Summary

• Renault, Geely expect to finalise JV deal at end-Feb – sources
• Saudi Aramco seen announcing a MOU to invest in JV – sources
• JV could revive interest in Renault’s combustion engine business
• Renault to report Q4 results on Feb. 15

PARIS, (Reuters) – French carmaker Renault and Chinese rival Geely expect to finalise a joint venture for their combustion and hybrid engines towards the end of February, two sources close to the matter told Reuters. Continue reading “Exclusive: Renault, Geely expect to finalise engines tie-up this month”

PARIS,(Reuters) – The French government said on Monday it was halting for the rest of this year a programme to subsidise low earners leasing an electric car, after demand far exceeded initial plans.

Under the programme, people on less than 15,400 euros ($16,600) of annual income have since the start of 2024 been able to lease an electric vehicle for 100-150 euros per month. Continue reading “France halts subsidised EV lease programme after strong demand”

Summary

• Germany needs ‘tipping point’ to hit EV target: Habeck
• Won’t reach 15 mln goal by 2030 if growth is linear
• Technology, acceptance can grow in non-linear way, minister says

BERLIN, (Reuters) – Germany won’t hit its target of having 15 million EVs on the road by 2030 if sales develop in a linear fashion, Economy Minister Robert Habeck said on Monday, adding the right conditions could still create a tipping point for demand. Continue reading “Germany’s Habeck: hitting EV sales target requires ‘tipping point’”

Feb 12 (Reuters) – Thousands of drivers for ride-sharing platforms Uber , Lyft and food delivery app DoorDash are expected to go on strike across the United States on Valentine’s Day for fair pay, drivers’ groups said on Monday.

The demonstrations are set to take place about a week after Lyft said it would guarantee weekly earnings for drivers, a first in the U.S. ride-hailing industry as it looks to lure more drivers to its platform. Continue reading “Uber, Lyft, DoorDash drivers to strike on Valentine’s Day for fair pay”

MILAN, (Reuters) – A recent war of words between Italian Prime Minister Giorgia Meloni and Stellantis CEO Carlos Tavares has exposed a tough new reality: Europe’s one-time homegrown national automakers have become global players ready to exploit the EU’s overcapacity of car factories to obtain better government deals.

Stellantis, created by the combination of France’s Peugeot maker Peugeot PSA, Italy’s Fiat and Detroit’s Chrysler, accounts for virtually all of Italy’s car production. Fiat output has been falling as European sales have stagnated and Stellantis has shifted production to other countries in its sprawling global network. Continue reading “Stellantis uses surplus plants in Europe as leverage in a fight with Rome”

(Reuters) – A crowd vandalized and set fire to a Waymo self-driving car using a firework in San Francisco on Saturday, the Alphabet-owned company and authorities said, marking the most destructive attack so far on driverless vehicles in the U.S.

On Saturday night, a crowd surrounded a white sport utility vehicle that was moving along a street in the city’s Chinatown district, a company spokesperson said. Continue reading “Crowd sets Waymo self-driving vehicle ablaze in San Francisco”

Source : PTI | New Delhi: There will be a complete ban on gathering, processions or rallies and entry of tractor trolleys carrying people in the national capital as the Delhi Police has imposed Section 144 for a month in the view of intended widespread tension and “social unrest” due to the farmers’ ‘Delhi Chalo March’ on Tuesday. The order issued by Delhi Police Commissioner Sanjay Arora prohibited any type of rally or procession and blocking of roads and passages.

The order shall come into force on February 12 and shall remain enforce up to March 12. Continue reading “Delhi Chalo March: Section 144 imposed in Delhi for a month”

BMW Protection Core: A very high level of protection against ballistic attacks and explosions Class-leading dynamic performance: Newly developed V8 petrol engine sets new standards in its class.

Unique combination of protection, comfort and performance, specifically tailored to personal security needs.

Gurugram. BMW Group India has introduced the new BMW 7 Series Protection. The car will be exclusively available with the petrol engine and as a completely built-up unit (CBU) from today onwards.

Continue reading “A new standard of Protection introduced in India. The new BMW 7 Series Protection”

Source : PTI | The situation in the Red Sea is creating supply chain issues for German luxury carmaker Audi, impacting car deliveries to customers in India in the first quarter but recovery is expected in the coming months, according to a senior company official. With electrification on its primary agenda, the company is also evaluating the possibility of assembling electric cars in India, Audi India Head Balbir Singh Dhillon told PTI.

“We are also challenged from time to time by various factors. Very recently because of the Red Sea situation there is a supply chain constraint that we’re facing in the quarter one of 2024. It is challenging for us in the first quarter but we expect to recover in the coming months,” he said. Continue reading “Red Sea crisis impacting supply chain, expect recovery in coming months: Audi India Head”

Source : PTI | JK Tyre expects demand momentum to continue for the tyre industry in the medium to long term, with the automobile industry set to grow amid a positive economic environment, according to a top company official. In an interaction with PTI, JK Tyre & Industries MD Anshuman Singhania expressed hope that the tyre maker would also continue to witness momentum in its top line and profitability.

For the third quarter ended December 2023, the company reported a three-fold increase in its consolidated net profit to INR 227 crore. Continue reading “Growth momentum to continue amid positive economic scenario: JK Tyre”

Source : PTI | ACME Group on Friday said it has signed an agreement with gas exchange IGX to explore opportunities of collaborations for developing green hydrogen and ammonia projects in India. The Memorandum of Understanding (MoU) was signed between Manoj Kumar Upadhyay, Founder and Chairman of ACME Group, and Rajesh Kumar Mediratta, Managing Director and CEO of IGX, at the ongoing India Energy Week in Goa, a statement said.

The agreement covers the partnership across the green hydrogen and ammonia value chain, starting from production to logistics and supply to the industrial customers for use in a range of applications and reduce the overall emissions contributing to the national decarbonization targets, the ACME Group said in the statement. Continue reading “ACME Group, IGX tie up to explore collaborations for green hydrogen, ammonia projects”

Summary

• Renault, Geely expect to finalise JV deal at end-Feb – sources
• Saudi Aramco seen announcing a MOU to invest in JV – sources
• JV could revive interest in Renault’s combustion engine business
• Renault to report Q4 results on Feb. 15

PARIS, (Reuters) – French carmaker Renault and Chinese rival Geely expect to finalise a joint venture for their combustion and hybrid engines towards the end of February, two sources close to the matter told Reuters. Continue reading “Exclusive: Renault, Geely expect to finalise engines tie-up this month – sources”

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Power Network with Top Industry Leaders at WAF WAF Continue reading “WAF Auto News | The Auto World This Week (10th February 2024)”

LONDON, (Reuters) – Britain’s financial watchdog said on Friday several insurers have agreed to suspend sales of policies that cover the depreciation of cars after it said it was worried the deals did not offer value for money.

The suspension relates to so-called guaranteed asset protection (GAP) insurance meant to cover the difference between a car’s purchase price and its market value when a customer makes a claim after a theft, a crash or for some other reason. Continue reading “Insurers pause some car policy sales after UK watchdog intervenes again”

NEW DELHI, (Reuters) – Hyundai Motor has appointed investment bankers JPMorgan and Citi to advise on its at least $3 billion India IPO, accelerating listing plans in the world’s third-largest auto market, sources with direct knowledge said.

The company plans to file regulatory papers in India by May to June for an approval, said two of the three sources, all of whom declined to be named as the talks are private. Continue reading “Hyundai picks JPMorgan, Citi to accelerate $3 bln India IPO – sources”

TOKYO, (Reuters) – Toyota Motor’s Daihatsu unit said on Friday it planned to unveil a new management structure next week.

Soichiro Okudaira, president of Daihatsu, whose production has been hampered by issues related to safety testing irregularities, also told reporters that the company planned to spend more time and allocate more workers for development. Continue reading “Toyota unit Daihatsu to unveil new management structure next week”

PARIS, (Reuters) – French carmaker Renault and Chinese rival Geely expect to finalise a deal on their planned combustion and hybrid engines joint venture towards the end of February, two sources close to the matter told Reuters.

At the same time, Saudi Aramaco is set to announce the signing of a memorandum of understanding to invest in the joint venture, one of the sources said, a move which would confirm Aramco’s letter of intent from March last year. Continue reading “Exclusive: Renault, Geely expect to finalise combustion engines joint venture deal at the end of February – sources”

TOKYO, (Reuters) – Shares in Nissan Motor tumbled 12% on Friday, their biggest decline in more than two decades, after quarterly earnings undershot expectations by a large margin and it cut estimates for car sales due to stiff competition in China.

The emergence of fast-growing, Chinese brands such as BYD that have rolled out affordable electric cars tailor-made for younger Chinese drivers has led to a steady loss of market share for foreign rivals in the world’s biggest auto market. Continue reading “Nissan shares see biggest plunge in two decades as China worries deepen”

Source : PTI | New Delhi: The government has saved INR 24,000 crore due to blending of ethanol with petrol and majority of the benefit has been passed on to sugarcane farmers, Union Minister Gajendra Singh Shekhawat said in the Lok Sabha on Thursday. He said at present the blending of ethanol stands at 12% and the government plans to take it to 20% as desired by Prime Minister Narendra Modi.

Admitting that India’s oil import has increased in the last few years, Shekhawat, who was replying to questions on behalf of Petroleum Minister Hardeep Singh Puri, said the country has benefited by ethanol blending. Continue reading “Ethanol blending benefits passed on to sugarcane farmers: Govt”

TOKYO, (Reuters) – Japan’s Nissan Motor posted a lower-than-expected 6.4% rise in operating profit in the December quarter on Thursday, saying it will maintain its annual outlook as a more profitable product mix offset a lower full-year vehicle sales forecast.

Operating profit totalled 141.6 billion yen ($951.80 million) for the three months to Dec. 31, compared with the average estimate of 179.8 billion yen in a poll of nine analysts by LSEG. Continue reading “Nissan posts 6% rise in Q3 profit, missing estimates”

BEIJING, (Reuters) – China’s passenger vehicle sales shrank 14.1% in January from the prior month, the first such slide since August, data from the China Passenger Car Association (CPCA) showed on Thursday.

Sales totalled 2.05 million units, up 57.1% from a year earlier. Continue reading “China’s passenger vehicle sales fall 14.1% in Jan m/m”

Summary

• Palladium demand hugely driven by the auto sector
• Auto industry has been replacing palladium with cheaper platinum
• Market share of palladium-free electric vehicles is rising
• Miners’ ability to reduce palladium output is limited

(Reuters) – Spot palladium prices fell below those of sister metal platinum for the first time since April 2018 on Thursday, as growing demand concerns and bets on stable supply weighed on the metal. Continue reading “Palladium price drops below platinum for the first time since 2018”

MADRID, (Reuters) – Amazon and German car maker BMW have won a lawsuit in Spain against four sellers of counterfeit BMW merchandise, the U.S. online retailer said in a statement on its website on Thursday.

The two companies identified the group who were allegedly selling on Amazon’s websites counterfeit BMW products such as tyre valve caps, badges and key rings with the German company’s logo. Continue reading “Amazon, BMW win lawsuit in Spain against counterfeiters”

(Reuters) – As Tesla CEO Elon Musk reportedly ponders layoffs, recent financial reports from U.S. automakers show the leading electric vehicle (EV) manufacturer lags in the amount of revenue generated for each of its employees. Continue reading “Tesla trails Ford and GM in revenue generated per worker”

(Reuters) – Harley-Davidson on Thursday forecast full-year revenue for its motorcycle segment to be flat to down 9% from a year earlier, largely below analysts’ expectations, as a cutback in consumer spending pressured demand for its iconic vehicles in North America.

Price increases and surcharges on select models helped the motorcycle manufacturer sustain margins, but they were not enough to offset a decline in bike shipments. Continue reading “Harley-Davidson forecasts 2024 motorcycle revenue below estimates”

DETROIT, (Reuters) – Volkswagen is sticking with plans to launch 25 electric vehicle models in North America across its group brands by 2030, but is ready to adjust as the market shifts, Pablo Di Si, head of Volkswagen’s North American business, told Reuters on Thursday.

“When I look at the data from January, the (EV) segment continues to grow,” Di Si said in a video interview ahead of a speech on the sidelines of the Chicago Auto Show. Electric vehicles accounted for 8.5% of North American vehicle sales in January, up from just under 8% last year, he said. Continue reading “Volkswagen sticking with North American EV plans – executive”

MG Motor India, in partnership with BatX Energies, has unveiled off-grid solar-EV charging station, powered by repurposed MG EV batteries. The collaboration is a significant stride towards advancing sustainable mobility and contributing to a circular economy. The inauguration ceremony took place at IIT Delhi, with Prof Ajay Sood, the Principal Scientific Advisor to the Government of India, officiating the event.

The initiative involves the development of a second-life battery storage system by BatX Energies, supported by Delhi Research Implementation and Innovation (DRIIV), in collaboration with MG Motor India. This innovation aims to reduce reliance on traditional electricity sources and cut down carbon emissions associated with conventional EV charging methods. Continue reading “MG & BatX Energies Collaborate For Off-Grid Solar-EV Charging Station”

Source : PTI | New Delhi: State-owned Coal India Ltd aims to take the total number of e-vehicles at its mines to 681 by FY2025-26 from 178 at present, the government said on Wednesday.

Coal and Mines Minister Pralhad Joshi in a written reply to the Lok Sabha said that Coal India Ltd is asserting on hiring electric vehicles at different mines and subsidiary headquarters.

Continue reading “Coal India to increase e-vehicles at mines to 681 by FY26”

(Reuters) – A driverless Waymo car collided with a cyclist in San Francisco on Tuesday causing minor injuries and the incident is being reviewed by the state’s auto regulator.

Waymo, Alphabet’s autonomous driving unit, said by email on Tuesday it called the police to the scene and that it was also contacting relevant authorities about the incident. Continue reading “Waymo robotaxi accident with San Francisco cyclist draws regulatory review”

By Michael S. Derby

Feb 6 (Reuters) – Overall borrowing levels in the U.S. rose modestly during the final three months of last year as more types of borrowing ran into trouble, especially on the auto front, even as overall difficulties remained below levels seen before the onset of the COVID-19 pandemic.

Total household debt climbed by $212 billion in the fourth quarter of 2023 to $17.5 trillion, the New York Federal Reserve said on Tuesday in its latest quarterly Household Debt and Credit Report.

Continue reading “New York Fed sees trouble in auto borrowing as overall debt level rises”

By Yuvraj Malik

Feb 7 (Reuters) – Uber Technologies (UBER.N) forecast quarterly core profit and gross bookings above estimates and reported market-beating results for the holiday quarter on Wednesday, fueled by higher demand in its ride sharing and food delivery businesses.

It posted its first annual net profit as a public company as user retention improved, also benefiting from initiatives like memberships, corporate travel and advertising.

Continue reading “Uber expects strong core profit as ride share, food delivery pick up pace”

Reuters

Feb 7 (Reuters) – Tesla (TSLA.O) managers have been asked whether each of their employees’ positions were critical, stoking layoff fears in the company, Bloomberg News reported on Wednesday.

Tesla sent out a single-line query for each job after canceling some employees’ biannual performance reviews, some of the people familiar with the matter told Bloomberg.

Continue reading “Tesla asks which jobs are critical, stoking layoff fears – Bloomberg News”

By Shivansh Tiwary

Feb 7 (Reuters) – Ford Motor (F.N) shares surged 6% in morning trading on Wednesday after the automaker increased its dividend for the first quarter and decided to scale back investments in new capacity for loss-making electric vehicles (EV).

On Tuesday, the automaker disclosed its plans to return an extra 18 cents per share in dividend on top of the regular 15 cents to investors, joining rival General Motors (GM.N) in returning cash to investors. GM shares were also up 2%.

Continue reading “Ford shares surge on dividend boost, lower EV spending”

HANOI, (Reuters) – Vietnam’s electric vehicle (EV) maker VinFast is recalling nearly 6,000 of its VF 5 cars sold in the domestic market to replace the combination switch, the company said on Tuesday.

The vehicles being recalled were manufactured from March to December last year, it said in a statement, adding only one vehicle sold on the market was recorded with the switch error and no incidents have occurred. Continue reading “VinFast recalls nearly 6,000 units in Vietnam to replace switch”

(Reuters) – The United Auto Workers said on Tuesday that a majority of workers at Volkswagen’s Chattanooga, Tennessee, assembly plant have signed cards to join the union.

In November, the UAW said it was launching a first-of-its-kind push to publicly organize the entire nonunion auto sector in the U.S. after winning record new contracts with the Detroit Three automakers. Continue reading “UAW says majority of workers at VW Tennessee plant seek to join union”

BERLIN, (Reuters) – Volkswagen’s luxury car brand Audi has reduced output at its Brussels plant, where it produces the Q8 e-tron model, for at least two weeks due to component shortages, a spokesperson said on Tuesday.

The carmaker was “deciding from week to week” Continue reading “Volkswagen’s Audi cuts output at Brussels plant due to parts shortage”

Feb 6 (Reuters) – General Motors is recalling 323,232 vehicles to address an issue with the tailgate that may open while driving, potentially causing a road hazard, the National Highway Traffic Safety Administration said on Tuesday.

The recall includes some Chevrolet Silverado 2500, 3500, GMC Sierra 2500 and 3500 vehicles equipped with power-unlatching tailgates, the NHTSA said. Continue reading “GM recalling over 300,000 vehicles over tailgate issue”