Source : PTI | New Delhi: Reliance Industries Ltd on Wednesday said it has acquired a step-down subsidiary engaged in the manufacture of petrochemicals and hydrogen, for INR 314.48 crore. In a stock exchange filing, the firm said Reliance Chemicals and Materials Ltd (RCML) is a step-down wholly owned subsidiary of the Company through Reliance Projects & Property Management Services Ltd (RPPMSL).

“It is proposed to make RCML a direct wholly owned subsidiary and hence, the company has today, at around 3:15 p.m., acquired a 100% equity stake of RCML from RPPMSL for an aggregate consideration of INR 314.48 crore,” it said.

Continue reading “Reliance acquires step-down subsidiary for INR 314 cr”

Source : PTI | Hailing hydrogen as the “fuel of the future”, Union minister Nitin Gadkari on Wednesday asserted that vehicles in the country would run on green fuels in the coming years. Addressing an election rally in support of BJP leader and Union minister Giriraj Singh in Begusarai, Gadkari said, “India imports fossil fuel every year… soon, our farmers will produce green fuels.”

“Hydrogen is the fuel of the future and vehicles in the country will run on green fuels in the coming years. Prime Minister Narendra Modi is working for the overall development of the country as well as for the welfare of the farmers,” he said. Continue reading “Hydrogen is fuel of the future, vehicles will run on green fuels in coming years, says Nitin Gadkari”

Summary

• Sees FY operating profit of 600 bln yen vs forecast 577 bln
• Sees 7.5% rise in global retail sales, China up just 0.8%
• Q4 operating profit 90.3 mln yen vs forecast 118.2 bln

TOKYO, (Reuters) – Japan’s Nissan Moto expects to beat analyst estimates with a 5.5% rise in operating profit this fiscal year on higher global sales, it said on Thursday, while warning that intense competition and challenges from inflation would continue. Continue reading “Nissan upbeat on annual profit despite challenges”

(Reuters) – Uber posted a surprise quarterly loss and forecast gross bookings below Wall Street expectations, sending its shares down 9% and putting the ride-share and food delivery company on course to shed more than $10 billion in market value.

Uber’s disappointing forecast was in sharp contrast to an upbeat guidance late on Tuesday from smaller rival Lyft, which lifted its shares up 8%. Continue reading “Uber shares tumble as weaker ride-share demand hurts Q2 forecast”

BERLIN, (Reuters) – BMW said on Wednesday it expects a slight drop in pre-tax profit this year due to higher research and development, manufacturing and personnel costs, with a decrease in used car prices also contributing to the decline.

The Munich-based automaker reported a fall in its first-quarter profit margin in its automotive segment as persistently higher costs weighed on its bottom line and demand for luxury cars in China remained muted. Continue reading “BMW says costs, low used car prices to weigh on 2024 pre-tax profit”

(Reuters) – Hyundai’s and Kia’s American financing arm will pay $334,941 to settle charges it illegally repossessed vehicles belonging to military service members, the U.S. Department of Justice said on Wednesday.

According to papers filed in Los Angeles federal court, Hyundai Capital America violated the Servicemembers Civil Relief Act between 2015 and 2023 by repossessing 26 vehicles whose owners had begun paying off their loans prior to active duty. Continue reading “Hyundai, Kia unit settles US charges it repossessed service members’ vehicles”

LONDON/BERLIN, (Reuters) – Top executives at BMW and Volkswagen on Wednesday warned against imposing EU import duties on electric vehicles from Chinese automakers, saying it could upend the bloc’s Green Deal plan and harm automakers that import cars made in China.

The European Commission, which oversees trade policy in the 27-nation European Union, launched an investigation in October into whether fully-electric cars manufactured in China were receiving distortive subsidies and warranted extra tariffs. Continue reading “EU tariffs on Chinese EVs could backfire, German car bosses warn”

TOKYO, (Reuters) – Toyota Motor (7203.T), opens new tab forecast a 20% profit decline in the current financial year on Wednesday, citing looming investment in both its suppliers and strategy after it delivered blockbuster fourth-quarter earnings.

Despite the leaner forecast, the results from the world’s top-selling automaker smashed market expectations. Operating profit surged 78% in the January-March quarter. For the full year, it totalled 5.35 trillion yen ($34.5 billion) – the first time for a Japanese company to top 5 trillion yen, local media reported. Continue reading “Toyota says investment to weigh on profit after blockbuster Q4”

(Reuters) – U.S. prosecutors are examining whether Tesla committed securities or wire fraud by misleading investors and consumers about its electric vehicles’ self-driving capabilities, three people familiar with the matter told Reuters.

Tesla’s Autopilot and Full Self-Driving systems assist with steering, braking and lane changes – but are not fully autonomous. While Tesla has warned drivers to stay ready to take over driving, the Justice Department is examining other statements by Tesla and Chief Executive Elon Musk suggesting its cars can drive themselves. Continue reading “Exclusive: In Tesla Autopilot probe, US prosecutors focus on securities, wire fraud”

(Reuters) – Fisker’s Austrian unit filed for bankruptcy protection on Tuesday as the cash-strapped EV startup looks for strategic options after talks with a major automaker for a potential investment collapsed.

The unit, Fisker GmbH, said other divisions are not included in the restructuring process and will continue to operate normally. Continue reading “Fisker’s Austria unit begins insolvency proceedings”

BEIJING, (Reuters) – Elon Musk proposed testing Tesla’s advanced driver-assistance package in China by deploying it in robotaxis, during his recent visit to the country, the state-backed China Daily newspaper reported on Wednesday, citing sources.

Chinese officials told the Tesla CEO that China “welcomes Tesla to do some robotaxi tests in the country” and hopes it can “set a good example”, the newspaper quoted the sources as saying. Continue reading “Elon Musk proposed to launch robotaxis in China during April visit, state media report says”

(Reuters) – Toyota Motor is expected to get a big lift from demand for hybrids when it reports annual earnings on Wednesday, illustrating how the world’s top-selling automaker is poised to benefit as hype around battery electric vehicles cools.

But the forecast record results, to be helped in part by a boost from the weak yen currency, belie the considerable challenges it faces in critical markets. In China it is pressured by a ferocious price war and in the U.S., the fallout from consumers grappling with higher borrowing costs. Continue reading “Toyota to get an earnings lift from hybrids as EV hype cools”

(Reuters) – Ride-hailing company Lyft projected higher-than-expected gross bookings and core profit for the current quarter on Tuesday, driven by robust demand for its services and benefits from new user and driver features.

It also reported first-quarter revenue and profit above expectations, sending its share up 5% in extended trading. Continue reading “Lyft forecasts strong quarterly earnings as ride-hailing demand picks up”

BOSTON, (Reuters) – Massachusetts’s highest court on Monday weighed whether ballot proposals that would redefine the relationship between app-based companies like Uber Technologies and Lyft and their drivers should be allowed to go before voters in November.

Massachusetts Supreme Judicial Court justices expressed concern, during oral arguments in Boston, over parts of an industry-supported group’s proposal to ask voters to affirm that under state law, drivers are independent contractors with some new benefits but cannot be considered company employees. Continue reading “Massachusetts top court hears challenges to gig worker ballot measures”

PARIS, (Reuters) – China’s premium electric vehicle maker Nio is on track to unveil a new model under a mass-market brand by the end of this month and a second smaller EV to be sold in Europe next year for less than $30,000, a senior executive told Reuters on Monday.

Nio has created the sub-brand Onvo to launch a new EV that Chief Executive William Li has said will take aim at the Tesla Model Y, the world’s best-selling EV. Continue reading “Nio on track to unveil its first mass-market car in May, executive says”

(Reuters) – Electric-vehicle maker Tesla has laid off staff from the software, service and engineering departments, tech publication Electrek reported on Monday, citing sources familiar with the matter.

The move comes after the Elon Musk-led automaker disbanded its EV charging department following Tesla’s announcement last month that it was reducing its global workforce by more than 10%. Continue reading “Tesla lays off more staff in software, service teams, Electrek reports”

Summary

• China to make up more than half of global EV sales in 2024, impact gasoline demand
• European margins to weaken after new Nigeria refinery ups output
• U.S. gasoline consumption likely to be flat in 2024 -analysts

NEW DELHI, (Reuters) – Global petrol demand growth could halve in 2024, squeezing second-half refinery margins, analysts said, driven by a shift to electric cars in China and the United States and a return to normal consumption after last year’s bounce following COVID-19. Continue reading “Gasoline demand growth to slow this year on EV growth in China, U.S.”

Source : PTI | VST Zetor Private Ltd, the joint venture between VST Tillers Tractors Ltd and HTC Investments, on Monday announced the launch of three “best-in-class” tractors in the higher horse-power range. In a statement, the company said, the three new tractors launched in the range of 41 to 50 HP are VST Zetor 4211, VST Zetor 4511, and VST Zetor 5011. These products are jointly developed by VST and ZETOR after rigorous testing and technological integration after taking valuable inputs from the farming community in India.

“Developed at VST Zetor plant in India, these tractors feature an indigenously made powerful, best-in-class DI Engine, fully constant mesh transmission with helical gears and VZmatic hydraulics. Its wider platform, dual diaphragm clutch, optimum turning Radius, adjustable premium seat, dual-acting power steering and aerodynamic styling ensure ease of operation with desired comfort,” it said. Continue reading “VST Zetor launches new range of tractors”

PARIS, (Reuters) – France’s car industry will aim to ramp up electric car sales fourfold by 2027 under a strategy agreement to be signed with the government on Monday, just as the president of China embarks on a state visit in the country.

French President Emmanuel Macron has set a goal for the nation’s carmakers to produce two million electric or hybrid vehicles by the end of the decade, even as they face tough competition from top producer China. Continue reading “French carmakers target fourfold jump in EV sales by 2027”

COPENHAGEN, (Reuters) – Volvo Cars’ sales rose 27% in April from a year earlier to 65,838 cars, boosted by demand for electric and hybrid vehicles, the Sweden-based group said on Monday.

Volvo Cars, majority-owned by China’s Geely Holding, said in a statement sales of fully electric cars were up 94% and accounted for 26% of all sales globally in the month. Continue reading “Volvo Cars April sales rise on strong EV demand”

Source : PTI | Domestic automobile majors Mahindra & Mahindra and Tata Motors have received a record number of patent approvals for a wide spectrum of product and process innovations in the last financial year. Mahindra & Mahindra (M&M) received 674 approvals, its best-ever annual performance, while Tata Motors also witnessed the grant of 333 patents during the 2023-24 financial year.

M&M said it has received a record 674 patents in 2023-24, with the majority coming in from the Indian Patent office. Continue reading “Mahindra, Tata Motors receive record patent approvals in FY24”

Source : PTI | New Delhi: Bengaluru-based electric vehicle startup Pravaig Dynamics has made offers to Tesla interns, who saw their offers getting revoked weeks before their start date, inviting them to join the Silicon Valley of India that will recognize and appreciate their talents. Tech billionaire Elon Musk’s latest cost-cutting victims are summer interns with his flagship Tesla Inc, rescinding offers just weeks before internships were to start.

As several aspiring employees took to LinkedIn to express anguish at not being left with enough time to find replacement gigs for the summer, Pravaig offered help. Continue reading “Indian EV startup makes offer to interns spurned by Elon Musk”

PARIS, (Reuters) – French government efforts to slow an influx of Chinese-made electric vehicles are bearing fruit, industry data show, highlighting one of the most sensitive trade issues when China’s president visits next week.

A surge in imports of Chinese electric cars into Europe has triggered EU tariff threats, which are expected to be a bone of contention when President Emmanuel Macron hosts his Chinese counterpart for a state visit on Monday. Continue reading “Ahead of Xi visit, Chinese share of French EV market slumps”

BRUSSELS, (Reuters) – The European Commission has warned three Chinese electric vehicle makers that they have not supplied sufficient information for its anti-subsidy investigation, according to two people familiar with the case.

If the Commission concludes that the provided information from sampled companies BYD, SAIC and Geely is insufficient, it could use evidence available elsewhere to compute tariffs, a move that can inflate them. Continue reading “EU says information from three Chinese EV makers insufficient”

BOSTON, (Reuters) – Massachusetts has become the latest front in a years-long battle in the United States over whether ride-share drivers for Uber and Lyft should be treated as independent contractors or employees entitled to benefits and wage protections.

The state’s top court is set to hear arguments on Monday over whether to let dueling ballot measures go before voters in November that would redefine the relationship between app-based drivers and companies like Uber, Lyft, Instacart and DoorDash whose businesses help fuel the gig worker economy. Continue reading “Status of Uber, Lyft gig workers hinges on Massachusetts court fight”

(Reuters) – Electric vehicle maker Zeekr Intelligent Technology Holding said on Friday it was targeting a valuation of up to $5.13 billion in its U.S. initial public offering (IPO), the first major floatation of a China-based company in more than two years.

Zeekr is looking to raise up to $367.5 million by selling 17.5 million American depositary shares (ADSs) priced between $18 and $21 each. Continue reading “China’s Zeekr seeks up to $5.13 bln valuation in US IPO”

WASHINGTON, (Reuters) – The U.S. Treasury Department on Friday gave automakers additional flexibility on battery mineral requirements for electric vehicle tax credits on some crucial trace minerals from China, such as graphite.

The department said it would give automakers until 2027 to remove some hard-to-trace minerals like graphite contained in anode materials and critical minerals contained in electrolyte salts, binders, and additives. Continue reading “Automakers win extension on use of Chinese graphite in EV tax credits”

NEW DELHI, (Reuters) – Elon Musk’s carmaker Tesla has sued an Indian battery maker for infringing its trademark by using the brand name “Tesla Power” to promote its products, seeking damages and a permanent injunction against the company from a New Delhi judge.

Tesla in a hearing at the Delhi High Court this week said the Indian company had continued advertising its products with the “Tesla Power” brand despite a cease-and-desist notice sent in April 2022, according to details of the proceedings posted on the court website on Friday. Continue reading “Tesla vs Tesla: US carmaker sues Indian namesake for copying trademark”

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Volkswagen India expands its network in Tamil Nadu, inaugurates a new city store in Chennai WAF Continue reading “WAF Auto News | The Auto World This Week (3rd May 2024)”

May 2 (Reuters) – Auto parts supplier Aptiv on Thursday cut its annual sales forecast and said it would reduce equity interest in its self-driving joint venture, Motional, with Hyundai Motor.

Shares of Aptiv jumped about 11.6% in morning trading.

Hyundai will acquire 11% of Motional’s common equity held by Aptiv for $448 million, expected to be completed by the third quarter, the latter said on a post-earnings call. Continue reading “Aptiv to sell stake in self-driving venture to Hyundai, cuts FY sales view”

(Reuters) – Auto parts supplier BorgWarner raised its full-year adjusted profit outlook on Thursday, aided by sustained demand from its exhausts, turbos and emission control systems.

BorgWarner, which supplies parts to Ford Motor and Volkswagen, develops and manufactures products to improve fuel economy, EV powertrains, chargers and battery systems, among other components. Continue reading “BorgWarner raises full-year 2024 adjusted profit outlook”

May 2 (Reuters) – Rivian Automotive said on Thursday it has received $827 million in an incentive package from the State of Illinois to expand operations at its Normal facility.

The Irvine, California-based company’s shares rose nearly 10% in afternoon trade after having lost more than 60% of their value this year, as of Wednesday’s close. Continue reading “Rivian receives $827 mln in incentives to expand Illinois facility, shares jump”

Summary

• A new city store in Chennai adds to the Brand’s network expansion in Tamil Nadu to enhance accessibility for customers, with the newly inaugurated city store, the total network strength in the state stands at 26 sales and 20 service facilities across 21 cities
• The Chennai touchpoint features a 5-car display showcasing the 5-star Global NCAP – rated Volkswagen Virtus and Taigun as well as Tiguan
• Expanded reach across India: Volkswagen India now has a sales and service network that spans across 155 cities in India, making one of India’s safest portfolio of cars more accessible to customers, democratizing safe mobility for all
• Accessible products & services: Prospective and loyal customers in the region can avail express service, Doorstep services through Mobile Service Unit and Volkswagen Assistance from this facility
• Taigun GT Line and Taigun GT Plus Sport: will now be available for customers to experience at the new city store in Chennai Continue reading “Volkswagen India expands its network in Tamil Nadu, inaugurates a new city store in Chennai”

Source : PTI | The Tripura government has imposed restrictions on sale of petrol and from Wednesday as the fuel stock in the northeastern state has come down due to disruption of goods train movement, an official said. Goods train movement to Tripura was hit by a massive landslide in Assam’s Jatinga. Passenger train movement started on April 26 after restoration work. However, train service through Jatinga still remains closed during the night.

“In view of the supply constraint of petrol and diesel due to disruption in goods train movement to the state, it has been decided to impose restriction on sale of fuel – petrol and diesel in the state from May 1 until further order”, said Additional Secretary of Food and Civil Supplies Department, Nirmal Adhikari. Continue reading “Tripura government imposes restriction on sale of petrol, diesel”

(Reuters) – Ford is recalling 242,669 units of its 2022-2024 Maverick vehicles over the failure of rear tail lights to illuminate, causing it to reduce the vehicle’s visibility, the National Highway Traffic Safety Administration (NHTSA) said on Wednesday. Continue reading “Ford recalls 242,669 US vehicles, NHTSA says”

AUSTIN, Texas, (Reuters) – Tesla has backed away from an ambitious plan for innovations in gigacasting, its pioneering manufacturing process, according to two sources familiar with the matter, in another sign that the electric-vehicle maker is retrenching amid falling sales and rising competition.

Tesla has been a leader in gigacasting, a cutting-edge technique that uses huge presses with thousands of tons of clamping pressure to die-cast large sections of the car’s underbody. On a typical vehicle, the underbody can consist of hundreds of individual parts. Continue reading “Exclusive: Tesla retreats from next-generation ‘gigacasting’ manufacturing process”

Source : PTI | New Delhi: Toyota Kirloskar Motor on Wednesday said its wholesales increased 32% year on year to 20,494 units in April. The automaker had dispatched 15,510 units to its dealers in April 2023.

The growth momentum was sustained despite a week-long maintenance shutdown from April 6 for upkeep of machinery and equipment to sustain operational efficiencies, productivity and safety, the company said in a statement.

Continue reading “Toyota sales grow 32% to 20,494 units in April”

Summary

• European carmakers post lower Q1 sales
• New model launches eat into margins
• Volkswagen, Stellantis, Mercedes Benz shares all lower

LONDON/FRANKFURT, (Reuters) – European car giants Volkswagen, Mercedes-Benz and Stellantis all posted lower sales and first-quarter revenue on Tuesday as they geared up to launch new models, faced higher costs and were hit by weaker demand for new cars as interest rates remain high. Continue reading “Weak demand, new model ramp up hit Europe’s top automakers”