PARIS, Oct 31 (Reuters) – French carmaker Renault (RENA.PA) had “friendly” discussions with Chinese investment bank CICC about potential cooperation, but nothing has been signed or decided so far, a company spokesperson said, confirming media reports.
“A meeting took place between CICC and Renault Group for friendly discussions about China’s market,” a spokeswoman told Reuters. Continue reading “Renault had ‘friendly’ discussions with Chinese investment bank – spokesperson”
HONG KONG, Oct 31 (Reuters) – Berkshire Hathaway, the investment company owned by Warren Buffett, has sold 820,500 Hong Kong-listed shares of electric vehicle maker BYD Co (002594.SZ) for HK$201.73 million ($25.78 million), a stock exchange filing showed.
The sale on Oct. 25 lowered Berkshire’s holdings in BYD’s issued H-shares to 7.98% from 8.05%, the filing to the Hong Kong stock exchange on Tuesday showed. Continue reading “Berkshire Hathaway sells $25.8 mln worth of shares in China’s BYD”
Oct 31 (Reuters) – Toyota Motor (7203.T) said on Tuesday it would invest $8 billion more and add about 3,000 jobs at its electric-vehicle battery manufacturing plant in North Carolina, boosting the Japanese automaker’s push to electrify its lineup.
The company, which plans to have electrified options for its models available by 2025, said the latest move will bring its total investment in the plant to about $13.9 billion and jobs to more than 5,000. Continue reading “Toyota to invest $8 bln more in North Carolina EV battery plant”
Summary
MILAN, Oct 31 (Reuters) – Stellantis (STLAM.MI) on Tuesday played down the impact of strikes in North America over pay increases, saying they would not alter the automaker’s targets for profitability and cash. Continue reading “Stellantis says it is least affected by North America strikes among Detroit Three”
Oct 30 (Reuters) – Chipmaker Onsemi (ON.O) forecast a tepid fourth quarter and cut about 900 jobs, sparking fears that weak electric vehicle (EV) demand has begun to hurt orders for its chips from the auto sector and sending its shares tumbling 18.3% on Monday.
The company, whose clients include European automaker Volkswagen (VOWG_p.DE), supplies chips that go into drive trains of electric cars and help with driver-assistance systems like cameras and sensors. Continue reading “Onsemi cuts jobs, sees weak 4th quarter on slowing EV demand”
Oct 30 (Reuters) – Canadian union Unifor called off a brief strike that began early on Monday after reaching a tentative deal with Chrysler-parent Stellantis (STLAM.MI) that offers workers sizeable hourly wage increases and a reduction in time needed to achieve top pay.
The deal, which covers 8,200 workers, will reinstate cost of living allowance (COLA) in December next year and improve all pension plans, Unifor said. Continue reading “Canadian union Unifor ends strike after tentative deal with Stellantis”
DETROIT, Oct 29 (Reuters) – United Auto Workers leaders approved a tentative deal on Sunday with Ford (F.N) that includes a pay hike of at least 30% for full-time workers and could more than double pay for others, in a victory for the union’s fight to roll back 15 years of concessions.
Bargaining continued at General Motors (GM.N) without any deal. UAW President Shawn Fain on Saturday ordered a walkout at GM’s Spring Hill, Tennessee, engine and assembly plant. Fain and GM CEO Mary Barra were meeting on Sunday night, sources familiar with the process said. Continue reading “UAW-Ford deal nets union big wins on wages, benefits, investments”
Oct 30 (Reuters) – Shares of Tesla (TSLA.O) fell about 5% on Monday after key supplier Panasonic Holdings (6752.T) said it cut automotive battery production in the September quarter, cementing concerns of a global slowdown in electric-vehicle (EV) sales.
Panasonic said its production suffered from slowing uptake for high-end EVs in North America, echoing Tesla CEO Elon Musk’s comments from earlier this month that higher-for-longer borrowing costs would take a toll on vehicle demand. Continue reading “Tesla falls as production cut by battery supplier Panasonic fans EV demand fears”
Oct 30 (Reuters) – One of the largest U.S. privately owned auto transport companies is quietly mounting a long-shot bid – with increasing interest from the Biden administration – to rescue trucking giant Yellow Corp (YELLQ.PK) from bankruptcy liquidation and bring back some 30,000 union jobs, according to multiple sources familiar with the discussions.
The previously unreported effort by Jack Cooper Transport, a trucking company that counts General Motors (GM.N), Ford (F.N) and Stellantis (STLAM.MI) as its main customers, has gained steam in recent weeks as the powerful International Brotherhood of Teamsters union and a bipartisan group of U.S. senators stepped up their pressure campaign on the Biden administration. Continue reading “Exclusive: Trucking firm prepares long-shot bid for Yellow, seeks US Treasury support”
Oct 30 (Reuters) – The tentative agreements reached between the United Auto Workers and the Detroit Three automakers mark another major victory for labor unions that have turned up the pressure on big corporations to put better deals on the table.
Unions have taken an aggressive approach to campaigning with a series of high-profile battles across the industrial, auto, entertainment and healthcare industries. Experts say gains won by unions could spur more organizing and motivate non-unionized companies to try to stave off those efforts. Continue reading “UAW’s record deal could boost others’ wages as labor notches another victory”
Summary
Oct 30 (Reuters) – General Motors (GM.N) and the United Auto Workers (UAW) struck a tentative deal on Monday, ending the union’s unprecedented six-week campaign of coordinated strikes that won record pay increases for workers at the Detroit Three automakers. Continue reading “UAW reaches deal with GM, ending strike against Detroit automakers”
Oct 30 (Reuters) – The tentative agreement reached between the United Auto Workers and two of the Detroit Three automakers marks another victory for labor unions that have turned up the pressure on big corporations to put better deals on the table.
Unions have taken an aggressive approach to campaigning with a series of high-profile battles across the industrial, auto, entertainment and healthcare industries. Experts say gains won by unions could spur more organizing and motivate non-unionized companies to try to stave off those efforts. Continue reading “UAW’s record deal could boost others’ wages as labor notches another victory”
TOKYO, Oct 30 (Reuters) – Toyota Motor (7203.T) said on Monday that worldwide production rose 1.5% in September from the same period a year earlier to 900,919 vehicles, boosted by stronger demand in Japan, the United States and in Europe.
The Japanese automaker’s domestic production, which accounted for just over a third of the vehicles it produced during the month, rose 12.8% from a year earlier, offsetting a 3.6% decline in overseas output. Continue reading “Toyota September production jumps on stronger Japan output”
Oct 30 (Reuters) – Canadian labor union Unifor said early on Monday it has commenced strikes at all Stellantis (STLAM.MI) facilities in the country, with more than 8,200 members staging a walkout after failing to reach a tentative agreement in labor contract talks.
The union is seeking improved wages and pensions. Its bargaining team has also prioritized discussions around support for its workers in the electric vehicle transition of Stellantis’ Brampton Assembly Plant. Continue reading “Canadian union Unifor begins strikes at all Stellantis facilities”
Source : PTI | State-owned Bharat Petroleum Corporation Ltd (BPCL) reported returning to profitability in the September quarter after a boost in marketing margin improved earnings. Consolidated net profit in July-September was at INR 8,243.55 crore compared to a loss of INR 338.49 crore in the same period a year back, the company said in a statement.
The profit was aided by a boost in marketing margins as a freeze on petrol and diesel price revision despite a fall in input crude oil prices helped recover losses incurred when rates were high last year. Continue reading “BPCL returns to black after marketing margin boost”
Source : PTI | Delhi Environment Minister Gopal Rai on Sunday demanded the Centre impose a strict ban on buses operating with poor-quality diesel in the NCR areas of Haryana, Uttar Pradesh, and Rajasthan. During a surprise inspection at the Kashmere Gate interstate bus terminal, the minister found that all buses registered in Haryana, Rajasthan, and Uttar Pradesh were BS III and BS IV vehicles.
“Vehicular emissions account for a significant portion of Delhi’s air pollution. While buses in Delhi operate only on compressed natural gas and electricity, those belonging to the neighbouring states of Haryana, Uttar Pradesh, and Rajasthan are BS III and BS IV vehicles,” he told reporters here. Continue reading “Ban BS III, BS IV diesel buses in NCR areas of Haryana, UP, Rajasthan: Gopal Rai to Centre.”
Oct 29 (Reuters) – The United Auto Workers on Sunday laid out key parts of the union’s tentative 4 1/2-year contract with Ford Motor (F.N), which will end a divisive strike if approved by members.
The following are issues highlighted by UAW leaders: Continue reading “Highlights of UAW deal with Ford”
DETROIT, Oct 29 (Reuters) – United Auto Workers leaders approved a tentative deal on Sunday with Ford (F.N) that includes a pay hike of at least 30% for full-time workers and could more than double pay for others, in a victory for the union’s fight to roll back 15 years of concessions.
Bargaining continued at General Motors (GM.N) without any deal. UAW President Shawn Fain on Saturday ordered a walkout at GM’s Spring Hill, Tennessee, engine and assembly plant. Fain and GM CEO Mary Barra were meeting on Sunday night, sources familiar with the process said. Continue reading “UAW-Ford deal nets union big wins on wages, benefits, investments”
Source : PTI | New Delhi: Improvement in public transport facilities, smog guns at construction sites and strengthening the Delhi Pollution Control Committee (DPCC) as an institution are some of the measures suggested by environmentalists to combat the deteriorating air quality in the national capital. Delhi’s air quality was recorded in the ‘poor’ category for the fifth consecutive day on Friday and is likely to deteriorate in the coming days due to unfavourable meteorological conditions, according to monitoring agencies. Continue reading “Improve public transport facilities to combat poor AQI in Delhi: Environmentalists”
Source : PTI | New Delhi: Diversified natural resources firm Vedanta Ltd on Saturday said its ranking has improved remarkably in S&P Global’s 2023 corporate sustainability assessment. S&P Global’s Corporate Sustainability Assessment (CSA) is an evaluation of the company’s sustainability performance, it added.
“Vedanta, which has scored 81 points this year compared to last year’s score of 76, has scored higher than its global peers,” the company said in a statement. Continue reading “Vedanta improves ranking in sustainability assessment”
Oct 28 (Reuters) – The United Auto Workers on Saturday expanded its strike at General Motors (GM.N) to include an engine plant in Spring Hill, Tennessee that GM said supplies nine factories producing several of its best selling and most profitable vehicles.
UAW President Shawn Fain said he ordered the walkout at the Spring Hill manufacturing complex because GM is balking at contract terms based on deals struck at Ford on Wednesday and Stellantis on Saturday. Continue reading “UAW strikes GM engine plant, threatening wider disruption”
Source : PTI | New Delhi: One crore passengers are riding metro systems per day in India, Union Minister for Housing and Urban AffairsHardeep Singh Puri said on Friday. He said this in his address at the 16th Urban Mobility India Conference and Exhibition being hosted here from October 27-29.
At present, the operational length of metro systems in India is 895 km in about 20 cities, and it is set to grow towards becoming the world’s second largest metro network in the next few years, Puri said. Continue reading “One crore passengers riding metro systems per day in India: Puri”
Source : PTI | Punjab Energy Development Agency (PEDA) on Friday signed a Memorandum of Understanding (MoU) with Hindustan Petroleum Corporation Limited (HPCL) for setting up 10 compressed biogas (CBG) projects and other new and renewable energy projects across the state.
The MoU was signed by PEDA Chief Executive Officer Amarpal Singh and Executive Director (Bio-fuels and Renewables) of HPCL, Shuvendu Gupta here in the presence of Ravi Bhagat, Secretary, New and Renewable Energy Sources, Punjab, an official statement said. Continue reading “PEDA inks MoU with HPCL for setting up 10 compressed biogas projects in Punjab”
SHANGHAI, Oct 27 (Reuters) – Beijing’s move to restrict graphite exports will have a disproportionate impact on foreign makers of electric vehicle battery components who have not yet shifted to using as much synthetic material as Chinese counterparts, industry insiders and experts said.
China’s latest limit on critical mineral exports, which Beijing said is not targeted at a specific sector, has fuelled uncertainty in the global EV supply chain since it was announced last Friday. Continue reading “Global EV battery supply chain puzzles over China graphite curbs”
Oct 27 (Reuters) – Auto parts supplier Dana (DAN.N) said on Friday its operations in North America were “significantly impacted” by the ongoing United Auto Workers (UAW) union strikes against automakers, while outlining the expected financial hit from them.
Shares of the company, which supplies axles, driveshafts and transmissions to the Detroit Three automakers, namely General Motors (GM.N), Ford Motor (F.N) and Stellantis NV (STLAM.MI), were up more than 3% in morning trade. Continue reading “Dana sees ‘significant impact’ from UAW strikes to North American operations”
WASHINGTON, Oct 27 (Reuters) – Strikes by members of the United Auto Workers (UAW) union including against Detroit’s Big Three car manufacturers could subtract at least 29,000 jobs from U.S. nonfarm payrolls in October, government data showed on Friday.
The Labor Department’s monthly strike report showed 25,300 workers were idle at assembly plants owned by Ford Motor (F.N), General Motors (GM.N) and Chrysler parent Stellantis (STLAM.MI) nationwide during the October payrolls count period. Continue reading “Auto strikes to reduce US payrolls count in October -government report”
SAN FRANCISCO, Oct 27 (Reuters) – General Motors’ autonomous vehicle unit, Cruise, is facing multiple federal investigations over its cars’ safety, including two incidents where the robot cars appeared not to yield to pedestrians in crosswalks, according to a U.S. regulator’s letter released on Friday.
Cruise autonomous cars “may not be exercising appropriate caution around pedestrians in the roadway,” according to the letter dated Oct. 20 from the National Highway Traffic Safety Administration. “This vehicle behavior could increase the risk of a collision with a pedestrian which in turn may result in injury or death.” Continue reading “US probes GM’s Cruise robocars over pedestrian close calls”
Oct 27 (Reuters) – Shares of Ford Motor Co (F.N) closed down 12.3% on Friday, after the automaker reported a wider loss from its electric-vehicle (EV) business due to pressures from a price war, sparked by industry leader Tesla (TSLA.O).
The Detroit automaker also pulled its 2023 forecast, citing “uncertainty” over the pending ratification of its new labor deal with the United Auto Workers (UAW) union, which is expected to significantly increase labor-related expenses. Continue reading “Ford shares fall after pulling full-year forecast, wider losses in EV unit”
Source : PTI | Piaggio Vehicles Pvt Ltd, the subsidiary of Italian automaker Piaggio & C. SpA, has sold about 26,000 units of its electric three-wheelers this year. The Indian subsidiary had retailed about 12,000 units last year, Amit Sagar, the company’s Executive Vice President, Commercial Vehicles said on Thursday.
Piaggio Vehicles today launched its first 3-wheeler passenger EV — Ape E-city FX NE Max in Tamil Nadu priced at INR 3.46 lakh. The passenger vehicle is an addition to the existing cargo range of vehicles. Continue reading “Piaggio sells about 26,000 electric 3-wheelers in 2023”
Source : PTI | Tokyo, Japanese auto major Toyota Motor Corporation has initiated the process to enhance manufacturing capacity in India with two plants running at full capacity in the country, a senior company official said on Thursday. Speaking to media on the sidelines of the Japan Mobility Show here, Toyota Motor Corporation Board Member and Executive Vice President Yoichi Miyazaki confirmed the development and said the company is reaching full plant capacity utilisation in India.
“We have started a discussion (on the matter),” he said when asked if the company is looking to make fresh investment on capacity enhancement in the country. Continue reading “Toyota initiates process to enhance manufacturing capacity in India”
DETROIT, Oct 26 (Reuters) – Ford Motor (F.N) on Thursday withdrew its full-year results forecast due to “uncertainty” over the pending ratification of its deal with the United Auto Workers (UAW) union, and warned of continued pressure on electric vehicles, sending shares of the company down more than 4% after-hours.
The union and Ford on Wednesday reached a tentative agreement that included a 25% wage hike for 57,000 workers over 4-1/2 years, ending a strike at some of the automaker’s biggest factories. Continue reading “Ford again warns on EV results, withdraws 2023 forecast”
Oct 26 (Reuters) – General Motors (GM.N) and Chrysler parent Stellantis (STLAM.MI). were in intensive talks on Thursday with the United Auto Workers in an effort to end a six-week-old strike a day after Ford Motor (F.N) reached a tentative contract deal.
Ford on Wednesday was the first of Detroit’s Big Three car manufacturers to negotiate a settlement to strikes joined by 45,000 workers since mid-September, a deal that will likely set a pattern for reaching deals with GM and Stellantis. Continue reading “GM, Stellantis work to reach UAW contract deals”
Oct 26 (Reuters) – Volvo Group-owned (VOLVb.ST) Mack Trucks said Thursday the United Auto Workers’ contract demands are unrealistic and that no new talks are scheduled after workers went on strike on Oct. 9, following their rejection of a proposed five-year contract.
About 73% of the unit’s 4,000 workers in Pennsylvania, Florida and Maryland voted against a tentative agreement that included a 19% pay raise that had been endorsed by UAW leaders. Continue reading “Mack Trucks says UAW demands unrealistic, no new talks set”
WASHINGTON, Oct 26 (Reuters) – General Motors’ (GM.N) driverless car unit Cruise said late Thursday it will suspend all operations nationwide after California regulators this week ordered the robotaxi operator to remove its driverless cars from state roads.
California’s Department of Motor Vehicles (DMV) on Tuesday said Cruise driverless vehicles were a risk to the public and that the company had “misrepresented” the technology’s safety. Continue reading “GM Cruise unit suspends all driverless operations after California ban”
WAF THINK TANK
After Sales Service Leaders in the Hall. Time for 9th IVASS. Sponsor, Exhibit, Attend! WAF
Call for Entries for Deepangshu Dev Sarmah Memorial Hall of Safety 2023 WAF Continue reading “WAF Auto News | The Auto World This Week (27th October 2023)”
The 20th edition of Automechanika Dubai sets a new show record, as organiser welcomed over 52,000 trade visitors – a 21% increase on the previous year
The event also saw a 5% year-on-year increase of countries represented to 161, with a total of 1,938 exhibitors from 61 countries
Sustainability and efficiency were a key focus during the three-day automotive aftermarket showcase
Dubai, UAE: Automechanika Dubai, the largest international trade exhibition for the automotive aftermarket industry in the Middle East, has welcomed 52,082 trade visitors during the three-day showcase, which concluded earlier this month.
The figure represents a year-on-year increase of 21% in trade visitors compared to last year, when 42,937 people attended, establishing a new record for the show and demonstrating the automotive aftermarket in the region is booming. Continue reading “Automechanika Dubai 2023 sees 21% year-on-year growth in trade visitors as the event sets new record”
Summary
Mumbai: Volkswagen India expands its network presence across South India with the inauguration of six new touchpoints in Karnataka and Tamil Nadu. The Brand adds five new sales touchpoints in India’s Silicon Valley showcasing enhanced customer demand for premium, German-engineered and safe mobility solutions in the region. Continue reading “Volkswagen India strengthens its network with the addition of six touchpoints across Karnataka and Tamil Nadu”
SEOUL, Oct 26 (Reuters) – Hyundai Motor (005380.KS) said on Thursday it would not delay plans to roll out new electric vehicles and was upbeat about prospects for continued growth this year – a contrast to recent steps by rivals to cut back on EV output.
Electric vehicle sales are growing strongly but not as much as carmakers had forecast, with demand hit by high interest rates. Continue reading “Hyundai sticks to EV rollout plans, sees solid growth this year”
Summary
BERLIN, Oct 26 (Reuters) – Mercedes-Benz (MBGn.DE) said a “brutal” electric vehicle market of heavy price cuts and supply chain issues meant it would likely hit the lower end of its 12-14% adjusted return on sales forecast for the cars division, as third-quarter earnings fell. Continue reading “Mercedes says ‘brutal’ EV market will pressure car sales margins”
