(Reuters) – Luxury retailer Saks Global on Friday emerged from Chapter 11 bankruptcy after nearly five months with less than half of its previous stores and a quarter of its debt.
The company, home to three of America’s most iconic retail brands — Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman — will operate under the name Exemplar Luxury Group (ELG) and will focus on luxury retail, it said in a statement. Continue reading “Saks Global emerges from bankruptcy with new name, less debt”
Summary
OTTAWA, (Reuters) – Geely Holding Group’s Lotus brand electric vehicles will arrive in Canada next month under an agreement between Prime Minister Mark Carney and Chinese President Xi Jinping, China’s ambassador to Canada Wang Di told Reuters on Friday.
They will be the first Chinese-owned and manufactured vehicles for sale under an agreement that allows up to 49,000 Chinese EVs to enter Canada annually at a reduced tariff rate, as Carney tries to diversify Canada’s trade away from the United States. Continue reading “China’s Geely to ship first Lotus EVs to Canada in July under Carney-Xi deal, ambassador says”
Summary
FRANKFURT, (Reuters) – Volkswagen’s plans to close plants in Germany and nearly double planned job cuts to around 100,000 have put the spotlight on its unique governance and ownership structure that have drawn criticism from investors for years.
Like other German conglomerates, the 89-year-old automaker is the result of decades of expansion and strategy shifts, resulting in an empire that stretches from mass-market SEATs to luxury Lamborghinis, as well as stakes in sports car maker Porsche AG and truck maker Traton. Continue reading “Volkswagen Law: the unique structure behind Europe’s biggest carmaker”
Summary
BERLIN, (Reuters) – Volkswagen is considering shutting four German factories and ramping up job cuts to as many as 100,000, two people familiar with the matter said on Friday, in what could be the biggest ever overhaul in the industry.
Members of VW’s supervisory board have been informed of the plans, which are due to be discussed at a July 9 meeting, the people said. Continue reading “VW weighs up to 100,000 job cuts, four plant closures in biggest overhaul yet, sources say”
Source : PTI | Indian commercial vehicles industry is expected to register a moderate YoY growth of 4-6 per cent in wholesale volumes in FY27 with the broadened base of last fiscal likely to have some bearing on the growth momentum of this year, ratings agency ICRA said on Friday.
While medium and heavy commercial vehicles (trucks) and light commercial vehicles (trucks) segments are expected to witness a YoY volume growth of 1-3 per cent and 6-8 per cent, respectively, the buses segment is likely to see a 7-9 per cent YoY growth over the fiscal, ICRA said in a report. Continue reading “Domestic CV industry to see moderate growth of 4-6% in FY27: ICRA”
Source : PTI | Bajaj Auto Ltd on Friday said its operations, including manufacturing, sales and service activities, are operating normally despite the cybersecurity incident reported on June 23, 2026.
While the investigation is ongoing, the company remains focused on business continuity and serving its customers, dealers, vendors and business partners, Bajaj Auto said in a regulatory filing.
Source : PTI | National Highways Authority of India (NHAI) on Thursday said it has rolled out multi-lane free flow (MLFF) tolling at Gharaunda toll plaza on the Panipat-Jalandhar section of NH-44 in a step towards realising barrier-less and technology-driven highway travel.
The MLFF system marks a transformative shift from conventional toll plazas by enabling toll collection without requiring vehicles to stop or slow down. Leveraging advanced electronic toll collection (ETC) technology, high-performance sensors and cameras mounted on overhead gantries automatically identify vehicles and deduct user fees through FASTag, allowing uninterrupted travel at highway speeds, the NHAI said in a statement.
Continue reading “NHAI rolls out multi-lane free flow tolling at Gharaunda Toll Plaza on NH-44”
Source : PTI | Bajaj Auto Ltd will strengthen strategically important 125cc plus domestic motorcycle portfolio, while ‘turbo charging’ its electric scooter Chetak in FY27, amid a volatile, uncertain and complex external environment, Chairman Niraj R Bajaj said.
The company will also look to boost exports given the recovery across key international markets, whilst navigating the challenges and disruptions in global logistics, Bajaj said in the company’s annual report for 2025-26. Continue reading “Bajaj Auto to strengthen 125cc-plus bike segment, turbo charge Chetak in FY27: Chairman”
(Reuters) – Automakers Stellantis and Nissan Motor are in talks to take over some assets of Japanese auto parts supplier Marelli Holdings, Bloomberg News reported on Thursday, citing sources.
Stellantis is in discussions to acquire Marelli’s suspensions business in Italy and some other countries, while Nissan is looking at the supplier’s cockpit assets in Japan, the report said.
The discussions are part of broader negotiations aimed at saving the auto-parts supplier, the report added. Continue reading “Stellantis, Nissan eye Marelli assets in rescue talks, Bloomberg reports”
WASHINGTON, (Reuters) – The National Highway Traffic Safety Administration proposed on Thursday to end a government requirement for manual brake pedals in self-driving vehicles, a move that would make it easier to deploy such vehicles on U.S. roads.
The proposal would not apply to vehicles with human driver controls and NHTSA said it would not drop braking performance requirements, including strict stopping distance standards for self-driving vehicles. Continue reading “US proposes to drop brake pedal requirements for self-driving vehicles”
(Reuters) – James Sprayregen, who over three decades built the restructuring practice of Kirkland & Ellis and turned it into the go-to law firm for distressed companies, is joining law firm Paul, Weiss, Rifkind, Wharton & Garrison, the firm said on Thursday.
Sprayregen will co-lead the restructuring and debt capital solutions practice at Paul Weiss, the firm said.
Sprayregen, who founded Kirkland & Ellis’ restructuring group in 1990, left the law firm in 2024 to become the vice chairman of global strategy and growth at the private investment firm Hilco Global. Continue reading “Top bankruptcy attorney Sprayregen to join US law firm Paul Weiss”
Summary
DETROIT, (Reuters) – The automotive industry’s increasingly complex vehicles improved in overall quality during the past year, with Ford Motor taking the top initial quality award among mass market brands, according to data from J.D. Power.
The achievement for Ford comes after years of lagging scores in the closely watched ranking, as well as costly warranty issues. The automaker is also under a consent order from a federal auto safety regulator, which found that Ford delayed recalling some vehicles with defective rearview cameras. Continue reading “US automotive quality increased industrywide last year, with Ford taking top honors”
MILAN, (Reuters) – Ferrari’s first-ever EV model, which has triggered a flurry of criticism since its unveiling last month, needs to be “digested” before it can be understood, the company’s Chief Product Development Officer Gianmaria Fulgenzi said on Thursday.
The €550,000 ($626,000) Luce is a four-door, five-seat family car which has baffled fans and commentators alike, as it looks nothing like the Italian marque’s usual fare of low-slung, petrol-powered sports cars. Continue reading “Ferrari’s divisive new EV car needs to be ‘digested’, company exec says”
TOKYO, (Reuters) – Honda Motor Chief Executive Toshihiro Mibe secured support for his reappointment to the Japanese automaker’s board at its annual meeting on Friday after apologising to shareholders for the company’s poor financial performance.
Honda is seeking to recover from costly strategic missteps after posting its first annual loss in seven decades last month, hurt by more than $9 billion in restructuring costs for its electric-vehicle business and competition from Chinese rivals. Continue reading “Honda CEO apologises for company’s loss, wins investor backing at annual meeting”
Summary
STOCKHOLM/WASHINGTON, (Reuters) – Polestar said on Thursday the Trump administration was forcing the electric-vehicle maker to stop selling vehicles in the United States beginning in the 2027 model year as Washington ramps up its crackdown on Chinese vehicles.
Shares of Polestar were down 6.3% on Thursday afternoon on the Nasdaq. Continue reading “US cranks up pressure on China EVs with Polestar ban”
WAF THINK TANK
Redsage Global Gets Inducted to World Auto Forum as Annual Gold Partner WAF
Longest Running Program on Vehicle After Sales Service. Full House each year! WAF Continue reading “WAF Auto News | The Auto World This Week (26th June 2026)”
Source : PTI | Crude oil futures fell by ₹80 to ₹6,589 per barrel on Thursday as improving prospects of a US-Iran agreement and rising shipments through key export routes eased concerns over global supply disruptions.
Extending the slide for the fourth straight session, crude oil for the July delivery slipped by ₹80, or 1.2 per cent, to ₹6,589 per barrel in a business turnover of 5,847 lots on the Multi Commodity Exchange (MCX).
Continue reading “Crude oil futures fall over 1% as supply fears fade amid Iran deal optimism”
Source : PTI | Giving a major boost to public transport, Tamil Nadu Chief Minister C Joseph Vijay on Thursday flagged off 300 new government buses procured at an estimated cost of ₹127.21 crore.
The newly inducted fleet-comprising both city and mofussil buses-immediately commenced operations from key transit hubs, including the Kilambakkam and Koyambedu bus terminals, to enhance commuter connectivity and reduce waiting times.
Continue reading “Tamil Nadu CM Vijay flags off 300 new government buses”
Source : PTI | In a major push towards tech-driven traffic management, the Centre has approved more than ₹500 crore for the implementation of the intelligent transport system project in the Chennai metropolitan area.
Sources in the Greater Chennai Corporation on Thursday said the Chennai Intelligent Transport System (CITS) project is meant to build an efficient traffic system capable of handling the increasing traffic demands of the capital city. Continue reading “Centre clears ₹500+ crore intelligent transport system project for Chennai”
Summary
WUHU, China/TORONTO, – Just two weeks after Canadian Prime Minister Mark Carney announced in January he would allow limited electric-vehicle imports from China, that country’s biggest auto exporter, Chery, held its first meetings in Canada with car dealers.
China’s national champion BYD, now the world’s largest EV maker, is already planning to open six dealerships in Canada, an advisory firm scouting locations for BYD told Reuters. BYD has also started compliance procedures to import two passenger cars to Canada, regulatory records show. Continue reading “China’s carmakers rush to Canada as a ‘practice run’ for US sales”
Summary
BERLIN, (Reuters) – Volkswagen shares climbed 2.4% on Thursday following the announcement of the sale of a majority stake in its engine unit Everllence in a deal set to generate €7.4 billion ($8.41 billion) for the carmaker as it forges ahead with restructuring.
Following a weeks-long bidding race, Europe’s largest carmaker announced late on Wednesday it had picked U.S. private equity firm Bain Capital to buy 51% of Everllence, a leading maker of marine engines which is also looking for growth in the AI boom via generator demand for data centres. Continue reading “Volkswagen shares boosted by Everllence deal promising €7.4 billion in proceeds”
Summary
BEIRUT, (Reuters) – Former Nissan Chairman Carlos Ghosn said calls by some shareholders for his return reflected deep anger over years of failed turnaround plans, accusing the automaker’s leadership of squandering value and losing direction since his 2018 ouster.
In an interview with Reuters, Ghosn said investors had “had enough” after three chief executives failed to revive the company. At Nissan’s annual meeting on Tuesday, CEO Ivan Espinosa faced shareholder anger and a proposal from at least one investor to bring back the fugitive executive — an effort that failed as shareholders overwhelmingly backed the board. Continue reading “Ghosn says calls for his Nissan return show investor anger over results”
Vijay Sethi is a distinguished technology leader, digital transformation strategist, and one of India’s most recognized Chief Information Officers (CIOs). With over three decades of experience across manufacturing, pharmaceuticals, consulting, and enterprise technology, he has played a pivotal role in driving innovation, digital transformation, and business excellence for leading global organizations.
Vijay Sethi holds a Bachelor’s degree in Mechanical Engineering from the National Institute of Technology Kurukshetra, a PG Diploma in Industrial Engineering from the National Institute of Industrial Engineering, and an MBA in Logistics, Materials, and Supply Chain Management from the Indian Institute of Materials Management. His multidisciplinary education has enabled him to combine engineering expertise with business strategy and digital innovation. Continue reading “Vijay Sethi”
Source : PTI | State-owned NHAI on Wednesday said it has intensified action against encroachments and unauthorised parking along National Highways to enhance road safety.
NHAI in a statement said unauthorised parking of vehicles, roadside encroachments and unregulated activities along National Highways pose significant risks to road users and adversely impact traffic flow and safety. Continue reading “NHAI intensifies action against unauthorised parking on national highways”
Source : PTI | The Indian arm of German commercial vehicle maker Daimler Truck AG on Wednesday said it has signed an initial pact with the Central government to offer an eight per cent discount on the ex-showroom price of eligible BharatBenz trucks and buses to replace old commercial vehicles in the Delhi-NCR region.
Through BharatBenz’s range of BS-VI commercial vehicles, Daimler India Commercial Vehicles (DICV) looks forward to helping customers upgrade their fleets, according to the company’s President and Chief Business Officer Rajiv Chaturvedi. Continue reading “Daimler joins Centre’s commercial vehicle replacement scheme for Delhi-NCR”
Source : PTI | New Delhi: India has initiated an anti-dumping probe against imports of electrical steel, used in transformers, from China, Japan, Korea and Russia, a commerce ministry notification said.
The investigation followed a complaint in this regard by JSW JFE Electrical steel Nashik Pvt Ltd to the Directorate General of Trade Remedies (DGTR).
The applicant has alleged that the cheap imports of ‘Cold Rolled Grain Oriented Electrical Steel and Amorphous Metal’ is significantly harming the domestic industry. Continue reading “India launches anti-dumping probe into electrical steel imports from China, 3 other nations”
SEOUL, (Reuters) – Hyundai Motor’s South Korean labour union said its members voted on Wednesday to approve strike action over stalled wage negotiations, raising the prospect of production disruptions at the country’s top automaker.
Union representatives had pledged to discuss strike plans if an agreement was not reached during government-mediated talks on Wednesday, a union spokesperson said. Continue reading “Hyundai Motor’s South Korean union approves strike action over stalled wage talks”
WASHINGTON, (Reuters) – U.S. Postmaster General David Steiner told Congress on Wednesday that the financially struggling agency has a broken business model and needs help from lawmakers to turn around its operations.
“The bottom line is that we are out of cash. We are borrowing from our employees’ retirement funds to continue operations,” Steiner’s written testimony before a U.S. Senate committee said, warning it could run out of operating funds in months if it stopped deferring obligations. “The Postal Service has a broken business model and action is needed by Congress to fix it.” Continue reading “US Postal Service tells Congress it needs help, running out of cash”
WASHINGTON, (Reuters) – The White House asked Congress on Wednesday for $1 billion to boost the pensions of workers at former General Motors auto parts unit Delphi that were cut during the Detroit automaker’s 2009 bankruptcy restructuring.
The White House is also seeking $1 billion to help reconstruct New York’s Penn Station and $500 million to support ongoing construction projects at Washington’s World War II memorial and the Tidal Basin as part of a supplemental funding request. Continue reading “Trump asks Congress for $1 billion to boost pensions of former GM parts company workers”
NEW YORK, (Reuters) – The former chief operating officer at Tricolor Holdings pleaded guilty on Wednesday to fraud and conspiracy charges in connection with the now-bankrupt subprime auto lender’s collapse.
David Goodgame entered his plea before U.S. District Judge Kevin Castel in Manhattan.
He also agreed to cooperate with prosecutors, including possible testimony against former Tricolor Chief Executive Daniel Chu, Goodgame’s lawyer, Arnold Spencer, said in a phone interview. Goodgame remains free on bail. Continue reading “Former Tricolor COO pleads guilty to fraud linked to bankrupt auto lender’s collapse”
(Reuters) – Volkswagen has agreed to sell its diesel engine unit Everllence to Bain Capital in a deal generating proceeds of about €7.4 billion ($8.4 billion), beating out other private equity firms including one that had joined forces with Volkswagen’s top shareholders.
The leveraged buyout deal is expected to be one of European industry’s biggest carve-outs this year. Volkswagen has been seeking to free up cash at a time of deep cuts across the group’s automotive operations. Continue reading “Volkswagen to sell diesel engine unit to Bain in deal generating €7.4 billion”
SAO PAULO, (Reuters) – General Motors announced on Wednesday it would invest an extra 3.5 billion reais ($674.88 million) in Brazil, expanding its commitment to the country’s auto industry by 50% and supporting production of hybrid vehicles and factory modernization.
The new amount adds to 7 billion reais announced in 2024, bringing GM’s total planned investment to 10.5 billion reais until 2028, it said in a statement.
The investment will go mainly to the company’s operations in Sao Paulo state, the most populated and wealthiest in the country. Continue reading “GM adds $675 million to Brazil investment plan”
Summary
NEW DELHI, June 24 (Reuters) – Chinese automakers may be shut out of India, but their electric-vehicle technology is starting to make inroads in the world’s third-largest car market.
New Delhi has largely blocked Chinese companies from entering the market since 2020 and now Beijing is clamping down on the export of its tech know-how. Yet ties between the two countries’ carmaking industry are only growing. Continue reading “Chinese EV makers are shut out of India – but their tech isn’t”
PARIS, (Reuters) – French automaker Renault Group is planning to cut 800 engineering jobs in France by the end of 2027 in a bid to make its organisation leaner to better compete with Chinese rivals.
Chinese makers have more than tripled their market share in Europe over the past two years, with technologically advanced products and very competitive prices, Philippe Brunet, Renault’s chief technology officer, told reporters in a conference call. Continue reading “Renault plans 800 job cuts in engineering in France”
Harshavardhan Mogalgiddi is a deep-tech entrepreneur, AI solutions architect, and technology leader recognized for designing enterprise-grade digital platforms that solve complex business challenges. With expertise spanning artificial intelligence, cloud computing, enterprise software, and digital transformation, he has delivered mission-critical technology solutions across healthcare, pharmaceuticals, manufacturing, enterprise SaaS, and smart infrastructure.
As the Founder & Chief Executive Officer of Redsage, Harshavardhan Mogalgiddi leads the development of AI-powered platforms, intelligent automation solutions, and enterprise applications that enable organizations to accelerate innovation, optimize operations, and achieve measurable business outcomes. His work focuses on building secure, scalable, and high-performance systems that support digital transformation initiatives for enterprises in India and global markets. Continue reading “Harshavardhan Mogalgiddi”
Gurugram, Haryana | June 2026: BOS GmbH & Co. KG, Germany, and JRG Automotive Industries India Pvt. Ltd. have announced the formation of BOS-JRG Automotive Systems Pvt. Ltd., a strategic joint venture that combines German engineering excellence with Indian manufacturing capabilities to serve the rapidly evolving Indian automotive market.
The joint venture will manufacture advanced automotive shading and cargo management systems, beginning with Side Window Sunshades and Tonneau Covers. Continue reading “BOS and JRG Automotive Form Joint Venture to Manufacture Advanced Automotive Shading and Cargo Management Systems in India”
Source : PTI | Electric vehicle charging hubs equipped with multiple charging points and battery-swapping facilities will soon come up at MCD parking lots near major markets, commercial complexes and Metro stations across Delhi, officials said on Monday.
The Municipal Corporation of Delhi (MCD) has initiated the process of identifying sites and inviting proposals from public sector undertakings (PSUs), they added. Continue reading “EV charging hubs to come up near major markets, metro stations in Delhi”
Source : PTI | Vehicle launches by domestic auto OEMs across the industry continue to run 9-15 months behind schedule on average, according to a white paper by Vector Consulting Group.
This is despite significant investments in digital product development tools over the past five years.
The study found that as many as 93 per cent of OEMs have invested ₹50 crore or more in such technologies.
Source : PTI | India’s ethanol blending programme remains safe, consumer-friendly, and economically beneficial, the government said, dismissing concerns that the use of E20 fuel could affect the validity of vehicle insurance policies.
The oil ministry in a statement said claims linking E20 fuel use to insurance invalidation had been clarified with relevant stakeholders and were found to be incorrect.
“Ethanol blending is a globally accepted practice and is successfully implemented in several countries, including the United States, Brazil, and Japan,” it said. Continue reading “Ethanol blending programme safe, use of E20 won’t affect vehicle insurance validity: Govt”
Source : PTI | The Competition Commission of India (CCI) on Tuesday approved Japanese automaker Honda Motor Co’s proposal to acquire an additional 21 per cent stake in automotive components manufacturer Astemo from Hitachi.
“The proposed combination relates to the acquisition of 21 per cent voting interest in Astemo, Ltd. (Target) by Honda Motor Co., Ltd from Hitachi, Ltd,” the regulator said in a release.
Following the transaction, Astemo will become a consolidated subsidiary of Honda, in line with the Japanese automaker’s plan announced last December. Continue reading “CCI clears Honda’s proposal to acquire additional 21% stake in Astemo”
