MILAN, June 20 (Reuters) – Carmaker Stellantis (STLAM.MI) and iPhone assembler Foxconn (2317.TW) have created a 50-50 joint venture to design and sell semiconductors for the automotive industry from 2026.
The joint venture, called SiliconAuto, will supply Stellantis, including its new ‘STLA Brain’ electronic and software architecture, Foxconn and other customers, the two companies said in a statement.
Continue reading “Stellantis, Foxconn form 50-50 JV on semiconductors for auto industry”
SEOUL, June 20 (Reuters) – South Korea’s Hyundai Motor Co (005380.KS) said on Tuesday it plans to invest about 109.4 trillion won ($85.4 billion) in the period through to 2032, allocating around a third to meet a “seismic change” in the industry toward electric vehicles (EVs).
Hyundai Motor, which together with affiliate Kia Corp (000270.KS) is among the world’s 10 biggest automakers by sales, also said in a statement that it aims to lift the production of EVs in the United States, its biggest market. EVs will account for 75% of its U.S. production by 2030 from 0.7% now.
Continue reading “Hyundai Motor to invest $85 bln by 2032 to accelerate EV plans”
BEIJING, June 20 (Reuters) – Electric-vehicle (EV) startup Fisker (FSR.N) is set to open its first delivery centre in China’s financial hub Shanghai this year, Fisker’s China board member Daniel Foa was quoted as saying by Chinese media outlet Yicai on Tuesday.
Meanwhile, Fisker will start delivering its first mass-produced SUV model, the Fisker Ocean, in the first quarter of 2024, Yicai reported.
Continue reading “Fisker to open first delivery centre in Shanghai this year – Yicai”
PARIS, June 19 (Reuters) – French carmaker Renault (RENA.PA) appointed on Monday its group chief executive Luca de Meo as the future chairman and CEO of Ampere, the electric vehicle division which Renault is aiming to list on the stock market.
Renault added that its board of directors had also set up an ad-hoc committee, chaired by Jean-Dominique Senard, to oversee the envisaged initial public offering (IPO) of Ampere.
Continue reading “Renault names Luca de Meo as new head of Ampere electric vehicle unit”
WASHINGTON, June 19 (Reuters) – U.S. auto safety regulators are investigating nearly 40,000 Hyundai (005380.KS) Ioniq 5 electric vehicles over reports of power loss while driving tied to a battery charging issue.
The National Highway Traffic Safety Administration’s preliminary investigation covers 2022 model-year vehicles after it received 30 consumer complaints alleging a loss of acceleration. The agency said many consumers reported a loud popping noise followed by a warning displayed on their dashboard, and immediately experienced a loss of power that ranged from a reduction in acceleration to a complete loss.
Continue reading “US opens safety probe into Hyundai Ioniq 5 EVs over power loss reports”
PTI – The automotive industry is undergoing a transformative shift with cars evolving into data centres on wheels, says Bhuwan Lodha, chief digital officer, automotive sector, Mahindra Group, stressing on the role of data and digital innovation in shaping the future of the sector. “The fusion of technology and digitisation has transformed the automotive customer experience,” Lodha told PTI, detailing features such as virtual showrooms, online ordering and AI-driven systems to provide tailored recommendations based on customer preferences.
Driven by software, the vehicle of tomorrow will have much lesser moving components and will require totally different experiences towards usage, servicing and repair, Lodha said.
TAIPEI, June 19, 2023 — Delta Electronics, Inc. (later referred to as “Delta”), a global leading provider of power and thermal management solutions, today announced the signing of a definitive agreement to purchase, through its subsidiary Delta International Holding Limited B.V., 100% shareholdings of HY&T Investments Holding B.V. and its subsidiaries, including TB&C Group, a leading provider of automotive high-voltage hybrid components, from Cooperatief H2 Equity Partners Fund IV Holding W.A. and Te Bokkel Beheer B.V. for 142 million euros (approx. NT$ 4,661,860 thousand). TB&C, with its operational headquarters in Germany, develops industry-leading hybrid technologies for mechanical components applied in automotive, industrial, and medical applications. Its customer base includes world-class automotive companies, as well as tier-1 automotive suppliers. The transaction is expected to enhance Delta’s EV battery management system (BMS) capabilities by integrating TB&C’s technologies with Delta’s Component Business Group’s automotive component product lines. It will also generate substantial synergies by leveraging both companies’ R&D and manufacturing resources to accelerate Delta’s overall EV business expansion.
SAO PAULO, June 19 (Reuters) – Electric aircraft maker Eve (EVEX.N) and Blade Air Mobility (BLDE.O) are expanding their partnership to integrate Eve’s upcoming flying car into Blade’s European route network, starting with France, the companies said on Monday.
The deal follows similar agreements between the firms, which are currently participating in the Paris Airshow, to use Eve’s electric vertical take-off and landing vehicles (eVTOLs) in India and the United States.
Continue reading “Eve, Blade to expand ‘flying car’ partnership to Europe”
LONDON, June 19 (Reuters) – JLR said on Monday it has partnered with supply chain mapping and risk analytics firm Everstream Analytics, which will embed artificial intelligence into the British luxury carmaker’s system to help avert future global supply issues.
The new AI technology, JLR said, will allow it to monitor its supply chain in real-time and protect the production of its current models and next generation of electric vehicles (EVs).
Continue reading “JLR taps Everstream Analytics’ AI to dodge supply chain problems”
June 18 (Reuters) – Ford Motor (F.N) Executive Chairman Bill Ford said the United States was not ready yet to compete with China in the production of electric vehicles.
“They developed very quickly, and they developed them in large scale. And now they’re exporting them,” Ford told CNN’s ‘Fareed Zakaria GPS’ Sunday program. “They’re not here but they’ll come here we think, at some point, we need to be ready, and we’re getting ready,” Ford said.
Continue reading “US can’t yet compete with China on EVs, Ford chairman tells CNN”
PTI – Demand for diesel, the most consumed fuel in the country accounting for about two-fifths of the demand, fell 6.7 %to 3.43 million tonne in June 1-15 compared to the year-ago period.
Petrol and diesel sales fell in the first half of June as the arrival of monsoon cut demand in the agri sector and reduced vehicular movement, preliminary industry data showed.
Continue reading “Petrol, diesel sales fall as monsoon sets in”
June 16 (Reuters) – Nikola (NKLA.O) said on Friday it would lay off a total of 270 employees, as the electric-truck maker looks to cut costs and sharpen its focus on the North American marketplace.
Several firms have narrowed their focus on core markets after the U.S. Federal Reserve’s monetary policy tightening created tough economic conditions and prompted a rethink.
Continue reading “Electric-truck maker Nikola laying off 270 employees”
June 16 (Reuters) – U.S. electric-vehicle startups saw massive weekly gains on Friday after a searing rally in their shares over the past few sessions nearly doubled the value of companies such as Nikola (NKLA.O).
The surge in EV stocks has come without any apparent news or catalyst for the companies, leading several analysts and traders to point to a potential squeeze in the highly shorted stocks.
Continue reading “Electric-vehicle startups see weekly gains after blistering rally”
June 16 (Reuters) – A federal court in Louisiana on Friday dismissed Tesla Inc’s (TSLA.O) complaint against a state restriction on direct car sales, according to a ruling.
Last year, Tesla filed a lawsuit to challenge Louisiana’s refusal to allow the company to sell vehicles directly to consumers, calling the U.S. state’s move protectionist and anticompetitive.
Continue reading “Tesla loses bid to overturn Louisiana’s ban on direct car sales”
PARIS, June 16 (Reuters) – Tesla (TSLA.O) is close to achieving fully autonomous vehicles, CEO Elon Musk said during a visit to Paris on Friday, adding autonomy was the “main driver” of the brand’s market value.
The company’s shares rose by as much as 3% to their highest level in more than eight months.
Continue reading “Musk says vehicle autonomy is ‘main driver’ of Tesla value”
BERLIN, June 16 (Reuters) – Volkswagen (VOWG_p.DE) will hold a series of capital markets days to present the results of mock listing exercises at each of its brand groups and its software and battery units, according to two sources familiar with the matter.
At its capital markets day next Wednesday, the company will present an overview of the group’s targets in the next 3-4 years, the sources said on Friday, declining to be named.
BERLIN, June 16 (Reuters) – Volkswagen (VOWG_p.DE) and a technology partner have mastered a battery manufacturing process called dry coating which if scaled up could cut the cost of cell production by hundreds of millions of euros a year, its battery chief said on Friday.
The carmaker, which is working with printing press manufacturer Koenig & Bauer AG on the technology, said the two companies are the first to perfect the procedure for both the positive and negative electrode.
Continue reading “VW masters dry-coating battery process with potential to slash cell costs”
PTI – The bus, hired from a private contractor, had completed a 53 km run since Friday morning on route no 359 and arrived at the depot around 1 pm, the spokesperson said. ” Officials are investigating the cause of the fire,” he added. A civic official said the fire started in the AC unit installed on the roof of the bus.
An electric air-conditioned bus of the civic-run Brihan Mumbai Electric Supply and Transport (BEST) caught fire while parked in a depot in suburban Malvani on Friday afternoon, an official said. Nobody was injured in the incident.
June 15 (Reuters) – New vehicle demand from U.S. retail and commercial customers is outpacing expectations, two top Detroit auto executives said on Thursday.
Their positive comments underscored an upbeat report by the U.S. Commerce Department that showed U.S. retail sales unexpectedly rose in May as consumers bought more motor vehicles and a range of other goods.
Continue reading “Ford, GM see strong US consumer demand for vehicles”
BERLIN, June 15 (Reuters) – Tesla (TSLA.O) will hire fewer temporary workers at its plant outside Berlin than it did in its ramp-up phase and refrain from Saturday shifts, but it is still on track to achieve its production targets, the company said on Thursday.
The comments followed a report by Business Insider earlier on Thursday that Tesla’s goal of producing 6,000 cars a week at the plant, up from the 5,000-milestone reached in March, was on hold.
Continue reading “Tesla: German plant reducing shifts, production targets on track”
HONG KONG, June 16 (Reuters) – Chinese electric vehicle maker Xpeng Inc (9868.HK) on Thursday expanded its self-driving capability to Beijing as part of the automaker’s expanded launch of City NGP (Navigation Guided Pilot) across the mainland.
City NGP is now available in Guangzhou, Shenzhen, Shanghai and Beijing, with plans to expand it to dozens of cities within this year, Xpeng said in a statement.
Continue reading “China’s Xpeng expands self-driving capability to Beijing, eyes wider expansion”
INGOLSTADT, Germany, June 15 (Reuters) – Audi has to speed up development of new models to meet a surge in demand for electric vehicles, especially in China, the German luxury carmaker’s CEO said in an interview with Reuters published on Thursday.
“We are in the process of reviewing our entire development process,” Markus Duesmann said.
Continue reading “Audi chief sets sights on China in electric car catch-up”
PTI – India and China, the world’s top oil users, continued to lap up heavily discounted Russian crude oil, buying as much as 80% of the oil that Moscow exported in May, the International Energy Agency (IEA) said in a report.
India and China, the world’s top oil users, continued to lap up heavily discounted Russian crude oil, buying as much as 80% of the oil that Moscow exported in May, the International Energy Agency (IEA) said in a report. “Heavily discounted Russian crude oil has found new buyers primarily in Asia. India has increased purchases from almost nothing to close to 2 million barrels per day, while China has raised liftings by 500,000 barrels per day to 2.2 million barrels per day,” the Paris-based energy agency said in its latest Oil Market Report.
Continue reading “India, China bought 80% of Russia’s oil in May: IEA”
India’s May passenger vehicle wholesales jump shows inventory build-up WAF
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Democratising its Performance Line, VW announces prices across the new variants on Taigun and Virtus VW
MG ZS EV Dominates in Resale Value in Droom Study, Outshining Nexon EV, Creta, Kona, and Seltos WAF
Continue reading “WAF Auto News | The Auto World This Week (16.06.2023)”
Monthly Performance: May 2023
Production: The total production of Passenger Vehicles1, Three Wheelers, Two Wheelers, and Quadricycle in May 2023 was 21,24,235 units
Domestic Sales:
Passenger Vehicles2 sales were 3,34,247 units in May 2023. Three-wheeler sales were 48,732 units in May 2023
Two-wheeler sales were 14,71,550 units in May 2023.
TOKYO, June 15 (Reuters) – About 85% of Toyota Motor’s (7203.T) shareholders voted to re-elect Chairman Akio Toyoda to the automaker’s board of directors at an annual general meeting, the company said on Thursday, for his lowest approval rating in at least five years.
Support for Toyoda, the grandson of the founder of the world’s top-selling automaker, fell from 96% the previous year, when he was president and chief executive.
Continue reading “Some 85% of Toyota shareholders vote to re-elect Toyoda at annual meet”
June 15 (Reuters) – Graphene added to tyres could replace the toxic chemical 6PPD, U.S. startup Carbon Rivers says, as pressure mounts on the auto industry to eliminate the widely-used compound that has polluted waterways and been found to be lethal to some fish.
Later this year, California is expected to be the first authority to demand tyre-makers demonstrate they are seeking an alternative to 6PPD.
Continue reading “US startup Carbon Rivers says graphene is the answer to toxic tyre chemical”
NEW DELHI, June 15 (Reuters) – India’s Ministry of Corporate Affairs has ordered an investigation to assess Hero MotoCorp’s (HROM.NS) relationship with a third-party vendor in a case related to alleged diversion of funds, two government sources told Reuters on Thursday.
The investigation has been ordered in the “public interest” to probe the ownership structure of Hero MotoCorp and whether it controlled the third-party vendor, said the two sources, who are privy to the internal government directive.
Continue reading “India’s corporate affairs ministry orders probe into Hero MotoCorp -sources”
DETROIT, June 15 (Reuters) – The venture capital arm of automaker Stellantis (STLAM.MI) said on Thursday it will invest about 100 million euros ($108.3 million) in automotive and battery technology startups and a mobility venture fund.
Stellantis Ventures, created last year with 300 million euros of initial capital, will put money in ten startups ranging from Nauto, which provides driver monitoring and risk-management technology to fleets, to battery technology startup Electra Vehicles, to Beweelsociety, an electric bike venture started within Stellantis, Adam Bazih, head of Stellantis Ventures, said in a videoconference.
Continue reading “Stellantis invests 100 million euros in startups, mobility fund”
MANILA, June 15 (Reuters) – China’s Yadea Group Holdings (1585.HK), one of the world’s biggest electric two-wheeled vehicle makers, plans to invest about $1 billion in an e-motorcycle factory in the Philippines, the country’s investment promotions agency chief said on Thursday.
Yadea is one of a several electric vehicle (EV) manufacturers looking at the Southeast Asian nation for expansion of their manufacturing sites, Tereso Panga, director-general of government-run Philippine Economic Zone Authority (PEZA), told reporters.
Continue reading “(OFFICIAL) Philippines says China’s Yadea to invest $1 bln in e-motorcycle plant”
WASHINGTON, June 14 (Reuters) – U.S. President Joe Biden on Wednesday vetoed a measure approved by Congress that would overturn his administration’s sharp new limits on emissions from heavy-duty trucks responsible for significant soot and smog.
The veto preserves Environmental Protection Agency (EPA) rules will “make our air cleaner and prevent thousands of premature deaths by limiting hazardous heavy-duty vehicle pollution,” Biden said on Twitter.
Continue reading “Biden vetoes bill that would negate EPA heavy truck pollution cuts”
PTI – MOVIN, a logistics brand launched as a joint venture between UPS and InterGlobe Enterprises adds Electric Vehicles (EV) to its fleet for first and last-mile deliveries. With the objective to reduce carbon emissions, aligning with its long-term sustainability goals, the deployment of the EVs begins with Delhi-NCR and will subsequently be covering Mumbai, Chennai, Bangalore, Kolkata and Pune by end of 2023.
BERLIN, June 14 (Reuters) – Volkswagen’s (VOWG_p.DE) passenger car brand will implement savings and cost-cutting measures amounting to 10 billion euros ($10.83 billion) by 2026 to hit a return on sales target of 6.5%, a spokesperson said on Wednesday.
Chief Financial Officer Arno Antlitz posted on LinkedIn earlier on Wednesday that the company would improve production efficiency across the passenger cars brand as well as at CUPRA, Skoda and SEAT, and streamline its product range to achieve the target.
Continue reading “Volkswagen passenger cars targets 10 billion euros of efficiency gains”
June 14 (Reuters) – Toyota Motor (7203.T) said this week it will adopt a technology Tesla (TSLA.O) pioneered known as “Gigacasting” as part of a strategy by the Japanese automaker to improve the performance – and lower the cost – of future electric vehicles (EVs).
Toyota is not alone in following Tesla’s breakthrough.
Continue reading “Why are other automakers chasing Tesla’s ‘Gigacasting’?”
TOYOTA CITY, Japan, June 14 (Reuters) – Toyota (7203.T) shareholders backed the board and voted down the first resolution proposed in 18 years at an annual general meeting (AGM) on Wednesday, an endorsement of the automaker a day after it laid out an extensive electric vehicle strategy.
The resolution from three European asset managers called for greater disclosure on climate lobbying activity, but was widely expected to fail given the strength of support for management.
Continue reading “Toyota shareholders vote down climate resolution, back board”
HONG KONG, June 14 (Reuters) – Chinese automaker BYD Co Ltd has restarted operations at two showrooms and a service centre in Hong Kong after they were vandalised earlier this week, BYD’s sole agent said in a notice on its website on Wednesday.
Restoration work on another showroom in the outlying district of Yuen Long in the New Territories was expected to be completed by the end of the week, BYD’s Hong Kong sole agent JC Motor Ltd said.
Continue reading “Chinese automaker BYD reopens two Hong Kong showrooms after vandalism”
DETROIT, June 13 (Reuters) – General Motors (GM.N) has signaled in a series of recent announcements on plant retoolings that it plans to keep its largest and most profitable combustion trucks and SUVs in production longer than expected – another 10 to 12 years, according to analysts and suppliers.
This should enable the automaker to reap tens of billions of dollars in additional profit, according to Reuters estimates, before it shifts completely to zero-emission electric vehicles in 2035.
June 14 (Reuters) – Russian state entity NAMI said on Wednesday it had acquired a 100% stake in a factory producing anti-lock brakes and other systems for cars that was formerly owned by German technology group Robert Bosch.
NAMI, Russia’s Central Automobile and Engine Research and Development Institute, has been snapping up assets from global carmakers that left Russia over its invasion of Ukraine.
Continue reading “Russia takes over another Western asset with Bosch plant deal”
COPENHAGEN, June 14 (Reuters) – Swedish electric self-driving truck company Einride expects to reduce CO2 emissions in Norway by 2,100 tonnes over the coming three years as it partners up with Scandinavia’s leading postal service, PostNord, the company said on Wednesday.
Norway has the world’s highest number of electric vehicles per head of population and aims for all heavy vehicles to be zero-emission by 2040, potentially cutting CO2 emissions by 4.4 million tonnes or nearly 9% of the country’s annual emissions.
Continue reading “Self-driving truck company Einride expands into Norway”
PTI – The Ministry of Heavy Industries’ latest decision to cut down FAME II subsidies is likely to disrupt India’s growth in the EV sector and consequently have a detrimental impact on the environmental and health indices of the country, Society of Manufacturers of Electric Vehicles (SMEV) said it its petition.
Society of Manufacturers of Electric Vehicles on Tuesday said it has petitioned the National Green Tribunal (NGT) expressing concerns against the government’s move to cut FAME II subsidy and support a ‘Green Tax’ on fuel-based two-wheelers. The Ministry of Heavy Industries’ latest decision to cut down FAME II subsidies is likely to disrupt India’s growth in the EV sector and consequently have a detrimental impact on the environmental and health indices of the country, Society of Manufacturers of Electric Vehicles (SMEV) said it its petition.
Continue reading “EV makers body petitions NGT for green tax on fuel-based 2-wheelers”
