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”
Source : PTI | GreenLine Mobility Solutions Ltd, a key player in Essar’s green mobility initiative, plans to add 1,000 more Liquefied Natural Gas (LNG) powered trucks by March 2025 as it pivots decarbonisation of India’s logistics sector, a top company official said. In its journey to net zero goal by 2070, India is encouraging use of super-chilled gas in heavy duty long-haul trucking fleet instead of diesel to cut pollution.
GreenLine Mobility currently operates a fleet of over 500 LNG-powered trucks and is adding another 1,000 such trucks by March 2025, its CEO Anand Mimani said. Continue reading “GreenLine accelerates decarbonisation efforts with 1,000 LNG trucks by March 2025”
Source : PTI | Mega Corporation on Monday announced the launch of a new division, Lendingo, exclusively for EVs financing including batteries, rickshaws, and related ventures. Lendingo will offer a wide range of financial products, including loans, leases, and other financing instruments, to meet the diverse needs of EV customers. The company will also focus on supporting MSMEs involved in the EV ecosystem, further strengthening its commitment to sustainable business development, the non-banking financial company said in a statement.
The establishment of the new vertical aligns with Mega Corporation’s strategic commitment to fostering sustainable development and growth within the financial services sector, it added. Continue reading “Mega Corporation launches Lendingo to enhance EV financing solutions”
GDANSK, (Reuters) – Shares in Traton rose on Tuesday after Volkswagen’s truck unit reported third-quarter results above expectations driven by robust sales in its US brand International and Swedish unit Scania.
Traton shares were up 4% by 0728 GMT, to their highest in three months, while peers Daimler Truck and Volvo were also up 1.7% and 1%, respectively. Continue reading “Shares in VW’s truck unit Traton jump after Q3 beat”
(Reuters) – Honda is recalling 780,000 vehicles in North America over concerns that a high-pressure fuel pump may crack and leak fuel.
A fuel leak in the presence of an ignition source could increase the risk of a fire, the automaker told the U.S. National Highway Traffic Safety Administration. Continue reading “Honda recalling 780,000 vehicles in North America on fuel pump concern”
(Reuters) – Vietnamese EV maker VinFast said on Tuesday it delivered 21,912 electric vehicles in the third quarter, up 66% from the sequentially previous quarter.
The company delivered more than 9,300 EVs in Vietnam during September, marking the highest monthly deliveries in the country. Continue reading “VinFast’s third-quarter deliveries jump on robust domestic demand”
Summary
(Reuters) – The global transition toward electric vehicles will have “far-reaching” impacts on investment, production, international trade and employment, the International Monetary Fund said on Tuesday as part of its update to global economic growth forecasts. Continue reading “Shift to electric vehicles will have far-reaching impact, IMF says”
Summary
DETROIT, (Reuters) – U.S. Energy Secretary Jennifer Granholm said on Tuesday the department is working “as fast as we can” to finalize $1.7 billion in grants to fund the conversion of plants to build electric vehicles and components. Continue reading “US working ‘as fast as we can’ to finalize EV conversion grants, official says”
Summary
DETROIT, (Reuters) – General Motors surpassed Wall Street’s expectations in the third quarter, sending its shares up 8% on Tuesday thanks to a resilient consumer demand for its trucks and SUVs. Continue reading “GM tops estimates on ‘remarkably’ resilient consumer, shares surge”
DETROIT, (Reuters) – Lucid CEO Peter Rawlinson said on Monday that a stock sale announced last week will provide the electric luxury sedan maker with a “cash runway well into 2026.”
Rawlinson said in an interview on the sidelines of a Reuters Next event that the stock sale, which raised about $1.75 billion, “serves to support the future of the company long term” as it prepares to begin building its Gravity SUV before the end of the year. Continue reading “Lucid says stock sale will provide ‘cash runway’ well into 2026”
Source : PTI | Commercial vehicle owners in Mizoram have decided to go on an indefinite strike from October 23 demanding reduction in prices of fuel. The price of petrol has been hiked from INR 93.93 to INR 99.24 per litre, while the diesel rate has been increased to INR 88.02 from INR 82.62 for a litre from September 1.
The Mizoram government, after a cabinet meeting, on October 17 announced it would not roll back the hike in fuel prices.
Source : PTI | As cold weather settles in, pollution in all its forms is tightening its grip on Delhi, with the air quality in the city remaining in the “poor” category, though stubble burning has declined this year compared to previous years, according to a recent research.
Data from the Central Pollution Control Board (CPCB) said the 24-hour average Air Quality Index (AQI) was recorded at 277 at 4 pm on Sunday.
KUPPENHEIM, Germany, (Reuters) – German automakers should not be afraid of competition from China, Chancellor Olaf Scholz said on Monday at the opening of Mercedes-Benz’s first battery recycling plant, an investment he described as part of Germany’s new industrial policy agenda.
“Some say that China can do much better with electric motors than us,” Scholz said. Continue reading “German carmakers should not be afraid of Chinese competition, says Scholz”
LONDON, (Reuters) – Forvia the world’s seventh largest car parts supplier by revenue, said on Monday it had been selected by BYD to supply its second European factory located in Turkey.
The company is a long-time partner of BYD, and has already secured deals with the Chinese automaker’s first European factory in Hungary. Continue reading “Forvia secures deal to supply BYD’s second European factory in Turkey”
(Reuters) – General Motors and Ford Motor will likely have a tough time convincing investors when they report results that Detroit’s pricing power for gasoline cars is still strong and losses from their EV ventures are dwindling.
GM is set to release its results for the July to September period on Oct. 22, while crosstown rival Ford will report on Oct. 28. Continue reading “GM, Ford brace for investor scrutiny over pricing power, EV losses”
Summary
(Reuters) – Voestalpine will reorganize its automotive component business locations in Germany, including the closure of one of the sites, to respond to falling demand and structural changes, the Austrian specialty steelmaker said on Friday.
The plants in Dettingen, Schmoelln, Schwaebisch Gmuend and Boehmenkirch will form a joint production network, with each site focused on selected core technologies, Voestalpine said. Continue reading “Voestalpine reorganizes automotive component business sites in Germany”
(Reuters) – The EU’s five biggest members spend 42 billion euros ($45.60 billion) annually subsidizing fossil-fuel company cars, according to a study commissioned by environmental group Transport & Environment (T&E), which called for more subsidies for EVs instead.
Company cars make up around 60% of new car sales in Europe. Continue reading “Top EU countries spend $45 billion subsidizing fossil-fuel company cars, study says”
(Reuters) – IBM released the latest version of its artificial intelligence models catered towards businesses on Monday, looking to capitalize on the surge in enterprises adopting generative AI technology.
“Granite 3.0” models will be made open-source, similar to other versions in IBM’s Granite family of AI models. This approach differs from rivals such as Microsoft that charge customers for access to their models. Continue reading “IBM releases new AI models for businesses as genAI competition heats up”
Source : PTI | New Delhi: Automobile exports from India in the first six months of the current fiscal year rose 14% year-on-year, led by gains in shipments of passenger vehicles and two-wheelers. According to Siam data, the overall exports in the April-Sept period stood at 25,28,248 units, up 14% as compared with 22,11,457 units in the year-ago period.
“Key markets like Latin America and Africa, which had slowed down for various reasons, have bounced back. This has been the main reason for exports coming back,” Society of Indian Automobile Manufacturers (Siam) president Shailesh Chandra said. Continue reading “Auto exports rise 14% in H1 on PVs and two wheelers”
Source : PTI | New Delhi: Delhi Chief Minister Atishi on Sunday said one of the biggest contributors to pollution in the Anand Vihar area is the influx of buses from other states, adding the Delhi government will engage with the Uttar Pradesh government to implement anti-pollution measures at their bus depot near the national capital. She made these remarks while inspecting pollution control measures at the Anand Vihar bus depot along with Environment Minister Gopal Rai.
Highlighting the issue, Atishi said, “Anand Vihar, which lies on the Delhi-UP border, remains a hotspot where AQI levels are the highest. This area sees a large influx of buses from outside Delhi, and there is also the Kaushambi bus depot nearby. While Delhi runs CNG and electric buses, the Kaushambi bus depot receives diesel buses. We plan to engage with the UP government to implement pollution control measures there as well. Continue reading “Influx of buses from other states increasing pollution in Delhi: Atishi”
Summery
Continue reading “Volkswagen India extends ‘Styled to Wander’ with the launch of Virtus GT Line”
Source : PTI | Bengaluru’s Kempegowda International Airport is set to be a key hub for cutting-edge urban air mobility solutions with Sarla Aviation joining hands with the Bangalore International Airport Limited (BIAL) to launch electric flying taxis.
Last month, the two entities signed a statement of collaboration to explore sustainable air mobility, specifically electric vertical take-off and landing (eVTOL) aircraft. Continue reading “Bengaluru airport partners with Sarla Aviation to launch electric flying taxis”
Source : PTI : The government has sanctioned three pilot projects for using hydrogen in steel production to SAIL and two consortiums, an official statement said on Friday. A financial support of INR 347 crore will be made available from the government for the pilot projects, which are likely to be commissioned in the next 3 years, the Ministry of New and Renewable Energy said in the statement.
Earlier, the MNRE had issued guidelines for the implementation of pilot projects in the steel sector and invited proposals from interested parties for their participation. Continue reading “Government selects SAIL, two consortiums for pilot projects for using hydrogen in steelmaking”
(Reuters) – Cash-strapped electric luxury sedan maker Lucid said on Thursday a combined public offering and private placement of roughly 637 million shares would likely fetch it $1.67 billion.
The stock sale as well as its latest warning of a bigger-than-expected loss for the third quarter sent Lucid shares down as much as 16.5% to $2.74, the lowest since July 2. Continue reading “EV maker Lucid expects to raise $1.67 bln from stock sale”
JAKARTA, (Reuters) – Indonesia plans to export nickel-based material used to make electric vehicle batteries to the United States next month, its energy minister said on Friday.
Bahlil Lahadalia said Indonesia would provide the material, known as EV battery precursor, to U.S. electric carmaker Tesla but did not give details on the volume involved. Continue reading “Indonesia to export EV battery material to US next month, minister says”
(Reuters) – General Motors is eyeing further North American investments in lithium and other critical minerals used to build electric vehicles after boosting its investment in a Nevada mine to nearly $1 billion earlier this week, an executive said on Thursday.
The U.S. automaker on Wednesday said it would form a joint venture with Lithium Americas to develop the Thacker Pass lithium mine, North America’s largest source of the battery metal. Continue reading “After Nevada lithium deal, GM eyes other sources for EV minerals supply”
(Reuters) – Voestalpine will reorganize its automotive component business locations in Germany, including the closure of one of the sites, to respond to falling demand and structural changes, the Austrian specialty steelmaker said on Friday.
The plants in Dettingen, Schmoelln, Schwaebisch Gmuend and Boehmenkirch will form a joint production network, with each site focused on selected core technologies, Voestalpine said. Continue reading “Voestalpine reorganizes automotive component business sites in Germany”
Summary
STOCKHOLM, (Reuters) – Swedish truck maker AB Volvo forecast stagnant demand next year and posted a bigger-than-expected slide in quarterly adjusted earnings on Friday, after reduced freight and construction activity limited vehicle sales. Continue reading “AB Volvo profit misses forecast and expects flat truck sales next year”
Summary
WASHINGTON, (Reuters) – The U.S. auto safety regulator on Friday opened an investigation into 2.4 million Tesla vehicles equipped with the automaker’s Full Self-Driving (FSD) software after four reported collisions, including a 2023 fatal crash. Continue reading “US probes Tesla’s Full Self-Driving software in 2.4 mln cars after fatal crash”
(Reuters) – Cash-strapped electric luxury sedan maker Lucid said on Thursday a combined public offering and private placement of roughly 637 million shares would likely fetch it $1.67 billion.
The stock sale as well as its latest warning of a bigger-than-expected loss for the third quarter sent Lucid shares down as much as 16.5% to $2.74, the lowest since July 2. Continue reading “EV maker Lucid expects to raise $1.67 bln from stock sale”
Summary
BERLIN, (Reuters) – Volkswagen unions and management are in the midst of talks unions say went from abysmal to controversial, as workers have accused the carmaker of failing to present a vision for the future despite assurances that a new strategy is underway. Continue reading “VW, unions in fact-finding talks as carmaker develops new strategy”
Source : PTI | Hyundai Motor India, the subsidiary of Korean auto major Hyundai, has submitted the pre-feasibility report to take up revamping and modernisation of its facility in Tamil Nadu at an outlay of INR 1,500 crore. The expansion at the existing facility at Irungattukottai near here would create an additional 155 new jobs and the plant size would be increased to 7.21 lakh sq metre from the current 5.40 lakh sq metre.
Hyundai Motor India has planned to expand the factory by adding additional 1.81 lakh sq metres of land at the factory. Continue reading “Hyundai Motor submits PFR to take up modernisation of Tamil Nadu plant at a cost of INR 1,500 crore”
WAF THINK TANK
Top Learnings and Leadership Sutras of India Vehicle Aftersales last 9 Years WAF
IIT Indore develops catalyst for economical production of pure hydrogen from methanol WAF Continue reading “WAF Auto News | The Auto World This Week (18th October 2024)”
Summary
(Reuters) – Hyundai Motor India’s $3.3-billion initial public offering was oversubscribed by more than two times on Thursday attracting aggressive bidding from institutional investors, even though pricing concerns deterred retail participation. Continue reading “Hyundai IPO, India’s biggest, gets $5.5 bln in bids despite subdued retail interest”
Summary
TURIN, Italy, (Reuters) – The Italian city of Turin, home to Europe’s oldest car factory, typifies the industrial decay that parts of the continent face as its automakers struggle with the cost of electrification, low demand, and competition from China. Continue reading “As Fiat stalls, Italy’s Turin struggles to stave off decline”
LONDON, (Reuters) – German remote-driving startup Vay said on Thursday it has received 34 million euros ($37 million) in funding from the European Investment Bank to roll out its remote-driven vehicle technology across Europe and expand its development team.
CEO Thomas von der Ohe told Reuters that the low-interest, long-term, preferential loan from the EIB will help Berlin-based Vay launch its commercial services either in Hamburg, where it has already been conducting testing, or in Belgium where it has formed a partnership with car-share provider Poppy. Continue reading “Germany’s Vay gets $37 million from EIB for remote-driven services in Europe”
Source : PTI | Motorcycle sales in the ongoing festive season so far are below expectations as demand is muted and the industry will be lucky if it sees 3-5 % growth compared to last year, Bajaj Auto Executive Director Rakesh Sharma said on Wednesday. While there are still about 15 more days to go for the festive sales this month, he said as a result of muted growth in motorcycles, the overall growth prospects of the two-wheeler industry could also be impacted for the full fiscal.
“The responses in the motorcycle industry are a little bit muted in the sense that we thought that about 6 to 8 % growth will be there in the festive period, but it is not that much. It is 1-2 % , almost very similar to last year, same period,” Sharma told reporters in an earnings call. Continue reading “Motorcycle industry sales below expectations so far this festive season: Bajaj Auto”
Source : PTI | The Indian Institute of Technology (IIT) Indore has developed a catalyst to produce pure hydrogen from methanol at a much lower temperature than traditional methods, and in a cost-effective manner, an official said on Wednesday. A catalyst is a substance that accelerates a chemical reaction or lowers the temperature or pressure needed to start one, without itself being consumed during the reaction.
According to the official, the catalyst helps produce pure from methanol at 130 degrees Celsius, compared to more than 200 degrees Celsius through traditional methods. It can facilitate the production of one kilogram of hydrogen from 13 litres of methanol hydrogen from methanol at 130 degrees Celsius, compared to more than 200 degrees Celsius through traditional methods. It can facilitate the production of one kilogram of hydrogen from 13 litres of methanol. Continue reading “IIT Indore develops catalyst for economical production of pure hydrogen from methanol”
BEIJING, Oct 16 (Reuters) – China’s state security ministry said that a foreign company had been found to have illegally conducted geographic mapping activities in the country under the guise of autonomous driving research and outsourcing to a licensed Chinese mapping firm.
The ministry did not disclose the names of either company in a statement on its WeChat account on Wednesday. Continue reading “China says unidentified foreign company conducted illegal mapping services”
