BANGKOK, May 3 (Reuters) – Thailand is in talks with China’s CATL (300750.SZ) and other battery makers to build production facilities in Southeast Asia’s second-largest economy that has ambitions to become a regional EV production hub, a government official said.
These discussions come as Thailand, a regional autos hub, pushes to become a key player in the global electric vehicle (EV) supply chain outside of China by offering tax cuts and subsidies to drive EV adoption and production.
The program encourages qualified and experienced women to resume their careers after a minimum 6-months long break through inclusive work opportunities
Gurugram: 3rd May 2023: MG Motor India, a British automobile brand with a 99-year-old legacy, today, onboarded candidates for the 4th edition of ‘Drive Her Back’; an initiative aimed to empower women to re-establish their careers after a break. The first-of-its-kind program offers women equal and inclusive professional opportunities within diverse verticals of the company. Providing a dignified platform for women from differentiated backgrounds and communities to resume their careers, season 4 is also set to benefit the spouses of MG Motor’s current employees.
May 2 (Reuters) – Ford Motor Co (F.N) on Tuesday posted robust first-quarter revenue and profit, thanks to strong demand for trucks and SUVs, but issued a measured full-year outlook tempered by continued losses in its electric-vehicle unit.
In a late briefing, Ford Chief Executive Officer Jim Farley said he hopes the company becomes “boringly predictable” at meeting investor expectations. Ford missed Wall Street estimates for the fourth quarter, leaving $2 billion on the table, Farley said earlier this year.
Continue reading “Ford’s profit rises on strong truck demand but EV outlook weighs”
WASHINGTON, May 2 (Reuters) – White House senior adviser John Podesta said Toyota Motor Corp (7203.T) “had been the laggard” on producing electric vehicles but is now “fully committed” after he met recently with senior company officials at the Japanese automaker.
“I think they’re going to stick with plug-in hybrids for a while, maybe longer than some of the other companies but they’re fully now committed under their new leadership to electrification,” Podesta told Reuters reporters and editors in a roundtable meeting on Tuesday.
Continue reading “White House says Toyota ‘fully committed’ to electrifying auto fleet”
PTI – The move is part of the company’s recently announced plan to extend services to 30 cities in the country and expand its fleet size to 2-lakh e-scooters by 2025.
Electric mobility startup Zypp Electric on Tuesday announced its plan to deploy as many as 10,000 electric scooters in Bengaluru and said 2,000 e-scooters are already on roads. The remaining 8,000 of these vehicles will be deployed over the next two months, Zypp Electric said.
Continue reading “Zypp Electric aims to deploy 10,000 e-scooters in Bengaluru over next 2 months”
May 1 (Reuters) – Lordstown Motors (RIDE.O) warned on Monday it might be forced to file for bankruptcy due to uncertainty over a $170 million investment deal with its major shareholder Foxconn (2317.TW), sending shares of the Ohio-based electric truck maker down 23%.
Foxconn struck a deal in November to take a near-20% stake in the money-losing U.S. firm for up to $170 million. It has since invested $52.7 million and is balking at purchasing additional shares, citing a breach of their agreement, Lordstown said.
Continue reading “Lordstown shares dive 23% as investor Foxconn alleges agreement breach”
May 1 (Reuters) – A federal judge in Detroit on Monday threw out a jury verdict ordering Ford Motor Co (F.N) to pay Versata Software Inc $104.6 million for breaching a 2004 licensing contract and misappropriating trade secrets.
U.S. District Judge Matthew Leitman said that while Versata Software, which licensed software to Ford from 1998 to 2015, offered sufficient evidence of a contract breach, it did not offer evidence to let jurors calculate damages accurately.
Continue reading “Ford wins reversal of $105 mln trade secrets verdict”
NEW YORK, May 1 (Reuters) – The U.S. government could delay a decision on giving electric vehicle (EV) manufacturers tradable credits under a renewable fuel scheme, due to concern about legal challenges to the plan, two sources familiar with the matter said.
The plan would have given EV automakers such as Tesla (TSLA.O) credits for charging vehicles using power generated from renewable natural gas, or methane collected from sources such as cattle or land fills.
Continue reading “Exclusive: US government may delay decision on electric vehicles biofuel program”
May 1 (Reuters) – General Motors Co (GM.N) on Monday said it had cut several hundred full-time contract workers over the weekend including at its engineering hub in suburban Detroit, the latest effort by the U.S. automaker to streamline operations.
The contractors losing their jobs were within global product development at locations such as the company’s Warren Tech Center. The Wall Street Journal reported the job cuts earlier.
Continue reading “GM cuts several hundred full-time contract workers”
PTI – The Finance Ministry on Monday reported the GST collections for the month of April 2023 at Rs 1.87 lakh crore, the highest ever.
“Gross GST collection in April 2023 is all time high, Rs 19,495 crore more than the next highest collection of Rs. 1,67,540 lakh crore, in April 2022,” said a release from the Centre.
Continue reading “GST revenue collection for April 2023 highest ever at Rs 1.87 lakh crore”
FRANKFURT, May 1 (Reuters) – Volkswagen (VOWG_p.DE) co-owner Wolfgang Porsche will stand for one more term on the German car manufacturer’s supervisory board, according to trade publication Automobilwoche.
At Volkswagen’s annual general meeting on May 10, Porsche wants to be re-elected for five years. “After that, younger people have to do it,” he told the publication.
Continue reading “Wolfgang Porsche announces final term on Volkswagen supervisory board”
BENGALURU, May 1 (Reuters) – Maruti Suzuki India Ltd (MRTI.NS) expects some recovery in chip shortages in the second quarter, an executive at the country’s top carmaker said on Monday.
The shortage, which affected the company’s April production, will continue in the current quarter ended June, the executive said.
Continue reading “Maruti Suzuki India expects chip shortage to ease in Q2”
PTI – The Transport department will also hold a consultation with the Delhi Metro Rail Corporation regarding the takeover of the feeder buses that will ply as “mohalla” buses. They will also be painted in hues of blue like the other electric buses.
New Delhi, Delhi Transport Minister Kailash Gahlot has directed the department to constitute a committee to conduct a study of routes for “mohalla” bus service, which aims to improve last-mile connectivity in the national capital. The Arvind Kejriwal government plans to introduce 100 “mohalla” (neighbourhood) buses in Delhi soon to serve narrow and crowded roads and poorly connected residential as well as commercial hubs.
PTI – There will also be retail outlets for promoting handicrafts and locally-manufactured products, the minister said, adding some of the WSAs will also have helipads and drone landing facilities to deal with medical emergencies like road accidents and organ transplantation.
Union Minister Nitin Gadkari on Saturday said the government is planning to set up helipads and drone landing facilities on some of the 600 locations where it is developing wayside amenities along the national highways. Such facilities would help in dealing with medical emergencies, such as road accidents and organ transplantation, Gadkari said at an Indian Merchants Chamber event in the city.
PTI – “The problem (chip shortage) is a global one..it could affect different models, different companies, different modules differently..all our efforts are to organise supplies through multiple sources,” Maruti Suzuki India (MSI) Executive Officer (Corporate Affairs) Rahul Bharti said in an analyst call.
Maruti Suzuki India remains “vulnerable to supply side bottlenecks” this fiscal even as it looks to source electronic components through multiple sources, according to a senior company official. The country’s largest carmaker, which could not produce around 1.7 lakh units last fiscal due to semiconductor shortage, is also coming up with measures to reduce the usage of certain kinds of chips in its cars.
PTI – Nayara, the largest private fuel retailer that owns over 7 per cent of India’s 86,855 petrol pumps, started pricing petrol and diesel at market rates sometime in March and RBML’s 1,555 petrol pumps are selling diesel at par from this month.
India’s private fuel retailers Reliance-bp and Russia’s Rosneft-backed Nayara Energy have begun pricing petrol and diesel at market rates for the first time in over a year after a fall in global oil prices cut losses, sources said.
Continue reading “Reliance-bp, Nayara price petrol, diesel at market rates”
FRANKFURT, April 30 (Reuters) – Cutting economic ties with China is unrealistic, the chief executive of luxury carmaker Mercedes-Benz (MBGn.DE) told tabloid newspaper Bild am Sonntag, and said attempting to do so would put most of Germany’s industry at risk.
Europe is trying to reduce its dependency on China as the disruption of the pandemic and the Ukraine crisis have highlighted the dangers of relying on dominant suppliers and the fragility of supply chains.
Continue reading “Cutting ties with China is ‘unthinkable’, Mercedes-Benz CEO tells Bild am Sonntag”
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April 28 (Reuters) – California regulators on Friday approved new rules requiring all medium- and heavy-duty vehicles sold in the state in 2036 be zero-emission, a day after the California Air Resources Board (CARB) adopted reduced emission regulations for locomotives.
“With these actions requiring all new heavy-duty truck sales to be zero emission and tackling train pollution in our state, we’re one step closer to achieving healthier neighborhoods and cleaner air for all Californians,” said Governor Gavin Newsom.
Continue reading “California moves to phase-out diesel-powered trucks, cut locomotive pollution”
TAIPEI, April 28 (Reuters) – Taiwan’s top chip design company MediaTek is focusing more resources on chips for cars and AI computing as its smartphone clients face a supply glut and inflation and macroeconomic uncertainty dent demand for consumer electronics.
“We are definitely moving our resources very, very rapidly towards the automotive and computing areas, because those areas will provide our growth in the next three to five years,” MediaTek Inc (2454.TW) Chief Executive Rick Tsai told an earnings call.
Continue reading “Top Taiwan chip designer MediaTek ‘rapidly’ shifts focus to autos, AI”
IRACEMAPOLIS, Brazil, April 28 (Reuters) – Brazil’s ability to produce and sell hybrid cars that can run on 100% ethanol is a huge asset for its auto industry as global economies push for decarbonization to tackle climate change, Vice President Geraldo Alckmin told Reuters.
Alckmin on Thursday attended the opening of a factory by Chinese carmaker Great Wall Motor Co Ltd (601633.SS) that will produce hybrid cars, including a flex-fuel pickup called Poer.
Continue reading “Hybrid-flex cars a great asset for Brazil’s decarbonization efforts, says VP”
BERLIN, April 28 (Reuters) – A technical project manager at Continental (CONG.DE) has admitted to involvement in the Volkswagen (VOWG_p.DE) diesel scandal and incriminated other defendants, German prosecutors told Reuters on Friday.
The unidentified individual admitted to having knowledge of and involvement in the illegal use of so-called defeat devices in Volkswagen diesel vehicles, the prosecutor’s office said, adding the person would be treated with leniency during sentencing as a result of the statements.
TOKYO, April 27 (Reuters) – Japanese automaker Honda Motor Co Ltd (7267.T) and battery maker GS Yuasa Corp (6674.T) will invest over 400 billion yen ($2.99 billion) and team up to produce batteries for electric vehicles (EVs) and homes, the Nikkei newspaper reported on Thursday.
The companies will start by building a new plant in Japan, targeting a production capacity of at least 20 gigawatt hours (GWh), the Nikkei added, without citing sources.
BERLIN, April 28 (Reuters) – The future of three Opel plants in Germany belonging to carmaker Stellantis (STLAM.MI) is secure in the medium term after workers made progress on solving quality problems, CEO Carlos Tavares told the Frankfurter Allgemeine Sonntagszeitung newspaper in comments released on Friday.
However, vast improvement is needed on cost cutting in Germany in general, Tavares said. “Germany is currently the most expensive place in the world to produce cars,” he added.
Continue reading “Stellantis CEO: future of three German Opel plants secure for now”
PTI – The partnership will enable Tesla Power to sell and service batteries at over 36,000 IOCL petrol pumps across India, the US-based firm said in a statement.
Tesla Power USA on Thursday said it has inked an agreement with Indian Oil Corporation Limited (IOCL) to sell and service batteries at the state-owned firm’s petrol pumps.
Continue reading “Tesla Power USA inks pact with Indian Oil Corp to sell batteries at petrol pumps”
PTI – Minister of Heavy Industries Mahendra Nath Pandey said his ministry is trying to align itself with the Prime Minister’s vision of Aatmanirbhar Bharat, and these SOPs (standard operating procedures) will not only help achieve that but will also help in increasing the manufacturing foothold.
The Union government on Thursday announced the standard operating procedure of the production linked incentive scheme for automobile sector, whereby applicants can submit applications for testing and certification of advanced automotive technology products, which will help them qualify for incentives. Minister of Heavy Industries Mahendra Nath Pandey said his ministry is trying to align itself with the Prime Minister’s vision of Aatmanirbhar Bharat, and these SOPs (standard operating procedures) will not only help achieve that but will also help in increasing the manufacturing foothold.
Continue reading “Govt releases standard operating procedure under PLI scheme for automobile sector”
PTI – The company has reached 5,000 units at present and next month, it will try to get to 7,000 units, he said, adding after that Bajaj Auto would assess how the demand is coming to plan future production roadmap.
Bajaj Auto Ltd is ramping up production of its electric scooter Chetak to touch around 10,000 units a month by June, having overcome supply chain constraints as it gradually expands the sales network of the brand, according to a senior company official. The company plans to have around 150 exclusive outlets for the Chetak electric scooter by September, and is taking a calibrated expansion keeping in mind the uncertainty over the extension of FAME II scheme for promotion of electric vehicles beyond this fiscal.
Continue reading “Bajaj Auto to boost Chetak’s production to 10,000 units a month by June”
MG Motor expects 30% of sales to come from EVs this year; gears up to drive in electric hatch Comet
Volkswagen focussing on premium products in India following global strategy
TOKYO, April 27 (Reuters) – Japan’s Toyota Motor Corp (7203.T) set a global annual output record in the business year ended in March, just edging past its target of 9.1 million vehicles as factory disruption from global chip supply woes and pandemic lockdowns eased.
But the world’s biggest automaker by sales warned it continued to see impacts from the long-running global chip shortage, saying it remained hard to predict its effect going forward.
Continue reading “Toyota edges past 9.1 million vehicle output goal, warns chip shortage lingering”
April 27 (Reuters) – Hertz Global Holdings Inc (HTZ.O) on Thursday beat analyst estimates for quarterly results as more people rented cars to commute to office and travel outstation, sending the company’s shares up nearly 4% before the bell.
Demand for rentals remains strong as more companies mandate work from office and people resume their travel plans after a long pandemic-induced hiatus.
Continue reading “Hertz results beat estimates on strong rental car demand”
BEIJING/SHANGHAI, April 27 (Reuters) – Chinese electric vehicle giant BYD Co. (002594.SZ) posted a fivefold jump in its first-quarter profit on Thursday as the company consolidated its leadership in the domestic market.
Net profit for the first three months of the year was 4.13 billion yuan ($596.56 million), up 410.9% from 808.41 million yuan a year earlier, on revenue up 79.8% at 120.17 billion yuan, the company said in a stock market filing.
Continue reading “Chinese EV giant BYD’s first-quarter profit jumps fivefold”
April 27 (Reuters) – Geely’s EV brand Zeekr is the latest to join a growing list of automakers that have turned to the “gigapress” die casting technique pioneered by Tesla to slash the cost of electric cars.
Zeekr’s manufacturing technology chief Jiang Kehong told Reuters the Chinese carmaker had started using massive aluminium die casts to make a large rear underbody section of its Zeekr 009 six-seat, multi-purpose van (MPV).
Continue reading “Geely’s EV brand Zeekr jumps on the ‘gigapress’ bandwagon”
PRAGUE, April 26 (Reuters) – Czech carmaker Skoda Auto, part of German group Volkswagen (VOWG_p.DE), wants to expand its electric vehicle range to six models by 2026, the company said, further boosting its ambitions in the shift to e-mobility.
The company had previously aimed to launch three new electric models but said in a Tuesday evening release it will launch four new e-vehicles and two updated models in the coming years.
Continue reading “VW’s Skoda aims for six electric vehicle models by 2026”
TOKYO, April 26 (Reuters) – Japan’s Honda Motor Co (7267.T) said on Wednesday it had struck a strategic collaboration agreement with Taiwan Semiconductor Manufacturing Co (TSMC) (2330.TW) as part of efforts to secure a stable supply of semiconductors.
Japanese automakers have struggled to completely shake off the hit from tight global chip and parts supply during the pandemic, though constraints have eased.
Continue reading “Japan’s Honda Motor in strategic collaboration deal with TSMC”
HANOI, April 26 (Reuters) – Vietnamese electric vehicle maker VinFast said on Wednesday it had received a fresh round of funding pledges worth $2.5 billion for its future development, in a move that may signal a new delay to its planned listing in the United States.
Two people familiar with the matter had previously told Reuters that VinFast’s planned U.S. Initial Public Offering (IPO) may be further delayed, with one saying it could be pushed into next year due to unfavourable market conditions.
Continue reading “Vietnam EV maker VinFast secures $2.5 bln in fresh funding pledges”
April 26 (Reuters) – Tesla Inc (TSLA.O) supervisors at a Florida service center violated U.S. labor law by telling employees not to discuss pay and other working conditions or bring complaints to higher level managers, a U.S. labor board official has ruled.
Managers at the Orlando repair shop illegally silenced workers in 2021 after some of them complained that new hires were being paid more, according to the decision issued Tuesday by National Labor Relations Board (NLRB) Administrative Law Judge Michael Rosas.
Continue reading “Tesla broke U.S. labor law by silencing workers, official rules”
DETROIT – April 25 (Reuters) – General Motors Co (GM.N) on Tuesday lifted its full-year profit and cash flow forecasts, citing stronger-than-expected demand and higher prices, but executives cautioned the price gains over 2022 won’t last as the year goes on.
After better-than-expected first quarter results, the No. 1 U.S. automaker said it expects full-year pre-tax profit in a range between $11 billion and $13 billion, up $500 million from a prior forecast.
Continue reading “GM lifts guidance, but cautions price gains won’t last”
