Nov (Reuters) – Canadian labor union Unifor said on Monday its members voted in favor of a new contract with Chrysler-parent Stellantis (STLAM.MI).

Unifor reached a tentative deal with Stellantis on Oct. 30 after a brief strike at the Franco-Italian automaker’s facilities in Canada.

The deal included base hourly wage increases of nearly 20% for production and 25% for skilled trades over the lifetime of the agreement. It also brings back cost-of-living allowances, or COLA, by the end of 2024. Continue reading “Unifor members ratify new contract with Stellantis in Canada”

DETROIT, Nov  (Reuters) – General Motors (GM.N) is expected build a more affordable version of the Chevrolet Bolt in Kansas and a new series of premium electric vehicles for Cadillac and Chevrolet in Michigan as part of its planned $13.3 billion in investments in U.S. facilities, sources told Reuters.

The outline of GM’s planned investments through April 2028 was laid out on Saturday in a UAW summary of the new contract it negotiated with GM. Continue reading “GM-UAW agreement expected to include more affordable Bolt EUV”

Source : PTI | Nasdaq-listed battery swapping company Gogoro on Monday said it has signed an initial pact with HPCL to set-up battery swapping stations across the country in the coming years. As part of the collaboration, Gogoro will develop a broad battery swapping infrastructure for electric two-wheelers, as it will roll out battery swapping stations across HPCL’s retail outlets throughout the country, the company said in a statement.

HPCL (Hindustan Petroleum Corporation Ltd), a public sector oil marketing firm, has over 21,000 retail outlets, it added. Continue reading “Gogoro inks pact with HPCL to set-up battery swapping stations across India”

Nov 6 (Reuters) – Electric vehicle maker Polestar (A4N1y.F) said on Monday that it had signed an agreement with South Korean battery manufacturer SK On for the supply of battery cell modules for its upcoming Polestar 5 EV.

Continue reading “Polestar signs deal with South Korea’s SK On for Polestar 5 EV”

Nov 6 (Reuters) – Lyft’s (LYFT.O) price cuts may have helped the ride-hailing firm make a small dent in Uber’s (UBER.N) U.S. market share, but not enough to prevent the bigger rival from reporting its second quarterly operating profit.

After the slowest sales increase in the second quarter in two years, Lyft is expected to post a bigger growth story in the September quarter as it attracted more riders with lower prices. Continue reading “PREVIEW Lyft’s gains from price cuts not enough to dent Uber’s US lead”

TOKYO, Nov 6 (Reuters) – Japan’s Nippon Telegraph and Telephone (NTT) (9432.T) plans to test driverless vehicle technology with Toyota Motor (7203.T) and invest in a U.S. startup developing self-driving systems, a spokesperson for the telecommunications firm said on Monday.

NTT aims to start tests with autonomous buses and taxis as early as 2025 and invest about 10 billion yen ($66.91 million) in U.S. startup May Mobility, the spokesperson said, highlighting growing momentum behind self-driving technology in Japan. Continue reading “NTT says to test driverless vehicle tech with Toyota, invest in US startup”

Summary

• CEO Musk announced plan for 25,000-eur car on site visit: source
• Plant currently produces Model Y, set to expand
• Staff granted 4% pay rise

BERLIN, Nov 6 (Reuters) – Tesla (TSLA.O) plans to build a 25,000-euro ($26,838) car at its factory near Berlin, a source with knowledge of the matter said on Monday, in a long-awaited development for the electric vehicle maker which is aiming for mass uptake of its cars. Continue reading “Tesla to build 25,000-euro car in Germany – source”

Source : PTI | Hyundai Motor India Ltd is on track to achieving 60 % of its total domestic sales from SUVs this year with models like Creta and the newly launched Exter accelerating the growth, according to company COO Tarun Garg. With exports accelerating in the last three months, the company is also confident of sustaining its overseas shipments momentum despite concerns over global geopolitical situation.

“We will end up with more than 60 % at the end of the year which is what we said at the beginning of the year…We are now almost reaching there,” Garg told PTI. Continue reading “Hyundai Motor India set for SUVs accounting over 60% of total sales this year: COO Tarun Garg”

Source : PTI | Electric vehicles manufacturer Olectra Greentech’s profit after tax nearly tripled to INR 18.58 crore in September quarter 2023-24 mainly on the back of higher revenues. In the year-ago period, the PAT was INR 7.42 crore, a company statement said.

Revenue for Q2 FY24 was INR 307.16 crore as against INR 177.34 crore earlier. Continue reading “Olectra Greentech Q2 PAT nearly triples to INR 19 cr”

FRANKFURT, Nov (Reuters) – Chinese electric vehicle giant BYD (002594.SZ), plans to build its first European car factory in Hungary, a German newspaper reported on Saturday.

The Frankfurter Allgemeine Sonntagszeitung (FAS), citing unnamed sources close to BYD, said the decision had already been made internally. Continue reading “China EV maker BYD to build first Europe plant in Hungary, Frankfurter Allgemeine Sonntagszeitung reports”

DETROIT, Nov (Reuters) – The United Auto Workers union said its tentative contract deal with General Motors (GM.N) includes plans for investments around electric vehicles and will raise wages for thousands of U.S. hourly workers at units with lower wage tiers than at vehicle assembly operations.

The UAW released more details of its tentative 4-1/2 year deal with GM <on Saturday. The tentative deal was first announced on Oct. 30. Continue reading “UAW says GM outlines EV investment plans, will raise wages for US workers”

Nov (Reuters) – General Motors (GM.N) will cancel 1,245 layoffs at its factories in Sao Jose dos Campos, Sao Caetano do Sul and Mogi das Cruzes in the state of Sao Paulo, the union representing metalworkers said on Saturday.

The announcement was made a day after a Brazilian labor court rejected the U.S. automaker’s request for an injunction to maintain the layoffs.

Saving the jobs was a “historic victory” following a 13-day strike, the Sindmetal union said in a statement, adding that GM representatives will meet union leaders on Monday to confirm the decision.

Nov (Reuters) – Tesla’s (TSLA.O) management in Germany late last week informed 11,000 workers they will receive a 4% wage raise effective in November, The Wall Street Journal reported on Sunday, where unions have previously said they earn below the industry average.

The U.S. electric maker will also pay a 1,500 euro ($1,609) bonus in December to offset inflation and from February raise annual wages by an additional 2,500 euros for the German workers, the people familiar with the matter told to Journal. Continue reading “Tesla raises wages 4% for German workers amid union pressure, WSJ reports”

Mr. Surachai Charungchainanont, Co-Founder and Advisor of D-Act Co., Ltd. (5th from the left) and Mr. Sharad Malhotra, Senior Vice President Automotive Refinishes, Nipsea Group (6th from the right) along with key members of Nippon Paint and D-Act Company Ltd.

BANGKOK, THAILAND Nov 2023, NP Auto Refinishes Co., Ltd., (Subsidiary of NIPSEA Group) the leading automotive aftermarket paints & commercial vehicle (CV) coatings company in Thailand announced the successful acquisition of D-Act Co., Ltd. With this acquisition, NP Auto Refinishes will increase its market share and strengthen its leadership position in the Thai automotive refinish and CV coatings market. Continue reading “Nippon Paint Auto Refinishes announces acquisition of D-Act Company Ltd.”

Summary

• Nonfarm payrolls increase 150,000 in October
• Auto strikes reduce payrolls by 33,000 jobs
• Unemployment rate rises to 3.9% from 3.8%
• Average hourly earnings gain 0.2%; up 4.1% year-on-year

WASHINGTON, Nov (Reuters) – U.S. job growth slowed in October in part as strikes by the United Auto Workers (UAW) union against Detroit’s “Big Three” car makers depressed manufacturing payrolls, and the increase in annual wages was the smallest in nearly 2-1/2 years, pointing to an easing in labor market conditions. Continue reading “US labor market loosens as job gains slow, unemployment rate hits 3.9%”

SHANGHAI/BEIJING, Nov (Reuters) – China’s Nio (9866.HK) plans to trim its workforce by 10% this month as it moves to improve efficiency and reduce costs in the face of growing competition, the electric vehicle maker said on Friday.

Demand for EVs has weakened in China as consumers favour more economical plug-in hybrids, sales of which rose 84.5% in the first nine months of the year, helping carmakers such as Li Auto (2015.HK) and BYD to gain market share. Continue reading “Chinese EV upstart Nio plans to cut workforce by a tenth”

STOCKHOLM, Nov (Reuters) – Volvo Cars’ (VOLCARb.ST) sales in October grew 10% from a year earlier to 59,861 cars as fully electric car sales jumped but hybrid models fell, the Sweden-based group said on Friday.

Volvo Cars said in a statement sales of fully electric cars rose 29% to account for 18% of all its cars sold in the month. Sales of hybrid cars, however, fell 8%. In total, all recharge models were up 7% to account for 36% of total sales. Continue reading “Volvo Cars’ sales of fully electric vehicles jump in October”

Summary

• Q3 group revenue up 3.4%, beats LSEG analyst estimates
• Battery-electric sales on track for 15% sales share in 2023
• Net profit down 7.7% due to Chinese JV consolidation effect
• Supply chain issues have eased

BERLIN, Nov  (Reuters) – BMW (BMWG.DE) forecast strong fourth quarter sales on Friday and said its order book was filled into the first few months of next year, with executives adding they saw no need to cut prices as some rival automakers have. Continue reading “BMW says ‘no interest’ in price war as order books bulge”

Source : PTI | Set for another record sales this year, Mercedes-Benz India is confident of carrying forward the momentum to 2024 despite supply concerns, company Managing Director and CEO Santosh Iyer said on Thursday. The company on Thursday launched two fresh products — new SUV GLE priced between Rs 96.4 lakh to Rs 1.15 crore and AMG C 43 with price starting at Rs 98 lakh, completing its planned launch of ten products for 2023.

“Overall yes, another record year for us. We still have two months to go but at this stage from a demand perspective (it is) strong. From the supply side, we have to improve from here on and with that we should end the year on a high note,” Iyer told PTI in an interview on the sidelines of the launch here. Continue reading “Record sales in sight for 2023, Mercedes-Benz India bullish on 2024 outlook”

(Reuters) – The world’s largest lithium producers say they remain bullish on long-term demand for the battery material in the midst of recent price drops fueled by growing worries that the global pace of electric vehicle adoption is slowing.

LG Energy Solution (373220.KS), General Motors (GM.N), Honda (7267.T) and other auto and battery makers have trimmed EV expansion plans in recent weeks, partly due to rising interest rates, which in turn has stoked concerns of a supply glut for the battery metal. Continue reading “Lithium producers stay bullish on EVs despite growing headwinds”

NEW YORK, (Reuters) – Uber Technologies (UBER.N) has reached a settlement with the New York State Department of Labor to help ensure that eligible drivers and couriers can obtain unemployment benefits, New York Governor Kathy Hochul said on Thursday.

The ride-sharing company agreed to begin making quarterly payments to the New York State Unemployment Insurance Trust Fund, which funds benefits for unemployed workers, and a retroactive payment for sums owed since 2013. Continue reading “Uber settles New York state claims related to unemployment benefits for drivers”

(Reuters) – Chrysler-parent Stellantis (STLAM.MI) has 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, the United Auto Workers union said on Thursday.

UAW President Shawn Fain disclosed new details of the labor deal that includes a 25% pay hike, better retirement benefits and other significant improvements and runs through April 2028 after union leaders agreed earlier on Thursday to send the deal to members for a ratification vote that will take about two weeks. Continue reading “Stellantis to give big raises, invest billions in UAW deal”

DETROIT/WASHINGTON, (Reuters) – The United Auto Workers on Thursday signaled the next step in the union’s campaign to capitalize on its success in bargaining with the Detroit Three: launching organizing drives at Toyota (7203.T), Tesla (TSLA.O) and other nonunion U.S. auto factories.

UAW President Shawn Fain began his video comments on the Stellantis (STLAM.MI) contract with an appeal to workers at Toyota, which on Wednesday offered pay and benefit increases after the Detroit Three contract talks concluded. Continue reading “UAW gears up to organize at Toyota, other nonunion automakers”

New Delhi – ClubD2S – Drive Smart Drive Safe, a leading voluntary organisation for road safety, proudly announced the recipients of the prestigious Deepangshu Dev Sarmah Memorial Hall of Road Safety Award 2023. The awards ceremony, held at the Holiday Inn, Aerocity, New Delhi, was to recognise exemplary journalism that has significantly contributed to road safety awareness and action in India. Continue reading “ClubD2S Recognizes Outstanding Contributions to Road Safety Journalism”

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Summary

• Customers in Central India are increasingly opting for premium, safe and German-engineered mobility solutions, the testament of which is a 45% growth (YTD) in the region by Volkswagen in 2023 (vs 2022) 
• The growing customer demand has encouraged the Brand to strengthen its footprint in Madhya Pradesh and operates now with six sales and four service touchpoints in the region 
• The trained workforce will be engaging with existing & prospective customers to deliver world-class products and services, making the Brand more ‘Accessible’ 
• Volkswagen Indore will showcase India’s safest cars, Taigun, Virtus and the global best-seller Tiguan

Continue reading “Volkswagen India strengthens its footprint in Central India, inaugurates new touchpoint in Indore”

Nov 2 (Reuters) – Japan’s Nippon Steel said on Thursday it had dropped lawsuits against Toyota Motor and Mitsui & Co over electrical steel sheet patents, but continues to seek damages from China’s Baoshan Iron & Steel.

Nippon Steel’s (5401.T) lawsuits, which were filed in 2021, sought compensatory damages from Toyota (7203.T), Baoshan (600019.SS), Mitsui (8031.T) and Mitsui & Co. Steel, alleging infringement of patents on non-oriented electrical steel sheets. Continue reading “Nippon Steel drops patent lawsuits against Toyota, Mitsui”

WASHINGTON, Nov 1 (Reuters) – Toyota Motor (7203.T) said Wednesday it is recalling 1.85 million RAV4 sport utility vehicles in the United States over fire risks stemming from the installation of replacement batteries.

The recall covers 2013-2018 model year vehicles. Toyota said some replacement 12-volt batteries have smaller top dimensions and if a hold-down clamp was not tightened correctly, the battery could move when the vehicle is driven with forceful turns potentially short circuiting, increasing the risk of fires. Continue reading “Toyota recalls 1.85 million RAV4 SUVS over fire risks”

Source : PTI | The Delhi High Court has directed the traffic police to ensure rigorous enforcement of the ban on slow-moving vehicles on expressways, saying an oversight could culminate in tragic consequences including casualties. A bench headed by Chief Justice Satish Chandra Sharma, in an order released on Tuesday, observed that adherence to traffic norms was not merely a matter of law but a necessity in order to safeguard travellers as well as to facilitate unhindered vehicular flow, and that the inherent vulnerability of slow-moving vehicles like two-wheelers, three-wheelers and tractors amplify the risk on expressways. Continue reading “Delhi HC directs enforcement of prohibition on slow-moving vehicles on expressways”

Source : PTI | New Delhi: The Delhi government has directed that all buses coming to the national capital from Haryana will have to run on electric, CNG or BS-VI diesel, while buses from the NCR regions of Uttar Pradesh and Rajasthan need to follow these norms while coming to the city from Wednesday. The transport department of the city government said from July 1 next year, all buses coming to Delhi from any city or town in Haryana, Rajasthan and Uttar Pradesh shall only be electric, CNG and BS-VI diesel ones. Continue reading “Only electric, CNG, BS-VI diesel buses from Haryana will be allowed to enter Delhi”

Source : PTI | Wheels India, a manufacturer of wheels for trucks, tractors, passenger vehicles, and construction equipment would be setting up wholly owned subsidiaries in the United States and Europe for business development and sales coordination, a top official said. The decision to set up the subsidiaries was against the backdrop of the businesses offering growth in the new geographies, Wheels India MD Srivats Ram said here on Wednesday.

“We are looking at potential new business in Europe in the first quarter of next year and that is the reason for having people on the ground,” he told reporters. Continue reading “Wheels India to set up wholly owned subsidiaries in the US and Europe”

Source : PTI | Tata Power on Wednesday said Deepesh Nanda has been appointed as President-Renewables and CEO & MD of its subsidiary Tata Power Renewable Energy Limited (TPREL). His appointment is effective November 1, 2023, Tata Power said in a statement.

Nanda will be responsible for driving the growth and profitability of Tata Power’s renewable energy portfolio, which encompasses solar, wind, hybrid, and B2C green energy solutions. He will also lead innovation and digital transformation initiatives in the renewable energy sector. Continue reading “Deepesh Nanda appointed as President-Renewables and CEO & MD of Tata Power Renewable Energy”

Nov 1 (Reuters) – Toyota Motor (7203.T) said on Wednesday it is raising the wages of nonunion U.S. factory workers just days after the United Auto Workers union won major pay and benefit hikes from the Detroit Three automakers.

Hourly manufacturing workers at top pay will receive a wage hike of about 9% effective on Jan. 1, the company confirmed. Other nonunion logistics and service parts employees are getting wage hikes. Continue reading “Toyota hikes wage of US factory workers after UAW labor deals”

Oct 31 (Reuters) – Tesla (TSLA.O) is aiming to make 200,000 units of its electric pickup truck, Cybertruck, per year, Chief Executive Officer Elon Musk said on Tuesday.

The company had earlier said that Tesla had the capacity to make more than 125,000 Cybertrucks annually, with Musk adding there was potential to lift it to 250,000 in 2025. Continue reading “Musk says Tesla aims to make 200,000 Cybertrucks a year”

PRAGUE, Nov 1 (Reuters) – German car group Volkswagen (VOWG_p.DE) will not make a decision on a fourth battery factory site for now, with demand for electric vehicles in Europe lagging expectations, Chairman Oliver Blume said on Wednesday.

Volkswagen has been looking at a possible site for a gigafactory for electric car batteries in eastern Europe and had already put off a decision a year ago when it was considering locations in the Czech Republic, Hungary, Poland or Slovakia. Continue reading “Volkswagen puts off east European gigafactory amid sluggish EV demand”

PARIS/LONDON, Oct 31 (Reuters) – Weaker electric vehicle (EV) demand, increased competition from China and market volatility are complicating French carmaker Renault’s (RENA.PA) plans to list its EV business Ampere, four people familiar with the matter told Reuters.

Renault aims to extract more value from Ampere through an initial public offering (IPO) but is unlikely to go ahead if the final valuation falls below 7 billion euros, two of the sources said. One of them said that the cut off point could be closer to 6 billion euros ($6.33 billion). Continue reading “Renault’s Ampere ambitions tested by choppy IPO, slow EV markets -sources”

Summary

• Q2 operating profit jumps 155.6%
• Raises full-year f’cast 50% to 4.5 trln yen
• Car sales post y/y rise in all regions in Apr-Sept
• Shares end up 4.7%, boost broader Japan stock market

TOKYO, Nov 1 (Reuters) – Toyota Motor (7203.T) more than doubled its second-quarter profit and sharply raised its full-year outlook on Wednesday, as a weaker yen currency bolstered the impact of robust global sales. Continue reading “Toyota rides weak yen, demand for hybrids to post blowout profit”

Source : PTI | Guwahati, Union Minister Nitin Gadkari on Monday stressed on futuristic technology across all sectors for ensuring the country’s accelerated growth, emphasising on the role of students in achieving the goal. He also maintained that research has to be result-oriented with proper analysis of the market before venturing into any project.

He was speaking at a special convocation of Assam down town University here, where the union road transport and highways minister was conferred with an honorary D. Litt. Degree in recognition of his contribution to the infrastructural development of the North East region. Continue reading “Futuristic technology needed for accelerated growth: Gadkari”