Source : PTI | India can achieve a growth rate of 10% in the next decade and become the second-largest economy by 2032 and the largest by 2050, given the energies and transformation driving the nation to overcome its challenges, said RBI Deputy Governor Michael Debabrata Patra. He was delivering a keynote address on The Indian Economy: Opportunities and Challenges at Nomura’s 40th Central Bankers Seminar in Kyoto, Japan on March 25.

India’s growth trend is on the cusp of a post-pandemic upshift, with early signs of it rising above 7% recorded during the 2000s before COVID-19 struck, he said. Continue reading “India can achieve 10% growth rate in next decade: RBI deputy guv”

Source : PTI | Autotech and financial solution provider CarDekho Group is eyeing over 40% consolidated headline growth in FY25 and is on the prowl for value-accretive acquisitions, chief executive and co-founder and Shark Tank India judge Amit Jain has said. Jain who leads CarDekho and is a familiar face on the business reality series Shark Tank India told PTI in an interview that the automobile marketplace (CarDekho) has been profitable for years now and hoped that profitability at a group level would come by in FY25, after which an IPO would follow. Continue reading “CarDekho Group eyeing 40% consolidated growth in FY25: Founder Amit Jain”

Source : PTI | New Delhi: Auto components maker ZF Rane Automotive India Pvt Ltd, on Friday, announced the acquisition of steering wheels manufacturer TRW Sun Steering Wheels Pvt Ltd for an undisclosed sum. Gurugram-headquartered TRW Sun Steering Wheels (TSSW) is a JV between the Sun Group and ZF Group globally.

It manufactures various types of steering wheels for the Indian market and supplies to a diverse set of passenger vehicle customers from its manufacturing plants in Gurugram and Pune, ZF Rane Automotive India said in a statement. Continue reading “ZF Rane Automotive India acquires TRW Sun Steering Wheels”

Source : PTI | German auto parts maker Schaeffler on Friday said its board has approved the re-appointment of Harsha Kadam as the Managing Director (MD) and CEO of its India arm for a period of three years, effective from October 1, 2024. Kadam, who joined Schaeffler India in 2018, was appointed as the MD and CEO of the company in October 2019 for a period of five years. The re-appointment is subject to the company’s shareholders’ nod.

Continue reading “Schaeffler India re-appoints Harsha Kadam as MD, CEO”

Source : PTI | Luxury car sales in India could cross the milestone of 50,000 units for the first time in a year in 2024 amid growing demand for such models, according to Audi India head Balbir Singh Dhillon. The overall domestic luxury car segment grew by 28% annually last year to record sales volume of around 48,500 units.

Luxury car volumes in India currently account for less than 2% of the overall passenger vehicle sales annually and the sector has been more or less at the same level for the past decade. Continue reading “Luxury car sales could breach 50,000 units mark for first time ever in 2024: Audi India head”

BEIJING, (Reuters) – The Luxeed S7 electric sedan, developed by Chinese tech giant Huawei and Chery Auto, has started mass delivery after a shortage of semiconductors and production issues delayed production and delivery, a Huawei executive said on Saturday.

“A large number of Luxeed S7 vehicles have already rolled off the production line and are now being transported for delivery to customers,” Richard Yu, managing director and chairman of Huawei’s smart car solutions, posted on the Weibo social media platform. Continue reading “Huawei says Chery’s Luxeed S7 premium EV starts mass delivery”

WASHINGTON, (Reuters) – The U.S. government said on Friday it was finalizing tighter tailpipe emissions standards for heavy duty vehicles like semi-trucks and buses, but the new rules would not be as strict as initially proposed in 2023.

The Environmental Protection Agency (EPA) said the new rules setting standards for the 2027 through 2032 model years will avoid 1 billion tons of greenhouse gas emissions through 2055 and provide $13 billion in annualized net benefits to society. In contrast, the EPA had said its tougher proposed rules last year would have prevented 1.8 billion tons, of emissions. Continue reading “US finalizes new tailpipe emissions limits for heavy duty vehicles”

WASHINGTON,  (Reuters) – A group representing major automakers on Friday urged the White House to oppose any effort by steelmaker Cleveland-Cliffs to buy rival U.S. Steel, warning that a deal could result in anti-competitive pricing for vehicles.

“A consolidation of the two companies would also place 65 to 90% of steel used in vehicles under the control of a single company,” Alliance for Automotive Innovation CEO John Bozzella said in a letter, which was first reported by Reuters. Continue reading “Automakers urge White House to oppose US Steel sale to Cleveland-Cliffs”

(Reuters) – The U.S. Office of Defect Investigations (ODI) has opened a preliminary evaluation of a failure of the K1 snap ring in Chrysler-parent Stellantis’ year 2022 RAM 3500, 4500, and 5500 trucks, the National Highway Traffic Safety Administration (NHTSA) said on Friday.

The ODI has received 82 complaints alleging loss of motive power due to an internal transmission failure of the K1 snap ring, the NHTSA said. Continue reading “US probes Stellantis 2022 RAM truck models over K1 snap ring transmission failures”

BEIJING, (Reuters) – He was called China’s answer to Steve Jobs for taking Xiaomi from scrappy startup to an electronics giant known for its smartphones.

With the launch of a much-hyped and against-the-odds electric car, Lei Jun, Xiaomi’s co-founder and CEO, is taking on Elon Musk with a strategy that takes a page from Tesla’s playbook. Continue reading “With China EV launch, Xiaomi’s ‘Thor’ takes on Elon Musk”

March 28 (Reuters) – A federal judge in California on Thursday appeared poised to reject Tesla’s (TSLA.O),bid to toss out a U.S. agency’s lawsuit accusing the electric carmaker of tolerating rampant harassment of Black workers at its Fremont, California assembly plant.

U.S. District Judge Jacqueline Scott Corley in San Francisco during a hearing repeatedly disagreed with claims by Tesla’s lawyers that the U.S. Equal Employment Opportunity (EEOC) failed to include any facts in its lawsuit backing up its claim of pervasive unlawful race bias. Continue reading “Tesla appears unlikely to nix US suit alleging bias against Black workers”

Summary

• Visit to France expected on April 7
• Visit to Italy expected on April 12
• BYD, SAIC and Geely representatives to accompany Wang
• China overtook Japan last year as largest car exporter

PARIS/SHANGHAI, March 28 (Reuters) – China’s commerce minister will travel to Europe in April for discussions about the European Commission’s investigation into whether China’s electric vehicle industry has benefited from unfair subsidies, four people briefed on the plan told Reuters. Continue reading “Exclusive: China commerce minister to head to Europe to make EV case”

NEW YORK/SEOUL, March 27 (Reuters) – Hyundai Motor Group (005380.KS), said on Wednesday it will invest 68 trillion won ($51 billion) over three years in South Korea to ramp up electric vehicle production and new mobility business and separately hire 80,000 new employees, doubling down at a time when other established automakers are slowing efforts.

More than half of the investment, or 35.5 trillion won, will be allocated for new research and development infrastructure and assembly lines for EVs, the automaker said in a statement. Continue reading “Hyundai Motor doubles down on EVs as it ramps up investment in Korea”

BEIJING, March 28 (Reuters) – Chinese smartphone maker Xiaomi launched a sporty electric car on Thursday with styling cues drawn from Porsche and priced below Tesla’s (TSLA.O) Model 3, highlighting the stiff competition from new entrants in an already crowded EV market in China.

During the two hour-long event, Xiaomi CEO and founder Lei Jun told a packed room whose attendees included the bosses of Chinese EV makers Nio and Xpeng that the standard SU7 EV model will be priced at 215,900 yuan ($29,872.02), while the Pro and Max versions will cost 245,900 yuan and 299,900 yuan respectively. Continue reading “Xiaomi takes aim at Tesla in Chinese auto market with $29,870 electric car”

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MG Motor India to increase production soon carwale

Volkswagen India reinvigorates product line-up with the showcase of new GT Plus Sport and GT Line variants on Taigun, unveils ID.4 in India WAF

Auto players line up array of new EV models in coming years on govt push to green mobility WAF Continue reading “WAF Auto News | The Auto World This Week (29th March 2024)”

Varanasi, 28^th March 2024:  The Society of Indian Automobile Manufacturers (SIAM), the apex automobile industry body, organised the 18^th SIAM Styling and Design Conclave alongside the 16^th Automotive Design Challenge (ADC) on 22^nd March 2024 at Hotel Ramada Plaza by Wyndham, Varanasi, Uttar Pradesh.

The theme of the conclave was “Designing for Aspiring India”, focusing on the future of vehicle styling and design in India. The event brought together several experienced automobile designers from India and abroad to share their ideas and inputs, for shaping the future of aesthetic design of vehicles. Continue reading “SIAM Hosts 18th Styling & Design Conclave alongside 16th Automotive Design Challenge (ADC)”

HANOI, (Reuters) – Chinese electric vehicles maker BYD has slowed down its plans to build an EV factory in Vietnam, a manager of the industrial park where the plant would be built told a shareholders meeting on Thursday.

Vietnam’s government said in May that BYD had decided to build a factory to manufacture and assemble electric cars in the northern Vietnamese province of Phu Tho, where the company already has a plant that produces tablets for Apple. Continue reading “China’s BYD slows down plans for EV factory in Vietnam, industrial park says”

BERLIN, (Reuters) – A German court ruled on Thursday partly in favour of consumers in a class action suit against Mercedes Benz over diesel emissions defeat devices.

Some of the German luxury carmaker’s diesel models with the Euro 6 grade engines built between 2012-2016 had cheat devices, the Stuttgart court said. It found no violations in the older Euro 5 models, however.. Continue reading “Mercedes partly loses class action case over diesel defeat devices”

(Reuters) – Subaru is recalling 118,000 SUVs and sedans in the United States to address a faulty sensor that can prevent air bags from deploying in a crash, the National Highway Traffic Safety Administration (NHTSA) said on Wedne0sday.

The recall covers various 2020 through 2022 model year Outback and Legacy. Continue reading “Subaru recalls 118,000 US vehicles over faulty air bag sensors”

BEIJING, (Reuters) – China’s Xiaomi will launch its highly anticipated electric vehicle (EV) on Thursday when it will reveal its pricing and start taking orders, marking the electronics company’s entry into the world of automobiles.

The world’s third largest smartphone vendor has only said so far that its car will be priced below 500,000 yuan ($69,170.64). Models it unveiled in over 70 stores across China on Monday have drawn comparisons to Porsche’s Taycan and Panamera sports car models. Continue reading “Xiaomi set for plunge into EVs at a tricky time for China autos”

TOKYO, (Reuters) – Toyota Motor’s global sales dropped 7% in February from a year earlier, hurt by a heavy decline in China due to Lunar Year holidays and a slump in Japan after a safety test scandal at its small car unit.

Sales in China – the world’s biggest auto market – tumbled 36%. This year the week-long Lunar New Year holiday took place in February while last year it occurred in January. Continue reading “Toyota’s global sales slide 7% in February, led by slumps in China and Japan”

NEW YORK/SEOUL, (Reuters) – Hyundai Motor Group said on Wednesday it will invest 68 trillion won ($51 billion) over three years in South Korea to ramp up electric vehicle production and new mobility business and separately hire 80,000 new employees, doubling down at a time when other established automakers are slowing efforts.

More than half of the investment, or 35.5 trillion won, will be allocated for new research and development infrastructure and assembly lines for EVs, the automaker said in a statement. Continue reading “Hyundai Motor doubles down on EVs as it ramps up investment in Korea”

Source : PTI | RRP Electronics , a company backed by former cricketer Sachin Tendulkar, on Tuesday announced an investment of INR 5,000 crore for a semiconductor facility in Maharashtra. The investment will be done over the next five years, the company said in a statement.

Contributions from Tendulkar in the overall investment or details of other shareholders were not disclosed by the company. Continue reading “Tendulkar-backed company to invest INR 5,000 crore for semiconductor facility in Maha”

(Reuters) – Chinese electric-vehicle maker Nio lowered its forecast for first-quarter deliveries on Wednesday, as it grapples with slowing demand and a price war in China.

The company’s U.S.-listed shares fell around 4% in premarket trading. Continue reading “Chinese EV maker Nio cuts Q1 deliveries forecast amid tepid demand”

HANOI,  (Reuters) – Vietnamese electric vehicle maker VinFast said on Wednesday that it had signed partnership agreements with 15 dealers in Thailand, its latest effort to expand in Southeast Asia and tap growing demand in the region.

It said the deals were made at this week’s Bangkok International Motor Show. Continue reading “EV maker VinFast signs partnership agreements with 15 dealers in Thailand”

SEOUL, (Reuters) – South Korea’s Hyundai Motor Group said on Wednesday it will invest 68 trillion won ($51 billion) over three years to bolster its growth potential in electric vehicles and new mobility business and separately hire 80,000 new employees.

More than half of the investment, or 35.5 trillion won, will be allocated for new research and development infrastructure and assembly lines for electric vehicles, the group said in a statement. Continue reading “Hyundai Motor Group to invest 68 trln won over 3 years”

NEW YORK, (Reuters) – U.S. automakers General Motors and Ford will reroute affected shipments after a bridge collapse in the U.S. shuttered the Port of Baltimore, but the companies said on Tuesday the impact will be minimal.

“We expect the situation to have minimal impact to our operations. We are working to re-route any vehicle shipments to other ports,” GM said in a statement. Continue reading “GM, Ford will reroute Baltimore shipments after bridge collapse”

(Reuters) – Subaru is recalling 118,000 SUVs and sedans in the United States to address a faulty sensor that can prevent air bags from deploying in a crash, the National Highway Traffic Safety Administration (NHTSA) said on Wedne0sday.

The recall covers various 2020 through 2022 model year Outback and Legacy. Continue reading “Subaru recalls 118,000 US vehicles over faulty air bag sensors”

ORAGADAM, India, (Reuters) – Japan’s Nissan Motor will invest in Renault’s electric vehicle (EV) unit Ampere even after its listing plans fell through, while also evaluating its partnership with Honda Motor to further build its global EV expansion.

“We want to be a global (EV) player in the world,” Nissan CEO Makoto Uchida told reporters during a press briefing in the southern Indian city of Chennai on Wednesday, adding that the company wants to deepen its partnership with Renault, and through that, it’s presence in Europe. Continue reading “Nissan will invest in Renault’s Ampere in pursuit of global EV roadmap, CEO says”

Source : PTI | External Affairs Minister S Jaishankar on Saturday briefed Singapore’s business community about the strides taken by India in the field of manufacture of semiconductors and appealed to them to invest in this key sector in the country. Jaishankar spoke about how machines for the manufacture of semiconductors have started coming (to India) and also how India is progressing towards establishing the first three plants for this multi-billion dollar industry.

“There is a degree of purpose and seriousness as well as investment going into manufacturing that has not been seen for a long time,” the Minister told a 300-plus audience, mostly Singapore-based members of the business community. Continue reading “Jaishankar urges Singapore’s business community to invest in India’s semiconductor manufacturing sector”

Source : PTI | New Delhi: The Indian auto industry is gearing up to roll out an array of electric vehicle models over the next few years amid a renewed push by the government to encourage environment-friendly mobility solutions with the unveiling of a new policy. Mass market players like Maruti Suzuki, Hyundai, Mahindra & Mahindra and Tata Motors are lining up new models to cater to the demand across segments.

Mahindra & Mahindra CEO Automotive Sector Nalinikanth Gollagunta told PTI that starting January 2025, the company will be rolling out five new battery electric vehicles in the coming years. Continue reading “Auto players line up array of new EV models in coming years on govt push to green mobility”

Source : PTI | The Indian government’s push to boost domestic manufacturing of electric vehicles (EVs) may lead to large-scale entry of Chinese auto firms in the local market, a report by think tank GTRI said on Sunday. China’s automotive industry, buoyed by substantial state support, has grown rapidly in electric vehicle technology, making it a leading exporter of EVs and related components, the Global Trade Research Initiative (GTRI) said.

The renewed policy push to make India a hub for e-vehicle manufacturing and efforts of the private sector will lead to a sharp increase in dependence on auto component imports from China, the report said. Continue reading “India’s push for EVs may lead to large-scale entry of Chinese firms in domestic market: GTRI”

Source : PTI | Japanese auto major Nissan Motor Co Ltd plans to launch three all-new models in India by fiscal year 2026 and make the country a hub for exports under its new global business plan to drive value and strengthen competitiveness, according to a company statement.

Under the new plan, which is split into mid-term imperatives for fiscal years 2024 through 2026, and mid-long-term actions to be carried out through 2030, the company is targeting additional 10 lakh unit sales compared to fiscal year 2023. Continue reading “Nissan to launch 16 EVs in next three years globally, plans to make India a hub for exports”

BANGKOK, (Reuters) – Japan’s Toyota plans to mass-produce a battery electric Hilux pickup truck by the end of 2025, the president of its Thailand unit said on Tuesday.

The announcement comes just a few days after the Thai government said that the rival Japanese automaker Isuzu Motors said it would manufacture its battery D-MAX pickup in Thailand by 2025. Continue reading “Toyota plans to mass produce battery Hilux pickup truck by 2025, official says”

(Reuters) – Battery recycler Li-Cycle plans to lay off 17% of its staff – including three senior executives – as it pares its ambitious global growth plans in order to save cash and focus on building a crucial processing facility in New York.

The cuts, announced on Tuesday, are a tacit acknowledgement by the Toronto-based company that its rapid growth in recent years – with facilities announced across North America, Europe and Asia – was unsustainable given the high costs and technical challenges associated with building what is essentially a new global market for electric vehicle battery recycling. Continue reading “Li-Cycle to cut 17% of staff amid battery recycling growing pains”

PARIS, (Reuters) – French automaker Renault is in advanced discussions with potential partners to extract and recycle lithium and other metals from used electric vehicle batteries, a company executive said, as it seeks to reuse more of the strategic raw materials.

While recycling car parts is increasingly common, Renault is aiming to be the first European automaker to also recycle batteries on an industrial scale. Continue reading “Renault in advanced talks with partners to recycle batteries, says executive”

(Reuters) – Electric carmaker Tesla will offer U.S. customers a month’s free trial of its driver-assist technology, Full Self-Driving (FSD), CEO Elon Musk said on Monday, as softening demand and price competition pressure the company’s sales and margins.

Musk has long touted the driver assistant software, priced at $12,000, as a potential profit generator for the company, but has fallen short of his promise of full autonomy for years, amid regulatory and legal scrutiny of Tesla’s safety and marketing. Continue reading “Tesla offers U.S. customers a month’s trial of its driver-assist technology”

BEIJING, (Reuters) – Chinese electric vehicle giant BYD reported an 18.6% rise in fourth-quarter profit on Tuesday, its slowest since the first quarter of 2022, as EV sales lost momentum in the world’s biggest auto market amid a brutal price war.

Net profit totalled 8.67 billion yuan ($1.20 billion) last quarter, with revenue up 15.1% at 180.04 billion yuan, according to BYD’s stock market filing. Continue reading “China EV giant BYD posts slowest quarterly profit growth in 2 years”

NEW YORK, (Reuters) – U.S. automakers General Motors and Ford will reroute affected shipments after a bridge collapse in the U.S. shuttered the Port of Baltimore, but the companies said on Tuesday the impact will be minimal.

“We expect the situation to have minimal impact to our operations. We are working to re-route any vehicle shipments to other ports,” GM said in a statement. Continue reading “GM, Ford will reroute Baltimore shipments after bridge collapse”