Source : PTI | Electric commercial vehicles manufacturer PMI Electro Mobility on Saturday said it has signed an agreement with public-sector enterprise REC Limited to provide finance for its commercial EVs. PMI Electro Mobility MD Satish Jain said the signing of the memorandum of understanding (MoU) took place during the “Green Finance” Summit organised by REC Limited (formerly Rural Electrification Corporation) on the sidelines of the Clean Energy Ministerial and Energy Transition Working Group Ministerial meeting, which culminated on Saturday.

As a part of the MoU, PMI will have the ability to avail INR 480 crore of financial assistance from REC in the form of debt for funding requirements. Continue reading “PMI Electro Mobility signs pact with REC for financial assistance worth INR 480 crore”

Source : PTI | Automaker Kia India expects its sales to grow by 8-10% this year as compared with 2022 on the back of improved chip supplies and introduction of the updated Seltos in the market, according to a senior company official. The South Korean carmaker, which sells models like Carens,  Sonet and Seltos in the Indian market, sold a total of 3.4 lakh units in the domestic and export markets last year.

“So last year our domestic sales were about 2.54 lakh units while exports stood at around 80,000 units. So we did about 3.34 lakh units overall. So this year we are looking at about 8-10% growth,” Kia India National Head (Sales and Marketing) Hardeep S Brar told PTI in an interaction. Continue reading “Kia India eyes 10% sales growth in CY23”

NEW DELHI, July 22 (Reuters) – India has rejected Chinese automaker BYD Co’s (002594.SZ) proposal to set up a $1 billion factory in India in partnership with Hyderabad-based Megha Engineering and Infrastructure Ltd, the Economic Times reported on Saturday.

Reuters reported this month that BYD had submitted a $1 billion investment proposal to build electric cars and batteries in India in partnership with a local company. Continue reading “India rejects BYD’s $1 billion factory proposal, Economic Times reports”

TOKYO, July (Reuters) – Toyota Motor (7203.T) plans to use regenerative fuel cell technology to power a manned lunar rover, executives said on Friday, raising the prospect of eventually using the moon’s water ice as an energy source in the future.

Japan has stepped up its space ambitions under Prime Minister Fumio Kishida Continue reading “Toyota eyes lunar rover powered by regenerative fuel cell tech”

SEOUL, July 21 (Reuters) – Tesla (TSLA.O) CEO Elon Musk is ready to cut electric car prices again to drive sales if the economy swoons, and part of the reason is a bonanza from Biden administration tax credits.

“It does make sense to sacrifice margins in favor of making more vehicles,” Musk said on Wednesday, noting that Tesla was facing “turbulent times.” Continue reading “Analysis: Tesla taps Biden tax credits to offset EV price cuts”

July 21 (Reuters) – A federal appeals court on Friday said it will reconsider its recent decision that Tesla (TSLA.O) Chief Executive Elon Musk violated federal labor law by tweeting that employees would lose stock options if they joined a union.

The 5th U.S. Circuit Court of Appeals in New Orleans granted Tesla’s request to revisit the case “en banc,” meaning that its 16 active judges will take part. Continue reading “US appeals court to reconsider decision on Elon Musk tweet about unions”

WASHINGTON, July 21 (Reuters) – Two U.S. House of Representatives committees said Friday they are investigating Ford Motor Co’s (F.N) partnership with Chinese battery company CATL (300750.SZ).

Ford announced in February it is spending $3.5 billion to build a battery plant in Michigan using technology from CATL, the world’s largest battery maker.

Jason Smith and Mike Gallagher, Republican chairs of the House Ways and Means Committee and the Select Committee on China, in a joint letter demanded Ford answer questions about the deal. Continue reading “US House committees investigate Ford Chinese battery partnership”

WASHINGTON, July 21 (Reuters) – United Auto Workers President Shawn Fain has made winning the support of Washington a key part of the union’s strategy to nail down new labor deals with the Detroit Three automakers.

Part of that approach includes a decision by the UAW to hold off on endorsing U.S. President Joe Biden’s re-election campaign, in a move to pressure the administration, industry executives and analysts said. U.S. unions are making bolder contract demands in the tighter labor market. Continue reading “UAW seeks Washington backing to pressure Detroit Three automakers in labor talks”

July 21 (Reuters) – U.S. auto retailer AutoNation (AN.N) on Friday posted better-than-expected second-quarter revenue, as demand for new vehicles and aftermarket services offset the impact of a decline in used-vehicle sales.

Demand for used vehicles, which accelerated during the pandemic, has taken a hit after automakers started to ramp up production as the global supply chain crisis gradually eases. That has helped companies such as AutoNation to boost their new-vehicle deliveries to customers. Continue reading “AutoNation’s quarterly revenue beats estimates on demand for new vehicles, services”

Industry experts discussed during 9th SIAM Logistics Conclave

New Delhi, July 21, 2023: Society of Indian Automobile Manufacturers (SIAM), the apex body of the automobile industry, organized the 9^th SIAM Automotive Logistics Conclave. The conclave themed ‘Road to Sustainability: The Future of Automotive Logistics’ witnessed active participation from several coveted speakers including senior government officials, logistics heads of automobile companies, and experts from the automobile supply-chain.

Continue reading “Technology and Drivers’ Wellbeing Key to Enhance India’s Logistics Performance”

POOLE, England, July 21 (Reuters) – A little-publicized clause in the U.S. Inflation Reduction Act has companies scrambling to recycle electric vehicle batteries in North America, putting the region at the forefront of a global race to undermine China’s dominance of the field.

The IRA includes a clause that automatically qualifies EV battery materials recycled in the U.S. as American-made for subsidies, regardless of their origin. That is important because it qualifies automakers using U.S.-recycled battery materials for EV production incentives. Continue reading “Dead EV batteries turn to gold with U.S. incentives”

WASHINGTON, July 20 (Reuters) – U.S. Transportation Secretary Pete Buttigieg said on Thursday his agency has national security concerns about Chinese autonomous vehicle companies in the American market after some lawmakers called for restrictions on their operations.

“Whether we are talking about hardware or software, in the same way there are concerns around telecom or TikTok, there are concerns around transportation technologies,” Buttigieg said in an interview with Reuters. Continue reading “Chinese autonomous vehicle tech raises concerns, US transportation chief says”

DETROIT, July 20 (Reuters) – Detroit’s automakers and the United Auto Workers will not be alone as they begin bargaining this week over wages and working conditions that will govern the shift to electric vehicles over the next several years.

Tesla (TSLA.O) CEO Elon Musk and the automaker’s increasingly profitable and efficient electric-vehicle factories will be shadow participants, just as Japanese automaker Toyota (7203.T) and its lean production system were for much of the past 30 years. Continue reading “Analysis: Elon Musk and Tesla loom over Detroit’s auto labor talks”

WASHINGTON, July 20 (Reuters) – Donald Trump on Thursday urged the United Auto Workers union to back his campaign, a day after the union’s president met with President Joe Biden after raising concerns about electric- vehicle policies.

Trump, the former Republican president seeking a return to office in 2024, said Democrat Biden was “waging war on the U.S. auto industry” through “crippling” electric vehicle mandates and urged the UAW to endorse him. Trump made the comments in a video posted on his social media platform, Truth Social. Continue reading “Trump, Biden campaigns spar over support of UAW workers, EV mandates”

WASHINGTON, July 20 (Reuters) – A Fiat Chrysler auto engineer charged with making misstatements to U.S. regulators about diesel engines’ emission control systems pleaded guilty to a felony, the U.S. Justice Department said on Thursday.

The Justice Department said the guilty plea by Emanuele Palma accompanies the earlier conviction of Fiat Chrysler, now part of Stellantis , for defrauding the EPA and customers. Continue reading “Stellantis unit official pleads guilty to felony in US diesel emissions probe”

Source : PTI | Mahindra & Mahindra on Thursday said a US court has allowed its subsidiary to keep producing and selling the post-2020 version of its off-road vehicle Roxor in the American market. The Eastern District Court of Michigan on July 19, 2023, issued its opinion and order on Fiat Chrysler Automobile’s (FCA’s) renewed motion to enjoin the Post-2020 Roxor and based on its analysis declined to apply the safe distance rule to this case as sought by FCA, Mahindra & Mahindra said in a regulatory filing.

Accordingly, FCA’s motion to enjoin the post-2020 ROXOR was denied, it added. Continue reading “US court allows M&M arm to keep producing, selling post-2020 version of Roxor”

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The Hector and ZS EV helped MG Motor India to increase sales by 21%: Details HTAuto

Volkswagen India extends service support for flood affected customers VW

Kia Rolls Out One Millionth Made-In-India Vehicle; Seltos Makes Up Over 50% Of Total Production car&bike Continue reading “WAF Auto News | The Auto World This Week (21st July 2023)”

Summary

• Musk says we’re in “turbulent times”; shares fall
• Shoppers seek cheaper appliances, says Electrolux
• ABB says China orders fell in Q2
• Results will deepen worries about China’s faltering economy

LONDON, July 20 (Reuters) – ABB (ABBN.S) warned on Thursday of slowing Chinese demand, Taiwanese chipmaker TSMC forecast a drop in 2023 sales and Electrolux cautioned shoppers are seeking cheaper appliances, deepening worries about global corporate and economic health. Continue reading “Tesla, ABB, TSMC get Q2 earnings off to downbeat start”

STOCKHOLM, July 20 (Reuters) – Sweden-based automaker Volvo Cars (VOLCARb.ST) reported a 54% fall in second-quarter operating earnings on Thursday as the year-ago period’s profit was boosted by a one-off gain, and it forecast healthy demand for its vehicles despite pricing pressures.

Volvo Cars, majority-owned by China’s Geely Holding (GEELY.UL), said earnings before interest and taxes (EBIT) fell to 5.0 billion Swedish crowns ($488.62 million) from 10.8 billion crowns a year ago. Continue reading “Volvo Cars flags solid demand, pricing pressures ahead”

July 20 (Reuters) – China’s Farizon, a maker of electric and hybrid trucks which is owned by automaker Geely (0175.HK), has raised $600 million in a Series-A funding round, the company said in a statement.

The Hangzhou-based company, which produces and markets hybrid and pure electric commercial vehicles, said it plans to use the funds for further technology and product development, as well as expansion outside of China. Continue reading “Geely truck unit, Farizon, raises $600 million in funding round”

July 20 (Reuters) – The relaunch of a classic Soviet-era car, the Moskvich, by a state-owned company in November was celebrated by Moscow’s mayor as showing the resilience of Russia’s auto industry to Western sanctions.

“This is a historic event,” Sergei Sobyanin said as the Moskvich was unveiled at a factory the Moscow government took from French carmaker Renault (RENA.PA) last year for just one rouble ($0.01). “Many people thought it was the end of the Russian car industry.” Continue reading “Made in Russia? Chinese cars drive a revival of Russia’s auto factories”

WASHINGTON, July 19 (Reuters) – United Auto Workers (UAW) President Shawn Fain met on Wednesday with President Joe Biden at the White House as the union briefed staff on contract talks with the Detroit Three automakers.

Fain, who was on Capitol Hill meeting with lawmakers to discuss the labor talks and the union’s push for higher wages and benefits, has not yet endorsed Biden for re-election and has criticized some administration electric vehicle policies. Most other major unions have already endorsed Biden. Continue reading “UAW president meets with Biden as union opens automaker contract talks”

July 20 (Reuters) – The Western automakers that dominated Russia’s car market left following Moscow’s invasion of Ukraine, leaving a slumping production and sales in their wake, with domestic producers and Chinese firms picking up the pieces.

Here is an overview of the fate of foreign carmakers’ assets in Russia: Continue reading “Factbox: What has become of Western carmakers’ assets in Russia?”

Source : PTI | To promote electric vehicles in the state, the Uttar Pradesh government on Wednesday launched a subsidy portal which will allow customers who bought e-vehicles after October 14, 2022, to claim financial support, officials said here. For availing of the subsidy people have to apply on upevsubsidy.in portal. Once the application is submitted, the subsidy amount will be transferred to the customer’s bank account after successful completion of a four-level verification process, they said.

This initiative is part of the Uttar Pradesh Electric Vehicle Manufacturing and Mobility Policy, 2022, which includes a purchase subsidy incentive scheme. Continue reading “UP govt launches portal for processing EV subsidy claims”

Source : PTI | The country’s largest two-wheeler maker, Hero MotoCorp, has set a target to achieve 30 per cent of its sales on digital platforms by 2030. The company, which sold 54 lakh units of motorcycles and scooters in the last fiscal year, is also looking to have 30 per cent women workforce in the organisation by 2030.

“We have set an ambitious goal of achieving 30 percent sales through digital channels by the year 2030,” Hero MotoCorp Executive Chairman Pawan Munjal said in the company’s annual report for 2022-23. Continue reading “Hero MotoCorp eyes 30% sales via digital channels by 2030”

Source : PTI | Pre-owned vehicle sale, purchase and financing platform CARS24 on Wednesday said vehicles worth over INR 1,800 crore were sold to its platform in the April-June quarter of this year. The quarter also witnessed a surge in demand for pre-owned cars with as many as 30 vehicles getting sold at every hour during the period, the platform said.

Hatchback models dominated the total sales with 62% share during the June quarter of 2023 while the sedans made a stylish comeback. Also, non-metro cities challenged the dominance of metros in car purchases, as Pune and Ahmedabad experienced a surge in pre-owned car sales, it said. Continue reading “Cars worth INR 1,800 crore sold to platform in Apr-Jun: CARS24”

Summary

• Plant to meet half of UK’s battery production need by 2030
• Factory is testament to strength of UK car industry – PM
• Gigafactory to create 4,000 jobs in the country

LONDON, July 19 (Reuters) – India’s Tata Group will build an electric vehicle battery plant in Britain to supply its Jaguar Land Rover factories, delivering a major boost for a UK car industry in need of domestic battery production to help secure its future. Continue reading “India’s Tata chooses UK for $5 bln Jaguar Land Rover gigafactory”

July 19 (Reuters) – Nissan (7201.T) on Wednesday became the first Japanese automaker to agree to adopt Tesla’s (TSLA.O) electric-vehicle charging technology in the U.S. and Canada, joining global peers in expanding their fast-charger network to boost EV adoption.

Starting in 2025, Nissan will equip its EVs with the Tesla-developed North American Charging Standard (NACS) port, as it targets 40% of U.S. vehicle sales to be fully electric by 2030, the company said. Continue reading “Japan’s Nissan to adopt Tesla EV-charging design from 2025 in U.S., Canada”

BERLIN, July 19 (Reuters) – Volkswagen (VOWG_p.DE) said it remained intent on commissioning an independent audit of its Xinjiang plant in China and was convinced that doing so would provide valuable insight, after some investors and activists criticised the mechanism as ineffective.

The United Nations and rights groups estimate that more than a million people, mainly Uyghurs and other Muslim minorities, have been detained in recent years in a series of camps in Xinjiang and used for low-paid and coercive labour. Continue reading “Volkswagen convinced Xinjiang audit will provide insight on human rights situation”

July 19 (Reuters) – Carvana’s (CVNA.N) shares soared as much as 36% in morning trading on Wednesday after the troubled used-car retailer struck a deal with most of its term bondholders to cut its outstanding debt by more than $1 billion.

The agreement, with a group including private-equity firm Apollo, eases some of Carvana’s liquidity issues as it struggles to cope with a slump in demand for used cars. Continue reading “Carvana shares surge on plans to cut debt load”

Summary

• Tesla seeks approval to extend German EV, battery plant
• Plans battery cell testing, recycling
• Water recycling facility to be extended
• If approved, changes to take effect in H1 2024

BERLIN, July 19 (Reuters) – Tesla (TSLA.O) is planning sweeping changes to its factory near Berlin, including extensions to its battery cell production, indicating ramp-up plans remain underway despite a recent shift in focus to scaling up in the United States. Continue reading “Tesla to expand Europe’s biggest car plant, cell production”

Source : PTI | All new tourist vehicles, as well as cabs and motorbikes provided on rent in Goa will have to be electric vehicles from January 2024, Chief Minister Pramod Sawant said on Wednesday. The Goa government proposes major reforms to promote EVs in the coastal state, Sawant said addressing a side-event organised by the NITI Aayog during the ongoing fourth Energy Transitions Working Group meeting under India’s G20 Presidency in Panaji

India’s G20 Sherpa Amitabh Kant was also present at the side event. Continue reading “All new tourist vehicles in Goa to be EVs from Jan 2024: CM Sawant”

Source : PTI | Jaipur-based electric commercial vehicle (eCV) financing firm Ascend Capital is planning to raise INR 500 crore over the next 18 months as it looks to finance over 1 million electric commercial vehicles by 2030, the company said on Wednesday.

Cofounded in 2019 by Lokesh Chandra Mittal and Gaurav Maheshwari, the company has so far invested about INR 80 crore in its own business and has financed over 8,000 commercial EVs. Continue reading “Electric CV financing firm Ascend Capital plans to raise INR 500 crore in next 18 months”

Source : PTI | India’s G20 Sherpa Amitabh Kant on Wednesday said the country should target 100% electrification of two and three-wheelers by 2030. He also said India should target that 65% of its state public transport should be electric by 2030.

Kant said India requires a clear policy framework to achieve its electric mobility goals. Continue reading “India should target 100% electrification of two and three-wheelers by 2030: Amitabh Kant”

Source : PTI | The private bus that recently met with an accident on Maharashtra’s Samruddhi Expressway in which 25 passengers were charred to death was given the fitness certificate nearly 9 months after it was tested for roadworthiness, official records show. Activists and former regional transport office (RTO) staffers have termed the inordinate delay between the two processes an “administrative lapse”, saying it leaves scope for malpractices. Maharashtra has nearly 67,000 registered contract carriage buses, as per officials.

Besides demanding “strict action” against those behind this delay in this particular case, they have also stressed the need for taking “concrete steps” to improve the system. A fitness certificate is mandatory for all commercial vehicles. Continue reading “Samruddhi Expressway accident: RTO gave bus fitness certificate 9 months after testing it for roadworthiness”

Summary

• Renault, Nissan finalise restructured alliance – sources
• Nissan to take smaller stake in Ampere
• Discussions focused on future IP

TOKYO, July 19 (Reuters) – Nissan (7201.T) and Renault (RENA.PA) will make an announcement in the coming days on their restructured alliance and have finalised the deal, three people familiar with the matter said, capping 10 months of sometimes tense negotiations. Continue reading “Nissan, Renault ready to announce new alliance deal in days – sources”

Summary

• Plant to meet half of UK’s battery production need by 2030
• Factory is testament to strength of UK car industry – PM Sunak
• Gigafactory to create 4,000 jobs in the country

LONDON, July 19 (Reuters) – India’s Tata Group will build an electric vehicle battery plant in Britain to supply its Jaguar Land Rover factories, delivering a major boost for a car industry in need of domestic battery production to help secure its future. Continue reading “India’s Tata chooses UK for $5 billion Jaguar Land Rover gigafactory”

GRUENHEIDE, Germany, July 18 (Reuters) – Tesla (TSLA.O) on Tuesday sought to assuage Brandenburg state residents’ concerns by holding a question-and-answer session on the EV maker’s planned expansion that would make its local plant the biggest car factory in the country.

Tesla, which currently produces around 5,000 cars a week, hopes to double the plant’s production capacity to 1 million vehicles a year and add 50 gigawatt hours of battery production capacity, though it has not provided a timeline. Continue reading “Tesla faces citizen grilling on impact of German plant expansion”

July 19 (Reuters) – French car maker Renault (RENA.PA) on Wednesday said its worldwide sales rose 13% in the first six months of the year, with a 24% increase in Europe.

Renault, which raised in June its 2023 outlook thanks to cost cuts and the success of new models such as Austral SUV and a Dacia Jogger hybrid, sold 1,133,667 vehicles between January and June, compared to 1,000,199 units in the same period of 2022, in a context impacted by the semiconductor crisis and the shutdown of the group’s activities in Russia. Continue reading “French car maker Renault first-half sales jump 13%”

WASHINGTON, July 18 (Reuters) – U.S. auto safety regulators are opening a special crash investigation into a fatal accident in California involving a 2018 Tesla Model 3 suspected of relying on advanced driver assistance systems, the government agency said on Tuesday.

The National Highway Traffic Safety Administration (NHTSA) is probing the July 5 crash in South Lake Tahoe killed the 17-year-old driver of a 2013 Subaru Impreza after a head-on collision with the Tesla Model 3 and fatally injured a three-month-old passenger in the Tesla who died several days later, the California Highway Patrol said. Continue reading “US opens special probe into fatal Tesla crash”