Summary
HOUSTON, Nov (Reuters) – Exxon Mobil (XOM.N) said on Monday it plans to start producing lithium from subsurface wells by 2027 to provide supplies of the key metal used in electric-car batteries and advanced electronics. Continue reading “Exxon to start lithium production for EVs in the US by 2027”
Source : PTI | West Bengal plans to attract investments to the tune of INR 5,000 crore in the logistics sector over the next three years. A senior state government official emphasised the state’s favourable position for growth, anticipating contributions from both public and private sectors in the logistics ecosystem.
Speaking at the sidelines of the MCCI-organised logistics conclave here on Friday, state transport secretary Saumitra Mohan said according to estimates, the total investment in the logistics sector would be about INR 5,000 crore over the next three years. Continue reading “West Bengal aims INR 5,000cr capex in logistics sector in 3yrs”
Source : PTI | The Bangalore Metro Rail Corporation Limited (BMRCL) on Saturday said it will be introducing mobile QR tickets for the benefit of families and groups travelling together with effect from November 16. Presently, Mobile QR tickets are being issued through mobile applications (Namma Metro, Paytm, WhatsApp and Yatra) to a single passenger for a journey.
However, based on demand, BMRCL is introducing mobile QR tickets to facilitate family and groups travelling together for a maximum of six passengers with effect from November 16, officials said. Continue reading “Bangalore Metro Rail to introduce mobile QR tickets”
Nov (Reuters) – Exxon Mobil (XOM.N) is set to unveil its long-awaited lithium strategy on Monday with an announcement that it aims to start production of the electric vehicle (EV) battery metal in Arkansas by 2026, according to a source with direct knowledge of the oil major’s plans.
Exxon’s expansion into the sector comes as emerging technologies aim to boost global production of the ultralight metal by filtering it from salty brine deposits found across the globe and supplying it to battery makers eager for fresh sources. Continue reading “Exclusive: Exxon aims to begin lithium production by 2026 in Arkansas”
DETROIT, Nov 10 (Reuters) – General Motors’ (GM.N) bet that its Cruise robo-taxi unit will deliver $50 billion in revenue by 2030 is facing its toughest test.
GM Chief Executive Mary Barra has stuck with Cruise in the face of skepticism from investors, arguing that Cruise technology will save lives – and become a significant source of new profit for the automaker in the future. Continue reading “Focus: Investors pull away from GM’s Cruise bet”
STOCKHOLM, Nov 10 (Reuters) – Swedish truckmaker Volvo (VOLVb.ST) said on Friday it had won an auction for the battery business of troubled Proterra in the United States with a $210 million bid.
The auction was part of the electric vehicle part supplier’s ongoing U.S. Chapter 11 bankruptcy protection process. Continue reading “Truckmaker Volvo to buy Proterra’s battery business for $210 mln”
WASHINGTON, Nov 10 (Reuters) – President Joe Biden welcomed Honda Motor (7267.T) 11% pay hike for its U.S. facility workers on Friday, a day after celebrating the United Auto Workers’ agreements with the Detroit Big Three automakers and backing efforts to organize Tesla and Toyota.
“Union auto workers own this victory,” Biden said in a post on X. Continue reading “Biden hails 11% pay raise for Honda’s U.S. workers”
Nov 10 (Reuters) – Honda Motor (7267.T) said on Friday it would give production workers at its U.S. facilities an 11% pay hike starting in January, a decision announced a couple of weeks after the United Auto Workers (UAW) union and the Detroit Three automakers agreed to new contracts.
The Japanese automaker also said it would cut the time it takes factory workers to get to the top-wage tier to three years from six, in line with a key concession the UAW won in its negotiations with General Motors (GM.N), Ford Motor (F.N) and Chrysler-parent Stellantis (STLAM.MI). Continue reading “Honda hikes US production workers’ pay after UAW deals with Detroit Three”
ANKARA/SEOUL, Nov 10 (Reuters) – Turkey’s Koc Holding (KCHOL.IS) said on Friday it revoked an earlier agreement with Ford (F.N) and South Korean battery maker LG Energy Solution (LGES) (373220.KS) for a joint venture to produce battery cells for commercial electric vehicles.
The three companies signed a non-binding agreement in February to form a joint venture to create one of Europe’s biggest electric vehicle (EV) battery cell facilities near Turkey’s capital Ankara. Continue reading “Koc Holding revokes pact with Ford, LG Energy Solution for Turkey battery JV”
Nov 10 (Reuters) – United Auto Workers (UAW) union members at General Motors’ (GM.N) Flint assembly plant in Michigan have narrowly voted against a proposed contract with the U.S. automaker, the local chapter said.
The vote signals that approval of the deal, which is set to raise costs significantly for GM, is not guaranteed.
In a Facebook post on Thursday, the UAW Local 598 said 51.8% of votes cast were against the proposed deal.
Continue reading “UAW workers at GM’s Flint plant narrowly vote against new labor deal”
Monthly Performance: October 2023
Production: The total production of Passenger Vehicles1 , Three Wheelers, Two Wheelers, and Quadricycle in October 2023 was 26,21,248 units
Domestic Sales:
Continue reading “Auto Industry Performance of October-2023”
Source : PTI | New Delhi: Lotus Cars, British manufacturer of high-performance sports cars, has entered the Indian market with the launch of three models of its electric SUV, Eletre, starting at INR 2.55 crore. The company — owned by Chinese brand Geely — on Thursday launched three variants of its Eletre electric Sports Utility Vehicle (SUV) here — Lotus Eletre, Eletre S and Eletre R, priced at INR 2.55 crore, INR 2.75 crore and INR 2.99 crore, respectively (all ex-showroom pan-India).
The company has selected Exclusive Motors as the authorised representative for Lotus Cars across India, which will open its first showroom in Delhi in the coming months. Continue reading “Lotus Cars enters India, launches electric SUV Eletre, starting at INR 2.55 crore”
SANTIAGO, Nov (Reuters) – Electric vehicle maker Tesla (TSLA.O) is looking to make inroads in South America by hiring personnel for a new operation in Chile and registering its name, according to public documents.
Tesla Chile was registered and published in the Official Gazette on Sept. 28 and includes “the import, export, manufacturing, marketing, distribution and sale of vehicles, especially electric vehicles.” Continue reading “Tesla to roll into South America with first steps in Chile”
Nov (Reuters) – China’s Zeekr Intelligent revealed wider losses for the first half of the year on Thursday, as the electric car brand made its paperwork public for a stock market listing in New York and said it hoped to use funds raised to expand its product line.
Zeekr, owned by Chinese automaker Geely Auto (0175.HK), had confidentially filed for its initial public offering (IPO) in December last year. Continue reading “China’s Zeekr reveals wider loss in US IPO paperwork, Geely shares fall”
BERLIN, Nov (Reuters) – U.S. electric vehicle startup Fisker (FSR.N) is negotiating with five carmakers over a partnership to secure additional production capacity for its vehicles, its Chief Executive Henrik Fisker said on Thursday.
“We have two cars that are almost ready. We can bring them to market fast – we just need the capacity,” Fisker said, speaking to Reuters in Berlin.
The CEO told Reuters in May he was exploring partnerships with everyone from suppliers to tech companies to scale up production. Continue reading “Fisker in talks with five carmakers for production capacity partnership”
WASHINGTON, Nov (Reuters) – More than two dozen unions urged U.S. auto safety regulators on Thursday to open an industry-wide probe into driverless vehicles including Alphabet’s Waymo (GOOGL.O) and Amazon.com’s (AMZN.O) Zoox.
The unions, including the Transportation Trades Department, Transport Workers Union of America, International Brotherhood of Teamsters and United Auto Workers, cited the recent investigation into General Motors’ (GM.N) self-driving Cruise unit and California’s decision to suspend Cruise testing. Continue reading “Unions urge US regulators to probe Waymo, Zoox after GM’s Cruise driverless crashes”
BELVIDERE, Illinois, Nov (Reuters) – President Joe Biden on Thursday backed the United Auto Workers’ efforts to unionize carmakers Tesla (TSLA.O) and Toyota (7203.T) and asked auto workers to reject his Republican opponent, Donald Trump.
Biden spoke to UAW workers in Belvidere, Illinois, as the Democratic president tries to rally support for his economic agenda and firm up sagging popularity numbers, ahead of a re-election campaign next year. Continue reading “Biden backs Tesla, Toyota unionization, slams Trump”
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Continue reading “WAF Auto News | The Auto World This Week (10th November 2023)”
Ajmer: Volkswagen India has announced the inauguration of a new 3S (Sales, Service & Spares) facility in Ajmer, Rajasthan. The brand has been expanding its network to meet the surging demand for its premium mobility offerings across India. With the new sales & service facility in Ajmer, the total network in the state now stands at seven sales and six service touchpoints.
Source : PTI | New Delhi: The odd-even car rationing scheme will be implemented in Delhi after the Supreme Court reviews its effectiveness and issues an order while artificial rain through cloud seeding will be attempted around November 20 to combat air pollution which breached the severe category again on Wednesday. In view of the worsening air quality, the Delhi government announced that the December winter break of all schools has been rescheduled and it will be now from November 9 to November 18.
Also, the transport department has been issued directions to ban app-based taxis “in accordance with the Supreme Court’s orders”, according to Delhi Environment Minister Gopal Rai Continue reading “Odd-even scheme deferred; Delhi plans cloud seeding, ban on app-based cabs from other states to fight smog”
WASHINGTON, Nov 8 (Reuters) – Cruise is recalling 950 driverless cars from the roads across the United States following a crash involving one of its robotaxis and will likely issue more recalls, General Motors’ (GM.N) self-driving unit said.
The cars are being recalled because the collision detection subsystem of the Cruise Automated Driving Systems (ADS) software may respond improperly after a crash, according to a notice made public by the National Highway Traffic Safety Administration (NHTSA) Wednesday. Continue reading “GM’s Cruise recalling 950 driverless cars after pedestrian dragged in crash”
TOKYO, Nov 9 (Reuters) – Nissan Motor (7201.T) and Honda Motor (7267.T) on Thursday said they expect higher profits this year than previously forecast, a sign of how Japan’s automakers are seeing some benefit from a weak yen currency and a recovery in sales.
That outlook, however, is tempered by the scope of the challenges they face in China, the world’s top car market, where Japanese car makers, like other foreign brands, face the rise of domestic players, the popularity of electric vehicles and growing price competition, hurting prospects. Continue reading “Nissan and Honda get some relief as weak yen amplifies uptick in sales”
SHANGHAI, Nov 9 (Reuters) – Zeekr, Chinese automaker Geely’s (GEELY.UL) premium electric car brand, will this week publicly release some details of its plans to list shares in New York, according to two sources with direct knowledge of the matter, seeking to ride growing enthusiasm for EVs despite strained U.S.-China ties.
The EV brand will publish its prospectus and its shares could start being traded on the bourse within weeks of the announcement, the sources said. Continue reading “Exclusive: Geely’s Zeekr edges closer to US IPO, to make filing public this week – sources”
WASHINGTON, Nov 9 (Reuters) – President Joe Biden will meet with Shawn Fain, the head of the United Auto Workers, in Illinois on Thursday to highlight the tentative contract agreements between the union and Detroit’s Big Three Automakers that ended a nearly 45-day strike.
Biden will deliver remarks praising gains for workers in the deals the UAW won, talk about how his economic policies, dubbed “Bidenomics”, is working and highlight plans to reopen an auto factory that Stellantis (STLAM.MI) wanted to close, according to the White House. Continue reading “Biden will meet UAW’s Fain, laud union’s deals with Detroit automakers”
Source : PTI | Okaya EV Chargers plans to set up 2,550 electric vehicle chargers across India in collaboration with Indian Oil Corporation (IOC) at an investment of INR 125 crore, the company said on Tuesday. As many as 362 such chargers have already been installed in over 20 states in a step towards bolstering the electric vehicle infrastructure in the country, according to Okaya EV Chargers.
The chargers being set up comprise a diverse range of high-and low-voltage options, including 3.3-kw and 7.4-kw chargers, 30-kw wall-mounted CCS (combined charging system) 2 DC fast chargers, as well as 60-kw CCS2 DC fast chargers, the company said. Continue reading “Okaya Group firm to install 2,550 EV chargers in collaboration with IOC at investment of INR 125 crore”
Source : PTI | Royal Enfield is taking a slew of measures including accessing ways to enhance connection with the communities as it sees huge potential for growth in the market, according to a top company executive. The Chennai-headquartered firm, a part of Eicher Motors, currently sells bikes all across the continent and has a market share of around 8.5 per cent in the middle-weight motorcycle segment.
In an interaction with PTI on the sidelines of the annual EICMA motor show here, Royal Enfield CEOB Govindarajan said the company believes in replicating the success it enjoys in the Indian market in the middleweight segment in international markets as well. Continue reading “Huge potential for growth in Europe: Royal Enfield CEO”
Source : PTI | The world’s leading two-wheeler maker Hero MotoCorp on Tuesday said it will foray into the European market with its electric scooter range next year. The company plans to introduce the VIDA V1 electric scooter range in Spain, France and the UK by mid-2024.
“With this foray into Europe with our electric vehicles, I am confident that Hero MotoCorp will soon emerge as a trusted brand in key markets in the region, just as it has done in other parts of the world,” Hero MotoCorp Executive Chairman Pawan Munjal said at EICMA motor show here. Continue reading “Hero MotoCorp to foray into Europe with EV range next year”
Source : PTI | New Delhi: India Energy Storage Alliance has collaborated with global exhibitor Messe Muenchen India and others to organise the EV Asia Expo 2024 in India to showcase the potential of clean mobility technologies available worldwide. The inaugural edition of EV Asia Expo is poised to redefine the landscape of clean mobility, India Energy Storage Alliance (IESA) said in a statement.
With more than 150 exhibitors expected from across the globe and over 10,000 business visitors, this event will span across a vast over 8,000 square metres of exhibition space. Continue reading “India Energy Storage Alliance ties up with Messe Muenchen India, others for EV Asia Expo 2024”
Source : PTI | Car services and repair platform GoMechanic on Wednesday said it has raised USD 6 million, about INR 50 crore, from an undisclosed investor along with contributions from existing investors. The company was acquired by Servizzy, a subsidiary of the Lifelong Group, in March after anomalies in its financial records were found under previous management and the firm was put on sale by the investors.
“GoMechanic is pleased to announce the recent success of its latest fundraising round, securing an impressive USD 6 million in capital,” the company said. Continue reading “GoMechanic raises INR 50 cr from marquee investor, existing shareholders”
Nov (Reuters) – Lyft (LYFT.O) reported third-quarter revenue and profit surpassing estimates on Wednesday, but gross bookings growth was lower than larger rival Uber’s (UBER.N) ride-hailing business.
Gross bookings, which is a metric Lyft started disclosing in the third quarter measuring total transaction value on its platform, grew 15% from a year earlier, compared with a 31% jump in Uber’s mobility business.
Shares of Lyft fell nearly 4% in extended trading. Continue reading “Lyft beats third-quarter estimates, bookings underperform rival Uber”
Nov (Reuters) – U.S. commercial fishing groups on Wednesday sued 13 tire manufacturers in California, saying a chemical used in their tires is poisoning West Coast watersheds and killing rare trout and salmon.
The Institute for Fisheries Resources and the Pacific Coast Federation of Fishermen’s Associations sued Bridgestone Corp (5108.T), Continental (CONG.DE), Goodyear Tire & Rubber (GT.O), Michelin (MICP.PA) and others in San Francisco federal court, alleging a chemical used in their tires known as 6PPD is killing protected salmon and trout in violation of the Endangered Species Act. Continue reading “US Commercial fishing groups sue tire manufacturers over fish-killing chemical”
Nov 8 (Reuters) – Swedish electric vehicle maker Polestar trimmed its 2023 delivery forecast on Wednesday to the lower end of its earlier guidance and halved its gross margin target, amid fears of a slowdown in EV demand and global economic uncertainty.
High interest rates to cool stubborn inflation have hampered sentiment as consumers looking to buy EVs face higher borrowing costs that largely offset price cuts by automakers to stimulate demand. Continue reading “Swedish EV maker Polestar trims delivery forecast, halves margin target”
WASHINGTON, Nov (Reuters) – The U.S. Senate voted 50-48 to overturn President Joe Biden’s decision to waive some “Buy America” requirements for government-funded electric vehicle charging stations but the White House said he would veto the measure.
The White House argued the Republican bill would eliminate entirely the domestic manufacturing requirement for government-funded electric vehicle (EV) chargers “thereby harming domestic manufacturing and American jobs.” Continue reading “US Senate votes to reject ‘Buy America’ EV charging waiver”
Nov (Reuters) – United Auto Workers President Shawn Fain said on Wednesday the union will “pull out all stops” in working to organize non-union U.S. auto plants after winning new contracts with the Detroit Three automakers.
Fain will join President Joe Biden on Thursday in Belvedere, Illinois to tout Chrysler-parent Stellantis (STLAM.MI) decision to reopen a shuttered assembly plant there. In an video interview at the Reuters Events auto conference in Detroit, Fain said the UAW is aggressively working on its organizing plans. Continue reading “UAW to ‘pull out all stops’ organizing nonunion automakers”
Nov (Reuters) – Rivian Automotive (RIVN.O) raised its production forecast for the full year by 2,000 vehicles to 54,000 units on the back of sustained demand for its trucks and SUVs on Tuesday, sending its shares up 4% in volatile after-hours trading.
Rivian’s upbeat forecast is a small positive for an industry reeling from the double whammy of high inflation that has dulled buyer appetite and price cuts at market leader Tesla (TSLA.O) to stimulate demand. Continue reading “Rivian raises production target amid broader EV demand fears”
Nov (Reuters) – Ride-hailing giant Uber (UBER.N) on Tuesday predicted strong holiday-quarter demand would drive up profits more than analysts expect, after accounting changes hampered growth between July and September.
The company’s move to change how it recognizes some of its revenue affected growth at its ride-hailing and food-delivery businesses by eight percentage points and resulted in revenue missing third-quarter expectations. Continue reading “Uber bets on holiday demand after dull third quarter”
Nov (Reuters) – General Motors (GM.N) said Monday it plans to temporarily halt production of its fully autonomous Cruise Origin van just days after the unit said it was pausing all driverless operations.
The move was first reported by Forbes, citing an audio of Cruise CEO Kyle Vogt’s address at an all-hands meeting.
Vogt, according to Forbes, told staff during the meeting that the company has produced hundreds of Origin vehicles already, and that it is “more than enough for the near-term when we are ready to ramp things back up.” Continue reading “GM to halt production of Cruise driverless van”
WASHINGTON, Nov (Reuters) – Four large pickup trucks fared poorly in protecting back seat passengers in tests measuring how those passengers fare in some crashes, the Insurance Institute for Highway Safety said on Tuesday.
IIHS said the 2023 model Stellantis (STLAM.MI) Ram 1500 crew cab, Ford F-150 (F.N) crew cab and General Motors (GM.N) Chevrolet Silverado 1500 rated poorly in updated moderate overlap front crash tests, while the 2023 Toyota Tundra (7203.T) crew cab received a marginal rating. Continue reading “Large pickup trucks fare poorly in protecting back seat passengers -study”
WASHINGTON, Nov (Reuters) – President Joe Biden on Thursday will meet with United Auto Workers President Shawn Fain and tout the decision of Chrysler-parent Stellantis to reopen a shuttered assembly plant in Belvidere, Illinois, a White House official said.
Stellantis agreed to build a new $3.2 billion battery plant and invest $1.5 billion in a new mid-size truck factory in Illinois under its tentative labor agreement and add 5,000 total U.S. jobs by 2028, the UAW said last week. The labor deals reached with the Detroit Three automakers, which include a 25% pay hike, better retirement benefits and other significant improvements through April 2028, remain subject to ratification votes. Continue reading “Biden to meet with UAW president, tout Stellantis plant reopening”
Source : PTI | Singapore has witnessed a decline in car owners, with approximately one-third of households owning automobiles in the city-state, down from 40 % in 2013, as the government progresses towards transforming the country into a car-lite society, a senior minister said on Monday. The government also aims to have 75 % of peak-period journeys made on public transport by 2030, via the expansion of the MRT (Mass Rapid Transit) network, up from the current 64 %, The Straits Times newspaper reported.
