Cutting ties with China is ‘unthinkable’, Mercedes-Benz CEO tells Bild am Sonntag

Cutting ties with China is ‘unthinkable’, Mercedes-Benz CEO tells Bild am Sonntag

FRANKFURT, April 30 (Reuters) – Cutting economic ties with China is unrealistic, the chief executive of luxury carmaker Mercedes-Benz (MBGn.DE) told tabloid newspaper Bild am Sonntag, and said attempting to do so would put most of Germany’s industry at risk.

Europe is trying to reduce its dependency on China as the disruption of the pandemic and the Ukraine crisis have highlighted the dangers of relying on dominant suppliers and the fragility of supply chains.

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California moves to phase-out diesel-powered trucks, cut locomotive pollution

California moves to phase-out diesel-powered trucks, cut locomotive pollution

April 28 (Reuters) – California regulators on Friday approved new rules requiring all medium- and heavy-duty vehicles sold in the state in 2036 be zero-emission, a day after the California Air Resources Board (CARB) adopted reduced emission regulations for locomotives.

“With these actions requiring all new heavy-duty truck sales to be zero emission and tackling train pollution in our state, we’re one step closer to achieving healthier neighborhoods and cleaner air for all Californians,” said Governor Gavin Newsom.

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Top Taiwan chip designer MediaTek ‘rapidly’ shifts focus to autos, AI

Top Taiwan chip designer MediaTek ‘rapidly’ shifts focus to autos, AI

TAIPEI, April 28 (Reuters) – Taiwan’s top chip design company MediaTek is focusing more resources on chips for cars and AI computing as its smartphone clients face a supply glut and inflation and macroeconomic uncertainty dent demand for consumer electronics.

“We are definitely moving our resources very, very rapidly towards the automotive and computing areas, because those areas will provide our growth in the next three to five years,” MediaTek Inc (2454.TW) Chief Executive Rick Tsai told an earnings call.

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Hybrid-flex cars a great asset for Brazil’s decarbonization efforts, says VP

Hybrid-flex cars a great asset for Brazil’s decarbonization efforts, says VP

IRACEMAPOLIS, Brazil, April 28 (Reuters) – Brazil’s ability to produce and sell hybrid cars that can run on 100% ethanol is a huge asset for its auto industry as global economies push for decarbonization to tackle climate change, Vice President Geraldo Alckmin told Reuters.

Alckmin on Thursday attended the opening of a factory by Chinese carmaker Great Wall Motor Co Ltd (601633.SS) that will produce hybrid cars, including a flex-fuel pickup called Poer.

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Mercedes-Benz more upbeat on signs US, China picking up

Mercedes-Benz more upbeat on signs US, China picking up

  • Mercedes-Benz raises vans returns outlook
  • Expects to hit higher end of cars outlook
  • Supply chains improving, costs stabilising – CFO
  • European demand still sluggish, uptick expected

BERLIN, April 28 (Reuters) – Mercedes-Benz (MBGn.DE) struck a slightly more optimistic tone alongside its first quarter results on Friday, saying demand in China and the United States was showing signs of picking up as markets recover from inflationary and supply chain shocks.

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Continental manager admits involvement in diesel scandal, incriminates others, prosecutors say

Continental manager admits involvement in diesel scandal, incriminates others, prosecutors say

BERLIN, April 28 (Reuters) – A technical project manager at Continental (CONG.DE) has admitted to involvement in the Volkswagen (VOWG_p.DE) diesel scandal and incriminated other defendants, German prosecutors told Reuters on Friday.

The unidentified individual admitted to having knowledge of and involvement in the illegal use of so-called defeat devices in Volkswagen diesel vehicles, the prosecutor’s office said, adding the person would be treated with leniency during sentencing as a result of the statements.

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Japan’s Honda, GS Yuasa to invest $3 billion for battery development, build plant, Nikkei says

Japan’s Honda, GS Yuasa to invest $3 billion for battery development, build plant, Nikkei says

TOKYO, April 27 (Reuters) – Japanese automaker Honda Motor Co Ltd (7267.T) and battery maker GS Yuasa Corp (6674.T) will invest over 400 billion yen ($2.99 billion) and team up to produce batteries for electric vehicles (EVs) and homes, the Nikkei newspaper reported on Thursday.

The companies will start by building a new plant in Japan, targeting a production capacity of at least 20 gigawatt hours (GWh), the Nikkei added, without citing sources.

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Stellantis CEO: future of three German Opel plants secure for now

Stellantis CEO: future of three German Opel plants secure for now

BERLIN, April 28 (Reuters) – The future of three Opel plants in Germany belonging to carmaker Stellantis (STLAM.MI) is secure in the medium term after workers made progress on solving quality problems, CEO Carlos Tavares told the Frankfurter Allgemeine Sonntagszeitung newspaper in comments released on Friday.

However, vast improvement is needed on cost cutting in Germany in general, Tavares said. “Germany is currently the most expensive place in the world to produce cars,” he added.

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Tesla Power USA inks pact with Indian Oil Corp to sell batteries at petrol pumps

Tesla Power USA inks pact with Indian Oil Corp to sell batteries at petrol pumps

PTI – The partnership will enable Tesla Power to sell and service batteries at over 36,000 IOCL petrol pumps across India, the US-based firm said in a statement.

Tesla Power USA on Thursday said it has inked an agreement with Indian Oil Corporation Limited (IOCL) to sell and service batteries at the state-owned firm’s petrol pumps.

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Govt releases standard operating procedure under PLI scheme for automobile sector

Govt releases standard operating procedure under PLI scheme for automobile sector

PTI – Minister of Heavy Industries Mahendra Nath Pandey said his ministry is trying to align itself with the Prime Minister’s vision of Aatmanirbhar Bharat, and these SOPs (standard operating procedures) will not only help achieve that but will also help in increasing the manufacturing foothold.

The Union government on Thursday announced the standard operating procedure of the production linked incentive scheme for automobile sector, whereby applicants can submit applications for testing and certification of advanced automotive technology products, which will help them qualify for incentives. Minister of Heavy Industries Mahendra Nath Pandey said his ministry is trying to align itself with the Prime Minister’s vision of Aatmanirbhar Bharat, and these SOPs (standard operating procedures) will not only help achieve that but will also help in increasing the manufacturing foothold.

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Bajaj Auto to boost Chetak’s production to 10,000 units a month by June

Bajaj Auto to boost Chetak’s production to 10,000 units a month by June

PTI – The company has reached 5,000 units at present and next month, it will try to get to 7,000 units, he said, adding after that Bajaj Auto would assess how the demand is coming to plan future production roadmap.

Bajaj Auto Ltd is ramping up production of its electric scooter Chetak to touch around 10,000 units a month by June, having overcome supply chain constraints as it gradually expands the sales network of the brand, according to a senior company official. The company plans to have around 150 exclusive outlets for the Chetak electric scooter by September, and is taking a calibrated expansion keeping in mind the uncertainty over the extension of FAME II scheme for promotion of electric vehicles beyond this fiscal.

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Toyota edges past 9.1 million vehicle output goal, warns chip shortage lingering

Toyota edges past 9.1 million vehicle output goal, warns chip shortage lingering

TOKYO, April 27 (Reuters) – Japan’s Toyota Motor Corp (7203.T) set a global annual output record in the business year ended in March, just edging past its target of 9.1 million vehicles as factory disruption from global chip supply woes and pandemic lockdowns eased.

But the world’s biggest automaker by sales warned it continued to see impacts from the long-running global chip shortage, saying it remained hard to predict its effect going forward.

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Hertz results beat estimates on strong rental car demand

Hertz results beat estimates on strong rental car demand

April 27 (Reuters) – Hertz Global Holdings Inc (HTZ.O) on Thursday beat analyst estimates for quarterly results as more people rented cars to commute to office and travel outstation, sending the company’s shares up nearly 4% before the bell.

Demand for rentals remains strong as more companies mandate work from office and people resume their travel plans after a long pandemic-induced hiatus.

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Chinese EV giant BYD’s first-quarter profit jumps fivefold

Chinese EV giant BYD’s first-quarter profit jumps fivefold

BEIJING/SHANGHAI, April 27 (Reuters) – Chinese electric vehicle giant BYD Co. (002594.SZ) posted a fivefold jump in its first-quarter profit on Thursday as the company consolidated its leadership in the domestic market.

Net profit for the first three months of the year was 4.13 billion yuan ($596.56 million), up 410.9% from 808.41 million yuan a year earlier, on revenue up 79.8% at 120.17 billion yuan, the company said in a stock market filing.

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Geely’s EV brand Zeekr jumps on the ‘gigapress’ bandwagon

Geely’s EV brand Zeekr jumps on the ‘gigapress’ bandwagon

April 27 (Reuters) – Geely’s EV brand Zeekr is the latest to join a growing list of automakers that have turned to the “gigapress” die casting technique pioneered by Tesla to slash the cost of electric cars.

Zeekr’s manufacturing technology chief Jiang Kehong told Reuters the Chinese carmaker had started using massive aluminium die casts to make a large rear underbody section of its Zeekr 009 six-seat, multi-purpose van (MPV).

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Smaller EV prices to come down as EV sales climb, IEA says

Smaller EV prices to come down as EV sales climb, IEA says

  • Nearly one in five cars sold in 2023 to be electric – IEA
  • EVs could reduce oil demand by 5 million barrels daily by 2030
  • Large cars still dominate EV offering
  • Two- or three-wheel EVs outnumber cars in emerging economies

BERLIN, April 26 (Reuters) – Nearly one in five cars sold globally this year will be electric, with the prices of smaller EV models dropping to rival those of combustion engine cars in North America and Europe by the mid-2020s, the International Energy Agency (IEA) predicted on Wednesday.

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VW’s Skoda aims for six electric vehicle models by 2026

VW’s Skoda aims for six electric vehicle models by 2026

PRAGUE, April 26 (Reuters) – Czech carmaker Skoda Auto, part of German group Volkswagen (VOWG_p.DE), wants to expand its electric vehicle range to six models by 2026, the company said, further boosting its ambitions in the shift to e-mobility.

The company had previously aimed to launch three new electric models but said in a Tuesday evening release it will launch four new e-vehicles and two updated models in the coming years.

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Japan’s Honda Motor in strategic collaboration deal with TSMC

Japan’s Honda Motor in strategic collaboration deal with TSMC

TOKYO, April 26 (Reuters) – Japan’s Honda Motor Co (7267.T) said on Wednesday it had struck a strategic collaboration agreement with Taiwan Semiconductor Manufacturing Co (TSMC) (2330.TW) as part of efforts to secure a stable supply of semiconductors.

Japanese automakers have struggled to completely shake off the hit from tight global chip and parts supply during the pandemic, though constraints have eased.

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Vietnam EV maker VinFast secures $2.5 bln in fresh funding pledges

Vietnam EV maker VinFast secures $2.5 bln in fresh funding pledges

HANOI, April 26 (Reuters) – Vietnamese electric vehicle maker VinFast said on Wednesday it had received a fresh round of funding pledges worth $2.5 billion for its future development, in a move that may signal a new delay to its planned listing in the United States.

Two people familiar with the matter had previously told Reuters that VinFast’s planned U.S. Initial Public Offering (IPO) may be further delayed, with one saying it could be pushed into next year due to unfavourable market conditions.

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Tesla broke U.S. labor law by silencing workers, official rules

Tesla broke U.S. labor law by silencing workers, official rules

April 26 (Reuters) – Tesla Inc (TSLA.O) supervisors at a Florida service center violated U.S. labor law by telling employees not to discuss pay and other working conditions or bring complaints to higher level managers, a U.S. labor board official has ruled.

Managers at the Orlando repair shop illegally silenced workers in 2021 after some of them complained that new hires were being paid more, according to the decision issued Tuesday by National Labor Relations Board (NLRB) Administrative Law Judge Michael Rosas.

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GM lifts guidance, but cautions price gains won’t last

GM lifts guidance, but cautions price gains won’t last

DETROIT – April 25 (Reuters) – General Motors Co (GM.N) on Tuesday lifted its full-year profit and cash flow forecasts, citing stronger-than-expected demand and higher prices, but executives cautioned the price gains over 2022 won’t last as the year goes on.

After better-than-expected first quarter results, the No. 1 U.S. automaker said it expects full-year pre-tax profit in a range between $11 billion and $13 billion, up $500 million from a prior forecast.

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Hyundai Motor bolsters US presence with $5 bln EV battery venture

Hyundai Motor bolsters US presence with $5 bln EV battery venture

  • Shares rise as much as 5% to 7-month high
  • To develop Georgia battery plant in joint venture with SK On
  • Plant to start production in H2 2025, support 300,000 EVs

SEOUL, April 25 (Reuters) – South Korea’s Hyundai Motor Co (005380.KS) said on Tuesday it had finalised a $5 billion electric vehicle (EV) battery joint venture in the U.S., boosting electrification efforts in its largest market.

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Chrysler-parent Stellantis looks to trim around 3,500 hourly U.S. jobs -union letter

Chrysler-parent Stellantis looks to trim around 3,500 hourly U.S. jobs -union letter

WASHINGTON, April 25 (Reuters) – Chrysler-parent Stellantis NV (STLAM.MI) wants to cut approximately 3,500 hourly U.S. jobs and is offering voluntary exit packages, according to a United Auto Workers union letter made public Tuesday.

The automaker is looking to reduce its hourly workforce offering incentive packages that include $50,000 payments for workers hired before 2007, UAW Local 1264 said in a letter dated Monday posted on its Facebook page.

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Battery startup Sparkz strikes partnership with auto workers union

Battery startup Sparkz strikes partnership with auto workers union

WASHINGTON, April 25 (Reuters) – California-based battery manufacturer startup Sparkz Inc said Tuesday it had agreed to a partnership with the United Auto Workers (UAW) union as it finalizes plans to begin commercializing zero-cobalt, zero-nickel battery production.

The UAW has been working to organize new battery facilities as the auto industry shifts to electric vehicle production. Sparkz and the UAW said they had signed a memorandum of understanding establishing a national labor-management agreement and statement of neutrality.

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Mercedes-Benz launches E-Class, its last new combustion engine model

Mercedes-Benz launches E-Class, its last new combustion engine model

BERLIN, April 25 (Reuters) – Mercedes-Benz (MBGn.DE) on Tuesday launched its last new combustion engine model – the next generation of the E-Class, which will be built in Germany and China and go on sale in Europe in the third quarter of this year.

Follow-up models of the E-Class will be built on a new platform adapted for battery-powered cars, though this generation will already be available as a hybrid.

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World Auto Forum Successfully Organises WAF Whale Tank & 10th WAF Awards | Top Auto & Mobility Cos are WAF Annual Partners

World Auto Forum Successfully Organises WAF Whale Tank & 10th WAF Awards | Top Auto & Mobility Cos are WAF Annual Partners

by WAF Think Tank 

World Auto Forum successfully organised the WAF I2N – Innovators & Investors Network and WAF Whale Tank in partnership with We Founder Circle, India’s No 1 Angel Investors Platform. The event was also powered by WAF First Angels – A curated community by World Auto Forum of angel investors comprising Top CXOs, Entrepreneurs and professionals. 

Anuj Guglani, Founder & CEO, World Auto Forum said, ‘A thriving startups ecosystem is the barometer of innovation and growth for any nation. India has been a country of investors, startups and entrepreneurs even before these terms were coined. WAF is committed to contributing to these communities meaningfully.’

The WAF I2N first panel discussion included angel investors and startup founders as speakers. It was on an extremely pertinent topic: Important Things That Make a Startup Successful. It initially saw the investors and founders lock horns on valuations, viability and value creation. This spiced up the discussion, reminiscent of their quarterly review meetings back at their offices! Gradually the discussion led to the discovery of common ground for win-win! They realised they need each other for the ecosystem to be alive. Hence collaboration is inevitable! 

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Exclusive: Tesla readies export of Model Y to Canada from China

Exclusive: Tesla readies export of Model Y to Canada from China

SHANGHAI, April 24 (Reuters) – Tesla has begun producing in Shanghai a version of the Model Y to be sold in Canada this year, the first time it will ship cars to North America from China, according to a person with direct knowledge of the plan and a production memo seen by Reuters.

The move would connect Tesla’s (TSLA.O) biggest and most cost-efficient factory in the world to North America, its largest market. The Model Y is the electric vehicle (EV) maker’s best-selling model globally.

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U.S. OKs spectrum use for vehicle crash prevention technology

U.S. OKs spectrum use for vehicle crash prevention technology

WASHINGTON, April 24 (Reuters) – The Federal Communications Commission (FCC) on Monday approved a request by U.S. state agencies, some automakers, universities and others to use spectrum to deploy connected vehicle technology to prevent crashes, especially at intersections.

The 5.9 GHz spectrum block was reserved in 1999 for automakers to develop technology for vehicles to communicate with each other to avoid crashes but has so far gone largely unused.

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Chile’s lithium move a further push for automakers to diversify supply chain

Chile’s lithium move a further push for automakers to diversify supply chain

LONDON, April 24 (Reuters) – Chile’s move to nationalise its lithium industry adds fresh supply chain uncertainty for global carmakers facing a shortage of electric vehicle (EV) battery materials and could provide fresh urgency to find new sources of the metal.

Chilean President Gabriel Boric announced plans last Thursday to create a new state-owned company to control its lithium industry. The country has the world’s largest reserves of the metal and accounts for 30% of global output.

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GM, Samsung SDI to soon unveil plans for EV battery plant in US, sources say

GM, Samsung SDI to soon unveil plans for EV battery plant in US, sources say

  • Announcement could come as soon as Tuesday, sources say
  • Location of plant will not be immediately announced, sources say
  • GM-Samsung SDI may have more than one plant in N.America -source
  • News comes as South Korean President visits Washington

WASHINGTON, April 24 (Reuters) – General Motors Co (GM.N) and Samsung SDI (006400.KS) are set to announce as early as Tuesday the plan to build a joint venture electric vehicle battery manufacturing plant in the U.S., as the automaker diversifies its component suppliers, sources said.

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Over 54 lakh overage vehicles deregistered in Delhi

Over 54 lakh overage vehicles deregistered in Delhi

PTI – A National Green Tribunal (NGT) order in 2014 bars vehicles older than 15 years to be parked in public places. According to the data, the maximum number of vehicles were deregistered from South Delhi Part 1. A total of 9,285 three-wheelers and 25,167 cabs were struck off till March 27.

Delhi’s transport department has deregistered more than 54 lakh overage vehicles, including autorickshaws, cabs and two-wheelers, till March 27, according to official data. Some of the deregistered vehicles include those registered as early as 1900 and 1901, the data showed.

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Honda India Power Products appoints Shigeki Iwama as President

Honda India Power Products appoints Shigeki Iwama as President

PTI – On his new role, Shigeki Iwama said the company’s efforts will be focused on harnessing the “unwavering potential” of the Indian market, while fostering a culture of collaboration, innovation, and excellence.

Honda India Power Products (HIPP) Ltd on Monday announced the appointment of Shigeki Iwama as its President. Iwama, who was the President at Honda Motor Europe’s Central Europe branch (Austria) from 2020 to 2023, succeeds Takahiro Ueda to steer the company in its next phase of growth, the company said in a statement.

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Discovery of biggest deposit of Lithium in J&K will be historic milestone in AtmaNirbhar Bharat

Discovery of biggest deposit of Lithium in J&K will be historic milestone in AtmaNirbhar Bharat

PTI – The Minister said that Lithium deposits will not only give fillip and boost to the industrial sector in India but will give further push to the country to become ‘Vishwa Guru’ under the leadership of Prime Minister Narendra Modi.

The discovery of biggest Lithium deposits in the foothills of Mata Vaishnodevi in Jammu and Kashmir’s Reasi district is going to be a historic milestone in AtmaNirbhar Bharat, Union Minister Arjun Ram Meghwal said on Sunday.

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Chile’s lithium nationalization shines light on emerging tech

Chile’s lithium nationalization shines light on emerging tech

SANTIAGO, April 24 (Reuters) – Chilean President Gabriel Boric’s plan to nationalize his country’s immense lithium industry is putting the spotlight on an emerging crop of filtration technologies aimed at revolutionizing how the metal is produced for the electric vehicle industry.

In a national prime time address, Boric said last Thursday a new state-owned company would work to slash the environmental impacts of lithium production by shifting away from evaporation ponds, traditionally used to remove the metal from brine, in favor of direct lithium extraction (DLE).

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Bets on Aussie lithium miners rise as Chile plan stokes concerns

Bets on Aussie lithium miners rise as Chile plan stokes concerns

  • ASX-listed miners with Australian projects rally
  • ASX-listed miners with South American projects fall
  • Japan announces subsidies for lithium projects
  • China lithium prices rally on improved demand expectations

MELBOURNE, April 24 (Reuters) – Expectations that demand for Australian lithium will grow boosted Sydney-listed miners’ stocks on Monday after Chile unveiled plans to take control of its output of the metal essential for electric vehicle (EV) batteries.

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Japan’s Nidec posts first quarterly loss in 10 years

Japan’s Nidec posts first quarterly loss in 10 years

TOKYO, April 24 (Reuters) – Japanese electric motor maker Nidec Corp (6594.T) on Monday posted its first quarterly operating loss in a decade, hit by hefty restructuring costs and difficulty in procuring semiconductors and other components.

The loss of 24.3 billion yen ($181.01 million) for the January-March quarter compared to an average estimate for a 11.75 billion yen loss in a Refinitiv survey of analysts.

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MG Motor expects 30% of sales to come from EVs this year; gears up to drive in electric hatch Comet

MG Motor expects 30% of sales to come from EVs this year; gears up to drive in electric hatch Comet

PTI – Chaba said the automaker has invested between Rs 600-700 crore on the development of Comet which would be rolled out from its Halol-based plant in Gujarat with a localisation content of around 53-54 per cent. Expecting a robust response, MG Motor is looking to gradually ramp up the production capacity of Comet to around 3,000 units a month, he added.

Bullish on electric mobility MG Motor India expects 30 per cent of its sales to accrue from the electric vehicle segment this year as it gears up to introduce its second offering in the vertical next month, according to the company’s President and Managing Director Rajeev Chaba. The company, which currently sells ZS EV in the country, has unveiled a two- door electric vehicle ‘Comet’ which it plans to introduce in phase wise manner across the country starting next month.

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Volkswagen focussing on premium products in India following global strategy

Volkswagen focussing on premium products in India following global strategy

PTI – Volkswagen is focusing on premium products in India, says Volkswagen Passenger Cars India Brand Director, Ashish Gupta, as 45% of all passenger vehicles sold in the country so far this year are priced above INR 10 lakh. The carmaker has moved into an average price band of INR 16 lakh, which offers feature-loaded products in response to evolving customer demands. “Customers are in a zone of no compromise,” Gupta stated. Gupta also confirmed that Volkswagen has moved away from the sub-four metre Polo segment entirely.

With nearly 45 per cent of passenger vehicles sold in India coming from models priced above INR 10 lakh so far this year, German carmaker Volkswagen is focussing on premium products in the country following its global strategy, according to a senior company official. The company, which till about three to four years back was operating in a price bracket of INR 6.5 lakh to INR 7 lakh, has now moved up to an average price band of INR 16 lakh offering feature-loaded products in order to meet the evolving customer demands.

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