SEOUL, July 12 (Reuters) – Unionised workers at Hyundai Motor Co (005380.KS) in South Korea plan to hold a four-hour strike on Wednesday to show solidarity with its umbrella union’s general strike, a spokesperson for Hyundai Motor’s South Korean union said.
The union plans to strike for two hours in the morning and another two hours in the afternoon. Continue reading “Hyundai Motor union to stage strike in South Korea on Wednesday”
FRANKFURT, July 12 (Reuters) – Germany is set to hold on to its hydrogen economy goals up to 2030 and beyond while pressing for speed and allowing greater leeway in transitioning from fossil fuels-based variants to renewables, a draft paper showed on Wednesday.
Europe’s biggest economy wants to produce, import and market clean hydrogen, derived from carbon-free wind and solar power, as a future energy source to meet climate targets and lessen dependency on imported raw materials. Continue reading “Germany more flexible on hydrogen transition, emphasises speed – draft”
Vehicle loans outstanding increased by 22% year-on-year to INR 5.09 lakh crore in May, notwithstanding the Reserve Bank’s rate hike spree in 2022-23. As per the latest RBI data, the total vehicle loan outstanding climbed from INR 3.65 lakh crore in May 2021 to INR 4.16 lakh crore in May 2022, and further to INR 5.09 lakh crore as of May 19, 2023.
The annual rise in loan outstanding was only 14% in May 2022. Continue reading “Vehicle loans outstanding rise 22% in May despite high interest rates”
Source : PTI | The government on Tuesday issued the draft notification mandating installation of air-conditioning systems in the cabins of trucks, a move which will improve working conditions of truck drivers in India. The draft notification seeks to mandate installation of air-conditioning system in cabins of motor vehicles belonging to categories N2 and N3, manufactured from January 1, 2025 onwards.
“The performance testing of the cabin fitted with air-conditioning system shall be as per IS 14618: 2022, as amended from time to time,” the notification dated July 10 said. Continue reading “MoRTH seeks stakeholder input on mandatory air-conditioning in truck cabins”
DETROIT, July 11 (Reuters) – The U.S. electric vehicle market is growing, but not fast enough during the latest quarter to prevent unsold EVs from stacking up at some automakers’ dealerships or to allow Tesla to avoid new price cuts, according to analysts and industry data.
Rising inventories and price-cutting could represent only a short-term pause in EV market growth. But they could be signals that boosting U.S. EV sales above the current 7% market share level will be more costly and difficult than expected, even with federal and state subsidies. Continue reading “US EV market struggles with price cuts and rising inventories”
SAN FRANCISCO, July 11 (Reuters) – Texas again deferred a vote on grants of federal funds to build electric vehicle chargers to Aug. 16 amid pushback from some charging companies over its plan to include Tesla’s (TSLA.O) technology in charging stations, according to three sources.
A spokesperson at Texas’ department of transportation confirmed that the issue was removed from the agency’s July agenda “at the discretion of the commissioners” but said the agenda for the August meeting had not been finalized. Continue reading “Texas defers decision on EV charging funds amid industry pushback on Tesla plugs – sources”
July 11 (Reuters) – The head of the United Auto Workers, which represents 150,000 U.S. hourly workers at General Motors (GM.N), Ford Motor (F.N) and Chrysler-parent Stellantis (STLAM.MI), said the union is not afraid to strike any of the automakers without a fair contract.
“The Big Three is our strike target. And whether or not there’s a strike, it’s up to Ford, General Motors and Stellantis,” UAW President Shawn Fain said Tuesday in online remarks. Continue reading “UAW president says union prepared to strike Detroit Three”
WASHINGTON, July 11 (Reuters) – Chrysler-parent Stellantis has warned 29,000 owners of 2003 Dodge Ram pickups to immediately stop driving pending repairs after one person was killed when a Takata air-bag inflator exploded.
The fatality in May is the first reported involving a Takata passenger-side bag, the National Highway Traffic Safety Administration (NHTSA) said in a statement. The “Do Not Drive” warning applies to 29,000 2003 Dodge Ram pickups believed on the road, the automaker said. Continue reading “New air bag death prompts ‘Do Not Drive’ warning for 2003 Dodge Ram pickups”
July 11 (Reuters) – Faraday Future Intelligent Electric (FFIE.O) said on Tuesday its interim finance chief has resigned and the company will restate its financial statements for 2022 and the quarter ended March 2023 after it uncovered some errors, highlighting continued turmoil at the electric vehicle firm.
The company, which had raised going-concern doubts last year, appointed outsider Jonathan Maroko as its new interim chief financial officer, effective July 24. Maroko replaces Yun Han, who will transition to the role of chief accounting officer. Continue reading “Faraday Future interim CFO resigns, firm to restate certain financial reports”
Source : PTI | The tweak in the definition of an SUV for attracting a cess over and above the GST rate will provide clarity on the taxation structure for utility vehicles, ensuring that the rate entry is more precise leaving little room for interpretation on the ambit of ground clearance, auto industry experts said on Tuesday. The Goods and Services Tax (GST) Council decided that the definition of an SUV will include only the length (4 metres and above), engine capacity (1,500 cc and more), and ground clearance (unladen ground clearance of 170 mm and more).
Automobiles are taxed at 28 % GST, with additional cess ranging from 1 % to 22 % depending on the type of vehicle. SUVs attract the highest GST at the rate of 28 % along with a compensation cess at 22 %. Continue reading “Auto industry says tweaked definition of SUV will provide clarity on taxation structure”
New Delhi 12th July 2023 | Monthly Performance: June 2023
Production: The total production of Passenger Vehicles1, Three Wheelers, Two Wheelers, and Quadricycle in June 2023 was 20,24,703 units
TOKYO, July 11 (Reuters) – Toyota Motor (7203.T) will focus on selling hydrogen-powered trucks and cars in Europe and China, as part of a push to sell 200,000 of these vehicles by 2030, executives said on Tuesday.
The decision marks a shift in focus for the Japanese automaker, a major backer of hydrogen fuel-cell vehicles as an alternative to electric vehicles. Until now Toyota’s focus has been on passenger cars and the North American market, an approach that had stalled. Continue reading “Toyota targets Europe, China in hydrogen sales pivot”
WASHINGTON, July 11 (Reuters) – U.S. auto safety investigators on Tuesday said they are opening an investigation into 346,000 Ford (F.N) Escape sport utility vehicles because a weld in the door assembly may fail, potentially resulting in a door inadvertently opening while driving.
The National Highway Traffic Safety Administration has received 118 questionnaires alleging a failure of the spot welds in the check arm bracket for the front doors in 2020-21 model year Ford Escape vehicles. Continue reading “U.S. investigates 346,000 Ford Escape SUVs over door issues”
July 11 (Reuters) – China’s Geely Automobile Holdings (0175.HK) and French car maker Renault SA (RENA.PA) on Tuesday said they will invest up to 7 billion euros ($7.71 billion) in a new equally held joint venture to develop gasoline engines and hybrid technology for automobiles.
The JV is aimed at manufacturing more efficient internal combustion engines and hybrid systems at a time when the focus of much of the automobile industry has been on the capital-intensive transition to purely electric vehicles. Continue reading “Geely, Renault strike deal to develop gasoline engines, hybrid technology”
SAN FRANCISCO, July 11 (Reuters) – Tritium DCFC (DCFC.O) said on Tuesday it had won an order from Hawaii to make high-speed electric vehicle chargers – the first funds to roll out in a federal program meant to blanket the country with charging infrastructure and boost EV adoption.
The U.S. government plans to dole out $5 billion to states over five years as part of the National Electric Vehicle Infrastructure Program (NEVI) to electrify highways and interstates with 500,000 chargers. Continue reading “EV charger maker Tritium wins order from Hawaii under federal funding program”
July 10 (Reuters) – The United Auto Workers union said on Monday it will open contract talks with Detroit’s Big Three automakers starting on Thursday, ahead of the mid-September expiration of the current four-year labor deal.
The union said talks will open on Thursday with Chrysler-parent Stellantis (STLAM.MI), on Friday with Ford Motor (F.N) and on July 18 with General Motors (GM.N) on agreements covering about 150,000 U.S. workers. Continue reading “UAW to open contract talks with Detroit Three automakers on Thursday”
July 10 (Reuters) – The group representing China’s auto manufacturers has retracted a pledge to avoid “abnormal pricing” that it had brokered between 16 automakers, including Tesla (TSLA.O), breaking off a truce in a brutal price war over electric vehicles.
The China Association of Auto Manufacturers (CAAM) said in a statement on Saturday it recognised the agreement had violated China’s antitrust law and would retract it. Continue reading “Explainer: What’s behind China’s failed ‘truce’ in EV price war?”
NEW YORK, July 10 (Reuters) – Investors are piling into bullish options bets on the shares of Rivian Automotive (RIVN.O), with some market participants saying the buying has helped the electric vehicle (EV) maker’s stock notch a record nine-day winning streak.
Rivian shares, which took off last week after the company reported better-than-expected quarterly vehicle deliveries, have risen 83% over the last eight trading sessions. Some 831,000 Rivian options contracts traded on Monday, or two times its average daily volume. Continue reading “Rivian options buyers may be helping drive stock higher”
Source : PTI The GST Council at its meeting today is likely to deliberate on a host of issues including taxation of online gaming, definition of utility vehicles and tightening of norms for registration and claiming ITC. The Council, chaired by Union finance minister and comprising state representatives, is also likely to clarify on GST rates applicable on food and beverages sold in multiplexes, exempt GST on import of cancer drug Dinutuximab, and Food for Special Medical Purposes (FSMP) used in the treatment of rare diseases. Continue reading “GST Council to decide on definition of MUVs; tighten norms for registration”
Source : PTI French automaker Renault is looking to re-enter the robustly growing mid-sized SUV segment in India as it gears up to drive in three new models in the country by 2025, as per a top company official. The automaker, which sells three models in the domestic market, aims to introduce two internal combustion models and one electric vehicle by 2025. Continue reading “Renault India gearing up to re-enter mid-sized SUV segment”
Source : PTI Engineering company Tube Investments of India Ltd is looking to tap a huge opportunity for electric tractors in agriculture and e-trucks in commercial vehicles as it eyes a larger presence in the electric vehicle segment. The company, part of the diversified conglomerate Murugappa Group, is currently engaged in the manufacturing of e-tractors at its facility in Apex Park in Chennai and for e-trucks in Manesar in Haryana, Executive Chairman M A M Arunachalam said. Continue reading “Huge opportunity in electric tractors, trucks segment: Tube Investments of India”
AIX-EN-PROVENCE, France, July 9 (Reuters) – European firms are concerned they could get caught in the cross-fire of rising economic rivalry between the United States and China, with some officials at a French business conference also frustrated at Europe’s slowness in crafting a response.
Rising trade tensions between the two superpowers are adding to the problems facing politicians and executives as they face a European economy operating at close to standstill, and guessing whether to prepare for a hard or soft landing. Continue reading “European firms look for footing in China-U.S. spat, French execs say”
July 10 (Reuters) – The group representing China’s auto manufacturers has retracted a pledge to avoid “abnormal pricing” that it had brokered between 16 automakers, including Tesla (TSLA.O), breaking off a truce in a brutal price war over electric vehicles.
The China Association of Auto Manufacturers (CAAM) said in a statement on Saturday it recognised the agreement had violated China’s antitrust law and would retract it. Continue reading “Explainer: What’s behind China’s failed ‘truce’ in EV price war?”
SHANGHAI, July 10 (Reuters) – General Motors Co (GM.N) on Monday cut the starting price for the Cadillac Lyriq in China by almost 14%, joining Volkswagen in a new round of electric vehicle price reductions in a market where global automakers are under pressure.
The Lyriq, a luxury crossover based on GM’s Ultium EV architecture, is now priced from 379,700 yuan ($52,466) from 439,700 yuan ($60,784) previously, according to GM’s China website. Continue reading “GM cuts Lyriq EV price in China by 14% after VW discounts”
BEIJING/SHANGHAI, July 10 (Reuters) – China’s passenger vehicle sales fell in June, data from the China Passenger Car Association (CPCA) showed on Monday, as a stumbling economic recovery led to more consumer caution on big-ticket spending.
Car sales in June totalled 1.91 million units, down 2.9% from last year, CPCA data showed. It was the first monthly contraction since January. However, sales advanced 2.5% to 9.65 million units in the first half of the year. Continue reading “China’s car sales shrink 2.9% in June as big-ticket spending falters”
Volkswagen India Service Department implemented the Service Cam not just for the customers to watch their cars being serviced and take their approvals but for much more!
For starts, they integrated Warranty and other technical processes with it. They went ahead and also connected the marketing tools for ongoing service promotions to cross sell and up sell, thereby enhancing the customer convenience and satisfaction.
Guess what, by doing all this, they even managed to increase the the service revenue!
July 10 (Reuters) – Chinese electric vehicle manufacturers are pouring into Thailand, having committed to invest $1.44 billion in production facilities in Southeast Asia’s biggest automaking hub that has long been dominated by Japanese companies.
This new wave of investment has been backed by Thailand’s government, which has rolled out incentives and courted Chinese firms, with a target to convert about 30% of the country’s annual vehicle production into EVs by 2030. Continue reading “Chinese electric vehicle investment plans in Thailand”
Summary
BANGKOK, July 10 (Reuters) – Thailand’s Siam Motors partnered with Nissan Motors (7201.T) in 1962 with a factory that rolled out four cars a day, leading to a profitable, decades-long relationship with Japanese companies that transformed it from a car dealer to an automotive pioneer. Continue reading “China-led EV boom in Thailand threatens Japan’s grip on key market”
Summary
AIX-EN-PROVENCE, France, July 9 (Reuters) – French mining group Eramet (ERMT.PA) is in talks with several European carmakers over commercial agreements that would help the company finance its lithium production project in Argentina, Chief Executive Officer Christel Bories said. Continue reading “Eramet in talks with European carmakers over Argentina lithium plan, CEO says”
PARIS, July 9 (Reuters) – French Finance Minister Bruno Le Maire on Sunday said he was “very hopeful” Tesla (TSLA.O) Chief Executive Elon Musk will pick France for a substantial investment linked to the production of electric vehicles in Europe.
Musk recently met French government officials, including President Emmanuel Macron, as he explores options for future production sites. Continue reading “France upbeat on attracting major Tesla investment, finance minister says”
AIX-EN-PROVENCE, France, July 8 (Reuters) – A “Chinese storm” is looming over Europe’s growing electric vehicle (EV) sector, Renault Chairman Jean-Dominique Senard told Reuters on Saturday, as Asia’s superpower dominates key raw materials to make batteries for zero emission cars.
China’s recent decision to restrict exports of two metals – gallium and germanium – used in semiconductors and EVs should raise red flags for European leaders as it shows the continent’s over-reliance on China and the need to build a costly supply chain, Senard said in an interview. Continue reading “‘Chinese storm’ looming over Europe’s EV sector, Renault chairman warns”
SHANGHAI, July 8 (Reuters) – The China Association of Auto Manufacturers (CAAM), citing antitrust law, on Saturday retracted a pledge to avoid “abnormal pricing” made two days earlier by 16 automakers, including Tesla. (TSLA.O).
Thursday’s CAAM-organised pledge by the companies, including Chinese electric vehicle (EV) makers Nio, Li Auto and Xpeng, had been interpreted by some as signalling a truce in a price war that has threatened industry-wide profitability. Continue reading “China’s auto group retracts pledge to avoid ‘abnormal pricing’”
Source : PTI Petroleum minister Hardeep Singh Puri on Friday said by 2025, the entire country will have special fuel stations retailing E20 petrol, drawing confidence from the faster rollout of such fuel stations. E20 fuel is a blend of 20 %ethanol with petrol.
The first E20 outlet was opened on February 8 this year — ahead of the targeted April launch — and as of now their number has crossed 600 and will cover the entire country by 2025, Puri told the AGM of the industry lobby IMC Chamber through a video message. Continue reading “E20 fuel outlets will have pan-India presence by 2025: Hardeep Singh Puri”
Source : PTI Delhi minister Kailash Gahlot has directed the transport commissioner to not put the newly inducted electric buses in operation from July 10 if their technical defects are not rectified by Sunday. The direction comes amid rising instances of breakdowns of the electric buses that were inducted into the Delhi Transport Corporation (DTC) fleet on June 30. Gahlot, in his communication to Transport Commissioner Ashish Kundra, cited a media report that said one in three e-buses has been breaking down daily. “It is a matter of huge concern that the buses which are not even one week old are continuously breaking down,” the Transport minister said. Continue reading “Don’t put electric buses into operation unless technical defects are rectified: Delhi minister Gahlot to transport commissioner”
SHANGHAI, July 8 (Reuters) – The China Association of Auto Manufacturers (CAAM), citing antitrust law, on Saturday retracted a pledge to avoid “abnormal pricing” made two days earlier by 16 automakers, including Tesla. (TSLA.O).
Thursday’s CAAM-organised pledge by the companies, including Chinese electric vehicle (EV) makers Nio, Li Auto and Xpeng, had been interpreted by some as signalling a truce in a price war that has threatened industry-wide profitability. Continue reading “China’s auto group retracts pledge to avoid ‘abnormal pricing’”
WASHINGTON, July 7 (Reuters) – The United Auto Workers union on Friday called on the Biden administration to soften its proposed vehicle emissions cuts that would require 67% of new vehicles to be electric by 2032.
The UAW, which represents workers at General Motors (GM.N), Ford Motor (F.N) and Chrysler parent Stellantis (STLAM.MI), said the Environmental Protection Agency’s proposed standards should be revised to “better reflect the feasibility of compliance so that the projected adoption of (zero emission vehicles) is set to feasible levels, increases stringency more gradually, and occurs over a greater period of time.” Continue reading “UAW wants EPA to soften vehicle emissions plan”
NEW YORK, July 7 (Reuters) – Shares of Rivian Automotive (RIVN.O) surged more than 18% on Friday as it continued to rally after the electric vehicle (EV) maker reported better-than-expected quarterly deliveries early this week.
Rivian said on Monday it delivered 12,640 vehicles in the second quarter on steady demand from customers, beating market estimates. That result was in line with that of market leader Tesla Inc (TSLA.O), which on Sunday reported record quarterly vehicle deliveries fueled by incentives such as prices cuts and U.S. federal credits. Continue reading “Rivian’s stock rallies to highest in 2023 after posting strong deliveries”
HANOI, July 7 (Reuters) – New electric vehicles from Tesla (TSLA.O) and rivals are being engineered for efficiency in a way that cuts copper content, changes that could limit demand growth for the metal as the next-generation of EVs hits the road, industry analysts say.
The strong ramp-up in sales for EVs, led by growth in China, means copper demand will continue to grow for the remainder of the decade, but innovation in EVs has emerged as a limiting factor, according to two recent forecasts. Continue reading “Innovation in EVs seen denting copper demand growth potential”
WASHINGTON, July 7 (Reuters) – Tesla (TSLA.O) wants the Biden administration to finalize more stringent vehicle emissions limits than those proposed in April by the Environmental Protection Agency (EPA), putting the automaker at odds with other manufacturers.
The EPA in April proposed 2027-2032 vehicle standards that would cut emissions by 56% and result in an estimated 60% of new vehicles by 2030 being electric and 67% by 2032. Tesla said in comments made public Friday it wants the EPA to adopt a tougher plan that would ensure more than 69% of vehicles in 2032 are EVs. Continue reading “Tesla wants EPA to finalize tougher vehicle emissions rules”
Source : PTI New Delhi: The government is likely to come out with a mandate on usage of green hydrogen in the country, secretary in the ministry of new and renewable energy (MNRE) Bhupinder Singh Bhalla said on Friday. The senior ministry official was addressing the International Conference on Green Hydrogen (ICGH-2023) in the national capital. The three-day conference concluded on Friday.
“We have a provision for that in the (hydrogen) mission. You know the energy conservation act has been amended and now there is a legal provision to enforce the mandate whenever it is decided. These are the kinds of enabling steps towards having a mandate as and when we decide, but we haven’t decided yet,” Bhalla said in reply to a question on a mandate for usage of green hydrogen. Continue reading “Govt likely to come out with a mandate on green hydrogen usage: MNRE secretary”
