Summary
MILAN, (Reuters) – Stellantis reported on Thursday a 27% fall in third quarter revenue, slightly better than expected as the automaker pushed ahead with fixing bloated inventories and poor commercial performance that led to a major profit warning last month. Continue reading “Stellantis revenues sink as automaker cuts bloated inventories”
SHANGHAI, (Reuters) – China has told its automakers to halt big investment in European countries that support extra tariffs on Chinese-built electric vehicles, two people briefed about the matter said, a move likely to further divide Europe.
The new European Union tariffs of up to 45.3% came into effect on Wednesday after a year-long investigation that divided the bloc and prompted retaliation from Beijing. Continue reading “Exclusive: China tells carmakers to pause investment in EU countries backing EV tariffs, sources say”
Summary
BEIJING, (Reuters) – (This Oct. 30 story has been refiled to clarify BYD’s revenue win in paragraph 3)
Chinese electric vehicle maker BYD posted an 11.5% rise in third-quarter net profit on Wednesday as it maintained strong sales momentum helped by government trade-in incentives. Continue reading “Chinese EV maker BYD’s net profit up 11.5%”
Summary
WOLFSBURG, Germany, (Reuters) – Volkswagen asked its workers to take a 10% pay cut on Wednesday, arguing it was the only way that Europe’s biggest carmaker could save jobs and remain competitive as profits plunged to a three-year low and union bosses threatened strikes. Continue reading “VW demands 10% wage cuts to save jobs as profits plunge”
Source : PTI | India’s biggest e-scooter maker Ola Electric has ramped up capacity at its service centres across the country by over 30% to transform its service and elevate the after-sales experience of customers, sources said. The Softbank Group-backed firm, which commands nearly a third of the market share in India’s e-scooter market, has added more than 50 service centres and has hired over 500 service technicians across new and existing service centres to streamline operations and clear all backlogs.
The company reportedly has also onboarded Ernst & Young for service transformation, strategy, and optimisation of overall service processes. Continue reading “Ola Electric boosts service capacity by 30%; adds over 50 centres, 500 technicians”
BEIJING, (Reuters) – China’s Geely Automobile Holdings took the wraps off its latest hybrid technology on Wednesday, boasting some better fuel economy and driving range figures than rival technology from local plug-in hybrid champion BYD.
The Leishen EM-i technology can consume just 2.62 litres of fuel per 100 kilometres (62.1 miles) and offer a combined range – using both gasoline and battery – of 2,390.5 km, Geely said, citing media test results. Continue reading “Chinese automaker Geely steps up challenge to BYD with new hybrid tech”
(Reuters) – Japanese automaker Suzuki Motor’s Indian unit will supply its first-ever electric vehicle to Toyota Motor the two companies said in a statement on Wednesday, in a move that marks their first collaboration on green vehicles.
Maruti Suzuki which is majority-owned by Suzuki Motor, will begin production of the EV from spring 2025 in its plant in the western Indian state of Gujarat. Continue reading “Toyota to get Suzuki’s first-ever EV as partnership expands”
DETROIT,(Reuters) – Ford Motor stock has tumbled about 8% so far this week after the company faltered on CEO Jim Farley’s mission to improve efficiency in its traditional gasoline-engine operations, whose profits the company needs to fund its expensive electric vehicle plans.
Quality and warranty problems, supplier issues and waste in the automaker’s 121-year legacy business have obscured its progress, Farley told analysts during a call to discuss quarterly earnings Monday. The automaker said annual results would be in the lowest range of its previous outlook. Continue reading “Ford investors impatient for the automaker to boost efficiency efforts”
SHANGHAI, (Reuters) – China has told its automakers to halt big investment in European countries that support extra tariffs on Chinese-built electric vehicles, two people briefed about the matter said, a move likely to further divide Europe.
The new European Union tariffs of up to 45.3% came into effect on Wednesday after a year-long investigation that divided the bloc and prompted retaliation from Beijing. Continue reading “Exclusive: China tells carmakers to pause investment in EU countries backing EV tariffs, sources say”
Summary
BRUSSELS, (Reuters) – The European Union has decided to increase tariffs on Chinese-built electric vehicles to as much as 45.3% at the end of its highest profile trade investigation that has divided Europe and prompted retaliation from Beijing. Continue reading “EU slaps tariffs on Chinese EVs, risking Beijing backlash”
Summary
BEIJING, (Reuters) – Chinese electric vehicle maker BYD posted an 11.5% rise in third-quarter net profit on Wednesday as it maintained strong sales momentum helped by government trade-in incentives. Continue reading “Chinese EV maker BYD’s net profit up 11.5%, revenue beats Tesla for first time”
Source : PTI | Shortage of Cold-Rolled Grain-Oriented (CRGO) steel used for making transformers and electric motors could impact India’s ambitious power sector expansion plans, think tank GTRI said on Monday. The Global Trade Research Initiative (GTRI) said that India’s power sector is facing a 30 % shortage of CRGO steel, essential for electric motors and transformers.
With domestic production meeting only about 10-12 % of demand, India relies heavily on imports, it added. Continue reading “Transformer steel shortage could impact India’s energy ambitions: GTRI”
Source : PTI | New Delhi: Led by robust demand in the festive period, Maruti Suzuki India and Tata Motors are looking to have record retail sales in October. The companies are also eyeing bumper deliveries to customers on Dhanteras.
The country’s largest carmaker, Maruti Suzuki, said it has delivered about 30,000 units to customers on Tuesday. Continue reading “Maruti Suzuki, Tata Motors eye record festive sales”
Source : PTI | New Delhi: State-owned fuel retailers on Tuesday hiked commission paid to dealers on sale of petrol by 65 paise a litre and that on diesel by 44 paise per litre without any change in retail selling price. They also rationalised intra-state freight that will result in a cut in petrol and diesel prices in several places in states such as Odisha, Chhattisgarh, and Himachal Pradesh.
This is the first revision in commission paid to dealers in nearly eight years. Continue reading “Oil cos hike dealer commission; no change in petrol, diesel price”
MILAN, (Reuters) – Europe’s car safety agency has issued a “not recommended” rating to the driver assistance system used in BYD’s Atto 3 EV, dealing a blow to the Chinese automaker as it strives to expand on the continent.
The model scored zero on driver monitoring features and performed poorly in preventing undertaking at speeds over 90 kilometres per hour (56 miles per hour), among other shortcomings, according to the Oct. 23 report from the European New Car Assessment Programme (Euro NCAP). Continue reading “European car safety agency snubs BYD’s Atto 3 driver assistance system”
Summary
BERLIN, (Reuters) – Thousands of German workers launched nationwide strikes to press for higher wages on Tuesday, compounding problems for companies worried about staying globally competitive as high costs, weak exports and foreign rivals chip away at their strengths. Continue reading “Workers launch strikes as Germany frets over industrial future”
Summary
BRUSSELS, (Reuters) – The European Union has decided to increase tariffs on Chinese-built electric vehicles to as much as 45.3% at the end of its highest profile trade investigation that has divided Europe and prompted retaliation from Beijing. Continue reading “EU slaps tariffs on Chinese EVs, risking Beijing backlash”
LOS ANGELES, (Reuters) – U.S. nonprofit Climate United on Tuesday announced a plan to spend up to $250 million to buy as many as 500 electric semi trucks over three years in what it called the biggest single order of those zero-emissions trucks in the country so far.
Climate United then aims to lease those vehicles at attractive rates to truckers that haul containers to and from California seaports, where roughly 33,000 so-called drayage trucks must have zero tailpipe emissions by 2035. Continue reading “US nonprofit to spend $250 mln on electric trucks to lease at California ports”
TOKYO, (Reuters) – Apple supplier TDK has partnered with McLaren Racing in Formula E electric motor racing as the Japanese components manufacturer targets expansion in the electric vehicle sector.
TDK, once well known to consumers for its cassette tapes, is the world’s largest supplier of smartphone batteries. It is growing its passive components and sensors businesses and aims to build its presence in the EV supply chain. Continue reading “Apple supplier TDK partners with McLaren Racing in EV push”
BEIJING, (Reuters) – A prototype Chinese electric vehicle has set a record lap time at Germany’s grueling Nurburgring track, its maker Xiaomi said on Tuesday just hours before a company event expected to reveal the production model of the car.
Xiaomi Chief Executive Lei Jun said on Chinese social media platform Weibo the SU7 Ultra prototype completed the circuit in 6 minutes and 46.874 seconds, claiming the title of fastest four-door car on the challenging track. Continue reading “Xiaomi chief touts Nurburgring record ahead of EV launch”
(Reuters) – Ford Motor shares fell 6.6% premarket on Tuesday after the automaker tempered its full-year profit forecast, blaming supplier disruptions and warranty costs amid a global price war fueled by overcapacity.
It expects 2024 adjusted earnings before interest and taxes (EBIT) of about $10 billion, compared with its earlier projection of $10 billion to $12 billion. Continue reading “Ford shares fall as supply snags and costs hurt profit forecast”
BERLIN, (Reuters) – Volkswagen sees discounts on electric vehicles in China as “part of the business,” the German carmaker’s China boss Ralf Brandstaetter said in an interview with Handelsblatt on Tuesday.
“Of course, we also take tactical and time-limited measures where it makes sense to do so – that’s part of the business,” Brandstaetter said. Continue reading “Volkswagen’s China boss sees EV discounts as ‘part of the business’”
Road Safety Initiative ‘सुरक्षित सफर (SAFE JOURNEY)’ aims to instil lifelong road safety habits
New Delhi, 29th October 2024: As part of its ongoing commitment to fostering safe mobility across India, the Society of Indian Automobile Manufacturers (SIAM) organized the 10th Inter-School Competition on ‘Road Safety’ from October 25 to October 28, 2024. The four-day competition, held at Gyan Mandir Public School, Naraina Vihar, New Delhi, is part of SIAM’s broader ‘सुरक्षित सफर (SAFE JOURNEY)’ initiative. The event brought together young minds from schools across the region to participate in activities emphasizing the importance of safe and responsible mobility. Continue reading “SIAM Organizes 10th Inter-School Competition to Champion Road Safety Awareness amongst Students”
BEIJING, (Reuters) – China renewed warnings to the European Union that if the bloc conducts separate negotiations with electric vehicle companies while in talks with China, that would “shake mutual trust” and interfere with the overall negotiations, Chinese commerce ministry said on Monday.
The ministry issued a similar warning earlier this month, but this reiteration comes days after China and the EU agreed to hold further technical negotiations on possible alternatives to tariffs on Chinese electric vehicles (EV). Continue reading “China again warns EU against separate talks with EV makers”
Summary
ROME, (Reuters) – Italian Prime Minister Giorgia Meloni plans to cut by some 4.6 billion euros ($5 billion) the funds set aside to support the country’s automotive industry between 2025 and 2030, the text of next year’s budget showed, triggering widespread criticism. Continue reading “Italy to cut automotive industry support by around $5 billion”
Summary
Tesla tab CEO Elon Musk stunned investors and analysts with plans to grow vehicle sales by 30% next year, buoyed by a new, cheaper model and enthusiasm for self-driving software, but delivering on that promise would surprise much of Wall Street. Continue reading “Musk’s bold 2025 prediction on Tesla sales faces skepticism, scrutiny”
Summary
(Reuters) – Ford Motor said on Monday it expects to hit the lower end of its full-year profit guidance, dropping the company’s shares 5% in after-hours trading, as a price war hits the U.S. automaker’s bottom line. Continue reading “Automaker Ford weakens profit outlook amid price war, shares fall”
Source : PTI | The Oil and Natural Gas Corporation Chairman and Managing Director should also be the chair of the firm’s subsidiary Hindustan Petroleum Corporation in line with the universal practice of a corporate group having only one chairman, a panel appointed to work out synergies between the two firms said in its report.
India’s top oil and gas producer Oil and Natural Gas Corporation (ONGC) had, in January 2018, bought the government’s entire 51.11 per cent stake in HPCL for Rs 36,915 crore. The nation’s third-biggest oil refining and fuel marketing company thereafter became a subsidiary of ONGC. Continue reading “ONGC head should be chairman of subsidiary HPCL, says synergy panel”
Source : PTI | Buoyed by the successful implementation of the ‘Chief Minister’s Rubber Mission’ in Tripura, the state government is contemplating extending the programme for another five years, an official said on Sunday.
The livelihood generation initiative, launched in 2021-22, is set to be completed by 2025-25. Continue reading “Tripura likely to extend ‘Rubber Mission’ for another 5 years”
Summary
SEOUL, (Reuters) – South Korean battery maker LG Energy Solution said on Monday it had a “conservative” view of revenue growth next year and that it will significantly reduce capital expenditure due to slowing electric vehicle demand, after booking a 39% third-quarter profit drop. Continue reading “Battery maker LGES offers measured 2025 outlook after slow EV demand drags down Q3 profit”
Summary
FRANKFURT/BERLIN, (Reuters) – Volkswagen’s plans to close plants in Germany and dissolve long-standing labour agreements with unions have put the spotlight on its unique governance and ownership structure that have drawn criticism from investors for years. Continue reading “Volkswagen law: German automaker’s ownership structure explained”
Summary
WOLFSBURG, Germany, (Reuters) – Volkswagen plans to shut at least three factories in Germany, lay off tens of thousands of staff and shrink its remaining plants in Europe’s biggest economy as it plots a deeper-than-expected overhaul, the company’s works council head said on Monday. Continue reading “VW labour chief sounds alarm on mass layoffs and three German plant closures”
Summary
SEOUL, (Reuters) – South Korean battery maker LG Energy Solution said on Monday it had a “conservative” view of revenue growth next year and that it will significantly reduce capital expenditure due to slowing electric vehicle demand, after booking a 39% third-quarter profit drop. Continue reading “Battery maker LGES offers measured 2025 outlook after slow EV demand drags down Q3 profit”
Source : PTI | The Oil and Natural Gas Corporation Chairman and Managing Director should also be the chair of the firm’s subsidiary Hindustan Petroleum Corporation in line with the universal practice of a corporate group having only one chairman, a panel appointed to work out synergies between the two firms said in its report.
India’s top oil and gas producer Oil and Natural Gas Corporation (ONGC) had, in January 2018, bought the government’s entire 51.11 per cent stake in HPCL for Rs 36,915 crore. The nation’s third-biggest oil refining and fuel marketing company thereafter became a subsidiary of ONGC. Continue reading “ONGC head should be chairman of subsidiary HPCL, says synergy panel”
Summary
FRANKFURT, (Reuters) – Porsche will pare back its dealership network in China, reflecting persisting weak demand in the world’s biggest auto market that has severely hit European carmakers and forced them to cut costs to soften the blow to profit margins. Continue reading “Porsche cuts China dealership network as challenges mount”
(Reuters) – Groups representing U.S. auto dealers said on Friday they plan to challenge a decision by Volkswagen’s Scout Motors to sell directly to consumers, bypassing independent retailers.
The National Automobile Dealers Association said it and state associations “will challenge this and all attempts to sell direct in courthouses and statehouses across the country.” Continue reading “Auto dealer groups to challenge Scout Motors’ decision to sell directly to US consumers”
Summary
(Reuters) – Mercedes-Benz will step up cost cuts after earnings halved in the third quarter hit by tepid demand and fierce competition in China, it said on Friday. Continue reading “Mercedes to step up cost cuts after earnings halve”
Summary
(Reuters) – WeRide’s shares rose 19% in their Nasdaq debut on Friday, after the self-driving startup raised $440.5 million in its IPO and private placement, becoming the latest Chinese firm to capitalize on improving market sentiment. Continue reading “China’s self-driving startup WeRide’s shares surge in Nasdaq debut”
BRUSSELS, (Reuters) – The European Union and China have agreed to hold further technical negotiations soon on possible alternatives to tariffs on China-built electric vehicles, the European Commission and China’s commerce ministry said on Friday.
The EU is set to impose additional tariffs of up to 35.3% next week on electric vehicles built in China, at the conclusion of its anti-subsidy investigation, but has said talks can continue after then. Continue reading “EU, China agree to more talks on potential alternatives to EV tariffs”
Source : PTI | Despite the slump in the Indian automotive industry, Neil Barua, newly appointed CEO of PTC, a Nasdaq-listed global software company that, among others, provides product development software to global automakers like Volkswagen, BMW, and Toyota, said India is the right place to be now. Since taking over as the CEO and global head in February, this is Barua’s first visit to India.
He was visiting Bengaluru as part of his India tour. Apart from Bengaluru and Pune, PTC has offices in Chennai and Gurgaon in India. Continue reading “India right place for software defined vehicles, says PTC top official”
