(Reuters) – Japanese automaker Honda Motor (7267.T) announced on Tuesday plans to launch a new electric vehicle series from 2026, as it plays catch-up with global rivals in the shift to battery-powered cars.

Japan’s second-biggest car maker has been slow to step up EV sales, lagging behind European and U.S. competitors such as General Motors (GM.N) and Volkswagen (VOWG_p.DE), while facing a challenge from newer rivals such as China’s BYD (002594.SZ). Continue reading “Honda unveils plans for new EV lineup”

LAS VEGAS, (Reuters) – As artificial intelligence becomes the new horsepower for car buyers, established automakers are redoubling efforts to match the digital features that set Tesla (TSLA.O), BYD (002594.SZ) and other new rivals apart, industry executives and analysts said at the CES technology show in Las Vegas.

More than a decade after Tesla debuted cars with software that could be upgraded over the air like a smartphone, established automakers are still running behind in efforts to develop what the industry calls “software-defined vehicles,” industry executives said this week. Continue reading “Focus: At CES, legacy automakers scramble to keep up in AI arms race”

Source : PTI | New Delhi: Auto components major Bharat Forge on Tuesday said it has inked an MoU with the Tamil Nadu government to invest INR 1,000 crore over a period of five years to expand manufacturing footprint in the state. The company has entered into a memorandum of understanding (MoU) with Guidance, the nodal agency of the state government as part of the Tamil NaduGlobal Investors Meet 2024, it said in a regulatory filing.

The MoU is non binding and at present does not have a material impact on operations of the company, it added.

Continue reading “Bharat Forge to invest INR 1,000 cr in Tamil Nadu to enhance production activities”

Source : PTI | Prime Minister Narendra Modi on Tuesday met some of the top global CEOs on the sidelines of the Vibrant Gujarat Summit as he lured investments across sectors to boost the economy and create jobs. A day before inaugurating the Vibrant Gujarat Global Summit on January 10, the prime minister met executives of Suzuki Motor Corp, Micron Technology and AP Moller and discussed industry issues and investment opportunities.

Modi and Toshihiro Suzuki, Representative Director & President, Suzuki Motor Corp, “discussed Maruti Suzuki’s plans to make India a strong player in the global automotive market by exporting Made in India vehicles, along with deploying global best practices related to vehicle scrapping and vehicle recycling into India,” the Prime Minister’s Office said in a post on X. Continue reading “Modi meets top CEOs, discusses made-in-India vehicles to green hydrogen”

Source : PTI | Gensol Engineering on Tuesday said it will invest INR 2,000 crore to set up an EV manufacturing plant in Gujarat. A memorandum of understanding (MoU) to this effect was signed with the Gujarat government as part of the investment promotion activity for Vibrant Gujarat Global Summit 2024.

The project will generate around 1,500 jobs in the region, Gensol said in a regulatory filing. Continue reading “Gensol Engineering to invest INR 2,000 cr for EV plant”

Source : PTI | The Ministry of Road Transport and Highways (MoRTH) will come out with a modified Build-Operate-Transfer (BOT) project document in the next one month to attract interest of private companies for investments in the highways sector, a senior official said on Monday. Addressing an event organised by Rural Electrification Capital (REC) Ltd, Road Transport and Highways Secretary Anurag Jain said the government’s budget on the highways sector has increased three times in the last 10 years.

“We are giving final touches to modified BOT document for highways construction. It will be finalised in one month,” he said. Continue reading “MoRTH to come out with BOT project in the next month to attract investments: Anurag Jain”

(Reuters) – Microsoft (MSFT.O) has worked with a U.S. national laboratory to use artificial intelligence to rapidly identify a material that could mean producing batteries that require 70% less lithium than now, the company said on Tuesday.

The replacement of much of the lithium with sodium, a common element found in table salt, still needs extensive evaluation by scientists at Pacific Northwest National Laboratory (PNNL) in Richland, Washington to determine whether it will be suitable for mass production. Continue reading “Microsoft, US lab use AI to speed search for new battery materials”

BERLIN, (Reuters) – Volkswagen Group (VOWG_p.DE) deliveries rose 12% to 9.24 million vehicles in 2023, it said on Tuesday, indicating a post-pandemic sales recovery as supply chain bottlenecks eased.

The carmaker’s unit sales dropped after the outbreak of the pandemic, hitting a low of 8.3 million in 2022 from 9.3 million in 2020, amid supply chain challenges from chip shortages to the war in Ukraine. Continue reading “Volkswagen Group sales near pre-pandemic levels as bottlenecks ease”

DETROIT (Reuters) – Intel (INTC.O) said on Tuesday it will launch automotive versions of its newest AI-enabled chips, taking on Qualcomm (QCOM.O) and Nvidia (NVDA.O) in the market for semiconductors that can power the brains of future cars.

Intel also said it will acquire Silicon Mobility, a French startup that designs system-on-a-chip technology and software for controlling electric vehicle motors and onboard charging systems. Intel did not disclose a purchase price for the closely held company, controlled by venture funds Cipio Partners and Capital-E. Continue reading “Intel challenges Nvidia, Qualcomm with ‘AI PC’ chips for cars”

LAS VEGAS, (Reuters) – Vietnamese electric vehicle maker VinFast aims to increase its free float, or shares available to the public for trading, to 10% to 20% by the end of this year from roughly 2% currently, the company’s chairperson said on Tuesday.

“This year we plan as the markets recover and as we show more achievements of progress, we will do follow-on transactions … increasing the free float, bringing in many more investors, including long-only investors,” Le Thi Thu Thuy, the former CEO and current VinFast chairperson, told Reuters on the sidelines of the CES trade show in Las Vegas. The free float “hopefully would be 10% to 20% at least,” she said. Continue reading “Exclusive: EV maker VinFast aims to raise free float to 10%-20% by end-2024 -chair”

(Reuters) – Japanese automaker Honda Motor (7267.T) announced on Tuesday plans to launch a new electric vehicle series from 2026, as it plays catch-up with global rivals in the shift to battery-powered cars.

Japan’s second-biggest car maker has been slow to step up EV sales, lagging behind European and U.S. competitors such as General Motors (GM.N) and Volkswagen (VOWG_p.DE), while facing a challenge from newer rivals such as China’s BYD (002594.SZ). Continue reading “Honda unveils plans for new EV lineup”

(Reuters) – Tesla has lowered driving-range estimates across its lineup of electric vehicles as a new U.S. government vehicle-testing regulation takes effect with the goal of ensuring that automakers accurately reflect real-world performance.

Tesla has historically issued range estimates that overstate what its cars can deliver, prompting widespread complaints from customers, according to some automotive testing experts and a Reuters investigation last year. Continue reading “Tesla lowers range estimates as U.S. regulators tighten vehicle-test rules”

Source : PTI | Tata Motors-owned Jaguar Land Rover on Monday reported a 27 % rise in total wholesales at 1,01,043 units in the third quarter ended December 31, 2023, as compared to the year-ago period. Jaguar Land Rover (JLR) delivered the highest wholesales in 11 quarters during the period, a statement by JLR shared on BSE by Tata Motors said.

Year-to-date wholesales for FY24 were 2,91,113 units, up 28 % year-on-year, it added. Continue reading “JLR Q3 wholesales up 27% at 1,01,043 units”

Souce : PTI | Tractors and Farm Equipment manufacturer TAFE Ltd on Monday signed a memorandum of understanding with the Tamil Nadu government to invest INR 500 crore in the state. The investments would be utilised for taking up expansion of the Chennai-headquartered company’s farm equipment division besides enhancing its manufacturing facility for the assembly and exports of ‘Silent Generators’, the company said.

During the second day of the Global Investors Meet organised by the ruling DMK government here, company officials exchanged documents with the government in the presence of Chief Minister M K Stalin, Minister for Industries T R B Rajaa. “Tractors and Farm Equipment Ltd proposes to expand its Farm Equipment division to produce an advanced range of farm equipment for a wide variety of crops ideally suited for both Indian and international markets,” the company said in a statement. Continue reading “TAFE Ltd to invest INR 500 cr, inks pact with Tamil Nadu govt”

Source : PTI | The Ministry of Road Transport and Highways (MoRTH) will come out with a modified Build-Operate-Transfer (BOT) project document in the next one month to attract interest of private companies for investments in the highways sector, a senior official said on Monday. Addressing an event organised by Rural Electrification Capital (REC) Ltd, Road Transport and Highways Secretary Anurag Jain said the government’s budget on the highways sector has increased three times in the last 10 years.

“We are giving final touches to modified BOT document for highways construction. It will be finalised in one month,” he said. Continue reading “MoRTH to come out with BOT project in the next month to attract investments: Anurag Jain”

LONDON, (Reuters) – BT (BT.L), Britain’s biggest telecoms group, said it would convert the first of its street cabinets traditionally used to house cabling to an electric vehicle (EV) charging unit in a pilot that could lead to a network of 60,000 new points.

The first unit will be installed at a cabinet in East Lothian, Scotland, BT said on Monday, adding that it will roll out further trials across Britain in the coming months. Continue reading “Britain’s BT to turn street cabinets into EV charging points”

BRUSSELS,(Reuters) – Swedish lithium-ion battery producer Northvolt on Monday secured EU approval for 902-million-euro ($986.43 million) in German state aid to build an electric vehicle battery production plant in the north of Germany.

The European Commission said the plant would accelerate the 27-country bloc’s green transition and reduce fuel dependencies, and that the German aid was necessary as without it, Northvolt would build the plant in the United States with support from the U.S. Inflation Reduction Act. Continue reading “Northvolt gains EU nod for $986 mln German aid to build EV battery plant”

OTTAWA, (Reuters) – Canadian officials are meeting representatives of Honda Motor (7267.T) this week, a government source said, following a news report that the car maker was considering building an almost 2 trillion yen ($13.9 billion) electric vehicle plant in the country.

The Ottawa talks will involve several different federal departments, said the source familiar with the matter who was not authorized to speak on the record. Continue reading “Canada, Honda representatives to meet about potential EV plant -source”

DETROIT, (Reuters) – Nvidia (NVDA.O) said four Chinese electric vehicle brands will use its technology as the brains for automated driving systems, underscoring the U.S. chip maker’s determination to expand in China despite Washington’s tighter export rules.

Chinese automakers Li Auto (2015.HK), Great Wall Motor (601633.SS), Zeekr (ZK.N) and the new EV unit of Chinese telecommunications company Xiaomi (1810.HK) will use Nvidia’s DRIVE technology to power automated driving, Nvidia said on Monday at the CES technology conference in Las Vegas. Continue reading “Nvidia expands its reach in China’s EV sector”

LAS VEGAS,  (Reuters) – Volkswagen’s (VOWG_p.DE) voice assistant integrating ChatGPT into its cars will be able to converse with users in a back-and-forth dialogue by the middle of the year, the carmaker said on Monday as it presented the technology in Las Vegas.

Volkswagen presented its first vehicles featuring ChatGPT, to be available for customers in North America and Europe from early in the second quarter of this year, at the CES electronics trade fair. Continue reading “VW vehicles to converse with drivers via ChatGPT by mid-year”

Source : PTI | New Delhi: Commercial vehicle maker Ashok Leyland on Monday said it sold 1,98, 113 units in the Calendar Year (CY) 2023, surpassing its previous sales record of 1,96,579 units achieved in 2018. This record achievement underscores the company’s product versatility and strong market presence, solidifying its position in the segment both in the domestic and international markets, the company said in a statement.

“Looking ahead, we are poised for even greater success as we continue to invest in cutting-edge technologies, sustainable operating practices, and customer-centric market initiatives to drive the next phase of growth for Ashok Leyland,” said Shenu Agarwal, Managing Director and CEO at Ashok Leyland. Continue reading “Ashok Leyland achieves record sales at 1,98,113 units in 2023”

SHANGHAI, Jan 8 (Reuters) – Zeekr (ZK.N) is aiming to deliver 230,000 cars in 2024, double its deliveries in 2023, a company spokesperson said on Monday, as the electric car brand of China’s Geely (GEELY.UL) ramps up sales of new models and expand into overseas markets.

Zeekr started delivery of its fourth model, the Zeekr 007 sedan, in December and wants to increase sales in Europe while selling into more markets in the Middle East and Asia this year, the company said. Continue reading “Geely’s Zeekr aims to double its EV deliveries in 2024”

Source : PTI | Panasonic expects a “double-digit” growth in the Indian market this fiscal while the company prepares to tap the long-term potential of the country by bringing high-tech products, besides making it an export hub. India is among three important regions for firm headquartered in Osaka, , and it is in the process of building and bringing many more products and high-tech solutions which did not exist in the past in this country, said Chairman of Panasonic Life Solutions India and South Asia Manish Sharma.

Continue reading “Panasonic eyes double-digit growth in India this fiscal, plans to make country export hub”

Jan 8 (Reuters) – China Evergrande New Energy Vehicle Group (0708.HK) said on Monday an executive director Liu Yongzhuo, who is the firm’s vice chairman, has been detained on suspicion of “illegal crimes” but did not elaborate further.

The electric vehicle arm of the embattled property developer China Evergrande Group (3333.HK) added its shares will resume trading from 1 p.m. (0500 GMT). Continue reading “China Evergrande’s EV unit says vice chairman detained”

Source : PTI | Countries which are negotiating free trade agreements (FTAs) with India, including the UK, want a greater share in the country’s fast-growing automobile sector , Commerce Secretary Sunil Barthwal said on Friday. He said that India has come to the centre stage of auto manufacturing not only in assembling but also in the whole value chain.

The industry has strengthened itself in all areas, including making auto grade steel, components and tyres, besides exporting these goods, he said. Continue reading “UK looks for greater share in India auto sector under FTA: Official”

WASHINGTON, (Reuters) – Two groups representing auto dealers said on Friday they had filed a legal challenge to the Federal Trade Commission’s new sweeping consumer protection regulations finalized last month.

The FTC said the new rules will ban bait-and-switch advertising tactics, prohibit charging for add-on costs that do not benefit consumers and require dealers to make key disclosures to consumers, including accurate pricing disclosures in advertising and sales communications. Continue reading “Auto dealers challenge new US FTC car-buyer consumer protection rules”

 The United Auto Workers (UAW) union has reached agreement with auto parts maker Allison Transmission Holdings Inc (ALSN.N) on a tentative deal covering 1,500 workers in Indianapolis, the labor group said on Friday.

The four-year contract guarantees a starting wage of $20 an hour for UAW employees and retroactive pay hikes until Nov. 15 last year, and two categories of bonus that amount to $7,000, the union said. Continue reading “UAW strikes tentative deal with auto parts maker Allison Transmission”

HANOI, (Reuters) – Vietnamese electric vehicle (EV) maker VinFast on Saturday named its founder and biggest financial backer, Pham Nhat Vuong, as chief executive as it plans an ambitious overseas expansion and ramps up sales via dealerships.

Vuong, 55, replaces Le Thi Thu Thuy, who had held the post since late 2021, VinFast said in a statement. Thuy, a finance expert, will serve as chairwoman and lead engagement with external stakeholders. Continue reading “Vietnam EV maker VinFast names founder as CEO, replaces CFO”

(Reuters) – General Motors’ (GM.N) Cruise robotaxi unit offered on Friday to pay $75,000 to resolve an investigation by California regulators into its failure to disclose details of a pedestrian crash involving a self-driving car.

In December, the California Public Utilities Commission ordered Cruise to appear at a Feb. 6 hearing, citing it for misleading the commission “through omission” on the extent and seriousness of the accident and for “misleading public comments” on interactions with the agency. Continue reading “GM robotaxi unit Cruise offers $75,000 to resolve crash probe”

TOKYO, Jan 7 (Reuters) – Toyota Motor (7203.T) said it would restart its Japanese vehicle plants on Monday but, given the impact of the New Year’s Day earthquake, would decide separately about operations from Jan. 15.

As aftershocks are continuing from the magnitude 7.6 quake that ravaged Japan’s western coast and many of its suppliers and their affiliates are in affected areas, Toyota said in a press release on Sunday it would use parts in stock outside those areas. Continue reading “Toyota Motor: to restart vehicle plants in Japan from Monday”

Source : PTI | Electric Vehicle (EV) sales in India is expected to grow at a Compound Annual Growth Rate (CAGR) of 35 per cent with annual volumes likely to touch 27.2 million units by 2032, a report said on Friday. The report, ‘India Electric Vehicle Market Overview 2023’, by energy advisory, software and services firm, Customized Energy Solutions, also predicts a record-breaking sale of 1.7 million units in 2023.

EV sale in India is projected to touch about 27.2 million units by 2032 and with a CAGR of 35 per cent from 2023-2032 under business-as-usual conditions, according to the report. Continue reading “EV sales in India likely to grow at CAGR of 35%; annual volumes may cross 27 million by 2032, says report”

WASHINGTON, (Reuters) – The U.S. environmental regulatory agency will hold a hearing next week on whether to approve California’s plan to require all new vehicles sold in the state by 2035 to be electric or plug-in electric hybrids.

The California Air Resources Board (CARB) in August 2022 approved the landmark plan to end the sale of gasoline-only vehicles in the state by 2035.

In May, CARB asked the U.S. Environmental Protection Agency (EPA) to approve a waiver under the Clean Air Act allowing the plan to proceed. EPA is holding a Jan. 10 public hearing and will take written comments through Feb. 27 on California’s request. Continue reading “US EPA reviewing California 2035 electric vehicle sales mandate plan”

(Reuters) – Chrysler-parent Stellantis (STLAM.MI) said on Friday it will not advertise in next month’s NFL Super Bowl, citing the challenging U.S. automotive market.

In November, General Motors (GM.N) said it would not advertise during the heavily watched National Football League championship game as it cuts marketing costs. Stellantis said earlier this week it had opted not to take part in upcoming auto shows in Chicago and Washington. Continue reading “Chrysler-parent Stellantis will not advertise in 2024 Super Bowl”

Summary

• Tesla sells far more cars per store than rival BYD-CMBI data
• US EV maker, BYD both grew market share in China in Jan-Oct 2023
• Tesla faces challenges in matching BYD’s overall growth-analyst

SHANGHAI,  (Reuters) – Tesla’s strategy in China of real-time, aggressive management of its sales staff is giving its stores an edge over dealerships offering BYD and other brands in the world’s largest auto market, according to three people with knowledge of the matter. Continue reading “Tesla trumps BYD in China sales efficiency with real-time strategy”

(Reuters) – General Motors (GM.N) edged out rival Toyota Motor (7203.T) to remain the top-selling automaker in the U.S. in 2023 as easing supply snags and sustained demand drove the industry to its best year since the pandemic.

The Detroit automaker shrugged off a hit from a costly auto strike to report U.S. new vehicle sales of about 2.6 million units for 2023, up 14.1% from 2022, while Toyota’s annual sales rose 6.6% to about 2.25 million vehicles. Continue reading “GM leads US auto sales as industry concludes best year since pandemic”

(Reuters) – Electric vehicle company Fisker (FSR.N) said on Thursday that it would add dealerships alongside its direct-to-customer distribution model to expand its sales and delivery network.

The California-based company, which sells its vehicles across the United States and Canada apart from other markets in Europe, has only two showrooms or Fisker Lounges in North America – one in Los Angeles and the other in New York. In other locations, it has retail stores called Fisker Center+. Continue reading “Fisker leans on dealerships to boost EV sales”

(Reuters) – Ford Motor (F.N) on Thursday posted its best annual auto sales in the United States since 2020, fueled by sustained demand for the automaker’s crossover SUVs and pickup trucks, a day after many of its peers reported double-digit gains in new vehicle sales.

The Detroit automaker said vehicle sales rose 7.1% to 1.99 million units in 2023. In 2020, Ford posted new vehicle sales of a little over 2 million units. Continue reading “Ford posts highest US auto sales since 2020”