Volkswagen CEO: discussed free trade, global economy, AI with Chinese ministers

Volkswagen CEO: discussed free trade, global economy, AI with Chinese ministers

BERLIN,(Reuters) – Volkswagen’s CEO Oliver Blume talked about framework conditions for the use of technologies like AI and autonomous driving as well as the importance of free and fair trade in a meeting on Friday with Chinese government ministers, Volkswagen said.

“Free and fair trade between open markets is of utmost importance in this phase of major challenges,” Blume said. Continue reading “Volkswagen CEO: discussed free trade, global economy, AI with Chinese ministers”

Auto supplier Autoliv cuts full-year forecast after weak quarter

Auto supplier Autoliv cuts full-year forecast after weak quarter

Summary

  • Cuts FY organic sales growth f’cast to 2% from 5%
  • Adjusted operating earnings missed expectations.
  • Lower sales dented profitability
  • Shares down 7%

STOCKHOLM, (Reuters) – Sweden’s Autoliv cut its full-year financial forecasts on Friday after lower sales led to second-quarter adjusted profit falling below expectations, sending its shares down.

The world’s largest producer of airbags and seatbelts, said it now sees full-year organic sales growth of 2%, down from an earlier 5%. Continue reading “Auto supplier Autoliv cuts full-year forecast after weak quarter”

Serbia, EU and Germany sign battery supply chain deal

Serbia, EU and Germany sign battery supply chain deal

BELGRADE, (Reuters) – Belgrade and the European Union signed a deal on Friday to give the EU access to raw materials mined in Serbia and strengthen their ties on production of sustainable raw materials, battery manufacturing and electric vehicles (EVs).

Rio Tinto is keen to start mining in Serbia’s Western region of Jadar and this week its licence to develop what would be Europe’s biggest lithium mine was reinstated, more than two years after it was annulled. Continue reading “Serbia, EU and Germany sign battery supply chain deal”

China lithium rebounds on Chile earthquake, but demand concerns persist

China lithium rebounds on Chile earthquake, but demand concerns persist

BEIJING, (Reuters) – China’s lithium prices rebounded on Friday after a powerful earthquake hit Chile’s major lithium producing region, although growing demand concerns weighed on the metal used in electric vehicle batteries.

The most-traded November lithium carbonate futures on the Guangzhou Futures Exchange rose 2.9% to 89,800 yuan ($12,356.89) per metric ton on Friday, having hit a seven-month low of 86,450 yuan in the previous session. Continue reading “China lithium rebounds on Chile earthquake, but demand concerns persist”

Trump sanctions prompted China Xiaomi’s EV entry, CEO says

Trump sanctions prompted China Xiaomi’s EV entry, CEO says

BEIJING, (Reuters) – A decision by the Trump administration to sanction China’s Xiaomi Corp in early 2021 was the catalyst for the company’s decision to build its first electric car, CEO Lei Jun said on Friday.

Best known for its smartphones and home appliances, Xiaomi entered China’s crowded EV market this year, part of its strategy to diversify its product portfolio. Continue reading “Trump sanctions prompted China Xiaomi’s EV entry, CEO says”

Thai investigation into BYD EV discounts moves ahead despite cash-back offer

Thai investigation into BYD EV discounts moves ahead despite cash-back offer

BANGKOK, (Reuters) – A Thai investigation into discounts from China’s BYD, will continue despite a cash-back programme from its distributor in response to a backlash from consumers who felt they overpaid for their EVs, a senior official said Friday.

Thailand, a regional auto assembly and export hub, is BYD’s largest overseas market, where it is the top-selling electric vehicle brand. BYD last month opened a factory in Thailand, its first in Southeast Asia. Continue reading “Thai investigation into BYD EV discounts moves ahead despite cash-back offer”

Chinese industry body tells EU to correct its findings on EVs

Chinese industry body tells EU to correct its findings on EVs

BRUSSELS, (Reuters) – EU tariffs on electric vehicles built in China breach global trading rules and must be corrected, an industry body representing 12 Chinese automakers told the European Commission in a hearing this week.

The China Chamber of Commerce for Import and Export of Machinery and Electronic Products (CCCME) presented its view at a hearing on Thursday that the EU’s preliminary assessment is incompatible with EU and World Trade Organization rules. Continue reading “Chinese industry body tells EU to correct its findings on EVs”

Petro pump owners seek meeting with Delhi transport minister over PUC certificate rates

Petro pump owners seek meeting with Delhi transport minister over PUC certificate rates

Source : PTI | New Delhi: Petrol pump owners on Thursday wrote to Delhi Transport Minister Kailash Gahlot, seeking a meeting with him to revise rates for Pollution Under Control (PUC) certificates in the national capital. The letter comes days after the Delhi Petrol Dealers’ Association (DPDA) shut down nearly 600 PUC centres functioning at petrol pumps, saying the hike was not commensurate with operational costs.

On July 11, the Delhi government increased the PUC certificate charges for petrol, CNG and diesel vehicles after a gap of about 13 years. The hike ranges between INR 20 and INR 40.

Continue reading “Petro pump owners seek meeting with Delhi transport minister over PUC certificate rates”

Premium buses run by private players to ply in Delhi-NCR from Aug

Premium buses run by private players to ply in Delhi-NCR from Aug

Source : PTI | New Delhi: Come August and Delhiites will be able to book seats in air-conditioned buses run by private players as the city government prepares to roll out the ambitious scheme, according to officials. The premium bus service will be launched under the Delhi Motor Vehicles Licensing of Aggregator (Premium Buses) Scheme, which the Delhi government had notified last year.

The scheme aims at reducing intracity usage of private vehicles and curbing pollution. Continue reading “Premium buses run by private players to ply in Delhi-NCR from Aug”

Ford pivots from EV plans to heavy-duty trucks at Canada facility

Ford pivots from EV plans to heavy-duty trucks at Canada facility

DETROIT, (Reuters) – Ford Motor on Thursday outlined plans to use a Canadian plant it had earmarked for a future electric vehicle to instead build larger, gasoline-powered versions of its flagship F-Series pickup truck.

Ford in April had already delayed the launch of the planned three-row electric SUVs at its Oakville Assembly facility from 2025 to 2027, citing slower than expected growth in EV demand. It said on Thursday it remained committed to those EVs and that timeline but did not say where they would now be built. Continue reading “Ford pivots from EV plans to heavy-duty trucks at Canada facility”

Tesla’s California car registrations fall for third straight quarter

Tesla’s California car registrations fall for third straight quarter

(Reuters) – Registrations of Tesla cars in California fell 24% in the April to June period, marking the third consecutive quarter that the company posted a sales drop in its key market, indicating mounting challenges for the EV maker, according to industry data on Thursday.

High interest rates and stiff competition have softened demand for electric vehicles as consumers opt for less-expensive hybrid cars. Continue reading “Tesla’s California car registrations fall for third straight quarter”

DPIIT steps led to investment commitments of over INR 1100 cr from global tyre makers

DPIIT steps led to investment commitments of over INR 1100 cr from global tyre makers

Source : PTI | Leading global tyre makers such as Bridgestone, Michelin and Goodyear have committed investments worth over INR 1,100 crore in India after the DPIIT temporarily allowed them to import certain tyres to the country, an official said. The official said that the import restrictions on ‘New Pneumatic Tyres’ were relaxed for certain global players that were interested in importing specific tyres from their factories abroad into India.

The imports were temporarily permitted by the department for promotion of industry and internal trade (DPIIT) subject to the concerned company’s commitment to invest and set up or expand its manufacturing facilities in the country for the concerned products, in a time-bound manner. Continue reading “DPIIT steps led to investment commitments of over INR 1100 cr from global tyre makers”

Havana’s roads change as Cubans adopt electric bikes and vehicles

Havana’s roads change as Cubans adopt electric bikes and vehicles

HAVANA, (Reuters) – Havana is famed for the colorful vintage cars that can still be seen puttering around its streets and are a popular subject for visitors’ photographs.

But these days, Cubans are just as likely to be found getting around quickly and quietly on electric scooters made with Chinese parts. Continue reading “Havana’s roads change as Cubans adopt electric bikes and vehicles”

Ford pivots from EV plans to heavy-duty trucks at Canada facility

Ford pivots from EV plans to heavy-duty trucks at Canada facility

DETROIT, (Reuters) – Ford Motor on Thursday outlined plans to use a Canadian plant it had earmarked for a future electric vehicle to instead build larger, gasoline-powered versions of its flagship F-Series pickup truck.

Ford in April had already delayed the launch of the planned three-row electric SUVs at its Oakville Assembly facility from 2025 to 2027, citing slower than expected growth in EV demand. It said on Thursday it remained committed to those EVs and that timeline but did not say where they would now be built. Continue reading “Ford pivots from EV plans to heavy-duty trucks at Canada facility”

Volkswagen India Expands Its Network in Jharkhand

Volkswagen India Expands Its Network in Jharkhand

  • Volkswagen India continues its network expansion across India with a specific focus to enhance reach for customers across metros, tier I and tier II cities in the country, inaugurates new touchpoint in Jamshedpur
  • The Volkswagen India network in Jharkhand currently includes two sales and two service touchpoints across the state
  • The Volkswagen Jamshedpur facility houses a three-car display, showcasing India’s safest portfolio: the five-star GNCAP-rated Volkswagen Virtus and Volkswagen Taigun as well as the global best-seller Tiguan
  • To deliver seamless ownership experiences, the Jamshedpur facility also includes eight service bays to cater to any service and maintenance requirements
Mumbai: Volkswagen India inaugurated a new touchpoint in Jamshedpur today, expanding its network presence in Jharkhand. With the Brand focusing on enhancing its reach for customers across metros, tier I and tier II cities, the new touchpoint will cater to customers in Jharkhand that now has a total of four sales and service outlets in the region.

Continue reading “Volkswagen India Expands Its Network in Jharkhand”

Renault first-half sales rise on strong demand for hybrids in Europe

Renault first-half sales rise on strong demand for hybrids in Europe

PARIS, (Reuters) – French automaker Renault said on Thursday its first-half sales volume rose 1.9% from the year-ago period on strong performance for its hybrids in Europe, its key region.

The company sold 1,154,700 vehicles globally compared to 1,133,478 units last year, with almost three-quarters of that volume going to Europe. Continue reading “Renault first-half sales rise on strong demand for hybrids in Europe”

Hyundai Motor America to recall nearly 67,000 vehicles in the U.S, NHTSA says

Hyundai Motor America to recall nearly 67,000 vehicles in the U.S, NHTSA says

(Reuters) – Hyundai Motor America is recalling nearly 67,000 vehicles in the U.S., the U.S. National Highway Traffic Safety Administration said on Thursday.

The company is recalling about 54,647 vehicles over loss of drive power from a fuel pump failure and about 12,349 Santa Fe Vehicles over a software error in the transmission control unit, NHTSA said. Continue reading “Hyundai Motor America to recall nearly 67,000 vehicles in the U.S, NHTSA says”

Truckmaker Volvo beats profit expectations but says demand normalising

Truckmaker Volvo beats profit expectations but says demand normalising

Summary

  • Profitability boosted by price increases
  • Net truck order intake flat year on year
  • Second-quarter es down 8%
  • Shares up 5.4% after reportdeliveri

STOCKHOLM, (Reuters) – Swedish truckmaker AB Volvo posted a bigger than expected rise in second-quarter operating profit on Thursday, but said demand was easing from last year’s high levels. Continue reading “Truckmaker Volvo beats profit expectations but says demand normalising”

Volvo Cars blames EU tariffs as it cuts 2024 sales forecast

Volvo Cars blames EU tariffs as it cuts 2024 sales forecast

Summary

  • Volvo Cars now sees full year retail sales growth of 12%-15%
  • EX30 volume ramp-up expected from Belgium factory in H2 2025
  • Q2 core earnings beat estimates despite market slowdown

STOCKHOLM, (Reuters) – Volvo Cars cut its full-year retail sales forecast on Thursday, blaming European tariffs on EVs made in China that will hit one of the Swedish automaker’s key electric models until it shifts production to Belgium. Continue reading “Volvo Cars blames EU tariffs as it cuts 2024 sales forecast”

EU new car sales rise 4.3% in June, industry body ACEA says

EU new car sales rise 4.3% in June, industry body ACEA says

(Reuters) – New car sales in the European Union rose 4.3% in June to their highest since July 2019, driven by an uptick in major markets Italy, Germany, and Spain, while registrations of battery electric cars fell marginally, data from Europe’s auto industry body showed on Thursday.

The European Automobile Manufacturers Association (ACEA) said a rise in registrations of battery electric cars in Belgium and Italy, of 50.4% and 117.4% respectively, failed to offset double digit declines in Germany, the Netherlands and France. Continue reading “EU new car sales rise 4.3% in June, industry body ACEA says”

BYD sets sights on aggressive expansion in Vietnam

BYD sets sights on aggressive expansion in Vietnam

HANOI, (Reuters) – Chinese electric vehicle giant BYD on Thursday outlined plans to aggressively expand its dealership network in Vietnam as it opens its first stores in the country this week, posing a formidable challenge to local rival VinFast .

Thirteen BYD dealerships will open their doors to the Vietnamese public on Saturday and the automaker hopes to boost that number to about 100 by 2026. Continue reading “BYD sets sights on aggressive expansion in Vietnam”

Serbia eyes lithium deals with Mercedes, Stellantis, VW, president says

Serbia eyes lithium deals with Mercedes, Stellantis, VW, president says

FRANKFURT, (Reuters) – Serbia will give Mercedes-Benz, Volkswagen and Stellantis the opportunity to purchase lithium for car batteries as the nation prioritises European over Chinese carmakers, its president said.

“The EU needs lithium and we want to strengthen our ties with the EU,” President Aleksandar Vucic told German daily Handelsblatt in an interview published on Thursday. Continue reading “Serbia eyes lithium deals with Mercedes, Stellantis, VW, president says”

Experts suggest Aadhaar number to better manage recycling of batteries

Experts suggest Aadhaar number to better manage recycling of batteries

Source : PTI | India’s e-mobility R&D roadmap has suggested an Aadhaar number for batteries to keep a digital record of its material composition, usage history and end of life management as part of efforts to streamline the recycling process. The suggestion is part of the eMobility R&D Roadmap for India, released by Principal Scientific Adviser to the government Prof A K Sood, that lists out 34 research projects to become self-reliant and emerge as a global leader in providing innovative mobility solutions.

“This roadmap aims to fill critical gaps in the current research and development framework. While many identified projects are yet to achieve global success, some areas already demonstrate significant international accomplishments where India is yet to commence preparations,” said Prof Karthick Athmanathan, a member of the Consultative Group of e-Mobility Advisory Committee. Continue reading “Experts suggest Aadhaar number to better manage recycling of batteries”

Delhi Metro to enhance last-mile connectivity with addition of 1,100 e-autos

Delhi Metro to enhance last-mile connectivity with addition of 1,100 e-autos

Source : PTI | The Delhi Metro Rail Corporation (DMRC) will add over 1,100 e-autos to its fleet of electric three-wheelers to enhance last-mile connectivity. An official mentioned that out of 2,299 e-auto permits provided by the Transport Department, 1,183 e-autos are already registered. The e-autos will serve around 40 DMRC stations equipped with charging points and dedicated parking spots. The remaining 1,116 e-autos are expected to be registered by the end of August.

E-autos are currently operating from metro stations in areas like Chhatarpur, Dwarka, Rohini, and northwest Delhi. These e-auto permits have been allocated to authorized operators at these metro stations. Continue reading “Delhi Metro to enhance last-mile connectivity with addition of 1,100 e-autos”

Current GST rate for PVs outdated; needs a relook: JSW MG Motor India CEO Emeritus

Current GST rate for PVs outdated; needs a relook: JSW MG Motor India CEO Emeritus

Source : PTI | New Delhi: The current GST rate structure of passenger vehicles in India is outdated and needs to be aligned with the new developments in the auto industry, according to JSW MG Motor India CEO Emeritus Rajeev Chaba. The government should consider the overall perspective of vehicular emissions, reduction of import bill, sustainable local supply chain and total cost of ownership while formulating policies on the auto sector, he added.

Amid speculations that hybrid vehicles could be considered for tax incentives ahead of the Union Budget, he said only the strong ‘plug-in’ hybrids, which have the capability to also run as a battery electric vehicle independent from the internal combustion engine, should be considered for such benefits.

Continue reading “Current GST rate for PVs outdated; needs a relook: JSW MG Motor India CEO Emeritus”

US union organizing, and unions’ election win rate, is surging, NLRB says

US union organizing, and unions’ election win rate, is surging, NLRB says

(Reuters) – Unions are filing petitions to hold elections and winning them at rates not seen in decades, according to data released by the National Labor Relations Board on Wednesday, likely a reflection of the agency’s adoption of policies favored by unions during the Biden administration.

The board in a release said it has already received more than 2,600 union election petitions during the fiscal year that ends Sept. 30, surpassing the total for the full previous fiscal year. NLRB regional offices have seen a 32% increase in the number of petitions filed compared with this time last year, the agency said. Continue reading “US union organizing, and unions’ election win rate, is surging, NLRB says”

South Korea’s SK Innovation agrees merger with SK E&S as part of overhaul

South Korea’s SK Innovation agrees merger with SK E&S as part of overhaul

SEOUL, (Reuters) – SK Innovation, parent of South Korea’s largest oil refiner and battery maker SK On, said on Wednesday it will merge with energy affiliate SK E&S as the nation’s No. 2 conglomerate undertakes a major overhaul to boost profitability.

The move, which creates a 100 trillion won ($72.57 billion) asset company, will help shore up the finances of loss-making battery maker SK On by combining it with a profitable company that has a stronger balance sheet, analysts said. Continue reading “South Korea’s SK Innovation agrees merger with SK E&S as part of overhaul”

Japan’s Suzuki aims to cut vehicle weight of key model by 15% over a decade

Japan’s Suzuki aims to cut vehicle weight of key model by 15% over a decade

TOKYO, (Reuters) – Japan’s Suzuki Motor said on Wednesday it plans to cut the weight of its small Alto hatchback by 15% over the next decade, aiming to reduce the vehicle’s energy usage and employ those technology gains in other models.

The Alto currently weighs 680 kg and the company hopes to lower that by 100 kg. Continue reading “Japan’s Suzuki aims to cut vehicle weight of key model by 15% over a decade”

Germany’s Scholz to visit Serbia for EU raw materials agreement

Germany’s Scholz to visit Serbia for EU raw materials agreement

BERLIN, (Reuters) – German Chancellor Olaf Scholz will travel to Serbia and hold talks with President Aleksandar Vucic on Friday, a German government spokesperson said, naming critical raw materials as a key theme of the trip.

Scholz is set to attend a critical raw materials summit together with European Commission Vice President Maros Sefcovic, during which Serbia will sign a memorandum of understanding with the European Union on a strategic partnership over sustainable raw materials, battery supply chains and electric cars. Continue reading “Germany’s Scholz to visit Serbia for EU raw materials agreement”

Honda sets secondary share sale price at 3% discount in $3.16 billion deal
BMW recalling over 1,100 vehicles in US over airbag concern, NHTSA says

BMW recalling over 1,100 vehicles in US over airbag concern, NHTSA says

(Reuters) – BMW is recalling 1,145 vehicles in the United States over a potential issue that may cause the driver’s airbag to explode during deployment, the U.S. National Highway Traffic Safety Administration said on Wednesday.

The recall includes the 2015 6 Series Gran Coupe, 2014 5 Series Gran Turismo and 2014 5 Series sedans, among others which are equipped with airbag inflators manufactured by Japanese automotive parts maker Takata Corp. Continue reading “BMW recalling over 1,100 vehicles in US over airbag concern, NHTSA says”

Mercedes-Benz unit partners with Starbucks for fast-charging stations in US

Mercedes-Benz unit partners with Starbucks for fast-charging stations in US

(Reuters) – A Mercedes-Benz unit said on Wednesday it had partnered with Starbucks to deploy its fast-charging stations at more than 100 locations across the United States.

The first phase of the program will have 400 kW EV chargers at Starbucks stores along Interstate 5, a west coast travel corridor spanning from Canada to Mexico, according to Mercedes-Benz High-Power Charging. Continue reading “Mercedes-Benz unit partners with Starbucks for fast-charging stations in US”

US to issue proposed rules limiting Chinese vehicle software in August

US to issue proposed rules limiting Chinese vehicle software in August

(Reuters) – The U.S. Commerce Department plans to issue proposed rules on connected vehicles next month and expects to impose limits on some software made in China and other countries deemed adversaries, a senior official said Tuesday.

“We’re looking at a few components and some software – not the whole car – but it would be some of the key driver components of the vehicle that manage the software and manage the data around that car that would have to be made in an allied country,” said export controls chief Alan Estevez at a forum in Colorado. Continue reading “US to issue proposed rules limiting Chinese vehicle software in August”

India’s Ola Electric eyes lower valuation of $4.5 bln for IPO, sources say

India’s Ola Electric eyes lower valuation of $4.5 bln for IPO, sources say

NEW DELHI, (Reuters) – SoftBank-backed Indian e-scooter maker Ola Electric is likely to value the company at around $4.5 billion for its initial public offering (IPO), around 16%-20% lower than the valuation at its last funding round, two sources told Reuters.

The Indian markets regulator in June approved Ola’s $660 million stock market listing, the first IPO by an EV maker in India and set to be one of the country’s largest share sales this year. Continue reading “India’s Ola Electric eyes lower valuation of $4.5 bln for IPO, sources say”

Exclusive: In blow to Biden, Teamsters consider no endorsement in 2024 race

Exclusive: In blow to Biden, Teamsters consider no endorsement in 2024 race

WASHINGTON, (Reuters) – President Joe Biden is on the brink of failing to win a key labor endorsement as leaders of the 1.3 million-member Teamsters union consider backing no candidate at all in the U.S. presidential race, according to two people familiar with the matter.

The International Brotherhood of Teamsters decision has not been finalized and is expected to be made in the coming weeks. Continue reading “Exclusive: In blow to Biden, Teamsters consider no endorsement in 2024 race”

Finland abstained in Monday’s vote on EU tariffs on China EVs

Finland abstained in Monday’s vote on EU tariffs on China EVs

HELSINKI, (Reuters) – Finland abstained in Monday’s EU vote on provisional tariffs on electric vehicles (EVs) built in China, an official at the Finnish embassy to the EU said on Tuesday.

The European Commission had asked union member states for advisory votes on whether to continue the duties that currently are up to 37.6% on EVs imported from China, increasing tensions with Beijing in the EU’s largest trade case yet. Continue reading “Finland abstained in Monday’s vote on EU tariffs on China EVs”

EU may cut China EV import tariffs for Volkswagen and BMW, sources say

EU may cut China EV import tariffs for Volkswagen and BMW, sources say

BERLIN, (Reuters) – The European Commission has signalled to Volkswagen and BMW that it may consider lowering tariffs on the two carmakers’ imports of China-made EVs, two sources with knowledge of the matter said.

The European Commission was willing to classify the two carmakers as so-called cooperating companies, the sources said, making them eligible for a 20.8% tariff on their China-made models, down from a tariff of 37.6% under current plans. Continue reading “EU may cut China EV import tariffs for Volkswagen and BMW, sources say”

European autos, clean energy feel the pinch of Trump 2.0 bets

European autos, clean energy feel the pinch of Trump 2.0 bets

MILAN/LONDON, (Reuters) – A sell-off in the shares of some European carmakers and renewable energy firms entered a second day on Tuesday on growing concerns over potential U.S. policy risks after an assassination attempt boosted Donald Trump’s chances in the presidential race.

Trump’s choice of J.D. Vance as his running mate for the top job in Washington added to the worries, driving traders to sell shares perceived to be at risk. Continue reading “European autos, clean energy feel the pinch of Trump 2.0 bets”

‘Create separate fund for accident victims of non-insured vehicles’

‘Create separate fund for accident victims of non-insured vehicles’

Source : PTI | New Delhi: Supreme Court-appointed amicus curiae for motor accident compensation claims Justice J R Midha on Monday pitched for a separate fund to compensate accident victims involving non-insured vehicles. According to the International Road Federation (IRF), more than 50% of vehicles in India are not insured.

Midha also expressed concern at pathetic road conditions in the country as well as poor care of drivers who are made to drive for hours without rest or proper sleep at night

Continue reading “‘Create separate fund for accident victims of non-insured vehicles’”