PARIS, (Reuters) – French carmaker Renault and Chinese rival Geely expect to finalise a deal on their planned combustion and hybrid engines joint venture towards the end of February, two sources close to the matter told Reuters.

At the same time, Saudi Aramaco is set to announce the signing of a memorandum of understanding to invest in the joint venture, one of the sources said, a move which would confirm Aramco’s letter of intent from March last year. Continue reading “Exclusive: Renault, Geely expect to finalise combustion engines joint venture deal at the end of February – sources”

TOKYO, (Reuters) – Shares in Nissan Motor tumbled 12% on Friday, their biggest decline in more than two decades, after quarterly earnings undershot expectations by a large margin and it cut estimates for car sales due to stiff competition in China.

The emergence of fast-growing, Chinese brands such as BYD that have rolled out affordable electric cars tailor-made for younger Chinese drivers has led to a steady loss of market share for foreign rivals in the world’s biggest auto market. Continue reading “Nissan shares see biggest plunge in two decades as China worries deepen”

Source : PTI | New Delhi: The government has saved INR 24,000 crore due to blending of ethanol with petrol and majority of the benefit has been passed on to sugarcane farmers, Union Minister Gajendra Singh Shekhawat said in the Lok Sabha on Thursday. He said at present the blending of ethanol stands at 12% and the government plans to take it to 20% as desired by Prime Minister Narendra Modi.

Admitting that India’s oil import has increased in the last few years, Shekhawat, who was replying to questions on behalf of Petroleum Minister Hardeep Singh Puri, said the country has benefited by ethanol blending. Continue reading “Ethanol blending benefits passed on to sugarcane farmers: Govt”

TOKYO, (Reuters) – Japan’s Nissan Motor posted a lower-than-expected 6.4% rise in operating profit in the December quarter on Thursday, saying it will maintain its annual outlook as a more profitable product mix offset a lower full-year vehicle sales forecast.

Operating profit totalled 141.6 billion yen ($951.80 million) for the three months to Dec. 31, compared with the average estimate of 179.8 billion yen in a poll of nine analysts by LSEG. Continue reading “Nissan posts 6% rise in Q3 profit, missing estimates”

BEIJING, (Reuters) – China’s passenger vehicle sales shrank 14.1% in January from the prior month, the first such slide since August, data from the China Passenger Car Association (CPCA) showed on Thursday.

Sales totalled 2.05 million units, up 57.1% from a year earlier. Continue reading “China’s passenger vehicle sales fall 14.1% in Jan m/m”

Summary

• Palladium demand hugely driven by the auto sector
• Auto industry has been replacing palladium with cheaper platinum
• Market share of palladium-free electric vehicles is rising
• Miners’ ability to reduce palladium output is limited

(Reuters) – Spot palladium prices fell below those of sister metal platinum for the first time since April 2018 on Thursday, as growing demand concerns and bets on stable supply weighed on the metal. Continue reading “Palladium price drops below platinum for the first time since 2018”

MADRID, (Reuters) – Amazon and German car maker BMW have won a lawsuit in Spain against four sellers of counterfeit BMW merchandise, the U.S. online retailer said in a statement on its website on Thursday.

The two companies identified the group who were allegedly selling on Amazon’s websites counterfeit BMW products such as tyre valve caps, badges and key rings with the German company’s logo. Continue reading “Amazon, BMW win lawsuit in Spain against counterfeiters”

(Reuters) – As Tesla CEO Elon Musk reportedly ponders layoffs, recent financial reports from U.S. automakers show the leading electric vehicle (EV) manufacturer lags in the amount of revenue generated for each of its employees. Continue reading “Tesla trails Ford and GM in revenue generated per worker”

(Reuters) – Harley-Davidson on Thursday forecast full-year revenue for its motorcycle segment to be flat to down 9% from a year earlier, largely below analysts’ expectations, as a cutback in consumer spending pressured demand for its iconic vehicles in North America.

Price increases and surcharges on select models helped the motorcycle manufacturer sustain margins, but they were not enough to offset a decline in bike shipments. Continue reading “Harley-Davidson forecasts 2024 motorcycle revenue below estimates”

DETROIT, (Reuters) – Volkswagen is sticking with plans to launch 25 electric vehicle models in North America across its group brands by 2030, but is ready to adjust as the market shifts, Pablo Di Si, head of Volkswagen’s North American business, told Reuters on Thursday.

“When I look at the data from January, the (EV) segment continues to grow,” Di Si said in a video interview ahead of a speech on the sidelines of the Chicago Auto Show. Electric vehicles accounted for 8.5% of North American vehicle sales in January, up from just under 8% last year, he said. Continue reading “Volkswagen sticking with North American EV plans – executive”

MG Motor India, in partnership with BatX Energies, has unveiled off-grid solar-EV charging station, powered by repurposed MG EV batteries. The collaboration is a significant stride towards advancing sustainable mobility and contributing to a circular economy. The inauguration ceremony took place at IIT Delhi, with Prof Ajay Sood, the Principal Scientific Advisor to the Government of India, officiating the event.

The initiative involves the development of a second-life battery storage system by BatX Energies, supported by Delhi Research Implementation and Innovation (DRIIV), in collaboration with MG Motor India. This innovation aims to reduce reliance on traditional electricity sources and cut down carbon emissions associated with conventional EV charging methods. Continue reading “MG & BatX Energies Collaborate For Off-Grid Solar-EV Charging Station”

Source : PTI | New Delhi: State-owned Coal India Ltd aims to take the total number of e-vehicles at its mines to 681 by FY2025-26 from 178 at present, the government said on Wednesday.

Coal and Mines Minister Pralhad Joshi in a written reply to the Lok Sabha said that Coal India Ltd is asserting on hiring electric vehicles at different mines and subsidiary headquarters.

Continue reading “Coal India to increase e-vehicles at mines to 681 by FY26”

(Reuters) – A driverless Waymo car collided with a cyclist in San Francisco on Tuesday causing minor injuries and the incident is being reviewed by the state’s auto regulator.

Waymo, Alphabet’s autonomous driving unit, said by email on Tuesday it called the police to the scene and that it was also contacting relevant authorities about the incident. Continue reading “Waymo robotaxi accident with San Francisco cyclist draws regulatory review”

By Michael S. Derby

Feb 6 (Reuters) – Overall borrowing levels in the U.S. rose modestly during the final three months of last year as more types of borrowing ran into trouble, especially on the auto front, even as overall difficulties remained below levels seen before the onset of the COVID-19 pandemic.

Total household debt climbed by $212 billion in the fourth quarter of 2023 to $17.5 trillion, the New York Federal Reserve said on Tuesday in its latest quarterly Household Debt and Credit Report.

Continue reading “New York Fed sees trouble in auto borrowing as overall debt level rises”

By Yuvraj Malik

Feb 7 (Reuters) – Uber Technologies (UBER.N) forecast quarterly core profit and gross bookings above estimates and reported market-beating results for the holiday quarter on Wednesday, fueled by higher demand in its ride sharing and food delivery businesses.

It posted its first annual net profit as a public company as user retention improved, also benefiting from initiatives like memberships, corporate travel and advertising.

Continue reading “Uber expects strong core profit as ride share, food delivery pick up pace”

Reuters

Feb 7 (Reuters) – Tesla (TSLA.O) managers have been asked whether each of their employees’ positions were critical, stoking layoff fears in the company, Bloomberg News reported on Wednesday.

Tesla sent out a single-line query for each job after canceling some employees’ biannual performance reviews, some of the people familiar with the matter told Bloomberg.

Continue reading “Tesla asks which jobs are critical, stoking layoff fears – Bloomberg News”

By Shivansh Tiwary

Feb 7 (Reuters) – Ford Motor (F.N) shares surged 6% in morning trading on Wednesday after the automaker increased its dividend for the first quarter and decided to scale back investments in new capacity for loss-making electric vehicles (EV).

On Tuesday, the automaker disclosed its plans to return an extra 18 cents per share in dividend on top of the regular 15 cents to investors, joining rival General Motors (GM.N) in returning cash to investors. GM shares were also up 2%.

Continue reading “Ford shares surge on dividend boost, lower EV spending”

HANOI, (Reuters) – Vietnam’s electric vehicle (EV) maker VinFast is recalling nearly 6,000 of its VF 5 cars sold in the domestic market to replace the combination switch, the company said on Tuesday.

The vehicles being recalled were manufactured from March to December last year, it said in a statement, adding only one vehicle sold on the market was recorded with the switch error and no incidents have occurred. Continue reading “VinFast recalls nearly 6,000 units in Vietnam to replace switch”

(Reuters) – The United Auto Workers said on Tuesday that a majority of workers at Volkswagen’s Chattanooga, Tennessee, assembly plant have signed cards to join the union.

In November, the UAW said it was launching a first-of-its-kind push to publicly organize the entire nonunion auto sector in the U.S. after winning record new contracts with the Detroit Three automakers. Continue reading “UAW says majority of workers at VW Tennessee plant seek to join union”

BERLIN, (Reuters) – Volkswagen’s luxury car brand Audi has reduced output at its Brussels plant, where it produces the Q8 e-tron model, for at least two weeks due to component shortages, a spokesperson said on Tuesday.

The carmaker was “deciding from week to week” Continue reading “Volkswagen’s Audi cuts output at Brussels plant due to parts shortage”

Feb 6 (Reuters) – General Motors is recalling 323,232 vehicles to address an issue with the tailgate that may open while driving, potentially causing a road hazard, the National Highway Traffic Safety Administration said on Tuesday.

The recall includes some Chevrolet Silverado 2500, 3500, GMC Sierra 2500 and 3500 vehicles equipped with power-unlatching tailgates, the NHTSA said. Continue reading “GM recalling over 300,000 vehicles over tailgate issue”

WASHINGTON/SAN FRANCISCO, (Reuters) – General Motors’ Cruise unit on Tuesday raised its offer to resolve an investigation by a California regulator over its delay in disclosing the details of a pedestrian crash involving one of its self-driving cars.

An administrative judge questioned why Cruise deserves “discounts” to the penalty, and a Cruise representative offered to pay $112,500 to settle the case, up from a previously proposed $75,000 at a hearing by the California Public Utilities Commission (CPUC). Continue reading “GM’s Cruise raises offer to end California probe”

Summary

• Hikes full-year profit forecast by about 9% to 4.9 trillion yen
• Toyota’s Q3 operating profit surges almost 76%
• Shares close up 4.8% after the announcement

TOKYO, (Reuters) – Japan’s Toyota Motor raised its full-year operating profit forecast by nearly 9% on Tuesday, after its third-quarter earnings raced past analysts’ estimates thanks to a weaker yen and strong sales of high-margin cars and hybrid vehicles.

Toyota shares surged after the announcement early losses, and closed 4.8% higher – the biggest one-day gain in nearly eight months. Continue reading “Toyota hikes annual profit forecast after Q3 beats expectations”

WASHINGTON, (Reuters) – Honda Motor Co said on Tuesday it was recalling 750,000 vehicles in the United States over a defect involving air bags which could deploy unintentionally during a crash.

The front passenger seat weight sensor may crack and short circuit, failing to suppress the air bag as intended, the National Highway Traffic Safety Administration (NHTSA) said on Tuesday. Dealers will replace the seat weight sensors. Continue reading “Honda recalls 750,000 US vehicles over air bag defect”

Source : PTI | Mining conglomerate Vedanta Ltd will invest USD 4 billion over the next three years to double oil production, its chairman Anil Agarwal said on Tuesday as he pushed ahead with an aggressive oil and gas expansion programme. Vedanta, which more than a decade back acquired Scottish explorer Cairn Energy’s (now Capricorn Energy) India assets, is targeting 300,000 barrels per day (15 million tonnes a year) oil output in 3 years from aggressive exploration campaign, he said on the sidelines of the India Energy Week (IEW) here.

The company is pushing ahead with the investment undeterred by concerns around debt levels at parent Vedanta Resources. Continue reading “Vedanta chairman Anil Agarwal outlines USD 4 billion investment plan to double oil production”

Source : PTI | A consumer panel in Kerala has ordered automobile giant Maruti Suzuki India Limited to refund the price of a car they sold to a customer as its airbag did not deploy during an accident three years ago.

The Malappuram District Consumer Commission issued the order based on a complaint filed by Mohammed Musliar, a native of Indianoor in this northern district. As per the complaint, the car in which the complainant travelled met with an accident on June 30, 2021, and the man suffered critical injuries as the vehicle was severely damaged in the mishap, an official statement said here quoting the commission on Tuesday.

Continue reading “Maruti Suzuki ordered to refund car’s price as airbag did not deploy during accident”

Source : PTI | New Delhi: Maruti Suzuki India on Tuesday launched compact-format Nexa service workshops with plans to have 100 such outlets across the country by the end of next fiscal. Through this strategic move the auto major aims to bring the Nexa service experience to customers in non-urban centres, the company said in a statement.

The first six centres inaugurated are strategically located in Ateli (Haryana), Charkhi Dadri (Haryana), Bankura (West Bengal), Dahod (Gujarat), Nirmal (Telangana), and Ooty (Tamil Nadu), it added.

Continue reading “Maruti launches compact format Nexa service workshops for non-urban areas”

Source : PTI | Prime Minister Narendra Modi on Tuesday courted top oil and gas executives, showcasing opportunities the world’s fastest growing economy offers and the reforms that his government has made particularly in exploration and production. Modi met about 20 top executives of firms ranging from ExxonMobil and BP to QatarEnergy and French giant TotalEnergies, discussing energy scenarios as well as investment opportunities, sources in know of the development said.

He referred to the recently launched exploration licensing round to seek global giants to invest in finding and producing oil and gas in the country.

Continue reading “PM Modi courts global CEOs for investment in oil, gas sector”

Source : PTI | New Delhi: As many as 70 types and sizes of tyres that are manufactured by more than one company will come under the mandatory quality control norms from March next year, an official said. The official said as the norms would kick in from March 2025 both the industry and the associations will get a fair amount of time to exchange a list of products and complete the process of validation and testing (durability, endurance).

The review of the list of tyres is a regular exercise to be carried out by IMC (inter-ministerial committee) for making suitable recommendations with regard to the exclusion/inclusion of the pneumatic tyres’ sizes from the list of tyres not manufactured domestically.

Continue reading “Govt to exclude 70 sizes, types of tyres from exemption list of mandatory quality control norms”

A warranty is a contractual obligation incurred by the manufacturer in connection with the sale of the product. The purpose of the warranty is to establish liability in the event of the premature failure of a product or the inability of the product to perform its intended purpose.

OEMs (Original Equipment Manufacturers) provide warranties to emphasize product quality and combat competitors. Warranty management has a direct impact on the profitability of an OEM, its dealer network, and other supply chain partners. Continue reading “5 Steps to Build a Seamless Warranty Claims Process With Intellinet”

-The Summit was themed विद्युतीकरण (Electrification): Electrifying India’s Journey towards Sustainable Mobility.

New Delhi, 6^th February 2024: The Society of Indian Automobile Manufacturers (SIAM) hosted the 3rd Global Electrification Mobility Summit (GEMS) on the second day of the Bharat Mobility Global Expo 2024 at Pragati Maidan.  The Summit themed विद्युतीकरण (Electrification): Electrifying India’s Journey towards Sustainable Mobility succeeded in its endeavour to create a platform, bringing everyone on board to take the journey of electrification forward in its true sense. With this, SIAM engaged with governments, corporates, and stakeholders in an effort to address environmental issues, aligning with its objective of Building the Nation Responsibly. Continue reading “SIAM hosts 3rd edition of the Global Electrification Mobility Summit (GEMS) at Bharat Mobility Global Expo 2024”

BEIJING/HANOI, (Reuters) – Rare earth prices have likely bottomed out and are poised to rise later this year on demand from electric vehicles (EVs) and wind power and as dominant producer China is expected to pull back on expanding output quotas, analysts said.

Rare earths are a group of 17 elements used in products from lasers and military equipment to magnets found in EVs and consumer electronics. Prices surged to their highest in a decade in 2022 only to plunge last year on increased production in China and slower-than-expected demand growth crippled by the country’s patchy post-pandemic economic recovery. Continue reading “Rare earths prices seen rebounding in second half of 2024 -analysts”

BEIJING, (Reuters) – China’s market regulator approved a joint venture set up by Mercedes-Benz (China) Investment Limited and BMW Brilliance Automotive Ltd, the State Administration for Market Regulation said in a statement released on Sunday. Continue reading “China regulator approves joint venture set up by Mercedes-Benz and BMW Brilliance”

TOKYO/SAN FRANCISCO, (Reuters) – When Tony Le set out with his wife to buy a new car last year, he looked at Tesla and other all-electric models.

In the end, the 37-year-old Modesto, California, tech worker opted for a Toyota RAV4 Hybrid due to worries over getting stranded with a purely electric vehicle, a dead battery and no charging station in sight.

“Sometimes I want to play with the electric vehicles just based on the speed and torque. But for practical use … it just didn’t make sense,” said Le, who often drives to Washington state from California for work. Continue reading “Toyota to outshine rivals as more consumers opt for hybrids amid EV slowdown”

Summary

• Hyundai in talks with banks including JP Morgan, Citi -sources
• At $3 bln, Hyundai IPO would be India’s biggest stock offering
• Co doubling down on India after scaling back in China, Russia exit
• Hyundai faces growing competition from local rival Tata Motors
• Hyundai to invest $4 bln in India in EVs, new factory

MUMBAI, (Reuters) – Hyundai Motor (005380.KS), opens new tab is planning to list its Indian unit to raise at least $3 billion in what would be the country’s biggest IPO, two people said, as the South Korean firm doubles down in the key growth market ahead of a widely expected entry by Tesla. Continue reading “Hyundai explores $3 billion IPO for India unit at up to $30 billion valuation, sources say”

Summary

• Comment follows weekend report of possible Renault tie-up
• Stellantis far outstrips Renault in valuation terms

MILAN, (Reuters) – Stellantis Chairman John Elkann on Monday denied the carmaker had merger plans, responding to press speculation about a possible French-led tie-up with rival Renault.

Elkann said that the Peugeot owner, the world’s third largest carmaker by sales, was focused on implementing its long-term business plan. Continue reading “Stellantis says no merger plans after Renault report”