NEW YORK, (Reuters) – Electric vehicle startup Fisker is headed towards a liquidation, attorneys said in U.S. bankruptcy court on Friday, as two creditor factions previewed a battle over which group will be paid first.

Fisker filed for bankruptcy protection in Delaware on Monday after burning through cash in an attempt to ramp up production of its Ocean SUVs. The company initially said it would seek additional financing and continue “reduced operations,” but Fisker’s attorney Brian Resnick said at the hearing in Wilmington the company does “not currently anticipate being able to obtain financing.” Continue reading “Fisker heads toward liquidation as creditors fight over assets”

“WAF AutoNews” is World’s No.1 in World Auto News &  Auto Think Tank !!
Click Here to See for yourself.

INDIA

WAF VCSI – Vehicle Cyber Security Index WAF

JSW MG Motor Partners With Ecofy For Innovative Financing & Leasing Solutions WAF

Volkswagen Passenger Cars India announces opening of a new dealership in Amritsar, Punjab WAF Continue reading “WAF Auto News | The Auto World This Week (21st June 2024)”

JSW MG Motor India has entered into a strategic partnership with Ecofy to promote the adoption of electric vehicles (EVs) across India. This collaboration aims to provide innovative financing options for JSW MG’s electric vehicles, making them more accessible to customers in both urban and rural areas.

These solutions, powered by Autovert, will include attractive loan options and flexible leasing arrangements for both individual customers and B2B operators. The initiative covers both current and future models of JSW MG’s electric vehicles. Continue reading “JSW MG Motor Partners With Ecofy For Innovative Financing & Leasing Solutions”

TOKYO, (Reuters) – Toyota Motor said it would halt six production lines at five plants in Japan from Thursday due to a parts shortage.

The automaker will decide whether to resume production on the lines on Friday, a spokesperson said. Continue reading “Toyota halts 6 production lines due to parts shortage”

TOKYO, (Reuters) – Two of Toyota’s top suppliers, Denso and Aisin, have sold off holdings in several Toyota-affiliated companies, regulatory filings showed on Thursday, in the latest reduction of cross-shareholding across the sprawling automotive group.

Denso, one of the world’s largest makers of automotive components, had sold off its stakes in Toyota Group companies Toyota Boshoku, Toyota Tsusho, Toyoda Gosei and Hino Motors, among others, as of the financial year that ended in March, a filing showed. Continue reading “Toyota Group suppliers Denso, Aisin scale back cross-shareholdings, filing shows”

(Reuters) – China’s Gotion High Tech and Slovak partner InoBat will invest 1.2 billion euros ($1.29 billion) to build an electric vehicle (EV) battery plant in Slovakia, the country’s Economy Minister Denisa Sakova said on Thursday.

The consortium will receive 150 million euros in subsidies and 64 million euros in tax breaks, Sakova told a televised news conference. Continue reading “China’s Gotion, partner InoBat to build Slovakia EV battery plant”

(Reuters) – Italian automaker DR Automobiles has been fined 6 million euros ($6.4 million) for misleading consumers about the Chinese origin of its DR and EVO cars, Italy’s Antitrust Authority (AGCM) said on Thursday.

Based in the southern Italian region of Molise, DR assembles low-cost cars, including fully electric models, produced by the Chinese car manufacturers Chery, JAC and BAIC, using components imported from these companies. Continue reading “Italy’s DR Automobiles fined 6 mln euros over Chinese-origin cars”

Summary

• Wolfspeed’s German project delayed
• Timeline slipping for Intel plant in Magdeburg, Germany
• GlobalFoundries not yet participating in France project
• Infineon, TSMC projects still on track
• EU expects more aid approvals soon

AMSTERDAM/FRANKFURT, (Reuters) – Wolfspeed has delayed plans to build a $3 billion plant in Germany, highlighting the European Union’s struggle to increase semiconductor production and reduce its reliance on Asian chips. Continue reading “Wolfspeed plant delayed as EU’s chipmaking plans flounder”

(Reuters) – Sales of new battery-electric cars in the European Union dropped 12% in May from a year earlier, led by a 30% plunge in Germany, data from Europe’s auto industry body showed on Thursday.

Germany, the bloc’s largest electric vehicle (EV) market, in December brought an early end to subsidies for buying EVs as part of a last-minute 2024 budget deal. It has now seen a year-to-date 16% decline in EV sales, according to the European Automobile Manufacturers Association (ACEA). Continue reading “EU electric car sales drop in May as German demand slumps, industry says”

BEIJING, (Reuters) – The European Commission sought an unprecedented amount of detailed information on Chinese automakers’ supply chains during its investigation into the country’s subsidised electric vehicle imports, China’s commerce ministry said on Thursday.

The Commission, which oversees trade policy for the 27-nation strong European Union, last week slapped extra duties on imported Chinese EVs following the probe, prompting rebuke from Beijing and spying allegations from Chinese state media. China has also launched a dumping investigation into EU pork imports. Continue reading “China says EU mandated its EV firms turn over ‘unprecedented’ amounts of data”

Source : PTI | The Delhi Electric Vehicle (EV) Policy that expired on December 31 last year is yet to be extended, leaving customers in the lurch as they are unable to get government subsidy on the purchase of a new e-vehicle. The policy was supposed to be extended till June this year, officials said.

According to an official, the policy extension was approved by the Delhi cabinet in March but could not be implemented after the Model Code of Conduct came into force from March 16 with the announcement of the Lok Sabha polls. Continue reading “Expired Delhi EV Policy yet to get extension”

(Reuters) – Retail technology and software provider CDK Global was investigating a cyber incident and had briefly shut down all its systems proactively, it said on Wednesday.

The company, which provides software to car dealerships, said its core dealer management system and digital retailing solutions had been restored. It said it also had tested and consulted with external third-party experts after the incident. Continue reading “CDK Global investigating cyber incident, briefly shut all systems”

Summary

• The new dealership facility enhances the Brand’s footprint to 11 sales and 7 service facilities across 11 cities in Punjab & Chandigarh
• The Amritsar touchpoint features a four-car display showcasing the 5-star GNCAP rated Volkswagen Virtus and Taigun, along with its flagship product, the Volkswagen Tiguan
• Expanded reach across India: Volkswagen India now has a sales and service network that spans 158 cities in India, making one of India’s safest portfolio of cars more accessible to customers, and democratizing safe mobility for all
• Superlative ownership experience: The facility is managed by a team of 40 highlyskilled professionals, ensuring an exceptional ownership experience throughout. Additionally, this touchpoint features 11 service bays catering to the maintenance and service requirements of customers Continue reading “Volkswagen Passenger Cars India announces opening of a new dealership in Amritsar, Punjab”

MG Motor India received a fresh lease of life after forming a joint venture with JSW, giving birth to JSW-MG earlier this year. As a part of the new entity, the automaker plans to introduce one new model every 3-6 months, with the first product set to arrive during the festive season later this year.

MG-JSW will launch two new models this financial year, and the first model is now confirmed as the Cloud EV. The model, which will be introduced in September 2024, has already been patented in India, hinting that the launch is just around the corner. Continue reading “MG’s Third EV For India Launching In September; To Rival BYD e6”

Summary

• Carmakers urge tariff hikes on gasoline-powered car imports
• Meeting attended by Chinese and European automakers -sources
• Call comes after Brussels slapped tariffs on China EVs

SHANGHAI/BEIJING/BERLIN, June 19 (Reuters) – Chinese automakers have urged Beijing to hike tariffs on imported European gasoline-powered cars in retaliation for Brussels’ curbs on exports of Chinese-made EVs, the state-backed Global Times newspaper said on Wednesday. Continue reading “Chinese automakers seek retaliatory tariffs on EU cars, state media reports”

BENGALURU, (Reuters) – Tata Motors said, on Wednesday it will increase prices of its commercial vehicles by up to 2%, effective July 1 to offset the impact of rising commodity prices.

Tata Motors, India’s top automaker by revenue, had last hiked prices for its commercial vehicles by up to 2% in March. Continue reading “India’s Tata Motors to hike prices of commercial vehicles”

BEIJING, (Reuters) – China’s securities regulator said on Monday it has approved autonomous driving startup Momenta Global Limited’s initial public offering (IPO) in the United States.

Momenta plans to issue up to 63,352,856 ordinary shares and list on the Nasdaq Stock Market or the New York Stock Exchange, the regulator said in a statement. Continue reading “China approves autonomous driving startup Momenta’s US IPO”

TOKYO, (Reuters) – Shareholder backing for Toyota Chairman Akio Toyoda slid for a second straight year, results from its annual general meeting showed on Wednesday, with his support rate dropping to 72% amid certification scandals and governance concerns.

The result marks the lowest level of backing for Toyoda, the grandson of the company’s founder, since the world’s largest automaker started disclosing the breakdown of shareholder votes in 2010. Continue reading “Toyota’s chairman sees shareholder backing slide to 72% amid governance concerns”

Summary

• New plant to make ICEs, hybrids as well as first EV
• Plant gives capacity for up to 20,000 cars a year
• Company already developing second EV, source says

MILAN, (Reuters) – Ferrari’s first electric car will cost at least 500,000 euros ($535,000), a source familiar with the matter told Reuters, as the luxury automaker prepares to open a plant that will make the model – and could boost group production by up to a third. Continue reading “Exclusive: Ferrari’s first electric car to cost over $500,000”

(Reuters) – Electric vehicle startup Fisker, which sought Chapter 11 protection earlier this week, said its U.S. units had also filed for bankruptcy in a court in Delaware on Wednesday.

Fisker Inc and its other U.S. subsidiaries have entered into Chapter 11, the firm said, adding that discussions about the sale of assets remain ongoing. Continue reading “EV startup Fisker’s U.S. units file for bankruptcy”

Source : PTI | New Delhi: State-owned NHAI on Tuesday said it will undertake Miyawaki plantation on land parcels adjacent to National Highways in and around Delhi-NCR. Miyawaki plantations, also known as Miyawaki method, is a unique Japanese approach to ecological restoration and afforestation development. This method aims to create dense, native, and biodiverse forests in a short period of time.

“To realise the vision of saturating National Highways with green cover, NHAI will undertake a unique initiative to plant Miyawaki plantation on land parcels adjacent to National Highways at various locations,” the statement said.

Continue reading “NHAI to enhance green cover on National Highways with Miyawaki plantation”

Source : PTI | Maharashtra Chief Minister Eknath Shinde on Tuesday announced a corporation for the welfare of autorickshaw and taxi drivers and owners, which will offer them insurance and gratuity benefits. Addressing a gathering, Shinde said the state government will form the Maharashtra Autorickshaw and Taxi Drivers Owners Welfare Corporation.

“The corporation will focus on all autorickshaw and taxi drivers in the state to provide them financial assistance and gratuity benefits,” he said. Continue reading “Maharashtra govt to form corporation for auto, taxi drivers and owners”

BERLIN, (Reuters) – Ford plans further job cuts in Germany, Spain and the U.K., the head of the worker’s council for the US automaker in Germany told Reuters on Tuesday.

It is unclear how many additional job cuts are foreseen in Germany under the new restructuring plan, which comes on top of a previous restructuring program, said the head of the works council at Ford’s Cologne plant, Benjamin Gruschka. Continue reading “Ford plans further job cuts in Europe, German works council says”

WASHINGTON, (Reuters) – Chrysler parent Stellantis is recalling 1.16 million vehicles in North America over a problem with software that is preventing rear view cameras from displaying, raising the risk of a crash, the automaker said Tuesday.

The over-the-air software update recall includes 2021-2022 Dodge Durango, 2021-2023 Chrysler Pacifica, Jeep Grand Cherokee L, 2022 Ram 1500, 2500, 3500, 2022-2023 Jeep Compass, Grand Cherokee, Wagoneer, Grand Wagoneer, and Ram Promaster vehicles and covers 1.033 million vehicles in the United States and 126,000 in Canada. Continue reading “Stellantis recalls 1.16 million vehicles over rearview camera issue”

(Reuters) – Fisker filed for bankruptcy protection on Monday, the latest electric-vehicle startup to succumb to fundraising difficulties, slow sales, as well as supply chain and distribution challenges.

Demand has been weak for Fisker’s flagship Ocean electric SUV. The company cut jobs and paused investments to slow cash burn, partnered with dealerships to boost sales and desperately sought an investment from a major automaker to stay alive. None of that worked. Continue reading “What are EV startups doing to ride out weak demand?”

DETROIT, (Reuters) – Legacy U.S. automakers such as Ford Motor and General Motors should leave the China market to preserve capital amid the costly electric vehicle (EV) transition, a leading auto analyst said on Tuesday.

“I think you have to see the [Detroit Three] exit China as soon as they possibly can,” said John Murphy, Bank of America Securities analyst, at his annual presentation of “Car Wars,” a closely watched industry report. Continue reading “Detroit Three automakers should exit China, leading analyst says”

BEIJING, (Reuters) – Chinese consumer demand for new energy vehicles (NEVs) is likely to maintain its fast growth, which will increase the need for electric vehicle charging infrastructure, the country’s top economic planner said on Tuesday.

China’s fast development of NEV fully respects market competition and the country will promote the transformation of its auto industry, said Li Chao, spokesperson of the National Development and Reform Commission. Continue reading “China economic planner says consumer NEV demand likely to maintain fast growth”

BERLIN, (Reuters) – Chinese electric vehicle imports to Germany declined in the first four months of the year, but Asia’s economic powerhouse still managed to increase its EV import market share in Germany during the period, the German statistics office said on Tuesday.

Imports of Chinese EVs to Germany fell by 15.7% to 31,500 vehicles between January and April, Destatis said. However, China increased its EV import market share in Germany to 40.9% during the period and remains its biggest importer of e-cars. Continue reading “China increases EV market share in Germany despite import slump”

(Reuters) – Fisker filed for bankruptcy protection late on Monday, as the U.S. electric-vehicle maker looks to salvage its operations by selling assets and restructuring its debt after burning through cash in an attempt to ramp up production of its Ocean SUVs.

The hyper-competitive EV market has seen several companies, including Proterra, Lordstown and Electric Last Mile Solutions, file for bankruptcy in the past two years as they grappled with weakening demand, fundraising hurdles and operational challenges from global supply chain issues. Continue reading “EV startup Fisker files for bankruptcy, aims to sell assets”

TOYOTA CITY, Japan, (Reuters) – Toyota Chairman Akio Toyoda and nine other members of the automaker’s board were re-elected at an annual general meeting on Tuesday, with shareholders shrugging off concerns about governance and certification test scandals.

Two leading proxy advisers had recommended against Toyoda’s re-election. But his re-appointment was widely expected given shareholdings in the automaker owned by other Toyota group firms, record business results and his popularity among Japanese retail investors. Continue reading “Toyota shareholders re-elect chairman despite governance concerns”

HOUSTON, (Reuters) – A U.S. judge on Monday dismissed a lawsuit Exxon Mobil had filed against activist group Arjuna Capital after the group had agreed not to pursue future proxy filings at the company’s annual meetings.

The lawsuit by the largest U.S. oil company had raised alarm among activists and public pension investors who argued it would muzzle debate among shareholders and public companies. Continue reading “US judge dismisses Exxon case against activist investor over proxy filing”

(Reuters) – Polestar intends to launch in seven markets next year, the Swedish electric-vehicle maker said on Monday, as it looks to attract new customers.

The company will enter France, Czech Republic, Slovakia, Hungary, Poland, Thailand and Brazil in 2025. Continue reading “Swedish EV maker Polestar plans to enter seven markets in 2025”

MILAN, (Reuters) – A Stellantis-led joint venture has started production of electric vehicles of China’s Leapmotor at Stellantis’ Tychy plant in Poland, analysts at Jefferies said, quoting Leapmotor’s management.

Jefferies said in a report late on Sunday that Leapmotor’s management said at an analyst call the first units of its T03 small EV rolled off Stellantis’ assembly plant in Poland last week and was on schedule for mass production in September. Continue reading “China’s Leapmotor started EV production at Stellantis’ Polish plant, Jefferies says”

SANTIAGO, (Reuters) – Chilean lithium miner SQM, the world’s second-largest lithium producer, said on Monday it had reached a long-term supply deal with Hyundai and Kia to provide the carmakers with the white metal, key for the production of electric vehicle batteries.

Hyundai and Kia will “secure a portion of (their) future lithium hydroxide supply from SQM,” the miner, which has previously landed supply deals with Ford Motors and battery maker LG Energy, said in a statement. Continue reading “Chile lithium miner SQM reaches supply deal with Hyundai, Kia”

(Reuters) – Tesla has sued its former supplier Matthews International in California federal court for allegedly stealing trade secrets related to Tesla’s battery-manufacturing process and sharing them with the electric-vehicle giant’s competitors.

The lawsuit filed on Friday in U.S. District Court for the Northern District of California, said Matthews owes damages that Tesla “conservatively estimates will exceed $1 billion” for misusing company trade secrets related to dry electrode battery manufacturing technology. Continue reading “Tesla sues ex-supplier Matthews over EV battery trade secrets”

TOYOTA CITY, Japan, (Reuters) – Toyota Motor shareholders backed Chairman Akio Toyoda and nine other members of the automaker’s board on Tuesday, despite concerns about governance raised by two leading proxy advisers.

Toyoda’s re-election as chairman was a focal point of its annual shareholder meeting after the proxy advisers recommended that investors vote against it. Continue reading “Toyota shareholders vote for chairman’s re-election”

Source : PTI | Hyundai Motor India Ltd plans to launch four electric vehicle models in future, including Creta EV, in the last quarter of the current fiscal, according to the company’s preliminary IPO papers filed with Sebi. The company is looking to maximise the price competitiveness of its electric vehicle (EV) models and intends to focus on securing local production capabilities for key parts, such as cells, battery packs, power electronics, and drivetrain and building a localised EV supply chain.

In the draft red herring prospectus (DRHP), Hyundai Motor India Ltd (HMIL) said it seeks to calibrate its EV strategy and plan EV timelines in line with market demands in India by launching the appropriate EV models within each price segment. Continue reading “Hyundai India to launch EV models in future; electric version of Creta by Q4 FY25”

MILAN, (Reuters) – A Stellantis-led joint venture has started production of electric vehicles of China’s Leapmotor at Stellantis’ Tychy plant in Poland, analysts at Jefferies said, quoting Leapmotor’s management.

Jefferies said in a report late on Sunday that Leapmotor’s management said at an analyst call the first units of its T03 small EV rolled off Stellantis’ assembly plant in Poland last week and was on schedule for mass production in September. Continue reading “China’s Leapmotor started EV production at Stellantis’ Polish plant, Jefferies says”

BEIJING, (Reuters) – Berkshire Hathaway, the investment company owned by Warren Buffett, has sold 1.3 million Hong Kong-listed shares of electric vehicle maker BYD for HK$310.5 million ($39.8 million), a stock exchange filing showed on Monday.

The sale on June 11 lowered Berkshire’s holdings in BYD’s issued H-shares to 6.90% from 7.02%, the filing to the Hong Kong stock exchange showed. Continue reading “Berkshire Hathaway sells $39.8 mln of shares in China’s BYD”