Summary
BERLIN, (Reuters) – Sluggish demand and stiff competition in China hit third quarter sales at BMW and Mercedes, the German luxury automakers said on Thursday. Continue reading “BMW and Mercedes quarterly sales drop on weak China”
(Reuters) – Tesla aims to stun investors Thursday night with its long-awaited “robotaxi unveil,” a potential milestone after a decade of Elon Musk’s unfulfilled promises to deliver self-driving vehicles.
The automaker is widely expected to showcase a prototype called the “Cybercab” rather than a road-ready driverless taxi. Continue reading “Tesla gambles on ‘black box’ AI tech for robotaxis”
BEIJING, (Reuters) – Sales of U.S. automaker Tesla’s China-made electric vehicles rose 19.2% in September from a year earlier, data from the China Passenger Car Association (CPCA) showed on Wednesday.
Deliveries of China-made Model 3 and Model Y vehicles, which are also exported to various markets including Europe, were up 1.9% from the previous month. Continue reading “Tesla’s China-made EV sales grow 19.2% y/y in Sept”
Summary
(Reuters) – Chinese carmaker Chery has started assembling cars in Russia for sale in the country at three factories vacated by Western rivals including Volkswagen and Mercedes five people familiar with the matter told Reuters. Continue reading “Exclusive: China’s Chery assembles cars in Russian plants vacated by Western rivals”
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MUMBAI, (Reuters) – Hyundai Motor plans to use proceeds from a record $3.3 billion IPO of its Indian unit to enhance its research efforts and develop new cars, aspiring to transform the South Asian country into a manufacturing hub for emerging markets. Continue reading “Hyundai to use $3 bln record India IPO proceeds for new cars, R&D”
NEW DELHI, (Reuters) – Ratan Tata, chairman emeritus of one of India’s biggest conglomerates, Tata Sons, is in critical condition in intensive care at a Mumbai hospital, two sources with direct knowledge of the matter told Reuters on Wednesday.
Tata, 86, who ran Tata Sons for more than 20 years and is credited with expanding and diversifying the company, said on Monday he was undergoing routine medical investigations due to his age and related medical conditions. Continue reading “Ratan Tata, of India’s Tata conglomerate, in hospital intensive care, sources say”
BERLIN, (Reuters) – Volkswagen brand aims to win back market share with eight new affordable electric models to be rolled out by 2027, brand head Thomas Schaefer told the publication auto motor und sport on Wednesday.
“We have to produce our vehicles profitably and put them on the road at affordable prices,” the publication quoted him as saying. It also reported that the ID.2 small car model would be developed in 36 months instead of 50 months. Continue reading “Volkswagen brand chief: aim to roll out 8 new electric models by 2027”
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WASHINGTON, (Reuters) – Honda Motor said Wednesday it is recalling 2 million cars and SUVs in North America over an issue that can make steering more difficult and increase the risk of a crash. Continue reading “Honda recalling 2 million vehicles over steering issue”
ROME, (Reuters) – Carmaker Stellantis is on course to secure Italian government backing for its planned sale of a majority stake in robotics business Comau to One Equity Partners, a source close to the matter said on Wednesday.
So-called golden power legislation gives the government the right to block or set conditions on deals concerning Italian companies that operate in strategic sectors. Continue reading “Stellantis set to secure Italian approval for Comau stake sale, says source”
Source : PTI | Around 1.1 million medium and heavy commercial vehicles (M&HCVs), older than 15 years as of March 31 this year, offer a significant potential for scrappage, ratings agency ICRA said on Tuesday. While the actual scrappage could possibly be lower given the nature of usage of such vehicles, even if a proportion of these vehicles gets scrapped, it can support vehicle sales to some extent by spurring replacement demand, it said.
The Voluntary Vehicle Fleet Modernisation Programme or the Scrappage Policy, announced in March 2021, is being implemented in phases, with effect from April 1 last year. Continue reading “About 1.1 mn old medium & heavy CVs offer significant potential for scrappage: ICRA”
Source : PTI | Union Minister Nitin Gadkari on Tuesday launched the ‘Humsafar Policy’ to provide essential facilities like clean toilets and baby care rooms along the country’s national highways network.
The Humsafar Policy will see the introduction of facilities, such as clean toilets, baby care rooms, provisions for wheelchairs, EV charging stations, parking spaces, and dormitory services at fuel stations, according to a statement. Continue reading “Gadkari launches Humsafar Policy to provide essential facilities on national highways”
GENEVA, (Reuters) – China has taken the first step in initiating a trade dispute with Turkey at the World Trade Organization over its tariffs on imports of electric vehicles, its diplomatic mission said in a statement on Tuesday.
China is facing increasing trade pressures worldwide over its rising exports of electric vehicles, which many countries claim are being heavily subsidized by Beijing to support its sputtering economy. Continue reading “China files complaint against Turkey at WTO over electric vehicle tariffs”
(Reuters) – Porsche is recalling 27,527 electric sedans in the U.S. over concerns that they may face a short circuit within the battery module, the National Highway Traffic Safety Administration (NHTSA) said on Tuesday.
The recall affects Porsche’s 2021-2024 Taycan models, NHTSA said.
Continue reading “Porsche to recall over 27,000 EVs in US over battery short circuit risk”
BEIJING, (Reuters) – China’s commerce minister on Tuesday raised “serious concerns” with U.S. Secretary of Commerce over U.S. semiconductor policies towards China and restrictions on Chinese connected vehicles, calling for sanctions against Chinese companies to be lifted.
During a call with Gina Raimondo, Wang Wentao emphasised the need to clarify national security boundaries in trade to ensure global supply chain stability and foster bilateral business cooperation. Continue reading “China expresses concern over US chip and connected vehicle policies”
Summary
SAN FRANCISCO, (Reuters) – Tesla faces a watershed moment on Thursday when CEO Elon Musk takes the stage at the Warner Bros Hollywood studio to unveil much-delayed plans for a robotaxi, a project that has reignited the electric vehicle maker’s stock, despite cooling expectations for EV growth. Continue reading “Tesla’s robotaxi to face questions, scrutiny at unveiling this week”
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BERLIN/SHANGHAI/BRUSSELS, (Reuters) – Brussels rejected a proposal by the Chinese government for imported electric vehicles made in China to be sold at a minimum price of 30,000 euros ($32,946), three sources said, a move Beijing hoped would avert EU tariffs being imposed next month. Continue reading “Exclusive: Brussels rejected China proposal for 30,000 euro minimum sales price in EV dispute”
MEXICO CITY, (Reuters) – Chinese electric automaker BYD expects to sell 50,000 electric vehicles (EVs) in Mexico this year, and then 100,000 in 2025, the company’s Mexican head Jorge Vallejo said on Tuesday.
The executive added that BYD will announce where it will build its first factory in Mexico by the end of this year. Continue reading “Chinese electric carmaker BYD sees EV Mexico sales ramping up to 100,000 in 2025”
(Reuters) – Porsche is recalling 27,527 electric sedans in the U.S. over concerns that they may face a short circuit within the battery module, the National Highway Traffic Safety Administration (NHTSA) said on Tuesday.
The recall affects Porsche’s 2021-2024 Taycan models, NHTSA said. Continue reading “Porsche to recall over 27,000 EVs in US over battery short circuit risk”
OSLO, Oct 8 (Reuters) – Sweden’s Northvolt said on Tuesday that one of its subsidiaries had filed for bankruptcy after the project it was developing was cancelled, while the rest of the cash-strapped battery making group continued to consolidate operations.
“All contacts with Ett Expansion AB will from now on be managed by the bankruptcy trustee,” Northvolt said. Continue reading “Northvolt says subsidiary files for bankruptcy after project pulled”
NEW DELHI, (Reuters) – China’s BYD wants to make cars in India but has received no “direct” signal from New Delhi on a possible easing of stringent investment rules for Chinese businesses, a top executive said, as the automaker seeks to expand in a fast-growing market.
BYD 002594.SZ, in partnership with a local firm, submitted a $1 billion investment proposal last year to build electric vehicles in India. But New Delhi is yet to approve the plan after increasing scrutiny of investments from China following a 2020 border clash between the arch rivals. Continue reading “China’s BYD wants to build cars in India, but has no ‘direct’ signal of investment rules easing”
(Reuters) – Uber Technologies will roll out an AI assistant powered by OpenAI’s technology to help drivers transition to electric vehicles, as part of its efforts to lower emissions.
The ride-hailing company has advocated a shift to EVs for several years and has pledged $800 million to support its driver partners’ switching entirely to EVs by 2040. Continue reading “Uber to launch AI assistant powered by OpenAI’s GPT-4o to help drivers go electric”
(Reuters) – Lyft is looking to make its ride-hailing platform more attractive to drivers by rolling out measures such as higher pay for longer-than-estimated trips and prioritizing members with a safe driving record.
Lyft is in fierce competition with Uber for both drivers and passengers. The two companies are trying to stay ahead of each other in their race to grab a bigger market share by offering a range of promotions, incentives and benefits on their platforms. Continue reading “Lyft unveils improved pay measures to attract more drivers”
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DETROIT, (Reuters) – General Motors will seek to soothe shareholders’ worries on Tuesday that lagging demand for electric vehicles and perceived peak demand for gasoline-powered trucks will create a rough road ahead for the automaker. Continue reading “GM seeks to ease investor concerns as EV growth slows”
(Reuters) – Lucid Group beat market expectations for third-quarter deliveries on Monday, as discounts and cheaper financing options for its luxury electric vehicles boosted demand in an uncertain economy.
Shares of the company rose around 1.5%.
The company handed over 2,781 vehicles in the quarter ended Sept. 30, compared with estimates of 2,242 according to 8 analysts polled by Visible Alpha. Continue reading “Lucid beats quarterly deliveries estimate as price discounts boost demand”
(Reuters) – Japan’s Nissan Motor said on Monday it would invest an undisclosed amount in ChargeScape and roll out the battery charging technology company’s services to its electric-vehicle drivers across the United States and Canada.
After the transaction, Nissan will pick up a 25% stake in ChargeScape, becoming an equal investor in the joint venture that is currently equally owned by BMW, Ford and Honda. Continue reading “Japan’s Nissan to invest in auto tech firm ChargeScape”
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WASHINGTON/DETROIT, (Reuters) – Chrysler parent Stellantis said on Monday it has filed eight additional lawsuits against the United Auto Workers and 23 local units, saying the union has violated its contract by threatening to strike over the company’s delays in planned investments. Continue reading “Stellantis files new lawsuits against United Auto Workers union”
BRUSSELS, (Reuters) – German Chancellor Olaf Scholz’s rejection of EU tariffs on Chinese electric vehicles failed to stop fellow European Union members voting in favour, exposing how a divided Berlin is struggling to drive EU policy.
Germany was one of only five EU members to reject tariffs after months of pressure from its carmakers, which rely on China for almost a third of their sales, allowing the European Commission to press ahead with anti-subsidy duties by the end of the month. Continue reading “EU backing for China EV tariffs shows Berlin’s waning influence”
(Reuters) – The U.S. Department of Justice said in a court filing on Monday that bankrupt electric vehicle maker Fisker’s plan to pass on the costs of vehicle recalls to customers is illegal.
Fisker filed for bankruptcy protection in June, with plans to sell its assets and restructure its debt in an attempt to salvage operations. Continue reading “Making customers pay for Fisker vehicles recall repairs is illegal, DOJ says”
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(Reuters) – The U.S. Supreme Court declined on Monday to hear a challenge by Uber and Lyft to lawsuits by the state of California on behalf of drivers who signed agreements to keep legal disputes with the ride-hailing companies out of court in a legal fight over their status as contractors. Continue reading “US Supreme Court denies Uber, Lyft bid to avoid California driver suits”
Source : PTI | Servotech Power Systems on Monday said it has secured an additional order in Maharashtra to set up nine EV charging stations. With this, the total number of EV charging stations set up by the company will reach 29.
The additional orders have been secured from Nashik Municipal Corporation (NMC), the company said in a statement.
Summary
(Reuters) – Republican U.S. presidential candidate Donald Trump on Sunday said he would slap tariffs as high as 200% on vehicles imported from Mexico as he ratchets up his protectionist trade rhetoric ahead of the Nov. 5 election. Continue reading “Trump threatens a 200% tariff on vehicles imported from Mexico”
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(Reuters) – Rio Tinto is in talks to buy lithium producer Arcadium with the global miner looking to pounce following a slump in prices for the ultralight metal used to make electric-vehicle batteries. Continue reading “Rio Tinto aims to snap up Arcadium before lithium prices recover”
MILAN, (Reuters) – Automaker Stellantis said on Monday it would start production of the new version of its best-selling Jeep Compass mid-sized SUV next year, at its Melfi plant in southern Italy.
The model will be based on Stellantis’ Medium platform, allowing for flexibility on different propulsion configurations. Continue reading “Stellantis to start production of new Jeep Compass in Italy in 2025”
BEIJING, (Reuters) – The European Commission’s decision to press ahead with tariffs on Chinese-made electric vehicles threatens to undermine decades of cooperation between China and the EU, and endangers climate-change goals, Xinhua news agency said on Saturday.
On Friday, the EU said it would push forward with hefty tariffs on China-made EVs, even after the bloc’s largest economy Germany rejected them. The dispute is its biggest trade row with Beijing in a decade. Continue reading “EU plan to press ahead with China EV tariffs bad for ties and green ambitions, Xinhua reports”
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FRANKFURT, Oct 6 (Reuters) – The CEO of German carmaker Volkswagen said the European Union should consider adjusting planned tariffs against China-made electric vehicles to make allowances for investments made in Europe. Continue reading “VW CEO: Chinese automakers should be allowed to avert tariffs by investing in EU”
Source : PTI | Aditya Birla Group firm Hindalco Industries and Sajjan Jindal-led JSW Steel are in the race for two copper mines in Jharkhand which will be put on sale this month, sources said. Both mines have a combined capacity of three million tonne per annum.
Hindalco Industries and JSW Steel will be vying for state-owned Hindustan Copper Ltd’s two copper mines in Jharkhand, sources said. Continue reading “Hindalco, JSW Steel in race for copper mines in Jharkhand”
Source : PTI | To increase the usage of available raw materials, the Ministry of Steel has directed integrated steel players to make use of iron ore fines in steel making after its beneficiation. As per sources, the ministry has also suggested that players look at options like acquiring coking coal mines abroad.
This is aimed at increasing the availability of raw materials at competitive prices, they said. Continue reading “Govt asks major steel players to use iron ore fines also for steel making”
Source : PTI | Home grown EV charging solutions firm Exicom has acquired US-based DC fast charging technology company Tritium for USD 37 million, or about INR 310 crore, a senior company official said. Exicom managing director Anant Nahata told PTI that the company is setting up a manufacturing unit in Hyderabad where it will use DC (Direct Current) fast charging technology of Tritium to develop solutions for electric vehicles.
The Hyderabad facility is expected to be operational by the end of 2025.
Continue reading “Exicom acquires US EV charging company Tritium for INR 310 cr”
Source : PTI | Toyota Kirloskar Motor (TKM) was on Monday allotted 827-acre land for a new manufacturing plant in Maharashtra’s Chhatrapati Sambhajinagar, an official said. TKM on July 31 signed an agreement with the state government to set up a greenfield manufacturing facility for electric and hybrid cars.
“A greenfield smart industrial city was set up in the joint partnership of the Central and Maharashtra governments through a SPV (Special Purpose Vehicle) named the Maharashtra Industrial Township Limited (MITL). The nodes of Shendta and Bidkin are being developed,” the Delhi-Mumbai Industrial Corridor (DMIC) official told PTI. Continue reading “Toyota Kirloskar Motor allotted 827-acre land for new manufacturing unit in Maharashtra”
Source : PTI | Multi-brand pre-owned car firm Mahindra First Choice Wheels Ltd on Monday said Mohammed Turra has been appointed as its Managing Director and CEO. Turra succeeds Ashutosh Pandey, who will be taking on a new role within the Mahindra Group, the company said in a statement.
He brings over two decades of leadership experience across India, the Middle East, France and the US, spanning domains across consulting, financial services, FMCG, and the automotive industry, it added. Continue reading “Mahindra First Choice Wheels names Mohammed Turra as MD & CEO”
