Summary

• Approval is a vote of confidence in Musk amid Tesla’s challenges
• Musk’s brother, Kimbal, and Rupert Murdoch’s son, James, re-elected to board
• Legal battles loom despite shareholder approval; Delaware judge critical

(Reuters) – Tesla shareholders approved CEO Elon Musk’s $56 billion pay package, the electric vehicle-maker said on Thursday, a big thumbs-up to his leadership and an incentive to keep his focus on his biggest source of wealth. Continue reading “Elon Musk wins Tesla shareholder approval for $56 billion pay package, touts his ability to ‘deliver’”

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INDIA

So, What’s Wrong with the Car Registration Plates at NCR- Delhi ? WAF

Volkswagen launches new Tiguan SUV tagged at Rs 31.99 lakh ZEE Business

MG Motor finds new ways to beat the summer with cooling accessories Express Drives Continue reading “WAF Auto News | The Auto World This Week (14th June 2024)”

Summary

• The First Chapter: An Exhilarating Expedition to Ladakh: Volkswagen India flags off the first chapter of Volkswagen Experiences (VWe) on 9th June 2024 from Chandigarh with customers and fans of the Brand undertaking an exhilarating expedition across the Himalayas
• Curated customer engagement and experience activity enabling a breathtaking and picturesque journey from Chandigarh across the Himalayas to Ladakh
• Driven by safety with the Tiguan, Virtus and Taigun products across the expedition

Continue reading “Volkswagen India Flags Off the First Chapter Of Volkswagen Experiences”

TOKYO, (Reuters) – Honda Motor will start selling a micro-sized electric van targeted at Japan’s delivery industry in October, the Japanese automaker said on Thursday, joining an increasingly crowded part of the market.

The small electric commercial van will have a cruising range of 245 km (152 miles), the company said in a statement. It will be classed as a “kei” vehicle, which are low-powered, low-taxed domestic vehicles. Continue reading “Japan’s Honda to start selling micro-sized electric vans in October”

Summary

• Chinese state media says cooperation is the way forward
• Chinese EV stocks shrug off EU tariff decision
• EU announcement slightly positive for BYD, says Citi
• SAIC says it is deeply concerned by tariffs
• Tesla says it will hike prices due to tariffs

BEIJING, (Reuters) – Beijing on Thursday slammed EU tariffs on Chinese electric vehicles as protectionist behaviour and said it hoped the European bloc would correct its “wrong practices” and handle trade frictions through dialogue. Continue reading “China urges EU to reverse ‘wrong practices’ on EV tariffs”

WASHINGTON, (Reuters) – Alphabet’s Waymo said Thursday it would recall 672 of its self-driving vehicles after one of its driverless vehicles struck a wooden utility pole in Phoenix, Arizona in May.

The National Highway Traffic Safety Administration regulator opened an investigation in May after 22 reports of Waymo’s robotaxis exhibiting driving behavior that potentially violated traffic safety laws, or demonstrating other “unexpected behavior,” including 17 collisions. Continue reading “Waymo recalls 672 self-driving vehicles after Arizona collision”

LONDON, (Reuters) – The European Commission’s decision to slap tariffs on imported Chinese EVs could have far-reaching effects for European automakers, as a possible trade war would hurt not only their business in China but also their own imports of Chinese-made cars.

Germany’s automakers in particular have a lot to lose in China and the announcement on Wednesday leaves them fretting over a decision BMW CEO Oliver Zipse described as the “wrong way to go”. Continue reading “Europe’s automakers fret as China EV tariff fears become reality”

Summary

• Import tariff range 17.4-38.1%, on top of EU 10% car duty
• Tariffs to be imposed by July 4, could be applied retroactively
• EU anti-subsidy investigation to conclude by Nov. 2
• China says it will take measures to safeguard its interests
• China’s auto industry says it should cope

BRUSSELS, (Reuters) – The European Commission said it will impose extra duties of up to 38.1% on imported Chinese electric cars from July, risking retaliation from Beijing which said on Wednesday it would take measures to safeguard its interests. Continue reading “EU hits Chinese EVs with tariffs, drawing rebuke from Beijing”

Source : PTI | New Delhi: Farm equipment to aerostructure conglomerate Mahindra Group will focus on delivering scale with its businesses that it ‘believes’ will cover 70% of India’s growth over the next decade, according to its Managing Director and CEO Anish Shah. The group, which has completed exits from 15 companies in a variety of areas to become a much leaner and agile organisation, is also focusing on increasing the valuation of its newer businesses, what it calls ‘growth gems’ by five times in the next five years from the value of USD 4.2 billion as on March 2024.

“Today, what we have is a set of companies that we feel are very strong, very well positioned in the market and each of them can be a scale company. Continue reading “Mahindra Group’s strategic focus on business expansion”

LONDON, (Reuters) – Some of the world’s biggest carmakers are facing 1.5 million lawsuits in Britain for allegedly cheating emissions tests that could cost them at least 6 billion pounds ($7.6 billion), claimants’ lawyers told London’s High Court on Tuesday.

The claims, brought by owners of diesel vehicles, highlight the ongoing fallout for automakers from a scandal that erupted in 2015 when Volkswagen admitted to using “defeat devices” to change diesel vehicles’ emissions levels during testing. Continue reading “Carmakers face UK dieselgate lawsuits worth at least $7.6 bln, lawyers say”

BEIJING, (Reuters) – Chinese electric vehicle maker Nio strongly opposes the European Union’s use of increased tariffs as a strategy to obstruct the normal global electric vehicle trade but its commitment to Europe’s EV market is unwavering, it said on Wednesday.

Nio “will continue to serve our users and explore new opportunities within Europe despite protectionism”, it said in a statement. Continue reading “China’s Nio says commitment to Europe EV market ‘unwavering’ despite tariff increase”

(Reuters) – Shares in some of Europe’s biggest automakers dropped on Wednesday on fears of Chinese retaliation after the European Commission said it would impose duties on imported Chinese electric vehicles.

The Commission said it would apply provisional duties of up to 38.1% on the Chinese imports – a move European manufacturers have long warned against, fearing it could impact their sales in China, the world’s biggest auto market. Continue reading “European auto shares hit by retaliation fears after EU tariffs on Chinese EVs”

(Reuters) – The European Commission said on Wednesday it would set provisional duties of up to 38.1% on imports of Chinese electric vehicles, a move likely to draw possible retaliation from China.

COMMENTARY:

Carmakers

VOLKSWAGEN ”

“Countervailing duties are generally not suitable for strengthening the competitiveness of the European automotive industry in the long term – we reject them … Continue reading “EU tariffs on China: Global reaction”

BRUSSELS, (Reuters) – The European Commission told automakers on Wednesday it would impose extra duties of up to 38.1% on imported Chinese electric cars from July, in a move that China called protectionist but its car industry dismissed as one without a major impact.

Less than a month after Washington quadrupled duties quadrupled duties for Chinese EVs to 100%, Brussels said it would set additional tariffs of 17.4% for BYD 002594.SZ, 20% for Geely and 38.1% for SAIC, on top of the existing 10%, over what it said were excessive subsidies. Continue reading “EU to hit Chinese EVs with extra tariffs of up to 38%”

MUMBAI, (Reuters) – Indian e-scooter maker Ola Electric has received regulatory approval to go ahead with its $660 million Initial Public Offering, said two sources with direct knowledge, paving the way for the country’s first ever EV stock listing.

SoftBank and Temasek-backed Ola had filed its papers with India’s Securities and Exchange Board of India last December for approval, in a deal meant to help it expand operations. Continue reading “India’s Ola Electric wins approval for $660 mln IPO, sources say”

BEIJING, (Reuters) – Chinese automakers’ plans to invest in Europe won’t be deflected by the EU’s anti-subsidy probe into Chinese-made electric vehicles, a leading Chinese auto industry association said on Tuesday.

“Chinese enterprises will continue to unswervingly develop in Europe and integrate into local markets,” said Cui Dongshu, secretary general of the China Passenger Car Association (CPCA) Continue reading “Chinese automakers committed to Europe despite EV tariff probe, industry group says”

(Reuters) – General Motors cut its annual EV production forecast and announced a new $6 billion share buyback plan on Tuesday, as the automaker banks on demand from its gasoline-powered models.

GM now projects the higher end of its 2024 EV production to be 250,000 units, down from a prior forecast of 300,000 units, the automaker’s CFO Paul Jacobson said while speaking at the Deutsche Bank Global Auto Industry Conference. Continue reading “GM cuts EV production forecast, approves $6 billion share buyback”

Source : PTI | Senior BJP leader Nitin Gadkari , popularly referred as the ‘Highway Man of India’, is known to be a go-getter in whatever work he undertakes. The 67-year-old leader from Nagpur in Maharashtra has been the longest serving Minister for Road Transport & Highways as he held the portfolio in the last two governments led by Narendra Modi.

Gadkari is credited with the construction of more than 90,000 km of national highways and 30,000 km of new roads in the country in the last 10 years. Continue reading “Nitin Gadkari- a go-getter and man behind India’s mega push to road infrastructure”

WASHINGTON, (Reuters) – The chair of the Senate Finance Committee said on Monday he was expanding its probe into German automaker BMW’s use of electronic components from a banned Chinese supplier.

Last month, Senator Ron Wyden said after a two-year staff investigation he had learned that BMW had imported at least 8,000 Mini Cooper vehicles into the United States with parts from a Chinese supplier banned under a 2021 law and that BMW continued to import products with the banned parts until at least April. Continue reading “US Senate panel expands probe into BMW use of parts from banned Chinese supplier”

TOKYO, (Reuters) – Japan’s transport ministry has concluded that six cases of irregularities in vehicle certifications by Toyota Motor may also violate United Nations standards, the Yomiuri newspaper said on Tuesday.

The standards are recognised by more than 60 countries and regions and if uncovered elsewhere the irregularities could impact mass production in Europe and other regions, Yomiuri said. Continue reading “Japan ministry believes Toyota’s misconduct may violate UN standards, Yomiuri reports”

(Reuters) – A California administrative judge rejected Tesla’s bid to dismiss claims by a top state regulator accusing the automaker led by billionaire Elon Musk of overstating its vehicles’ self-driving capabilities.

In a decision on Monday, Judge Juliet Cox of the state Office of Administrative Hearings (OAH) said the accusations by California’s Department of Motor Vehicles would if true support an enforcement action against Tesla. Continue reading “Tesla must face California’s false-marketing claims concerning Autopilot”

(Reuters) – Billionaire Elon Musk said on Monday he would ban Apple devices at his companies if the iPhone maker integrates OpenAI at the operating system level.

“That is an unacceptable security violation,” Musk, who is the CEO of electric-vehicle maker Tesla and rocket maker SpaceX and owner of social media company X, said in a post on X. Continue reading “Musk warns that he will ban Apple devices if OpenAI is integrated at operating system level”

(Reuters) – General Motors on Tuesday announced a new $6 billion share buyback plan, just over a month after the automaker raised its dividend on upbeat annual forecast, citing stable prices and demand for gasoline-engine vehicles.

The company had in November outlined a $10 billion stock buyback on the heels of reaching a costly new labor agreement with the United Auto Workers union. Continue reading “General Motors approves new $6 billion share buyback plan”

BEIJING, (Reuters) – Chinese automakers’ plans to invest in Europe won’t be deflected by the EU’s anti-subsidy probe into Chinese-made electric vehicles, a leading Chinese auto industry association said on Tuesday.

“Chinese enterprises will continue to unswervingly develop in Europe and integrate into local markets,” said Cui Dongshu, secretary general of the China Passenger Car Association (CPCA) Continue reading “Chinese automakers committed to Europe despite EV tariff probe, industry group says”

Monthly Performance: May 2024

Production: The total production of Passenger Vehicles1 , Three Wheelers, Two Wheelers, and Quadricycle in May 2024 was 24,55,637 units

Domestic Sales:

• Passenger Vehicles2 sales were 3,47,492 units in May 2024.
• Three-wheeler sales were 55,763 units in May 2024
• Two-wheeler sales were 16,20,084 units in May 2024.

Continue reading “Indian Auto Industry Performance in May 2024 | SIAM”

BRUSSELS, June 10 (Reuters) – The European Commission is this week expected to disclose the tariffs it plans to impose on Chinese electric vehicles (EVs) due to what it says are excessive subsidies, a move likely to prompt stern words and possible retaliation from Beijing.

Less than a month after Washington quadrupled duties for Chinese EVs to 100%, Brussels will set almost certainly far lower tariffs for imports from Chinese makers such as BYD and Geely as well as western producers such as Tesla that export cars from China to Europe. Continue reading “EU set to disclose tariff rates for Chinese electric vehicles”

Summary

• As EU probes China auto subsidies, European nations offer their own incentives to land factories
• China EV giants BYD, Chery consider second plants in Europe
• State-owned SAIC has location shortlist for two plants in the region

European governments may be wary of budget Chinese electric vehicles flooding their markets but they’re also fiercely competing for a share of the manufacturing investment and jobs the new competitors bring. Continue reading “European nations compete for Chinese EV factories, jobs even as EU weighs tariffs”

WASHINGTON, (Reuters) – The chair of the Senate Finance Committee said on Monday he was expanding its probe into German automaker BMW’s use of electronic components from a banned Chinese supplier.

Last month, Senator Ron Wyden said after a two-year staff investigation he had learned that BMW had imported at least 8,000 Mini Cooper vehicles into the United States with parts from a Chinese supplier banned under a 2021 law and that BMW continued to import products with the banned parts until at least April. Continue reading “US Senate panel expands probe into BMW use of parts from banned Chinese supplier”

Summary

• Shawn Fain took over as UAW president in 2023
• Investigation includes scrutiny of UAW official’s complaints
• Probe now includes allegations from Stellantis department leader

DETROIT, June 10 (Reuters) – United Auto Workers President Shawn Fain is under investigation by an independent federal monitor over allegations of retaliation against other union leaders, according to a court filing on Monday. Continue reading “UAW’s leader, Shawn Fain, faces probe over alleged retaliation against other union leaders”

Source : PTI | Senior BJP leader Nitin Gadkari , popularly referred as the ‘Highway Man of India’, is known to be a go-getter in whatever work he undertakes. The 67-year-old leader from Nagpur in Maharashtra has been the longest serving Minister for Road Transport & Highways as he held the portfolio in the last two governments led by Narendra Modi.

Gadkari is credited with the construction of more than 90,000 km of national highways and 30,000 km of new roads in the country in the last 10 years. Continue reading “Nitin Gadkari- a go-getter and man behind India’s mega push to road infrastructure”

Source : PTI | Passenger vehicle exports from India rose by 2.68 lakh units in the last four financial years with Maruti Suzuki India accounting for nearly 70% of the incremental shipments during the period. As per the industry data, passenger vehicle exports in the 2020-21 fiscal stood at 4,04,397 units. It rose to 5,77,875 units in the 2021-22 fiscal year and to 6,62,703 units in 2022-23 financial year.

Last fiscal, exports stood at 6,72,105 units, an increase of 2,67,708 units since 2020-21. Continue reading “PV exports rise by 2.68 lakh units in last 4 years; Maruti accounts for 70% of incremental shipments”

(Reuters) – Chrysler is recalling more than 211,000 vehicles in the United States due to a software malfunction that could disable the electronic stability control system, the National Highway Traffic Safety Administration (NHTSA) said on Saturday.

Due to the malfunction, the Anti-Lock Brake System (ABS) control module may disable the electronic stability control system, the regulator said. Continue reading “Chrysler to recall more than 211,000 vehicles in US due to software malfunction, NHTSA says”

WASHINGTON, (Reuters) – President Joe Biden’s administration Friday finalized tighter vehicle fuel economy rules through 2031 that are significantly less stringent than first proposed, a win for the Detroit Three automakers who lobbied heavily for revised rules.

The National Highway Traffic Safety Administration said it would hike Corporate Average Fuel Economy (CAFE) requirements to about 50.4 miles per gallon by 2031 from 39.1 mpg currently. The new requirement is barely above the 49 mpg it previously required for 2026. Last year, NHTSA projected its tougher proposal would hike requirements to 58 mpg by 2032. Continue reading “US raises truck, SUV fuel economy rules, much less than first proposed”

BRUSSELS, (Reuters) – Car maker Stellantis has preventively extended a recall of vehicles with potentially faulty airbags to more Citroen and DS models, as well as the Opel brand, spokespeople for the carmaker told Reuters on Friday.

Citroen C4, DS4 and DS5 models as well as Opel models are now also subject to a “preventive recall measure”, which is less restrictive than the initial recall of Citroen C3 and DS3 models, which requires the immobilisation of the vehicles concerned, they said. Continue reading “Stellantis extends preventive recall to other models over airbag worries”

WASHINGTON,(Reuters) – Owners of about 463,000 Kia vehicles in the United States should park outside and away from structures until they get a recall repair for fire risks completed.

The Korean automaker said Friday it was recalling Telluride sport utility vehicles from the 2020 through 2024 model years over fire risks stemming from overheating front power seat motors. Continue reading “US says 463,000 Kia SUV owners should park outside pending recall fix”

Source : PTI | Researchers at IIT-Jodhpur have unveiled a novel adaptor that allows electric vehicles to be charged using solar power. In February, Prime Minister Narendra Modi expressed his vision for a system where electric vehicles could be powered by energy from rooftop solar systems.

Nishant Kumar, an Assistant Professor at the Electrical Engineering Department at IIT Jodhpur, revealed that the adaptor is expected to cost under INR 1,000. Kumar emphasized, “This could be particularly effective if the solar panel initiative succeeds.” Continue reading “IIT-Jodhpur develops adaptor to charge EVs using solar panels”

TOKYO, (Reuters) – Japan’s two biggest banks will start divesting their strategic shareholdings in Toyota Motor – worth a combined $8.5 billion – and will seek to sell into the automaker’s planned share buybacks, Bloomberg News reported on Friday, citing sources.

Mitsubishi UFJ Financial Group (MUFG) and Sumitomo Mitsui Financial Group (SMFG) have said they plan to sell down their cross-shareholdings over time. They declined to comment on the report. Continue reading “Japan banks to begin divesting their strategic Toyota shareholdings, Bloomberg reports”

WASHINGTON, (Reuters) – Just seven electric-vehicle (EV) charging stations have begun operating with funding from a $5-billion U.S. government program created in 2021, marking “pathetic” progress, a Democratic senator said on Wednesday.

Automakers and others say drastically expanding EV-charging stations is crucial to the wide deployment of electric vehicles, which are part of the Biden Administration’s efforts to reduce greenhouse gas emissions. Continue reading “Democrat calls only 7 EV-charging stations deployed under US program ‘pathetic’”

(Reuters) – Chinese battery companies CATL and Gotion High Tech should be added immediately to an import ban list, a group of Republican lawmakers said, alleging their supply chains use forced labour, the Wall Street Journal reported.

The lawmakers called for CATL and Gotion, which have ties to Ford and Volkswagen respectively, to be added to what is known as the entity list under the Uyghur Forced Labor Prevention Act, the report said on Thursday. Continue reading “US lawmakers call to add China’s CATL, Gotion to import ban list, WSJ reports”