April 11 (Reuters) – BMW (BMWG.DE) remains on track for slightly higher sales this year despite a dip in demand in the first quarter, including in the Chinese market, the German carmaker said on Tuesday.
BMW said it delivered 588,138 vehicles in the first quarter, down 1.5% on the previous year, while electric vehicle (EV) sales rose 83.2% year on year to 64,647 vehicles.
Continue reading “BMW on track for 2023 target despite slight Q1 sales fall”
ROME, April 11 (Reuters) – Italian supercar maker Ferrari said on Tuesday it had signed a deal with Samsung Display to use its organic light-emitting diode (OLED) display panels in future car models.
The South Korean company will develop “bespoke OLED technology display solutions” for the next generation of Ferraris, Chief Executive Benedetto Vigna said in a statement.
Continue reading “Ferrari partners with Samsung to develop in-car displays”
By Nathan Gomes
April 11 (Reuters) – CarMax Inc (KMX.N) on Tuesday posted fourth-quarter profit above analysts’ estimates as cost cutting measures helped the pre-owned car retailer soften the blow from a slowdown in demand for vehicles.
Shares of the Richmond, Virginia-based company rose over 9% at $71.81 in morning trade.
Continue reading “CarMax speeds past quarterly profit estimates on cost cuts”
By Michael Martina and Patricia Zengerle
WASHINGTON, April 10 (Reuters) – The leader of a U.S. congressional committee on China said on Monday he was concerned about electric carmaker Tesla Inc’s (TSLA.O) dependency on China, a day after the company revealed plans to open a Megapack battery factory in Shanghai.
Tesla announced the factory in a tweet on Sunday, and Chinese state media said it would initially produce 10,000 Megapack units a year, equal to around 40 gigawatt hours of energy storage, and complement a huge existing Shanghai plant making electric vehicles.
Continue reading “US House committee chair ‘concerned’ by Tesla deals in China”
BEIJING/SHANGHAI, April 10 (Reuters) – Growth in sales of China’s passenger vehicles was flat in March from a year earlier, industry data showed on Monday, as more price cuts by auto brands and the rollout of incentives by local governments helped to support demand.
Car sales in March were 1.61 million units, the China Passenger Car Association (CPCA) said. In the first three months, sales had fallen 13.4% to 4.33 million units, it added.
Continue reading “China’s car sales stay flat in March amid price war”
JAKARTA, April 10 (Reuters) – Indonesia will propose a free trade agreement for some minerals shipped to the United States so that companies in the electric vehicle battery supply chain operating in the country can benefit from U.S. tax credits, a senior minister said on Monday.
Washington has issued a new guidance for EV tax credits under the Inflation Reduction Act (IRA), requiring a certain value of battery components to be produced or assembled in North America or a free trade partner. The rules are aimed at weaning the United States off dependence on China for the development of its EV battery supply chain.
Continue reading “Indonesia to propose limited free trade deal with US on critical minerals”
SHANGHAI, April 9 (Reuters) – Tesla Inc (TSLA.O) is opening a factory in Shanghai, capable of producing ten thousand Megapack energy product per year, to supplement output of Megapack factory in California, the company said in a tweet on Sunday.
The news was first reported by Chinese state media outlet Xinhua.
Continue reading “Tesla to build Shanghai factory to make Megapack batteries”
PTI – The USD22-billion conglomerate launched the business in July 2021 aiming to leverage on its expertise in manufacturing and building materials, tech-enabled logistics and credit, to be a platform of choice for MSMEs and enterprises in India.
Sajjan Jindal-led JSW Group’s business-to-business ecommerce arm JSW One Platforms on Monday announced a Rs 205-crore fundraise from Japan’s Mitsui & Co. The funding, which is also the maiden capital raise from an institutional investor, has been done at a valuation of Rs 2,750 crore, as per an official statement.
PTI – As per data shared by the dealers’ body, the total domestic vehicle retail sales stood at 2,21,50,222 units in FY23 against 18,3,27,326 units in FY22.
Unseasonal rains impacting rural demand, high-interest rates on auto loans and increased costs due to new regulatory norms are making the automotive industry cautious about the growth prospects in the current fiscal. The industry – which witnessed the first full year without any impact of COVID-19 in FY23 after a gap of two years with double-digit growth of 21 per cent in overall retail sales – is now set to clock tapered growth in the low single-digit due to a high base, according to the Federation of Automobile Dealers Associations (FADA).
TAIPEI, April 9 (Reuters) – Foxconn (2317.TW) is planning to invest T$25 billion ($820 million) in the next three years in new manufacturing facilities in southern Taiwan to support its electric vehicle (EV) ambitions, the company said on Sunday.
The company, formally called Hon Hai Precision Industry Co Ltd, said the investments in Kaohsiung will include plants for making electric buses and batteries for EVs.
Continue reading “Foxconn plans $800 million investment in southern Taiwan”
WASHINGTON, April 7 (Reuters) – General Motors’ (GM.N) robotaxi unit Cruise LLC is recalling the automated driving software in 300 vehicles after one of its driverless vehicles crashed into the back of a San Francisco bus.
The March 23 collision was the fault of a software error in a Cruise automated vehicle (AV) that inaccurately predicted the movement of an articulated San Francisco Municipal Transit Authority bus, Cruise said on Friday. The crash caused moderate damage to the Cruise but did not result in any injuries.
Continue reading “GM’s Cruise recalls 300 self-driving vehicles to update software after bus crash”
WASHINGTON, April 7 (Reuters) – Tesla (TSLA.O) is recalling just over 400 Model 3 vehicles in the United States because front suspension lateral link fasteners may loosen.
Tesla will tighten or replace the lateral link fasteners to address the issue that could allow the lateral link to separate from the sub-frame on the recalled 2018 and 2019 model year vehicles. The National Highway Traffic Safety Administration said a lateral link separation could shift the wheel alignment, causing instability and increasing the risk of a crash.
Continue reading “Tesla recalls 422 U.S. vehicles over suspension part”
WASHINGTON, April 6 (Reuters) – The U.S. Environmental Protection Agency is set as early as next week to propose new rules to spur sweeping cuts in vehicle emissions pollution that will push automakers towards a big increase in electric vehicle sales, sources told Reuters.
The proposed rules are expected to cover the 2027 through 2032 model years. Environmental groups and some automakers think the proposal will result in at least 50% of the U.S. vehicle fleet by 2030 being electric or plug-in hybrids – in line with a goal President Joe Biden outlined in 2021. The administration has not backed calls by California and others ban the sale of new gasoline-only light-duty vehicles by 2035.
Continue reading “US EPA to propose new vehicle pollution cuts, sees big EV jump”
PTI – GreenLine, India’s only LNG-powered heavy trucking logistics company, on Friday said it has deployed its LNG-powered trucks at UltraTech Cement’s bulk terminal located at Pune, in Maharashtra.
GreenLine, India’s only LNG-powered heavy trucking logistics company, on Friday said it has deployed its LNG-powered trucks at UltraTech Cement’s bulk terminal located at Pune, in Maharashtra. GreenLine provides LNG trucks to industries that are looking to cut carbon emissions in their logistics operations. LNG- fuelled lorry emits 24 tonnes less carbon dioxide than diesel-fired ones.
Continue reading “GreenLine deploys LNG-powered trucks at UltraTech Cement’s Pune terminal”
PTI – APM gas will be priced at 10 per cent of the price of a basket of crude oil that India imports (Indian basket of crude oil). The rate such arrived at, however, will be capped at USD 6.5 per million British thermal units.
Realignment of the gas pricing mechanism by insulating the consumers from the spikes in global prices will soften prices and will provide much needed relief to the transportation sector, SIAM President Vinod Aggarwal said on Friday. In a statement, he noted that the measure will also help in re-igniting interest in CNG vehicles in India and would go a long way in promoting a clean alternative fuel in various parts of the country.
By Daniel Leussink and Maki Shiraki
TOKYO, April 7 (Reuters) – Toyota Motor Corp (7203.T) said on Friday it aims to introduce 10 new battery electric vehicle models by 2026 – a long awaited ramp-up in an area that the Japanese automaker has been slow to embrace.
Toyota will also set up a new, specialised unit to focus on next-generation battery EVs, senior executives said at a briefing, in an apparent response to widening concern that it is losing out to Tesla Inc (TSLA.O) and other rivals.
Continue reading “Toyota says to launch 10 new battery EV models by 2026”
WASHINGTON, April 6 (Reuters) – The U.S. Environmental Protection Agency is set as early as next week to propose new rules to spur sweeping cuts in vehicle emissions pollution that will push automakers towards a big increase in electric vehicle sales, sources told Reuters.
The proposed rules are expected to cover the 2027 through 2032 model years. Environmental groups and some automakers think the proposal will result in at least 50% of the U.S. vehicle fleet by 2030 being electric or plug-in hybrids – in line with a goal President Joe Biden outlined in 2021. The administration has not backed calls by California and others ban the sale of new gasoline-only light-duty vehicles by 2035.
Continue reading “US EPA to propose new vehicle pollution cuts, sees big EV jump”
By Hyunjoo Jin and Paul Lienert
San Francisco, April 6 (Reuters) – Tesla Inc (TSLA.O) said it plans to expand the use of cheaper, iron-based batteries to a version of its Semi heavy electric trucks and an affordable electric vehicle.
Tesla Chief Executive Elon Musk has championed on the lithium iron phosphate (LFP) battery technology dominated by Chinese suppliers, saying in March, “the vast majority of the heavy lifting for electrification will be iron-based cells.”
By Norihiko Shirouzu, Joseph White and Maki Shiraki
April 6 (Reuters) – After making sweeping changes to its leadership team, Japan’s Toyota Motor Corp (7203.T) is looking at a factory floor overhaul as it maps out a move to a new, dedicated platform for battery electric vehicles, four people familiar with the matter said.
Koji Sato may confirm that new EV architecture is in the works at his first briefing as CEO on Friday, one of the people has said.
Continue reading “Toyota looks to overhaul EV strategy as new CEO takes charge”
By Joseph White
DETROIT, April 6 (Reuters) – Ford Motor Co (F.N) unveiled a new electric Courier van aimed at winning business customers in Europe, and boxing out electric van startups such as Arrival SA.47K.F
The electric Courier is part of a revamped lineup of smaller, commercial vans for the European market that will also include gasoline and diesel models, Ford said. The new Courier vans are 25% larger than the current model, and will carry heavier loads, Ford Pro chief Ted Cannis said in an interview.
Continue reading “Ford aims a new electric van at European cities – and startups”
April 6 (Reuters) – Jaguar Land Rover expects free cash flow of over 800 million pounds (about $1 billion) for the fourth quarter, boosted by a 24% rise in wholesale volumes as chip and other supply constraints eased, the luxury carmaker owned by India’s Tata Motors (TAMO.NS) said on Thursday.
Tata Motors, which acquired the British car maker in 2008, had set a target of 1 billion pounds of free cash flow for the fiscal year.
Continue reading “Jaguar Land Rover posts Q4 free cash flow about $1 bln”
By David Shepardson and Nathan Gomes
NEW YORK, April 5 (Reuters) – Ford Motor Co (F.N) and Chrysler-parent Stellantis (STLAM.MI) said on Wednesday that most of its electric and plug-in electric hybrid models will see tax credits halved to $3,750 on April 18 after new U.S. Treasury rules take effect.
The rules, which were unveiled Friday, were mandated by Congress in August as part of a $430 billion climate bill. China dominates the global supply chains of products like EV batteries and solar panels and the rules are aimed at moving U.S. battery production and supply chains away from China.
Continue reading “Ford, Stellantis says new rules will cut EV tax credits for most models”
April 5 (Reuters) – New car registrations in the UK rose for the eighth consecutive month in March, recording an 18.2% growth from a year earlier, and also marked the best month ever for battery electric car sales, according to industry data released on Wednesday.
The Society of Motor Manufacturers and Traders (SMMT) said new car registrations jumped to 287,825 units as supply chain challenges continued to ease, making the first quarter of 2023 the strongest three-month period since 2019.
Continue reading “UK new car sales jump 18% YoY in March; best ever month for EVs”
COPENHAGEN, April 5 (Reuters) – Sweden-based Volvo Car AB (VOLCARb.ST) said on Wednesday its sales increased by 8% year-on-year in March to 63,132 cars, helped mainly by the company’s fully electric cars.
Volvo Car, majority-owned by China’s Geely Holding (0175.HK), said in a statement its fully electric models made up 41% of all its cars sold globally in the first three months of this year.
PTI – A total of 11,025 vehicles (7,750 private and 3,275 government vehicles) have been scrapped till March 31 this year by the registered vehicle scrapping facilities, Parliament was informed on Wednesday.
A total of 11,025 vehicles (7,750 private and 3,275 government vehicles) have been scrapped till March 31 this year by the registered vehicle scrapping facilities, Parliament was informed on Wednesday. In a written reply to the Rajya Sabha, Road Transport and Highways Minister Nitin Gadkari further said 24 states/UTs have reported 2,56,935 government-owned vehicles older than 15 years.
Continue reading “Over 11,000 vehicles scrapped till March 31 this year”
PTI – The plan finalised by the Ministry of New & Renewable Energy (MNRE) at a meeting chaired by Union Minister for Power & New and Renewable Energy R K Singh last week, is in accordance with the Prime Minister’s announcement at COP26, of achieving 500 GW of installed electricity capacity from non-fossil fuel (Renewable Energy + Nuclear) sources by 2030.
The government on Wednesday announced a plan to add 250 GW of renewable energy capacity in the next five years to achieve its target of 500 GW of clean energy by 2030. The government has decided to invite bids for 50 GW of renewable energy capacity annually for the next five years i.e., from Financial Year 2023-24 till Financial Year 2027-28, a Ministry of New and Renewable Energy statement said.
Continue reading “Govt unveils plans to add 250GW renewable energy capacity in next five years”
PTI – Killwatt’s business comprises development, design, manufacture, sale and distribution of high-tech products and components in the field of electric two-wheeler and three-wheeler vehicles, it added.
TVS Motor Company on Tuesday said its Singapore-based arm will acquire a 25 per cent stake in Germany-based electric mobility products and components startup Killwatt GmbH. TVS Motor (Singapore) Pte Ltd, has agreed to acquire a 25 per cent stake in Killwatt GmbH by way of newly issued shares of the latter, amounting to 8,500 common equity shares, the company said in a regulatory filing.
Continue reading “TVS Motor Company arm to buy 25% stake in Killwatt GmbH”
PTI – The fresh capital infusion takes the total fund raised by the company to Rs 275 crore, with as much as Rs 95 crore mopped up in various rounds earlier including from Indian-American philanthropist and serial entrepreneur Kiran Patel.
Electric mobility solutions provider Magenta on Wednesday said it has closed a Series A1 funding round with USD 22 million equity investment from the UK-headquartered bp and Morgan Stanley India Infrastructure-managed investment fund. The company plans to deploy the freshly raised capital in fleet and geographical expansion besides investing a part of the funds in technology-build as it focuses on “sustainable and profitable” growth, Maxson Lewis, Founder and Managing Director, Magenta Mobility said.
Continue reading “Magenta Mobility raises USD 22 mn from bp, Morgan Stanley India Infra”
PTI – India on March 31 came out with the new foreign trade policy which aimed at pushing rupee trade, increasing outward shipments to USD 2 trillion by 2030, and promoting e-commerce exports, amid global uncertainties.
The new Foreign Trade Policy (FTP) 2023, announced recently, will help in promoting exports of sectors from e-commerce, batteries for electric vehicles and farm equipment, experts said on Tuesday. India on March 31 came out with the new policy which aimed at pushing rupee trade, increasing outward shipments to USD 2 trillion by 2030, and promoting e-commerce exports, amid global uncertainties.
By Nathan Gomes
April 4 (Reuters) – Ford Motor Co (F.N) posted a 10.1% rise in first-quarter U.S. auto sales on Tuesday, fueled by pent-up demand for electric vehicles, SUVs and trucks amid easing supply chain disruptions.
The Detroit automaker joins other global rivals in reporting a rise in sales, as the industry was able to get more of their vehicles to dealers and customers on time in the quarter.
Continue reading “Ford’s quarterly US auto sales jump 10.1% on pent-up demand, easing supply”
BERLIN, April 4 (Reuters) – Tesla (TSLA.O) will warn that its ‘sentry mode’, which records a car’s surroundings, risks infringing data privacy laws in Germany after consumer group vzbv sued the manufacturer for failing to mention this in advertising.
The case is the latest in a series of disputes in countries from China to the Netherlands over the cameras in Tesla cars, which the company says are to protect from theft or vandalism but authorities worry lead to filming without consent.
Continue reading “Tesla to warn of data privacy risk from car security cameras in Germany”
By Joseph White and David Shepardson
April 4 (Reuters) – About 5,000 General Motors Co (GM.N) salaried workers took buyouts to leave the company, putting the company well on the way to hitting a $2 billion cost-cutting target, the automaker’s chief financial officer said Tuesday.
GM shares were trading down 2.1% in afternoon trading, even though CFO Paul Jacobson said demand for GM’s trucks and SUVs remains strong in the United States.
Continue reading “GM buyouts cut 5,000 salaried jobs, CFO says”
By Eric Onstad
LONDON, April 4 (Reuters) – Sweden, South Africa and Australia are at the forefront of a push to transform piles of mine waste and by-products into rare earths vital for the green energy revolution, hoping to substantially cut dependence on Chinese supply.
Prices of the minerals used in products from electric cars to wind turbines have been strong, and a rush to meet net-zero carbon targets is expected to further boost demand.
Continue reading “Mine waste finds new life as source of rare earths”
By Paul Lienert
April 4 (Reuters) – A new generation of electric vehicle (EV) batteries that hold more energy, achieve longer driving range and charge more quickly should begin reaching customers by mid-decade, powered by new silicon-based electrodes that are slated to go into production next year in central Washington state.
Two startup companies, Group14 Technologies and Sila Nanotechnologies, are focused on new applications for silicon, an abundant element that is being developed as a supplement or replacement for graphite in battery anodes.
Continue reading “New silicon anodes could help EV batteries go farther, charge faster”
April 3 (Reuters) – A federal jury in San Francisco on Monday ordered Tesla Inc (TSLA.O) to pay about $3.2 million to a Black former employee after he won a racial harassment lawsuit against the electric-vehicle maker, far less than the $15 million he rejected last year in opting for a new trial.
The verdict came after a week-long retrial in the 2017 lawsuit by plaintiff Owen Diaz, who in 2021 was awarded $137 million by a different jury. A judge agreed with that jury that Tesla was liable but said the award was excessive. He ordered a new trial on damages after Diaz declined the reduced $15 million award.
Continue reading “Tesla ordered to pay $3.2 million to Black ex-worker in US race bias case”
PARIS, April 3 (Reuters) – France could offer tax breaks and subsidies for producing climate friendly technologies in the country, according to proposals on Monday from lawmakers preparing a green industry bill.
In the scramble to adopt more low-carbon, France’s government is concerned that its companies could fall irrevocably behind U.S. rivals, boosted by the Biden administration’s $430 billion Inflation Reduction Act.
Continue reading “French lawmakers propose tax credits, subsidies for green industry”
April 3 (Reuters) – Membership in the United Auto Workers union rose 3% in 2022 to 383,000 as it works to organize workers in battery plants and other electric vehicle components.
Last month, Shawn Fain won a closely contested race against incumbent Ray Curry for UAW president by fewer than 500 votes out of about 140,000 cast. Fain said last week the union was ready to go to war against “employers who refuse to give our members their fair share.”
Continue reading “United Auto Workers union membership rose 3% in 2022 to 383,000”
PTI – Yulu said it provides flexible rental packs and allows delivery partners to earn higher earnings compared to ICE-powered vehicles.
Electric bike-sharing startup Yulu has joined hands with food delivery platform Zomato for providing 25,000-35,000 units of its purpose-built e-scooter DeX to the latter’s delivery partners for last-mile delivery on custom-made rental plans, a statement said on Monday. Once deployed, these e-scooters have the potential of serving three-lakh green deliveries every day by 2026, Yulu said in a statement.
Continue reading “Yulu ties up with Zomato to provide e-scooter for food deliveries”
PTI – The carmaker produced a record 19.22 lakh units in 2022-23. It, however, fell short of its target of taking the overall production to 20 lakh units in the last fiscal. In March this year, the company’s total production, including passenger vehicles and light commercial vehicles, stood at 1,54,148 units, down 6 per cent from 1,63,392 units.
The country’s largest car maker Maruti Suzuki India on Monday said its production volume could be hit in the current fiscal with the supply situation of electronic components remaining unpredictable. The auto major said the shortage of electronic components had some impact on the production of vehicles in the last financial year as well.
