Sept 1 (Reuters) – The average wait time for non-booked vessels at the Panama Canal jumped by between 44% and 59% last month as a prolonged drought led to restrictions on daily transits and ship drafts.

The Panama Canal Authority began imposing the restrictions earlier this year in a move to conserve water. Only 32 vessels with a draft of up to 44 feet are now allowed to pass everyday, from 36 ships and maximum draft of 50 feet in normal conditions. Continue reading “Vessel wait times at Panama Canal increased more than 40% in August”

Source : PTI | Bajaj Auto, one of India’s leading automobile manufacturers, reported a significant decline in its total vehicle sales for the month of August, indicating challenging market conditions. According to the company’s official statement released on Friday, total vehicle sales, which include commercial vehicles, witnessed a notable drop of 15% compared to the same month last year. In August 2023, Bajaj Auto sold 3,41,648 units, down from 4,01,595 units in August 2022.

The domestic market proved to be particularly challenging for Bajaj Auto, as total domestic sales plummeted by 20%. In August 2023, the company managed to sell 2,05,100 units, contrasting sharply with the 2,56,755 units sold in the same month the previous year. Continue reading “Bajaj Auto total sales fall 15% to 3,41,648 units in August”

Source : PTI | ​​In February, BEST had kept 400 wet-leased buses off the roads after three back-to-back incidents of buses catching fire. BEST undertaking provides public bus service in Mumbai, neighbouring Thane, Navi Mumbai and Mira-Bhayandar cities. It ferries over 30 lakh commuters with its fleet of around 3,500 buses, including those hired from different private contractors.

An electric bus of the Brihanmumbai Electric Supply and Transport (BEST), Mumbai’s civic transport body, caught fire during battery charging in suburban Malvani early on Friday, officials said. The incident occurred around 5 am and the blaze was doused within 15 minutes, they said, adding that nobody was injured in it. Continue reading “6th BEST e-bus catches fire during battery charging”

Source : PTI | Tata Motors, however, saw a dip in domestic passenger vehicle sales in August. “The month of August was a very good month for the industry. Passenger vehicle sales in August stood at 3,60,897 units. This is the highest ever monthly sales in any month in any year in the industry,” Maruti Suzuki India (MSI) Senior Executive Officer (Marketing & Sales) Shashank Srivastava said.

Domestic passenger vehicle sales hit a record in August led by highest-ever monthly dispatches from Maruti Suzuki on the back of festive demand and the continued strong offtake of SUVs. Hyundai Motor India, Mahindra & Mahindra and Toyota Kirloskar Motor also reported strong dispatches to dealers last month. Continue reading “Festive demand, strong SUV offtake propel domestic PV sales to record high in August”

Source : PTI | New Delhi: The government has cut the windfall profit tax on crude oil produced in the country while the levy on exports of diesel and ATF has been hiked, an official notification said. The tax, levied in the form of special additional excise duty or SAED, on domestically produced crude oil was reduced to INR 6,700 per tonne from INR 7,100 a tonne.

SAED on the export of diesel was increased to INR 6 per litre from INR 5.50 a litre and on jet fuel or ATF to INR 4 per litre from INR 2, the notification said. Continue reading “Windfall profit tax on crude oil cut; levy on diesel, ATF exports hiked”

HONG KONG/SYDNEY, Sept 1 (Reuters) – Chinese electric vehicle (EV) maker Hozon Auto has appointed China International Capital Corporation (CICC) and Morgan Stanley to work on a Hong Kong initial public offering (IPO) that could reportedly raise up to $1 billion, according to sources with direct knowledge of the matter.

Hozon’s IPO plan comes after it announced a 7 billion yuan pre-IPO fundraising late on Tuesday in a social media statement. Continue reading “China EV maker Hozon Auto appoints banks for $1 billion Hong Kong IPO, sources say”

DETROIT, Sept 1 (Reuters) – Mercedes-Benz (MBGn.DE) CEO Ola Kaellenius told Reuters the automaker’s newest electric vehicle architecture, launching with the CLA compact electric sedan late next year, will target 30% to 35% more driving range for each kilowatt-hour of energy stored in the battery than the brand’s current EVs.

Mercedes will also offer a lithium-iron-phosphate, or LFP, battery in the new CLA model lineup due to hit showrooms in early 2025, a first for any Mercedes EV, the CEO said in an interview. Continue reading “Mercedes CEO: Efficiency is the ‘new currency’ in the EV market”

NEW YORK, Sept 1 (Reuters) – A federal judge on Friday authorized the payout of $41.53 million to investors who lost money when Elon Musk tweeted about taking his electric car company Tesla (TSLA.O) private.

Payouts will come from a “fair fund” created under a settlement between Musk and the U.S. Securities and Exchange Commission, arising from Musk’s August 2018 post on Twitter that he had “funding secured” for a Tesla buyout. Continue reading “U.S. judge approves payouts from Elon Musk’s SEC settlement”

WASHINGTON, Sept 1 (Reuters) – The U.S. National Labor Relations Board (NLRB) said Friday it will investigate unfair labor practice charges filed by the United Auto Workers union against General Motors (GM.N) and Chrysler-parent Stellantis (STLAM.MI).

The UAW said Thursday both automakers have refused to bargain in good faith. GM and Stellantis on Thursday denied the unfair labor charges. Continue reading “US labor board to probe if GM, Stellantis failed to bargain in good faith”

WASHINGTON, Sept 1 (Reuters) – Ford Motor (F.N) said on Friday it will recall 169,000 U.S. vehicles to replace rearview cameras and update software and is taking a $270 million charge to address the callback.

It was the latest in a series of recalls for rear camera-related recalls by the No. 2 U.S. automaker in recent years. Continue reading “Ford to replace rear cameras in new recall, take $270 million charge”

Source : PTI | A public interest litigation (PIL) challenging the free bus travel for women in Karnataka under the ‘Shakti’ scheme was allowed to be withdrawn by the High Court of Karnataka on Thursday. The HC found that the PIL filed by three law students was vague and not backed by any study.

Ashwin Shankar Bhat, Neha Venkatesh, and Yashika Saravanan claimed in the PIL that the scheme has resulted in “chaos, commotions and unruly behavior of the crowd in bus stands and affecting children and senior citizens and also causing severe loss to the economy.” Continue reading “PIL against scheme of free bus travel for women in Karnataka withdrawn”

Source : PTI | Ahead of the G20 summit, Delhi Lieutenant Governor V K Saxena and Chief Minister Arvind Kejriwal will flag off 400 electric buses on September 5, Raj Niwas officials said on Thursday. Transport Minister Kailash Gahlot will also attend the flagging off ceremony, they said.

Delhi will host the G20 summit from September 9 to 10.

As on date, 400 electric buses are already in operation under the Centre-supported Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) II Scheme. Continue reading “Delhi LG, CM to flag off 400 e-buses on Sept 5”

Source : PTI | To encourage clean and green energy production sources in Uttar Pradesh in view of global warming and climate change, Chief Minister Yogi Adityanath on Thursday directed officials to prepare an effective draft for the UP Green Hydrogen Policy-2023. Adityanath gave these directions at a meeting with the officials of UP NEDA (UP New and Renewable Energy Development Agency) here at his official residence.

The chief minister instructed the officials to prepare an effective draft by consulting the stakeholders working in this area so that investors and users can get maximum benefit from the policy, an official statement issued here said.

Continue reading “Yogi Adityanath asks officials to start work on state green hydrogen policy”

Source : PTI | New Delhi: The ‘PM-eBus Sewa’ scheme , under which 10,000 electric buses will be provided to 169 cities under a public-private partnership (PPP) model, will be rolled out in the next five-six months, the Union housing and urban affairs ministry said on Thursday. At a press conference here, Union Urban Affairs Minister Hardeep Singh Puri said the central government is going to procure air-conditioned buses for this soon.

Secretary, Housing and Urban Affairs, Manoj Joshi said the scheme will be rolled out in 169 cities and states are required to submit their proposals by September 30. Continue reading “‘PM-eBus Sewa’ scheme to be rolled out in 5-6 months: Urban affairs ministry”

NAIROBI, Aug 31 (Reuters) – Ride-hailing firm Uber (UBER.N) on Thursday launched an electric motorbike service in Kenya, its first in Africa, as the company seeks to make its global platform emissions free by 2040.

The rollout in Kenya will be followed by a “potential announcement” this year for the rest of its markets in the region, said Kagiso Khaole, Uber’s general manager for sub-Saharan Africa. Continue reading “Uber rolls out electric bike fleet in Kenya, its first in Africa”

WASHINGTON, Aug 31 (Reuters) – The Biden administration is offering $12 billion in grants and loans for auto makers and suppliers to retrofit their plants to produce electric and other advanced vehicles, Energy Secretary Jennifer Granholm said on Thursday.

“While we transition to EVs, we want to ensure that workers can transition in place, that there is no worker, no community left behind,” Granholm, a former governor of car-manufacturing state Michigan, told reporters in a call. Continue reading “US offers $12 billion to auto makers, suppliers for advanced vehicles”

Aug 31 (Reuters) – Ford Motor (F.N) has made a contract offer to the United Auto Workers (UAW), the company said on Thursday.

The contract offer would provide hourly employees with 15% guaranteed combined wage increases and lump-sums, and improved benefits over the life of the contract, the company said in a statement. Continue reading “Ford makes UAW a contract offer”

Aug 31 (Reuters) – The United Auto Workers union said on Thursday it filed unfair labor practice charges with the National Labor Relations Board against General Motors (GM.N) and Chrysler-parent Stellantis (STLAM.MI), saying they have refused to bargain in good faith.

Both GM and Stellantis denied the unfair labor charges.

Ford Motor (F.N) said it offered a 9% wage increase through 2027, much less than the 46% wage hike being sought by the union. Continue reading “UAW files unfair labor practice charges against GM, Stellantis”

NEW DELHI, Aug 31 (Reuters) – India’s steel-to-energy JSW Group is in early talks with Chinese automaker Leapmotor (9863.HK) to license technology to build electric vehicles in India, according to people familiar with the discussions.

Under the technology licensing agreement, JSW would use Leapmotor’s platform – the structural underpinnings of a car on which it is built – to manufacture EVs in India under its own brand name, the sources said, in the company’s second attempt to enter the growing business. Continue reading “Exclusive: India’s JSW in talks with Chinese carmaker Leapmotor for EV tech, sources say”

Aug 31 (Reuters) – Hyundai Motor Group (005380.KS) and LG Energy Solution (373220.KS) will boost their joint investment in a Georgia battery manufacturing plant by $2 billion and add 400 additional jobs, the companies and the state said Thursday.

The facility, a joint venture between the two companies, now includes a total investment of $4.3 billion and eventually will be able to produce about 300,000 electric vehicle batteries annually, the companies said. Continue reading “Hyundai, LG to spend $2 billion more on Georgia battery plant”

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