(Reuters) – Ford Motor shares fell 6.6% premarket on Tuesday after the automaker tempered its full-year profit forecast, blaming supplier disruptions and warranty costs amid a global price war fueled by overcapacity.
It expects 2024 adjusted earnings before interest and taxes (EBIT) of about $10 billion, compared with its earlier projection of $10 billion to $12 billion. Continue reading “Ford shares fall as supply snags and costs hurt profit forecast”
BERLIN, (Reuters) – Volkswagen sees discounts on electric vehicles in China as “part of the business,” the German carmaker’s China boss Ralf Brandstaetter said in an interview with Handelsblatt on Tuesday.
“Of course, we also take tactical and time-limited measures where it makes sense to do so – that’s part of the business,” Brandstaetter said. Continue reading “Volkswagen’s China boss sees EV discounts as ‘part of the business’”
Road Safety Initiative ‘सुरक्षित सफर (SAFE JOURNEY)’ aims to instil lifelong road safety habits
New Delhi, 29th October 2024: As part of its ongoing commitment to fostering safe mobility across India, the Society of Indian Automobile Manufacturers (SIAM) organized the 10th Inter-School Competition on ‘Road Safety’ from October 25 to October 28, 2024. The four-day competition, held at Gyan Mandir Public School, Naraina Vihar, New Delhi, is part of SIAM’s broader ‘सुरक्षित सफर (SAFE JOURNEY)’ initiative. The event brought together young minds from schools across the region to participate in activities emphasizing the importance of safe and responsible mobility. Continue reading “SIAM Organizes 10th Inter-School Competition to Champion Road Safety Awareness amongst Students”
BEIJING, (Reuters) – China renewed warnings to the European Union that if the bloc conducts separate negotiations with electric vehicle companies while in talks with China, that would “shake mutual trust” and interfere with the overall negotiations, Chinese commerce ministry said on Monday.
The ministry issued a similar warning earlier this month, but this reiteration comes days after China and the EU agreed to hold further technical negotiations on possible alternatives to tariffs on Chinese electric vehicles (EV). Continue reading “China again warns EU against separate talks with EV makers”
Summary
ROME, (Reuters) – Italian Prime Minister Giorgia Meloni plans to cut by some 4.6 billion euros ($5 billion) the funds set aside to support the country’s automotive industry between 2025 and 2030, the text of next year’s budget showed, triggering widespread criticism. Continue reading “Italy to cut automotive industry support by around $5 billion”
Summary
Tesla tab CEO Elon Musk stunned investors and analysts with plans to grow vehicle sales by 30% next year, buoyed by a new, cheaper model and enthusiasm for self-driving software, but delivering on that promise would surprise much of Wall Street. Continue reading “Musk’s bold 2025 prediction on Tesla sales faces skepticism, scrutiny”
Summary
(Reuters) – Ford Motor said on Monday it expects to hit the lower end of its full-year profit guidance, dropping the company’s shares 5% in after-hours trading, as a price war hits the U.S. automaker’s bottom line. Continue reading “Automaker Ford weakens profit outlook amid price war, shares fall”
Source : PTI | The Oil and Natural Gas Corporation Chairman and Managing Director should also be the chair of the firm’s subsidiary Hindustan Petroleum Corporation in line with the universal practice of a corporate group having only one chairman, a panel appointed to work out synergies between the two firms said in its report.
India’s top oil and gas producer Oil and Natural Gas Corporation (ONGC) had, in January 2018, bought the government’s entire 51.11 per cent stake in HPCL for Rs 36,915 crore. The nation’s third-biggest oil refining and fuel marketing company thereafter became a subsidiary of ONGC. Continue reading “ONGC head should be chairman of subsidiary HPCL, says synergy panel”
Source : PTI | Buoyed by the successful implementation of the ‘Chief Minister’s Rubber Mission’ in Tripura, the state government is contemplating extending the programme for another five years, an official said on Sunday.
The livelihood generation initiative, launched in 2021-22, is set to be completed by 2025-25. Continue reading “Tripura likely to extend ‘Rubber Mission’ for another 5 years”
Summary
SEOUL, (Reuters) – South Korean battery maker LG Energy Solution said on Monday it had a “conservative” view of revenue growth next year and that it will significantly reduce capital expenditure due to slowing electric vehicle demand, after booking a 39% third-quarter profit drop. Continue reading “Battery maker LGES offers measured 2025 outlook after slow EV demand drags down Q3 profit”
Summary
FRANKFURT/BERLIN, (Reuters) – Volkswagen’s plans to close plants in Germany and dissolve long-standing labour agreements with unions have put the spotlight on its unique governance and ownership structure that have drawn criticism from investors for years. Continue reading “Volkswagen law: German automaker’s ownership structure explained”
Summary
WOLFSBURG, Germany, (Reuters) – Volkswagen plans to shut at least three factories in Germany, lay off tens of thousands of staff and shrink its remaining plants in Europe’s biggest economy as it plots a deeper-than-expected overhaul, the company’s works council head said on Monday. Continue reading “VW labour chief sounds alarm on mass layoffs and three German plant closures”
Summary
SEOUL, (Reuters) – South Korean battery maker LG Energy Solution said on Monday it had a “conservative” view of revenue growth next year and that it will significantly reduce capital expenditure due to slowing electric vehicle demand, after booking a 39% third-quarter profit drop. Continue reading “Battery maker LGES offers measured 2025 outlook after slow EV demand drags down Q3 profit”
Source : PTI | The Oil and Natural Gas Corporation Chairman and Managing Director should also be the chair of the firm’s subsidiary Hindustan Petroleum Corporation in line with the universal practice of a corporate group having only one chairman, a panel appointed to work out synergies between the two firms said in its report.
India’s top oil and gas producer Oil and Natural Gas Corporation (ONGC) had, in January 2018, bought the government’s entire 51.11 per cent stake in HPCL for Rs 36,915 crore. The nation’s third-biggest oil refining and fuel marketing company thereafter became a subsidiary of ONGC. Continue reading “ONGC head should be chairman of subsidiary HPCL, says synergy panel”
Summary
FRANKFURT, (Reuters) – Porsche will pare back its dealership network in China, reflecting persisting weak demand in the world’s biggest auto market that has severely hit European carmakers and forced them to cut costs to soften the blow to profit margins. Continue reading “Porsche cuts China dealership network as challenges mount”
(Reuters) – Groups representing U.S. auto dealers said on Friday they plan to challenge a decision by Volkswagen’s Scout Motors to sell directly to consumers, bypassing independent retailers.
The National Automobile Dealers Association said it and state associations “will challenge this and all attempts to sell direct in courthouses and statehouses across the country.” Continue reading “Auto dealer groups to challenge Scout Motors’ decision to sell directly to US consumers”
Summary
(Reuters) – Mercedes-Benz will step up cost cuts after earnings halved in the third quarter hit by tepid demand and fierce competition in China, it said on Friday. Continue reading “Mercedes to step up cost cuts after earnings halve”
Summary
(Reuters) – WeRide’s shares rose 19% in their Nasdaq debut on Friday, after the self-driving startup raised $440.5 million in its IPO and private placement, becoming the latest Chinese firm to capitalize on improving market sentiment. Continue reading “China’s self-driving startup WeRide’s shares surge in Nasdaq debut”
BRUSSELS, (Reuters) – The European Union and China have agreed to hold further technical negotiations soon on possible alternatives to tariffs on China-built electric vehicles, the European Commission and China’s commerce ministry said on Friday.
The EU is set to impose additional tariffs of up to 35.3% next week on electric vehicles built in China, at the conclusion of its anti-subsidy investigation, but has said talks can continue after then. Continue reading “EU, China agree to more talks on potential alternatives to EV tariffs”
Source : PTI | Despite the slump in the Indian automotive industry, Neil Barua, newly appointed CEO of PTC, a Nasdaq-listed global software company that, among others, provides product development software to global automakers like Volkswagen, BMW, and Toyota, said India is the right place to be now. Since taking over as the CEO and global head in February, this is Barua’s first visit to India.
He was visiting Bengaluru as part of his India tour. Apart from Bengaluru and Pune, PTC has offices in Chennai and Gurgaon in India. Continue reading “India right place for software defined vehicles, says PTC top official”
Summary
(Reuters) – Volkswagen’s Scout Motors unit on Thursday unveiled its concept electric SUV and truck and said it will offer extended-range versions that include a small gasoline engine. Continue reading “VW’s Scout Motors unit will offer EV SUVs, trucks with gas engine option”
Summary
SAN FRANCISCO, (Reuters) – Tesla shares closed up nearly 22% on Thursday – their biggest single-day gain in over a decade – as CEO Elon Musk’s bold forecast of surging sales reassured investors he was still looking to grow its core business of selling electric cars. Continue reading “Tesla rallies most in over a decade on Musk’s bold EV forecast”
Source : PTI | Hyundai Motor India Ltd has become the country’s fifth most valuable auto firm by market valuation in its debut trade on Tuesday. Shares of Hyundai Motor India Ltd, the Indian arm of South Korean automaker Hyundai, listed at INR 1,931, reflecting a decline of 1.47%against the issue price of INR 1,960 on the BSE earlier in the day.
The stock slumped 7.80% to INR 1,807.05 during the day and finally ended at INR 1,820.40 apiece, down 7.12%. The company’s market valuation stood at INR 1,47,914.98 crore at the close of trade on the BSE. On the NSE, the stock ended at INR 1,819.60, a decline of 7.16%. Continue reading “Hyundai Motor India becomes 5th most valuable auto firm by MCAP On listing day”
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Summary
SANTIAGO, (Reuters) – The Argentine salt flats in South America’s “lithium triangle” have been one of the busiest sites for ventures racing to extract the battery metal needed to power the global shift to electric vehicles. Now firms are hitting the brakes. Continue reading “Argentina’s lithium hunters scale back as EV shift slows”
Summary
PARIS, (Reuters) – Renault reported an unexpected rise in third-quarter revenue on Thursday, lifting its shares as demand for pricier new models such as Symbioz and Duster SUV hybrids helped the French automaker cope with a weak market. Continue reading “Renault beats Q3 forecasts as new launches lift sales”
Summary
SEOUL, (Reuters) – Hyundai Motor Co warned on Thursday of slowing demand and intensifying competition, but stuck to its 2024 earnings target after reporting a 7% fall in third-quarter operating profit, sending its shares down more than 5%. Continue reading “Hyundai Motor Q3 profit misses forecast as demand slows; shares slide”
Source : PTI | Jaguar Land Rover on Wednesday said it has launched an initiative in India to work closely with startups for developing the next generation of products and services that will help define the company’s future client experiences. The Tata Motors-owned marquee brand has launched the Open Innovation Hub in Bengaluru, building on the success of the company’s existing initiatives in the UK, US, Israel, and Brazil.
The India hub will focus on deep tech including artificial intelligence, big data and analytics, internet of things, ADAS (Advanced Driver Assistance System) and sensors and devices, Jaguar Land Rover (JLR) said in a statement. Continue reading “Jaguar Land Rover expands global innovation network; launches hub in India”
Source : PTI | Maruti Suzuki India (MSI) on Wednesday said a Haryana GST appeals authority has upheld a tax demand of Rs 139.3 crore against the company. “The Commissioner (Appeals) has passed an order for period July 2017 to August 2022 upholding the demand of Rs 1,393 million, in matter of tax liability under reverse charge basis on certain services,” MSI said in a regulatory filing.
The company had paid the tax amount before the issuance of show cause notice dated September 28, 2023, it added. Continue reading “GST appeals authority upholds demand notice of INR 139 cr against Maruti Suzuki”
Source : PTI | Mahindra & Mahindra on Wednesday inaugurated two testing facilities, including the one to test the safety of its SUVs, at Kanchipuram in Tamil Nadu. The company formally opened a passive safety lab and a battery and cell research laboratory for its engineers to test the safety of SUV products at various load cases and perform research on cell technologies, the Mumbai-based auto major said in a regulatory filing.
The laboratories, which have come up at an investment of over INR 300 crore, are 55 km away from the Mahindra Research Valley (MRV) where all company SUVs are developed from scratch, it added. Continue reading “Mahindra inaugurates 2 new testing facilities in Tamil Nadu”
Summary
SEATTLE, (Reuters) – Boeing factory workers voted to reject a contract offer and continue a more than five-week strike on Wednesday, in a blow to investor and management hopes of a resolution to the acrimonious dispute. Continue reading “Boeing workers vote to reject wage deal, continue strike”
Summary
STOCKHOLM, (Reuters) – Sweden-based Volvo Cars beat third-quarter operating profit expectations on Wednesday but cut its full-year sales growth forecast as an industry slowdown spreads to higher-end cars. Continue reading “Volvo Cars tops forecast but cuts outlook on market slowdown”
MILAN, (Reuters) – Carmaker Stellantis will launch by 2026 a demonstration fleet of vehicles fitted with solid-state batteries from U.S. startup Factorial, the two companies said on Wednesday.
Solid-state batteries are expected to reduce fire risk and allow for lighter, lower-cost cars that can travel further on a single charge. They are seen as a game-changing technology for electric vehicles, as automakers seek ways to cut costs and boost their range amid stagnating EV sales. Continue reading “Stellantis to launch fleet of EVs fitted with Factorial solid-state batteries”
Summary
DETROIT, (Reuters) – Nearly 80 members of Congress, including the Senate’s top two Democrats, on Wednesday urged automaker Stellantis to honor investment commitments that are part of its contract with the United Auto Workers union. Continue reading “US lawmakers pressure automaker Stellantis on investment commitments”
Summary
(Reuters) – Tesla CEO Elon Musk on Wednesday said the electric vehicle maker will roll out driverless ride-hailing services to the public in California and Texas next year, a bold claim likely to face significant regulatory and technical challenges. Continue reading “Tesla promises paid robotaxis next year, but significant hurdles remain”
Summary
(Reuters) – Tesla CEO Elon Musk said he expects vehicle sales to grow 20% to 30% next year, reassuring investors the company was improving its core business of selling electric vehicles profitably, and reducing concerns about when it could produce a robotaxi. Continue reading “Tesla surprises with sales forecast and cost efficiency, shares jump”
Source : PTI | New Delhi: Out of 10,644 complaints received from the Central Consumer Protection Authority,Ola Electric Mobility has resolved 99.1 per cent of the complaints, according to a regulatory filing by the company. The company has also provided information and clarifications in response to the show cause notice to the Central Consumer Protection Authority (CCPA), Ola Electric Mobility Ltd said in a stock exchange filing on Monday evening.
“We wish to emphasise that out of 10,644 complaints that we received from the CCPA, 99.1 per cent of the complaints were resolved to the complete satisfaction of the customer as per Ola Electric’s robust redressal mechanism,” the company said. Continue reading “Ola Electric says 10,644 complaints received from CCPA, 99.1 pc resolved”
Source : PTI | Hyundai Motor India on Tuesday said its planned capacity expansion at the Talegaon manufacturing facility in Pune at an investment of Rs 6,000 crore will give it more headroom for growth in domestic and international markets. The company also said that it always looks for a balance between growth, profitability and market share.
During a post-listing media interaction, Hyundai Motor India also sounded hopeful of enhancing its market share in the electric vehicle space, where it stands as a marginal player currently. Continue reading “Talegaon plant to provide more headroom for growth in domestic, int’l markets: Hyundai Motor”
Summary
BERLIN, (Reuters) – Chancellor Olaf Scholz leads a high-level delegation to New Delhi this week, betting that greater access to the vast Indian market can reduce Germany’s reliance on Beijing even if India does not turn out to be the “new China”. Continue reading “Germany bets on India to reduce reliance on China”
BEIJING, (Reuters) – Chinese smartphone maker Xiaomi Corp is expected to complete the construction of an expansion of its electric vehicle factory in mid-2025, according to government-backed Chinese media on Wednesday.
The second phase of the Xiaomi Intelligent Manufacturing Industrial Base is scheduled to be completed on June 15, according to a report by the National Business Daily citing a person familiar with the project. Continue reading “Xiaomi’s automobile plant expansion to be completed in mid-2025, report says”
