BEIJING, (Reuters) – China’s measured response to the U.S. move to hike tariffs on $18 billion of Chinese goods from syringes to batteries suggests relations between the world’s two largest economies face more frost rather than a fresh firefight over trade.
China denounced the Biden administration’s action and vowed “resolute measures” to protect its interests. Continue reading “‘What doesn’t kill you makes you stronger,’ China trolls new US tariffs”
(Reuters) – The day before Elon Musk fired virtually all of Tesla’s electric-vehicle charging division last month, they had high hopes as charging chief Rebecca Tinucci went to meet with Musk about the network’s future, four former charging-network staffers told Reuters.
After Tinucci had cut between 15% and 20% of staffers two weeks earlier, part of much wider layoffs, they believed Musk would affirm plans for a massive charging-network expansion. Continue reading “The inside story of Elon Musk’s mass firings of Tesla Supercharger staff”
WASHINGTON, (Reuters) – U.S. auto safety regulators said on Tuesday they have opened an investigation into the performance of Alphabet’s Waymo self-driving vehicles after reports of its robotaxis exhibiting driving behavior that potentially violated traffic safety laws.
The National Highway Traffic Safety Administration (NHTSA) said its preliminary evaluation into an estimated 444 Waymo vehicles follows 22 reports of 22 incidents including 17 collisions. Continue reading “US opens probe into Alphabet’s Waymo over ‘unexpected behavior’ of self-driving vehicles”
WASHINGTON, (Reuters) – The Biden administration’s new tariffs on Chinese electric vehicles and other strategic sectors aim to protect the future of U.S. manufacturing, but they will likely accelerate a shift of Chinese production to Mexico, Vietnam and elsewhere to avoid them.
U.S. officials and trade experts say that without strong efforts to cut off transshipped or lightly processed Chinese goods from Mexico and other countries, China’s underpriced excess production will still find its way into U.S. markets. Continue reading “Biden’s new China tariff wall faces leakage via Mexico, Vietnam”
(Reuters) – Tesla has been sued by an environmental nonprofit that accused Elon Musk’s electric car company of violating the federal Clean Air Act hundreds of times by letting its Fremont, California, plant emit harmful pollutants.
In a complaint filed on Monday, the Environmental Democracy Project said Tesla has since January 2021 exposed nearby residents and workers to excessive nitrogen oxides, arsenic, cadmium and other harmful chemicals, mainly through its paint shop operations. Continue reading “Tesla is sued over emissions from California plant”
DETROIT, (Reuters) – The Biden administration’s plan to slap heavy new tariffs on Chinese electric vehicles and batteries would provide temporary protection for U.S. auto jobs, potentially at the expense of White House efforts to fight climate change by accelerating U.S. EV adoption.
Few Chinese-made EVs are currently sold in the United States, so the immediate impact on consumers of higher EV tariffs would be minimal, analysts said. The White House also plans to more than triple tariffs on Chinese EV batteries and battery parts to 25%. Graphite, permanent magnets used in EV motors and other EV minerals would get new 25% duties added. These tariffs could affect a broader range of vehicles. Continue reading “A US-China EV trade war threatens Biden’s clean-car agenda”
Summary
STOCKHOLM, (Reuters) – Sweden’s biggest union on Tuesday threw its weight behind a six-month-old strike by mechanics at Tesla, escalating the U.S. carmaker’s latest dispute with organised labour. Continue reading “Tesla strike in Sweden heats up as nation’s largest union joins fray”
MEXICO CITY, (Reuters) – Chinese automaker BYD unveiled the Shark, a mid-size hybrid-electric pickup truck, in Mexico on Tuesday, as its regional chief brushed off new U.S. tariff hikes on Chinese EVs, saying the company was not eyeing an entry to the U.S. market.
The Shark strengthens BYD’s foothold in the North American market with a vehicle aimed directly at incumbents Ford, General Motors and Toyota. Continue reading “China’s BYD launches hybrid pickup in Mexico as US hikes EV tariffs”
BEIJING/SINGAPORE, (Reuters) – Chinese smartphone maker Xiaomi has become the country’s eighth-largest electric vehicle upstart after selling more than 7,000 units of its first model, the SU7 sedan, in April, according to industry data.
Xiaomi’s strong entry into China’s crowded EV market is set to further upend the world’s largest auto market, where companies have been locked in a fierce price war amid weakening demand. Xiaomi is already a household name in China for its popular smartphones and home appliances. Continue reading “Xiaomi becomes 8th largest EV upstart in China after successful SU7 launch”
Commenting on sales data of April 2024, Mr Vinod Aggarwal, President, SIAM said, “Year 2024-25 has started on a reasonably good note for the Auto industry, as all the segments have posted growth in April 2024, compared to April 2023, driven by positive consumer sentiments and festivities in this month. Above normal monsoon rainfall, policy continuity post-elections and Government’s push on manufacturing and infrastructure would propel the overall economic growth which would help in continuing the Auto sector’s growth trajectory.” Continue reading “India Automobile Sales Performance -April-2024”
(Reuters) – SpaceX is building launch facilities, office buildings and even a shopping center in rural Texas, as billionaire Elon Musk’s space venture rapidly expands its rocket and satellite business across the Lone Star state.
But a Reuters review of Texas property records shows that SpaceX and its contractors can be far slower to pay builders and suppliers than they are to break ground. Unpaid bills and finger-pointing among contractors, Reuters found, have led many construction-industry businesses to file liens against SpaceX properties in efforts to get compensated. Continue reading “Musk’s SpaceX is quick to build in Texas, slow to pay its bills”
BOSTON, (Reuters) – Massachusetts’ attorney general took Uber Technologies and Lyft to trial on Monday over allegations that the ride-share companies are misclassifying thousands of drivers in the state as independent contractors to avoid treating them as more costly employees.
The non-jury trial in Boston comes amid broader legal and political battles in the Democratic-led state and elsewhere nationally over the status of drivers for app-based companies whose services fuel the U.S. gig worker economy. Continue reading “Massachusetts takes Uber, Lyft to trial over whether drivers are employees”
DETROIT, (Reuters) – Workers at a Mercedes-Benz plant in Alabama began voting Monday on whether to join the United Auto Workers union, a significant test of whether the labor group can maintain momentum in the historically anti-union American South.
A union victory at the plant, weeks after a resounding win at a Volkswagen factory in Tennessee, would be a watershed moment for the UAW as it seeks to organize more than a dozen automakers across the nation and add to its dwindling ranks. Continue reading “US auto workers union seeks tough victory at Mercedes plant in Alabama”
Source : PTI | India’s coal import rose by 7.7% to 268.24 million tonne (MT) in FY24 driven by softness in seaborne prices and likelihood of increase in power demand during summer. The country’s coal import was 249.06 MT in FY23, according to data compiled by B2B e-commerce companymjunction services.
Coal import in March FY24 also rose to 23.96 MT, over 21.12 MT in the corresponding month of the previous fiscal.
Continue reading “India’s coal import rises 8% to 268 MT in FY24”
Source : PTI | Maruti Suzuki India expects its CNG car sales to rise over 30 per cent to around 6 lakh units this fiscal, according to a senior company official. The country’s largest carmaker also aims to export around 3 lakh units in the ongoing financial year.
“So CNG, this year, we did about 4,50,000 (units) in passenger vehicles. We are hoping to do something like 6,00,000 vehicles in FY24-25,” Maruti Suzuki India Executive DirectorCorporate Affairs Rahul Bharti said in an analyst call.
Source : PTI | Farm and construction equipment manufacturer Escorts Kubota Ltd plans to invest up to INR 4,500 crore over the next three to four years to set up a new manufacturing plant , according to its whole-time director and CFO Bharat Madan. The company is currently in talks with the Rajasthan government for a site at Ghiloth, where it intends to set up the greenfield plant to double its domestic tractor production capacity to 3.4 lakh units annually, while also setting up new engine and construction equipment lines in phases.
“The greenfield plant will involve doubling tractor production capacity, setting up a new engine line and a construction equipment line in phases. Overall, the greenfield project may cost INR 4,000 crore to INR 4,500 crore over the next three-four years,” Madan told PTI.
Source : PTI | State-owned fuel retailers Indian Oil Corporation, Bharat Petroleum Corporation Ltd and Hindustan Petroleum Corporation Ltd reported bumper profits totalling about INR 81,000 crore in FY24, which far exceeded their annual earning in pre-oil crisis years. The combined standalone net profit of IOC, BPCL and HPCL in April 2023 to March 2024 (FY24) was better than their annual earning of INR 39,356 crore in pre-oil crisis years, regulatory filings by them showed.
All the three companies posted the highest ever standalone as well as consolidated net profit in FY24. Continue reading “IOC, BPCL, HPCL post INR 81,000 cr record profit in FY24”
TOKYO, (Reuters) – Honda Motor Co said on Friday it would increase R&D spending this financial year by nearly a quarter to boost its competitive edge in hybrid and other electrified vehicles, as it forecast a 2.8% rise in operating profit for 2024/25.
Japan’s second-largest automaker by volume announced a share buyback worth up to 300 billion yen ($1.93 billion) after beating analysts’ fourth quarter earnings estimates, helped by strong sales growth in the United States, which offset a decline in China. Continue reading “Honda ramps up R&D spending as it expands hybrid push”
BERLIN, (Reuters) – Protesters opposed to expansion of U.S. electric vehicle maker Tesla’s plant in Grueneheide near Berlin clashed with police as some of them attempted to storm the facility on Friday.
Some 800 people took part in the protest, according to the organising group Disrupt Tesla, which claims the expansion would damage the environment. Continue reading “Protesters attempt to storm Tesla German plant, clash with police”
WASHINGTON/SAN FRANCISCO, (Reuters) – U.S. President Joe Biden is set to announce new China tariffs as soon as next week targeting strategic sectors, including a major hike in levies on electric vehicles (EVs), according to three people familiar with the matter.
The full announcement, expected Tuesday, will maintain existing tariffs on many Chinese goods set by former President Donald Trump, according to one of the people. Continue reading “New Biden tariffs on China’s EVs, solar, medical supplies due Tuesday – sources”
Source : PTI | New Delhi: Bharat Petroleum Corporation Ltd (BPCL) plans to invest INR 1.7 lakh crore over the next five years in its core oil refining, fuel marketing and petrochemical business as well as in clean energy such as hydrogen, its chairman G Krishnakumar said on Friday. As part of ‘Project Aspire’, a five-year strategic framework, BPCL plans to raise its oil refining capacity, augment petrochemical business and expand its presence in cleaner fuel space with an eye on energy transition and meeting country’s fuel demand, he said at a post earnings investor call.
“Our strategy is based on two fundamental pillars – ‘Nurturing the Core’; and ‘Investing in Future Big Bets’. We remain committed to our core businesses, which include the refining, marketing of petroleum products and upstream. In addition, we are focusing on our big bets, which comprise petrochemicals, gas, green energy, non-fuel retail, and digital,” Krishnakumar said. Continue reading “BPCL to invest INR 1.7 lakh cr in core, new energy business”
TOKYO, (Reuters) – Honda Motor Co said on Friday it would increase R&D spending this financial year by nearly a quarter to boost its competitive edge in hybrid and other electrified vehicles, as it forecast a 2.8% rise in operating profit for 2024/25.
Japan’s second-largest automaker by volume announced a share buyback worth up to 300 billion yen ($1.93 billion) after beating analysts’ fourth quarter earnings estimates, helped by strong sales growth in the United States, which offset a decline in China. Continue reading “Honda ramps up R&D spending as it expands hybrid push”
(Reuters) – Tesla will spend more than $500 million this year to expand its fast-charging network, CEO Elon Musk said on Friday, days after abruptly laying off employees who were running the business.
“Just to reiterate: Tesla will spend well over $500M expanding our Supercharger network to create thousands of NEW chargers this year,” Musk said in a post, on his social media platform X. Continue reading “After layoffs, Musk says Tesla to spend $500 mln on charging network”
(Reuters) – The U.S. auto safety regulator on Friday opened a preliminary probe into 6,813 Ocean SUVs made by Fisker in 2023, after complaints that the automatic emergency braking system used in the electric vehicles had activated inadvertently.
The regulator said its Office of Defects Investigation has received eight complaints alleging activation of the braking system without an apparent roadway obstruction in the vehicle’s forward path, resulting in sudden vehicle deceleration. Continue reading “US opens preliminary probe into Fisker’s cars over brake system issue”
BERLIN, (Reuters) – Protesters opposed to expansion of U.S. electric vehicle maker Tesla’s plant in Grueneheide near Berlin clashed with police as some of them attempted to storm the facility on Friday.
Some 800 people took part in the protest, according to the organising group Disrupt Tesla, which claims the expansion would damage the environment. Continue reading “Protesters attempt to storm Tesla German plant, clash with police”
Summary
(Reuters) – Zeekr’s shares rose almost 35% above their initial public offering price on Friday in a strong start for the electric-vehicle maker, the first major U.S. market debut by a China-based company since 2021. Continue reading “Chinese EV maker Zeekr soars nearly 35% in stellar US market debut”
WASHINGTON,(Reuters) – A U.S. auto safety agency said on Thursday it has “significant safety concerns” over Ford Motor’s recall of more than 42,000 SUVs over concerns fuel leaks could lead to an engine fire.
The National Highway Traffic Safety Administration (NHTSA) said last month it was investigating the adequacy and safety consequences of Ford’s proposed recall remedy for 2022-2023 model year Bronco Sport and 2022 Ford Escape SUVs with 1.5L engines. Continue reading “US agency raises safety concerns on Ford SUV fuel leak recall”
Source : PTI | TVS Motor Company expects electric vehicles to account for 25-30% of its total two-wheeler sales in the next two to three years, according to Managing Director Sudarshan Venu. The company, which had earlier this year reiterated its commitment to invest INR 5,000 crore towards design, development and deployment of future technologies, products, and digital capabilities, is betting big on electric mobility and may even look at electric bicycle and cargo three-wheelers, to have a full range of products.
EV sales will only go up…We believe that 25-30% of TVS’ (two-wheeler) sales will be EV (electric vehicles) in two to three years’ time. We are investing to embrace that future and to launch exciting and aspirational products that will delight customers to buy them,” Venu told PTI. Continue reading “TVS Motor Co expects 25-30% of 2-wheeler sales to come from EVs: MD Sudarshan Venu”
INDIA
MG parent SAIC to invest up to USD 2 billion in India; to offer a range of compact cars, SUVs Autocar
Volkswagen India Partners With Government e-Marketplace WAF
Indian Auto retails saw growth in April, uncertainty looms for May, warns FADA HTAuto Continue reading “WAF Auto News | The Auto World This Week (10th May 2024)”
Volkswagen Passenger Cars India has announced a strategic partnership with the Government e-Marketplace (GeM), broadening the availability of its GNCAP 5-Star safety rated vehicles to government departments across India. The Government e-Marketplace is an innovative online platform established by the Government of India to streamline the procurement processes of goods and services by various government departments, PSUs, autonomous bodies, and local bodies.
By listing select variants of its vehicles, such as the Taigun SUV and the Virtus sedan, on GeM, Volkswagen aims to offer premium mobility solutions at competitive prices to a broader range of institutional buyers. The availability of Volkswagen’s cars on GeM allows for both bulk and individual purchases, providing flexibility to government entities in acquiring new vehicles. Continue reading “Volkswagen India Partners With Government e-Marketplace”
WASHINGTON, (Reuters) – The U.S. could take “extreme action” and ban Chinese connected vehicles or impose restrictions on them, Commerce Secretary Gina Raimondo said on Wednesday, in the first indication a ban could be on the table after a national security investigation.
The Commerce Department is reviewing public comments that were due by April 30, Raimondo told Reuters, on a probe the Biden administration launched in February into whether Chinese vehicle imports pose national security risks. Continue reading “US could ban Chinese connected vehicles or impose restrictions”
WASHINGTON, (Reuters) – Republican presidential candidate Donald Trump vowed to reverse dozens of the Biden administration’s environmental rules and policies at a meeting with top U.S. oil executives, where he also asked them to raise $1 billion for his presidential campaign, the Washington Post reported on Thursday.
The Post, citing unidentified sources familiar with the meeting last month in Florida, said Trump promised to end President Joe Biden’s emissions rules aimed at promoting electric vehicles and halt the Biden administration’s freeze on permits for new liquefied natural gas exports, among other actions. Continue reading “Trump vows to target EVs, LNG exports in meeting with oil CEOs -report”
Source : PTI | New Delhi: Reliance Industries Ltd on Wednesday said it has acquired a step-down subsidiary engaged in the manufacture of petrochemicals and hydrogen, for INR 314.48 crore. In a stock exchange filing, the firm said Reliance Chemicals and Materials Ltd (RCML) is a step-down wholly owned subsidiary of the Company through Reliance Projects & Property Management Services Ltd (RPPMSL).
“It is proposed to make RCML a direct wholly owned subsidiary and hence, the company has today, at around 3:15 p.m., acquired a 100% equity stake of RCML from RPPMSL for an aggregate consideration of INR 314.48 crore,” it said.
Continue reading “Reliance acquires step-down subsidiary for INR 314 cr”
Source : PTI | Hailing hydrogen as the “fuel of the future”, Union minister Nitin Gadkari on Wednesday asserted that vehicles in the country would run on green fuels in the coming years. Addressing an election rally in support of BJP leader and Union minister Giriraj Singh in Begusarai, Gadkari said, “India imports fossil fuel every year… soon, our farmers will produce green fuels.”
“Hydrogen is the fuel of the future and vehicles in the country will run on green fuels in the coming years. Prime Minister Narendra Modi is working for the overall development of the country as well as for the welfare of the farmers,” he said. Continue reading “Hydrogen is fuel of the future, vehicles will run on green fuels in coming years, says Nitin Gadkari”
Summary
TOKYO, (Reuters) – Japan’s Nissan Moto expects to beat analyst estimates with a 5.5% rise in operating profit this fiscal year on higher global sales, it said on Thursday, while warning that intense competition and challenges from inflation would continue. Continue reading “Nissan upbeat on annual profit despite challenges”
(Reuters) – Uber posted a surprise quarterly loss and forecast gross bookings below Wall Street expectations, sending its shares down 9% and putting the ride-share and food delivery company on course to shed more than $10 billion in market value.
Uber’s disappointing forecast was in sharp contrast to an upbeat guidance late on Tuesday from smaller rival Lyft, which lifted its shares up 8%. Continue reading “Uber shares tumble as weaker ride-share demand hurts Q2 forecast”
BERLIN, (Reuters) – BMW said on Wednesday it expects a slight drop in pre-tax profit this year due to higher research and development, manufacturing and personnel costs, with a decrease in used car prices also contributing to the decline.
The Munich-based automaker reported a fall in its first-quarter profit margin in its automotive segment as persistently higher costs weighed on its bottom line and demand for luxury cars in China remained muted. Continue reading “BMW says costs, low used car prices to weigh on 2024 pre-tax profit”
(Reuters) – Hyundai’s and Kia’s American financing arm will pay $334,941 to settle charges it illegally repossessed vehicles belonging to military service members, the U.S. Department of Justice said on Wednesday.
According to papers filed in Los Angeles federal court, Hyundai Capital America violated the Servicemembers Civil Relief Act between 2015 and 2023 by repossessing 26 vehicles whose owners had begun paying off their loans prior to active duty. Continue reading “Hyundai, Kia unit settles US charges it repossessed service members’ vehicles”
LONDON/BERLIN, (Reuters) – Top executives at BMW and Volkswagen on Wednesday warned against imposing EU import duties on electric vehicles from Chinese automakers, saying it could upend the bloc’s Green Deal plan and harm automakers that import cars made in China.
The European Commission, which oversees trade policy in the 27-nation European Union, launched an investigation in October into whether fully-electric cars manufactured in China were receiving distortive subsidies and warranted extra tariffs. Continue reading “EU tariffs on Chinese EVs could backfire, German car bosses warn”
TOKYO, (Reuters) – Toyota Motor (7203.T), opens new tab forecast a 20% profit decline in the current financial year on Wednesday, citing looming investment in both its suppliers and strategy after it delivered blockbuster fourth-quarter earnings.
Despite the leaner forecast, the results from the world’s top-selling automaker smashed market expectations. Operating profit surged 78% in the January-March quarter. For the full year, it totalled 5.35 trillion yen ($34.5 billion) – the first time for a Japanese company to top 5 trillion yen, local media reported. Continue reading “Toyota says investment to weigh on profit after blockbuster Q4”
