(Reuters) – James Sprayregen, who over three decades built the restructuring practice of Kirkland & Ellis and turned it into the go-to law firm ​for distressed companies, is joining law firm Paul, Weiss, Rifkind, ‌Wharton & Garrison, the firm said on Thursday.

Sprayregen will co-lead the restructuring and debt capital solutions practice at Paul Weiss, the firm said.

Sprayregen, who founded Kirkland & Ellis’ restructuring group ​in 1990, left the law firm in 2024 to become the vice ​chairman of global strategy and growth at the private investment ⁠firm Hilco Global. Continue reading “Top bankruptcy attorney Sprayregen to join US law firm Paul Weiss”

Summary

• Ford tops J.D. Power initial quality rankings for the first time in 16 years
• Ford still leads the industry in recalls, with 51 this year versus Stellantis’ 19
• Infotainment glitches, especially CarPlay and Android Auto connectivity, remained a key trouble spot

DETROIT, (Reuters) – The ​automotive industry’s increasingly complex vehicles improved in overall quality during the past year, with Ford Motor taking the top ‌initial quality award among mass market brands, according to data from J.D. Power.

The achievement for Ford comes after years of lagging scores in the closely watched ranking, as well as costly warranty issues. The automaker is also under a consent order from a federal auto safety regulator, which found that Ford delayed ​recalling some vehicles with defective rearview cameras. Continue reading “US automotive quality increased industrywide last year, with Ford taking top honors”

MILAN, (Reuters) – Ferrari’s first-ever EV model, which has triggered a flurry of criticism since its unveiling last month, needs to be “digested” before it can be ​understood, the company’s Chief Product Development Officer Gianmaria Fulgenzi said ‌on Thursday.

The €550,000 ($626,000) Luce is a four-door, five-seat family car which has baffled fans and commentators alike, as it looks nothing like the Italian marque’s usual fare of low-slung, ​petrol-powered sports cars. Continue reading “Ferrari’s divisive new EV car needs to be ‘digested’, company exec says”

TOKYO, (Reuters) – Honda Motor Chief Executive Toshihiro Mibe secured support for his reappointment to the Japanese automaker’s board at its annual meeting ​on Friday after apologising to shareholders for the company’s poor financial performance.

Honda is ‌seeking to recover from costly strategic missteps after posting its first annual loss in seven decades last month, hurt by more than $9 billion in restructuring costs for its electric-vehicle business and competition from Chinese rivals. Continue reading “Honda CEO apologises for company’s loss, wins investor backing at annual meeting”

Summary

• Polestar will not be allowed to sell cars in the U.S. from model year 2027
• Six percent of its sales in the first quarter came from the U.S
• Move is latest crackdown on Chinese vehicles by Washington
• Other carmakers scrambling to obtain authorization

STOCKHOLM/WASHINGTON, (Reuters) – Polestar ​said on Thursday the Trump administration was forcing the electric-vehicle maker to stop selling vehicles in the United States beginning in the ‌2027 model year as Washington ramps up its crackdown on Chinese vehicles.

Shares of Polestar were down 6.3% on Thursday afternoon on the Nasdaq. Continue reading “US cranks up pressure on China EVs with Polestar ban”

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Source : PTI | Crude oil futures fell by ₹80 to ₹6,589 per barrel on Thursday as improving prospects of a US-Iran agreement and rising shipments through key export routes eased concerns over global supply disruptions.

Extending the slide for the fourth straight session, crude oil for the July delivery slipped by ₹80, or 1.2 per cent, to ₹6,589 per barrel in a business turnover of 5,847 lots on the Multi Commodity Exchange (MCX).

Continue reading “Crude oil futures fall over 1% as supply fears fade amid Iran deal optimism”

Source : PTI | Giving a major boost to public transport, Tamil Nadu Chief Minister C Joseph Vijay on Thursday flagged off 300 new government buses procured at an estimated cost of ₹127.21 crore.

The newly inducted fleet-comprising both city and mofussil buses-immediately commenced operations from key transit hubs, including the Kilambakkam and Koyambedu bus terminals, to enhance commuter connectivity and reduce waiting times.

Continue reading “Tamil Nadu CM Vijay flags off 300 new government buses”

Source : PTI | In a major push towards tech-driven traffic management, the Centre has approved more than ₹500 crore for the implementation of the intelligent transport system project in the Chennai metropolitan area.

Sources in the Greater Chennai Corporation on Thursday said the Chennai Intelligent Transport System (CITS) project is meant to build an efficient traffic system capable of handling the increasing traffic demands of the capital city. Continue reading “Centre clears ₹500+ crore intelligent transport system project for Chennai”

Summary

• Chinese automakers are competing fiercely to sell EVs in Canada, despite 49,000-vehicle cap on imports
• Auto executives, analysts say they’re gearing up for the US, which currently blocks Chinese-brand cars
• Future US expansion would be like ‘flipping a switch’ because Canada has similar regulations, consumer demand

WUHU, China/TORONTO, – Just two weeks after Canadian Prime Minister Mark Carney announced in January he would allow limited electric-vehicle imports from China, that country’s biggest auto exporter, Chery, held its first meetings in Canada with car dealers.

China’s national champion BYD, now the world’s largest EV maker, is already planning to open six dealerships in Canada, an advisory firm scouting ​locations for BYD told Reuters. BYD has also started compliance procedures to import two passenger cars to Canada, regulatory records show. Continue reading “China’s carmakers rush to Canada as a ‘practice run’ for US sales”

Summary

• Bain Capital will buy 51% of Everllence from Volkswagen
• The transaction values Everllence at more than €9 billion, according to Reuters calculations
• Volkswagen expects the leveraged buyout transaction to ​complete by year-end

BERLIN, (Reuters) – Volkswagen shares climbed 2.4% on Thursday ‌following the announcement of the sale of a majority stake in its engine unit Everllence in a deal set to generate €7.4 billion ($8.41 billion) for the carmaker as it forges ahead with restructuring.

Following a ​weeks-long bidding race, Europe’s largest carmaker announced late on Wednesday it had ​picked U.S. private equity firm Bain Capital to buy 51% of ⁠Everllence, a leading maker of marine engines which is also looking for growth ​in the AI boom via generator demand for data centres. Continue reading “Volkswagen shares boosted by Everllence deal promising €7.4 billion in proceeds”

Summary

• Three CEOs have failed to revive Nissan, he tells Reuters
• Compares current crisis to 1999 rescue but ‘with less hope’
• Says Nissan risks becoming small affiliate under Chinese control

BEIRUT, (Reuters) – Former Nissan Chairman Carlos Ghosn said calls by some shareholders for his return reflected deep anger over ​years of failed turnaround plans, accusing the automaker’s leadership of squandering value and losing direction since his 2018 ouster.

In an interview with ‌Reuters, Ghosn said investors had “had enough” after three chief executives failed to revive the company. At Nissan’s annual meeting on Tuesday, CEO Ivan Espinosa faced shareholder anger and a proposal from at least one investor to bring back the fugitive executive — an effort that failed as shareholders overwhelmingly backed the board. Continue reading “Ghosn says calls for his Nissan return show investor anger over results”

Source : PTI | State-owned NHAI on Wednesday said it has intensified action against encroachments and unauthorised parking along National Highways to enhance road safety.

NHAI in a statement said unauthorised parking of vehicles, roadside encroachments and unregulated activities along National Highways pose significant risks to road users and adversely impact traffic flow and safety. Continue reading “NHAI intensifies action against unauthorised parking on national highways”

Source : PTI | The Indian arm of German commercial vehicle maker Daimler Truck AG on Wednesday said it has signed an initial pact with the Central government to offer an eight per cent discount on the ex-showroom price of eligible BharatBenz trucks and buses to replace old commercial vehicles in the Delhi-NCR region.

Through BharatBenz’s range of BS-VI commercial vehicles, Daimler India Commercial Vehicles (DICV) looks forward to helping customers upgrade their fleets, according to the company’s President and Chief Business Officer Rajiv Chaturvedi. Continue reading “Daimler joins Centre’s commercial vehicle replacement scheme for Delhi-NCR”

Source : PTI | New Delhi: India has initiated an anti-dumping probe against imports of electrical steel, used in transformers, from China, Japan, Korea and Russia, a commerce ministry notification said.

The investigation followed a complaint in this regard by JSW JFE Electrical steel Nashik Pvt Ltd to the Directorate General of Trade Remedies (DGTR).

The applicant has alleged that the cheap imports of ‘Cold Rolled Grain Oriented Electrical Steel and Amorphous Metal’ is significantly harming the domestic industry. Continue reading “India launches anti-dumping probe into electrical steel imports from China, 3 other nations”

SEOUL, (Reuters) – Hyundai Motor’s South ​Korean labour union said its members ‌voted on Wednesday to approve strike action over stalled wage negotiations, raising the prospect of ​production disruptions at the ​country’s top automaker.

Union representatives had pledged ⁠to discuss strike plans if ​an agreement was not reached during ​government-mediated talks on Wednesday, a union spokesperson said. Continue reading “Hyundai Motor’s South Korean union approves strike action over stalled wage talks”

WASHINGTON, (Reuters) – U.S. Postmaster General David Steiner told Congress on Wednesday that the financially struggling agency has a broken ​business model and needs help from lawmakers to turn around ‌its operations.

“The bottom line is that we are out of cash. We are borrowing from our employees’ retirement funds to continue operations,” Steiner’s written testimony before a U.S. ​Senate committee said, warning it could run out of operating ​funds in months if it stopped deferring obligations. “The Postal Service ⁠has a broken business model and action is needed by Congress to fix it.” Continue reading “US Postal Service tells Congress it needs help, running out of cash”

WASHINGTON, (Reuters) – The White House asked Congress on Wednesday for $1 billion to boost the pensions of workers at former ​General Motors auto parts unit Delphi that were cut during the Detroit ‌automaker’s 2009 bankruptcy restructuring.

The White House is also seeking $1 billion to help reconstruct New York’s Penn Station and $500 million to support ongoing construction projects at Washington’s World War II memorial and ​the Tidal Basin as part of a supplemental funding request. Continue reading “Trump asks Congress for $1 billion to boost pensions of former GM parts company workers”

NEW YORK, (Reuters) – The former ​chief operating officer at Tricolor Holdings pleaded guilty on Wednesday to ‌fraud and conspiracy charges in connection with the now-bankrupt subprime auto lender’s collapse.

David Goodgame entered his plea before U.S. District Judge Kevin Castel in Manhattan.

He also agreed to cooperate with ​prosecutors, including possible testimony against former Tricolor Chief Executive Daniel Chu, Goodgame’s ​lawyer, Arnold Spencer, said in a phone interview. Goodgame remains ⁠free on bail. Continue reading “Former Tricolor COO pleads guilty to fraud linked to bankrupt auto lender’s collapse”

(Reuters) – Volkswagen has agreed to sell its diesel engine unit Everllence to Bain Capital in a ​deal generating proceeds of about €7.4 billion ($8.4 billion), beating out other private equity ‌firms including one that had joined forces with Volkswagen’s top shareholders.

The leveraged buyout deal is expected to be one of European industry’s biggest carve-outs this year. Volkswagen has been seeking to free ​up cash at a time of deep cuts across the group’s automotive operations. Continue reading “Volkswagen to sell diesel engine unit to Bain in deal generating €7.4 billion”

SAO PAULO, (Reuters) – General Motors announced on Wednesday it would invest ​an extra 3.5 billion reais ($674.88 ‌million) in Brazil, expanding its commitment to the country’s auto industry by ​50% and supporting production ​of hybrid vehicles and factory modernization.

The ⁠new amount adds to 7 ​billion reais announced in 2024, ​bringing GM’s total planned investment to 10.5 billion reais until 2028, it said ​in a statement.

The investment will ​go mainly to the company’s operations in ‌Sao ⁠Paulo state, the most populated and wealthiest in the country. Continue reading “GM adds $675 million to Brazil investment plan”

Summary

• New Delhi in 2020 curbed investments from neighbouring nations
• In 2025, Beijing restricted tech exports amid tariff war
• Tech deal between Indian, Chinese companies hurt by move
• Amara Raja halts tech tie-up with Gotion, pivots to imports
• Tata, JSW agree to supply-led deals with Chery to avoid scrutiny

NEW DELHI, June 24 (Reuters) – Chinese automakers may be shut out of India, but their electric-vehicle technology is starting to make inroads in ​the world’s third-largest car market.

New Delhi has largely blocked Chinese companies from entering the market since 2020 and now Beijing is clamping down on the export of its ‌tech know-how. Yet ties between the two countries’ carmaking industry are only growing. Continue reading “Chinese EV makers are shut out of India – but their tech isn’t”

PARIS, (Reuters) – French automaker Renault Group is planning to cut 800 engineering jobs in France by ​the end of 2027 in a bid to make its organisation ‌leaner to better compete with Chinese rivals.

Chinese makers have more than tripled their market share in Europe over the past two years, with technologically advanced products ​and very competitive prices, Philippe Brunet, Renault’s chief technology officer, ​told reporters in a conference call. Continue reading “Renault plans 800 job cuts in engineering in France”

• BOS GmbH & Co holds 60% equity in the venture, while JRG Automotive Industries India Pvt. Ltd holds 40%.
• BOS-JRG Automotive Systems will manufacture advanced automotive shading and cargo management systems in India.
• The venture has made an initial investment of over USD 1 million.
• The company inaugurated its manufacturing facility in Bawal, Haryana on 10 June 2026.
• Series Production (SOP) is scheduled to commence in December 2026.
• The company is targeting revenues exceeding USD 15 million within five years.

Gurugram, Haryana | June 2026: BOS GmbH & Co. KG, Germany, and JRG Automotive Industries India Pvt. Ltd. have announced the formation of BOS-JRG Automotive Systems Pvt. Ltd., a strategic joint venture that combines German engineering excellence with Indian manufacturing capabilities to serve the rapidly evolving Indian automotive market.

The joint venture will manufacture advanced automotive shading and cargo management systems, beginning with Side Window Sunshades and Tonneau Covers. Continue reading “BOS and JRG Automotive Form Joint Venture to Manufacture Advanced Automotive Shading and Cargo Management Systems in India”

Source : PTI | Electric vehicle charging hubs equipped with multiple charging points and battery-swapping facilities will soon come up at MCD parking lots near major markets, commercial complexes and Metro stations across Delhi, officials said on Monday.

The Municipal Corporation of Delhi (MCD) has initiated the process of identifying sites and inviting proposals from public sector undertakings (PSUs), they added. Continue reading “EV charging hubs to come up near major markets, metro stations in Delhi”

Source : PTI | Vehicle launches by domestic auto OEMs across the industry continue to run 9-15 months behind schedule on average, according to a white paper by Vector Consulting Group.

This is despite significant investments in digital product development tools over the past five years.

The study found that as many as 93 per cent of OEMs have invested ₹50 crore or more in such technologies.

Continue reading “Auto OEM vehicle launches delayed by 9-15 months despite digital investments: Study”

Source : PTI | India’s ethanol blending programme remains safe, consumer-friendly, and economically beneficial, the government said, dismissing concerns that the use of E20 fuel could affect the validity of vehicle insurance policies.

The oil ministry in a statement said claims linking E20 fuel use to insurance invalidation had been clarified with relevant stakeholders and were found to be incorrect.

“Ethanol blending is a globally accepted practice and is successfully implemented in several countries, including the United States, Brazil, and Japan,” it said. Continue reading “Ethanol blending programme safe, use of E20 won’t affect vehicle insurance validity: Govt”

Source : PTI | The Competition Commission of India (CCI) on Tuesday approved Japanese automaker Honda Motor Co’s proposal to acquire an additional 21 per cent stake in automotive components manufacturer Astemo from Hitachi.

“The proposed combination relates to the acquisition of 21 per cent voting interest in Astemo, Ltd. (Target) by Honda Motor Co., Ltd from Hitachi, Ltd,” the regulator said in a release.

Following the transaction, Astemo will become a consolidated subsidiary of Honda, in line with the Japanese automaker’s plan announced last December. Continue reading “CCI clears Honda’s proposal to acquire additional 21% stake in Astemo”

Summary

• Twenty-five GWh to be built at sites in Italy, Britain
• Part of 100 GWh buildout that could cost $4 ​bln-$5 bln
• Targets more than $15 billion in revenue ‌over 20 years

LONDON, (Reuters) – Independent energy firm NatPower and Tesla said on Tuesday they ​had reached a deal to build 25 gigawatt ​hours of battery storage in Italy and Britain, ⁠the first phase of a project worth up ​to $5 billion.

Countries across Europe are ramping up battery ​storage projects to help balance the rollout of intermittent renewable power capacity. Continue reading “NatPower, Tesla reach deal on first phase of $5 billion battery storage plan”

HELSINKI, (Reuters) – Finland may approve Tesla’s self-driving assistance system earlier than a European Union-wide decision expected in October, the country’s transport ​authority said on Tuesday.

The Netherlands in April became the first European ‌country to grant provisional approval for Tesla’s Full Self-Driving (FSD) system, in a first step towards a potential EU-wide rollout if backed by a qualified majority ​of member states.

Estonia and Belgium are among countries that have since ​allowed the technology, which allows cars to steer themselves, ⁠though some regulators have expressed caution about it. Continue reading “Finland may approve Tesla’s supervised self-driving software before EU vote”

MILAN, (Reuters) – Ferrari said on Tuesday it had appointed former BMW Italy head Massimiliano Di Silvestre as its chief marketing and commercial officer, ​replacing long-serving executive Enrico Galliera.

The management change comes shortly after Ferrari unveiled ‌the divisive Luce, its first electric car, in a launch that drew widespread criticism. Continue reading “Ferrari names former BMW Italy head as new marketing chief after Luce EV debut”

(Reuters) – A group representing major automakers warned on Tuesday that car companies may be forced to halt sales of both ​new and used vehicles in California on July 1 unless the state ‌delays vehicle technology rules that aim to prevent perpetrators of domestic violence from tracking survivors.

The Alliance for Automotive Innovation, which represents General Motors, Toyota, Volkswagen, Hyundai and most other automakers, said unless ​a legislative proposal is signed into law by July 1 “there is substantial ​risk that auto sales in California will be suspended.” Continue reading “Automakers could halt car sales in California without delay in vehicle tracking law”

Summary

• Rio eyes lithium capacity of 200,000 tonnes by 2028
• Focus on low-cost operations, executive says
• Goal not to be world’s largest lithium producer
• Declines to comment on any future Glencore plans

LAS VEGAS, (Reuters) – Rio Tinto expects its lithium business to grow ​faster than its copper, iron ore and other divisions as it works to triple production by 2028 ‌for the electric vehicle and battery storage markets, an executive said on Tuesday.

The world’s second-largest mining company jumped into the lithium sector last year when it bought U.S.-based Arcadium, a deal that brought access to mines, processing facilities and deposits across four continents, as well as a customer base ​that includes Tesla. Continue reading “Rio Tinto sees lithium as fastest-growing division, executive says”

Summary

• Shifting plans part of Japanese carmaker’s global restructuring
• Delay risks leaving Nissan trailing rivals in key segment
• Nissan in 2023 unveiled plans to build variant in Britain
• UK government hailed project as a win for its EV industry

TOKYO, (Reuters) – Nissan has stopped work on an electric version of its top-selling model in Europe, ​six sources with knowledge of the matter said, as the Japanese automaker trims its lineup and cuts costs.

The move to quietly halt development ‌of a fully electric Qashqai comes as traditional rivals and new Chinese entrants flood Europe with affordable alternatives. Continue reading “Nissan shelves development of electric Qashqai in cost-cutting drive”