NAIROBI, (Reuters) – In eight years of working as a taxi driver in Kenya’s capital, Judith Chepkwony has never seen business this bad.
A bruising price war between ride-hailing companies Uber Technologies, Estonia’s Bolt and local start-ups Little and Faras has driven fares down to a level that many drivers say is unsustainable, forcing them to set their own higher rates. Continue reading “Hard-pressed Kenyan drivers defy Uber’s algorithm, set their own fares”
Source : PTI | The government’s aim to blend 20% ethanol in petrol by Ethanol Supply Year (ESY) 2025 will require more sugarcane utilisation, a report said on Monday. This is also likely to improve sugar inventory level and cash flows of millers, it added.
An ESY runs from November to October.
India’s aim to blend 20% ethanol in petrol by ESY 2025 — or 990 crore litres annually — will require effective utilisation of both grain and sugarcane feedstock to increase its supply, Crisil Ratings said in a report. Continue reading “Govt’s 20% ethanol blending goal in ESY 2025 will need more sugarcane: Report”
Source : PTI | New Delhi: TVS Motor Company plans to expand the sales of its electric vehicles to both developing and developed markets, betting big on India’s potential to emerge as a major export hub for electric two-wheelers, according to Director and CEO KN Radhakrishnan. The company will leverage on its plant in Indonesia to cater to other neighbouring markets in the ASEAN region, where it has started selling its electric scooter TVS iQube last year, he told analysts.
In the first quarter of this fiscal TVS Motor Co sold a total of 52,000 units of electric two-wheelers, as against 39,000 units in the same period last year. Continue reading “TVS Motor Co to expand electric 2W sales in both developing, developed markets: CEO KN Radhakrishnan”
Source : PTI | TVS Motor Company expects to grow faster than the competition across domestic and international markets this fiscal riding on the back of new product launches and strengthening of operations across key regions, according to CEO KN Radhakrishnan. He noted that in the domestic market, the company expects growth momentum to continue with normal monsoons likely to add strength to the rural markets.
In international markets, Radhakrishnan exuded hope to perform better in key markets like Africa this year while expanding operations in other regions like the Middle East and Latin America. Continue reading “Confident of outperforming industry in both domestic, global markets: TVS Motor”
Source : PTI | Taiwanese electronics manufacturing giant Foxconn is working on plans to set up a Battery Energy Storage System unit in India, its chairman Young Liu said here. With an eye on the electric vehicle segment, Foxconn has been expanding its battery manufacturing business, with the first plant already set up in Taiwan.
Liu told PTI that Foxconn’s information and communication technology segment has just started in India.
“We are also waiting to put our 3+3 future industry in India. I have been talking to the minister for industries here about how can we collaborate on BESS (Battery Energy Storage System) in Tamil Nadu…,” Liu said. Continue reading “Foxconn working on plans to set up battery energy storage system unit in India”
Source : PTI | New Delhi: State-owned Bharat Petroleum Corporation plans to invest Rs 1.7 lakh crore over the next five years to grow its core oil refining and fuel marketing business as well as in ‘future big bets’ of petrochemicals and green energy, its chairman G Krishnakumar has said. Bharat Petroleum Corporation Ltd (BPCL), currently, owns about 14 per cent of India’s oil refining capacity and about a quarter of the fuel retailing network. It plans to grow these businesses while foraying into newer areas.
The firm is now implementing the first phase of a multi-decade aspirational journey in the form of ‘Project Aspire’ – its five-year strategic framework that is based on two fundamental pillars – ‘Nurturing the Core’ and ‘Investing in Future Big Bets’, he said in the company’s latest annual report. Continue reading “BPCL plans Rs 1.7 lakh cr spend to expand core biz, new energy foray”
OTTAWA, (Reuters) – Canadian Pacific Kansas City said on Saturday it would halt any new rail shipments originating in Canada, and all new U.S. shipments destined for Canada starting on Tuesday if talks with its Canadian labour union fail to progress.
North American industry groups and shippers are bracing for an unprecedented simultaneous stoppage at both of Canada’s main railway companies that could disrupt the movement of commodities such as coal, potash, crude oil and grains, and manufactured goods ranging from cars to chemicals. Continue reading “Canada’s CPKC expands freight embargoes ahead of looming work stoppage”
FRANKFURT, (Reuters) – German battery maker Varta said on Saturday it had reached a restructuring agreement with its creditors, bringing on sports car manufacturer Porsche to save the ailing business.
The agreement, struck after days of intense negotiations, will reduce Varta’s debt from 485 million euros ($534.86 million) to 200 million euros initially, the company said. Continue reading “Porsche agrees to provide capital in Varta restructuring deal”
KARACHI, (Reuters) – Chinese electric vehicle giant BYD on Saturday announced plans to open a car production plant in Pakistan, where it will also start selling three models through a partnership with Mega Motors.
BYD is the first major new electric vehicle (NEV) entrant in the Pakistani market, where there is a lack of charging infrastructure. Continue reading “China’s BYD plans car plant in Karachi as part of Pakistan entry”
Shriram Automall India Limited (SAMIL), India’s Largest Phygital Pre-owned Marketplace for Vehicles and Equipment had set grand spectacle of promises to revolutionize the pre-owned Marketplace with SAMIL Freedom Auction 2024 on 13th August, 2024.
The event provided freedom to buyers to bid on their preferred choice of pre-owned vehicles and equipment on the occasion of 78th Independence Day. The Freedom Auction offered a diverse range of pre-owned vehicles & equipment including commercial vehicle (CV), passenger vehicles (PV), Construction Equipment (CE), farm equipment (FE), three-wheeler (3W) and two-wheeler (2W) catering to a wide array of customer needs. Continue reading “SAMIL Hits a Century: 100 Crore + Milestone Achieved on Freedom Auction 2024”
Source : PTI | Commercial vehicle maker Ashok Leyland has been seeing a high number of enquiries from fleet operators amid the segment going through a consolidation phase, the company has said. The company is also expecting the medium and heavy commercial vehicle (MHCV) segment to grow in a single-digit this fiscal as against earlier estimates of flat growth, Sanjeev Kumar, President for MHCV, Ashok Leyland said on Friday here.
Ashok Leyland is hosting a two-day ‘Mini Expo’ in Navi Mumbai, showcasing its diverse line-up of vehicles, including trucks and buses, in its MHCV portfolio as well as products. Continue reading “Ashok Leyland sees high enquiry from fleet operators amid consolidation”
WASHINGTON, (Reuters) – The U.S. Federal Trade Commission sued Asbury Automotive Group on Friday, alleging that three of its dealerships in Texas charged Black and Latino customers higher prices than others and routinely added services to customers’ contracts without their consent.
Up to 75% of customers of Asbury’s David McDavid Ford dealership in Fort Worth, and Honda dealerships in Irving and Frisco, Texas, reported being charged without their permission for services such as protective coatings, service contracts and insurance, according to the FTC. Continue reading “FTC sues Asbury Automotive, says it charged Black, Latino customers more”
ARENDAL, Norway, (Reuters) – Battery start-up Morrow on Friday opened Norway’s first battery cell production site on the country’s south coast, with plans to deliver the first units by the end of the year and adding more production step by step.
Battery cell production is one new industry Norway is keen to enter, hoping to benefit from access to green power and proximity to European customers keen to source batteries away from China. Continue reading “Norway’s Morrow Batteries opens factory, plans first deliveries by year-end”
HONG KONG, (Reuters) – German automaker BMW and its joint venture will recall a combined 1.36 million locally produced and imported cars in China due to potential risks with the Takata airbag, China’s market regulator said on Friday.
The recalls, effective immediately, are for models produced from 2003-2017, China’s State Administration for Market Regulation said in a statement. Continue reading “BMW, venture to recall 1.36 mln cars in China due to airbag risks, regulator says”
(Reuters) – Ford Motor is recalling about 85,000 Explorer SUVs equipped with the Police Interceptor Utility package over concerns of an engine fire, the National Highway Traffic Safety Administration said on Friday.
In the event of an engine failure, engine oil and fuel may be released into the engine compartment and accumulate near ignition sources such as hot engine or exhaust components, possibly resulting in an engine compartment fire, the regulator said. Continue reading “Ford to recall about 85,000 vehicles due to risk of engine fire”
(Reuters) – Rivian has temporarily suspended production of its commercial delivery vans used by retail giant Amazon.com due to a shortage of parts, a spokesperson for the electric vehicle manufacturer said on Friday.
Shares of the Irvine, California-based company were down marginally in early trading. Continue reading “EV maker Rivian halts production of Amazon delivery vans amid parts shortage”
DETROIT, (Reuters) – The United Auto Workers is launching a U.S-wide effort to mobilize its one million active and retired workers to vote for Kamala Harris in the Nov. 5 election, it said on Wednesday, offering the Democrat a potential boost in critical battleground states.
UAW President Shawn Fain and his executive board endorsed Harris at the end of July, and Fain has been vocal about his opposition to Harris’ Republican rival, former president Donald Trump. Continue reading “UAW union launches pro-Harris campaign to mobilize workers across US”
(Reuters) – Natron Energy said on Thursday it planned to invest $1.4 billion in a sodium-ion battery manufacturing plant in North Carolina, potentially raising the company’s production capacity by 40 times.
The facility, located in Edgecombe County of the state, will produce 24 gigawatts (GW) of battery storage at full capacity on an annual basis. Continue reading “Natron plans $1.4 bln sodium-ion battery plant in North Carolina”
NEW YORK, (Reuters) – Stellantis has been sued by shareholders in the United States who said the European-American automaker defrauded them by concealing rising inventories and other weakness, before posting disappointing earnings that caused its stock price to fall.
The complaint filed on Thursday in Manhattan federal court said Stellantis artificially inflated its stock price for much of 2024 by making “overwhelmingly positive” assessments about inventories, pricing power, new products and operating margin. Continue reading “Stellantis shareholders sue automaker in US after disappointing earnings”
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SEOUL, (Reuters) – South Korea is urging automakers operating in the country to disclose the manufacturer of batteries used in electric vehicles (EV) as authorities try to calm fears over fires involving EVs, after a recent blaze in an underground parking lot that took eight hours to put out.
Experts say more can be done, however, noting that while identifying the specific maker of batteries used in EVs would give consumers more choice, there is a lack of definitive data on which brands are most prone to fires. Continue reading “South Korean alarm over EV fires puts spotlight on safety concerns”
AUSTIN, Texas, (Reuters) – Toyota may be one of the slowest legacy automakers to develop electric vehicles but it could be the first to jettison cars powered only by gasoline.
Almost three decades after launching the Prius, its pioneering gasoline-electric hybrid, Toyota is moving to convert most, and eventually maybe all, of its Toyota and Lexus line-up to hybrid-only models, two Toyota executives told Reuters. Continue reading “Toyota bets big on hybrid-only models as EV demand slows”
Source : PTI | In a major relief to vehicle owners, the West Bengal transport department has revised its order that imposed a INR 10,000 fine for pollution test failure for the first time. The department replaced the order with a tiered fine structure of INR 2,000 for the first offence, INR 5,000 for the second and INR 10,000 for the third consecutive violation, according to a notification.
A vehicle failing the pollution test for the first time will incur a INR 2,000 fine, and the driver’s licence will be suspended for three months, the notification said. Continue reading “Bengal govt revises fine structure for vehicle pollution”
(Reuters) – The National Highway Traffic Safety Administration said on Wednesday it has closed a preliminary evaluation into 74,918 Tesla vehicles over front suspension failures.
The auto safety agency’s Office of Defects Investigation had opened a probe into the issue in 2020, based on complaints alleging failure of front suspension fore links in 2015-2017 Tesla Model S and 2016-2017 Model X vehicles. Continue reading “NHTSA closes preliminary evaluation of front suspension failure in Tesla vehicles”
SEOUL, (Reuters) – The head of Mercedes-Benz in South Korea will meet on Wednesday residents of an apartment complex damaged by a fire that started in one of its electric vehicles (EVs) and burned for more than eight hours, stoking public safety fears.
Mathias Vaitl, the chief executive of Mercedes-Benz Korea, will hold a closed-door meeting with residents of the apartment in the city of Incheon to the west of Seoul, the company said, without providing more details. Continue reading “Mercedes-Benz chief in South Korea to meet residents after EV fire damaged property”
(Reuters) – Swedish electric-vehicle (EV) maker Polestar moved one step further in avoiding major tariffs imposed on Chinese-made cars on Wednesday when the automaker said it began production of its Polestar 3 SUV in the United States.
Steep tariffs recently imposed by U.S. and Europe on cars made in China have prompted many automakers to speed up plans to move parts of their production to other countries. Continue reading “Swedish EV maker Polestar starts U.S. production, avoiding heavy tariffs”
(Reuters) – General Motors has been sued by the state of Texas, which accused the automaker of installing technology on more than 14 million vehicles to collect data about drivers, which it then sold to insurers and other companies without drivers’ consent.
Texas Attorney General Ken Paxton said Tuesday’s lawsuit arose from a probe announced in June into whether several automakers collected and sold mass amounts of data without drivers’ knowledge. Continue reading “Texas sues GM for allegedly violating drivers’ privacy”
Summary
SEOUL, (Reuters) – South Korea will urge automakers operating in the country to identify batteries used in their electric vehicles, the government said on Tuesday, as authorities seek to calm public safety concerns after a series of fires involving EVs. Continue reading “South Korea urges automakers to disclose EV battery brands after fires”
(Reuters) – Global sales of fully electric and plug-in hybrid vehicles rose by a yearly 21% in July, thanks to China’s strongest growth this year and despite dropping demand in Europe, market research firm Rho Motion said Monday.
In the European Union MG Motor, owned by China’s SAIC Motor Corp, expects to be hit hardest by provisional tariffs imposed on EVs imported from China, Rho Motion data manager Charles Lester told Reuters. Continue reading “Global EV sales up 21% in July as China records biggest jump of 2024, Rho Motion says”
LONDON, (Reuters) – Low resale values for electric cars have pushed the leasing firms that drive Europe’s auto market to double prices over the last three years and some are threatening to quit the business altogether if regulators force them to go electric too fast, industry executives say.
The jump in prices for electric car leases comes as cuts in subsidies for new EVs in key markets such as Germany are hitting sales and risks stalling Europe’s electric transition, just when Brussels wants to step on the accelerator, the executives say. Continue reading “Leasing model behind Europe’s EV drive at risk of breakdown”
(Reuters) – Ford Motor and Mazda issued advisories to drivers of certain vehicles still affected by faulty Takata airbags and inflators that can cause potentially severe or fatal injuries.
The National Highway Safety Administration has previously warned that air bag inflators could explode in impacted vehicles, sending potentially deadly sharp metal fragments flying and striking the driver or passengers. Continue reading “Ford, Mazda advise against driving certain models over Takata airbag concerns”
(Reuters) – General Motors is recalling 21,469 electric SUVs in the U.S. over concerns of an unexpected activation of the anti-lock brake system, and will remedy the issue through an over-the-air update, the National Highway Traffic Safety Administration said on Tuesday.
The recall would affect GM’s 2023-2024 Cadillac Lyriq all-wheel drive models, the auto safety regulator added. Continue reading “GM to recall over 21,000 US electric SUVs over braking concerns”
Summary
DETROIT, (Reuters) – The United Auto Workers Union said on Tuesday it has filed complaints with the National Labor Relations Board against Donald Trump and Tesla CEO Elon Musk over attempts to threaten and intimidate workers. Continue reading “UAW accuses Trump, Musk of trying to intimidate workers in labor complaints”
Monthly Performance: July 2024
Production: The total production of Passenger Vehicles1 , Three Wheelers, Two Wheelers, and Quadricycle in July 2024 was 24,37,138 units
Domestic Sales:
(Reuters) – Global sales of fully electric and plug-in hybrid vehicles rose by a yearly 21% in July, thanks to China’s strongest growth this year and despite dropping demand in Europe, market research firm Rho Motion said Monday.
In the European Union MG Motor, owned by China’s SAIC Motor Corp, expects to be hit hardest by provisional tariffs imposed on EVs imported from China, Rho Motion data manager Charles Lester told Reuters. Continue reading “Global EV sales up 21% in July as China records biggest jump of 2024, Rho Motion says”
Source : PTI | Italian super luxury automaker Automobili Lamborghini expects exponential growth in India with the potential to become a top market in the Asia Pacific region in the long-term, driven by customers who are the youngest globally, according to a senior company official. With the company selling a record 103 units in India in 2023, Automobili Lamborghini Asia Pacific Region Director, Francesco Scardaoni said his wish is to cross the annual sales mark of 150 units in the country in 2026.
“In terms of volume, India is number 14th in the world and number sixth in Asia Pacific. In terms of percentage it is the fastest growing market,” Scardaoni told PTI.
Continue reading “Lamborghini bets big on India’s long-term potential”
Source : PTI | Tata Motors expects demand to remain sluggish in overseas markets this fiscal while pinning hopes on a gradual bounce back in the domestic market on the back of new launches and the upcoming festive season. Earlier this month, the Mumbai-based automaker reported a consolidated net profit of INR 5,566 crore and total income of INR 1,09,623 crore for June quarter.
“Overall, from a demand perspective, we do anticipate that as far as the global demand is concerned, it is likely to remain muted. It has been that way. It’s likely to remain muted. No immediate changes there,” Tata Motors Global CFO PB Balaji said in an analyst call. Continue reading “Global demand muted; gradual improvement expected in domestic market: Tata Motors”
Source : PTI | Domestic steel prices have dropped to a three-year low on account of increased imports, according to a report. Hot rolled coils (HRC) prices have fallen to INR 51,000 a tonne from a peak of INR 76,000 a tonne in April 2022, markets research firm BigMint said in a report.
The rate of cold rolled coils (CRC) is trading at INR 58,200 a tonne from the peak of INR 86,300 a tonne in April 2022. The prices exclude the 18% GST on the commodity. Continue reading “Steel prices trade at 3 year lows on increased supplies : Report”
SEOUL, (Reuters) – South Korean officials met on Monday to discuss electric vehicle safety and whether to require car firms to disclose battery brands amid growing consumer concern after an EV blaze in an underground garage extensively damaged an apartment block.
The fire on Aug. 1, which appeared to start spontaneously in a Mercedes-Benz EV parked below a residential building, took eight hours to put out, destroying or damaging about 140 cars and forcing some residents to move to shelters. Continue reading “South Korea holds emergency meeting as EV fires stir consumer fear”
LUCKNOW, (Reuters) – India’s most populous state Uttar Pradesh will not reverse a decision to waive registration taxes for hybrid cars, two sources said on Monday, handing a win to Toyota but dealing a blow to Tata Motors and Mahindra & Mahindra.
Hyundai, Kia Motors, Tata and Mahindra lobbied the state, which accounts for 10% of India’s car sales, to remove the incentive, arguing it would make it harder to reach India’s targets for adopting fully electric cars and hit investment plans. Continue reading “Indian state backs hybrid tax waiver in win for Toyota, blow for Tata, sources say”
