Summary

• The new dealerships in Prayagraj and Meerut add to the Brand’s network expansion in Uttar Pradesh, bringing the total to 14 sales and nine service facilities
• The Prayagraj touchpoint features a three-car display showcasing the 5-star GNCAP- rated Volkswagen Virtus and Taigun; as well as Tiguan. It is also equipped with separate workshop that features eight service bays
• The dealership in Meerut operates as a sales-only city store with a four-car display. The Meerut City Store offers Express Service, Volkswagen Assistance and Mobile Support Unit via a separate facility in Moradabad

Mumbai: Volkswagen Passenger Cars India inaugurated two new customer touchpoints in Uttar Pradesh, further bolstering its presence in the state as part of the Brand’s wider push to make its products and services more accessible to Indian customers. Continue reading “Volkswagen Passenger Cars India expands footprint in Uttar Pradesh with the inauguration of two new customer touchpoints”

(Reuters) – German automaker Volkswagen and Chinese electric vehicle (EV) partner XPeng on Thursday said the first car they plan to develop together will be an SUV for which they will jointly source parts.

Under a “master agreement” for platform and software collaboration, the automakers in a statement said they will start a joint sourcing program for platform and vehicle parts used by both partners, leveraging scale to reduce cost. Continue reading “Volkswagen, Xpeng say first jointly made car will be electric SUV”

Source : PTI | State-owned National Highways Authority of India (NHAI) is likely to extend ‘One Vehicle, One FASTag’ initiative compliance deadline to March-end, in view of the problems being faced by Paytm FASTag users, a senior official said. NHAI had earlier proposed to implement ‘One Vehicle, One FASTag’ initiative from March 1.

“In view of the Patym crisis, the FASTAg users may be given more time to shift to one vehicle-one FASTag norm,” the official told PTI on condition of anonymity.

To enhance the efficiency of the electronic toll collection system and provide seamless movement at toll plazas, the NHAI has taken the ‘One Vehicle, One FASTag’ initiative that aims to discourage the use of single FASTag for multiple vehicles or linking multiple FASTags to a particular vehicle. Continue reading “NHAI likely to extend deadline for ‘One Vehicle, One FASTag’ initiative till March-end”

Source : PTI | Mining conglomerate Vedanta Group is eyeing USD 6 billion of pre-tax profits in the next financial year and scaling it to USD 7-7.5 billion in the following year on the back of operational efficiencies across businesses. “The building blocks are already in place, and largely under our control for EBITDA augmentation. The increase will be driven by ongoing cost optimization, price increases and volume ramp-up,” Ajay Goel, CFO, Vedanta Limited said at a recent analysts’ meet.

The company is expected to clock nearly USD 5 billion of EBITDA in FY24 (April 2023 to March 2024); adjusting for one-time gains of the Cairn arbitration, the operational EBITDA for FY24 will be USD 4.4 billion. Continue reading “Vedanta Group eyes USD 6 bn EBITDA in FY25, reiterates guidance on operational, profitability targets”

STOCKHOLM, (Reuters) – Polestar said on Wednesday it had raised a $950 million loan from a bank syndicate, helping to fill a gap left when Volvo Cars said it would stop funding the electric carmaker, sending its New York-listed shares 18.5% higher.

Polestar also forecast double-digit gross profit margins by the end of 2024, against an expected flat outcome in 2023. Continue reading “Polestar raises almost $1 bln, sees margins improving in 2024”

MEXICO CITY, (Reuters) – Chinese electric vehicle maker BYD is looking for a location in Mexico to set up a factory aimed at boosting the company’s share of the local market, BYD Americas CEO Stella Li told Reuters on Wednesday.

The company expects to choose a location for the plant, which is set to have a production capacity of 150,000 cars annually, by the year’s end, Li said. Continue reading “Chinese automaker BYD looking for Mexico plant location, executive says”

ROME, (Reuters) – Italy has been in talks with Tesla and three Chinese carmakers as it tries to attract another manufacturer and reach an annual output target of 1.3 million vehicles, the industry minister said on Wednesday.

“We’re having positive feedback,” Industry Minister Adolfo Urso said about the talks during a parliamentary hearing. Continue reading “Italy talks to Tesla, Chinese carmakers in search for second auto producer”

(Reuters) – The chairwoman of the Federal Communications Commission on Wednesday proposed a potential new rule that would subject automakers that sell internet-connected cars to a telecommunications law intended to protect domestic violence survivors.

Cases of technology-enabled stalking involving cars are emerging as automakers add ever more sophisticated features, such as location tracking and remote control of functions like locking doors or honking the horn. Continue reading “Exclusive: US law on domestic abuse should cover carmakers, FCC chair says”

Source : PTI | To enhance last-mile connectivity to Bengaluru’s Namma Metro stations, a fleet of women operated electric auto rickshaws were introduced at Indiranagar and Yelachenahalli metro stations on Wednesday. The Low Emission Access to Public transport (LEAP), an initiative of Alstom, a multinational company that offers solutions for a low carbon future, is done in collaboration with WRI India, a research organisation that aims to influence government policies and civil society actions. The other collaborators are Bengaluru Metro Rail Corporation Limited (BMRCL) and Metroride, an app dedicated to first and last mile connectivity.

“As part of the pilot phase of the programme, we will have electric autos deployed as a last-mile service at Yelachenahalli and Indiranagar stations, serving commuters in a radius of 4 km from each station,” Olivier Loison, managing director of Alstom India, told PTI.

Continue reading “Women driven e-autos to improve last mile connectivity at two Bengaluru metro stations”

Source : PTI | A 46-metre indigenously designed and manufactured modular bridge was inducted into the Indian Army on Tuesday, a move that will bolster the crucial bridging capability of the force’s engineers. The induction ceremony took place at the Manekshaw Centre here in the presence of Army chief General Manoj Pande and senior officials of the Army and Larsen & Toubro (L&T).

“Over the next four years, a total of 41 sets, valued at INR 2,585 crore, will be progressively inducted. The first set was inducted on Tuesday,” a senior official said. Continue reading “Indigenously designed and manufactured modular bridge inducted into Indian Army”

Source : PTI | The “zero fatality corridor” initiative has led to a 58.3% reduction in road crash fatalities on the Mumbai-Pune Expressway since 2016 and 32% since 2022, according to a report. Describing the reduction as “unprecedented”, the report stated that this marks a “significant stride towards a safer and more secure roadway”.

“Once infamous for recording 151 deaths in 2016, roughly three deaths every 2 km, compared to the 2016 national average of one death per 2 km, the expressway earned the distinction of being one of the deadliest expressways in the country,” it stated. Continue reading “‘Zero fatality corridor’: Crash deaths down by 58.3% on Mumbai-Pune E-way since 2016, says report”

TOKYO, (Reuters) – Japan’s Toyota Motor said on Wednesday global vehicle production rose by 7% in January, marking a year-on-year increase for the 13th straight month as the automaker benefited from strong U.S. demand.

Output for January increased to 740,332 vehicles, while worldwide sales rose about 11% from a year earlier as growth in overseas markets such as the United States made up for declining sales in Japan. Both figures include the luxury Lexus brand. Continue reading “Toyota’s global output rises by 7% in January”

Summary

• Pretax loss smaller than expected
• Shares reverse early gains to fall about 2%
• Q4 cash and volumes miss expectations
• Delays launch of first BEV to 2026

(Reuters) – Aston Martin is delaying the launch of its first electric car because of a lack of consumer demand, it said on Wednesday, as record prices for its luxury and special edition models helped the British carmaker shrink annual losses. Continue reading “Aston Martin delays first electric car as losses narrow”

(Reuters) – Tesla will aim to ship its Roadster electric sports car next year, the electric vehicle maker’s CEO Elon Musk said on Wednesday.

“Tonight, we radically increased the design goals for the new Tesla Roadster,” Musk said in a post on X, adding that Roadster’s production design will be completed and unveiled by the end of this year. Continue reading “Tesla aims to ship Roadster cars next year, Musk says”

Source : PTI | Czech carmaker Skoda Auto will begin assembling electric vehicles in India latest by 2027, a senior company official said on Tuesday. The company is testing electric SUV Enyaq for possible launch in India this year.

“We are deep in e-mobility. In the next three years we will expand to six models and out of this, one specific model we should bring to India as well,” Skoda Auto India Brand Director Petr Janeba told PTI here. Continue reading “Skoda Auto to assemble EVs in India latest by 2027”

Source : PTI | New Delhi: The Initial Public Offering (IPO) of EV chargers maker Exicom Tele-Systems Ltd got subscribed 10 times on the first day of subscription on Tuesday. The INR 429 crore-IPO received bids for 18,23,99,200 shares against 1,82,23,540 shares on offer, translating into 10.01 times subscription, according to NSE data.

The Retail Individual Investors (RIIs) part got subscribed 27.11 times while the quota for non-institutional investors received 19.03 times subscription. The Qualified Institutional Buyers (QIBs) category fetched 73 % subscription.

Continue reading “Exicom Tele-Systems IPO subscribed 10 times on first day of offer”

Source : PTI | Swedish premium car maker Volvo on Tuesday said it is expecting a faster adoption of Electric Vehicles (EVs) in the luxury car segment within the overall passenger vehicle division in the country. The company further said EVs may account for one-third of its total car sales in India this year.

“The EV penetration in the overall passenger vehicle segment is nothing, about 2 per cent, while in the luxury segment it is 7 per cent. So, adoption of EVs in the luxury segment will be faster,” Volvo Car India Managing Director Jyoti Malhotra said. Continue reading “Expect faster adoption of EVs in luxury car segment: Volvo”

(Reuters) – The United Auto Workers (UAW) union said on Tuesday that a majority of hourly workers at a Mercedes Benz Alabama factory have signed cards to join the union.

In response, Mercedes Benz did not say whether it would recognize the union or contest the effort ahead of a potential vote. The company said it has a strong record of success in more than 25 years of operations in Alabama and believes “open and direct communication” with its employees “is the best path forward to ensure continued success.” Continue reading “UAW says majority of workers at Mercedes Benz US plant seek to join union”

GENEVA, (Reuters) – China’s BYD on Tuesday showcased its Yangwang U8 at the Geneva car show, a luxury plug-in hybrid SUV capable of floating in the event of accidents involving water.

Weighing in at around 3.5 metric tons, the model can also park sideways like a crab or make a complete turn on the spot thanks to four electric motors, one in each wheel.

The SUV is currently only on sale in China, though BYD is not ruling out exporting it to other markets.

Continue reading “China’s BYD shows off SUV that can also float”

(Reuters) – Electrified vehicles including hybrids and fully electric are becoming more desirable than their gasoline counterparts, influential U.S. magazine Consumer Reports said on Tuesday, while adding seven of them to its top-ten picks for 2024.

Four of Toyota’s electrified vehicles made it to the list, including the Prius and a hybrid version of its popular Camry sedan. Tesla’s Model Y, Ford Maverick Hybrid pickup truck and BMW’s X5 PHEV also made it on the list. Continue reading “Electrified vehicles are becoming more popular in US, survey says”

(Reuters) – A U.S. auto safety regulator said on Tuesday Toyota will recall 280,663 pickup trucks and SUVs and issue a software update to address concerns over unexpected movement caused when vehicles are in neutral and brakes are not applied.

Dealers will issue a free software update on impacted vehicles for the transmission control ECU (electronic control unit) software, the National Highway Traffic Safety Administration said. Continue reading “Toyota to recall 280,663 vehicles in US on concerns over unexpected movement, says NHTSA”

GENEVA, (Reuters) – European carmakers and energy suppliers need to collaborate more to catch up with China in terms of the size of its electric vehicle (EV) sector, Renault boss Luca de Meo said on Tuesday.

There is space for collaboration within Europe for most manufacturers, especially in the upstream part of the EV value chain such as sourcing of minerals and production, de Meo said during a press conference on the sidelines of the Geneva International Motor Show. Continue reading “Europe EV makers need closer collaboration to catch up with China -Renault CEO”

Source : PTI | Domestic Commercial Vehicle (CV) volumes are expected to dip 4-7% year-on-year next fiscal with high base effect kicking in, rating agency Icra said on Tuesday. The volumes are expected to remain muted through the January-March quarter on account of a perceived pause in the infrastructural activities as the model code of conduct kicks in ahead of the general elections.

“Icra estimates the domestic CV industry volumes to register 2-5% year-on-year growth in volumes in FY24. Subsequently, the industry’s sharp upcycle is expected to plateau in FY25, with a decline of 4-7% in volumes,” the rating agency stated. Continue reading “Domestic commercial vehicle industry to see 4-7% dip in volumes next fiscal: Icra”

Source : PTI | New Delhi: There is no other country in the world better placed than India in terms of future growth, Maruti Suzuki India Chairman RC Bhargava said on Monday. Speaking at an event here, the veteran industry leader noted that the country needs to get rid of the old baggage of various defunct laws, regulations and practices to move ahead.

“I can’t see any country in the world today which has better prospects for the future than India has,” Bhargava said here when asked about the future of the country.

Continue reading “No country other than India has better prospects for future: Maruti Suzuki Chairman RC Bhargava”

Source : PTI | Passenger vehicle (PV) volumes are expected to log 5-7 % growth, touching a new peak for the third straight time in the next fiscal driven by the SUV segment, credit rating agency Crisil said on Monday. This anticipated growth is expected to come on the back of an estimated high base of 6-8 per this financial year even as demand for cars and exports remain muted, it said.

A significant change in consumer preference has cranked up demand for SUVs leading to its market share doubling to around 60 % of total domestic volume this fiscal from around 28 % before the pandemic in fiscal 2019, the ratings agency said.

Continue reading “Passenger vehicle volume to rise by 5-7%, touch new peak in next fiscal: Report”

Source : PTI | The VOC Port at Tuticorin in Tamil Nadu will become India’s first green hydrogen hub as it will develop an ecosystem of green ports and also emerge as a transshipment hub when Prime Minister Narendra Modi launches numerous initiatives on February 28, Union Minister Sarbananda Sonowal said on Tuesday. Also, Chennai would become the gateway to the Eastern Maritime Corridor to Vladivostok, Russia, and further increase the bilateral trade between the two countries, he said.

“Tomorrow PM Modi will lay the foundation stone, inaugurate, and dedicate to the nation 36 transformative projects worth over INR 17,000 crore. This is a step towards Viksit Bharat @2047,” Sonowal told reporters here. Continue reading “Tamil Nadu’s VOC Port will be India’s first green hydrogen hub: Sarbananda Sonowal”

NEW YORK, (Reuters) – Investors’ fervor for all things AI-related is leaving its mark on the U.S. options market, as traders pile in to derivatives bets to gain exposure to the red-hot investing theme.

Options on artificial-intelligence darling Nvidia accounted for 25 cents of every dollar of premium – the price of contracts – traded in U.S. single-stock options over the past month, nearly $3 billion in options premium traded in the chipmaker’s options every day on average, a Reuters analysis of Trade Alert data showed. During several recent sessions, Nvidia surpassed Tesla as the option market’s most heavily traded name for the day. Continue reading “Nvidia bets dominate US options market as AI fervor grows”

Source : PTI | Volvo Car India on Monday said it has restructured its management team headed by Jyoti Malhotra through both internal role changes as well as external talent acquisition. The exercise carried out over the past few months is aimed to secure long-term strategic transformation and direct-to-consumer online sales, Volva Car India said. It is a subsidiary of Swedish luxury carmaker Volvo Cars.

As part of the rejig, Kalpit Shishodia, who led the customer service function since 2017, has been promoted to the role of director commercial operations to oversee all revenue generating functions under sales and service.

Continue reading “Volvo Car India rejigs management team”

Source : PTI | New Delhi: Union Minister Jyotiraditya M Scindia will on Tuesday inaugurate the stainless steel industry’s first green hydrogen project set up by Jindal Stainless Ltd (JSL). The Union Steel Minister will virtually inaugurate the company’s green hydrogen project, according to officials.

With the inauguration, JSL will become India’s first stainless steel company to install such kind of plant on a commercial scale, the officials said. Continue reading “Scindia to inaugurate Jindal Stainless’ first green hydrogen plant on Tuesday”

GENEVA, (Reuters) – Renault is holding a first round of talks with Volkswagen over sharing the ‘Twingo’ platform, said Renault CEO Luca de Meo at the Geneva carshow.

Reporting by Gilles Guillaume, writing by Sudip Kar-Gupta, editing by Tassilo Hummel Continue reading “Renault CEO: in early talks with Volkswagen over sharing ‘Twingo’ platform”

(Reuters) – Franco-Italian automaker Stellantis said on Monday it had reached a multi-billion-euro frame agreement with leasing and fleet management company Ayvens to sell up to 500,000 vehicles across Europe over the next three years.

Under the agreement, Ayvens’ affiliates will buy the vehicles for its long-term leasing fleet across Europe, with the first delivery volumes expected to begin in the first half of 2024, Stellantis said. Continue reading “Stellantis aims to sell up to 500,000 vehicles to Ayvens across Europe”

GENEVA, (Reuters) – MG Motors, a unit of China’s SAIC (600104.SS), opens new tab on Monday unveiled its hybrid hatchback MG3 model for the European market, taking advantage of slowing growth demand for electric vehicles by offering a lower-emission model without the need for charging.

A pure hybrid combines a fossil-fuel engine that charges a larger battery so the car can periodically run in electric, zero-emission mode. Continue reading “SAIC’s MG unveils MG3 hybrid model for European market”

LONDON, (Reuters) – Europe’s automakers and their already-stretched suppliers face a tough year as they race to cut costs for electric models to counter leaner Chinese rivals which are bringing cheaper vehicles to challenge them on their home turf.

A big question is how much more Europe’s automakers can squeeze out of suppliers that have already started laying off workers, with many smaller companies hard hit by supply chain issues during the pandemic. Continue reading “Facing Chinese EV rivals, Europe’s automakers squeeze suppliers on costs”