(Reuters) – U.S. President-elect Donald Trump said on Monday a series of tax incentives and tariffs will revive storied American firm U.S. Steel as he reiterated his opposition to Nippon Steel’s planned $15 billion purchase of the company.

“I am totally against the once great and powerful U.S. Steel being bought by a foreign company, in this case Nippon Steel of Japan,” Trump wrote on his social-media platform Truth Social. Continue reading “Trump reiterates opposition to Nippon Steel’s takeover of U.S. Steel”

Summary

• Tens of thousands of workers to strike across VW’s German plants
• VW has demanded 10% wage cut and threatened site closures
• Negotiations to continue on Dec. 9

HANOVER/BERLIN (Reuters) – Workers at nine Volkswagen car and component plants across Germany started two-hour strikes on Monday, bringing assembly lines to a halt as labour and management clash over the future of Europe’s biggest carmaker. Continue reading “Nine Volkswagen plants on strike as worker rift with management deepens”

Summary

• Under Tavares leadership group lost significant market share in Europe
• Inflation-hit consumers, dealers view some Stellantis models as expensive
• Group shares are down more than 40% this year
• Competition from Asian automakers undermined Stellantis’ pricing strategy

MILAN, (Reuters) – When 24-year-old Elena Aragon set out to buy a new car, she reviewed a range of no-frills brands in her home town of Cadiz, Spain, including Stellantis’ Fiat and Peugeot. Continue reading “Seeking higher margins, Stellantis CEO Tavares lost some core customers”

(Reuters) – U.S. lender JPMorgan Chase agreed on Friday to drop its lawsuit against Tesla that accused the electric vehicle maker of “flagrantly” breaching a contract between the two companies in 2014 relating to warrants Tesla sold to the bank.

The move to drop the lawsuit was announced in a one-page court filing by both companies in a Manhattan court, where they said they will drop their claims against each other. Continue reading “JPMorgan agrees to drop lawsuit against Tesla over stock warrants”

BEIJING, (Reuters) – China’s Baidu has received a licence to test autonomous vehicles with its Apollo Go robotaxi service in Hong Kong as it expands its footprint outside the Chinese mainland.

Baidu Apollo International Ltd was approved to conduct trials for 10 autonomous vehicle in North Lantau, according to a statement released by Hong Kong’s Transport Department on Friday. Continue reading “Baidu’s Apollo autonomous vehicles granted licence to test in Hong Kong”

SYDNEY, (Reuters) – Australia appointed Tesla chair Robyn Denholm on Monday to lead a review of the country’s research and development performance, in an attempt to improve economic growth.

Denholm and three other panellists drawn from academia and business will be tasked with creating a more purposeful approach to R&D, including strengthening links between research and industry. Continue reading “Australia appoints Tesla chair Denholm to lead review on R&D performance”

Summary

• Resignation has immediate effect
• New CEO to be found in first half next year
• Company to be run by interim executive committee

MILAN/DETROIT, (Reuters) – Stellantis Chief Executive Carlos Tavares resigned abruptly on Sunday, two months after a profit warning at the maker of Jeep, Fiat and Peugeot cars that has lost around 40% of its value this year. Continue reading “Stellantis CEO Carlos Tavares abruptly quits as US Jeep, Ram sales falter”

Source : PTI | Austrian bike maker KTM on Saturday said the judicial restructuring of its holding firm Pierer Mobility AG has no impact on business related to products co-developed with Bajaj Auto for Indian domestic market and select export markets. However, it is impacting business of Pierer Mobility AG/KTM AG that is run out of Austria, including exports from Austria, India and China to its key markets in the US and Europe.

On November 26, given the immediate liquidity constraints, the Executive Board of KTM AG has decided to file an application for the initiation of judicial restructuring proceedings with self-administration over the assets of KTM AG and its subsidiaries KTM Components GmbH and KTM F&E GmbH, the company said in a statement. Continue reading “No impact on India business with Bajaj Auto due to restructuring of holding firm: KTM”

Source : PTI | New Delhi: Toyota Kirloskar Motor (TKM) on Sunday said its total sales rose 44% year-on-year to 25,586 units in November. The automaker had sold 17,818 units in November last year.

“Our diverse portfolio, spanning from hatchbacks to SUVs, continues to offer tailored mobility solutions that resonate with varying lifestyles,” TKM Vice President, Sales-Service-Used Car Business Sabari Manohar said in a statement.

Continue reading “Toyota Kirloskar Motor sales up 44% in November at 25,586 units”

Source : PTI | Mahindra & Mahindra will utilise its existing sales network to sell its electric vehicle range as the automaker looks to offer all the choices to customers under one roof, according to a top company executive. The Mumbai-based automajor, which sells models like Thar and Scorpio, has now expanded its electric vehicle range with the launch of two all-new ground up models — BE 6e and XEV 9e.

“One of the reasons, why we want to keep the sales channel the same, is because we want to give the customer the choice between ICE (internal combustion engine cars) and EVs,” Mahindra & Mahindra (M&M) Executive Director and CEO for auto and farm sectors Rajesh Jejurikar told PTI in an interaction. Continue reading “M&M to sell EVs through existing sales network to offer all choices under one roof”

Source : PTI | MUMBAI: The civic-run Brihanmumbai Electric Supply and Transport (BEST) undertaking wants its fleet to have more than 50 per cent electric buses by 2025-26 and then raise the number to 8,000 in the subsequent years.

In a release issued during the day, the metropolis’ premier road transport undertaking said it has set an ambitious goal to have 100 per cent zero-emission electric bus fleet by 2026-27. An order has been placed for 2,650 single-decker electric buses, it added.

Continue reading “BEST aims to have more than 50 pc e-buses in fleet by 2025-26; plans to have 1200 e-double deckers”

(Reuters) – U.S. lender JPMorgan Chase agreed on Friday to drop its lawsuit against Tesla that accused the electric vehicle maker of “flagrantly” breaching a contract between the two companies in 2014 relating to warrants Tesla sold to the bank.

The move to drop the lawsuit was announced in a one-page court filing by both companies in a Manhattan court, where they said they will drop their claims against each other. Continue reading “JPMorgan agrees to drop lawsuit against Tesla over stock warrants”

BEIJING, (Reuters) – China’s Baidu has received a licence to test autonomous vehicles with its Apollo Go robotaxi service in Hong Kong as it expands its footprint outside the Chinese mainland.

Baidu Apollo International Ltd was approved to conduct trials for 10 autonomous vehicle in North Lantau, according to a statement released by Hong Kong’s Transport Department on Friday. Continue reading “Baidu’s Apollo autonomous vehicles granted licence to test in Hong Kong”

Source : PTI | New Delhi: Commerce and industry minister Piyush Goyal on Thursday stated that no discussions have taken place regarding investments by Elon Musk-owned Tesla and Starlink.

Addressing a press conference in the capital, Goyal clarified that as both issues are handled by different ministries, he had no personal knowledge of any developments. “We haven’t had any discussions to the best of my knowledge,” the minister said in response to a query about potential investments by Tesla and Starlink. Goyal further explained, “Both these subjects are handled by different ministries. The Heavy Industries Ministry oversees automobiles, and Starlink will be managed by the Space Department. So, I don’t have personal knowledge of what is happening.” Continue reading “No discussion yet on investments by Tesla, Starlink in India: Goyal”

Source : PTI | Delhi Police has issued over 4.79 lakh challans this year for obstructive or improper parking, according to official data. Additionally, more than 10 lakh notices have been issued for the same offense as of November 22 this year, it said.

Between October 1 and November 22, the police issued 62,042 challans and over one lakh notices for improper parking. Each challan for improper parking carries a fine of INR 500. Continue reading “Over 4.79 lakh challans issued for improper parking in Delhi this year”

Summary

• Incentives to be expanded to automakers using existing plants
• Policy originally designed to lure Tesla to manufacture in India
• Changes designed to encourage EV investment by other automakers
• Policy rules expected to be finalised by March 2025

NEW DELHI, (Reuters) – India plans to expand electric vehicle incentives to automakers building models at existing factories in the country, instead of limiting the benefits to automakers willing to build new plants, a person with direct knowledge of the matter said. Continue reading “India to expand EV manufacturing incentives after Tesla disappointment, source says”

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Source : PTI | Ride-hailing app Uber on Wednesday announced the launch of UberOne, its membership programme in India that offers savings, benefits, and preferential access to the highest-rated drivers. UberOne Membership Program aims to bring savings and benefits to millions of riders across the country, the company said in a release.

Announcing the roll-out of UberOne membership programme in India, the company said one of its key features is preferential access to the highest-rated drivers. Continue reading “Uber announces UberOne membership programme in India”

Summary

• Volkswagen sells Xinjiang plant to Shanghai govt-owned SMVIC
• Move ends investor pressure over alleged abuses in Xinjiang
• VW-SAIC joint venture plans 18 new models by 2030 in China
• Deal comes as trade tensions between Western governments and Beijing rise

SHANGHAI/BERLIN, (Reuters) – Volkswagen will sell its operations in China’s Xinjiang, it said on Wednesday, after years of mounting pressure to abandon its presence in a region where rights groups have documented abuses against the Uyghur population. Continue reading “VW buckles after years of pressure to sell up in Xinjiang”

TOKYO, (Reuters) – Nissan Motor said on Thursday its global production fell for a fifth straight month in October, led by downshifts at most of its manufacturing hubs except for Mexico.

While global sales also dropped for a seventh month, sales in Nissan’s core market, the United States, grew for the first time in three months. Continue reading “Nissan October production down globally except in Mexico, but Trump tariff threat looms”

TOKYO, (Reuters) – Toyota Motor’s global output dropped for a ninth consecutive month in October, dragged lower by big falls in production in the United States and China but the decline was mild compared to previous months.

The world’s biggest automaker also logged its first rise in five months for global sales, which grew 1.4% to 903,103 vehicles, a record for the month of October. Continue reading “Toyota’s global output declines for ninth straight month in October”

Source : PTI | India cannot address the problem of pollution without reducing import of fossil fuels, Union Minister Nitin Gadkari said on Wednesday. Addressing ‘Times Drive Green Conclave & Awards 2024’ event, Gadkari further said a bio-fuel economy is very import today and it is in good position in India.

He said 40% of air pollution in the country is because of the transport sector.

“Pollution is a big concern in India.. without reducing import of fossil fuels, we cannot reduce pollution in the country. In the transport sector, we need to find out alternative for fossils fuels… We need to develop sustainable development model,” Gadkari said. Continue reading “India cannot address problem of pollution without cutting fossil fuels import: Gadkari”

Source : PTI | Mahindra & Mahindra has committed INR 4,500 crore on the overall development, including the creation of production capacity, for the two new ground-up electric brands, a top company executive said on Wednesday. The INR 4,500 crore investment is part of the INR 16,000 crore capex the company has announced for the electric vehicle business between the FY22-27 cycle.

The Mumbai-based auto major is creating production of capacity of 90,000 units per annum at its Chakan-based plant for the two ground-up ‘Born Electric’ models — BE 6e and XEV 9e.

Continue reading “Mahindra to pump INR 4,500 cr for development of two new electric brands”

Summary

• Stellantis to consolidate UK production at Northern English site
• Says ‘hundreds of jobs’ to be relocated to Ellesmere Port
• UK govt: ‘concerning time’ for employees who may be affected

LONDON, (Reuters) – Stellantis plans to shut its Vauxhall van factory in southern England, putting more than 1,000 jobs at risk as it joins rival automakers in scaling back operations in a difficult trading environment.

The company, which also owns the Peugeot, Citroën, Chrysler and Fiat brands, said on Tuesday it would consolidate its British production of light commercial vehicles at its Ellesmere Port site in northern England, where it is investing 50 million pounds ($63 million) in an all-electric vehicle hub. Continue reading “Stellantis to shut Vauxhall van plant in Britain”

Summary

• Tariffs on Mexican imports could hit European carmakers
• VW, Stellantis among companies with big Mexican factories
• Ramping up U.S. production would take time
• Any tariffs on European imports would affect luxury cars most

LONDON, (Reuters) – Donald Trump’s pledge to slap tariffs on imports to the U.S. from Mexico could be more damaging for European car makers like Volkswagen and Stellantis and their suppliers than any direct tariffs on EU goods, according to data, analysts and experts. Continue reading “How Trump’s Mexico tariffs could hurt Europe’s auto industry”

Summary

• Trump’s tariffs could raise SUV and pickup truck prices for U.S. consumers
• Tariffs seen by some analysts as negotiating tactic linked to immigration and drug issues
• Mexican President Sheinbaum warns tariffs could worsen inflation, kill jobs

MEXICO CITY/DETROIT, (Reuters) – U.S. President-elect Donald Trump’s plan to slap a 25% tax on all imports from Mexico and Canada could strike the bottom lines of U.S. automakers, especially General Motors and raise prices of SUVs and pickup trucks for U.S. consumers. Continue reading “GM and other US automakers would take big hit from Trump tariffs”

Source : PTI | Hyundai Motor India Ltd on Tuesday said it has received a show cause notice with demand of over INR 5 crore, including interest, from Maharashtra State Tax Authority for alleged excess input tax credit claim. In a regulatory filing, Hyundai Motor India Ltd (HMIL) said on Monday, November 25, it received show cause notice from Maharashtra State Tax Authority alleging “excess ITC claimed” is not confirmed as per norms and in RCM (reverse charge mechanism) tax paid by the company.

“The total demand amount mentioned in the show cause notice is INR 2.741 crore towards tax and INR 2.279 crore towards interest,” it added. Continue reading “Hyundai Motor India gets INR 5 cr demand from Maharashtra tax authority”

WASHINGTON, (Reuters) – The U.S. National Highway Traffic Safety Administration said on Monday it will not reconsider a landmark rule finalized in April requiring nearly all new cars and trucks by 2029 to have advanced automatic emergency braking systems.

The Alliance for Automotive Innovation, representing General Motors, Toyota Motor, Volkswagen and other automakers, had said the requirement that all cars and trucks must be able to stop and avoid striking vehicles in front of them at up to 62 miles per hour (100 kph) is “practically impossible with available technology” and had asked the agency to reconsider it. Continue reading “US rejects bid to rethink new automobile automatic emergency braking rules”

BEIJING, (Reuters) – China’s electric vehicle giant BYD said it will launch a new generation of blade batteries in 2025, Chinese state media CGTN reported on Saturday.

BYD’s Blade Battery is a less bulky lithium-iron-phosphate battery that its Chairman Wang Chuanfu has said is safer than other alternatives in the market and will not catch fire. Continue reading “BYD says it will launch new generation of blade batteries next year”

BRUSSELS, (Reuters) – European Union and Chinese officials are discussing alternatives to European tariffs on Chinese electric vehicles (EV), including minimum prices at which such cars could be sold in Europe, but no solution is imminent, European officials said on Monday.

Bernd Lange, chairman of the European Parliament’s trade committee, told a German broadcaster on Friday that an agreement between the 27-nation EU and China to replace the tariffs with something else was close. Continue reading “EU not close to deal with China on EV tariffs, officials say”

Summary

• Tesla moved headquarters from California to Texas
• Musk notes on X that Tesla makes EVs in California
• Tesla shares close down 4%

(Reuters) – Tesla’s electric vehicles likely would not qualify for California’s new state tax credits under a proposal in the works if President-elect Donald Trump scraps the federal tax credit for EV purchases, Governor Gavin Newsom’s office said on Monday. Continue reading “Tesla would likely be excluded from new California EV tax credits -governor’s office says”

Summary

• VW’s Northvolt stake had book value of 693 mln euros at end-2023
• Pension fund AMF: regularly reviewing holdings in unlisted firms
• VW will not comment on fallout of Northvolt bankruptcy filing

BERLIN, (Reuters) – Volkswagen, Northvolt’s top shareholder, has significantly written down its 21% stake in the Swedish battery cells maker that filed for bankruptcy protection in the United States last week, two people familiar with the matter said. Continue reading “Volkswagen has taken major writedown on Northvolt stake, sources say”

Summary

• Rivian, energy department to finalize loan before Trump takes over – source
• Rivian will not actively oppose unionization at plant as part of loan conditions – source
• Rivian’s Georgia plant to be operational in 2028
• Rivian shares down 50% this year due to production struggles and part shortage

SAN FRANCISCO, (Reuters) – Rivian said on Monday it has received conditional approval for a loan of up to $6.6 billion from the U.S. Department of Energy to build the electric vehicle maker’s production facility in Georgia. Continue reading “Rivian gets $6.6 bln conditional loan approval to build Georgia EV plant”

Source : PTI | Tractor sales in the festive months, spanning from September to November, are expected to grow 8-10% this year on the back of good monsoon lifting market sentiments, according to farm and construction equipment firm Escorts Kubota Ltd whole-time director and CFO Bharat Madan. After a soft first half, the tractor industry is expected to gain momentum in the second half of the ongoing fiscal, growing in double digits, leading to an overall mid-single digit growth for the full year, he told PTI.

“If you look at (festive) season months, which we normally count as September to November, we expect there’ll be a growth of 8 to 10% this year over last year’s season months,” Madan said.

Continue reading “Expect tractor industry festive season sales to grow 8-10% this year: Escorts Kubota CFO”

Source : PTI | Hero MotoCorp and its US-based partner Zero Motorcycles are in the advanced stage of developing a mid-sized performance segment electric motorcycle, according to a top company executive. California-based Zero Motorcycles specialises in electric motorcycles and powertrains. In September 2022, Hero MotoCorp’s board approved an equity investment of up to USD 60 million in the company.

In 2023 the companies announced collaboration for the development of premium electric bikes. “As far as EV motorcycles … we are developing in partnership with Zero Motorcycles..it (bike) will be coming in the middle-weight segment,” Hero MotoCorp CEO Niranjan Gupta said in an analyst call.

Continue reading “Hero MotoCorp US partner in advanced stage of developing mid-sized electric bike”

FRANKFURT, (Reuters) – Brussels and Beijing are nearing a solution over tariffs on Chinese electric vehicle imports into the bloc, the chair of the trade committee of the European Parliament told a German broadcaster.

“We are close to an agreement: China could commit to offering e-cars in the EU at a minimum price,” Bernd Lange told n-tv, without elaborating. “This would eliminate the distortion of competition through unfair subsidies, which is why the tariffs were originally introduced.” Continue reading “EU, China close to agreement over EV import tariffs, leading MEP says”

(Reuters) – Elon Musk’s electric vehicle maker Tesla failed to persuade a U.S. judge to throw out a consumer lawsuit accusing it of failing to warn buyers about an alleged defect that can cause the cars to brake automatically when there is no actual collision risk.

In a ruling on Friday, U.S. District Judge Georgia Alexakis in Chicago trimmed the case but said the proposed class action could move ahead on a claim that Tesla concealed the “phantom braking” safety defect from would-be purchasers. Continue reading “Tesla must face part of ‘phantom braking’ lawsuit, US judge rules”