SHANGHAI, (Reuters) – Hyundai Motor and its Chinese partner BAIC Motor on Wednesday agreed to invest $1.1 billion in their joint venture that produces and sells Hyundai cars in China, BAIC said in a statement.
The move signals the South Korean automaker’s commitment to the world’s largest car market despite its declining sales there and the loss of market share to Chinese rivals such as BYD since 2018. Continue reading “Hyundai, BAIC to invest $1.1 billion in China joint venture”
NEW YORK, (Reuters) – Tesla shares climbed to a record high of $415 on Wednesday, topping its prior high of $414.50 set more than three years ago as the electric vehicle maker extended a rally in the wake of the U.S. presidential election.
Shares of Tesla previously hit a record on Nov. 3, 2021, but a rally of about 65% since the Nov. 5 election has lifted the stock to new heights as investors expect the company to benefit from CEO Elon Musk’s relationship with President-elect Donald Trump. Continue reading “Tesla shares jump to record high”
DETROIT/WASHINGTON, (Reuters) – Volkswagen said Wednesday it is offering its newly unionized workers at its Tennessee assembly plant a 14% wage increase over four years and profit sharing.
The automaker and United Auto Workers union, which won the right to represent workers at the Chattanooga, Tennessee facility in April, have been engaged in contract talks for several months. VW said the company’s offer includes profit sharing for the first time and improves healthcare benefits for hourly workers at the plant. Continue reading “VW offers 14% wage hike over four years to Tennessee factory workers”
DETROIT, (Reuters) – General Motors needed to exit its Cruise robotaxi business, most Wall Street analysts agreed on Wednesday, but the automaker’s decision to do so was still a disappointing end for an operation that GM had touted as a potential $50 billion revenue generator by 2030.
The largest U.S. automaker on Tuesday pulled the plug on Cruise after evaluating the continued investments needed in a competitive space, executives said, adding they intend to fold some of Cruise’s talent into GM to continue development of driver assistance systems. Continue reading “Wall Street mostly upbeat on GM’s decision to pull the plug on Cruise”
New Delhi, December 10 2024:Â Maruti Suzuki India Limited (MSIL), today, announced signing of a MoU (Memorandum of Understanding) with Saraswat Co-operative Bank Ltd (Saraswat Bank). Under this collaboration, the Saraswat Bank will provide customised auto retail financing solutions for customers. With this tie-up, MSIL aims to help dealer partners offer comprehensive retail financing solutions to its customers. Continue reading “Maruti Suzuki collaborates with Saraswat Co-operative Bank Ltd. for retail car financing”
Source : PTI | Over 100 global firms from countries like the US, Japan, China and India will showcase cutting-edge innovations at the Bharat Battery Show in January 2025. The second edition of the Bharat Battery Show (as part of the Bharat Mobility Global Expo 2025) is shaping up very well with the global participation of companies from various countries, a statement said.
According to the statement, a Singaporean delegation will visit the global expo to explore Indian market opportunities. Continue reading “Over 100 global firms to participate in Bharat Battery Show in Jan”
Source : PTI | Electric vehicle maker Kinetic Green Energy and Power Solutions on Monday said it has forged a technical collaboration with Jio Platforms Limited’s subsidiary JioThings to launch a suite of digital display platforms and analytics. As part of this collaboration, Kinetic Green is unveiling an innovative Smart TFT-based digital and connected display platform to revolutionise the riding experience for its consumers on its E2W platforms, the company said.
This advanced display integrates essential features, including real-time navigation, notifications for incoming calls, and information on nearby charging stations, Kinetic Green Energy added. Continue reading “Kinetic Green partners with JioThings to launch digital display platforms, analytics suite”
Source : PTI | Researchers at the Indian Institute of Technology (IIT) Guwahati have developed an advanced biological method to convert methane and carbon dioxide into cleaner biofuels using methanotrophic bacteria, officials said on Monday. This innovative approach represents a significant leap toward sustainable energy solutions and climate change mitigation, they said.
The research, published in Fuel, a leading journal by Elsevier, addresses two critical global challenges-the harmful environmental impact of greenhouse gases and the depletion of fossil fuel reserves. Continue reading “IIT Guwahati develops tech to convert methane, carbon dioxide into eco-friendly biofuel”
(Reuters) – Tesla aims to start its robotaxi service with a company-owned fleet backed up by human teleoperators for safety, Deutsche Bank said in a note after a meeting with the company’s head of investor relations.
The electric vehicle maker still is shooting for a launch of its cheaper vehicle in the first half of next year and other models later in the year, the bank said after the meeting with investor relations chief Travis Axelrod. It published the note on Friday. Continue reading “Tesla aims to launch robotaxi with teleoperator backup, Deutsche Bank says”
MILAN, (Reuters) – Stellantis on Friday said it planned to rejoin European auto lobby ACEA, which it had left at the beginning of 2023, in a move that might flag a more cautious stance for the automaker on its electrification plans.
“Stellantis, Europe’s second largest carmaker, confirms that it intends to apply for membership of ACEA,” the group said in a statement. Continue reading “Stellantis to rejoin ACEA auto manufacturers association”
FRANKFURT, (Reuters) – Factory shutdowns would be a wrong move by Volkswagen German Chancellor Olaf Scholz said, adding that Europe’s largest carmaker had a responsibility to its employees.
Volkswagen is in a bitter dispute with staff over pay cuts and possible plant closures aimed at countering high costs in Germany and massively cheaper Asian rivals entering Europe. Continue reading “Volkswagen plant closures ‘not the right way’, Germany’s Scholz says”
HANOI, (Reuters) – Vietnamese electric vehicle (EV) manufacturer VinFast on Sunday announced a plan to build its second domestic production plant that will double its output capacity, saying it is needed to meet increased demand for its small and mid-sized models.
VinFast said the new facility is expected to produce 300,000 units annually in its initial phase, the same capacity as its existing plant in Haiphong. The company delivered fewer than 45,000 cars worldwide in the first nine months of 2024. Continue reading “VinFast to build second production plant in Vietnam”
Summary
SHANGHAI/BEIJING, (Reuters) – China’s top electric vehicle maker BYD gained market share as the world’s largest auto market recorded its fastest-growing month in 2024, setting BYD up to exceed its global annual sales goal and overtake Ford and Honda. Continue reading “BYD on track to top 2024 sales goal and outsell Ford, Honda”
Source : PTI | Gujarat-based automotive component maker Setco on Friday said it has commenced exporting flywheels and covers manufactured by its subsidiary Lava Cast to the US market, and it plans to scale up exports of these parts going forward. The shipment includes flywheels tailored for leading auto and auto ancillary players in the USA as well as covers designed for aftermarket distributors and remanufacturers, Setco Automotive said.
This consignment represents a significant milestone in the company’s export journey, as the it looks to capitalize on the growing demand for high-quality automotive components in international markets, Setco said.
Continue reading “Setco begins exports of auto parts to US market”
Source : PTI | A video of smoke emanating from an electric scooter in Chhatrapati Sambhajinagar has gone viral, after which leading two-wheeler maker Bajaj Auto said the incident is being probed.
Smoke came out of the vehicle, apparently a Bajaj Chetak electric scooter, at a busy traffic signal on the Jalna Road on Thursday.
Continue reading “Smoke emanates from electric scooter, Bajaj Auto says incident being probed”
Source : PTI | New Delhi: Auto components maker Samvardhana Motherson International on Friday said it will acquire 95% stake in Japan-based Atsumitec for USD 57 million (around INR 482 crore). The company’s board has approved the acquisition via its subsidiary Samvardhana Motherson Automotive Systems Group BV, the company said in a statement.
Honda Motor shall continue to own remaining 5% voting rights shares in Atsumitec Co, Ltd, it noted. Continue reading “Samvardhana Motherson to acquire 95% stake in Japan’s Atsumitec for USD 57 mn”
Source : PTI | Electric commercial vehicle manufacturer PMI Electro Mobility said on Thursday it will supply 250 single-decker air-conditioned e-buses to the Brihanmumbai Electric Supply & Transport Undertaking (BEST) as part of an agreement. The deliveries of these 12-meter e-buses are to be completed in different lots by the second quarter of FY26, PMI Electro Mobility said in a statement.
These buses will be operated across various routes in Mumbai and its extended suburbs under GCC (gross cost contract) model, thereby enhancing the connectivity within the city limits while significantly reducing the carbon footprint, the company said. Continue reading “PMI Electro Mobility to supply 250 single-decker AC e-buses to BEST”
Source : PTI | Mumbai, More than two crore vehicles registered in Maharashtra before April 2019 will have to be fitted with High Security Registration Plates (HSRP) in the next four months to avoid imposition of penalty on their owners. The Maharashtra Transport Commissioner’s Office has set March 31, 2025 deadline for installation of the HSRPs to the vehicles and appointed three agencies, after a long-drawn-out tendering process, to carry out the task. The authorities issued the Standard Operating Procedures (SOPs) for the new registration plates on Wednesday, a day before the new Maharashtra government led by Devendra Fadnavis was sworn in. Continue reading “Maharashtra transport dept sets March 31 deadline to fix high security number plates on vehicles”
Summary
(Reuters) – Volkswagen workers will go on extended strikes on Monday, stepping up a bitter dispute with management over layoffs and what would be the first factory closures on German soil for Europe’s largest carmaker, a union statement said on Thursday. Continue reading “VW workers step up strikes to fight German plant closures”
NEW YORK, (GLOBE NEWSWIRE) — Roadzen Inc. (Nasdaq: RDZN) (“Roadzen” or the “Company”), a global leader in AI at the convergence of insurance and mobility, today announced two major milestones: its proprietary, computer vision-powered Advanced Driver Assistance System (ADAS) platform, DrivebuddyAI, has become the first-ever system to receive Automotive Research Association of India (ARAI) certification under India’s Automotive Industry Standard 184 (AIS 184) and has crossed one billion kilometers of real-world driving data. These accomplishments establish DrivebuddyAI as a pioneer in real-world AI and road safety. Continue reading “Roadzen’s DrivebuddyAI Secures India’s Only ARAI Certification for AI-Powered Advanced Driver Safety; Surpasses One Billion Kilometers of Real-World Driving Data”
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Automotive Procurement Heads share Best Practices at SIAM powered by ACMAÂ WAF Continue reading “WAF Auto News | The Auto World This Week (06th December 2024)”
New Delhi, 5th December 2024: The Society of Indian Automobile Manufacturers (SIAM) organised the SIAM Automotive Sourcing Conclave 2024, themed “Towards Building a Resilient Supply Chain”. The conclave emphasised the importance of fostering resilient supply chains to support the automotive industry’s evolution, ensuring sustained growth and alignment with the nation’s self-reliance goals. The conclave witnessed the participation of senior government officials, automotive industry leaders, and experts from the automobile supply chain, who came together to discuss strategies for creating robust and future-ready supply chains.
 The conference included three sessions: “Strengthening the Supply Chain Ecosystem for Electrified Vehicles,” “Preparedness for Futuristic Technologies,” and “Balancing Regulatory Compliance vis-a-vis Supply Chain Resilience”. These sessions explored innovative solutions to enhance supply chains for EVs, adopt emerging technologies in sourcing, and harmonise regulatory compliance with operational resilience for a competitive edge. Continue reading “Automotive Procurement Heads share Best Practices at SIAM powered by ACMA”
Summary
SHANGHAI, (Reuters) – Automakers in China are ramping up exports of hybrid vehicles to Europe and planning more models for the key market, exposing the limits of the European Union’s electric vehicle tariff scheme. Continue reading “China automakers pivot to hybrids for Europe to counter EV tariffs”
Summary
DETROIT, (Reuters) – General Motors told shareholders on Wednesday that it would record two non-cash charges totaling more than $5 billion on its joint venture in China, one related to the restructuring of the operation and another reflecting its reduced value. Continue reading “GM to take more than $5 billion in charges on China operations”
Summary
TOKYO, (Reuters) – In early October, Nissan Motor managers dialed in for a regular online meeting with boss Makoto Uchida only to hear a grim message: business was worse than expected and the Japanese car maker had to cut jobs and production. Continue reading “Nissan boss Uchida races to save the automaker – and his job”
Source : PTI | JBM Group on Tuesday said it has entered into a strategic partnership with Singapore-based Keppel Ltd to devise sustainable solutions in areas of electric mobility, EV charging, renewables and battery energy storage systems. Under the partnership, JBM Group and Keppel, jointly aim to drive innovation for decarbonising urban infrastructure, provide customised solutions for rising demand in electro-mobility and electric-waste (e-waste) management and capture the opportunities for more sustainable electricity in commercial and industrial sectors, the company said in a statement.
Keppel, a global asset manager and operator with expertise in sustainability related solutions spanning the areas of infrastructure, real estate and connectivity, brings to the partnership its leading-edge capabilities in integrated clean energy, electric vehicle (EV) charging and resource circularity solutions, it added. Continue reading “JBM, Keppel join hands to devise sustainable solutions for EV ecosystem, energy storage”
NEW DELHI, (Reuters) – IndiGo, India’s biggest airline, has sued automaker Mahindra and Mahindra for trademark infringement over its use of “6E” in branding its latest electric vehicle, legal papers show.
Mahindra in a stock exchange filing, denied any wrongdoing, saying its recently launched electric vehicles “BE 6e” and “XEV 9e” had the necessary trade mark registration and there was no conflict with the “standalone ‘6E'” branding used by IndiGo. Continue reading “India’s IndiGo sues Mahindra in fight over use of ‘6E’ branding”
(Reuters) – A slew of automotive companies across Europe have announced plant closures and big layoffs recently as they struggle with weak demand, high costs, competition from China and a slower-than-expected transition to electric vehicles.
Below are layoffs and site closures announced in recent months (latest first): Continue reading “Europe’s embattled auto sector plans plant closures and layoffs”
(Reuters) – The National Highway Traffic Safety Administration said on Tuesday that General Motors is recalling about 132,037 trucks due to concerns about tailgates unlatching unexpectedly.
The recall affects certain 2024 models of Chevrolet Silverado HD 2500, 3500, and GMC Sierra HD 2500, 3500 vehicles equipped with power-unlatching tailgates. Continue reading “GM recalls over 132,000 trucks over tailgate unlatching, NHTSA says”
WASHINGTON, (Reuters) – U.S. passenger railroad Amtrak said on Tuesday ridership topped 2019 pre-COVID levels for the first time in 2024 and reached a record high even with less capacity.
Ridership increased 15% over 2023 to a record 32.8 million customer trips, as passenger revenue hit $2.5 billion, up 9% over the prior year, while total operating revenue was $3.6 billion, up 7%. Amtrak reported an adjusted operating loss of $705 million for the 12 months ending Sept. 30, down 9% over 2023. Continue reading “US railroad Amtrak sets passenger record in 2024”
Source : PTI | Eicher Motors Ltd on Sunday said its arm VE Commercial Vehicles posted 7.3% rise in total sales at 5,574 units in November 2024 as compared to the same month last year. VE Commercial Vehicles (VECV), a joint venture of the Volvo Group and Eicher Motors, had sold 5,194 units in November 2023, Eicher Motors said in a regulatory filing.
November 2024 sales included 5,359 units of the Eicher brand and 215 units of the Volvo brand, it added. Continue reading “VECV sales up 7.3% at 5,574 units in Nov”
Source : PTI | Mahindra & Mahindra on Monday said its total sales increased 125 year-on-year to 79,083 units in November. The auto major had dispatched 70,576 units to dealers in November 2023.
In the utility vehicles segment, the company sold 46,222 vehicles in the domestic market, a growth of 16% over 39,981 units in the year-ago period, Mahindra & Mahindra (M&M) said in a statement. Continue reading “Mahindra sales up 12% in November with 79,083 units”
Source : PTI | Ride-hailing app Uber has launched its first water transport service in India, with a booking of a shikara at Dal Lake in Srinagar through its app, a senior company official said on Monday. The company introduced the first service of its kind in Asia.
Uber Shikara is our humble attempt to blend technology and tradition to give a seamless experience to travellers for their shikara ride. We are proud to create this iconic experience enhancing accessibility and uplifting tourism in the breathtaking landscape of Kashmir,” Uber India and South Asia, President, Prabhjeet Singh said. Continue reading “Uber rolls out water transport service with shikara bookings on its app”
(Reuters) – India is investigating three electric vehicle makers for fraudulently availing government subsidies totaling 2.97 billion rupees (about $35 million), the Ministry of Corporate Affairs (MCA) said on Monday.
The Serious Fraud Investigation Office conducted search operations at Hero Electric Vehicles, Benling India Energy and Technology and Okinawa Autotech Internationall and found that they were violating guidelines tied to a production-linked government subsidy program, the MCA said. Continue reading “India says it is probing three EV makers for fraudulently availing subsidies”
(Reuters) – U.S. President-elect Donald Trump said on Monday a series of tax incentives and tariffs will revive storied American firm U.S. Steel as he reiterated his opposition to Nippon Steel’s planned $15 billion purchase of the company.
“I am totally against the once great and powerful U.S. Steel being bought by a foreign company, in this case Nippon Steel of Japan,” Trump wrote on his social-media platform Truth Social. Continue reading “Trump reiterates opposition to Nippon Steel’s takeover of U.S. Steel”
Summary
HANOVER/BERLIN (Reuters) – Workers at nine Volkswagen car and component plants across Germany started two-hour strikes on Monday, bringing assembly lines to a halt as labour and management clash over the future of Europe’s biggest carmaker. Continue reading “Nine Volkswagen plants on strike as worker rift with management deepens”
Summary
MILAN, (Reuters) – When 24-year-old Elena Aragon set out to buy a new car, she reviewed a range of no-frills brands in her home town of Cadiz, Spain, including Stellantis’ Fiat and Peugeot. Continue reading “Seeking higher margins, Stellantis CEO Tavares lost some core customers”
(Reuters) – U.S. lender JPMorgan Chase agreed on Friday to drop its lawsuit against Tesla that accused the electric vehicle maker of “flagrantly” breaching a contract between the two companies in 2014 relating to warrants Tesla sold to the bank.
The move to drop the lawsuit was announced in a one-page court filing by both companies in a Manhattan court, where they said they will drop their claims against each other. Continue reading “JPMorgan agrees to drop lawsuit against Tesla over stock warrants”
BEIJING, (Reuters) – China’s Baidu has received a licence to test autonomous vehicles with its Apollo Go robotaxi service in Hong Kong as it expands its footprint outside the Chinese mainland.
Baidu Apollo International Ltd was approved to conduct trials for 10 autonomous vehicle in North Lantau, according to a statement released by Hong Kong’s Transport Department on Friday. Continue reading “Baidu’s Apollo autonomous vehicles granted licence to test in Hong Kong”
SYDNEY, (Reuters) – Australia appointed Tesla chair Robyn Denholm on Monday to lead a review of the country’s research and development performance, in an attempt to improve economic growth.
Denholm and three other panellists drawn from academia and business will be tasked with creating a more purposeful approach to R&D, including strengthening links between research and industry. Continue reading “Australia appoints Tesla chair Denholm to lead review on R&D performance”
