BEIJING, (Reuters) – U.S. automaker Tesla sold 68,280 China-made electric vehicles in October, down 5.3% from a year earlier, data from the China Passenger Car Association (CPCA) showed on Monday.
Deliveries of China-made Model 3 and Model Y vehicles fell 22.7% from the previous month. Continue reading “Tesla’s Oct China-made EV sales fall 5.3% y/y”
Summary
BEIJING, (Reuters) – China has urged France to push the European Commission towards a solution acceptable to both the European and Chinese electric vehicle industries, while France said the bloc would not yield on key matters as it pushes to overturn a tariff on brandy. Continue reading “China urges palatable EV trade solution from EU as France defends bloc”
BEIJING, (Reuters) – China’s electric vehicle giant BYD, ramped up production by nearly 200,000 units from August to October, while hiring close to 200,000 new employees in car manufacturing and components, Executive Vice President He Zhiqi said on Weibo on Saturday.
BYD posted an 11.5% rise in third-quarter net profit as it maintained strong sales momentum. Continue reading “China’s BYD boosts production and hiring amid Q3 growth”
TOKYO, (Reuters) – Japan’s Mitsubishi Corp and Nissan have decided to establish a joint venture to provide services related to autonomous driving and using electric vehicle batteries as storage batteries, the Yomiuri newspaper reported on Monday.
The new company will be launched by March 2025 and equally owned by the two firms, Yomiuri reported. Continue reading “Mitsubishi Corp, Nissan to establish JV on autonomous driving, EV batteries, Yomiuri says”
Source : PTI | New Delhi: Hero MotoCorp on Friday said its overall sales increased by 18 per cent year-on-year to 6,79,091 units in October. The country’s largest two-wheeler maker has sold 5,74,930 units in October 2023.
Domestic dispatches to dealers rose to 6,57,403 units compared to 5,59,766 units in the year-ago period, the company said in a statement. Continue reading “Hero MotoCorp sales rise 18% to 6.8 lakh units in Oct”
Source : PTI | Eicher Motors Ltd on Friday said its arm VE Commercial Vehicles Ltd posted a 5 % decline in total sales to 7,112 units in October 2024.
VE Commercial Vehicles (VECV), a joint venture of the Volvo Group and Eicher Motors, had sold 7,486 units in October 2023, Eicher Motors said in a regulatory filing. Continue reading “VECV sales down 5 % at 7,112 units in Oct”
Source : PTI | With a record October month behind, the country’s largest carmaker Maruti Suzuki India is banking on a “few lakhs marriages” slated for November to carry forward the festive sales momentum, according to a senior company official. The company clocked retail sales of 2,02,402 units last month, which is its highest for any October month on the back of festive sales, breaking the previous record of 1,91,476 units posted in October 2020.
“We are made to understand that some ‘few lakhs’ marriages are being planned across the country (in November). So we are pretty hopeful that it will also give us good traction in terms of our retail sales,” Maruti Suzuki India Ltd Senior Executive Officer, Marketing and Sales, Partho Banerjee told PTI.
Source : PTI | India and Saudi Arabia are exploring collaboration in emerging fields like fintech, new technologies, energy efficiency, clean hydrogen, textiles and mining to further boost trade and investment ties, an official statement said on Friday. These areas were discussed during the recent visit of Commerce and Industry Minister Piyush Goyal to Riyadh.
He co-chaired the second meeting of the economy and investment committee under the India-Saudi Strategic Partnership Council (SPC) along with Minister of Energy, Saudi Arabia, Abdulaziz bin Salman Al-Saud on October 30 in Riyadh. Continue reading “India, Saudi Arabia exploring collaboration in fintech, clean hydrogen”
Summary
(Reuters) – Environmental and Indigenous groups on Thursday filed a lawsuit challenging the U.S. Interior Department’s approval of ioneer’s Rhyolite Ridge lithium mine in Nevada, the first domestic source of the battery metal to be permitted by Democratic President Joe Biden’s administration. Continue reading “Environmentalists sue over US approval of ioneer’s Nevada lithium mine”
Source : PTI | Retail sales during the Navratra grew by mid-to-high single digits across regions even as rural sales have remained muted, a brokerage firm said in a report on the automobile sector on Thursday.
The report by Motilal Oswal Financial Services also said that during the last week of October, inquiries and bookings are seeing a slight improvement for passenger vehicle OEMs (original equipment makers) especially for Maruti Suzuki and Tata Motors.
Continue reading “Auto sales up in mid-to-high single digits during Navratra”
Source : PTI | Hyundai Motor India Ltd (HMIL) reported a 2% increase in total sales for October 2024 with 70,078 units sold, compared to 68,728 units in October 2023. This increment includes marginal domestic sales growth and a significant rise in exports. HMIL’s sales for January to October 2024 totaled 647,789 units.
Domestic sales slightly increased to 55,568 units this October, from 55,128 units in October 2023, marking a 0.8% growth year-over-year. Meanwhile, exports saw a rise of 6.7%, reaching 14,510 units compared to 13,600 units in the same month last year.
Continue reading “Hyundai Motor India records marginal sales increase at 55,568 units in October”
Source : PTI | Toyota Kirloskar Motor on Friday reported a 41 % rise in total sales of 30,845 units in October as compared to 21,879 units in the same month last year. Domestic sales stood at 28,138 units while exports were at 2,707 units last month, Toyota Kirloskar Motor (TKM) said in a statement.
The company’s entire range of product offerings has experienced strong sales momentum during the festive season, TKM Vice President, Sales-Service-Used Car Business, Sabari Manohar said.
Continue reading “Toyota Kirloskar Motor sales up 41 pc at 30,845 units in Oct”
Source : PTI | Ather Energy on Thursday said it has recorded its highest-ever monthly dispatches in October, with over 20,000 scooters being shipped across the country. The recently launched family scooter, Rizta, has been a significant contributor, accounting for approximately 60 per cent-70 per cent of this month’s total volume.
Ather reported retail sales of 20,000 scooters across India as of October 30, the company said. Continue reading “Ather Energy achieves highest-ever monthly dispatches with 20,000 scooters in Oct”
DETROIT, (Reuters) – Ford Motor CEO Jim Farley has told employees that the automaker needs to speed efforts to improve quality and lower costs, and that manager bonuses, which are tied to those metrics, would be slashed to 65% of their total, according to three people familiar with the matter.
Farley recently introduced a new performance system where company bonuses are directly tied to progress on key goals in an effort to change the 121-year-old automaker’s culture to hold employees more accountable. He made the announcement about the lowered bonuses at a town hall on Wednesday. Continue reading “Ford to lower managers’ bonuses if company performance fails to improve, sources say”
(Reuters) – Ford Motor will halt production of its F-150 Lightning electric vehicle pickup trucks for six weeks from Nov. 18 to Jan. 6, the Dearborn automaker said on Thursday.
Ford’s U.S. plants are closed for a holiday week in December. Continue reading “Ford to halt production of F-150 Lightning EV pickup trucks for six weeks”
TOKYO, (Reuters) – Toyota Motor and Nippon Telegraph and Telephone (NTT) plan to invest a total 500 billion yen ($3.27 billion) by 2030 into an infrastructure and software platform using artificial intelligence to reduce traffic accidents.
The automaker and telecommunications firm said in a joint statement on Thursday they want to develop a mobility AI platform that uses large amounts of data to support driver assist technology, aiming to have a system ready by 2028. Continue reading “Toyota, NTT to invest $3.3 bln on development of AI platform”
Summary
(Reuters) – Uber Technologies signaled a further slowdown in its mainstay app-based taxi business as it forecast fourth-quarter gross bookings below Wall Street estimates, sending its shares down nearly 8%. Continue reading “Uber shares slide as slowing bookings growth spooks investors”
 WAF THINK TANK
India Vehicle After Sales Service Learnings & Key Takeaways from Last 9 Years WAF
Exclusive: China tells carmakers to pause investment in EU countries backing EV tariffs, sources say WAF Continue reading “WAF Auto News | The Auto World This Week (1st November 2024)”
Summary
MILAN, (Reuters) – Stellantis reported on Thursday a 27% fall in third quarter revenue, slightly better than expected as the automaker pushed ahead with fixing bloated inventories and poor commercial performance that led to a major profit warning last month. Continue reading “Stellantis revenues sink as automaker cuts bloated inventories”
SHANGHAI, (Reuters) – China has told its automakers to halt big investment in European countries that support extra tariffs on Chinese-built electric vehicles, two people briefed about the matter said, a move likely to further divide Europe.
The new European Union tariffs of up to 45.3% came into effect on Wednesday after a year-long investigation that divided the bloc and prompted retaliation from Beijing. Continue reading “Exclusive: China tells carmakers to pause investment in EU countries backing EV tariffs, sources say”
Summary
BEIJING, (Reuters) – (This Oct. 30 story has been refiled to clarify BYD’s revenue win in paragraph 3)
Chinese electric vehicle maker BYD posted an 11.5% rise in third-quarter net profit on Wednesday as it maintained strong sales momentum helped by government trade-in incentives. Continue reading “Chinese EV maker BYD’s net profit up 11.5%”
Summary
WOLFSBURG, Germany, (Reuters) – Volkswagen asked its workers to take a 10% pay cut on Wednesday, arguing it was the only way that Europe’s biggest carmaker could save jobs and remain competitive as profits plunged to a three-year low and union bosses threatened strikes. Continue reading “VW demands 10% wage cuts to save jobs as profits plunge”
Source : PTI | India’s biggest e-scooter maker Ola Electric has ramped up capacity at its service centres across the country by over 30% to transform its service and elevate the after-sales experience of customers, sources said. The Softbank Group-backed firm, which commands nearly a third of the market share in India’s e-scooter market, has added more than 50 service centres and has hired over 500 service technicians across new and existing service centres to streamline operations and clear all backlogs.
The company reportedly has also onboarded Ernst & Young for service transformation, strategy, and optimisation of overall service processes. Continue reading “Ola Electric boosts service capacity by 30%; adds over 50 centres, 500 technicians”
BEIJING, (Reuters) – China’s Geely Automobile Holdings took the wraps off its latest hybrid technology on Wednesday, boasting some better fuel economy and driving range figures than rival technology from local plug-in hybrid champion BYD.
The Leishen EM-i technology can consume just 2.62 litres of fuel per 100 kilometres (62.1 miles) and offer a combined range – using both gasoline and battery – of 2,390.5 km, Geely said, citing media test results. Continue reading “Chinese automaker Geely steps up challenge to BYD with new hybrid tech”
(Reuters) – Japanese automaker Suzuki Motor’s Indian unit will supply its first-ever electric vehicle to Toyota Motor the two companies said in a statement on Wednesday, in a move that marks their first collaboration on green vehicles.
Maruti Suzuki which is majority-owned by Suzuki Motor, will begin production of the EV from spring 2025 in its plant in the western Indian state of Gujarat. Continue reading “Toyota to get Suzuki’s first-ever EV as partnership expands”
DETROIT,(Reuters) – Ford Motor stock has tumbled about 8% so far this week after the company faltered on CEO Jim Farley’s mission to improve efficiency in its traditional gasoline-engine operations, whose profits the company needs to fund its expensive electric vehicle plans.
Quality and warranty problems, supplier issues and waste in the automaker’s 121-year legacy business have obscured its progress, Farley told analysts during a call to discuss quarterly earnings Monday. The automaker said annual results would be in the lowest range of its previous outlook. Continue reading “Ford investors impatient for the automaker to boost efficiency efforts”
SHANGHAI, (Reuters) – China has told its automakers to halt big investment in European countries that support extra tariffs on Chinese-built electric vehicles, two people briefed about the matter said, a move likely to further divide Europe.
The new European Union tariffs of up to 45.3% came into effect on Wednesday after a year-long investigation that divided the bloc and prompted retaliation from Beijing. Continue reading “Exclusive: China tells carmakers to pause investment in EU countries backing EV tariffs, sources say”
Summary
BRUSSELS, (Reuters) – The European Union has decided to increase tariffs on Chinese-built electric vehicles to as much as 45.3% at the end of its highest profile trade investigation that has divided Europe and prompted retaliation from Beijing. Continue reading “EU slaps tariffs on Chinese EVs, risking Beijing backlash”
Summary
BEIJING, (Reuters) – Chinese electric vehicle maker BYD posted an 11.5% rise in third-quarter net profit on Wednesday as it maintained strong sales momentum helped by government trade-in incentives. Continue reading “Chinese EV maker BYD’s net profit up 11.5%, revenue beats Tesla for first time”
Source : PTI | Shortage of Cold-Rolled Grain-Oriented (CRGO) steel used for making transformers and electric motors could impact India’s ambitious power sector expansion plans, think tank GTRI said on Monday. The Global Trade Research Initiative (GTRI) said that India’s power sector is facing a 30 % shortage of CRGO steel, essential for electric motors and transformers.
With domestic production meeting only about 10-12 % of demand, India relies heavily on imports, it added. Continue reading “Transformer steel shortage could impact India’s energy ambitions: GTRI”
Source : PTI | New Delhi: Led by robust demand in the festive period, Maruti Suzuki India and Tata Motors are looking to have record retail sales in October. The companies are also eyeing bumper deliveries to customers on Dhanteras.
The country’s largest carmaker, Maruti Suzuki, said it has delivered about 30,000 units to customers on Tuesday. Continue reading “Maruti Suzuki, Tata Motors eye record festive sales”
Source : PTI | New Delhi: State-owned fuel retailers on Tuesday hiked commission paid to dealers on sale of petrol by 65 paise a litre and that on diesel by 44 paise per litre without any change in retail selling price. They also rationalised intra-state freight that will result in a cut in petrol and diesel prices in several places in states such as Odisha, Chhattisgarh, and Himachal Pradesh.
This is the first revision in commission paid to dealers in nearly eight years. Continue reading “Oil cos hike dealer commission; no change in petrol, diesel price”
MILAN, (Reuters) – Europe’s car safety agency has issued a “not recommended” rating to the driver assistance system used in BYD’s Atto 3 EV, dealing a blow to the Chinese automaker as it strives to expand on the continent.
The model scored zero on driver monitoring features and performed poorly in preventing undertaking at speeds over 90 kilometres per hour (56 miles per hour), among other shortcomings, according to the Oct. 23 report from the European New Car Assessment Programme (Euro NCAP). Continue reading “European car safety agency snubs BYD’s Atto 3 driver assistance system”
Summary
BERLIN, (Reuters) – Thousands of German workers launched nationwide strikes to press for higher wages on Tuesday, compounding problems for companies worried about staying globally competitive as high costs, weak exports and foreign rivals chip away at their strengths. Continue reading “Workers launch strikes as Germany frets over industrial future”
Summary
BRUSSELS, (Reuters) – The European Union has decided to increase tariffs on Chinese-built electric vehicles to as much as 45.3% at the end of its highest profile trade investigation that has divided Europe and prompted retaliation from Beijing. Continue reading “EU slaps tariffs on Chinese EVs, risking Beijing backlash”
LOS ANGELES, (Reuters) – U.S. nonprofit Climate United on Tuesday announced a plan to spend up to $250 million to buy as many as 500 electric semi trucks over three years in what it called the biggest single order of those zero-emissions trucks in the country so far.
Climate United then aims to lease those vehicles at attractive rates to truckers that haul containers to and from California seaports, where roughly 33,000 so-called drayage trucks must have zero tailpipe emissions by 2035. Continue reading “US nonprofit to spend $250 mln on electric trucks to lease at California ports”
TOKYO, (Reuters) – Apple supplier TDK has partnered with McLaren Racing in Formula E electric motor racing as the Japanese components manufacturer targets expansion in the electric vehicle sector.
TDK, once well known to consumers for its cassette tapes, is the world’s largest supplier of smartphone batteries. It is growing its passive components and sensors businesses and aims to build its presence in the EV supply chain. Continue reading “Apple supplier TDK partners with McLaren Racing in EV push”
BEIJING, (Reuters) – A prototype Chinese electric vehicle has set a record lap time at Germany’s grueling Nurburgring track, its maker Xiaomi said on Tuesday just hours before a company event expected to reveal the production model of the car.
Xiaomi Chief Executive Lei Jun said on Chinese social media platform Weibo the SU7 Ultra prototype completed the circuit in 6 minutes and 46.874 seconds, claiming the title of fastest four-door car on the challenging track. Continue reading “Xiaomi chief touts Nurburgring record ahead of EV launch”
(Reuters) – Ford Motor shares fell 6.6% premarket on Tuesday after the automaker tempered its full-year profit forecast, blaming supplier disruptions and warranty costs amid a global price war fueled by overcapacity.
It expects 2024 adjusted earnings before interest and taxes (EBIT) of about $10 billion, compared with its earlier projection of $10 billion to $12 billion. Continue reading “Ford shares fall as supply snags and costs hurt profit forecast”
BERLIN, (Reuters) – Volkswagen sees discounts on electric vehicles in China as “part of the business,” the German carmaker’s China boss Ralf Brandstaetter said in an interview with Handelsblatt on Tuesday.
“Of course, we also take tactical and time-limited measures where it makes sense to do so – that’s part of the business,” Brandstaetter said. Continue reading “Volkswagen’s China boss sees EV discounts as ‘part of the business’”
