Summary

• CATL Chairman Zeng tells Reuters he’d consider major US investment if Trump clears the path
• Trump wants to block Chinese EV, battery imports but open to US plants with American workers
• CATL’s Zeng praises Elon Musk’s self-driving strategy but says Tesla’s bet on cylindrical battery tech will fail
• Zeng on Musk: ‘His problem is overpromising’ on product timelines

NINGDE, China, (Reuters) – CATL, the world’s top battery maker, will consider building a U.S. plant if President-elect Donald Trump opens the door to Chinese investment in the electric-vehicle supply chain, the company’s founder and chairman, Robin Zeng, told Reuters. Continue reading “Exclusive: China battery giant CATL would build US plant if Trump allows it”

WASHINGTON, (Reuters) – Tesla said on Wednesday it was recalling 2,400 Cybertruck pickups in the U.S. because a faulty part could lead to a loss of power and increase the risk of a crash, in its sixth callback of Cybertrucks this year.

A fault in the driver inverter in Cybertrucks manufactured through July 30 could cause the vehicle to stop producing torque when the driver uses the accelerator pedal, resulting in a loss of propulsion and increasing the risk of a crash, Tesla said in a filing with the National Highway Traffic Safety Administration. Continue reading “Tesla recalls 2,400 Cybertrucks, 6th callback for the pickups this year”

(Reuters) – General Motors will recall 461,839 vehicles over an issue with transmission, the National Highway Traffic Safety Administration said on Wednesday.

The recall involves some models of 2020-2022 Chevrolet Silverado, GMC Sierra, 2021 Cadillac Escalade, Chevrolet Tahoe and GMC Yukon, among others. Continue reading “GM to recall more than 461,000 vehicles over transmission issues, NHTSA says”

Source : PTI | New Delhi: German luxury carmaker Mercedes-Benz is taking learnings on direct-to-consumer retailing of vehicles to its global market from India, where it has been able to clock a revenue of INR 40,000 crore in three years of starting its ‘Retail of the Future’ model, a senior company official said on Tuesday. Mercedes-Benz India, which on Tuesday launched its new ‘AMG C 63 S E PERFORMANCE’ model equipped with F1 hybrid technology priced at INR 1.95 crore, plans to complete conversion of all of its existing 100 outlets under the direct-to-consumer model in the next 12 to 18 months.

“This October, we completed three years of the direct-to-consumer model that we started. When you look at the numbers, (we have sold) 50,000 cars and INR 40,000 crore turnover coming just in the last three years out of ‘Retail of the Future’ direct transactions,” Mercedes-Benz India Managing Director & CEO Santosh Iyer told PTI in an interaction. Continue reading “Mercedes takes India learnings on direct-to-consumer retailing to global markets”

(Reuters) – Hyundai Motor India the country’s No.2 carmaker by market share, reported a 16.5% decline in quarterly profit due to lower domestic sales and as Red Sea disruptions hurt exports, its first earnings report since listing showed on Tuesday.

The company’s shares fell nearly 3% before recovering to close down 1%. Continue reading “Hyundai Motor India’s Q2 profit drops 16.5% on weak demand, Red Sea export disruptions”

(Reuters) – Alphabet’s Waymo said on Tuesday its autonomous ride-hailing service, Waymo One, is now available to everyone in Los Angeles, a sign of rapid growth and adoption of the technology.

Waymo had closed a $5.6 billion funding round last month, as automakers and technology companies are betting big on the driverless technology to foster future growth, even as it faces tight regulatory scrutiny. Continue reading “Alphabet’s Waymo opens autonomous ride-hailing service to all in Los Angeles”

TOKYO, (Reuters) – Nissan Motor shares jumped as much as almost 21% on Tuesday after a filing showed activist investor Effissimo Capital Management had taken a stake in the struggling Japanese automaker.

In a regulatory filing on Monday, Nissan disclosed Cayman Islands-registered ECM Master Fund as a shareholder with a 2.5%stake as of end-September. ECM Master Fund is affiliated with Effissimo, according to SEC filings. Continue reading “Nissan shares jump 21% after activist Effissimo takes stake”

(Reuters) – Volkswagen Group raised its investment in Rivian by 16% to $5.8 billion, the two automakers said on Tuesday, as the companies kick off their planned joint venture to develop electric vehicle architecture and software.

Shares in the U.S. EV maker, valued at over $11 billion, rose nearly 9% in extended trading on Tuesday. Continue reading “Volkswagen raises investment in Rivian to $5.8 billion”

Summary

• VinFast facing challenges penetrating overseas markets
• VinFast committed to raising independent capital
• Parent firm, founder have so far provided $13.5 bln to VinFast

(Reuters) – Nasdaq-listed electric vehicle maker VinFast said on Wednesday it will get a fresh round of funding worth 85 trillion dong ($3.35 billion) from its founder and its parent firm, Vingroup by 2026, when it expects to break even. Continue reading “Loss-making EV firm VinFast to get $3.4 bln more funding from founder, parent company”

WASHINGTON, (Reuters) – The National Highway Traffic Safety Administration said on Monday it is opening a probe into 1.4 million Honda vehicles after reports of serious engine issues.

Honda in November 2023 recalled 249,000 vehicles in the United States with a 3.5 liter V6 engine after the Japanese automaker said a manufacturing defect in the engine crankshaft could cause the connecting rod bearing to prematurely wear and seize, leading to engine failure. Continue reading “US opens probe into 1.4 million Honda vehicles over engine issues”

Source : PTI | E-commerce major Flipkart on Monday said it has deployed over 10,000 electric vehicles (EVs) in its delivery fleet as part of a phased integration of EVs in the last mile delivery over the past few years. The strategic adoption of EVs has resulted in substantial operational efficiencies, lowering the cost per order at the hub level and improving the last-mile delivery speed by 20%, compared to conventional delivery vehicles, Flipkart said.

The “significant milestone” aligns with the company’s commitment to adopting a fully electric logistics Last-mile fleet by 2030 as part of the Climate Group’s EV100 initiative, it said. Continue reading “Flipkart deployed over 10,000 electric vehicles in delivery fleet”

STOCKHOLM, (Reuters) – The head of investments at German auto maker Volkswagen is leaving the board of Sweden’s Northvolt, the Swedish battery maker said on Monday, confirming media reports.

Northvolt told Reuters it expects Volkswagen to find a board replacement for Sven Fuhrmann, who has held a board seat since last year. Continue reading “Volkswagen investment chief steps down from Northvolt board”

WASHINGTON, (Reuters) – U.S. President-elect Donald Trump said on Monday he will appoint former congressman Lee Zeldin to run the Environmental Protection Agency.

“He will ensure fair and swift deregulatory decisions that will be enacted in a way to unleash the power of American businesses, while at the same time maintaining the highest environmental standards, including the cleanest air and water on the planet,” Trump said in a post on his social media platform Truth Social. Continue reading “Trump names ex-congressman Lee Zeldin to run Environmental Protection Agency”

Source : PTI |Bhubaneswar, An Odisha-based startup Bon V Aero has launched a fully autonomous logistics drone service called Air Orca. The launch of the drone service was made in the presence of venture capitalist Tim Draper.

“Today’s launch of Air Orca marks an important advancement for India’s logistics sector and for us as an Odisha-based company”, said Satyabrata Sathapathy, CEO of Bon V Aero said on Saturday. Continue reading “Odisha startup launches fully autonomous logistics drone service”

Summary

• Continental cuts sales forecast for second time this year
• Cites weak industrial demand in Europe, N.America
• Shares rise 5.6% on Q3 profit beat
• Profit beat likely boosted confidence in automotive spin-off plans-analyst

(Reuters) – German automotive and industrial supplier Continental cut its annual sales guidance for the second time this year on Monday, citing weak industrial demand in Europe and North America, but it beat third quarter profit expectations. Continue reading “Auto supplier Continental cuts sales guidance, but shares rise on profit beat”

Summary

• Targets production of at least 2.5 mln vehicles in China by 2030, sources say
• Toyota’s strategy contrasts with some other automakers’ retreat from China
• Toyota’s local production overhaul aims to compete better with Chinese EV makers

TOKYO, (Reuters) – Toyota aims to make at least 2.5 million vehicles a year in China by 2030, three people said, an overhaul that will see it bring its Chinese sales and production operations closer together and allow local executives a freer hand in development. Continue reading “Exclusive: Toyota aims to ramp up China production”

(Reuters) – Tesla shares extended last week’s sharp rally with a jump of over 8% on Monday, fueled by bets of the automaker benefiting from CEO Elon Musk’s close ties with U.S. President-elect Donald Trump.

At $348.30, Tesla is expected to add nearly $87 billion to its value if gains hold. The stock has jumped nearly 28% since Trump’s election victory was declared on Wednesday, surpassing $1 trillion in market value for the first time in two years. Continue reading “Tesla stock extends rally as Musk-Trump alliance fuels gains”

(Reuters) – Australian battery maker Novonix said on Monday it had signed a binding off-take agreement with automaker Stellantis to supply high-performance synthetic graphite material to its cell manufacturing partners in North America.

As part of the agreement, the Brisbane-headquartered firm will supply a minimum of 86,250 metric tons, up to a target volume of 115,000 metric tons of synthetic graphite from its Riverside facility in Chattanooga, Tennessee, to Stellantis’ cell manufacturing partners in North America from 2026 until 2031. Continue reading “Australia’s Novonix inks deal to supply synthetic graphite to Stellantis”

SHANGHAI, (Reuters) – Stellantis and its Chinese partner Leapmotor (9863.HK), opens new tab have scrapped a plan to make a second electric vehicle model at the European automaker’s plant in Poland, two people with knowledge of the matter told Reuters. The joint venture is instead considering using a Stellantis factory in Eisenach, Germany that produces Opel models and its Trnava plant in Slovakia as alternative production sites for the B10 electric crossover, said one of the people. Stellantis and Leapmotor declined to comment. The two people with knowledge of the decision declined to be identified because the matter remains private. The shift in production plans by the joint venture was made after the Chinese government privately told automakers to halt big investments in European countries that supported imposing extra tariffs on Chinese-made EVs, the two people said. Continue reading “Exclusive: Stellantis, partner Leapmotor scrap plan to make second EV model in Poland, sources say”

Summary

• Targets production of at least 2.5 mln vehicles in China by 2030, sources say
• Toyota’s strategy contrasts with some other automakers’ retreat from China
• Toyota’s local production overhaul aims to compete better with Chinese EV makers

TOKYO, (Reuters) – Toyota aims to make at least 2.5 million vehicles a year in China by 2030, three people said, an overhaul that will see it bring its Chinese sales and production operations closer together and allow local executives a freer hand in development. Continue reading “Exclusive: Toyota aims to ramp up China production”

Source : PTI | India’s coal import rose by 7.8% to 140.60 million tonne (MT) in the April-September period of the ongoing financial year. The country’s coal import was 130.34 MT in the year-ago period, according to data compiled by B2B e-commerce company mjunction services ltd.

Overall, coal import demand is likely to remain modest due to the healthy stock position and high volumes being offered through spot e-auctions in the domestic market, mjunction MD and CEO Vinaya Varma said. Continue reading “India’s coal import rises 8% to 140.60 MT in Apr-Sept”

Source : PTI | New Delhi: The Centre’s panel tasked with improving air quality in Delhi-NCR has raised concerns over the slow resolution pace and the growing backlog of air pollution-related complaints in the national capital. Among various steps, the Commission for Air Quality Management (CAQM) has directed intensified efforts to remove highly polluting end-of-life (EoL) vehicles (petrol vehicles older than 15 years and diesel vehicles older than 10 years) that are still in use in Delhi.

The panel called for a more proactive approach to addressing complaints, saying that delays in resolving issues hinder the effective implementation of air quality management measures. Continue reading “Air pollution: Centre’s air quality panel criticises growing backlog of complaints in Delhi”

Source : PTI | Maruti Suzuki India is targeting markets like UAE, Saudi Arabia, Chile, Mexico and other Latin American countries with its upcoming new version of compact sedan Dzire to accelerate exports as it eyes over 3 lakh units of overseas shipments this fiscal, a senior company official said on Wednesday. In the domestic market, the company hopes to enhance its share in the sedan market amid the passenger vehicles market shifting towards SUVs (Sports Utility Vehicles), with the new Dzire which is slated for launch next week.

“We have been growing (exports) at a rate of about 11.9% in the first seven months of the financial year and we hope to continue on that momentum. So we hope to do more than about 3 lakh car exports within this financial year,” Maruti Suzuki India Executive Director Corporate Affairs Rahul Bharti told PTI here. Continue reading “Maruti Suzuki looks to boost exports with upcoming new Dzire sedan”

Source : PTI | India’s current climate policies are projected to reduce carbon dioxide emissions by around four billion tonnes between 2020 and 2030, and drive a 24% reduction in coal-based power generation, according to a new report. This is significant considering the fast-developing South Asian country, now the fifth-largest economy in the world, had committed to reducing emissions by one billion tonnes by 2030 at COP26 in Glasgow.

The study by Delhi-based independent think tank Council on Energy, Environment and Water (CEEW) said policies for India’s power, residential and transport sectors have already saved 440 million tonnes of carbon dioxide (MtCO2) between 2015 and 2020.

Continue reading “India’s climate policies expected to reduce CO2 emissions by around 4 billion tonnes by 2030: Report”

Source : PTI | New Delhi: Japanese tyre major Bridgestone Corporation on Friday announced a USD 85 million (nearly INR 720 crore) investment to enhance production capacity and capabilities at its two plants in India.

Bridgestone India, a subsidiary of Bridgestone Corporation (Bridgestone), will invest approximately USD 85 million to expand capacity and capability at Bridgestone Pune plant and Indore plant to reinforce premium-mass strategy, the company said in a statement. Continue reading “Bridgestone to invest USD 85 mn in India”

Summary

• Stellantis laid off 1,100 employees at Ohio plant on Wednesday
• CEO Carlos Tavares aims to reverse sliding sales and profits in the US
• UAW President Shawn Fain threatens nationwide walkout at Stellantis facilities

DETROIT, (Reuters) – Stellantis added to its rising tally of layoffs on Friday, saying 400 workers at a Detroit automotive parts facility would indefinitely lose their jobs as the carmaker reduces costs in its struggling North American business. Continue reading “Stellantis to lay off 400 workers at Detroit parts facility”

Summary

• NHTSA wants answers in its FSD investigation by Dec. 18
• Agency questions Tesla postings on social media about performance of FSD
• NHTSA asks Tesla to “revisit its communications” on driver assistance system

WASHINGTON, (Reuters) – The National Highway Traffic Safety Administration raised concerns about Tesla social media posts that suggested its Full Self-Driving software can be used as a robotaxi and does not need driver attention. Continue reading “US agency raises concerns about Tesla Full Self-Driving social media posts”

(Reuters) – Tesla’s market value closed above the $1 trillion mark in a sharp rally on Friday, on expectations that CEO Elon Musk’s companies will get favorable treatment under President-elect Donald Trump for his extensive support during the poll campaign.

The electric automaker’s shares jumped 8.2% to $321.22, catapulting the company’s valuation above the trillion-dollar mark for the first time in more than two years. Continue reading “Tesla hits $1 trillion market value as Musk-backed Trump win fans optimism”

(Reuters) – Lucid beat Wall Street expectations for third-quarter revenue on Thursday and reiterated its annual production forecast as it benefits from strong demand for its luxury electric sedans.

Lucid shares rose 8% in trading after the bell.

The company reported third-quarter revenue of $200 million, narrowly beating estimates of $198 million, according to data compiled by LSEG. Continue reading “Lucid beats revenue estimates, reaffirms annual production”

Summary

• Rivian aims for Q4 gross profit despite part shortage, slow demand
• Lucid cuts losses; both firms plan affordable models by 2026
• Rivian, Lucid have secured funding to ensure survival

(Reuters) – Rivian said on Thursday it was on track to turn a gross profit in the fourth quarter helped by cost cuts and a sharp increase in sales of green car credits, despite a parts shortage disrupting production and weak EV demand. Continue reading “Rivian reassures investors with cost cuts, green credit sales amid weak EV demand”

BEIJING, (Reuters) – Sweden hopes the European Union and China can reach a pricing deal on electric vehicles soon, its foreign trade minister told Reuters at the end of a visit to China to try to limit the damage to Volvo of a dispute over import tariffs.

The EU Commission last week imposed tariffs of up to 45.3% on China-imported EVs to protect its nascent industry, the culmination of a high-profile trade investigation that has divided Europe and prompted retaliation from Beijing. Continue reading “Sweden looks to Brussels after China talks on Volvo EV tariff deal”

Summary

• China’s car sales rise 11.2% in Oct, fastest since Jan
• Domestic champion BYD leads the rise
• Rapid growth buoyed by government subsidies

BEIJING, (Reuters) – China’s passenger vehicle sales jumped 11.2% in October year-on-year, the second straight monthly rise and the fastest growth since January, led by domestic champion BYD as automakers raced to meet annual sales targets. Continue reading “China’s car sales jump in October as automakers rush to meet annual goals”

Summary

• Mirafiori plant makes electric Fiat 500, Maserati sports car
• December stoppage due to supply problems, MF newspaper says
• Stellantis says new stoppage is just rumour, December production schedules still to be verified

MILAN, (Reuters) – Automaker Stellantis will once again halt car production at its historic Mirafiori plant in Italy, which makes the electric Fiat 500 and two Maserati models, a trade union source said on Friday, confirming press reports. Continue reading “Stellantis set to again halt production at Italy’s Mirafiori plant”

Summary

• Nissan to cut 9,000 jobs and 20% of manufacturing capacity
• CEO Uchida cites unexpected hybrid demand in U.S. as a challenge
• Minister declines to comment on potential government support

TOKYO, (Reuters) – Nissan Motor shares slumped 6% in Tokyo trade on Friday, a day after the Japanese automaker said it would cut 9,000 jobs and 20% of its manufacturing capacity as it struggles with sales in China and the United States. Continue reading “Nissan shares slump after plan to slash jobs, production”

Summary

• Energy Dept funding key to Li-Cycle’s US recycling plans
• Biden officials had rushed to close ahead of Trump’s return
• Upstate NY plant would be one of the largest US sources of lithium
• Loan includes principal and capitalized interest
• Company now needs to secure private financing

(Reuters) – The U.S. Department of Energy on Thursday finalized a $475 million loan for Li-Cycle Holdings, giving the metals recycler a financial lifeline to build a New York battery processing facility seen as key to outgoing President Joe Biden’s vision for a domestic electric vehicle supply chain. Continue reading “Exclusive: Washington seals $475 million loan for battery recycler Li-Cycle ahead of Trump’s arrival”

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Summary

• Virtus rejuvenated sedan sales with its highest ever monthly sales of 2 351 units in October 2024, a growth of 32 % over the corresponding period last year
• Volkswagen Virtus surpassed the 50 000 domestic sales milestone in 28 months since its launch, selling at an average of nearly 60 cars everyday
• India’s highest selling premium sedan, the Volkswagen Virtus has continued to drive customer delight while securing its significant lead as the most preferred premium sedan in India
• Volkswagen India recorded a 9 % growth in sales in October 2024 over the same month last year

Continue reading “Volkswagen Virtus records its highest-ever monthly sales in October 2024, reinforces position as India’s No.1 Premium Sedan”

(Reuters) – Daimler Truck warned of tough conditions ahead as it reported third quarter earnings on Thursday, with CFO Eva Scherer saying that instability resulting from the German government’s collapse could make things worse.

“Our market share in Germany is about double the market share we have in the EU,” Scherer said, adding: “We see a lot of volatility and uncertainty that is not going to help, we would always want clarity and stability.” Continue reading “Daimler Truck wants stability in Germany as warns of tough times ahead”

BERLIN, (Reuters) – German automaker Audi is looking to shrink its workforce in the medium term by cutting jobs outside of production, with thousands of positions at risk, the Manager Magazin reported on Thursday.

The job cuts are to focus on so-called indirect jobs at the company, such as in the area of development, where over 2,000 jobs could go, the report said. Continue reading “Audi plans thousands of job cuts outside production, report says”