Morris Garages India welcomes JSW Group as its new JV partner for a tech enabled future with a focus on green mobility and innovation.

President of SAIC Motor, Wang Xiaoqiu, and JSW Group’s Parth Jindal signed crucial agreements at the MG UK Headquarters in London, in the presence of Rajeev Chaba, President and MD of MG Motor India.

This collaboration aims to turbocharge the transformation of MG Motor in India, unlocking a new era of innovation and sustainability.

Continue reading “It’s Official! Morris Garages India welcomes JSW Group as its new JV partner”

DELHI: 30 Nov. 2023 — High implementation of service advisor actions during pre-service assists original equipment manufacturer (OEM) workshops in a multi-faceted manner, according to the J.D. Power 2023 India Customer Service Index (CSI) Study,^SM released today. After a hiatus since 2021, J.D. Power has re-launched the India Customer Service Index Study in collaboration with NielsenIQ.

Pre-service actions by the service advisors combine several actions like multi-point inspection, explanation of work before service, being fully aware of customer needs, providing helpful advice and having sufficient technical knowledge. The study finds that customers who have received implementation of all these elements have an increase of 20 points (on a 1,000 -point scale) than those who do not (848 vs. 828, respectively). In addition, these customers end up spending 7% more on their service than those who do not receive these implementations. Continue reading “MG Motor India Tops 2023 India JD Power CSI Study for Third Consecutive Year”

Source : PTI | Transitioning to a more sustainable and carbon-neutral future will require USD 13.5 trillion in investments by 2050, particularly in the production, energy and transport sectors, a new World Economic Forum report said on Tuesday. The report noted that major producing countries and regions such as India, China, the US, and EU have now committed to net-zero targets, making it imperative for businesses within their jurisdictions to align their operations and strategies with the evolving regulatory landscape.

However, complex and ever-changing policy regimes result in businesses allocating substantial resources towards compliance, impeding progress, and therefore establishing more consistent and stable regulatory frameworks with well-defined timelines is imperative for mitigating these risks, it said. Continue reading “WEF says USD 13.5 trillion needed to fast-track decarbonisation of key sectors”

MOSCOW, Nov (Reuters) – Furloughed workers at Volkswagen’s former plant in Russia are being offered redundancy, according to the union representing them, as the new owners struggle to find a partner to resume output six months after VW finalised its exit from the country.

The plant, in Russia’s Kaluga region south of Moscow, has annual production capacity of 225,000 cars, but Russia’s invasion of Ukraine brought work to a standstill. The plant will remain idle until at least March 2024, the trade union added. Continue reading “Six months after Volkswagen exit, idle Russian car plant offers workers redundancy”

HONG KONG/SHANGHAI, Nov (Reuters) – Huawei Technologies’ (HWT.UL) new smart car software and components firm is set for a valuation of up to 250 billion yuan ($34.67 billion) after it sells stakes to investors including Changan Auto, three people with knowledge of the matter said.

The Chinese company said on Sunday it will spin off its four-year-old Intelligent Automotive Solution (IAS) business unit – which aimed to become the equivalent of German automotive supplier Bosch of the intelligent electric vehicle (EV) era – into a new company which will receive the unit’s core technologies and resources. Continue reading “Exclusive: Huawei’s new smart car firm valued up to $35 billion amid advanced stake talks”

TOKYO, Nov (Reuters) – Toyota (7203.T) and two affiliates will divest at least 8% of supplier Denso (6902.T), the companies said on Wednesday, a $4 billion deal that sparked investor hopes the world’s top-selling automaker will shed more of its numerous cross-shareholdings.

The share sale, which was first reported by Reuters on Tuesday, will be Japan’s second biggest this year and the largest in the global auto industry in more than a decade, according to LSEG data. Continue reading “Toyota group to sell 8% Denso stake, investors want more unwinding”

Summary

• GM to buy back $10 bln in stock, boost dividend by 33%
• Stock jumps 9.8%, Ford and Stellantis also gain
• GM cuts 2023 profit outlook
• GM to cut spending on robotaxi unit Cruise
• CEO Barra ‘disappointed’ with EV production this year

Nov 29 (Reuters) – General Motors (GM.N) said on Wednesday its new labor deals after a lengthy U.S. strike will cost it $9.3 billion even as it outlined $10 billion in share buybacks, a 33% dividend increase and “substantially lower” spending at its robotaxi unit Cruise. Continue reading “GM sees $9.3 billion hit from labor deals, outlines $10 billion stock buyback”

WASHINGTON, Nov (Reuters) – The United Auto Workers union said on Wednesday it is launching a first-of-its-kind push to publicly organize the entire nonunion auto sector in the U.S. after winning new contracts with the Detroit Three automakers.

The Detroit-based UAW said workers at 13 nonunion automakers were announcing simultaneous campaigns across the country to join the union, including at Tesla (TSLA.O), Toyota (7203.T), Volkswagen (VOWG_p.DE), Hyundai (005380.KS), Rivian (RIVN.O), Nissan (7201.T), BMW (BMWG.DE) and Mercedes-Benz (MBGn.DE). Continue reading “UAW launches bid to organize Tesla and ‘entire non-union auto sector’ in US”

Source : PTI | The Centre on Tuesday ordered the revocation of restrictions under Stage-III of GRAP in the entire NCR with immediate effect, following improvement in air quality. The Commission for Air Quality Management in National Capital Region and Adjoining Areas (CAQM), a statutory body responsible for formulating strategies to combat pollution in the region, met on Tuesday in view of the significant improvement in the overall air quality of Delhi-NCR.

The air quality forecasts by the India Meteorological Department/Indian Institute of Tropical Meteorology do not indicate the average air quality of Delhi to move to ‘severe’ category in the coming days for which forecast is available, the CAQM said. Continue reading “Restrictions on petrol and diesel four wheelers in Delhi-NCR scrapped as air quality improves”

SINGAPORE, Nov 28 (Reuters) – Lotus Technology, the luxury electric vehicle arm of sports car brand Lotus, said on Tuesday it has secured $870 million in financing ahead of the completion of its merger with blank check company L Catterton Asia Acquisition (LCAA) (LCAA.O).

All of the financing was secured based on a $5.5 billion valuation, China-headquartered Lotus Technology said in a statement. Continue reading “Lotus Tech secures $870 mln ahead of deal completion with L Catterton SPAC”

SHENZHEN, China, Nov (Reuters) – Huawei Technologies (HWT.UL) said some of its automotive partnerships, having gained skills in user experience, product design and marketing, were now ready to move towards independent operations and investment.

Huawei’s managing director and chairman of its smart car solutions unit Richard Yu made the comments while speaking at a launch event in Shanghai for the Luxeed S7 sedan that Huawei has jointly developed with Chinese automaker Chery(CHERY.UL). Continue reading “Some Huawei car businesses moving towards independence, autos chief says”

Summary

• Group companies to sell about 10% stake by year-end-sources
• Toyota Motor expected to remain Denso’s top shareholder-sources
• Denso to buy back shares to offset hit to share price-sources

TOKYO, Nov 28 (Reuters) – Toyota Motor (7203.T) and two affiliates plan to sell about 10% of components maker Denso (6902.T) by year-end, a stake likely worth about $4.7 billion, sources familiar with the matter said.

The sale of shares in Denso would mark the latest step by the world’s top selling automaker to cash in on stakes in affiliates as it ramps up production of fully electric vehicles, a capital-intensive endeavour that spans research and development to an overhaul of the factory floor. Continue reading “Exclusive: Toyota group companies plan $4.7 billion sale of Denso stake”

Source : PTI | New Delhi: Ride-sharing platform, Rapido on Monday announced the launch of free rides to over 2,600 polling stations in the city on November 30, to help voters.

A press release from the firm said, the initiative reflects Rapido’s commitment to boosting voter turnout in Telangana, particularly among its predominantly young user base. Rapido’s Co-founder Pavan Guntupalli, said “India’s democracy is its biggest highlight, and we are proud to be the disruptors in making every vote count. We urge people to participate in greater numbers to cast their vote without worrying about transportation. By facilitating free bike rides on Election Day, we intend to encourage citizens to exercise their right to vote.” Continue reading “Rapido offers free rides to 2600 polling booths in Hyderabad on Nov 30”

Nov (Reuters) – Our Next Energy (ONE) said on Monday it has cut around 25% of its workforce, or 128 employees, as the electric-vehicle battery startup deals with high borrowing costs and an uncertain economy.

The company, founded by former Apple executive Mujeeb Ijaz, said in February it had raised $300 million in a Series B funding, which valued the company at $1.2 billion. Continue reading “EV battery startup ONE cuts workforce by 25%”

Nov (Reuters) – Rivian Automotive (RIVN.O) on Monday announced the launch of leasing for its R1T electric pickup truck for customers in select U.S. states.

The option, which has been made available in states including California, New York, Florida and Texas, comes days ahead of the launch of Tesla’s (TSLA.O) Cybertruck which competes with the R1T. Continue reading “Rivian launches leasing for R1T electric pickup truck in some US states”

Nov (Reuters) – A U.S. labor board has dismissed claims that Tesla Inc (TSLA.O) illegally fired employees working on Autopilot software at a New York factory to put an end to union organizing.

A National Labor Relations Board (NLRB) regional official on Friday tossed out a complaint filed in February by Workers United, a union seeking to organize workers at Tesla’s Buffalo, New York “gigafactory.” Continue reading “Tesla beats US claim that it fired factory workers amid union campaign”

Nov 27 (Reuters) – Germany’s cabinet is expected to agree a supplementary 2023 budget this afternoon, a government spokesperson said on Monday.

The cabinet will also try to present a 2024 budget by the end of the year, the spokesperson said, adding that if this did not work out, the plan was to agree a budget in January. Continue reading “German cabinet to agree supplementary budget this afternoon – spokesperson”

BERLIN, Nov 27 (Reuters) – Volkswagen’s (VOWG_p.DE) 10 billion euro ($10.9 billion) savings programme will include staff reductions, managers told staff on Monday as brand chief Thomas Schaefer warned that high costs and low productivity were making its cars uncompetitive.

The German carmaker is in the midst of negotiations with its works council over a cost-cutting scheme at its VW brand, the first step in a group-wide drive to boost efficiency in the transition to electric cars. Continue reading “Volkswagen to reduce headcount at ‘no longer competitive’ VW brand”

WASHINGTON, Nov 27 (Reuters) – Electric vehicles are a “hoax,” they do not work, and they are strengthening China’s economy at the expense of American jobs.

Those are among the criticisms that contenders for the 2024 Republican presidential nomination, including former President Donald Trump and Florida Governor Ron DeSantis, have leveled on the campaign trail in recent weeks. Continue reading “In 2024, Republican EV attacks may fall short as swing states reap investment”

SEOUL, Nov 27 (Reuters) – Hyundai Motor Co (005380.KS) plans to halt its factory in Asan, South Korea, to construct an electric vehicle plant in the period between Dec 31. 2023 to Feb. 13 2024, the South Korean automaker said in a regulatory filing on Monday.

Hyundai Motor said it plans to resume operations at the Asan factory on Feb. 14. Continue reading “Hyundai Motor to halt Asan factory in S.Korea for EV factory construction”

Source : PTI | The government on Saturday announced compulsory blending of compressed biogas, which is extracted from municipal and agriculture waste, in natural gas to cut reliance on imports. Initially, 1% of biogas will be blended in gas used in automobiles and household kitchens for cooking from April 2025, a government statement said. The share will be increased to around 5% by 2028.

The government also plans to have 1% sustainable aviation fuel (SAF) in aircraft turbine fuel by 2027, doubling to 2% in 2028. The SAF targets will initially apply to international flights, the statement said. Continue reading “Government makes biogas blending mandatory”

Source : PTI | The Indian passenger vehicle market is expected to carry forward the momentum of this year to the next purely driven by economic fundamentals, having already moved beyond pent-up demand-induced growth, according to Toyota Kirloskar Motor Executive Vice President & Country Head Vikram Gulati. While the SUVs are expected to witness fast growth in general in 2024, the mid to higher end of the segment will also see faster acceleration, although the small cars category will remain a concern.

“I think the market is growing. It will continue to grow in a very healthy way. We are well beyond the part when people were saying this is pent-up demand. We have built much beyond that, and the festive season has seen very good pickup,” Gulati told PTI when asked about the outlook for 2024. Continue reading “Toyota expects Indian PV market to carry momentum of 2023 into next year, SUVs to continue to grow”

Source : PTI | State-owned oil and gas giants including IndianOil and GAIL (India) Ltd have been slapped with fines for the second quarter in a row for failing to meet listing requirements of having the requisite number of independent directors on board. Stock exchanges have fined oil refining and fuel marketing giant Indian Oil Corporation (IOC), explorers Oil and Natural Gas Corporation (ONGC) and Oil India Ltd, gas utility GAIL, refiners Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL), and Engineers India Ltd INR 5.42 lakh, stock exchange filings showed.

In separate filings, the companies detailed the fines imposed by the BSE and NSE but were quick to point out that appointment of directors was done by the government and they had no role in it. Continue reading “IOC, GAIL fined for second straight quarter for failing to meet listing norms”

BEIJING, Nov (Reuters) – China’s Huawei (HWT.UL) said on Sunday it will move core technologies and resources in its smart car unit, which has chalked up robust sales for a number of new vehicles, to a new joint company owned up to 40% by automaker Changan Auto.

The new company will engage in research and development, production, sales and service of intelligent automotive systems and component solutions, Huawei said in a press release. Continue reading “Huawei to move smart car operations to new joint company with Changan”

Source : PTI | Hero Electric , an electric two-wheeler manufacturer promoted by Naveen Munjal, has approached existing investor Gulf Islamic Investments (GII) and credit funds to raise around INR 550 cr, as the company fights a working capital crunch that has affected its operations and resulted in loss of market share, according to sources aware of the matter.

According to sources in the know, the company is attempting to raise INR 300 cr from existing backer GII and tie up the remaining funding of about INR 250 crore in form of debt for which it has tapped the credit fund arms of Edelweiss and Kotak. Hero Electric has offered to provide a land parcel in Gurugram as security to potential financiers. Continue reading “Hero Electric taps GII, credit funds for INR 550 cr”

Nov (Reuters) – China-based Zeekr Intelligent’s revenue nearly doubled in the first nine months of the year, the electric car brand revealed in its updated paperwork filed with the U.S. securities regulator on Friday for its initial public offering.

Zeekr, owned by Chinese automaker Geely Auto (0175.HK), had made its listing prospectus public earlier this month after confidentially filing in December to float its shares in New York. Continue reading “China’s Zeekr reveals revenue surge in updated financials ahead of US IPO”

Source : PTI | New Delhi: India has a target to achieve carbon neutrality by 2070. For this, organisations at various levels are working on resource efficiency to eliminate carbon emissions. The transport segment already accounts for more than a third of CO2 emissions from end‐use sectors.

TERI, a policy research organisation specialising in the fields of energy, environment and sustainable development, propagates that for addressing carbon emissions in this segment, electrification in various areas, meeting electricity demand through non-fossil sources, and developing low-carbon alternatives like hydrogen and biofuels for certain other areas could be the way to go. It also emphasises on the importance of adopting circular economy business models in the long term. Continue reading “Emission control: EVs are not the only solution, alternatives can play big role, says TERI DG”

Source : PTI | India’s largest carmaker Maruti Suzuki on Friday said its board has approved the allotment of 1,23,22,514 equity shares of the company to Suzuki Motor Corporation on a preferential basis as consideration for the acquisition of a 100% stake of SMC in Suzuki Motor Gujarat (SMG).

The decision to allot shares at a price of INR 10,420.85 per equity share for a total consideration of INR 12,841.1 crore was taken at a board meeting this morning. Maruti shares were trading 0.3% higher at INR 10,525 on BSE in the opening session. Continue reading “Maruti board approves INR 12,800 crore preferential issue to Suzuki Motor Corp”

MOSCOW, Nov (Reuters) – Chinese car sales in Russia appear to have peaked as domestic production recovers after the exodus of Western automakers, data shared with Reuters showed, but recent growth in the market may stall as high import costs and interest rates begin to bite.

The figures are early indicators that Russia’s car market, and China’s role in it, have stabilised after nearly two years of upheaval caused by sanctions placed on Moscow and Western companies’ sudden exit in the wake of the invasion of Ukraine. Continue reading “Exclusive: Chinese car sales boom in Russia levels off amid shaky local recovery”

BERLIN, Nov (Reuters) – German Chancellor Olaf Scholz will convene car executives with ministerial leaders, energy executives and unions on Monday to discuss how Germany can meet its target of 15 million electric cars on the road by 2030, a government spokesperson said.

The chancellor is convinced the goal could be reached if carmakers produced more cheaply priced and longer-range cars, spokesperson Steffen Hebestreit said at a press conference on Friday. Continue reading “German government, car industry to strategise on goal of 15 mln EVs by 2030”

Summary

• Electric Qashqai and Juke to be built in UK
• Up to 2 bln stg total investment in UK
• PM to host investment summit next week

LONDON, Nov (Reuters) – Nissan (7201.T) said on Friday it would pump 1.12 billion pounds ($1.4 billion) into its British plant to build electric versions of two models, offering a boost to the country’s auto industry and a prime minister desperate to attract foreign investment. Continue reading “Nissan invests $1.4 bln to build two new EV models in Britain”

Summary

• Scholz: 2024 budget decisions to be taken this year
• Germany set to suspend debt brake
• Finance minister wants significant “consolidation” in budget
• Majority of Germans oppose suspending debt brake – poll

BERLIN, Nov (Reuters) – German Chancellor Olaf Scholz promised on Friday to finalise the 2024 budget by the end of this year, in a video message that sought to reassure spooked citizens and investors in Europe’s largest economy after a court ruling tore up its spending plans. Continue reading “Germany’s Scholz promises swift budget overhaul in spending fiasco”

Summary

• Power cuts, logistics headaches driving up costs
• Carmaker looking to boost margin, cut costs

JOHANNESBURG, Nov (Reuters) – A senior Volkswagen (VOWG_p.DE) executive involved in a global cost-cutting strategy said on Friday he was “very worried” about the future of the company’s operations in South Africa, which is fighting persistent power cuts and logistics snarls. Continue reading “VW struggling with S.Africa costs as group targets savings – executive”

STOCKHOLM, Nov (Reuters) – The conflict between Swedish unions and Tesla (TSLA.O) heated up on Friday as a supplier of critical components joined in a sympathy action to get the electric car maker to sign a collective bargaining agreement for its Swedish workers.

Around 50 workers that make specialized Tesla components at Hydro Extrusions, a subsidiary of Norwegian aluminium and energy company Hydro, will either stay at home or be given other tasks from Friday until further notice, the IF Metall union said. Continue reading “Swedish union blocks Tesla components as dispute intensifies”

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