Summary
HWASEONG, South Korea, (Reuters) – A lithium battery factory in South Korea was set on fire after multiple batteries exploded on Monday, killing 22 workers, most of them Chinese nationals, fire officials said. Continue reading “Blaze at South Korea lithium battery plant kills 22 workers”
BRUSSELS, (Reuters) – China and the European Commission have agreed to start talks on the planned imposition of tariffs on Chinese-made electric vehicles (EVs) being imported into the European Union, opening the door to potential de-escalation.
The European Commission is planning to impose provisional duties on EVs produced in China ranging from 17.4% to 38.1%, on top of its standard 10% tariff for car imports. Continue reading “Explainer: What happens next in the EU investigation into Chinese EVs?”
BEIJING, (Reuters) – Beijing wants the EU to scrap plans to impose preliminary tariffs on Chinese electric vehicle imports by July 4, China’s state-controlled Global Times reported, after both sides agreed to negotiate a possible compromise.
Provisional European Union duties of up to 38.1% on imported Chinese-made EVs are set to kick in by July 4 while the bloc investigates what it says are excessive and unfair subsidies. Continue reading “China wants EU to scrap EV tariff plans as talks start”
Source : PTI | World’s largest helmet maker Steelbird Hi-Tech India is eyeing over 30% revenue growth this fiscal owing to the increased domestic demand for branded helmet and potential mandatory helmet usage regulations, the company’s Managing Director Rajeev Kapur has said. Kapur also said Steelbird has plans to launch 36 new helmet models for the premium segment at the Motor Show (EICMA) in Milan this year besides launching a super high-end model.
“At present only 30% of riders wear helmets and only 10% pillion riders do so. The helmet demand in the country is expected to grow manifold.
Continue reading “Steelbird Hi-Tech invests INR 105 cr to boost helmet production capacity”
BRUSSELS, June 21 (Reuters) – The European Commission is planning to impose provisional duties on electric vehicles (EVs) produced in China ranging from 17.4% to 38.1%, on top of its standard 10% tariff for car imports.
The duties are due to apply by July 4.
WHAT ARE PROVISIONAL MEASURES? Continue reading “Explainer: What happens next in the EU investigation into Chinese EVs?”
BANGKOK, (Reuters) – Electric vehicle sales are surging in Southeast Asia, led by China’s BYD and Vietnam’s VinFast , eating into the internal combustion engine car market dominated by Japanese and Korean firms, Counterpoint Research said on Friday.
EV sales in the region more than doubled in the January to March quarter from a year before, according to the research firm. Sales of ICE cars, meanwhile, slid by 7%. Continue reading “Chinese automakers retain grip over Southeast Asia’s booming electric car market”
TOKYO, (Reuters) – Nissan Motor has halted production at its Changzhou plant in China as it seeks to optimise its operations, the Japanese automaker said on Friday.
The Changzhou plant, jointly operated with Nissan’s local partner Dongfeng Motor, was producing the Qashqai SUV with annual capacity of about 130,000 vehicles a year, a Nissan spokesperson said. Continue reading “Nissan halts production at Changzhou plant as China woes persist”
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”
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
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
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
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
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”
