Source : PTI | New Delhi: Apollo Tyres on Wednesday said its consolidated net profit declined by 24% to INR 302 crore for the first quarter ended June 30, 2024 on account of lower sales and escalation in raw material cost. The company had reported a net profit of INR 397 crore in the April-June quarter of the last fiscal.

Revenue from operations for the quarter under review stood at INR 6,335 crore, as against INR 6,245 crore in the year-ago period, Apollo Tyres said in a statement. Continue reading “Apollo Tyres Q1 net dips 24% at INR 302 cr”

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?”

(Reuters) – The National Transportation Safety Board said it is opening an investigation after an SUV in Belle Glade, Florida, drove into a canal late on Monday resulting in at least nine deaths, including six children.

The Palm Beach County Sheriff’s Office said four people died at the scene and five died after being transported to a local hospital. Continue reading “US safety board opening probe into Florida SUV accident that killed 9”

BEIJING, (Reuters) – Tesla is performing a remote recall of 1.7 million vehicles in China with an over-the-air software update, the state market regulator said on Tuesday.

The recall in Tesla’s second-largest market involves imported Model S and X vehicles and China-made Model 3 and Y vehicles that could fail to detect when the front trunk lid is unlocked, resulting in potential safety hazards, the State Administration for Market Regulation said in a statement. Continue reading “Tesla to fix 1.7 mln vehicles in China, says market regulator”

(Reuters) – Alphabet’s Waymo is expanding its autonomous ride-hailing service areas in San Francisco and Los Angeles to cater to growing demand from customers, the company said on Tuesday.

The announcement comes as rivals such as General Motors and Amazon.com’s Zoox are investing heavily in driverless cars to drive commercial success, even as regulatory scrutiny remains tight. Continue reading “Waymo to expand autonomous ride-hailing service areas in Los Angeles, San Francisco”

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”

Source : PTI | New Delhi: After reporting record profits, state-owned fuel retailersIndian Oil Corporation (IOC), BPCL and HPCL posted up to 90% slump in their June quarter earnings as margins fell and they booked under-recovery on the sale of domestic cooking gas LPG at government-controlled rates.

IOC, the nation’s largest oil firm, reported a 81% drop in standalone net profit in April-June — the first quarter of current 2024-25 fiscal year — to INR 2,643.18 crore as opposed to a profit of INR 13,750.44 crore a year back, according to a company filing. Net profit also declined sequentially, when compared to an earning of INR 11,570.82 crore in the March quarter. Continue reading “After record profits, state-owned fuel retailers see up to 90% slump in June quarter earnings”

(Reuters) – German machine and car parts maker Schaeffler AG reported on Tuesday an almost 30% drop in second quarter core profit, hit by a slump in earnings in its bearings and industrial solutions division, particularly in Europe and China.

Earnings in the industrial solutions business slid 67.7% from a year earlier, dragging down group-wide earnings before interest, taxes and special items, which fell 29.4% from a year earlier to 204 million euros ($223.07 million) for the quarter. Continue reading “Schaeffler’s second quarter profit falls almost 30%”

BEIJING, (Reuters) – Chinese technology conglomerate Huawei and BAIC Motor on Tuesday launched their first jointly developed electric vehicle (EV).

Prices for the Stelato S9 sedan start at 399,800 yuan ($55,925.47). Continue reading “China’s Huawei and BAIC Motor launch first jointly developed EV”

NAIROBI, (Reuters) – Kenya’s Mobius Motors, which started making rugged, low-priced SUVs designed for Africa’s roads a decade ago, has decided to stop operating due to financial challenges, a company statement and a shareholder source said on Tuesday.

Mobius, founded by a London-born investor who experienced the continent’s bumpy roads while working for a forestry company in Kenya, found tax hikes in the East African country meant its business model was no longer sustainable, the source at one of the company’s shareholders told Reuters. Continue reading “Kenya’s Mobius, maker of rugged cars for African roads, calls it a day”

(Reuters) – Uber’s second-quarter results beat Wall Street estimates on the back of steady demand for its ride-sharing and food-delivery services, sending the company’s shares up 5% on Tuesday.

With more people returning to offices and stepping out of their homes, ride-sharing demand has got a boost in the past several months, benefiting companies such as Uber and rival Lyft. Continue reading “Uber’s second-quarter results beat on ride-sharing demand”

• Volkswagen India expands its footprint in Kerala with the inauguration of city stores in Calicut, Trivandrum, Kochi, alongside an additional body shop facility in Kochi and two more Sales & Service facilities at Kodungallur & Palakkad that were inaugurated this year
• Volkswagen introduces Onam Edition, a special celebratory edition for the Taigun and Virtus that will feature Front Parking Sensors, Dual Tone Horn, Puddle Lamps, TSI Fender Badge and more
• The brand’s presence in Kerala expands further with the new touchpoint additions. Volkswagen now has 21 sales and 16 service touchpoints located across the state
• The newly inaugurated city stores in Calicut, Trivandrum, and Kochi will showcase the brand’s premium product portfolio, including the 5-star GNCAP rated Virtus and Taigun, as well as the globally-acclaimed Tiguan
• The new body shop facility in Kochi features 11 service bays and offers fullfledged body repair facilities
• These new customer touchpoints will be managed by a total of more than 110 trained sales and service executives

Mumbai: Volkswagen India continues to strengthen its network footprint in the state of Kerala with the inauguration of six new customer touchpoints. Expanding its presence in key markets across the state, the new touchpoints include city stores in Calicut, Trivandrum, and Kochi, as well as a new body shop facility in Kochi. Continue reading “Volkswagen India expands its network in Kerala with the inauguration of six new touchpoints”

TOKYO, (Reuters) – Japan’s Honda Motor will report consolidated first-quarter operating profit of more than 450 billion yen ($3.17 billion), boosted by strong U.S. hybrid vehicle sales, the Nikkei newspaper reported on Monday.

A Honda spokesperson said the information was speculation by Nikkei, adding that it was not something the company had released. Continue reading “Honda quarterly operating profit to top $3 bln, Nikkei reports”

(Reuters) – Lucid Group said on Monday its largest shareholder, Saudi Arabia’s Public Investment Fund, will inject up to $1.5 billion in cash, as the electric vehicle maker looks to ramp up production of a new SUV.

The EV maker’s shares jumped about 6% in extended trading after closing down 3.9% in the regular session. Continue reading “Lucid gets up to $1.5 bln in funding ahead of electric SUV rollout”

Source : PTI | Bengaluru-headquartered electric vehicle startup River Mobility Pvt Ltd backed by marquee investors Yamaha Motor Corp, Mitsui & Company Ltd, aims to open 100 showrooms by March 2026, a top official said. The company under its expansion drive inaugurated its first store in Chennai and plans to open 15 more stores by November and 50 stores by March 2025 Chief Executive Officer, Co-Founder Aravind Mani said here.

“We are very excited about the Chennai store. We have a lot of people from Tamil Nadu working in our facility (located outside Bengaluru). Chennai is a big EV market. The first store in Chennai is also the company owned operated store,” Mani told PTI.

Continue reading “River Mobility on expansion mode; aims to open 100 stores by March 2026”

Source : PTI | Classic Legends, a subsidiary of Mahindra and Mahindra Ltd, and retailers of Jawa and Yezdi range of motorcycles in India has announced plans to open 200 retail showrooms every year, a top official said on Saturday. Classic Legends was also gearing up to launch the popular BSA range of motorcycles on August 15, company CEO Ashish Singh Joshi said here, after inaugurating a new outlet ‘Swastik Motors’ spread across 6,000 sq ft at Mount Poonamallee, dubbed as the largest showroom in the country.

“We have about 450 dealerships currently. We have planned to take it up to 600 by this financial year. If you compare this with anybody else, we still have a long way to go. For the next few years, we will keep on adding 200 odd (showrooms) every year.” he told reporters. Continue reading “Classic Legends to open 200 Jawa-Yezdi showrooms every year”

WASHINGTON, (Reuters) – The U.S. Commerce Department is expected to propose barring Chinese software in autonomous and connected vehicles in the coming weeks, according to sources briefed on the matter.

The Biden administration plans to issue a proposed rule that would bar Chinese software in vehicles in the United States with Level 3 automation and above, which would have the effect of also banning testing on U.S. roads of autonomous vehicles produced by Chinese companies. Continue reading “US expected to propose barring Chinese software in autonomous vehicles”

(Reuters) – Canada’s Magna International missed analysts’ estimates for second-quarter results, hurt by production being stopped for certain vehicles and lower volumes of automobiles assembled, sending the auto parts supplier’s shares down about 2%.

The company, which counts BMW, Mazda and Ferrari as customers, produces parts and builds vehicles at its complete vehicle manufacturing unit for various automakers. Continue reading “Auto parts supplier Magna’s quarterly results miss on fewer vehicle assemblies”

WASHINGTON,  (Reuters) – The National Highway Traffic Safety Administration on Friday upgraded and expanded its investigation into nearly 1 million Stellantis Dodge sport utility vehicles over faulty door locks and windows after a report of one death tied to the issue.

In May 2023, NHTSA opened a preliminary evaluation into 82,000 2009 model year Dodge Journey SUVs. The agency said Friday it had upgraded its probe to an engineering analysis covering 992,000 Journey vehicles from the 2009 through 2020 model years. Continue reading “US expands probe into nearly 1 million Dodge SUVs over door locks”

BEIJING, (Reuters) – Tesla registered an insurance broking firm in China at the end of July, based on a national corporate information database, in a sign that the U.S. automaker may be trying again to gain approval to sell insurance products in the country.

The new company, located in Beijing’s Central Business District, was set up on July 30 with a registered capital of 50 million yuan ($6.92 million), the National Enterprise Credit Information Publicity System showed. Continue reading “Tesla registers insurance brokerage in China, national corporate database shows”

SHANGHAI, (Reuters) – Audi’s new electric cars series developed in China for the Chinese market will not sport its four-ring logo, two people with direct knowledge of the plans said.

The decision by the premium marque owned by Germany’s Volkswagen is due to “brand image consideration,” one of the people said. It also reflects the use of automotive architecture co-developed with Chinese partner SAIC and an increased reliance on local suppliers and technologies. Continue reading “Exclusive: Audi’s new China EV series won’t have signature four-ring logo”

As we progress in this highly dynamic environment, it is crucial for businesses to pay emphasis on efficient maintenance and training. These are extremely important when it comes to equipment performance and workforce productivity. Electronic manuals have transformed these crucial business activities. They not only reduce the learning curve by enabling embedded rich media to train the technicians but also have been elemental in ensuring new skills are acquired. The interactiveness is boasted with the integration of interactive elements and advanced search functionalities. These electronic technical manuals have been at the forefront of the transformation we speak about today in this blog.

But let’s delve into what these electronic manuals exactly are. Continue reading “Electronic Manuals for Automotive Maintenance and Training”

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Who’s fuelling the transition to greener energy? WAF Continue reading “WAF Auto News | The Auto World This Week (2nd August 2024)”

(Reuters) – Makers of ATVs, boats and other recreational vehicles are staring at a bleak summer as caution around big-ticket purchases amid high interest rates has dashed hopes of a demand recovery for big manufacturers of leisure products.

In the wake of the coronavirus pandemic, consumers with money to spend took advantage of low rates to buy goods many refer to as “adult toys” – motorcycles, boats, RVs and other vehicles that cost a lot and are often financed through loans. Continue reading “Leisure vehicle makers feel the heat this summer as big-ticket spending cools”

DETROIT, (Reuters) – General Motors is changing the way it rates the performance of its salaried employees in the U.S. in a move to better reward high-performers and put pressure on low-performers to improve or leave.

According to an internal memo viewed by Reuters, the Detroit automaker is now rewarding its top 5% of employees with 150% bonuses, higher than what was available in the previous system, to better attract and retain the talent needed to achieve its goals in the cut-throat automotive transformation to electric vehicles. Continue reading “GM raises bar for employee performance with new ratings system”

Source : PTI | New Delhi: Union Petroleum and Natural Gas Minister Hardeep Singh Puri on Monday said India is the only country where rates of petrol and diesel have come down between November 2021 and April 2024. Replying to various queries during Question Hour in Rajya Sabha, the minister also informed that the government is encouraging dialogue between Oil Marketing Companies (OMCs) and dealers regarding margins for the latter.

Puri noted that petrol and diesel were deregulated during the UPA government. Continue reading “India only country where petrol, diesel prices declined in last 3 years: Puri”

Hero MotoCorp has started its operations in the Philippines, marking a strategic expansion into Southeast Asia. This move is a significant milestone in the company’s ongoing efforts to enhance its global footprint. Terrafirma Motors Corporation (TMC) will serve as the exclusive assembler and distributor of Hero MotoCorp products and services in the Philippines. The partnership between Hero MotoCorp and TMC, announced in October 2022, is set to bring a new level of mobility solutions to the region.

Niranjan Gupta, CEO of Hero MotoCorp, stated ‘The commencement of operations in the Philippines will bolster our overall global presence. Hero MotoCorp, with its extensive and innovative product portfolio, is committed to delivering superior mobility solutions and exceptional after-sales services, ensuring a delightful ownership experience. Partnering with Terrafirma Motors Corporation, a distinguished entity within the Columbian Group, we are poised to swiftly establish and expand our presence in this vital market.’ Continue reading “Hero MotoCorp Expands Global Presence”

Summary

• Shipped 3,484 cars in the first quarter, up 3%
• Sees adj EBITDA of at least 2.50 bln euro this year
• Adj EBITDA rose 14% in Q2 to 669 mln euros
• Net revenue up 16% in Q2 to 1.712 bln euros
• Generated cash for 121 mln euros in the quarter

MILAN, (Reuters) – Pricier models such as the Daytona SP3 and growing demand from buyers for personal touches helped Ferrari beat second-quarter results forecasts on Thursday and raise its full-year expectations. Continue reading “Ferrari lifts forecasts on pricier models and personal touches”

Summary

• Restructuring costs, model launches weigh on returns
• Investment in 2025-2029 to fall to around 165 bln euros
• Combustion engine line-up may expand amid weak EV demand
• First half return on sales ‘too low’, CFO says

BERLIN, (Reuters) – Volkswagen will need to make “significant cost-cutting efforts” in the second half of the year and beyond if it is to revive profit margins, the automaker said on Thursday, after reporting first-half margins it described as “too low”. Continue reading “Volkswagen doubles down on cost cuts to try to revive margins”

TOKYO, (Reuters) – Toyota Motor posted a 17% increase in first-quarter profit on Thursday, as cost-cutting and a weaker yen helped offset lower sales and a decline in production at home.

The world’s top-selling automaker said operating profit for the three months through June totalled 1.3 trillion yen ($8.70 billion), matching the average of six analyst estimates compiled by LSEG. Continue reading “Toyota posts 17% increase in Q1 profit but shares tumble”

Summary

• Q2 EBIT margin falls to 8.4% from 9.2%, below analysts consensus
• Shares fall 3.8%
• China sales fall 4% in first half but less than peers
• BMW investing heavily in model revamps
• No change in guidance for 2024

BERLIN, (Reuters) – BMW reported a lower-than-expected profit margin in its core automotive segment during the second quarter on Thursday, hitting its shares as heightened competition and weaker demand in China weighs on the sector. Continue reading “China woes hit BMW as profit margin falls”

(Reuters) – Germany’s Daimler Truck said on Wednesday it has cut its full year revenue outlook to a range of 53 billion euros ($57.30 billion)to 57 billion euros.

The truck maker had previously forecast revenue of 55 billion euros to 57 billion euros for the year. Continue reading “Daimler Truck cuts full-year revenue outlook”

WASHINGTON, (Reuters) – A U.S. regulator said on Wednesday it still believes that air bag inflators in 49 million U.S. vehicles assembled by 13 automakers pose serious safety risks and it is considering issuing a recall.

The issue has been linked to one U.S fatality and seven injuries following an eight-year government investigation. If the recall proceeds, it would be the second-largest in U.S. history. Continue reading “US says 51 million air bag inflators pose safety risks despite automaker objections”

SAN FRANCISCO, (Reuters) – A Tesla Model S car was in “Full Self-Driving” mode when it hit and killed a 28-year-old motorcyclist in the Seattle area in April, police said, making it at least the second fatal accident involving the technology on which Tesla CEO Elon Musk is pinning his hopes.

The 56-year-old driver was arrested on suspicion of vehicular homicide based on his admission that he was looking at his cell phone while using the driver assistant feature, police said in a statement. Continue reading “Tesla car that killed Seattle motorcyclist was in ‘Full Self-Driving’ mode, police say”

CHICAGO, (Reuters) – Republican presidential candidate Donald Trump said on Wednesday that he was against everyone having an electric car despite the endorsement of billionaire Elon Musk, the CEO of electric carmaker Tesla.

“Elon Musk endorsed me and he is a friend of mine, … but I am against everybody having an electric car,” Trump said while speaking at the National Association of Black Journalists conference in Chicago. Continue reading “Trump says he is against everyone having an electric car”

DETROIT/WASHINGTON, (Reuters) – The United Auto Workers union endorsed Vice President Kamala Harris for U.S. president on Wednesday, providing a likely boost for Harris in the swing state of Michigan as her recently launched campaign ramps up.

UAW President Shawn Fain, who spoke by phone last week with Harris, praised the vice president’s record “of delivering for the working class” and said she “will stand shoulder to shoulder with us in our war on corporate greed.” Continue reading “United Auto Workers union endorses Harris’ bid for US president”

TOKYO, (Reuters) – The Japanese government ordered Toyota Motor on Wednesday to make “drastic reforms” after discovering new violations in the automaker’s vehicle certification procedures.

In a so-called corrective order, the transport ministry said on-site inspections had uncovered widespread, intentional misconduct and irregularities in seven additional models that had not been previously disclosed. Continue reading “Japan orders ‘drastic reforms’ after new Toyota certification violations”

TOKYO, (Reuters) – Demand for hybrids is likely to deliver another quarter of double-digit growth for Japan’s Toyota Motor when it reports earnings on Thursday, although it is expected to show signs of slowing after a run of record profits.

Analysts will be paying close attention to how much momentum the world’s top-selling automaker has lost from previous quarters, given challenges like a tough market in China and fallout from a certification scandal. Continue reading “Toyota to post rise in Q1 profit on hybrid demand, but momentum may be slowing”

(Reuters) – Uber and Chinese automaker BYD announced a multi-year partnership on Wednesday aimed at bringing 100,000 new electric vehicles to the ride-hailing platform globally.

The partnership, starting in Europe and Latin America, will offer drivers accessible pricing and financing for BYD’s EVs on the Uber platform and will expand to markets in the Middle East, Canada, Australia and New Zealand, the companies said. Continue reading “Uber, BYD partner to bring EVs to ride-hailing platform globally”

WASHINGTON, (Reuters) – The United States and Mexico announced a course of remediation at a Volkswagen plant in Mexico where the Mexican government had agreed to review alleged labor rights violations.

Under the course of remediation, the Mexican government will ensure that the company provides full backpay and benefits to some workers and better protect workers’ rights to freedom of association and collective bargaining. Continue reading “US, Mexico announce remediation at Volkswagen plant for worker rights protection”