(Reuters) – Retail technology and software provider CDK Global was investigating a cyber incident and had briefly shut down all its systems proactively, it said on Wednesday.

The company, which provides software to car dealerships, said its core dealer management system and digital retailing solutions had been restored. It said it also had tested and consulted with external third-party experts after the incident. Continue reading “CDK Global investigating cyber incident, briefly shut all systems”

Summary

• The new dealership facility enhances the Brand’s footprint to 11 sales and 7 service facilities across 11 cities in Punjab & Chandigarh
• The Amritsar touchpoint features a four-car display showcasing the 5-star GNCAP rated Volkswagen Virtus and Taigun, along with its flagship product, the Volkswagen Tiguan
• Expanded reach across India: Volkswagen India now has a sales and service network that spans 158 cities in India, making one of India’s safest portfolio of cars more accessible to customers, and democratizing safe mobility for all
• Superlative ownership experience: The facility is managed by a team of 40 highlyskilled professionals, ensuring an exceptional ownership experience throughout. Additionally, this touchpoint features 11 service bays catering to the maintenance and service requirements of customers Continue reading “Volkswagen Passenger Cars India announces opening of a new dealership in Amritsar, Punjab”

MG Motor India received a fresh lease of life after forming a joint venture with JSW, giving birth to JSW-MG earlier this year. As a part of the new entity, the automaker plans to introduce one new model every 3-6 months, with the first product set to arrive during the festive season later this year.

MG-JSW will launch two new models this financial year, and the first model is now confirmed as the Cloud EV. The model, which will be introduced in September 2024, has already been patented in India, hinting that the launch is just around the corner. Continue reading “MG’s Third EV For India Launching In September; To Rival BYD e6”

Summary

• Carmakers urge tariff hikes on gasoline-powered car imports
• Meeting attended by Chinese and European automakers -sources
• Call comes after Brussels slapped tariffs on China EVs

SHANGHAI/BEIJING/BERLIN, June 19 (Reuters) – Chinese automakers have urged Beijing to hike tariffs on imported European gasoline-powered cars in retaliation for Brussels’ curbs on exports of Chinese-made EVs, the state-backed Global Times newspaper said on Wednesday. Continue reading “Chinese automakers seek retaliatory tariffs on EU cars, state media reports”

BENGALURU, (Reuters) – Tata Motors said, on Wednesday it will increase prices of its commercial vehicles by up to 2%, effective July 1 to offset the impact of rising commodity prices.

Tata Motors, India’s top automaker by revenue, had last hiked prices for its commercial vehicles by up to 2% in March. Continue reading “India’s Tata Motors to hike prices of commercial vehicles”

BEIJING, (Reuters) – China’s securities regulator said on Monday it has approved autonomous driving startup Momenta Global Limited’s initial public offering (IPO) in the United States.

Momenta plans to issue up to 63,352,856 ordinary shares and list on the Nasdaq Stock Market or the New York Stock Exchange, the regulator said in a statement. Continue reading “China approves autonomous driving startup Momenta’s US IPO”

TOKYO, (Reuters) – Shareholder backing for Toyota Chairman Akio Toyoda slid for a second straight year, results from its annual general meeting showed on Wednesday, with his support rate dropping to 72% amid certification scandals and governance concerns.

The result marks the lowest level of backing for Toyoda, the grandson of the company’s founder, since the world’s largest automaker started disclosing the breakdown of shareholder votes in 2010. Continue reading “Toyota’s chairman sees shareholder backing slide to 72% amid governance concerns”

Summary

• New plant to make ICEs, hybrids as well as first EV
• Plant gives capacity for up to 20,000 cars a year
• Company already developing second EV, source says

MILAN, (Reuters) – Ferrari’s first electric car will cost at least 500,000 euros ($535,000), a source familiar with the matter told Reuters, as the luxury automaker prepares to open a plant that will make the model – and could boost group production by up to a third. Continue reading “Exclusive: Ferrari’s first electric car to cost over $500,000”

(Reuters) – Electric vehicle startup Fisker, which sought Chapter 11 protection earlier this week, said its U.S. units had also filed for bankruptcy in a court in Delaware on Wednesday.

Fisker Inc and its other U.S. subsidiaries have entered into Chapter 11, the firm said, adding that discussions about the sale of assets remain ongoing. Continue reading “EV startup Fisker’s U.S. units file for bankruptcy”

Source : PTI | New Delhi: State-owned NHAI on Tuesday said it will undertake Miyawaki plantation on land parcels adjacent to National Highways in and around Delhi-NCR. Miyawaki plantations, also known as Miyawaki method, is a unique Japanese approach to ecological restoration and afforestation development. This method aims to create dense, native, and biodiverse forests in a short period of time.

“To realise the vision of saturating National Highways with green cover, NHAI will undertake a unique initiative to plant Miyawaki plantation on land parcels adjacent to National Highways at various locations,” the statement said.

Continue reading “NHAI to enhance green cover on National Highways with Miyawaki plantation”

Source : PTI | Maharashtra Chief Minister Eknath Shinde on Tuesday announced a corporation for the welfare of autorickshaw and taxi drivers and owners, which will offer them insurance and gratuity benefits. Addressing a gathering, Shinde said the state government will form the Maharashtra Autorickshaw and Taxi Drivers Owners Welfare Corporation.

“The corporation will focus on all autorickshaw and taxi drivers in the state to provide them financial assistance and gratuity benefits,” he said. Continue reading “Maharashtra govt to form corporation for auto, taxi drivers and owners”

BERLIN, (Reuters) – Ford plans further job cuts in Germany, Spain and the U.K., the head of the worker’s council for the US automaker in Germany told Reuters on Tuesday.

It is unclear how many additional job cuts are foreseen in Germany under the new restructuring plan, which comes on top of a previous restructuring program, said the head of the works council at Ford’s Cologne plant, Benjamin Gruschka. Continue reading “Ford plans further job cuts in Europe, German works council says”

WASHINGTON, (Reuters) – Chrysler parent Stellantis is recalling 1.16 million vehicles in North America over a problem with software that is preventing rear view cameras from displaying, raising the risk of a crash, the automaker said Tuesday.

The over-the-air software update recall includes 2021-2022 Dodge Durango, 2021-2023 Chrysler Pacifica, Jeep Grand Cherokee L, 2022 Ram 1500, 2500, 3500, 2022-2023 Jeep Compass, Grand Cherokee, Wagoneer, Grand Wagoneer, and Ram Promaster vehicles and covers 1.033 million vehicles in the United States and 126,000 in Canada. Continue reading “Stellantis recalls 1.16 million vehicles over rearview camera issue”

(Reuters) – Fisker filed for bankruptcy protection on Monday, the latest electric-vehicle startup to succumb to fundraising difficulties, slow sales, as well as supply chain and distribution challenges.

Demand has been weak for Fisker’s flagship Ocean electric SUV. The company cut jobs and paused investments to slow cash burn, partnered with dealerships to boost sales and desperately sought an investment from a major automaker to stay alive. None of that worked. Continue reading “What are EV startups doing to ride out weak demand?”

DETROIT, (Reuters) – Legacy U.S. automakers such as Ford Motor and General Motors should leave the China market to preserve capital amid the costly electric vehicle (EV) transition, a leading auto analyst said on Tuesday.

“I think you have to see the [Detroit Three] exit China as soon as they possibly can,” said John Murphy, Bank of America Securities analyst, at his annual presentation of “Car Wars,” a closely watched industry report. Continue reading “Detroit Three automakers should exit China, leading analyst says”

BEIJING, (Reuters) – Chinese consumer demand for new energy vehicles (NEVs) is likely to maintain its fast growth, which will increase the need for electric vehicle charging infrastructure, the country’s top economic planner said on Tuesday.

China’s fast development of NEV fully respects market competition and the country will promote the transformation of its auto industry, said Li Chao, spokesperson of the National Development and Reform Commission. Continue reading “China economic planner says consumer NEV demand likely to maintain fast growth”

BERLIN, (Reuters) – Chinese electric vehicle imports to Germany declined in the first four months of the year, but Asia’s economic powerhouse still managed to increase its EV import market share in Germany during the period, the German statistics office said on Tuesday.

Imports of Chinese EVs to Germany fell by 15.7% to 31,500 vehicles between January and April, Destatis said. However, China increased its EV import market share in Germany to 40.9% during the period and remains its biggest importer of e-cars. Continue reading “China increases EV market share in Germany despite import slump”

(Reuters) – Fisker filed for bankruptcy protection late on Monday, as the U.S. electric-vehicle maker looks to salvage its operations by selling assets and restructuring its debt after burning through cash in an attempt to ramp up production of its Ocean SUVs.

The hyper-competitive EV market has seen several companies, including Proterra, Lordstown and Electric Last Mile Solutions, file for bankruptcy in the past two years as they grappled with weakening demand, fundraising hurdles and operational challenges from global supply chain issues. Continue reading “EV startup Fisker files for bankruptcy, aims to sell assets”

TOYOTA CITY, Japan, (Reuters) – Toyota Chairman Akio Toyoda and nine other members of the automaker’s board were re-elected at an annual general meeting on Tuesday, with shareholders shrugging off concerns about governance and certification test scandals.

Two leading proxy advisers had recommended against Toyoda’s re-election. But his re-appointment was widely expected given shareholdings in the automaker owned by other Toyota group firms, record business results and his popularity among Japanese retail investors. Continue reading “Toyota shareholders re-elect chairman despite governance concerns”

HOUSTON, (Reuters) – A U.S. judge on Monday dismissed a lawsuit Exxon Mobil had filed against activist group Arjuna Capital after the group had agreed not to pursue future proxy filings at the company’s annual meetings.

The lawsuit by the largest U.S. oil company had raised alarm among activists and public pension investors who argued it would muzzle debate among shareholders and public companies. Continue reading “US judge dismisses Exxon case against activist investor over proxy filing”

(Reuters) – Polestar intends to launch in seven markets next year, the Swedish electric-vehicle maker said on Monday, as it looks to attract new customers.

The company will enter France, Czech Republic, Slovakia, Hungary, Poland, Thailand and Brazil in 2025. Continue reading “Swedish EV maker Polestar plans to enter seven markets in 2025”

MILAN, (Reuters) – A Stellantis-led joint venture has started production of electric vehicles of China’s Leapmotor at Stellantis’ Tychy plant in Poland, analysts at Jefferies said, quoting Leapmotor’s management.

Jefferies said in a report late on Sunday that Leapmotor’s management said at an analyst call the first units of its T03 small EV rolled off Stellantis’ assembly plant in Poland last week and was on schedule for mass production in September. Continue reading “China’s Leapmotor started EV production at Stellantis’ Polish plant, Jefferies says”

SANTIAGO, (Reuters) – Chilean lithium miner SQM, the world’s second-largest lithium producer, said on Monday it had reached a long-term supply deal with Hyundai and Kia to provide the carmakers with the white metal, key for the production of electric vehicle batteries.

Hyundai and Kia will “secure a portion of (their) future lithium hydroxide supply from SQM,” the miner, which has previously landed supply deals with Ford Motors and battery maker LG Energy, said in a statement. Continue reading “Chile lithium miner SQM reaches supply deal with Hyundai, Kia”

(Reuters) – Tesla has sued its former supplier Matthews International in California federal court for allegedly stealing trade secrets related to Tesla’s battery-manufacturing process and sharing them with the electric-vehicle giant’s competitors.

The lawsuit filed on Friday in U.S. District Court for the Northern District of California, said Matthews owes damages that Tesla “conservatively estimates will exceed $1 billion” for misusing company trade secrets related to dry electrode battery manufacturing technology. Continue reading “Tesla sues ex-supplier Matthews over EV battery trade secrets”

TOYOTA CITY, Japan, (Reuters) – Toyota Motor shareholders backed Chairman Akio Toyoda and nine other members of the automaker’s board on Tuesday, despite concerns about governance raised by two leading proxy advisers.

Toyoda’s re-election as chairman was a focal point of its annual shareholder meeting after the proxy advisers recommended that investors vote against it. Continue reading “Toyota shareholders vote for chairman’s re-election”

Source : PTI | Hyundai Motor India Ltd plans to launch four electric vehicle models in future, including Creta EV, in the last quarter of the current fiscal, according to the company’s preliminary IPO papers filed with Sebi. The company is looking to maximise the price competitiveness of its electric vehicle (EV) models and intends to focus on securing local production capabilities for key parts, such as cells, battery packs, power electronics, and drivetrain and building a localised EV supply chain.

In the draft red herring prospectus (DRHP), Hyundai Motor India Ltd (HMIL) said it seeks to calibrate its EV strategy and plan EV timelines in line with market demands in India by launching the appropriate EV models within each price segment. Continue reading “Hyundai India to launch EV models in future; electric version of Creta by Q4 FY25”

MILAN, (Reuters) – A Stellantis-led joint venture has started production of electric vehicles of China’s Leapmotor at Stellantis’ Tychy plant in Poland, analysts at Jefferies said, quoting Leapmotor’s management.

Jefferies said in a report late on Sunday that Leapmotor’s management said at an analyst call the first units of its T03 small EV rolled off Stellantis’ assembly plant in Poland last week and was on schedule for mass production in September. Continue reading “China’s Leapmotor started EV production at Stellantis’ Polish plant, Jefferies says”

BEIJING, (Reuters) – Berkshire Hathaway, the investment company owned by Warren Buffett, has sold 1.3 million Hong Kong-listed shares of electric vehicle maker BYD for HK$310.5 million ($39.8 million), a stock exchange filing showed on Monday.

The sale on June 11 lowered Berkshire’s holdings in BYD’s issued H-shares to 6.90% from 7.02%, the filing to the Hong Kong stock exchange showed. Continue reading “Berkshire Hathaway sells $39.8 mln of shares in China’s BYD”

TOKYO, (Reuters) – Toyota Motor Chairman Akio Toyoda may be in no danger of not being re-elected at the automaker’s annual general meeting on Tuesday, but any further big drop in shareholder support could lead to increased action on governance reforms.

This year’s AGM will follow scandals involving violations of certification tests at Toyota and its group companies including compact car maker Daihatsu and truck unit Hino Motors. Continue reading “At Toyota shareholder meeting, all eyes on level of support for chairman”

Source : PTI | India’s coal import rose by 13.2% to 26.10 million tonne (MT) in April 2024 as buyers took fresh positions amid early onset of summer. The country had imported 23.05 MT of coal in the year-ago period, according to data compiled by B2B e-commerce company mjunction services ltd.

This comes amid coal and mines minister G Kishan Reddy stating that India should increase domestic production of the fossil fuel and reduce coal imports. Continue reading “India’s coal import rises 13% to 26 MT in April”

Source : PTI | Essar Group plans to invest INR 30,000 crore over the next four years in setting up a green hydrogen plant at Jamnagar in Gujarat as the metals-to-infrastructure conglomerate eyes clean energy as a key pillar for its new phase of growth. The conglomerate is looking to decarbonise its oil refinery in the UK, construct a green steel plant in Saudi Arabia, and build an LNG and electric ecosystem to decarbonise long-haul heavy trucks, Prashant Ruia, director of Essar Capital, which manages the group’s portfolio of investments, said.

It is also considering an entry into mining of critical minerals, mainly used in electric vehicle batteries, solar panels and wind-turbine magnets.

Continue reading “Essar to invest INR 30,000 crore in green hydrogen plant in Gujarat”

Source : PTI | Automobile retailers’ apex body FADA on Friday voiced its concern on the high inventory level and said it is planning to take up the matter with the Society of Indian Automobile Manufacturers (SIAM). At the third edition of the Finance and Insurance Summit 2024 here, Federation of Automobile Dealers’ Association (FADA) President Manish Singhania also demanded continuity in the FAME-3 policy and in infra push.

Singhania said in 2018-19 was a very bad year for the automobile dealers in the country when 280-odd dealerships had gone out of business, and FADA does not want that to happen again.

Continue reading “FADA raises concerns over high inventory levels in automobile industry”

BEIJING, (Reuters) – Shanghai is allowing 10 Tesla vehicles to carry out tests of the company’s most advanced autonomous driving software to pave way for its rollout in China, local-government-backed The Shanghai Observer said on Friday.

A successful rollout of its Full Self-Driving (FSD) software would allow Tesla to better compete with local rivals in China, and could turn the world’s largest auto market into a battlefield for less expensive driver assistance features, intensifying a price war. Continue reading “Shanghai allows Tesla to carry out Full Self-Driving pilot”

BEIJING, (Reuters) – Chinese firms have asked the government to launch an anti-dumping investigation into pork imports from the European Union, as well as an anti-subsidy investigation into EU dairy, according to state media.

The move, seen as retaliation for new EU tariffs of up to 38.1% on imported Chinese elective vehicles from July, may risk escalating trade tensions. Continue reading “China’s potential probes on EU firms following EV tariffs”

(Reuters) – Germany wants “serious movement” from China on the issue of tariffs on imported electric vehicles and hopes that talks in the coming weeks can stave off an escalating trade conflict that the transport minister on Friday warned could be catastrophic.

Chancellor Olaf Scholz’s government is pushing for what it calls an “amicable” solution after the European Union threatened to impose swingeing anti-subsidy tariffs to shield European automakers from competition. Continue reading “Germany says ‘serious movement’ needed from China in EV tariff row”

BERLIN, (Reuters) – BMW’s all-electric Mini made in China is set to be hit by the highest EV tariff of 38.1% under the EU’s provisional plans, a source familiar with the matter said on Friday, a potential terminal blow for the mid-range car’s sales prospects.

Mass production of the roughly 35,000-euro ($37,345) vehicle, produced by a BMW and China’s Great Wall Motor Co Ltd joint venture, began late last year – shortly after the EU launched its probe. Continue reading “BMW electric Mini threatened with highest EV tariff from EU, source says”

NEW DELHI, (Reuters) – Hyundai Motor’s unit sought regulatory approval on Saturday for a stock market listing in Mumbai which could be the nation’s biggest and will see the South Korean parent sell a stake of up to 17.5% in the company.

The prospectus filed gave no details of the pricing of the initial public offering or the company’s valuation, but sources have told Reuters Hyundai aims to raise around $2.5-$3 billion at a valuation of up to $30 billion. Continue reading “Hyundai files for India IPO that could be country’s biggest”

PARIS, (Reuters – French automaker Renault presented an electric sports car on Thursday, the first in a planned range of premium EVs, which could help it fight off looming competition from China and grab share in a category outperforming the rest of the market.

European car firms won a brief respite from mounting Chinese competition after the EU said on Wednesday it would impose tariffs of up to 38% on Chinese EV imports. Continue reading “Renault sets sights on sporty EVs for profit boost”

DETROIT, (Reuters) – Ford Motor Co will soon allow all of its dealers to sell electric vehicles, reversing its more selective allocation system in an effort to boost slower-than-expected sales.

The pivot, which goes into effect July 1, unravels previous requirements that only let dealers sell EVs like the F-150 Lightning pickup and Mustang Mach-E SUV if they had invested a set amount in training and infrastructure. Continue reading “Ford walks back EV dealer restrictions to boost sales”