Source : PTI |New Delhi: Servotech Power Systems on Tuesday announced plans to install 5,000 EV-charging stations across the country. In this regard, Servotech Power Systems said it has incorporated a subsidiary, Servotech EV Infra, which will do the business as a Charge Point Operator (CPO) for these EV chargers

“Servotech Power Systems is foraying into the EV CPO business by establishing its wholly owned subsidiary. It will manufacture and supply EV chargers to Servotech EV Infra which will do business as a CPO for these EV chargers,” the company said. Continue reading “Servotech Power Systems to install 5k EV charging stations in India”

Source : PTI | New Delhi: State-owned Indian Renewable Energy Development Agency (IREDA) on Tuesday fixed a price band of INR 30-32 per share for its INR 2,150-crore initial public offering (IPO). The maiden public issue will open for subscription on November 21 and conclude on November 23 and the anchor book of the offer will be opened for a day on November 20, according to a public announcement.

This would be the first public issue by a public sector enterprise after Life Insurance Corporation’s IPO in May last year. Continue reading “IREDA public issue to open on Nov 21; sets price band at Rs 30-32 share”

Nov 14 (Reuters) – Electric-vehicle sales are seeing continued strength globally with China reporting record monthly sales in October despite the end of subsidies, according to market research firm Rho Motion.

China ended an 11-year subsidy scheme for EV purchases in 2022, but some local authorities have continued to offer aid or tax rebates to attract investments as well as subsidies for consumers. Continue reading “Global EV sales stay strong, China hits record despite end of subsidies”

Nov 14 (Reuters) – Trucks and sport utility vehicles with hood heights greater than 40 inches are about 45% more likely to cause fatalities in pedestrian crashes than shorter vehicles with sloped hoods, according to new research from the Insurance Institute for Highway Safety.

Prior studies have shown SUVs and pickups are linked to higher fatality risks in pedestrian crashes. But the new study focused on the risks posed by vehicles with hoods taller than 40 inches using data from nearly 18,000 crashes. Continue reading “Tall trucks, SUVs are 45% deadlier to US pedestrians, study shows”

LONDON/BERLIN, Nov 14 (Reuters) – The auto industry’s drive to make electric vehicle motors with little to no rare earth content has hit high gear, with European, U.S. and Japanese automakers and suppliers racing for alternatives in an area dominated by China.

Automakers have mostly relied on motors with rare earth-based permanent magnets, which have been the most efficient at providing the torque to power EVs.

But different types of motors without permanent magnets that were previously too big and too inefficient, or those with greatly-reduced rare earth content have become commercially viable, prompting the rush for alternatives. Continue reading “Automakers’ drive to avoid China’s EV rare earth dominance gathers speed”

PARIS, Nov 15 (Reuters) – Renault (RENA.PA) will try on Wednesday to fire up doubtful investors ahead of a planned market listing of its electric vehicle (EV) unit Ampere, a key plank of CEO Luca de Meo’s revamp of the French automaker.

De Meo has targeted a valuation of 8-10 billion euros ($8.6-10.7 billion) for the initial public offering (IPO) of Ampere, which has already been delayed once and is now slated for spring 2024. Continue reading “Renault seeks to charge up investors for EV unit IPO”

DETROIT, Nov 14 (Reuters) – The next generation of the Toyota Camry, the best-selling sedan in the U.S. market, will come with only a gas-electric hybrid powertrain, the boldest move yet by the Japanese automaker to push hybrid technology into the heart of the U.S. market.

The 2025 Camry will combine a 2.5-liter gasoline engine with an electric drive system tuned to deliver more power in both front-wheel drive and all-wheel drive versions of the car, Toyota said. Continue reading “Toyota’s Camry, best-selling car in US, goes all-hybrid”

WASHINGTON/DETROIT, Nov 14 (Reuters) – General Motors’ (GM.N) Cruise driverless car unit said on Tuesday it will pause all supervised and manual car trips in the U.S. and expand the scope of investigations at the robotaxi operator in the aftermath of an accident that initially led to the suspension of driverless vehicle operations.

“This orderly pause is a further step to rebuild public trust while we undergo a full safety review,” Cruise said in a blog post. “We will continue to operate our vehicles in closed course training environments and maintain an active simulation program in order to stay focused on advancing AV technology.” Continue reading “GM’s Cruise suspends supervised and manual car trips, expands probes”

Source : PTI | India’s top gas firm GAIL has done the world’s first ship-to-ship liquefied natural gas (LNG) transfer to save on shipping costs and cut emissions as the state-owned entity looks at innovative ways as a pivot to boost business, company officials said. GAIL has contracted 5.8 million tonnes per annum of LNG (natural gas super-cooled to liquid form) from the US.

The company brings this volume to India via LNG ships. The ship typically travels a distance of about 19,554 nautical miles for a round trip to transport LNG from Sabine Pass in the US to India via the Suez Canal and Gibraltar. This journey takes approximately 54 days and emits about 15,600 tonnes of CO2. Continue reading “GAIL does world’s first ship-to-ship LNG transfer, cuts CO2 emissions”

BERLIN/LONDON, Nov (Reuters) – After years of accelerating growth, Europe’s electric car sales appear to be entering a go-slow zone as drivers wait for better, cheaper models that are two to three years down the road.

Fully-electric sales in Europe were up 47% in the first nine months of 2023, but instead of celebrating, automakers including Tesla (TSLA.O), Volkswagen (VOWG_p.DE) and Mercedes-Benz (MBGn.DE) sounded a sombre note. Continue reading “EV demand in Europe to slow as customers await affordable electric cars”

Nov (Reuters) – Electric-vehicle startup Fisker (FSR.N) slashed its 2023 production guidance on Monday as it struggles to ramp up deliveries and flagged weakness in internal controls over financial reporting, sending its shares down 14% after the bell.

Fisker now expects production of 13,000 to 17,000 electric vehicles in 2023, down from its prior projection of 20,000 to 23,000 vehicles to make sure the company does not sit on too much inventory and to better manage working capital. Continue reading “Fisker cuts 2023 production forecast as it struggles to ramp up deliveries”

Nov (Reuters) – Chrysler-parent Stellantis (STLAM.MI) said Monday it is offering 6,400 U.S. salaried employees voluntary buyouts as it works to cut costs amid the transition to electric vehicles and agreeing to a new United Auto Workers contract.

The buyouts would be about half the company’s salaried U.S. employees not represented by a union, which is currently 12,700. Another 2,500 Stellantis U.S. salaried workers are unionized and are not being offered the current buyout. Continue reading “Stellantis offering buyouts to about half its US salaried employees”

WASHINGTON, Nov (Reuters) – Democratic Senator Joe Manchin urged the U.S. Treasury on Monday to adopt the “strictest possible standards” to prevent Chinese-produced minerals or Chinese battery companies from winning electric vehicle tax credits.

Manchin, who chairs the Senate Energy Committee, raised concerns in a letter to Treasury Secretary Janet Yellen about reports Chinese battery companies are actively pursuing business opportunities to take advantage of the credits, adding U.S. tax credits “cannot be allowed to be hijacked by adversaries engaging in mineral laundering.” Continue reading “Senator asks Treasury to bar Chinese battery firms, minerals from US EV tax credits”

Nov (Reuters) – Production workers at Ford’s (F.N) Louisville assembly and Kentucky truck plants have voted against the tentative labor agreement, while skilled trades workers voted in favor, the local chapter of the United Auto Workers (UAW) said on Monday.

The ratification of the contract was voted down by 55% of the production workers whereas 69% of the skilled trades workers, which includes maintenance and construction employees backed it, the UAW Local 862 said in a Facebook post. Continue reading “Ford production workers at Kentucky, Louisville vote against new labor deal”

WASHINGTON, Nov (Reuters) – United Auto Workers President Shawn Fain will tell a Senate Committee on Tuesday the union plans to aggressively organize non-union U.S. auto plants after winning new contracts with the Detroit Three automakers.

“For decades, non-union auto companies have used fear, uncertainty, and division to break union drives in our industry,” Fain will tell the Senate Health, Education, Labor and Pensions Committee, according to written testimony seen by Reuters. “I’m here to promise you that those days are over…. We are going to organize like we’ve never organized before.” Continue reading “UAW president to vow aggressive auto plant organizing in Senate testimony”

Nov (Reuters) – Hyundai Motor (005380.KS) said on Monday it will hike wages for nonunion production workers at its Alabama factory by 25% by 2028, weeks after the United Auto Workers won new contracts with the Detroit Three automakers.

The Korean automaker joins Toyota Motor (7203.T) and Honda Motor (7267.T) in raising U.S. factory wages after the UAW won a new contract with General Motors (GM.N), Ford Motor (F.N) and Chrysler parent Stellantis (STLAM.MI) that will result wage increases of 25% through 2028. The Detroit Three wage hikes amount to 33% when expected cost-of-living adjustments are factored in. Continue reading “Hyundai to hike US hourly wages 25% by 2028 after UAW deal”

Summary

• U.S. oil firm sees global market for lithium from brine
• China is the main supplier of refined lithium for EVs
• Exxon to begin output with services provider Tetra Technologies

HOUSTON, Nov (Reuters) – Exxon Mobil (XOM.N) said on Monday it plans to start producing lithium from subsurface wells by 2027 to provide supplies of the key metal used in electric-car batteries and advanced electronics. Continue reading “Exxon to start lithium production for EVs in the US by 2027”

Source : PTI | West Bengal plans to attract investments to the tune of INR 5,000 crore in the logistics sector over the next three years. A senior state government official emphasised the state’s favourable position for growth, anticipating contributions from both public and private sectors in the logistics ecosystem.

Speaking at the sidelines of the MCCI-organised logistics conclave here on Friday, state transport secretary Saumitra Mohan said according to estimates, the total investment in the logistics sector would be about INR 5,000 crore over the next three years. Continue reading “West Bengal aims INR 5,000cr capex in logistics sector in 3yrs”

Source : PTI | The Bangalore Metro Rail Corporation Limited (BMRCL) on Saturday said it will be introducing mobile QR tickets for the benefit of families and groups travelling together with effect from November 16. Presently, Mobile QR tickets are being issued through mobile applications (Namma Metro, Paytm, WhatsApp and Yatra) to a single passenger for a journey.

However, based on demand, BMRCL is introducing mobile QR tickets to facilitate family and groups travelling together for a maximum of six passengers with effect from November 16, officials said. Continue reading “Bangalore Metro Rail to introduce mobile QR tickets”

Nov (Reuters) – Exxon Mobil (XOM.N) is set to unveil its long-awaited lithium strategy on Monday with an announcement that it aims to start production of the electric vehicle (EV) battery metal in Arkansas by 2026, according to a source with direct knowledge of the oil major’s plans.

Exxon’s expansion into the sector comes as emerging technologies aim to boost global production of the ultralight metal by filtering it from salty brine deposits found across the globe and supplying it to battery makers eager for fresh sources. Continue reading “Exclusive: Exxon aims to begin lithium production by 2026 in Arkansas”

DETROIT, Nov 10 (Reuters) – General Motors’ (GM.N) bet that its Cruise robo-taxi unit will deliver $50 billion in revenue by 2030 is facing its toughest test.

GM Chief Executive Mary Barra has stuck with Cruise in the face of skepticism from investors, arguing that Cruise technology will save lives – and become a significant source of new profit for the automaker in the future. Continue reading “Focus: Investors pull away from GM’s Cruise bet”

STOCKHOLM, Nov 10 (Reuters) – Swedish truckmaker Volvo (VOLVb.ST) said on Friday it had won an auction for the battery business of troubled Proterra in the United States with a $210 million bid.

The auction was part of the electric vehicle part supplier’s ongoing U.S. Chapter 11 bankruptcy protection process. Continue reading “Truckmaker Volvo to buy Proterra’s battery business for $210 mln”

WASHINGTON, Nov 10 (Reuters) – President Joe Biden welcomed Honda Motor (7267.T) 11% pay hike for its U.S. facility workers on Friday, a day after celebrating the United Auto Workers’ agreements with the Detroit Big Three automakers and backing efforts to organize Tesla and Toyota.

“Union auto workers own this victory,” Biden said in a post on X. Continue reading “Biden hails 11% pay raise for Honda’s U.S. workers”

Nov 10 (Reuters) – Honda Motor (7267.T) said on Friday it would give production workers at its U.S. facilities an 11% pay hike starting in January, a decision announced a couple of weeks after the United Auto Workers (UAW) union and the Detroit Three automakers agreed to new contracts.

The Japanese automaker also said it would cut the time it takes factory workers to get to the top-wage tier to three years from six, in line with a key concession the UAW won in its negotiations with General Motors (GM.N), Ford Motor (F.N) and Chrysler-parent Stellantis (STLAM.MI). Continue reading “Honda hikes US production workers’ pay after UAW deals with Detroit Three”

ANKARA/SEOUL, Nov 10 (Reuters) – Turkey’s Koc Holding (KCHOL.IS) said on Friday it revoked an earlier agreement with Ford (F.N) and South Korean battery maker LG Energy Solution (LGES) (373220.KS) for a joint venture to produce battery cells for commercial electric vehicles.

The three companies signed a non-binding agreement in February to form a joint venture to create one of Europe’s biggest electric vehicle (EV) battery cell facilities near Turkey’s capital Ankara. Continue reading “Koc Holding revokes pact with Ford, LG Energy Solution for Turkey battery JV”

Nov 10 (Reuters) – United Auto Workers (UAW) union members at General Motors’ (GM.N) Flint assembly plant in Michigan have narrowly voted against a proposed contract with the U.S. automaker, the local chapter said.

The vote signals that approval of the deal, which is set to raise costs significantly for GM, is not guaranteed.

In a Facebook post on Thursday, the UAW Local 598 said 51.8% of votes cast were against the proposed deal.

Continue reading “UAW workers at GM’s Flint plant narrowly vote against new labor deal”

Monthly Performance: October 2023
Production: The total production of Passenger Vehicles1 , Three Wheelers, Two Wheelers, and Quadricycle in October 2023 was 26,21,248 units

Domestic Sales:

• Passenger Vehicles2sales were 3,89,714 units in October 2023.
• Three-wheeler sales were 76,940 units in October 2023
• Two-wheeler sales were 18,95,799 units in October 2023.

Continue reading “Auto Industry Performance of October-2023”

Source : PTI | New Delhi: Lotus Cars, British manufacturer of high-performance sports cars, has entered the Indian market with the launch of three models of its electric SUV, Eletre, starting at INR 2.55 crore. The company — owned by Chinese brand Geely — on Thursday launched three variants of its Eletre electric Sports Utility Vehicle (SUV) here — Lotus Eletre, Eletre S and Eletre R, priced at INR 2.55 crore, INR 2.75 crore and INR 2.99 crore, respectively (all ex-showroom pan-India).

The company has selected Exclusive Motors as the authorised representative for Lotus Cars across India, which will open its first showroom in Delhi in the coming months. Continue reading “Lotus Cars enters India, launches electric SUV Eletre, starting at INR 2.55 crore”

SANTIAGO, Nov (Reuters) – Electric vehicle maker Tesla (TSLA.O) is looking to make inroads in South America by hiring personnel for a new operation in Chile and registering its name, according to public documents.

Tesla Chile was registered and published in the Official Gazette on Sept. 28 and includes “the import, export, manufacturing, marketing, distribution and sale of vehicles, especially electric vehicles.” Continue reading “Tesla to roll into South America with first steps in Chile”

Nov (Reuters) – China’s Zeekr Intelligent revealed wider losses for the first half of the year on Thursday, as the electric car brand made its paperwork public for a stock market listing in New York and said it hoped to use funds raised to expand its product line.

Zeekr, owned by Chinese automaker Geely Auto (0175.HK), had confidentially filed for its initial public offering (IPO) in December last year. Continue reading “China’s Zeekr reveals wider loss in US IPO paperwork, Geely shares fall”

BERLIN, Nov (Reuters) – U.S. electric vehicle startup Fisker (FSR.N) is negotiating with five carmakers over a partnership to secure additional production capacity for its vehicles, its Chief Executive Henrik Fisker said on Thursday.

“We have two cars that are almost ready. We can bring them to market fast – we just need the capacity,” Fisker said, speaking to Reuters in Berlin.

The CEO told Reuters in May he was exploring partnerships with everyone from suppliers to tech companies to scale up production. Continue reading “Fisker in talks with five carmakers for production capacity partnership”

WASHINGTON, Nov (Reuters) – More than two dozen unions urged U.S. auto safety regulators on Thursday to open an industry-wide probe into driverless vehicles including Alphabet’s Waymo (GOOGL.O) and Amazon.com’s (AMZN.O) Zoox.

The unions, including the Transportation Trades Department, Transport Workers Union of America, International Brotherhood of Teamsters and United Auto Workers, cited the recent investigation into General Motors’ (GM.N) self-driving Cruise unit and California’s decision to suspend Cruise testing. Continue reading “Unions urge US regulators to probe Waymo, Zoox after GM’s Cruise driverless crashes”

BELVIDERE, Illinois, Nov (Reuters) – President Joe Biden on Thursday backed the United Auto Workers’ efforts to unionize carmakers Tesla (TSLA.O) and Toyota (7203.T) and asked auto workers to reject his Republican opponent, Donald Trump.

Biden spoke to UAW workers in Belvidere, Illinois, as the Democratic president tries to rally support for his economic agenda and firm up sagging popularity numbers, ahead of a re-election campaign next year. Continue reading “Biden backs Tesla, Toyota unionization, slams Trump”

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Continue reading “WAF Auto News | The Auto World This Week (10th November 2023)”

• Enhancing accessibility in Rajasthan: With the opening of its 3S (sales, spares & services) touchpoint in Ajmer, Volkswagen has expanded its footprint in Rajasthan, bringing the total network to seven sales and six service touchpoints in the state
• Expanded reach across India: Volkswagen India now has a sales and service network that spans across 144 cities in India, making one of India’s safest portfolio of cars more accessible to customers, democratizing safe mobility for all
• Superlative ownership experience: The facility is managed by a team of 20 highly skilled professionals, ensuring an exceptional ownership experience throughout their mobility journey. Additionally, this touchpoint features six service bays for superior customer service experiences
• Premium product portfolio: The new facility will display GNCAP 5-Star line-up of Volkswagen Taigun and Virtus, as well as the Brand’s global bestseller Tiguan; in a spacious and contemporary showroom

Ajmer: Volkswagen India has announced the inauguration of a new 3S (Sales, Service & Spares) facility in Ajmer, Rajasthan. The brand has been expanding its network to meet the surging demand for its premium mobility offerings across India. With the new sales & service facility in Ajmer, the total network in the state now stands at seven sales and six service touchpoints.

Continue reading “Volkswagen India inaugurates new touchpoint in Ajmer, expands regional footprint to seven sales and six service outlets in Rajasthan”

Source : PTI | New Delhi: The odd-even car rationing scheme will be implemented in Delhi after the Supreme Court reviews its effectiveness and issues an order while artificial rain through cloud seeding will be attempted around November 20 to combat air pollution which breached the severe category again on Wednesday. In view of the worsening air quality, the Delhi government announced that the December winter break of all schools has been rescheduled and it will be now from November 9 to November 18.

Also, the transport department has been issued directions to ban app-based taxis “in accordance with the Supreme Court’s orders”, according to Delhi Environment Minister Gopal Rai Continue reading “Odd-even scheme deferred; Delhi plans cloud seeding, ban on app-based cabs from other states to fight smog”

WASHINGTON, Nov 8 (Reuters) – Cruise is recalling 950 driverless cars from the roads across the United States following a crash involving one of its robotaxis and will likely issue more recalls, General Motors’ (GM.N) self-driving unit said.

The cars are being recalled because the collision detection subsystem of the Cruise Automated Driving Systems (ADS) software may respond improperly after a crash, according to a notice made public by the National Highway Traffic Safety Administration (NHTSA) Wednesday. Continue reading “GM’s Cruise recalling 950 driverless cars after pedestrian dragged in crash”

TOKYO, Nov 9 (Reuters) – Nissan Motor (7201.T) and Honda Motor (7267.T) on Thursday said they expect higher profits this year than previously forecast, a sign of how Japan’s automakers are seeing some benefit from a weak yen currency and a recovery in sales.

That outlook, however, is tempered by the scope of the challenges they face in China, the world’s top car market, where Japanese car makers, like other foreign brands, face the rise of domestic players, the popularity of electric vehicles and growing price competition, hurting prospects. Continue reading “Nissan and Honda get some relief as weak yen amplifies uptick in sales”

SHANGHAI, Nov 9 (Reuters) – Zeekr, Chinese automaker Geely’s (GEELY.UL) premium electric car brand, will this week publicly release some details of its plans to list shares in New York, according to two sources with direct knowledge of the matter, seeking to ride growing enthusiasm for EVs despite strained U.S.-China ties.

The EV brand will publish its prospectus and its shares could start being traded on the bourse within weeks of the announcement, the sources said. Continue reading “Exclusive: Geely’s Zeekr edges closer to US IPO, to make filing public this week – sources”

WASHINGTON, Nov 9 (Reuters) – President Joe Biden will meet with Shawn Fain, the head of the United Auto Workers, in Illinois on Thursday to highlight the tentative contract agreements between the union and Detroit’s Big Three Automakers that ended a nearly 45-day strike.

Biden will deliver remarks praising gains for workers in the deals the UAW won, talk about how his economic policies, dubbed “Bidenomics”, is working and highlight plans to reopen an auto factory that Stellantis (STLAM.MI) wanted to close, according to the White House. Continue reading “Biden will meet UAW’s Fain, laud union’s deals with Detroit automakers”