MoRTH plans to raise INR 35,000 crore through asset monetisation this fiscal: Official

MoRTH plans to raise INR 35,000 crore through asset monetisation this fiscal: Official

PTI – Infrastructure Investment Trust (InvIT) is an instrument on the pattern of mutual funds, designed to pool money from investors and invest in assets that will provide cash flows over a period of time. Elaborating further, the official told PTI that while INR 15,000 crore is planned to be raised in 2023-24 via project-based financing of high-speed corridors by securitising the future toll revenues without any guidance from the authority, INR 10,000 is planned to be raised via InvIT.

The Ministry of Road Transport and Highways (MoRTH) plans to raise INR 35,000 crore through various modes of asset monetisation in this financial year, against INR 32,855-crore target in the last fiscal, a senior government official said on Sunday. Currently, MoRTH monetises its assets under three different modes viz toll-operate-transfer (TOT) model, Infrastructure Investment Trust (InvIT) and project-based financing, in order to provide all categories of investors an opportunity to invest in assets pertaining to highways and associated infrastructure.

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Over 300 cluster buses taken off Delhi roads

Over 300 cluster buses taken off Delhi roads

PTI – Cluster buses are monitored and managed by the Delhi Integrated Multi-Modal Transit System Limited (DIMTS). They were introduced in Delhi with the aim of replacing the killer Blue Line buses that were phased out in 2012. The cluster buses that have gone off the roads used to play in south, southwest, west and outer Delhi.

Over 300 cluster buses have been taken off Delhi roads following the expiry of their contract with the transport department, officials said on Friday. They said the orange buses were inducted into the fleet around 2011 and had become overage. Their contract had expired one-and-a-half years ago but it kept getting renewed, the officials added.

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Tesla’s California market share tumbles despite aggressive price cuts

Tesla’s California market share tumbles despite aggressive price cuts

SAN FRANCISCO, April 21 (Reuters) – Tesla’s market share in its key California market tumbled in the first quarter of the year despite aggressive price cuts as rivals stepped up, data showed on Friday.

Tesla Inc (TSLA.O) controlled 59.6% of the battery electric market in California from January to March, down from 72.7% for all of 2022 and the lowest since 2017, according to Reuters calculations based on data from the California Energy Commission.

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Exclusive: Tesla’s Autopilot never claimed to be self-pilot, juror says

Exclusive: Tesla’s Autopilot never claimed to be self-pilot, juror says

LOS ANGELES, April 21 (Reuters) – Jurors in what appears to be the first trial related to a crash involving Tesla’s Autopilot feature told Reuters after the verdict on Friday that the electric-vehicle maker clearly warned that the partially automated driving software was not a self-piloted system, and that driver distraction was to blame.

A California state court jury on Friday handed Tesla Inc (TSLA.O) a sweeping win, finding that the automaker’s Autopilot feature did not fail to perform safely and awarding plaintiff Justine Hsu zero damages.

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Canada, Volkswagen to invest more than C$20 billion in EV battery gigafactory

Canada, Volkswagen to invest more than C$20 billion in EV battery gigafactory

BERLIN, April 21 (Reuters) – Canada and Volkswagen (VOWG_p.DE) on Friday together committed more than C$20 billion ($14.8 billion) for a battery gigafactory in St. Thomas, Ontario, the biggest single investment ever in the country’s electric-vehicle supply chain.

Europe’s largest carmaker is investing up to C$7 billion to build the plant, Volkswagen said in a statement.

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UAW President: ‘No excuse’ for Detroit’s non-union EV operations

UAW President: ‘No excuse’ for Detroit’s non-union EV operations

DETROIT, April 21 (Reuters) – United Auto Workers union President Shawn Fain said on Friday there is “no excuse” for Detroit’s automakers to set up electric vehicle operations and ventures that are not unionized.

Fain also told the Detroit Automotive Press Association that Stellantis NV’s decision to idle an assembly plant in Belvidere, Illinois, is “a flat-out violation” of the union’s contract with the UAW and is unacceptable.

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Gensol Engineering gets INR 633 cr loan from Power Finance Corp

Gensol Engineering gets INR 633 cr loan from Power Finance Corp

PTI – The passenger EVs will be leased to Blusmart Mobility Pvt Ltd (BMPL) to expand its fleet of ride-hailing cabs. The first tranche of the loan has been disbursed and the first lot of EV cabs has hit the Delhi roads, it added.

State-owned Power Finance Corporation (PFC) has sanctioned a loan of INR 633 crore to Gensol Engineering Ltd for the purchase of 5,000 passenger electric vehicles and 1,000 cargo EVs. A Gensol Engineering Ltd (GEL) statement said PFC has sanctioned a loan of INR 633 crores for the purchase of 5,000 passenger electric vehicles and 1,000 cargo.

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Andhra setting up 250 charging stations to promote EVs

Andhra setting up 250 charging stations to promote EVs

PTI – As part of this initiative, Energy Minister Peddireddy Ramachandra Reddy has inaugurated a charging station near Durga temple in the city and launched the Renewable Energy Resources Centre (RERC), established by NREDCAP and AP State Council of Science & Technology (APCOST).

Aimed at ushering in a revolution of electric vehicles, the New and Renewable Energy Development Corporation of Andhra Pradesh (NREDCAP) is facilitating the setting up of 250 charging stations this year, and another 100 next year. As part of this initiative, Energy Minister Peddireddy Ramachandra Reddy has inaugurated a charging station near Durga temple in the city and launched the Renewable Energy Resources Centre (RERC), established by NREDCAP and AP State Council of Science & Technology (APCOST).

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Volkswagen increases Q1 sales despite weaker China business

Volkswagen increases Q1 sales despite weaker China business

BERLIN, April 21 (Reuters) – Volkswagen (VOWG_p.DE) significantly increased deliveries in the first quarter despite weaker business in China, its most important single market, the German carmaker said on Friday.

The group delivered 2.04 million vehicles to customers worldwide, up 7.5% compared with the same quarter last year, while in China, sales fell 14.5% to 644,500 vehicles.

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Chile plans to nationalize its vast lithium industry

Chile plans to nationalize its vast lithium industry

  • Chile to create state-owned lithium company
  • State firm to control world’s largest lithium reserves
  • Copper giant Codelco to play key role

SANTIAGO, April 21 (Reuters) – Chile’s President Gabriel Boric said on Thursday he would nationalize the country’s lithium industry, the world’s second largest producer of the metal essential in electric vehicle batteries, to boost its economy and protect its environment.

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China EV maker BYD to build $290 mln battery component plant in Chile

China EV maker BYD to build $290 mln battery component plant in Chile

HONG KONG, April 21 (Reuters) – China’s BYD Co Ltd (002594.SZ), , the world’s largest electric vehicle (EV) maker, plans to build a $290 million lithium cathode factory in Chile’s northern Antofagasta region, said Chilean economic development agency CORFO.

The South American country’s government has named BYD Chile a qualified lithium producer, CORFO said, giving it access to preferential prices for lithium carbonate quotas.

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US jury set to decide test case in Tesla Autopilot crash

US jury set to decide test case in Tesla Autopilot crash

LOS ANGELES, April 21 (Reuters) – A California state court jury began deliberating on Thursday in what appears to be the first trial related to a crash involving Tesla’s Autopilot partially automated driving software.

The verdict could offer an important sign of the risk facing Tesla Inc (TSLA.O) as it tests and rolls out its Autopilot and more advanced “Full Self-Driving (FSD)” system, which Chief Executive Elon Musk has touted as crucial to his company’s future, but which has drawn regulatory and legal scrutiny.

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MG Motor launches plug-in hybrid option in Mexico as EV race heats up

MG Motor launches plug-in hybrid option in Mexico as EV race heats up

MEXICO CITY, April 20 (Reuters) – MG Motor is launching a plug-in hybrid SUV in Mexico, the carmaker said on Thursday, as the market for hybrid and electric vehicles in the Latin American country heats up despite a lack of infrastructure and high costs for locals.

The hybrid eHS model is set to hit Mexico’s streets on Friday, alongside two combustion-engine models, the company said.

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At Shanghai show, auto rivals lure drivers with in-car karaoke, crystal balls

At Shanghai show, auto rivals lure drivers with in-car karaoke, crystal balls

SHANGHAI, April 20 (Reuters) – Automakers keen to make a splash at the Shanghai auto show showed off vehicles boasting features from crystal balls to in-car karaoke systems and 3D dashboards, as competition to attract drivers heats up in the world’s largest auto market.

At the first such showcase in China since the country’s COVID-19 curbs ended, Zeekr, a premium electric vehicle (EV) brand owned by Zhejiang Geely Holding Group (GEELY.UL), highlighted how its newly released X model SUV has seats that can massage passengers.

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South Korea announces $15 bln investment in advanced battery technologies

South Korea announces $15 bln investment in advanced battery technologies

SEOUL, April 20 (Reuters) – The South Korean government and its top battery companies plan to jointly invest 20 trillion won ($15.1 billion) through 2030 to develop advanced battery technologies, including solid-state batteries, the industry ministry said on Thursday.

“The joint investment will allow South Korea to start commercial production of solid state batteries ahead of others,” the ministry said in a statement.

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MoRTH to construct 12,500 km of highways in FY24: Official

MoRTH to construct 12,500 km of highways in FY24: Official

PTI – Alka Upadhyaya, Secretary, MoRTH, said INR 10,000 crore is planned to be raised through Infrastructure Investment Trusts (InvITs) mode in FY 2023-24. She further added that MoRTH has taken up targets to award 12,000 km and construct 12,500 km of highways in the country for 2023-24.

The Ministry of Road Transport and Highways (MoRTH) has put plans in place to maintain the pace of highway development and construct 12,500 km of highways in the current financial year, a senior official said.

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Musk says Tesla will put sales growth ahead of profit

Musk says Tesla will put sales growth ahead of profit

April 19 (Reuters) – Tesla Inc (TSLA.O) boss Elon Musk on Wednesday doubled down on the price war he started at the end of last year, saying the electric vehicle (EV) maker would prioritize sales growth ahead of profit in a weak economy.

The company posted its lowest quarterly gross margin in two years, missing market estimates, as it slashed prices aggressively in markets including the United States and China to spur demand and fend off rising competition.

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Analysis: German automakers fight to defend their turf from Chinese rivals

Analysis: German automakers fight to defend their turf from Chinese rivals

SHANGHAI/BERLIN, April 19 (Reuters) – German automakers have turned up in full force at Shanghai’s Auto Show as they fight to stay on top of consumer trends in the country that will define whether they maintain their market dominance in the electric age both at home and abroad.

Their heavy presence – with the entire board of Volkswagen AG (VOWG_p.DE) and more than 100 VW employees attending, in contrast to Japanese or French automakers – shows they are taking the challenge seriously, said Yale Zhang of Shanghai-based consultancy Automotive Foresight.

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French car lobby makes plea for bonus for ‘made in Europe’ electric cars

French car lobby makes plea for bonus for ‘made in Europe’ electric cars

PARIS, April 19 (Reuters) – French car lobby Plateforme de la filière automobile (PFA) on Wednesday proposed that a state bonus for consumers buying electric cars be reserved for vehicles “made in Europe”.

The proposal comes as Europe looks at ways to counter Chinese protectionism and U.S. subsidies offered by the U.S. Inflation Reduction Act.

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As EV costs tumble in China, an export wave builds

As EV costs tumble in China, an export wave builds

SHANGHAI, April 19 (Reuters) – Elon Musk has said the only thing holding back electric vehicle (EV) sales is their price.

Companies like BYD (002594.SZ) are solving that problem in China – and getting ready to solve it for the world.

China’s largest EV maker unveiled this week the Seagull at the Shanghai auto show, shocking analysts and rivals with the car’s specs: a battery range of more than 300 kilometers (186 miles) and a starting price of just over $11,000 – about a quarter of the price of most EVs now on the market in Europe.

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Tesla cuts US prices for sixth time this year ahead of Q1 results

Tesla cuts US prices for sixth time this year ahead of Q1 results

April 18 (Reuters) – Tesla Inc (TSLA.O) has cut prices for some of its Model Y and Model 3 vehicles in the U.S., the sixth time the company has made such a move this year as it looks to spur demand even at the cost of its industry-leading profit margins.

The cuts came ahead of the electric-vehicle maker’s first-quarter earnings due on Wednesday and sent the stock down nearly 3% in early trading. Shares have risen just a little under 50% this year, after posting their biggest annual drop in 2022.

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EU passenger car sales up 28.8% to over 1 million units in March, ACEA says

EU passenger car sales up 28.8% to over 1 million units in March, ACEA says

April 19 (Reuters) – Passenger car registrations in the European Union rose 28.8% in March to more than one million units, the European Automobile Manufacturers Association (ACEA) reported on Wednesday.

Battery-electric cars made up 13.9% of new registrations in the EU, up 2.5% from the same month last year.

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Biden’s push for electric vehicles hits deep in the heart of Texas

Biden’s push for electric vehicles hits deep in the heart of Texas

SAN ANTONIO, Texas, April 19 (Reuters) – At Toyota Motor Corp’s (7203.T) sprawling factory here, just 16 miles (26 km) from the Alamo, a new gasoline-fueled Tundra pickup truck or hybrid Sequoia SUV rolls off the assembly line every 60 seconds.

“We can’t produce enough of the Sequoias and Tundras today,” said plant manager Kevin Voelkel. “There is a waiting list.”

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Jaguar Land Rover ups electric investments to catch up in EV race

Jaguar Land Rover ups electric investments to catch up in EV race

April 19 (Reuters) – Jaguar Land Rover (JLR) said on Wednesday it planned to increase its investments in electric vehicles (EVs) as it chases global rivals, with the British luxury carmaker promising its first new electric Jaguar in 2025.

JLR, which is owned by India’s Tata Motors (TAMO.NS), said it would invest 15 billion pounds ($19 billion) over the next five years on EVs.

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Shanghai auto show crowds flock to BYD’s Seagull

Shanghai auto show crowds flock to BYD’s Seagull

SHANGHAI, April 19 (Reuters) – At the Shanghai auto show this week, the largest crowds can be found around an unassuming, bright yellow hatchback parked at the booth of China’s largest electric carmaker BYD (002594.SZ).

Dubbed the “Seagull”, BYD’s latest electric vehicle (EV) made its debut at the event this week, stunning visitors not so much for its look or its features, but the fact it will sell from just 78,000 yuan ($11,300) – around half the price of the cheapest new energy vehicles available elsewhere.

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G20 conference on energy transition begins in HP

G20 conference on energy transition begins in HP

PTI – The conferences on materials for sustainable energy and circular bioeconomy have already concluded at Ranchi, Jharkhand and Dibrugarh, the statement said.

The two-day G20 Research and Innovation Initiative Gathering (RIIG) conference on building a sustainable and eco-innovative energy transition system commenced at this Himachal Pradesh city on Wednesday. According to a statement, representatives of G20 countries, 27 foreign delegates and 35 experts from India along with delegates and invitees will participate in the meeting.

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Jakson Green developing green hydrogen refuelling station in New Delhi

Jakson Green developing green hydrogen refuelling station in New Delhi

PTI – The green hydrogen fuelling station involves the establishment of a specialised and dedicated facility that will use the green energy generated on-site by a renewable hybrid to generate, compress, store, and dispense green hydrogen, utilising a hydrogen purification system, it stated.

 Jakson Green on Tuesday said it is developing a green hydrogen fuelling station at Badarpur in the capital city for a major power company in India. The project is expected to offset 3.7 tonnes of CO2 per day once operational, a company statement said.

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EV industry body seeks Parliamentary panel’s intervention in release of pending subsidies

EV industry body seeks Parliamentary panel’s intervention in release of pending subsidies

PTI – Electric vehicle industry body SMEV on Tuesday appealed to a parliamentary panel to direct the government to release the pending subsidy of Rs 1,200 crore earmarked for the liquidity- hit sector. In a petition to the Parliamentary Standing Committees on Industry and Estimates, the Society of Manufacturers of Electric Vehicles (SMEV) stated that EV adoption is slowing down due to the financial stress being faced by the industry.

Electric vehicle industry body SMEV on Tuesday appealed to a parliamentary panel to direct the government to release the pending subsidy of Rs 1,200 crore earmarked for the liquidity-hit sector. In a petition to the Parliamentary Standing Committees on Industry and Estimates, the Society of Manufacturers of Electric Vehicles (SMEV) stated that EV adoption is slowing down due to the financial stress being faced by the industry.

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Volkswagen to bring its first EV in India next year

Volkswagen to bring its first EV in India next year

PTI – Volkswagen Passenger Cars India Brand Director Ashish Gupta said the company is following a two-pronged strategy of premiumization and electrification to strengthen presence and enhance its position in India.

German carmaker Volkswagen plans to bring its first electric vehicle in India next year with the launch of premium electric SUV ID.4 to tap the opportunity in the fast growing electric mobility space in the country, a senior company official said on Tuesday. By 2030, Volkswagen expects 25-30 per cent of its total sales in India to come from EVs and the rest from internal combustion engine vehicles.

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Maruti, Hyundai see drop in retail sale market share last fiscal: FADA

Maruti, Hyundai see drop in retail sale market share last fiscal: FADA

PTI – Mahindra & Mahindra sold 3,23,691 passenger vehicles last fiscal to log in a market share of 8.94 per cent. It had retailed 1,99,125 units in FY22 to record a market share of 6.77 per cent, FADA said.

Passenger vehicle leaders Maruti Suzuki India and Hyundai Motor saw their market share dip in FY23 as compared with FY22 as they struggled with shortage of electronic components, according to automobile dealers’ body FADA. Tata Motors, Mahindra & Mahindra and Kia India on the other hand witnessed an increase in their market share based on the retail sales last fiscal.

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Once-dominant foreign auto brands pledge comeback in China

Once-dominant foreign auto brands pledge comeback in China

SHANGHAI, April 18 (Reuters) – Global automakers, including Toyota and Volkswagen, took the stage at the Shanghai auto show on Tuesday with built-for-China and electric-drive products to compete for a high-stakes comeback in the world’s largest market.

But after a year when trends have shifted sharply against the established foreign brands that once dominated in China, executives from Chinese automakers offered a reality check: the game is moving faster and the pressure to cut prices is getting more intense.

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Nissan unveils new EV for China as it aims to up game in no. 1 auto market

Nissan unveils new EV for China as it aims to up game in no. 1 auto market

April 18 (Reuters) – Japan’s Nissan Motor (7201.T) on Tuesday unveiled a new electric sport-utility vehicle (SUV) at the Shanghai auto show as it pledged its commitment to the Chinese auto market, which it said was likely to continue to pioneer the rise of electric cars.

China has long been a key market for Nissan, but like other global automakers, it faces increasing pressure and the threat of declining market share from the rise of home-grown auto companies.

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China’s electric car drive, led by BYD, leaves global brands behind

China’s electric car drive, led by BYD, leaves global brands behind

SHANGHAI, April 17 (Reuters) – China’s auto market, the world’s largest, is accelerating toward an electric future – leaving established global brands stuck in the slow lane.

When auto executives convene in Shanghai for the auto show starting Tuesday, they will return to a sharply different market from the one they left in 2021 when the industry gathered for a limited event under strict COVID-19 controls.

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China’s Li Auto aims to nearly triple electric model line-up to 11 by 2025

China’s Li Auto aims to nearly triple electric model line-up to 11 by 2025

SHANGHAI, April 18 (Reuters) – Chinese electric vehicle (EV) maker Li Auto Inc (2015.HK) said on Tuesday it plans to expand its line-up to 11 models by 2025, up from four currently, targeting the market for vehicles priced at 200,000 yuan ($29,100) and higher.

Speaking on the sidelines of the Shanghai auto show, Li Auto’s president and chief engineer Ma Donghui said the line-up by 2025 will include one flagship model, five range-extended electric models and five high-voltage pure electric models.

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Germany added 35% more EV charge points in 2022, says BDEW

Germany added 35% more EV charge points in 2022, says BDEW

FRANKFURT, April 18 (Reuters) – The number of electric vehicle charging points in Germany rose by 35% last year, exceeding the rate of increase needed to keep up with the rollout of battery EVs in the country, the BDEW energy industry association said on Tuesday.

The German government last October approved a plan to spend 6.3 billion euros ($6.9 billion) over three years to rapidly scale up the number of charging stations as part of its push towards net zero emissions from transport.

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Merdeka Battery jumps on debut as Indonesia’s EV push draws investors

Merdeka Battery jumps on debut as Indonesia’s EV push draws investors

  • Share price soar as much as 20.1%
  • Second Indonesian nickel firm in past week to make positive mkt debut
  • Indonesia is one of the world’s hottest IPO markets this year

JAKARTA/SINGAPORE, April 18 (Reuters) – Merdeka Battery Materials (MBMA.JK) surged 11.3% in its stock market debut on Tuesday, becoming the second Indonesian nickel producer in the past week to make a robust start as a publicly listed company.

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Hardeep Singh Puri confident of meeting 20% ethanol blending target next fiscal

Hardeep Singh Puri confident of meeting 20% ethanol blending target next fiscal

PTI – At present, 10 per cent ethanol is blended in petrol (10 per cent ethanol, 90 per cent petrol) and the government is looking to double this quantity by 2025. “I am sure we will be able to supply 20 per cent ethanol blended petrol by next (fiscal) year,” Hardeep Singh Puri said. India saved as much as INR 41,500 crore in forex outgo from 10 percent blending besides benefiting the farmers, he said at a biofuels conference here.

Oil minister Hardeep Singh Puri on Monday exuded confidence of meeting the target of supplying petrol mixed with 20 per cent ethanol by 2025, five years earlier than the previously planned roll- out in 2030. Petrol blended with 20 per cent ethanol was rolled out at select petrol pumps in 11 states and Union Territories in February as part of a programme to increase use of biofuels to cut emissions as well as dependence on foreign exchange-draining imports.

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Passenger vehicle exports from India rise 15% in FY23; Maruti Suzuki leads segment

Passenger vehicle exports from India rise 15% in FY23; Maruti Suzuki leads segment

PTI – Passenger vehicle exports from India rose 15 per cent in FY23 with Maruti Suzuki India leading the segment with dispatches of over 2.5 lakh units, as per the latest data by industry body SIAM.

Passenger vehicle exports from India rose 15 per cent in FY23 with Maruti Suzuki India leading the segment with dispatches of over 2.5 lakh units, as per the latest data by industry body SIAM. The total passenger vehicle (PV) exports stood at 6,62,891 units in the 2022-23 fiscal as compared to 5,77,875 units in 2021-22.

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California’s port truck-charging plan gets a jolt from big investors

California’s port truck-charging plan gets a jolt from big investors

LOS ANGELES, April 17 (Reuters) – California’s bustling seaports, dominated by massive container vessels and soaring cranes, may seem an unlikely setting for investors seeking to capitalize on the “green” revolution.

But thanks to the state’s plan to phase out by 2035 heavy-duty diesel trucks that haul containers to ships and warehouses, the ports have become ground zero for forward-looking investors who are lining up to build charging stations for the electric semis that will eventually serve those trade gateways.

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