By Gleb Stolyarov and Roman Churikov
MOSCOW, March 24 (Reuters) – As the exodus of Western carmakers narrows options for Russian consumers, Chinese automakers are filling the gap, forcing Russians to overcome their reluctance to embrace Chinese brands and stomach higher prices.
Continue reading “Russians reluctantly embrace Chinese cars after Western brands depart”
BEIJING, March 24 (Reuters) – China’s lithium prices are plunging faster than expected this year, down 34% in the last four weeks alone, hit by a slump in demand for electric vehicles in the world’s biggest market that has left stocks of the metal piling up.
Spot lithium carbonate prices assessed by Fastmarkets fell to 260,000 yuan ($38,079.06) per tonne this week, less than half the price quoted last November.
Continue reading “Chinese lithium price dives in heated auto price war”
LONDON, March 24 (Reuters) – The European Union has unveiled the accelerator in its drive to reduce the bloc’s import dependency for critical minerals and metals.
The Critical Raw Materials Act (CRMA) “will significantly improve” Europe’s domestic extraction, processing and recycling capacity for metals such as lithium and rare earths, according to Ursula von der Leyen, president of the European Commission.
Continue reading “Column: Europe turbo charges its critical minerals drive”
PTI – A senior National Highway Authority of India (NHAI) official said that this stretch will provide Delhi-Kolkata and Mumbai-Kolkata connectivity via Jamshedpur, significantly reducing travel time between the destinations. The project will also drive commercial development in the Jharkhand, West Bengal and Odisha, he stated.
Union Minister Nitin Gadkari on Thursday inaugurated and laid foundation stones for nine projects in Jharkhand’s Jamshedpur, which entailed an estimated investment of INR 3,378 crore. The road transport and highways minister is scheduled to launch 31 projects in all, during the day, worth INR 13,296 crore.
Continue reading “Nitin Gadkari inaugurates, lays foundation stone for nine projects in Jamshedpur”
PTI – Addressing an event organised by industry body CII, the road, transport and highway minister said there is a need to encourage public transport, and electric buses are the future.
Union minister Nitin Gadkari on Friday said that if India can use recently discovered reserve of lithium in Jammu and Kashmir, it can become world’s number one automobile manufacturer in electric vehicle segment. Addressing an event organised by industry body CII, the road, transport and highway minister said there is a need to encourage public transport, and electric buses are the future.
PARIS, March 23 (Reuters) – French car maker Renault (RENA.PA) is in talks with Nissan about synergies in electric vehicle charging in 11 European countries, Renault’s charging unit CEO told Reuters on Thursday.
Talks have already moved forward in France on charging boxes that customers can have installed at home for their Nissan EV, which will be supplied by the Mobilize unit of its partner Renault.
Continue reading “Renault in talks with Nissan on EV charging in Europe -Renault executive”
BRUSSELS, March 23 (Reuters) – Germany and the European Union are on course to resolve a dispute over the bloc’s planned 2035 phaseout of CO2-emitting cars, EU leaders said at a summit in Brussels on Thursday.
Berlin’s last-minute opposition to one of Europe’s biggest climate change policies was not part of the official summit agenda, but has overshadowed the discussions.
Continue reading “EU, Germany edge towards solution on combustion engine row”
BERLIN, March 23 (Reuters) – The families that control German automaker Volkswagen (VOWG_p.DE) will receive 391 million euros ($425 million) in dividends for 2022 from their holding company Porsche SE (PSHG_p.DE), the company said on Thursday.
Porsche SE proposed a dividend of 2.56 euros per preferred share and 2.554 euros per ordinary share and said dividends would increase once targets to cut debt have been met.
Continue reading “VW’s family owners to get 392 mln euros dividend from Porsche SE”
PTI – The Trust, in a press release, said 350 projects including desilting of tanks and irrigation channels were undertaken by it that led to a rise in the water storage levels in the villages of Tamil Nadu and Maharashtra.
Srinivasan Services Trust, the social arm of automobile major TVS Motor Company and auto-component maker Sundaram-Clayton Ltd, has invested more than INR 21 crore over the last six years towards water conservation efforts in Tamil Nadu and Maharashtra, the company said on Thursday. Srinivasan Services Trust has also planned to invest over INR 10 crore in the next three years for water conservation initiatives, the company said.
PTI – L&T plans to set up a gigawatt-scale manufacturing facility for electrolyzers based on McPhy technology in India to serve the domestic requirements as well as cater to the other select geographies, the engineering and construction conglomerate said in a statement.
Larsen & Toubro (L&T) has entered into a pact with French firm McPhy Energy for a long-term partnership to explore opportunities in the emerging green hydrogen market. Green hydrogen is the hydrogen generated by renewable energy or from low-carbon power. It has significantly lower carbon emissions than grey hydrogen.
Continue reading “L&T signs pact with French firm McPhy Energy to explore green hydrogen market”
PTI – Replying to a separate question, Gadkari said National Highways Authority of India (NHAI) has planted 344.27 lakh tress under Green Highways Policy during the period 2016-17 to 2022-23 (up to February 2023).
Union Road Transport and Highways Minister Nitin Gadkari on Thursday said more than 2.78 lakh electric vehicles have been registered in the country in 2023 calendar year so far. Andhra Pradesh and Madhya Pradesh are in the process of migrating to Vahan portal and hence their data on EV registration is partially included while Telangana and Lakshadweep data is not available on the portal, Gadkari said in a written reply to the Lok Sabha.
Continue reading “More than 2.78 lakh EVs registered in India in Jan-March 2023: Gadkari”
PTI – The investment by IFC in JK Tyre & Industries will part-finance the expansion of manufacturing capacities and integrate advanced, resource-efficient technologies in the production of commercial and passenger car radial tyres, which have better safety and longevity, the company said in a regulatory filing.
JK Tyre & Industries Ltd on Wednesday said World Bank Group member IFC will invest USD 30 million (about INR 240 crore) to pick a 5.6 per cent stake in the company to part-fund expansion of energy-efficient tyre manufacturing. The investment by IFC in JK Tyre & Industries will part-finance the expansion of manufacturing capacities and integrate advanced, resource-efficient technologies in the production of commercial and passenger car radial tyres, which have better safety and longevity, the company said in a regulatory filing.
Continue reading “International Finance Corp to buy 5.6 pc stake in JK Tyre for USD 30 mn”
March 23 (Reuters) – Ford Motor Co (F.N) expects its electric vehicle business unit to lose $3 billion this year, but remains on track to achieve a pretax margin of 8% by late 2026, the company said.
The projected loss was revealed ahead of a mid-morning briefing for investors and analysts on Thursday to discuss details of the automaker’s new financial reporting format.
Continue reading “Ford sees $3 billion pretax loss in its EV business this year”
BRUSSELS, March 23 (Reuters) – Germany and the European Union are on a good path to solve a row over the bloc’s planned 2035 phaseout of CO2-emitting cars, German Chancellor Olaf Scholz said on his arrival to an EU summit on Thursday.
The official summit agenda covers a broad range of issues from migration to sending ammunition to Ukraine, but last-minute opposition from Germany to one of Europe’s biggest climate change policies is looming over the talks.
Continue reading “EU, Germany edge towards solution on combustion engine row”
BENGALURU, March 23 (Reuters) – Maruti Suzuki India Ltd (MRTI.NS) said on Thursday it would raise prices across models come April, as high domestic inflation and new emission norms pressure the country’s top car maker.
The unit of Japan’s Suzuki Motor did not say how much prices of cars would go up by, or which models will be impacted.
Continue reading “Maruti Suzuki India to hike prices to pass on input cost pressures”
PTI – The export of biofuel from special economic zones and export oriented units are allowed for fuel as well as non-fuel purposes without any restriction, if the biofuel is produced by using imported feed stock. On August 28, 2018, the government had imposed restrictions on export of biofuels within days of putting similar conditions for its imports.
The government on Wednesday said the export of biofuel from special economic zones and export oriented units are allowed for fuel as well as non-fuel purposes without any restriction, if the biofuel is produced by using imported feed stock. On August 28, 2018, the government had imposed restrictions on export of biofuels within days of putting similar conditions for its imports.
PTI – In a statement, Indian Oil Corporation (IOC) said its board has given “Stage-1 approval for setting up Paradip petrochemical complex at Paradip, Odisha at an estimated cost of INR 61,077 crore.”
India’s top oil company IOC will invest INR 61,077 crore in building a petrochemical complex at Paradip in Odisha – its largest ever investment at a single location – as it doubles down on its transition plan. In a statement, Indian Oil Corporation (IOC) said its board has given “Stage-1 approval for setting up Paradip petrochemical complex at Paradip, Odisha at an estimated cost of INR 61,077 crore.”
Continue reading “IOC to invest INR 61,077 cr in petrochem complex at Paradip”
PTI – The project is being implemented in forward areas which are not connected by national or state power grids. The Army said it signed an agreement with the NTPC Renewable Energy Limited (NTPC REL) on Tuesday for the initiative. India on January 4 approved the National Green Hydrogen Mission with an outlay of INR 19,744 crore to develop a green hydrogen production capacity of five million tonnes a year by 2030.
The Indian Army on Tuesday said it has set in motion a process for installation of a green hydrogen-based micro grid power plant project in the forward areas along the northern borders, a move that comes amid the eastern Ladakh border row with China.
PTI – Gadkari will dedicate to the nation a 44-km stretch between Jamshedpur and Mahulta on NH-33, constructed at a cost of INR 465 crore. “This stretch will provide Delhi-Kolkata and Mumbai-Kolkata connectivity via Jamshedpur, significantly reducing travel time,” National Highways Authority of India (NHAI) Chief General Manager SK Mishra.
Union Minister Nitin Gadkari will inaugurate and lay foundation stones for 31 projects worth INR 13,296 crore in Jharkhand on Thursday, including stretches of Delhi-Kolkata and Mumbai-Kolkata corridors and Bharatmala packages, under which ring road and bypasses are developed, an official said. Of these, 21 pertain to state capital Ranchi, entailing an estimated investment of INR 9,453 crore, and nine to Jamshedpur at a cost of INR 3,378 crore.
PTI – “Tyre industry had undergone a bit of a rough patch in the last couple of years back when the auto industry was in a bit of a slowdown due to Covid and all that… Now with the economic activity improving the tyre industry is coming back on full swing,” Singhania said.
Domestic tyre industry is expected to witness double-digit growth next fiscal with the automobile industry back on full swing, JK Tyre Chairman and Managing Director Raghupati Singhania said on Tuesday. JK Tyre, which on Tuesday introduced a tyre brand – Levitas Ultra – to cater to the luxury car segment, is also expected to follow the industry growth path and report a double-digit sales growth next financial year, he noted.
March 22 (Reuters) – A federal judge in Detroit certified class actions for drivers in 26 U.S. states who accused General Motors Corp (GM.N) of producing faulty transmissions for about 800,000 vehicles from the 2015 to 2019 model years.
Monday’s decision by U.S. District Judge David Lawson covers several Chevrolet and GMC trucks and SUVs, several Cadillac models, and the Chevrolet Corvette and Camaro, equipped with 8L45 or 8L90 eight-speed automatic transmissions.
Continue reading “GM must face class actions over defective transmissions -judge”
March 22 (Reuters) – The U.S. Treasury Department on Wednesday said it will release guidance next week on sourcing requirements for electric vehicle battery tax subsidies under President Joe Biden’s climate change law, the first in a string of highly anticipated rules to determine how broadly the credits can be used.
The auto, battery and clean energy industries have been awaiting guidance on complex questions governing eligibility for hundreds of billions of dollars of incentives in the Inflation Reduction Act, signed into law last year.
Continue reading “U.S. Treasury to release EV battery sourcing rules next week”
March 22 (Reuters) – Albemarle Corp (ALB.N) said on Wednesday it had chosen Chester County, South Carolina, as the location for a $1.3 billion lithium processing plant it hopes will cement its status as a cornerstone of the rapidly growing U.S. electric vehicle industry.
The facility, which was first announced last year without a specific location, will double the company’s lithium processing capacity and thus its ability to supply key customers – including Tesla Inc (TSLA.O) – who are hungry for more North American supplies of the battery metal.
Continue reading “Albemarle to build $1.3 bln lithium plant in South Carolina”
NEW YORK, March 23 (Reuters) – The feeling of driving a new car off the lot is hard to beat. What comes next is not so nice: the first monthly payment.
That bill packs an extra punch these days. New car buyers with a monthly payment over $1,000 rose to an all-time high of 16.8% in February, auto information site Edmunds’ data showed. That is up from 15.7% in last year’s fourth quarter.
Continue reading “Four ways for car buyers to survive the interest-rate crunch”
WASHINGTON, March 21 (Reuters) – Just over one-third of Americans would consider buying an electric vehicle for their next model, a new Reuters/Ipsos poll found.
The seven-day poll completed on Monday found 34% of all respondents would consider an EV, while 31% said no. Among Democrats 50% said they would consider an EV, while 26% of Republicans and 27% of independents said they would consider.
Continue reading “One-third of Americans would consider EV purchase – Reuters/Ipsos poll”
MEXICO CITY, March 21 (Reuters) – Automakers Stellantis and a Mexican unit of Daimler Truck have reached deals with one of Mexico’s biggest unions to raise wages this year around 9%, labor authorities said on Tuesday.
The increases, as well as similar raises at three auto parts suppliers, apply to more than 24,000 workers in northern and central Mexico, the Federal Center for Labor Conciliation and Registration (CFCRL) said in a statement.
Continue reading “Stellantis, Daimler Truck agree with Mexico union on pay raise of about 9%”
SHANGHAI, March 21 (Reuters) – BYD has reduced shifts at two auto assembly plants in China, people with knowledge of the matter told Reuters, in a sign of how weaker demand in the world’s largest auto market is affecting its best-selling electric vehicle brand.
BYD, which outsells Tesla (TSLA.O) in China, asked some of the workers at its Xian plant, its biggest manufacturing hub, to work only four days a week in a factory running two eight-hour shifts per day, according to three people and an internal memo sent earlier this month and reviewed by Reuters.
Continue reading “Exclusive: BYD reduces shifts at two electric vehicle plants in China – sources”
PTI – The fundraising would be managed by investment bank Goldman Sachs, and the funds would be raised from existing and marquee global investors and sovereign funds, the sources added.
E-vehicle manufacturer Ola Electric is close to raising funds of around USD 300 million for its expansion plans and to meet other corporate needs, sources close to the company said. The fresh round of fundraising comes amid expectations that Ola Electric would break even soon and achieve profitability.
PTI – “Tyre industry had undergone a bit of a rough patch in the last couple of years back when the auto industry was in a bit of a slowdown due to Covid and all that… Now with the economic activity improving the tyre industry is coming back on full swing,” Singhania said.
Domestic tyre industry is expected to witness double-digit growth next fiscal with the automobile industry back on full swing, JK Tyre Chairman and Managing Director Raghupati Singhania said on Tuesday. JK Tyre which on Tuesday introduced a tyre brand — Levitas Ultra — to cater to the luxury car segment, is also expected to follow the industry growth path and report a double-digit sales growth next financial year, he noted.
SAN FRANCISCO, March 21 (Reuters) – Manufacturers and operators of electric vehicle chargers in the United States are bracing for a slowdown in production and deployment as they scramble to comply with “Made in America” terms of a $7.5 billion federal program meant to accelerate the industry.
Long-awaited rules laid out by the White House last month are part of President Joe Biden’s effort to build an electric-friendly highway system by 2030, tackling climate change and creating local jobs.
Continue reading “EV charger makers brace for slowdown as new Made In America rules kick in”
MEXICO CITY, March 21(Reuters) – With Tesla Inc’s plan to open a $5 billion Gigafactory in Mexico, the country should soon become a hub of electric vehicle (EV) production, but the zero emissions cars remain too expensive for most Mexicans and they are impractical to drive in much of the country, which lacks enough charging stations.
Mexico has made reviving fossil fuel output a priority under President Andres Manuel Lopez Obrador, frequently giving short shrift to investment in renewable power sources.
Continue reading “Mexico makes lots of electric cars, but few Mexicans drive them”
SHANGHAI, March 21 (Reuters) – Tesla (TSLA.O) is poised to report one of its best quarters in China, the latest retail sales data showed, after becoming the first electric vehicle maker in the country to cut prices in a bid to defend its market share.
The U.S. EV maker’s retail sales in China totaled 106,915 units from Jan. 1 to March 19, or 1,371 units per day on average, according to data from China Merchants Bank International, which tracks car insurance registrations.
Continue reading “Tesla to deliver strong Q1 retail sales in China – brokerage data”
BERLIN, March 21 (Reuters) – Carmaker Mercedes-Benz (MBGn.DE) must pay compensation for unauthorized so-called defeat devices in diesel cars if the buyer suffers damages, the European Court of Justice (ECJ) ruled on Tuesday.
It is up to German courts to decide whether the software in question qualifies as a defeat device and whether its use is justified, the court said in a statement.
BENGALURU, March 21 (Reuters) – Indian automaker Tata Motors (TAMO.NS) said on Tuesday that it will raise prices of commercial vehicles by up to 5%, its second hike in four months, to ensure its vehicles comply with new emission norms.
The price increase, starting from April 1, will be applied across the entire range of commercial vehicles, with the hike varying according to the individual model and variant, the company said in an exchange filing.
Continue reading “India’s Tata to hike commercial vehicle prices for second time in 2023”
PTI – “We are going to launch one new model every year for the next three to five years. These could be either new models or variants”, Kunal Behl, VP (marketing and sales), Honda Cars India said.
Japanese car maker Honda will introduce one new product every year for the next three to five years to raise its market share in the Indian market, a company official said. Honda Cars India presently has two models in the country, a compact sedan and a sedan, which accounts for 2.5 per cent market share in the country.
Continue reading “Honda to launch new car every year till 2028 in India”
PTI – According to it, the total number of motor vehicles on Delhi roads in 2021-22 was 79.18 lakh, a 35.38 per cent decrease since the Delhi government banned diesel vehicles aged over 10 years and petrol vehicles which are more than 15 years old.
The total number of vehicles on the roads of the national capital has declined by more than 35 per cent since the city government banned plying of overage vehicles, according to the Economic Survey of Delhi 2022-23, report. Delhi Finance Minister Kailash Gahlot tabled the Delhi Economic Survey in the Assembly on Monday.
Continue reading “35% drop in total vehicles on Delhi roads since ban on overage automobiles”
PTI – The researchers have developed a low-cost process to produce ultrathin films of metal oxides from cheaper materials by using aerosol-assisted chemical vapour deposition technique to deposit nickel oxides thin film on silicon substrate, it said.
Researchers at the Indian Institute of Technology (IIT)Mandi have developed a cost-effective method for producing metal oxide layers for solar cells. The current process of developing nanometric thin films of metal oxides mainly nickel oxide-semiconductors used in advanced architecture silicon solar cells is expensive as the equipment required for production has to be imported and the precursors used for the development of the films, such as nickel acetylacetonate, are also expensive, a statement issued here on Monday said.
PTI – The Karnataka government on Monday approved 18 projects with a total investment of over INR 75,000 crore, including a proposal by tech giant Apple’s contract manufacturer Foxconn for INR 8,000 crore. Among the 18 projects that were approved by the State High-Level Clearance Committee under the chairmanship of Chief Minister Basavaraj Bommai, 10 are new, five are expansion projects, and three are additional projects with all the investment proposals expected to provide employment opportunities for 77,606 people.
Bengaluru: The Karnataka government on Monday approved 18 projects with a total investment of over INR 75,000 crore, including a proposal by tech giant Apple’s contract manufacturer Foxconn for INR 8,000 crore.
WASHINGTON, March 20 (Reuters) – A group of 22 U.S. state attorneys general on Monday blasted Hyundai Motor (005380.KS) and Kia Corp (000270.KS) and said they need do more to address problems with millions of U.S. vehicles that are prone to theft.
Last month, the Korean automakers said they would offer software upgrades to 8.3 million U.S. vehicles to help curb increasing car thefts using a method popularized on TikTok and other social media channels.
Continue reading “U.S. states urge Hyundai, Kia to do more to tackle theft risk”
