Source : PTI | Tata Steel-owned Port Talbot plant in South Wales hit a significant milestone on Monday when its Blast Furnace 4 ceased operations after over 100 years, marking an end of “legacy” steelmaking as the UK’s largest steelworks transitions towards greener steelmaking. Steelmaking at the site is now set to resume in 2027-2028 as part of a British government-backed investment programme of around GBP 1.25 billion in Electric Arc Furnace-based steelmaking, using UK-sourced scrap steel.

The Mumbai-headquartered steel giant said it is looking ahead to a “brighter, greener future” for the historic site and sustaining more than 5,000 jobs.

Continue reading “Tata Steel ends ‘legacy steelmaking’ at Britain’s largest steelworks”

Source : PTI | Maruti Suzuki, Hyundai and Tata Motors reported a decline in wholesales in September as the companies curtailed dispatches to dealers to reduce inventory build-up amid a decline in demand. Maruti Suzuki India reported a 4 % dip in total domestic passenger vehicle wholesales last month to 1,44,962 units compared to 1,50,812 units in the year-ago month.

The auto major said sales of mini segment cars, comprising Alto and S-Presso, grew marginally to 10,363 units against 10,351 units in September 2023.

Continue reading “Maruti, Hyundai, Tata Motors report decline in wholesales in Sep”

Source : PTI | New Delhi: Hero MotoCorp on Tuesday said its wholesales increased 19% year-on-year to 6,37,050 units in September. The two-wheeler major had dispatched 5,36,499 units to dealers in September 2023.

The company said its domestic sales rose to 6,16,706 units last month from 5,19,789 units in the year-ago period.

Exports rose to 20,344 units last month compared to 16,710 units in the same month last year. Continue reading “Hero MotoCorp sales rise 19% to 6,37,050 units in September”

Source : PTI | Ministry of Heavy Industries is working with auto industry associations SIAM and ACMA on Automotive Mission Plan 2047, which will pave the way for India to become an advanced industrial power, a top official said on Tuesday. Addressing an event to launch the PM E-DRIVE Scheme, Secretary in Ministry of Heavy Industries Kamran Rizvi said the PM E-BUS SEVA Payment Security Mechanism will also be rolled out shortly.

“PM E-DRIVE is not the terminal scheme. Another scheme of which we will hold the launch shortly is the PM E-BUS SEVA Payment Security Mechanism scheme,” the secretary said. Continue reading “Working on Automotive Mission Plan 2047 to make India advanced industrial power: Official”

Source : PTI | The Delhi government will provide a 10-20% tax rebate to buyers of new vehicles who opt to scrap their old ones, according to a statement issued on Wednesday. Chief Minister Atishi has approved the incentive scheme to promote scrapping of old vehicles and it will be notified soon, the statement said.

“The government will incentivise those who opt for the scrapping of their old vehicles, through rebate in motor-vehicle tax on buying new vehicles within three years,” said the Delhi government statement. Continue reading “Delhi CM Atishi okays incentive scheme to promote scrapping of old vehicles”

MUNICH, (Reuters) – A recovery in Chinese and German truck markets will not come quickly, Martin Daum, the outgoing CEO of the world’s biggest truck maker Daimler Truck told a press event late on Tuesday.

He said he did not expect a recovery in the Chinese truck market this year or next, adding that China was in a deep crisis, according to remarks published on Wednesday. Continue reading “Outgoing Daimler Truck CEO sees no recovery in China and Germany”

COPENHAGEN, (Reuters) – Volvo Cars’ sales rose by 1% year-on-year in September to 62,458 cars, the Sweden-based automaker said on Wednesday amid a volatile and uncertain market.

Volvo Cars, which is majority-owned by China’s Geely Holding, said in a statement that total sales in Europe, the biggest market for Volvo Cars, were up 23%, while sales in the United States and China fell by 22% and 16%, respectively. Continue reading “Volvo Cars reports slight sales increase amid market uncertainty”

Summary

• Tesla market share rises to 8.5% in 2024 from 7.8% in 2023
• Union strike targeting Tesla for almost 12 months
• Company found ways to circumvent blockades

STOCKHOLM, (Reuters) – Tesla has increased its market share in Sweden in 2024 despite a labour conflict targeting the company for almost a year, car sales data from the Nordic country showed on Tuesday. Continue reading “Tesla raises Sweden market share despite labour strike”

(Reuters) – Toyota Motor North America said on Tuesday it had built extra inventory of vehicles and parts ahead of the U.S. port strikes, which began earlier in the day.

Toyota, which relies on the U.S. East Coast and Gulf Coast ports to import everything from vehicle components to fully-built cars, said it was closely monitoring the situation. Continue reading “Toyota says built extra stock in anticipation of US port strikes”

BERLIN, Germany, (Reuters) – The criminal trial of former Volkswagen Chief Executive Martin Winterkorn over the so-called dieselgate scandal has been suspended due to his poor health, a court in Braunschweig said on Tuesday.

All hearings have been cancelled because Winterkorn, who was toppled from the helm of the company in 2015 after it emerged that millions of Volkswagen cars had been manipulated to pass environmental standards, will not be fit to attend in the coming months, the court said. Continue reading “Dieselgate trial of former VW chief suspended due to ailing health”

WASHINGTON, (Reuters) – About 20 Democrats in the U.S. Congress on Tuesday urged Mexican President-elect Claudia Sheinbaum to address national security concerns posed by internet-connected vehicles produced by Chinese automakers in Mexico.

All modern cars and trucks have onboard network hardware providing internet access that allows them to share data with devices both inside and outside the vehicle. Continue reading “US lawmakers ask Mexican president-elect to address Chinese vehicle concerns”

(Reuters) – Top U.S. automakers reported a fall in their third-quarter sales on Tuesday, hurt by fewer selling days and weaker consumer spending amid inflationary challenges and higher interest rates.

Carmakers have relied on crossovers and pickup trucks for years to drive the bulk of their sales, but that growth is starting to sputter as customers work with tighter budgets because of economic uncertainties. Continue reading “US new vehicle sales fall in Q3 on fewer selling days, inflationary headwinds”

WASHINGTON, (Reuters) – The U.S. National Highway Traffic Safety Administration said owners of 154,000 Jeep plug-in hybrid electric SUVs should park outside and away from buildings or other vehicles until they get recall repairs completed.

Jeep-parent Stellantis on Monday said it was recalling 194,000 Jeep Wrangler and Grand Cherokee plug-in hybrids worldwide – including 154,000 in the United States – after reports of 13 fires. NHTSA said there have been two injuries reported to date that may be tied to the recall issue. Continue reading “Jeep owners should park outside pending recall fix, US agency says”

Source : PTI | Maruti Suzuki, Hyundai and Tata Motors reported a decline in wholesales in September as the companies curtailed dispatches to dealers to reduce inventory build-up amid a decline in demand. Maruti Suzuki India reported a 4 % dip in total domestic passenger vehicle wholesales last month to 1,44,962 units compared to 1,50,812 units in the year-ago month.

The auto major said sales of mini segment cars, comprising Alto and S-Presso, grew marginally to 10,363 units against 10,351 units in September 2023.

Continue reading “Maruti, Hyundai, Tata Motors report decline in wholesales in Sep”

Source : PTI | New Delhi: Hero MotoCorp on Tuesday said its wholesales increased 19% year-on-year to 6,37,050 units in September. The two-wheeler major had dispatched 5,36,499 units to dealers in September 2023.

The company said its domestic sales rose to 6,16,706 units last month from 5,19,789 units in the year-ago period.

Continue reading “Hero MotoCorp sales rise 19% to 6,37,050 units in September”

Source : Sept 30 (Reuters) | Tesla (TSLA.O), and its CEO Elon Musk on Monday won the dismissal of a lawsuit accusing them of defrauding shareholders by overstating the effectiveness and safety of the automaker’s self-driving technology in order to boost its stock price.

U.S. District Judge Araceli Martinez-Olguin in San Francisco said shareholders failed to show Tesla and Musk should be liable for falsely promising they were close to delivering technology that would drive safer than humans, but that was actually “plagued with safety issues” and encouraged inattentiveness.

Tesla vehicles have included “Autopilot” software designed to enhance self-driving capabilities, and the company has sold “Full Self Driving” software upgrades.

Continue reading “Tesla, Musk beat shareholder lawsuit over self-driving promises”

Source : Sept 30 (Reuters) | Tesla (TSLA.O) is expected to report an 8% jump in third-quarter deliveries of its electric vehicles on Wednesday, Wall Street estimates show, driven by extended incentives and lucrative financing plans in the world’s largest auto market, China.

Responding to sluggish Chinese spending amid flagging economic growth and rising competition from domestic Chinese players such as BYD (002594.SZ), Tesla introduced a range of offers this spring, including insurance deals, discounts on certain paint choices and a zero-interest loan of up to five years. Continue reading “Tesla’s quarterly deliveries set to rise as China incentives lure wary EV buyers”

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. Continue reading “UP to cut pollution with fleet of electric buses”

Source: PTI | Tata Steel-owned Port Talbot plant in South Wales hit a significant milestone on Monday when its Blast Furnace 4 ceased operations after over 100 years, marking an end of “legacy” steelmaking as the UK’s largest steelworks transitions towards greener steelmaking. Steelmaking at the site is now set to resume in 2027-2028 as part of a British government-backed investment programme of around GBP 1.25 billion in Electric Arc Furnace-based steelmaking, using UK-sourced scrap steel. Continue reading “Tata Steel ends ‘legacy steelmaking’ at Britain’s largest steelworks”

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”