Founder of EV maker VinFast launches global charging stations venture

Founder of EV maker VinFast launches global charging stations venture

HANOI, (Reuters) – The founder of Vietnamese electric vehicle maker VinFast on Monday launched an EV charging stations company, V-Green, which he said would prioritise supporting VinFast vehicles globally.

V-Green, of which billionaire Pham Nhat Vuong holds a 90% stake, will operate as a global partner, spearheading the creation of a comprehensive charging network, he said a statement. Continue reading “Founder of EV maker VinFast launches global charging stations venture”

Daimler Buses aims for ambitious margin target from 2025
China’s BYD launches new version of Destroyer 07 hybrid at lower starting price
Uber to pay $178 million in Australia taxi class action settlement

Uber to pay $178 million in Australia taxi class action settlement

SYDNEY, (Reuters) – Uber has agreed to pay A$271.8 million ($178 million) to settle a lawsuit brought by Australian taxi operators and drivers, who say they lost income when the ride-hailing company moved into the country, a law firm said on Monday.

The settlement is Australia’s fifth-largest, Maurice Blackburn Lawyers said in a statement. Continue reading “Uber to pay $178 million in Australia taxi class action settlement”

Duty cut benefit in EV policy not to impact domestic players; to expand mkt

Duty cut benefit in EV policy not to impact domestic players; to expand mkt

Source : PTI | New Delhi: Import duty concessions announced in the EV policy on Friday will not impact domestic players and on the contrary, expand the Indian electric vehicles market, a top government official said. Department for Promotion of Industry and Internal Trade (DPIIT) Secretary Rajesh Kumar Singh said that the government has taken the view of all the concerned stakeholders on the policy, which was balanced to the public interest.

Continue reading “Duty cut benefit in EV policy not to impact domestic players; to expand mkt”

Should Tata, Mahindra, and other Indian automakers worry about Tesla & co.

Should Tata, Mahindra, and other Indian automakers worry about Tesla & co.

Source : PTI | The recent announcement of import duty concessions in the Electric Vehicle (EV) policy is set to boost the Indian electric vehicles market without negatively impacting local players, according to a senior government official.

Rajesh Kumar Singh, Secretary of the Department for Promotion of Industry and Internal Trade (DPIIT), told PTI that the policy is designed to benefit the public interest as a whole.

Continue reading “Should Tata, Mahindra, and other Indian automakers worry about Tesla & co.”

Mercedes CEO nearly doubled 2023 remuneration with big bonus boost

Mercedes CEO nearly doubled 2023 remuneration with big bonus boost

(Reuters) – Mercedes-Benz CEO Ola Kallenius almost doubled his remuneration last year thanks to high bonus payouts, a company report published on Friday showed.

Including pension costs, the CEO took home 12.7 million euros ($13.9 million) last year, an 80% increase from the previous year, according to the report. Continue reading “Mercedes CEO nearly doubled 2023 remuneration with big bonus boost”

BMW apologizes after criticism from annual Chinese consumer show

BMW apologizes after criticism from annual Chinese consumer show

BEIJING, (Reuters) – German carmaker BMW apologized to Chinese drivers on Friday after its BMW 530Li model’s transmission shaft was singled out on the country’s annual consumer day gala television show for producing “disturbing” noises.

The two-hour show by state broadcaster China Central Television (CCTV) on March 15 every year focuses on infringements of consumer rights and has for years been followed closely by companies worried about public blowback should they be named. Continue reading “BMW apologizes after criticism from annual Chinese consumer show”

US NTSB probes driver assistance system use in fatal Ford crash

US NTSB probes driver assistance system use in fatal Ford crash

WASHINGTON, (Reuters) – The U.S. National Transportation Safety Board said on Friday it was investigating the use of an advanced driver assistance system in a Ford Mustang Mach-E that was involved in a Feb. 24 fatal crash in San Antonio, Texas.

The NTSB said preliminary information indicated the Ford struck the rear of a Honda CR-V that was stationary in a traffic lane on Interstate Highway 10. A San Antonio police report said the Ford had “partial automation” engaged at the time of the crash. Continue reading “US NTSB probes driver assistance system use in fatal Ford crash”

Road ministry sanctions INR 1,697 cr for NH projects in 3 states

Road ministry sanctions INR 1,697 cr for NH projects in 3 states

Source : PTI | Ministry of Road Transport and Highways (MoRTH) has sanctioned INR 699.19 crore for upgradation of a section of National Highway 58 in Palanpur, Gujarat. The amount will be used to upgrade Khokhra Gujarat Border – Vijayanagar – Antarsuba – Mathasur road section of NH-58, according to an official statement.

NH-58 connects Gujarat and Rajasthan and also connects Ambaji Temple, Udaipur, Polo Forest and other archaeological monuments and various tourist places. Continue reading “Road ministry sanctions INR 1,697 cr for NH projects in 3 states”

Amazon’s Zoox robotaxis to drive faster, farther, at night in Las Vegas

Amazon’s Zoox robotaxis to drive faster, farther, at night in Las Vegas

(Reuters) – Amazon.com’s self-driving car unit, Zoox, is seeking to stay abreast of rival Waymo by expanding its vehicles’ testing in California and Nevada to include a wider area, higher speeds and nighttime driving.

The changes, announced on Thursday, apply to Zoox’s fleet of vehicles that it designed and built itself. Those resemble toaster ovens on wheels and lack manual controls inside, like steering wheels, pedals and gear shifters. Zoox also operates retrofitted self-driving Toyota Highlanders in Seattle, Las Vegas, San Francisco and Foster City, California. Continue reading “Amazon’s Zoox robotaxis to drive faster, farther, at night in Las Vegas”

In big win for Tesla, India to lower EV import tax if $500 mln invested

In big win for Tesla, India to lower EV import tax if $500 mln invested

NEW DELHI, (Reuters) – India said on Friday it will lower import taxes on certain electric vehicles for companies committing to at least $500 million in investment and manufacturing facilities within three years, potentially bolstering Tesla’s plans to enter the market.

The policy is a big win for Tesla as it’s in line with what the company had been lobbying for in New Delhi. Sources said last July that the carmaker had offered to build a factory but, in the meantime, wanted a cut in import taxes that CEO Elon Musk said were among the highest in the world. Continue reading “In big win for Tesla, India to lower EV import tax if $500 mln invested”

Volkswagen group deliveries down 1.1% in February

Volkswagen group deliveries down 1.1% in February

BERLIN,(Reuters) – Volkswagen group deliveries fell by 1.1% in February to 605,500 vehicles, hit by a sharp decrease in China, the German carmaker said on Friday.

Deliveries climbed by 5.6% in western Europe and by 1.6% in North America last month but fell by 16.7% in China, said Volkswagen, adding that overall deliveries were up 6.1% in the first two months of the year at 1.30 million vehicles. Continue reading “Volkswagen group deliveries down 1.1% in February”

Rivals Nissan and Honda sign MoU on EV partnership

Rivals Nissan and Honda sign MoU on EV partnership

Summary

  • Have signed non-binding memorandum of understanding
  • To look at areas of potential collaboration, no scope yet determined
  • Open to working together in any region, Nissan CEO says
  • “We are strapped for time and need to be speedy,” Honda’s Mibe says

TOKYO, (Reuters) – Japanese auto rivals Nissan Motor and Honda Motor are considering a strategic partnership to collaborate on producing key components for electric vehicles and artificial intelligence in automotive software platforms, the companies said Friday. Continue reading “Rivals Nissan and Honda sign MoU on EV partnership”

US automakers race to build more hybrids as EV sales slow

US automakers race to build more hybrids as EV sales slow

DETROIT, (Reuters) – As U.S. sales of gas-electric hybrid vehicles surge and electric-vehicle sales cool, automakers and suppliers are betting consumer demand for a compromise between all-combustion and all-electric is a durable trend.

Automakers and suppliers are adding capacity to build gasoline-electric hybrid and plug-in hybrid vehicles for the U.S. market, responding to increased consumer demand for technology that General Motors and other automakers once planned to phase out in favor of all-electric fleets, industry executives and analysts said. Continue reading “US automakers race to build more hybrids as EV sales slow”

Govt launches pilot programme for cashless treatment of road accident victims

Govt launches pilot programme for cashless treatment of road accident victims

Source : PTI | New Delhi, The government is launching a pilot programme to provide cashless treatment to road accident victims, under which they will be entitled to cashless treatment up to a maximum of INR 1.5 lakh per accident, an official statement said on Thursday. The statement further said the pilot programme — being initiated in Chandigarh and developed under the aegis of the Ministry of Road Transport and Highways (MoRTH) — is aimed at establishing an ecosystem for providing timely medical care to the victims of road accidents, including during the golden hour.

“The broad contours of the pilot programme are — victims entitled to cashless treatment up to a maximum of INR 1.5 lakh per accident per person for a maximum period of 7 days from date of the accident,” it added. Continue reading “Govt launches pilot programme for cashless treatment of road accident victims”

Italy’s Iveco Group sees 20% revenue growth to 2028, eyes partnerships

Italy’s Iveco Group sees 20% revenue growth to 2028, eyes partnerships

TURIN, Italy, (Reuters) – Italian bus and truck maker Iveco Group forecast revenue growth of 20% by 2028 as it unveiled a new business plan on Thursday focused on an expanding product portfolio and industrial partnerships.

The company said its net revenues from industrial activities would rise to around 19 billion euros ($20.8 billion) in 2028 from 15.877 billion euros last year. Continue reading “Italy’s Iveco Group sees 20% revenue growth to 2028, eyes partnerships”

BMW’s annual automotive margin beats expectations

BMW’s annual automotive margin beats expectations

(Reuters) – BMW reported a higher annual margin in its core automotive segment on Thursday, driven by full consolidation of its Chinese joint venture BMW Brilliance Automotive (BBA) and better sales volumes.

The carmaker’s margin on earnings before interest and taxes (EBIT) was 9.8% in 2023, versus 8.9% expected in the company-provided consensus. Continue reading “BMW’s annual automotive margin beats expectations”

Chinese automakers open factories abroad as export clout causes friction

Chinese automakers open factories abroad as export clout causes friction

SHANGHAI, (Reuters) – Chinese automakers seeking global growth are building more car factories in overseas markets, as foreign regulators mull imposing measures against imports of China-made electric cars.

Chery Auto is holding talks with the Italian government to manufacture there, Reuters reported on Wednesday. Should the talks succeed, Chery would be among the first Chinese automakers with a European manufacturing presence. Continue reading “Chinese automakers open factories abroad as export clout causes friction”

China’s Nio and CATL team up to develop longer life batteries

China’s Nio and CATL team up to develop longer life batteries

BEIJING, (Reuters) – Chinese electric vehicle maker Nio on Thursday signed a partnership agreement with battery giant CATL to develop longer life batteries as part of efforts to lower overall EV costs.

The partnership will leverage technologies from both companies seeking to lower the so-called “full life cycle” costs of batteries – key for the operating costs of Nio’s thousands of battery-swapping and charging stations, William Li, Nio’s founder and CEO, told reporters in Beijing. Continue reading “China’s Nio and CATL team up to develop longer life batteries”

Hyundai and Kia to recall nearly 170,000 EVs over software problem in South Korea

Hyundai and Kia to recall nearly 170,000 EVs over software problem in South Korea

SEOUL, (Reuters) – Hyundai Motor Co (005380.KS), opens new tab and sister company Kia Corp (000270.KS), opens new tab will recall about 170,000 electric vehicles (EVs) in South Korea over problems with software in the charging systems, South Korea’s transport ministry said on Thursday.

Hyundai will recall 113,916 EVs in the country, affecting five EV models, including Ioniq-series and Genesis models, the ministry said. Continue reading “Hyundai and Kia to recall nearly 170,000 EVs over software problem in South Korea”

Volkswagen holds out prospect of entry-level EV by 2027

Volkswagen holds out prospect of entry-level EV by 2027

BERLIN, (Reuters) – Volkswagen on Thursday held out the prospect of launching an entry-level electric vehicle by 2027, with VW brand chief Thomas Schaefer saying the company would decide in coming weeks which model to move forward with.

Four project teams are currently working on proposals for the vehicle, which has the working title ID.1, Schaefer said at a group presentation, where a representative vehicle was on display. Slides from a presentation indicated the vehicle could be ready by 2027. Continue reading “Volkswagen holds out prospect of entry-level EV by 2027”

Ford has big goals for software sales to small business truck fleets

Ford has big goals for software sales to small business truck fleets

DETROIT, (Reuters) – HomeTown Services, a heating and cooling repair company in Tulsa, Oklahoma, is getting ready to install driver monitoring cameras in some of its trucks, and already uses streamed data to remind drivers not to sit too long in idle vehicles, wasting gasoline.

“People will sit in a vehicle for an hour or two,” said Del Underwood, vice president for purchasing and fleets for the company. Now, technicians get a text message instructing them to either turn off their trucks or move to the next assignment. Continue reading “Ford has big goals for software sales to small business truck fleets”

Petrol, diesel prices fallen in India when global energy market in turmoil: Puri

Petrol, diesel prices fallen in India when global energy market in turmoil: Puri

Source : PTI | Petroleum and Natural Gas Minister Hardeep Singh Puri on Wednesday said that prices of petroleum products have come down in India when the global energy market is in turmoil. Speaking at the Viksit Bharat programme here, Singh said that there has been turmoil in the global energy markets.

“In India, prices of petrol and diesel have come down over the last two years. Prices increased in other countries like Pakistan, Sri Lanka and even in advanced countries,” he said.

Continue reading “Petrol, diesel prices fallen in India when global energy market in turmoil: Puri”

Popular Vehicles IPO subscribed 45% on day two of offer

Popular Vehicles IPO subscribed 45% on day two of offer

Source : PTI | The initial share sale of Popular Vehicles and Services Limited got subscribed 45% on the second day of subscription on Wednesday. The INR 601.55 crore-Initial Public Offer (IPO) received bids for 65,31,800 shares against 1,44,15,110 shares on offer, as per NSE data.

The portion for Retail Individual Investors (RIIs) attracted 77% subscription while the non-institutional investors part got subscribed 20%. Continue reading “Popular Vehicles IPO subscribed 45% on day two of offer”

Waymo to start offering free driverless robotaxi services in Los Angeles

Waymo to start offering free driverless robotaxi services in Los Angeles

(Reuters) – Alphabet’s Waymo said on Wednesday it will begin offering free driverless robotaxi services to select members of the public in Los Angeles starting Thursday.

The company received approval from the California Public Utilities Commission (CPUC) earlier this month to start its ride-hailing program, Waymo One, in Los Angeles and some cities near San Francisco. Continue reading “Waymo to start offering free driverless robotaxi services in Los Angeles”

Polestar cuts starting prices for its upcoming model as EV demand falters

Polestar cuts starting prices for its upcoming model as EV demand falters

(Reuters) – Swedish electric-vehicle maker Polestar Automotive Holding, on Wednesday cut the base price of its Polestar 3 model by more than 12% and launched new variants, as it prepares to counter lackluster demand.

Faltering demand in the global EV market has led to a spate of job cuts and missed production targets, forcing EV-makers to cut prices in a bid to revive demand. Continue reading “Polestar cuts starting prices for its upcoming model as EV demand falters”

China lithium boom slows as sagging prices batter high-cost miners

China lithium boom slows as sagging prices batter high-cost miners

Summary

  • Global lithium prices down over 80% in past 12 months
  • Rystad slashes China’s mined lithium output growth forecast
  • Analysts expect mining of lepidolite in China to be hit
  • Almost half of China’s lithium output in 2023 came from lepidolite, Fastmarkets says

BEIJING, (Reuters) – A slump in the price of lithium, a key raw material in electric car batteries, is dragging on China’s mining of the ultralight metal which together with a costly extraction process is prompting a reassessment of output growth and new project plans. Continue reading “China lithium boom slows as sagging prices batter high-cost miners”

Volkswagen says tough market to weigh on car sales growth in 2024
Musk says ‘Deutschland rocks!’ after visit to arson-hit Tesla plant

Musk says ‘Deutschland rocks!’ after visit to arson-hit Tesla plant

BERLIN, (Reuters) – Elon Musk on Wednesday visited Tesla’s European gigafactory in Gruenheide, Germany, where operations had resumed after an arson attack on a nearby electricity pylon last week led to a costly power outage that halted production.

The Tesla chief executive, who was pictured at the German factory wearing a black T-shirt that read “We are (Giga) the future,” shouted “Hey, Deutschland rocks! Dig in Berlin for the win!” as he walked out of the factory and got into a car. Continue reading “Musk says ‘Deutschland rocks!’ after visit to arson-hit Tesla plant”

Yellen says US aims to ensure domestic EV maker success as China boosts exports

Yellen says US aims to ensure domestic EV maker success as China boosts exports

ELIZABETHTOWN, Kentucky, (Reuters) – U.S. Treasury Secretary Janet Yellen on Wednesday said President Joe Biden’s administration is taking steps to ensure success of the domestic electric vehicle (EV) industry in the face of China’s growing exports in the sector and heavy government subsidies.

Asked whether the United States needs new tariffs on Chinese EVs, Yellen told reporters at a new battery materials plant in Kentucky: “I don’t want to get ahead of where we are, but it is a commitment that President Biden has made … that we’re going to want our domestic industry to be successful.” Continue reading “Yellen says US aims to ensure domestic EV maker success as China boosts exports”

Heavy industries ministry announces INR 500 cr scheme to promote e-mobility

Heavy industries ministry announces INR 500 cr scheme to promote e-mobility

Source : PTI | New Delhi: The heavy industries ministry on Wednesday announced a new scheme to promote e-mobility in the country with an outlay of INR 500 crore for four months beginning April 2024. The new scheme is for 2-wheelers and 3-wheelers.

The second phase of FAME-II or Faster Adoption and Manufacturing of Electric Vehicles in India programme ends on March 31, 2024.

Continue reading “Heavy industries ministry announces INR 500 cr scheme to promote e-mobility”

Compressed bio gas plants to be set up in Raipur, Bhilai; initial pact with BPCL signed

Compressed bio gas plants to be set up in Raipur, Bhilai; initial pact with BPCL signed

Source : PTI | An MoU was signed on Wednesday between BPCL, Chhattisgarh Biofuel Development Authority and municipal corporations of Raipur and Bhilai for production of Compressed Bio Gas () in Chhattisgarh, officials said. As per the pact, BPCL- a central PSU, will set up CBG plants in Raipur and Bhilai with an investment of around INR 100 crore and the capacity of each plant will be 100-150 tonne per day.

The MoU was signed in the presence of Chief Minister Vishnu Deo Sai and Deputy CM Arun Sao here at the former’s official residence, they said. Continue reading “Compressed bio gas plants to be set up in Raipur, Bhilai; initial pact with BPCL signed”

Tesla official talks up Southeast Asia expansion as China’s BYD pulls ahead

Tesla official talks up Southeast Asia expansion as China’s BYD pulls ahead

(Reuters) – Tesla’s (TSLA.O), opens new tab expansion into Southeast Asia is a priority, a senior executive said on Tuesday, highlighting the fast-growing market where the U.S. electric-vehicle maker faces competition from China’s BYD.

The region has emerged as one of the hottest EV markets in recent years and could offer Tesla a large customer base at a time when demand is slowing in the United States. Continue reading “Tesla official talks up Southeast Asia expansion as China’s BYD pulls ahead”

Toyota becomes Asia’s most shorted large-cap stock – Hazeltree

Toyota becomes Asia’s most shorted large-cap stock – Hazeltree

MILAN, (Reuters) – Automaker Toyota Motor Corp became the most shorted large-cap stock by hedge funds in the Asia Pacific region in February, overtaking Takeda Pharmaceutical, a report from treasury management and securities finance platform Hazeltree showed on Tuesday.

A short trade is a bet on a company’s stock price falling. Continue reading “Toyota becomes Asia’s most shorted large-cap stock – Hazeltree”

General Motors’ executive vice president for software and services Mike Abbott to step down

General Motors’ executive vice president for software and services Mike Abbott to step down

(Reuters) – General Motors (GM.N), opens new tab said on Tuesday that Mike Abbott, executive vice president of software and services, will step down due to health reasons.

Abbott, a former Apple executive, was brought in last year to spearhead GM’s software development efforts amid an investment rampup from the automaker in electric vehicles and subscription based services. Continue reading “General Motors’ executive vice president for software and services Mike Abbott to step down”

Global electric car sales in February hurt by China’s New Year celebrations

Global electric car sales in February hurt by China’s New Year celebrations

LONDON, (Reuters) – Global sales of fully electric and plug-in hybrid vehicles (PHEVs) rose at a tepid rate of 3% in February versus the same period last year mainly due to the impact of the Chinese Lunar New Year celebrations, market research firm Rho Motion said on Wednesday.

The company said global sales hit 800,000 units. Sales in Europe grew 12% versus February of last year and rose 31% in the U.S. and Canada, but they fell 12% in China. Continue reading “Global electric car sales in February hurt by China’s New Year celebrations”

Toyota agrees to biggest wage hike in 25 years, paves way for BOJ shift

Toyota agrees to biggest wage hike in 25 years, paves way for BOJ shift

Summary

  • Panasonic, Nippon Steel also respond in full to union demands
  • Wage hikes could be highest in decades
  • Outcome of talks key to deciding timing of BOJ policy shift
  • BOJ to hold next policy-setting meeting on March 18-19

TOKYO, (Reuters) – Toyota Motor agreed to give factory workers their biggest pay increase in 25 years on Wednesday, heightening expectations that bumper pay raises will give the central bank leeway to make a key policy shift next week. Continue reading “Toyota agrees to biggest wage hike in 25 years, paves way for BOJ shift”

Lohum raises USD 54 million to fuel its market expansion

Lohum raises USD 54 million to fuel its market expansion

Source : PTI | New Delhi: Lithium-ion battery pack maker and recycling firm Lohum on Wednesday said it has secured USD 54 million (INR 450 crore) in a funding round from a bunch of investors. The investors who participated in the series B funding round of capital infusion include Singularity Ventures, Baring Private Equity, Cactus Venture Partners & Venture East amongst other new and existing venture firms, Lohum said in a statement.

The company will use these funds to fuel its market expansion, scaling up recycling operations across India, and also expanding to new energy transition materials markets in North America, the EU, the Middle East, Africa, and Asia, it said.

Continue reading “Lohum raises USD 54 million to fuel its market expansion”