Aug  (Reuters) – U.S. electric vehicle startups are expected to show the impact of Tesla’s price war when they report quarterly results over the next few days, with investors awaiting details on how the companies are managing cash amid a funding drought.

Even market leader Tesla (TSLA.O) has warned of “turbulent times” and traditional automakers with deeper pockets including Ford Motor (F.N) are losing money on EVs. The squeeze has already claimed its first casualty in electric truck maker Lordstown Motors (RIDEQ.PK), which filed for bankruptcy in June. Continue reading “EV startups burn through more cash as demand falters”

WASHINGTON, Aug  (Reuters) – General Motors (GM) (GM.N) on Thursday said it expected to offer unionized workers higher wages, but granting the United Auto Workers’ (UAW) ambitious contract demands including large pay rises would hurt its ability to make sound business decisions.

Company and union sources told Reuters the UAW was seeking at least a 40% pay hike over the life of the four-year contract, including an initial 20% hike upon ratification. Continue reading “GM criticizes autoworkers union’s contract demands”

WASHINGTON, Aug  (Reuters) – The United States should extend electric vehicle tax credit benefits to Vietnam if it wants to encourage a landmark investment from the country in U.S.-based manufacturing, the head of the main U.S. business lobby for Southeast Asia said.

Rules included in the U.S. Inflation Reduction Act (IRA) aimed at reducing U.S. dependence on Chinese EV battery supply chains currently only benefit countries that have free trade agreements with Washington – a list that excludes Vietnam. Continue reading “US should extend EV tax benefits to Vietnam, says business lobby”

Source : PTI | VE Commercial Vehicles (VECV) has secured an order for 550 intercity buses worth around INR 500 crore from Karnataka-based Vijayanand Travels. The buses, to be delivered in 12-18 months, will comprise 500 units of Eicher Intercity 13.5m AC and non-AC sleeper coaches and 50 Volvo 9600 luxury sleeper coaches, according to a statement on Thursday.

The order of 550 buses is an indication of the company’s robust expansion plans going forward to become a pan-India operator, Vijayanand Travels said in the statement. Continue reading “VECV secures order to supply 550 intercity buses worth INR 500 crore”

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INDIA

Auto Sales July 2023: MG Motor India Reports 25 Per Cent Growth Over July 2022 car&bike

Volkswagen will never compromise with vehicle safety just to lower prices: Ashish Gupta TOI

India asks Tesla to copy Apple in pairing Chinese, Indian suppliers, sources say WAF Continue reading “WAF Auto News | The Auto World This Week (4th August 2023)”

Aug 2 (Reuters) – Three Tesla (TSLA.O) owners in California on Wednesday sued the automaker in a proposed class action that accuses the company of falsely advertising the estimated driving ranges of its electric vehicles.

The lawsuit in the U.S. District Court for the Northern District of California cites a Reuters article published last week which reported Tesla had created a “Diversion Team” in Nevada to cancel as many range-related appointments as possible after becoming inundated with owner complaints. Continue reading “Tesla faces California class action on its EV range claims”

Aug 3 (Reuters) – Cruise, General Motors’ (GM.N) robotaxi unit, said on Thursday it had signed the driverless car industry’s first labor union agreements, a significant milestone as unions and robotaxi firms have historically been at odds.

The company is partnering with two local San Francisco union chapters that represent electrical workers and janitors, the International Brotherhood of Electrical Workers Local 6 and Service Employees International Union Local 87. Reuters could not definitively determine if these are the driverless car industry’s first union agreements. Continue reading “GM’s Cruise says it’s reached the robotaxi industry’s first union agreements”

Summary

BERLIN, Aug 3 (Reuters) – BMW (BMWG.DE) said it was raising investment in electrification faster than planned but that it was too soon to set an end date for combustion engine car production, with sales still strong in major growth markets like China and the U.S. Continue reading “BMW closes in on EV target but ‘too soon’ to call end of combustion engines”

BEIJING/SHANGHAI, Aug 3 (Reuters) – China’s BYD extended its lead over Tesla in China-made electric vehicles sales in July, industry data showed, as customers snapped up its lower-priced EVs and its U.S. rival idled some production to prepare for a revamped Model 3 launch.

Sales of Tesla’s (TSLA.O) China-made vehicles fell 31% in July from June, data from China Passenger Car Association (CPCA) showed on Thursday, marking its first month-on-month decline since December, when it struggled with rising inventories. Continue reading “Tesla’s China-made EV sales slide in July from June as BYD stretches lead”

OSLO, Aug 3 (Reuters) – Sweden’s Volvo Cars (VOLCARb.ST) on Thursday reported a 21% rise in car sales in July from a year earlier, selling 54,165 vehicles, the company’s 11th consecutive month of year-over-year growth.

In the first seven months of 2023, Volvo sold 395,856 cars globally, a rise of 18% compared with the same period of 2022, led by soaring demand for fully-electric or plug-in-hybrid models. Continue reading “Volvo Cars sales up 21% year-on-year in July”

Summary

• Massive investment planned for Malaysia plant
• Q3 revenue up 13% y/y at 4.09 bln euros
• Shares seen down 10%

BERLIN, Aug 3 (Reuters) – Shares of German chipmaker Infineon (IFXGn.DE) tumbled 10% on Thursday after it forecast fourth-quarter revenue would come in below market expectations, weighed down by weak demand from makers of personal computers and smartphones. Continue reading “Infineon shares slump on Q4 warning, eyes Malaysia expansion”

Source : PTI | New Delhi: Hindustan Petroleum Corporation Ltd (HPCL) on Wednesday reported swinging back to profit in the June quarter as the freeze on petrol and diesel prices revised helped the marketing margin turn positive. Net profit of INR 6,203.90 crore in April-June (the first quarter of current fiscal 2023-24) compared with INR 10,196.94 crore of loss in the same period a year back, according to a company’s stock exchange filing.

The profit was over 92% higher than INR 3,222.62 crore net profit in the preceding quarter. Continue reading “HPCL back in black as petrol, diesel price freeze helps regains mkt margin”

Summary

MILAN, Aug  (Reuters) – Luxury sports car maker Ferrari (RACE.MI) raised its full-year revenue and core earnings forecasts on Wednesday, citing “exceptional” second quarter results and “robust” orders. Continue reading “Ferrari’s personal touch on cars helps it lift forecasts”

Source : PTI | New Delhi: Foreign and Indian currencies and gold and diamond jewellery worth about INR 25 crore apart from “incriminating” documents were seized after raids on Hero MotoCorp executive chairperson Pawan Kant Munjal and some others, the Enforcement Directorate said on Wednesday. The federal agency raided the residences and offices of the 69-year-old billionaire businessman, the promoter of India’s largest two-wheeler automobiles manufacturer, in Delhi and neighbouring Gurugram apart from that of some other entities on Tuesday.

It said in a statement that a “third party service provider” company, identified as Salt Experience and Management Pvt. LTd. (SEMPL), “illegally exported foreign currency equivalent to about INR 54 crore to various countries during the period 2014-2015 to 2018-2019 which was ultimately used for personal expenses of P K Munjal.” Continue reading “ED seizes INR 25 crore worth of cash, jewellery after raids on Hero MotoCorp’s Munjal”

Source : PTI | The Bihar government on Tuesday announced an amnesty scheme for vehicle owners to pay their pending motor vehicle tax along with limited penalty. The decision was taken at a cabinet meeting chaired by Chief Minister Nitish Kumar here on Tuesday.

The proposal was mooted before the cabinet by the transport department.

Talking to reporters, S Siddhartha, additional chief secretary (cabinet secretariat), said, “The cabinet has approved an amnesty scheme for the owners of transport/non-transport, tractor-trailer and battery-operated vehicles to pay their long-pending motor vehicle tax along with 30% penalty. For the owners of tractors and trailers, the government said they will have pay INR 30,000 to get the ‘No Objection Certificate’ from the transport department.” Continue reading “Bihar announces amnesty scheme for vehicle owners”

BEIJING, Aug 2 (Reuters) – Volkswagen (VOWG_p.DE) is in talks with Chinese electric vehicle startup Zhejiang Leapmotor Technology (9863.HK) about the possibility of cooperation for Volkswagen’s Jetta brand, a Chinese media outlet reported on Wednesday, citing sources.

A joint venture between VW and state-owned Chinese automaker FAW Group could “buy” a platform of EV technologies from Leapmotor, according to the state-backed financial news website Cailianshe. Continue reading “Volkswagen in talks with Leapmotor on tech tie-up for Jetta brand, Chinese media outlet reports”

TOKYO, Aug 2 (Reuters) – Toyota (7203.T) on Wednesday unveiled the first hybrid version of its Land Cruiser that it will bring to North America and other key markets as it seeks to put a high-margin and iconic sports utility vehicle back on the map.

The world’s biggest automaker by sales said it will produce the new model of the brand that traces its roots to 1951 as well as a smaller, newly released variant at two factories in Japan and ship them overseas from there. Continue reading “Toyota revamps iconic Land Cruiser with hybrid version”

TOKYO, Aug 2 (Reuters) – Subaru (7270.T) will target annual sales of 600,000 battery electric vehicles by 2030 so that they make up 50% of its global sales target, the Japanese automaker said on Wednesday.

It also said it planned to invest about 1.5 trillion yen ($10.51 billion) by around the start of next decade in electrification. Continue reading “Subaru aims to have battery EVs make up half of its sales by 2030”

Summary

• Adj industrial EBIT almost tripled to 266 mln euros in Q2
• Margin on adj industrial EBIT at 6.5% in Q2, up 380 bps
• Industrial revenues rose 23.4% in Q2 to 4.108 bln euros
• Order backlog “strong”, CEO says

MILAN, Aug 2 (Reuters) – Strong pricing power supported a spike in Iveco’s (IVG.MI) operating profits in the second quarter, allowing the Italian truck and bus maker to raise its 2023 guidance for a second time and sending its Milan-listed shares up more than 10%. Continue reading “Italy’s Iveco raises guidance again on Q2 beat, shares surge”

Aug  (Reuters) – Creditors led by Apollo Global Management Inc (APO.N) are nearing a deal to provide Yellow Corp (YELL.O) with fresh cash during a coming bankruptcy, Bloomberg News reported, citing people familiar with the matter.

Shares of Yellow were up 78% at $3.14 in afternoon trade.

The U.S. asset manager, which owns most of one of Yellow’s term loans, is well-positioned to provide backing and is finalizing a deal to lead a debtor-in-possession financing for the cash-trapped trucking company, the report said. Continue reading “Apollo leads deal for trucking firm Yellow’s bankruptcy loan, Bloomberg reports”

Aug  (Reuters) – United Auto Workers (UAW) President Shawn Fain said on Tuesday the union was seeking ambitious benefit increases in contract talks with the Detroit Three automakers, including double-digit pay rises and defined-benefit pensions for all workers.

The UAW presented its economic demands to Chrysler-parent Stellantis (STLAM.MI) on Tuesday and will make presentations to General Motors (GM) (GM.N) Wednesday and Ford (F.N) Thursday ahead of the Sept. 14 expiration of the current four-year contracts, Fain said. Continue reading “UAW seeks double-digit pay hikes in Detroit Three auto contract talks”

Summary

• Tesla in talks with India for new plant
• Tesla wants to use some Chinese vendors, India wants workaround -sources
• Like Apple, Tesla can find local partners for vendors -sources
• India has been strict in clearing China investments

NEW DELHI, Aug  (Reuters) – As Tesla (TSLA.O) examines building a plant in India, officials have asked the company to emulate Apple in finding local firms to partner with any Chinese suppliers involved, according to three government sources with direct knowledge of the matter. Continue reading “India asks Tesla to copy Apple in pairing Chinese, Indian suppliers, sources say”

Aug  (Reuters) – Uber’s (UBER.N) shares fell 6% on Tuesday after the ride-hailing company warned Lyft was competing effectively on prices and set an earnings forecast that analysts said may have disappointed investors who have driven up the stock two-fold this year.

The comments and an easing pace of revenue growth overshadowed the 14-year-old Uber’s first-ever quarterly operating profit. Continue reading “Uber shares fall as fears over Lyft’s pricing eclipse first operating profit”

Source : PTI | The Karnataka government and US-based International Battery Company (IBC) on Tuesday signed a memorandum of understanding (MoU) to set up a recyclable Lithium-ion battery manufacturing unit at an outlay of INR 8,000 crores (USD 1 BN) in the state. IBC India Pvt. Ltd., President Venkatesh Valluri and Principal Secretary for Department of Commerce and Industries Dr Selvakumar signed and exchanged the MoU in the presence of Large and Medium Industries Minister M B Patil.

Speaking on the occasion, Patil said the company will establish the unit on a 100-acre parcel of land in the Bengaluru Rural district. Continue reading “K’taka govt & IBC ink pact to set up recyclable Lithium-ion battery plant with INR 8,000 cr investment”

WASHINGTON, Aug 1 (Reuters) – U.S. auto safety regulators said Tuesday they have opened an investigation into 280,000 new Tesla (TSLA.O) Model 3 and Model Y vehicles over reports of loss of steering control and power steering.

The National Highway Traffic Safety Administration (NHTSA) opened a preliminary evaluation after it received 12 complaints from owners of 2023 Tesla Model 3 and Model Y vehicles. Continue reading “US opens probe into 280,000 new Tesla vehicles over steering issue”

DETROIT, Aug 1 (Reuters) – Ford said Tuesday it has restarted assembly of its F-150 Lightning electric truck and is now driving to triple the production rate, setting up a multibillion-dollar test of whether mainstream U.S. truck buyers are ready to switch to an EV.

Ford officials said Tuesday the Dearborn, Michigan, assembly operation that builds Lightnings could hit a 150,000-vehicle annualized production rate by October, the end of the current quarter. Ford has added 1,200 workers to the Lightning assembly system and plans to run it on a three-shift work rotation. Continue reading “Ford revs up electric truck output, testing mainstream EV demand”

TOKYO, Aug 1 (Reuters) – Toyota (7203.T) nearly doubled its operating profit in the first quarter, the Japanese automaker said on Tuesday, helped by increased sales and productivity as well as the tailwind from the weaker yen.

“Sales volumes across all regions increased compared to the same period a year earlier due to productivity improvement efforts made together with suppliers,” the company said in its earnings announcement. Continue reading “Toyota nearly doubles Q1 profit, China remains challenging”

TAIPEI, Aug 1 (Reuters) – Foxconn’s (2317.TW) venture attempting to build a standardised electric vehicle platform is targeting India or Thailand for the production of a small battery-powered car under development, the unit’s chief executive said.

The Taiwanese company’s EV platform unit Mobility in Harmony (MIH) would be willing to work with its parent or another company to build the new three-seat EV priced below $20,000 and tailor-made for a corporate delivery fleet, MIH CEO Jack Cheng told Reuters in an interview. Continue reading “Exclusive: Foxconn EV venture targets India, Thailand for new small car”

Aug 1 (Reuters) – Aston Martin (AML.L) said on Tuesday it has raised 216 million pounds ($277 million) in equity to cut down its expensive debt.

The company offered 58.2 million new shares at 371 pence per share, representing a 6.2% discount to the stock’s closing price on Monday. ($1 = 0.7798 pounds) Continue reading “Aston Martin raises $277 mln via equity to cut debt”

Source : PTI | Tata Power, a leading Indian energy company, has taken a step towards promoting electric vehicle (EV) adoption in the country with the unveiling of its latest innovation – a radio-frequency identification (RFID) card. The card is designed to make EV charging more convenient and accessible for users across the nation.

The RFID card utilizes Tata Power’s extensive EV charging infrastructure, which includes a wide network of home chargers, public and semi-public charging points, as well as bus-charging points, strategically spread throughout the country. This widespread network aims to address the range anxiety concerns of EV users and make charging facilities easily available to them. Continue reading “Tata Power launches RFID-enabled cards for EV charging”

WASHINGTON, July (Reuters) – A California state agency on Monday said it is reviewing the privacy practices of automakers and vehicle technology companies amid concerns about the growing volume of data collected by cars.

The California Privacy Protection Agency (CPPA) said its Enforcement Division is making inquiries about vehicles embedded with features like location sharing, web-based entertainment, smartphone integration, and cameras. The agency declined to identify which companies it is reviewing. Continue reading “California agency probes automakers’ data privacy practices”

July  (Reuters) – Cash-strapped U.S. trucking company Yellow Corp (YELL.O) has ceased operations and is filing for bankruptcy after failing to reorganize and refinance over a billion dollars in debt, the Teamsters Union said on Sunday.

Yellow, formerly called YRC Worldwide, did not respond to a Reuters request for comment. Continue reading “US trucking firm Yellow shuts ops, to file for bankruptcy, Teamsters say”

July (Reuters) – The Teamsters local unions, which represent 340,000 workers at United Parcel Service (UPS.N), voted 161-1 on Monday to endorse the tentative agreement reached with the delivery giant on July 25.

The agreement, estimated to be at $30 billion by the union, provides historic wage increases, one more paid holiday and air conditioning in the company’s ubiquitous brown delivery trucks. Continue reading “Teamsters local unions endorse agreement with delivery giant UPS”

MILAN, July (Reuters) – Pirelli (PIRC.MI) investors on Monday approved a new board for the tyremaker, giving it a new three-year governance set-up after the Italian government last month took steps to curb the influence of the company’s leading Chinese investor.

Andrea Casaluci, previously General Manager Operations, has been promoted to CEO, Pirelli said in a statement. He succeeds Marco Tronchetti Provera, the Italian businessman who has been in charge since 1992. Continue reading “Pirelli gets new board after battle over Chinese influence”