(Reuters) – Global sales of fully electric and plug-in hybrid vehicles rose by a yearly 21% in July, thanks to China’s strongest growth this year and despite dropping demand in Europe, market research firm Rho Motion said Monday.

In the European Union MG Motor, owned by China’s SAIC Motor Corp, expects to be hit hardest by provisional tariffs imposed on EVs imported from China, Rho Motion data manager Charles Lester told Reuters. Continue reading “Global EV sales up 21% in July as China records biggest jump of 2024, Rho Motion says”

LONDON, (Reuters) – Low resale values for electric cars have pushed the leasing firms that drive Europe’s auto market to double prices over the last three years and some are threatening to quit the business altogether if regulators force them to go electric too fast, industry executives say.

The jump in prices for electric car leases comes as cuts in subsidies for new EVs in key markets such as Germany are hitting sales and risks stalling Europe’s electric transition, just when Brussels wants to step on the accelerator, the executives say. Continue reading “Leasing model behind Europe’s EV drive at risk of breakdown”

(Reuters) – Ford Motor and Mazda issued advisories to drivers of certain vehicles still affected by faulty Takata airbags and inflators that can cause potentially severe or fatal injuries.

The National Highway Safety Administration has previously warned that air bag inflators could explode in impacted vehicles, sending potentially deadly sharp metal fragments flying and striking the driver or passengers. Continue reading “Ford, Mazda advise against driving certain models over Takata airbag concerns”

(Reuters) – General Motors is recalling 21,469 electric SUVs in the U.S. over concerns of an unexpected activation of the anti-lock brake system, and will remedy the issue through an over-the-air update, the National Highway Traffic Safety Administration said on Tuesday.

The recall would affect GM’s 2023-2024 Cadillac Lyriq all-wheel drive models, the auto safety regulator added. Continue reading “GM to recall over 21,000 US electric SUVs over braking concerns”

Summary

• UAW President Shawn Fain condemns Trump and Musk’s actions as illegal and predictable
• NLRB can order employers to cease illegal conduct and inform workers of their rights
• Musk’s companies face multiple NLRB complaints, including illegal threats and discouraging unionizing
• Trump and Fain have exchanged barbs in the past

DETROIT, (Reuters) – The United Auto Workers Union said on Tuesday it has filed complaints with the National Labor Relations Board against Donald Trump and Tesla CEO Elon Musk over attempts to threaten and intimidate workers. Continue reading “UAW accuses Trump, Musk of trying to intimidate workers in labor complaints”

Monthly Performance: July 2024

Production: The total production of Passenger Vehicles1 , Three Wheelers, Two Wheelers, and Quadricycle in July 2024 was 24,37,138 units

Domestic Sales:

• Passenger Vehicles2 sales were 3,41,510 units in July 2024.
• Three-wheeler sales were 59,073 units in July 2024
• Two-wheeler sales were 14,41,694 units in July 2024 Continue reading “Automobile Industry Performance – July 2024”

(Reuters) – Global sales of fully electric and plug-in hybrid vehicles rose by a yearly 21% in July, thanks to China’s strongest growth this year and despite dropping demand in Europe, market research firm Rho Motion said Monday.

In the European Union MG Motor, owned by China’s SAIC Motor Corp, expects to be hit hardest by provisional tariffs imposed on EVs imported from China, Rho Motion data manager Charles Lester told Reuters. Continue reading “Global EV sales up 21% in July as China records biggest jump of 2024, Rho Motion says”

Source : PTI | Italian super luxury automaker Automobili Lamborghini expects exponential growth in India with the potential to become a top market in the Asia Pacific region in the long-term, driven by customers who are the youngest globally, according to a senior company official. With the company selling a record 103 units in India in 2023, Automobili Lamborghini Asia Pacific Region Director, Francesco Scardaoni said his wish is to cross the annual sales mark of 150 units in the country in 2026.

“In terms of volume, India is number 14th in the world and number sixth in Asia Pacific. In terms of percentage it is the fastest growing market,” Scardaoni told PTI.

Continue reading “Lamborghini bets big on India’s long-term potential”

Source : PTI | Tata Motors expects demand to remain sluggish in overseas markets this fiscal while pinning hopes on a gradual bounce back in the domestic market on the back of new launches and the upcoming festive season. Earlier this month, the Mumbai-based automaker reported a consolidated net profit of INR 5,566 crore and total income of INR 1,09,623 crore for June quarter.

“Overall, from a demand perspective, we do anticipate that as far as the global demand is concerned, it is likely to remain muted. It has been that way. It’s likely to remain muted. No immediate changes there,” Tata Motors Global CFO PB Balaji said in an analyst call. Continue reading “Global demand muted; gradual improvement expected in domestic market: Tata Motors”

Source : PTI | Domestic steel prices have dropped to a three-year low on account of increased imports, according to a report. Hot rolled coils (HRC) prices have fallen to INR 51,000 a tonne from a peak of INR 76,000 a tonne in April 2022, markets research firm BigMint said in a report.

The rate of cold rolled coils (CRC) is trading at INR 58,200 a tonne from the peak of INR 86,300 a tonne in April 2022. The prices exclude the 18% GST on the commodity. Continue reading “Steel prices trade at 3 year lows on increased supplies : Report”

SEOUL, (Reuters) – South Korean officials met on Monday to discuss electric vehicle safety and whether to require car firms to disclose battery brands amid growing consumer concern after an EV blaze in an underground garage extensively damaged an apartment block.

The fire on Aug. 1, which appeared to start spontaneously in a Mercedes-Benz EV parked below a residential building, took eight hours to put out, destroying or damaging about 140 cars and forcing some residents to move to shelters. Continue reading “South Korea holds emergency meeting as EV fires stir consumer fear”

LUCKNOW, (Reuters) – India’s most populous state Uttar Pradesh will not reverse a decision to waive registration taxes for hybrid cars, two sources said on Monday, handing a win to Toyota but dealing a blow to Tata Motors and Mahindra & Mahindra.

Hyundai, Kia Motors, Tata and Mahindra lobbied the state, which accounts for 10% of India’s car sales, to remove the incentive, arguing it would make it harder to reach India’s targets for adopting fully electric cars and hit investment plans. Continue reading “Indian state backs hybrid tax waiver in win for Toyota, blow for Tata, sources say”

HANOI, (Reuters) – Vietnam is planning to subsidise electricity prices for electric vehicle (EV) charging stations, as part of its efforts to promote the use of EVs and meet its energy transition commitments.

The subsidy scheme is due to be submitted to the central government by mid-September for approval, the government said in a statement over the weekend. Continue reading “Vietnam plans electricity subsidies for EV charging stations”

(Reuters) – When Elon Musk endorsed Donald Trump for president last month, the Tesla founder and chief executive backed a candidate who vows to “drill, baby, drill,” “end the electric vehicle mandate” and reduce subsidies of the sort that helped Tesla become the U.S.’s dominant EV manufacturer.

So instrumental have government loans, tax breaks and other EV policies been to Tesla’s fast growth that despite Musk’s gradual embrace of the former president and his Republican Party rhetoric in recent years, the company continues to lobby the U.S. and state governments for benefits championed by the Democratic Party. Continue reading “Musk embraces Trump and scorns subsidies. But Tesla still lobbies for US benefits”

New Delhi, 10th August 2024: The Society of Indian Automobile Manufacturers (SIAM) under its जैविक पहल (Bio-initiative) successfully organized the 3rd International Conference on World Biofuel Day 2024 themed ऊर्जा क्रांति, उर्जित स्वराज (The Biofuel Revolution in India: Fueling Tomorrow). The landmark event brought together global and national experts, policymakers, and industry leaders to discuss the critical role of biofuels in India’s sustainable energy transition and the broader implications for the Indian automotive industry. Continue reading “SIAM Hosts 3rd International Conference on World Biofuel Day 2024: “The Biofuel Revolution in India: Fueling Tomorrow””

NEW YORK, (Reuters) – The investment firm that owns Les Schwab Tire Centers is exploring options including a sale of the tire retail chain that could value it at more than $7 billion, including debt, people familiar with the matter said on Thursday.

Meritage Group has tapped investment bankers at Goldman Sachs to launch a sale process for Les Schwab Tire that is expected to garner interest from private equity firms and other tire retailers, said the sources, who requested anonymity as the discussions are confidential. Continue reading “Exclusive: Les Schwab Tire’s owner explores sale valuing it at over $7 billion, sources say”

(Reuters) – China-based autonomous driving startup WeRide said on Friday it was seeking a valuation of as much as $5.02 billion in its initial public offering in the United States.

The IPO announcement comes at a time when the Biden administration is expected to propose barring Chinese software in autonomous vehicles in the United States in the coming weeks. Continue reading “Chinese robotaxi firm WeRide eyes up to $5 bln valuation in US IPO”

DETROIT, (Reuters) – Chrysler-parent Stellantis is laying off as many as 2,450 factory workers from its Warren Truck assembly plant outside of Detroit as the automaker ends production of the Ram 1500 Classic truck.

The layoffs will be effective as early as Oct. 8, the company said, as the plant moves from a two-shift to a one-shift operating pattern in general assembly. Assembly of the Jeep Wagoneer at the same facility will be on one shift, the company said. Continue reading “Stellantis to lay off up to 2,450 factory workers as classic Ram production ends”

BRUSSELS, (Reuters) – The European Commission is confident its investigation into, and measures against, state subsidies for Chinese electric vehicles are compatible with World Trade Organization rules and its probe will continue, the EU executive arm said on Friday.

The European Union imposed provisional tariffs of up to 37.6% on imports of electric vehicles (EV) made in China in July, keen to protect its domestic EV production, after an EU investigation found the cars were subsidised by China. Continue reading “EU executive confident its Chinese EV measures comply with WTO, says probe continues”

SAN FRANCISCO, (Reuters) – Tesla has stopped taking orders for the least expensive version of its Cybertruck, which is priced at $61,000, while making the $100,000 version available for immediate order and delivery as soon as this month, its website showed.

Demand and supply for the Cybertruck are closely monitored by Tesla investors and fans, because Chief Executive Elon Musk has poured resources into the truck’s development and plans to make 200,000 per year. Continue reading “Tesla stops taking orders for cheapest Cybertruck, offers $100,000 version now”

Source : PTI | German luxury carmaker Mercedes-Benz on Thursday sounded confident of posting a double-digit growth this calendar year and said it is expecting the demand to remain good in the coming festive season on the lines of last year. Speaking with PTI at the launch of two new top-end car models, Mercedes-Benz India Managing Director and CEO Santosh Iyer said that the company is seeing growth in its electric vehicle portfolio also and it will come out with the electric version of Maybach in September this year.

With the unveiling of the Mercedes-AMG GLC 43 4MATIC CoupA and CLE 300 Cabriolet AMG Line, priced at INR 1.105 crore and INR 1.10 crore, respectively, the company has strengthened its top-end product range further. Continue reading “Mercedes-Benz confident of double-digit growth this year, rolls out 2 new top-end models”

Source : PTI | New Delhi: Coal and mines minister G Kishan Reddy on Thursday said that critical minerals have emerged as drivers of the modern economy and the Centre has ensured the country taps into this global opportunity through the launch of the National Critical Mineral Mission. Union Budget 2024-25 has proposed launching Critical Mineral Mission for domestic production, recycling of critical minerals, and overseas acquisition of critical mineral assets. Its mandate will include technology development, skilled workforce, extended producer responsibility framework, and a suitable financing mechanism.

Addressing the national seminar on challenges and opportunities in the mines and minerals sector organised by the Mining, Geological, Metallurgical Institute of India, Reddy said that the government has brought about a paradigm change in the coal and minerals sector, making it transparent and competitive. Continue reading “Critical minerals have emerged as drivers of modern economy: Reddy”

Source : PTI | Italian super luxury automaker Automobili Lamborghini is looking forward to India’s new hybrid vehicle policy to tap more growth opportunities in the country, a senior company official said on Friday. The company, which on Friday launched the plug-in hybrid version of its flagship SUV Urus with prices starting at INR 4.57 crore (ex-showroom) plans to bring its other hybrid models going forward as and when it launches those in the global markets.

“We believe that there is a big potential to grow here in India. We have also already seen with the introduction of Urus we had a big percentage growth. We believe that also in the next year we will see a similar trend,” Automobili Lamborghini Asia Pacific Region Director, Francesco Scardaoni told PTI here on the sidelines of the launch of Urus SE. Continue reading “Looking forward to India’s hybrid vehicle policy to tap opportunity: Automobili Lamborghini”

(Reuters) – General Motors said on Thursday it was committed to building a profitable and self-sustainable operation in China, despite facing stiff competition from local brands.

Shares of GM rose more than 4%.

“We’re committed to maintaining cash stability there at a point where it’s self-sustaining. That means not needing any capital from outside,” GM CFO Paul Jacobson said at an auto conference organized by J.P. Morgan. Continue reading “GM says it is committed to China operations despite challenges”

NEW YORK, (Reuters) – The investment firm that owns Les Schwab Tire Centers is exploring options including a sale of the tire retail chain that could value it at more than $7 billion, including debt, people familiar with the matter said on Thursday.

Meritage Group has tapped investment bankers at Goldman Sachs to launch a sale process for Les Schwab Tire that is expected to garner interest from private equity firms and other tire retailers, said the sources, who requested anonymity as the discussions are confidential. Continue reading “Exclusive: Les Schwab Tire’s owner explores sale valuing it at over $7 billion, sources say”

(Reuters) – Archer Aviation on Thursday announced an agreement-in-principle with Stellantis under which the automaker would bear up to $370 million of labor-related costs to support a planned ramp-up of the air-taxi maker’s aircraft.

The funding will give Archer access to much-needed capital to fund the production of its flagship ‘Midnight’ aircraft to 650 units annually. The company had cash and cash equivalents of $360.4 million at the end of June. Continue reading “Archer says Stellantis to help fund some air-taxi production costs”

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Become a WAF Certified AI, Blockchain, Cloud Pro and Power Up your Career | Register for 8th WAFit! ABC Tech Summit WAF Continue reading “WAF Auto News | The Auto World This Week (9th August 2024)”

SEOUL, (Reuters) – South Korea’s environment ministry said on Thursday it plans to hold an emergency meeting next week to discuss fires involving electric vehicles (EVs), including a blaze that caused extensive damage, and draw up measures to prevent such incidents.

The ministry said the land and industry ministries will join Monday’s meeting as well as other state bodies, such as the National Fire Agency, adding that the government planned to announce comprehensive measures regarding EV fires soon. Continue reading “South Korea to hold emergency meeting after EV fires raise safety concerns”

MEXICO CITY, (Reuters) – MG Motor plans to build a manufacturing plant and a research and development center in Mexico, the carmaker said on Wednesday, adding that it would bring the additional benefit of gleaning market intelligence specific to Latin America.

The firm joins other electric-vehicle makers with plans to build plants in Mexico, the United States’ largest trade partner, such as BYD and Tesla, although the latter recently put its plans on hold. Continue reading “MG Motor to build manufacturing plant, R&D center in Mexico”

BANGKOK, (Reuters) – Thailand has approved incentives for joint ventures (JV) between Thai and foreign companies to manufacture automotive parts for vehicles using all types of propulsion systems, its Board of Investment said on Thursday.

Thailand is Southeast Asia’s biggest autos production centre and an export base for some of the world’s top carmakers. The government is heavily promoting investments in electric vehicles in particular, with incentives to lure major firms. Continue reading “Thailand approves incentives for auto parts joint ventures”

(Reuters) – BMW is recalling 105,558 crossovers and sedans in the U.S. and will issue a software update to fix concerns related to a starter motor that can overheat, the National Highway Traffic Safety Administration said on Thursday.

The recall affects various models, including some X5, X7, 3 and 7 Series models. Continue reading “BMW to recall over 100,000 US vehicles over starter motor concern”

BEIJING, (Reuters) – Half of all vehicles sold in China in July were either new pure electric vehicles (EV) or plug-in hybrids, industry data showed, a milestone that underscores how far the world’s biggest auto market has leapt ahead of Western counterparts in EV adoption.

Sales of so-called new energy vehicles (NEVs) jumped 37% last month from the same period a year earlier, accounting for a record 50.7% of car sales, data from the China Passenger Car Association (CPCA) showed. Continue reading “China auto market hits milestone as EVs, hybrids make up half of July sales”

Summary

• EV maker expects Q3 deliveries to dip sequentially
• Sees cost reduction of factory upgrades in second half of 2024

(Reuters) – Rivian on Tuesday stuck to its forecast that production would not rise this year and said deliveries in the third quarter would be slightly lower, as the EV maker races to rebuild inventory after a factory shutdown in April designed to cut costs. Continue reading “Rivian sticks to flat production outlook for 2024, expects deliveries dip in Q3”

(Reuters) – Lyft’s shares tanked 16% on Wednesday after a soft forecast for the key summer quarter stirred worries that it may be losing ground to rival Uber.

Shares fell to an eight-month low of $9.20 in early trading, setting Lyft on track to lose over $700 million in stock market value. Continue reading “Lyft’s soft forecast fans worries of losing ground to Uber, shares tank”

DETROIT, (Reuters) – U.S. presidential candidate Kamala Harris clinched the United Auto Workers’ endorsement last week, but a tough task still lies ahead: earning the support of its nearly 400,000 members.

Democrats have been energized by Harris’ candidacy after President Joe Biden ended his re-election campaign following a poor June debate. Polls show her with a small national lead over Republican Donald Trump for the Nov. 5 election, but securing UAW members’ votes in the battleground state of Michigan could be key in what is expected to be a tight race with the former president. Continue reading “The UAW endorsed Harris for president. Will it help her win Michigan?”

DETROIT, (Reuters) – United Auto Workers President Shawn Fain on Wednesday criticized Republican presidential candidate Donald Trump’s ties to billionaire Elon Musk while campaigning for Democratic Vice President Kamala Harris.

Musk endorsed Trump for November’s election after the former president survived an assassination attempt in July. Later that month, the Wall Street Journal reported Musk planned to commit around $45 million a month to a new pro-Trump super political-action committee. However, after that report’s publication, both Musk and Trump said the Tesla CEO never pledged any such donation. Continue reading “UAW chief criticizes Trump ties to Musk while campaigning for Harris”

TOKYO, (Reuters) – Japan’s Honda Motor reported a 23% increase in first-quarter profit on Wednesday as the automaker benefited from a weaker yen, higher pricing and growing hybrid vehicle sales in the U.S. and its home market.

Japan’s second-biggest carmaker said quarterly operating profit totalled 484.7 billion yen ($3.3 billion) in the April-June period, compared with an average estimate of 472.4 billion yen in a poll of seven analysts by LSEG. Continue reading “Honda Q1 profit jumps 23%, helped by hybrid vehicle sales”

(Reuters) – U.S. auto safety regulator has opened a preliminary evaluation into 77,131 Nissan vehicles over reports of an issue with the steering tie rod, it said on Wednesday.

The National Highway Traffic Safety Administration said the probe would involve Nissan’s 2021 Rogue crossover models, adding that it launched the investigation after reports of inner tie rod failures resulting in a loss of steering control. Continue reading “US auto regulator opens probe into more than 77,000 Nissan SUVs”

WUHAN, (Reuters) – Liu Yi is among China’s 7 million ride-hailing drivers. A 36-year-old Wuhan resident, he started driving part-time this year when construction work slowed in the face of a nationwide glut of unsold apartments.

Now he predicts another crisis as he stands next to his car watching neighbours order driverless taxis. Continue reading “China’s drivers fret as robotaxis pick up pace – and passengers”