Summary
STOCKHOLM, (Reuters) – Swedish truck maker AB Volvo forecast stagnant demand next year and posted a bigger-than-expected slide in quarterly adjusted earnings on Friday, after reduced freight and construction activity limited vehicle sales. Continue reading “AB Volvo profit misses forecast and expects flat truck sales next year”
Summary
WASHINGTON, (Reuters) – The U.S. auto safety regulator on Friday opened an investigation into 2.4 million Tesla vehicles equipped with the automaker’s Full Self-Driving (FSD) software after four reported collisions, including a 2023 fatal crash. Continue reading “US probes Tesla’s Full Self-Driving software in 2.4 mln cars after fatal crash”
(Reuters) – Cash-strapped electric luxury sedan maker Lucid said on Thursday a combined public offering and private placement of roughly 637 million shares would likely fetch it $1.67 billion.
The stock sale as well as its latest warning of a bigger-than-expected loss for the third quarter sent Lucid shares down as much as 16.5% to $2.74, the lowest since July 2. Continue reading “EV maker Lucid expects to raise $1.67 bln from stock sale”
Summary
BERLIN, (Reuters) – Volkswagen unions and management are in the midst of talks unions say went from abysmal to controversial, as workers have accused the carmaker of failing to present a vision for the future despite assurances that a new strategy is underway. Continue reading “VW, unions in fact-finding talks as carmaker develops new strategy”
Source : PTI | Hyundai Motor India, the subsidiary of Korean auto major Hyundai, has submitted the pre-feasibility report to take up revamping and modernisation of its facility in Tamil Nadu at an outlay of INR 1,500 crore. The expansion at the existing facility at Irungattukottai near here would create an additional 155 new jobs and the plant size would be increased to 7.21 lakh sq metre from the current 5.40 lakh sq metre.
Hyundai Motor India has planned to expand the factory by adding additional 1.81 lakh sq metres of land at the factory. Continue reading “Hyundai Motor submits PFR to take up modernisation of Tamil Nadu plant at a cost of INR 1,500 crore”
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IIT Indore develops catalyst for economical production of pure hydrogen from methanol WAF Continue reading “WAF Auto News | The Auto World This Week (18th October 2024)”
Summary
(Reuters) – Hyundai Motor India’s $3.3-billion initial public offering was oversubscribed by more than two times on Thursday attracting aggressive bidding from institutional investors, even though pricing concerns deterred retail participation. Continue reading “Hyundai IPO, India’s biggest, gets $5.5 bln in bids despite subdued retail interest”
Summary
TURIN, Italy, (Reuters) – The Italian city of Turin, home to Europe’s oldest car factory, typifies the industrial decay that parts of the continent face as its automakers struggle with the cost of electrification, low demand, and competition from China. Continue reading “As Fiat stalls, Italy’s Turin struggles to stave off decline”
LONDON, (Reuters) – German remote-driving startup Vay said on Thursday it has received 34 million euros ($37 million) in funding from the European Investment Bank to roll out its remote-driven vehicle technology across Europe and expand its development team.
CEO Thomas von der Ohe told Reuters that the low-interest, long-term, preferential loan from the EIB will help Berlin-based Vay launch its commercial services either in Hamburg, where it has already been conducting testing, or in Belgium where it has formed a partnership with car-share provider Poppy. Continue reading “Germany’s Vay gets $37 million from EIB for remote-driven services in Europe”
Source : PTI | Motorcycle sales in the ongoing festive season so far are below expectations as demand is muted and the industry will be lucky if it sees 3-5 % growth compared to last year, Bajaj Auto Executive Director Rakesh Sharma said on Wednesday. While there are still about 15 more days to go for the festive sales this month, he said as a result of muted growth in motorcycles, the overall growth prospects of the two-wheeler industry could also be impacted for the full fiscal.
“The responses in the motorcycle industry are a little bit muted in the sense that we thought that about 6 to 8 % growth will be there in the festive period, but it is not that much. It is 1-2 % , almost very similar to last year, same period,” Sharma told reporters in an earnings call. Continue reading “Motorcycle industry sales below expectations so far this festive season: Bajaj Auto”
Source : PTI | The Indian Institute of Technology (IIT) Indore has developed a catalyst to produce pure hydrogen from methanol at a much lower temperature than traditional methods, and in a cost-effective manner, an official said on Wednesday. A catalyst is a substance that accelerates a chemical reaction or lowers the temperature or pressure needed to start one, without itself being consumed during the reaction.
According to the official, the catalyst helps produce pure from methanol at 130 degrees Celsius, compared to more than 200 degrees Celsius through traditional methods. It can facilitate the production of one kilogram of hydrogen from 13 litres of methanol hydrogen from methanol at 130 degrees Celsius, compared to more than 200 degrees Celsius through traditional methods. It can facilitate the production of one kilogram of hydrogen from 13 litres of methanol. Continue reading “IIT Indore develops catalyst for economical production of pure hydrogen from methanol”
BEIJING, Oct 16 (Reuters) – China’s state security ministry said that a foreign company had been found to have illegally conducted geographic mapping activities in the country under the guise of autonomous driving research and outsourcing to a licensed Chinese mapping firm.
The ministry did not disclose the names of either company in a statement on its WeChat account on Wednesday. Continue reading “China says unidentified foreign company conducted illegal mapping services”
SYDNEY, (Reuters) – Chinese EV maker Zeekr’s has begun sales of its first model for Australia – one of two slated for 2024 and both will also launch in New Zealand later this year as it seeks to make Oceania a key overseas market.
Geely’s premium brand has made a promising start with the sport utility vehicle X, said Connal Yan, managing director of Zeekr Australia, adding that the X and the multi-purpose vehicle 009 have together garnered more than 2,500 expressions of registered interest. Continue reading “China’s Zeekr launches EV in Australia, eyes New Zealand next”
Summary
WASHINGTON, (Reuters) – Carmaker Stellantis said on Wednesday it is recalling 44,500 hybrid crossover SUVs worldwide because the brake pedal in the vehicles could disengage and stop working. Continue reading “Stellantis recalls 44,500 hybrid SUVs worldwide over brake pedal defect”
WASHINGTON, (Reuters) – Chrysler-parent Stellantis should make good on its commitments to the United Auto Workers union and to communities impacted by plant closures in the United States, the White House said Wednesday.
The deal reached in 2023 between the UAW and Stellantis “included a commitment to reopen and expand production in communities that were devastated by previous plant closures,” White House spokeswoman Karine Jean-Pierre said. “What we want to see is Stellantis certainly deliver on those commitments to the UAW and to the communities.” Continue reading “Stellantis should deliver on investment commitments, White House says”
Source : PTI | Delhi government is considering to replace the current smart card system on driving licenses and registration certificates with electronic versions that could be downloaded like Aadhaar cards, officials said on Wednesday. The new move would allow citizens to download and print their e-DL and e-RC in a format similar to the Aadhaar Card, featuring a unique ID and QR code that could be used by traffic police for verification, they said.
A senior official of the Delhi Transport department said that the electronic documents could either be printed or accessed via apps like DigiLocker or mParivahan, offering citizens a convenient way to present their documents when required. Continue reading “Electronic driving licences, registration certificates may replace smart card system in Delhi”
(Reuters) – The U.S. Supreme Court on Tuesday declined to wade into claims being made by a growing number of businesses that the National Labor Relations Board’s in-house enforcement proceedings are unconstitutional.
Justice Brett Kavanaugh denied an emergency application by auto parts maker Yapp USA Automotive Systems to block an NLRB case against it pending the outcome of its lawsuit claiming board officials are improperly shielded from at-will removal by the president. Continue reading “US Supreme Court won’t block NLRB case pending challenge to its structure”
Source : PTI | Atul Auto subsidiary Atul Greentech on Monday said it has partnered with Jio Platforms Ltd (Jio) to offer electric vehicle solutions to its customers in domestic and global markets, including South America, the European Union and Eastern Africa. The partnership will focus on all three-wheeler platforms of Atul Greentech including MOBILI for passenger vehicles and ENERGIE for cargo vehicles,
This collaboration leverages Jio’s advanced IoT mobility technology, integrating hardware, software, and connectivity to provide real-time telematics data and high reliability for users, the company said. Continue reading “Atul Auto arm partners with Jio Platforms for EV solutions”
Source : PTI | New Delhi: Union Minister Nitin Gadkari on Tuesday asked representatives of the Society of Indian Automobile Manufacturers (SIAM) to look into ways of making ethanol and flex fuels more acceptable to the public. The Ministry of Road Transport and Highways (MoRTH), in a post on X said, Gadkari chaired a review meeting with representatives of SIAM at Transport Bhawan to discuss the readiness of the automobile industry for ethanol and flex fuels.
The dialogue discussed how the industry is preparing to launch ethanol-powered vehicles in the coming months, it added. Continue reading “Nitin Gadkari urges automobile industry to promote ethanol, flex fuels”
Source : PTI | New Delhi: Jaguar Land Rover on Tuesday said its retail sales rose 36% year-on-year to 3,214 units for the first six months of the current fiscal. The strong sales performance in the April-September period was led by robust offtakes in both first and second quarter, the automaker said in a statement.
The robust performance was driven by improved supplies and sustained demand for the Range Rover and Defender models, particularly with the local manufacture of the entire Range Rover portfolio, it added. Continue reading “Jaguar Land Rover retail sales up 36% to 3,214 units in Apr-Sep”
Summary
PARIS, (Reuters) – (This Oct. 14 story has been refiled to add dropped first name and title of Phil Dunne in paragraph 24)
Chinese and European automakers went head-to-head at the Paris car show on Monday, with tensions running high as the EU gears up to impose hefty import tariffs on Chinese-made electric vehicles and the industry struggles with weak demand.
Continue reading “China-Europe rivalry heats up at Paris car show as EV tariffs loom”
Summary
(Reuters) – Volkswagen and Germany’s IG Metall union will start their second round of negotiations on planned cuts to the carmaker’s German operations on Oct. 30, with unions insisting the company must keep all German sites open. Continue reading “Volkswagen, unions to start further talks on Germany cuts”
PARIS, (Reuters) – Europe must cancel its plan to ban new fossil fuel-emitting cars from 2035 to reduce reliance on China’s battery supply chain and play to its technological strengths, BMW’s chief executive said on Tuesday.
Oliver Zipse, who has long pushed for regulators to permit various technologies – including alternative fuels like e-fuels or biofuels and hydrogen fuel cell cars – said the mood in Europe was “trending towards one of pessimism” and the region needed a new regulatory framework to remain competitive. Continue reading “BMW CEO: Europe must cancel petrol engine ban to reduce reliance on China”
BERLIN, (Reuters) – The European Union wants a level playing field with China on car tariffs and is negotiating with Beijing on mechanisms such as price commitments or investments in Europe as a solution, European Commission chief Ursula von der Leyen said on Monday.
Speaking alongside German Chancellor Olaf Scholz in Berlin, she said negotiations with China would continue even if the EU’s tariffs on Chinese electric vehicles entered into force. Scholz expressed hope of reaching an agreement by the end of October. Continue reading “EU ‘wants level playing field’, but still negotiating with China on car tariffs”
Summary
PARIS, (Reuters) – Stellantis CEO Carlos Tavares alternated between defiance and contrition about the company’s turnaround plans on Monday in a packed schedule of public events at the Paris auto show following a massive profit warning. Continue reading “Stellantis CEO Tavares defends record in Paris over US crisis”
(Reuters) – Global sales of fully electric and plug-in hybrid vehicles rose by an annual 30.5% in September, as China surpassed its record numbers recorded in August and Europe resumed growth, market research firm Rho Motion said on Tuesday.
Gains in the U.S. market have been slow and steady in anticipation of the Nov. 5 election, which makes it difficult to predict future trends in the country, data manager Charles Lester told Reuters. Continue reading “Global EV sales up 30.5% in September as China shines, Europe recuperates”
Summary
PARIS, (Reuters) – Chinese and European automakers went head-to-head at the Paris car show on Monday, with tensions running high as the EU gears up to impose hefty import tariffs on Chinese-made electric vehicles and the industry struggles with weak demand. Continue reading “China-Europe rivalry heats up at Paris car show as EV tariffs loom”
Source : PTI | will invest INR 30 crore in its subsidiary Kinetic Watts and Volts as it looks to focus on expanding research, development, and manufacturing capabilities of the new venture, the company has said. Pune-based auto component maker Kinetic Energy had in 2022 announced the setting up a subsidiary company to manufacture electric vehicle components such as motors, axles, frames, controllers, and batteries.
“Kinetic Engineering will invest INR 30 crore into its newly formed electric subsidiary, Kinetic Watts and Volts Ltd. This strategic infusion builds upon the company’s initial investment of INR 18.5 crore, raising the total investment to INR 48.5 crore,” the company said. Continue reading “Kinetic Engineering to invest INR 30 cr in subsidiary Kinetic Watts and Volts”
PARIS, (Reuters) – Chinese state-owned carmaker GAC is exploring the manufacture of EVs in Europe to avoid EU tariffs, the general manager of its international business told Reuters on Sunday, joining a growing list of Chinese companies planning local production.
The company is among China’s largest automakers and is targeting 500,000 overseas sales by 2030. It does not yet sell EVs in Europe but will launch an electric SUV tailored to the European market at the Paris Auto Show, kicking off on Monday. Continue reading “Chinese carmaker GAC looks at making EVs in Europe as tariffs loom”
FRANKFURT, (Reuters) – Chinese electric carmaker BYD expects to boost sales in Germany within six months, executive vice president Stella Li said in an interview published on Saturday.
BYD would gain a foothold in Germany in “less than half a year,” Li told the Frankfurter Allgemeine Sonntagszeitung (FAS) newspaper. Continue reading “China’s BYD expects to swiftly lift sales in Germany, executive tells FAS”
Summary
NEW DELHI, (Reuters) – Indian billionaire Mukesh Ambani’s Reliance has argued that the telecom regulator incorrectly concluded that home satellite broadband spectrum should be allocated and not auctioned, a letter seen by Reuters shows, intensifying a face-off with Elon Musk’s Starlink. Continue reading “Reliance lobbies India minister on satellite spectrum in new face-off with Elon Musk”
Source : PTI | Consumer rights regulator CCPA has slapped a notice on electric two-wheeler manufacturer Ola, as it initiates a class action after over 10,000 complaints related to quality and after-sales service remained unaddressed, according to sources.
The National Consumer Helpline (NCH) has been getting complaints against Ola Electric for the last one year, which were escalated to higher levels at the company for redressal “but there was little interest shown in redressing these complaints”, said a source. Continue reading “Over 10K consumer complaints against Ola Electric in last 1 yr; CCPA issues notice to company”
Source : PTI | IPO-bound Hyundai Motor India Ltd will explore opportunities for exporting its upcoming electric vehicles from the country to other similar markets to enhance its position as a production hub for emerging markets, according to a senior company official. The company is lining up four electric vehicles to be launched in future, including the electric version of its popular SUV Creta by Q4 FY25, in the mass and ‘mass premium’ segments.
“We are a very strong production hub for emerging markets. We are exporting to 80 plus countries. As far as EVs are concerned, it will, of course, depend on the demand but we are always open to look at any product, which we introduce in India, for exporting it to the other market as well,” Hyundai Motor India Ltd (HMIL) COO Tarun Garg told PTI. Continue reading “Will explore electric vehicle export opportunities: Hyundai Motor India”
Source : PTI | Chhatrapati Sambhajinagar Vehicle manufacturer JSW Green Mobility has been allotted 636 acres of land in the Bidkin node of AURIC city and the plant will go into production in the next 12 to 18 months, an official said.
After allotting 827 acres of land to Toyota Kirloskar Motors Private Limited, the administration has issued land to another vehicle production company in the Bidkin node of AURIC (Aurangabad Industrial City). Continue reading “JSW Green Mobility gets 636-acre land to set up manufacturing plant”
NEW YORK, (Reuters) – Electric vehicle startup Fisker received court approval of its bankruptcy liquidation plan on Friday, following last-minute negotiations to preserve the company’s $46 million sale of its remaining inventory of about 3,000 Ocean SUVs.
U.S. Bankruptcy Judge Thomas Horan signed off on Fisker’s bankruptcy plan at a court hearing in Wilmington, Delaware, clearing the company to repay creditors with assets remaining after it sold off its vehicle fleet. Continue reading “Fisker bankruptcy plan approved after deal on vehicle tech support”
Summary
LONDON/BERLIN/STOCKHOLM, Oct 11 (Reuters) – Northvolt is in talks with investors and lenders to secure about 200 million euros ($218 million) in short-term funding, three sources familiar with the matter said, as the Swedish maker of batteries for electric vehicles seeks to stabilise its finances. Continue reading “Exclusive: Northvolt in talks for about 200 million euros in funding, sources say”
COPENHAGEN, (Reuters) – A Swedish district court on Friday upheld a preliminary ruling that Sweden’s postal service Postnord does not need to deliver licence plates to Tesla which are being blocked by the postal workers as part of a wider labour union sympathy strike.
The U.S. car maker faces pressure in the Nordic countries from powerful employee unions backing mechanics from Sweden’s IF Metall union, who went on strike in October of 2023 demanding a collective bargaining agreement with the company. Continue reading “Swedish court upholds ruling against Tesla in labour dispute”
(Reuters) – Polestar’s chief executive said on Friday the company is conducting a strategic review of its operations after reporting a 14% drop in third-quarter electric vehicle deliveries.
Shares of the Swedish company fell over 3%.
Polestar, which is majority owned by China’s Geely [RIC:RIC:GEELY.UL], has been grappling like rival EV makers with weakening demand for its vehicles owing to factors such as high interest rates, prompting consumers to pivot to cheaper hybrid cars. Continue reading “Polestar CEO announces strategic review amid drop in quarterly EV deliveries”
(Reuters) – Trade tensions between China and the West have put a dampener on carmakers’ investment decisions and longer-term outlooks, creating a level of uncertainty in the industry, the CEO of digital mapping specialist TomTom said on Friday.
The European Union is pressing ahead with hefty tariffs on China-made electric vehicles, set to be imposed from next month, while the Biden administration in September locked in steep tariff hikes on Chinese imports, including a 100% duty on EVs. Continue reading “China trade tensions cast shadow on automakers’ investment plans, TomTom CEO says”
