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”

Nov (Reuters) – General Motors’ (GM.N) Cruise co-founder and chief product officer Daniel Kan has resigned, the company told Reuters on Monday, a day after Cruise CEO Kyle Vogt quit.

Kan announced his resignation in a Slack message which was viewed by Reuters. The company and Kan offered no other details.

In his message to employees Kan noted that Cruise had been serving 10,000 rides per week. “I know Cruise will achieve that again soon,” he wrote. Continue reading “GM Cruise cofounder, senior exec Dan Kan quits day after CEO exit”

Nov (Reuters) – Toyota (7203.T) will pay $60 million to settle a U.S. regulator’s charges it illegally prevented car buyers from canceling unwanted product bundles that increased their monthly loan payments, and tarnished buyers’ credit reports.

The Consumer Financial Protection Bureau (CFPB) on Monday said Toyota Motor Credit, the automaker’s U.S.-based lending arm, will pay a $12 million civil fine and $48 million to car buyers harmed since 2016. Continue reading “Toyota to pay $60 mln for lending abuses, tarnishing credit reports, US regulator says”

WASHINGTON, Nov (Reuters) – U.S. auto safety regulators on Monday said they had opened a probe into 16 separate recalls issued by Hyundai (005380.KS) and Kia (000270.KS) covering 6.4 million vehicles relating to brake fluid leaks that could result in fires.

The affiliated Korean automakers have issued a string of recalls since 2016 for antilock braking system (ABS) and Hydraulic Electronic Control Units (HECU) issues manufactured by the same parts supplier. Continue reading “US probes Hyundai, Kia recall into 6.4 million vehicles over fire risks”

Nov (Reuters) – (This Nov. 17 story has been corrected to say that the CFO leaves less than a year after taking up the role, not after joining the company, in paragraph 1, and removes reference from the headline)

Electric-truck maker Nikola (NKLA.O) said on Friday Chief Financial Officer Anastasiya Pasterick would resign to “pursue other opportunities” less than a year after taking up the role. Continue reading “Nikola CFO Anastasiya Pasterick to resign”

Nov (Reuters) – – Kyle Vogt, the CEO of General Motors’ robot-taxi unit Cruise, has resigned from the company a day after apologizing to staff as the company undergoes a safety review of its U.S. fleet.

Vogt, 38, offered little in the way of explanation, stating simply “I have resigned from my position” in an email to staff viewed by Reuters on Sunday. Vogt founded Cruise in 2013. Continue reading “CEO of GM’s Cruise robo-taxi unit resigns amid US safety review”

TAIPEI, Nov 20 (Reuters) – Shares in Foxtron Vehicle Technologies (2258.TW), a unit of Taiwanese contract manufacturer Foxconn (2317.TW), fell in their market debut on Monday, hurt by concerns over headwinds in the highly competitive electric vehicle market.

Foxtron shares did recover some ground from earlier losses of as much as 9%, ending down 2.7% which gave it a market capitalisation of around $2.7 billion. Continue reading “Foxconn’s electric car unit falls in market debut amid tough industry outlook”

MILAN, Nov 20 (Reuters) – Fiat-parent company Stellantis (STLAM.MI) will start in-depth talks with the Italian government next month to finalise a broad agreement for the country’s automotive industry, including higher domestic production targets.

Stellantis CEO Carlos Tavares and Industry Minister Adolfo Urso said earlier this year they were working on a deal to increase the automaker’s annual output in Italy to one million vehicles, without specifying a timeframe. Continue reading “Stellantis to start in-depth talks with Italian govt to boost car production”

Source : PTI | Luxury carmakers Mercedes and Audi have dispatched record units this festive season as the demand for high-end cars continues to grow in the country. Driven by brisk sales throughout the year, the luxury car industry in India is hopeful of achieving its best-ever performance this year.

In an interaction with PTI, Mercedes-Benz India Managing Director Santosh Iyer said the festive season this year from Onam to Diwali has been better than last years’, owing to multiple new launches, an attractive portfolio and also strong customer sentiment. Continue reading “Mercedes, Audi see record sales in festive season this year”

Source : PTI | New Delhi: Hinduja Group flagship firm Ashok Leyland is keen to get external investments for its electric vehicle arm Switch Mobility but only from ‘the right strategic partner’, and it will not shy away from investing on its own till such an ally is found, according to its Managing Director and CEO Shenu Agarwal. While Switch India is likely to be cash neutral or cash positive going forward, on an operating level at least, for Switch UK some more investments may be required in FY25, with the European and UK markets still not going that strong, he told analysts.

“We are very keen on getting external investments also, but we want to make sure that we have the right strategic partner with us. I mean, we do it at the right valuation. So right now, the focus is to get Switch into a very, very strong mode by developing products, by maturing our technology on both the bus side and the LCV side,” Agarwal said. Continue reading “Keen to get external investment for EV arm Switch Mobility, waiting for right partner: Ashok Leyland MD”

Nov (Reuters) – A U.S. judge dismissed an antitrust lawsuit accusing Elon Musk’s electric car company Tesla (TSLA.O) of forcing customers to pay high prices and suffer long waits for repairs by monopolizing the markets for vehicle maintenance and replacement parts.

In a Friday night decision, U.S. District Judge Trina Thompson in San Francisco said customers in the proposed class action failed to show either that the alleged problems were “not generally known” when they bought their vehicles, or that they could not predict the costs to keep their vehicles running. Continue reading “Tesla beats lawsuit claiming it monopolizes repairs, parts”

SAN FRANCISCO, Nov (Reuters) – The CEO of Cruise, General Motors’ robot taxi unit, on Saturday apologized for the company’s situation following an accident that led to the pause of its self-driving vehicle operations while it conducts a safety review.

In an email to staff reviewed by Reuters, Cruise CEO Kyle Vogt also said the firm would make a new tender offer to allow employees to sell shares, just two days after cancelling an earlier offer. Continue reading “Exclusive: GM’s Cruise CEO offers apology, will allow share sales”

Source : PTI | The UK has sought customs duty concessions on exports of electric vehicles to India under the proposed free trade agreement (FTA), which is under negotiations, an official said. However, the official said, no decision has been taken so far on the issue.

There is a demand to provide concessions on a specified number of vehicles per year, the official added.

The fast-growing EV market in India is catching the eyes of global players. The UK is also looking at phasing out ICE (internal combustion engine) vehicles by 2035, and the British auto market is export-driven. Continue reading “UK seeks customs duty concessions on EVs in FTA with India”

Source : PTI | Japanese auto major Honda is all set to introduce its India-made mid-sized SUV Elevate in the Japanese market next year. It would be the first instance that a product manufactured by Honda Cars India Ltd (HCIL), a wholly-owned unit of the Japanese firm, will be exported to the highly regulated Japanese market.

HCIL is rolling out Elevate from its Tapukara (Rajasthan-based) production facility.

“After its successful debut in India earlier this year, Elevate is scheduled for Spring 2024 launch in the Japanese market under the brand name WR-V,” an HCIL spokesperson said in a statement. Continue reading “Made-in-India Honda Elevate to debut in Japan next year”

Source : PTI | Utility vehicle maker Isuzu Motors India has inaugurated its new dealership in Tamil Nadu under its plan to strategically expand its network across the country, a top official said.

The company, a subsidiary of Isuzu Motors Ltd, Japan has set up its 3S — sales, service, and spares — dealership named Kaveri ISUZU in Tiruchirappalli. Marking the inauguration of the outlet, company officials handed over the keys of an Isuzu D-MAX pickup to the first customer on Friday, a press release said. Continue reading “Isuzu Motors strategically expanding network pan India, says official”

Source : PTI | New Delhi: India on Friday invited Global South to join the recently launched Global Biofuels Alliance, saying it is willing to share its expertise with developing and less developed nations. A global alliance for promoting biofuels was launched at the Group of 20 leaders meeting in September with a view to reducing emissions in the transportation and industrial sectors.

The Global Biofuel Alliance, which includes top producers Brazil and the US, will help build the worldwide market for trade in biofuel, which is obtained from biomass. Continue reading “India invites Global South to join biofuel alliance”

STOCKHOLM, Nov 17 (Reuters) – Dockworkers in Sweden pledged on Friday to refuse to offload Tesla (TSLA.O) cars at any of the country’s ports as they expanded their industrial action in sympathy with Tesla workers’ demands for collective bargaining agreements.

Tesla, co-founded by billionaire Elon Musk, does not manufacture in Sweden, but its electric cars are serviced by more than 120 mechanics affiliated with Swedish union IF Metall, which began a strike on Oct. 27. Continue reading “Tesla union pressure increases in Sweden as dockworkers escalate strike”

OTTAWA, Nov (Reuters) – Canadian support for the construction of three major electric vehicle (EV) battery manufacturing factories will cost around 16% more than initially announced, an independent budgetary watchdog said on Friday.

Canada, home to a large mining sector for minerals critical for battery production, has pledged billions in incentives to woo companies involved in all levels of the EV supply chain as the world seeks to cut carbon emissions. Continue reading “Canada’s support for EV battery plants to cost 16% more than announced, watchdog finds”

WASHINGTON, Nov (Reuters) – United Auto Workers (UAW) members at Ford Motor (F.N) and Chrysler parent Stellantis NV (STLAM.MI) have voted to ratify a tentative record-setting labor deal, the union’s vote tracker showed on Friday.

The deal had the support of about 68% of Ford and Stellantis members voting. It had a more than a 12,600-vote margin at Ford and a 9,600-vote lead at Stellantis with just a few small locals’ results yet to vote or be reported. Continue reading “Ford, Stellantis workers vote to ratify new labor contract”

LOS ANGELES, Nov (Reuters) – Western lithium and graphite miners have started charging the electric vehicle (EV) supply chain higher prices for their material, meeting demand for environmentally-friendly and consistent supply that is not linked to China.

In presentations and interviews at this week’s Benchmark critical minerals conference in Los Angeles, industry executives, consultants and investors touted the premium pricing model as a way to help prod development of non-Chinese supply, a goal of Washington, Brussels and other Western governments. Continue reading “Western lithium, graphite miners boost prices for ESG-friendly supply”

LOS ANGELES, Nov (Reuters) – Hyundai Motor (005380.KS) and Kia (000270.KS) see strong U.S. demand for electric vehicles (EVs), senior executives at the South Korean automakers told Reuters ahead of the Los Angeles Auto Show.

The comments run against industry fears that inflation and higher interest rates will undermine the boom in EV sales. Other major EV makers from Tesla (TSLA.O) to Ford Motor (F.N) have pushed back EV-related factory buildouts in the face of economy-related concern. Continue reading “Hyundai, Kia see strong demand for EVs, despite rivals’ concerns”

Nov (Reuters) – Electric-truck maker Nikola (NKLA.O) said on Friday Chief Financial Officer Anastasiya Pasterick would resign to “pursue other opportunities” less than a year after joining the loss-making company.

Pasterick was appointed to the role in March this year after the exit of Kim Brady, who was credited with taking Nikola public through a merger with a blank-check firm in 2020. Continue reading “Nikola CFO to resign less than a year after joining”

SAN FRANCISCO, Nov (Reuters) – Days after General Motors’ (GM.N) Cruise self-driving car unit pulled all of its vehicles off the roads in the U.S. for a safety review, it continues to test them on public roads in Dubai and Japan, Reuters has learned.

Cruise this week said it had paused all car trips in the U.S. – including ones where a safety driver was in the vehicle – and expanded the scope of its internal investigation following an October accident that caught the attention of regulators. Earlier this month, it suspended all fully autonomous rides and recalled 950 vehicles. Continue reading “Cruise testing continues in Japan, Dubai, even as vehicles parked in US”

DETROIT, Nov 16 (Reuters) – General Motors (GM.N) said on Thursday it was reorganizing its BrightDrop electric commercial vehicle unit to make it less independent and reduce costs, and that the unit’s head, Travis Katz, would be leaving.

GM said CEO Katz was leaving at an unspecified date, but did not elaborate on the reason for his departure. Continue reading “GM reorganizes BrightDrop EV unit, business head leaving”

Nov 16 (Reuters) – The Aston Martin Formula One team said on Thursday it had agreed on an investment by U.S. private equity firm Arctos Partners in exchange for a minority shareholding.

The stake sale, terms of which were not disclosed, values the racing group at 1 billion pounds ($1.24 billion), a person with knowledge about the matter told Reuters. Continue reading “Aston Martin F1 team gets investment from PE firm Arctos”

WASHINGTON, Nov (Reuters) – A bipartisan group of U.S. lawmakers raised alarm about Chinese companies collecting and handling sensitive data while testing autonomous vehicles in the United States, according to letters seen by Reuters on Thursday.

The lawmakers, including House of Representatives Energy and Commerce Committee Chair Cathy McMorris Rodgers and China select committee Chair Mike Gallagher, asked 10 Chinese-related companies to answer questions by Nov. 29 on data collection practices from ongoing autonomous vehicle testing in California and elsewhere. Continue reading “US lawmakers raise concerns over Chinese self-driving testing data collection”

LOS ANGELES, Nov 16 (Reuters) – Subaru (7270.T) will raise the wages of its U.S. plant workers in light of recent labor deals reached by the Detroit Three automakers and United Auto Workers (UAW), the Japanese automaker’s CEO, Atsushi Osaki, told Reuters on Thursday.

The amount of the raises for workers at Subaru’s assembly plant in Lafayette, Indiana, has yet to be determined but will be in line with industry levels after the UAW deals with General Motors (GM.N), Ford (F.N) and Chrysler parent Stellantis (STLAM.MI), Osaki said through an interpreter at the Los Angeles auto show. Continue reading “Subaru to raise US wages after UAW deals with Detroit Three -CEO”

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

WAF THINK TANK

Auto Industry Performance of October-2023 WAF

Key Learnings from the Past 8 Editions of the India Vehicle After Sales Summit by WAF WAF Continue reading “WAF Auto News | The Auto World This Week (17th November 2023)”

Source ; PTI | New Delhi: The Delhi government is likely to impose a complete ban on passenger buses except those running on CNG, electricity and BS-VI diesel from entering the national capital in view of the pollution situation. Restrictions under GRAP Stage IV are currently in place in Delhi amid plummeting air quality in the national capital.

At present, only trucks are barred from entering the city. Continue reading “Delhi pollution: Buses except CNG, electric, BS-VI diesel ones likely to be barred from entering city”

Source : PTI | Mahindras were on the verge of exiting from renewables due to high capital requirements, but are now looking at growing the business five times in the next five years, a top official said on Thursday. A key change which prompted the rejig in plans and indeed opting for a ramp-up was introduction of the infrastructure investment trusts (Invits), Mahindra and Mahindra’s managing director and chief executive Anish Shah said.

Speaking at a Ficci event, Shah said the renewables business, for which the company has partnered with a global investor, will grow 5x in the next five years. Continue reading “From being on verge of exiting renewables, Mahindras now aiming 5x growth”

Source : PTI | Quad Investors Network on Tuesday announced its collaboration with India-based battery materials company Epsilon Advanced Materials, which recently decided to build a USD 650 million battery materials and components plant in North Carolina.

The deal represents the first and largest investment ever made by an Indian company into the US electric battery industry and is expected to create 500 jobs in North Carolina, a press release said.

Continue reading “Quad Investors Network announces collaboration with Epsilon Advanced Materials of India”

Source : PTI | India’s top oil and gas producer ONGC plans to invest about INR 1 lakh crore in setting up two petrochemical plants to convert crude oil directly into high-value chemical products as it prepares for energy transition, top company officials said on Wednesday. Crude oil, which companies like ONGC pump out from below seabed and underground reservoirs, is a primary source of energy. It is processed in oil refineries to produce petrol, diesel and jet fuel. With the world looking to transition away from fossil fuels, companies around the globe are looking at new avenues to use crude oil.

Petrochemicals are chemical products derived from crude oil and used in the manufacturing of detergents, fibres (polyester, nylon, acrylic etc.), polythene and other man-made plastics. Continue reading “ONGC plans to invest INR 1 lakh cr to set up 2 petrochemical plants”

STOCKHOLM, Nov (Reuters) – Tesla (TSLA.O) is facing growing pressure in Sweden from unions backing mechanics demanding a collective bargaining agreement with the U.S. carmaker, with workers at one of its suppliers set to go on strike next week.

Tesla has no manufacturing plant in Sweden but its electric cars are serviced at workshops across the country, where around 130 mechanics affiliated with Swedish union IF Metall began a strike on Oct. 27. Continue reading “Tesla faces pressure in Sweden as workers at supplier to strike”

Nov (Reuters) – Tesla Inc (TSLA.O) did not violate U.S. labor law by prohibiting workers at its flagship Fremont, California, assembly plant from wearing pro-union t-shirts, a federal appeals court has ruled.

The New Orleans-based 5th U.S. Circuit Court of Appeals in a decision on Tuesday said that because Tesla required all employees to wear company-issued shirts while allowing them to display union stickers, its uniform policy was lawful. Continue reading “Tesla can bar US factory workers from wearing union t-shirts, court rules”

BERLIN, Nov (Reuters) – Volkswagen (VOWG_p.DE) has not made a decision on producing a 20,000-euro ($21,714.00) electric car yet, but Chief Executive Oliver Blume is convinced that the company can get there by the second half of the decade, he said at a conference on Wednesday.

The main lever to reduce prices of electric cars is reducing battery costs, Blume said at the Sueddeutsche Zeitung Wirtschaftsgipfel conference in Berlin, pointing to the company’s plans to produce a unified battery cell that it says will reduce battery costs by half. Continue reading “Volkswagen CEO: 20,000-euro EV could come in second half of decade”

NEW YORK, Nov (Reuters) – Trevor Milton, the convicted founder of electric- and hydrogen-powered truck maker Nikola (NKLA.O), is seeking to avoid prison, with his lawyers saying his case differed from that of Theranos’ Elizabeth Holmes, another startup founder convicted of fraud.

Milton, 41, had been found guilty by a federal jury in Manhattan in October 2022 on two counts of wire fraud and one count of securities fraud, after prosecutors branded him a “con man” who lied to investors about Nikola’s technology. Continue reading “Nikola founder Trevor Milton seeks probation after fraud conviction”

Nov (Reuters) – Berkshire Hathaway (BRKa.N) said it has shed its holdings in General Motors (GM.N), Johnson & Johnson (JNJ.N) and Procter & Gamble (PG.N), and trimmed its stake in Amazon.com (AMZN.O), as the conglomerate controlled by Warren Buffett boosted its cash pile to a record $157.2 billion.

In a regulatory filing on Tuesday that described its U.S.-listed stock holdings as of Sept. 30, Berkshire reported no holdings in GM, J&J and P&G, after reporting respective stakes of $848 million, $54 million, and $48 million in June. Continue reading “Berkshire sheds GM, Johnson & Johnson, Procter & Gamble as it amasses cash”

Source : PTI |India, the world’s third largest oil consumer, has asked oil producers cartel OPEC to maintain and ensure market stability for the benefit of consumres, producers and global economy. Oil Minister Hardeep Singh Puri said this at the 6th India-OPEC Energy Dialogue that took place on November 9 in Vienna, an official press statement said on Monday.

The meeting was co-chaired by OPEC secretary general Haitham Al Ghais and Puri.

Continue reading “India asks OPEC to ensure oil market stability”

Source : PTI |Electric vehicle (EV) digital financing platform Revfin is looking to raise up to Rs 500 crore in the next 12 months to fuel its business expansion plans, founder and CEO Samir Aggarwal has said. The company’s expansion plans include the commercial roll-out of its battery financing services before the end of this fiscal year.

The platform is also targeting to achieve a topline of INR 90 crore this fiscal on the back of expanded portfolio, which includes two-, three- and four-wheeler financing for commercial uses, Aggarwal said. Continue reading “Revfin looking to raise INR 500 crore in 12 months: CEO”