HANOI, (Reuters) – Vietnam’s trade ministry said on Thursday that automaker Chery (CHERY.UL) had signed a joint venture agreement with a local company to set up an $800 million plant, becoming the first Chinese electric vehicle maker to set up a facility in Vietnam.

The manufacturing plant, which will be jointly established by Chery’s Omoda&Jaecoo unit and Vietnamese company Geleximco, will be in the costal province of Thai Binh, the ministry said in a statement following a signing ceremony. Continue reading “China’s Chery to set up $800 mln automobile factory in Vietnam”

April (Reuters) – Dan Ariens laid off workers, cut shifts, and halted nearly all hiring last summer after sales slumped at his company, best known for making bright orange snow blowers and lawnmowers sold around the world. Headcount fell 20% to 1,600 people, and he doesn’t see business improving until 2025.

The experience of the Ariens Company, a fourth-generation family-owned firm in Brillion, Wisconsin, shows the stark contrast between U.S. factory employment, – essentially flat-lining for more than a year – and the four-year boom in the wider job market. Continue reading “US employment boom leaves factory workers behind”

NEW DELHI/BERLIN, (Reuters) – Tesla has begun production of right-hand drive cars at its plant in Germany for export to India later this year, three people aware of the company’s plans told Reuters, as it moves ahead with a possible entry into the world’s third-largest car market.

A team from Tesla is expected to visit India later this month to look at sites for a local car manufacturing plant that would require an investment of about $2 billion, said two of the three people, who declined to be named because the plans are not public yet. Continue reading “Tesla begins making cars in Germany for export to India this year -sources”

WASHINGTON, (Reuters) – Ford Motor Co said Thursday it is delaying the launch of its new three-row electric vehicles it will build at its assembly complex in Oakville, Ontario to 2027 from 2025.

The No. 2 U.S. automaker said the delay “will allow for the consumer market for three-row EVs to further develop and enable Ford to take advantage of emerging battery technology.” Continue reading “Ford will delay some North American EV production”

Source : PTI | New Delhi: Simplification of e-commerce rules, disbursement of duty refund scheme in cash, and setting up of a national trade network, and publishing a report on the effectiveness of India’s trade pacts should be part of the new government’s 100-day agenda, GTRI said on Wednesday. Continue reading “100-day agenda for new Govt: GTRI for easy e-comm rules, national trade network to boost exports”

COPENHAGEN,  (Reuters) – Volvo Cars sold a record number of cars in March, boosted by the launch of its fully electric small SUV, the Swedish company said on Thursday, sending its shares up 4% in early trade.

Sales for March rose by 25% from a year earlier to 78,970 vehicles, the highest number Volvo Cars has achieved for any single month, while first-quarter sales overall rose by 12%. Continue reading “Volvo Cars posts record March sales, lifted by small electric SUV”

(Reuters) – Ford Motor Co reported a 6.8% rise in first-quarter U.S. auto sales on Wednesday, powered by demand for its pickup trucks, crossover SUVs and hybrids.

Sales of the automaker’s affordable compact Maverick pickup truck surged nearly 82% to 39,061 units as more buyers gravitated toward cheaper vehicles over the past few months amid higher living costs. Continue reading “Ford’s pickups, hybrids drive 6.8% rise in first-quarter US sales”

SYDNEY, (Reuters) – Zeekr, the premium electric vehicle (EV) brand of Chinese automaker Geely, has restarted stalled plans to raise up to $500 million in a New York initial public offering (IPO), according to two sources with direct knowledge of the matter.

The company in November put listing plans to raise about $500 million on hold because of a mismatch in valuation expectations between investors and the company, Reuters reported then citing sources. Continue reading “China’s Zeekr renews plans to raise up to $500 million in U.S. IPO, sources say”

BEIJING, (Reuters) – China’s central bank on Wednesday announced revisions to car loans to promote auto trade-ins and scrap government-set minimum down payments for consumers financing new car purchases.

The revisions, the first since the start of 2018, are the latest attempt to boost consumer confidence in the world’s largest auto market, where a cut-throat price war and slowing demand have vexed both automakers and authorities. Continue reading “China eases car loan policy for first time since 2018 to boost demand”

Summary

• The new Joint Venture (JV) will deliver automotive software, including software-defined vehicle (SDV) solutions for BMW Group’s premium vehicles and digital transformation solutions for its business IT
• The JV will commence operations with 100 employees and intends to grow to a four-digit number in the following years is to become part of BMW Group’s global network of software and IT hubs. Continue reading “BMW Group and Tata Technologies aim to collaborate for the development of Automotive Software and Business IT solutions”

(Reuters) – Tesla will send a team to India this month to scout locations for a proposed $2 billion to $3 billion electric car plant, the Financial Times reported on Wednesday.

Tesla’s reported push into India comes at a time when EV demand is slowing and competition heats up in its main markets of the U.S. and China, causing the EV maker to report a drop in first-quarter deliveries and missing estimates. Continue reading “Tesla to scout sites in India for $2 bln-$3 bln EV plant, FT reports”

Source : PTI | Gensol Engineering on Wednesday said it has recorded the highest-ever revenue of INR 960 crores in FY24 with a growth of 141% Year on Year (YoY). The corresponding (revenue) figure for the previous year was at INR 398 crore, a company statement said.

According to the statement, Gensol Engineering Ltd recorded its highest-ever revenue from operations, surpassing INR 960 crore (provisional and unaudited) in the financial year ending on March 31, 2024. Continue reading “Gensol Engineering revenue rises 141% to INR 960 crore in FY24”

Beijing, (Reuters) – Chinese smartphone maker Xiaomi on Wednesday said it has received more than 100,000 orders for its first car – a sporty electric vehicle called the SU7 – as it began deliveries.

“Xiaomi’s car officially debuts, the real revolution in smart cars has officially begun, and China will surely give birth to a great company like Tesla,” CEO and founder Lei Jun said at a ceremony in Beijing marking the first deliveries. Continue reading “Chinese smartphone maker Xiaomi starts delivering the first of more than 100,000 EVs ordered”

DETROIT, (Reuters) – Factory workers at Mercedes Benz’s assembly plant in Alabama are moving forward with efforts to join the United Auto Workers (UAW), and they plan to file a petition as soon as this week, a union leader said on Tuesday.

Earlier on Tuesday, Reuters cited three people familiar with the matter saying employees at the SUV plant in Vance, Alabama, plan to file paperwork with the National Labor Relations Board (NLRB) seeking a formal election to join the UAW. The date of an actual vote is not yet certain. Continue reading “Mercedes workers in Alabama to file for union vote this week, UAW leader says”

NEW YORK, (Reuters Breakingviews) – It might be hard to remember, but Tesla was supposed to become the market. The Cybertruck maker as recently as 2022 anticipated 50% annual growth in auto sales until reaching 20 million, twice as many as world-leader Toyota Motor. Those days are over, evidenced by figures released, on Tuesday along with broader industry trends and Chief Executive Elon Musk’s behavior.

The $520 billion electric-car company has retaken the worldwide sales crown from China’s BYD, but that’s small consolation after a 9% decline in quarterly vehicle deliveries from a year earlier. At nearly 387,000, they also fell 15% short of what analysts had forecast. Continue reading “Breakingviews: Tesla exacerbates valuation range anxiety”

(Reuters) – Rivian Automotive beat estimates for quarterly deliveries, fueled by strong demand for its electric pickup trucks and SUVs, although its shares fell 5% as Tesla’s weak numbers fanned concerns about an EV market slowdown.

Amazon.com-backed Rivian delivered 13,588 vehicles in the first quarter ended March 31, topping expectations by 16 analysts of 12,415 units according to Visible Alpha. Continue reading “Rivian deliveries beat expectations; Tesla dampens industry hopes”

Source : PTI | The National Company Law Appellate Tribunal on Tuesday dismissed a plea by Sundaram Brake Linings, challenging a cease and desist order passed against the company by the fair trade regulator CCI. NCLAT upheld orders passed by the Competition Commission of India (CCI), and said there was a “meeting of mind” with other parties, which were participating in the bidding process of certain tenders of the Indian Railways.

The CCI had on July 10, 2022 passed an order directing 10 companies, including the appellant Sundaram Brake Linings, and some of their officials, to cease and desist from indulging in anti-competitive practices. Continue reading “NCLAT dismisses Sundaram Brake’s plea against CCI cease and desist order on railways tendering”

Source : PTI | New Delhi: The Election Commission of India (ECI) has asked state-owned NHAI to go ahead with the calculation of new user fee (toll) rates on highways, which kicks in annually from April 1 across most of tolled highway stretches in the country, but said the new rates should be applicable only after the Lok Sabha elections. According to documents accessed by PTI, ECI has asked the NHAI (National Highways Authority of India) to defer toll fee hike. The ECI was responding to a communication from road transport and highways minister in this regard.

The annual revision of toll hikes, which was expected to be in the range of average 5%, was to come into effect on April 1 for most of tolled highways and expressways stretches across the country. Continue reading “New toll rates on highways to be effective after Lok Sabha elections”

Source : PTI | The budget for the advanced chemistry cell sector has gone up 6x in the last few years, reflecting the government’s continuous focus to boost the country’s energy storage ecosystem, a senior official said. The National Programme on Advanced Chemistry Cell (ACC) battery storage was approved by the Union Cabinet on May 12, 2021 with budgetary outlay of INR 18,100 crore.

The scheme is aimed at strengthening the ecosystem for electric mobility and battery storage in the country.

Continue reading “Govt pushing ACC battery storage scheme, budget hiked 6x in last few years: Official”

Source : PTI | New Delhi: The Ministry of Road Transport and Highways (MoRTH) has raised INR 40,314 crore through various modes of asset monetisation in financial year 2023-24, against the target of INR 28,968 crore, a senior government official said on Tuesday. The ministry had raised INR 15,968 crore through monetisation of 4 toll-operate-transfer (TOT) bundles, INR 15,700 crore through Infrastructure Investment Trust (InvIT) and INR 8,646 crore through securitisation, the official told PTI.

The ministry had raised INR 32,855 crore in 2022-23 through various modes of asset monetisation. Continue reading “MoRTH raises INR 40,314 cr through asset monetisation in FY24”

SEOUL, (Reuters) – South Korea’s Hyundai Motor Co and PT Adaro Minerals Indonesia Tbk have ended an aluminium supply agreement after calls by a climate campaigner backed by K-pop fans not to procure supplies of the metal produced using coal power.

Millions of young K-pop fans have thrown their considerable weight at times behind various global campaigns and social causes, often using social media. Continue reading “Hyundai Motor ends Indonesia aluminium deal after climate campaign by K-pop fans”

Summary

• 9 out 10 new cars sold in January were pure electric
• BEVs account for about a quarter of total car fleet
• Norway’s income from oil, gas helped subsidise BEV adoption
• Norway aims to end sale of new petrol, diesel cars in 2025

OSLO, (Reuters) – The number of battery electric vehicles (BEVs) on Norway’s roads is on track to overtake petrol cars by the end of this year or in early 2025, in a first for any country, according to Reuters’ and analysts’ calculations. Continue reading “EVs could overtake petrol cars in Norway by end-2024”

BEIJING, (Reuters) – Shares of China’s Xiaomi surged as much as 16% on Tuesday as the electronics maker’s sporty electric vehicle launched last week drew strong interest, though a brokerage forecast the firm would lose nearly $10,000 per car this year.

The stock touched its highest since January 2022 on the first day of trading since the Thursday launch of Xiaomi’s debut car, which draws styling cues from Porsche. It later pared gains to close 9% higher, adding $4 billion to its market value. Continue reading “Xiaomi’s EV launch propels market value by $4 billion, near GM and Ford”

(Reuters) – Rivian Automotive missed market estimates for quarterly production on Tuesday, impacted by the electric vehicle maker’s move to transition to new suppliers for fresh materials as it looks to reduce costs and improve efficiencies.

The Amazon.com-backed company produced 13,980 vehicles in the first quarter ended March 31, while eight analysts polled by Visible Alpha had expected roughly 14,250 units. Continue reading “Rivian misses production estimates as EV maker shifts to new supply chain”

BEIJING, (Reuters) – BYD, China’s biggest electric vehicle (EV) maker, reported first quarter 2024 sales fell 43% compared to the fourth quarter of 2023, handing back the title of world’s biggest EV seller to Tesla after winning it last year.

BYD sold 300,114 EVs in the first quarter of this year, it said in a filing to the Shenzhen Stock Exchange late on Monday, down from a record quarterly high of 526,409 units sold in the previous three-month period, when it surpassed Tesla. BYD’s first-quarter sales were up 13.4% from a year ago. Continue reading “BYD hands back top EV seller title to Tesla after Q1 sales decline”

Continue reading “Xiaomi’s EV buyers face month-long waits for deliveries in sign of robust demand”

Continue reading “Would-be Tesla buyers snub company as Musk’s reputation dips”

Continue reading “China Xiaomi’s EV launch propels its market value by $7.6 billion, above GM and Ford”

Source: PTI | Tata Motors on Monday reported a 2% rise in its total domestic wholesales at 90,822 units in March. In the year-ago period, the company posted total wholesales of 89,351 units.

Sales of passenger vehicles, including electric vehicles, in the domestic market, were at 50,297 units in March as compared to 44,225 units in the same period last year, up 14%, it added. Continue reading “Tata Motors total domestic sales rises 2% to 90,822 units in March”

Source: PTI| State-owned National Highways Authority of India’s ‘One Vehicle, One FASTag’ norm, which aims to discourage the use of single FASTag for multiple vehicles or linking multiple FASTags to a particular vehicle, has come into force from from Monday, a senior official said.

NHAI had extended the ‘One Vehicle, One FASTag’ initiative compliance deadline to March-end, in view of the problems being faced by Paytm FASTag users. Continue reading “‘One Vehicle, One FASTag’ norm comes into force”

Source: PTI| Toyota Kirloskar Motor on Monday reported its highest-ever monthly wholesales at 27,180 units in March. The company’s total dispatches to dealers increased 25% last month to 22,910 units as compared with 21,783 units in March 2023.

For the 2023-24 fiscal the company reported the highest-ever wholesales of 2,63,512 units, an increase of 48% as against 1,77,683 units in 2022-23. Continue reading “Toyota records highest-ever monthly sales at 27,180 units in March”

Source: PTI| Union Minister Nitin Gadkari aims to transform India into a green economy by eliminating over 36 crore petrol and diesel vehicles. With plans to reduce GST on hybrid vehicles and promote biofuels, he envisions using fuel import savings to benefit farmers and create jobs.

As part of his ambition to make India a green economy, Union minister Nitin Gadkari wants to slash GST on hybrid vehicles and has vowed to rid the country entirely of the over 36 crore petrol and diesel vehicles. Continue reading “No petrol, diesel vehicles in India: Gadkari vows to eliminate fuel cars”

Source: PTI| The EMPS 2024 scheme aims to boost electric vehicle adoption till July, supporting 3,72,215 EVs with incentives for various types of vehicles and advanced batteries, aligning with the Atmanirbhar Bharat initiative.

The new INR 500 crore scheme to promote electric mobility in India will come into force from Monday and continue till the end of July. Meanwhile, the second phase of FAME, or Faster Adoption and Manufacturing of Electric Vehicles in India (FAME-II) programme, ends on March 31, 2024. Continue reading “New INR 500 crore scheme to promote electric mobility kicks in from April 1”

Source : PTI | Only 5 % of those looking to buy a four-wheeler in the country are likely to buy an electric car this year, according to a survey. The survey, based on the response of 40,000 people from across 319 districts, also found that more than half of the “existing or prospective car owners” are willing to buy an electric car if it is available in the INR 8-10 lakh price range.

Car sales in India crossed 4 million units last year while 72,321 electric four-wheelers were registered, according to the survey conducted by online consumer pulse aggregator platform, LocalCircles. Continue reading “Just 5% may purchase electric cars this year, most want EVs under INR 10 lakh: Survey”

SHANGHAI, (Reuters) – China’s SAIC Motor aims to cut thousands of jobs this year at its joint ventures with General Motors and Volkswagen and at an electric-car unit, two people with knowledge of the matter told Reuters..

The state-owned automaker hopes to cut 30% of employees at SAIC-GM, 10% at SAIC Volkswagen and more than half at its Rising Auto EV subsidiary, the people said. Continue reading “Exclusive: China’s SAIC aims to slash jobs at GM, VW ventures and EV unit, sources say”