May 23 (Reuters) – Tesla Inc (TSLA.O) Chief Executive Officer Elon Musk said on Tuesday the automaker would probably pick a location for a new factory by the end of this year.
When the Wall Street Journal’s Thorold Barker asked Musk at an event if India was interesting, he said, “Absolutely”.
Continue reading “Tesla to pick location for new factory this year, Musk says”
May 23 (Reuters) – Tesla (TSLA.O) is listing China-made Model 3 and Model Y models for sale in Canada, the company’s website showed on Tuesday, confirming the electric car maker has completed its first shipments to North America from its Shanghai factory.
Tesla’s website showed both rear-wheel drive Model Y vehicles and the long-range, all-wheel drive version of the Model 3 available for immediate delivery in British Columbia, with codes showing they were manufactured at Tesla’s Gigafactory Shanghai.
Continue reading “Tesla offers China-made electric vehicles for sale in Canada”
May 23 (Reuters) – Lordstown Motors Corp (RIDE.O) on Tuesday announced a reverse stock split to meet Nasdaq listing norms and appease investor Foxconn (2317.TW), which has threatened to scrap a crucial $170 million funding for the struggling electric-vehicle maker.
The 1:15 split has been scheduled for May 24, the company said, but added there was no assurance that the Foxconn deal will close.
Continue reading “Lordstown opts for reverse stock split to meet Nasdaq rules, placate Foxconn”
May 23 (Reuters) – Auto parts retailer AutoZone Inc (AZO.N) missed expectations for third-quarter net sales on Tuesday, as increased prices of automobile parts led to a rise in inventories, sending its shares 3.2% lower before the bell.
“Weaker-than-expected sales for the month of March meaningfully affected our results this quarter,” CEO Bill Rhodes said.
Continue reading “Auto parts retailer AutoZone misses Q3 sales estimates on inventory pile-up”
PARIS, May 23 (Reuters) – Lynk & Co, a carmaker jointly owned by China’s Geely (0715.HK) and Volvo Car (VOLCARb.ST), plans to open its first showroom in France by early 2024 and to expand in Europe, including Britain, its CEO and founder told Reuters.
The automaker, which both sells and rents cars on monthly subscriptions, already has what it calls clubs, which look like bars or lifestyle shops, in Belgium, the Netherlands, Germany, Sweden, Spain and Italy.
Continue reading “Geely premium automaker Lynk looks to further European growth”
BRUSSELS, May 23 (Reuters) – Europe risks being left behind on green energy innovation and investment if various pieces of legislation are not aligned and simplified, the CEOs of Volvo Group and Vattenfall said.
Sweden’s state-owned Vattenfall is a major producer of solar, wind and hydropower as well as nuclear and on Tuesday it agreed a 10-year wind power supply deal with Volvo.
Continue reading “EU risks losing energy transition race, Volvo and Vattenfall warn”
PTI – The Heavy Industries Ministry has notified changes for reducing subsidy provided under FAME-II (Faster Adoption of Manufacturing of Electric Vehicles in India) scheme applicable on electric two-wheelers registered on or after June 1, 2023. Subsequently, for electric two- wheelers, the demand incentive will be INR 10,000 per kWh. The cap on incentives for electric two-wheelers will be 15 per cent of the ex-factory price of vehicles from 40 per cent at present.
WASHINGTON, May 22 (Reuters) – U.S. labor officials on Monday said they have asked Mexico to investigate alleged worker rights abuses at a Goodyear Tire & Rubber Co (GT.O) plant in Mexico in the latest “rapid response” probe under North American trade rules.
The complaint from the U.S. Trade Representative’s office (USTR) comes after independent Mexican union La Liga petitioned the U.S. government to open a case, arguing Goodyear employees in the central state of San Luis Potosi were offered fewer benefits than available to other workers in the rubber sector in Mexico.
Continue reading “US seeks labor rights probe at Goodyear Tire in Mexico”
PTI – The jump in fourth-quarter net profit helped the company post INR 1,870.10 crore of net profit for the full fiscal year 2022-23 (April 2022 to March 2023) by negating the losses the firm had to suffer in the first half of the financial year from holding petrol, diesel and LPG prices despite a surge in cost.
Continue reading “BPCL profit more than doubles in Q4 on higher refining, marketing margins”
PTI – The Faster Adoption and Manufacturing of Electric and Hybrid Vehicles (FAME) India scheme commenced on April 1, 2019, for a period of three years, which was further extended for a period of two years up to March 31, 2024. The total outlay for FAME Scheme Phase II is INR 10,000 crore to provide incentives to buyers (end users or consumers) of electric vehicles to enable wider adoption, which may be encouraged as a purchase price.
Continue reading “Govt cuts FAME-II subsidy on electric 2-wheelers from June”
May 22 (Reuters) – Ford Motor Co (F.N) on Monday unveiled new supply deals for battery-grade lithium as the U.S. automaker aimed to meet its target of producing 2 million electric vehicles by 2026, closing the gap on market leader Tesla Inc (TSLA.O).
Ford is holding an investor event Monday explaining how it plans to make money and ramp up production of its next-generation electric vehicles as it works to address a current significant cost disadvantage against competitors.
Continue reading “Ford to charge up EV drive with flurry of battery deals”
BRUSSELS, May 22 (Reuters) – France, Italy and the Czech Republic are among eight countries pushing to weaken new EU emissions limits for cars, saying they are overly ambitious and unrealistic for automakers to hit.
European Union countries and lawmakers are preparing to negotiate the Euro 7 regulation, which from 2025 would tighten vehicle emission limits for pollutants including nitrogen oxides and carbon monoxide.
Continue reading “EU car emission limits face pushback from eight members -document”
BEIJING, May 22 (Reuters) – China’s Wuling Motors has lowered starting prices for its Mini EV electric vehicles to as low as 29,800 yuan ($4,300), the company said on Monday.
Some new energy vehicle models saw price cuts of as much as 13,000 yuan, it added in a statement.
Continue reading “China’s Wuling Motors cuts Mini EV starting prices to as low as 29,800 yuan”
May 22 (Reuters) – Ford Motor Co (F.N) on Monday unveiled three deals for the supply of lithium products, including lithium hydroxide, as the automaker ramps up electric vehicle (EV) production to 2 million units by the end of 2026.
Shares of the company, which is holding a “Capital markets” event later in the day, edged up about 1% before the bell.
Continue reading “Ford signs battery material supply deals to charge up EV output”
MELBOURNE, May 22 (Reuters) – Australia has won the backing of the United States for development of its critical minerals industry after the two countries reached an agreement to coordinate polices and investment to support the industry’s growth.
Australia supplies around half of the world’s lithium as well as other minerals like rare earths used in batteries for electric cars and defence amid a global push to diversify supply chains away from dominant producer China.
Continue reading “Australia wins U.S. support for critical minerals industry”
OSLO, May 22 (Reuters) – Volvo Group (VOLVb.ST) said on Monday its unit Volvo Trucks plans to sell 1,000 electric trucks to Swiss building solutions provider Holcim (HOLN.S) for delivery over the next seven years, the biggest order ever for Volvo electric trucks.
“The deal is the largest commercial order to date for Volvo electric trucks,” said AB Volvo, which also sells trucks under other brands such as Mack, Renault and UD Trucks.
Continue reading “Volvo wins record order for electric trucks from Holcim”
PTI – The first stage is initiated by a market entry campaign as the bikes are being shipped and meant to arrive during August, following a first-come, first-served basis.
Cake, the Swedish premium lightweight electric motorcycle manufacturer, has announced its partnership with Pepfuels, an ONGC- funded entity, under the brand name CollarEV, marking the company’s entry into the Indian market.
Continue reading “Entry announcement of Swedish premium electric two wheeler in India”
TORONTO, May 19 (Reuters) – The Ontario government on Friday offered to increase financial support for carmaker Stellantis’s (STLAM.MI) battery plant in the province, a move Canada’s industry minister proclaimed a sign of progress in ending a stalemate over the stalled project.
Stellantis on Monday stopped construction at a C$5 billion ($3.7 billion) electric-vehicle battery plant in Canada, which is being built in partnership with South Korea’s LG Energy Solution (LGES) (373220.KS), saying Canada had not fulfilled promises.
Continue reading “Ontario to offer more money for Stellantis to resume battery plant”
New Delhi, May 19, 2023: Committed to providing best-in-class connected car technology to its users, MG Motor India today announced industry-first a broad range of connected car features in partnership with Jio Platforms, India’s leading digital services provider. As part of this arrangement, MG Motor India will offer seamless integration of Hinglish Voice Recognition-enabled experiences powered by Jio’s Digital Assets in its newly launched Comet EV— The Smart Electric Vehicle.
The partnership makes possible an array of innovative new-age smart mobility solutions which underscore the carmaker’s enduring commitment to building a futuristic urban mobility ecosystem and at the same time facilitating great experiences.
Continue reading “MG Motor India and Jio Platforms partnership to redefine “In-Car Experiences””
TOKYO, May 18 (Reuters) – A lack of resources means battery electric vehicles (BEV) cannot be the auto sector’s only answer to climate change, Toyota Motor Corp’s top scientist said Thursday, warning that focusing on BEVs could lead some drivers to hold onto polluting vehicles.
Some investors and environmental groups have long criticised Toyota (7203.T) for being slow to embrace BEVs, saying it has lagged Tesla Inc (TSLA.O) and others amid growing global demand.
Continue reading “Not enough resources for EVs to be only cleaner car option, Toyota says”
WASHINGTON, May 18 (Reuters) – Ford Motor Co (F.N) is recalling 422,000 sport utility vehicles in the United States because the video output may fail even after getting a prior recall repair, preventing the rear view camera image from displaying.
The new recall covers 2020 through 2023 Ford Explorer, Lincoln Aviator, and 2020-2022 Lincoln Corsair SUVs with a 360-degree camera.
Continue reading “Ford recalls 422,000 SUVs because rear view camera display may fail”
TOKYO, May 18 (Reuters) – Japan’s Panasonic Holdings Corp (6752.T) aims to ramp up production of battery cells used in electric vehicles by building at least two new factories in North America, it said on Thursday.
The company, whose energy unit makes batteries for Tesla Inc (TSLA.O), seeks to boost its auto battery capacity to 200 gigawatt hours per year by March 2031, about four times its level at the end of March, it said in a presentation on its website.
Continue reading “Panasonic plans multiple new battery factories in North America by 2030”
WASHINGTON, May 18 (Reuters) – Hyundai Motor (005380.KS) and Kia Corp (000270.KS) agreed to a consumer class-action lawsuit settlement worth $200 million over rampant car thefts of the Korean automakers’ vehicles, lawyers for the owners and the automakers said on Thursday.
In February, the Korean automakers said they would offer software upgrades to 8.3 million U.S. vehicles without anti-theft immobilizers to help curb increasing car thefts using a method popularized on TikTok and other social media channels.
Continue reading “Hyundai, Kia agree to $200 million settlement over US car thefts”
PTI – The Delhi High Court has sought response of the NHAI and the Centre on a plea seeking to direct banks to pay interest to the authorities on the money collected by them with the issue of FASTag and minimum balance requirement on the card. A bench of Chief Justice Satish Chandra Sharma and Justice Subramonium Prasad issued notices to the National Highways Authority of India (NHAI) and the Ministry of Road Transport and Highways (MoRT&H).
PTI – The fall in profit was because gas volumes dropped due to high prices and a snag in supplies from Russia. “High prices and non-availability of lower price long-term LNG affect every segment of business,” GAIL chairman and managing director Sandeep Kumar Gupta told reporters here.
GAIL (India) Ltd, the country’s largest gas distributor, on Thursday, reported a 77.5 per cent slump in its March quarter net profit after high gas prices and supply disruption from Russia impacted earnings across businesses. Net profit of INR 603.52 crore in January- March compared with INR 2,683.11 crore in the same period a year back, according to the company’s stock exchange filing.
Continue reading “GAIL net profit drops 77.5% on Russian gas supply woes”
PTI – “We feel this sharp reduction in the subsidy is going to hurt the market and the adoption of E2Ws (electric two-wheelers) may go down substantially,” Society Of Manufacturers Of Electric Vehicles (SMEV) Director General Sohinder Gill said in a statement.
The government’s plans to reduce subsidies on electric two- wheelers is a retrograde step that will hurt the market and hinder adoption of electric mobility, according to industry players. While the Heavy Industries Ministry is planning to increase the outlay for e-two- wheelers from the current level of INR 2,000 crore under its flagship FAME-II scheme, it is looking at reducing the subsidy per vehicle to 15 per cent of the ex-factory price from 40 per cent at present.
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Continue reading “WAF Auto News | The Auto World This Week (19.05.2023)”
May 18 (Reuters) – Aston Martin’s (AML.L) stock popped nearly 22% on Thursday, after the luxury carmaker announced a 234 million pound investment by China’s Geely (0715.HK), that will see the automotive firm become its third-largest shareholder.
Geely will acquire about 42 million ordinary shares from Chairman Lawrence Stroll’s Yew Tree, which is currently the Aston Martin’s largest stakeholder, at 335 pence apiece and subscribe for another 28 million shares at the same price.
Continue reading “Aston Martin stock soars after $295 million Geely investment”
NEW DELHI, May 18 (Reuters) – Tesla Inc (TSLA.O) has held discussions with officials about incentives being offered by India for car and battery manufacturing, said a person with direct knowledge of the talks, as the automaker looks anew at entering the Indian market.
The U.S. electric car maker has proposed setting up a factory in India to build electric vehicles, Reuters reported on Wednesday. Plans to locally manufacture EV batteries are also being discussed, said the person with direct knowledge.
Continue reading “Tesla held talks with India on auto incentives, battery making – source”
LONDON, May 17 (Reuters) – Ford (F.N) on Wednesday called for post-Brexit EU trade requirements on rules of origin for electric vehicles (EVs) to delayed until 2027 from 2024, saying tariffs will add pointless costs for consumers and slow the transition to electric.
“Ford is calling for current trade requirements to be extended to 2027, to allow time for the battery supply chain to develop in Europe and to meet EV demand,” the U.S. carmaker said in a statement.
Continue reading “Ford calls for extension of post-Brexit trade rules to 2027”
MUNICH, May 17 (Reuters) – Volkswagen (VOWG_p.DE) Chief Financial Officer Arno Antlitz said on Wednesday rising battery material costs mean it will be 2025 before the automaker can build some electric vehicles at the same profit margins as combustion models.
“A lot of the margin parity depends on raw materials,” Antlitz told the Reuters Automotive Europe conference.
Continue reading “Volkswagen aims for ‘margin parity’ on some EVs by 2025”
BERLIN, May 17 (Reuters) – European new car registrations increased in April, data from the region’s carmaker association showed on Wednesday.
The number of new vehicles registered that month in the European Union, Britain and the European Free Trade Association (EFTA) grew by 16.1% to 964,932 units, the European Automobile Manufacturers Association (ACEA) said.
Continue reading “European car sales rise in April, ACEA says”
BERLIN, May 17 (Reuters) – German carmaker Volkswagen (VOWG_p.DE) plans to overhaul its core brand to increase efficiency and returns, according to an internal memo from VW brand chief Thomas Schaefer seen by Reuters on Wednesday.
“We can see that our brand – despite all its strengths – is not yet on a sufficiently solid economic footing,” Schaefer wrote in the memo.
Continue reading “Volkswagen plans core brand revamp to boost returns -internal memo”
CHICAGO, May 17 (Reuters) – The U.S. supply chain is healing from early pandemic shocks that sent shipping costs skyrocketing and squeezed supplies of everything from toilet paper to pasta, but more than three years later, material shortages and hiring woes linger.
Rates for trucking, ocean shipping and other transportation tumbled after U.S. consumers shifted spending from big-ticket items like furniture, BBQ grills and big-screen TVs to travel and other entertainment, offering a reprieve to beleaguered shippers.
Continue reading “US supply chain woes shift and persist in 2023”
PTI– “As the world’s third-largest auto market, India is a ripe target for EV firms. Sales of EVs more than doubled last year in the country. This was, however, off a low base. EV sales represented less than 2% of the total light-vehicle sales in the last 12 months,” the report said.
India is a ripe target for electric vehicle firms as the third- largest auto market in the world but due to slow domestic takeup, no Indian company is likely to have a meaningful global share of electric vehicles in the foreseeable future, according to a report by S&P Global Ratings. Asia is set to keep its place as the world’s biggest producer of, and market for electric vehicles (EVs), EV batteries, and EV battery materials and the continent will be at the centre of the EV era, it said.
Continue reading “India ripe target for EV companies but domestic take up slow: Report”
SHANGHAI/BEIJING, May 17 (Reuters) – BYD Co Ltd (002594.SZ), may be China’s biggest electric vehicle maker by a country mile but it knows it lags rivals in autonomous driving, and has set up a new division and embarked on a huge hiring spree to rectify that shortcoming.
Between 4,000 and 5,000 software engineers have been hired recently, BYD senior vice president Stella Li told an investor forum this month when quizzed why the automaker was behind in automation and intelligence technologies.
Continue reading “China’s BYD beefs up autonomous driving credentials with new unit, hiring spree”
MUNICH, May 17 (Reuters) – Hyundai Motor Co’s (005380.KS) European chief said the carmaker was not making a direct change to its pricing in response to Tesla’s (TSLA.O) price cuts, adding consumers needed reassurance that prices wouldn’t go up and down.
“We are not taking what I’d call a knee-jerk reaction to what the competition does… we know that Tesla’s pricing will alert some consumers to consider Tesla that hadn’t before, so of course you have to look at that,” Hyundai Motor Co Chief Executive for Europe Michael Cole said at the Reuters Automotive Conference in Munich.
Continue reading “Hyundai Europe CEO: we won’t take a “knee-jerk reaction” to Tesla”
