PTI

The credit relief measures given to MSMEs in the Union budget  are a welcome move, SMEV said and added that  since many EV manufacturers also fall in this category, it hopes that these credit relief measures would be extended to them also, as they too had faced tremendous hardships during the pandemic

Electric vehicle manufacturers’ body SMEV on Wednesday said the continuation of the existing import sops for machinery used to produce lithium-ion batteries will help support current battery pricing.

Continue reading “Budget 2023 : Electric Vehicle Manufacturers Welcome Continuation Of Import Sops”

By Hyunjoo Jin

Continue reading “As Tesla ignites an EV price war, suppliers brace for Musk seeking givebacks”

Feb 1 (Reuters) – ChatGPT, the popular chatbot from OpenAI, is estimated to have reached 100 million monthly active users in January, just two months after launch, making it the fastest-growing consumer application in history, according to a UBS study on Wednesday.

The report, citing data from analytics firm Similarweb, said an average of about 13 million unique visitors had used ChatGPT per day in January, more than double the levels of December.

Continue reading “ChatGPT sets record for fastest-growing user base – analyst note”

TOKYO, Feb 2 (Reuters) – Japan’s Honda Motor Co (7267.T) said it will start producing a new hydrogen fuel cell system jointly developed with General Motors Co (GM.N) this year and gradually step up sales this decade, in a bid to expand its hydrogen business.

Honda will target annual sales of around 2,000 units of the new system in the middle of this decade, the company said on Thursday, aiming to boost that to 60,000 units per year in 2030.

The Japanese carmaker is seeking to expand the use of its new system not only for its own fuel cell electric vehicles (FCEVs), but also commercial vehicles such as heavy trucks, as stationary power stations and in construction machinery.

Continue reading “Honda to start producing new hydrogen fuel cell system co-developed with GM”

By Norihiko Shirouzu

Feb 2 (Reuters) – Volvo Cars is gearing up for an electric blitz to convert all its mainstay models – three SUVs and two sedans – into electric vehicles and to introduce a luxury electric van aimed at boosting sales in Asia, two people with knowledge of the plans said.

The Swedish carmaker, wholly owned by China’s Zhejiang Geely Holding Group, is expected to launch at least six new battery electric vehicles through 2026, the two people told Reuters.

Continue reading “Exclusive: Volvo readies EV blitz in biggest product revamp under Geely”

Tata Motors on Tuesday said it has raised the second and final tranche of Rs 3,750 crore from TPG Rise Climate as per an agreement inked in 2021.

In October 2021, Tata Motors announced that it will raise USD 1 billion in its passenger Electric Vehicle (EV) business from TPG Rise Climate in exchange for compulsorily convertible preference shares to create a portfolio of EVs and dedicated Battery Electric Vehicle (BEV) platforms.

Tata Motors and TPG Rise Climate entered into a binding agreement under which TPG along with its co-investor ADQ to invest in a subsidiary of Tata Motors.

Continue reading “Tata Motors raises final tranche of Rs 3,750 crore from TRG Rise Climate”

BRUSSELS (Reuters) – Sales of new cars in Europe should start to recover in 2023 despite the broader economic uncertainty, with an increase expected of 5% to reach 9.8 million vehicles, the European Automobile Manufacturers Association (ACEA) said on Tuesday.

Continue reading “U.S. Opens Safety Probe Into 1.8 Million Ford Explorer SUVs”

Continue reading “Analysis-GM Goes Slow on EVs as Rivals Fight a Price War”

Continue reading “Stellantis Focused on Ethanol Hybrid Vehicles in South America, Executive Says”

Continue reading “Adani Group’s Local Bonds Resist Panic Sales on Hindenburg’s Report”

REUTERS

By Gayatri Suroyo, Kate Lamb and Ananda Teresia

JAKARTA – Indonesian President Joko Widodo is confident Tesla Inc will finalise a deal to invest in a production facility in his country, having offered the U.S. car maker incentives ranging from tax breaks to a concession to mine nickel.

Southeast Asia’s largest economy has been wooing Tesla to invest in battery and car manufacturing since 2020, seeking to leverage its rich reserves of nickel ore, which can be processed for use in EV batteries.

The president, widely known as Jokowi, has held talks with Tesla Chief Executive Elon Musk twice, meeting him in person at his SpaceX facility in Texas last year and a telephone call, to try to secure a deal.

Continue reading “Exclusive-President Jokowi “confident” Tesla will invest in Indonesia”

The Elon Musk-led electric vehicle company said it expects to spend between $7 billion and $9 billion in 2024 and 2025, days after it unveiled its plans to expand its factory in Nevada.

Continue reading “Tesla raises spending plan as it looks to ramp up production”

by Paul Lienert and Ben Klayman

DETROIT, Jan 31 (Reuters) – General Motors Co GM.N on Tuesday reported a higher quarterly net income for the fourth quarter, but said profit in 2023 would fall from last year.

For the full year, GM’s profit dropped to $9.9 billion from $10.0 billion in 2021. EBIT-adjusted income of $14.5 billion was a record, up slightly from $14.3 billion a year earlier.

GM said it expects net income in 2023 of $8.7 billion to $10.1 billion, and EBIT adjusted of $10.5 billion to $12.5 billion.

Continue reading “GM reports higher quarterly profit, forecasts lower results in 2023”

Source : PTI : New Delhi: Storage battery maker and distributor Sunlit Power has collaborated with Lucas TVS under which it will supply 50,000 electric vehicle motors and controllers manufactured by TVS group company to various industries, a release said on Monday. It will include motors with 1kw-15kw capacity for various applications including those for two-wheelers, high-speed passenger autos, and pick-up vans, Sunlit Power, which manufactures ARENQ brand of batteries, said in a statement.

The three-year partnership with the automotive electrical component maker will also help the company extend its sales and marketing services to facilitate the distribution of these motors and controllers pan-India, the battery manufacturer said. Continue reading “Sunlit Power collaborates with Lucas TVS for supply of 50,000 EV motors to industries”

Source : PTI : India will find it difficult to realise the ‘AtmaNirbhar Bharat’ (self-reliant) vision till the share of the agriculture and allied sectors in the GDP crosses 24 per cent, Union minister Nitin Gadkari said on Friday, pitching for the introduction of technologies in farming and rural and tribal areas. The minister was speaking at the 22nd convocation of Sri Balaji University here.

“Our agriculture and allied sector income is 12 per cent of the GDP, manufacturing sector income is 22 to 24 per cent, and service sector is 52 to 54 per cent. | have come here to say that till the time this 12 per cent (of agriculture and allied sectors) does not go beyond 24 per cent, there are difficulties in making ‘AtmaNirbhar Bharat’,” he said. Continue reading “Need farm sector income at more than 24% of GDP to realise ‘AtmaNirbhar Bharat’ dream: Gadkari”

BERLIN, Jan 31 (Reuters) – Volkswagen (VOWG_p.DE) is looking at setting up a battery cell factory in Ontario, the Handelsblatt business daily reported on Tuesday, adding that the Canadian province had offered investments and other incentives.

Five entries from this month are listed in a lobby register of the province for Volkswagen, including one that mentions Chief Executive Oliver Blume by name, the report said, citing the documents. Continue reading “Volkswagen considering battery cell factory in Ontario -Handelsblatt”

SHANGHAI, Jan 31 (Reuters) – Chinese electric vehicle (EV) giant BYD said on Tuesday it is working on a potential acquisition of Yi’an P&C Insurance Co, an insurer that was seized by Chinese regulators two years ago as part of a crackdown on financial conglomerates.

Chinese business publication Caixin reported earlier this month, citing unnamed sources, that BYD would fully take over the insurer and would use it to start an insurance business targeting electric vehicles. Continue reading “China’s EV giant BYD in talks to acquire insurer Yi’an”

TOKYO, Jan 31 (Reuters) – Shares of Nissan Motor Corp (7201.T) rose in Tokyo on Tuesday, after the Japanese automaker and its French partner Renault SA (RENA.PA) announced a sweeping overhaul of their two-decade-old alliance putting them on equal footing.

Nissan shares climbed as much as 3.1% in early trade before giving up some gains. They finished the morning session up 2.1%, outperforming a slightly negative Nikkei 225 share average (.N225). Continue reading “Nissan shares rise after overhaul of Renault alliance”

Jan 30 (Reuters) – Twitter Inc has made its first interest payment under Elon Musk after the billionaire took the social media company private last year using about $12.5 billion of debt, Bloomberg News reported on Monday, citing people with knowledge of the matter.

Twitter paid a group of seven banks, led by Morgan Stanley, which became stuck with the debt after they were unable to sell it to outside investors, the report added. Continue reading “Twitter makes first interest payment on Musk buyout debt – Bloomberg News”

PRAGUE, Jan 30 (Reuters) – Volkswagen’s (VOWG_p.DE) Czech subsidiary Skoda Auto is cutting production this week due to chip shortages, trade unions at the carmaker said.

Some shifts will be cancelled in the production of the Octavia, Enyaq, Fabia, Scala and Kamiq models, the unions said. Continue reading “VW’s Skoda Auto cuts production due to chip shortage – trade unions”

NEW YORK, Jan 30 (Reuters) – U.S. lender Citizens Financial Group (CFG.N) cut back on auto lending last year and plans to further reduce its exposure to the segment as it becomes cautious on certain businesses as it factors in risk of a recession, its chief executive officer said in a interview.

Moody’s Investors Service late last year cut the outlook for U.S. auto financing arms to negative, citing likelihood of higher delinquency and provisioning Continue reading “U.S. lender Citizens stepping back from auto loans – CEO”

BERLIN, Jan 30 (Reuters) – Faced with a tight labour market and a shortage of workers with key software engineering skills, some German companies are looking at thousands of layoffs in Silicon Valley as an opportunity to recruit top talent.

The U.S. West Coast has always been the main destination for ambitious software engineers looking to work in the best-paid, most elite corner of their profession, but the mass redundancies have created a pool of jobseekers that Germany is eager to tap. Continue reading “‘They fire, we hire’ – Germany seizes on Silicon Valley’s woes”

• US auto safety agency found Volvo wasn’t timely with recalls
• Penalty is one of the largest for violations under recall law

WASHINGTON, Jan 30 (Reuters) – A U.S. auto safety agency said Monday it was imposing a $130 million civil penalty on AB Volvo (VOLVb.ST) unit Volvo Group North America, following an investigation that found the manufacturer of heavy-duty trucks and buses failed to recall vehicles in a timely fashion. Continue reading “U.S. hits Volvo Group North America with $130 mln penalty over delayed recalls”

PARIS, Jan 30 (Reuters) – Renault and Nissan hailed a new deal announced on Monday as a major step in reviving their two decade alliance. But for the French car group the benefits of the revamp are for now unclear and potentially quite limited, three industry sources said.

The deal, months in the making and still subject to board approvals, will see Renault (RENA.PA) reduce its stake in Nissan to 15% from around 43%.

Continue reading “Analysis: Renault cedes power at Nissan for uncertain benefits”

Jan 30 (Reuters) – China’s BYD Co , the world’s biggest seller of battery electric vehicles (BEVs) and plug-in hybrids, expects its 2022 net profit to be more than five times the amount it booked a year earlier, it said on Monday.

With sales of 1.86 million cars, it expects a net profit of 16-17 billion yuan ($2.37-$2.52 billion) versus 3 billion in 2021, an exchange filing showed.

Continue reading “Chinese EV giant BYD set for surge in 2022 profit as sales jump”

TOKYO, Jan 30 (Reuters) – Toyota Motor Corp (7203.T) sold 10.5 million vehicles in 2022, it said on Monday, defending its title as the world’s top-selling automaker for a third straight year.

Global sales for the group, including truck unit Hino Motors (7205.T) and small-car maker Daihatsu, inched down 0.1% as record overseas sales of 8.6 million vehicles helped offset a 9.6% dip in its home market to 1.9 million.

Continue reading “Toyota defends title as world’s top-selling automaker in 2022”

TOKYO/PARIS, Jan 30 (Reuters) – Nissan Motor Co (7201.T) and Renault SA (RENA.PA) agreed on Monday to a sweeping remake of their two-decade-old automaking alliance that will put them on equal footing and see the Japanese company invest in Renault’s new electric vehicle business.

The joint announcement capped nearly four months of intense talks that sources told Reuters were complicated by concerns about the sharing of intellectual property as Renault sought tie-ups with companies outside their alliance.

Continue reading “Nissan and Renault agree to overhaul alliance, this time as equals”

PARIS/TOKYO, Jan 30 (Reuters) – French carmaker Renault (RENA.PA) and its Japanese partner Nissan (7201.T) on Monday agreed to a sweeping reset of their two-decade alliance that will put them on equal footing.

The partnership, which has grown to include junior member Mitsubishi Motors (7211.T), was founded in 1999 and long dominated by former Renault and Nissan top executive Carlos Ghosn.

Continue reading “From boom to bottom and now big change: Renault and Nissan reshape alliance”

Jan 30 (Reuters) – Nissan Motor Co (7201.T) and Renault SA (RENA.PA) have agreed to a sweeping revamp of their two-decade-old automaking alliance that will put them on an equal footing and see the Japanese company invest in Renault’s new electric business.

COMMENTS

JP MORGAN

Continue reading “Reactions: Nissan, Renault agree to overhaul alliance, putting themselves on equal footing”

Jan 30 (Reuters) – Israeli electric vehicle (EV) startup City Transformer aims to launch production of its small urban CT-2 model in Western Europe by the end of 2024 and will soon launch a Series B funding round to raise $50 million, the company said on Monday.

Chief Executive Asaf Formoza told Reuters the company, which has so far raised $20 million, has selected a factory in Western Europe where it will have initial annual production of 15,000 vehicles, but cannot disclose its location yet.

Continue reading “With tiny EV, City Transformer takes aim at Europe’s urban markets”

FRANKFURT, Jan 28 (Reuters) – Ford (F.N) executives have indicated they are willing to hold talks with labour representatives over planned structural changes at the U.S. carmaker’s plants in Germany, the head of the worker’s council at Ford’s Cologne plant said on Saturday.

Ford said on Jan. 20 that its planned shift to electric vehicle (EV) production will require unspecified structural changes, giving rise to fears of job cuts at its German production sites.

Continue reading “German labour representative says Ford execs have offered talks on restructuring plan”

Jan 27 (Reuters) – Lucid Group’s (LCID.O) shares surged 43% on Friday, paring gains after doubling on market speculation that Saudi Arabia’s Public Investment Fund (PIF) wanted to buy out the electric vehicle maker.

The speculation originated from an “uncooked” alert attributed to deals website Betaville, using its term for market gossip. Lucid was the sixth-most traded stock on U.S. exchanges and third top mover on the Nasdaq mid-afternoon.

Continue reading “EV maker Lucid surges on report Saudi PIF to buy remaining stake”

WASHINGTON, Jan 27 (Reuters) – Tesla (TSLA.O) Chief Executive Elon Musk met two top White House officials on Friday in Washington to discuss how the car maker and Democratic President Joe Biden could work together to advance electric vehicle production and speed electrification of U.S. vehicle networks.

Musk met John Podesta, a Democratic stalwart who serves as Biden’s senior adviser for clean energy innovation, and Mitch Landrieu, who oversees infrastructure spending, the White House said. The billionaire and Biden have often been at odds over political and labor issues.

Continue reading “Exclusive: Tesla’s Musk meets top Biden officials on EVs in Washington”

WASHINGTON, Jan 27 (Reuters) – Ford Motor Co (F.N) said Friday it is recalling 462,000 vehicles worldwide because video output may fail, preventing the rearview camera image from displaying.

The U.S. automaker said the recall covers some 2020-2023 model year Explorer, Lincoln Aviator, and 2020-2022 Lincoln Corsair vehicles equipped with 360-degree cameras and includes 382,000 in the United States.

Continue reading “Ford recalls 462,000 vehicles for rear camera display failure”

DETROIT, Jan 27 (Reuters) – General Motors Co (GM.N) and Ford Motor Co (F.N) are expected to report strong profits for 2022 next week, powered by premium-priced pickup trucks and sports utility vehicles (SUVs).

Now, the Detroit rivals must convince investors that last year’s profit formula can keep working when costs for EV batteries are rising, high interest rates are cutting consumer purchasing power, and Tesla Inc TSLA.O is slashing prices.

Continue reading “GM, Ford must convince investors they can profit as prices fall”

LONDON, Jan 27 (Reuters) – An era of breathtaking palladium rallies is likely to be ending, analysts said, as rising supply and stagnant demand erode prices of the metal used to neutralise vehicle exhaust emissions.

Palladium , once the cheapest major precious metal, rocketed from less than $500 an ounce in 2016 to above $3,400 last March, leaving platinum and gold for dust.

Continue reading “Electric vehicles throw palladium’s mega-rally into reverse”