Source : PTI | New Delhi: India on Friday invited Global South to join the recently launched Global Biofuels Alliance, saying it is willing to share its expertise with developing and less developed nations. A global alliance for promoting biofuels was launched at the Group of 20 leaders meeting in September with a view to reducing emissions in the transportation and industrial sectors.

The Global Biofuel Alliance, which includes top producers Brazil and the US, will help build the worldwide market for trade in biofuel, which is obtained from biomass. Continue reading “India invites Global South to join biofuel alliance”

STOCKHOLM, Nov 17 (Reuters) – Dockworkers in Sweden pledged on Friday to refuse to offload Tesla (TSLA.O) cars at any of the country’s ports as they expanded their industrial action in sympathy with Tesla workers’ demands for collective bargaining agreements.

Tesla, co-founded by billionaire Elon Musk, does not manufacture in Sweden, but its electric cars are serviced by more than 120 mechanics affiliated with Swedish union IF Metall, which began a strike on Oct. 27. Continue reading “Tesla union pressure increases in Sweden as dockworkers escalate strike”

OTTAWA, Nov (Reuters) – Canadian support for the construction of three major electric vehicle (EV) battery manufacturing factories will cost around 16% more than initially announced, an independent budgetary watchdog said on Friday.

Canada, home to a large mining sector for minerals critical for battery production, has pledged billions in incentives to woo companies involved in all levels of the EV supply chain as the world seeks to cut carbon emissions. Continue reading “Canada’s support for EV battery plants to cost 16% more than announced, watchdog finds”

WASHINGTON, Nov (Reuters) – United Auto Workers (UAW) members at Ford Motor (F.N) and Chrysler parent Stellantis NV (STLAM.MI) have voted to ratify a tentative record-setting labor deal, the union’s vote tracker showed on Friday.

The deal had the support of about 68% of Ford and Stellantis members voting. It had a more than a 12,600-vote margin at Ford and a 9,600-vote lead at Stellantis with just a few small locals’ results yet to vote or be reported. Continue reading “Ford, Stellantis workers vote to ratify new labor contract”

LOS ANGELES, Nov (Reuters) – Western lithium and graphite miners have started charging the electric vehicle (EV) supply chain higher prices for their material, meeting demand for environmentally-friendly and consistent supply that is not linked to China.

In presentations and interviews at this week’s Benchmark critical minerals conference in Los Angeles, industry executives, consultants and investors touted the premium pricing model as a way to help prod development of non-Chinese supply, a goal of Washington, Brussels and other Western governments. Continue reading “Western lithium, graphite miners boost prices for ESG-friendly supply”

LOS ANGELES, Nov (Reuters) – Hyundai Motor (005380.KS) and Kia (000270.KS) see strong U.S. demand for electric vehicles (EVs), senior executives at the South Korean automakers told Reuters ahead of the Los Angeles Auto Show.

The comments run against industry fears that inflation and higher interest rates will undermine the boom in EV sales. Other major EV makers from Tesla (TSLA.O) to Ford Motor (F.N) have pushed back EV-related factory buildouts in the face of economy-related concern. Continue reading “Hyundai, Kia see strong demand for EVs, despite rivals’ concerns”

Nov (Reuters) – 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 joining the loss-making company.

Pasterick was appointed to the role in March this year after the exit of Kim Brady, who was credited with taking Nikola public through a merger with a blank-check firm in 2020. Continue reading “Nikola CFO to resign less than a year after joining”

SAN FRANCISCO, Nov (Reuters) – Days after General Motors’ (GM.N) Cruise self-driving car unit pulled all of its vehicles off the roads in the U.S. for a safety review, it continues to test them on public roads in Dubai and Japan, Reuters has learned.

Cruise this week said it had paused all car trips in the U.S. – including ones where a safety driver was in the vehicle – and expanded the scope of its internal investigation following an October accident that caught the attention of regulators. Earlier this month, it suspended all fully autonomous rides and recalled 950 vehicles. Continue reading “Cruise testing continues in Japan, Dubai, even as vehicles parked in US”

DETROIT, Nov 16 (Reuters) – General Motors (GM.N) said on Thursday it was reorganizing its BrightDrop electric commercial vehicle unit to make it less independent and reduce costs, and that the unit’s head, Travis Katz, would be leaving.

GM said CEO Katz was leaving at an unspecified date, but did not elaborate on the reason for his departure. Continue reading “GM reorganizes BrightDrop EV unit, business head leaving”

Nov 16 (Reuters) – The Aston Martin Formula One team said on Thursday it had agreed on an investment by U.S. private equity firm Arctos Partners in exchange for a minority shareholding.

The stake sale, terms of which were not disclosed, values the racing group at 1 billion pounds ($1.24 billion), a person with knowledge about the matter told Reuters. Continue reading “Aston Martin F1 team gets investment from PE firm Arctos”

WASHINGTON, Nov (Reuters) – A bipartisan group of U.S. lawmakers raised alarm about Chinese companies collecting and handling sensitive data while testing autonomous vehicles in the United States, according to letters seen by Reuters on Thursday.

The lawmakers, including House of Representatives Energy and Commerce Committee Chair Cathy McMorris Rodgers and China select committee Chair Mike Gallagher, asked 10 Chinese-related companies to answer questions by Nov. 29 on data collection practices from ongoing autonomous vehicle testing in California and elsewhere. Continue reading “US lawmakers raise concerns over Chinese self-driving testing data collection”

LOS ANGELES, Nov 16 (Reuters) – Subaru (7270.T) will raise the wages of its U.S. plant workers in light of recent labor deals reached by the Detroit Three automakers and United Auto Workers (UAW), the Japanese automaker’s CEO, Atsushi Osaki, told Reuters on Thursday.

The amount of the raises for workers at Subaru’s assembly plant in Lafayette, Indiana, has yet to be determined but will be in line with industry levels after the UAW deals with General Motors (GM.N), Ford (F.N) and Chrysler parent Stellantis (STLAM.MI), Osaki said through an interpreter at the Los Angeles auto show. Continue reading “Subaru to raise US wages after UAW deals with Detroit Three -CEO”

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Key Learnings from the Past 8 Editions of the India Vehicle After Sales Summit by WAF WAF Continue reading “WAF Auto News | The Auto World This Week (17th November 2023)”

Source ; PTI | New Delhi: The Delhi government is likely to impose a complete ban on passenger buses except those running on CNG, electricity and BS-VI diesel from entering the national capital in view of the pollution situation. Restrictions under GRAP Stage IV are currently in place in Delhi amid plummeting air quality in the national capital.

At present, only trucks are barred from entering the city. Continue reading “Delhi pollution: Buses except CNG, electric, BS-VI diesel ones likely to be barred from entering city”

Source : PTI | Mahindras were on the verge of exiting from renewables due to high capital requirements, but are now looking at growing the business five times in the next five years, a top official said on Thursday. A key change which prompted the rejig in plans and indeed opting for a ramp-up was introduction of the infrastructure investment trusts (Invits), Mahindra and Mahindra’s managing director and chief executive Anish Shah said.

Speaking at a Ficci event, Shah said the renewables business, for which the company has partnered with a global investor, will grow 5x in the next five years. Continue reading “From being on verge of exiting renewables, Mahindras now aiming 5x growth”

Source : PTI | Quad Investors Network on Tuesday announced its collaboration with India-based battery materials company Epsilon Advanced Materials, which recently decided to build a USD 650 million battery materials and components plant in North Carolina.

The deal represents the first and largest investment ever made by an Indian company into the US electric battery industry and is expected to create 500 jobs in North Carolina, a press release said.

Continue reading “Quad Investors Network announces collaboration with Epsilon Advanced Materials of India”

Source : PTI | India’s top oil and gas producer ONGC plans to invest about INR 1 lakh crore in setting up two petrochemical plants to convert crude oil directly into high-value chemical products as it prepares for energy transition, top company officials said on Wednesday. Crude oil, which companies like ONGC pump out from below seabed and underground reservoirs, is a primary source of energy. It is processed in oil refineries to produce petrol, diesel and jet fuel. With the world looking to transition away from fossil fuels, companies around the globe are looking at new avenues to use crude oil.

Petrochemicals are chemical products derived from crude oil and used in the manufacturing of detergents, fibres (polyester, nylon, acrylic etc.), polythene and other man-made plastics. Continue reading “ONGC plans to invest INR 1 lakh cr to set up 2 petrochemical plants”

STOCKHOLM, Nov (Reuters) – Tesla (TSLA.O) is facing growing pressure in Sweden from unions backing mechanics demanding a collective bargaining agreement with the U.S. carmaker, with workers at one of its suppliers set to go on strike next week.

Tesla has no manufacturing plant in Sweden but its electric cars are serviced at workshops across the country, where around 130 mechanics affiliated with Swedish union IF Metall began a strike on Oct. 27. Continue reading “Tesla faces pressure in Sweden as workers at supplier to strike”

Nov (Reuters) – Tesla Inc (TSLA.O) did not violate U.S. labor law by prohibiting workers at its flagship Fremont, California, assembly plant from wearing pro-union t-shirts, a federal appeals court has ruled.

The New Orleans-based 5th U.S. Circuit Court of Appeals in a decision on Tuesday said that because Tesla required all employees to wear company-issued shirts while allowing them to display union stickers, its uniform policy was lawful. Continue reading “Tesla can bar US factory workers from wearing union t-shirts, court rules”

BERLIN, Nov (Reuters) – Volkswagen (VOWG_p.DE) has not made a decision on producing a 20,000-euro ($21,714.00) electric car yet, but Chief Executive Oliver Blume is convinced that the company can get there by the second half of the decade, he said at a conference on Wednesday.

The main lever to reduce prices of electric cars is reducing battery costs, Blume said at the Sueddeutsche Zeitung Wirtschaftsgipfel conference in Berlin, pointing to the company’s plans to produce a unified battery cell that it says will reduce battery costs by half. Continue reading “Volkswagen CEO: 20,000-euro EV could come in second half of decade”

NEW YORK, Nov (Reuters) – Trevor Milton, the convicted founder of electric- and hydrogen-powered truck maker Nikola (NKLA.O), is seeking to avoid prison, with his lawyers saying his case differed from that of Theranos’ Elizabeth Holmes, another startup founder convicted of fraud.

Milton, 41, had been found guilty by a federal jury in Manhattan in October 2022 on two counts of wire fraud and one count of securities fraud, after prosecutors branded him a “con man” who lied to investors about Nikola’s technology. Continue reading “Nikola founder Trevor Milton seeks probation after fraud conviction”

Nov (Reuters) – Berkshire Hathaway (BRKa.N) said it has shed its holdings in General Motors (GM.N), Johnson & Johnson (JNJ.N) and Procter & Gamble (PG.N), and trimmed its stake in Amazon.com (AMZN.O), as the conglomerate controlled by Warren Buffett boosted its cash pile to a record $157.2 billion.

In a regulatory filing on Tuesday that described its U.S.-listed stock holdings as of Sept. 30, Berkshire reported no holdings in GM, J&J and P&G, after reporting respective stakes of $848 million, $54 million, and $48 million in June. Continue reading “Berkshire sheds GM, Johnson & Johnson, Procter & Gamble as it amasses cash”

Source : PTI |India, the world’s third largest oil consumer, has asked oil producers cartel OPEC to maintain and ensure market stability for the benefit of consumres, producers and global economy. Oil Minister Hardeep Singh Puri said this at the 6th India-OPEC Energy Dialogue that took place on November 9 in Vienna, an official press statement said on Monday.

The meeting was co-chaired by OPEC secretary general Haitham Al Ghais and Puri.

Continue reading “India asks OPEC to ensure oil market stability”

Source : PTI |Electric vehicle (EV) digital financing platform Revfin is looking to raise up to Rs 500 crore in the next 12 months to fuel its business expansion plans, founder and CEO Samir Aggarwal has said. The company’s expansion plans include the commercial roll-out of its battery financing services before the end of this fiscal year.

The platform is also targeting to achieve a topline of INR 90 crore this fiscal on the back of expanded portfolio, which includes two-, three- and four-wheeler financing for commercial uses, Aggarwal said. Continue reading “Revfin looking to raise INR 500 crore in 12 months: CEO”

Source : PTI |New Delhi: Servotech Power Systems on Tuesday announced plans to install 5,000 EV-charging stations across the country. In this regard, Servotech Power Systems said it has incorporated a subsidiary, Servotech EV Infra, which will do the business as a Charge Point Operator (CPO) for these EV chargers

“Servotech Power Systems is foraying into the EV CPO business by establishing its wholly owned subsidiary. It will manufacture and supply EV chargers to Servotech EV Infra which will do business as a CPO for these EV chargers,” the company said. Continue reading “Servotech Power Systems to install 5k EV charging stations in India”

Source : PTI | New Delhi: State-owned Indian Renewable Energy Development Agency (IREDA) on Tuesday fixed a price band of INR 30-32 per share for its INR 2,150-crore initial public offering (IPO). The maiden public issue will open for subscription on November 21 and conclude on November 23 and the anchor book of the offer will be opened for a day on November 20, according to a public announcement.

This would be the first public issue by a public sector enterprise after Life Insurance Corporation’s IPO in May last year. Continue reading “IREDA public issue to open on Nov 21; sets price band at Rs 30-32 share”

Nov 14 (Reuters) – Electric-vehicle sales are seeing continued strength globally with China reporting record monthly sales in October despite the end of subsidies, according to market research firm Rho Motion.

China ended an 11-year subsidy scheme for EV purchases in 2022, but some local authorities have continued to offer aid or tax rebates to attract investments as well as subsidies for consumers. Continue reading “Global EV sales stay strong, China hits record despite end of subsidies”

Nov 14 (Reuters) – Trucks and sport utility vehicles with hood heights greater than 40 inches are about 45% more likely to cause fatalities in pedestrian crashes than shorter vehicles with sloped hoods, according to new research from the Insurance Institute for Highway Safety.

Prior studies have shown SUVs and pickups are linked to higher fatality risks in pedestrian crashes. But the new study focused on the risks posed by vehicles with hoods taller than 40 inches using data from nearly 18,000 crashes. Continue reading “Tall trucks, SUVs are 45% deadlier to US pedestrians, study shows”

LONDON/BERLIN, Nov 14 (Reuters) – The auto industry’s drive to make electric vehicle motors with little to no rare earth content has hit high gear, with European, U.S. and Japanese automakers and suppliers racing for alternatives in an area dominated by China.

Automakers have mostly relied on motors with rare earth-based permanent magnets, which have been the most efficient at providing the torque to power EVs.

But different types of motors without permanent magnets that were previously too big and too inefficient, or those with greatly-reduced rare earth content have become commercially viable, prompting the rush for alternatives. Continue reading “Automakers’ drive to avoid China’s EV rare earth dominance gathers speed”

PARIS, Nov 15 (Reuters) – Renault (RENA.PA) will try on Wednesday to fire up doubtful investors ahead of a planned market listing of its electric vehicle (EV) unit Ampere, a key plank of CEO Luca de Meo’s revamp of the French automaker.

De Meo has targeted a valuation of 8-10 billion euros ($8.6-10.7 billion) for the initial public offering (IPO) of Ampere, which has already been delayed once and is now slated for spring 2024. Continue reading “Renault seeks to charge up investors for EV unit IPO”

DETROIT, Nov 14 (Reuters) – The next generation of the Toyota Camry, the best-selling sedan in the U.S. market, will come with only a gas-electric hybrid powertrain, the boldest move yet by the Japanese automaker to push hybrid technology into the heart of the U.S. market.

The 2025 Camry will combine a 2.5-liter gasoline engine with an electric drive system tuned to deliver more power in both front-wheel drive and all-wheel drive versions of the car, Toyota said. Continue reading “Toyota’s Camry, best-selling car in US, goes all-hybrid”

WASHINGTON/DETROIT, Nov 14 (Reuters) – General Motors’ (GM.N) Cruise driverless car unit said on Tuesday it will pause all supervised and manual car trips in the U.S. and expand the scope of investigations at the robotaxi operator in the aftermath of an accident that initially led to the suspension of driverless vehicle operations.

“This orderly pause is a further step to rebuild public trust while we undergo a full safety review,” Cruise said in a blog post. “We will continue to operate our vehicles in closed course training environments and maintain an active simulation program in order to stay focused on advancing AV technology.” Continue reading “GM’s Cruise suspends supervised and manual car trips, expands probes”

Source : PTI | India’s top gas firm GAIL has done the world’s first ship-to-ship liquefied natural gas (LNG) transfer to save on shipping costs and cut emissions as the state-owned entity looks at innovative ways as a pivot to boost business, company officials said. GAIL has contracted 5.8 million tonnes per annum of LNG (natural gas super-cooled to liquid form) from the US.

The company brings this volume to India via LNG ships. The ship typically travels a distance of about 19,554 nautical miles for a round trip to transport LNG from Sabine Pass in the US to India via the Suez Canal and Gibraltar. This journey takes approximately 54 days and emits about 15,600 tonnes of CO2. Continue reading “GAIL does world’s first ship-to-ship LNG transfer, cuts CO2 emissions”

BERLIN/LONDON, Nov (Reuters) – After years of accelerating growth, Europe’s electric car sales appear to be entering a go-slow zone as drivers wait for better, cheaper models that are two to three years down the road.

Fully-electric sales in Europe were up 47% in the first nine months of 2023, but instead of celebrating, automakers including Tesla (TSLA.O), Volkswagen (VOWG_p.DE) and Mercedes-Benz (MBGn.DE) sounded a sombre note. Continue reading “EV demand in Europe to slow as customers await affordable electric cars”

Nov (Reuters) – Electric-vehicle startup Fisker (FSR.N) slashed its 2023 production guidance on Monday as it struggles to ramp up deliveries and flagged weakness in internal controls over financial reporting, sending its shares down 14% after the bell.

Fisker now expects production of 13,000 to 17,000 electric vehicles in 2023, down from its prior projection of 20,000 to 23,000 vehicles to make sure the company does not sit on too much inventory and to better manage working capital. Continue reading “Fisker cuts 2023 production forecast as it struggles to ramp up deliveries”

Nov (Reuters) – Chrysler-parent Stellantis (STLAM.MI) said Monday it is offering 6,400 U.S. salaried employees voluntary buyouts as it works to cut costs amid the transition to electric vehicles and agreeing to a new United Auto Workers contract.

The buyouts would be about half the company’s salaried U.S. employees not represented by a union, which is currently 12,700. Another 2,500 Stellantis U.S. salaried workers are unionized and are not being offered the current buyout. Continue reading “Stellantis offering buyouts to about half its US salaried employees”

WASHINGTON, Nov (Reuters) – Democratic Senator Joe Manchin urged the U.S. Treasury on Monday to adopt the “strictest possible standards” to prevent Chinese-produced minerals or Chinese battery companies from winning electric vehicle tax credits.

Manchin, who chairs the Senate Energy Committee, raised concerns in a letter to Treasury Secretary Janet Yellen about reports Chinese battery companies are actively pursuing business opportunities to take advantage of the credits, adding U.S. tax credits “cannot be allowed to be hijacked by adversaries engaging in mineral laundering.” Continue reading “Senator asks Treasury to bar Chinese battery firms, minerals from US EV tax credits”

Nov (Reuters) – Production workers at Ford’s (F.N) Louisville assembly and Kentucky truck plants have voted against the tentative labor agreement, while skilled trades workers voted in favor, the local chapter of the United Auto Workers (UAW) said on Monday.

The ratification of the contract was voted down by 55% of the production workers whereas 69% of the skilled trades workers, which includes maintenance and construction employees backed it, the UAW Local 862 said in a Facebook post. Continue reading “Ford production workers at Kentucky, Louisville vote against new labor deal”

WASHINGTON, Nov (Reuters) – United Auto Workers President Shawn Fain will tell a Senate Committee on Tuesday the union plans to aggressively organize non-union U.S. auto plants after winning new contracts with the Detroit Three automakers.

“For decades, non-union auto companies have used fear, uncertainty, and division to break union drives in our industry,” Fain will tell the Senate Health, Education, Labor and Pensions Committee, according to written testimony seen by Reuters. “I’m here to promise you that those days are over…. We are going to organize like we’ve never organized before.” Continue reading “UAW president to vow aggressive auto plant organizing in Senate testimony”

Nov (Reuters) – Hyundai Motor (005380.KS) said on Monday it will hike wages for nonunion production workers at its Alabama factory by 25% by 2028, weeks after the United Auto Workers won new contracts with the Detroit Three automakers.

The Korean automaker joins Toyota Motor (7203.T) and Honda Motor (7267.T) in raising U.S. factory wages after the UAW won a new contract with General Motors (GM.N), Ford Motor (F.N) and Chrysler parent Stellantis (STLAM.MI) that will result wage increases of 25% through 2028. The Detroit Three wage hikes amount to 33% when expected cost-of-living adjustments are factored in. Continue reading “Hyundai to hike US hourly wages 25% by 2028 after UAW deal”