TOKYO, (Reuters) – Honda Motor has priced shares in a secondary share sale at 1,664.5 yen each, or a 3% discount to Wednesday’s closing price, valuing the deal at 497 billion yen ($3.16 billion), the automaker said.
The amount includes an overallotment triggered depending on demand. Continue reading “Honda sets secondary share sale price at 3% discount in $3.16 billion deal”
(Reuters) – BMW is recalling 1,145 vehicles in the United States over a potential issue that may cause the driver’s airbag to explode during deployment, the U.S. National Highway Traffic Safety Administration said on Wednesday.
The recall includes the 2015 6 Series Gran Coupe, 2014 5 Series Gran Turismo and 2014 5 Series sedans, among others which are equipped with airbag inflators manufactured by Japanese automotive parts maker Takata Corp. Continue reading “BMW recalling over 1,100 vehicles in US over airbag concern, NHTSA says”
(Reuters) – A Mercedes-Benz unit said on Wednesday it had partnered with Starbucks to deploy its fast-charging stations at more than 100 locations across the United States.
The first phase of the program will have 400 kW EV chargers at Starbucks stores along Interstate 5, a west coast travel corridor spanning from Canada to Mexico, according to Mercedes-Benz High-Power Charging. Continue reading “Mercedes-Benz unit partners with Starbucks for fast-charging stations in US”
(Reuters) – The U.S. Commerce Department plans to issue proposed rules on connected vehicles next month and expects to impose limits on some software made in China and other countries deemed adversaries, a senior official said Tuesday.
“We’re looking at a few components and some software – not the whole car – but it would be some of the key driver components of the vehicle that manage the software and manage the data around that car that would have to be made in an allied country,” said export controls chief Alan Estevez at a forum in Colorado. Continue reading “US to issue proposed rules limiting Chinese vehicle software in August”
NEW DELHI, (Reuters) – SoftBank-backed Indian e-scooter maker Ola Electric is likely to value the company at around $4.5 billion for its initial public offering (IPO), around 16%-20% lower than the valuation at its last funding round, two sources told Reuters.
The Indian markets regulator in June approved Ola’s $660 million stock market listing, the first IPO by an EV maker in India and set to be one of the country’s largest share sales this year. Continue reading “India’s Ola Electric eyes lower valuation of $4.5 bln for IPO, sources say”
WASHINGTON, (Reuters) – President Joe Biden is on the brink of failing to win a key labor endorsement as leaders of the 1.3 million-member Teamsters union consider backing no candidate at all in the U.S. presidential race, according to two people familiar with the matter.
The International Brotherhood of Teamsters decision has not been finalized and is expected to be made in the coming weeks. Continue reading “Exclusive: In blow to Biden, Teamsters consider no endorsement in 2024 race”
HELSINKI, (Reuters) – Finland abstained in Monday’s EU vote on provisional tariffs on electric vehicles (EVs) built in China, an official at the Finnish embassy to the EU said on Tuesday.
The European Commission had asked union member states for advisory votes on whether to continue the duties that currently are up to 37.6% on EVs imported from China, increasing tensions with Beijing in the EU’s largest trade case yet. Continue reading “Finland abstained in Monday’s vote on EU tariffs on China EVs”
BERLIN, (Reuters) – The European Commission has signalled to Volkswagen and BMW that it may consider lowering tariffs on the two carmakers’ imports of China-made EVs, two sources with knowledge of the matter said.
The European Commission was willing to classify the two carmakers as so-called cooperating companies, the sources said, making them eligible for a 20.8% tariff on their China-made models, down from a tariff of 37.6% under current plans. Continue reading “EU may cut China EV import tariffs for Volkswagen and BMW, sources say”
MILAN/LONDON, (Reuters) – A sell-off in the shares of some European carmakers and renewable energy firms entered a second day on Tuesday on growing concerns over potential U.S. policy risks after an assassination attempt boosted Donald Trump’s chances in the presidential race.
Trump’s choice of J.D. Vance as his running mate for the top job in Washington added to the worries, driving traders to sell shares perceived to be at risk. Continue reading “European autos, clean energy feel the pinch of Trump 2.0 bets”
Source : PTI | New Delhi: Supreme Court-appointed amicus curiae for motor accident compensation claims Justice J R Midha on Monday pitched for a separate fund to compensate accident victims involving non-insured vehicles. According to the International Road Federation (IRF), more than 50% of vehicles in India are not insured.
Midha also expressed concern at pathetic road conditions in the country as well as poor care of drivers who are made to drive for hours without rest or proper sleep at night
Continue reading “‘Create separate fund for accident victims of non-insured vehicles’”
PARIS, (Reuters) – Many companies are reluctant to invest in critical minerals and energy transition projects due to uncertainty about consumer demand for EVs and government commitment to zero-carbon goals, industry players said.
The long-term picture is intact of a world needing large quantities of materials such as lithium, cobalt and copper to enable the world to give up using fossil fuels. Continue reading “Investment in critical minerals in web of doubt, industry says”
WASHINGTON, (Reuters) – President Joe Biden is on the brink of failing to win a key labor endorsement as leaders of the 1.3 million-member Teamsters union consider backing no candidate at all in the U.S. presidential race, according to two people familiar with the matter.
The International Brotherhood of Teamsters decision has not been finalized and is expected to be made in the coming weeks. Continue reading “Exclusive: In blow to Biden, Teamsters consider no endorsement in 2024 race”
(Reuters) Tesla CEO Elon Musk on Monday signaled the automaker would take more time to unveil its robotaxi so it can incorporate an important design change to the front of the vehicle and “show off” some other things.
Musk did not disclose when the automaker would hold an event to launch its robotaxi. Bloomberg News reported last week that the event, originally set to be held on Aug. 8, had been delayed to October. Continue reading “Musk signals delays to robotaxi unveiling for key design change”
BANGKOK, (Reuters) – When Chinese electric vehicle maker BYD opened its first Southeast Asian factory in Thailand earlier this month, the nation of 66 million people basked in the limelight and won praise for its industrial vision.
What, however, received less attention was an announcement by another big automobile manufacturer – Suzuki Motor – just a few weeks earlier that it will shutter a Thai factory that produced as many as 60,000 cars a year. Continue reading “Thai economy faces upheaval due to factory closures and cheap Chinese imports”
BRUSSELS, (Reuters) – Italy and Spain are backing European Union tariffs on imports of China-built electric vehicles, government sources said ahead of a Monday midnight deadline for all 27 EU members to take their stand on the matter.
The vote is non-binding, but it could influence the final conclusion of the European Commission, which oversees the bloc’s trade policy. It set provisional duties of up to 37.6% on EVs imported from China, ratcheting up tensions with Beijing. Continue reading “Italy, Spain back EU tariffs on China-built electric vehicles”
BEIJING, (Reuters) – China has requested the World Trade Organization set up an expert panel to help settle a dispute over electric vehicles subsidies under the U.S. Inflation Reduction Act, the country’s commerce ministry said on Monday.
The world’s No.2 economy opened the WTO dispute in late March after the Biden administration passed the IRA, a wide-ranging law that provides billions of dollars in tax credits to help consumers buy EVs and firms to produce renewable energy, as the White House looks to decarbonise the U.S. power sector. Continue reading “China asks WTO to set up panel for US electric vehicle subsidies dispute”
Source : PTI | New Delhi: India’s top oil firm IndianOil has started producing fuel used in adrenaline-pumping motor racing and dispatched its maiden consignment. The firm’s refinery at Paradip in Odisha has started producing STORM-X – a high-octane petrol specifically formulated for racing cars, the firm said in a statement.
Indian Oil Corporation (IOC) Director (Marketing) V Satish Kumar flagged the dispatch of the maiden consignment of STORM-X at an event on Saturday, it added.
Continue reading “IndianOil launches high-speed car racing fuel STORM-X”
Source : PTI | New Delhi: German luxury carmakerMercedes-Benz is considering assembling more electric vehicles at its plant in India not merely to gain cost advantage but also to meet its zero emission mobility and carbon neutral setup goals, according to a senior company official. Mercedes-Benz India, which currently assembles its flagship electric luxury sedan EQS at its Chakan unit, is considering localisation of other models depending on demand.
“Our final goal is zero emission mobility and carbon neutral setup, which not only means about tailpipe emissions, but also from the recyclability of the car, to the carbon footprint that we generate by producing these cars,” Mercedes-Benz India Managing Director & CEO Santosh Iyer told PTI.
Source : PTI | The Kerala High Court has directed the Transport Commissioner and the State Police Chief to take stern action against motor vehicles which violate road safety as well as noise and air pollution standards and ensure they are not used in public places. The direction by a bench of Justices Anil K Narendran and Harisankar V Menon came on a plea initiated by the court on its own regarding the use of contract and stage carriages on public places openly flouting safety standards.
The High Court noted that the violations like unauthorised fittings, recording of videos inside driver cabin while the vehicle is moving and uploading of videos such recordings and alterations, pose a threat to safety of other road users as well as those travelling in such vehicles. Continue reading “Take stern action against vehicles violating road safety standards: Kerala HC”
Source : PTI | New Delhi: The Delhi government’s transport department plans to offer incentives to those who scrap their overage vehicles and purchase a new one, sources said on Friday. The department has plans for offer discounts on motor vehicle tax ranging from 10 to 20% to customers, who have opted for scrapping their overage vehicle and are purchasing a new one.
The proposal has provisions like offering a 20% discount to those who opt for scrapping their petrol vehicles like cars and bikes while those who get their diesel vehicles could be eligible for a 15% discount on motor vehicle tax, sources said. Continue reading “Transport dept to offer incentives to those who scrap overage vehicles in Delhi”
SEOUL, (Reuters) – Hyundai Motor and a union representing its South Korean workforce on Saturday sealed a wage deal that will boost annual pay by about 4.65%, the union said, avoiding a strike in the carmaker’s biggest manufacturing base.
The union, one of the biggest in the country with more than 43,000 members, said in a statement on Saturday that a total of 58.93% of its voting members had approved the tentative wage agreement reached earlier this week. Continue reading “Hyundai Motor’s South Korea union approves wage deal, union says”
SEOUL, (Reuters) – South Korean EV battery maker SK On is in talks with automakers to supply prismatic batteries, expanding from its existing pouch-type batteries, a senior executive said, as it scrambles to turn around amid slowing global electric vehicle (EV) demand.
SK On, a unit of energy group SK Innovation, which supplies EV batteries to Ford Motor, Hyundai Motor, Volkswagen among others, is speaking to multiple automakers that are looking to line up prismatic battery supply deals, SK On chief spokesperson Ko Chang-Kook said. Continue reading “South Korea’s SK On in talks to supply prismatic EV batteries as it seeks turnaround”
BERLIN, (Reuters) – Germany is set to abstain in Monday’s vote by European Union member states on imposing provisional tariffs on China-made electric vehicles, sources told Reuters on Friday, in the first test of support for Brussels’ landmark trade case.
The provisional tariffs of up to 37.6% on EVs imported from China do not require the member states’ support, but the final tariffs could be blocked if a qualified majority of the EU’s 27 members is opposed. Continue reading “Germany set to abstain in vote on EU tariffs for China EVs, sources say”
BALTIMORE, (Reuters) – United Auto Workers President Shawn Fain on Friday criticized Donald Trump’s U.S. presidential candidacy and praised President Joe Biden without ever using his name or repeating the union’s January endorsement for his re-election this fall.
“It’s clear that Donald Trump in the White House would be a complete disaster for the working class,” Fain said at the Netroots Nation conference in Baltimore. Fain criticized Trump by name several times during his 16-minute speech that focused on the working class. Continue reading “Auto workers union chief blasts Trump, praises Biden without using his name”
Source : PTI | A rapid rollout of solar-powered EV charging infrastructure and vertical forests are among the new ideas the Delhi government is contemplating to address the twin challenges of air pollution and climate change. The other innovative ideas include creating charging sites and battery-swapping stations by repurposing lamp posts, parking spots and petrol stations. Also, “smart poles” combining fast-charging functions, public Wi-Fi, and the internet of things could soon become a reality in Delhi, a government official said.
These ideas were discussed at a meeting of Delhi’s State-Level Steering Committee on Climate Change in June and are likely to be incorporated in the city government’s new action plan on climate change. Continue reading “Delhi mulls vertical forests, solar-powered EV charging infra to fight air pollution, climate change”
ROME, (Reuters) – Italy’s government is considering taking over by decree defunct auto brands owned by Stellantis, and offering them to Chinese companies to encourage them to set up factories in Italy, Il Sole 24 Ore daily reported on Friday.
The plan would involve the Innocenti and Autobianchi brands, both shut down in the 1990s. Continue reading “Italy to offer defunct Stellantis brands to Chinese automakers, report says”
Production: The total production of Passenger Vehicles, Three Wheelers, Two Wheelers, and Quadricycle in June 2024 was 23,36,255 units
Domestic Sales:
Continue reading “SIAM Motor Vehicle Data-June 2024 & April-June-24”
(Reuters) – Global sales of fully electric and plug-in hybrid vehicles rose by 13% in June versus the same month in 2023 driven by growth in China, while they dropped in Europe, market research firm Rho Motion said.
China accounted for over 60% of the total, as rising availability of electric vehicles and strong sales by BYD contributed to an increase in the domestic market share of PHEVs in the first half of the year, Rho Motion data manager Charles Lester told Reuters. Continue reading “Global EV sales up 13% in June, down 7% in Europe, Rho Motion says”
DETROIT/WASHINGTON, (Reuters) – United Auto Workers President Shawn Fain met with the union’s executive board late on Thursday to discuss his deep concerns with President Joe Biden’s ability to defeat Donald Trump in the November election, three sources familiar with the matter said.
Fain called together top officials at the nearly 400,000-member union to discuss concerns and what the union’s options are, according to the sources, who asked not to be identified. The union is considering its next steps, the sources said. Continue reading “Exclusive: UAW considering next steps on worries Trump could beat Biden, sources say”
INDIA
JSW MG Motor India Partners With Shell To Expand EV Charging Infrastructure car&bike
High on altitude with Volkswagen Experiences evoindia
Automakers reduce prices of SUVs to boost demand ETAuto Continue reading “WAF Auto News | The Auto World This Week (12th July 2024)”
Source : PTI | Tata Motors and Mahindra & Mahindra have both cut prices on their SUV models in a bid to boost demand. Tata Motors has reduced the starting price of the Harrier to INR 14.99 lakh and the Safari to INR 15.49 lakh, alongside benefits up to INR 1.4 lakh on other SUV variants. Mahindra & Mahindra has also lowered the prices of its XUV700, with the AX7 range now starting at INR 19.49 lakh, illustrating a price reduction of over INR 2 lakh.
Tata Motors has enhanced its offers on electric vehicles. “With regards to electric vehicles, never before seen benefits on the Nexon.ev (up to INR 1.3 lakh), have made it the most accessible it has ever been,” said Tata Passenger Electric Mobility Chief Commercial Officer Vivek Srivatsa. The company is also offering a benefit of up to INR 30,000 on the Punch.ev.
Continue reading “Automakers reduce prices of SUVs to boost demand”
Source : PTI | Indian electric two-wheeler industry is on an ‘amazing transformation’ and policy support is a crucial signal to all stakeholders that the government stays committed to a 100% electric vision, Ather Energy Co-founder & CEO Tarun Mehta said on Wednesday. In a post on social media platform X, he said from a growth perspective the country’s E2W industry holds immense potential and argued that while “naysayers in the industry will keep nitpicking on new tech, but there’s perhaps no single lever more powerful than 100% electrification to reduce fossil fuel dependence and emissions reduction”.
“I firmly believe that we are on to an amazing transformation in our industry and will build an enormous global behemoth out of India in E2Ws (electric two-wheelers). However, there’s still a lot to solve for,” Mehta wrote in response to an article by India’s G20 Sherpa Amitabh Kant who highlighted the need for electrification of transportation in India. Continue reading “Policy support crucial signal of govt’s commitment to 100% electrification: Ather Energy CEO”
Source : PTI | Amaravati (Andhra Pradesh), Andhra Pradesh Industries Minister TG Bharat on Wednesday said Bharat Petroleum Corporation Ltd (BPCL) is ready to invest INR 1 lakh crore in the state, which could include the setting up of an oil refinery. The Industries Minister accompanied a BPCL delegation led by its chairman and managing director G Krishna Kumar to meet Chief Minister N Chandrababu Naidu at the Secretariat in Amaravati on Wednesday.
According to Bharat, BPCL officials told Naidu that the company is ready to invest massively in the state and discussed primarily about setting up an oil refinery. Continue reading “BPCL ready to invest INR 1 lakh cr in Andhra Pradesh: Industries Minister Bharat”
(Reuters) – Stellantis is recalling 332,000 Alfa Romeo, Jeep, and Fiat vehicles in the United States over a concern with faulty seat belt sensors, the U.S. National Highway Traffic Safety Administration said on Wednesday.
“A seat belt buckle switch sensor may be improperly connected, preventing the front seat air bag from deploying as intended,” the U.S. auto safety regulator said. Continue reading “Stellantis to recall 332,000 U.S. vehicles over faulty seat belt buckle sensors”
WASHINGTON, (Reuters) – German carmaker BMW said on Wednesday it was recalling 394,000 vehicles in the United States due to faulty airbag inflators that could potentially cause serious or fatal injuries, the U.S. National Highway Traffic Safety Administration said on Wednesday.
An air bag inflator could explode, sending potentially deadly sharp metal fragments flying and striking the driver or others in the vehicle, NHTSA said. Continue reading “BMW recalling 394,000 US vehicles over potentially deadly air bag issue”
BERLIN, (Reuters) – Volkswagen has secured production of solid-state batteries developed with U.S. startup QuantumScape, both companies said on Thursday, as the German carmaker aims to bring the technology into more vehicles.
Under an agreement announced on Thursday, Volkswagen’s battery unit PowerCo will receive the licence to mass-produce battery cells based on QuantumScape technology, pending technological progress and certain royalty payments, they said. Continue reading “Volkswagen, QuantumScape strike deal on solid-state batteries”
FRANKFURT, (Reuters) – German energy company E.ON and Volkswagen subsidiary MAN Truck & Bus plan to set up a pan-European electric charging network for trucks, starting this year, they said on Thursday.
Europe has set itself the goal of reducing emissions from heavy commercial vehicles by 90% by 2040 compared with 2019. Continue reading “VW’s MAN and E.ON join forces to charge electric trucks”
Summary
HOUSTON, (Reuters) – In a milestone for the global clean-energy transition, International Battery Metals has become the first company to commercially produce lithium with a novel type of filtration technology, a step expected to usher in cheaper and faster supplies of the electric-vehicle battery metal. Continue reading “Exclusive: In lithium industry first, IBAT commercializes new extraction technology”
WASHINGTON, (Reuters) – The Biden administration plans to award General Motors and Chrysler-parent Stellantis nearly $1.1 billion in grants to convert existing plants to build electric vehicles and components, it said on Thursday.
The Department of Energy (DOE) announced $1.7 billion in planned grants to help fund the conversion of 11 “at risk” plants in eight states to enable the production of 1 million EVs annually, help retain 15,000 existing jobs, and create 3,000 new positions. Continue reading “Biden administration to award nearly $1.1 billion to Stellantis, GM for EV production”
(Reuters) – Payment issues between Russia and China, caused by U.S. sanctions, pose serious issues for Russian imports of Chinese cars that have supplied the domestic market over the last two years, the head of Russia’s car dealers’ association told Reuters.
Moscow and Beijing have resorted to complex steps to try to avoid payment delays, including a workaround using small, regional Chinese banks, as the threat of secondary U.S. sanctions on Chinese banks that facilitate trade with Russia deters larger lenders. Continue reading “Payment problems stifle Russian imports of Chinese cars”
