BERLIN, Oct 20 (Reuters) – Mercedes-Benz (MBGn.DE) has signed a supply agreement with Canadian-German Rock Tech Lithium Inc (RCK.V) to receive on average 10,000 tons of battery-grade lithium hydroxide per year, the German carmaker said on Thursday.

The deal allows the luxury carmaker to supply its battery partners with raw material, starting in 2026, including a qualification period, in order to rapidly scale up production of fully electric vehicles, it said in a statement. Continue reading “Mercedes signs 1.5 bln eur deal with Rock Tech Lithium to push e-car drive”

Oct 20 (Reuters) – Swedish truck maker AB Volvo (VOLVb.ST) posted a higher third-quarter profit on Thursday as customers replaced ageing fleets but warned that energy and material costs and supply disruptions would pose challenges, sending shares lower in morning trading.

Rising energy prices have mounted financial pressure on suppliers, said Volvo, which is also grappling with a global shortage of semiconductors and other components and difficulties shipping its trucks to customers due to a lack of drivers. Continue reading “AB Volvo profit jumps but warns on costs; shares sink 5%”

Oct 20 (Reuters) – Retail activist shareholder platform Tulipshare called on Tesla Inc (TSLA.O) to tie its executive pay to environmental, social and governance (ESG) factors and said it expects to file a shareholder resolution on the matter for the electric carmaker’s annual meeting next year.

Antoine Argouges, chief executive of Britain-based Tulipshare, said a decision by S&P Dow Jones Indices last spring to oust Tesla from a widely followed ESG index showed the company faces reputational and legal risks that investors will not tolerate. Continue reading “Shareholder group wants Tesla to link Musk’s pay to ESG metrics”

Oct 20 (Reuters) – Tesla Inc’s (TSLA.O) advanced driver assistant software won’t gain regulatory approval in 2022, CEO Elon Musk said in remarks which indicate the company is not yet able to satisfy authorities that its cars can be driven without someone behind the wheel.

The Silicon Valley automaker sells a $15,000 software add-on called “Full Self-Driving” (FSD) which enables its vehicles to change lanes and park autonomously. That complements its standard “Autopilot” feature which enables cars to steer, accelerate and brake within their lanes without driver intervention. Continue reading “Tesla flags its cars not ready to be approved as fully self-driving this year”

Oct 19 (Reuters) – The concept of a flying car is not new – inventors have been trying to add wings to wheeled motor vehicles for decades, with only limited success.

Jim Dukhovny, founder of Alef Aeronautics, hopes to change that equation. His California-based firm has come up with a novel approach to moving terrestrial vehicles into the skies and has attracted at least one prominent venture capitalist. Continue reading “Flying car by California startup Alef attracts early Tesla investor”

GREENVILLE, South Carolina, Oct 19 (Reuters) – Setting a date to phase out gas-powered vehicles could remove “cheap cars” from the market, putting ownership out of reach for many, and be politically dangerous, the board chair of German automaker BMW Oliver Zipse (BMWG.DE) said on Wednesday.

Speaking ahead of the announcement of a $1.7 billion electric vehicle (EV) investment in South Carolina, Zipse said in an interview that BMW has not set a date to end production of gas-powered vehicles and cautioned against banning their sale. Continue reading “BMW chief warns against setting gas-powered phase-out date”

DETROIT, Oct 19 (Reuters) – Hyundai Motor Co (005380.KS), Korea’s top automaker, is investigating child labor violations in its U.S. supply chain and plans to “sever ties” with Hyundai suppliers in Alabama found to have relied on underage workers, the company’s global chief operating officer Jose Munoz told Reuters on Wednesday.

A Reuters investigative report in July documented children, including a 12-year-old, working at a Hyundai-controlled metal stamping plant in rural Luverne, Alabama, called SMART Alabama, LLC. Continue reading “EXCLUSIVE Korean auto giant Hyundai investigating child labor in its U.S. supply chain”

WASHINGTON, Oct 19 (Reuters) – Elon Musk’s SpaceX is expanding its satellite internet unit’s foray into in-flight WiFi services with the rollout on Wednesday of Starlink Aviation, offering customers a $150,000 airplane antenna amid mounting competition for airborne connectivity.

Starlink, SpaceX’s growing network of thousands of internet satellites, will charge customers seeking broadband internet on private jets between $12,500 to $25,000 a month for the service, on top of a one-time $150,000 hardware cost, the company said on its website. Continue reading “SpaceX rolls out Starlink internet service for private jets”

DETROIT, Oct 19 (Reuters) – U.S. legislators need to give automakers operating in the United States more time to achieve the required sourcing levels of battery minerals used in electric vehicles to qualify for federal tax incentives, several industry executives said on Wednesday.

The Inflation Reduction Act, as currently written, requires automakers to have 50% of critical minerals used in EV batteries come from North America or U.S. allies by 2024, rising to 80% by the end of 2026. Volkswagen (VOWG_p.DE) Americas Chief Executive Pablo Di Si said the industry cannot move that fast. Continue reading “Automakers need more time to meet U.S. minerals requirements for EVs -execs”

SPARTANBURG, South Carolina Oct 19 (Reuters) – BMW AG (BMWG.DE) said on Wednesday it will invest $1.7 billion to build electric vehicles in the United States, the latest announcement from a major automaker about plans to ramp up U.S. EV production.

The German company said it was making a new $1 billion investment in its Spartanburg, South Carolina plant to prepare for EV production and will spend $700 million on a new high-voltage battery assembly facility in nearby Woodruff, South Carolina, and create at least 300 jobs. Continue reading “BMW invests $1.7 bln to build electric vehicles in U.S.”

WASHINGTON, Oct 19 (Reuters) – The Biden administration said on Wednesday it is awarding $2.8 billion in grants to boost U.S. production of electric vehicle batteries and the minerals used to build them, part of a bid to wean the country off supplies from China.

“By undercutting U.S. manufacturers with their unfair subsidies and trade practices, China seized a significant portion of the market,” President Joe Biden said Wednesday in announcing the awards.”Today we’re stepping up… to take it back, not all of it, but bold goals.” Continue reading “Biden awards $2.8 billion to boost U.S. minerals output for EV batteries”

Oct 19 (Reuters) – Uber Technologies Inc (UBER.N) has launched a new advertising division as the ride-hailing firm looks to diversify its revenue sources through tie-ups with brands and marketers.

With a reach of 122 million monthly active users globally, the company said on Wednesday it will sell ad space inside its ride-hailing and UberEats apps, along with in-vehicle digital ads, sponsored mails and storefront ads. Continue reading “Uber looks to boost digital ad revenue with new advertising division”

• Charging stations to rise to 1 mln by 2030 vs 70,000 now
• Plan also sees 15 mln EVs on road by 2030 from 1.5 mln now
• Energy crisis shouldn’t derail longer term climate goal-Wissing

BERLIN/FRANKFURT, Oct 19 (Reuters) – The German government approved a plan on Wednesday to spend 6.3 billion euros ($6.1 billion) over three years to rapidly scale up the number of charging stations for electric vehicles across the country, as part of its push towards net zero emissions. Continue reading “Germany to spend 6.3 bln euros on push for electric car charging points”

NEW YORK/SAN FRANCISCO, Oct 19 (Reuters) – A group that works with union pension funds is pressing Hyundai Motor Co (005380.KS) to respond to reports of child labor at U.S. parts suppliers, warning of potential reputational damage to the Korean automaker.

SOC Investment Group, which works with union pension funds that have more than $250 billion in assets, sent a sharply worded letter on Wednesday to company chairman Euisun Chung, saying investors were concerned in the wake of a July investigation by Reuters that found child labor at a Hyundai subsidiary in Alabama. In addition, the letter cited a recent federal and state investigation into children working at another Hyundai supplier in the state. Continue reading “Hyundai should address child labor at U.S. suppliers, investor group, unions say”

SHANGHAI, Oct 19 (Reuters) – Automakers in China delivered a record number of cars to dealers in the first nine months of the year even as retail demand slowed, setting up the market for a slowdown in 2023, a leading Chinese brokerage said on Wednesday.

Automakers had delivered 1 million vehicles to dealers in China over the first nine months of this year, a record volume for the world’s largest auto market, analysts at China Merchants Bank International (CMBI) said. Continue reading “China auto market faces slowdown as inventory builds – CMBI”

SEOUL, Oct 19 (Reuters) – Shares of South Korea’s Kia Corp (000270.KS) reversed losses and edged up on Wednesday after the automaker said on Tuesday that its third-quarter earnings will reflect an additional provision of 1.54 trillion won ($1.08 billion) for engine recalls from years ago.

Kia’s shares fell shortly after the market open.

Hyundai Motor (005380.KS) and affiliate Kia on Tuesday said they will book a combined 2.9 trillion won ($2 billion) provision in their third-quarter results. Continue reading “Kia shares edge up in choppy trade after booking extra $1.1 bln provision”

Oct 18 (Reuters) – Tesla Inc’s (<TSLA.O>) quarterly report on Wednesday will likely show whether the Elon Musk-led electric-vehicle maker is facing any weakness in demand that is starting to weigh on the wider auto industry.

Decades-high inflation, rising energy bills in Europe and signs of a weakening China market have raised doubts among some analysts about whether Tesla can buck an economic slowdown and continue to raise prices without hurting its sales. Continue reading “Tesla investors to focus on demand issues in earnings report”

TOKYO, Oct 18 (Reuters) – The relationship between Japan’s Nissan Motor Co (7201.T) and top shareholder Renault SA should be “more equal”, the Nikkei newspaper quoted the French automaker’s chief executive as saying.

“This is not one side losing and the other side winning,” the newspaper quoted Luca de Meo as saying in an interview, which took place in France on Monday. Continue reading “Nissan, Renault relationship should be ‘more equal’ Renault CEO tells Nikkei”

SEOUL, Oct 18 (Reuters) – Hyundai Motor (005380.KS) and affiliate Kia Corp (000270.KS) will book a combined 2.9 trillion won ($2 billion) provision in their third-quarter results as they continue to suffer the effects of engine recalls from years ago, they said on Tuesday.

The costs, of which Hyundai accounted for 1.36 trillion won and Kia for 1.54 trillion won, amount to more than half of Hyundai’s estimated third-quarter net profit and 77% of Kia’s profit, Refinitiv data shows. Continue reading “Hyundai Motor and Kia warn $2 bln engine provision to hit Q3 earnings”

TOKYO, Oct 18 (Reuters) – Joby Aviation Inc (JOBY.N), a U.S. air taxi startup backed by Japanese automaker Toyota Motor Corp (7203.T), said on Tuesday it has applied to Japan’s transport ministry for aircraft certification as it prepares to launch urban transportation services.

Joby, in which Toyota has invested $394 million, designs and builds all-electric vertical take-off and landing (eVTOL) aircraft. Continue reading “Toyota-backed flying car firm Joby seeks Japan air certification”

Oct 18 (Reuters) – BYD Co (002594.SZ), China’s biggest electric car maker, said third-quarter net profit likely more than quadrupled as it extends its sales lead over Tesla Inc (TSLA.O) in the world’s largest auto market. Shares in BYD jumped.

Having ditched gasoline vehicles from its product mix this year, BYD has, more than any other automaker, been able to capitalise on a range of incentives for electric cars offered by the Chinese central government as well as local governments. Continue reading “BYD flags huge quarterly profit jump as China sales surge past Tesla”

Oct 18 (Reuters) – Investors are speculating about whether Monday’s big stock surge is the start of a recovery or another pause in the market’s decline, and the answer may depend in part on upcoming quarterly results from heavyweights including Tesla Inc (TSLA.O), Johnson & Johnson (JNJ.N) and Netflix Inc (NFLX.O).

The world’s most widely tracked stock benchmark jumped 2.65% on Monday, lifted in part by strong quarterly results from Bank of America (BAC.N), even as investors worry that the U.S. Federal Reserve’s war against inflation may hobble the economy. Continue reading “Wall Street rally throws spotlight on reports from Tesla, Netflix”

SEOUL, Oct 18 (Reuters) – South Korea’s Hyundai Motor (005380.KS) is considering options for its suspended Russia operations that could include selling its manufacturing plant there, South Korean media reported on Tuesday.

Many factories in Russia have suspended production and furloughed workers due to shortages of high-tech equipment because of sanctions and an exodus of Western manufacturers since Moscow sent armed forces into Ukraine on Feb. 24. Continue reading “Hyundai Motor is considering selling its Russia plant – media report”

Oct 17 (Reuters) – Intel Corp (INTC.O) is eyeing a valuation that is significantly lower than previously expected for the initial public offering of its self-driving car unit Mobileye, the Wall Street Journal reported on Monday, citing people familiar with the matter.

Mobileye, which was originally expected to land a roughly $50 billion valuation, is now set to target one of under $20 billion and sell a smaller number of shares than originally planned, according to the report. Continue reading “Intel’s Mobileye IPO eyes significantly lower valuation – report”

BERLIN, Oct 17 (Reuters) – Mercedes-Benz (MBGn.DE) has struck a preliminary agreement with an offshore wind provider to supply electricity equivalent to 25% of its demand in Germany from 2027 onwards, a spokesperson for the carmaker said on Monday.

The energy provider, which the spokesperson declined to name, will reserve the energy for Mercedes-Benz from an offshore wind park under construction in the Baltic Sea. Continue reading “Mercedes-Benz in preliminary offshore wind deal for electricity from 2027”

PARIS, Oct 17 (Reuters) – The European Union’s proposed 2035 ban on fossil-fuel cars should be renegotiated to give hybrid models a greater role in the transition to zero-emission vehicles, Stellantis chief executive Carlos Tavares said on Monday.

“It’s essential,” Tavares said during a news conference at the Paris Motor Show, when asked if talks on the ban were needed. “The dogmatic decision that was taken to ban the sale of thermal vehicles in 2035 has social consequences that are not manageable.” Continue reading “Stellantis CEO calls for talks to soften EU’s 2035 fossil-fuel car ban”

Oct 17 (Reuters) – Lyft Inc (LYFT.O) is increasing the service fee its U.S. riders pay directly to the company to cover higher insurance costs, the ride-hailing firm said.

The increase averages less than 50 cents per trip nationally, a Lyft spokesperson said. The company pays for drivers’ insurance when they are working on its platform. Continue reading “Lyft hikes service fee for rides as insurance costs rise”

Source : PTI  Finance Minister Nirmala Sitharaman has said that the rupee has not weakened but it is the dollar that has strengthened, as she defended the 8 per cent slide in the value of Indian currency against the greenback this year.

Speaking to reporters after attending the annual meetings of the International Monetary Fund (IMF) and the World Bank, she asserted that the fundamentals of
the Indian economy were strong and that inflation was low compared to other parts of the world Continue reading “Fundamentals of Indian economy is good; rupee is holding its ground: Finance Minister Sitharaman”

PARIS, Oct 17 (Reuters) – Stellantis (STLA.MI) will double the share of electric car models it produces in France, the company’s chief executive announced on Monday, adding that some new models of its Peugeot brand will be produced in the carmaker’s Mulhouse plant.

Two electric versions of its 308 sedans and the larger 408 will be assembled in Mulhouse, Carlos Tavares said at the Paris Motor Show. Continue reading “Stellantis to boost electric vehicle production in France”

WASHINGTON, Oct 17 (Reuters) – When a Washington state beauty salon charged Simran Bal $1,900 for training after she quit, she was shocked.

Not only was Bal a licensed esthetician with no need for instruction, she argued that the trainings were specific to the shop and low quality. Continue reading “More U.S. companies charging employees for job training if they quit”

Oct 17 (Reuters) – While Elon Musk may be worried about the economy, job openings on Tesla’s (TSLA.O) website suggest the world’s most valuable car maker is hiring employees at a quick pace, in nearly every category of job.

Tesla this week listed over 6,900 jobs on its career website, almost a 50% surge since mid-June, when Reuters began tracking the data. That compares to a 2022 peak of over 7,400 job ads in May, according to data similarly tracked by Thinknum Alternative Data and hedge fund Snow Bull Capital. Continue reading “Tesla steps up job ads as recession clouds gather”

PRAGUE, Oct 17 (Reuters) – Skoda Auto, the Czech unit of Volkswagen (VOWG_p.DE), expects its parent group could make a decision on the location of a planned large battery factory in eastern Europe by the end of the year, Skoda’s Chief Executive Klaus Zellmer said on Monday.

“If we get everything right, we might see the first firm confirmation, pending formal confirmation by our authorities within the VW group, by the end of this year,” he told a German-Czech economic forum in Prague. Continue reading “Skoda Auto sees VW decision on gigafactory by end of year”

HOUSTON/NEW DELHI, Oct 17 (Reuters) – Oil output at the giant Exxon-led (XOM.N) Sakhalin-1 Russian Pacific project collapsed following the U.S. major’s refusal to accept local insurance for tankers after Western insurers pulled out due to sanctions, several industry sources told Reuters.

Western insurers withdrew cover from tankers operated by state-run Sovcomflot (FLOT.MM), Russia’s biggest shipping group, which was sanctioned following Moscow’s invasion of Ukraine. Continue reading “Exxon’s Russian oil output collapsed after rejecting local tanker insurance – sources”

PARIS, Oct 17 (Reuters) – Renault (RENA.PA) and Stellantis (STLA.MI) unveiled new French-made electric vehicles (EVs) at the Paris Motor Show on Monday, as President Emmanuel Macron announced bigger subsidies for poorer families to buy EVs and pushed for more local production.

In an interview with business daily Les Echos before visiting the show, Macron said EV subsidies for lower-income households would rise to 7,000 euros ($6,826) next year from 6,000 euros, while falling to 5,000 euros for other French buyers.
Continue reading “As carmakers unveil new EVs, France ups subsidies for poorer buyers”

Oct 17 (Reuters) – The European Union needs to provide more regulatory incentives for its carmakers to scale up fully electric vehicle (EV) production or risk losing market share to Chinese rivals, according to a study by climate group Transport & Environment.

In the T&E report ‘From boom to brake: is the e-mobility transition stalling?’ released on Monday, the group said that EV sales growth in the bloc had slowed, with fully-electric cars making up 11% of sales in the first half of 2022 when historical trends suggested they should have reached 13%. Continue reading “EU needs to up electric vehicle support to fend off Chinese competition, climate group says”

Source : PTI The government on Saturday hiked windfall tax on domestically produced crude oil by more than a third while doubling the rate on export of diesel and re-introducing the levy on overseas shipment of jet fuel (ATF) in line with rise in international oil prices.

The tax on crude oil produced by firms such as state-owned Oil and Natural Gas Corporation (ONGC) was increased to Rs 11,000 per tonne beginning October 16
from Rs 8,000, a government notification showed. Continue reading “Tax on windfall profit on crude oil, export of diesel, ATF hiked”

Source : PTI  India’s fuel sales soared in the first half of October with an across-the-board surge in transportation fue! demand on the back of the economic activity picking up as festival season kicked in, preliminary industry data showed. Petrol and diesel sales jumped 22-26 per cent year-on-year while also rising month-on- month in the first half of October. Petrol sales soared 22.7 per cent to 1.28 million tonne during October 1-15 when compared to 1.05 million tonne of consumption in the same period last year.

Sales were 31 per cent higher than COVI|D-marred first half of October 2020 and 33.4 per cent more than pre-pandemic October 1-15, 2019. Demand was 1.3 per cent higher than the first half of September 2022. Continue reading “Fuel sales soar on festive season demand”

HANOI, Oct 15 (Reuters) – Vietnam’s VinFast said on Saturday it would recall 730 of its model VF e34 electric cars (EVs), which are available only on the domestic market, to make checks and replace their side crash sensors.

VinFast, which began operations in 2019, is a unit of Vietnam’s biggest conglomerate Vingroup (VIC.HM) and has sold 2,208 EVs in total since its launch late last year. Continue reading “Vietnam’s VinFast recalls a third of its sold EVs to replace sensors”

WASHINGTON, Oct 14 (Reuters) – South Korea’s Hyundai Motor Co (005380.KS) said Friday it will break ground this month on a $5.5 billion electric vehicle and battery plant in the United States.

Hyundai plans to begin commercial production in the first half of 2025 with an annual capacity of 300,000 units. The Oct. 25 groundbreaking for the Hyundai Group “metaplant” in Savannah, Georgia is part of the Hyundai Group’s “commitment of $10 billion by 2025 to foster future mobility in the U.S., including production of EVs,” the company said. Continue reading “Hyundai to break ground on $5.5 billion Georgia plant this month”