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”

Summary

• Court decertifies 10 class actions covering 14 models
• ‘Phantom’ braking allegedly stopped vehicles for no reason
• Litigation returned to lower court for further proceedings

(Reuters) – Nissan persuaded a federal appeals court on Friday to decertify 10 class actions accusing the Japanese automaker of selling cars and SUVs with defective automatic emergency braking systems that caused vehicles to stop suddenly for no reason. Continue reading “Nissan persuades US court to decertify brake defect class actions”

FRANKFURT, (Reuters) – Volkswagen sees no chance of avoiding layoffs and plant closures in order to cut 4 billion euros ($4.2 billion) in costs, the brand’s chief executive said in a newspaper interview, amid an escalating dispute with workers.

Thomas Schaefer’s comments further deepen a conflict with unions, who have threatened strikes at the carmaker from December and have asked the company to present solutions in ongoing negotiations over pay and capacity that exclude both factory closures and major job cuts. Continue reading “VW brand boss: layoffs, plant closures needed to fix carmaker’s problems”

Source : PTI | New Delhi, Transport assets worth approximately USD 575 billion in South Asia, including USD 400 billion in India, are exposed to climate hazards and rapid deployment of resilience measures needed to prevent risk to the sector which contributes significantly to the region’s GDP, according to a report. The South Asian region faces cascading economic losses due to climate risks, with disruptions in transport having cascading effects on key sectors such as manufacturing, agriculture, and services among others, as per the report jointly published by Boston Consulting Group (BCG) and Coalition for Disaster Resilient Infrastructure (CDRI). Continue reading “Transport assets worth USD 400 bn in India exposed to climate hazards: Report”

Source : PTI | Honda Motorcycle & Scooter India on Thursday said it is recalling certain units of CRF1100 Africa Twin to rectify issues with throttle operation. The voluntary recall is aligned with the global market action, the two-wheeler maker said in a statement.

The recall affects certain units of this adventure motorcycle manufactured between February 2022 and October 2022, it said.

Continue reading “HMSI recalls CRF1100 Africa Twin units to rectify throttle operation”

WASHINGTON, (Reuters) – A group representing major automakers including General Motors, Toyota Motor Corp and Volkswagen urged President-elect Donald Trump to retain key tax credits for electric vehicle purchases and take steps to speed deployment of self-driving cars.

The Alliance for Automotive Innovation in a previously unreported Nov. 12 letter to Trump also raised concerns about vehicle emissions rules citing “federal and state emissions regulations (particularly in California and affiliated states) that are out-of-step with current auto market realities and increase costs for consumers.” Continue reading “Automakers urge Trump to preserve EV tax credits, boost self-driving cars”

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TOKYO, (Reuters) – About 6% of Nissan Motor staff in the United States have accepted early retirement packages, a company spokesperson said on Thursday, as part of the struggling Japanese carmaker’s plan to cut 9,000 jobs worldwide.

Nissan had about 17,000 employees in the U.S. as of March, according to a security filing. Roughly 1,000 U.S. employees are set to leave Nissan by the end of this year as a result of the early retirements. Continue reading “Nissan says about 1,000 US staff accept early retirement”

BERLIN, (Reuters) – Mercedes-Benz plans to cut costs by several billion euros per year in the coming years, the Handelsblatt newspaper reported on Thursday, citing a spokesperson for the German carmaker.

According to Handelsblatt, the spokesperson left open exactly how the costs are to be cut and did not answer questions about possible job cuts. Continue reading “Mercedes plans to cut costs by several billion euros per year, reports Handelsblatt”

TOCHIGI, (Reuters) – Honda Motor aims to double the driving range of its electric cars by the late 2020s when they start to adopt all-solid-state batteries, a new type of power source under development, the head of its research unit said on Wednesday.

All-solid-state batteries, replacing liquid-state lithium-ion batteries, will produce twice the driving range by the end of this decade and over 2.5 times more by the 2040s, said Keiji Otsu, president of Honda R&D. Continue reading “Honda hopes to double EV driving range with solid-state batteries, R&D chief says”

Summary

• Hyundai to roll out IONIQ 9 in US and Korea in 2025
• Three-row EV market includes Lucid, Rivian, Vinfast and Kia
• EV growth slows

SAN FRANCISCO, (Reuters) – Hyundai Motor unveiled its first three-row electric SUV on Wednesday, pushing into a market for big family cars that global automakers hope will one day be a profit powerhouse. Continue reading “Hyundai unveils big electric SUV in fast-growing market”

Source : PTI | State-owned Solar Energy Corporation of India (SECI) has inked an initial pact with H2Global Stiftung to establish a collaborative framework to promote Green Hydrogen initiatives. This aims to enhance knowledge exchange on market-based mechanisms and foster cooperation between India and importing countries, thereby contributing to the global advancement of the green hydrogen economy, according to an official statement.

According to the statement SECI, under the Ministry of New and Renewable Energy, signed a Memorandum of Understanding (MoU) with H2Global Stiftung to establish a collaborative framework to promote Green Hydrogen initiatives.

Continue reading “SECI signs MoU with H2Global Stiftung to promote green hydrogen initiatives”

Source : PTI | The chairman of Indian Space Research Organisation (ISRO) has offered to help the domestic automobile industry produce vehicle sensors, which are currently imported at high prices.

Speaking at the Bengaluru Tech Summit on Wednesday, S Somanath said that if ISRO can produce space-graded sensors for its rockets, then the country’s automobile industry can collaborate with the space agency and manufacture vehicle sensors indigenously. Continue reading “‘If India can make sensors for rockets, it can make for cars too’”

(Reuters) – Uber Technologies launched “XXL” rides with extra trunk space on Wednesday, betting on increased demand stemming from Thanksgiving holiday travelers, as the ride-hailing company seeks to overcome a slowdown in its mainstay app-based taxi business.

The Uber XXL service, catered toward airport travel, is available in more than 60 airports globally, including 40 in the United States and Canada, the company said. Continue reading “Uber launches new rides to capitalize on Thanksgiving travel demand”

SHANGHAI, (Reuters) – Chinese electric car maker Xpeng is expected to break even sometime later in 2025, its President Brian Gu said, betting that strong demand for its new models and expanding into new overseas markets will improve its profitability.

Meeting the goal Xpeng first set in 2023 could make it the first Chinese automaker to turn profitable mainly on EV sales. Rivals BYD and Li Auto are profitable but they rely on hybrids for the majority of total car sales. Continue reading “Chinese EV maker Xpeng to break even later next year, president says”

WASHINGTON, (Reuters) – A group of nine Democratic senators on Wednesday urged U.S. auto regulators to move quickly to issue new vehicle safety rules in the face of traffic deaths that remain significantly above pre-COVID levels.

Senators Ed Markey, Richard Blumenthal, Dick Durbin, Jack Reed, Ron Wyden and others wrote the National Highway Traffic Safety Administration (NHTSA) asking the agency why it has missed some deadlines for writing new safety regulations. Continue reading “US senators push auto safety agency to finalize vehicle rules”

Summary

• Union proposes concessions worth 1.5 bln euros in savings
• Says stakeholders, like controlling families, should pitch in
• Threatens major dispute if VW presses ahead with plant closures

BERLIN/WOLFSBURG, (Reuters) – Volkswagen workers offered on Wednesday to back 1.5 billion euros ($1.6 billion) in cost savings if it rules out closing plants in Germany, but warned the automaker would face an historic battle if it pressed ahead with swingeing cuts. Continue reading “VW union proposes $1.6 billion of cuts, but no plant closures”

Summary

• European job cuts come amid challenges in shift to EVs
• Job cuts primarily in Germany, UK; affects 2.3% of global force
• Ford urges German government for better EV support, incentives
• Ford shares down 1.8%

LONDON/COLOGNE, (Reuters) – Ford said it would cut around 14% of its European workforce on Wednesday, blaming losses in recent years due to weak electric vehicle demand, poor government support for the EV shift and competition from subsidized Chinese rivals. Continue reading “Ford to cut European jobs as EV shift, Chinese rivals take toll”

STOCKHOLM, (Reuters) – The Swedish government does not plan to take a stake in lithium-ion battery maker Northvolt, Deputy Prime Minister Ebba Busch told Reuters on Tuesday as the company continues to explore options to stay afloat.

Northvolt has in a matter of months gone from being Europe’s best shot at a home-grown electric-vehicle battery champion to exploring options to stay in business, hobbled by production problems, the loss of a major customer and a lack of funding. Continue reading “Sweden has no plans to take stake in Northvolt, deputy PM says”

Summary

• Effort would be similar to Trump policy during first administration
• Move aims to satisfy campaign promise to end EV mandate
• Automakers find Biden regulations too onerous, source says

WASHINGTON, (Reuters) – President-elect Donald Trump’s incoming administration plans to target federal regulations championed by President Joe Biden that aim to make automobiles more fuel-efficient and incentivize a shift toward electric vehicles, according to two sources in contact with Trump’s transition team. Continue reading “Trump administration plans to roll back Biden’s stricter fuel-efficiency standards”

DETROIT, (Reuters) – Volkswagen appointed former Rivian executive Kjell Gruner as head of its American business on Tuesday, as the automaker faces a choppy electric transition and ongoing negotiations with the United Auto Workers union in the region.

Gruner, previously EV startup Rivian’s chief commercial officer and head of business growth, succeeds Pablo Di Si, who has been in the role since 2022. Continue reading “Volkswagen appoints former Rivian executive as head of American business”

Summary

• Stellantis reveals STLA Frame for trucks and SUVs
• Automakers split on EV vs hybrid platform focus
• Trump’s plans may affect EV incentives and demand
• Stellantis delays production of electric Ram pickups to first half of 2025

DETROIT, (Reuters) – Stellantis said on Tuesday it will deploy a new vehicle system that will support assembly of gasoline, hybrid and electric models, but in a sign of how turbulent the electric-vehicle transition is, the automaker also delayed production of Ram electric pickup trucks. Continue reading “Stellantis unveils technology to support flexible EV production, delays Ram electric pickup”

Source : PTI | Tyre makers are expected to see a 7-8 per cent topline growth during the current fiscal, driven by a 3-4 per cent increase in realisations and volume, ratings agency Crisil Ratings said on Monday.

This would be for the second consecutive year that the estimated revenue growth for the tyre manufacturer will be in single digit (albeit nearly double than that of last fiscal) and after logging a compound annual growth rate of 21 per cent between fiscals 2021 and 2023, Crisil Ratings said.

Continue reading “Tyre makers to see 7-8 pc topline growth this fiscal: Crisil”

Source : PTI | City-based electric two-wheeler maker Odysse Electric on Monday said it has secured an order for 40,000 vehicles from EV-as-a-Service platform Zypp Electric as part of an investment deal. Zypp’s investment is expected to bolster Odysse Electric’s B2B market presence and support the expansion of its dealership network nationwide, the company said without disclosing the nature or quantum of investment.

The 40,000 electric vehicles are to be supplied over the period of the next three years, Odysse said.

Continue reading “Odysse to supply 40,000 EVs to Zypp as part of investment deal”

Source : PTI | New Delhi: Delhi Transport Department has impounded 2,234 overage vehicles between Oct 1 and Nov 15 as part of an ongoing drive.

The initiative, launched last month, aims to address the deteriorating air quality in the national capital. According to official data, the seized vehicles include 260 diesel four-wheelers that are over 10 years old, alongside 1,156 petrol two-wheelers and 818 petrol three and four-wheelers, all older than 15 years. Continue reading “Delhi impounds more than 2,200 overage vehicles to fight pollution”

Source : PTI | Rating agency ICRA on Monday revised downwards the outlook for passenger vehicle factory dispatches to showrooms in the current fiscal on acccount of high inventory levels. Despite good retail sales, a year-on-year growth of 6% in April-October FY2025 partially on account of an early festive season, the high inventory levels for the industry curtailed wholesale volume growth, as per a report on the domestic automotive industry by the domestic ratings agency.

“ICRA has thus revised the outlook for the wholesale volume growth for the industry in FY2025 downwards to 0-2%,” it added. Continue reading “ICRA cuts PV factory dispatch outlook down to 0-2% due to high inventory level”

RENNES, France, (Reuters) – Stellantis’ will adapt to changes in the U.S. car market expected under a Trump government, CEO Carlos Tavares said on Monday, with a platform that can offer electric, hybrid or gasoline versions of its models.

President-elect Donald Trump’s transition team is planning to kill the $7,500 consumer tax credit for electric-vehicle purchases as part of broader tax-reform legislation, two sources with direct knowledge of the matter told Reuters last week. Continue reading “Stellantis CEO says will adapt to U.S. market under Trump”

Summary

• Utilities lobby for preserving clean energy and EV tax credits
• Trump plans to eliminate $7,500 EV tax credit
• EEI members emphasize IRA benefits for growth and consumers

BAKU, (Reuters) – The U.S. utility industry wants the incoming Trump administration and Republican-led Congress to preserve clean energy and EV tax credits in the Inflation Reduction Act, Pedro Pizarro, the CEO of utility Edison International said on Saturday. Continue reading “US utilities want Trump, Republicans to save IRA tax credits, Edison CEO says”

WASHINGTON, (Reuters) – The National Highway Traffic Safety Administration said on Monday it has opened two new investigations into Ford recalls, the latest scrutiny by U.S. regulators of the No. 2 U.S. automaker.

Last week, Ford agreed to a $165 million civil penalty after an NHTSA investigation found the automaker failed to recall vehicles with defective rearview cameras in a timely manner. Continue reading “US opens two new probes into Ford recalls after settlement”

(Reuters) – Tesla shares rose more than 5% on Monday after Bloomberg News reported that President-elect Donald Trump’s transition team was planning to set up federal regulations for autonomous vehicles.

The report comes days after Trump named the automaker’s CEO, Elon Musk, as a co-head of the incoming administration’s government efficiency department. Continue reading “Tesla gains on report Trump’s team planning federal self-driving vehicle regulations”

Summary

• Chinese tech giant aims to deliver 130,000 EVs in 2024
• President says factory has capacity to make 20,000 cars a month
• Q3 revenue jumps 30.5%

SHANGHAI/BEIJING, (Reuters) – China’s Xiaomi Corp said on Monday it aimed to deliver 130,000 electric vehicles this year, raising its forecast for the third time as the automaker upstart posted a 30.5% jump in third-quarter revenue. Continue reading “Xiaomi raises EV deliveries goal again on surging demand”