HANOI, Dec 4 (Reuters) – The United States International Development Finance Corporation (DFC) has signed a letter of interest with electric vehicles maker VinFast to consider the Vietnamese company’s application for a $500 million loan for expansion, VinFast said on Monday.

The loan, which will be used to support VinFast’s establishment of lithium-ion battery manufacturing facilities in Vietnam, is subject to a comprehensive review and approval process by DFC, the carmaker said in a statement. Continue reading “US DFC considers $500 mln loan to Vietnamese EV maker VinFast”

BELGRADE, Dec 3 (Reuters) – Serbian President Aleksandar Vucic said on Sunday he expects automaker Stellantis (STLAM.MI) to produce an electric Fiat Panda city car in the central town Kragujevac.

Vucic who spoke after meeting Italian Prime Minister Giorgia Meloni did not give any specific date for the production launch. Continue reading “Serbia’s Vucic says electric Fiat Panda model to be produced in Serbia”

Source : PTI | Honda Motorcycle & Scooter India (HMSI) on Friday said it is recalling a certain number of H’ness CB350 and CB350RS units to inspect and replace faulty parts. It has been identified that due to an improper process being followed to manufacture the rubber parts of rear stop light switch there are chances of crack development on the rubber, the two-wheeler maker said in a statement. .

This might cause water entry and corrosion inside the switch, leading the light to malfunction, it added. Continue reading “HMSI recalls H’ness CB350, CB350RS to replace faulty parts”

WASHINGTON, Dec 1 (Reuters) – General Motors said Friday that it expects many of its electric vehicles to qualify for U.S. tax credits next year after new stricter rules limiting Chinese battery content take effect.

“Due to GM’s historic investments in the U.S and efforts to build more secure and resilient supply chains we believe GM is well positioned to maintain the consumer purchase incentive for many of our EVs in 2024 and beyond,” the automaker said after the Biden administration issued new guidance. Continue reading “GM believes many of its EVs will qualify for tax credits in 2024”

WASHINGTON, (Reuters) – The Biden administration on Friday issued-long awaited guidance that will limit Chinese content in batteries eligible for electric vehicle tax credits starting next year.

In a win for automakers, the U.S. Treasury will temporarily exempt some trace critical minerals from new strict rules barring materials from China and other countries deemed a “Foreign Entity of Concern.” (FEOC) Continue reading “US to limit Chinese firms, battery parts from winning EV tax credits”

WASHINGTON, (Reuters) – A U.S. auto safety regulator said on Friday it is opening an investigation into 73,000 Chevrolet Volt plug-in hybrid cars over reports of abrupt loss of power, failures to restart and other issues.

The National Highway Traffic Safety Administration said it was opening the preliminary evaluation into the 2016 through 2019 model year Chevrolet Volt after 61 complaints tied to the battery energy control module (BECM). Some complaints reported there was little to no warning before the loss of operating power or reduced power mode occurred. Continue reading “US opens probe into 73,000 Chevrolet Volt cars over loss of power”

Source : PTI | State-owned Gail India on Friday said it has initiated legal proceedings against a former unit of Russian energy giant Gazprom for non-delivery of LNG and has sought USD 1.817 billion in damages. In a stock exchange filing, the gas utility said it has filed an arbitration claim before the London Court of International Arbitration for “non-supply of LNG cargoes under long-term contract.”

GAIL in 2012 signed a 20-year deal to buy as much as 2.85 million tonnes per annum of liquefied natural gas (LNG) with Russian energy giant Gazprom.

Continue reading “GAIL seeks USD 1.8 bn from former Gazprom unit”

Source : PTI | Japanese auto major Toyota Motor Corporation on Friday announced a regional restructuring with India being integrated into its ‘Middle East, East Asia & Oceania Region’ operations and slotting the country to act as the hub of the new geography. As part of this development, Masakazu Yoshimura, MD and CEO of Toyota Kirloskar Motor (TKM) — the company’s joint venture in India with the Kirloskar group — will concurrently be the Regional CEO, Toyota Motor Corporation (TMC) said in a statement.

“Currently, as a part of the Asia Region, the Indian market already enjoys high priority. With this change, India will now play an even more crucial role by being integrated into the Middle East, East Asia & Oceania Region and acting as the hub of the new ‘India, Middle East, East Asia & Oceania Region’ starting January 1, 2024,” it said. Continue reading “India to act as Toyota’s new regional hub”

Source : PTI | New Delhi: India will never provide company or enterprise-specific incentives in the electric vehicle sector, a top government official said on Friday, amid a push from American electric carmaker Tesla for special sops to set up its factory in the country. If the government has to consider providing incentives then it will only be for all EV makers and entrants who want to come to India, the official said.

The official added that inter-ministerial discussions have happened on the customs duty concession demand of the US-based electric car maker Tesla, but “we never” come to any conclusion on those. Continue reading “Will never give company-specific incentives in EV sector, govt official on Tesla’s demand”

Source : PTI | Cab aggregator Uber on Thursday announced the launch of its global flagship electric vehicle service Uber Green in Bengaluru which allows residents of the tech city to book sustainable and eco-friendly rides on their app. Karnataka Information Technology Minister Priyank Kharge flagged off the first Uber Green vehicles from the Bengaluru Palace on the sidelines of the Bengaluru Tech Summit.

The cab aggregator said Uber Green is now available in several parts of the city including most of central Bengaluru and that it will soon be extended to more parts of the city. Continue reading “Uber Green launched in Bengaluru; offers sustainable transport option”

BEIJING, Dec 1 (Reuters) – China’s electric vehicle giant BYD Co Ltd (002594.SZ) on Friday announced subsidies for some models and a discount of up to 20,000 yuan ($2,803) in December for buyers who are switching from oil to electric cars.

BYD in March set a target to sell 3 million vehicles by the end of this year, local media Yicai has reported. Continue reading “China’s BYD offers subsidies, discount for some models in December”

(Reuters) – Elon Musk is keen to achieve what no business leader has done before, from mass-producing electric cars to developing reusable space rockets. Now he is blazing another trail most chief executives have avoided: the profane insult.

The Tesla (TSLA.O) CEO told advertisers who have fled his social media platform X over antisemitic content to “Go fuck yourself!” in an interview on Wednesday.

Several business communications analysts said they couldn’t remember a similar case of an executive publicly cursing at their customers. The job of a CEO is to do deals, not burn bridges, they said. Continue reading “Trailblazer Elon Musk pushes a profane new frontier”

WASHINGTON, Dec 1 (Reuters) – A U.S. auto safety regulator said on Friday it is opening an investigation into 73,000 Chevrolet Volt plug-in hybrid cars over reports of abrupt loss of power, failures to restart and other issues.

The National Highway Traffic Safety Administration said it was opening the preliminary evaluation into the 2016 through 2019 model year Chevrolet Volt after 61 complaints tied to the Battery Energy Control Module (BECM). Some complaints reported there was little to no warning before the loss of operating power or reduced power mode occurred. Continue reading “US opens probe into 73,000 Chevrolet Volt cars over loss of power”

Dec 1 (Reuters) – Electric-vehicle maker Fisker (FSR.N) said on Friday it will scale down production this month and produce lesser cars this year than its previous guidance, to prioritize cash for working capital needs.

Shares of the EV maker, which has been struggling with a cash crunch, rose 7% in premarket. Continue reading “Fisker scales back production to divert cash for working capital”

WASHINGTON, Dec 1 (Reuters) – The Biden administration on Friday issued-long awaited guidance that will limit Chinese content in batteries eligible for electric vehicle tax credits starting next year.

In a win for automakers, the U.S. Treasury will temporarily exempt some trace critical minerals from new strict rules barring materials from China and other countries deemed a “Foreign Entity of Concern.” (FEOC) Continue reading “US to limit Chinese firms, battery parts from winning EV tax credits”

“WAF AutoNews” is World’s No.1 in World Auto News &  Auto Think Tank !!
Click Here to See for yourself.

WAF THINK TANK

The Future of Vehicle After Sales Service gets Co-Created here by Industry Top Leaders WAF

Which is the best car breakdown and roadside assistance service in India? Allianz

How can aftermarket solutions software streamline parts and service management? WAF Continue reading “WAF Auto News | The Auto World This Week (01st December 2023)”

Morris Garages India welcomes JSW Group as its new JV partner for a tech enabled future with a focus on green mobility and innovation.

President of SAIC Motor, Wang Xiaoqiu, and JSW Group’s Parth Jindal signed crucial agreements at the MG UK Headquarters in London, in the presence of Rajeev Chaba, President and MD of MG Motor India.

This collaboration aims to turbocharge the transformation of MG Motor in India, unlocking a new era of innovation and sustainability.

Continue reading “It’s Official! Morris Garages India welcomes JSW Group as its new JV partner”

DELHI: 30 Nov. 2023 — High implementation of service advisor actions during pre-service assists original equipment manufacturer (OEM) workshops in a multi-faceted manner, according to the J.D. Power 2023 India Customer Service Index (CSI) Study,^SM released today. After a hiatus since 2021, J.D. Power has re-launched the India Customer Service Index Study in collaboration with NielsenIQ.

Pre-service actions by the service advisors combine several actions like multi-point inspection, explanation of work before service, being fully aware of customer needs, providing helpful advice and having sufficient technical knowledge. The study finds that customers who have received implementation of all these elements have an increase of 20 points (on a 1,000 -point scale) than those who do not (848 vs. 828, respectively). In addition, these customers end up spending 7% more on their service than those who do not receive these implementations. Continue reading “MG Motor India Tops 2023 India JD Power CSI Study for Third Consecutive Year”

Source : PTI | Transitioning to a more sustainable and carbon-neutral future will require USD 13.5 trillion in investments by 2050, particularly in the production, energy and transport sectors, a new World Economic Forum report said on Tuesday. The report noted that major producing countries and regions such as India, China, the US, and EU have now committed to net-zero targets, making it imperative for businesses within their jurisdictions to align their operations and strategies with the evolving regulatory landscape.

However, complex and ever-changing policy regimes result in businesses allocating substantial resources towards compliance, impeding progress, and therefore establishing more consistent and stable regulatory frameworks with well-defined timelines is imperative for mitigating these risks, it said. Continue reading “WEF says USD 13.5 trillion needed to fast-track decarbonisation of key sectors”

MOSCOW, Nov (Reuters) – Furloughed workers at Volkswagen’s former plant in Russia are being offered redundancy, according to the union representing them, as the new owners struggle to find a partner to resume output six months after VW finalised its exit from the country.

The plant, in Russia’s Kaluga region south of Moscow, has annual production capacity of 225,000 cars, but Russia’s invasion of Ukraine brought work to a standstill. The plant will remain idle until at least March 2024, the trade union added. Continue reading “Six months after Volkswagen exit, idle Russian car plant offers workers redundancy”

HONG KONG/SHANGHAI, Nov (Reuters) – Huawei Technologies’ (HWT.UL) new smart car software and components firm is set for a valuation of up to 250 billion yuan ($34.67 billion) after it sells stakes to investors including Changan Auto, three people with knowledge of the matter said.

The Chinese company said on Sunday it will spin off its four-year-old Intelligent Automotive Solution (IAS) business unit – which aimed to become the equivalent of German automotive supplier Bosch of the intelligent electric vehicle (EV) era – into a new company which will receive the unit’s core technologies and resources. Continue reading “Exclusive: Huawei’s new smart car firm valued up to $35 billion amid advanced stake talks”

TOKYO, Nov (Reuters) – Toyota (7203.T) and two affiliates will divest at least 8% of supplier Denso (6902.T), the companies said on Wednesday, a $4 billion deal that sparked investor hopes the world’s top-selling automaker will shed more of its numerous cross-shareholdings.

The share sale, which was first reported by Reuters on Tuesday, will be Japan’s second biggest this year and the largest in the global auto industry in more than a decade, according to LSEG data. Continue reading “Toyota group to sell 8% Denso stake, investors want more unwinding”

Summary

• GM to buy back $10 bln in stock, boost dividend by 33%
• Stock jumps 9.8%, Ford and Stellantis also gain
• GM cuts 2023 profit outlook
• GM to cut spending on robotaxi unit Cruise
• CEO Barra ‘disappointed’ with EV production this year

Nov 29 (Reuters) – General Motors (GM.N) said on Wednesday its new labor deals after a lengthy U.S. strike will cost it $9.3 billion even as it outlined $10 billion in share buybacks, a 33% dividend increase and “substantially lower” spending at its robotaxi unit Cruise. Continue reading “GM sees $9.3 billion hit from labor deals, outlines $10 billion stock buyback”

WASHINGTON, Nov (Reuters) – The United Auto Workers union said on Wednesday it is launching a first-of-its-kind push to publicly organize the entire nonunion auto sector in the U.S. after winning new contracts with the Detroit Three automakers.

The Detroit-based UAW said workers at 13 nonunion automakers were announcing simultaneous campaigns across the country to join the union, including at Tesla (TSLA.O), Toyota (7203.T), Volkswagen (VOWG_p.DE), Hyundai (005380.KS), Rivian (RIVN.O), Nissan (7201.T), BMW (BMWG.DE) and Mercedes-Benz (MBGn.DE). Continue reading “UAW launches bid to organize Tesla and ‘entire non-union auto sector’ in US”

Source : PTI | The Centre on Tuesday ordered the revocation of restrictions under Stage-III of GRAP in the entire NCR with immediate effect, following improvement in air quality. The Commission for Air Quality Management in National Capital Region and Adjoining Areas (CAQM), a statutory body responsible for formulating strategies to combat pollution in the region, met on Tuesday in view of the significant improvement in the overall air quality of Delhi-NCR.

The air quality forecasts by the India Meteorological Department/Indian Institute of Tropical Meteorology do not indicate the average air quality of Delhi to move to ‘severe’ category in the coming days for which forecast is available, the CAQM said. Continue reading “Restrictions on petrol and diesel four wheelers in Delhi-NCR scrapped as air quality improves”

SINGAPORE, Nov 28 (Reuters) – Lotus Technology, the luxury electric vehicle arm of sports car brand Lotus, said on Tuesday it has secured $870 million in financing ahead of the completion of its merger with blank check company L Catterton Asia Acquisition (LCAA) (LCAA.O).

All of the financing was secured based on a $5.5 billion valuation, China-headquartered Lotus Technology said in a statement. Continue reading “Lotus Tech secures $870 mln ahead of deal completion with L Catterton SPAC”

SHENZHEN, China, Nov (Reuters) – Huawei Technologies (HWT.UL) said some of its automotive partnerships, having gained skills in user experience, product design and marketing, were now ready to move towards independent operations and investment.

Huawei’s managing director and chairman of its smart car solutions unit Richard Yu made the comments while speaking at a launch event in Shanghai for the Luxeed S7 sedan that Huawei has jointly developed with Chinese automaker Chery(CHERY.UL). Continue reading “Some Huawei car businesses moving towards independence, autos chief says”

Summary

• Group companies to sell about 10% stake by year-end-sources
• Toyota Motor expected to remain Denso’s top shareholder-sources
• Denso to buy back shares to offset hit to share price-sources

TOKYO, Nov 28 (Reuters) – Toyota Motor (7203.T) and two affiliates plan to sell about 10% of components maker Denso (6902.T) by year-end, a stake likely worth about $4.7 billion, sources familiar with the matter said.

The sale of shares in Denso would mark the latest step by the world’s top selling automaker to cash in on stakes in affiliates as it ramps up production of fully electric vehicles, a capital-intensive endeavour that spans research and development to an overhaul of the factory floor. Continue reading “Exclusive: Toyota group companies plan $4.7 billion sale of Denso stake”

Source : PTI | New Delhi: Ride-sharing platform, Rapido on Monday announced the launch of free rides to over 2,600 polling stations in the city on November 30, to help voters.

A press release from the firm said, the initiative reflects Rapido’s commitment to boosting voter turnout in Telangana, particularly among its predominantly young user base. Rapido’s Co-founder Pavan Guntupalli, said “India’s democracy is its biggest highlight, and we are proud to be the disruptors in making every vote count. We urge people to participate in greater numbers to cast their vote without worrying about transportation. By facilitating free bike rides on Election Day, we intend to encourage citizens to exercise their right to vote.” Continue reading “Rapido offers free rides to 2600 polling booths in Hyderabad on Nov 30”

Nov (Reuters) – Our Next Energy (ONE) said on Monday it has cut around 25% of its workforce, or 128 employees, as the electric-vehicle battery startup deals with high borrowing costs and an uncertain economy.

The company, founded by former Apple executive Mujeeb Ijaz, said in February it had raised $300 million in a Series B funding, which valued the company at $1.2 billion. Continue reading “EV battery startup ONE cuts workforce by 25%”

Nov (Reuters) – Rivian Automotive (RIVN.O) on Monday announced the launch of leasing for its R1T electric pickup truck for customers in select U.S. states.

The option, which has been made available in states including California, New York, Florida and Texas, comes days ahead of the launch of Tesla’s (TSLA.O) Cybertruck which competes with the R1T. Continue reading “Rivian launches leasing for R1T electric pickup truck in some US states”

Nov (Reuters) – A U.S. labor board has dismissed claims that Tesla Inc (TSLA.O) illegally fired employees working on Autopilot software at a New York factory to put an end to union organizing.

A National Labor Relations Board (NLRB) regional official on Friday tossed out a complaint filed in February by Workers United, a union seeking to organize workers at Tesla’s Buffalo, New York “gigafactory.” Continue reading “Tesla beats US claim that it fired factory workers amid union campaign”

Nov 27 (Reuters) – Germany’s cabinet is expected to agree a supplementary 2023 budget this afternoon, a government spokesperson said on Monday.

The cabinet will also try to present a 2024 budget by the end of the year, the spokesperson said, adding that if this did not work out, the plan was to agree a budget in January. Continue reading “German cabinet to agree supplementary budget this afternoon – spokesperson”

BERLIN, Nov 27 (Reuters) – Volkswagen’s (VOWG_p.DE) 10 billion euro ($10.9 billion) savings programme will include staff reductions, managers told staff on Monday as brand chief Thomas Schaefer warned that high costs and low productivity were making its cars uncompetitive.

The German carmaker is in the midst of negotiations with its works council over a cost-cutting scheme at its VW brand, the first step in a group-wide drive to boost efficiency in the transition to electric cars. Continue reading “Volkswagen to reduce headcount at ‘no longer competitive’ VW brand”

WASHINGTON, Nov 27 (Reuters) – Electric vehicles are a “hoax,” they do not work, and they are strengthening China’s economy at the expense of American jobs.

Those are among the criticisms that contenders for the 2024 Republican presidential nomination, including former President Donald Trump and Florida Governor Ron DeSantis, have leveled on the campaign trail in recent weeks. Continue reading “In 2024, Republican EV attacks may fall short as swing states reap investment”