SEOUL, Nov 27 (Reuters) – Hyundai Motor Co (005380.KS) plans to halt its factory in Asan, South Korea, to construct an electric vehicle plant in the period between Dec 31. 2023 to Feb. 13 2024, the South Korean automaker said in a regulatory filing on Monday.
Hyundai Motor said it plans to resume operations at the Asan factory on Feb. 14. Continue reading “Hyundai Motor to halt Asan factory in S.Korea for EV factory construction”
Source : PTI | The government on Saturday announced compulsory blending of compressed biogas, which is extracted from municipal and agriculture waste, in natural gas to cut reliance on imports. Initially, 1% of biogas will be blended in gas used in automobiles and household kitchens for cooking from April 2025, a government statement said. The share will be increased to around 5% by 2028.
The government also plans to have 1% sustainable aviation fuel (SAF) in aircraft turbine fuel by 2027, doubling to 2% in 2028. The SAF targets will initially apply to international flights, the statement said. Continue reading “Government makes biogas blending mandatory”
Source : PTI | The Indian passenger vehicle market is expected to carry forward the momentum of this year to the next purely driven by economic fundamentals, having already moved beyond pent-up demand-induced growth, according to Toyota Kirloskar Motor Executive Vice President & Country Head Vikram Gulati. While the SUVs are expected to witness fast growth in general in 2024, the mid to higher end of the segment will also see faster acceleration, although the small cars category will remain a concern.
“I think the market is growing. It will continue to grow in a very healthy way. We are well beyond the part when people were saying this is pent-up demand. We have built much beyond that, and the festive season has seen very good pickup,” Gulati told PTI when asked about the outlook for 2024. Continue reading “Toyota expects Indian PV market to carry momentum of 2023 into next year, SUVs to continue to grow”
Source : PTI | State-owned oil and gas giants including IndianOil and GAIL (India) Ltd have been slapped with fines for the second quarter in a row for failing to meet listing requirements of having the requisite number of independent directors on board. Stock exchanges have fined oil refining and fuel marketing giant Indian Oil Corporation (IOC), explorers Oil and Natural Gas Corporation (ONGC) and Oil India Ltd, gas utility GAIL, refiners Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL), and Engineers India Ltd INR 5.42 lakh, stock exchange filings showed.
In separate filings, the companies detailed the fines imposed by the BSE and NSE but were quick to point out that appointment of directors was done by the government and they had no role in it. Continue reading “IOC, GAIL fined for second straight quarter for failing to meet listing norms”
BEIJING, Nov (Reuters) – China’s Huawei (HWT.UL) said on Sunday it will move core technologies and resources in its smart car unit, which has chalked up robust sales for a number of new vehicles, to a new joint company owned up to 40% by automaker Changan Auto.
The new company will engage in research and development, production, sales and service of intelligent automotive systems and component solutions, Huawei said in a press release. Continue reading “Huawei to move smart car operations to new joint company with Changan”
Source : PTI | Hero Electric , an electric two-wheeler manufacturer promoted by Naveen Munjal, has approached existing investor Gulf Islamic Investments (GII) and credit funds to raise around INR 550 cr, as the company fights a working capital crunch that has affected its operations and resulted in loss of market share, according to sources aware of the matter.
According to sources in the know, the company is attempting to raise INR 300 cr from existing backer GII and tie up the remaining funding of about INR 250 crore in form of debt for which it has tapped the credit fund arms of Edelweiss and Kotak. Hero Electric has offered to provide a land parcel in Gurugram as security to potential financiers. Continue reading “Hero Electric taps GII, credit funds for INR 550 cr”
Nov (Reuters) – China-based Zeekr Intelligent’s revenue nearly doubled in the first nine months of the year, the electric car brand revealed in its updated paperwork filed with the U.S. securities regulator on Friday for its initial public offering.
Zeekr, owned by Chinese automaker Geely Auto (0175.HK), had made its listing prospectus public earlier this month after confidentially filing in December to float its shares in New York. Continue reading “China’s Zeekr reveals revenue surge in updated financials ahead of US IPO”
Source : PTI | New Delhi: India has a target to achieve carbon neutrality by 2070. For this, organisations at various levels are working on resource efficiency to eliminate carbon emissions. The transport segment already accounts for more than a third of CO2 emissions from end‐use sectors.
TERI, a policy research organisation specialising in the fields of energy, environment and sustainable development, propagates that for addressing carbon emissions in this segment, electrification in various areas, meeting electricity demand through non-fossil sources, and developing low-carbon alternatives like hydrogen and biofuels for certain other areas could be the way to go. It also emphasises on the importance of adopting circular economy business models in the long term. Continue reading “Emission control: EVs are not the only solution, alternatives can play big role, says TERI DG”
Source : PTI | India’s largest carmaker Maruti Suzuki on Friday said its board has approved the allotment of 1,23,22,514 equity shares of the company to Suzuki Motor Corporation on a preferential basis as consideration for the acquisition of a 100% stake of SMC in Suzuki Motor Gujarat (SMG).
The decision to allot shares at a price of INR 10,420.85 per equity share for a total consideration of INR 12,841.1 crore was taken at a board meeting this morning. Maruti shares were trading 0.3% higher at INR 10,525 on BSE in the opening session. Continue reading “Maruti board approves INR 12,800 crore preferential issue to Suzuki Motor Corp”
MOSCOW, Nov (Reuters) – Chinese car sales in Russia appear to have peaked as domestic production recovers after the exodus of Western automakers, data shared with Reuters showed, but recent growth in the market may stall as high import costs and interest rates begin to bite.
The figures are early indicators that Russia’s car market, and China’s role in it, have stabilised after nearly two years of upheaval caused by sanctions placed on Moscow and Western companies’ sudden exit in the wake of the invasion of Ukraine. Continue reading “Exclusive: Chinese car sales boom in Russia levels off amid shaky local recovery”
BERLIN, Nov (Reuters) – German Chancellor Olaf Scholz will convene car executives with ministerial leaders, energy executives and unions on Monday to discuss how Germany can meet its target of 15 million electric cars on the road by 2030, a government spokesperson said.
The chancellor is convinced the goal could be reached if carmakers produced more cheaply priced and longer-range cars, spokesperson Steffen Hebestreit said at a press conference on Friday. Continue reading “German government, car industry to strategise on goal of 15 mln EVs by 2030”
Summary
LONDON, Nov (Reuters) – Nissan (7201.T) said on Friday it would pump 1.12 billion pounds ($1.4 billion) into its British plant to build electric versions of two models, offering a boost to the country’s auto industry and a prime minister desperate to attract foreign investment. Continue reading “Nissan invests $1.4 bln to build two new EV models in Britain”
Summary
BERLIN, Nov (Reuters) – German Chancellor Olaf Scholz promised on Friday to finalise the 2024 budget by the end of this year, in a video message that sought to reassure spooked citizens and investors in Europe’s largest economy after a court ruling tore up its spending plans. Continue reading “Germany’s Scholz promises swift budget overhaul in spending fiasco”
Summary
JOHANNESBURG, Nov (Reuters) – A senior Volkswagen (VOWG_p.DE) executive involved in a global cost-cutting strategy said on Friday he was “very worried” about the future of the company’s operations in South Africa, which is fighting persistent power cuts and logistics snarls. Continue reading “VW struggling with S.Africa costs as group targets savings – executive”
STOCKHOLM, Nov (Reuters) – The conflict between Swedish unions and Tesla (TSLA.O) heated up on Friday as a supplier of critical components joined in a sympathy action to get the electric car maker to sign a collective bargaining agreement for its Swedish workers.
Around 50 workers that make specialized Tesla components at Hydro Extrusions, a subsidiary of Norwegian aluminium and energy company Hydro, will either stay at home or be given other tasks from Friday until further notice, the IF Metall union said. Continue reading “Swedish union blocks Tesla components as dispute intensifies”
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How battery swapping can accelerate e-motorbikes WAF Continue reading “WAF Auto News | The Auto World This Week (24th November 2023)”
BEIJING, Nov 24 (Reuters) – China hopes Russia will give policy support for Chinese automobile enterprises to produce, sell and operate in Russia, Chinese state media cited China’s ambassador to Russia as saying on Friday.
China will promote Chinese and Russian integration in the automotive industry supply chain, Ambassador Zhang Hanhui was cited as saying. Continue reading “China hopes Russia will provide policy support to Chinese auto firms – Chinese state media”
TURIN, Italy, Nov (Reuters) – Stellantis (STLAM.MI) will lift its 2030 revenue target for its recycling and reconditioning unit after its revenue grew 25% so far this year, the automaker’s CEO said on Thursday, adding that the business would help make electric vehicles more affordable.
Rising prices and reduced availability of raw materials, as well as environmental costs to extract them, are pushing manufacturers and regulators to reuse and recycle more. Continue reading “Stellantis to lift revenue target for ‘circular economy’ recycling unit”
Source : PTI | US electric carmaker Tesla is willing to invest up to USD 2 billion for setting up a local factory if the government approves a concessional duty of 15% on imported vehicles during its first two years of operations in India.
According to sources aware of the matter, Tesla has approached the union government with a detailed proposal linking the quantum of investment to the number of cars it can import at lower duty. The company is willing to invest up to USD 500 million if the government extends concessional tariff for 12,000 vehicles and can increase this up to USD 2 billion if the reduced duty is approved for 30,000 vehicles. People close to the development said the government is examining the viability of the upper range of Tesla’s proposal – the investment of USD 2 billion to set up a plant. Continue reading “Tesla ready to drive in up to USD 2 billion, but with riders”
Source : PTI | The current USD 800 billion invested annually in the global oil and gas sector could be halved by 2030 if a goal to limit global warming to 1.5 degrees Celsius is to be reached, the International Energy Agency (IEA) said in a report Thursday.
The report added that no new long-lead-time oil and gas sector projects would be needed if that goal were to be reached, and some current projects would need to be shuttered. Continue reading “Oil and gas investment could halve by 2030 to meet climate goal -IEA”
Source : PTI | It is no secret that American EV making giant Tesla Inc. is planning to enter the ever-growing Indian automotive sector, with CEO Elon Musk having mentioned the plans multiple times over the past few months. It seems like we are now inching closer to Tesla’s India entry, which could happen as soon as next year.
About a month ago, TOI had revealed that the Indian government is considering introducing a new electric vehicle policy that would slash import taxes for car companies that commit to some local manufacturing. The tax reduction could mean that Tesla (and other global EV companies) can test-market their products before fully committing to the market and setting up a plant for manufacturing locally. Continue reading “Which states can become home to Made in India Tesla EVs?”
ROME, Nov (Reuters) – Glencore (GLEN.L) has decided to build a pilot project for an electric vehicle (EV) battery recycling plant outside of Italy, but still has its eye on the island of Sardinia for a larger facility, the Swiss mining group said on Thursday.
Responding to a Reuters request for comment on a newspaper report, Glencore said that the decision to relocate the testing and demonstration plant away from Portovesme in Sardinia would allow for faster commissioning of the project. Continue reading “Glencore to build pilot battery recycling plant outside of Italy”
Summary
Source : PTI | New Delhi: Auto dealers will see revenues accelerate 8%-10% this fiscal, driven by 5%-7% increase in sales volume, premiumisation and price hikes of 2%-5% by original equipment manufacturers (OEMs).
That, along with steady operating profitability and moderate debt, will keep their credit profiles stable, a CRISIL Ratings analysis of ~150 auto dealers indicates. Continue reading “Auto dealers to clock 8-10% revenue growth as volume normalises”
Source : PTI | New Delhi: If one is a gamer and a car enthusiast, they are usually accustomed to a number of car racing video games. Now, with an onward move towards autonomous mobility, technology is becoming synonymous with the automotive world, and gamers could also experience and enjoy in-car gaming which is expected to become a core feature of the cars of tomorrow.
One such Indian technology company is working on leveraging this opportunity. In line with enhancing the driver and passenger experience within the Cockpit of the Future, Pune-based KPIT Technologies is set to acquire a 13% stake in the Switzerland-based N-Dream AG, an emerging startup specializing in Cloud-based game aggregation platforms. The agreement also includes an option for KPIT to further increase its shareholding. Continue reading “Future of Mobility: In-car gaming could be the new entertainment for cars”
WINNIPEG, Manitoba, Nov (Reuters) – Canada needs to shift gears on its strategy of building electric vehicle (EV) charging stations across the country, advocacy groups and government officials say, but they are trying to steer Prime Minister Justin Trudeau’s Liberal government down different roads.
Trudeau’s rollout strategy is focused on building EV ports in populous public areas and multi-family residential buildings, which experts warn may not be enough to rapidly increase EV adoption and help meet the government’s ambitious climate goals. Continue reading “Canada’s EV charging strategy reaches fork in the road”
Source : PTI | Warren Kevin Harris , CEO & MD, Tata Technologies, says “we have new concept engineering capabilities, we have mechanical capabilities but we also have software and embedded capabilities that are a match to anybody in the Indian engineering service provider arena. The thing that differentiates us is our ability to be able to integrate those technology solutions with mechanical systems and position support for our customers in the context of delivering entire subsystems and work packages all the way through the delivery of a complete vehicle.” Continue reading “We are driving disruption and change in auto ER&D space; have home advantage against GCCs: Tata Tech CEO”
Source : The Heavy Industries Ministry is probing officers that erred in giving approvals to companies that wrongly claimed subsidies under the FAME Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India (FAME India) scheme. Speaking to journalists in New Delhi, Secretary, Ministry of Heavy Industries, Kamran Rizvi said that the investigation also looks in the role of International Centre for Automotive Technology (ICAT) and the Automotive Research Association of India (ARAI). Continue reading “Probe underway against government officials in FAME subsidy misappropriation case”
Nov 22 (Reuters) – Volkswagen (VOWG.DE) said on Wednesday that it would hike salaries for production workers at its Tennessee-based Chattanooga assembly plant by 11%, weeks after the United Auto Workers union won significant pay and benefit hikes from the Detroit Three automakers.
The German company and other non-union automakers in the U.S. have come under increased pressure to improve pay and benefits following the record contracts achieved by the UAW in late October after thousands of its members went on a six-week targeted strike. Continue reading “Volkswagen becomes the latest automaker to hike wages for U.S. factory workers”
Nov (Reuters) – A Florida judge found “reasonable evidence” that Tesla Chief Executive Elon Musk and other managers knew the automaker’s vehicles had a defective Autopilot system but still allowed the cars to be driven unsafely, according to a ruling.
Judge Reid Scott, in the Circuit Court for Palm Beach County, ruled last week that the plaintiff in a lawsuit over a fatal crash could proceed to trial and bring punitive damages claims against Tesla for intentional misconduct and gross negligence. The order has not been previously reported. Continue reading “Judge finds evidence that Tesla, Musk knew about Autopilot defect”
Industry experts and leaders came together to address challenges in the Supply Chai
New Delhi, November 22, 2023: Society of Indian Automobile Manufacturers (SIAM), the apex body of the automobile industry, hosted the Automotive Sourcing Conclave under the theme “Towards Building a Resilient Supply Chain.” The conclave addressed critical areas in the supply chain, including EV components, electronics and electricals, transmission systems, and metals. Continue reading “SIAM Automotive Sourcing Conclave Focuses on Building a Resilient Supply Chain”
Source : PTI | Domestic commercial vehicle industry is expected to touch the peak sales volume of 2018-19 this fiscal and grow briskly over the next few years coinciding with the growth of the overall economy, VE Commerical Vehicles MD and CEO Vinod Aggarwal said on Monday. He noted in the first seven months (April-October), the heavy duty truck segment has grown by 15 per cent.
“We are expecting that this year the industry should either be very near to the peak or it may even cross earlier peak of 2018-19,” Aggarwal told PTI here in an interaction. Continue reading “Commercial vehicle segment set for growth with expanding economy: VECV MD”
Source : PTI | Transitioning Indonesia’s millions of petrol-fuelled motorbikes to electric is a daunting task but there is a feasible solution.
There are more than 122 million motorcycles in Indonesia, making them the most popular form of transport in the country.
Cheap and efficient, and better on the notoriously clogged roads of the country’s biggest cities, motorbikes also come at a cost: along with other road vehicles, they are a major source of greenhouse gas emissions. Continue reading “How battery swapping can accelerate e-motorbikes”
BENGALURU, Nov (Reuters) – Japan’s Toyota Motor (7203.T) on Tuesday said it will invest nearly $400 million to set up a third manufacturing facility in India as it looks to meet surging demand for its vehicles.
The new plant, which will create 2,000 new jobs and produce over 100,000 units annually, would take Toyota’s overall capacity to 410,000 units per annum.
The plant would also be the world’s largest automaker’s first capacity expansion in over a decade. Continue reading “Toyota to invest nearly $400 mln for third plant in India”
LONDON, Nov (Reuters) – New car sales in the European Union rose 14.6% in October, boosted in part by a big jump in sales of fully electric cars, while hybrid electric vehicles accounted for nearly three of every 10 vehicles sold in the economic bloc.
Sales of fully electric cars rose 36.3% from a year earlier and full hybrid sales were up nearly 39% as the EU recorded its 15th consecutive month of sales growth, the European Automobile Manufacturers Association (ACEA) said on Tuesday. Continue reading “EU October car sales up 14.6%, EV sales jump more than 36%”
BEIJING, Nov 21 (Reuters) – Volkswagen (VOWG_p.DE) has begun operating its first wholly owned battery pack production plant in China in eastern Anhui province’s capital Hefei city, the local Hefei government said on Tuesday.
Volkswagen Anhui will also begin mass-production of pure electric models based on the MEB platform by the end of 2023, the government said. Continue reading “Volkswagen begins operating first wholly owned battery pack plant in China – local govt”
SHANGHAI, Nov 21 (Reuters) – As EV makers in China wage an intense price war to prop up slowing demand, Chinese brands with strong hybrid lineups are emerging as winners, attracting consumers with vehicles with long range that can cost less than gasoline cars.
The emerging trend may provide a glimmer of hope for global automakers such as Toyota (7203.T) and Honda who are pursuing “multi-pronged” electrification strategies, as electric vehicle (EV) sales lose momentum in Europe and the U.S., partly because of high auto financing costs. Continue reading “Hybrid vehicle sales surge in China, posing fresh threat to foreign automakers”
SHANGHAI, Nov 21 (Reuters) – Nio (9866.HK) said on Tuesday it would partner with Changan Automobile (000625.SZ) to develop battery-swapping electric vehicles, in an attempt by the loss-making Chinese EV maker to ease costs.
The partnership will also see Nio and state-owned Changan on building and sharing battery-swapping stations and standardising batteries, Nio said in a statement to Reuters. Continue reading “China’s Nio, Changan Auto to jointly develop battery-swapping EVs”
Summary
MILAN, Nov (Reuters) – Stellantis (STLAM.MI) plans to build an electric vehicle (EV) battery plant with China’s CATL (300750.SZ) in Europe, its fourth one in the region, as the European carmaker seeks to make cheaper batteries and more affordable EVs. Continue reading “Stellantis, CATL plan factory in Europe to make cheaper EV batteries”
MELBOURNE, Nov (Reuters) – Around 400 train drivers for BHP’s (BHP.AX) Western Australian iron ore division will begin industrial action late this week after rejecting an offer that they said fell short on working schedules, a union representative told Reuters on Monday.
Drivers will from Friday stop using a BHP app for roster changes, meaning each worker must be contacted individually if the world’s biggest miner wishes to change their working hours, Mining and Energy Union WA secretary Greg Busson told Reuters. Continue reading “BHP train drivers to start ‘restrained’ industrial action on Friday”
