LONDON, July 18 (Reuters) – Stellantis (STLAM.MI) said on Tuesday that it has signed contracts worth 10 billion euros ($11.2 billion) through 2030 with semiconductor makers to guarantee the flow of vital chips for electric vehicles and high-performance computing functions.

The global auto industry is only now recovering from a pandemic-fueled shortage of semiconductor chips that forced major automakers to shut down production on certain models and scramble to find new sources of chips. Continue reading “Stellantis inks $11bln in contracts for vital semiconductors by 2030”

Source : PTI | Electric vehicle (EV) sales have been growing at a rapid pace. Their share of the global car market has risen from around 4% in 2020 to 14% in 2022. However, this means internal combustion engine (ICE) cars still dominate global vehicle sales.

The fear of running out of battery power while on the road (known as “range anxiety”) is one reason why people are hesitant to adopt EVs. But research raises another interesting question: could the appeal of car sounds be a factor influencing drivers to choose environmentally harmful cars? Continue reading “Electric vehicles can’t compete with the emotional roar of an engine – but does that matter?”

Source : PTI | Tata Motors-owned Jaguar Land Rover (JLR) is set to announce plans to build a flagship electric car battery plant in the UK, according to UK media reports on Tuesday. The BBC reported that people familiar with the matter said the new plant in Somerset, south west England, would be officially announced on Wednesday. Its sources claim that the government will be providing subsidies worth hundreds of millions of pounds for the new factory.

The Gigafactory follows talks with the government on the level of financial support the Tata Group would receive in return for the investment. It will be one of the most significant investments in UK automotive for decades. Continue reading “Tata JLR expected to unveil plans for electric car battery plant in UK”

BERLIN, July 18 (Reuters) – Tesla (TSLA.O) is due to hold a question-and-answer session on Tuesday for citizens in the German state of Brandenburg on the ramifications of a planned expansion of its EV and battery plant which would make the site the biggest car plant in the country.

The event could help the U.S. carmaker prevent delays to securing the go-ahead from local authorities for the expansion plans similar to those it faced in preparing to open the plant, when numerous citizen objections put it behind schedule. Continue reading “Tesla to hold citizen information session on expansion plans for German plant”

KUALA LUMPUR, July 18 (Reuters) – Chinese car maker Geely will invest $10 billion to develop Malaysia’s main auto-making hub, state news agency Bernama quoted Prime Minister Anwar Ibrahim as saying on Tuesday,.

Anwar said the plan was conveyed to him in a letter from Geely, which also owns 49.9% of Malaysian car maker Proton, Bernama reported. Continue reading “Malaysia PM says China’s Geely to invest $10 bln in domestic auto hub -report”

AMSTERDAM, July 18 (Reuters) – Dutch e-bike maker VanMoof has been declared bankrupt and administrators are considering whether it can sell assets and restructure to save the business, the company said on Tuesday.

VanMoof, which raised 100 million euros ($112.56 million) to expand internationally as sales boomed during the COVID-19 pandemic, filed for protection from creditors last week. Continue reading “Dutch e-bike maker VanMoof declared bankrupt”

TOKYO, July 18 (Reuters) – Former Nissan Motor (7201.T) chairman Carlos Ghosn said on Tuesday the Japanese automaker and Renault (RENA.PA) are trying to go for “very small and reduced” cooperation between them with a deal to overhaul their long-standing alliance.

“With the latest agreement, they’re trying to go for a mini alliance with a very reduced scope of cooperation,” Ghosn told reporters in Tokyo via video stream. Continue reading “Ghosn says Nissan, Renault are going for mini alliance with rebalancing deal”

Source : PTI | The civic-run Brihanmumbai Electric Supply and Transport (BEST) undertaking on Monday served a “blacklisting” notice to private firm Causis E-Mobility for its alleged failure to supply 700 electric double decker buses as per a contract awarded to it, a senior official said. BEST general manager Vjay Singhal told reporters the premier public transport undertaking had awarded tender for supply of 900 double-decker electric buses to two firms, of which Causis E-Mobility was to provide 700.

“Causis has neither supplied buses or the prototype as per the contract. Hence, a blacklisting notice has been served to the company today. Legal action is also being planned,” he said. Continue reading “BEST issues ‘blacklisting’ notice to Causis firm over non-supply of 700 double decker e-buses”

LANSING, Michigan, July 17 (Reuters) – General Motors is seeing strong demand for many of its U.S. vehicles, but can’t deliver them to dealers fast enough, one of the company’s top executives told Reuters on Monday.

“GM very strongly continues to have discipline in terms of incentives, which means that demand is still very high,” said Rory Harvey, the company’s North America president, at an event in Lansing, Michigan. “At this particular point in time, we could just about sell every product that we can build.” Continue reading “GM can’t build or deliver new vehicles fast enough, exec says”

WILMINGTON, Delaware, July 17 (Reuters) – Tesla Inc’s (TSLA.O) directors will return $735 million to the company to settle claims they grossly overpaid themselves in one of the largest shareholder settlements of its kind, according to a Monday filing in a Delaware court.

The settlement resolves a 2020 lawsuit by a retirement fund which holds Tesla stock and challenged stock options that were granted to Tesla directors starting in June 2017. Continue reading “Tesla directors pay $735 mln to settle lawsuit over excess compensation”

WASHINGTON, July 17 (Reuters) – U.S. chip company executives met with top Biden administration officials on Monday to discuss China policy, the State Department and sources said, as the most powerful semiconductor lobby group urged a halt to more curbs under consideration.

Secretary of State Antony Blinken talked with chip company chief executives about the industry and supply chains after his recent trip to China, a department spokesperson told reporters. Continue reading “Chip companies, top US officials discuss China policy”

July 17 (Reuters) – Tesla (TSLA.O)sued Australian company Cap-XX in Texas federal court on Friday, claiming its supercapacitors used for storing energy in electric-vehicle batteries infringe two U.S. patents owned by a Tesla subsidiary.

Tesla CEO Elon Musk pledged in 2014 not to “initiate patent lawsuits against anyone who, in good faith, wants to use our technology.” The company says the legal action comes in response to a lawsuit that Cap-XX originally filed against Tesla subsidiary Maxwell Technologies in 2019 for patent infringement. Continue reading “Tesla sues Australia’s Cap-XX over EV battery technology”

FRANKFURT, July 17 (Reuters) – Germany’s top union IG Metall on Monday called for Tesla to improve staffing conditions at its German gigafactory as it prepares to expand, with the carmaker due to publish its expansion plans for feedback from the community later this week.

Tesla’s (TSLA.O) application to double the capacity of its Gruenheide site to 1 million cars a year will be made accessible online and to local residents from July 19, according to the environment ministry of Brandenburg, the German state where the plant is based. Continue reading “German union calls for better staffing at Tesla plant amid expansion plans”

July 17 (Reuters) – U.S. startup Fisker (FSR.N) said on Monday it would produce 100 limited edition electric sports utility vehicles (SUVs) for the Indian market and expects to begin deliveries in the fourth quarter this year.

The company had said in September it would begin selling its Ocean electric SUVs in India by July 2023, with local production beginning in a few years. Continue reading “Fisker to sell limited edition electric SUVs in India by fourth quarter”

Source : PTI | As vehicle financing remains a challenge for electric mobility in india, it is imperative to present options that can help adjust the cost and bring EVs on par with the cost of internal combustion engine models, according to a CII report unveiled on Monday. The report, done in collaboration with OMI, is part of a series of reports on Roadmap for Future Mobility 2030. Continue reading “Financing remains a challenge for electric mobility in India: CII Report”

Source : PTI | Indian luxury car segment is driving towards an all-time high sales this year with the big three, Mercedes-Benz, BMW and Audi, posting record numbers in the first half of 2023. In the January-June period this year, German luxury carmaker Mercedes-Benz posted its best-ever half-yearly sales in India at 8,528 units, a growth of 13 % over 7,573 units in the year-ago period. Continue reading “Luxury car market in India poised for record sales in 2023 after stellar H1 numbers”

Summary

• Discounts, incentives help revenue growth
• Margins likely to suffer in bid to boost sales
• Charging partnerships power shares higher

July 17 (Reuters) – Tesla’s (TSLA.O) strategy to boost sales through price cuts is likely to have powered its strongest revenue growth in five quarters while dragging down margins to a three-year low in the April-June period. Continue reading “Tesla discounts set to power quarterly revenue growth, hit profit”

Source : PTI | Commercial vehicle maker Ashok Leyland on Monday said it has bagged orders worth INR 800 crore from the Indian Army. The contracts awarded also include the procurement of the Field Artillery Tractor (FAT 4×4) and the Gun Towing Vehicle (GTV 6×6), Ashok Leyland said in a statement.

“We have secured these orders from the Indian Army. The Defence business has been a strong pillar of growth for us, and this win further establishes our leadership in Defence mobility vehicles business,” said Shenu Agarwal, Managing Director and Chief Executive Officer at Ashok Leyland. Continue reading “Ashok Leyland bags orders worth INR 800 cr from Indian Army”

Source : PTI | Automobile exports from India declined 28 per cent in the April-June period this year hit by monetary crisis in Africa and various other developing countries, according to the latest data shared by industry body SIAM. Overall exports stood at 10,32,449 units in the first quarter ended on June 30, 2023 as compared with 14,25,967 units in the same period of last year.

“All vehicle segments have seen a drop in exports in the first quarter, as there has been a devaluation of currencies in many destinations of exports, especially in Africa and other developing countries,” Society of Indian Automobile Manufacturers (SIAM) DG Rajesh Menon Continue reading “Automobile exports from India dip 28% in Q1 as several markets hit by monetary crisis”

Source : PTI | Auto majors Mahindra & Mahindra, Maruti Suzuki and Toyota have termed the upcoming Bharat New Car Assessment Programme (BNCAP) as a bold step in the right direction for the domestic industry. While welcoming the initiative, the automakers noted that it would encourage the production of safer cars in the country.

“We at Mahindra believe it is one of the bold steps by the Ministry of road transport and we welcome the implementation of Bharat NCAP,” Mahindra & Mahindra President, Automotive Technology and Product Development Velusamy R told PTI. Continue reading “Bharat New Car Assessment Programme is a step in right direction; to encourage production of safe cars in India: Auto Cos”

July 15 (Reuters) – Tesla (TSLA.O) built its first Cybertruck at the electric-vehicle marker’s plant in Austin, Texas, the company said in a tweet on Saturday, after two years of delays.

Tesla founder Elon Musk introduced the pickup truck in a 2019 reveal where the vehicle’s designer cracked the vehicle’s supposedly unbreakable “armor glass” windows. Continue reading “Tesla builds first Cybertruck after two years of delays”

LOS ANGELES, July 14 (Reuters) – The head of the union representing 340,000 United Parcel Service (UPS.N) workers on Friday said he’s ready to keep talking with the company, even though his bargaining committee rejected its latest contract offer.

Negotiations between the Teamsters and UPS deadlocked last week, with the world’s biggest package delivery company saying it had no more to give and the Teamsters demanding better pay for workers who missed out on labor shortage-driven pay increases during the COVID-19 pandemic. Continue reading “Teamsters chief says still open to deal with UPS”

Chinese energy company Sinopec on Friday signed a deal with the Sri Lankan Board of Investment (BOI) to operate retail fuel stations in the cash-strapped island nation for 20 years. Under the agreement, Sinopec invested USD 100 million into the project for the import, storage, and sale of fuel as the crisis-hit country attempts to reduce pressure on its meagre dollar reserves, the BOI said in a statement.

Under the deal, the Chinese firm will be given a 20-year licence to operate 150 fuel stations as well as set up 50 new fuel stations in Sri Lanka , the statement said. Continue reading “Chinese fuel retailer Sinopec enters Sri Lankan market”

15^th July 2023 : Famous Bollywood Actor Suniel Shetty Invests in India’s First Re-engineered Tyre Start-up brand- REGRIP. In an announcement event regarding his partnership with REGRIP here at Gurugram on Saturday, 15th July 2023. Actor Suniel Shetty has joined hands with REGRIP, to further strengthen its brand visibility, and improve its already quality processes and operations in India. Continue reading “Famous Bollywood Actor Suniel Shetty Invests in India’s First Re-engineered Tyre Start-up brand- REGRIP”

LOS ANGELES, July 14 (Reuters) – The head of the union representing 340,000 United Parcel Service (UPS.N) workers on Friday said he’s ready to keep talking with the company, even though his bargaining committee rejected its latest contract offer.

Negotiations between the Teamsters and UPS deadlocked last week, with the world’s biggest package delivery company saying it had no more to give and the Teamsters demanding better pay for workers who missed out on labor shortage-driven pay increases during the COVID-19 pandemic. Continue reading “Teamsters chief says still open to deal with UPS”

HANOI, July 14 (Reuters) – Shareholders of Black Spade Acquisition (BSAQ.A), a special purpose acquisition company (SPAC) that has plans to merge with Vietnam’s electric automaker VinFast to allow a U.S. listing, have redeemed over 80% of their shares, the SPAC said on Friday.

It was a setback for VinFast, which had initially planned a U.S. listing on its own and has struggled to start production and ramp up sales outside Vietnam. Continue reading “Investors in VinFast’s SPAC cash out most shares”

July 14 (Reuters) – Shares of Nikola Corp (NKLA.O) jumped 14% on Friday, a day after a short squeeze sent the electric-truck maker’s shares soaring in their busiest trading session on record.

The stock surged nearly 61% to a more than four-month high on Thursday after Nikola entered a deal to sell 50 EVs to BayoTech and purchase low-carbon hydrogen from the firm. Continue reading “Highly shorted Nikola jumps as retail army scoops up shares after BayoTech deal”

HONG KONG, July 14 (Reuters) – Chinese electric vehicle giant BYD Co LTD (002594.SZ), forecast strong growth in its six-month net profit on Friday, buoyed by robust car sales and increased market share.

Net profit for the first six months of the year would rise as much as 225.4% to 11.7 billion yuan ($1.64 billion) from 3.6 billion yuan the year before, it said in a filing to the Shenzhen stock exchange. Continue reading “China’s BYD says first-half net profit could more than triple”

TOKYO, July 14 (Reuters) – Japan’s Mazda Motor (7261.T) needs to overhaul its strategy in China, the world’s biggest auto market, where it faces increasingly tough competition from domestic players, the automaker’s chief executive said on Friday.

CEO Masahiro Moro said business conditions for Mazda in China, where it has a joint venture with Chongqing Changan Automobile (000625.SZ) and China FAW, would become increasingly tough over the coming year to 18 months. Continue reading “Mazda says needs China strategy overhaul to catch up with market”

Source : PTI | Mahindra & Mahindra on Friday said it has tied up with NXP Semiconductors, a leading player in secure connectivity solutions for embedded applications. As per the MoU, the automaker and NXP will jointly explore the electric and connected vehicle landscape, covering a wide range of vehicles including utility vehicles, light commercial vehicles, farm equipment, and tractors, Mahindra & Mahindra said in a statement.

The automaker intends to explore NXP’s extensive portfolio, automotive system solutions, and expertise in zonal and domain controllers, electrification, advanced vehicle networks, and secure car access technologies for their upcoming platforms, it added. Continue reading “Mahindra joins hands with NXP Semiconductors”

Source : PTI | New Delhi: Union Road Transport and Highways Minister Nitin Gadkari on Thursday laid the foundation stones for three national highway (NH) projects worth INR 2,900 crore at Tirupati in Andhra Pradesh on Thursday.

A total of 87 km of road will be built, with one of those stretching from Naidupeta to Turpu Kanupur for 35 km on NH-71, at a cost INR 1,399 crore; another from Chillakuru Cross to Krishnapatnam Port south gate via Turpu Kanupur on NH-516W for 36 km at a cost of INR 909 crore; and from Thamminapatnam to Narikellapalle section, which encompasses the extension of the dedicated port road from Epuru to Krishnapatnam Port, on NH-516W and NH-67, stretching up to 16 km and estimated to cost INR 610 crore. Continue reading “Nitin Gadkari lays foundation for three NH projects at INR 2,900 crore in AP”

Source : PTI | Karnataka Chief Minister Siddaramaiah on Thursday said the state government will purchase 4,000 buses for the Karnataka State Road Transport Corporation(KSRTC)  and recruit 13,000 drivers, conductors and mechanics. During the discussion in the State Assembly on the motion of thanks to Governor Thaawarchand Gehlot’s address to the joint session of the Karnataka Legislature on July 3, the chief minister said, “The KSRTC’s ‘income’ has increased ever since the ‘Shakti’ scheme offering free travel to Karnataka women in non-luxury government buses started on June 11.” Continue reading “Karnataka government to purchase 4,000 buses, recruit 13,000 drivers and conductors: CM Siddaramaiah”

SEOUL, July 14 (Reuters) – Tesla (TSLA.O) began selling its Model Y rear-wheel drive car on Friday in South Korea at a price of 56.99 million won ($45,139), the automaker’ s website said, making the vehicles eligible for the maximum rate of government subsidies.

The car, which boasts a driving range of 350 kilometres (217.48 miles) and has a top speed of around 217 km per hour, is available for delivery between August and September, the electric vehicle maker said. Continue reading “Tesla begins sale of cheaper Model Y vehicle in South Korea”

NEW DELHI, July 14 (Reuters) – China’s BYD Co (002594.SZ) has submitted a $1 billion investment proposal to build electric cars and batteries in India in partnership with a local company, three people with direct knowledge of the plan told Reuters.

BYD and privately held Hyderabad-based Megha Engineering and Infrastructures have submitted a proposal to Indian regulators to form an EV joint venture, the people said, asking not to be named because the application is private. Continue reading “Exclusive: BYD proposes $1 billion India plan to build EVs, batteries”

ANKARA, July 14 (Reuters) – Turkey expects at least one global electric car producer to invest in the country by the end of this year, Industry Minister Fatih Kacir said.

“There is significant interest by global brands for the production of electric cars in Turkey. Turkey’s membership in the European Union’s customs union is still a big advantage for many global brands,” Kacir told reporters on Thursday in comments embargoed until Friday. Continue reading “Turkey expects global electric car producer to invest this year, minister says”

HANOI, July 14 (Reuters) – Shareholders of Black Spade Acquisition (BSAQ.A), a special purpose acquisition company (SPAC) that has plans to merge with Vietnam’s electric automaker VinFast to allow a U.S. listing, have redeemed over 80% of their shares, the SPAC said on Friday.

The move represents a new setback for VinFast, which had initially planned a U.S. listing on its own and has struggled to start production and ramp up sales outside Vietnam. Continue reading “Investors in VinFast’s SPAC cash out most shares”

SHANGHAI, July 14 (Reuters) – Several workers at Tesla’s (TSLA.O) Shanghai plant, its biggest manufacturing hub globally by output, said they had been awarded a large increase in their latest quarterly performance bonuses.

The workers said they welcomed the award after the U.S. electric automaker had cut bonuses for many staff in the previous quarter. Continue reading “Tesla’s Shanghai factory workers welcome bonus increase after record deliveries”

DETROIT, July 13 (Reuters) – United Auto Workers President Shawn Fain is not a shouter. When he addresses union members in Facebook videos, or appears in public, he rarely raises his voice.

But what Fain tells UAW members and the language he uses to frame the union’s goals represent the most aggressive challenge in three decades to the labor status quo at unionized Detroit automakers General Motors (GM.N), Ford (F.N) and Stellantis (STLAM.MI). Continue reading “A US auto union president who accepts ‘no limits’”

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BENGALURU, July 13 (Reuters) – Tesla (TSLA.O) is discussing an investment proposal with the Indian government to set up a factory with an annual capacity to produce about half a million electric vehicles, the Times of India reported on Thursday, citing government sources.

The company, led by billionaire Elon Musk, is also looking at using India as an export base to ship cars to countries in the Indo-Pacific region, the report said. Continue reading “Tesla looking to make about half million EVs annually in India, Times of India reports”