’s workers get biggest pay rises in decades as inflation surges”
