LONDON, May 4 (Reuters) – The European Union has proposed a phased embargo of Russian oil, tightening its sanctions on Moscow for its invasion of Ukraine. What would the impact be of banning Russian barrels in Europe?

WHAT DOES THE EU CURRENTLY IMPORT?

The European Union imported 2.2 million barrels per day (bpd) of crude oil and 1.2 million bpd refined oil products before the war in Ukraine, according to the International Energy Agency (IEA). Continue reading “Explainer: What would be the impact of Russian oil sanctions in Europe?”

May 4 (Reuters) – Uber Technologies Inc (UBER.N) on Wednesday said it had no need to boost incentives further to lure more drivers and forecast a strong second quarter, a day after rival Lyft said it needed to spend more for labor in the coming months.

The ride hail giant brought forward its results to Wednesday morning from the afternoon after Lyft Inc (LYFT.O) shares sank 26% on Tuesday when its projected operating earnings fell short of expectations on higher driver pay, dragging down Uber’s stock in its wake. Continue reading “Uber to Wall Street: We’re not Lyft”

FRANKFURT, May 5 (Reuters) – Battery-powered electric vehicles (BEVs) almost doubled their market share in the European Union during the first quarter, industry data showed on Thursday, as the rollout of models across the continent picks up pace.

BEVs accounted for 10% of total passenger car sales in the EU, data from the region’s carmaker association (ACEA) showed, surpassing plug-in hybrid electric vehicles, which took an 8.9% share. Continue reading “Battery-powered electric vehicles nearly double EU market share in Q1 – ACEA”

LONDON, May 5 (Reuters) – BMW (BMWG.DE) posted a rise in first-quarter profit on Thursday, boosted by a reevaluation of the German car maker’s stake in its Chinese joint venture and strong pricing, and maintained its 2022 outlook despite volatile prices for commodities and energy.

BMW said the reevaluation of its stake in its joint venture with Brilliance Auto Group had resulted in a preliminary profit of 7.7 billion euros ($8.2 billion). Continue reading “BMW profit boosted by Chinese joint venture, strong prices”

Around 2,93,081 passenger cars were sold in the Indian market for April 2022. The sales increased a dismal 2.4% when compared to April last year. However; the dispatches fell below the 3 Lakh units mark after 2 consecutive months of Feb’22 & Mar’22.

Continue reading “April 2022 Car Sales – Snapshot”

May 2 (Reuters) – Stellantis N.V. (STLA.MI) will spend up to C$3.6 billion ($2.8 billion) to boost production of electric vehicles at its Windsor and Brampton, Ontario plantswith government investment, it said on Monday.

The Canadian government will spend up to C$529 million and the Ontario government up to C$513 million to support the automaker, government officials said. Continue reading “Stellantis to boost EV plants with C$3.6 bln investment”

MILAN, May 2 (Reuters) – Carmaker Stellantis (STLA.MI) has agreed with unions it will cut 480 jobs this year at its Mirafiori facility in Turin through voluntary redundancies, Italy’s FIM-CISL union said on Monday.

The deal was signed by all major metal workers unions with the exception of the leftist FIOM-CGIL. Continue reading “Stellantis, unions agree further 480 voluntary exits in Italy”

May 3 (Reuters) – Data shows there is enough nickel and lithium to produce up to 14 million electric vehicles (EVs) globally in 2023, so Europe should secure more raw materials to shift away from oil faster, campaign group Transport and Environment (T&E) said on Tuesday.

In a study based on BloombergNEF data on global maximum volumes of EV battery-grade nickel and lithium, T&E said that in 2025 there would be enough to make 21 million EVs globally. Continue reading “Enough nickel, lithium for 14 mln EVs in 2023 – European climate group”

May 2 (Reuters) – Electric carmaker Rivian Automotive Inc (RIVN.O) will receive $1.5 billion in state and local incentives and tax credits for the electric vehicle assembly plant it plans to build in Georgia, the state and company said on Monday.

The $5 billion plant is expected to employ some 7,500 workers once up and running. Workers will be paid an average annual salary of $56,000, Georgia’s Department of Economic Development said in a statement. Continue reading “Rivian to receive $1.5 billion incentive package for Georgia plant”

WASHINGTON, May 2 (Reuters) – The Biden administration will allocate more than $3 billion in infrastructure funding to finance electric vehicle (EV) battery manufacturing, U.S. officials said on Monday.

The funds will be allocated by the Department of Energy from the $1 trillion infrastructure bill President Joe Biden signed last year. Among the initiatives will be processing of minerals for use in large-capacity batteries and recycling those batteries, the agency said in a statement. Continue reading “U.S. to spend more than $3 bln on EV battery manufacturing -White House”

LONDON, May 3 (Reuters) – Over the last two years a series of unexpected events has scrambled global supply chains. Coronavirus, war in Ukraine, Brexit and a container ship wedged in the Suez Canal have combined to delay deliveries of everything from bicycles to pet food.

In response, a growing group of startups and established logistics firms has created a multi-billion dollar industry applying the latest technology to help businesses minimize the disruption. Continue reading “Startups apply artificial intelligence to supply chain disruptions”

May 3 (Reuters) – Lyft Inc (LYFT.O) stock plunged 26% on Tuesday after the ride hail company said it would have to spend more heavily to attract drivers and forecast operating earnings less than a quarter of Wall Street targets, reflecting the added costs.

A full recovery of driver supply from pandemic lows was taking longer than Lyft had hoped, President John Zimmer said in an interview with Reuters. Continue reading “Lyft shares tank 26% on higher cost of getting drivers back on street”

FRANKFURT, May 3 (Reuters) – Volkswagen’s (VOWG_p.DE) Cariad on Tuesday said it will source chips from U.S. semiconductor maker Qualcomm to develop autonomous driving software, which the German carmaker has made the backbone of its future strategy.

Qualcomm will supply so-called system-on-chips (SoCs) for Cariad’s platform that aims to enable automated driving up to Level 4 standards, in which the car can handle all aspects of driving in most circumstances with no human intervention. Continue reading “VW embeds Qualcomm chips in autonomous driving software plans”

COPENHAGEN, May 4 (Reuters) – Shipping group Maersk (MAERSKb.CO) made its last cargo shipment to a Russian port this week and took impairment losses and writedowns of $718 because of Russia’s invasion of Ukraine, the Danish firm said on Wednesday.

Maersk, which has decided to withdraw completely from Russia, carried out its last cargo operation in a Russian port on Monday, but still has 20,000 containers stranded in Russia. Continue reading “Maersk made final shipment to Russia this week”

SHANGHAI, May 3 (Reuters) – Shanghai authorities helped Tesla transport over 6,000 workers and carry out necessary disinfection work to reopen its factory last month amid the city’s lockdown, according to a letter that Tesla sent to local officials and seen by Reuters.

The letter, dated May 1 and addressed to local authorities in Shanghai’s Lingang Special Area, outlined the lengths to which the city went to help Tesla, indicating the U.S. automaker’s importance to Shanghai as the city tries to restart business while curbing the spread of COVID-19. Continue reading “EXCLUSIVE Shanghai authorities stepped up to help Tesla reopen factory”

FRANKFURT/MILAN, May 3 (Reuters) – Stellantis (STLA.MI) has agreed to buy the Share Now car sharing business from BMW (BMWG.DE) and Mercedes-Benz (MBGn.DE) as the two German groups focus more on the software part of their mobility alliance.

Formed last year through the merger of Fiat Chrysler and Peugeot maker PSA, Stellantis wants to become a global leader in car-sharing, using this acquisition announced on Tuesday to expand its existing business in the area. Continue reading “Stellantis buys car-sharing business as BMW, Mercedes take different route”

SAN FRANCISCO, May 3 (Reuters) – A battery startup founded by a former Tesla (TSLA.O) engineer announced on Tuesday plans for U.S.-based mass production of next-generation materials aimed at cutting costs, boosting driving ranges and reducing the industry’s reliance on China.

Sila Nanotechnologies will invest in the low hundreds of millions of dollars in a new plant in Washington state due to open in 2024, Sila CEO Gene Berdichevsky told Reuters. Continue reading “Ex-Tesla engineer aims to build next-generation battery materials in U.S.”

May 4 (Reuters) – Aston Martin Lagonda (AML.L) on Wednesday named former Ferrari NV (RACE.MI) boss Amedeo Felisa as its new chief executive officer as the British luxury carmaker works on emulating the Italian carmaker’s success and electrifying its brand.

Felisa will take over with immediate effect from Tobias Moers, who joined the company in 2020 from shareholder Mercedes-Benz’s (MBGn.DE) high-performance AMG brand and served as CEO and chief technical officer. Continue reading “Aston Martin taps former Ferrari boss Felisa for CEO”

BERLIN, May 2 (Reuters) – Volkswagen’s (VOWG_p.DE) premium brands Audi and Porsche will join Formula One after convincing the German automaking group that the move will bring in more money than it will cost, VW Chief Executive Herbert Diess said on Monday.

Discussions by the board of directors about the two brands’ plans had created some divisions, said Diess at an event in Wolfsburg, where the German carmaker is headquartered. Continue reading “Audi, Porsche to join Formula One, VW CEO says”

PUNE, India, May 2 (Reuters) – To make its first electric vehicle for the consumer market, India’s Tata Motors Ltd (TAMO.NS) repurposed an unused shop floor at its flagship plant. Here, there’s no fancy assembly line – Nexon SUV bodies designed for gasoline models are wired and fitted with battery packs by hand.

The area, which could be mistaken for a prototype lab, initially made just eight SUVs a day. But demand has shot up over the two years since the Nexon EV’s launch. Tata now makes more than 100 a day though much of that is now handled at another plant nearby. Continue reading “Tata, India’s electric vehicle king, takes a frugal road less travelled”

PARIS, April 29 (Reuters) – The public transport operator (RATP) in Paris temporarily suspended on Friday the use of 149 electric buses made by Bollore’s (BOLL.PA) Bluebus brand after two of the vehicles caught fire.

“The RATP has requested a full report from the manufacturer Bollore to explain the causes of these incidents,” the state-owned transport company said in a statement. Continue reading “Paris withdraws Bollore’s electric buses after two catch fire”

MUMBAI, April 29 (Reuters) – Tata Motors said on Friday it plans to launch electric cars with a minimum range of 500 kilometres (310 miles) and advanced technology features, targeting buyers in India and beyond.

The first electric vehicles (EVs) built using its new platform should be on the road in 2025, Tata (TAMO.NS) said during an event in Mumbai where it unveiled a concept model. Continue reading “Tata Motors maps out long-range EVs for India and beyond”

April 29 (Reuters) – Tesla Inc (TSLA.O) Chief Executive Officer Elon Musk sold $8.5 billion worth of shares in the electric vehicle maker, U.S. securities filings showed, in sales likely aimed at helping finance his planned purchase of Twitter Inc (TWTR.N).

Musk said in a tweet on Thursday that there are “no further TSLA sales planned after today”. He sold about 9.6 million shares this week, according to the filings on Thursday and Friday, equating to 5.6% of his stake in the company. Continue reading “Musk sells Tesla shares worth $8.5 billion ahead of Twitter takeover”

BENGALURU, April 29 (Reuters) – India’s top carmaker Maruti Suzuki (MRTI.NS) beat estimates for quarterly profit margins on Friday as a string of price hikes and lower sales promotion expenses helped it offset the impact of higher raw material prices and global chip shortages.

Maruti’s earnings before interest, taxes, depreciation, and amortization margin – a key measure of profitability – stood at 9.08%, topping analysts’ estimates of 8.065%, according to Refinitiv IBES data. Continue reading “India’s top carmaker beats margin expectations on boost from price hikes”

WASHINGTON, April 29 (Reuters) – Tesla (TSLA.O) is recalling about 48,000 Model 3 Performance vehicles in the United States because they may not display the speedometer while in “Track Mode,” documents released Friday show.

The recall covers vehicles from the 2018 through 2022 model years. Tesla will perform an over-the-air software update to address the issue. Tesla said a firmware update released in December unintentionally removed the speed unit from the user interface. Continue reading “Tesla recalls 48,000 U.S. vehicles over speed display”

April 27 (Reuters) – Renault (RENA.PA) will transfer its 68% stake in Russia’s biggest carmaker Avtovaz to an auto research institute for one symbolic rouble, Russia said on Wednesday, the latest example of local institutions snapping up bargains as Western firms flee.

The trade ministry also said Renault’s factory in Moscow, which produces cars under the Renault and Nissan brands, would be passed to the city’s government, in another sign of what Russian authorities plan to do with Western assets. Continue reading “Renault to offload its stake in Lada maker for one rouble, Russia says”

April 27 (Reuters) – Hertz Global Holdings Inc (HTZ.O) new chief executive on Wednesday said he expects Americans’ pent-up desire for a summer vacation to lead to more strong rental car demand despite rising inflation.

The rental car company, which emerged from bankruptcy last year, beat analysts’ first-quarter expectations for top- and bottom-line growth at a time when tight vehicle supply is allowing rental companies to charge record rates. Continue reading “Hertz sees strong summer rental demand, beats Wall Street expectations”

BERLIN, April 27 (Reuters) – Prosecutors in Germany, Italy and Hungary have conducted searches related to the use of illegal defeat devices that provide rigged emissions readings to comply with European Union regulations in Suzuki (7269.T) diesel vehicles.

German prosecutors said in a statement on Wednesday that their investigation concerns persons responsible at Suzuki, world’s No. 4 carmaker Stellantis (STLA.MI), which supplied the Japanese carmaker with diesel engines, and Japanese auto parts maker Marelli, which supplied parts for those engines. Continue reading “European raids over defeat devices in Suzuki diesel engines”

April 27 (Reuters) – Several companies plan to open production facilities for lithium iron phosphate (LFP) batteries or components in North America and Europe by 2025, as the alternative to nickel-cobalt-manganese (NCM) cells begins to take root outside China. Continue reading “Factbox: Electric car battery showdown brews in West”

LONDON, April 27 (Reuters) – A regulatory gap allows automakers like Ford (F.N) and BMW (BMWG.DE) to make U.S. cars that emit more ultrafine particles that harm human health than equivalent models sold in Europe and other markets, according to new research.

British testing specialist Emissions Analytics took four pairs of cars – from Ford, BMW, Toyota (STLA.MI) and Stellantis (STLA.MI) – and compared the impact of tailpipe filters that are widely used in Europe where regulations limit the number of harmful particles that can be emitted, but not in the United States where the same regulations do not apply. Continue reading “Lacking filters, U.S. cars set to emit a septillion more particles – research”

BEIJING/SHANGHAI, April 28 (Reuters) – Baidu and Pony.ai said on Thursday they had received permits from the Beijing municipal government to provide driverless ride-hailing services in a 60 sqm area in the Chinese capital.

Baidu said the permit would allow 10 of its autonomous vehicles to offer rides on the open roads in the area, without human drivers sitting behind the wheel. Continue reading “Baidu, Pony.ai receive permits for driverless ride-hailing in Beijing city area”

April 27 (Reuters) – U.S. new vehicle sales is expected to fall in April, as low inventories and rising interest rates boost prices amid high demand, consultants J.D. Power and LMC Automotive said.

U.S. retail sales of new vehicles in April could fall 23.8% to 1.1 million units from a year earlier, according to a report released by the consultants on Wednesday. Continue reading “U.S. auto sales to fall in April on tight inventories, rising rates – data”

DETROIT, April 27 (Reuters) – Ford Motor Co (F.N) posted better-than-expected quarterly results on Wednesday and maintained its profit forecast for the year, citing strong vehicle pricing that partly offset higher costs and inflation.

Chief Financial Officer John Lawler called the performance “mixed,” saying continued chip shortages hit the company hard, especially on its large and most profitable vehicles – the F-Series pickup and Expedition and Navigator SUVs. Continue reading “Ford rides higher vehicle prices to strong quarter, maintains forecast”

Hyderabad : One Moto India- The first-ever British Brand of Elegant and premium 2-Wheeler EV in India, has announced increasing manpower by 150% in its first hiring drive in India. The brand currently boasts a workforce of 35, and aims to take this number up to 100 by the end of fiscal.

The brand has been on an aggressive launch spree announcing three electric scooters within a span of 3 months- Byka, Electa, and Commuta. Continue reading “British Automobile Brand One Moto India Announces Increasing Manpower By 150 Percent”

OEMwise Sales Snapshot –

 

Continue reading “Indian 2 Wheeler Sales Figures – March 2022”

SEOUL, April 27 (Reuters) – LG Energy Solution Ltd (LGES) (373220.KS) booked a 24% quarterly profit drop on Wednesday, far milder than market estimates, as strong sales of batteries to Tesla Inc (TSLA.O) offset troubles at automotive clients where chip shortages have hit production.

Rising raw materials prices and supply-chain disruption set LGES up for a lean first quarter, but with Tesla reporting firm sales of its electric vehicles, LGES not only cushioned the blow, but said it has set itself up for a robust second quarter. Continue reading “S.Korea battery maker LGES sees brighter Q2 outlook, lifts capex”

TOKYO, April 27 (Reuters) – Toyota Motor Corp (7203.T) on Wednesday posted record high global production in March, as overseas production made up for a drop off at home, highlighting the impact of factory stoppages and weaker consumer demand in Japan.

Japan’s largest automaker produced 866,775 vehicles worldwide in March it said, marking a 2.8% increase from the same month last year and a monthly record. Continue reading “Toyota reports record high global production for March, despite slump at home”

Tesla Inc (TSLA.O) lost $126 billion in value on Tuesday amid investor concerns that Chief Executive Elon Musk may have to sell shares to fund his $21 billion equity contribution to his $44 billion buyout of Twitter Inc (TWTR.N).

Tesla is not involved in the Twitter deal, yet its shares have been targeted by speculators after Musk declined to disclose publicly where his cash for the acquisition is coming from. The 12.2% drop in Tesla’s shares on Tuesday equated to a $21 billion drop in the value of his Tesla stake, the same as the $21 billion in cash he committed to the Twitter deal. Continue reading “Tesla loses $126 bln in value amid Musk Twitter deal funding concern”

BERLIN, April 27 (Reuters) – Mercedes-Benz (MBGn.DE) expects strong demand for high-end cars to allow it to offset rising raw material and transport costs with higher prices, forecasting a pick-up in deliveries once chip shortages ease.

While the German automaker’s high pricing strategy is in part based on its luxury products being scarce, it could have sold more vehicles in the first quarter without pushing prices down if it weren’t for the lack of chips, Chief Financial Officer Harald Wilhelm said on Wednesday. Continue reading “Strong demand lets Mercedes-Benz hike prices to offset costs”

PARIS, April 27 (Reuters) – A spokesperson for French carmaker Renault (RENA.PA) declined to comment on Wednesday on a report by Russia’s Interfax saying it would transfer its majority stake in carmaker Avtovaz (AVAZI_p.MM) to a Russian science institute.

Renault will have the right to buy the stake back within the next five to six years, Interfax reported, citing the Russian trade minister. He also said Renault’s stake in its Moscow plant would be passed to the city’s local government. Continue reading “Renault silent after media report about transfer of Avtovaz stake”