BERLIN, Dec 15 (Reuters) – Chinese electric vehicle (EV) maker Nio (9866.HK) will launch its cheaper Firefly brand in Europe in 2025, its president said on Friday.
Both the Firefly and Alps brands will produce cars for families, with Firefly offering smaller models, Lihong Qin said in a news conference online.
He did not give details of pricing for the two brands. Continue reading “Nio to launch cheaper Firefly brand in Europe in 2025”
Dec 15 (Reuters) – A U.S. auto safety regulator said on Friday it will open an investigation into about 454,840 Nissan vehicles over reports alleging engine failure that can lead to a loss of motive power with no ability to re-start.
The U.S. Office of Defects Investigation (ODI) has opened a preliminary evaluation into Nissan Rogue, Altima and Infiniti Qx50 vehicles, the National Highway Traffic Safety Administration said, adding a total of six complaints were received regarding the issue. Continue reading “US opens probe into over 450,000 Nissan vehicles on engine failure concerns”
DETROIT, Dec 14 (Reuters) – General Motors (GM.N) CEO Mary Barra has made many bold moves during a decade on the job to lift the automaker’s share price: jettisoning money-losing operations in Europe, promising to outsell Tesla (TSLA.O) in the electric-vehicle market and betting billions on developing a profitable robotaxi business.
Investors are unmoved. GM shares are trading close to the $33 a share at which they went public in 2010 following the company’s government-financed bankruptcy. Since hitting $63 a share in November 2021, GM shares have fallen 47%. Continue reading “GM’s Barra reboots her 10-year effort to lift stagnant shares”
PTI
Updated On Dec 13, 2023 at 06:27 PM IST
The government on Wednesday said it is not considering any proposal to provide duty concessions and exemption from local value addition for import of electric vehicles into the country. Responding to a question whether there is any proposal to exempt Tesla and other multinational car companies from local value addition of cost in heavy batteries, semiconductors and magnetic parts; and subsidy on the import duty on the import of Electric Vehicles (EVs) in India, Minister of State for Commerce and Industry Som Parkash said a production-linked incentive scheme for automobile and auto component industry with a budgetary outlay of INR 25,938 crore was announced by the government.
Continue reading “No proposal to provide duty concession on import of EVs: Govt”
PTI
Updated On Dec 13, 2023 at 11:50 AM IST
Industry body India H2 Alliance on Tuesday said it has expanded its membership with seven new industry members. The India H2 Alliance is an industry coalition of global and Indian companies committed to the creation of a hydrogen value-chain and economy in India.
The India H2 Alliance has expanded its membership with seven new industry members Torrent Power, Synergen Projects, Godawari Power and Ispat, Technip Energies, HSBC Bank, Bureau Veritas and Newtrace joining the IH2A industry coalition, according to a statement.
Continue reading “India Hydrogen Alliance gets seven new industry members”
PTI
Updated On Dec 14, 2023 at 08:35 AM IST
Diversified conglomerate Mahindra Group donated INR 1 crore to the Tamil Nadu government as their contribution towards relief and rehabilitation works following the havoc caused by Cyclone Michaung in the northern parts of the state, the company said on Wednesday.
Mahindra and Mahindra Automotive Technology and Product Development president R Velusamy presented the cheque to Chief Miniter M K Stalin.
Continue reading “Mahindra Group, MRF Ltd contribute to TN cyclone relief”
By David Shepardson
WASHINGTON, Dec 13 (Reuters) – General Motors (GM.N) CEO Mary Barra said Wednesday the Detroit automaker still plans on moving to all electric vehicle sales by 2035 even as it has recently delayed some EV production.
“Our plan is to only be selling EVs, light-duty EVs at that time but of course we’re going to be responsive to where the customer is at but we have a plan to do that,” Barra told reporters after an appearance at the Washington Economic Club.
Continue reading “GM still planning to end gas-powered vehicle sales by 2035 — CEO”
Reuters
Dec 13 (Reuters) – Tesla’s (TSLA.O) Model 3 Rear-Wheel Drive and Long Range vehicles will lose an up to $7,500 federal tax credit from Dec. 31 based on new guidance under the U.S. Inflation Reduction Act, a message on the U.S automaker’s website showed late Tuesday.
The U.S. Treasury issued guidelines earlier this month detailing new battery sourcing restrictions that take effect Jan. 1 aimed at weaning the U.S. electric vehicle supply chain away from China.
Continue reading “Tesla to lose $7,500 consumer tax credits for some Model 3 vehicles”
By Nick Carey and Paul Lienert
LONDON/DETROIT, Dec 13 (Reuters) – Electric vehicle charging companies in Europe and the U.S. have started fighting over the best spots for fast public chargers, and industry watchers predict fresh rounds of consolidation as more big investors enter the fray.
Many current EV charger companies are backed by long-term investors, and more are expected to launch. Looming bans in various countries on cars powered by fossil fuels have made the sector more attractive to infrastructure investors like M&G’s (MNG.L) Infracapital and Sweden’s EQT.
Continue reading “EV charger station firms battle for prime locations in Europe, US”
By David Shepardson
WASHINGTON, Dec 13 (Reuters) – Tesla (TSLA.O) is recalling over 2 million vehicles in the U.S. to install new safeguards in its Autopilot advanced driver-assistance system, after a federal safety regulator cited safety concerns.
The largest-ever Tesla recall appears to cover nearly all vehicles on U.S. roads to better ensure drivers pay attention when using the system. Tesla’s recall filing said that Autopilot’s software system controls “may not be sufficient to prevent driver misuse” and could increase the risk of a crash.
By Greg Bensinger and David Shepardson
Dec 13 (Reuters) – General Motors’ Cruise robotaxi unit dismissed nine key people amid an ongoing safety investigation, according to a memo seen by Reuters on Wednesday, which the company confirmed included Chief Operating Officer Gil West.
The investigation relates to an Oct. 2 incident in which a woman was struck and dragged by a Cruise vehicle in San Francisco.
Continue reading “Exclusive: GM’s Cruise robotaxi unit dismisses nine execs after safety probe”
Source : PTI | The Maharashtra government will find out if ethanol can be produced from mahua flowers in Gadchiroli district and subsidy would be given if the plan works out, Deputy Chief Minister Devendra Fadnavis said on Monday. Fadnavis said efforts were on to see if wine could be produced from mahua flowers so that income of tribals can be raised, but at the same time one also needs to see if such a programme was needed in the district.
Speaking on the issue in the Legislative Council, MLC Satyajit Tambe had raised objection saying Gadchiroli is a liquor-free district but a company had carried out ‘bhoomipujan’ to start manufacturing wine from mahua flowers.
Source : PTI | Mumbai: Aluminium producer Hindalco Industries on Tuesday announced its plan to set up a battery foil manufacturing facility at Sambalpur in Odisha with an investment of INR 800 crore to tap the fast-expanding electric vehicle market. The facility, to be commissioned by July 2025, will initially produce 25,000 tonnes of the aluminium foil which forms the backbone of lithium-ion and sodium-ion cells, Hindalco Industries said.
The company also plans to significantly expand its capacity of making fine-quality aluminium foil which is used in rechargeable batteries, Hindalco said in a statement. Continue reading “Hindalco plans INR 800 cr investment to set up battery foil manufacturing unit in Odisha”
Source : PTI | FedEx Express on Tuesday said it has committed a corporate social responsibility grant worth USD 10 million to the IIT-Bombay and IIT-Madras, which would help the two institutions set up a ‘centre of excellence’ each on their campuses. This collaboration reaffirms FedEx’s commitment to advancing technology, leveraging talent, sustainability, and fostering startup growth, the company said in a statement.
“FedEx has committed USD 10 million corporate social responsibility grant to the IIT-Bombay and IIT-Madras. Continue reading “FedEx commits USD 10 million corporate social responsibility grant to IIT-Bombay, IIT-Madras”
Source : PTI | New Delhi: Tata Motors recorded its highest-ever monthly retail sales in November on the back of robust demand for its sports utility vehicles amid the festive period, according to a top company official. In an interaction with PTI, Tata Motors Passenger Vehicles Managing Director Shailesh Chandra said the automaker retailed around 53,000 units in November, which was 8 % higher as compared to October this year and 30 % up as compared to sales in November 2022.
The company also witnessed strong sales performance in the 47 days long festive period this year with registrations of around 79,374 units, up 18 % over the same period of last year. Continue reading “Tata Motors reports highest-ever monthly retail sales in November”
(Reuters) – Nikola founder Trevor Milton should receive around 11 years in prison for defrauding investors in the electric- and hydrogen-powered truck maker, prosecutors in New York said on Tuesday.
Milton was convicted at trial in October 2022 on two counts of wire fraud and one count of securities fraud. Prosecutors said Milton targeted retail investors with false claims about Nikola’s technology starting in 2019. Continue reading “US prosecutors seek 11-year sentence for Nikola founder Trevor Milton”
LONDON, (Reuters) – Global sales of battery electric vehicles (BEV) and plug-in hybrids (PHEV) rose 20% versus a year ago as strong growth in North America and China offset lower sales in Europe, according to market research firm Rho Motion.
Sales of BEVs and PHEVs hit a fresh monthly record of 1.4 million units, up from 1.1 million in November 2022.
“Sales have continued to rise despite a lot of negative sentiment in the market and we’re expecting sales to remain strong in December,” data manager Charles Lester told Reuters. Continue reading “Global EV sales hit new record in November – Rho Motion”
(Reuters) – General Motors (GM.N) and Komatsu (6301.T) said on Tuesday they will jointly develop a hydrogen fuel cell power module for the Japanese construction machinery maker’s 930E electric drive mining truck.
“Mining trucks are among the largest, most capable vehicles used in any industry, and we believe hydrogen fuel cells are best suited to deliver zero emissions’ propulsion to these demanding applications,” Charlie Freese, executive director of Hydrotec, the No.1 U.S. automaker’s fuel cell unit, said in a statement. Continue reading “GM, Komatsu to develop hydrogen fuel cells for electric mining truck”
PARIS, (Reuters) – French carmaker Renault (RENA.PA) will sell a 5% stake in Nissan (7201.T) back to the Japanese group in the first stage of a planned reduction of its holding as the two automakers rebalance their long-standing alliance, both companies said on Tuesday.
The move, which Renault said will reflect a loss on its initial investment of up to 1.5 billion euros ($1.62 billion), will be the first tranche of a series of share sales by Renault to reduce its Nissan stake to 15% from around 43%. Continue reading “Renault to sell 5% of Nissan stake, to book 1.5 billion euro loss”
SEOUL, (Reuters) – Under pressure from clients eager to diversify away from China, South Korean makers of automotive batteries have pledged to develop a more affordable type of battery chemistry favoured by their Chinese rivals.
But LG Energy Solution (LGES) (373220.KS), SK On and Samsung SDI (006400.KS) say it will be hard to go full steam ahead with lithium iron phosphate (LFP) batteries as they can’t yet compete on price, executives and company officials familiar with their business strategies said. Continue reading “South Korean auto battery firms take on Chinese rivals but with trepidation”
WASHINGTON, (Reuters) – Auto dealers will be barred from luring vehicle buyers with promises they do not keep and will not be able to charge junk fees – like a service contract for an oil change for an electric vehicle – under a new rule, the U.S. Federal Trade Commission said on Tuesday.
The rule could fundamentally change how millions of Americans buy vehicles annually by requiring up-front pricing in dealers’ advertising and sales discussions, and bars the sale of add-on products or services that confer no benefit to consumers. Continue reading “US FTC finalizes car-buying rules to rein in junk fees, bait-and-switch”
New Delhi: The government is likely to stick to the budgeted estimate of total tax collection target of INR 33.61 lakh crore for current fiscal in the revised estimates, a senior finance ministry official said on Monday. “So far, direct tax collection is up by about 20 % and indirect tax is higher by 5 %. We have data till the eight months of the fiscal and usually the collections are better in the first half. So, at the moment, we will stick to the Budget numbers in our Revised Estimates (RE),” an official said.
For 2023-24 (April-March), the Union Budget had pegged total tax collections at INR 33.61 lakh crore, up 10.1 % from INR 30.54 lakh crore in the previous year.
Reuters
Dec 10 (Reuters) – Electric-vehicle battery startup Our Next Energy (ONE) said on Sunday that Paul Humphries will be its new CEO effective immediately, replacing Mujeeb Ijaz, who held the post since he founded the company.
Ijaz, a former Apple (AAPL.O) executive, will serve as vice-chairman of the board and take on the role of chief technology officer following Humphries’ appointment, ONE said.
Continue reading “EV battery startup ONE names Paul Humphries as CEO, replacing founder”
Reuters
BEIJING, Dec 11 (Reuters) – More than 90% of China’s existing new energy vehicle (NEV) models will continue to receive tax breaks on purchases, under new technical requirements unveiled on Monday, China’s industry ministry said.
The technical requirements for NEV eligibility for purchase tax exemptions from 2024 state that pure electric cars should have a driving range of at least 200 kilometres per charge while plug-in hybrid cars should be able to run at least 43 kilometres on electricity, the Ministry of Industry and Information Technology said in a statement.
Continue reading “China says tax breaks to stay for over 90% of new energy vehicles”
By Jacob Gronholt-pedersen
COPENHAGEN, Dec 11 (Reuters) – U.S. carmaker Tesla Inc (TSLA.O) will be urged to respect collective bargaining for its employees in the Nordic region in a joint letter to be sent by a group of pension funds this week, four of the funds said on Monday.
Tesla is facing a backlash from unions and some pension funds in the region over its refusal to accept a demand from Swedish mechanics for collective bargaining rights covering wages and other conditions.
Continue reading “Tesla to be asked by Nordic pension funds to respect collective bargaining”
By Joseph White
DETROIT, Dec 11 (Reuters) – This was the year the auto industry’s race toward an all-electric future took a detour.
Heading into 2023, automakers were gearing up to invest $1.2 trillion by 2030 to move electric vehicles from niche products to mass-market models – many with batteries and software developed in-house, according to a Reuters analysis.
As the year closes, legacy automakers as well as Tesla (TSLA.O), Rivian (RIVN.O) and other EV startups are throttling back investments and reworking product strategies. Legacy automakers are appealing to policymakers for more help to offset the high costs of the EV transition, on top of billions of dollars already pumped into EV subsidies.
Continue reading “In 2023, bold EV strategies took a punch from reality”
Source : PTI | India will add another 38 gigawatt (GW) of renewable energy capacity by March 2025 to touch 170 GW-mark, aided by moderation in solar module prices, an Icra analyst said on Thursday. The country’s installed renewable energy capacity was at 130 GW as of October 2023, Vikram V, Vice President & Sector Head – Corporate Ratings, Icra, said in a webinar.
Indian Renewable Energy (RE) capacity is expected to reach 170 GW by March 2025, led by strong policy support and moderation in solar module prices, he said.
Source : PTI | New Delhi: There is a need to generate demand for electric vehicles and establish a holistic ecosystem, including charging network, for accelerated growth for the sector, Kinetic Green Founder & CEO Sulajja Firodia Motwani said on Friday. Motwani, who is also the Chairperson of FICCI EV Committee, also emphasised the importance of electrification in achieving the country’s net-zero emission targets.
Speaking at a Ficci event here, Motwani emphasised the need to make EV prices attractive for consumers, and recognise the importance of putting in place a holistic EV ecosystem, including batteries, cells, minerals, and charging stations. Continue reading “Need to generate demand, setup holistic ecosystem for EV growth: Sulajja Firodia Motwani”
Source : PTI | Adani group will spend INR 7 lakh crore in capital expenditure over the next 10 years and its billionaire chairman Gautam Adani has shared some details of the plans which will further consolidate the conglomerate’s position as infrastructure leader in India.
Adani in posts on X, formerly Twitter, has over the last few days detailed ‘green’ initiatives of the investment plan across some verticals of the apples-to-airport conglomerate. Continue reading “Gautam Adani details green elements of INR 7 lakh cr investment planned across verticals”
Source : PTI | The government should not dilute the Make in India initiative and follow a consistent policy, FICCI EV Committee Chairperson Sulajja Firodia Motwani said amid a push from American electric carmaker Tesla for special sops to set up its factory in the country.
Motwani, the founder and CEO of Kinetic Green which sells battery-operated three-wheelers, scooters, e-cycles, and buggies, also emphasised creating a holistic ecosystem for the growth of the electric vehicle segment. Continue reading “Need to follow consistent EV policy, no need for company-specific sops: FICCI EV Committee chair”
By Terje Solsvik
OSLO, Dec 9 (Reuters) – U.S. automaker Tesla Inc (TSLA.O) should respect fundamental labour rights including collective bargaining, Norway’s $1.5 trillion sovereign wealth fund said, while adding it would keep its stake in the company and seek to influence policy over time.
The electric vehicle producer faces a backlash in the Nordic region from unions and some pension funds over its refusal to accept a demand from Swedish mechanics for collective bargaining rights covering wages and other conditions.
Continue reading “Norway wealth fund pushes Tesla for union recognition, will keep its stake”
PTI
Updated On Dec 8, 2023 at 08:23 AM IST
National highway projects totalling 43,856 kilometres are under construction stage in the country, Parliament was informed on Thursday. These national highways are being constructed at a cost of over INR 9,60,103 crore, Minister for Road, Transport and Highways Nitin Gadkari said in the Lok Sabha.
According to the data shared by the minister, as of October 31, the total length of national highways in the country is about 1,46,145 km against 91,287 km as of March 31, 2014.
PTI
Updated On Dec 8, 2023 at 08:06 AM IST
Electric vehicle total retail sales, including passenger and commercial vehicles vehicles, grew 25.5 per cent to 1,52,606 units in November, according to data released by the Federation of Automobile Dealers Association (FADA) on Thursday.
The e-two-wheeler sales were 18.82 per cent higher at 91,243 units during the previous month from 76,791 units in November 2022.
Continue reading “EV retail sales grow 25.5 pc to 1,52,606 units in November, says FADA”
PTI
Updated On Dec 8, 2023 at 11:40 AM IST
Mumbai: Electric vehicle maker Olectra Greentech on Thursday said it has received an order from Vasai-Virar City Municipal Corporation, Mumbai, for the supply and maintenance of 40 e-buses at a value of INR 62.80 crore. This bus order, valued at INR 62.80 cr, is on an outright sale basis, Olectra Greentech said in a regulatory filing.
“…Olectra Greentech Limited LOA (letter of award) from Vasai Virar City Municipal Corporation, Mumbai for supply and maintenance of 40 electric buses,” the company said in a regulatory filing.
Continue reading “Olectra Greentech receives INR 62.8 cr order for e-bus supply”
Reuters
Dec 8 (Reuters) – A labour dispute between Tesla (TSLA.O) and Swedish trade union IF Metall has drawn in a host of unions across the Nordic region, all urging the automaker to sign a collective bargaining agreement.
About 130 workers affiliated with IF Metall began a strike on Oct. 27, sparking sympathy strikes – a solidarity tactic by unaffected workers – from dockworkers, cleaners and car dealerships.
Continue reading “Tesla labour dispute ignites Nordic sympathy strikes”
Reuters
BEIJING/SHANGHAI, Dec 8 (Reuters) – China’s passenger vehicle sales rose 25.5% in November from a year earlier, faster than the prior month and extending growth to a fourth month, industry data showed on Friday, as automakers stepped up a price battle to meet sales goals.
Car sales totalled 2.1 million units last month, data from the China Passenger Car Association (CPCA) showed, while growth accelerated from October’s 9.9% jump.
Continue reading “China car sales growth speeds up in November as price war intensifies”
By Nick Carey and Paul Lienert
LONDON/DETROIT, Dec 8 (Reuters) – The rise of inexpensive Chinese electric vehicles has upped the pressure on legacy automakers who have turned to suppliers, from battery materials makers to chipmakers, to squeeze out costs and develop affordable EVs quicker than previously planned.
“Automakers are really now only turning to affordable vehicles, knowing they’ve got to or they will lose out to Chinese manufacturers,” said Andy Palmer, chairman of UK startup Brill Power, which has developed hardware and software to boost EV battery management system performance.
Continue reading “Fear of cheap Chinese EVs spurs automaker dash for affordable cars”
By Akash Sriram and Hyunjoo Jin
Dec 8 (Reuters) – The angular design of Tesla’s (TSLA.O) Cybertruck has safety experts concerned the electric pickup truck’s stiff stainless-steel exoskeleton could hurt pedestrians and cyclists and damage other vehicles on roads.
Reuters spoke to six safety professors and officials who viewed videos of crash tests conducted by Tesla on its first new vehicle in nearly four years and shown during a webcast delivery event last week.
Continue reading “Tesla Cybertruck’s stiff structure, sharp design raise safety concerns -experts”
PTI Updated: December 07, 2023 22:11 IST
New Delhi, Dec 7 (PTI) A 72-year-old man died in an alleged hit-and-run case near the Greater Kailash-1 area of south Delhi, police said on Thursday.
The police have arrested a 50-year-old man in connection with the death of the elderly victim who has been identified as Ajit Lal Tandon, a resident of GK-1, they added.
Continue reading “Elderly man killed in hit-and-run in south Delhi car driver arrested”
PTI
Tech-enabled EV mobility platform ZEVO on Tuesday unveiled its refrigerated electric vehicle (REV), in collaboration with Machphy Solutions for the temperature-controlled last-mile delivery segment. Under the partnership, the company plans to deploy its REVs across 10 cities in the first year, targeting sectors such as pharmaceutical, quick service restaurant (QSR), seafood, dairy, and FMCG in the temperature-controlled last-mile delivery segment.
The Indian market’s growing demand for frozen goods and pharmaceutical has increased the need for temperature-controlled logistics (TCL), the company said.
Continue reading “Zevo launches refrigerated EV with Machphy Solutions”
