Summary

• That would be 2nd highest fee for banks working on IPOs in India
• Hyundai to pay 1.3% of IPO to banks, lower than US, Hong Kong, sources say
• Bankers see tide turning after years of low-paying deals

MUMBAI, (Reuters) – Banks advising South Korean automaker Hyundai on its India IPO are set to make as much as $40 million in fees, three sources said, a windfall in a market where banks typically struggle to make money given cost-conscious clients and fewer big deals. Continue reading “Exclusive: Hyundai India IPO banks set for country’s second biggest payday with $40 million fee”

(Reuters) – Volkswagen is recalling over 271,000 vehicles in the United States due to a potential wiring fault that may deactivate front passenger air bags when the seat is occupied, the U.S. auto safety regulator said on Wednesday.

The recall affects the German automaker’s certain 2021-2024 Atlas and 2020-2024 Atlas Cross Sport vehicles where the passenger occupant detection system (PODS) may experience a fault in the wiring and affect front passenger air bags. Continue reading “Volkswagen to recall 271,000 U.S. vehicles over possible air bag issue”

SEOUL, (Reuters) – South Korean authorities ordered a halt on Wednesday to the operations of a manufacturer of lithium batteries after a fire killed 23 people, as they investigate three company officials for suspected safety violations.

Monday’s fire at unlisted battery maker Aricell was one of the deadliest industrial accidents of recent years. Dozens of South Korean workers lose their lives on the job each year, despite tougher laws and measures to improve safety. Continue reading “South Korea halts battery maker’s operations as it probes deadly blaze”

(Reuters) – Aston Martin announced the debut of its new limited edition sportscar Valiant on Wednesday and said deliveries would start in the fourth quarter, as the British carmaker aims to revive falling sales and become cash flow positive.

The company will produce only 38 units of the Valiant, a vehicle designed by the Aston Martin team alongside Formula One driver and two-time world champion Fernando Alonso. Continue reading “Aston Martin to start delivery of Alonso-inspired race car Valiant in fourth quarter”

WASHINGTON, (Reuters) – Tesla said on Tuesday it was recalling most Cybertrucks in the United States over issues with their windshield wipers and exterior trim, the latest setback for the futuristic truck whose mass production is expected to start next year.

This physical recall of vehicles, not rare for new models, is relatively unusual for Tesla, whose problems are usually resolved through over-the-air software updates. Continue reading “Tesla recalls Cybertrucks over wiper, trim issues in latest setback”

SAN FRANCISCO, (Reuters) – German automaker Volkswagen Group will invest up to $5 billion in U.S. electric-vehicle maker Rivian as part of a new, equally controlled joint venture to share EV architecture and software, the companies said on Tuesday.

Shares of Rivian surged about 50% in extended trade after the announcement, potentially supercharging the company’s market value by nearly $6 billion, if gains hold on Wednesday. Continue reading “Volkswagen’s $5 bln investment in Rivian boosts EV maker’s shares”

Source : PTI | One of India’s leading manufacturing multinationals, Bharat Forge, on Tuesday called for a more innovative approach to electric vehicles (EVs) in the country’s climate action agenda which is not based on copying China’s battery-based model. Addressing India Global Forum’s Climate and Business (ClimB) session in London, company vice-chair and joint managing director Amit Kalyani pointed to great potential to incorporate inductive electric charging as the highway infrastructure takes shape around the country.

He highlighted that the higher price tag of EVs is largely down to the cost of the batteries and having an alternative model will have a significant impact on sales of the more environmentally-friendly mode of transport. Continue reading “Bharat Forge’s Amit Kalyani on what’s wrong with India’s EV model and whether green hydrogen is the silver bullet”

(Reuters) – Ford Motor is recalling 552,188 of its 2014 F-150 vehicles in the U.S., due to an issue which may lead the vehicle to unexpectedly downshift into the first gear, the National Highway Traffic Safety Administration said on Tuesday.

A loss of signal between the transmission output shaft speed sensor and the powertrain control module can cause a downshift, regardless of vehicle speed and lead to a loss of vehicle control, the regulator said. Continue reading “Ford to recall more than 550,000 vehicles, US safety regulator says”

TOKYO, (Reuters) – Nissan Motor will produce electric vehicles for its Chinese joint-venture partner Dongfeng Motor at its Wuhan factory by year-end, the Nikkei newspaper reported on Tuesday, a sign of pressure on the automaker’s China business.

By producing EVs for Dongfeng, Nissan aims to reduce fixed costs and increase the operating rate of the factory, which has been declining because of slumping sales, Nikkei said. Continue reading “Nissan to start producing EVs for Dongfeng Motor by year-end, Nikkei reports”

TOKYO, (Reuters) – China’s BYD launched its third electric vehicle in Japan, it said on Tuesday, a sedan that will be its most expensive model so far in a market where consumers have long favoured domestic brands.

The Shenzhen-based automaker said it had started taking orders for its flagship Seal EV in Japan from Tuesday, setting the suggested retail pricing for the rear-wheel-drive version of the vehicle in the country at 5.28 million yen ($33,111.75). Continue reading “China’s BYD launches third EV model in Japan”

DALIAN, China, (Reuters) – China’s Premier Li Qiang used his address at a World Economic Forum meeting in Dalian to hit back at accusations from the U.S. and EU that Chinese firms benefit from unfair subsidies and are poised to flood their markets with cheap green technologies.

Li’s comments come as China and the European Union prepare to host technical talks on the planned imposition of tariffs on Chinese-made electric vehicles (EVs) imported into the 27-strong bloc and after the United States unveiled steep tariff hikes on an array of Chinese imports, including EV batteries, in May. Continue reading “China hits back at West’s over-capacity allegations in EVs, lithium batteries”

(Reuters) – Tesla is recalling 11,688 Cybertruck electric pickup trucks as a failure of the windshield wiper could reduce visibility, increasing the risk of a crash, the U.S. National Highway Traffic Safety Administration (NHTSA) said.

The EV maker also is recalling 11,383 units of the pickup truck as a trim in the trunk bed could have been improperly attached, potentially becoming loose and creating a road hazard for motorists behind, a separate notice from the NHTSA said. Continue reading “Tesla recalls thousands of Cybertrucks over windshield wiper, exterior trim issues”

Summary

• Decision on UK production likely in ‘less than a year’
• Carmakers face UK fines if don’t hit minimum EV sales target
• Stellantis UK head says ‘demand is not there’

LONDON, (Reuters) – Stellantis could halt its UK production unless the government does more to boost demand for electric vehicles (EVs) to help it comply with regulations requiring automakers to sell more EVs, the company’s top UK executive said on Tuesday. Continue reading “Stellantis could axe UK production unless government acts on EVs”

(Reuters) – U.S. auto dealers grappled with a cyber attack-led ongoing software outage on Monday, with some reverting to manual paperwork as car industry technology provider CDK worked to restore systems used by more than 15,000 retail locations.

The outage impacting CDK’s dealer management system that is used to complete deals, track store profitability and monitor employee compensation, has “significantly slowed down” the auto retail industry, said Cliff Steinhauer, an official at The National Cybersecurity Alliance. Continue reading “CDK hack upends US auto industry, sending dealers back to paper forms”

WASHINGTON, (Reuters) – A group representing major automakers asked the National Highway Traffic Safety Administration to reconsider the rule issued in April requiring nearly all new cars and trucks by 2029 to have advanced automatic emergency braking systems.

The Alliance for Automotive Innovation, representing General Motors, Toyota Motor, Volkswagen and nearly all other automakers said the requirement adopted in April that all cars and trucks would be able to stop and avoid striking vehicles in front of them at up to 62 miles per hour is “practically impossible with available technology.” Continue reading “Automakers ask US agency to reconsider emergency braking rule”

BEIJING, (Reuters) – Beijing wants the EU to scrap plans to impose preliminary tariffs on Chinese electric vehicle imports by July 4, China’s state-controlled Global Times reported, after both sides agreed to negotiate a possible compromise.

Provisional European Union duties of up to 38.1% on imported Chinese-made EVs are set to kick in by July 4 while the bloc investigates what it says are excessive and unfair subsidies. Continue reading “China wants EU to scrap EV tariff plans as talks start”

OTTAWA, (Reuters) – Canada said on Monday it was considering whether to impose tariffs on China-made electric vehicles as it seeks to align itself with allies against what they see as a heavily subsidized Chinese industry.

Finance Minister Chrystia Freeland said the domestic auto sector faced unfair competition from China’s “state-directed policy of overcapacity.” Ottawa will open a 30-day public consultation period on July 2 on possible responses. Continue reading “Canada, inspired by EU and US, considers imposing import tariffs on Chinese EVs”

(Reuters) – A U.S. appeals court on Monday tossed out a proposed class action claiming Uber Technologies’ policy of terminating drivers with low passenger ratings is racially discriminatory.

The San Francisco-based 9th U.S. Circuit Court of Appeals said Thomas Liu, a driver who filed the 2020 lawsuit, had not provided any evidence showing that Uber kicked non-white drivers off its app at a higher rate than white drivers with low ratings. Continue reading “Uber beats lawsuit alleging race bias in driver ratings”

• Summary
• Factory retooling to save 35% in material cost for vans
• CEO sees similar savings for R1 SUVs and pickups
• CEO highlights improved manufacturing efficiency
• Cost cuts to calm investor nerves – analyst

NORMAL, Illinois, (Reuters) – Electric-vehicle maker Rivian’s drive to cut costs and turn its first profit has removed over 100 steps from the battery-making process, 52 pieces of equipment from the body shop and over 500 parts from the design of its flagship SUVs and pickups. Continue reading “Electric-vehicle maker Rivian simplifies output, cuts costs, aiming for first profit”

Source : PTI | New Delhi: Auto components industry body ACMA on Monday called for incentivising capex expenditure, increasing depreciation rates on plant and machinery and rationalising GST rates on EVs and its components, ahead of the upcoming Budget 2024-25. In its recommendations submitted to the Ministry of Finance and the nodal ministry for automotive industry, the Ministry of Heavy Industries, ACMA also asked the government for clarification of tax deductions on business benefits and perquisites under Section 194R while suggesting an amnesty scheme for resolving legacy disputes under customs laws.

ACMA said it has proposed several key measures to further bolster the sector.

Continue reading “ACMA Budget wishlist: Incentivise capex, rationalise GST rates on EVs, components”

Source : PTI | Pune-based automaker Force Motors said on Monday it has partnered with strategy consultancy firm EY Parthenon India for its digital transformation programme to boost innovation and productivity across its value chain, among others. The crucial milestones in this partnership include redesigning Force Motors’ digital landscape, implementing advanced digital platforms, technologies and solutions for customers, and boosting its capabilities and security, the company said.

Having delivered a strong business turnaround in the last two years, Force Motors said its topline grew by 38% year-on-year in FY24, with the after-tax profits growing at more than 1000%.

Continue reading “Force Motors partners with EY Parthenon India for digital transformation program”

SEOUL, (Reuters) – Hyundai Motor’s unionised workers in South Korea voted for possible strike action after talks with the company over wage increases and an extension of the retirement age stalled, the automaker’s union said on Monday.

The union, one of the biggest in the country with more than 43,000 members, said that almost 90% of its members had approved strike action unless the company accepts the union’s demands. Continue reading “Hyundai Motor’s union in South Korea votes to strike”

Summary

• Victims likely succumbed within seconds
• Most of the victims foreign workers
• Fatal industrial accidents persist despite new law

HWASEONG, South Korea, (Reuters) – A lithium battery factory in South Korea was set on fire after multiple batteries exploded on Monday, killing 22 workers, most of them Chinese nationals, fire officials said. Continue reading “Blaze at South Korea lithium battery plant kills 22 workers”

BRUSSELS, (Reuters) – China and the European Commission have agreed to start talks on the planned imposition of tariffs on Chinese-made electric vehicles (EVs) being imported into the European Union, opening the door to potential de-escalation.

The European Commission is planning to impose provisional duties on EVs produced in China ranging from 17.4% to 38.1%, on top of its standard 10% tariff for car imports. Continue reading “Explainer: What happens next in the EU investigation into Chinese EVs?”

BEIJING, (Reuters) – Beijing wants the EU to scrap plans to impose preliminary tariffs on Chinese electric vehicle imports by July 4, China’s state-controlled Global Times reported, after both sides agreed to negotiate a possible compromise.

Provisional European Union duties of up to 38.1% on imported Chinese-made EVs are set to kick in by July 4 while the bloc investigates what it says are excessive and unfair subsidies. Continue reading “China wants EU to scrap EV tariff plans as talks start”

Source : PTI  | World’s largest helmet maker Steelbird Hi-Tech India is eyeing over 30% revenue growth this fiscal owing to the increased domestic demand for branded helmet and potential mandatory helmet usage regulations, the company’s Managing Director Rajeev Kapur has said. Kapur also said Steelbird has plans to launch 36 new helmet models for the premium segment at the Motor Show (EICMA) in Milan this year besides launching a super high-end model.

“At present only 30% of riders wear helmets and only 10% pillion riders do so. The helmet demand in the country is expected to grow manifold.

Continue reading “Steelbird Hi-Tech invests INR 105 cr to boost helmet production capacity”

BRUSSELS, June 21 (Reuters) – The European Commission is planning to impose provisional duties on electric vehicles (EVs) produced in China ranging from 17.4% to 38.1%, on top of its standard 10% tariff for car imports.

The duties are due to apply by July 4.

WHAT ARE PROVISIONAL MEASURES? Continue reading “Explainer: What happens next in the EU investigation into Chinese EVs?”

BANGKOK, (Reuters) – Electric vehicle sales are surging in Southeast Asia, led by China’s BYD and Vietnam’s VinFast , eating into the internal combustion engine car market dominated by Japanese and Korean firms, Counterpoint Research said on Friday.

EV sales in the region more than doubled in the January to March quarter from a year before, according to the research firm. Sales of ICE cars, meanwhile, slid by 7%. Continue reading “Chinese automakers retain grip over Southeast Asia’s booming electric car market”

TOKYO, (Reuters) – Nissan Motor has halted production at its Changzhou plant in China as it seeks to optimise its operations, the Japanese automaker said on Friday.

The Changzhou plant, jointly operated with Nissan’s local partner Dongfeng Motor, was producing the Qashqai SUV with annual capacity of about 130,000 vehicles a year, a Nissan spokesperson said. Continue reading “Nissan halts production at Changzhou plant as China woes persist”

NEW YORK, (Reuters) – Electric vehicle startup Fisker is headed towards a liquidation, attorneys said in U.S. bankruptcy court on Friday, as two creditor factions previewed a battle over which group will be paid first.

Fisker filed for bankruptcy protection in Delaware on Monday after burning through cash in an attempt to ramp up production of its Ocean SUVs. The company initially said it would seek additional financing and continue “reduced operations,” but Fisker’s attorney Brian Resnick said at the hearing in Wilmington the company does “not currently anticipate being able to obtain financing.” Continue reading “Fisker heads toward liquidation as creditors fight over assets”

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JSW MG Motor Partners With Ecofy For Innovative Financing & Leasing Solutions WAF

Volkswagen Passenger Cars India announces opening of a new dealership in Amritsar, Punjab WAF Continue reading “WAF Auto News | The Auto World This Week (21st June 2024)”

JSW MG Motor India has entered into a strategic partnership with Ecofy to promote the adoption of electric vehicles (EVs) across India. This collaboration aims to provide innovative financing options for JSW MG’s electric vehicles, making them more accessible to customers in both urban and rural areas.

These solutions, powered by Autovert, will include attractive loan options and flexible leasing arrangements for both individual customers and B2B operators. The initiative covers both current and future models of JSW MG’s electric vehicles. Continue reading “JSW MG Motor Partners With Ecofy For Innovative Financing & Leasing Solutions”

TOKYO, (Reuters) – Toyota Motor said it would halt six production lines at five plants in Japan from Thursday due to a parts shortage.

The automaker will decide whether to resume production on the lines on Friday, a spokesperson said. Continue reading “Toyota halts 6 production lines due to parts shortage”

TOKYO, (Reuters) – Two of Toyota’s top suppliers, Denso and Aisin, have sold off holdings in several Toyota-affiliated companies, regulatory filings showed on Thursday, in the latest reduction of cross-shareholding across the sprawling automotive group.

Denso, one of the world’s largest makers of automotive components, had sold off its stakes in Toyota Group companies Toyota Boshoku, Toyota Tsusho, Toyoda Gosei and Hino Motors, among others, as of the financial year that ended in March, a filing showed. Continue reading “Toyota Group suppliers Denso, Aisin scale back cross-shareholdings, filing shows”

(Reuters) – China’s Gotion High Tech and Slovak partner InoBat will invest 1.2 billion euros ($1.29 billion) to build an electric vehicle (EV) battery plant in Slovakia, the country’s Economy Minister Denisa Sakova said on Thursday.

The consortium will receive 150 million euros in subsidies and 64 million euros in tax breaks, Sakova told a televised news conference. Continue reading “China’s Gotion, partner InoBat to build Slovakia EV battery plant”

(Reuters) – Italian automaker DR Automobiles has been fined 6 million euros ($6.4 million) for misleading consumers about the Chinese origin of its DR and EVO cars, Italy’s Antitrust Authority (AGCM) said on Thursday.

Based in the southern Italian region of Molise, DR assembles low-cost cars, including fully electric models, produced by the Chinese car manufacturers Chery, JAC and BAIC, using components imported from these companies. Continue reading “Italy’s DR Automobiles fined 6 mln euros over Chinese-origin cars”

Summary

• Wolfspeed’s German project delayed
• Timeline slipping for Intel plant in Magdeburg, Germany
• GlobalFoundries not yet participating in France project
• Infineon, TSMC projects still on track
• EU expects more aid approvals soon

AMSTERDAM/FRANKFURT, (Reuters) – Wolfspeed has delayed plans to build a $3 billion plant in Germany, highlighting the European Union’s struggle to increase semiconductor production and reduce its reliance on Asian chips. Continue reading “Wolfspeed plant delayed as EU’s chipmaking plans flounder”

(Reuters) – Sales of new battery-electric cars in the European Union dropped 12% in May from a year earlier, led by a 30% plunge in Germany, data from Europe’s auto industry body showed on Thursday.

Germany, the bloc’s largest electric vehicle (EV) market, in December brought an early end to subsidies for buying EVs as part of a last-minute 2024 budget deal. It has now seen a year-to-date 16% decline in EV sales, according to the European Automobile Manufacturers Association (ACEA). Continue reading “EU electric car sales drop in May as German demand slumps, industry says”

BEIJING, (Reuters) – The European Commission sought an unprecedented amount of detailed information on Chinese automakers’ supply chains during its investigation into the country’s subsidised electric vehicle imports, China’s commerce ministry said on Thursday.

The Commission, which oversees trade policy for the 27-nation strong European Union, last week slapped extra duties on imported Chinese EVs following the probe, prompting rebuke from Beijing and spying allegations from Chinese state media. China has also launched a dumping investigation into EU pork imports. Continue reading “China says EU mandated its EV firms turn over ‘unprecedented’ amounts of data”

Source : PTI | The Delhi Electric Vehicle (EV) Policy that expired on December 31 last year is yet to be extended, leaving customers in the lurch as they are unable to get government subsidy on the purchase of a new e-vehicle. The policy was supposed to be extended till June this year, officials said.

According to an official, the policy extension was approved by the Delhi cabinet in March but could not be implemented after the Model Code of Conduct came into force from March 16 with the announcement of the Lok Sabha polls. Continue reading “Expired Delhi EV Policy yet to get extension”