Reuters

1 min read

PRAGUE, June 24 (Reuters) – Skoda Auto, part of Germany’s Volkswagen Group , wants electric cars to make up at least half of its sales in Europe by 2030 as it transitions from motor engines in the coming decade, the Czech carmaker said on Thursday.

As part of its strategy, Skoda will unveil at least three more all-electric models, adding to two models currently. The new models will be positioned below its Enyaq iV electric SUV.

Continue reading “Skoda aims for at least half its European car sales by 2030 to be electric”

David Shepardson

Reuters 2 min read

WASHINGTON, June 24 (Reuters) – A bipartisan $1.2 trillion infrastructure framework does not contain new money for electric vehicle rebates but would spend $15 billion to boost EV charging stations and buy electric school and transit buses, the White House said in a fact sheet.

President Joe Biden proposed $174 billion on electric vehicles, including $100 billion on electric vehicle consumer rebates. Democrats in Congress still plan to seek funding for EV rebates in other legislation this year. The funding would “accomplish the president’s goal of building 500,000 EV chargers” and “electrify thousands of school and transit buses across the country,” the White House said.

Continue reading “U.S. infrastructure deal would fund electric buses, charging stations”

Sam Nussey, Shinji Kitamura

Reuters 3 min read

• Panasonic wants to reduce reliance on Tesla
• Panasonic seeks to raise cash for investing in growth
• Sale will not change relationship – Panasonic spokesperson
• Panasonic shares closed up 4.9%

TOKYO, June 25 (Reuters) – Panasonic Corp (6752.T) sold its stake in electric car maker Tesla Inc (TSLA.O) for about 400 billion yen ($3.61 billion) in the year ended March, a spokesperson for the Japanese company said on Friday.

The sale comes as the bicycles-to-hair dryers conglomerate is seeking to reduce its dependence on Tesla and raise cash for growth investment.

Continue reading “Panasonic sells Tesla stake for $3.6 bln”

Scott Murdoch, Julie Zhu, Yilei Sun

Reuters 3 min read

June 24 (Reuters) – Chinese ride-sharing giant Didi Global Inc’s $4 billion initial public offering (IPO) received enough investor demand to clinch its targeted price range on Friday, vindicating a lowering of valuation expectations, people familiar with the matter said.

The listing in New York, which will be the biggest U.S. share sale by a Chinese company since Alibaba raised $25 billion in 2014, is expected to price on Tuesday, and the shares to start trading on Wednesday.

Continue reading “Chinese firm Didi’s $4 bln IPO books covered on first day of bookbuild -sources”

The Hindu Business Line

2 min read

Setting up a Dhirubhai Ambani Green Energy Giga Complex in Jamnagar Mukesh Ambani announced ₹75,000-crore investment in next three years into RIL’s new energy business with the aim of bridging the green energy divide in India and globally.

“Reliance will make its new energy business a truly global business. In 2016, we launched Jio with the aim of bridging the Digital Divide in India. Now, in 2021, we are launching our new energy business with the aim of bridging the green energy divide in India and globally,” Ambani said.

Continue reading “RIL to invest ₹75,000 crore in 3 years in new energy business”

David Shepardson

Reuters 3 min read

WASHINGTON, June 23 (Reuters) – The United States International Trade Commission (ITC) said on Wednesday that U.S. manufacturers are “materially injured” by imports of passenger vehicle and light truck tires from Korea, Taiwan and Thailand.

The ITC also found subsidized passenger tires from Vietnam injure domestic manufacturers.

Continue reading “U.S. tire industry harmed by Korea, Taiwan, Thailand tire imports -trade panel”

Reuters

2 min read

BEIJING, June 23 (Reuters) – U.S. electric vehicle maker Tesla Inc (TSLA.O) has opened a solar-powered charging station with on-site power storage in the Tibetan capital Lhasa, the company said in a Weibo post on Wednesday, its first such facility in China.

Tesla does not have a showroom in Tibet, a remote and long-impoverished region. In its post, the company cited the ample sunlight in the mountainous area as behind the move.

Continue reading “Tesla opens solar charging station in Tibet, its first in China”

Reuters

2 min read

BEIJING, June 23 (Reuters) – Chinese electric vehicle maker Xpeng Inc (XPEV.N) filed for a dual primary listing on the Hong Kong Stock Exchange on Wednesday.

A dual primary listing is different from secondary listing and will allow qualified Chinese investors to invest in the company through the Stock Connect regime linking mainland Chinese and Hong Kong markets, according to the exchange’s rules.

Continue reading “China’s EV maker Xpeng files for Hong Kong listing”

Reuters

2 min read

TOKYO, June 24 (Reuters) – Honda Motor Co (7267.T) unveiled its latest Civic hatchback designs on Thursday, with hopes that the all-new model will become a foundation for developing cars more efficiently.

The eleventh generation model of the Civic reflects Honda’s company-wide initiative dubbed Honda Architecture, which is aimed to increase the efficiency of development and to expand parts-sharing for mass-produced cars.

Continue reading “Honda hopes new Civic hatchback to be basis for more efficient cars”

Rajesh Singh

Reuters 7 min read

CHICAGO, June 23 (Reuters) – In 2018, Whirlpool Corp (WHR.N) swung to a loss after a tariff-fueled rally in U.S. steel prices drove up its raw-materials costs.

This year, it is paying $1 billion for steel and other materials, but the West Michigan appliance maker is on track to post its highest profit in decades.

Continue reading “Manufacturers have an answer to higher costs: Pass them on”

Reuters

2 min read

BEIJING, June 23 (Reuters) – WeRide, a China-based autonomous driving startup, said on Wednesday that it would deepen development with Nissan Motor (7201.T) on autonomous driving technology for the China market as it raised $310 million at a $3.3 billion valuation.

WeRide, led by founder Tony Han, is pursuing what is known in the auto industry as a level 4 autonomous standard, in which the vehicle can handle all aspects of driving in most circumstances with no human intervention.

Continue reading “Self-driving startup WeRide deepens ties with Nissan, raises $310 mln”

Reuters

2 min read

BEIJING, June 23 (Reuters) – U.S. electric vehicle maker Tesla Inc (TSLA.O) has opened a solar-powered charging station with on-site power storage in the Tibetan capital Lhasa, the company said in a Weibo post on Wednesday, its first such facility in China.

Tesla does not have a showroom in Tibet, a remote and long-impoverished region. In its post, the company cited the ample sunlight in the mountainous area as behind the move.

Continue reading “Tesla opens solar charging station in Tibet, its first in China”

Bhargav Acharya, Shilpa Jamkhandikar

Reuters 4 min read

June 23 (Reuters) – India said on Wednesday it has found around 40 cases of the Delta coronavirus variant carrying a mutation that appears to make it more transmissible, and advised states to increase testing.

Below is what we know about the variant.

Continue reading “Explainer: What is the Delta variant of coronavirus with K417N mutation?”

Hyundai

3 min read

• Hyundai Motor Group and Grab have expanded their partnership to accelerate adoption of electric vehicles (EVs) in Southeast Asia
• Both parties to explore launching new EV business models including battery-as-a-service and EV financing to drive EV adoption
• Lowering total cost of ownership and reducing range anxiety key to greater EV adoption
• Enhanced partnership to also explore collaboration in new business opportunities and technologies such as smart city solutions

SINGAPORE/SEOUL, June 22, 2021  –  Hyundai Motor Group and Grab Holdings Inc. (Grab) today announced an enhancement of their ongoing strategic partnership in mobility services. The next phase of the partnership will focus on accelerating EV adoption in Southeast Asia. The Group, including Hyundai Motor Company and Kia Corporation which are the Group’s affiliates, and Grab will further develop new pilots and initiatives that lower the barriers of entry for Grab driver and delivery-partners to adopt EVs, such as lowering the total cost of ownership and reducing range anxiety.

Continue reading “Hyundai Motor Group Deepens Partnership with Grab to Accelerate EV Adoption in Southeast Asia”

Reuters

2 min read

BERLIN, June 22 (Reuters) – German luxury carmaker Daimler AG (DAIGn.DE) wants to manufacture its own battery cells, Business Insider reported on Tuesday, citing company sources.

Daimler struck a deal to buy lithium-ion battery cells from Farasis Energy (688567.SS) in 2019 and the Chinese-American supplier had intended to build a factory in East Germany to help the Mercedes-Benz maker ramp up electric vehicle production.

Continue reading “Daimler wants to produce its own battery cells – Business Insider”

Reuters

2 min read

FRANKFURT, June 21 (Reuters) – BMW (BMWG.DE) plans significant production cost cuts by the middle of the decade, one of the German carmaker’s board members said, in a bid to become more competitive with Volkswagen (VOWG_p.DE), Daimler (DAIGn.DE) and Tesla (TSLA.O).

“We will lower the production costs per vehicle by 25% by 2025 – compared with the level in 2019,” Milan Nedeljkovic, BMW’s board member in charge or production, was quoted as saying by German newspaper Handelsblatt.

Continue reading “Board member says BMW to cut production cost per vehicle by 25%”

Reuters

1 min read

TOKYO, June 21 (Reuters) – SoftBank Group Corp (9984.T) said on Monday South Korea’s Hyundai Motor Group had completed the acquisition of robotics firm Boston Dynamics from the Japanese conglomerate.

The deal, which was announced last December and valued the maker of the “Spot” robot at $1.1 billion, gives Hyundai an 80% stake with SoftBank retaining the remaining 20%. read more

Continue reading “Hyundai completes Boston Dynamics purchase from SoftBank”

Reuters

1 min read

WEISSACH, Germany, June 21 (Reuters) – Volkswagen (VOWG_p.DE) will soon decide on the future of its luxury brand Bugatti, Oliver Blume, Volkswagen management board member and CEO of Porsche AG, said on Monday.

Volkswagen in March said it was working on a strategic partnership with Croatian electric hypercar maker Rimac, which will likely result in a joint venture between Porsche and Rimac, with Porsche as a minority partner.

Continue reading “Porsche to decide soon on Bugatti future – CEO”

David Shepardson

Reuters 4 min read

WASHINGTON, June 17 (Reuters) – U.S. auto safety regulators said on Thursday they have opened 30 investigations into Tesla (TSLA.O) crashes involving 10 deaths since 2016 where advanced driver assistance systems were suspected of use.

The National Highway Traffic Safety Administration (NHTSA) released a list offering details about crashes under review by its Special Crash Investigations programs.

Continue reading “U.S. safety agency probes 10 Tesla crash deaths since 2016”

3 min read

Tata Ace had redefined the Small Commercial Vehicle market in the India and in a way created the 4-wheeler SCV segment by itself. Commemorating 16 strong years of the Ace, Tata Motors has announced the launch of the new ‘16 saal bemisaal’ campaign. To celebrate this feat, Tata Motors has organized roadshows, wherein Tata Aces will travel across 10 states in the country. Tata Motors will leverage this opportunity to distribute medical facemasks in the wake of the COVID-19 pandemic. The campaign will aim to showcase the benefits and rewards of starting a small-scale logistics business, especially in this pandemic-induced economic slowdown. Cumulatively, the Aces will travel a distance of around 4 lakh kilometers. Patrons will also be able to test drive the vehicle to gain a first-hand experience of the Ace.

Continue reading “Tata Ace SCV crosses 16 years in the Indian market and over 23 Lakh units sold to date!”

Reuters

1 min read

FRANKFURT, June 17 (Reuters) – Volkswagen’s Audi unit will stop introducing cars based on petrol and diesel engines from 2026, Sueddeutsche Zeitung reported on Thursday, citing comments made by Audi CEO Markus Duesmann to labour representatives and top managers.

The report said there would also no longer be any hybrid models from that date onwards.

Continue reading “Audi sets 2026 end date for combustion engine cars-Sueddeutsche Zeitung”

Reuters

1 min read

June 17 (Reuters) – Ford Motor Co (F.N) said on Thursday its second-quarter operating profit will exceed expectations due to lower costs and rising prices for new and used vehicles amid the global semiconductor chip shortage.

Ford Chief Executive Jim Farley also said at a Deutsche Bank conference that the No. 2 U.S. automaker will eventually raise its spending on electric vehicles beyond the $30 billion-plus through 2025 that it outlined last month. He added the Argo AI self-driving software startup, in which Ford invested, will need more funding in the future. read more

Continue reading “Ford sees better-than-expected quarterly profit on higher vehicle prices”

Reuters

2 min read

SHANGHAI, June 18 (Reuters) – China’s new energy vehicle (NEV) sales are expected to grow more than 40% each year in the next five years, a senior official at the China Association of Automobile Manufacturers (CAAM) said on Friday.

Fu Bingfeng, executive vice chairman of CAAM, made the remarks at a conference held by the industry body in Shanghai.

Continue reading “China new energy vehicle sales to grow over 40%/yr in next 5 yrs -industry body”

Reuters

2 min read

MILAN, June 18 (Reuters) – Ferrari (RACE.MI) and Amazon Web Services (AWS) have entered an agreement to make Amazon’s (AMZN.O) cloud computing unit the luxury carmaker’s cloud storage, machine learning, and artificial intelligence provider, AWS said on Friday.

The deal will help Ferrari streamline design and testing of its cars, and allow its Scuderia Ferrari Formula One racing team to launch a digital fan engagement platform, AWS said in a statement.

Continue reading “Ferrari, Amazon’s AWS enter agreement on data”

PTI

2 min read

Auto component maker Sona BLW Precision Forgings’ initial public offer was subscribed 2.28 times on the last day of subscription on Wednesday.

The initial public offer (IPO) received bids for 24,43,02,138 shares against 10,71,05,262 shares on offer, according to an update on the NSE.

Continue reading “Sona Comstar IPO subscribed 2.28 times”

Julie Zhu, Pei Li

Reuters 4 min read

HONG KONG, June 17 (Reuters) – China’s market regulator has begun an antitrust probe into Didi Chuxing, three people with knowledge of the matter said, just as the ride-hailing giant is pushing ahead with what could be the largest initial public offering in the United States this year.

The probe, reported here for the first time, is the latest in a sweeping crackdown on China’s so-called “platform” companies, including Alibaba Group Holding Ltd (9988.HK), and Tencent Holdings Ltd (0700.HK).

Continue reading “EXCLUSIVE China’s IPO-bound Didi probed for antitrust violations – sources”

Reuters

2 min read

LONDON, June 17 (Reuters) – Daimler AG (DAIGn.DE) will accelerate the launch of electric cars slated for the middle of this decade while phasing out fossil-fuel versions, as it revamps its electrification strategy, Manager Magazin reported on Thursday.

Many of the electric vehicle models the German carmaker has planned for 2024 or 2025 will be moved forward a year and their fossil-fuel equivalents will be dropped from the lineup, the magazine reported, citing sources close to the matter.

Continue reading “Daimler speeds up shift to electric vehicles, Manager Magazin reports”

David Shepardson

Retuers 4 min read

WASHINGTON, June 16 (Reuters) – The U.S. Senate Commerce Committee on Wednesday again rejected attempts to lift regulations to allow for the deployment of thousands of autonomous vehicles as union groups and attorneys campaign against the legislative proposal.

The committee rebuffed the bid by Republican Senator John Thune to attach measures lifting regulations on autonomous vehicles to a $78 billion surface transportation bill after he sought last month to attach it in May to a bill on China tech policy.

Continue reading “U.S. push for self-driving cars faces union, lawyers opposition”

2 min read

Analysis Period is January 2021 to May 2021. Cars taken into consideration are, those which were not here during LY same period. The parameter considered is volume sales.

We take a closer look at the top-selling cars this year, which are launched recently. The Kia Sonet continues to impress by the day. The compact SUV from Kia has got strong acceptance in the mass market segment and has raced away ahead every month with more than 6,000 numbers every month on monthly basis. Currently, it is ranked1 in terms of the new cars that were launched. Kia Sonet stood at 39,705 units.

Continue reading “Top 5 New Car Launches in India this year 2021-Year Till Date. Kia Sonet, Mahindra Thar & others.”

Reuters

2 min read

TOYOTA CITY, June 16 (Reuters) – Toyota Motor Corp’s (7203.T) shares reached a record high on Wednesday, earning a rare message of thanks from the company’s president at its annual general meeting (AGM).

The share price of Japan’s no. 1 carmaker exceeded 10,000 yen ($90.84) on Tuesday for the first time, as investors welcomed Toyota’s strong sales, electric plans as well as its ability to tackle a global chip shortage better than the competitors.

Continue reading “Toyota thanks shareholders for support after shares hit record high”

Nick Carey

Reuters 4 min read

June 16 (Reuters) – Among the major carmakers, Volkswagen (VOWG_p.DE) and Volvo are doing enough to electrify their vehicle lineups in Europe and the EU needs to set tougher CO2 emission limits if it wants to meet Green Deal targets, according to a climate group’s study.

Sales of battery electric vehicles and plug-in hybrids almost tripled last year, boosted by tighter emission standards and government subsidies. read more Continue reading “Only Volkswagen, Volvo doing enough to electrify in Europe – study”

Hyunjoo Jin, Chavi Mehta

Reuters 4 min read

June 16 (Reuters) – Alphabet Inc’s (GOOGL.O) self-driving unit Waymo said on Wednesday it raised $2.5 billion in its first fresh funding round in a year, after a string of defections of executives rekindled concerns about the technology struggling to scale up.

The announcement came a day after General Motors Co’s (GM.N) majority-owned Cruise self-driving car subsidiary said it would gain access to a $5-billion credit line.

Continue reading “Alphabet’s Waymo raises $2.5 bln in first fresh funding in a year”

Reuters

3 min read

June 16 (Reuters) – Britain is in talks with six companies for building gigafactories to produce electric vehicle batteries, the Financial Times reported on Wednesday, citing people briefed on the discussions.

Ford Motor Co (F.N), Nissan Motor Co Ltd (7201.T), LG Corp (003550.KS), Samsung (005930.KS) and start-ups Britishvolt and InoBat Auto are in talks with the British government or local authorities about locations for potential factories and financial support, according to the report. (https://on.ft.com/3wu1eYz)

Continue reading “UK in talks with 6 firms to build gigafactories for EV batteries -FT”

David Shepardson

Reuters 3 min read

WASHINGTON, June 15 (Reuters) – General Motors Co will boost global spending on electric and autonomous vehicles to $35 billion through 2025, a 30% jump over its most recent forecast as it pursues EV leadership, people briefed on the matter told Reuters.

As part of that spending, the No. 1 U.S. automaker will build two additional U.S. battery plants and move ahead some of its EV investments, said the sources, who asked not to be identified. In November, GM upped its spending plans from $20 billion, a figure that was announced in March before the COVID-19 pandemic shut down the auto industry.

Continue reading “EXCLUSIVE GM to boost spending on electric vehicles by 30%”

Ben Klayman

Reuters 2 min read

DETROIT, June 16 (Reuters) – Polestar, the premium electric vehicle maker owned by China’s Geely (GEELY.UL) and Volvo Cars, will build its Polestar 3 electric SUV at Volvo’s U.S. plant in South Carolina starting in the second half of 2022, the brand’s chief executive said.

Thomas Ingenlath told Reuters in a telephone interview that the Polestar 3 is “nicely suited for the U.S. as a … big, tall, grown-up SUV. This is a win-win situation.”

Continue reading “Polestar to make electric SUV at U.S. Volvo plant, starting in 2022”

Ben Klayman, Joseph White

Reuters 2 min read

Hyundai Motor Co (005380.KS) and General Motors Co (GM.N) said on Monday they are pushing ahead with developing flying cars, with the South Korean company expressing optimism it could have an air-taxi service in operation as soon as 2025.

A GM executive said it could take until 2030 for air-taxi services to overcome technical and regulatory hurdles and reach commercialization.

Continue reading “Hyundai, GM serious about ‘flying car’ efforts”

Nick Carey

Reuters 3 min read

Jaguar Land Rover will begin tests later this year on a hydrogen fuel-cell prototype model based on its Land Rover Defender vehicle as the carmaker looks to expand its zero-emission car options, the company said on Tuesday.

JLR, owned by India’s Tata Motors (TAMO.NS), earlier this year said that its luxury Jaguar brand will be entirely electric by 2025, and the more rugged, off-road Land Rover brand will launch six pure electric models over the next five years. read more

Continue reading “JLR to begin testing prototype hydrogen Land Rover this year”