Summary

• Citi’s lead was stored with Grafton under a rent deal, sources
• Grafton was recently bought by Trafigura
• Citi looking at Taiwan and Malaysia

LONDON – Citigroup will move most of its lead stocks from Singapore to Malaysia or Taiwan at an estimated cost of $5 million due to limited storage space and a lack of lucrative rent deals, three sources said, three sources familiar with the matter said. Continue reading “Citigroup faces $5 million bill to transport its lead from Singapore, sources say”

Summary

• USPS received $3 billion from Congress for EVs and infrastructure
• USPS purchased 8,700 Ford E-Transit vehicles, 2,010 in service
• Senate Republicans blocked from forcing USPS to scrap EVs and charging equipment

WASHINGTON – The U.S. Postal Service is currently using more than 2,600 electric vehicles for mail deliveries, the agency said in a letter to Congress reviewed by Reuters on Tuesday. Continue reading “US Postal Service using 2,600 EVs for mail deliveries”

Source : PTI | New Delhi, The Artificial Limbs Manufacturing Corporation of India (ALIMCO) on Sunday marked its 53rd Foundation Day with a brand revamp and the launch of two new assistive mobility products aimed at expanding accessible transportation for persons with disabilities.

A public sector undertaking under the Department of Empowerment of Persons with Disabilities,ALIMCO produces various kinds of assistive devices to serve all types of disabilities across the country. Continue reading “ALIMCO launches e-scooter, motorised wheelchair add-on on 53rd Foundation Day”

Source : PTI | India’s consumption of diesel – the most used auto fuel – soared to a six-month high in November as the festival season and GST rate cut spurred the wheels of the economy, according to preliminary industry data.

Sales of diesel – the most consumed fuel in the country, accounting for almost 40 per cent of the fuel consumption basket – rose 4.7 per cent to 8.55 million tonnes in November, its best showing since May 2025, data from the Oil Ministry’s Petroleum Planning and Analysis Cell (PPAC) showed. Continue reading “Diesel sales soar to six-month high in November, petrol consumption rises on festive demand”

(Reuters) – U.S. Commerce Secretary Howard Lutnick on Monday confirmed that the general tariff rate on imports from South Korea, including on autos, would drop to 15% retroactive to November 1 because South Korea has introduced legislation in parliament to implement the country’s strategic U.S. investment commitments.

In a statement posted on X, Lutnick said that the move unlocks the “full benefit” of South Korea’s trade deal with President Donald Trump. Continue reading “US Commerce chief confirms South Korea’s 15% tariff rate retroactive to November 1”

SAN FRANCISCO, (Reuters) – Nvidia on Monday released new open-source software aimed at speeding up the development of self-driving cars using some of the newest “reasoning” techniques in artificial intelligence.

Nvidia has risen to become the world’s most valuable company as its chips have become central to the development of AI. But the company also maintains a broad software research arm that releases open-source AI code that others, such as Palantir Technologies, can adopt. Continue reading “Nvidia releases open-source software for self-driving car development”

(Reuters) – “The Big Short” investor Michael Burry took aim at electric automaker Tesla (TSLA.O), in a blog post, saying the Elon Musk-led company is “ridiculously overvalued”, days after he voiced concerns about the current AI boom.

Burry estimated that Tesla dilutes its shareholders at about 3.6% per year with no buybacks, and Musk’s record-breaking pay package will continue the dilution. Continue reading “‘Big Short’ investor Burry targets Tesla after slamming AI valuations”

Source : PTI | India needs to deploy public capital strategically to bridge the financing gap for green steel projects which are technically proven but still considered risky for private finance, and to avoid carbon lock-in from its planned capacity expansion, the Institute for Energy Economics and Financial Analysis (IEEFA) said.

Carbon lock-in refers to the inertia in fossil fuel-intensive systems that prevents or delays the transition to lower-carbon alternatives. Continue reading “India needs targeted public finance to scale green steel, avoid carbon lock-in: IEEFA”

Source : PTI | Prime Minister Narendra Modi on Wednesday said the decision to establish an ecosystem to manufacture rare earths permanent magnets will reduce imports.

“A historic first for India’s high-tech manufacturing! The Union Cabinet has approved a scheme to establish India’s first integrated ecosystem for manufacturing Sintered Rare Earth Permanent Magnets (REPM), which are essential components in electric vehicles, wind turbines, defence systems and aerospace technologies,” Modi said in a post on X. Continue reading “Rare earths permanent magnets manufacturing to reduce imports: PM Modi”

Source : PTI | Fleet and logistics optimization platform Fleetx on Thursday announced the launch of an AI-powered solution specifically for commercial vehicles, which helps truck operators identify the safest, fastest and most cost-efficient routes for their vehicles.

The solution, Truckable Routes, uses insights generated from millions of real trips across more than 5 lakh connected commercial vehicles on the Fleetx platform, it said in a statement. Continue reading “Fleetx launches AI solutions for commercial vehicles”

Source : PTI | Researchers at MIT World Peace University (MIT-WPU), Pune, have claimed to have developed a new patented cooling system that can help electric vehicle batteries stay cooler, safer, and more efficient.

The hybrid cooling system, which was granted a patent under the Indian patent “System for Thermal Management of Battery of Vehicle”, is designed to improve both performance and safety. Continue reading “MIT-WPU researchers develop patented cooling system for safer EV batteries”

(Reuters) – Warburg Pincus has agreed to acquire a majority stake in Raptor Technologies from fellow investment firm Thoma Bravo, in a deal that values the school safety software provider at around $1.8 billion, according to people familiar with the matter.

THE DETAILS

• The deal could be announced imminently, the sources said, requesting anonymity to discuss confidential information.
• As part of the agreement, private equity firm JMI Equity, another existing investor in Raptor, will retain a significant minority stake in the company, the sources added.
• Warburg Pincus and Thoma Bravo declined to comment. Raptor Technologies and JMI Equity did not immediately respond to requests for comment.

Continue reading “Warburg Pincus to acquire Raptor Technologies for around $1.8 billion, sources say”

NEW YORK, (Reuters) – Yellow Corp has reached settlements with 14 pension plans that had sought over $7.4 billion from the bankrupt trucking company.

The pension plans agreed to take a reduced payment, which will end years of litigation over claims that Yellow cannot afford to pay and allow Yellow’s junior creditors to collect up to $7.4 million from the company’s bankruptcy sales proceeds, according to settlement documents filed Wednesday in Delaware bankruptcy court. Continue reading “Bankrupt Yellow settles with pensions that sought billions”

Summary

• Wingtech claims Dutch state influenced court decisions
• Appeal argues decisions made without Wingtech’s input
• Chip shortages continue to affect auto industry

AMSTERDAM, Nov 28 (Reuters) – China’s Wingtech (600745.SS), on Friday said it has appealed decisions stripping it of control of its Nexperia chipmaking subsidiary to the Netherlands’ Supreme Court. Continue reading “Wingtech challenges Nexperia decisions at Netherlands’ Supreme Court”

BEIJING, (Reuters) – BYD (002594.SZ), will immediately recall 88,981 plug-in hybrids over a potential battery-related safety hazard, China’s market regulator said in a notice on Friday, weeks after the electric vehicle maker’s largest recall to date.

The Qin PLUS DM-i models affected were produced between January 2021 and September 2023 and “may have limited power output due to problems with the consistency of power battery packs during the production process”, the notice said. Continue reading “China’s BYD recalls 88,981 plug-in hybrids over battery safety hazard”

Summary

• Brazil unveils major operation targeting tax evasion, money laundering in the fuel sector
• Finance minister says scheme used U.S.-based firms, urges cooperation with Washington
• Authorities say the operation targets one of Brazil’s largest tax debtors

BRASILIA/RIO DE JANEIRO, (Reuters) – Brazil will seek U.S. cooperation in fighting organized crime in its fuel sector, Finance Minister Fernando Haddad said on Thursday, after a police operation flagged money laundering by Delaware-based firms to help one of the worst tax dodgers in the South American country. Continue reading “Brazil seeks US cooperation in money-laundering probe”

BRUSSELS, (Reuters) – The European Commission should resist automakers’ calls to allow cars to run on biofuels beyond 2035 because they are in short supply and not truly carbon-neutral, campaign group T&E said on Thursday.

New vehicles in the European Union must have no carbon dioxide emissions from 2035 under rules designed to boost sales of electric cars and phase out fossil fuels and the internal combustion engine. Continue reading “EU should reject automakers’ biofuel plea, says campaign group”

Summary

• Launches seven-seater XEV 9S starting $22,409, top model costs $33,000
• India targets 30% EV penetration by 2030
• Mahindra sold over 30,000 electric SUVs between March and October

BENGALURU, (Reuters) – India’s Mahindra (MAHM.NS), launched a seven-seater electric SUV on Thursday with a starting price of around 2 million rupees ($22,409), as it eyes a bigger share in a segment dominated by Tata Motors Passenger Vehicles (TAMO.NS). Continue reading “India’s Mahindra accelerates EV push with new electric SUV launch”

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• Invests nearly INR 2 crore in Ravity Software Solutions Private Limited
• Third investment in a startup by Maruti Suzuki

New Delhi : Maruti Suzuki India Limited (“Maruti Suzuki”) has announced investment of nearly INR 2 crore in Ravity Software Solutions Private Limited, for an equity stake of over 7.84% through Maruti Suzuki Innovation Fund. Ravity Software Solutions Private Limited is a technology-led startup which specializes in providing connected mobility insights. Continue reading “Maruti Suzuki invests in connected mobility intelligence-based startup”

Source: PTI | The Delhi Environment Department is considering a plan to use surplus DTC drivers and conductors to assist the traffic police and the Delhi Pollution Control Committee (DPCC) in strengthening real-time checks on violations of pollution norms across the city.

Amid a shift to electric buses, which come with their own drivers, the department is exploring ways to redeploy thousands of Delhi Transport Corporation (DTC) drivers and conductors, a senior official told PTI. Continue reading “Surplus DTC staff likely to assist traffic police, DPCC in Delhi’s pollution fight”

TOKYO, (Reuters) – A Japanese labour union group representing major manufacturers said on Wednesday that it would seek an increase of at least 12,000 yen ($77) in monthly base pay for next year, the same target as this year.

The Japan Council of Metalworkers’ Unions (JCM) is considered a pace-setter for annual wage negotiations and represents about 2 million workers for blue-chip companies including Toyota Motor (7203.T), and Nippon Steel (5401.T). Continue reading “Japan manufacturers’ union to target $77 monthly base pay hike next year”

TOKYO, (Reuters) – Toyota Motor (7203.T), opens new tab said on Thursday its global production rose for a fifth consecutive month in October, lifted by strong U.S. demand for hybrid vehicles that offset weaker sales in Japan and China.

Global output climbed 4% to 926,987 cars from a year earlier, while worldwide sales advanced 2% to 922,087 vehicles, marking a tenth consecutive monthly gain, according to data released by the Japanese automaker. Continue reading “Toyota October output grows for fifth straight month on strong US demand”

Summary

• 4,000 local jobs to be created from plant, exec says
• Technology transfer ‘fundamental’, says Spain industry minister
• Spain’s cheap energy and labour draw battery and EV investments
• Local unions, auto industry welcome Chinese know-how

FIGUERUELAS, Spain, (Reuters) – China’s CATL (300750.SZ), will train up to 4,000 workers to operate what will be Spain’s biggest battery plant, executives said on Wednesday at a groundbreaking ceremony for the joint venture between the battery maker and Stellantis (STLAM.MI). Continue reading “China battery maker CATL to train Spanish workers for battery plant”

Summary

• Tesla faces sales pressure in Europe, China and the U.S
• European sales fell 48.5% in October, even as industry-wide EV sales rose 26%
• Tesla’s competition includes Chinese newcomers, improved EVs from legacy players

(Reuters) – Tesla (TSLA.O), CEO Elon Musk has spent much of this year focused on the carmaker’s robotics pursuits and winning shareholder approval for his freshly minted $1 trillion pay package. In the meantime, the outlook for Tesla’s main business – selling cars – is darkening. Continue reading “Tesla struggles to course correct from sales skid”

Source : PTI | Bajaj Auto Ltd, which made its foray into the e-rickshaw segment with Riki this year, plans to increase its presence in 200 cities by January to March next year, according to a senior company official.

The company, which started a pilot test of Riki with four cities, has now scaled up its presence to eight at present as part of phase I,Bajaj Auto Executive Director Rakesh Sharma told PTI. Continue reading “Bajaj Auto to scale up presence of e-rickshaw Riki to 200 cities in Q1 2026”

Source : PTI | Delhi Transport Minister Pankaj Kumar Singh on Monday directed officials to roll out a comprehensive upgrade of safety protocols across the DTC bus fleet.

The minister reviewed recent fire incidents involving a DTC CNG bus and two electric buses on Monday, in a meeting attended by senior officials from the Transport Department, Delhi Transport Corporation (DTC), and representatives of bus manufacturers. Continue reading “Delhi transport minister orders safety protocol upgrade after fire incidents in DTC buses”

Source : PTI | The Aluminium Secondary Manufacturers Association (ASMA) has urged the government to reduce import duty on primary aluminium , saying the move would help rationalise domestic prices and support downstream industries facing high input costs.

The downstream sector, including hundreds of MSMEs, is critical for maximising value realisation for the country’s economic growth. Continue reading “ASMA urges govt to cut import duty on primary aluminium to help rationalise domestic prices”

NEW DELHI, (Reuters) – India’s Tata Motors (TAMO.NS), is betting its newly launched sport-utility vehicle will help step up competition to rivals like Hyundai Motor and Maruti Suzuki in a fiercely fought and fast-growing part of the market.

Tata, which is India’s third-largest carmaker, launched the mid-sized Sierra SUV on Tuesday, resurrecting a decades-old cult brand that will go head-to-head with Hyundai’s Creta SUV and Suzuki’s Victoris. Continue reading “India’s Tata bets new SUV will boost fight with Hyundai, Suzuki”

TAIPEI, Nov 26 (Reuters) – Taiwan’s Foxconn (2317.TW), said on Wednesday that it had secured regulatory approval to invest an additional $569 million in the U.S. state of Wisconsin to meet rising demand for AI servers.

The Wisconsin Economic Development Corporation (WEDC) approved the plan to expand operations at Foxconn’s facility in Racine County, the world’s largest contract electronics manufacturer said in a statement. Continue reading “Foxconn wins approval for new $569 million investment in Wisconsin”

Summary

• Car prices expected to rise significantly due to impending fee rises
• October car sales rose 35% as buyers brought forward purchases
• January sales expected to drop 5-10%

(Reuters) – Russia’s depressed car market has shown weak signs of recovery as 2025 draws to an end, but is set to hit near-record lows early next year as higher scrappage fees drive up prices, dealers and experts say. Continue reading “Russia’s car market faces bleak 2026 as scrappage fees drive prices up”

Summary

• Volkswagen eyeing exports to Southeast, Central Asian markets
• Started exporting China-made limousines to the Middle East
• No plans to export to Europe due to technology differences

HEFEI, China (Reuters) – Volkswagen (VOWG.DE), plans to export cars developed and made in China to more overseas markets, an executive said on Tuesday, as the German automaker looks to leverage its growing know-how in Chinese technologies to compete with Chinese rivals abroad. Continue reading “Volkswagen plans to export Chinese-made cars to more overseas markets but rules out Europe”

Summary

• Spain, Hungary being considered for factory sites
• Labour, logistics costs are among chief concerns
• GWM has 2030 target of 1 million in annual overseas sales

BAODING, China (Reuters) – China’s Great Wall Motor (601633.SS), is targeting annual production of 300,000 vehicles by 2029 in Europe where it is scouting locations for its first car plant in a battle to revive flagging regional sales, a company executive said. Continue reading “Exclusive: China’s GWM targets 300,000 annual production with first Europe car plant”

Source : PTI | India’s imports of Russian crude oil — the feedstock for fuels like petrol and diesel — are expected to drop sharply in the near term but not halt entirely as new US sanctions on Moscow’s top oil exporters take full effect, analysts said.

US sanctions on Rosneft and Lukoil, and their majority-owned subsidiaries, took effect on November 21, effectively turning crude linked to these firms into a “sanctioned molecule”. Continue reading “New US sanctions threaten to disrupt India’s Russian oil lifeline”

(Reuters) – U.S. companies borrowed 5.7% more to finance equipment purchases in October than a year earlier, showing little impact from the recent government shutdown, the Equipment Leasing and Finance Association said on Monday.

New loans, leases and lines of credit signed up by companies in October was $10.5 billion on a seasonaly adjusted basis, same as in the previous month. Continue reading “US business borrowing for equipment rises over 5% in October, ELFA says”

(Reuters) – The Dutch vehicle authority RDW said on Monday it expects to decide on Tesla’s (TSLA.O), Full Self-Driving software in February after the EV maker demonstrates that the driver assistance system meets the required standards.

The agency was responding to Tesla’s post on X on Friday, in which it said the RDW “has committed to granting the company the Netherlands National approval” in February. Continue reading “Dutch authority RDW to test Tesla’s FSD in February”