Summary
HANOVER, Germany, (Reuters) – Volkswagen’s works council chief said that cost cuts must exclude plant closures or redundancies, as a last-ditch round of pre-Christmas negotiations began on Monday. Continue reading “VW union calls for compromise in last-ditch talks before Christmas”
Summary
(Reuters) – Incoming U.S. President Donald Trump’s transition team is recommending sweeping changes to cut off support for electric vehicles and charging stations and to strengthen measures blocking cars, components and battery materials from China, according to a document seen by Reuters. Continue reading “Exclusive: Trump transition team to roll back Biden EV, emissions policies”
Source : PTI | JK Tyre & Industries on Thursday said it will receive a long term loan of 30 million euros from Germany’s DEG. The company will invest the funds in a sustainable expansion of production capacities at its Madhya Pradesh-based passenger car radial tyre facility, the tyre maker said in a statement.
“The JK Organisation is a longstanding customer of DEG’s. We are now looking forward to working together with its tyre company as well,” DEG Management Board member Joachim Schumacher said. Continue reading “JK Tyre to get 30 mn euros long term loan from German entity”
Source : PTI | Chinese auto component makers are likely to skip the upcoming Bharat Mobility Show which is scheduled to be held from January 17-22 at three different locations across Delhi-NCR. The six-day Bharat Mobility Global Expo 2025 will be held between January 17 and 22 next year at Bharatmandapam, Yashobhoomi (India International Convention and Expo Center) Dwarka, and India Expo Center & Mart, Greater Noida, simultaneously.
“I don’t think so,” Automotive Component Manufacturers Association of India (ACMA) Director General Vinnie Mehta said when asked about the participation of the Chinese in the marquee auto event.
Continue reading “Chinese auto component firms likely to skip upcoming Bharat Mobility Show”
Source : PTI | Domestic and foreign firms have announced a whopping INR 3.4 lakh crore investment in India’s electrical vehicles (EVs) and ancillary industries over the next six years, Colliers India on Wednesday said while expressing concern over “tardy progress” towards achieving the goal of 30% electric mobility by 2030 Real estate consultant Colliers India on Wednesday released a report ‘EVs in India: Renewed Vigour in Electric Mobility’, highlighting that an overall EV penetration rate in India stood at 8%. It estimated sales of around 2 million (20 lakh) EVs in 2024.
“Although the pace of EV adoption in the country has been commendable, it has not been as brisk as anticipated,” the consultant pointed out.
SHANGHAI, (Reuters) – China’s CATL has told suppliers it is willing to provide them with financial support to speed up technology innovation in battery materials and equipment, part of efforts to relieve stress on its supply chain amid a brutal EV price war.
It is willing to take on part of their R&D costs and make advance payments for projects to ensure technologies make progress, according to a CATL letter to suppliers seen by Reuters. Continue reading “China’s CATL offers suppliers financial support to drive battery innovation”
LISBON, (Reuters) – Carlos Tavares, who abruptly resigned as CEO of carmaker Stellantis on Dec. 1, said his “amicable” departure was motivated by disagreements with the board over strategy, in an interview published late on Thursday.
He did not go into details on his differences with the board of the Franco-Italian automaker, but told Portuguese newspaper Expresso the decision on his exit had been made jointly between him and chairman John Elkann. Continue reading “Tavares says ‘amicable’ Stellantis exit was due to disagreements on strategy”
(Reuters) – The U.S. Supreme Court agreed on Friday to hear a bid by fuel producers to challenge California’s standards for vehicle emissions and electric cars under a federal air pollution law in a major case testing the Democratic-governed state’s power to fight greenhouse gases.
The justices took up an appeal by a Valero Energy subsidiary and fuel industry groups of a lower court’s rejection of their challenge to a decision by Democratic President Joe Biden’s administration allow California to set its own regulations. Continue reading “US Supreme Court to hear dispute over California tailpipe emissions, EV standards”
WILMINGTON, Delaware, (Reuters) – A Delaware judge cleared the way on Friday for Elon Musk and Tesla to begin legal appeals to try to reinstate the chief executive’s record-breaking $56 billion pay package from the electric carmaker.
The order by Chancellor Kathaleen McCormick of the Court of Chancery opens the 30-day window for an appeal to the Delaware Supreme Court. Continue reading “Judge clears way for Musk appeal to try to restore $56 billion Tesla pay”
Summary
BERLIN, (Reuters) – Porsche SE, Volkswagen’s top shareholder, on Friday warned it may write down the value of its stake in Europe’s top carmaker by up to 20 billion euros ($21 billion), in the latest sign of how VW’s cost crisis has shaken investor faith in the carmaker. Continue reading “Porsche SE to take up to $21 billion impairment on Volkswagen stake”
Summary
(Reuters) – The Trump transition team wants the incoming administration to drop a car-crash reporting requirement opposed by Elon Musk’s Tesla, according to a document seen by Reuters, a move that could cripple the government’s ability to investigate and regulate the safety of vehicles with automated-driving systems. Continue reading “Exclusive: Trump transition recommends scrapping car-crash reporting requirement opposed by Tesla”
Source : PTI | The automotive components industry grew 11 per cent year-on-year to INR 3.32 lakh crore in the first half of the current fiscal, industry body ACMA said on Thursday. The turnover of the automotive component industry in the April-September period of last fiscal stood at INR 2.98 lakh crore.
“With vehicle sales across all segments reaching pre-pandemic levels and despite geopolitical challenges on the exports front, the auto components sector witnessed a steady growth in both domestic and international markets in the first half of FY2024-25,” Automotive Component Manufacturers Association of India (ACMA) President Shradha Suri Marwah said. Continue reading “Auto component industry grows 11% to INR 3.32 lakh crore in April-September: ACMA”
Source : PTI | JK Tyre & Industries on Thursday said it will receive a long term loan of 30 million euros from Germany’s DEG. The company will invest the funds in a sustainable expansion of production capacities at its Madhya Pradesh-based passenger car radial tyre facility, the tyre maker said in a statement.
“The JK Organisation is a longstanding customer of DEG’s. We are now looking forward to working together with its tyre company as well,” DEG Management Board member Joachim Schumacher said. Continue reading “JK Tyre to get 30 mn euros long term loan from German entity”
DETROIT, (Reuters) – General Motors needed to exit its Cruise robotaxi business, most Wall Street analysts agreed on Wednesday, but the automaker’s decision to do so was still a disappointing end for an operation that GM had touted as a potential $50 billion revenue generator by 2030.
The largest U.S. automaker on Tuesday pulled the plug on Cruise after evaluating the continued investments needed in a competitive space, executives said, adding they intend to fold some of Cruise’s talent into GM to continue development of driver assistance systems. Continue reading “Wall Street mostly upbeat on GM’s decision to pull the plug on Cruise”
BEIJING, (Reuters) – The CEO of China’s Ji Yue Auto was surrounded by people demanding to know how they would be paid, videos posted online on Thursday showed, a day after the EV maker said it would streamline operations to cope with fierce market competition.
The Baidu Inc and Geely joint venture said on Wednesday it would seek fresh funding and cut projects, becoming one of a number of smaller start-ups to admit to struggles amid a bruising price war in the world’s largest auto market. Continue reading “Baidu, Geely’s EV venture faces uproar after it says needs fresh funds”
SHANGHAI, (Reuters) – Chinese electric vehicle (EV) maker Nio will seek to improve efficiency and cost control as it seeks to spur sales growth that is two years behind schedule, its CEO said on Thursday.
William Li told reporters at an event in Shanghai that it will also start production at its third factory in the second half of next year, and that it aimed to achieve monthly deliveries of 20,000 cars from its second, Onvo brand, by March 2025. Continue reading “China’s Nio, behind on growth targets, aims to tighten cost control”
(Reuters) – Volkswagen’s supervisory board is leaning away from closing large plants in Germany to tackle the automaker’s cost crisis, a report by business monthly manager magazin said on Thursday, though no final agreement has been reached.
Board members discussed stopping production at the 300-person Dresden plant and selling the plant in Osnabrueck which employs around 2,300 people, the German magazine reported, citing an unspecified number of participants at a meeting in mid-November. Continue reading “Volkswagen’s board leaning away from closing big plants in Germany, media report says”
BRUSSELS, (Reuters) – The European Commission is not considering changing Europe’s policies to cut CO2 emissions from cars, despite a push from the EU’s biggest political group to weaken the laws, the bloc’s climate policy chief told Reuters on Thursday.
The centre-right European People’s Party – the European Parliament’s biggest lawmaker group – launched a campaign this week to weaken the climate rules, adding to pressure on Brussels from automakers and national governments to urgently help Europe’s ailing autos sector. Continue reading “EU not buckling to pressure over car CO2 rules, climate chief says”
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Source : PTI | EV charging network operator Statiq has partnered with e-mobility solutions provider Vertelo to offer enhanced charging infrastructure in the country. Under the partnership, Statiq will provide turnkey solutions, including the supply of EV chargers and complete execution of EPC (engineering, procurement, and construction) services to install and commission these chargers.
Additionally, Statiq said, the two partners will co-develop EV charging sites, further strengthening the EV infrastructure in India. Continue reading “Statiq partners with Vertelo to offer enhanced charging infrastructure”
Source : PTI | Car market leader Maruti Suzuki India on Wednesday said it plans to increase its overall service network to 8,000 touchpoints by 2030-31, with an aim to reach closer to its customers.
The company, which on Wednesday opened the 500th service touchpoint for its premium retail outlet NEXA, currently has 5,240 touchpoints across NEXA as well as ARENA — the mass market retail chain. Continue reading “Maruti Suzuki eyes 8,000 overall service touchpoints by 2030-31”
Source : PTI | Taxation of automobiles must be based on national goals of reducing fossil fuel consumption, decarbonisation and ‘Make in India’, and incentives must not be reserved only for a specific technology, according to Toyota Kirloskar Motor Executive Vice President & Country Head Vikram Gulati. Toyota Kirloskar Motor (TKM), which on Wednesday launched its new version of the sedan Camry hybrid priced at INR 48 lakh, believes that hybrid technology has a role to play in India’s move towards electrification and it, along with other technologies that will help meet the national goals, must be considered for tax incentives in a proportionate manner, he told PTI here in an interview. Continue reading “Tax on automobiles must be tech agnostic, focus on reducing fossil fuel use, decarbonisation: Toyota Kirloskar Motor”
Source : PTI | Switch Mobility Ltd, a subsidiary of heavy commercial vehicle manufacturer Ashok Leyland, on Wednesday launched two low-floor electric city buses-EiV12 and E1-equipped with chassis-mounted batteries, expanding its product portfolio, a top official said. The Switch EiV12 platform has been indigenously designed, developed, and manufactured for urban city commutes, offering global standards in performance, safety, and reliability. The Switch EiV12 is claimed to be the country’s first low-floor city bus featuring a scalable battery capacity of over 400 kWh.
Continue reading “Switch Mobility rolls out EiV12 and E1 low floor electric city buses”
(Reuters) – German carmaker Mercedes-Benz will reshuffle its management board with four new members, the firm said on Wednesday, with changes due to take effect in 2025.
Sabine Kohleisen, Renata Jungo Bruengger, responsible for Integrity, Governance and Sustainability, and Hubertus Troska, board member for Greater China, are to leave the board as their contracts expire, the company added. Continue reading “Mercedes-Benz reshuffles management board”
SAN FRANCISCO, (Reuters) – General Motors’ decision to pull the plug on its troubled Cruise robotaxi business highlights the harsh reality facing others still in the race: it requires a long-term commitment to perfect the technology and deep pockets to fund it.
Autonomous vehicle (AV) developers are hoping for more favorable regulation under President-elect Donald Trump to remove hurdles to getting the cars on the road. Continue reading “GM’s Cruise exit turns focus on challenges of scaling robotaxis”
TOKYO, (Reuters) – Labour unions at major Japanese auto manufacturers have set a specific target for pay hikes for wage negotiations for the first time in seven years, as they aim to spread wage growth momentum to smaller firms, a key goal of the government and central bank.
The labour group, the Confederation of Japan Automobile Workers’ Unions, will seek monthly pay hikes of 12,000 yen ($79.15) or more in spring wage negotiations, it said on Wednesday. Continue reading “Japan auto unions group sets pay hike target for first time in 7 years”
SHANGHAI, (Reuters) – Hyundai Motor and its Chinese partner BAIC Motor on Wednesday agreed to invest $1.1 billion in their joint venture that produces and sells Hyundai cars in China, BAIC said in a statement.
The move signals the South Korean automaker’s commitment to the world’s largest car market despite its declining sales there and the loss of market share to Chinese rivals such as BYD since 2018. Continue reading “Hyundai, BAIC to invest $1.1 billion in China joint venture”
NEW YORK, (Reuters) – Tesla shares climbed to a record high of $415 on Wednesday, topping its prior high of $414.50 set more than three years ago as the electric vehicle maker extended a rally in the wake of the U.S. presidential election.
Shares of Tesla previously hit a record on Nov. 3, 2021, but a rally of about 65% since the Nov. 5 election has lifted the stock to new heights as investors expect the company to benefit from CEO Elon Musk’s relationship with President-elect Donald Trump. Continue reading “Tesla shares jump to record high”
DETROIT/WASHINGTON, (Reuters) – Volkswagen said Wednesday it is offering its newly unionized workers at its Tennessee assembly plant a 14% wage increase over four years and profit sharing.
The automaker and United Auto Workers union, which won the right to represent workers at the Chattanooga, Tennessee facility in April, have been engaged in contract talks for several months. VW said the company’s offer includes profit sharing for the first time and improves healthcare benefits for hourly workers at the plant. Continue reading “VW offers 14% wage hike over four years to Tennessee factory workers”
DETROIT, (Reuters) – General Motors needed to exit its Cruise robotaxi business, most Wall Street analysts agreed on Wednesday, but the automaker’s decision to do so was still a disappointing end for an operation that GM had touted as a potential $50 billion revenue generator by 2030.
The largest U.S. automaker on Tuesday pulled the plug on Cruise after evaluating the continued investments needed in a competitive space, executives said, adding they intend to fold some of Cruise’s talent into GM to continue development of driver assistance systems. Continue reading “Wall Street mostly upbeat on GM’s decision to pull the plug on Cruise”
New Delhi, December 10 2024: Maruti Suzuki India Limited (MSIL), today, announced signing of a MoU (Memorandum of Understanding) with Saraswat Co-operative Bank Ltd (Saraswat Bank). Under this collaboration, the Saraswat Bank will provide customised auto retail financing solutions for customers. With this tie-up, MSIL aims to help dealer partners offer comprehensive retail financing solutions to its customers. Continue reading “Maruti Suzuki collaborates with Saraswat Co-operative Bank Ltd. for retail car financing”
Source : PTI | Over 100 global firms from countries like the US, Japan, China and India will showcase cutting-edge innovations at the Bharat Battery Show in January 2025. The second edition of the Bharat Battery Show (as part of the Bharat Mobility Global Expo 2025) is shaping up very well with the global participation of companies from various countries, a statement said.
According to the statement, a Singaporean delegation will visit the global expo to explore Indian market opportunities. Continue reading “Over 100 global firms to participate in Bharat Battery Show in Jan”
Source : PTI | Electric vehicle maker Kinetic Green Energy and Power Solutions on Monday said it has forged a technical collaboration with Jio Platforms Limited’s subsidiary JioThings to launch a suite of digital display platforms and analytics. As part of this collaboration, Kinetic Green is unveiling an innovative Smart TFT-based digital and connected display platform to revolutionise the riding experience for its consumers on its E2W platforms, the company said.
This advanced display integrates essential features, including real-time navigation, notifications for incoming calls, and information on nearby charging stations, Kinetic Green Energy added. Continue reading “Kinetic Green partners with JioThings to launch digital display platforms, analytics suite”
Source : PTI | Researchers at the Indian Institute of Technology (IIT) Guwahati have developed an advanced biological method to convert methane and carbon dioxide into cleaner biofuels using methanotrophic bacteria, officials said on Monday. This innovative approach represents a significant leap toward sustainable energy solutions and climate change mitigation, they said.
The research, published in Fuel, a leading journal by Elsevier, addresses two critical global challenges-the harmful environmental impact of greenhouse gases and the depletion of fossil fuel reserves. Continue reading “IIT Guwahati develops tech to convert methane, carbon dioxide into eco-friendly biofuel”
(Reuters) – Tesla aims to start its robotaxi service with a company-owned fleet backed up by human teleoperators for safety, Deutsche Bank said in a note after a meeting with the company’s head of investor relations.
The electric vehicle maker still is shooting for a launch of its cheaper vehicle in the first half of next year and other models later in the year, the bank said after the meeting with investor relations chief Travis Axelrod. It published the note on Friday. Continue reading “Tesla aims to launch robotaxi with teleoperator backup, Deutsche Bank says”
MILAN, (Reuters) – Stellantis on Friday said it planned to rejoin European auto lobby ACEA, which it had left at the beginning of 2023, in a move that might flag a more cautious stance for the automaker on its electrification plans.
“Stellantis, Europe’s second largest carmaker, confirms that it intends to apply for membership of ACEA,” the group said in a statement. Continue reading “Stellantis to rejoin ACEA auto manufacturers association”
FRANKFURT, (Reuters) – Factory shutdowns would be a wrong move by Volkswagen German Chancellor Olaf Scholz said, adding that Europe’s largest carmaker had a responsibility to its employees.
Volkswagen is in a bitter dispute with staff over pay cuts and possible plant closures aimed at countering high costs in Germany and massively cheaper Asian rivals entering Europe. Continue reading “Volkswagen plant closures ‘not the right way’, Germany’s Scholz says”
HANOI, (Reuters) – Vietnamese electric vehicle (EV) manufacturer VinFast on Sunday announced a plan to build its second domestic production plant that will double its output capacity, saying it is needed to meet increased demand for its small and mid-sized models.
VinFast said the new facility is expected to produce 300,000 units annually in its initial phase, the same capacity as its existing plant in Haiphong. The company delivered fewer than 45,000 cars worldwide in the first nine months of 2024. Continue reading “VinFast to build second production plant in Vietnam”
Summary
SHANGHAI/BEIJING, (Reuters) – China’s top electric vehicle maker BYD gained market share as the world’s largest auto market recorded its fastest-growing month in 2024, setting BYD up to exceed its global annual sales goal and overtake Ford and Honda. Continue reading “BYD on track to top 2024 sales goal and outsell Ford, Honda”
Source : PTI | Gujarat-based automotive component maker Setco on Friday said it has commenced exporting flywheels and covers manufactured by its subsidiary Lava Cast to the US market, and it plans to scale up exports of these parts going forward. The shipment includes flywheels tailored for leading auto and auto ancillary players in the USA as well as covers designed for aftermarket distributors and remanufacturers, Setco Automotive said.
This consignment represents a significant milestone in the company’s export journey, as the it looks to capitalize on the growing demand for high-quality automotive components in international markets, Setco said.
Continue reading “Setco begins exports of auto parts to US market”
