BEIJING, Nov 24 (Reuters) – China hopes Russia will give policy support for Chinese automobile enterprises to produce, sell and operate in Russia, Chinese state media cited China’s ambassador to Russia as saying on Friday.
China will promote Chinese and Russian integration in the automotive industry supply chain, Ambassador Zhang Hanhui was cited as saying. Continue reading “China hopes Russia will provide policy support to Chinese auto firms – Chinese state media”
TURIN, Italy, Nov (Reuters) – Stellantis (STLAM.MI) will lift its 2030 revenue target for its recycling and reconditioning unit after its revenue grew 25% so far this year, the automaker’s CEO said on Thursday, adding that the business would help make electric vehicles more affordable.
Rising prices and reduced availability of raw materials, as well as environmental costs to extract them, are pushing manufacturers and regulators to reuse and recycle more. Continue reading “Stellantis to lift revenue target for ‘circular economy’ recycling unit”
Source : PTI | US electric carmaker Tesla is willing to invest up to USD 2 billion for setting up a local factory if the government approves a concessional duty of 15% on imported vehicles during its first two years of operations in India.
According to sources aware of the matter, Tesla has approached the union government with a detailed proposal linking the quantum of investment to the number of cars it can import at lower duty. The company is willing to invest up to USD 500 million if the government extends concessional tariff for 12,000 vehicles and can increase this up to USD 2 billion if the reduced duty is approved for 30,000 vehicles. People close to the development said the government is examining the viability of the upper range of Tesla’s proposal – the investment of USD 2 billion to set up a plant. Continue reading “Tesla ready to drive in up to USD 2 billion, but with riders”
Source : PTI | The current USD 800 billion invested annually in the global oil and gas sector could be halved by 2030 if a goal to limit global warming to 1.5 degrees Celsius is to be reached, the International Energy Agency (IEA) said in a report Thursday.
The report added that no new long-lead-time oil and gas sector projects would be needed if that goal were to be reached, and some current projects would need to be shuttered. Continue reading “Oil and gas investment could halve by 2030 to meet climate goal -IEA”
Source : PTI | It is no secret that American EV making giant Tesla Inc. is planning to enter the ever-growing Indian automotive sector, with CEO Elon Musk having mentioned the plans multiple times over the past few months. It seems like we are now inching closer to Tesla’s India entry, which could happen as soon as next year.
About a month ago, TOI had revealed that the Indian government is considering introducing a new electric vehicle policy that would slash import taxes for car companies that commit to some local manufacturing. The tax reduction could mean that Tesla (and other global EV companies) can test-market their products before fully committing to the market and setting up a plant for manufacturing locally. Continue reading “Which states can become home to Made in India Tesla EVs?”
ROME, Nov (Reuters) – Glencore (GLEN.L) has decided to build a pilot project for an electric vehicle (EV) battery recycling plant outside of Italy, but still has its eye on the island of Sardinia for a larger facility, the Swiss mining group said on Thursday.
Responding to a Reuters request for comment on a newspaper report, Glencore said that the decision to relocate the testing and demonstration plant away from Portovesme in Sardinia would allow for faster commissioning of the project. Continue reading “Glencore to build pilot battery recycling plant outside of Italy”
Summary
Source : PTI | New Delhi: Auto dealers will see revenues accelerate 8%-10% this fiscal, driven by 5%-7% increase in sales volume, premiumisation and price hikes of 2%-5% by original equipment manufacturers (OEMs).
That, along with steady operating profitability and moderate debt, will keep their credit profiles stable, a CRISIL Ratings analysis of ~150 auto dealers indicates. Continue reading “Auto dealers to clock 8-10% revenue growth as volume normalises”
Source : PTI | New Delhi: If one is a gamer and a car enthusiast, they are usually accustomed to a number of car racing video games. Now, with an onward move towards autonomous mobility, technology is becoming synonymous with the automotive world, and gamers could also experience and enjoy in-car gaming which is expected to become a core feature of the cars of tomorrow.
One such Indian technology company is working on leveraging this opportunity. In line with enhancing the driver and passenger experience within the Cockpit of the Future, Pune-based KPIT Technologies is set to acquire a 13% stake in the Switzerland-based N-Dream AG, an emerging startup specializing in Cloud-based game aggregation platforms. The agreement also includes an option for KPIT to further increase its shareholding. Continue reading “Future of Mobility: In-car gaming could be the new entertainment for cars”
WINNIPEG, Manitoba, Nov (Reuters) – Canada needs to shift gears on its strategy of building electric vehicle (EV) charging stations across the country, advocacy groups and government officials say, but they are trying to steer Prime Minister Justin Trudeau’s Liberal government down different roads.
Trudeau’s rollout strategy is focused on building EV ports in populous public areas and multi-family residential buildings, which experts warn may not be enough to rapidly increase EV adoption and help meet the government’s ambitious climate goals. Continue reading “Canada’s EV charging strategy reaches fork in the road”
Source : PTI | Warren Kevin Harris , CEO & MD, Tata Technologies, says “we have new concept engineering capabilities, we have mechanical capabilities but we also have software and embedded capabilities that are a match to anybody in the Indian engineering service provider arena. The thing that differentiates us is our ability to be able to integrate those technology solutions with mechanical systems and position support for our customers in the context of delivering entire subsystems and work packages all the way through the delivery of a complete vehicle.” Continue reading “We are driving disruption and change in auto ER&D space; have home advantage against GCCs: Tata Tech CEO”
Source : The Heavy Industries Ministry is probing officers that erred in giving approvals to companies that wrongly claimed subsidies under the FAME Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India (FAME India) scheme. Speaking to journalists in New Delhi, Secretary, Ministry of Heavy Industries, Kamran Rizvi said that the investigation also looks in the role of International Centre for Automotive Technology (ICAT) and the Automotive Research Association of India (ARAI). Continue reading “Probe underway against government officials in FAME subsidy misappropriation case”
Nov 22 (Reuters) – Volkswagen (VOWG.DE) said on Wednesday that it would hike salaries for production workers at its Tennessee-based Chattanooga assembly plant by 11%, weeks after the United Auto Workers union won significant pay and benefit hikes from the Detroit Three automakers.
The German company and other non-union automakers in the U.S. have come under increased pressure to improve pay and benefits following the record contracts achieved by the UAW in late October after thousands of its members went on a six-week targeted strike. Continue reading “Volkswagen becomes the latest automaker to hike wages for U.S. factory workers”
Nov (Reuters) – A Florida judge found “reasonable evidence” that Tesla Chief Executive Elon Musk and other managers knew the automaker’s vehicles had a defective Autopilot system but still allowed the cars to be driven unsafely, according to a ruling.
Judge Reid Scott, in the Circuit Court for Palm Beach County, ruled last week that the plaintiff in a lawsuit over a fatal crash could proceed to trial and bring punitive damages claims against Tesla for intentional misconduct and gross negligence. The order has not been previously reported. Continue reading “Judge finds evidence that Tesla, Musk knew about Autopilot defect”
Industry experts and leaders came together to address challenges in the Supply Chai
New Delhi, November 22, 2023: Society of Indian Automobile Manufacturers (SIAM), the apex body of the automobile industry, hosted the Automotive Sourcing Conclave under the theme “Towards Building a Resilient Supply Chain.” The conclave addressed critical areas in the supply chain, including EV components, electronics and electricals, transmission systems, and metals. Continue reading “SIAM Automotive Sourcing Conclave Focuses on Building a Resilient Supply Chain”
Source : PTI | Domestic commercial vehicle industry is expected to touch the peak sales volume of 2018-19 this fiscal and grow briskly over the next few years coinciding with the growth of the overall economy, VE Commerical Vehicles MD and CEO Vinod Aggarwal said on Monday. He noted in the first seven months (April-October), the heavy duty truck segment has grown by 15 per cent.
“We are expecting that this year the industry should either be very near to the peak or it may even cross earlier peak of 2018-19,” Aggarwal told PTI here in an interaction. Continue reading “Commercial vehicle segment set for growth with expanding economy: VECV MD”
Source : PTI | Transitioning Indonesia’s millions of petrol-fuelled motorbikes to electric is a daunting task but there is a feasible solution.
There are more than 122 million motorcycles in Indonesia, making them the most popular form of transport in the country.
Cheap and efficient, and better on the notoriously clogged roads of the country’s biggest cities, motorbikes also come at a cost: along with other road vehicles, they are a major source of greenhouse gas emissions. Continue reading “How battery swapping can accelerate e-motorbikes”
BENGALURU, Nov (Reuters) – Japan’s Toyota Motor (7203.T) on Tuesday said it will invest nearly $400 million to set up a third manufacturing facility in India as it looks to meet surging demand for its vehicles.
The new plant, which will create 2,000 new jobs and produce over 100,000 units annually, would take Toyota’s overall capacity to 410,000 units per annum.
The plant would also be the world’s largest automaker’s first capacity expansion in over a decade. Continue reading “Toyota to invest nearly $400 mln for third plant in India”
LONDON, Nov (Reuters) – New car sales in the European Union rose 14.6% in October, boosted in part by a big jump in sales of fully electric cars, while hybrid electric vehicles accounted for nearly three of every 10 vehicles sold in the economic bloc.
Sales of fully electric cars rose 36.3% from a year earlier and full hybrid sales were up nearly 39% as the EU recorded its 15th consecutive month of sales growth, the European Automobile Manufacturers Association (ACEA) said on Tuesday. Continue reading “EU October car sales up 14.6%, EV sales jump more than 36%”
BEIJING, Nov 21 (Reuters) – Volkswagen (VOWG_p.DE) has begun operating its first wholly owned battery pack production plant in China in eastern Anhui province’s capital Hefei city, the local Hefei government said on Tuesday.
Volkswagen Anhui will also begin mass-production of pure electric models based on the MEB platform by the end of 2023, the government said. Continue reading “Volkswagen begins operating first wholly owned battery pack plant in China – local govt”
SHANGHAI, Nov 21 (Reuters) – As EV makers in China wage an intense price war to prop up slowing demand, Chinese brands with strong hybrid lineups are emerging as winners, attracting consumers with vehicles with long range that can cost less than gasoline cars.
The emerging trend may provide a glimmer of hope for global automakers such as Toyota (7203.T) and Honda who are pursuing “multi-pronged” electrification strategies, as electric vehicle (EV) sales lose momentum in Europe and the U.S., partly because of high auto financing costs. Continue reading “Hybrid vehicle sales surge in China, posing fresh threat to foreign automakers”
SHANGHAI, Nov 21 (Reuters) – Nio (9866.HK) said on Tuesday it would partner with Changan Automobile (000625.SZ) to develop battery-swapping electric vehicles, in an attempt by the loss-making Chinese EV maker to ease costs.
The partnership will also see Nio and state-owned Changan on building and sharing battery-swapping stations and standardising batteries, Nio said in a statement to Reuters. Continue reading “China’s Nio, Changan Auto to jointly develop battery-swapping EVs”
Summary
MILAN, Nov (Reuters) – Stellantis (STLAM.MI) plans to build an electric vehicle (EV) battery plant with China’s CATL (300750.SZ) in Europe, its fourth one in the region, as the European carmaker seeks to make cheaper batteries and more affordable EVs. Continue reading “Stellantis, CATL plan factory in Europe to make cheaper EV batteries”
MELBOURNE, Nov (Reuters) – Around 400 train drivers for BHP’s (BHP.AX) Western Australian iron ore division will begin industrial action late this week after rejecting an offer that they said fell short on working schedules, a union representative told Reuters on Monday.
Drivers will from Friday stop using a BHP app for roster changes, meaning each worker must be contacted individually if the world’s biggest miner wishes to change their working hours, Mining and Energy Union WA secretary Greg Busson told Reuters. Continue reading “BHP train drivers to start ‘restrained’ industrial action on Friday”
Source : PTI | Domestic commercial vehicle industry is expected to touch the peak sales volume of 2018-19 this fiscal and grow briskly over the next few years coinciding with the growth of the overall economy, VE Commerical Vehicles MD and CEO Vinod Aggarwal said on Monday. He noted in the first seven months (April-October), the heavy duty truck segment has grown by 15 per cent.
“We are expecting that this year the industry should either be very near to the peak or it may even cross earlier peak of 2018-19,” Aggarwal told PTI here in an interaction. Continue reading “Commercial vehicle segment set for growth with expanding economy: VECV MD”
Nov (Reuters) – General Motors’ (GM.N) Cruise co-founder and chief product officer Daniel Kan has resigned, the company told Reuters on Monday, a day after Cruise CEO Kyle Vogt quit.
Kan announced his resignation in a Slack message which was viewed by Reuters. The company and Kan offered no other details.
In his message to employees Kan noted that Cruise had been serving 10,000 rides per week. “I know Cruise will achieve that again soon,” he wrote. Continue reading “GM Cruise cofounder, senior exec Dan Kan quits day after CEO exit”
Nov (Reuters) – Toyota (7203.T) will pay $60 million to settle a U.S. regulator’s charges it illegally prevented car buyers from canceling unwanted product bundles that increased their monthly loan payments, and tarnished buyers’ credit reports.
The Consumer Financial Protection Bureau (CFPB) on Monday said Toyota Motor Credit, the automaker’s U.S.-based lending arm, will pay a $12 million civil fine and $48 million to car buyers harmed since 2016. Continue reading “Toyota to pay $60 mln for lending abuses, tarnishing credit reports, US regulator says”
WASHINGTON, Nov (Reuters) – U.S. auto safety regulators on Monday said they had opened a probe into 16 separate recalls issued by Hyundai (005380.KS) and Kia (000270.KS) covering 6.4 million vehicles relating to brake fluid leaks that could result in fires.
The affiliated Korean automakers have issued a string of recalls since 2016 for antilock braking system (ABS) and Hydraulic Electronic Control Units (HECU) issues manufactured by the same parts supplier. Continue reading “US probes Hyundai, Kia recall into 6.4 million vehicles over fire risks”
Nov (Reuters) – The United Auto Workers (UAW) said Monday that 64% of workers at the Detroit Three automakers voted to ratify new record contracts after a six-week targeted strike, as the union turns its attention to organizing foreign-owned and Tesla auto plants.
The votes lock in the UAW’s tentative agreements with the automakers through April 2028, which include a 25% increase in base wages and will cumulatively raise the top wage by 33%, compounded with estimated cost-of-living adjustments to over $42 an hour. Continue reading “UAW clinches record Detroit deals, turns to organizing Tesla, foreign automakers”
Nov (Reuters) – (This Nov. 17 story has been corrected to say that the CFO leaves less than a year after taking up the role, not after joining the company, in paragraph 1, and removes reference from the headline)
Electric-truck maker Nikola (NKLA.O) said on Friday Chief Financial Officer Anastasiya Pasterick would resign to “pursue other opportunities” less than a year after taking up the role. Continue reading “Nikola CFO Anastasiya Pasterick to resign”
Nov (Reuters) – – Kyle Vogt, the CEO of General Motors’ robot-taxi unit Cruise, has resigned from the company a day after apologizing to staff as the company undergoes a safety review of its U.S. fleet.
Vogt, 38, offered little in the way of explanation, stating simply “I have resigned from my position” in an email to staff viewed by Reuters on Sunday. Vogt founded Cruise in 2013. Continue reading “CEO of GM’s Cruise robo-taxi unit resigns amid US safety review”
TAIPEI, Nov 20 (Reuters) – Shares in Foxtron Vehicle Technologies (2258.TW), a unit of Taiwanese contract manufacturer Foxconn (2317.TW), fell in their market debut on Monday, hurt by concerns over headwinds in the highly competitive electric vehicle market.
Foxtron shares did recover some ground from earlier losses of as much as 9%, ending down 2.7% which gave it a market capitalisation of around $2.7 billion. Continue reading “Foxconn’s electric car unit falls in market debut amid tough industry outlook”
MILAN, Nov 20 (Reuters) – Fiat-parent company Stellantis (STLAM.MI) will start in-depth talks with the Italian government next month to finalise a broad agreement for the country’s automotive industry, including higher domestic production targets.
Stellantis CEO Carlos Tavares and Industry Minister Adolfo Urso said earlier this year they were working on a deal to increase the automaker’s annual output in Italy to one million vehicles, without specifying a timeframe. Continue reading “Stellantis to start in-depth talks with Italian govt to boost car production”
Source : PTI | Luxury carmakers Mercedes and Audi have dispatched record units this festive season as the demand for high-end cars continues to grow in the country. Driven by brisk sales throughout the year, the luxury car industry in India is hopeful of achieving its best-ever performance this year.
In an interaction with PTI, Mercedes-Benz India Managing Director Santosh Iyer said the festive season this year from Onam to Diwali has been better than last years’, owing to multiple new launches, an attractive portfolio and also strong customer sentiment. Continue reading “Mercedes, Audi see record sales in festive season this year”
Source : PTI | New Delhi: Hinduja Group flagship firm Ashok Leyland is keen to get external investments for its electric vehicle arm Switch Mobility but only from ‘the right strategic partner’, and it will not shy away from investing on its own till such an ally is found, according to its Managing Director and CEO Shenu Agarwal. While Switch India is likely to be cash neutral or cash positive going forward, on an operating level at least, for Switch UK some more investments may be required in FY25, with the European and UK markets still not going that strong, he told analysts.
“We are very keen on getting external investments also, but we want to make sure that we have the right strategic partner with us. I mean, we do it at the right valuation. So right now, the focus is to get Switch into a very, very strong mode by developing products, by maturing our technology on both the bus side and the LCV side,” Agarwal said. Continue reading “Keen to get external investment for EV arm Switch Mobility, waiting for right partner: Ashok Leyland MD”
Nov (Reuters) – A U.S. judge dismissed an antitrust lawsuit accusing Elon Musk’s electric car company Tesla (TSLA.O) of forcing customers to pay high prices and suffer long waits for repairs by monopolizing the markets for vehicle maintenance and replacement parts.
In a Friday night decision, U.S. District Judge Trina Thompson in San Francisco said customers in the proposed class action failed to show either that the alleged problems were “not generally known” when they bought their vehicles, or that they could not predict the costs to keep their vehicles running. Continue reading “Tesla beats lawsuit claiming it monopolizes repairs, parts”
SAN FRANCISCO, Nov (Reuters) – The CEO of Cruise, General Motors’ robot taxi unit, on Saturday apologized for the company’s situation following an accident that led to the pause of its self-driving vehicle operations while it conducts a safety review.
In an email to staff reviewed by Reuters, Cruise CEO Kyle Vogt also said the firm would make a new tender offer to allow employees to sell shares, just two days after cancelling an earlier offer. Continue reading “Exclusive: GM’s Cruise CEO offers apology, will allow share sales”
Source : PTI | The UK has sought customs duty concessions on exports of electric vehicles to India under the proposed free trade agreement (FTA), which is under negotiations, an official said. However, the official said, no decision has been taken so far on the issue.
There is a demand to provide concessions on a specified number of vehicles per year, the official added.
The fast-growing EV market in India is catching the eyes of global players. The UK is also looking at phasing out ICE (internal combustion engine) vehicles by 2035, and the British auto market is export-driven. Continue reading “UK seeks customs duty concessions on EVs in FTA with India”
Source : PTI | Japanese auto major Honda is all set to introduce its India-made mid-sized SUV Elevate in the Japanese market next year. It would be the first instance that a product manufactured by Honda Cars India Ltd (HCIL), a wholly-owned unit of the Japanese firm, will be exported to the highly regulated Japanese market.
HCIL is rolling out Elevate from its Tapukara (Rajasthan-based) production facility.
“After its successful debut in India earlier this year, Elevate is scheduled for Spring 2024 launch in the Japanese market under the brand name WR-V,” an HCIL spokesperson said in a statement. Continue reading “Made-in-India Honda Elevate to debut in Japan next year”
Source : PTI | Utility vehicle maker Isuzu Motors India has inaugurated its new dealership in Tamil Nadu under its plan to strategically expand its network across the country, a top official said.
The company, a subsidiary of Isuzu Motors Ltd, Japan has set up its 3S — sales, service, and spares — dealership named Kaveri ISUZU in Tiruchirappalli. Marking the inauguration of the outlet, company officials handed over the keys of an Isuzu D-MAX pickup to the first customer on Friday, a press release said. Continue reading “Isuzu Motors strategically expanding network pan India, says official”
