NEW DELHI, (Reuters) – German automaker Volkswagen Group is looking to introduce an entry-level electric sport utility vehicle (SUV) in India by the second-half of this decade, the CEO of its local unit said at an event on Thursday.

“We are actively working on an entry-level EV. We are evaluating which VW Group platform can be best adapted to build a compact electric SUV in India,” said Piyush Arora, CEO of Skoda Auto Volkswagen India. Continue reading “VW Group’s India unit eyes entry-level electric SUV”

ROME,(Reuters) – The Italian government would be prepared to buy a stake in carmaker Stellantis if the company asked it to do so, Industry Minister Adolfo Urso told reporters on Thursday.

Urso also confirmed that Stellantis, owner of the Fiat brand, had committed to lifting annual production in Italy to one million vehicles. Continue reading “Italian govt ready to buy stake in Stellantis if asked”

STOCKHOLM,(Reuters) – Volvo Cars said on Thursday it would stop funding Polestar Automotive Holding and was handing responsibility for the struggling luxury car brand over to Volvo’s top shareholder China’s Geely Holding.

The announcement sent the Swedish automaker’s stock up more than 30% at market open. Continue reading “Volvo Cars to stop funding Polestar, may hand stake to Geely”

(Reuters) – Tesla CEO Elon Musk said on Thursday the company will hold a shareholder vote to transfer its state of incorporation to Texas from Delaware, days after a judge invalidated his $56 billion pay package at the electric vehicle (EV) maker.

On Tuesday, Delaware judge Kathaleen McCormick called the 2018 share-based pay package, the largest in corporate America, “an unfathomable sum” that was unfair to shareholders and found it was negotiated by directors who appeared beholden to Musk. Continue reading “Musk seeks Tesla shareholder vote on moving incorporation to Texas”

Source : PTI | Indians purchased more than 21 crore vehicles in the last decade as compared to 13 crore vehicles in the 10 years before 2014, President Droupadi Murmu said on Wednesday. Sales of electric vehicles in the country have also increased multi-fold, she said in her first address to a joint sitting of the two Houses in the new Parliament building.

Reflecting on how India has progressed in the last 10 years, she said,”Around 13 crore vehicles were sold in the 10 years before 2014. In the last 10 years, countrymen have purchased more than 21 crore vehicles.” Continue reading “Indians purchased over 21 crore vehicles in last 10 years: President Droupadi Murmu”

Source : PTI | German carmaker Mercedes-Benz is looking to expand its presence in the smaller cities in India where demand for luxury models is expected to grow robustly over the next few years. The automaker, which on Wednesday introduced new GLA and AMG GLE 53 models, plans to enhance its sales and service infrastructure in the non-metro cities to cater to the needs of the increasing number of customers.

“We are clearly seeing that there is a lot of growth happening in mini metros in India and we are now increasing customer car parc in these cities,” Mercedes-Benz India Managing Director & CEO Santosh Iyer told PTI in an interaction. Continue reading “Mercedes-Benz sets eyes on smaller cities to fuel further growth”

Source : PTI | New Delhi: Bajaj Auto is developing a portfolio of CNG motorcycles, and the first such bike will hit the market next fiscal under a new brand, Bajaj Auto Executive Director Rakesh Sharma said on Wednesday. The company wants the government to consider lowering GST on such CNG bikes — which will serve as a bridge to full electrification — to around 12 % as it seeks to replicate the success it has witnessed in the CNG three-wheelers to the motorcycle segment as well.

“We are putting our money where our mouth is. We feel CNG is a great option for the country, for the society and for the riders. We have proven this in three-wheelers and now we want to extend this into two-wheelers,” Sharma told PTI in an interview.

Continue reading “Bajaj Auto to launch CNG bikes in FY25, will be priced higher than petrol vehicles”

BERLIN, (Reuters) – Chinese EV giant BYD’s five models on sale in Germany will be showcased at a new BYD-only store in Berlin run by dealership Sternauto, in the latest sign that the carmaker is rapidly encroaching on European competitors’ turf.

Sternauto, which has exclusive rights to sell BYD cars in eastern Germany, set up the store to get closer to customers as awareness of the brand grows among Germans seeking an affordable electric vehicle. Continue reading “German dealership Sternauto opens BYD store in Berlin”

SHANGHAI, (Reuters) – Some Chinese automakers have had to delay deliveries of flagship models due to production issues with a computing unit made by tech giant Huawei (HWT.UL), five people with knowledge of the matter said.

Changan Auto and Chery Auto – both of which have partnered with Huawei in developing their premium electric vehicle (EV) brands – have lodged complaints and are in talks to resolve the issue, two of the people said. Continue reading “Exclusive: Chinese automakers hit by production issues with Huawei computing unit”

Jan 31 (Reuters) – Aptiv will reduce its stake in self-driving technology joint venture Motional and will stop further funding after incurring millions in losses related to the investment, the auto parts supplier said on Wednesday.

Motional, a venture between the company and Hyundai Motor Co, uses the South Korean carmaker IONIQ5 electric car for its robotaxi. It has been offering the service in Las Vegas through Uber and Lyft. Continue reading “Aptiv to cut stake in robotaxi tech firm Motional, stop funding”

(Reuters) – A group of 25 California counties have sued Elon Musk’s Tesla, claiming the electric vehicle maker mishandled hazardous waste at its facilities across the state.

The lawsuit from Los Angeles, Alameda, San Joaquin, San Francisco and other counties was filed on Tuesday in California state court. It seeks civil penalties and an injunction that would require the company to properly handle its waste in the future. Continue reading “Tesla sued by California counties over hazardous waste”

(Reuters) – After a Delaware court threw out Elon Musk’s $56 billion pay package on Tuesday, the Tesla chief executive and a board seen as captive to him must find a way to negotiate a replacement contract. It will not be easy.

The ruling is spurring on investors who for years have raised concerns about Tesla board independence. This could be a turning point for Musk, who recently said he was uncomfortable transforming Tesla into an artificial intelligence leader if his control did not rise with a new pay package. Continue reading “Musk, Tesla board have to start from scratch after $56 billion pay deal thrown out”

DETROIT, (Reuters) – General Motors said Tuesday it is cutting spending by about $1 billion on troubled robotaxi unit Cruise in 2024, but said it remains committed to the self-driving project.

Last week, Cruise disclosed probes by the U.S. Justice Department and the Securities and Exchange Commission stemming from an Oct. 2 accident in San Francisco in which one of its robotaxis struck a pedestrian and dragged her 20 feet (6.1 m). Cruise and GM came under heavy criticism after the accident, and the California Department of Motor Vehicles revoked its permit to operate driverless vehicles. Continue reading “GM to cut spending by $1 billion on robotaxi unit Cruise in 2024”

DETROIT, (Reuters) – General Motors shares jumped Tuesday after the company gave investors an upbeat outlook for 2024 and signaled more capital will be returned to shareholders.

“Consensus is growing that the U.S. economy, the job market and auto sales will continue to be resilient,” GM Chief Executive Mary Barra told investors in a letter. GM expects to reduce shares outstanding to below 1 billion, down from about 1.2 billion currently and 1.6 billion at the post-IPO peak, Barra said. Continue reading “GM shares jump as CEO Barra promises shareholders more cash”

(Reuters) – While automakers and suppliers are betting big on future demand for electric vehicles, a near-term global slowdown is causing pain, including bankruptcies, scrapped initial public offerings and production cuts.

Investment in capacity and technology development has outrun actual EV demand, boosting pressure on companies to cut costs. Continue reading “Industry pain abounds as electric car demand hits slowdown”

(Reuters) – Registrations of Tesla vehicles in California dropped 10% in the last quarter of 2023, the first fall in more than three years in the state, which is one of the most important markets for the electric carmaker and considered a national trend setter.

A total of 47,592 Tesla vehicles were registered in California in the fourth quarter, compared with 52,782 a year earlier, according to data from California New Car Dealers Association. Continue reading “Tesla California registrations fall for the first time since the pandemic”

WASHINGTON, (Reuters) – U.S. President Joe Biden will travel to Michigan on Thursday to meet with United Auto Workers members at an event at a Detroit-area union hall, a campaign official told Reuters.

The trip to the battleground state comes a week after the UAW endorsed Biden’s reelection, with union president Shawn Fain delivering a fiery speech in Washington that was also harshly critical of Republican former president and likely Biden election rival Donald Trump. Continue reading “Biden to meet with UAW workers in Michigan on Thursday”

WILMINGTON, (Reuters) – A Delaware judge tossed out Elon Musk’s record-breaking $56 billion Tesla, pay package on Tuesday, calling the compensation granted by the EV maker’s board “an unfathomable sum” that was unfair to shareholders.

Shares of Tesla dropped about 3% in extended trade, and some investors seized on the ruling in hopes it might prompt Tesla to overhaul its governance.

The Tesla board has been criticized as failing to provide oversight of its combative, headline-making CEO, who has fought regulators and led several other companies at the same time. Continue reading “Judge voids Elon Musk’s ‘unfathomable’ $56 billion Tesla pay package”

Source : PTI | More than 60 battery, recycling, and electric vehicle infrastructure firms will participate at Bharat Mobility Global Expo to be held from February 1 to 3, to showcase their innovations, a statement said on Monday. Industry body India Energy Storage Alliance (IESA) is organizing a dedicated pavilion on battery technologies, recycling, and EV infrastructure as part of this global expo, an IESA statement said.

More than 60 leading companies including Amara Raja, LivGuard, GODI Energy, Epsilon Advanced Materials, Bhilwara Group, Replus, Himadri Speciality Chemical, Trontek Group, and Battrix are participating in the event.  Continue reading “Over 60 battery, recycling, EV infrastructure firms to participate in Bharat Mobility Global Expo”

Source : PTI | Mahindra Logistics Limited on Monday said it will develop a new 3 lakh square feet warehouse in Nashik where the company has already expanded an existing facility. The company said it inaugurated a 1 lakh square feet unit at its existing multi-client warehouse in Nashik.

The new 3 lakh sq feet facility is scheduled to become operational by the end of the third quarter of 2024, the company said, adding that the state-of-the-art facilities will significantly enhance Mahindra Logistics’ pan-India network of multi-client warehousing networks. Continue reading “Mahindra Logistics expands warehousing capacity in Nashik”

Source : PTI | New Delhi: Electric vehicles maker Olectra Greentech on Monday reported a 77% rise in its net profit to INR 27.11 crore for the December 2023 quarter on the back of higher revenues. “The PAT (net profit) stands at INR 27.11 crore (in the October-December quarter), compared to INR 15.30 crore in the previous fiscal year up by 77%,” a company statement said.

Its revenue surged 33% in Q3 FY2023-24 to INR 342.14 crore, it said, adding that the significant revenue growth was recorded due to higher deliveries.

Continue reading “Olectra Greentech net profit rises 77% to INR 27.11 cr in Q3”

Source : PTI | New Delhi: Adani Green Energy on Monday posted an over 148 % jump in consolidated net profit to INR 256 crore in the three months ended December 2023, mainly on the back of higher revenues. The consolidated net profit of the company was at INR 103 crore in the year-ago period, according to a regulatory filing.

Total income rose to INR 2,675 crore in the third quarter of the current fiscal from INR 2,256 crore in the same period a year ago.

Continue reading “Adani Green Energy Q3 net profit jumps to INR 256 cr”

Source : PTI | New Delhi: Toyota Kirloskar Motor is temporarily suspending the dispatch of its three models — Innova Crysta, Fortuner and Hilux — in the country after “irregularities” were found in the certification tests for the diesel powertrain. Toyota Industries Corporation (TICO), a company affiliated with Toyota Motor Corporation (TMC), on January 29, 2024, announced that irregularities in horsepower output certification tests were found on three diesel engine models.

In case of India, such engines are used in Innova Crysta, Fortuner and Hilux.

Continue reading “Toyota suspends dispatch of three models in India due to ‘irregularities’ in diesel engine”

WASHINGTON, (Reuters) – The chairs of two U.S. House committees asked the Biden administration to investigate four Chinese companies they say are involved in Ford Motor’s, opens new tab planned Michigan battery plant, according to a letter seen Monday by Reuters.

The letter first reported by Reuters said the four Chinese companies have direct ties to the Chinese military, Chinese Communist Party, North Korean government and alleged human rights abuses in China’s Xinjiang region. Continue reading “Lawmakers want US to probe four Chinese firms involved in Ford battery plant -letter”

PARIS, (Reuters) – Renault, opens new tab on Monday ditched plans to list its electric vehicle business Ampere because of sluggish stock market conditions.

In September, Luca de Meo, CEO of both the Renault Group and Ampere, said the IPO could be worth up to 10 billion euros.

EV demand in Europe has weakened and the region’s carmakers face stiff competition from Chinese rivals. Continue reading “France’s Renault scraps IPO of EV business Ampere”

(Reuters) – Arrival said it received a delisting and stock trading suspension notice from the Nasdaq, sending the British electric-vehicle company’s shares down about 15% on Monday.

Trading in Arrival’s stock will be suspended from Jan. 30, as per the letter. Continue reading “EV maker Arrival’s shares slump on Nasdaq delisting notice”

BEIJING, (Reuters) – Chinese electric vehicle (EV) giant BYD, opens new tab said on Monday it expects net profit in 2023 to have risen by as much as 86.5% on the previous year, buoyed by strong sales and cost cuts.

BYD forecast net profit for last year between 29 billion and 31 billion yuan ($4.04-4.32 billion), an increase of 74.46-86.49% from a year earlier, it said in a Shenzhen Stock Exchange filing. Continue reading “China’s BYD forecasts 2023 net profit to rise as much as 86.5% y/y”

WASHINGTON, (Reuters) – Toyota Motor, opens new tab said on Monday it is urging the owners of 50,000 older U.S. vehicles to get immediate recall repairs because an air bag inflator could explode and potentially kill motorists.

The Japanese automaker said the “Do Not Drive” advisory covers some 2003-2004 model year Corolla, 2003-2004 Corolla Matrix, and 2004-2005 RAV4s with Takata air bag inflators. Continue reading “Toyota warns 50,000 US vehicle owners to stop driving, get immediate repairs”

DETROIT, (Reuters) – General Motors, opens new tab CEO Mary Barra on Tuesday will face the challenge of convincing investors the No. 1 U.S. automaker will not be stuck in the same slow lane this year as Tesla and other rivals.

Tesla’s TSLA.O warning last week that it expected a year of slow growth and continued pricing pressure weighed on other automakers’ shares. Continue reading “GM looks for a road out of Tesla’s shadow”

TOKYO, (Reuters) – Toyota Motor (7203.T), opens new tab sold a record 11.2 million vehicles in 2023, it said on Tuesday, taking the crown as the world’s top-selling automaker for a fourth straight year.

The Japanese automaker reported a 7.2% jump in global group sales last year, including those of truck unit Hino Motors, opens new tab and small-car maker Daihatsu, helped by record overseas sales of 8.9 million vehicles. Continue reading “Toyota keeps crown as world’s top-selling automaker in 2023”

Source : PTI | New Delhi: Hybrid vehicles are a practical medium-term solution for India’s decarbonisation drive as the country moves towards eventual electrification, according to a report by HSBC Global Research. Under the current circumstances, the total carbon emissions (well to wheel) from hybrid cars is lesser than that of electric vehicles (EVs) and it may take 7-10 years for EV and hybrid emissions to converge.

“Hybrids are critical not just from a cost of ownership perspective, but also for India’s de-carbonisation drive,” the report said.

Continue reading “Hybrid vehicles practical medium-term solution for India’s decarbonisation drive: Report”

Source : PTI | New Delhi: State-owned Bharat Petroleum Corporation Ltd (BPCL) on Monday reported an 82% jump in its December quarter net profit on the back of higher-than-expected refining margins and a rise in margins on fuel sales. Its consolidated net profit of INR 3,181.42 crore in October-December – the third quarter of the current fiscal year, stated on April 1, 2023 – compares to INR 1,747.01 crore earnings in the same period of the previous financial year, according to a company statement.

Its profit was, however, lower than INR 8,243.55 crore earnings in the preceding quarter (July-September 2023). Continue reading “BPCL Q3 net profit jumps 82% on higher refining, mkt margins”

Source : PTI | More than 60 battery, recycling, and electric vehicle infrastructure firms will participate at Bharat Mobility Global Expo to be held from February 1 to 3, to showcase their innovations, a statement said on Monday. Industry body India Energy Storage Alliance (IESA) is organizing a dedicated pavilion on battery technologies, recycling, and EV infrastructure as part of this global expo, an IESA statement said.

More than 60 leading companies including Amara Raja, LivGuard, GODI Energy, Epsilon Advanced Materials, Bhilwara Group, Replus, Himadri Speciality Chemical, Trontek Group, and Battrix are participating in the event.

Continue reading “Over 60 battery, recycling, EV infrastructure firms to participate in Bharat Mobility Global Expo”

Source : PTI | Coal India and its subsidiary Western Coalfields have identified four to five closed mines in the Chhindwara Pench area for setting up green projects for optimum utilisation of assets, Union Coal Secretary Amrit Lal Meena said on Sunday. Meena at the Western Coal Fields headquarters here told reporters that Coal India will install integrated solar and pump storage projects in de-coaled land from where coal has been extracted fully.

The move is aimed at the optimum utilisation of WCL assets and 4-5 old mines have been identified in the Chhindwara Pench area wherein integrated solar and hydropower plants would be set up to contribute to green energy production, the secretary said. Continue reading “Coal India, WCL to set up green energy projects at closed mines in Chhindwara area: Coal Secy”

Source : PTI | Haryana Chief Minister Manohar Lal Khattar on Sunday inaugurated electric city bus services in Panipat and announced that people will get to travel free of cost on these buses for seven days. Three electric buses have been introduced in the city and five more will be added to the fleet soon, according to an official statement.

Inaugurating the service from the new bus stand in Siwah, Khattar said the objective of this initiative is not only to provide convenient transportation to the people of the state but also to reduce environmental pollution. Continue reading “Khattar inaugurates electric bus services in Panipat”

Continue reading “Hyundai finalises Russia exit as local firm buys its two car plants”

Continue reading “Truck maker Volvo braces for 2024 by adjusting production amid weak order intake”

Continue reading “Electric car maker Polestar to cut around 450 jobs globally”

Continue reading “Toyota Motor union demands record 2024 bonuses – Nikkei”

Summary

• Britain objects to Canadian hormone-treated beef
• Farmers welcome Sunak’s support for sector
• Cheesemakers caught up in negotiation breakdown
• Carmaker body calls for talks to resume

Continue reading “UK-Canada trade: Talks stall as Britain toughens approach”