Summary
(Reuters) – BMW cut its 2024 profit margin outlook on Tuesday due to sluggish demand in its key Chinese market and problems related to a braking system supplied by Continental, sending the carmaker’s shares to a near two-year low. Continue reading “BMW cuts 2024 outlook on Continental brake issues, shares plunge”
BEIJING, (Reuters) – Chinese electric automaker BYD aims to sell 4 million vehicles this year, Morgan Stanley said in a report on Monday, suggesting an 11% upward revision to the company’s 2024 sales target set earlier this year.
The goal would put BYD almost at par with Ford Motor which ranked sixth by global sales in 2023 with 4.4 million vehicles sold. Continue reading “Chinese EV maker BYD sets higher annual sales target, brokerage report shows”
BEIJING, (Reuters) – China has renewed its offer for talks with the European Commission to address economic and trade frictions to try to ease impending punitive tariffs on China-made electric vehicles.
During a meeting with the European Commission’s director general for trade in Brussels on Monday, Vice Commerce Minister Li Fei said China was willing to engage in dialogue and consultations, his ministry said in a statement. Continue reading “China proposes negotiations with EU to resolve EV tariff dispute”
LONDON, (Reuters) – Mercedes-Benz and U.S. battery startup Factorial are working on a solid-state battery that should dramatically increase electric vehicle range and be ready for production by the end of the decade, the companies said on Tuesday.
The new battery, dubbed Solstice, should extend EV range about 80% above today’s average, with an energy density of 450 Watt-hours per kilogram, the companies said in a statement. Continue reading “Mercedes teams up with Factorial to develop solid-state batteries”
New Delhi, 10 September 2024: At the 64th Annual Convention of Society of Indian Automobile Manufacturers (SIAM) today, the industry focused on “Sustainable Mobility Journey towards Viksit Bharat” wherein prominent leaders and policymakers discussed the pivotal role of sustainable mobility in achieving Viksit Bharat goals by 2047.
In his special message, Hon’ble Prime Minister of India, Shri Narendra Modi, emphasized on the need for the Automobile sector to set an example for others to follow and said, “The road ahead demands that our progress is rapid while also being sustainable. Working on greener and cleaner mobility is a vital step in this direction”. Continue reading “Hon’ble Prime Minister Highlights Vision for Sustainable Mobility at SIAM’s 64th Annual Convention”
Source : PTI | JRG Automotive Industries on Monday said it has formed a strategic joint venture with Japan-based Takagi Seiko Corporation to manufacture parts for two-wheelers and four-wheelers for the domestic market at an investment of USD 15 million. The JV facility to be based at Sampla in Haryana will focus on producing automotive components, including parts for two-wheelers and four-wheelers, leveraging Takagi Seiko’s advanced technologies to enhance component quality for Indian original equipment manufacturers (OEMs), the company said.
It also said the JV has already secured business commitments from reputed OEMs.
Continue reading “JRG Automotive forms joint venture with Japan-based Takagi Seiko”
Source : PTI | Mumbai: Tata Power said on Monday it has set up 50,000 home chargers for electric vehicles pan-India besides over 500 charging points for electric buses across metropolitan cities in the country since April last year, strengthening electric vehicle charging infra in the country and helping faster adoption of e-mobility. Overall, since 2018, a total of one lakh EV chargers have been set up at different locations across the country along with over 1,100 chargers for electric buses in the last five years, it said.
These one-lakh chargers are present across remote corners of the country and are enabling e-mobility adoption through a seamless and reliable charging experience for its customers at the convenience of their homes. Continue reading “Tata Power sets up 50K home chargers for EVs since April’23, says company”
(Reuters) – Norfolk Southern’s CEO Alan Shaw is expected to step down from his role at the railroad company amid an investigation into allegations of potential workplace misconduct, two sources familiar with the matter told Reuters on Monday.
The company said on Sunday that it is reviewing allegations that Shaw violated its ethics policy. Continue reading “Norfolk Southern CEO to step down amid misconduct probe, sources say”
WASHINGTON, (Reuters) – A U.S. regulator said on Monday it is proposing a requirement that some future vehicles be redesigned to reduce the risks of serious or fatal injuries in crashes involving pedestrians amid a rise in such deaths.
The National Highway Traffic Safety Administration said the new rule aims to reduce fatalities for pedestrians who strike the hoods of vehicles, especially in pickup trucks and large SUVs that do not currently meet international pedestrian protections standards. Continue reading “US proposes new vehicle requirement to reduce pedestrian deaths”
Summary
STOCKHOLM, (Reuters) – Battery maker Northvolt said on Monday it would suspend cathode active material production at its gigafactory in Sweden and cut costs under a plan that could lead to job losses as the company scales back its rapid expansion. Continue reading “Swedish battery maker Northvolt mulls job cuts as it seeks to save costs”
KINOKAWA, Japan, (Reuters) – Japanese Tesla supplier Panasonic Energy has finalised preparations for the mass-production of its high-capacity electric-vehicle batteries, the company said on Monday, as it seeks to start supplying the cell to automakers.
Panasonic Energy’s renovated plant in the western prefecture of Wakayama will serve as the main factory for producing the 4680 cells, which the company says have five times the capacity of its smaller 2170 cylindrical batteries. Continue reading “Tesla-supplier Panasonic Energy prepares for high-capacity EV battery production”
Summary
LONDON, (Reuters) – A surge in sales of hybrid cars as electric vehicle take-up slows is set to provide an unexpected boost to demand for platinum group metals (PGMs) in the coming years, similar to the extended lifespan now predicted for coal. Continue reading “Hybrid cars throw lifeline to platinum metals”
Source : PTI | Tolins Tyres Ltd on Friday announced that it has mopped-up INR 69 crore from anchor investors ahead of its initial share-sale opening for public subscription. BofA Securities Europe SA, NAV Capital VCC, Chhatisgarh Investments, Ashika Global Securities, Moneywise Financial Services, Vikasa India EIF I Fund, Invicta Continuum Fund I and Steptrade Revolution Fund are the anchor investors that have been allotted shares.
The company allotted a total 30.53 lakh shares to these investors at INR 226 apiece, which is also the upper-end of the price band. This aggregates the transaction size to INR 69 crore, according to a circular uploaded on BSE’s website.
Continue reading “Tolins Tyres garners INR 69 cr from anchor investors ahead of IPO”
Source : PTI | New Delhi:Auto parts manufacturer Kross Ltd on Friday said it has mobilised INR 150 crore from anchor investors ahead of its initial public offering (IPO). EastSpring Investments, Mathews Asia Funds, LIC Mutual Fund (MF), ICICI Prudential MF, Axis MF, Kotak Mahindra MF, Motilal Oswal MF, Edelweiss MF and Max Life Insurance Company are among the anchor investors.
According to a circular uploaded on BSE’s website, Kross Ltd around INR 150 crore from 19 funds including mutual funds by allotting 62.49 lakh equity shares at INR 240 per equity share — the upper end of the price band. Continue reading “Kross raises INR 150 cr from anchor investors ahead of IPO”
Source : PTI | New Delhi: The Competition Commission of India has approved the National Investment and Infrastructure Fund’s (NIIF) proposal to acquire an additional stake in Ather Energy. The deal was cleared by the competition watchdog under the green channel route.
“The acquirer (India-Japan Fund) proposes to acquire certain Series G Compulsorily Convertible Preference Shares of Ather,” the regulator said in an order.
Continue reading “NIIF gets CCI’s clearance to acquire additional stake in Ather Energy”
PARIS, (Reuters) – Europe’s autos industry could face fines of 15 billion euros ($17.4 billion) for carbon emissions due to slowing demand for electric vehicles, Renault CEO Luca de Meo said on Saturday.
Automakers face tougher EU CO2 targets in 2025 as the cap on average emissions from new vehicles sales falls to 94 grams/km from 116 g/km in 2024. Continue reading “Renault CEO says sector could face billions in fines as EV sales slow”
WASHINGTON, (Reuters) – Chrysler parent Stellantis said Saturday it is recalling 1.46 million vehicles worldwide due to a software malfunction in the anti-lock brake system that can increase the risk of a crash.
The recall includes nearly 1.23 million Ram 1500 trucks from the 2019 and 2021-2024 model years in the United States, as well as about 159,000 vehicles in Canada, 13,000 in Mexico and 61,000 outside North America. Continue reading “Chrysler parent Stellantis recalls 1.46 million vehicles worldwide”
FRANKFURT, (Reuters) – Volkswagen’s CEO, who is pushing for unprecedented cutbacks in the German carmaker’s home market, said change was needed because the European market is shrinking while competition is increasing.
Speaking in an interview in Sunday paper Bild am Sonntag, Volkswagen CEO Oliver Blume said “the pie has become smaller, and we have more guests at the table”. Continue reading “VW boss says European market shrinking amid tougher competition”
(Reuters) – Elon Musk denied a report that his artificial intelligence startup xAI has held talks for a share in future Tesla revenue in return for giving Musk’s electric vehicle maker access to xAI’s technology and resources.
The Wall Street Journal reported on Saturday that Tesla would license xAI’s artificial-intelligence models to help power its driver-assistance software, full self-driving technology and share some of that revenue with the startup, according to the proposed arrangement as described to investors. Continue reading “Musk denies report his xAI in talks over Tesla revenue”
Summary
NEW DELHI, (Reuters) – India’s Reliance Infrastructure is considering plans to manufacture electric cars and batteries, and has hired a former India executive at China’s BYD Co to advise on its plans, two sources briefed on the matter told Reuters. Continue reading “Exclusive: India’s Reliance Infra weighs EV push, taps ex-BYD exec, sources say”
TOKYO, (Reuters) – Japan’s Toyota Motor has slashed its electric vehicle production plans for 2026 by a third, the Nikkei business daily reported, becoming the latest automaker to roll back electric car plans as EV sales momentum wanes.
The world’s biggest automaker now plans to build 1 million EVs in 2026, compared with the company’s earlier announced sales target of 1.5 million, it said. Continue reading “Toyota cuts 2026 global EV output plans by a third, Nikkei reports”
WASHINGTON, (Reuters) – A bipartisan group of lawmakers asked the CEOs of six major auto parts retailers if they bought products from a Chinese company that may have evaded U.S. tariffs, according to letters seen by Reuters on Friday.
Representative John Moolenaar, a Republican who chairs a House panel on China, and the committee’s top Democrat Raja Krishnamoorthi, along with other lawmakers, asked AutoZone, O’Reilly Auto Parts, Genuine Parts, Advance Auto Parts, First Brands Group, and Factory Motor Parts to address concerns they are purchasing parts from China’s Qingdao Sunsong and its U.S.-based subsidiary. Continue reading “Lawmakers probe if US retailers bought Chinese auto parts that evaded tariffs”
Summary
BERLIN/FRANKFURT, (Reuters) – In May, Volkswagen (VOWG_p.DE), opens new tab finance chief Arno Antlitz warned that Europe’s top carmaker had about two or three years to prepare for cut-throat competition from abroad, mainly China. Continue reading “China, price cuts and costs: the fuel driving Volkswagen’s crisis”
Source : PTI | German luxury car maker Mercedes-Benz India on Thursday said India has the potential to become one of the top five markets for its Maybach brand of cars in sales volume. Launching the electric version of its first-ever all-electric Mercedes-Maybach in India, the company’s managing director and CEO Santosh Iyer said the launch of the new car models -Mercedes-Maybach EQS 680 SUV manifests the firm’s ambition to lead in digital and electric mobility with a focus on ultra-luxury segment.
The Maybach EQS 680 SUV starts at INR 2.25 crore onwards (all India ex-showroom). Continue reading “India to become one of top five markets for Maybach brand: Mercedes”
New Delhi – September 6th, 2024 : Revfin, India’s leading EV financing company, has advanced its sustainable mobility strategy by taking over 15,000 vehicles, valued at Rs. 100 Crore, operating on the SUN Mobility platform. This significant move highlights Revfin’s dedication to accelerating electric vehicle adoption and transforming fleet operations across India. The portfolio is set to play a pivotal role in enhancing Revfin’s operations and influence in the country. The announcement was jointly made by Mr. Sameer Aggarwal, Founder & CEO, Revfin and Anant Badjatya, CEO of SUN Mobility, underscoring the collaborative efforts between the two companies to advance the electric mobility agenda.
This deal not only broadens Revfin’s operational footprint but also reinforces Revfin’s commitment to expanding its mobility business vertical, with a strategic focus on driving EV adoption among fleet operators. Continue reading “Revfin Accelerates EV Expansion with Takeover of 15,000 Vehicles operating on SUN Mobility’s Platform”
Source : PTI | Travel booking platform EasyMyTrip.com on Thursday announced it is venturing into the electric bus manufacturing market through its new subsidiary Easy Green Mobility. Easy Green Mobility will manufacture EV buses, with YoloBus (another subsidiary of EaseMyTrip) serving as its operating arm.
EaseMyTrip is investing INR 200 crore for extensive R&D, product development, and setting up a manufacturing plant over a period of 2-3 years.
Continue reading “EaseMyTrip ventures into electric bus manufacturing”
Summary
BERLIN, (Reuters) – Germany’s biggest union pledged to leave no idea unexplored, including a move to a four-day week, to counter Volkswagen management’s threat of closing domestic plants for the first time in its history and dissolving decades-old job guarantees. Continue reading “Unions pledge to leave ‘no idea unexplored’ in tackling VW crisis”
WAF THINK TANK
11th WAF Awards Winners Featured in The Economic Times! WAF
WAF Powers Discussion on Smart Mobility with Top Industry Leaders & Startups WAF
Continue reading “WAF Auto News | The Auto World This Week (6th September 2024)”
Mumbai: Volkswagen India announced its partnership with Red Bull and its top wakeboarding athlete Dominik Hernler, in his attempt to create history with a momentous jump over five traditional snake boats in the backwaters of Kerala. Powering Hernler’s brilliance, the Volkswagen Taigun GT Plus Sport displayed extreme performance, accelerating powerfully over smooth and rough surfaces. Continue reading “Volkswagen India Partners With Red Bull Showcasing Sporty Athleticism at Its Best With Wakeboarder Dominik Hernler’s Historic Feat”
Summary
(Reuters) – Piedmont Lithium has pulled its application for a debt package from a popular U.S. government loan program and is scaling back ambitious expansion plans across two continents, as tumbling prices of the electric vehicle battery metal force the U.S. miner to conserve cash. Continue reading “Piedmont Lithium pulls US government loan application as prices slump”
(Reuters) – Tesla shares rose 2.6% before the bell on Thursday after the electric automaker stuck to its plans to launch the Full Self-Driving (FSD) advanced driver assistance software in China and Europe pending approval from regulators.
This comes about a month ahead of the company’s unveiling of its robotaxi product, “Cybercab”, underpinned by the technology that helps drivers accelerate, brake and steer in cities and highways with human supervision. Continue reading “Tesla shares gain on plans to launch Full Self-Driving in Europe, China”
STUTTGART, (Reuters) – Daimler Truck expects a further slowdown in demand for commercial vehicles and its new CEO must take measures to adjust for that, the German company’s Chairman Joe Kaeser said on Thursday.
“Our profitability is not yet where competitors are, that has to change in the medium to long term”, Kaeser told a press conference after Karin Radstrom was announced as the company’s next CEO late on Wednesday. Continue reading “New CEO must adapt Daimler Truck to weaker market, chairman says”
BERLIN, (Reuters) – BMW aims to bring its first hydrogen-powered vehicle onto the market in 2028, using fuel cell technology developed with Toyota Motor Corp, the German carmaker said on Thursday.
The company said the vehicle would be an existing model with a hydrogen fuel cell drive option, without giving further details. It also did not give details on price or production volume. Continue reading “BMW plans to bring its first hydrogen car onto the market from 2028”
(Reuters) – Swedish automaker Volvo Cars slashed its margin and revenue ambitions for a second time in a year on Thursday, a day after it abandoned its EV-only target as the impact of tariffs and reduced demand for electric vehicles continue to hurt.
Slowing demand for EVs, partly due to a lack of affordable models, as well as the effects of EU, U.S. and Canadian tariffs on electric cars made in China have made market conditions increasingly difficult for automakers. Continue reading “Volvo Cars scales back margin and revenue ambitions”
Source : PTI | New and Renewable Energy Minister Pralhad Joshi on Wednesday stressed on the need to bring startups into the green hydrogen sector to bring new ideas and involve youth. Addressing a curtain raiser of the second International Conference on Green Hydrogen India 2024, Joshi said that there will be over 120 exhibitors in the event which is scheduled on September 11-13, 2024 in Delhi.
He said for pushing green hydrogen mission, we need to bring startups as it needs young blood and new ideas. Continue reading “Need to bring startups to boost green hydrogen: Pralhad Joshi”
Source : PTI | Union minister Nitin Gadkari on Wednesday said two-wheeler manufacturers should provide helmet to the purchaser of the vehicle at a discount or reasonable rate as many people die in road accidents just for not wearing helmets. Addressing an event here, Gadkari said 50,029 people lost their lives in accidents in the country in 2022 when they were not wearing helmets.
“I am thinking of requesting two-wheeler manufacturers… if they can give some reasonable discount on helmets to the purchaser of the vehicle then we can save the life of the people,” he said. Continue reading “Two-wheeler makers should provide helmets to vehicle buyers at a discount: Nitin Gadkari”
(Reuters) – The United Auto Workers said on Wednesday that a battery manufacturing joint venture between General Motors and LG Energy Solution has agreed to recognize the union at a Tennessee plant.
The UAW said a majority of the employees at the Ultium Cells facility signed cards to join the UAW and the company had agreed to recognize the union after workers at an Ohio Ultium plant overwhelmingly voted to join the union in 2022 and won a new contract earlier this year with significant wage hikes. Continue reading “GM battery joint venture agrees to recognize UAW at Tennessee plant”
WASHINGTON, (Reuters) – The National Highway Traffic Safety Administration said on Wednesday it has closed an engineering analysis into General Motors prior recall of more than 1.3 million of its vehicles in the United States for seat belt issues.
NHTSA first opened a probe in 2019 into GM’s 2014 recall over the detachment of the flexible steel seat belt anchor Continue reading “NHTSA closes probe into GM recall of 1.3 million vehicles over seat belt issues”
Summary
STOCKHOLM, (Reuters) – Swedish automaker Volvo Cars scrapped its target of going all electric by 2030 on Wednesday, saying it now expected to still be offering some hybrid models in its lineup at that time. Continue reading “Volvo Cars abandons 2030 EV-only target”
Summary
WOLFSBURG, Germany, (Reuters) – Volkswagen has “one, maybe two” years to turn its main car brand around, its finance chief said on Wednesday, as the auto giant weighs its first ever plant closures in Germany and its powerful unions threaten a fight. Continue reading “Volkswagen warns time running out as it clashes with workers over cuts”
