July 25 (Reuters) – General Motors (GM.N) CEO Mary Barra has staked billions on a broad lineup of electric vehicles such as the Chevrolet Silverado EV designed from the wheels-up to be electric, software-defined vehicles that can match or beat any Tesla.
On Tuesday, Barra made a significant exception, reversing a decision to phase out the Chevrolet Bolt. Continue reading “GM does a U-turn to save the Chevy Bolt”
Summary
MILAN, July 26 (Reuters) – Revenue and operating profit grew at Stellantis (STLAM.MI) in the first half to beat estimates, with CEO Carlos Tavares saying the automaker would have to accelerate cost cutting to keep profitability strong in a more challenging pricing environment. Continue reading “Stellantis tops forecasts, looks to cost cuts to keep margins strong”
Summary
SEOUL, July 26 (Reuters) – South Korea’s Hyundai Motor Co (005380.KS) raised its annual sales and profit margin guidance on Wednesday, after recording a 15% rise in quarterly net profit helped by a weaker won currency, robust sales of electric vehicles (EVs) and increased production. Continue reading “Hyundai Motor lifts full-year outlook as Q2 profit up 15%”
TOKYO, July 26 (Reuters) – Japan’s Nissan Motor (7201.T) on Wednesday posted a 98% rise in first-quarter operating profit to 128.6 billion yen ($913.35 million), beating analysts’ estimates.
The result compared with an average estimate of 120.33 billion yen in a poll of 10 analysts by Refinitiv and a 64.9 billion yen operating profit in the same period a year earlier. Continue reading “Nissan nearly doubles Q1 operating profit”
July (Reuters) – General Motors (GM.N) will begin assembling electric vehicle battery packs near its BrightDrop commercial van plant in Ingersoll, Ontario, in the second quarter of 2024, the company said Tuesday, and will add pack assembly at other North American plants.
The 400,000-square-foot Ingersoll facility will make packs for CAMI Assembly, which last week temporarily halted production of BrightDrop’s Zevo electric vans because of an ongoing battery shortage. Continue reading “GM to add battery module assembly to some North American EV plants”
DETROIT, July (Reuters) – General Motors (GM.N) is wrestling with costs and struggling to build more electric vehicles, as it reported Tuesday that adjusted pre-tax profit and margins in its key North American market fell from the first quarter, despite a jump in revenue and per-vehicle transaction prices.
Shares were down 4.4% at $37.58 in mid-day trading. Continue reading “GM shares fall as automaker outlines new cost-cutting drive”
BEIJING/SHANGHAI, July (Reuters) – Chinese battery giant CATL (300750.SZ) on Tuesday recorded slower growth in net profit for the second quarter, as the company scrambled to maintain its industry leadership amid intensifying competition in the electric vehicle battery market.
Net profit for the three months ended June came in at 10.895 billion yuan ($1.53 billion), up 63.22% from a year earlier, according to a Reuters calculation based on CATL’s company filing. This compared with a 558% surge in its net profit in the first quarter. Continue reading “Battery giant CATL posts slower profit growth as competition heats up”
July (Reuters) – Goodyear Tire & Rubber Co (GT.O) said it would add three directors in agreement with Elliott Investment Management, months after the activist investor disclosed a stake and called for changes to strengthen the company’s financial position.
Elliott’s investment announced in May made it one of Goodyear’s biggest investors. The firm urged the company to refresh the board, sell its stores and conduct an operational review. Continue reading “Goodyear Tire to expand board in settlement with Elliott”
LONDON, July (Reuters) – Britain is sticking to its plan to ban the sale of new petrol and diesel cars from 2030 but some measures to reduce the carbon footprint of residential homes will be relaxed, senior government minister Michael Gove said on Tuesday.
Britain’s green agenda has been thrown into question after the governing Conservatives won a vote for a parliamentary seat last week by attacking London’s flagship anti-pollution policy. Continue reading “UK minister: petrol car ban immovable but some green policies to be relaxed”
BENGALURU, July (Reuters) – Tata Motors (TAMO.NS), India’s largest automaker by revenue, comfortably beat quarterly profit expectations on Tuesday, helped by strong demand for its luxury Jaguar Land Rover (JLR) cars and as supply chain issues improved further.
The UK-based JLR unit, which accounted for 70% of Tata Motors’ revenue, has benefited from strong demand for its higher-margin SUVs like the Range Rover and an improving supply of semiconductors after crippling shortages for several quarters. Continue reading “India’s Tata Motors profit races past estimates on strong JLR sales”
Source : PTI | TVS Supply Chain Solutions, part of TVS Mobility Group, has received capital markets regulator Sebi’s go-ahead to raise funds through an initial public offering (IPO). The IPO comprises a fresh issue of equity shares aggregating up to INR 750 crore and an Offer for Sale (OFS) of over 2 crore equity shares by promoters and existing shareholders, according to the draft red herring prospectus. Continue reading “TVS Supply Chain Solutions gets Sebi nod to float IPO”
Source : PTI |The Goa government has filed a police complaint against Uber India Systems Private Limited accusing the company of illegally operating its services in the coastal state. Earlier last week, Uber announced its services in Goa, including airport pick-up and drop. Continue reading “Goa govt files police complaint against Uber, accuses it of illegally operating in state”
Source : PTI | New Delhi: The Centre has sought INR 469 crore from seven electric two-wheeler makers, including Hero Electric and Okinawa for claiming incentives while not complying with the Faster Adoption and Manufacturing of Electric Vehicles (FAME) ) II scheme norms, a government official said. The official said that in case of non-refund of the amount to the government, they will be de-registered from the scheme in the next 7-10 days and the government would not allow them to participate in the scheme. Continue reading “Centre to recover INR 469 cr from 7 electric 2W makers for non compliance with FAME II”
NEW DELHI, July (Reuters) – Tesla representatives are set to meet India’s commerce minister this month to discuss plans to build a factory to produce what the company has described as an all-new $24,000 car, a person with direct knowledge of the matter told Reuters.
Tesla has expressed an interest in building a factory in India that would produce low-cost electric vehicles (EVs) for the local market and for export, the person said, adding that the company had indicated that it would be for the new vehicle. Continue reading “Tesla to discuss factory plan for new $24,000 car with India commerce minister -source”
July (Reuters) – New U.S. light vehicle sales volumes are set to rise again in July as easing supply-chain snags help automakers ramp up production to meet pent-up demand, automotive research firm S&P Global Mobility said on Monday.
S&P projects new light vehicle sales to reach 1.33 million units in July, up 18% year-over-year. It also upgraded the 2023 U.S. light vehicle sales forecast to 15.4 million units, from 15.1 million estimated earlier. Continue reading “US auto sales expected to rise again in July – S&P Global Mobility”
July (Reuters) – UK battery startup Nexeon will supply high-energy silicon anode material to Panasonic’s (6752.T) newest U.S. plant starting in 2025, the companies said on Monday.
The use of silicon-rich anodes will enable Panasonic battery cells to store more energy and charge more quickly, the companies said. The greater energy density also gives Panasonic the option of making smaller, lighter packs with similar range to current battery cells. Continue reading “UK battery startup Nexeon to supply Panasonic with advanced material”
SHANGHAI/TOKYO, July (Reuters) – Toyota Motor’s (7203.T) joint venture (JV) in China said on Monday that it has terminated early the contracts of about 1,000 dispatch workers, in a sign of pressure on automakers from a price war in the world’s largest auto market.
The JV between Toyota and China’s state-owned Guangzhou Automobile Group (GAC) (601238.SS) laid off the workers over the weekend and offered them compensation, three workers, who declined to be named for privacy, told Reuters earlier. Continue reading “Toyota’s China joint venture dismisses about 1000 workers”
NEW YORK, July (Reuters) – Electric-vehicle charger operator EVCS is looking to raise $125 million, according to a document seen by Reuters, as it races to expand its network of fast chargers eightfold by 2025 and capitalize on the U.S. government’s push to boost EV adoption.
A $5 billion federal program to electrify U.S. highways and a recent slew of deals by market leader Tesla (TSLA.O) to open up its charging technology to rival automakers has unleashed a capital-intensive race among charger makers and operators to offer new products and expand their networks. Continue reading “EV charger operator EVCS seeks to raise $125 million to expand network”
NEW DELHI, July 24 (Reuters) – Tesla representatives are set to meet India’s commerce minister this month to discuss plans to build a factory to produce what the company has described as an all-new $24,000 car, a person with direct knowledge of the matter told Reuters.
Tesla has expressed an interest in building a factory in India that would produce low-cost electric vehicles (EVs) for the local market and for export, the person said, adding that the company had indicated that it would be for the new vehicle. Continue reading “Tesla to discuss factory plan for new $24,000 car with India commerce minister -source”
July (Reuters) – An electric truck which was previously damaged reignited at Nikola’s (NKLA.O) Phoenix, Arizona headquarters on Sunday afternoon but there were no injuries, the electric-truck maker said in a statement.
“At approximately 2 pm today at Nikola HQ, one of the trucks that was previously damaged reignited. No one was injured and the fire was quickly contained,” the company said. Continue reading “Nikola says damaged truck reignites at its headquarters”
SHANGHAI, July 24 (Reuters) – Toyota Motor Corp (7203.T) has dismissed some workers at one of its plants in China, three workers told Reuters, as the Japanese automaker struggles with a price war and sales slump in the world’s largest auto market.
The joint venture between Toyota and China’s state-owned Guangzhou Automobile Group (GAC) (601238.SS) laid off the workers over the weekend and offered them compensation, said the workers, who declined to be named for privacy. Continue reading “Toyota’s China venture dismisses some factory workers as sales fall – workers”
BERLIN, July 24 (Reuters) – Taiwan’s Foxconn (2317.TW) will acquire a 50% stake in ZF Group’s (ZFF.UL) axle system assembly unit, creating a joint venture aimed at growing automotive and supply chain opportunities, the companies said on Monday.
The deal, which values ZF Chassis Modules GmbH at 1 billion euros ($1.11 billion), will allow the companies to expand the range of product offerings in the internal combustion engine and electric vehicle space, they said in a statement. Continue reading “Taiwan’s Foxconn to take 50% stake in ZF axle system unit”
Summary
BEIJING, July 24 (Reuters) – China will step up its policy support for the economy amid a tortuous post-COVID recovery, focusing on boosting domestic demand, the Politburo, a top decision-making body of the ruling Communist Party, said on Monday, the state-run Xinhua news agency reported. Continue reading “China to step up policy adjustments amid tortuous recovery”
July 24 (Reuters) – Beijing has asked law firms to tone down the language used to describe China-related business risks in Chinese companies’ offshore listing documents, warning failure to do so could cost them regulatory green light for the IPOs, three people familiar with the matter said.
The move, which not been reported before, is the latest in tightening scrutiny of Chinese companies’ offshore listings, and comes at a time when Beijing is stepping up controls over cross-border transfer of sensitive information. Continue reading “Exclusive: Beijing pushes for toning down of China risks in IPO prospectuses-sources”
Source : PTI | New Delhi: The Centre has sought INR 469 crore from seven electric two-wheeler makers, including Hero Electric and Okinawa for claiming incentives while not complying with the Faster Adoption and Manufacturing of Electric Vehicles (FAME) II scheme norms, a government official said. The official said that in case of non-refund of the amount to the government, they will be de-registered from the scheme in the next 7-10 days and the government would not allow them to participate in the scheme.
Source : PTI | Ramkrishna Forgings Ltd on Monday said it has acquired Multitech Auto Private Ltd and its wholly-owned subsidiary Mal Metalliks Private Limited for INR 205 crore.
Multitech Auto and Mal Metalliks manufacture various parts for automobiles like assembly top cover, shift cylinder, assembly gear, differential case, differential cover, various types of hubs among others. Continue reading “Ramkrishna Forgings acquires Multitech Auto, Mal Metalliks for INR 205 crore”
July 24 (Reuters) – French-Italian automaker Stellantis (STLAM.MI) and South Korean battery maker Samsung SDI (006400.KS) on Monday said they plan to open a second joint-venture plant in the U.S. to build electric vehicle batteries, with a target to start production in 2027.
The companies said the transaction still needs to be finalized, and where the plant will be located is under review. Also, how much will be invested at the site and how many people it will employ will be announced later. The plant will have an initial production capacity of 34 gigawatt hours (GWh). Continue reading “Stellantis, Samsung SDI set plan to build second US battery plant”
FRANKFURT, July (Reuters) – Mercedes-Benz (MBGn.DE) is making China, the world’s top auto market, central to its next electric vehicle (EV) campaign starting in 2025, its CEO told German magazine Automobilwoche.
“To do this, we must master electric propulsion just as perfectly as digitalisation. That’s what our customers expect,” Ola Kaellenius was quoted as saying. Continue reading “China to be centre of Mercedes-Benz 2025 EV sales drive, Automobilwoche says”
Source : PTI | Hindustan Zinc Ltd (HZL) is keen to acquire lithium assets as and when they are put on the block for auctions, CEO Arun Mishra said.
Lithium reserves of about 5.9 million tonnes have been identified in Salal-Haimna areas of Reasi district in Jammu and Kashmir (J&K) for the first time in India. Continue reading “Hindustan Zinc keen to participate in lithium auctions: CEO Arun Mishra”
BENGALURU, July 23 (Reuters) – U.S. big-bike maker Harley-Davidson (HOG.N) and British rival Triumph have revved up India’s premium motorcycle market with aggressively priced models that analysts said could dent the over half-century dominance of local champion Royal Enfield.
The duo surprised the industry this month by unveiling their cheapest models globally in the largest motorbike market by sales, where their expensive imports have long struggled for market share. This time, they are making the bikes in India with domestic partners to bring prices below 233,000 rupees ($2,841). Continue reading “Analysis: Harley-Davidson, Triumph in first gear of challenge to Royal Enfield’s India reign”
Source : PTI | Electric commercial vehicles manufacturer PMI Electro Mobility on Saturday said it has signed an agreement with public-sector enterprise REC Limited to provide finance for its commercial EVs. PMI Electro Mobility MD Satish Jain said the signing of the memorandum of understanding (MoU) took place during the “Green Finance” Summit organised by REC Limited (formerly Rural Electrification Corporation) on the sidelines of the Clean Energy Ministerial and Energy Transition Working Group Ministerial meeting, which culminated on Saturday.
As a part of the MoU, PMI will have the ability to avail INR 480 crore of financial assistance from REC in the form of debt for funding requirements. Continue reading “PMI Electro Mobility signs pact with REC for financial assistance worth INR 480 crore”
Source : PTI | Automaker Kia India expects its sales to grow by 8-10% this year as compared with 2022 on the back of improved chip supplies and introduction of the updated Seltos in the market, according to a senior company official. The South Korean carmaker, which sells models like Carens, Sonet and Seltos in the Indian market, sold a total of 3.4 lakh units in the domestic and export markets last year.
“So last year our domestic sales were about 2.54 lakh units while exports stood at around 80,000 units. So we did about 3.34 lakh units overall. So this year we are looking at about 8-10% growth,” Kia India National Head (Sales and Marketing) Hardeep S Brar told PTI in an interaction. Continue reading “Kia India eyes 10% sales growth in CY23”
NEW DELHI, July 22 (Reuters) – India has rejected Chinese automaker BYD Co’s (002594.SZ) proposal to set up a $1 billion factory in India in partnership with Hyderabad-based Megha Engineering and Infrastructure Ltd, the Economic Times reported on Saturday.
Reuters reported this month that BYD had submitted a $1 billion investment proposal to build electric cars and batteries in India in partnership with a local company. Continue reading “India rejects BYD’s $1 billion factory proposal, Economic Times reports”
TOKYO, July (Reuters) – Toyota Motor (7203.T) plans to use regenerative fuel cell technology to power a manned lunar rover, executives said on Friday, raising the prospect of eventually using the moon’s water ice as an energy source in the future.
Japan has stepped up its space ambitions under Prime Minister Fumio Kishida Continue reading “Toyota eyes lunar rover powered by regenerative fuel cell tech”
SEOUL, July 21 (Reuters) – Tesla (TSLA.O) CEO Elon Musk is ready to cut electric car prices again to drive sales if the economy swoons, and part of the reason is a bonanza from Biden administration tax credits.
“It does make sense to sacrifice margins in favor of making more vehicles,” Musk said on Wednesday, noting that Tesla was facing “turbulent times.” Continue reading “Analysis: Tesla taps Biden tax credits to offset EV price cuts”
July 21 (Reuters) – A federal appeals court on Friday said it will reconsider its recent decision that Tesla (TSLA.O) Chief Executive Elon Musk violated federal labor law by tweeting that employees would lose stock options if they joined a union.
The 5th U.S. Circuit Court of Appeals in New Orleans granted Tesla’s request to revisit the case “en banc,” meaning that its 16 active judges will take part. Continue reading “US appeals court to reconsider decision on Elon Musk tweet about unions”
WASHINGTON, July 21 (Reuters) – Two U.S. House of Representatives committees said Friday they are investigating Ford Motor Co’s (F.N) partnership with Chinese battery company CATL (300750.SZ).
Ford announced in February it is spending $3.5 billion to build a battery plant in Michigan using technology from CATL, the world’s largest battery maker.
Jason Smith and Mike Gallagher, Republican chairs of the House Ways and Means Committee and the Select Committee on China, in a joint letter demanded Ford answer questions about the deal. Continue reading “US House committees investigate Ford Chinese battery partnership”
WASHINGTON, July 21 (Reuters) – United Auto Workers President Shawn Fain has made winning the support of Washington a key part of the union’s strategy to nail down new labor deals with the Detroit Three automakers.
Part of that approach includes a decision by the UAW to hold off on endorsing U.S. President Joe Biden’s re-election campaign, in a move to pressure the administration, industry executives and analysts said. U.S. unions are making bolder contract demands in the tighter labor market. Continue reading “UAW seeks Washington backing to pressure Detroit Three automakers in labor talks”
July 21 (Reuters) – U.S. auto retailer AutoNation (AN.N) on Friday posted better-than-expected second-quarter revenue, as demand for new vehicles and aftermarket services offset the impact of a decline in used-vehicle sales.
Demand for used vehicles, which accelerated during the pandemic, has taken a hit after automakers started to ramp up production as the global supply chain crisis gradually eases. That has helped companies such as AutoNation to boost their new-vehicle deliveries to customers. Continue reading “AutoNation’s quarterly revenue beats estimates on demand for new vehicles, services”
Industry experts discussed during 9th SIAM Logistics Conclave
New Delhi, July 21, 2023: Society of Indian Automobile Manufacturers (SIAM), the apex body of the automobile industry, organized the 9th SIAM Automotive Logistics Conclave. The conclave themed ‘Road to Sustainability: The Future of Automotive Logistics’ witnessed active participation from several coveted speakers including senior government officials, logistics heads of automobile companies, and experts from the automobile supply-chain.
Continue reading “Technology and Drivers’ Wellbeing Key to Enhance India’s Logistics Performance”
