March 2 (Reuters) – Nevada on Thursday approved more than $330 million in tax abatement for electric vehicle maker Tesla Inc (TSLA.O) that is set to invest more than $3.6 billion in the state to expand its Gigafactory complex with two new factories.
Tesla said in January that one of the two new factories will mass produce its long-delayed semi-electric truck, and the other will make its new 4680 battery cell.
Continue reading “Tesla to get over $330 mln in tax abatement from Nevada”
HOUSTON, March 2 (Reuters) – Top energy executives and officials from around the world will descend on Houston next week just as the political fallout from Russia’s invasion of Ukraine a year ago continues to distort global oil supply lines and put long-term energy security front of mind for governments.
Oil company chiefs and ministers will make their case for investment in all forms of energy – fossil fuels and renewables – to meet rising demand and at the same time accelerate the move toward the low-carbon industry of the future.
Continue reading “Big Oil to take centerstage at Houston meet as markets, alliances shift”
WASHINGTON, March 2 (Reuters) – Ford Motor Co (F.N) said it is recalling 98,500 older Ranger pickup trucks in the United States because replacement front passenger air bag inflators may have been installed incorrectly.
The new recall covers 2004-2006 model year Ranger trucks recalled in 2017 and 2018 to replace a small number of inflators that were installed incorrectly. Those original replacement inflators were replacing Takata versions that are at risk of ruptures that could pose safety risks.
Continue reading “Ford recalls 98,500 Ranger trucks over replacement air bag inflators”
March 2 (Reuters) – Italian motorbike and scooter maker Piaggio (PIA.MI) said on Thursday it was confident about its 2023 targets despite a challenging macroeconomic and geopolitical backdrop, after posting record results last year.
The producer of the iconic Vespa scooters posted a full-year net profit of 84.9 million euros ($90.22 million), beating the 79.9-million-euro analysts’ forecast provided by Refinitiv SmartEstimate, and up 41.4% from a year earlier.
Continue reading “Vespa maker Piaggio upbeat on 2023 after record results last year”
PTI – As part of the deal, four projects were launched under the Indo-Danish Green Strategic Partnership and they are expected to accelerate technology development through industry-academia government partnerships, collaborations with global partners to develop technology solutions among others.
Indian Institute of Technology-Madras on Wednesday inked a pact with Denmark in the presence of Danish Crown Prince Frederik Andre Henrik Christian to take up research projects on next-generation fuels and energy systems under the ‘Indo-Danish Green Strategic Partnership’. Besides the Danish Crown Prince, senior representatives of IIT Madras, Denmark Minister for Climate, Energy and Utilities Lars Aagaard, Ambassador of Denmark to India Freddy Svane and Tamil Nadu industries department, Additional Chief Secretary S Krishnan were present during the signing of the agreement between IIT Madras and the Denmark government.
Continue reading “IIT Madras ties up with Denmark for research on next-gen fuels, energy systems”
PTI – The electric tipper is now roadworthy, adhering to all the Central Motor Vehicles rules and the first order for 20 e-tippers is in the final stage of discussions, the firm said adding that the company is shortly going to launch variants of the e-tipper and electric truck.
Olectra Greentech Limited, a group company of Megha Engineering & Infrastructures Limited (MEIL), on Wednesday announced that India’s first 6×4 heavy-duty electric tipper from its stable received the country’s first homologation certificate from automobile regulatory agencies. The electric tipper is now roadworthy, adhering to all the Central Motor Vehicles rules and the first order for 20 e-tippers is in the final stage of discussions, the firm said adding that the company is shortly going to launch variants of the e-tipper and electric truck.
Continue reading “Olectra Greentech’s India’s first e-tipper receives roadworthiness nod”
SAN FRANCISCO, March 1 (Reuters) – Tesla Inc (TSLA.O) will cut assembly costs by half in future generations of cars, engineers told investors on Wednesday, but Chief Executive Elon Musk did not unveil when it will debut a much-awaited affordable electric vehicle.
Shares fell more than 5% in after hours trade following the company’s investor day from its Texas headquarters.
March 2 (Reuters) – Oil giant Saudi Aramco (2222.SE) has agreed to take a minority stake in a new powertrain engine company that French car maker Renault SA (RENA.PA) and China’s Geely Automobile Holdings Ltd (0175.HK) plan to set up jointly, they said on Thursday.
Reuters reported in January that Aramco has been involved in advanced discussions to take a stake of up to 20% in a previously announced but still-unnamed Geely-Renault powertrain company that would develop and supply internal combustion engines (ICE) and hybrid technologies.
Continue reading “Renault, Geely ink pact with Aramco for engine venture”
MEXICO CITY, March 1 (Reuters) – Tesla will open a gigafactory in Mexico, Chief Executive Elon Musk said on Wednesday, as the electric vehicle behemoth pushes to expand its global output.
Mexico on Tuesday said Tesla had chosen the northern border state of Nuevo Leon for a new factory worth more than $5 billion, calling it the “the biggest electric vehicle plant in the world”.
Continue reading “Tesla plans gigafactory in first Mexico investment”
March 1 (Reuters) – Alphabet Inc’s (GOOGL.O) self-driving technology unit, Waymo, laid off 137 employees, in its second round of job cuts this year, the firm told Reuters on Wednesday, bringing total cuts for the year to 8% of its workforce.
Waymo has eliminated some engineering roles as part of the cuts to “focus on commercial success,” the company said in a statement. The company has now cut a total of 209 jobs this year.
Continue reading “Alphabet’s Waymo cuts more than 100 jobs in second round of layoffs”
FRANKFURT, March 1 (Reuters) – Volkswagen (VOWG_p.DE) is reorganizing its financial services holding companies, Volkswagen Bank and Volkswagen Financial Services said on Wednesday.
“By bundling its activities in a European financial services provider, the refinancing strength of Volkswagen Bank GmbH can best be used for the growth of the leasing business in Germany and Europe,” they said.
Continue reading “Volkswagen’s financial services undergoing reorganization”
BERLIN, March 1 (Reuters) – Germany should “act reliably at the European level” and stick to the EU commitment of banning new combustion-engine cars from 2035, Germany’s Environment Minister Steffi Lemke told the German newspaper Sueddeutsche Zeitung on Wednesday.
She added the regulations had been “coordinated and agreed upon in long negotiations.”
SAN FRANCISCO, March 1 (Reuters) – U.S. electric vehicle startups are seeing an unsettling trend, with demand evaporating as potential customers look for deals or hold off on purchases altogether.
Quarterly reports from several companies indicated weakening interest for many of their newer products, a bad sign for companies wrestling with high costs.
Continue reading “EV startups from Lucid to Rivian see demand fade, supply chain issues linger”
PTI – GreenForest holds 6.06 per cent equity in TPREL and on conversion of the above CCPS, it will hold 9.76-11.43 per cent stake in TPREL, subject to the equity valuation on final conversion.
Tata Power Renewable Energy Ltd (TPREL) has received an investment of INR 2,000 crore from GreenForest New Energies Bidco with allotment of 20 crore preference shares to the latter. “TPREL…has received the second and final round of investment of INR 2,000 crore from GreenForest and has successfully allotted 20,00,00,000 Compulsorily Convertible Preference Shares (CCPS) at face value of INR 100 each at par aggregating to INR 2,000 crore on a preferential basis to GreenForest,” a statement said.
Continue reading “Tata Power Renewable Energy gets INR 2,000 cr infusion from GreenForest”
Feb 28 (Reuters) – General Motors Co (GM.N) is cutting hundreds of executive-level and salaried jobs as it looks to cut costs and streamline operations, a person briefed on the matter told Reuters on Tuesday.
The global reductions are in the “low hundreds,” the person said.
GM Chief People Officer Arden Hoffman said in a letter to employees on Tuesday the Detroit automaker is “committed to $2 billion in cost savings in the next two years, which we’ll find by reducing corporate expenses, overhead, and complexity in all our products.”
Continue reading “GM cutting hundreds of jobs to reduce costs”
SHANGHAI/SAN FRANCISCO, March 1 (Reuters) – Tesla (TSLA.O) is readying a production revamp of its top-selling Model Y, according to three people with knowledge of the plan.
The changes to the Model Y – code-named Project Juniper at Tesla – involve the exterior and interior of the crossover electric vehicle with a target of starting production in 2024, according to two of the people, who asked not to be identified because the planning remains private.
Continue reading “Exclusive: Tesla readies revamp of Model Y codenamed ‘Juniper’”
March 1 (Reuters) – Aston Martin (AML.L), a London-listed luxury carmaker, said it expects profitability to improve this year and to turn free cash flow positive in the second half as it begins deliveries of its next-generation sports cars in the third quarter.
The company on Wednesday forecast wholesale volumes of about 7,000 units for 2023, slightly below average market expectations of 7,134, but its outlook of for an adjusted core profit margin of about 20% came in ahead of analysts’ average view.
Continue reading “Aston Martin says profitability to improve this year after tough 2022”
KUALA LUMPUR, March 1 (Reuters) – Malaysia on Wednesday said electric vehicle (EV) maker Tesla Inc (TSLA.O) will open an office in the Southeast Asian country and establish a network of charging stations for its cars.
Tesla’s application to import battery-run EVs into Malaysia has been approved, and the company will also open showrooms and services centres, Malaysia’s trade ministry said in a statement.
Continue reading “Electric vehicle maker Tesla to open office in Malaysia”
Feb 28 (Reuters) – Rivian Automotive Inc (RIVN.O) on Tuesday forecast 2023 production well below analysts’ estimates as it grapples with lingering supply chain bottlenecks, and announced a recall of more than 12,700 vehicles, sending its shares down more than 8%.
The recall, Rivian’s third since it went public in November 2021, was triggered by an issue with a sensor in the front passenger seat-belt system. However, the company estimated that fewer than 100 vehicles will require the part to be replaced.
Continue reading “Rivian shares fall as supply chain snarls hamper production forecast”
MEXICO CITY, Feb 28 (Reuters) – Tesla Inc (TSLA.O) will build a new assembly plant in northern Mexico, the country’s president announced on Tuesday, marking a push by the electric vehicle maker to broaden operations outside the U.S. in a deal an official said was worth over $5 billion.
President Andres Manuel Lopez Obrador said “the whole Tesla company” was coming to Mexico to build a “very big” automotive plant, noting that potential investment in batteries was still pending. He did not reveal what models it would produce.
Continue reading “Tesla plant gets green light in northern Mexico”
PTI – India’s fuel demand witnessed the sharpest rebound in February as petrol and diesel consumption rose by double digits after a winter lull in the previous month, preliminary industry data showed on Wednesday. Petrol sales of state-owned fuel retailers jumped 12 per cent to 2.57 million tonne in February, as compared to 2.29 million tonne of consumption in the same period of last year.
India’s fuel demand witnessed the sharpest rebound in February as petrol and diesel consumption rose by double digits after a winter lull in the previous month, preliminary industry data showed on Wednesday. Petrol sales of state-owned fuel retailers jumped 12 per cent to 2.57 million tonne in February, as compared to 2.29 million tonne of consumption in the same period of last year. Sales were 1.57 per cent higher than in COVID-marred February 2021 and 20 per cent more than in the same period of 2020.
Continue reading “Petrol, diesel sales surge in February after winter lull”
DETROIT, Feb 28 (Reuters) – Stellantis NV (STLAM.MI) Chief Executive Carlos Tavares said the automaker is “looking for a solution” for an Illinois assembly plant scheduled to stop producing Jeep SUVs on Tuesday, but the high costs of producing electric vehicles there may make it hard to keep the plant open.
“We need to find a solution for the fact that the technology that has been decided is 40% more expensive” than combustion vehicles, Tavares told reporters during a videoconference. That means changes in the automaker’s production footprint, he said.
Continue reading “Stellantis seeks ‘solution’ for shuttered Illinois Jeep plant, CEO says”
PTI – Gujarat Chief Minister Bhupendra Patel, Ocior Energy will invest INR 40,000 crore in Kutch district of Gujarat to set up a facility to produce 1 million tonnes of green hydrogen and ammonia per annum, said an official release.
The Gujarat government on Monday signed a memorandum of understanding (MoU) with Ocior Energy India Pvt Ltd for the production of green hydrogen and green ammonia with an investment of INR 40,000 crore. As per the MoU, signed in the presence of Gujarat Chief Minister Bhupendra Patel, Ocior Energy will invest INR 40,000 crore in Kutch district of Gujarat to set up a facility to produce 1 million tonnes of green hydrogen and ammonia per annum, said an official release.
PTI – Deloitte predicted the Indian semiconductor market will reach USD 55 billion by 2026 with more than 60 per cent of the market being driven by three industries — smartphones and wearables, automotive components, and computing and data storage.
India is poised to emerge as a major player in 5G, semiconductor and chip technology, live sports, and AVOD with private deployment networks likely to take off in a big way during 2025-2028, according to consultancy Deloitte. It has also projected the Indian semiconductor market to be worth USD 55 billion by 2026.
Continue reading “Indian semiconductor market to reach USD 55 billion by 2026: Deloitte”
PTI – Union Road Transport and Highways Minister Nitin Gadkari on Monday said before the end of 2024, Uttar Pradesh will have road infrastructure like in the US and the picture of the state will change with development of roads. Gadkari said UP will become the leading state in the country and called upon farmers to become a provider of food as well as energy.
Union Road Transport and Highways Minister Nitin Gadkari on Monday said before the end of 2024, Uttar Pradesh will have road infrastructure like in the US and the picture of the state will change with development of roads. Gadkari said UP will become the leading state in the country and called upon farmers to become a provider of food as well as energy.
Continue reading “UP will have America-like road infra by 2024: Gadkari”
By Dave Graham and Daina Beth Solomon
MEXICO CITY, Feb 28 (Reuters) – Tesla Inc (TSLA.O) will build a new plant in northern Mexico, the country’s president said on Tuesday, marking a push by the electric vehicle maker to broaden operations outside the U.S. in a deal said by a source to be worth at least $1 billion.
Without providing details, President Andres Manuel Lopez Obrador said “the whole Tesla company” was coming to Mexico, describing the investment as an “automotive plant” that would be “very big” and noting that potential investment in batteries was still pending.
Continue reading “Tesla plant gets green light in northern Mexico”
By Siyi Liu and Melanie Burton
BEIJING/MELBOURNE, Feb 28 (Reuters) – Rare discounts offered by Chinese battery giant CATL (300750.SZ) to automakers have accelerated a plunge in lithium prices, and the market is set to drop a further 25% with supply growth outpacing demand, analysts and traders say.
MILAN, Feb 28 (Reuters) – Stellantis (STLAM.MI) said on Tuesday it will invest a total of $155 million in three plants located in Kokomo, Indiana, to produce new electric drive modules (EDM) that will be fitted in electric vehicles which the carmaker will assemble in North America.
Production is expected to start in the third quarter of 2024, following retooling, the company said.
“With the investment, more than 265 jobs will be retained across all three plants,” it said.
Continue reading “Stellantis to invest $155 million in U.S. to produce new electric drive modules”
DOHA, Feb 28 (Reuters) – Uber Technologies Inc’s (UBER.N) Middle Eastern business Careem will cease operations in Qatar from Tuesday, the company said in a message sent to customers in the Gulf Arab state on Monday.
The surprise announcement comes two months after the soccer World Cup in Qatar, when Careem-branded vehicles were part of the tournament’s official plans to transport visiting fans, alongside cars from Uber and local taxi provider Karwa.
Continue reading “Uber’s Mideast business Careem to cease operations in Qatar”
TOKYO, Feb 27 (Reuters) – Nissan Motor Co Ltd (7201.T) on Monday raised its electrified car sales goals and said it would boost power train production in the United States, as it looks to catch up in a segment dominated by newer automakers such as Tesla Inc (TSLA.O).
The Japanese automaker was a pioneer in electric vehicles (EVs) with its all-battery-powered Leaf but has struggled alongside many legacy automakers in the face of increasing competition from nimbler new entrants.
Continue reading “Nissan raises global EV targets; to boost U.S. input”
MILAN, Feb 28 (Reuters) – Stellantis (STLAM.MI) said on Tuesday it will invest a total of $155 million in three plants located in Kokomo, Indiana, to produce new electric drive modules (EDM) that will be fitted in electric vehicles which the carmaker will assemble in North America.
Production is expected to start in the third quarter of 2024, following retooling, the company said.
“With the investment, more than 265 jobs will be retained across all three plants,” it said.
Continue reading “Stellantis to invest $155 million in U.S. to produce new electric drive modules”
Feb 27 (Reuters) – Elon Musk has approached AI researchers in recent weeks about forming a new research lab to develop an alternative to OpenAI’s ChatGPT, the Information reported on Monday, citing people with direct knowledge of the effort.
Tesla and Twitter chief Musk has been recruiting Igor Babuschkin, a researcher who recently left Alphabet’s (GOOGL.O) DeepMind AI unit, the report said.
Continue reading “Elon Musk recruits team to develop OpenAI’s ChatGPT rival – The Information”
STOCKHOLM, Feb 27 (Reuters) – Germany has asked the European Union to propose rules allowing combustion-engine cars that run on CO2-neutral fuels to be sold in Europe after 2035, the date by which the EU has agreed all new cars should have zero emissions.
Under the landmark law agreed by the EU last year requiring that by 2035 carmakers achieve a 100% cut in CO2 emissions from new cars sold, it would be impossible to sell new fossil fuel-powered vehicles in the 27-country bloc.
Continue reading “Germany asks EU for wiggle room on combustion engine phaseout”
SHANGHAI/LONDON, Feb 27 (Reuters) – CATL (300750.SZ), the world’s largest battery maker, has offered to cut costs for Chinese automakers, a move that demonstrates its market power and could also widen China’s cost advantage in electric vehicles.
China’s CATL has offered smaller domestic electric-vehicle makers discounted prices on batteries, according to four people with knowledge of the terms.
Continue reading “Analysis: CATL’s ‘price war’ shows its power, and China’s EV edge”
NEW DELHI, Feb 20 (Reuters) – Uber Technologies (UBER.N) said on Monday it will introduce electric vehicles (EVs) in India for ride-sharing, its first move to adopt clean cars amid an Indian government push for greater electrification of public transport and shared mobility.
With plans to introduce 25,000 EVs over three years, Uber is stepping up competition with local rival BluSmart, an electric mobility start-up backed by BP’s (BP.L) venture fund, which has taken the lead in India’s electric taxi space.
Continue reading “Uber to introduce EVs in India in push to clean cars”
Feb 27 (Reuters) – Electric-vehicle startup Fisker Inc (FSR.N) on Monday flagged increased orders for its sports utility vehicle Ocean and maintained its production forecast for the year, sending its shares higher by 26% in early trading.
Demand for electric vehicles has surged globally as countries seek to tackle climate change by opting for cleaner transport options and setting net-zero carbon emissions targets.
Continue reading “Fisker reports higher orders, maintains annual production target”
BERLIN, Feb 27 (Reuters) – Tesla’s (TSLA.O) German plant in Brandenburg near Berlin is now producing 4,000 cars per week, the company said on Monday, quadrupling from May when Chief Executive Elon Musk had compared investment in Tesla’s new plants to “gigantic money furnaces.”
The Berlin plant hit the production target three weeks ahead of a production schedule reviewed by Reuters.
Shares of Tesla were up 1.9% at $200.70 in U.S. premarket trading.
Continue reading “Tesla’s German plant hits 4,000 cars per week ahead of schedule”
TOKYO, Feb 27 (Reuters) – Nissan Motor Co Ltd (7201.T) on Monday raised its electrified car sales goals and said it would boost power train production in the United States, as it looks to catch up in a segment dominated by newer automakers such as Tesla Inc (TSLA.O).
The Japanese automaker was a pioneer in electric vehicles (EVs) with its all-battery-powered Leaf but has struggled alongside many legacy automakers in the face of increasing competition from nimbler new entrants.
Continue reading “Nissan raises global EV targets; to boost U.S. input”
