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
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
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
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”
(Reuters) – Nissan Motor Co has paused development plans for two battery-powered sedans while expanding its EV lineup to five vehicles in the United States, the Japanese automaker said on Tuesday.
“We are adjusting the timeline for the introduction of these five new models to ensure we bring the vehicles to the market at the right time,” a Nissan spokesperson told Reuters. Continue reading “Nissan pauses EV sedan development in US, widens lineup”
(Reuters) – PepsiCo said on Tuesday it would expand its fleet of electric vehicles in California, deploying 50 Class 8 Tesla Semi trucks and 75 Ford E-Transit electric vans at its facilities in the state over the next several months. The beverage maker said the move would help “step-change” the electrification of its equipment services fleet across California as it tries to reach its goal of net zero emissions by 2040.
PepsiCo first placed an order for 100 Tesla Semis in 2017, making it the biggest public order for the vehicles at the time. Continue reading “PepsiCo to expand EV fleet in California with Tesla semis, Ford vans”
Source : PTI | Steel wheels manufacturer for trucks, agricultural tractors, passenger vehicles and construction equipment, Wheels India Ltd has drawn up plans of INR 200 crore as capital expenditure for the current financial year, a top official has said. The capital expenditure would be spent on offload tractors, construction and also in the cast aluminium, machining for windmill casting segments, company MD Srivats Ram said here.
Wheels India reported a 64.3% increase in its net profits for the March 2024 quarter at INR 36.8 crore, as against INR 22.4 crore registered in the same period of last year.
Continue reading “Wheels India earmarks INR 200cr capital expenditure plan for FY25”
BEIJING, (Reuters) – Volkswagen premium brand Audi said on Monday it would jointly develop a new China-specific platform for intelligent and electric vehicles with its Chinese joint venture partner SAIC.
The move, coming about 10 months after VW’s landmark Chinese partnership deal, highlights mounting pressure on western brands and legacy automakers to rejig to survive an intensifying EV race in the world’s largest auto market. Continue reading “Audi, partner SAIC to develop China-specific EV platform”
(Reuters) – The U.S. auto safety regulator said on Monday it has opened a recall query into an estimated 51,500 Volkswagen America’s EVs over concerns of the vehicle door opening while driving.
The U.S National Highway Traffic Safety Administration (NHTSA) said it received 12 complaints over Volkswagen’s electric ID.4 SUVs built between 2021 and 2023. Continue reading “US NHTSA opens recall query into more than 51,000 Volkswagen EVs”
LONDON, (Reuters) – Tesla is working to appease some European leasing companies after the automaker’s repeated retail price cuts tanked their fleets’ value and its slow service and expensive repairs alienated their corporate customers.
The efforts include unofficial discounts on purchases of new cars if they are in stock and efforts to address widespread service, repair and ordering complaints after years in which fleet managers and leasing firms say Tesla has ignored those problems, according to Reuters interviews with nine executives from major leasing and rental-car firms, along with about a dozen corporate fleet managers. Continue reading “Exclusive: Tesla doing damage-control, discounts for European fleet buyers”
WASHINGTON, (Reuters) – Ford Motor Co said on Monday it backs the Biden administration’s moves to dramatically cut vehicle emissions through 2032, rejecting Republican arguments the new climate rules are bad for business.
The second largest U.S. automaker said it supports the Environmental Protection Agency’s regulations announced in March to cut passenger vehicle fleetwide tailpipe emissions by nearly 50% by 2032 over 2027 levels. Continue reading “Ford backs new US rules to cut vehicle emissions”
SHANGHAI, (Reuters) – China’s Li Auto said it has postponed plans to launch pure electric SUV models to next year, citing hurdles such as a lack of enough fast chargers, sending its shares down more than 17% on Tuesday.
The decision comes as Li Auto, which has built its profits and success on four extended-range gas electric hybrid models, has also encountered a setback with its first fully electric model Mega that didn’t meet its original expectation of sales. Continue reading “Li Auto delays pure electric SUV launch due to insufficient fast charging network”
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”
WASHINGTON, (Reuters) – U.S. auto safety investigators said on Monday they have launched an investigation into the April crash of a VinFast, VF 8 electric vehicle in Pleasanton, California, in which a family of four died.
The National Highway Traffic Safety Administration said the investigation will probe the April 24 crash circumstances and the ensuing fire. A complaint filed with the agency on April 29 said steering may have been an issue in the crash that killed a couple along with their children aged 13 and 9. Continue reading “US regulator launches probe of VinFast crash in California in which four died”
Source : PTI | Tata Motors group has raised its investment outlay for FY25 to INR 43,000 crore for new products and technologies, with its British arm Jaguar Land Rover absorbing the maximum share, according to a senior company official. In FY24, Tata Motors group had given a guidance of 3 billion pound investment for Jaguar Land Rover (about INR 30,000 crore) and INR 8,000 crore for Tata Motors — a total of about INR 38,000 crore.
“Investment by JLR ended at 3.3 billion pounds (more than INR 33,000 crore), and Tata Motors did more than INR 8,200 crore. So, the total we ended was at about INR 41,200 crore investment in FY24,” Tata Motors Group CFO PB Balaji said in an earnings conference.
Continue reading “Tata Motors group hikes investment outlay to INR 43,000 cr for FY25”
Source : PTI | India is on a mission to become the world’s leading and the most sustainable producer of critical minerals, Vedanta group firm Hindustan Zinc’s Chairperson Priya Agarwal Hebbar has said. Critical minerals, such as cobalt, copper, lithium, nickel and rare earths, play a crucial role in the production of clean energy technologies, from wind turbines to electric cars.
Critical minerals are particularly in demand for the production of batteries for electric cars.
Source : PTI | Electronic waste and battery recycling company Attero plans to invest around INR 8,300 crore in the next five years to ramp up its capacity, the company’s CEO and Co-Founder Nitin Gupta said. At present, the company has the capacity to recycle up to 1,44,000 tonnes of electronic waste (e-waste) and 15,000 tonnes of lithium-ion battery annually.
“In the next five years, we will obviously be investing roughly around USD 1 billion overall, including all forms of capital — debt, equity and sort of other non-diluted forms of capital,” Gupta told PTI.
Continue reading “Attero to invest INR 8,300 crore in capacity expansion over next five years”
Source : PTI | New Delhi: Slight decrease in road accident fatalities has been witnessed in Delhi in the first five months of this year, according to the data released by the Delhi Police. The data stated that up till May 15, a total of 518 people lost their lives in 511 accidents. This marks a decrease from the 552 deaths recorded in 544 crashes during the same period last year.
“We have identified different locations like National Highway-24, NH-8, Ring Road, Rohtak Road, GT Road, and Mathura Road are among the top ten roads in Delhi where the highest number of fatal crashes have occurred this year so far. With this information, we can implement targeted enforcement measures to enhance road safety and ensure compliance with traffic regulations, ultimately aiming to reduce fatalities on these roads,” a senior police officer said. Continue reading “Decrease in road accident fatalities in Delhi till May 15: Data shows”
(Reuters) – General Motors and South Korea’s LG Energy Solution, LG Electronics reached a settlement to establish a $150 million fund to provide relief to Chevrolet Bolt EV owners affected by defective batteries, documents filed in a U.S. court on Thursday showed.
General Motors first launched Chevrolet Bolt EVs in 2015, and used batteries made by LG entities as part of a business arrangement with the car manufacturer. GM started recalls in 2020 after it faced numerous complaints about fires in some vehicles. Continue reading “GM, LG agree on $150 million relief for Chevy Bolt EV owners over faulty batteries”
SHANGHAI, (Reuters) – Shanghai has compiled a list of data that can be transferred overseas without security assessments, according to a government document seen by Reuters, a much anticipated move as China tries to lure foreign investment to boost a sluggish economy.
Foreign firms including financials and automakers such as Elon Musk’s Tesla have been lobbying the Chinese authorities to allow cross-border sharing of information after Beijing tightened control of data generated domestically in a national security drive. Continue reading “Exclusive: Shanghai eases data-export curbs sought by Tesla, other firms”
MILAN, (Reuters) – Italian fiscal police seized more than 130 Fiat cars imported from Morocco this week on the grounds that a sticker with the colours of the Italian flag on their doors could give a false indication of their origin, a spokesman for Stellantis Italia said on Saturday.
The spokesman confirmed a local media report that 134 Topolino mini-cars produced by Stellantis brand Fiat had been seized temporarily at the Italian port of Livorno on arrival from the north African country, where they were made. Continue reading “Italian police seize 134 Fiat cars in flag dispute”
(Reuters) – Japan and the Association of Southeast Asian Nations (ASEAN) plan to create their first joint strategy on automobile production and sales within the Southeast Asian bloc to counter China’s increasing presence in the electric vehicle market, Nikkei newspaper reported on Monday.
The aim is to draw up an interim joint strategy through around 2035 when the economic ministers of Japan and ASEAN members meet as early as next September, Nikkei reported, without citing any source. Continue reading “Japan and ASEAN plan joint strategy on auto production, Nikkei reports”
Source : PTI | India’s diesel sales continued to slide in May while petrol consumption was almost flat despite election campaigns for the general elections hitting a peak, preliminary data of state-owned firms showed on Thursday. Electioneering for general elections traditionally has led to a surge in fuel demand as candidates extensively use automobiles to reach voters. But the trend in sales by PSUs so far does not reflect that.
Petrol sales of three state-owned firms, which control 90% of the fuel market, at 1.367 million tonnes in the first half of May was almost the same as 1.36 million tonnes of fuel consumed in the same period last year. Month-on-month consumption however soared 11%. Continue reading “Electioneering at its peak but diesel sales slide, petrol almost flat”
Source : PTI | The government is working on a policy for low grade iron ore beneficiation, a move that will increase the usage of iron ore with less iron content in steel production. Speaking to PTI, Steel Secretary Nagendra Nath Sinha said the Ministry of Steel along with the Ministry of Mines and the Ministry of Environment, Forest and Climate Change of India is working on the policy.
When asked about the timeline, he said the policy on the beneficiation of low grade iron ore is expected to be completed within three months’ time. Continue reading “Government working on policy for low grade iron ore beneficiation: Steel Secy”
Source : PTI | US electric carmaker Tesla is ‘silent’ and yet to communicate its India plans to the government under the new EV policy, an official said on Friday. American tech billionaire Elon Musk, who was scheduled to visit India on April 21-22, had postponed his visit at the last moment citing “very heavy Tesla obligations”.
Musk, CEO of electric carmaker Tesla , was also slated to meet Prime Minister Narendra Modi during the visit. Continue reading “Tesla ‘silent’; yet to communicate its India plans: Official”
Source : PTI | New Delhi: About two weeks after the resignation of Ola Mobility CEO, the company’s Chief Financial Officer Kartik Gupta has also resigned from the company. Ola Mobility said that Gupta’s exit is part of the company’s restructuring exercise. Gupta joined the company seven months ago.
“As part of an ongoing restructuring, Ola Mobility CFO Kartik Gupta has stepped down from the company. This restructuring is aimed at productivity enhancement in an AI-led era that is redefining the cab-hailing industry globally. The restructuring will allow Ola to strengthen cost structures, focus on growth and increase its bottom line,” an Ola spokesperson said. Continue reading “Ola Mobility CFO resigns amid company restructuring”
WAF THINK TANK
Time to Learn and Apply AI, Blockchain & Cloud Computing at Automotive & Mobility WAF
India Automobile Sales Performance -April-2024 WAF Continue reading “WAF Auto News | The Auto World This Week (17th May 2024)”
BANGKOK, (Reuters) – Toyota Motor is testing the new battery-electric Hilux pickup truck to assess its performance in different conditions as the car maker prepares to manufacture the vehicle in Thailand by the end of 2025, an executive said on Thursday.
Pickup trucks make up more than half of total vehicle sales in Thailand, a critical market for Toyota that has been flooded by a wave of Chinese electric vehicle makers and where the Japanese auto giant has a large manufacturing base. Continue reading “Toyota tests new EV pickup truck ahead of mass production in Thailand”
TOKYO, (Reuters) – Japan’s Honda Motor pledged to double its electrification and software investment to about $65 billion over the 10 years running through the 2030 business year, it said on Thursday.
Honda CEO Toshihiro Mibe told a press conference the automaker planned to spend a total of 10 trillion yen ($64.88 billion) on electrification and software over the period, doubling the amount it had pledged in April 2022. Continue reading “Japan’s Honda raises electrification investment to $65 bln through FY2030”
