1 min read
The three Wheeler segment emerged as the early adaptors of electric vehicles and currently, Electric Rickshaws have gained a crucial hold in sales. All EVs combined have almost outsold the Market Leader Bajaj in May’21 volumes as per FADA’s registration data!
Continue reading “Three Wheeler Industry Retail Volumes for May 2021. Bajaj Auto Retains Rank 1.”
Reuters 5 min read
Veteran leader Benjamin Netanyahu handed over power in Israel on Monday to new Prime Minister Naftali Bennett but remained defiant as the patchwork government faced tensions with Palestinians over a planned Jewish nationalist march.
Minutes after meeting Bennett, Netanyahu repeated a pledge to topple the new government approved on Sunday by a 60-59 vote in parliament.
Continue reading “New Israeli government faces tension with Palestinians over Jerusalem”
2 min read
The Indian Auto Industry in total registered a production volume of about 8,06,755 units for the month of May 2021, this was a massive rise of over 4,67,267 over last year May 2020. Of course, one would attribute this to the low base of last year May 2020, due to the lockdowns and pandemic situation.
2 min read
Chinese automaker Geely (GEELY.UL) will keep working on vehicles powered by methanol even though the effort may fail, chairman Li Shufu said on Sunday.
Zhejiang-based Geely, among a small number of automakers developing methanol-powered vehicles, is testing methanol taxis in some western Chinese cities as well as developing methanol-powered trucks at its commercial vehicles unit.
Continue reading “China’s Geely to press on with methanol vehicles, chairman says”
2 min read
The average age of U.S. cars and light trucks rose to a record 12.1 years in 2020, as Americans drove fewer miles and scrapped more vehicles during the COVID-19 pandemic, according to IHS Markit.
The research firm said the two-month increase in vehicles’ average age over the 2019 figure could be short-lived as sales of both new and used cars continue to pick up as the pandemic eases.
Continue reading “Average age of U.S. vehicles hit record 12.1 years in 2020-IHS Markit”
PTI
2 min read
Auto component maker Sona BLW Precision Forgings (Sona Comstar) on Wednesday fixed a price band of Rs 285-291 a share for its Rs 5,550 crore initial public offer (IPO).
The three-day IPO will open on June 14 and conclude on June 16. The bidding for anchor investors will open on June 11, according to the company.
Continue reading “Sona Comstar sets price band of Rs 285-291/share for Rs 5,550 crore-IPO”
3 min read
Airbus and Boeing watch out – one of the world’s largest aircraft owners says passenger planes could see their wings clipped by the rapid spread of flying taxi startups.
Commercial air travel already faces competition from high-speed trains in parts of the world. But the head of Irish aircraft leasing firm Avolon said competition would shift skywards as it invested up to $2 billion in aerial shuttles.
Continue reading “Flying taxis could poach passengers from planes, Avolon says”
Anirban Sen, Yilei Sun, Ankit Ajmera, Echo Wang
Reuters 3 min read
Didi Chuxing, China’s biggest ride-hailing firm, on Thursday made public the filing for its long-anticipated U.S. stock market listing, setting the stage for what is expected to be the world’s biggest initial public offering this year.
The company – backed by Asia’s largest technology investment firms, SoftBank (9984.T), Alibaba (9988.HK) and Tencent (0700.HK)– did not reveal the size of the offering, but sources familiar with the matter had previously told Reuters that it could raise around $10 billion and seek a valuation of close to $100 billion.
Continue reading “China’s ride-hailing giant Didi sets stage for mega New York float”
2 min read
Toyota Motor Corp (7203.T) will aim to make all its global factories carbon neutral by 2035, a senior executive said on Friday, pulling forward the goal by 15 years from 2050.
Toyota’s chief production officer Masamichi Okada said the automaker will focus initially on introducing new technologies for processes such as painting, coating and casting.
Continue reading “Toyota aims to make its factories carbon neutral by 2035, says exec”
4 min read
Inside the first new auto assembly plant built in the Motor City since 1991, the smell of hot metal hangs in the air as new Jeep Grand Cherokee L SUVs head down the welding line.
For Stellantis NV, (STLA.MI) that is the smell of money. For the City of Detroit, it means nearly 5,000 jobs.
Continue reading “Detroit becomes ‘Jeep City’ with first new auto plant in 30 years”
Reuters 3 min read
Tesla Inc will deliver a high-performance version of its Model S on Thursday, aiming to reignite interest in the nearly decade-old sedan and fend off rivals such as Porsche, Mercedes-Benz and Lucid Motors in the luxury electric vehicle market.
Tesla (TSLA.O) redefined electric cars in 2012 when it launched its high-end Model S with a sleek design and long driving range, but is facing a raft of new challengers.
Continue reading “Tesla to launch high-end Model S ‘Plaid’ to fend off Mercedes, Porsche”
Reuters 1 min read
Detroit’s Big Three automakers and the United Auto Workers (UAW) union said on Wednesday that workers will continue to be required to wear masks in workplaces.
The joint statement from the UAW and General Motors Co (GM.N), Ford Motor Co (F.N) and Chrysler-parent Stellantis NV (STLA.MI) said it was continuing the requirements “out of an abundance of caution.”
Continue reading “Detroit Three automakers will continue to require facial coverings”
Giulio Piovaccari, Stephen Jewkes,Giuseppe Fonte
Reuters 3 min read
Italy aims to spur total investments of more than one billion euros ($1.22 billion) to build an electric car battery factory with car maker Stellantis (STLA.MI) expected to play a leading role, three government sources told Reuters.
In the plan it sent Brussels in April to access EU Recovery Funds, Rome has earmarked around 600 million euros of public money for the project to build a gigafactory in Italy.
Continue reading “Italy aims to generate over 1 bln euro investments for gigafactory, sources say”
1 min read
Chinese e-commerce leader Alibaba Group Holding Ltd (9988.HK) plans to develop self-driving trucks with logistics subsidiary Cainiao, Chief Technology Officer Cheng Li said on Thursday.
Cheng also said Cainiao aims to introduce 1,000 autonomous delivery robots in China over the next year.
Continue reading “Alibaba to develop self-driving trucks with logistics unit Cainiao”
PTI
3 min Read
Prices of cars are likely to remain “fairly stable” in the short term as the second Covid-19 wave has more or less balanced the demand-supply situation in the past two months, according to a senior official at Volkswagen Passenger Cars India.
Continue reading “Car prices may be stable in short term; demand to rise from June: Volkswagen”
Reuters 8 min read
Uber and other gig economy companies are trying a new approach to ending their battles with unions, and getting ahead of possible federal regulation that could upend their business based on classifying workers as independent contractors.
In New York, for example, gig economy companies are working with several unions including the Machinists and Transport Workers Union to strike a compromise that would allow drivers and food delivery workers to organize in a union and negotiate minimum pay and other benefits without being reclassified as employees.
Continue reading “Gig companies’ push for state-level worker laws faces divided labor movement”
3 min read
Speculation over the future of Italian fashion group Armani came to the fore on Wednesday after the Milanese brand said it had no interest in a tie-up with luxury sports car maker Ferrari (RACE.MI), as proposed in a plan by investment banks.
Succession plans at the firm founded by 86-year-old designer Giorgio Armani, known as King Giorgio in the fashion world, have long been the subject of speculation.
Continue reading “Armani’s future in focus as group denies any interest in Ferrari tie-up”
Reuters 5 min read
Ferrari (RACE.MI) has turned to technology industry veteran Benedetto Vigna to drive the luxury sports car maker known for its roaring, high-octane engines into a new era of silent, electric powertrains.
Vigna, a 52-year-old Italian and physics graduate, currently runs the biggest division of chip maker STMicroelectronics (ST) (STM.BN), where he has worked since 1995 and helped pioneer screen technology used in early Apple (AAPL.O) iPhones. read more
Continue reading “Ferrari turns to tech for an electric era chief”
Trevor Hunnicutt, Ernest Scheyder
3 min read
The United States must work with allies to secure the minerals needed for electric vehicle batteries and process them domestically in light of environmental and other competing interests, the White House said on Tuesday.
The strategy, first reported by Reuters in late May, will include new funding to expand international investments in electric vehicles (EV) metal projects through the U.S. Development Finance Corporation, as well as new efforts to boost supply from recycling batteries.
Continue reading “U.S. must work with allies to secure electric vehicle metals -White House”
1 min read
The Biden administration is creating a new federal task force to address near-term supply chain issues plaguing a host of industries, the U.S. Commerce Department said, adding it will release the findings of its 100-day review later on Tuesday at the White House.
The administration is also creating a new data hub to monitor near-term supply chain vulnerabilities, track supply and demand disruptions, and better share information with private sector, the department said.
Continue reading “Biden administration creates task force to supply chain shortages”
Aditi Shah, Sudarshan Varadhan
3 min read
An Indian court tasked industrial safety officials on Tuesday with visiting carmakers in the southern state of Tamil Nadu to draw up uniform safety guidelines for workers during a second devastating wave of COVID-19 infections amid the pandemic.
Workers at the Indian unit of Renault-Nissan had asked the Madras High Court for operations to be halted, saying social distancing norms were being flouted and the risk to their lives outweighed the health benefits provided by the company.
Continue reading “Indian court orders state to set uniform COVID-19 rules for carmakers”
3 min read
Apple Inc (AAPL.O) is in early-stage talks with China’s CATL (300750.SZ) and BYD (002594.SZ), about the supply of batteries for its planned electric vehicle, four people with knowledge of the matter said.
The discussions are subject to change and it is not clear if agreements with either CATL or BYD will be reached, said the people who declined to be named as the discussions are private.
2 min read
Toyota overtakes Mercedes-Benz claiming the Numero Uno position as the world’s most valuable automobile brand with a brand value of US$59.5 billion.
Toyota has dethroned Mercedes to claim the number 1 position as the world’s most valuable automobile brand. The obvious reasons for this achievement are the fact that Toyota handled the Pandemic situation much better. The volume impact was relatively lesser. Toyota had almost 2% growth in their brand value at reached 59.5 Billion USD.
Continue reading “World’s Top 10 Most Valuable Automobile Brands of 2021!”
Mathieu Rosemain
Reuters 3 min read
Google (GOOGL.O) said it would make changes to its global advertising business to ensure it did not abuse its dominance, bowing to antitrust pressure for the first time in a landmark settlement with French authorities.
The deal with the French competition watchdog could help rebalance the power over advertising in favour of publishers, which held sway over the business in the pre-internet era but lost control with the rapid rise of Google and Facebook (FB.O).
Continue reading “Google to change global advertising practices in landmark antitrust deal”
Reuters
2 min read
Amazon’s billionaire founder Jeff Bezos said on Monday he and his brother Mark will fly on the first crewed space flight from his rocket company Blue Origin next month.
“Ever since I was five years old, I’ve dreamed of traveling to space. On July 20th, I will take that journey with my brother,” Bezos, who is one of the richest people in the world, said in an Instagram post.
Continue reading “Amazon’s billionaire founder Jeff Bezos to fly to space next month”
Reuters
1 min read
Production for Tesla Inc’s (TSLA.O) longest-range Model S Plaid+ is canceled, CEO Elon Musk said in a tweet on Sunday.
“Plaid+ is canceled. No need, as Plaid is just so good.” Musk tweeted.
Continue reading “Musk says Tesla cancels the longest-range Model S Plaid+”
Reuters
3 min read
Daimler AG’s (DAIGn.DE) main China joint venture with BAIC Motor (1958.HK) plans to add a shift and working days at two Beijing plants that will boost nominal capacity to make Mercedes-Benz cars by 45%, a document on the venture’s Chinese website showed.
The projected upgrade at Beijing Benz Automotive Co (BBAC), 49%-owned by Stuttgart-based Daimler and the latter’s main business in China, was set out in a document posted on the BBAC website last month to seek public opinion on the expansion.
India has lost a youth icon ; A poster boy of entrepreneurship & business success, Dr Ankur Bhatia, Executive Director, Bird Group.
He was born in 1973 to Mr. Vijay Bhatia & Mrs Radha Bhatia. In 1994, at a young age of 21, he steered a JV with Spanish Travel Software Amadeus and launched their software which is till date used by travel agents and Airlines and is a clear market leader.
Continue reading “A Tribute to Dr. Ankur Bhatia, Executive Director, Bird Group”
Reuters
1 min read
White House national economic director Brian Deese said on Friday the administration will discuss its review on supply chain problems next week.
Deese told reporters at the daily White House briefing the White House review will address short-term bottlenecks seen this year including housing, construction materials, transportation and logistics. He said the administration has identified concrete solutions on semiconductor supply chains.
Continue reading “White House plans to discuss its supply chain review next week”
Reuters
1 min read
Nissan Motor Co Ltd (7201.T) and Honda Motor Co Ltd (7267.T) saw lower sales in May in China, the world’s biggest vehicle market, while Toyota Motor Corp (7203.T) reported higher sales.
Nissan said in a statement on Friday that it sold 111,096 vehicles, down 14.6% from a year earlier, while Honda’s sales fell 4.1% to 128,713 cars.
Continue reading “Nissan, Honda report lower China sales in May, Toyota up”
Trevor Hunnicutt, Ernest Scheyder
5 min read
President Joe Biden’s strategy to make the United States a powerhouse in electric vehicles will include boosting domestic recycling of batteries to reuse lithium and other metals, according to government officials.
As Biden makes fighting climate change and competing with China centerpieces of his agenda, the administration is set to wrap up a 100-day review on Friday of gaps in supply chains in key areas, including electric vehicles (EV).
Continue reading “EXCLUSIVE Biden’s electric vehicle plan includes battery recycling push”
Nivedita Balu, Joseph White
4 min read
General Motors Co(GM.N) said Wednesday it expects first half profits will be “significantly better” than previously forecast, in part because of success shifting scarce semiconductors to boost production of highly profitable trucks in North America.
The Detroit automaker told investors in early May it expected first half earnings before interest and taxes would be “around $5.5 billion,” factoring out one-time gains and charges. For the full year, GM said it expected pretax profits “at the higher end” of a $10 billion to $11 billion range. Continue reading “GM raises profit outlook as it shifts chips to trucks”
Tom Westbrook
3 min read
Bitcoin slipped 4% on Friday after Tesla boss Elon Musk was at it again – this time firing off a few tweets that appeared to lament a breakup with the cryptocurrency.
Tesla’s big position in bitcoin and Musk’s large personal following often set crypto markets on edge whenever he tweets, and the price fell after he posted “#Bitcoin”, a broken-heart emoji and a picture of a couple discussing a breakup.
Continue reading “Musk ‘trolling’ puts brakes on bitcoin’s rebound”
David Shepardson
2 min read
Ford Motor Co (F.N) said Thursday it could face up to $1.3 billion in penalties in a long-running dispute over import duties paid on Ford Transit Connect vehicles.
The No. 2 U.S. automaker said after the Supreme Court declined to hear its appeal in 2020 that it paid increased duties for some prior imports, plus interest. U.S Customs and Border Protection (CBP) is now seeking additional duties of $181 million and is considering seeking a monetary penalty of “as much as $652 million to $1.3 billion,” Ford said. The automaker added that it would vigorously defend its actions and noted any penalty “would be based on our level of culpability as determined by the courts.”
Continue reading “Ford says it could face $1.3 billion in new penalties in Transit imports”
Renju Jose
3 min read
Australia’s Victoria state authorities said on Friday they had detected the highly infectious Delta COVID-19 virus variantfor the first time in the latest outbreak in Melbourne, stoking concerns of a major spike in cases.
The Delta variant, which has been classified by the World Health Organisation (WHO) as among the four COVID-19 variants of concern due to evidence that they spread more easily, likely caused the latest devastating outbreak in India.
Continue reading “Australia finds highly infectious Delta variant in Melbourne virus outbreak”
Reuters
1 min read
German luxury automaker BMW (BMWG.DE) said on Thursday its factories in China plan to reach carbon emissions neutrality by the end of this year, while its total carbon emissions in its Chinese production chain will fall 80% by 2030.
In China, the world’s biggest car market, BMW is making vehicles with Brilliance China Automotive (1114.HK) in the northeastern city of Shenyang. It is aiming for a quarter of its sales in China to be battery electric vehicles by 2025.
Continue reading “BMW says China car factories to reach carbon neutrality this year”
Reuters
1 min read
David Beckham has taken a 10% stake in Lunaz, a UK-based car restoration and electrification firm, as the former England soccer captain builds on diverse investments in companies related to e-sports, cannabis and now automobiles.
Beckham had invested in Lunaz through his investment vehicle, DB Ventures, the company said on Thursday, but did not disclose the value of the deal.
Continue reading “Spend it like Beckham: Soccer star buys stake in electric-car firm Lunaz”
Reuters
1 min read
Celonis, a German process mining software startup, raised $1 billion in its Series D funding round, taking its post-money valuation to more than $11 billion, the company said on Wednesday.
Celonis also appointed former Wall Street analyst and Google (GOOGL.O) executive Carlos Kirjner as its chief financial officer.
Continue reading “Celonis raises $1 billion, taps Google exec as CFO”
4 min read
Leaders of South Korea’s largest conglomerates urged President Moon Jae-in on Wednesday to pardon Jay Y. Lee, the jailed vice chairman of Samsung Electronics Co Ltd (005930.KS), to maintain the country’s edge in the chip industry.
The plea was made during a luncheon between Moon and chiefs of four major business empires – Samsung, Hyundai, LG and SK – designed to boost economic cooperation after Moon and U.S. President Joe Biden agreed to bolster the global supply chain for high-tech manufacturing. read more
Continue reading “Korea’s business leaders call on Moon to free jailed Samsung boss Lee”
Reuters
2 min read
Creating a digital euro could boost the single currency’s international status by making it easier to use for paying or saving, the European Central Bank said on Wednesday.
The European Commission has made it a goal to boost the euro’s use outside the euro area, which has stagnated for years and declined slightly in 2020 as a result of the coronavirus pandemic.
Continue reading “Digital euro could boost single currency’s international use, ECB says”
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