(Reuters) – Advance Auto Parts said on Thursday private equity firm Carlyle Group would buy its Worldpac unit for $1.5 billion in cash, sending its shares about 11% higher in premarket trade.
Worldpac, a wholesale parts distribution business, generated about $2.1 billion in revenue for the year ended June 30. Continue reading “Carlyle Group to buy Advance Auto Parts’ Worldpac unit for $1.5 bln”
COPENHAGEN, (Reuters) – Sweden’s AB Volvo said on Thursday it had received an order for 300 electric trucks from Danish logistics firm DSV.
The order, one of the largest electric ones for Volvo Trucks to date, represents about 8% of the total 3,800 electric trucks that the Volvo unit has delivered since 2019, it said in statement. Continue reading “Volvo wins order for 300 electric trucks from DSV”
Volkswagen Passenger Cars India has marked a grand start to the beginning of the new year in Kerala. Celebrating the auspicious first day of Malayalam New Year – Chingam, the brand delivered 101 cars to its customers in a single day, showcasing the trust and excitement surrounding the Volkswagen brand in the region. This mega delivery event underscores Volkswagen brand’s commitment to providing exceptional customer experiences and highlights its strong presence in the Kerala market. Continue reading “Volkswagen Passenger Cars India Delivered 101 Cars on the Auspicious First Day of Malayalam New Year-Chingam in Kerala”
Summary
DETROIT, (Reuters) – Stellantis CEO Carlos Tavares has started a three-day visit in Detroit, where he will seek to develop a strategy to fix the European automaker’s struggling North American operations and reassure employees and investors, two people familiar with the plans said. Continue reading “Stellantis CEO visits US to create plan to reverse lagging profit, sources say”
(Reuters) – The U.S. National Transportation Safety Board has opened an investigation into a crash and fire involving a Tesla electric semi-truck on a California highway, the agency said late Wednesday.
The NTSB will carry out the safety investigation along with the California Highway Patrol authority, it said, in a post on social media platform X. Continue reading “US transport safety board opens investigation into Tesla crash in California”
MEXICO CITY, (Reuters) – Chinese electric vehicle maker BYD has narrowed its list of finalists for the location of a manufacturing plant in Mexico down to three states and is reviewing a range of proposed incentives from them, the firm’s country head said on Wednesday.
Jorge Vallejo, BYD’s Mexico director general, told Reuters the company was reviewing the latest proposals by the candidate states, which have offered “many benefits” including fiscal, land, management and preferential pricing incentives. Continue reading “Chinese EV maker BYD eyes state incentives for Mexico plant”
DETROIT, (Reuters) – Ford Motor on Wednesday said it was killing a planned three-row electric SUV and pushing back a new electric version of its best-selling pickup, the F-150, the latest delay by the U.S. automaker as it focuses on cutting costs to stimulate demand.
Ford, General Motors and other carmakers have delayed or cancelled new electric models to avoid spending heavily on vehicles that consumers are not buying as quickly as anticipated. Continue reading “Ford slows EV plans, delaying pickup and axing three-row SUV, to cut costs”
Source : PTI | India might avoid building new coal plants and could limit its coal capacity to planned levels by 2032 if the cost of battery-storage systems drops by 15 % annually, according to a new report. Nearly 75 % of India’s electricity is generated using coal. However, to meet its goal of reaching net-zero emissions by 2070, the country needs to reduce its dependence on coal and increase the use of renewable-energy sources like solar and wind power.
The challenge is that solar and wind power plants only generate electricity when the sun is shining or the wind is blowing. Therefore, energy-storage systems are needed to store this energy and use it during periods of low generation. Continue reading “Battery-storage costs must drop by 15 % year for India to avoid adding new coal capacity: Report”
Source : PTI | New Delhi: Two-wheeler major Hero MotoCorp is gearing up to expand its scooter range and consolidate its position in the 125 cc bike segment as it looks to grow faster than the competition, according to CEO Niranjan Gupta. The company plans to roll out both petrol and electric scooter trims and also bolster the production capacity of 125 cc bike Xtreme 125R to cater to enhanced demand.
“There will be action on the scooters front and action will be big on both ICE and EV side. The Destini full-body change will be unveiled very soon and then it will be followed by Xoom models – 125cc and 160cc – within this fiscal,” Gupta said in an analyst call. Continue reading “Hero MotoCorp to drive in new scooter trims; bolster production capacity of Xtreme 125R”
HONG KONG, (Reuters) – The China Association of Automobile Manufacturers (CAAM) said it firmly opposes a revised draft from the European Union on punitive tariffs for Chinese made electric vehicles, Chinese state broadcaster CCTV reported on Wednesday.
The decision on the tariffs brings “enormous risks and uncertainty” for China’s operations and investment in the EU, the association said, according to the CCTV report. Continue reading “China auto body says EU draft on tariffs for Chinese EVs brings ‘enormous risks’”
BEIJING, (Reuters) – China’s SAIC Motor said on Wednesday it will take further legal measures to protect its rights and interests following the European Commission’s draft findings from its anti-subsidy investigations into Chinese electric vehicles.
SAIC’s 2024 overall sales encountered some short-term fluctuations due to pressure from Europe and the United States, the company said in a statement. Continue reading “China’s SAIC vows to take further measures after EU draft findings on subsidies”
BEIJING, (Reuters) – The European Union’s draft findings from an anti-subsidy investigation into Chinese electric vehicles (EV) lack objectivity and fairness, a Chinese industry body said on Wednesday.
The China Chamber of Commerce for Import and Export of Machinery and Electronic Products (CCCME) said it urges the European Commision to proceed from the overall interests of China-EU cooperation, and work with China to reach a balanced solution. Continue reading “Chinese body says EU draft on EV tariffs lacks objectivity, fairness”
BEIJING, (Reuters) – China’s Xiaomi Corp on Wednesday reported higher-than-expected revenue for the second quarter, revealing for the first time its auto business unit’s contribution of 6.2 billion yuan ($869.2 million).
For the three months ending in June, Xiaomi’s revenue rose 32% to 88.9 billion yuan, beating the 85.8 billion yuan estimated by analysts, according to LSEG. Continue reading “Xiaomi Q2 revenue beats estimate, reveals auto unit sales”
(Reuters) – Tesla has issued a recall for about 9,100 Model X sports utility vehicles in the U.S. over a trim on the roof that could separate, it said on Wednesday, its second over the same issue since 2020.
Front and center roof cosmetic trim pieces may be adhered without primer, and could separate from the vehicle creating a road hazard and increasing the risk of a crash, the National Highway Traffic Safety Administration said. Continue reading “Tesla issuing new recall for 9,100 Model X SUVs over trim issue”
Summary
DETROIT, (Reuters) – Stellantis CEO Carlos Tavares has started a three-day visit in Detroit, where he will seek to develop a strategy to fix the European automaker’s struggling North American operations and reassure employees and investors, two people familiar with the plans said. Continue reading “Stellantis CEO visits US to create plan to reverse lagging profit, sources say”
DETROIT, (Reuters) – Ford Motor on Wednesday said it was killing a planned three-row electric SUV and pushing back a new electric version of its best-selling pickup, the F-150, the latest delay by the U.S. automaker as it focuses on cutting costs to stimulate demand.
Ford, General Motors and other carmakers have delayed or cancelled new electric models to avoid spending heavily on vehicles that consumers are not buying as quickly as anticipated. Continue reading “Ford slows EV plans, delaying pickup and axing three-row SUV, to cut costs”
SAN FRANCISCO, (Reuters) – Alphabet’s Waymo said on Tuesday it had doubled its paid rides to 100,000 per week in just over three months as the autonomous ride-hailing firm expanded its areas of service and allowed more people to ride its robotaxis.
Waymo’s expansion comes just a month after Alphabet said it was planning a multi-year $5 billion investment in the company even as autonomous vehicle technology continues to face widespread skepticism, tight regulatory scrutiny and federal investigations. Continue reading “Alphabet’s Waymo robotaxi unit doubles its paid rides in three months”
BRUSSELS, (Reuters) – The European Commission published on Tuesday the draft findings of its high-profile investigation into alleged subsidies for imports of Chinese-made electric vehicles, which included some revisions to proposed punitive tariffs.
The Commission published what it said was its draft definitive tariff decision. This could become the EU’s final measure on Chinese-made EVs once its investigation is concluded in about two months. Continue reading “What happens next in the EU investigation into China-made EVs?”
(Reuters) – Uber Technologies has hired former Tesla executive Rebecca Tinucci to oversee the ride-hailing platform’s shift to electric vehicles, according to an internal memo seen by Reuters on Tuesday.
Uber has a plan to completely electrify its vehicle fleet by 2040 and vowed to invest $800 million through 2025 to help reach its goal. Continue reading “Uber hires ex-Tesla exec Rebecca Tinucci to oversee EV transition, memo says”
Summary
BRUSSELS, (Reuters) – The European Union has slashed its planned extra tariff on Tesla electric vehicles imported from China by more than half, the bloc’s executive said on Tuesday, following further investigations requested by the company. Continue reading “Tesla to get lower EU tariff on its Chinese-made EVs”
Summary
(Reuters) – Stellantis said on Tuesday its planned investments at Belvidere, Illinois, will be delayed but insisted it is committed to moving forward and is not in violation of its union contract. Continue reading “Stellantis delays investment plans for Illinois”
SAN FRANCISCO, (Reuters) – Rivian’s head of manufacturing is leaving the electric vehicle startup to join Stellantis at a time when the maker of Jeep SUVs and Ram pickups is preparing to launch a number of battery powered cars.
Tim Fallon will join Stellantis as its head of manufacturing in North America effective Sept 2, Stellantis said in a statement. Continue reading “EV startup Rivian’s production chief joins Stellantis”
Source : PTI |Leading vehicle manufacturer Ashok Leyland is aiming at single-digit growth in the medium and heavy commercial vehicle (MHCV) business in the current financial year, a senior company official said. President (MHCV), Ashok Leyland, Sanjeev Kumar said that the company has a market share of around 30% in this segment and is the number two player in this category.
“We are aiming at a single-digit growth in the MHCV category in the current financial year. With the economy picking up, we are expecting a robust commercial vehicle (CV) market”, he said. Continue reading “Ashok Leyland aims at single digit growth in MHCV segment”
AUSTIN, Texas, (Reuters) – Toyota may be one of the slowest legacy automakers to develop electric vehicles but it could be the first to jettison cars powered only by gasoline.
Almost three decades after launching the Prius, its pioneering gasoline-electric hybrid, Toyota is moving to convert most, and eventually maybe all, of its Toyota and Lexus line-up to hybrid-only models, two Toyota executives told Reuters. Continue reading “Toyota bets big on hybrid-only models as EV demand slows”
OTTAWA, (Reuters) – For the first time, Canada’s two main railway companies – Canadian National Railway and Canadian Pacific Kansas City – are on the verge of a simultaneous labor stoppage that could inflict billions of dollars’ worth of economic damage.
Contract talks between the Teamsters union and the companies usually take place a year apart, but in 2022, after the federal government introduced new rules on fatigue, CN requested a year-long extension to its existing deal rather than negotiate a new one. Continue reading “Explainer: Why Canada is on the verge of an unprecedented rail labor stoppage”
TOKYO, (Reuters) – Japan’s national and Tokyo governments are seeking a 700 billion yen ($4.7 billion) valuation for Tokyo Metro as they prepare to list the subway operator as early as October-end, three sources said, in what would be the nation’s biggest IPO in roughly six years.
The two governments, which own 100% of Tokyo Metro, plan to arrange a meeting of brokerages within a week for a briefing on the IPO and expect to receive approval for the listing from the Tokyo Stock Exchange as soon as mid-September, the sources said. Continue reading “Railway cars crowd the CN Rail freight depot in Hamilton, Ontario, Canada”
OTTAWA, (Reuters) – Canada’s labor minister will meet with the country’s two main railway companies and the Teamsters union in Montreal on Tuesday and Calgary on Wednesday to try to avert a crippling rail transport stoppage.
Unless labour agreements are reached, both Canadian National Railway and Canadian Pacific Kansas City will shut all freight rail services in Canada at the same time early on Thursday for the first time in history. Continue reading “Canada tells rail companies, union to work harder to avert crippling stoppage”
Summary
YORK, Pennsylvania, (Reuters) – Republican presidential candidate Donald Trump said on Monday that if elected he would consider ending a $7,500 tax credit for electric-vehicle purchases and that he would be open to naming Tesla CEO Elon Musk to a cabinet or advisory role. Continue reading “Trump says he may end EV tax credit; is open to naming Elon Musk as an adviser”
(Reuters) – The United Auto Workers union said on Monday some local units representing workers at Stellantis are preparing to file grievances and could launch a nationwide strike, accusing the automaker of not honoring production commitments.
The UAW said the locals represent tens of thousands of workers and the dispute is over agreements the union said Stellantis made in 2023 as part of a new labor agreement. Continue reading “UAW workers at Stellantis could strike over Illinois plant reopening”
NAIROBI, (Reuters) – In eight years of working as a taxi driver in Kenya’s capital, Judith Chepkwony has never seen business this bad.
A bruising price war between ride-hailing companies Uber Technologies, Estonia’s Bolt and local start-ups Little and Faras has driven fares down to a level that many drivers say is unsustainable, forcing them to set their own higher rates. Continue reading “Hard-pressed Kenyan drivers defy Uber’s algorithm, set their own fares”
Source : PTI | The government’s aim to blend 20% ethanol in petrol by Ethanol Supply Year (ESY) 2025 will require more sugarcane utilisation, a report said on Monday. This is also likely to improve sugar inventory level and cash flows of millers, it added.
An ESY runs from November to October.
India’s aim to blend 20% ethanol in petrol by ESY 2025 — or 990 crore litres annually — will require effective utilisation of both grain and sugarcane feedstock to increase its supply, Crisil Ratings said in a report. Continue reading “Govt’s 20% ethanol blending goal in ESY 2025 will need more sugarcane: Report”
Source : PTI | New Delhi: TVS Motor Company plans to expand the sales of its electric vehicles to both developing and developed markets, betting big on India’s potential to emerge as a major export hub for electric two-wheelers, according to Director and CEO KN Radhakrishnan. The company will leverage on its plant in Indonesia to cater to other neighbouring markets in the ASEAN region, where it has started selling its electric scooter TVS iQube last year, he told analysts.
In the first quarter of this fiscal TVS Motor Co sold a total of 52,000 units of electric two-wheelers, as against 39,000 units in the same period last year. Continue reading “TVS Motor Co to expand electric 2W sales in both developing, developed markets: CEO KN Radhakrishnan”
Source : PTI | TVS Motor Company expects to grow faster than the competition across domestic and international markets this fiscal riding on the back of new product launches and strengthening of operations across key regions, according to CEO KN Radhakrishnan. He noted that in the domestic market, the company expects growth momentum to continue with normal monsoons likely to add strength to the rural markets.
In international markets, Radhakrishnan exuded hope to perform better in key markets like Africa this year while expanding operations in other regions like the Middle East and Latin America. Continue reading “Confident of outperforming industry in both domestic, global markets: TVS Motor”
Source : PTI | Taiwanese electronics manufacturing giant Foxconn is working on plans to set up a Battery Energy Storage System unit in India, its chairman Young Liu said here. With an eye on the electric vehicle segment, Foxconn has been expanding its battery manufacturing business, with the first plant already set up in Taiwan.
Liu told PTI that Foxconn’s information and communication technology segment has just started in India.
“We are also waiting to put our 3+3 future industry in India. I have been talking to the minister for industries here about how can we collaborate on BESS (Battery Energy Storage System) in Tamil Nadu…,” Liu said. Continue reading “Foxconn working on plans to set up battery energy storage system unit in India”
Source : PTI | New Delhi: State-owned Bharat Petroleum Corporation plans to invest Rs 1.7 lakh crore over the next five years to grow its core oil refining and fuel marketing business as well as in ‘future big bets’ of petrochemicals and green energy, its chairman G Krishnakumar has said. Bharat Petroleum Corporation Ltd (BPCL), currently, owns about 14 per cent of India’s oil refining capacity and about a quarter of the fuel retailing network. It plans to grow these businesses while foraying into newer areas.
The firm is now implementing the first phase of a multi-decade aspirational journey in the form of ‘Project Aspire’ – its five-year strategic framework that is based on two fundamental pillars – ‘Nurturing the Core’ and ‘Investing in Future Big Bets’, he said in the company’s latest annual report. Continue reading “BPCL plans Rs 1.7 lakh cr spend to expand core biz, new energy foray”
OTTAWA, (Reuters) – Canadian Pacific Kansas City said on Saturday it would halt any new rail shipments originating in Canada, and all new U.S. shipments destined for Canada starting on Tuesday if talks with its Canadian labour union fail to progress.
North American industry groups and shippers are bracing for an unprecedented simultaneous stoppage at both of Canada’s main railway companies that could disrupt the movement of commodities such as coal, potash, crude oil and grains, and manufactured goods ranging from cars to chemicals. Continue reading “Canada’s CPKC expands freight embargoes ahead of looming work stoppage”
FRANKFURT, (Reuters) – German battery maker Varta said on Saturday it had reached a restructuring agreement with its creditors, bringing on sports car manufacturer Porsche to save the ailing business.
The agreement, struck after days of intense negotiations, will reduce Varta’s debt from 485 million euros ($534.86 million) to 200 million euros initially, the company said. Continue reading “Porsche agrees to provide capital in Varta restructuring deal”
KARACHI, (Reuters) – Chinese electric vehicle giant BYD on Saturday announced plans to open a car production plant in Pakistan, where it will also start selling three models through a partnership with Mega Motors.
BYD is the first major new electric vehicle (NEV) entrant in the Pakistani market, where there is a lack of charging infrastructure. Continue reading “China’s BYD plans car plant in Karachi as part of Pakistan entry”
Shriram Automall India Limited (SAMIL), India’s Largest Phygital Pre-owned Marketplace for Vehicles and Equipment had set grand spectacle of promises to revolutionize the pre-owned Marketplace with SAMIL Freedom Auction 2024 on 13th August, 2024.
The event provided freedom to buyers to bid on their preferred choice of pre-owned vehicles and equipment on the occasion of 78th Independence Day. The Freedom Auction offered a diverse range of pre-owned vehicles & equipment including commercial vehicle (CV), passenger vehicles (PV), Construction Equipment (CE), farm equipment (FE), three-wheeler (3W) and two-wheeler (2W) catering to a wide array of customer needs. Continue reading “SAMIL Hits a Century: 100 Crore + Milestone Achieved on Freedom Auction 2024”
Source : PTI | Commercial vehicle maker Ashok Leyland has been seeing a high number of enquiries from fleet operators amid the segment going through a consolidation phase, the company has said. The company is also expecting the medium and heavy commercial vehicle (MHCV) segment to grow in a single-digit this fiscal as against earlier estimates of flat growth, Sanjeev Kumar, President for MHCV, Ashok Leyland said on Friday here.
Ashok Leyland is hosting a two-day ‘Mini Expo’ in Navi Mumbai, showcasing its diverse line-up of vehicles, including trucks and buses, in its MHCV portfolio as well as products. Continue reading “Ashok Leyland sees high enquiry from fleet operators amid consolidation”
