Source : PTI | India’s diesel sales continued to slide in May while petrol consumption was almost flat despite election campaigns for the general elections hitting a peak, preliminary data of state-owned firms showed on Thursday. Electioneering for general elections traditionally has led to a surge in fuel demand as candidates extensively use automobiles to reach voters. But the trend in sales by PSUs so far does not reflect that.

Petrol sales of three state-owned firms, which control 90% of the fuel market, at 1.367 million tonnes in the first half of May was almost the same as 1.36 million tonnes of fuel consumed in the same period last year. Month-on-month consumption however soared 11%. Continue reading “Electioneering at its peak but diesel sales slide, petrol almost flat”

Source : PTI | The government is working on a policy for low grade iron ore beneficiation, a move that will increase the usage of iron ore with less iron content in steel production. Speaking to PTI, Steel Secretary Nagendra Nath Sinha said the Ministry of Steel along with the Ministry of Mines and the Ministry of Environment, Forest and Climate Change of India is working on the policy.

When asked about the timeline, he said the policy on the beneficiation of low grade iron ore is expected to be completed within three months’ time. Continue reading “Government working on policy for low grade iron ore beneficiation: Steel Secy”

Source : PTI | US electric carmaker Tesla is ‘silent’ and yet to communicate its India plans to the government under the new EV policy, an official said on Friday. American tech billionaire Elon Musk, who was scheduled to visit India on April 21-22, had postponed his visit at the last moment citing “very heavy Tesla obligations”.

Musk, CEO of electric carmaker Tesla , was also slated to meet Prime Minister Narendra Modi during the visit. Continue reading “Tesla ‘silent’; yet to communicate its India plans: Official”

Source : PTI | New Delhi: About two weeks after the resignation of Ola Mobility CEO, the company’s Chief Financial Officer Kartik Gupta has also resigned from the company. Ola Mobility said that Gupta’s exit is part of the company’s restructuring exercise. Gupta joined the company seven months ago.

“As part of an ongoing restructuring, Ola Mobility CFO Kartik Gupta has stepped down from the company. This restructuring is aimed at productivity enhancement in an AI-led era that is redefining the cab-hailing industry globally. The restructuring will allow Ola to strengthen cost structures, focus on growth and increase its bottom line,” an Ola spokesperson said. Continue reading “Ola Mobility CFO resigns amid company restructuring”

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India Automobile Sales Performance -April-2024 WAF Continue reading “WAF Auto News | The Auto World This Week (17th May 2024)”

BANGKOK, (Reuters) – Toyota Motor is testing the new battery-electric Hilux pickup truck to assess its performance in different conditions as the car maker prepares to manufacture the vehicle in Thailand by the end of 2025, an executive said on Thursday.

Pickup trucks make up more than half of total vehicle sales in Thailand, a critical market for Toyota that has been flooded by a wave of Chinese electric vehicle makers and where the Japanese auto giant has a large manufacturing base. Continue reading “Toyota tests new EV pickup truck ahead of mass production in Thailand”

TOKYO, (Reuters) – Japan’s Honda Motor pledged to double its electrification and software investment to about $65 billion over the 10 years running through the 2030 business year, it said on Thursday.

Honda CEO Toshihiro Mibe told a press conference the automaker planned to spend a total of 10 trillion yen ($64.88 billion) on electrification and software over the period, doubling the amount it had pledged in April 2022. Continue reading “Japan’s Honda raises electrification investment to $65 bln through FY2030”

Summary

• Valuation of combined entity around $400 mln
• Aiways will focus on EV sales in Europe
• Aiways EVs will still be built in China

LONDON, – Chinese electric vehicle maker Aiways will go public via a merger with U.S. special purpose acquisition company Hudson Acquistion Corp in a deal that should value the company around $400 million, the two companies said. Continue reading “Chinese EV maker Aiways to go public in US via deal with Hudson Acquisition SPAC”

SHANGHAI, (Reuters) – Chinese electric vehicle maker Nio said on Thursday it would launch one new model per year under its lower-priced Onvo brand and price them similarly to gasoline vehicles, as the firm expands its lineups to family cars in the country’s overcrowded auto market.

Nio executives were speaking a day after the company unveiled the Onvo L60 SUV with a sticker price starting from 219,900 yuan ($30,476), 12% below the price of Tesla’s Model Y which starts at 249,900 yuan in China. Continue reading “China’s Nio aims to launch one new car model per year under Onvo brand”

(Reuters) – The day before Elon Musk fired virtually all of Tesla’s electric-vehicle charging division last month, they had high hopes as charging chief Rebecca Tinucci went to meet with Musk about the network’s future, four former charging-network staffers told Reuters.

After Tinucci had cut between 15% and 20% of staffers two weeks earlier, part of much wider layoffs, they believed Musk would affirm plans for a massive charging-network expansion. Continue reading “The inside story of Elon Musk’s mass firings of Tesla Supercharger staff”

WASHINGTON, (Reuters) – U.S. auto safety regulators said on Tuesday they have opened an investigation into the performance of Alphabet’s Waymo self-driving vehicles after reports of its robotaxis exhibiting driving behavior that potentially violated traffic safety laws.

The National Highway Traffic Safety Administration (NHTSA) said its preliminary evaluation into an estimated 444 Waymo vehicles follows 22 reports of 22 incidents including 17 collisions. Continue reading “US opens probe into Alphabet’s Waymo over ‘unexpected behavior’ of self-driving vehicles”

(Reuters) – Tesla has been sued by an environmental nonprofit that accused Elon Musk’s electric car company of violating the federal Clean Air Act hundreds of times by letting its Fremont, California, plant emit harmful pollutants.

In a complaint filed on Monday, the Environmental Democracy Project said Tesla has since January 2021 exposed nearby residents and workers to excessive nitrogen oxides, arsenic, cadmium and other harmful chemicals, mainly through its paint shop operations. Continue reading “Tesla is sued over emissions from California plant”

DETROIT, (Reuters) – The Biden administration’s plan to slap heavy new tariffs on Chinese electric vehicles and batteries would provide temporary protection for U.S. auto jobs, potentially at the expense of White House efforts to fight climate change by accelerating U.S. EV adoption.

Few Chinese-made EVs are currently sold in the United States, so the immediate impact on consumers of higher EV tariffs would be minimal, analysts said. The White House also plans to more than triple tariffs on Chinese EV batteries and battery parts to 25%. Graphite, permanent magnets used in EV motors and other EV minerals would get new 25% duties added. These tariffs could affect a broader range of vehicles. Continue reading “A US-China EV trade war threatens Biden’s clean-car agenda”

Summary

• Country’s biggest union joins labour dispute against Tesla
• Unions see the fight as vital to protect labour model
• Tesla and Musk refuse to sign collective agreements
• Unionen may escalate efforts if action is circumvented

STOCKHOLM, (Reuters) – Sweden’s biggest union on Tuesday threw its weight behind a six-month-old strike by mechanics at Tesla, escalating the U.S. carmaker’s latest dispute with organised labour. Continue reading “Tesla strike in Sweden heats up as nation’s largest union joins fray”

MEXICO CITY, (Reuters) – Chinese automaker BYD unveiled the Shark, a mid-size hybrid-electric pickup truck, in Mexico on Tuesday, as its regional chief brushed off new U.S. tariff hikes on Chinese EVs, saying the company was not eyeing an entry to the U.S. market.

The Shark strengthens BYD’s foothold in the North American market with a vehicle aimed directly at incumbents Ford, General Motors and Toyota. Continue reading “China’s BYD launches hybrid pickup in Mexico as US hikes EV tariffs”

BEIJING/SINGAPORE, (Reuters) – Chinese smartphone maker Xiaomi has become the country’s eighth-largest electric vehicle upstart after selling more than 7,000 units of its first model, the SU7 sedan, in April, according to industry data.

Xiaomi’s strong entry into China’s crowded EV market is set to further upend the world’s largest auto market, where companies have been locked in a fierce price war amid weakening demand. Xiaomi is already a household name in China for its popular smartphones and home appliances. Continue reading “Xiaomi becomes 8th largest EV upstart in China after successful SU7 launch”

(Reuters) – SpaceX is building launch facilities, office buildings and even a shopping center in rural Texas, as billionaire Elon Musk’s space venture rapidly expands its rocket and satellite business across the Lone Star state.

But a Reuters review of Texas property records shows that SpaceX and its contractors can be far slower to pay builders and suppliers than they are to break ground. Unpaid bills and finger-pointing among contractors, Reuters found, have led many construction-industry businesses to file liens against SpaceX properties in efforts to get compensated. Continue reading “Musk’s SpaceX is quick to build in Texas, slow to pay its bills”

BOSTON, (Reuters) – Massachusetts’ attorney general took Uber Technologies and Lyft to trial on Monday over allegations that the ride-share companies are misclassifying thousands of drivers in the state as independent contractors to avoid treating them as more costly employees.

The non-jury trial in Boston comes amid broader legal and political battles in the Democratic-led state and elsewhere nationally over the status of drivers for app-based companies whose services fuel the U.S. gig worker economy. Continue reading “Massachusetts takes Uber, Lyft to trial over whether drivers are employees”

DETROIT, (Reuters) – Workers at a Mercedes-Benz plant in Alabama began voting Monday on whether to join the United Auto Workers union, a significant test of whether the labor group can maintain momentum in the historically anti-union American South.

A union victory at the plant, weeks after a resounding win at a Volkswagen factory in Tennessee, would be a watershed moment for the UAW as it seeks to organize more than a dozen automakers across the nation and add to its dwindling ranks. Continue reading “US auto workers union seeks tough victory at Mercedes plant in Alabama”

Source : PTI | India’s coal import rose by 7.7% to 268.24 million tonne (MT) in FY24 driven by softness in seaborne prices and likelihood of increase in power demand during summer. The country’s coal import was 249.06 MT in FY23, according to data compiled by B2B e-commerce companymjunction services.

Coal import in March FY24 also rose to 23.96 MT, over 21.12 MT in the corresponding month of the previous fiscal.

Continue reading “India’s coal import rises 8% to 268 MT in FY24”

Source : PTI | Maruti Suzuki India expects its CNG car sales to rise over 30 per cent to around 6 lakh units this fiscal, according to a senior company official. The country’s largest carmaker also aims to export around 3 lakh units in the ongoing financial year.

“So CNG, this year, we did about 4,50,000 (units) in passenger vehicles. We are hoping to do something like 6,00,000 vehicles in FY24-25,” Maruti Suzuki India Executive DirectorCorporate Affairs Rahul Bharti said in an analyst call.

Continue reading “Maruti Suzuki expects over 30% jump in CNG vehicle sales at six lakh units in FY25”

Source : PTI | Farm and construction equipment manufacturer Escorts Kubota Ltd plans to invest up to INR 4,500 crore over the next three to four years to set up a new manufacturing plant , according to its whole-time director and CFO Bharat Madan. The company is currently in talks with the Rajasthan government for a site at Ghiloth, where it intends to set up the greenfield plant to double its domestic tractor production capacity to 3.4 lakh units annually, while also setting up new engine and construction equipment lines in phases.

“The greenfield plant will involve doubling tractor production capacity, setting up a new engine line and a construction equipment line in phases. Overall, the greenfield project may cost INR 4,000 crore to INR 4,500 crore over the next three-four years,” Madan told PTI.

Continue reading “Escorts Kubota plans to invest up to INR 4,500 cr in new plant over next 3-4 years”

Source : PTI | State-owned fuel retailers Indian Oil Corporation, Bharat Petroleum Corporation Ltd and Hindustan Petroleum Corporation Ltd reported bumper profits totalling about INR 81,000 crore in FY24, which far exceeded their annual earning in pre-oil crisis years. The combined standalone net profit of IOC, BPCL and HPCL in April 2023 to March 2024 (FY24) was better than their annual earning of INR 39,356 crore in pre-oil crisis years, regulatory filings by them showed.

All the three companies posted the highest ever standalone as well as consolidated net profit in FY24. Continue reading “IOC, BPCL, HPCL post INR 81,000 cr record profit in FY24”

BERLIN, (Reuters) – Protesters opposed to expansion of U.S. electric vehicle maker Tesla’s plant in Grueneheide near Berlin clashed with police as some of them attempted to storm the facility on Friday.

Some 800 people took part in the protest, according to the organising group Disrupt Tesla, which claims the expansion would damage the environment. Continue reading “Protesters attempt to storm Tesla German plant, clash with police”

WASHINGTON/SAN FRANCISCO, (Reuters) – U.S. President Joe Biden is set to announce new China tariffs as soon as next week targeting strategic sectors, including a major hike in levies on electric vehicles (EVs), according to three people familiar with the matter.

The full announcement, expected Tuesday, will maintain existing tariffs on many Chinese goods set by former President Donald Trump, according to one of the people. Continue reading “New Biden tariffs on China’s EVs, solar, medical supplies due Tuesday – sources”

Source : PTI | New Delhi: Bharat Petroleum Corporation Ltd (BPCL) plans to invest INR 1.7 lakh crore over the next five years in its core oil refining, fuel marketing and petrochemical business as well as in clean energy such as hydrogen, its chairman G Krishnakumar said on Friday. As part of ‘Project Aspire’, a five-year strategic framework, BPCL plans to raise its oil refining capacity, augment petrochemical business and expand its presence in cleaner fuel space with an eye on energy transition and meeting country’s fuel demand, he said at a post earnings investor call.

“Our strategy is based on two fundamental pillars – ‘Nurturing the Core’; and ‘Investing in Future Big Bets’. We remain committed to our core businesses, which include the refining, marketing of petroleum products and upstream. In addition, we are focusing on our big bets, which comprise petrochemicals, gas, green energy, non-fuel retail, and digital,” Krishnakumar said. Continue reading “BPCL to invest INR 1.7 lakh cr in core, new energy business”

TOKYO, (Reuters) – Honda Motor Co said on Friday it would increase R&D spending this financial year by nearly a quarter to boost its competitive edge in hybrid and other electrified vehicles, as it forecast a 2.8% rise in operating profit for 2024/25.

Japan’s second-largest automaker by volume announced a share buyback worth up to 300 billion yen ($1.93 billion) after beating analysts’ fourth quarter earnings estimates, helped by strong sales growth in the United States, which offset a decline in China. Continue reading “Honda ramps up R&D spending as it expands hybrid push”

(Reuters) – Tesla will spend more than $500 million this year to expand its fast-charging network, CEO Elon Musk said on Friday, days after abruptly laying off employees who were running the business.

“Just to reiterate: Tesla will spend well over $500M expanding our Supercharger network to create thousands of NEW chargers this year,” Musk said in a post, on his social media platform X. Continue reading “After layoffs, Musk says Tesla to spend $500 mln on charging network”

(Reuters) – The U.S. auto safety regulator on Friday opened a preliminary probe into 6,813 Ocean SUVs made by Fisker in 2023, after complaints that the automatic emergency braking system used in the electric vehicles had activated inadvertently.

The regulator said its Office of Defects Investigation has received eight complaints alleging activation of the braking system without an apparent roadway obstruction in the vehicle’s forward path, resulting in sudden vehicle deceleration. Continue reading “US opens preliminary probe into Fisker’s cars over brake system issue”

BERLIN, (Reuters) – Protesters opposed to expansion of U.S. electric vehicle maker Tesla’s plant in Grueneheide near Berlin clashed with police as some of them attempted to storm the facility on Friday.

Some 800 people took part in the protest, according to the organising group Disrupt Tesla, which claims the expansion would damage the environment. Continue reading “Protesters attempt to storm Tesla German plant, clash with police”

Summary

• Geely-owned Zeekr valued at $6.8 bln at open
• First major Chinese listing in the US since 2021
• Chinese EV makers looking to boost exports
• Shares of EV makers have been hit hard of late

(Reuters) – Zeekr’s shares rose almost 35% above their initial public offering price on Friday in a strong start for the electric-vehicle maker, the first major U.S. market debut by a China-based company since 2021. Continue reading “Chinese EV maker Zeekr soars nearly 35% in stellar US market debut”

WASHINGTON,(Reuters) – A U.S. auto safety agency said on Thursday it has “significant safety concerns” over Ford Motor’s recall of more than 42,000 SUVs over concerns fuel leaks could lead to an engine fire.

The National Highway Traffic Safety Administration (NHTSA) said last month it was investigating the adequacy and safety consequences of Ford’s proposed recall remedy for 2022-2023 model year Bronco Sport and 2022 Ford Escape SUVs with 1.5L engines. Continue reading “US agency raises safety concerns on Ford SUV fuel leak recall”

Source : PTI | TVS Motor Company expects electric vehicles to account for 25-30% of its total two-wheeler sales in the next two to three years, according to Managing Director Sudarshan Venu. The company, which had earlier this year reiterated its commitment to invest INR 5,000 crore towards design, development and deployment of future technologies, products, and digital capabilities, is betting big on electric mobility and may even look at electric bicycle and cargo three-wheelers, to have a full range of products.

EV sales will only go up…We believe that 25-30% of TVS’ (two-wheeler) sales will be EV (electric vehicles) in two to three years’ time. We are investing to embrace that future and to launch exciting and aspirational products that will delight customers to buy them,” Venu told PTI. Continue reading “TVS Motor Co expects 25-30% of 2-wheeler sales to come from EVs: MD Sudarshan Venu”

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MG parent SAIC to invest up to USD 2 billion in India; to offer a range of compact cars, SUVs Autocar

Volkswagen India Partners With Government e-Marketplace WAF

Indian Auto retails saw growth in April, uncertainty looms for May, warns FADA HTAuto Continue reading “WAF Auto News | The Auto World This Week (10th May 2024)”

Volkswagen Passenger Cars India has announced a strategic partnership with the Government e-Marketplace (GeM), broadening the availability of its GNCAP 5-Star safety rated vehicles to government departments across India. The Government e-Marketplace is an innovative online platform established by the Government of India to streamline the procurement processes of goods and services by various government departments, PSUs, autonomous bodies, and local bodies.

By listing select variants of its vehicles, such as the Taigun SUV and the Virtus sedan, on GeM, Volkswagen aims to offer premium mobility solutions at competitive prices to a broader range of institutional buyers. The availability of Volkswagen’s cars on GeM allows for both bulk and individual purchases, providing flexibility to government entities in acquiring new vehicles. Continue reading “Volkswagen India Partners With Government e-Marketplace”