China EV brand Zeekr to launch its first luxury sports car

China EV brand Zeekr to launch its first luxury sports car

SHANGHAI, Aug (Reuters) – China’s Zeekr, Geely Automobile’s (0175.HK) electric vehicle brand, said on Thursday it will launch its first luxury sports car, which will be priced above 1 million yuan ($140,000).

A person with direct knowledge of the matter added that the company plans to launch the Zeekr 001 FR sports car within weeks and aims to deliver the first batch of cars this year. Continue reading “China EV brand Zeekr to launch its first luxury sports car”

Adani to go ahead with USD 50 bn hydrogen project with or without TotalEnergies

Adani to go ahead with USD 50 bn hydrogen project with or without TotalEnergies

Source : PTI | New Delhi: Billionaire Gautam Adani’s group is prepared to go ahead alone on the USD 50 billion green hydrogen project after its French partner, TotalEnergies SE, put investment in the venture on hold following allegations of fraud. Adani group CFO Robbie Singh in an investor call on first-quarter earnings of Adani Enterprises Ltd last week stated that the project is not dependent on the equity from TotalEnergies and the group is going ahead with the investment with or without the French giant.

TotalEnergies had last year agreed to take a 25% stake in Adani New Industries Ltd (ANIL), which is building the green hydrogen project. The French energy giant in February paused the planned USD 4 billion investment pending an investigation into a US short seller’s allegations of accounting and stock manipulation, which Adani denies. Continue reading “Adani to go ahead with USD 50 bn hydrogen project with or without TotalEnergies”

Bharat Forge reports 33% increase in consolidated net profit at INR 213.73 cr in Q1

Bharat Forge reports 33% increase in consolidated net profit at INR 213.73 cr in Q1

Source : PTI | Shares of auto components major Bharat Forge Ltd on Wednesday jumped 7.53% after the company reported a 33.27% increase in consolidated net profit in the June quarter. The stock climbed 6.87% to settle at INR 967.10 apiece on the BSE. During the day, it rallied 7.74% to its 52-week high of INR 975.

On the NSE, it gained 7.53% to end at INR 974 per share.

Bharat Forge Ltd on Wednesday reported a 33.27% increase in consolidated net profit at INR 213.73 crore in the first quarter ended June 30, 2023. Continue reading “Bharat Forge reports 33% increase in consolidated net profit at INR 213.73 cr in Q1”

India Electric Mobility Council demands continuation of incentives for electric vehicle sector

India Electric Mobility Council demands continuation of incentives for electric vehicle sector

Source : PTI | New Delhi: Industry body IEMC on Thursday demanded continuation of incentives given to electric vehicle sector and cautioned that the withdrawal of sops would reduce EV sales to 37 million units by 2030 from estimated 125 million. According to India Electric Mobility Council (IEMC), India Energy Storage Alliance (IESA) has estimated that on discontinuation of the demand incentives, the electric vehicles (EV) sales in India will reduce from estimated 125 million units to 37 million units by 2030.

The central government launched the FAME (faster adoption and manufacturing of hybrid and electric vehicles) scheme in 2015, under which subsidies are given to electric vehicle manufacturers and the benefit is passed on to buyers. The second phase of the scheme FAME II was launched in 2019. Continue reading “India Electric Mobility Council demands continuation of incentives for electric vehicle sector”

MG Motor India Commemorates a Century of Customer Assurance and Innovative Experiences

MG Motor India Commemorates a Century of Customer Assurance and Innovative Experiences

Gurugram (Haryana) [India], August 10: MG Motor India, with 100 years of rich history that stands as a testament to its resilience, innovation, and customer-centricity, is preparing to mark its centenary. Driven by Technology and Smiles, the brand takes pride in its India growth story, fostering communities, promoting diversity, and bolstering the electric vehicle (EV) ecosystem. Since commencing its India journey in 2019, MG Motor India has been at the forefront of CASE mobility (Connected, Autonomous, Shared, and Electric), starting with MG Hector, India’s first Internet SUV followed by MG ZS EV – the first fully-electric Internet SUV. Continue reading “MG Motor India Commemorates a Century of Customer Assurance and Innovative Experiences”

Honda posts 78% rise in Q1 profit on U.S. sales jump

Honda posts 78% rise in Q1 profit on U.S. sales jump

TOKYO, Aug (Reuters) – Japan’s Honda Motor (7267.T) reported a 78% rise in quarterly profit on Wednesday, boosted by increased sales, especially in the North American market, and a weaker yen.

Japan’s second-biggest automaker by sales said its operating profit totalled 394.4 billion yen ($2.76 billion) in the three months through June, handily beating the average 324.74 billion yen estimate in a poll of 10 analysts by Refinitiv. Continue reading “Honda posts 78% rise in Q1 profit on U.S. sales jump”

Rivian lifts 2023 EV production target, reassures on liquidity

Rivian lifts 2023 EV production target, reassures on liquidity

Aug (Reuters) – Rivian Automotive (RIVN.O) on Tuesday raised its full-year production forecast, and its chief executive said the electric vehicle maker has enough money to last it through 2025 as it keeps a lid on costs.

Shares in Rivian, which initially rose nearly 3% after results were published, were up 1% in choppy extended trading. The stock has soared nearly 80% in the past three months. Continue reading “Rivian lifts 2023 EV production target, reassures on liquidity”

Lyft falls as pricing strategy casts shadow over profit goals

Lyft falls as pricing strategy casts shadow over profit goals

Aug (Reuters) – Lyft’s shares fell more than 7% on Wednesday as investors feared the ride-hailing platform’s focus on competitive pricing to gain market share would muddy its path to profitability.

The company and its more dominant rival, Uber, have been locked in a fierce price war as they stage a post-pandemic recovery.

Lyft (LYFT.O) said on Tuesday it expects an operating profit of $75 million to $85 million for the third quarter. In contrast, Uber has already posted a quarterly operating profit, taking advantage of higher prices and a diversified business model that includes freight brokerage and food delivery. Continue reading “Lyft falls as pricing strategy casts shadow over profit goals”

GM still struggling to build EVs, sees margin growth ahead for Cruise-CFO

GM still struggling to build EVs, sees margin growth ahead for Cruise-CFO

Aug (Reuters) – General Motors (GM.N) is still struggling to ramp up production of electric vehicles, a top executive said on Wednesday.

Speaking at a J.P. Morgan investor conference, GM Chief Financial Officer Paul Jacobson said the automaker’s electric vehicles, from Cadillac Lyriq SUVs to BrightDrop vans, had been affected by an issue with assembling battery modules – a stumbling block first noted last week by Chief Executive Mary Barra. Continue reading “GM still struggling to build EVs, sees margin growth ahead for Cruise-CFO”

Continental fights for price rises, to keep costs in check

Continental fights for price rises, to keep costs in check

Summary

  • Tyres sales outlook cut, margin unchanged on higher prices
  • Working capital likely won’t reach pre-COVID levels -CFO
  • UAW worker demands ‘strong’, ‘heavy’ -CFO
  • Global passenger car output seen rising 3-5%

BERLIN, Aug (Reuters) – Continental (CONG.DE) said it was fighting for price increases in negotiations with customers and seeking ways to further cut inventory to improve its automotive business performance. Continue reading “Continental fights for price rises, to keep costs in check”

FADA delegation meets Gadkari; seeks 18% GST on entry-level two-wheelers

FADA delegation meets Gadkari; seeks 18% GST on entry-level two-wheelers

Source : PTI | Automobile dealers’ body FADA on Wednesday sought GST reduction on entry-level two-wheelers to 18% from 28% currently. A delegation of the Federation of Automobile Dealers Associations (FADA) submitted a letter to Minister of Road Transport and Highways (MoRTH) Nitin Gadkari in this regard.

FADA has requested for GST rate cut on entry-level two-wheelers, predominantly within the 100-125 cc segment. Continue reading “FADA delegation meets Gadkari; seeks 18% GST on entry-level two-wheelers”

Registration of electric vehicles restarted in Delhi: Kailash Gahlot

Registration of electric vehicles restarted in Delhi: Kailash Gahlot

Source : PTI | Delhi Transport Minister Kailash Gahlot on Wednesday announced that the registration of electric vehicles has been restarted and shared that the subsidy benefits of the existing policy will continue till a new one is notified.

The Delhi Electric Vehicle Policy was released on August 7, 2020, and according to its clause 3.1, the policy “shall remain valid for a period of three years from the date of issue”. Continue reading “Registration of electric vehicles restarted in Delhi: Kailash Gahlot”

SIAM organises International Conference on Fuelling the Future towards Sustainability on World Biofuel Day 2023

SIAM organises International Conference on Fuelling the Future towards Sustainability on World Biofuel Day 2023

New Delhi, 9th August 2023: With the objective of promoting eco-friendly and sustainable mobility, the Society of Indian Automobile Manufacturers (SIAM) hosted an international conference focused on “Fuelling the Future towards Sustainability: Observing World Biofuels Day 2023”. The conference aimed to share knowledge and experiences about making the automotive industry more sustainable through biofuels. It witnessed deliberations around various aspects of biofuel, including biofuel production, use, biofuel policies in India and global initiatives, along with innovative technologies. The conference provided a platform for industry experts and stakeholders to discuss and explore ways to drive sustainable practices in the automotive sector through the adoption of biofuels. Continue reading “SIAM organises International Conference on Fuelling the Future towards Sustainability on World Biofuel Day 2023”

UAW calls Stellantis contract offer ‘trash’

UAW calls Stellantis contract offer ‘trash’

Aug (Reuters) – United Auto Workers (UAW) union President Shawn Fain angrily tossed contract proposals from Stellantis (STLAM.MI) in a trash can on Tuesday, citing numerous concessions that the Chrysler parent is seeking in labor talks.

“Stellantis proposals are a slap in the face,” Fain said during an online chat, disclosing the company is proposing cuts to health-care coverage, fewer vacation days for new hires, employer cuts to 401(k) contributions, and lifting a cap on the number of temporary employees. “Management has chosen to spit in our faces.” Continue reading “UAW calls Stellantis contract offer ‘trash’”

China’s car sales fall for 2nd month in July as price war continues

China’s car sales fall for 2nd month in July as price war continues

BEIJING, Aug (Reuters) – China’s passenger vehicle sales fell for a second month in July, as discounts and government support measures failed to persuade consumers wary of buying cars amid a sputtering economy and a prolonged slump in the housing market.

Automakers are concerned about a demand slowdown as the world’s second-largest economy loses its post-pandemic bounce. Continue reading “China’s car sales fall for 2nd month in July as price war continues”

Germany spends big to win $11 billion TSMC chip plant

Germany spends big to win $11 billion TSMC chip plant

Summary

  • TSMC commits 3.5 bln euros to plant seen opening in 2027
  • Germany to contribute up to 5 bln euros to Dresden plant
  • TSMC approves up to $4.5 bln for Arizona plant

TAIPEI/BERLIN, Aug 8 (Reuters) – Taiwanese chipmaker TSMC on Tuesday committed 3.5 billion euros ($3.8 billion) to a factory in Germany, its first in Europe, taking advantage of huge state support for the $11 billion plant as the continent seeks to bring supply chains closer to home. Continue reading “Germany spends big to win $11 billion TSMC chip plant”

Finland and Norway ban Yandex from transferring data to Russia

Finland and Norway ban Yandex from transferring data to Russia

HELSINKI, Aug  (Reuters) – Finnish and Norwegian regulators said on Tuesday they had banned Russian tech group Yandex (YNDX.O) and its Netherlands-based partner Ridetech International from transferring to Russia any personal data of customers of Yandex’s Yango ride-hailing app.

“The Finnish DPA (data protection authority) has become aware of a legislative reform that will enter into force in Russia at the beginning of September, under which the Federal Security Service of the Russian Federation will have the right to receive data processed in taxi operations,” the regulator said in a statement. Continue reading “Finland and Norway ban Yandex from transferring data to Russia”

Italy seeks deal by end of year with Stellantis on car industry plan

Italy seeks deal by end of year with Stellantis on car industry plan

Summary

  • Rome aims at wide plan to 2030 for national auto industry
  • Plan to include specific targets, including on output
  • Unions, local govts, lobby group to joint talks
  • Work program expected to be agreed in Sept.

MILAN, Aug 8 (Reuters) – The Italian government aims to agree a broad plan to 2030 for the country’s automotive industry with carmaker Stellantis (STLAM.MI) and other groups involved by the end of this year, industry ministry sources said on Tuesday. Continue reading “Italy seeks deal by end of year with Stellantis on car industry plan”

South Korea’s Hyundai to launch more EVs in India

South Korea’s Hyundai to launch more EVs in India

BENGALURU, Aug (Reuters) – South Korea’s Hyundai Motor Group said on Tuesday it plans to launch more electric vehicles (EVs) under the Hyundai (005380.KS) and Kia (000270.KS) brands in India, in a sign that it is betting big on the world’s third-largest auto market.

Hyundai, already India’s second-biggest carmaker by sales, will introduce five EV models by 2032 to add to the two it already sells — the Kona and Ioniq 5 sport utility vehicles (SUVs). It will also grow its charging stations to 439 by 2027. Continue reading “South Korea’s Hyundai to launch more EVs in India”

Exide Industries expects to regain pre-covid margin in 1-2 years

Exide Industries expects to regain pre-covid margin in 1-2 years

Source : PTI | Storage battery major Exide Industries Ltd on Tuesday said it expects to regain its pre-covid EBITDA margin of 13-14% in the next one to two years. The company’s current EBITDA margin is 10.6%, as input costs have remained erratic.

“We are seeing a revamp in demand after Covid and expecting both automotive and industrial verticals will do well. However, it will take another one to two years to get back to the pre-covid level of margin,” Exide Industries MD and CEO Subir Chakraborty said. Continue reading “Exide Industries expects to regain pre-covid margin in 1-2 years”

Hero MotoCorp receives over 25,000 bookings for India-made Harley-Davidson

Hero MotoCorp receives over 25,000 bookings for India-made Harley-Davidson

BENGALURU, Aug 8 (Reuters) – Indian bike maker Hero MotoCorp (HROM.NS) on Tuesday said it received over 25,000 bookings for the world’s cheapest Harley Davidson motorcycle, sending shares up over 3%.

The company said 65% of the bookings for the X440 were for the motorcycle’s top-end variant, priced at 269,000 rupees. Continue reading “Hero MotoCorp receives over 25,000 bookings for India-made Harley-Davidson”

EV firm Proterra files for Chapter 11 bankruptcy protection

EV firm Proterra files for Chapter 11 bankruptcy protection

Aug  (Reuters) – Electric-vehicle parts supplier Proterra (PTRA.O) filed for Chapter 11 bankruptcy protection on Monday, making it the latest company to go belly up in an industry grappling with supply chain constraints, slowing demand and a funding drought.

The move comes weeks after Lordstown Motors filed for bankruptcy protection and put itself up for sale after failing to resolve a dispute over a promised investment from Foxconn. Continue reading “EV firm Proterra files for Chapter 11 bankruptcy protection”

Tesla names insider Taneja CFO as Kirkhorn steps down

Tesla names insider Taneja CFO as Kirkhorn steps down

Aug  (Reuters) – Tesla (TSLA.O) finance chief Zachary Kirkhorn has stepped down, surprising analysts who considered the 13-year veteran as a possible successor to CEO Elon Musk.

Shares of the world’s most valuable car company were down 1% in trading after the bell.

The company did not give a reason for his exit. Accounting head Vaibhav Taneja, who joined Tesla through the $2.6 billion deal for Solarcity in 2016, will replace Kirkhorn. Continue reading “Tesla names insider Taneja CFO as Kirkhorn steps down”

US trucking firm Yellow files for bankruptcy, blasts Teamsters

US trucking firm Yellow files for bankruptcy, blasts Teamsters

Summary

  • Company to wind down operations
  • Thousands of workers at risk
  • Yellow intends to pay back U.S. government loan

Aug  (Reuters) – Some 30,000 workers at Yellow Corp (YELL.O) were looking for jobs on Monday after the major trucking company filed for Chapter 11 bankruptcy protection, potentially saddling U.S. taxpayers with losses from a government rescue of the long-troubled carrier.

The nearly 100-year-old company, which halted operations on July 30, has been a dominant player in the “less-than-truckload” segment that hauls cargo for multiple customers on a single truck. Continue reading “US trucking firm Yellow files for bankruptcy, blasts Teamsters”

San Francisco drives tech; will it drive away robot taxis?

San Francisco drives tech; will it drive away robot taxis?

SAN FRANCISCO, Aug  (Reuters) – San Francisco may be the symbolic capital of the tech industry, and the hub of next-generation services like artificial intelligence, but when it comes to self-driving cars, city officials are clear: not so fast.

The question comes to a head later this week, when a state agency decides whether to allow robot car providers Alphabet Inc’s (GOOGL.O) Waymo and General Motors’ Cruise to expand their for-pay, no-safety-driver services to all of San Francisco, day and night. Continue reading “San Francisco drives tech; will it drive away robot taxis?”

Subsidy under existing Electric Vehicle Policy to continue till new one gets notified: Delhi transport minister

Subsidy under existing Electric Vehicle Policy to continue till new one gets notified: Delhi transport minister

Source : PTI | Delhi Transport MinisterKailash Gahlot on Monday announced that subsidy benefits under the existing Electric Vehicle Policy will continue till a new one gets notified. The Delhi Electric Vehicle Policy, introduced in August 2020, aims at increasing the EV share in total vehicle sales to 25 per cent by 2024. According to official data, over 1.12 lakh electric vehicles have been sold under the policy.

“Today, we complete three years of Delhi’s landmark EV policy that has propelled Delhi to becoming India’s electric vehicle capital. Continue reading “Subsidy under existing Electric Vehicle Policy to continue till new one gets notified: Delhi transport minister”

Kinetic Engineering sets up new firm to make EV components

Kinetic Engineering sets up new firm to make EV components

Source : PTI | Kinetic Engineering, which has shifted from two-wheeler manufacturing to auto components with a focus on electric vehicles, is reorganizing EV arms under Kinetic Watts & Volts to provide integrated solutions offering key components like motors, controllers and batteries.

Kinetic Watts & Volts was formed in September 2022 as a subsidiary of Kinetic Engineering to focus on anything electric to ensure a sustainable future for EVs as there is a lot of adoption. Continue reading “Kinetic Engineering sets up new firm to make EV components”

Tata Motors to bolster sales infra, looks to tap demand for EVs

Tata Motors to bolster sales infra, looks to tap demand for EVs

Source : PTI | Tata Motors is looking to expand sales outlets in Tier II and Tier III cities in order to cater to the increased demand for its electric model range from such locations, according to a top company executive. The company, which ended the first quarter with sales of around 19,000 electric vehicle units, is also looking to have a separate sales infrastructure for its electric vehicle portfolio going ahead.

In an analyst call, Tata Motors Passenger Vehicles Managing Director Shailesh Chandra noted that EV adoption is now growing beyond the top 20 cities in the country. Continue reading “Tata Motors to bolster sales infra, looks to tap demand for EVs”

UP Police & Rapido join hands to Promote Safe Riding, Distributes Free Helmets in Noida

UP Police & Rapido join hands to Promote Safe Riding, Distributes Free Helmets in Noida

Noida, August 6, 2023: Continuing with its endeavors to promote road safety and safe driving amongst two-wheeler riders, Rapido, India’s leading bike-taxi aggregator platform, has yet again initiated an important step to promote the adoption of road safety practices amongst motorcyclists and scooter riders by partnering with the UP Police for a free helmet distribution drive.

Held near the Botanical Garden Metro Station in Noida, the helmet distribution drive aimed at promoting safe driving practices amongst scooter and bike riders and encourage them to adopt certified helmets for increasing personal safety and reducing chances of injuries and fatalities in case they meet with a road accident. This initiative was led by Mr. Saurabh Srivastava, ACP Traffic, Gautam Buddh Nagar, who extended strong support to the awareness and helmet distribution program. Continue reading “UP Police & Rapido join hands to Promote Safe Riding, Distributes Free Helmets in Noida”

India major centre of gravity for Stellantis: Co official

India major centre of gravity for Stellantis: Co official

Source : PTI | India has become a major ‘centre of gravity’ for global automotive major Stellantis as it expands internationally, especially with digital and software hubs in the country supporting the organisation’s technological future, according to a senior company official. Stellantis, which came into existence after the merger of Fiat Chrysler Automobiles and the French PSA Group in 2021, currently sells its Jeep and Citroen brands in the country. It has three manufacturing plants, two R&D centres and two ICT hubs in India.

“We have got 4,000 employees in the region (India and the Asia Pacific), and the vast majority of those employees are right here in India. We’re creating jobs here, two R&D centres and two IT centres. It’s not only creating for India, but it’s also creating for the world,” Stellantis, India and Asia Pacific (IAP) Region, Head of Sales, Marketing and Regional Operations, Billy Hayes told PTI. Continue reading “India major centre of gravity for Stellantis: Co official”

Nikola shares plummet 26% as electric truck maker names 4th CEO in 4 years

Nikola shares plummet 26% as electric truck maker names 4th CEO in 4 years

Aug  (Reuters) – Nikola (NKLA.O) lost more than a quarter of its market value on Friday after the U.S. electric truck maker named its fourth CEO in as many years and reiterated for the third time this year its doubts about continuing as a going concern.

The news came a day after shareholders approved a plan to issue more stock to bolster much-needed cash despite worries of dilution, as Phoenix-based Nikola navigates lingering supply chain snags and a pivot to hydrogen fuel-cell technology. Continue reading “Nikola shares plummet 26% as electric truck maker names 4th CEO in 4 years”

GM vows to boost jobs next year despite EV shift

GM vows to boost jobs next year despite EV shift

Aug  (Reuters) – General Motors (GM.N) said Friday it plans to boost employment next year despite concerns raised by autoworkers that the shift to electric vehicles will reduce labor needs.

GM, Ford Motor (F.N) and Chrysler-parent Stellantis last month opened contract talks with the United Auto Workers (UAW) union ahead of the Sept. 14 expiration of the current four-year labor deals. Continue reading “GM vows to boost jobs next year despite EV shift”

Hyundai, Kia recall 113,000 vehicles in North America over fire risks

Hyundai, Kia recall 113,000 vehicles in North America over fire risks

WASHINGTON, Aug  (Reuters) – Hyundai Motor (005380.KS) and Kia (000270.KS) said on Thursday they are recalling more than 113,000 newer vehicles in North America because of fire risks and urged owners to park outside and away from structures pending repairs.

The recall covers the Hyundai 2023-2024 Palisade, 2023 Tucson, Sonata, Elantra, and Kona vehicles and 2023-2024 Seltos and 2023 Kia Soul, Sportage vehicles. Continue reading “Hyundai, Kia recall 113,000 vehicles in North America over fire risks”

Magna lifts annual forecasts as results beat estimates on parts demand

Magna lifts annual forecasts as results beat estimates on parts demand

Aug  (Reuters) – Canada’s Magna International (MG.TO) on Friday raised its full-year profit and sales outlook after its quarterly results beat estimates on solid demand for parts, as automakers ramp up production.

Magna shares, however, dropped 3.5% as the company flagged labor concerns that have been a problem for the industry already battling higher costs of raw materials and other inflationary headwinds. Continue reading “Magna lifts annual forecasts as results beat estimates on parts demand”

India insulated itself from rising fuel prices; enhancing refining capability: Oil Minister Hardeep Singh Puri

India insulated itself from rising fuel prices; enhancing refining capability: Oil Minister Hardeep Singh Puri

Source : PTI | The discount on Russian crude oil is not as much now as it used to be in the initial period after the Ukraine conflict began, Oil Minister Hardeep Puri said on Friday while asserting that the government ensured affordability and availability of petroleum products notwithstanding disruptions in the global energy market.

In an interaction with a group of reporters, he said India insulated itself from rising fuel prices and that the hike in prices of petrol and diesel in the country in the last two years has been marginal compared to several large economies and neighbouring nations. Continue reading “India insulated itself from rising fuel prices; enhancing refining capability: Oil Minister Hardeep Singh Puri”

Odysse to supply 10,000 e-scooters to 2-wheeler MaaS player Bud-e

Odysse to supply 10,000 e-scooters to 2-wheeler MaaS player Bud-e

Source : PTI | Premium electric vehicle maker Odysse on Thursday announced a strategic collaboration with electric two-wheeler MaaS provider Bud-e for supplying 10,000 units of its e- scooter to the latter. The delivery will be completed in a phased manner over the next two years, Odysse Electric Vehicles said in a statement.

The strategic partnership with Bud-e marks a significant milestone for the company as it continues to strengthen its presence in the electric scooter market, Odysse said, adding that this partnership would bring remarkable benefits to Bud-e, including scalability, and cost savings, while also helping them achieve a competitive advantage in the market. Continue reading “Odysse to supply 10,000 e-scooters to 2-wheeler MaaS player Bud-e”

Govt to come out with payment security mechanism to support large-scale e-bus rollout

Govt to come out with payment security mechanism to support large-scale e-bus rollout

Source : PTI | New Delhi, The government will come out with a “payment security mechanism” to support large-scale rollout of electric buses as it eyes a major transition towards green public transport across the country, Tarun Kapoor, advisor to the Prime Minister at the PMO, said on Thursday. He also emphasised on the need to bring down the cost of electric vehicles to accelerate their adoption.

While the government will continue to provide subsidies like those being offered under the FAME-II scheme because the price difference is huge and it has to be bridged, “we have to look at ways and means to bring down the price also, because government subsidy cannot be forever”, he said, while addressing an Assocham conference on electric mobility here. Continue reading “Govt to come out with payment security mechanism to support large-scale e-bus rollout”

Tesla discusses India plans with commerce minister Goyal in Delhi

Tesla discusses India plans with commerce minister Goyal in Delhi

NEW DELHI, Aug (Reuters) – India’s Commerce Minister Piyush Goyal met senior U.S.-based Tesla (TSLA.O) executives last week in a closed-door meeting to discuss the carmaker’s plans to establish a manufacturing plant in the country, two people with direct knowledge of the matter told Reuters.

Tesla has expressed an interest in building a factory in India that would produce a low-cost electric vehicle (EV) priced at $24,000, around 25% cheaper than Tesla’s current entry model, for both the Indian market and export. Continue reading “Tesla discusses India plans with commerce minister Goyal in Delhi”

Hyundai, Kia recall 91,000 US vehicles over fire risks, urge owners to park outside

Hyundai, Kia recall 91,000 US vehicles over fire risks, urge owners to park outside

WASHINGTON, Aug (Reuters) – Hyundai Motor (005380.KS) and Kia (000270.KS) said on Thursday they are recalling more than 91,000 newer vehicles in the U.S. because of fire risks and urged owners to park outside and away from structures pending repairs.

The recall covers Hyundai 2023-2024 Palisade, 2023 Tucson, Sonata, Elantra, and Kona vehicles and 2023-2024 Seltos and 2023 Kia Soul, Sportage vehicles. About 52,000 Hyundai vehicles and nearly 40,000 Kia vehicles are covered under the recall. Continue reading “Hyundai, Kia recall 91,000 US vehicles over fire risks, urge owners to park outside”