Summary

• VW brand cost-cutting programme delayed but underway: CFO
• EV order book at half last year’s levels but picking up
• May lose market share in China until new model rollout: CFO

BERLIN, Oct 26 (Reuters) – Volkswagen (VOWG_p.DE) is working to cut costs and sticking with its electric vehicle prices despite reductions at some rivals, as the German automaker aims to rebuild margins after quarterly profits were hit by bad bets on raw material prices. Continue reading “Volkswagen sticks to EV targets and pricing despite knock to demand”

Source : PTI | The Union Cabinet has approved a memorandum of cooperation between India and Japan on a Semiconductor Supply Chain Partnership, an official statement said on Wednesday.

The memorandum of cooperation between the two countries was signed in July.

“The Union Cabinet chaired by Prime Minister Shri Narendra Modi was apprised of a Memorandum of Cooperation (MoC) signed in July 2023, between the Ministry of Electronics and Information Technology of the Republic of India and the Ministry of Economy, Trade and Industry of Japan on Japan-India Semiconductor Supply Chain Partnership,” the statement said. Continue reading “Cabinet approves pact between India, Japan on semiconductor supply chain”

STOCKHOLM, Oct 26 (Reuters) – Sweden-based automaker Volvo Cars (VOLCARb.ST) reported a rise in third-quarter operating earnings on Thursday driven by strong volumes and lower costs for semiconductors and raw materials.

Volvo Cars, majority-owned by China’s Geely Holding, said operating income rose to 4.5 billion Swedish crowns ($402.75 million) in the quarter from a year-ago 2.1 billion. Continue reading “Volvo Cars Q3 profit jumps as costs fall”

SEOUL, Oct 26 (Reuters) – South Korea’s Hyundai Motor Co (005380.KS) reported on Thursday a 151% rise in third-quarter profit, boosted by solid sales of high-margin sport utility vehicles and a favourable exchange rate.

Hyundai reported a net profit of 3.2 trillion won ($2.36 billion) for the July-September period, up from 1.3 trillion in profit a year earlier. Continue reading “Hyundai Motor’s Q3 net profit rises 151%, beats forecasts”

Summary

• EBIT down 6.8% to 4.8 bln euros in Q3
• Pricing competition, supply chain snags weigh on earnings
• Adjusted returns for cars expected at lower end of forecast

BERLIN, Oct 26 (Reuters) – Mercedes-Benz (MBGn.DE) expects to maintain its sales rate next quarter but will likely hit the lower end of its adjusted return forecast for cars this year due to inflation, high interest rates and geopolitical uncertainty, it said. Continue reading “Mercedes Q3 earnings take hit on subdued sales, supply chain snags”

Source : PTI | There is a need to support a multi-pathway approach in terms of green technologies in cars in a country as big and diverse as India to achieve carbon neutrality goals, a senior Toyota executive said on Tuesday. Multiple technology solutions at different price points are required to cater to different sets of customers in order to cut carbon footprint, he noted.

In an interaction here, senior Toyota executives emphasised on the need to treat all technologies fairly to achieve carbon reduction goals. Continue reading “Multiple green technologies in cars to help meet carbon neutrality targets in India: Toyota”

Source  : PTI | TVS Motor Company on Wednesday announced it is extending collaboration with Singapore-based tech startup ION Mobility for its entry in the sports scooter segment in Indonesia.

The entry will be through Project Dynamo, ION Mobility’s conceptual adaptation of TVS Motor’s premium flagship crossover electric two-wheeler TVS X. Continue reading “TVS Motor extends ties with Singapore-based ION Mobility for entry in sports scooter segment in Indonesia”

Source : PTI | Japanese auto major Honda Motor Company is betting big on new technologies such as autonomous driving and generative AI as it seeks to enable people to transcend various constraints such as time and place while providing holistic mobility solutions in future, company’s President and CEO Toshihiro Mibe said on Wednesday. At the Japan Mobility Show here, Mibe unveiled autonomous vehicle Cruise Origin, and together with GM and Cruise, Honda plans to launch a driverless ride hailing service using the vehicle in Japan in early 2026 along with ‘Honda CI-MEV’ self-driving micro-mobility vehicle for last-mile mobility.

Besides, the company also unveiled the electric sports car Prelude Concept, which he said, “will become the prelude for our future models” of sporty models. Continue reading “Honda bets on autonomous driving, AI for holistic mobility solutions of future”

Source : PTI | Indian Oil Corporation (IOC) has begun producing specialised ‘reference’ petrol and diesel, which are used for testing automobiles, for the first time in India, sources said. These fuels, which have higher specifications, are critical for calibrating and testing by automobile manufacturers and testing agencies like the International Centre for Automotive Technology (ICAT) and the Automotive Research Association of India.

For decades, India relied on imports to meet the demand for these specialised fuels. Continue reading “IOC starts producing ‘reference’ petrol, diesel for testing automobiles”

TOKYO, Oct 25 (Reuters) – Honda Motor (7267.T) and General Motors (GM) (GM.N) are scrapping a plan to jointly develop affordable electric vehicles (EVs), the companies said on Wednesday, just a year after they agreed to work together in a $5 billion effort to try to beat Tesla (TSLA.O) in sales.

The decision underscores GM’s strategic shift to slow the launch of several EV models to focus on profitability, as it grapples with the rising cost of United Auto Workers strikes, which surged to $200 million a week this month. Continue reading “Honda, GM scrap $5 bln plan to co-develop cheaper EVs”

Summary

• Stellantis to acquire 21% stake in EV maker Leapmotor
• Firms form JV to build and sell Leapmotor products outside China
• Deal gives Stellantis a crucial foothold in China
• Leapmotor shares tumble 10%, reversing initial 11% jump

HANGZHOU, China, Oct 26 (Reuters) – Stellantis is buying a 21% stake in Leapmotor for $1.6 billion, it said on Thursday, in a reset of its China strategy to focus on electric vehicles after years of poor sales and manufacturing pullback in the world’s biggest auto market. Continue reading “Stellantis resets China strategy with $1.6 bln stake in EV firm Leapmotor”

Oct 25 (Reuters) – Production at a Ford Motor Company (F.N) engine plant in Canada could halt by next Wednesday if there are no changes to a United Auto Workers strike in Kentucky, a Canadian union representative told Reuters.

The Ford Windsor Annex Engine Plant, with nearly 900 workers, makes engines mostly for Ford’s Super Duty trucks at the plant in Louisville, Kentucky, John D’Agnolo, the union’s auto council chair said on Wednesday.

Continue reading “Ford Canada plant could halt output next week due to US auto strike -union official”

Oct 25 (Reuters) – High interest rates are derailing the ambitions of climate regulators and automakers to accelerate the shift to electric vehicles, underscored Wednesday by the scrapping of a GM-Honda partnership and a warning from a battery maker.

Electric vehicle sales are still growing strongly, but that demand is not keeping up with the expectations of carmakers and other companies that have invested billions of dollars in the EV space. Expectations for persistently higher interest rates has led companies to alter plans as they eye 2024 warily. Continue reading “More alarm bells sound on slowing demand for electric vehicles”

Oct 25 (Reuters) – The United Auto Workers (UAW) union reached a tentative labor deal on Wednesday with Ford Motor (F.N), the first of Detroit’s Big Three car manufacturers to negotiate a settlement to strikes joined by 45,000 workers since mid-September.

The proposed accord, which UAW’s leadership must still approve, provides a 25% wage hike over the 4-1/2-year contract, starting with an initial increase of 11%. Continue reading “Ford, UAW reach tentative deal to end strike including record pay raise”

Source : PTI | Oil and Natural Gas Corporation (ONGC) has won a bid to acquire PTC India Ltd’s wind power unit for INR 925 crore as the state-owned firm continues to build a renewable energy portfolio to balance its fossil fuel business. In a stock exchange filing, India’s top oil and gas producer said it has over the years diversified into the petrochemicals and power business besides growing its core business of finding hydrocarbons.

ONGC said it has taken various initiatives for renewable energy power generation and already has 189 megawatt (MW) capacity, including wind and solar PV plants spread across various locations. Continue reading “ONGC wins bid to acquire PTC’s wind power unit for INR 925 cr”

LONDON/DETROIT, Oct 23 (Reuters) – (This Oct. 23 story has been corrected to mention that Driverama is a unit of Aures Holdings in paragraph 15)

A race is on to certify battery health and performance in used electric vehicles, with a clutch of startups scrambling to help buyers figure out how much a secondhand EV is really worth.

With traditional combustion-engine cars, mileage and years racked up can quickly tell prospective buyers how much they should fork out. That formula does not work with EVs – whose value depends largely on their battery’s driving range and ability to hold a charge. Continue reading “Focus: The battery test race to work out what used EVs are really worth”

ROME, Oct 24 (Reuters) – Franco-Italian automaker Stellantis (STLAM.MI) said on Tuesday it planned a joint venture with French nuclear fuels firm Orano to recycle used electric vehicle batteries and scrap materials from its gigafactories in Europe and North America.

The two companies said in a statement they had signed a memorandum of understanding leading to the joint venture, subject to agreement on definitive documentation. Continue reading “Stellantis to enter JV with Orano to recycle electric car batteries”

TOKYO/PARIS, Oct 24 (Reuters) – Japan’s Mitsubishi Motors (7211.T) said it will end production of its cars at its joint venture in China and transfer its stake in the unit to its Chinese partner, becoming the latest foreign automaker to cut back its operations in the world’s top auto market.

The decision by the Japanese car maker comes amid fierce price competition in China which has led global automakers such as Hyundai Motor (005380.KS) and Stellantis (STLAM.MI) to take steps to bring down costs by restructuring their businesses. Continue reading “Mitsubishi Motors to end production in China, invest in Renault EV unit”

DETROIT, Oct 24 (Reuters) – General Motors (GM.N) on Tuesday withdrew its 2023 profit outlook just ahead of a new United Auto Workers walkout at one of its most profitable factories.

With the UAW clash throttling revenue and profits, Chief Executive Mary Barra told investors the automaker will slow its electric vehicle strategy to put profits ahead of sales targets. Continue reading “GM withdraws 2023 guidance, UAW strikes SUV plant”

SAN FRANCISCO/WASHINGTON, Oct 24 (Reuters) – California on Tuesday ordered General Motors’ (GM.N) Cruise unit to remove its driverless cars from state roads, calling the vehicles a risk to the public and saying the company had “misrepresented” the safety of the technology.

California’s Department of Motor Vehicles (DMV) said it suspended Cruise’s autonomous vehicle deployment and driverless testing permit, ending efforts by the company for the time being to test the cars without safety drivers. Continue reading “California sidelines GM Cruise’s driverless cars, cites safety risk”

Source : PTI | Mahindra Logistics Ltd on Monday reported 73 per cent growth year-on-year in standalone Profit After Tax (PAT) at INR 19-crore in the September quarter of this fiscal. The company had posted a standalone PAT of INR 11 crore in the July-September period of FY23, MLL said in a statement.

Revenue during the quarter under review declined 5 per cent at INR 1,136-crore from INR 1,195 crore in the period a year ago, it said. Continue reading “Mahindra Logistics reports standalone PAT of Rs 19 cr in Q2 FY24”

Summary

• Tokyo show opens on Thursday for first time since 2019
• Toyota beginning strategic pivot to battery EVs
• BYD to be first Chinese automaker to exhibit at show
• Japan domestic auto market shrinking alongside population

TOKYO, Oct 23 (Reuters) – Tokyo’s auto show is back for the first time in four years and newly rebranded for the electric vehicle era, in a marketing overhaul that may be more reflective of industry aspirations than Japanese automakers’ lagging battery-powered lineup. Continue reading “Japan auto show returns, as industry faces EV turning point”

Oct 23 (Reuters) – The U.S. Justice Department has sought documents and issued subpoenas to Tesla (TSLA.O) as it scrutinizes the automaker’s driver assistance system Autopilot and vehicle driving range, among other issues, the company said on Monday.

Tesla said in a regulatory filing it has received requests for information “including subpoenas, from the DOJ. These have included requests for documents related to Tesla’s Autopilot and FSD features” and other requests “associated with personal benefits, related parties, vehicle range and personnel decisions.” Continue reading “US Justice Department issues subpoenas to Tesla in ongoing probes”

Oct 20 (Reuters) – China’s move on Friday to curb exports of graphite, a key electric vehicle battery material, will only accelerate efforts to develop alternative sources and materials, but that will take time, industry executives and analysts said.

China, the world’s largest graphite producer and exporter, will require export permits as of Dec. 1 for some graphite products, including spherical graphite used by automakers. It refines more than 90% of the world’s graphite into the material used in almost all EV battery anodes, which is the negatively charged portion of a battery. Continue reading “Analysis: China’s graphite curbs will accelerate plans around alternatives”

LONDON/DETROIT, Oct 23 (Reuters) – A race is on to certify battery health and performance in used electric vehicles, with a clutch of startups scrambling to help buyers figure out how much a secondhand EV is really worth.

With traditional combustion-engine cars, mileage and years racked up can quickly tell prospective buyers how much they should fork out. That formula does not work with EVs – whose value depends largely on their battery’s driving range and ability to hold a charge. Continue reading “The battery test race to work out what used EVs are really worth”

WASHINGTON/DETROIT, Oct 23 – The United Auto Workers (UAW) union went on strike at Chrysler-parent Stellantis’s largest assembly plant on Monday, hitting the automaker’s profitable RAM 1500 pickup truck production in a major expansion of the more than month-old strike.

The UAW, which is striking the three big Detroit automakers, blamed the latest walkout by 6,800 workers at the Michigan plant on Stellantis having the “worst proposal” on the table on wage increases, temporary worker pay and conversion to full time status as well as cost-of-living adjustments. Continue reading “UAW expands strike against Stellantis, hitting pickup truck plant”

Source : PTI | Tata Motors is developing a new petrol powertrain which would be utilised in its premium sports utility vehicles, Harrier and Safari, according to a top company official. The models currently come with a 2-litre diesel engine.

In an interaction with PTI, Tata Motors Passenger Vehicles Managing Director Shailesh Chandra said the engine is being developed and will be featured in the two models going ahead. Continue reading “Tata Motors developing new petrol engine to power premium SUV range”

Source : PTI | New Central Pollution Control Board (CPCB) has fined state-owned Indian Oil Corporation (IOC) and Bharat Petroleum Corporation Ltd (BPCL) for not installing pollution control devices at their petrol pumps. IOC has been fined INR 1 crore and BPCL INR 2 crore, the two firms said in separate stock exchange filings.

“The company has received a direction from CPCB to pay compensation of INR 1 crore for non-installation of Vapour Recovery Systems (VRS) at retail outlets in National Capital Region (NCR),” IOC said adding the fine was for not installing VRS at petrol refuelling stations within the timeline prescribed by the Supreme Court. Continue reading “Pollution board fines IOC INR 1 crore, BPCL INR 2 crore for not installing pollution control devices at their petrol pumps”

Source : PTI | New Delhi: Leading helmet maker Steelbird Hi-tech India aims to invest over INR 250 crore to set up a new manufacturing facility in Hosur, Tamil Nadu, as it looks to scale up capacity to cater to rising demand, according to a top company official. The company, which has four plants each in Baddi (Himachal Pradesh) and Noida, is looking to roll out over 20,000 units from the Hosur plant in two years time.

In an interaction with PTI, Steelbird MD Rajeev Kapur said the plant has been envisaged to cater to the aftermarket and demand from various OEMs (Original Equipment Manufacturers) based in South India. Continue reading “Steelbird lines up INR 250 cr capex for new plant in South India”

Source : PTI | In a world grappling with the complex problem of reducing carbon emissions to limit global warming, the universe’s most-abundant element has the potential to unlock part of the puzzle. Hydrogen might provide an effective decarbonisation solution for some industries – but only if it is made in a way that does not release emissions.

Australia is ideally placed to help make that happen if it is prepared to seize the opportunity.

The United Nations Climate Change Conference (COP28) begins in November – a critical event in the effort to reduce carbon emissions to help limit global warming to the internationally agreed target of 1.5 degrees Celsius. Continue reading “Australia’s hydrogen hour has arrived”

SEOUL, Oct 23 (Reuters) – South Korea’s Samsung SDI (006400.KS) said on Monday it will supply Hyundai Motor (005380.KS) with electric vehicle (EV) batteries for seven years starting 2026, marking the first battery supply deal between the two companies.

“The latest supply deal marks the first ever partnership between Samsung and Hyundai Motor Group in the field of electric vehicle batteries,” Samsung SDI said in a statement. Continue reading “Samsung SDI to supply EV batteries to Hyundai Motor starting 2026”

Summary

• Tokyo show opens on Thursday for first time since 2019
• Toyota beginning strategic pivot to battery EVs
• BYD to be first Chinese automaker to exhibit at show
• Japan domestic auto market shrinking alongside population

TOKYO, Oct 23 (Reuters) – Tokyo’s auto show is back for the first time in four years and newly rebranded for the electric vehicle era, in a marketing overhaul that may be more reflective of industry aspirations than Japanese automakers’ lagging battery-powered lineup.

The Japan Mobility Show, which opens on Thursday, comes at a critical moment for the domestic industry. Toyota (7203.T), the world’s top-selling automaker, this year announced a strategic pivot to battery EVs, including plans to commercialise advanced batteries and adopt die-casting technology pioneered by Tesla (TSLA.O). Continue reading “Japan auto show returns, as industry faces EV turning point”

TOKYO, Oct 23 (Reuters) – Toyota Motor (7203.T) will gradually restart operations from Tuesday morning at the remaining lines of group plants that had been halted due to an accident at a supplier’s facility last week, a spokesperson said.

The world’s biggest automaker by sales plans to have completely resumed production at all plants that have faced disruptions from the accident at spring maker Chuo Spring (5992.T) from the morning of Oct. 26, the spokesperson said. Continue reading “Toyota to resume operations at remaining halted plants from Tuesday”

Oct 23 (Reuters) – The U.S. Justice Department has sought documents and issued subpoenas to Tesla (TSLA.O) as it scrutinizes the automaker’s driver assistance system Autopilot and vehicle driving range, among other issues, the company said on Monday.

Tesla said in a regulatory filing it has received requests for information “including subpoenas, from the DOJ. These have included requests for documents related to Tesla’s Autopilot and FSD features” and other requests “associated with personal benefits, related parties, vehicle range and personnel decisions.” Continue reading “US Justice Department issues subpoenas to Tesla in ongoing probes”

Oct 20 (Reuters) – China’s move on Friday to curb exports of graphite, a key electric vehicle battery material, will only accelerate efforts to develop alternative sources and materials, but that will take time, industry executives and analysts said.

China, the world’s largest graphite producer and exporter, will require export permits as of Dec. 1 for some graphite products, including spherical graphite used by automakers. It refines more than 90% of the world’s graphite into the material used in almost all EV battery anodes, which is the negatively charged portion of a battery. Continue reading “Analysis: China’s graphite curbs will accelerate plans around alternatives”

LONDON/DETROIT, Oct 23 (Reuters) – A race is on to certify battery health and performance in used electric vehicles, with a clutch of startups scrambling to help buyers figure out how much a secondhand EV is really worth.

With traditional combustion-engine cars, mileage and years racked up can quickly tell prospective buyers how much they should fork out. That formula does not work with EVs – whose value depends largely on their battery’s driving range and ability to hold a charge. Continue reading “The battery test race to work out what used EVs are really worth”

IL&FS Transportation Networks will sell its wholly-owned subsidiary Jorabat Shillong Expressway to Sekura Roads for INR 1,343 crore. Jorabat Shillong Expressway , a wholly-owned subsidiary of the bankrupt IL&FS Group, has entered into a restated share purchase agreement with Sekura Roads in this regard.

The proceeds from the sale will be used to settle its liabilities aggregating INR 1,621 crore and the equity value under the deal is Re 1, a statement said, adding that the deal adjusts all of the liabilities at an enterprise value of INR 1,343 crore. Continue reading “IL&FS Transportation to sell Jorabat Shillong Expressway to Sekura Roads for INR 1.3K cr”

Source : PTI | Spurred by the huge response and public appreciation for the Shakti scheme that provides free travel for women across the state, Karnataka Chief Minister Siddaramaiah has directed officials to purchase 5,600 buses for the state road transport corporation.

According to a statement issued by the CM’s office, the Chief Minister said INR 500 crore has been provided in the state budget for acquiring new buses, and therefore ordered that the purchase process be completed soon. There has been a 15 % increase in the number of passengers travelling by State Road Transport Corporation buses since the launch of the Shakti Scheme. Continue reading “Karnataka to purchase 5,600 more buses following the success of Shakti scheme of free travel for women”

Source : PTI | More than 1.5 lakh challans were issued till October 15 this year to vehicle owners driving without pollution under control certificates (PUCC),Delhi Traffic Police said on Saturday. According to data shared by traffic police, a total of 1,58,762 challans were issued till October 15 this year, which is 50,662 more than the number of challans issued during the same period last year.

During the period from January 1 to October 15, 52,388 challans were issued in 2021 and 1,08,100 in 2022.

This year, the maximum number of challans were issued in Daryaganj circle (6,306), followed by Sarita Vihar (6,254), Rajouri Garden (5,595), Shahdara (5,442) and Tilak Nagar (5,252), the data showed. Continue reading “More than 1.5 lakh challans issued till Oct 15 for PUC violations: Delhi Traffic Police”