Source : NEW DELHI, Sept 30 (Reuters) – India and the United States are likely to sign an initial pact for cooperation on critical minerals this week, two Indian government sources said, as the two countries try to bolster trade ties despite diplomatic hiccups.

They are expected to sign an agreement to partner and cooperate in the area of critical minerals during Indian trade minister Piyush Goyal’s visit to Washington, the sources said. Continue reading “India, US likely to sign pact on critical minerals, sources say”

Source : Sept 30 (Reuters) – Aston Martin (AML.L) warned of lower annual profit and cut its production forecast on Monday on supply chain challenges and dogged weakness in China, sending shares as much as 28% lower and raising questions around its future ambitions. Continue reading “Aston Martin drops 28% after profit warning on supply chain, China woes”

Source : PARIS, Sept 30 (Reuters) – Stellantis cut its 2024 profit forecast on Monday and warned it will burn through more cash than expected as Europe’s No.2 carmaker pledged to reduce output and offer big discounts to revive its U.S. business, wiping billions off its market value. Continue reading “Stellantis cuts 2024 profit outlook as US sales crisis deepens”

Source: MILAN, Sept 30 (Reuters) – European auto stocks tumbled almost 4% on Monday after a warning from Stellantis, Volkswagen and Aston rekindled concerns over the sector’s earnings outlook in a year marred by slowing demand and aggressive Chinese competition. Continue reading “European autos stocks wipe off $10 bln after Stellantis warning”

Source : DETROIT, Sept 30 (Reuters) – Ford (F.N), is trying to woo the electric vehicle-curious by offering free home chargers and installation to buyers of EVs through the end of the year, the company said on Monday.

As automakers try to energize sagging EV demand, they’ve focused on improving access to chargers, along with addressing concerns around price and battery range. Continue reading “Ford to offer free chargers to EV buyers through year-end”

Summary

• European carmakers struggle with weak US, China demand
• Potential tariff war adds to sector’s concerns
• Stellantis shars drop nearly 11%
• Aston Martin shares plunge 20% after profit warning
• Volkswagen cut 2024 profit outlook for second time in 3 months

Source : LONDON, Sept 30 (Reuters) – European carmaker Stellantis (STLAM.MI) joined on Monday bigger rival Volkswagen (VOWG_p.DE) and others in warning about the worsening outlook for auto demand and rising costs, wiping billions of euros off the sector’s market value. Continue reading “European carmakers warn on profits as sector grapples with weak demand, rising costs”

Source : PTI | NEW DELHI: The Supreme Court on Friday pulled up the commission for air quality management (CAQM) for Delhi NCR over the issue of stubble burning and said that the panel is not taking steps to curb pollution and manage air quality which has brought the region “on the verge of a serious problem”.

A bench of Justices Abhay S Oka and AG Masih said that the air quality panel did not form any committee for monitoring the air quality. Continue reading “‘On verge of serious problem’: SC pulls up Delhi air quality panel for not being ‘more active’”

Source : PTI | Tamil Nadu Chief Minister M K Stalin on Saturday laid the foundation stone for a new manufacturing facility of auto major Tata Motors here entailing investment of INR 9,000 crore. The ground breaking ceremony was held at Panapakkam in this district, about 115 km from Chennai. The facility is expected to generate 5,000 new jobs.

Besides the CM, senior DMK Ministers Durai Murugan, TRB Rajaa, Chief Secretary N Muruganandam, along with Tata Sons Ltd Chairman N Chandrasekaran participated in the ground breaking ceremony. Continue reading “Stalin lays foundation stone for Tata Motors’ INR 9,000 cr manufacturing plant in TN”

Source : PTI | The primary market will remain abuzz with more than half a dozen companies, including Hyundai Motor India, Swiggy, and NTPC Green Energy, lined up initial public offerings over the next two months to raise around INR 60,000 crore, merchant bankers said. Apart from these three firms, Afcons Infrastructure, Waaree Energies, Niva Bupa Health Insurance, One Mobikwik Systems, and Garuda Construction are among the companies planning to launch initial public offerings (IPOs) during October-November, they added.

Together, these firms are looking to raise INR 60,000 crore through their IPOs. Continue reading “IPO rush: Hyundai, Swiggy, NTPC Green Energy among cos looking to raise INR 60,000 cr in Oct-Nov”

Source : PTI | The Uttar Pradesh government is set to roll out a fleet of electric buses, including several double-decker ones, for enhanced commuting experience while reducing pollution. The double decker buses, which will be able to accommodate 65 passengers at a time, will start operating in capital city Lucknow during the upcoming Navratri festival.

In an interview with PTI, Daya Shankar Singh, the state’s transport minister, said, “We will launch double-decker buses in Lucknow during Navratri. We have already completed the process for tendering around 100 buses, including double-decker buses that can accommodate 65 passengers.After the initial fleet of 100 buses, we would launch as many more buses.” Continue reading “UP to cut pollution with fleet of electric buses”

MEXICO CITY, (Reuters) – Chinese automaker BYD is seeking an extension of tariff relief for electric vehicle imports from Mexico’s government, an executive told newspaper Reforma in an interview published on Friday, as the company aims to build a plant in the country.

A decree exempting some 15% to 20% of tariff payments on EVs imported from countries with which Mexico does not have a trade agreement is set to expire at the end of the month, as President Andres Manuel Lopez Obrador leaves office. Continue reading “Chinese automaker BYD seeks further easing of Mexico EV tariffs”

WASHINGTON, (Reuters) – The Commerce Department said Friday that U.S. auto sales could drop by up to 25,841 vehicles a year and prices rise if proposed rules go ahead that would ban Chinese vehicles that connect to the internet and key Chinese software and hardware.

U.S. automakers and others selling in the United States “may be less competitive in the global market because of the relatively higher prices of their vehicles,” the department said. It estimated between 1,680 and 25,841 fewer vehicles would be sold annually because of the rule. Continue reading “US auto sales could fall by 25,000 a year under rules barring Chinese vehicles”

(Reuters) – The United Auto Workers union asked the workers at Stellantis to authorize a strike, accusing the French-Italian car maker of breaking its contract promises, UAW President Shawn Fain said in a letter to the union’s U.S. chapters on Friday.

“We unanimously recommend to the membership that every UAW worker at Stellantis prepare for a fight, and we all get ready to vote YES to authorize a strike at Stellantis,” Fain wrote in the letter that the UAW shared in a post on Facebook. Continue reading “UAW urges Stellantis workers to authorize strike, accuses car maker of breaching contract”

Source : PTI | Diversified PSU Balmer Lawrie & Co has planned a capital expenditure of INR 700 crore with the aim to achieve a revenue of INR 6,000 crore by 2030, a company official said on Thursday. It plans to diversify into ethanol production, set up a free trade warehousing zone (FTWZ) in Mumbai and upgrade facilities, Chairman and Managing Director Adhip Nath Palchaudhuri told reporters.

“The board of the company has approved a capital expenditure of INR 700 crore,” he said.

The Kolkata-headquartered company also plans to enter third-party logistics for companies wanting to store their products, the CMD said. Continue reading “Balmer Lawrie plans INR 700-cr capital expenditure, to diversify into ethanol production”

Source : PTI | NEW DELHI: The Supreme Court on Friday pulled up the commission for air quality management (CAQM) for Delhi NCR over the issue of stubble burning and said that the panel is not taking steps to curb pollution and manage air quality which has brought the region “on the verge of a serious problem”.

A bench of Justices Abhay S Oka and AG Masih said that the air quality panel did not form any committee for monitoring the air quality.

Continue reading “‘On verge of serious problem’: SC pulls up Delhi air quality panel for not being ‘more active’”

(Reuters) – German machine and car parts maker Schaeffler is to implement job cuts as part of its merger with German EV components maker Vitesco the firm’s CEO Klaus Rosenfeld told German business weekly WirtschaftsWoche on Thursday.

“Of course there will also be personnel adjustments,” Rosenfeld said, adding the number of jobs affected was unclear but would not run into a five-digit figure. Continue reading “Schaeffler to implement job cuts after Vitesco merger, reports WirtschaftsWoche”

(Reuters) – Liquidators of the electric vehicle arm of debt-laden China Evergrande are still in talks with a potential buyer to take a stake in the company with a view to provide a new credit line to support production.

In its initial days, the electric vehicle maker aimed to take on Tesla and had a market valuation higher than Ford Motor but it has since been mired in the debt crisis engulfing its property developer parent. Continue reading “Evergrande EV unit’s liquidators still in talks with potential stake buyers”

(Reuters) – Some 45,000 union workers could walk off the job at seaports on the U.S. East and Gulf Coasts on Oct. 1, cutting off vital trade arteries just weeks ahead of the nation’s presidential election.

A JPMorgan analysis projected that a strike could cost the U.S. economy $5 billion daily.

The strike could hit 36 ports that handle about one-half of U.S. ocean imports. That could affect availability of a range of goods from bananas to clothing to cars shipped via container, while creating weeks-long backlogs at ports. It could also stoke shipping cost increases that may be passed on to voters already frustrated with housing and food inflation, according to logistics experts. Continue reading “What we know about US East Coast port labor dispute and products affected”

TOKYO, Sept 27 (Reuters) – Toyota Motor’s global production fell 11% in August, declining for a seventh straight month, dragged lower by a typhoon and a certification scandal in Japan and a pause in output for two sport utility vehicles in the United States.

Output for August slumped to 709,571 vehicles with production in its home market tumbling 22%. Continue reading “Toyota global output falls for 7th straight month in August”

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Source : PTI | Inflated natural rubber prices which are way above the trend in the past decade could impact the profitability of tyre manufacturers, according to Crisil Market Intelligence & Analytics. Tyre makers are headed for a rough patch as the price of natural rubber has surged more than 33 % on-year in just the first five months of this fiscal amid strong demand and crunched supply, which could strain profitability, CRISIL said in a statement.

The domestic prices of natural rubber closed in August at INR 238 per kg on average, way above the trend in the past decade, it added. Continue reading “Inflated natural rubber prices to impact profitability of tyre makers: CRISIL”

BEIJING, S(Reuters) – China has launched an anti-discriminatory investigation against restrictive measures taken by Canada including additional tariffs on Chinese electric vehicles, steel and aluminum products, its commerce ministry said on Thursday.

This type of investigation usually takes three months to complete but could be extended under special circumstances, the ministry said. Continue reading “China targets Canada’s tariffs with anti-discriminatory probe”

PARIS, (Reuters) – Japanese carmaker Nissan will buy back 5% of its own shares from its French partner Renault the companies said on Thursday.

Renault said the deal would result in a 494 million euros ($551 million) cash inflow for the company, which would mark a further step towards cutting its debts and returning to an investment grade credit rating. Continue reading “Nissan to buy back 5% of its own shares from partner Renault”

(Reuters) – General Motors will recall 18,235 commercial vehicles in the United States over an issue with brake lines, the National Highway Traffic Safety Administration said on Thursday.

“The brake line may have insufficient clearance to the body mounts, which can result in brake line damage that can lead to a brake fluid leak,” the auto safety regulator said. Continue reading “General Motors to recall over 18,000 vehicles on brake line concerns, NHTSA says”

Summary

• Stellantis CEO Carlos Tavares calls tariffs a ‘trap’ shielding legacy automakers
• Stellantis’ joint venture with Leapmotor gives access to Chinese EV technology
• U.S. and EU have differing strategies on Chinese EVs and technology

LONDON/DETROIT, (Reuters) – Stellantis wants to adopt the low-cost mindset of Chinese EV makers despite the European and U.S. tariffs CEO Carlos Tavares lambasts as anticompetitive, but the world’s No. 4 automaker must navigate trade barriers on both sides of the Atlantic if it wants to succeed.

Tavares calls tariffs a “trap,” arguing they will hurt legacy automakers by shielding them from the reality that Chinese rivals make electric vehicles for about a third less. Continue reading “Stellantis CEO follows Chinese route to avoid EV tariff ‘trap’”

Summary

• The Volkswagen Gurgaon City Store will feature the number one premium sedan – Virtus, popular SUVW – Taigun and the global best-seller – Tiguan
• With the inauguration of the new City Store, the Brand’s presence in Delhi NCR now stands at 17 sales and 8 service touchpoints for enhanced ease of accessibility
• With six trained executives at the new City Store, the expansion highlights the critical role of the Delhi NCR market as a major source of demand for premium mobility solutions

Mumbai: Volkswagen India has announced the expansion of its network in the Delhi NCR region with the inauguration of a new City Store in Gurgaon. This addition strengthens the Brand’s commitment to offering premium German-engineered vehicles and superior customer experiences to the growing customer base in the region. Continue reading “Volkswagen India expands presence in Delhi NCR, inaugurates new city store in Gurgaon”

 ‘Shifting Gears: HR Strategies for a Disruptive Automotive Landscape’

New Delhi, 26 September 2024: The Society of Indian Automobile Manufacturers (SIAM) organised the SIAM Automotive HR Conclave, themed “Shifting Gears: HR Strategies for a Disruptive Automotive Landscape.” The conclave discussed the key trends reshaping the HR landscape in the automotive sector and explored HR strategies that will drive industry growth, aligned with India’s vision for Viksit Bharat by 2047. The conclave had enthusiastic involvement from government officials, CHROs of Automotive Industry, HR Professionals, HR Consultants, HR tech solution providers, academia and other key stakeholders in Automotive HR sector.

During the conclave, two key reports were unveiled: the ‘SIAM Handbook for Service Advisers and Service Technicians,’ created in partnership with SIAM and the Automotive Skills Development Council (ASDC), and the ‘Automotive Talent in Top Gear – Industry Report on HR Trends in the Automotive Sector,’ developed in collaboration with SIAM and Deloitte India. Continue reading “Preparing Future-Ready Talents in Auto Sector”

NEW YORK, (Reuters) – Shares of Ford Motor and General Motors fell about 5% on Wednesday after Morgan Stanley analysts downgraded the U.S. automakers, citing a challenging market environment marked by falling prices and growing competitive threats, particularly from China.

Legacy U.S. automakers are faced with high inventories, falling prices, and signs of weakening consumer demand even as car manufacturers from Japan and South Korea, as well as electric vehicle makers, increasingly gain market share, Morgan Stanley analysts led by Adam Jonas said in an investor note. Continue reading “Ford, GM shares fall after Morgan Stanley analyst downgrade”

Summary

• Auto-parts makers struggle amid pick-up truck slump
• Thailand is a regional automaking hub, with 60% output exported
• Thai household debt is nearly half-trillion dollars
• Parts-makers say Chinese EV boom offers no salvation

BANGKOK, (Reuters) – Thailand’s $53 billion automobile industry is facing a grim future as highly indebted domestic consumers struggle to finance purchases and overseas buyers of its mainstay traditional vehicles increasingly switch to electric alternatives. Continue reading “Thai auto sector reels from falling orders and soaring household debt”

BEIJING, (Reuters) – China urged the United States on Wednesday to stop “unreasonable suppression” of its companies, in response to U.S. proposals to ban Chinese software and hardware in vehicles on its roads due to national security concerns.

“The U.S. move has no factual basis, violates the principles of market economy and fair competition, and is a typical protectionist approach,” said a spokesperson for the commerce ministry. Continue reading “China urges US to stop ‘unreasonable suppression’ of its firms in latest auto row”

Summary

• Volkswagen and labour unions hold talks over pay
• Company has raised possibility of German plant closures
• Unions have vowed to fight any such moves

FRANKFURT, (Reuters) – When labour unions step into the ring with Volkswagen executives on Wednesday to fight over job security and plant closures, it will mark the toughest test yet for the most powerful figure at the automaker behind its CEO: Daniela Cavallo. Continue reading “Daniela Cavallo, Volkswagen’s powerful labour chief at the centre of jobs battle”

WASHINGTON, (Reuters) – US Vice President Kamala Harris said she would offer tax credits to companies that increase “good union jobs” like the ones that the steel industry brought to Pennsylvania.

Harris also said she would prioritize investments in strengthening factories and retooling existing ones, in a speech at the Pittsburgh Economic Club that focused on the middle class. Continue reading “Harris says she will offer tax credits for new union jobs”

Summary

• Company has said plant closures may be needed in Germany
• Unions have vowed to fight any such moves
• German industry struggling with high costs, competition
• Union threatens strikes from December

HANOVER, Germany, (Reuters) – Volkswagen flatly rejected union demands after the first round of bitterly contested talks ended without agreement on Wednesday, as workers at Europe’s largest automaker threatened strikes against layoffs and possible plant closures. Continue reading “Volkswagen digs in as workers threaten strikes over plant closures”

Source : PTI | Hyundai Motor India Ltd, the most successful foreign automaker in the country where a few others have failed, has reportedly got nod from the Securities and Exchange Board of India for its initial public offering (IPO), the largest ever in India.

Hyundai, India’s second-biggest car maker behind Maruti Suzuki, plans to raise at least USD 3 billion (around Rs 25,000 crore) through the IPO, valuing the company at around USD 18 billion, or around Rs 1.5 lakh crore. Continue reading “Hyundai’s mother of all IPOs: Where the carmaker stands, where it’s headed”

New Delhi, 25 September 2024: The Society of Indian Automobile Manufacturers (SIAM) organised the SIAM Automotive HR Conclave today, themed “Shifting Gears: HR Strategies for a Disruptive Automotive Landscape.” The conclave discussed the key trends reshaping the HR landscape in the automotive sector and explored HR strategies that will drive industry growth, aligned with India’s vision for Viksit Bharat by 2047. The conclave had enthusiastic involvement from government officials, CHROs of Automotive Industry, HR Professionals, HR Consultants, HR tech solution providers, academia and other key stakeholders in Automotive HR sector.

During the conclave, two key reports were unveiled: the ‘SIAM Handbook for Service Advisers and Service Technicians,’ created in partnership with SIAM and the Automotive Skills Development Council (ASDC), and the ‘Automotive Talent in Top Gear – Industry Report on HR Trends in the Automotive Sector,’ developed in collaboration with SIAM and Deloitte India. Continue reading “Preparing Future-Ready Talents in Auto Sector”

MILAN, (Reuters) – Italian unions have called a one day strike on Oct. 18 for metal workers at Stellantis and its local suppliers to protest against the automaker’s falling production in the country, the head of the UILM union said on Tuesday.

Most Stellantis plants in Italy saw a steep output decline in the first half of the year, according to data from the FIM-CISL union, with an overall 25% decline. Continue reading “Italian unions call strike at Stellantis on Oct. 18 over falling production”

TOKYO, (Reuters) – Toyota Motor on Tuesday increased its share buyback plan through April 30 to up to 1.2 trillion yen ($8.31 billion) from 1 trillion yen in view of the latest share price.

Toyota had decided on May 8 to buy back up to 410 million shares, or 3.04% worth of its outstanding shares excluding treasury shares. Continue reading “Toyota expands share buyback plan to reflect share drop”

MILAN, (Reuters) – China’s Leapmotor is set to start taking orders in Europe for a city car and an SUV, the automaker and its partner Stellantis said on Tuesday, as they expand their budget electric vehicle (EV) offering in the region.

Stellantis holds a 51% stake in their Leapmotor International joint venture and has exclusive rights to build, export and sell Leapmotor products outside China in the first such arrangement for a legacy Western automaker. Continue reading “China’s Leapmotor and Stellantis open orders in Europe for budget EVs”

Summary

• Ban includes hardware and software, even for cars built outside China
• Canada considering similar ban, finance minister says
• Analysts warn of potential China trade-policy retaliation
• Biden administration cites national-security and economic threats

WASHINGTON/DETROIT, Sept 24 (Reuters) – The Biden administration’s proposed ban on Chinese connected-car technology could prove its strongest weapon yet to fend off an onslaught of cheap Chinese electric vehicles that has upended the global auto industry. Continue reading “Biden’s car-tech ban is a powerful new weapon against Chinese EVs”

(Reuters) – Stellantis on Monday denied failing to honor its commitments with the United Auto Workers under an agreement reached in 2023, even as the union prepares for an unprecedented strike a year after a national walkout.

UAW President Shawn Fain said last week several of its union local chapters were laying the groundwork for strikes after accusing Stellantis of breaking its contract promises. Continue reading “Stellantis denies failing to honor commitments with UAW”