SHANGHAI, Sept 5 (Reuters) – As Shanghai sweltered in a heatwave in June, the car factory where Mike Chen works switched production to night shifts and dialled down the air-conditioning.

For Chen, toiling through the early hours in his sweat-soaked uniform, it was the latest slap in the face after cuts in bonuses and overtime slashed his monthly pay this year to little more than a third of what he earned when he was hired in 2016. Continue reading “Insight: China’s auto workers bear the brunt of price war as fallout widens”

TOKYO, Sept 5 (Reuters) – Nissan Motor (7201.T) will delay the start of production of its next “Kicks” SUV model in Mexico by about six months after some mold components were stolen at a local supplier, the Nikkei newspaper reported on Tuesday.

Production of the remodelled “Kicks” had been due to start in December, but will now likely begin around June 2024, the paper said. Continue reading “Nissan to delay new SUV production by 6 months in Mexico due to stolen mold -Nikkei”

PARIS, Sept 5 (Reuters) – The initial public offering (IPO) of Renault’s (RENA.PA) Ampere electric vehicle division could get a valuation of up to 10 billion euros ($10.8 billion), Chief Executive Luca de Meo said.

Speaking to the Financial Times at the IAA car show in Munich, De Meo said Ampere could be worth ‘eight, nine, 10 billion’ when it lists on the stock market next year. Continue reading “Renault CEO sees Ampere IPO valuation of up to 10 bln euros -FT”

SAN FRANCISCO/MUNICH, Sept 5 (Reuters) – U.S. semiconductor company Qualcomm (QCOM.O) on Tuesday said it will supply chips to power in-car infotainment systems to luxury automakers Mercedes (MBGn.DE) and BMW (BMWG.DE).

Qualcomm is the leading supplier of the chips used in smartphones, a market that has slumped over the past year. Continue reading “Qualcomm to supply BMW and Mercedes with chips for displays, voice features”

Source : PTI | India needs all kinds of green technologies, including electric, hybrid and flex-fuel compliant powertrains in automobiles, in order to reduce dependence on fossil fuels, according to a senior executive of ToyotaKirloskar Motor. Aligning with the national goals, the automaker plans to go in for all kinds of powertrains in its cars as it looks to provide customers with a wide range of mobility options across multiple price points.

“We need all the technologies to basically shift away from petrol and diesel fossil fuels. There is so much in terms of what needs to be done. Even if we have all these green technologies. there is still going to be a gap,” Toyota Kirloskar Motor (TKM) Country Head and Executive Vice-President Vikram Gulati said in an interaction with PTI. Continue reading “All kinds of green technologies required in cars to reduce dependence on fossil fuels: TKM”

Source : PTI | Prime Minister Narendra Modi has made a renewed pitch for diversity in the energy mix, saying there is no one-size-fits-all solution for a world looking to transition from fossil fuels to cleaner sources like solar and hydrogen. India, the world’s third-largest energy consumer, has repeatedly stressed on energy transition being just and orderly and nations having a free hand in decisions on the pathway based on the availability of resources.

“Our principle is simple – diversity is our best bet, whether in society or in terms of our energy mix,” he told PTI in an exclusive interview here ahead of the G20 summit. Continue reading “Diversity best bet, no one-size-fits-all solution to energy transition: PM Modi”

MUNICH, Sept 3 (Reuters) – The variable costs for producing electric vehicles will remain higher compared to combustion engine models for the foreseeable future, the chief executive of Mercedes-Benz (MBGn.DE) said on Sunday, adding this would continue to fuel intense competition.

Ola Kaellenius’s comments come as Mercedes-Benz disclosed more details about its newest electric vehicle architecture, the CLA compact electric sedan, which will launch next year and target 30% to 35% more driving range. Continue reading “Mercedes boss: EV costs will remain higher for foreseeable future”

MUNICH, Sept 4 (Reuters) – European carmakers must prove their ability to compete with new Asian players in the electric age on everything from product and financial strategy to controlling the supply chain, industry analysts and executives said at Munich’s IAA mobility show.

About 41% of exhibitors at this year’s event are headquartered in Asia, with the number of Chinese companies having more than doubled, including players across batteries and EV production such as BYD, CATL and XPeng. Continue reading “Munich car show shines spotlight on China competition in EV race”

BERLIN, Sept 4 (Reuters) – Automakers and suppliers are deprioritising sustainability initiatives in their sourcing policies and focusing on lowering exposure to geopolitical risk after years of supply chain turmoil, a survey of over 1,000 executives showed on Monday.

The number of companies deploying sustainability initiatives like mapping their carbon footprint, optimising routes to cut emissions, and listing production information on origins and manufacturing declined by 9-11 percentage points between 2022 and 2023, the survey by consulting group Capgemini showed. Continue reading “Sustainability takes back seat in auto industry sourcing decisions – survey”

FRANKFURT, Sept 4 (Reuters) – Bosch, the world’s top automotive supplier, expects sales at its mobility business division to grow by 10% this year, the group said at the IAA Munich car show, adding the group’s prospects remained positive despite a challenging environment.

“Bosch knows its way around software and is using it to shape the future of mobility. Our technology will make the software-defined vehicle a reality and help get it onto the road,” Bosch (ROBG.UL) CEO Stefan Hartung said. Continue reading “Bosch expects sales in core mobility division to grow 10% in 2023”

PARIS, Sept 4 (Reuters) – Renault’s (RENA.PA) chief executive Luca de Meo said on Monday that China was ‘very competitive’ in terms of the electric vehicle market, as Renault also prepared to unveil its new Scenic electric vehicle car model.

“China is very competitive when it comes to the supply chain of electric vehicles….we need to catch up fast,” De Meo told RTL Radio, speaking from the IAA Munich car show. Continue reading “Renault CEO: China very competitive on electric vehicles, Europe needs to catch up”

MUNICH, Sept 2 (Reuters) – BMW (BMWG.DE) expects to sell more cars in China this year despite a local price war in the electric vehicle (EV) segment, and muted demand overall, the luxury carmaker’s chief financial officer (CFO) said at the IAA car show in Munich.

In his first interview since becoming finance chief in May, Walter Mertl told Reuters that BMW had been able to grow 3.7% in China in the first half, faster than the world’s top auto market as a whole, and expected this trend to continue. Continue reading “BMW expects higher China sales in 2023, finance chief says”

BEIJING, Sept 2 (Reuters) – Tesla (TSLA.O) showed off its restyled, China-made Model 3 sedan for the first time to the public at a trade fair in Beijing, after launching it a day before in several countries.

The U.S. automaker displayed a flame red version of the car – marking the first change to its mass-market car line-up since it launched its global best-seller, the Model Y, in 2020 – at the China International Fair for Trade in Services (CIFTIS). Continue reading “Tesla shows off restyled Model 3 sedan at Beijing trade fair”

FRANKFURT, Sept 2 (Reuters) – German auto parts supplier Continental (CONG.DE) is considering whether it is the most suitable owner for its ContiTech unit, CEO Nikolai Setzer said in an interview with Germany’s Welt Am Sonntag newspaper.

“The ContiTech business is being developed independently and we are examining whether we are still the best owner for it,” Setzer said, adding that the review is not yet complete. Continue reading “Continental CEO reviews future ownership of ContiTech, Welt Am Sonntag reports”

Summary

• CEO says BMW to stay within 8-10% long-term EBIT range
• Says carmaker could exceed that in some quarters
• Neue Klasse line to be launched in 2025

MUNICH, Sept 2 (Reuters) – BMW’s (BMWG.DE) “Neue Klasse” electric vehicle (EV) range will be at least as profitable as battery-powered cars already being sold by the German luxury carmaker, Chief Executive Oliver Zipse said on Saturday at the IAA car show in Munich.

The Neue Klasse, to be launched in 2025, is at the heart of the carmaker’s efforts to replicate past successes and catch up with EV pioneer Tesla (TSLA.O), which is also staging a return to the IAA this year. Continue reading “BMW’s ‘Neue Klasse’ at least as profitable as current EVs, CEO says”

Sept 1 (Reuters) – The average wait time for non-booked vessels at the Panama Canal jumped by between 44% and 59% last month as a prolonged drought led to restrictions on daily transits and ship drafts.

The Panama Canal Authority began imposing the restrictions earlier this year in a move to conserve water. Only 32 vessels with a draft of up to 44 feet are now allowed to pass everyday, from 36 ships and maximum draft of 50 feet in normal conditions. Continue reading “Vessel wait times at Panama Canal increased more than 40% in August”

Source : PTI | Bajaj Auto, one of India’s leading automobile manufacturers, reported a significant decline in its total vehicle sales for the month of August, indicating challenging market conditions. According to the company’s official statement released on Friday, total vehicle sales, which include commercial vehicles, witnessed a notable drop of 15% compared to the same month last year. In August 2023, Bajaj Auto sold 3,41,648 units, down from 4,01,595 units in August 2022.

The domestic market proved to be particularly challenging for Bajaj Auto, as total domestic sales plummeted by 20%. In August 2023, the company managed to sell 2,05,100 units, contrasting sharply with the 2,56,755 units sold in the same month the previous year. Continue reading “Bajaj Auto total sales fall 15% to 3,41,648 units in August”

Source : PTI | ​​In February, BEST had kept 400 wet-leased buses off the roads after three back-to-back incidents of buses catching fire. BEST undertaking provides public bus service in Mumbai, neighbouring Thane, Navi Mumbai and Mira-Bhayandar cities. It ferries over 30 lakh commuters with its fleet of around 3,500 buses, including those hired from different private contractors.

An electric bus of the Brihanmumbai Electric Supply and Transport (BEST), Mumbai’s civic transport body, caught fire during battery charging in suburban Malvani early on Friday, officials said. The incident occurred around 5 am and the blaze was doused within 15 minutes, they said, adding that nobody was injured in it. Continue reading “6th BEST e-bus catches fire during battery charging”

Source : PTI | Tata Motors, however, saw a dip in domestic passenger vehicle sales in August. “The month of August was a very good month for the industry. Passenger vehicle sales in August stood at 3,60,897 units. This is the highest ever monthly sales in any month in any year in the industry,” Maruti Suzuki India (MSI) Senior Executive Officer (Marketing & Sales) Shashank Srivastava said.

Domestic passenger vehicle sales hit a record in August led by highest-ever monthly dispatches from Maruti Suzuki on the back of festive demand and the continued strong offtake of SUVs. Hyundai Motor India, Mahindra & Mahindra and Toyota Kirloskar Motor also reported strong dispatches to dealers last month. Continue reading “Festive demand, strong SUV offtake propel domestic PV sales to record high in August”

Source : PTI | New Delhi: The government has cut the windfall profit tax on crude oil produced in the country while the levy on exports of diesel and ATF has been hiked, an official notification said. The tax, levied in the form of special additional excise duty or SAED, on domestically produced crude oil was reduced to INR 6,700 per tonne from INR 7,100 a tonne.

SAED on the export of diesel was increased to INR 6 per litre from INR 5.50 a litre and on jet fuel or ATF to INR 4 per litre from INR 2, the notification said. Continue reading “Windfall profit tax on crude oil cut; levy on diesel, ATF exports hiked”

HONG KONG/SYDNEY, Sept 1 (Reuters) – Chinese electric vehicle (EV) maker Hozon Auto has appointed China International Capital Corporation (CICC) and Morgan Stanley to work on a Hong Kong initial public offering (IPO) that could reportedly raise up to $1 billion, according to sources with direct knowledge of the matter.

Hozon’s IPO plan comes after it announced a 7 billion yuan pre-IPO fundraising late on Tuesday in a social media statement. Continue reading “China EV maker Hozon Auto appoints banks for $1 billion Hong Kong IPO, sources say”

DETROIT, Sept 1 (Reuters) – Mercedes-Benz (MBGn.DE) CEO Ola Kaellenius told Reuters the automaker’s newest electric vehicle architecture, launching with the CLA compact electric sedan late next year, will target 30% to 35% more driving range for each kilowatt-hour of energy stored in the battery than the brand’s current EVs.

Mercedes will also offer a lithium-iron-phosphate, or LFP, battery in the new CLA model lineup due to hit showrooms in early 2025, a first for any Mercedes EV, the CEO said in an interview. Continue reading “Mercedes CEO: Efficiency is the ‘new currency’ in the EV market”

NEW YORK, Sept 1 (Reuters) – A federal judge on Friday authorized the payout of $41.53 million to investors who lost money when Elon Musk tweeted about taking his electric car company Tesla (TSLA.O) private.

Payouts will come from a “fair fund” created under a settlement between Musk and the U.S. Securities and Exchange Commission, arising from Musk’s August 2018 post on Twitter that he had “funding secured” for a Tesla buyout. Continue reading “U.S. judge approves payouts from Elon Musk’s SEC settlement”

WASHINGTON, Sept 1 (Reuters) – The U.S. National Labor Relations Board (NLRB) said Friday it will investigate unfair labor practice charges filed by the United Auto Workers union against General Motors (GM.N) and Chrysler-parent Stellantis (STLAM.MI).

The UAW said Thursday both automakers have refused to bargain in good faith. GM and Stellantis on Thursday denied the unfair labor charges. Continue reading “US labor board to probe if GM, Stellantis failed to bargain in good faith”

WASHINGTON, Sept 1 (Reuters) – Ford Motor (F.N) said on Friday it will recall 169,000 U.S. vehicles to replace rearview cameras and update software and is taking a $270 million charge to address the callback.

It was the latest in a series of recalls for rear camera-related recalls by the No. 2 U.S. automaker in recent years. Continue reading “Ford to replace rear cameras in new recall, take $270 million charge”

Source : PTI | A public interest litigation (PIL) challenging the free bus travel for women in Karnataka under the ‘Shakti’ scheme was allowed to be withdrawn by the High Court of Karnataka on Thursday. The HC found that the PIL filed by three law students was vague and not backed by any study.

Ashwin Shankar Bhat, Neha Venkatesh, and Yashika Saravanan claimed in the PIL that the scheme has resulted in “chaos, commotions and unruly behavior of the crowd in bus stands and affecting children and senior citizens and also causing severe loss to the economy.” Continue reading “PIL against scheme of free bus travel for women in Karnataka withdrawn”

Source : PTI | Ahead of the G20 summit, Delhi Lieutenant Governor V K Saxena and Chief Minister Arvind Kejriwal will flag off 400 electric buses on September 5, Raj Niwas officials said on Thursday. Transport Minister Kailash Gahlot will also attend the flagging off ceremony, they said.

Delhi will host the G20 summit from September 9 to 10.

As on date, 400 electric buses are already in operation under the Centre-supported Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) II Scheme. Continue reading “Delhi LG, CM to flag off 400 e-buses on Sept 5”

Source : PTI | To encourage clean and green energy production sources in Uttar Pradesh in view of global warming and climate change, Chief Minister Yogi Adityanath on Thursday directed officials to prepare an effective draft for the UP Green Hydrogen Policy-2023. Adityanath gave these directions at a meeting with the officials of UP NEDA (UP New and Renewable Energy Development Agency) here at his official residence.

The chief minister instructed the officials to prepare an effective draft by consulting the stakeholders working in this area so that investors and users can get maximum benefit from the policy, an official statement issued here said.

Continue reading “Yogi Adityanath asks officials to start work on state green hydrogen policy”

Source : PTI | New Delhi: The ‘PM-eBus Sewa’ scheme , under which 10,000 electric buses will be provided to 169 cities under a public-private partnership (PPP) model, will be rolled out in the next five-six months, the Union housing and urban affairs ministry said on Thursday. At a press conference here, Union Urban Affairs Minister Hardeep Singh Puri said the central government is going to procure air-conditioned buses for this soon.

Secretary, Housing and Urban Affairs, Manoj Joshi said the scheme will be rolled out in 169 cities and states are required to submit their proposals by September 30. Continue reading “‘PM-eBus Sewa’ scheme to be rolled out in 5-6 months: Urban affairs ministry”

NAIROBI, Aug 31 (Reuters) – Ride-hailing firm Uber (UBER.N) on Thursday launched an electric motorbike service in Kenya, its first in Africa, as the company seeks to make its global platform emissions free by 2040.

The rollout in Kenya will be followed by a “potential announcement” this year for the rest of its markets in the region, said Kagiso Khaole, Uber’s general manager for sub-Saharan Africa. Continue reading “Uber rolls out electric bike fleet in Kenya, its first in Africa”

WASHINGTON, Aug 31 (Reuters) – The Biden administration is offering $12 billion in grants and loans for auto makers and suppliers to retrofit their plants to produce electric and other advanced vehicles, Energy Secretary Jennifer Granholm said on Thursday.

“While we transition to EVs, we want to ensure that workers can transition in place, that there is no worker, no community left behind,” Granholm, a former governor of car-manufacturing state Michigan, told reporters in a call. Continue reading “US offers $12 billion to auto makers, suppliers for advanced vehicles”

Aug 31 (Reuters) – Ford Motor (F.N) has made a contract offer to the United Auto Workers (UAW), the company said on Thursday.

The contract offer would provide hourly employees with 15% guaranteed combined wage increases and lump-sums, and improved benefits over the life of the contract, the company said in a statement. Continue reading “Ford makes UAW a contract offer”

Aug 31 (Reuters) – The United Auto Workers union said on Thursday it filed unfair labor practice charges with the National Labor Relations Board against General Motors (GM.N) and Chrysler-parent Stellantis (STLAM.MI), saying they have refused to bargain in good faith.

Both GM and Stellantis denied the unfair labor charges.

Ford Motor (F.N) said it offered a 9% wage increase through 2027, much less than the 46% wage hike being sought by the union. Continue reading “UAW files unfair labor practice charges against GM, Stellantis”

NEW DELHI, Aug 31 (Reuters) – India’s steel-to-energy JSW Group is in early talks with Chinese automaker Leapmotor (9863.HK) to license technology to build electric vehicles in India, according to people familiar with the discussions.

Under the technology licensing agreement, JSW would use Leapmotor’s platform – the structural underpinnings of a car on which it is built – to manufacture EVs in India under its own brand name, the sources said, in the company’s second attempt to enter the growing business. Continue reading “Exclusive: India’s JSW in talks with Chinese carmaker Leapmotor for EV tech, sources say”

Aug 31 (Reuters) – Hyundai Motor Group (005380.KS) and LG Energy Solution (373220.KS) will boost their joint investment in a Georgia battery manufacturing plant by $2 billion and add 400 additional jobs, the companies and the state said Thursday.

The facility, a joint venture between the two companies, now includes a total investment of $4.3 billion and eventually will be able to produce about 300,000 electric vehicle batteries annually, the companies said. Continue reading “Hyundai, LG to spend $2 billion more on Georgia battery plant”

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Source : PTI | New Delhi: Industry body India Energy Storage Alliance (IESA) on Tuesday said it has started recognising women leaders who are driving India’s energy transition that includes renewables, electric vehicles and green hydrogen as it would help bridge the gender gap in the coming years. The move assumes significance in view of the effort of different organisations to bridge the gender gap in leadership roles in different sectors, especially clean energy or energy transition.

According to the World Economic Forum’s Global Gender Gap Report 2022, only one in five leadership roles in the energy sector are held by women, IESA said in a statement. Continue reading “India Energy Storage Alliance begins recognising women leaders driving energy transition”

Source : PTI | The Maharashtra Motor Vehicles Department on Wednesday invited bids for fitment of High-Security Registration Plates (HSRP) on all vehicles registered in the state before April 2019, officials said. To curb theft and bring uniformity in vehicle identity marks, the Centre made HSRP mandatory for every new vehicle registered in the county from April 1, 2019, putting the onus on manufacturers for installation of these number plates on new vehicles before handing them over to customers.

Sandesh Chavan, deputy regional transport officer who is holding additional charge of joint transport commissioner (computers), said bids have been invited for “manufacturing, supply and fitment” of HSRP on vehicles registered in Maharashtra before April 2019 on a “build-own-operate” basis. Continue reading “MH govt invites bids for fitment of HSRPs on vehicles registered before 2019”

Source : PTI | Uber on Tuesday said drivers have earned over INR 50,000 crore through its platform since 2013, as the ride-hailing app completed a 10-year milestone in India. Uber drivers have driven 3,300 crore kilometres here during this period “equivalent to travelling from Earth to the Moon about 86,000 times”, according to a company release.

Uber India and South Asia President, Prabhjeet Singh said with a vibrant demography and expanding digital economy, “the future is exciting” and added that the company is looking forward to doing its bit to accelerate progress towards India’s envisioned techade. Continue reading “Uber completes 10 yrs in India; says drivers earned over INR 50,000 cr via platform since 2013”

Aug 30 (Reuters) – Federal prosecutors are looking into Tesla (TSLA.O) performance claims after Reuters reported the electric carmaker exaggerated the potential driving distance of its vehicles, the Wall Street Journal reported on Wednesday.

Reuters reported in July that Tesla cars often fail to achieve their advertised range estimates and projections reported by the cars’ own equipment, citing experts who tested or studied them. The company wrote algorithms about a decade ago to create “rosy” in-dash driving range estimates, Reuters reported a source as saying, and set up a “Diversion Team” to cancel range-related service appointments. Continue reading “Tesla faces federal probe over vehicle range after Reuters report, Wall Street Journal says”