FRANKFURT, (Reuters) – Mercedes-Benz Group on Thursday said it had sold its stake in Russian truckmaker Kamaz in a transaction that was completed this month after securing all necessary regulatory approvals.
Mercedes-Benz did not disclose the price of the transaction or the buyer. Continue reading “Mercedes-Benz sells stake in Russian truckmaker Kamaz”
(Reuters) – Carmaker Stellantis halted production in Russia in April 2022.
But the decision did not stop Russian operators from joining forces with a Chinese partner the following year to start making new versions of Stellantis’ Citroen models, according to customs data and two people familiar with the matter. Continue reading “Exclusive: Russians use Chinese partner to produce Citroen cars at idled Stellantis plant”
PARIS/MILAN, (Reuters) – Shares in Renault hit seven-month highs and rival Stellantis shot to record peaks on Thursday after the carmakers pledged to reward investors with a big jump in annual dividend and a share buyback worth billions of euros.
The bumper payouts helped soothe investors’ concerns over the outlook for European carmakers as they struggle with competition from cheaper Chinese rivals, higher costs and tepid demand while consumers tighten their budgets due to rising costs of borrowing. Continue reading “Cash haul drives Renault, Stellantis shares higher”
Traditional methods of maintaining paper catalogs were extremely cost-intensive. For example, any change in a part or a component would call for the entire catalog to be re-printed and supplies to all stakeholders involved. This made the maintenance of paper catalogs an ongoing challenge for automotive OEMs. To cater to this challenge, specialised software now enables OEMs to adopt a streamlined and efficient approach to managing and maintaining spare part catalogs.
(Reuters) – Elon Musk and the Tesla shareholder who won a verdict last month voiding the CEO’s $56-billion pay package will ask a judge to pause her ruling until an appeal is resolved, according to a Tuesday letter to the court from the shareholder’s attorney.
Greg Varallo, the shareholder’s attorney, told Reuters the two sides will agree to a stay if they can reach a deal on an appeal bond. Continue reading “Musk, Tesla shareholder to propose a stay of pay ruling during appeal”
TOKYO, (Reuters) – A joint venture set up by Japan’s Sony Group and Honda Motor will introduce three electric vehicle (EV) models by the second half of this decade, the Nikkei business daily reported on Wednesday.
Sony Honda Mobility will roll out a sports utility vehicle in 2027 and a compact some time in 2028 or later following a scheduled launch of a sedan in 2025 in a bid to compete with Tesla, the Nikkei reported without citing its sources. Continue reading “Sony, Honda EV venture to roll out three models before 2030 – Nikkei”
(Reuters) – Lyft beat estimates for quarterly profit on Tuesday and said it would generate positive free cash flow for the first time in 2024, as it cut costs and became more competitive with larger rideshare rival Uber.
Shares were up 17% in late afterhours trade, despite a major gaffe: Lyft’s said incorrectly in a statement that a key margin metric was expected to rise by 500 basis points this year. On a conference call later, Chief Financial Officer Erin Brewer corrected the forecast to an increase of 50 basis points. Continue reading “Lyft stock up 17% on cost cuts after wild ride on company’s forecast error”
BERLIN, (Reuters) – Volkswagen is in talks with its joint venture partner in China over its presence in Xinjiang, it said on Wednesday after a German newspaper reported what it said was evidence of the carmaker’s involvement in forced labour.
The issue adds to pressure on Germany’s biggest corporations to rethink ties with China, specifically in the Xinjiang region, where rights groups have documented abuses including forced labour in detention camps. Beijing denies any such abuses. Continue reading “Volkswagen in talks over future of Xinjiang site as pressure mounts”
WASHINGTON, (Reuters) – The U.S. government has reimbursed auto dealers for about $135 million in advance point-of-sale consumer electric vehicle tax credit payments since the start of the year through Feb. 6, the Treasury said on Wednesday.
Prior to 2024, U.S. auto buyers could only take advantage of the $7,500 new electric vehicle credit or $4,000 used EV credit when they filed tax returns the following year. Continue reading “US issues $135 million in advance EV tax rebates since Jan 1, Treasury says”
NEW DELHI/SEOUL, (Reuters) – Hyundai Motor’s planned $3 billion IPO in India will help the carmaker score two goals in one go: expand in one of the world’s fastest growing markets and tackle the so-called “Korea discount” that suppresses the value of its business back home.
Hyundai, India’s second-biggest carmaker behind Maruti Suzuki with a 15% market share, has appointed bankers for the initial public offering which could be the country’s biggest ever, and Hyundai’s first such listing outside South Korea. Continue reading “Hyundai seeks expansion, higher valuation with India IPO”
(Reuters) – China’s BYD Co Ltd will set up a new electric vehicle (EV) factory in Mexico, Nikkei reported on Wednesday, citing the company’s Mexico head, as the EV maker aims to establish an export hub to the United States.
BYD, known for its cheaper models and a more varied lineup, recently overtook its biggest rival Tesla Inc to become the world’s top EV maker in terms of sales. Continue reading “China’s BYD plans new electric vehicle plant in Mexico, says Nikkei”
Source : PTI | Chief Minister Eknath Shinde on Tuesday dedicated 5,150 air-conditioned electric buses to the Maharashtra State Road Transport Corporation (MSRTC) fleet. Addressing a gathering at the Khopat bus depot in Thane, Shinde called for improvements in all ST bus depots in the state to ensure better passenger amenities and announced surprise inspections to monitor progress.
The addition of 5,150 electric buses to the MSRTC fleet marks a significant step towards modernisation and environmental sustainability, he said, while reiterating the importance of transitioning from diesel to LNG buses to reduce pollution.
Continue reading “CM Shinde dedicates 5,150 electric buses to MSRTC fleet”
Source : PTI | Ecommerce in India is at a nascent stage and cost structure of logistics is the biggest challenge for the segment, a top official of Flipkart said on Tuesday. Speaking at Walmart Growth Summit, Flipkart CEO Kalyan Krishnamurthy said the government has simplified taxation and adopted ease of doing business as a strategy, which is one of the factors driving growth of the ecommerce segment.
“One of the biggest challenges for ecommerce alone to solve is the cost structure of logistics. India, in general is a low ticket price market. Whenever we are able to get to further (lower logistics) cost structure, is when we will be able to further increase the penetration in commerce,” Krishnamurthy said. Continue reading “Cost structure of logistics biggest challenge for ecommerce: Flipkart CEO”
Source : PTI | New Delhi: Delhi Lt Governor V K Saxena, Chief Minister Arvind Kejriwal and Transport Minister Kailash Gahlot on Wednesday flagged off 350 electric buses here. With the new buses, the number of electric buses in the DTC fleet has risen to 1650.
Talking to reporters after the flag-off Saxena said, “These buses will contribute in a huge way in combating pollution. I am hopeful that we will be able to stop the pollution with these steps.” Continue reading “350 e-buses launched in Delhi, Kejriwal says capital has highest number of such buses”
Source : PTI | Union Road Transport and Highways Minister Nitin Gadkari on Tuesday said the Centre is going to spend INR 2 lakh crore on road infrastructure in Uttarakhand and its roads will be like those in the United States by the end of 2024.
Gadkari was speaking on the occasion of inauguration of the national highway projects worth over INR 2,000 crore in Tanakpur. Continue reading “Uttarakhand roads to be like those in US by end of 2024: Nitin Gadkari”
Source : PTI | New Delhi: JSW Steel on Tuesday announced plans to set up a grain oriented electrical steel manufacturing facility through a joint venture with JFE Steel Corporation at an estimated investment of USD 5,500 crore. Japan-bases JFE Corporation also holds a 15 % share in JSW Steel.
A groundbreaking ceremony marking the initiation of this partnership was held on February 12, JSW Steel said in a statement.
JSW Steel Limited announced the establishment of a 50:50 JV with JFE Steel Corporation, Japan for the production of Grain Oriented Electrical Steel in India.
(Reuters) – Stellantis (STLAM.MI), opens new tab said on Monday it will invest 103 million euros ($111.02 million) at its Szentgotthard facility in Hungary to increase production capacity of electric drive modules that will help the automaker grow its electric-vehicle portfolio.
The investment is Stellantis’ third in an EDM manufacturing facility after Tremery-Metz in France and Kokomo, Indiana in the United States. Continue reading “Stellantis to invest $111 mln in Hungary facility to produce electric drive modules”
PARIS, (Reuters) – The French government on Tuesday cut by 20% a subsidy higher-income car buyers can get for purchasing electric and hybrid vehicles in order to keep from overrunning its budget to boost the number of electric cars on the road.
A government regulation lowered the subsidy from 5,000 euros ($5,386) to 4,000 for the 50% highest-income car buyers, but left the subsidy for people on lower incomes at 7,000 euros. Continue reading “France cuts EV subsidy for higher-income buyers”
(Reuters) – California lawmakers and labor unions rallied on Monday to call for laws to not allow autonomous trucks without human drivers, amid rising safety concerns after accidents involving self-driving taxis from General Motors and Alphabet.
A robotaxi from Alphabet’s Waymo was torched by people celebrating Chinese New Year on Saturday, marking the most destructive attack so far on driverless vehicles in the U.S. This comes after a Waymo vehicle hit a cyclist at a city intersection last week and a major accident in October where a GM Cruise robotaxi hit and dragged a pedestrian 20 feet (6 meters). Continue reading “California lawmakers call for stricter regulation of autonomous vehicles”
SAN FRANCISCO, (Reuters) – A seasoned San Francisco cab driver might have avoided the intersection of Jackson Street and Grant Avenue, in the heart of the city’s Chinatown on the first day of Chinese New Year.
An autonomous Waymo robotaxi, by contrast, drove toward the cross streets on Saturday evening, when crowds were blocking all sides and revelers were lighting fireworks, according to two witnesses. Minutes later, some in the crowd attacked the car and set it on fire. Continue reading “Waymo arson in San Francisco sparks new debate on self-driving cars”
TOKYO, (Reuters) – Toyota Motor Corp said on Tuesday both the president and chairman of Daihatsu Motor will step down almost a year after the small-car unit said it had rigged collision safety-tests.
The departures are among the most drastic changes Daihatsu has made so far, as Toyota seeks to return the brand to its roots as one of Japan’s most iconic compact car makers. Continue reading “Toyota says president, chairman of scandal-hit Daihatsu unit to step down”
Source : PTI | Union Road Transport and Highways Minister Nitin Gadkari on Monday said electric bus will be started by laying electric cable on the Delhi-Mumbai Express National Highway and the distance from Delhi to Jaipur will be covered in two hours and its fare will be 30 per cent less than a diesel bus. Addressing the inauguration and foundation stone laying ceremony of 17 road projects with an investment of more than INR 2,500 crore in Udaipur to accelerate Mewar’s development, Gadkari said, “I believe that from Bandikui to Jaipur for INR 1,370 crore, we are constructing a 67-kilometer four-lane expressway.”
“This work will be completed by November 2024 and after that, I assure you that the journey from Delhi to Jaipur will be within two hours,” he added.
Continue reading “Distance from Delhi to Jaipur will be covered in two hours: Gadkari”
Source : PTI | Gensol Engineering on Monday said its consortium with Matrix Gas has won a project for manufacturing of hydrogen electrolyser under a PLI scheme. The project has been awarded under Sustainable Hydrogen Innovation & Green Hydrogen Technologies (SIGHT) PLI scheme’s Tranche-I, as part of National Green Hydrogen Mission.
“Gensol Engineering and Matrix Gas win PLI bid for hydrogen electrolyser manufacturing. The awarded project, with a manufacturing capacity of 63 MW per annum, is strategically positioned to contribute significantly to India’s ambitious goal of producing 5 million metric tonne of green hydrogen annually by 2030,” a statement by Gensol said.
Source : PTI | New Delhi: Eicher Motors on Tuesday said its consolidated net profit increased 34% to INR 996 crore for the third quarter ended December 31, 2023 aided by robust sales across domestic and overseas markets. The company had reported a net profit of INR 741 crore in the same period of last fiscal.
The automaker also reported its highest-ever revenue from operations at INR 4,179 crore, up 12% as compared with INR 3,721 crore in the corresponding quarter of FY 2022-23, Eicher said in a statement.
Continue reading “Eicher Motors Q3 profit rises 34% at INR 996 crore”
Summary
PARIS, (Reuters) – French carmaker Renault and Chinese rival Geely expect to finalise a joint venture for their combustion and hybrid engines towards the end of February, two sources close to the matter told Reuters. Continue reading “Exclusive: Renault, Geely expect to finalise engines tie-up this month”
PARIS,(Reuters) – The French government said on Monday it was halting for the rest of this year a programme to subsidise low earners leasing an electric car, after demand far exceeded initial plans.
Under the programme, people on less than 15,400 euros ($16,600) of annual income have since the start of 2024 been able to lease an electric vehicle for 100-150 euros per month. Continue reading “France halts subsidised EV lease programme after strong demand”
Summary
BERLIN, (Reuters) – Germany won’t hit its target of having 15 million EVs on the road by 2030 if sales develop in a linear fashion, Economy Minister Robert Habeck said on Monday, adding the right conditions could still create a tipping point for demand. Continue reading “Germany’s Habeck: hitting EV sales target requires ‘tipping point’”
Feb 12 (Reuters) – Thousands of drivers for ride-sharing platforms Uber , Lyft and food delivery app DoorDash are expected to go on strike across the United States on Valentine’s Day for fair pay, drivers’ groups said on Monday.
The demonstrations are set to take place about a week after Lyft said it would guarantee weekly earnings for drivers, a first in the U.S. ride-hailing industry as it looks to lure more drivers to its platform. Continue reading “Uber, Lyft, DoorDash drivers to strike on Valentine’s Day for fair pay”
MILAN, (Reuters) – A recent war of words between Italian Prime Minister Giorgia Meloni and Stellantis CEO Carlos Tavares has exposed a tough new reality: Europe’s one-time homegrown national automakers have become global players ready to exploit the EU’s overcapacity of car factories to obtain better government deals.
Stellantis, created by the combination of France’s Peugeot maker Peugeot PSA, Italy’s Fiat and Detroit’s Chrysler, accounts for virtually all of Italy’s car production. Fiat output has been falling as European sales have stagnated and Stellantis has shifted production to other countries in its sprawling global network. Continue reading “Stellantis uses surplus plants in Europe as leverage in a fight with Rome”
(Reuters) – A crowd vandalized and set fire to a Waymo self-driving car using a firework in San Francisco on Saturday, the Alphabet-owned company and authorities said, marking the most destructive attack so far on driverless vehicles in the U.S.
On Saturday night, a crowd surrounded a white sport utility vehicle that was moving along a street in the city’s Chinatown district, a company spokesperson said. Continue reading “Crowd sets Waymo self-driving vehicle ablaze in San Francisco”
Source : PTI | New Delhi: There will be a complete ban on gathering, processions or rallies and entry of tractor trolleys carrying people in the national capital as the Delhi Police has imposed Section 144 for a month in the view of intended widespread tension and “social unrest” due to the farmers’ ‘Delhi Chalo March’ on Tuesday. The order issued by Delhi Police Commissioner Sanjay Arora prohibited any type of rally or procession and blocking of roads and passages.
The order shall come into force on February 12 and shall remain enforce up to March 12. Continue reading “Delhi Chalo March: Section 144 imposed in Delhi for a month”
BMW Protection Core: A very high level of protection against ballistic attacks and explosions Class-leading dynamic performance: Newly developed V8 petrol engine sets new standards in its class.
Unique combination of protection, comfort and performance, specifically tailored to personal security needs.
Gurugram. BMW Group India has introduced the new BMW 7 Series Protection. The car will be exclusively available with the petrol engine and as a completely built-up unit (CBU) from today onwards.
Continue reading “A new standard of Protection introduced in India. The new BMW 7 Series Protection”
Source : PTI | The situation in the Red Sea is creating supply chain issues for German luxury carmaker Audi, impacting car deliveries to customers in India in the first quarter but recovery is expected in the coming months, according to a senior company official. With electrification on its primary agenda, the company is also evaluating the possibility of assembling electric cars in India, Audi India Head Balbir Singh Dhillon told PTI.
“We are also challenged from time to time by various factors. Very recently because of the Red Sea situation there is a supply chain constraint that we’re facing in the quarter one of 2024. It is challenging for us in the first quarter but we expect to recover in the coming months,” he said. Continue reading “Red Sea crisis impacting supply chain, expect recovery in coming months: Audi India Head”
Source : PTI | JK Tyre expects demand momentum to continue for the tyre industry in the medium to long term, with the automobile industry set to grow amid a positive economic environment, according to a top company official. In an interaction with PTI, JK Tyre & Industries MD Anshuman Singhania expressed hope that the tyre maker would also continue to witness momentum in its top line and profitability.
For the third quarter ended December 2023, the company reported a three-fold increase in its consolidated net profit to INR 227 crore. Continue reading “Growth momentum to continue amid positive economic scenario: JK Tyre”
Source : PTI | ACME Group on Friday said it has signed an agreement with gas exchange IGX to explore opportunities of collaborations for developing green hydrogen and ammonia projects in India. The Memorandum of Understanding (MoU) was signed between Manoj Kumar Upadhyay, Founder and Chairman of ACME Group, and Rajesh Kumar Mediratta, Managing Director and CEO of IGX, at the ongoing India Energy Week in Goa, a statement said.
The agreement covers the partnership across the green hydrogen and ammonia value chain, starting from production to logistics and supply to the industrial customers for use in a range of applications and reduce the overall emissions contributing to the national decarbonization targets, the ACME Group said in the statement. Continue reading “ACME Group, IGX tie up to explore collaborations for green hydrogen, ammonia projects”
Summary
PARIS, (Reuters) – French carmaker Renault and Chinese rival Geely expect to finalise a joint venture for their combustion and hybrid engines towards the end of February, two sources close to the matter told Reuters. Continue reading “Exclusive: Renault, Geely expect to finalise engines tie-up this month – sources”
WAF THINK TANK
Top Leaders get together to celebrate and reminisce the 15 Glorious Years of WAF WAF
Power Network with Top Industry Leaders at WAF WAF Continue reading “WAF Auto News | The Auto World This Week (10th February 2024)”
LONDON, (Reuters) – Britain’s financial watchdog said on Friday several insurers have agreed to suspend sales of policies that cover the depreciation of cars after it said it was worried the deals did not offer value for money.
The suspension relates to so-called guaranteed asset protection (GAP) insurance meant to cover the difference between a car’s purchase price and its market value when a customer makes a claim after a theft, a crash or for some other reason. Continue reading “Insurers pause some car policy sales after UK watchdog intervenes again”
NEW DELHI, (Reuters) – Hyundai Motor has appointed investment bankers JPMorgan and Citi to advise on its at least $3 billion India IPO, accelerating listing plans in the world’s third-largest auto market, sources with direct knowledge said.
The company plans to file regulatory papers in India by May to June for an approval, said two of the three sources, all of whom declined to be named as the talks are private. Continue reading “Hyundai picks JPMorgan, Citi to accelerate $3 bln India IPO – sources”
TOKYO, (Reuters) – Toyota Motor’s Daihatsu unit said on Friday it planned to unveil a new management structure next week.
Soichiro Okudaira, president of Daihatsu, whose production has been hampered by issues related to safety testing irregularities, also told reporters that the company planned to spend more time and allocate more workers for development. Continue reading “Toyota unit Daihatsu to unveil new management structure next week”
