Summary

• Company says it is reviewing construction for US factory
• The planned North Carolina plant was hailed by Biden
• Loss-making VinFast is struggling to boost US sales

(Reuters) – Vietnamese electric car maker VinFast is looking at further delaying a planned $4 billion factory in North Carolina, a person briefed on the matter said, as the loss-making company struggles to gain favour with U.S. consumers. Continue reading “Exclusive: Vietnamese EV maker VinFast considers delaying $4 bln US plant, source says”

BEIJING/BRUSSELS, (Reuters) – The European Commission’s expected move to hike tariffs on Chinese electric vehicles is set to kick off a round of talks that Chinese executives hope will soften the blow for the world’s biggest EV industry.

The provisional tariffs, expected to be announced by June 5, will be a sticker shock representing billions of dollars in new costs for Chinese electric car makers. Continue reading “China gears up to make a deal with Europe as EV tariffs loom”

WASHINGTON, (Reuters) – Owners of nearly 84,000 older Nissan vehicles in the United States equipped with recalled, unrepaired Takata air bags should immediately stop driving them due to a safety hazard, the U.S. National Highway Traffic Safety Administration said on Wednesday.

The agency made its announcement after the Japanese automaker issued a warning on Wednesday telling vehicle owners not to drive certain vehicles – the 2002-2006 model year Nissan Sentra, 2002-2004 Nissan Pathfinder and 2002-2003 Infiniti QX4 – that were recalled in 2020 but have not been fixed. Continue reading “US tells owners to stop driving older Nissan vehicles over air bag concerns”

LONDON, (Reuters) – More countries than initially expected are adopting international climate-related disclosure standards, a global rulemaking body said on Tuesday, but cautioned that significant departures from the norms would come at a cost.

The International Sustainability Standards Board (ISSB), created to write “baseline” disclosure rules for companies to stop “greenwashing,” finalised its rules a year ago and on Tuesday gave an update on adoption. Continue reading “Momentum building behind global company climate disclosures, standards body says”

MEXICO CITY, (Reuters) – Mexico has been consuming record amounts of electricity and occasionally more than its utility infrastructure can generate and transmit, official data showed, as scorching heat and water shortages raise the likelihood of power outages.

In the late afternoon on Monday, Mexico consumed 51,595 megawatts of electricity across the country, grid operator CENACE recorded. When demand exceeds supply, the country becomes much more prone to outages. Continue reading “Mexico’s electricity demand hits record amid extreme heat and water shortages”

BRUSSELS, (Reuters) – Germany and the Czech Republic are pushing the European Union to hold talks on how to eliminate the remaining energy sources Europe imports from Russia, EU diplomats told Reuters on Tuesday.

Germany, Europe’s biggest economy and gas market, and the Czech Republic will ask Brussels to start regular high-level talks – potentially among countries’ energy ministers – on how to fully end their imports of Russian energy. Continue reading “Germany, Czech Republic seek EU talks on fully quitting Russian energy”

Summary

• Chinese overseas investment, construction bouncing back
• Africa major focus of post-pandemic engagement
• Activities weighted towards minerals extraction
• Trade up, but Africa’s deficit with China ballooning

JOHANNESBURG/NAIROBI, (Reuters) – China’s flagship economic cooperation program is bouncing back after a lull during the global pandemic, with Africa a primary focus, according to a Reuters analysis of lending, investment and trade data. Continue reading “Post-COVID, China is back in Africa and doubling down on minerals”

BRASILIA, (Reuters) – Brazil’s lower house of Congress approved on Tuesday the main text of a bill that would enact a new 20% import tax on international online purchases under $50, significantly down from a higher tax rate that was originally proposed.

The bill must still be voted on by the Senate.

The new import tax rate for purchases that cost $50 or less was set on Tuesday following negotiations between lawmakers and the administration of leftist President Luiz Inacio Lula da Silva, which had previously expressed its opposition to the unpopular tax proposal. Continue reading “Brazil’s Congress advances bill to tax low-cost online orders”

BEIJING, (Reuters) – Brazil has overtaken Belgium as the largest export market for Chinese new energy vehicles, industry data showed, as Chinese carmakers increase sales to non-European markets amid European Union’s anti-subsidy probe into Chinese electric vehicles.

Exports of pure electric and plug-in hybrid cars to Brazil soared 13-fold year-on-year to 40,163 units in April, making it the biggest export market for a second straight month, according to data from the China Passenger Car Association (CPCA). Continue reading “Brazil surpasses Belgium as top export market for Chinese EVs, hybrids, data shows”

Summary

• Announcement after CEO Tavares meets unions
• Hybrid 500e to be produced in Mirafiori from Q1 2026
• Company to allocate new hybrid Jeep Compass SUV in Melfi
• Fiat Panda to keep being made in Italy until 2029

MILAN, (Reuters) – Fiat owner Stellantis said on Monday it would build a hybrid version of its 500e small electric car at its Mirafiori plant in Turin, Italy, amid a slowdown in electric car sales. Continue reading “Stellantis to introduce Italy-made hybrid versions of Fiat 500 EV, Jeep Compass”

SHANGHAI, (Reuters) – China’s BYD launched on Tuesday the latest version of a plug-in hybrid technology that improves fuel and cost savings, intensifying competition with the likes of Toyota and Volkswagen that still sell mainly gasoline cars.

BYD’s chairman Wang Chuanfu unveiled the fifth generation of the hybrid technology that achieves a record low fuel consumption of 2.9 litres per 100 km (62.1 miles) on depleted batteries at an event in Shaanxi province’s capital Xian. Continue reading “BYD unveils new hybrid tech as battle with gasoline rivals heats up”

TOKYO, (Reuters) – Proxy advisory firm Glass Lewis has recommended Toyota Motor shareholders vote against re-electing Chairman Akio Toyoda at the Japanese automaker’s annual general meeting in June, saying the board was not sufficiently independent.

Toyoda, the grandson of the company’s founder and previously its chief executive, last year was re-elected to the board with around 85% approval, a drop from the previous year’s almost 96%. Continue reading “Proxy firm Glass Lewis recommends vote against Toyota chairman”

TOKYO, (Reuters) – Toyota Motor showcased next-generation engines on Tuesday that can be used in cars as varied as hybrids and those running on biofuel, as it targets tougher emissions standards and doubles down on its strategy of selling more than just EVs.

At a media event with peers Subaru and Mazda Motor, the world’s biggest automaker by volume displayed in-development 1.5 litre and 2.0 litre engines with significantly reduced volume and height versus current engines. Continue reading “Toyota showcases compact engines adaptable to different fuels”

DETROIT, (Reuters) – The United Auto Workers (UAW) union is seeking a new election at a Mercedes-Benz plant in Alabama after losing a vote there last week, according to a petition filed on Friday with the National Labor Relations Board.

The union accused Mercedes of engaging “in a relentless anti-union campaign” including the firing of employees who were pro-union and holding frequent captive-audience meetings to spread anti-union views, according to the filing. Continue reading “UAW asks US board for new unionization vote at Mercedes’ Alabama plant”

MILAN, (Reuters) – Fiat owner Stellantis is expected to announce on Monday a hybrid version of its 500e small electric car to be produced at its Mirafiori plant in Italy, two sources familiar with the matter said, confirming a report by Automotive News Europe.

The announcement is expected at a meeting scheduled in Turin between CEO Carlos Tavares and unions, which have been asking for a new high-volume, cheaper model for Mirafiori to revive its output. Continue reading “Stellantis to announce Italy-produced hybrid version of 500 EV, sources say”

NEW DELHI, (Reuters) – Oil prices steadied in Asian trading on Monday as markets awaited an OPEC+ meeting on June 2 where producers are expected to discuss maintaining voluntary output cuts for the rest of the year.

The Brent crude July contract was up 18 cents to $82.30 a barrel as of 0409 GMT. The more-active August contract rose 25 cents to $82.09. Continue reading “Oil prices steady as markets turn focus to OPEC+ meeting”

DUBAI, (Reuters) – Saudi Arabia is planning a multi-billion-dollar share sale in energy giant Aramco as soon as June in what would be one of the region’s biggest stock deals, two people familiar with the matter said.

The offering could raise around $10 billion, one of the people said. The preparations are ongoing and the details could still change, the sources said, who were speaking on condition of anonymity because the matter is private. Continue reading “Exclusive: Saudi Arabia plans Aramco share sale as soon as June, sources say”

Source : PTI | New Delhi: State-owned oil and gas giants including IndianOil, ONGC and GAIL (India) Ltd have been slapped with fines for the fourth straight quarter for failing to meet listing requirements of having the requisite number of directors on their board. Stock exchanges imposed a cumulative fine of INR 34 lakh on oil refining and fuel marketing giants Indian Oil Corporation (IOC), Hindustan Petroleum Corporation Ltd (HPCL) and Bharat Petroleum Corporation Ltd (BPCL), explorers Oil and Natural Gas Corporation (ONGC) and Oil India Ltd (OIL), gas utility GAIL, and refiner Mangalore Refinery and Petrochemicals Ltd (MRPL) for not meeting the listing requirement in the January-March quarter, stock exchange filings showed. Continue reading “IOC, GAIL, ONGC fined for fourth straight quarter for failure to appoint directors”

Source : PTI | Tata Motors owned Jaguar Land Rover expects to grow faster than the luxury car segment this fiscal, as it bolsters localisation and expands product range, according to a top company executive. The company, which is set to commence local assembly of Range Rover and Range Rover Sport in India, witnessed a sales growth of 81% in 2023-24 fiscal year at 4,436 units, as compared to FY23.

The automaker aims to double its business in India over the next three years. Continue reading “Jaguar Land Rover aims for rapid growth in India luxury car market”

(Reuters) – Proxy advisory firm Glass Lewis said on Saturday it has urged Tesla shareholders to reject a $56 billion pay package for Chief Executive Officer Elon Musk, which if passed would be the largest pay package for a CEO in corporate America.

The report cited reasons like the “excessive size” of the pay deal, the dilutive effect upon exercise and the concentration of ownership. It also mentioned Musk’s “slate of extraordinarily time-consuming projects” which have expanded with his high-profile purchase of Twitter, now known as X. Continue reading “Proxy firm advises shareholders to reject Elon Musk’s $56 billion pay package”

Source : PTI | French automaker Citroen announced on Friday that they have appointed former Indiacricket captainMahendra Singh Dhoni as their brand ambassador in India. Dhoni will start his association with Citroen by featuring in an upcoming campaign that is set to launch soon, as mentioned by the company in a statement.

“We believe that our association with one of India’s finest cricketers, Dhoni, will go a long way in reinforcing our commitment to the Indian market. His humility and dedication to excellence perfectly match our brand’s ideology. Our shared commitment to sustainability and shaping the future of mobility further enhances our connection, as stated by Citroen India Brand Director Shishir Mishra. Continue reading “Citroen appoints MS Dhoni as brand ambassador of India”

WASHINGTON, (Reuters) – The National Highway Traffic Safety Administration said Friday it has learned of nine additional incidents that raise concerns about the performance of Alphabet’s Waymo self-driving vehicles.

Earlier this month, the U.S. auto safety regulator opened an investigation after 22 reports of its robotaxis exhibiting driving behavior that potentially violated traffic safety laws, or demonstrating other “unexpected behavior,” including 17 collisions. Continue reading “US safety probe into Waymo self-driving vehicles finds more incidents”

(Reuters) – For chip designer Nvidia, the generative artificial intelligence boom is a gift that keeps on giving.

After riding a demand surge sparked by Big Tech’s rush to roll out chatbots, Nvidia now expects new AI models that are capable of creating video and engaging in human-like voice interactions to spur more orders for its graphics processors. Continue reading “AI-generated videos to drive more demand for Nvidia chips, CEO Huang says”

(Reuters) – Tesla has left out its goal of delivering 20 million vehicles a year by 2030 in its latest impact report published on Thursday, another sign the company was moving away from electric cars as it shifts focus to robotaxis.

CEO Elon Musk had said in 2020 that Tesla aspired to sell 20 million vehicles by the end of the current decade – twice as many as those sold by Toyota, the world’s largest automaker. It had reiterated the goal in its 2021 and 2022 impact reports. Continue reading “Tesla drops delivery goal of 20 million vehicles a year from latest report”

PARIS, (Reuters) – Tesla founder Elon Musk told tech investors in Paris on Thursday he opposed U.S. tariffs on Chinese electric vehicles (EVs), an about-face from his January warning that trade barriers were needed or China would “demolish most other car companies in the world.”

On Thursday, Musk said he did not favour measures that distorted the market. Continue reading “Elon Musk now says he opposes US tariffs on Chinese EVs”

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INDIA

MG Motor India signs pact with Vertelo to deliver 3,000 EVs WAF

Volkswagen CFO: in concrete discussions over car partnerships in India WAF

India’s Pre-Owned Car Market Set To Reach 10.92 Million Units By FY2028: IBB Report 2023 car&bike Continue reading “WAF Auto News | The Auto World This Week (24th May 2024)”

Summary

• Volkswagen CFO: Indian market has clear potential
• Volkswagen CFO: in very good discussions on partnerships
• India accounted for 1% of Volkswagen deliveries in 2023

MUNICH, (Reuters) – Volkswagen is in concrete talks about partnering up on passenger car production in India, the group’s finance chief said on Thursday, adding it was tough to earn money in the market that still presents a “clear” opportunity. Continue reading “Volkswagen CFO: in concrete discussions over car partnerships in India”

SEOUL, (Reuters) – Kia Corp launched on Thursday the company’s first compact electric sports utility vehicle built on its dedicated EV platform, betting it can win over buyers through competitive pricing even as momentum in the global EV market stalls.

The EV3 is one of more than 31 electric models that Hyundai Motor Group – which includes Hyundai Motor Co, Kia Corp and premium brand Genesis – plans to introduce in the period through to 2030. Kia said in April that it aims to sell about 1.6 million EV units in 2030. Continue reading “Kia shrugs off slowing EV demand to launch compact electric SUV”

MUNICH, (Reuters) – Europe’s car giants won’t have much time to restructure their operations and product lines to compete with ascendant Chinese automakers, and stiffer tariffs will do little to protect the status quo, industry executives said during a Reuters event.

European trade regulators in Brussels have said they could levy new tariffs on Chinese electric vehicles based on the results of an investigation into Chinese government subsidies. Continue reading “European automakers need time, not tariffs, to fend off China competition”

Source : PTI | NEW DELHI: MG Motor India on Thursday said it has signed an initial pact to deliver 3,000 EVs to integrated fleet electrification platform Vertelo in a phased manner. Both the entities have signed a memorandum of understanding to this effect.

The partnership will focus on providing sustainable mobility solutions to riders and will also work towards establishing a robust EV charging infrastructure in the country, MG Motor India said in a statement. Continue reading “MG Motor India signs pact with Vertelo to deliver 3,000 EVs”

Source : PTI | The Sikkim government made it mandatory for the drivers of vehicles to use seat belts and motorbike riders to wear helmets in the state with effect from June 1, according to an official order issued on Wednesday. The order was issued to mitigate the number of accidents and to safeguard the well-being of all road users, Transport Commissioner-cum-Secretary Raj Yadav said.

Non-compliance with the rule will invite penal action, he said. Continue reading “Using seat belts in cars, helmets on bikes made mandatory in Tripura”

LITTLETON, Colorado, (Reuters) – United States electricity consumption from electric vehicles (EVs) over the first two months of 2024 jumped by over 50% from the same months in 2023 as EVs continue to penetrate the U.S. car market and impact electricity flows.

Total electricity use by EVs through February 2024 was 1.58 million megawatt hours (MWh), compared with 1.04 million MWh during the same period in 2023, according to the U.S. Energy Information Administration (EIA). Continue reading “US electricity demand from EVs jumps to new highs in early 2024”

Summary

• US has unveiled tariff increases on some Chinese imports
• Some will take effect on Aug. 1, USTR says
• Move aims to protect US jobs from cheap Chinese imports
• China vows ‘resolute measures’ to protect its interests

WASHINGTON, (Reuters) – Some of the steep U.S. tariff increases on an array of Chinese imports, including electric vehicles and their batteries, computer chips and medical products, will take effect on Aug. 1, the U.S. Trade Representative’s office said on Wednesday. Continue reading “US says tariff increases on Chinese EVs, batteries and chips to start Aug. 1”

(Reuters) – Volkswagen has delayed the launch of its electric ID.7 sedan in the U.S. and Canada, the German automaker said on Wednesday, citing changing market dynamics.

The company did not provide a new timeline for the launch of the electric sedan. It was slated to be rolled out in the U.S. and Canada later this year. Continue reading “Volkswagen delays ID.7 EV launch in US, Canada”

BRUSSELS, (Reuters) – China should raise its import tariffs on large gasoline-powered cars to 25%, a government-affiliated auto research body expert told China’s Global Times newspaper as the country faces sharply higher U.S. auto import duties and possibly additional duties to enter the European Union

Liu Bin, chief expert of China Automotive Technology & Research Center (CATARC) and deputy director of China Automotive Strategy and Policy Research Center, said a tariff rate of 25% was in line with WTO rules. Continue reading “China should hike tariffs on large cars to 25%, says research body”

Summary

• Tavares: European auto sector is in Darwinian period
• Tavares: Chinese OEMs have 30% cost edge
• Chinese OEMs on track to take 10% market share in Europe
• Brussels set to decide in June on provisional tariffs

MUNICH, (Reuters) – Stellantis expects a major battle with Chinese rivals in the European market for electric vehicles, warning of significant consequences for jobs and production as a result, the group’s Chief Executive Carlos Tavares said on Wednesday. Continue reading “Stellantis CEO: electric vehicle tariffs are a trap”

WASHINGTON, (Reuters) – German automaker BMW imported at least 8,000 Mini Cooper vehicles into the United States with electronic components from a banned Chinese supplier, a U.S. Senate report released on Monday said.

A report by Senate Finance Committee Chairman Ron Wyden’s staff said BMW imported 8,000 Mini Coopers with parts from a Chinese supplier banned under a 2021 law and that BMW continued to import products with the banned parts until at least April. Continue reading “BMW imported 8,000 vehicles into US with parts from banned Chinese supplier, Senate report says”

(Reuters) – A U.S. appeals court on Tuesday overturned a win for GM in a patent dispute with aftermarket auto-parts provider LKQ over fender designs, upending a key element of design-patent law in a rare full-court decision.

The U.S. Court of Appeals for the Federal Circuit threw out a long-standing test, for determining when a design patent is valid and sent the case back for a U.S. Patent Office tribunal to reconsider. Continue reading “GM loses US appeal over fender design patent after rare full-court review”

TOKYO, (Reuters) – A slowdown in the take-up of electric vehicles in the U.S. may prompt Tesla-supplier Panasonic to delay investing in additional plants to boost its automotive battery capacity in North America, the Japanese group’s chief executive said.

Panasonic, whose energy unit makes batteries for Tesla, is closely watching its Chinese supply chain and battery material procurement following China’s move last year to tighten graphite export controls, Yuki Kusumi said. Continue reading “Slowing EV uptake may delay Panasonic’s EV battery expansion, CEO says”

(Reuters) – Toyota Motor’s North America arm is seeking tax relief for a potential project totaling $531.7 million in investments at its Texas facility, which manufactures the Toyota Tundra pickup truck and Sequoia SUV, the company said on Tuesday.

Major automakers are now refocusing their efforts and investments on hybrid and gasoline-powered vehicles with better profit margins, after slowing demand for electric vehicles prompted them to cut financial commitments towards such models. Continue reading “Toyota mulls over $500 mln investment into Texas plant”