DETROIT, (Reuters) – General Motors said Tuesday it is cutting spending by about $1 billion on troubled robotaxi unit Cruise in 2024, but said it remains committed to the self-driving project.

Last week, Cruise disclosed probes by the U.S. Justice Department and the Securities and Exchange Commission stemming from an Oct. 2 accident in San Francisco in which one of its robotaxis struck a pedestrian and dragged her 20 feet (6.1 m). Cruise and GM came under heavy criticism after the accident, and the California Department of Motor Vehicles revoked its permit to operate driverless vehicles. Continue reading “GM to cut spending by $1 billion on robotaxi unit Cruise in 2024”

DETROIT, (Reuters) – General Motors shares jumped Tuesday after the company gave investors an upbeat outlook for 2024 and signaled more capital will be returned to shareholders.

“Consensus is growing that the U.S. economy, the job market and auto sales will continue to be resilient,” GM Chief Executive Mary Barra told investors in a letter. GM expects to reduce shares outstanding to below 1 billion, down from about 1.2 billion currently and 1.6 billion at the post-IPO peak, Barra said. Continue reading “GM shares jump as CEO Barra promises shareholders more cash”

(Reuters) – While automakers and suppliers are betting big on future demand for electric vehicles, a near-term global slowdown is causing pain, including bankruptcies, scrapped initial public offerings and production cuts.

Investment in capacity and technology development has outrun actual EV demand, boosting pressure on companies to cut costs. Continue reading “Industry pain abounds as electric car demand hits slowdown”

(Reuters) – Registrations of Tesla vehicles in California dropped 10% in the last quarter of 2023, the first fall in more than three years in the state, which is one of the most important markets for the electric carmaker and considered a national trend setter.

A total of 47,592 Tesla vehicles were registered in California in the fourth quarter, compared with 52,782 a year earlier, according to data from California New Car Dealers Association. Continue reading “Tesla California registrations fall for the first time since the pandemic”

WASHINGTON, (Reuters) – U.S. President Joe Biden will travel to Michigan on Thursday to meet with United Auto Workers members at an event at a Detroit-area union hall, a campaign official told Reuters.

The trip to the battleground state comes a week after the UAW endorsed Biden’s reelection, with union president Shawn Fain delivering a fiery speech in Washington that was also harshly critical of Republican former president and likely Biden election rival Donald Trump. Continue reading “Biden to meet with UAW workers in Michigan on Thursday”

WILMINGTON, (Reuters) – A Delaware judge tossed out Elon Musk’s record-breaking $56 billion Tesla, pay package on Tuesday, calling the compensation granted by the EV maker’s board “an unfathomable sum” that was unfair to shareholders.

Shares of Tesla dropped about 3% in extended trade, and some investors seized on the ruling in hopes it might prompt Tesla to overhaul its governance.

The Tesla board has been criticized as failing to provide oversight of its combative, headline-making CEO, who has fought regulators and led several other companies at the same time. Continue reading “Judge voids Elon Musk’s ‘unfathomable’ $56 billion Tesla pay package”

Source : PTI | More than 60 battery, recycling, and electric vehicle infrastructure firms will participate at Bharat Mobility Global Expo to be held from February 1 to 3, to showcase their innovations, a statement said on Monday. Industry body India Energy Storage Alliance (IESA) is organizing a dedicated pavilion on battery technologies, recycling, and EV infrastructure as part of this global expo, an IESA statement said.

More than 60 leading companies including Amara Raja, LivGuard, GODI Energy, Epsilon Advanced Materials, Bhilwara Group, Replus, Himadri Speciality Chemical, Trontek Group, and Battrix are participating in the event.  Continue reading “Over 60 battery, recycling, EV infrastructure firms to participate in Bharat Mobility Global Expo”

Source : PTI | Mahindra Logistics Limited on Monday said it will develop a new 3 lakh square feet warehouse in Nashik where the company has already expanded an existing facility. The company said it inaugurated a 1 lakh square feet unit at its existing multi-client warehouse in Nashik.

The new 3 lakh sq feet facility is scheduled to become operational by the end of the third quarter of 2024, the company said, adding that the state-of-the-art facilities will significantly enhance Mahindra Logistics’ pan-India network of multi-client warehousing networks. Continue reading “Mahindra Logistics expands warehousing capacity in Nashik”

Source : PTI | New Delhi: Electric vehicles maker Olectra Greentech on Monday reported a 77% rise in its net profit to INR 27.11 crore for the December 2023 quarter on the back of higher revenues. “The PAT (net profit) stands at INR 27.11 crore (in the October-December quarter), compared to INR 15.30 crore in the previous fiscal year up by 77%,” a company statement said.

Its revenue surged 33% in Q3 FY2023-24 to INR 342.14 crore, it said, adding that the significant revenue growth was recorded due to higher deliveries.

Continue reading “Olectra Greentech net profit rises 77% to INR 27.11 cr in Q3”

Source : PTI | New Delhi: Adani Green Energy on Monday posted an over 148 % jump in consolidated net profit to INR 256 crore in the three months ended December 2023, mainly on the back of higher revenues. The consolidated net profit of the company was at INR 103 crore in the year-ago period, according to a regulatory filing.

Total income rose to INR 2,675 crore in the third quarter of the current fiscal from INR 2,256 crore in the same period a year ago.

Continue reading “Adani Green Energy Q3 net profit jumps to INR 256 cr”

Source : PTI | New Delhi: Toyota Kirloskar Motor is temporarily suspending the dispatch of its three models — Innova Crysta, Fortuner and Hilux — in the country after “irregularities” were found in the certification tests for the diesel powertrain. Toyota Industries Corporation (TICO), a company affiliated with Toyota Motor Corporation (TMC), on January 29, 2024, announced that irregularities in horsepower output certification tests were found on three diesel engine models.

In case of India, such engines are used in Innova Crysta, Fortuner and Hilux.

Continue reading “Toyota suspends dispatch of three models in India due to ‘irregularities’ in diesel engine”

WASHINGTON, (Reuters) – The chairs of two U.S. House committees asked the Biden administration to investigate four Chinese companies they say are involved in Ford Motor’s, opens new tab planned Michigan battery plant, according to a letter seen Monday by Reuters.

The letter first reported by Reuters said the four Chinese companies have direct ties to the Chinese military, Chinese Communist Party, North Korean government and alleged human rights abuses in China’s Xinjiang region. Continue reading “Lawmakers want US to probe four Chinese firms involved in Ford battery plant -letter”

PARIS, (Reuters) – Renault, opens new tab on Monday ditched plans to list its electric vehicle business Ampere because of sluggish stock market conditions.

In September, Luca de Meo, CEO of both the Renault Group and Ampere, said the IPO could be worth up to 10 billion euros.

EV demand in Europe has weakened and the region’s carmakers face stiff competition from Chinese rivals. Continue reading “France’s Renault scraps IPO of EV business Ampere”

(Reuters) – Arrival said it received a delisting and stock trading suspension notice from the Nasdaq, sending the British electric-vehicle company’s shares down about 15% on Monday.

Trading in Arrival’s stock will be suspended from Jan. 30, as per the letter. Continue reading “EV maker Arrival’s shares slump on Nasdaq delisting notice”

BEIJING, (Reuters) – Chinese electric vehicle (EV) giant BYD, opens new tab said on Monday it expects net profit in 2023 to have risen by as much as 86.5% on the previous year, buoyed by strong sales and cost cuts.

BYD forecast net profit for last year between 29 billion and 31 billion yuan ($4.04-4.32 billion), an increase of 74.46-86.49% from a year earlier, it said in a Shenzhen Stock Exchange filing. Continue reading “China’s BYD forecasts 2023 net profit to rise as much as 86.5% y/y”

WASHINGTON, (Reuters) – Toyota Motor, opens new tab said on Monday it is urging the owners of 50,000 older U.S. vehicles to get immediate recall repairs because an air bag inflator could explode and potentially kill motorists.

The Japanese automaker said the “Do Not Drive” advisory covers some 2003-2004 model year Corolla, 2003-2004 Corolla Matrix, and 2004-2005 RAV4s with Takata air bag inflators. Continue reading “Toyota warns 50,000 US vehicle owners to stop driving, get immediate repairs”

DETROIT, (Reuters) – General Motors, opens new tab CEO Mary Barra on Tuesday will face the challenge of convincing investors the No. 1 U.S. automaker will not be stuck in the same slow lane this year as Tesla and other rivals.

Tesla’s TSLA.O warning last week that it expected a year of slow growth and continued pricing pressure weighed on other automakers’ shares. Continue reading “GM looks for a road out of Tesla’s shadow”

TOKYO, (Reuters) – Toyota Motor (7203.T), opens new tab sold a record 11.2 million vehicles in 2023, it said on Tuesday, taking the crown as the world’s top-selling automaker for a fourth straight year.

The Japanese automaker reported a 7.2% jump in global group sales last year, including those of truck unit Hino Motors, opens new tab and small-car maker Daihatsu, helped by record overseas sales of 8.9 million vehicles. Continue reading “Toyota keeps crown as world’s top-selling automaker in 2023”

Source : PTI | New Delhi: Hybrid vehicles are a practical medium-term solution for India’s decarbonisation drive as the country moves towards eventual electrification, according to a report by HSBC Global Research. Under the current circumstances, the total carbon emissions (well to wheel) from hybrid cars is lesser than that of electric vehicles (EVs) and it may take 7-10 years for EV and hybrid emissions to converge.

“Hybrids are critical not just from a cost of ownership perspective, but also for India’s de-carbonisation drive,” the report said.

Continue reading “Hybrid vehicles practical medium-term solution for India’s decarbonisation drive: Report”

Source : PTI | New Delhi: State-owned Bharat Petroleum Corporation Ltd (BPCL) on Monday reported an 82% jump in its December quarter net profit on the back of higher-than-expected refining margins and a rise in margins on fuel sales. Its consolidated net profit of INR 3,181.42 crore in October-December – the third quarter of the current fiscal year, stated on April 1, 2023 – compares to INR 1,747.01 crore earnings in the same period of the previous financial year, according to a company statement.

Its profit was, however, lower than INR 8,243.55 crore earnings in the preceding quarter (July-September 2023). Continue reading “BPCL Q3 net profit jumps 82% on higher refining, mkt margins”

Source : PTI | More than 60 battery, recycling, and electric vehicle infrastructure firms will participate at Bharat Mobility Global Expo to be held from February 1 to 3, to showcase their innovations, a statement said on Monday. Industry body India Energy Storage Alliance (IESA) is organizing a dedicated pavilion on battery technologies, recycling, and EV infrastructure as part of this global expo, an IESA statement said.

More than 60 leading companies including Amara Raja, LivGuard, GODI Energy, Epsilon Advanced Materials, Bhilwara Group, Replus, Himadri Speciality Chemical, Trontek Group, and Battrix are participating in the event.

Continue reading “Over 60 battery, recycling, EV infrastructure firms to participate in Bharat Mobility Global Expo”

Source : PTI | Coal India and its subsidiary Western Coalfields have identified four to five closed mines in the Chhindwara Pench area for setting up green projects for optimum utilisation of assets, Union Coal Secretary Amrit Lal Meena said on Sunday. Meena at the Western Coal Fields headquarters here told reporters that Coal India will install integrated solar and pump storage projects in de-coaled land from where coal has been extracted fully.

The move is aimed at the optimum utilisation of WCL assets and 4-5 old mines have been identified in the Chhindwara Pench area wherein integrated solar and hydropower plants would be set up to contribute to green energy production, the secretary said. Continue reading “Coal India, WCL to set up green energy projects at closed mines in Chhindwara area: Coal Secy”

Source : PTI | Haryana Chief Minister Manohar Lal Khattar on Sunday inaugurated electric city bus services in Panipat and announced that people will get to travel free of cost on these buses for seven days. Three electric buses have been introduced in the city and five more will be added to the fleet soon, according to an official statement.

Inaugurating the service from the new bus stand in Siwah, Khattar said the objective of this initiative is not only to provide convenient transportation to the people of the state but also to reduce environmental pollution. Continue reading “Khattar inaugurates electric bus services in Panipat”

Continue reading “Hyundai finalises Russia exit as local firm buys its two car plants”

Continue reading “Truck maker Volvo braces for 2024 by adjusting production amid weak order intake”

Continue reading “Electric car maker Polestar to cut around 450 jobs globally”

Continue reading “Toyota Motor union demands record 2024 bonuses – Nikkei”

Summary

• Britain objects to Canadian hormone-treated beef
• Farmers welcome Sunak’s support for sector
• Cheesemakers caught up in negotiation breakdown
• Carmaker body calls for talks to resume

Continue reading “UK-Canada trade: Talks stall as Britain toughens approach”

Continue reading “Tesla to recall 200,000 vehicles in US to fix rearview glitch – NHTSA”

Source : PTI | New Delhi: Essar Oil UK has become EET Fuels as it delivers on its plan to become the UK’s first low-carbon refinery, the firm said on Thursday. Essar Oil UK owns the Stanlow refinery in the UK and is developing low-carbon energy transition projects.

For a century, the refinery based at Stanlow, on the River Mersey, has provided the fuel and chemical building blocks that people rely on for their everyday lives. EET Fuels remains committed to sustainably meeting the energy needs of the country.

Continue reading “Essar Oil UK rebrands as EET Fuels”

Source : PTI | New Delhi: Indraprastha Gas Ltd, India’s leading CNG retailer, has reported a 41 % jump in third quarter net profit, as the firm recorded higher sales of CNG to automobiles and piped cooking gas to households and industries. The company clocked a net profit of INR 392.07 crore in October-December – the third quarter of current fiscal that started in April 2023 – compared to INR 278.26 crore in the same period in the previous year, it said in a statement.

IGL operates city gas distribution (CGD) networks across 30 districts in 11 geographical areas across four states of Delhi, Uttar Pradesh, Haryana and Rajasthan. Continue reading “IGL net profit jumps 41% on higher CNG, piped gas sales”

Source : PTI | The government has halved the amount of equity infusion in state-owned fuel retailers to INR 15,000 crore for supporting their investments in energy transition projects, the finance ministry has said. Finance Minister Nirmala Sitharaman had on February 1 last year while presenting the annual Budget for 2023-24 fiscal (April 2023 to March 2024) announced equity infusion of INR 30,000 crore in Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) to support the three state-owned firms’ energy transition plans.

Alongside, she had also proposed INR 5,000 crore for buying crude oil to fill strategic underground storages at Mangalore in Karnataka and Visakhapatnam in Andhra Pradesh that India has built to guard against any supply disruptions. That plan has also been deferred in view of emerging trends in oil markets, the finance ministry said. Continue reading “Govt halves Budget support to oil firms, defers filling strategic oil reserves”

Source : PTI | Union Minister R K Singh on Thursday assured stakeholders that if required, additional funds will be allocated under the National Green Hydrogen Mission for the decarbonisation of the transport sector. Chairing a meeting of government and industry stakeholders from the transport sector in the national capital, he emphasised the government’s commitment to energy transition and India’s Nationally Determined Contributions (NDC) commitment to reduce emissions intensity.

The minister said that, if necessary, the government would be ready to allocate additional funds beyond the already earmarked INR 496 crore for the transport sector under the National Green Hydrogen Mission, according to an official statement. Continue reading “Union minister R K Singh says if required, more funds can be given for transport sector under green hydrogen mission”

Source : PTI | New Delhi: Finance Minister Nirmala Sitharaman on Thursday said the government and the Reserve Bank are actively engaged in improving the central bank digital currency (CBDC) so that it can be used for cross-border payments. RBI began the pilot project wholesale CBDC and picked up nine banks — State Bank of India, Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, YES Bank, IDFC First Bank, and HSBC.

Besides, RBI has already rolled out a pilot in the retail version of CBDC or the e-rupee on December 1, 2022. The e-rupee is in the form of a digital token that represents legal tender.

Continue reading “Govt, RBI actively engaged on digital currency: FM”

Source : PTI | New Delhi: Hindustan Petroleum Corporation Ltd (HPCL) on Thursday reported trebling of profit in the December quarter as robust marketing margin negated inventory losses. Standalone net profit of INR 529.02 crore, or INR 3.73 per share, in the December quarter, as compared to INR 172.43 crore, or INR 1.22 a share, in last year, the company said in a statement.

The 21-month record freeze in retail fuel prices despite fall in input raw material (crude oil) prices helped raise marketing margins but refining margins were lower and the firm also suffered inventory losses because of the lag in buying and processing oil during which time rates fell.

Continue reading “HPCL net profit trebles to INR 529 cr in Q3”

Source : PTI |Auto components maker Rane (Madras) on Thursday reported a whopping 66.3% fall in standalone net profit to INR 11.2 crore in the October-December quarter over the same period last year. The standalone net profit in the third quarter of FY23 was at INR 33.3 crore, the company said.

The total revenue for the quarter under review stood at INR 521.4 crore as compared to INR 546.3 crore in Q3 of FY23, the company said in a statement.

Continue reading “Rane Group posts 66.3% fall in Q3 net profit to INR 11.2 cr”

Continue reading “GM Cruise robotaxi unit faces US probes over dragging incident, vows reforms”

Continue reading “Honda, GM fuel cell venture launches commercial production”

Continue reading “Tesla erases $80 bln in valuation after Musk’s sales warning”

“WAF AutoNews” is World’s No.1 in World Auto News &  Auto Think Tank !!
Click Here to See for yourself.

WAF THINK TANK

WAF in partnership with SIMF & AITD launch ‘Towards Safer and Inclusive Roads’ WAF

Power Network with Top Industry Leaders at WAF.bz WAF Continue reading “WAF Auto News | The Auto World This Week (26th January 2024)”