Summary
LONDON/FRANKFURT, (Reuters) – European car giants Volkswagen, Mercedes-Benz and Stellantis all posted lower sales and first-quarter revenue on Tuesday as they geared up to launch new models, faced higher costs and were hit by weaker demand for new cars as interest rates remain high. Continue reading “Weak demand, new model ramp up hit Europe’s top automakers”
Summary
(Reuters) – Aston Martin posted a bigger-than-expected first-quarter pretax loss on Wednesday as the British luxury carmaker made fewer cars and burned more cash than analysts anticipated, sending its shares 7% lower. Continue reading “Aston Martin losses balloon ahead of new model ramp up”
Source : PTI | China’s automotive industry has revolutionised over the past decade, from producing basic western clones to making cars that equal the world’s best. As the manufacturing powerhouse of the world, China is also producing them in huge volumes. However, Chinese cars are facing difficulties in finding buyers in Europe. Imported cars, many of which are Chinese electric vehicles, are piling up at European ports, with some spending up to 18 months in port car parks as manufacturers struggle to get them onto people’s driveways.
Why is this, though? Chinese electric vehicles in particular are getting positive reviews. Having driven them myself, I can attest to them matching, or even exceeding, the well-known European brands in range, quality and technology.
Continue reading “Electric cars pile up at European ports as Chinese firms struggle to find buyers”
Source : PTI | India’s net oil import bill could widen to USD 101-104 billion in current fiscal from USD 96.1 billion in 2023-24 and any escalation in the Iran-Israel conflict could impart an upward pressure on the value of imports, ICRA said on Tuesday. The domestic rating agency said based on its analysis, lower value of Russian oil imports is estimated to have led to savings of USD 7.9 billion in 11 months (April-February) of 2023-24, up from USD 5.1 billion in 2022-23.
“With India’s oil import dependency expected to remain high, if the discounts on purchases of Russian crude persist at the prevailing low levels, ICRA expects India’s net oil import bill to widen to USD 101-104 billion in FY2025 from USD 96.1 billion in FY2024, assuming an average crude oil price of USD 85/bbl in the fiscal,” ICRA said. Continue reading “India’s oil import bill could swell to USD 101-104 bn in FY25: ICRA”
Source : PTI | New Delhi: BP on Tuesday announced the appointment of Kartikeya Dube as the new India head, replacing long-time executive Sashi Mukundan who is retiring. In a statement, the company said Dube has been appointed Head of Country (HoC) and senior vice president (gas and low carbon) for India with effect from July 1, 2024.
“Sashi Mukundan, who has been with bp for over 42 years, of which 15 were spent leading bp in India, will be retiring and will ensure a seamless transition to Kartikeya,” it said. Continue reading “BP appoints Kartikeya Dube as India head”
Summary
SEOUL/NEW DELHI, (Reuters) – Hyundai Motor Group plans to launch its first hybrid cars in India as early as 2026, three sources said, as the South Korean auto group shifts strategy to look beyond electric vehicles and boosts its presence in a key market. Continue reading “Hyundai Motor Group plans hybrid cars for India in strategy shift, sources say”
(Reuters) – Elon Musk has dismissed two Tesla senior executives and plans to lay off hundreds more employees, frustrated by falling sales and the pace of job cuts so far, The Information reported on Tuesday, citing the CEO’s email to senior managers.
Rebecca Tinucci, senior director of the electric vehicle maker’s Supercharger business, and Daniel Ho, head of the new vehicles program, will leave on Tuesday morning, the report said. Continue reading “Musk lays off Tesla senior executives in fresh job cuts, The Information reports”
Summary
MILAN, (Reuters) – Stellantis sees weaker profitability through the whole first half of the year, with margins at the low end of its forecasts, its CFO said on Tuesday after the automaker reported falling revenues in the first three months of the year. Continue reading “Stellantis shares tumble on cautious margin forecast for H1”
Summary
LONDON/FRANKFURT, (Reuters) – European car giants Volkswagen, Mercedes-Benz and Stellantis all posted lower sales and first-quarter revenue on Tuesday as they geared up to launch new models, faced higher costs and were hit by weaker demand for new cars as interest rates remain high. Continue reading “Weak demand, new model ramp up hit Europe’s top automakers”
DETROIT, (Reuters) – Elon Musk’s abrupt decision to lay off employees who ran Tesla’s electric vehicle charging business blindsided automakers gearing up to equip new EVs for customers to use the Tesla Supercharger network, industry officials and analysts said on Tuesday.
For now, General Motors, Ford and other automakers which struck deals last year to give customers access to the network said they are not changing their plans. Continue reading “Musk disbands Tesla EV charging team, leaving customers in the dark”
(Reuters) – Registrations of Tesla vehicles in California fell about 8% in the first quarter of 2024 for the second consecutive three-month period, according to data from the California New Car Dealers Association.
The data showed about 50,000 new Tesla vehicles were registered in the state, one of the most important markets for the Elon Musk-led EV maker, in the quarter ended March 31. Continue reading “Tesla’s California registrations down second quarter in a row, dealer data shows”
WASHINGTON, (Reuters) – The National Highway Traffic Safety Administration is opening an investigation into Ford Motor’s hands-free driving technology BlueCruise after two fatal crashes involving Mustang Mach-E SUVs striking parked vehicles, the agency said on Monday.
The agency’s preliminary evaluation, into 130,000 2021-2024 Ford Mustang Mach-E vehicles is the first step to determine whether the vehicles pose an unreasonable risk to safety. Continue reading “US opens probe into 130,000 Ford vehicles over hands-free tech”
BEIJING, (Reuters) – Baidu, China’s major internet search company, reached an agreement with Tesla to grant the car company access to its mapping license for data collection on China’s public roads, two people familiar with the matter said.
The deal clears a final regulatory hurdle for Tesla’s driver assistance system, which Tesla calls Full Self Driving (FSD), to be offered in China, the sources said. Continue reading “Baidu, Tesla agree on mapping deal for FSD in China, sources say”
Summary
BEIJING, (Reuters) – Elon Musk made progress towards rolling out Tesla’s advanced driver-assistance package in China on a whirlwind weekend trip to Beijing, sending the company’s shares soaring more than 16% on Monday. Continue reading “In China, Elon Musk scores wins on the path to self-driving cars”
DETROIT, (Reuters) – The United Auto Workers’ new labor contract with truck and bus maker Daimler Truck is likely to energize workers ahead of the union’s next target in the U.S. South – organizing a Mercedes-Benz auto assembly plant in Alabama.
The tentative Daimler Truck contract, agreed to late on Friday, includes a 25% general wage increase over four years and, for the first time, profit-sharing and cost-of-living adjustments for workers at the maker of Freightliner and Western Star trucks and Thomas Built buses. Continue reading “Mercedes unionization vote in Alabama will likely get a boost from UAW deal with Daimler Truck”
WASHINGTON, (Reuters) – Nearly all new passenger cars and trucks sold in the United States will be required to have automatic emergency braking systems by September 2029, the National Highway Traffic Safety Administration (NHTSA) said on Monday, saying that the rule will save at least 360 lives annually and prevent at least 24,000 injuries.
The new rule comes as traffic deaths have spiked following the COVID-19 lockdowns. Continue reading “US to require new cars to have emergency braking systems by 2029”
Source : PTI | New Delhi: Apollo Tyres on Monday said it has joined hands with NATRAX, a testing and validation services provider, to set up a test track to validate tyres for electric vehicles. The collaboration aims to provide a dedicated testing facility for electric vehicles (EV) manufacturers, enabling them to test and validate cut and chip resistance of tyres.
Evaluating cut and chip resistance of tyres is crucial for EVs due to their unique characteristics, such as regenerative braking and high-speed acceleration. Continue reading “Apollo Tyres ties up with NATRAX to set up test track to validate tyres for EVs”
PTI | New Delhi: Chennai-based startup The ePlane Company expects to develop a certifiable prototype of a flying electric taxi by March next year as it works on ways to alleviate urban congestion. Incubated out of the Indian Institute of Technology (IIT), Madras, the company also aims to initially commercialise its drones that can carry a payload of 2-6 kilograms in the coming months, according to a senior executive.
The ePlane Company’s Founder and CEO Satya Chakravarthy said it is developing an eVTOL (electric Vertical Takeoff and Landing) aircraft and to begin with, it will be a three or four-seater plane which can be converted into an air ambulance. Continue reading “Indian startup The ePlane to develop electric air taxi prototype by March 2025”
PTI | New Delhi: A major surge of nearly 149% in prosecutions related to mobile phone usage while driving in Delhi since January 1, as compared to the corresponding period last year, the traffic police data revealed. The statistics, shared by the Delhi Traffic Police, indicate a sharp rise in violations of mobile phone usage laws while driving.
From January 1 to April 15, a total of 15,846 motorists were booked for this offence, significantly higher than the 6,369 cases reported in 2023, it said. Continue reading “149% surge in cases of mobile phone use while driving since Jan”
SHANGHAI/BEIJING, (Reuters) – Tesla (TSLA.O), CEO Elon Musk arrived in Beijing on Sunday on an unannounced visit, where he was expected to discuss the rollout of Full Self-Driving (FSD) software and permission to transfer data overseas, according to a person with knowledge of the matter.
Chinese state media reported that he met Premier Li Qiang in Beijing, during which Li told Musk that Tesla’s development in China could be regarded as a successful example of U.S.-China economic and trade cooperation. Continue reading “Elon Musk visits China as Tesla seeks self-driving technology rollout”
ABUJA, (Reuters) – Nigeria secured a $600 million investment in seaport infrastructure from Danish shipping company A.P. Moller-Maersk (MAERSKb.CO), the presidency said in a statement on Sunday.
The investment was secured during a meeting between President Bola Tinubu and Moller-Maersk Chairman Robert Maersk Uggla on the sidelines of a World Economic Forum meeting in Saudi Arabia. Continue reading “Nigeria secures $600 million Maersk investment in seaport infrastructure”
BEIJING, (Reuters) – Elon Musk pushed for China’s approval for Tesla to roll out advanced driver-assistance systems in a whirlwind trip to Beijing that ended on Monday, a step that could boost revenues at a time when Tesla is under pressure from Chinese rivals.
Tesla CEO Musk arrived in the Chinese capital on Sunday where he was expected to discuss the rollout of Full Self-Driving (FSD) software and permission to transfer driving data overseas, according to a person with knowledge of the matter. Continue reading “Elon Musk pursues self-driving approval on China trip as Tesla wins key endorsement”
Summary
SEOUL, (Reuters) – SK Innovation Co Ltd (096770.KS), said on Monday its SK On battery-making unit is on target to breakeven in the second half of this year after it posted a forecast-beating operating profit in the first quarter, sending its shares up over 6.0%. Continue reading “SK Innovation Q2 profit tops forecast, battery unit eyes EV demand recovery”
(Reuters) – Tesla (TSLA.O), is set to clear a key hurdle to introduce its advanced assisted driving features in China by partnering with Baidu (9888.HK), for mapping and navigation functions, Bloomberg News reported on Monday. Continue reading “Tesla clears key China assisted-driving hurdle with Baidu deal, Bloomberg News says”
BEIJING, (Reuters) – Baidu (9888.HK), China’s major internet search company, reached an agreement with Tesla (TSLA.O),to grant the car company access to its mapping license for data collection on China’s public roads, two people familiar with the matter said.
The deal clears a final regulatory hurdle for Tesla’s driver assistance system, which Tesla calls Full Self Driving (FSD), to be offered in China, the sources said. Continue reading “Baidu, Tesla agree on mapping deal for FSD in China, sources say”
Source : PTI | New Delhi, Varanasi has been selected as the pilot location for deployment of green hydrogen fuel cell inland vessels on National Waterways-I, aligning with the government’s Harit Nauka guidelines, an official statement said on Friday. Discussions are ongoing with potential players for facilities like bunkering, it added.
It was also informed that due to its low emission qualities, methanol is also actively considered one of the key green fuels for EXIM Vessels globally, as seen in the recent case of Maersk’s deployment of methanol-powered ships, the Ministry of Ports, Shipping and Waterways (MoPSW) said in the statement. Continue reading “Varanasi pilot location for deployment of green hydrogen fuel cell inland vessels on NW-I”
(Reuters) – Daimler Truck agreed to a new labor contract on Friday with over 7,300 hourly workers represented by the United Auto Workers (UAW) at six facilities in the U.S. South, averting a strike at the 11th hour.
“For months, we said that record profits should mean a record contract with no concessions,” UAW President Shawn Fain said in a late-night appearance on YouTube from Charlotte, North Carolina, near where the company has plants. Continue reading “Daimler Truck reaches deal with United Auto Workers, averts U.S. strike”
BERLIN, (Reuters) – The U.S. Department of Justice has closed its probe into the Mercedes-Benz diesel emissions scandal and the car manufacturer is no longer facing charges, the company said on Saturday.
Mercedes-Benz cooperated fully with the DOJ, Renata Jungo Bruengger, board member for integrity, governance and sustainability at Mercedes, said in an emailed statement. Continue reading “Mercedes-Benz says US DOJ ended investigation into diesel emissions scandal”
(Reuters) – A new form of sticker shock has hit American car buyers like Darin Davis.
In January, when the 56-year-old Dallas real estate agent renewed the insurance on the pearly-white 2024 Cadillac XT4 that he bought just a few months earlier, the rate nearly doubled. Continue reading “Soaring insurance costs hit as US buyers get a break on car prices”
Summary
(Reuters) – Tesla has canceled the long-promised inexpensive car that investors have been counting on to drive its growth into a mass-market automaker, according to three sources familiar with the matter and company messages seen by Reuters. Continue reading “Exclusive: Tesla scraps low-cost car plans amid fierce Chinese EV competition”
(Reuters) – A made-in-China electric vehicle will hit U.S. dealers this summer offering power and efficiency similar to the Tesla Model Y, the world’s best-selling EV, but for about $8,000 less.
The EX30 from Volvo Cars, the Swedish luxury brand owned by China’s Geely, foreshadows the fierce competitive threat U.S. automakers could face from Chinese EV manufacturers that have surged far ahead of global rivals, especially on affordability. Continue reading “How Volvo landed a cheap Chinese EV on U.S. shores in a trade war”
(Reuters) – Former Tesla executive Drew Baglino has sold shares worth around $181.5 million in the world’s top EV maker, according to a SEC filing on Thursday.
Baglino, a Tesla veteran who began his career as an engineer in 2006 and was one of four members, along with Elon Musk, on the company’s leadership team. Continue reading “Former exec Baglino sells Tesla shares worth $181.5 mln, SEC filing shows”
BEIJING, (Reuters) – It’s taken Huawei just four years to become a force in smart car technology, navigating the devastation of trade sanctions on its smartphones business while simultaneously developing a driver assistance system that is the darling of the Beijing auto show.
Huawei Technologies has two huge booths at this week’s event, and there are at least seven Chinese automakers touting its Qiankun installed in their cars as the most sophisticated advanced driving assistance system (ADAS) to date. Continue reading “Huawei’s smart car tech offers automakers route to China sales”
SAN FRANCISCO/AUSTIN, Texas, (Reuters) – Elon Musk’s new plan to use current product lines as the basis for new affordable vehicles — rather than springing for all-new models — follows the playbook of Tesla’s old-school Detroit rivals, as some Tesla investors and analysts see it.
The shift toward incremental improvement, mirroring a common strategy of Ford and General Motors, suggests the future of car-making that Musk has promised to disrupt may still look a lot like the past. Continue reading “Tesla’s plan for affordable cars takes page from Detroit rivals”
LONDON, (Reuters) – U.S. and European politicians have raised alarms that their domestic auto industries could be destroyed by a wave of cheap Chinese electric vehicles. But so far, China’s top EV maker, BYD, has dramatically hiked export prices compared to what it charges at home rather than undercut foreign rivals.
The goal: to rake in hefty profit margins the automaker can’t get in China amid fierce competition. Continue reading “Insight: Why BYD’s EV exports sell for twice the China price”
WASHINGTON, (Reuters) – U.S. auto safety regulators said on Friday they have opened an investigation into whether Tesla’s recall of more than 2 million vehicles announced in December to install new Autopilot safeguards is adequate following a series of crashes.
The National Highway Traffic Safety Administration (NHTSA) said it opened the probe after receiving reports of 20 crashes involving vehicles that had the new Autopilot software updates installed under Tesla’s recall. Continue reading “US probes Tesla recall of 2 million vehicles over Autopilot”
SAN FRANCISCO, (Reuters) – Tesla plans to lay off 693 employees at its facilities in Sparks, Nevada, a government notice showed, as part of its plan to cut more than 10% of its global workforce amid dropping sales and rising competition.
The notice was submitted to the Nevada Department of Employment, Training, and Rehabilitation earlier this week. Continue reading “Tesla to lay off 693 employees in Nevada, government notice says”
(Reuters) – Daimler Truck agreed to a new labor contract on Friday with over 7,300 hourly workers represented by the United Auto Workers (UAW) at six facilities in the U.S. South, averting a strike at the 11th hour.
“For months, we said that record profits should mean a record contract with no concessions,” UAW President Shawn Fain said in a late-night appearance on YouTube from Charlotte, North Carolina, near where the company has plants. Continue reading “Daimler Truck reaches deal with United Auto Workers, averts U.S. strike”
WASHINGTON, (Reuters) – The Biden administration is not taking any options off the table to respond to China’s excess industrial capacity, which is a top concern for the U.S. and its allies, U.S. Treasury Secretary Janet Yellen told Reuters on Thursday.
China exporting its way to full employment is not acceptable to the rest of the world, Yellen said in a Reuters Next interview in Washington. Continue reading “Nothing off the table in US response to China overcapacity, Yellen says”
TOKYO, (Reuters) – Honda Motor plans to invest C$15 billion ($11 billion) in new EV and battery production plants alongside its existing facilities in Ontario, it said on Thursday, the Japanese automaker’s largest ever investment in Canada.
The investment, announced by company executives and Canadian Prime Minister Justin Trudeau, signals Honda’s expectation for more growth in North American demand for EVs. Continue reading “Honda to set up $11 bln electric vehicle, battery plants in Canada”
