LONDON, May 17 (Reuters) – Britain’s finance minister Jeremy Hunt on Wednesday said the country needs to have electric vehicle (EV) battery making capacity, speaking at a British Chambers of Commerce event.
“Watch this space because we are very focussed on making sure that the UK gets EV and manufacturing capacity,” he said.
Continue reading “UK’s Hunt say Britain needs EV battery making capacity: “Watch this space””
BEIJING, May 15 (Reuters) – Ford (F.N) said on Monday it was working to reduce costs in China as it strives to recover from a long sales slump in the world’s largest auto market.
“Our costs are not competitive, and we are working internally and with our partners to reduce costs in all areas,” a representative of Ford China told Reuters in a statement.
Continue reading “Ford says it will reduce costs to boost China business”
OTTAWA, May 15 (Reuters) – Automaker Stellantis (STLAM.MI) has stopped construction at a more-than C$5 billion ($3.7 billion) electric-vehicle battery plant in Canada amid talks with the federal government about its support for the factory.
“Effective immediately, all construction related to the battery module production on the Windsor site has stopped,” a spokesperson said, while adding that some construction related to battery cell production continues.
Continue reading “Stellantis blocks battery plant construction as more support sought”
LONDON, May 15 (Reuters) – Rising demand from automakers, industry and investors will push the global platinum market into its biggest deficit in years, three industry reports predicted on Monday.
The reports underline an emerging change in fortunes for platinum and its sister metal palladium, both used chiefly in vehicle exhausts to neutralise harmful engine emissions.
Continue reading “Platinum facing biggest deficit in years as carmakers snap up metal”
OAKLAND, California May 15 (Reuters) – Silicon Valley automotive ethernet chip startup Ethernovia Inc said on Monday it had raised $64 million in a Series A funding round including Porsche Automobil Holding SE (PSHG_p.DE), Qualcomm Ventures, VentureTech Alliance and others.
As automakers pivot to electric vehicles with more driver assistance functions, they are revamping the electronics to eliminate dozens of cables that crisscross the car linking up over 100 microchips. Instead, they are building a central computer to control everything from camera and radar sensors to the windows and the entertainment dashboard.
Continue reading “Silicon Valley automotive ethernet chip startup Ethernovia raises $64 mln”
PARIS, May 14 (Reuters) – France is poised to win record foreign investment pledges when President Emmanuel Macron receives global business leaders, including Tesla’s Elon Musk, on Monday at the annual “Choose France” summit in Versailles.
For the president, whose popularity has suffered from a widely unpopular proposal to raise the French retirement age, the summit is a chance to justify his pro-business reform drive and shift attention to his promotion of lower carbon industry, such as electric vehicles.
Continue reading “Macron courts Tesla’s Musk and others to ‘Choose France’”
May 15 (Reuters) – Americans in the waning days of the COVID pandemic are keeping their combustion-engine vehicles longer, according to a new study.
The average age of U.S. cars and light trucks this year climbed to a record 12.5 years, reflecting the impact of supply constraints on dealer inventories of new vehicles in 2022, as well as reduced consumer demand from higher inflation and interest rates, according to the study by S&P Global Mobility.
Continue reading “US consumers keep vehicles for a record 12.5 years on average -S&P”
PTI – The Central Consumer Protection Authority has directed Amazon, Flipkart, Snapdeal, Shopclues and Meesho to “permanently” delist all car seat belt alarm stopper clips and associated motor vehicle components which compromise the safety of passengers and the public.
Consumer protection regulator CCPA has directed 5 e-commerce companies, including Amazon and Flipkart, to permanently delist all car seat belt alarm stopper clips as the product stops the alarm beep when not wearing seat belts, thus compromising passengers’ safety.
Continue reading “CCPA directs Amazon, other e-tailers to delist car seat belt alarm stopper clips”
TOKYO, May 15 (Reuters) – The weekend gathering of finance chiefs from the Group of Seven (G7) advanced economies did not single out China as a threat in their communique, but left signs the world’s second-largest economy will loom large at this week’s summit in Hiroshima.
Efforts to grapple with China’s growing global presence were evident at the three-day G7 finance chiefs’ gathering in Niigata, Japan, during which they held their first outreach in 14 years, aimed at winning over emerging nations.
Continue reading “China’s rising clout spotlighted at finance chief meetings before G7 summit”
PTI – The company has leadership in the budget bike segment (100-110cc) and is looking to enhance presence in the 125 cc and also drive in models to bring in volumes and enhance profitability in the 160-cc and above space.
Hero MotoCorp is gearing up for highest ever model introductions this fiscal as it looks to consolidate market share especially in the premium bike segment, according to the company’s CEO Niranjan Gupta. The country’s largest two-wheeler maker plans to introduce new bikes, including the first product under the Hero MotoCorp-Harley Davidson tie-up, during the ongoing financial year.
Continue reading “Hero MotoCorp set to roll out record number of products this year: CEO”
WASHINGTON, May 12 (Reuters) – The National Highway Traffic Safety Administration (NHTSA) demanded the recall of 67 million air bag inflators because it believes there is a safety defect, but auto supplier ARC Automotive Inc rejected the U.S. regulator’s request, documents released on Friday show.
The auto safety agency said the inflators pose an unreasonable risk of death or injury.
Continue reading “U.S. demands recall of 67 million air bag inflators”
WASHINGTON, May 12 (Reuters) – General Motors (GM.N) said on Friday it will recall nearly 1 million sport utility vehicles in the United States because the driver’s air-bag inflator may explode during deployment.
The recall covers 994,763 Buick Enclave, Chevrolet Traverse, and GMC Acadia vehicles from the 2014 through 2017 model years with modules produced by ARC Automotive Inc. Dealers will replace the driver’s air-bag module.
Continue reading “GM recalling nearly 1 million U.S. vehicles for air bag defect”
BEIJING, May 12 (Reuters) – China’s market regulator said Tesla Inc (TSLA.O) will fix software in more than 1 million vehicles to reduce the chance of accidents, the regulator said on Friday.
The action is described as a product recall under Chinese regulations, the regulator said, but it was not immediately clear if drivers might need, or would be eligible, to return vehicles to Tesla for refunds.
Continue reading “China says Tesla to fix software for 1.1 mln cars on braking issue”
TOKYO, May 12 (Reuters) – Toyota Motor Corp (7203.T) said on Friday the vehicle data of 2.15 million users in Japan, or almost the entire customer base who signed up for its main cloud service platforms since 2012, had been publicly available for a decade due to human error.
The incident, which also affected customers of its luxury brand Lexus, comes as the world’s biggest automaker by sales makes a push into vehicle connectivity and cloud-based data management which are seen as crucial to offering autonomous driving and other artificial intelligence-backed features.
Continue reading “More than 2 million Toyota users face risk of vehicle data leak in Japan”
PTI – The plants will be commissioned at Kharkhoda, Sonipat in Haryana and SMG Suppliers’ Park in Gujarat, the company said in a statement. The new plant in Sonipat will provide capacity enhancement so as to meet the requirements of Maruti Suzuki’s new manufacturing plant at IMT Kharkhoda which is expected to be commissioned by FY2025, it added.
Jay Bharat Maruti on Thursday said it will invest in the range of INR 300 crore to INR 350 crore in a phased manner to set up two manufacturing plants in Haryana and Gujarat to cater to the requirements of its key customer Maruti Suzuki in both the regions. The plants will be commissioned at Kharkhoda, Sonipat in Haryana and SMG Suppliers’ Park in Gujarat, the company said in a statement.
Continue reading “Jay Bharat Maruti to invest upto INR 350 cr to set up two plants”
PTI – “We will continue to make investments aggressively to grow the industry and make people happy in India and continuously contribute to Atmanirbhar Bharat,” Suzuki Motor Corporation Executive VP Kenichi Ayukawa said. In a tweet shared by the Finance Ministry, Ayukawa said Maruti Suzuki India has announced an increase in annual production capacity by one million units last month.
Suzuki Motor Corporation will continue to invest aggressively to grow the automobile industry in India, a senior company official said on Thursday. “We will continue to make investments aggressively to grow the industry and make people happy in India and continuously contribute to Atmanirbhar Bharat,” Suzuki Motor Corporation Executive VP Kenichi Ayukawa said.
Continue reading “Suzuki Motor to invest aggressively to grow auto industry in India”
PTI – State-owned Oil and Natural Gas Corporation (ONGC) has discovered crude oil and natural gas in two blocks in Mumbai offshore, the company said on Thursday without giving details of reserves found. The discoveries, which have been named ‘Amrit’ and ‘Moonga’, were made in the blocks that the company won in recent open acreage licensing rounds.
State-owned Oil and Natural Gas Corporation (ONGC) has discovered crude oil and natural gas in two blocks in Mumbai offshore, the company said on Thursday without giving details of reserves found.
Continue reading “ONGC discovers oil, gas in Arabian Sea blocks”
PTI – There are around 100 electric vehicle (EV) charging stations across the national capital at present and this would be the first time that some of them would have battery swapping facilities.
The New Delhi Municipal Corporation (NDMC) is planning to increase the number of EV charging stations in Lutyens’ Delhi and even provide battery swapping facilities at some of these points, a senior official said on Wednesday. With Delhi being among the most polluted capitals in the world, NDMC has been making a push for electric vehicles to nudge residents to opt for cleaner vehicle options.
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Continue reading “WAF Auto News | The Auto World This Week (12.05.2023)”
PTI – “Hyundai has been one of the largest manufacturers and consistent investors in Tamil Nadu. This strategic partnership is a testimony to Hyundai’s commitment to boost the socio- economic development in the state and make the country self-reliant,” Hyundai Motor India MD and CEO Unsoo Kim said in a statement.
Hyundai Motor India on Thursday said it will invest INR 20,000 cr in a phased manner in Tamil Nadu over the next ten years to make further inroads into electric vehicles and modernisation of vehicle platforms. The automaker will invest in phases starting in 2023 till 2032.
Continue reading “Hyundai Motor India to invest INR 20,000 cr in Tamil Nadu”
PTI– “Report of the Energy Transition Advisory Committee (ETAC) has been received by the MoPNG. The Govt. of India is yet to accept ETAC report,” the Minstry of Petroleum and Natural Gas (MoPNG) said in a tweet.
The government is yet to accept a report of the energy transition committee that recommended banning the use of diesel- powered four-wheelers in cities with over 10 lakh population and switch to electric and gas-fuelled vehicles by 2027, the oil ministry said. The report of the committee headed by former oil secretary Tarun Kapoor had also suggested phasing out motorcycles, scooters, and three- wheelers with internal combustion engines by 2035.
PTI – Union minister Nitin Gadkari on Wednesday said he is in discussion with industry players on development of economically viable electric highways. The minister for road transport and highways highlighted the need to develop “import substitute cost-effective, pollution-free and indigenous technology”, asserting that sustainable development is the ultimate goal.
Union minister Nitin Gadkari on Wednesday said he is in discussion with industry players on development of economically viable electric highways. The minister for road transport and highways highlighted the need to develop “import substitute cost-effective, pollution-free and indigenous technology”, asserting that sustainable development is the ultimate goal.
WASHINGTON, May 10 (Reuters) – The largest U.S. oil and gas trade lobby group said on Wednesday it believes sharp emissions cuts proposed by the U.S. Environmental Protection Agency (EPA) would result in the elimination of new internal combustion vehicles.
But a California air regulator said the EPA plan “will benefit the climate, air quality, environmental justice, and economic development” and a top environmental group urged the agency to ramp up the pace of adopting electric vehicles to ensure the U.S. is on a path to 100% zero emission new vehicle sales by 2035.
Continue reading “US oil lobby blasts EPA emissions cuts plan, California likes it”
TOKYO, May 11 (Reuters) – Japan’s Honda Motor Co (7267.T) on Thursday forecast a 19.1% rise in operating profit for this business year, after it missed analysts’ estimates in the fourth quarter.
Japan’s second-biggest automaker forecast full-year operating profit rising to 1.0 trillion yen ($7.40 billion) compared with a 985.62 billion yen average profit expected by 21 analysts. It said it expected higher sales volume and to benefit from a strengthening supply chain.
Continue reading “Honda sees full-year profit rising 19% after missing forecasts in Q4”
TOKYO, May 11 (Reuters) – Japan’s Nissan Motor Co (7201.T) on Thursday said it expects operating profit to rise 38% this year on a stronger outlook for sales and production volumes.
The Yokohama-based automaker sees operating profit rising to 520 billion yen ($3.85 billion) in the financial year that just started, compared to a 396.21 billion yen average profit forecast in a poll of 19 analysts by Refinitiv.
Continue reading “Nissan sees 38% full-year profit rise on stronger sales outlook”
SAN FRANCISCO, May 10 (Reuters) – Rivian Automotive Inc (RIVN.O) is betting it can keep prices high for its debut lines of electric pickup trucks and sport-utility vehicles even when competition swells, its CEO said, a bold move that may be necessary if the startup wants to make a profit.
And one some see as risky, since Rivian products will soon face more rivals at a time when market leader Tesla Inc (TSLA.O) is slashing prices to spur demand in the face of souring consumer sentiment, and traditional automakers are tightening competition with lower-priced electric vehicle (EV) models.
SAN FRANCISCO/TOKYO, May 10 (Reuters) – Panasonic (6752.T) said on Wednesday that it will delay the commercial production of its 4680 battery cells championed by Tesla CEO Elon Musk and begin operations during the April to September period in 2024, later than previously scheduled, as the company aims to improve their performance.
Tesla’s Japanese supplier, Panasonic, previously planned to start volume production for Tesla between April 2023 to March 2024.
Continue reading “Panasonic delays production of new Tesla battery to improve performance”
DETROIT, May 10 (Reuters) – General Motors Co (GM.N) will consolidate North American sales operations for commercial vehicles, parts and telematics services under a new brand umbrella, GM Envolve, that will compete with Ford Motor Co’s (F.N) Ford Pro unit and others for revenue from business vehicle fleets.
GM executives said the reorganization is aimed at making it easier for commercial fleet customers to negotiate electric and combustion vehicle purchases and sign up for services and software offerings that GM is developing to generate revenue after the vehicle sale.
Continue reading “GM overhauls North American commercial vehicle sales operations”
DETROIT, May 10 (Reuters) – Ford Motor Co (F.N) on Wednesday unveiled the latest addition to its muscle truck franchise – a Ranger Raptor midsize pickup with a 405-horsepower engine and a suspension designed for racing across the desert, made possible in part by Ford’s electric vehicles.
The Ranger Raptor, and the rest of the new generation of Ford Ranger pickups, will launch in North America later this year, illustrating how established automakers are shifting their combustion-vehicle lines toward more powerful, higher-profit variants as regulators clamp down on carbon emissions.
Continue reading “Ford’s new muscle truck, Ranger Raptor, made possible by EVs”
SHANGHAI, May 10 (Reuters) – BYD Co Ltd (002594.SZ), on Wednesday cut the starting price of its best-selling Seal sedan by 10%, as the Chinese electric vehicle (EV) giant seeks to extend its lead in the world’s largest auto market with lower-priced products.
The company replaced its line-up of the model with five new versions. That includes a rear-wheel drive Seal Champion Edition with a 550-km (342-mile) driving range per charge at a starting price of 189,800 yuan ($27,459). This is 20,000 yuan cheaper than a previous version with the same driving range, according to BYD’s website.
Continue reading “China’s BYD cuts starting price for Seal EV; aims to extend lead”
TOKYO, May 10 (Reuters) – A trio of European asset managers has submitted a shareholder proposal urging Toyota Motor Corp (7203.T) to improve disclosure of its lobbying on climate change, likely the first time such a resolution will go before the Japanese automaker’s investors.
The move by the three funds, which collectively hold shares in the world’s biggest automaker worth around $400 million, highlights the pressure new chief executive Koji Sato faces from green investors and climate activists over the company’s environmental lobbying.
Continue reading “Toyota shareholders submit proposal on climate disclosure, in test for new CEO”
JAKARTA, May 10 (Reuters) – Sales of electric cars in Indonesia jumped last month after the government launched tax incentives, auto executives said, in an early sign that electric vehicle (EV) adoption is gaining traction in Southeast Asia’s largest economy.
Effective from April, Indonesia cut the value-added tax (VAT) on electric cars from 11% to just 1%, provided they are manufactured with at least 40% local content.
Continue reading “Indonesia tax cut drives electric car sales for Hyundai, Wuling”
PTI – “Media reports published in various newspapers regarding the finding of large lithium reserves by the Geological Survey of India (GSI), in Degana area, Nagaur district, Rajasthan are completely baseless and misleading,” the survey organisation said.
The Geological Survey of India (GSI) on Tuesday termed media reports saying large lithium reserves being identified in Rajasthan as “baseless”. “Media reports published in various newspapers regarding the finding of large lithium reserves by the Geological Survey of India (GSI), in Degana area, Nagaur district, Rajasthan are completely baseless and misleading,” the survey organisation said.
Continue reading “GSI terms reports on large lithium reserves found in Rajasthan as ‘baseless’”
NEW YORK, May 9 (Reuters) – EV makers Fisker Inc (FSR.N), Nikola Corp (NKLA.O) and Lucid Group (LCID.O) disappointed investors with dull quarterly results and production target cuts, sending their shares lower on Tuesday and deepening worries about weak demand and an ongoing price war.
EV market leader Tesla Inc’s (TSLA.O) move to slash prices and increase volume, as well as lower-priced electric models launched by traditional automakers have hurt startups including Lucid.
Continue reading “Lackluster results, production target cuts deepen EV start-up gloom”
May 9 (Reuters) – Rivian Automotive Inc (RIVN.O) on Tuesday beat Wall Street estimates for quarterly revenue as it sold more higher-priced electric vehicles, and stood by its annual production forecast of 50,000 cars.
Shares in Rivian, which also cut costs during the January-March period, rose about 6% in extended trading as investors cheered its results that followed Lucid Group Inc (LCID.O) and Fisker Inc (FSR.N) trimming their production targets.
Continue reading “Rivian beats quarterly revenue estimates on higher-priced EV sales”
BERKELEY, California, May 9 (Reuters) – Tesla (TSLA.O) said on Tuesday that its Texas factory achieved production of 5,000 Model Y vehicles per week, meaning that it would be able to produce about 260,000 of the vehicles annually.
Tesla’s Texas factory has an annual capacity of at least 250,000 vehicles.
Continue reading “Tesla says its Texas factory hits output of 5,000 Model Ys per week”
WASHINGTON, May 9 (Reuters) – An auto trade group warned on Tuesday that aggressive U.S. targets for reductions in vehicle emissions may rely on a too rapid transition to electric vehicles (EVs) and pose significant challenges with manufacturing and supply chains.
The U.S. Environmental Protection Agency (EPA) has proposed sharp emissions cuts that it estimates would result in 60% of new vehicles by 2030 being electric and 67% by 2032.
Continue reading “Automakers say proposed US emissions rules pose challenges”
PTI – Revenue from operations rose to INR 6,247 crore in the fourth quarter as compared with INR 5,578 crore in the year-ago period, Apollo Tyres said in a statement. For the year ended Match 31, 2023, the tyre maker posted a consolidated net profit of INR 1,105 crore as against INR 639 crore in the fourth quarter of FY22.
Apollo Tyres on Tuesday said its consolidated net profit surged over three-fold to INR 427 crore in the March quarter, riding on easing of raw material cost and better cost efficiencies. The company had reported a net profit of INR 113 crore in the January-March quarter of 2021-22 fiscal.
Continue reading “Apollo Tyres Q4 net profit jumps over three-fold to INR 427 cr”
