TOKYO, (Reuters) – Nissan Motor slashed its annual operating profit estimate by 14.5% on Friday, citing lower-than-expected vehicle sales and other factors.
Japan’s third-largest automaker by volume now estimates an operating profit of 530 billion yen ($3.43 billion) instead of 620 billion yen for the year that ended in March. Net profit is now estimated at 370 billion yen instead of 390 billion yen. Continue reading “Nissan cuts annual operating profit estimate by 14.5% on lower sales”
BARCELONA, (Reuters) – Chinese carmaker Chery said on Friday a newly-acquired Barcelona plant will be one of its main exporting facilities worldwide, aiming to produce 150,000 vehicles a year by 2029 in a joint venture with Spanish firm EV Motors.
Production will begin at the end of the summer at a plant that Japanese carmaker Nissan shut down in 2021. Chery (CHERY.UL) will start production of its Omoda 5 electric vehicle (EV), and hire 150 former Nissan workers, said EV Motors’ chief executive Pedro Calef at the plant’s presentation. Continue reading “Chinese carmaker Chery says Spanish plant to be among main export facilities worldwide”
(Reuters) – Tesla is recalling 3,878 Cybertrucks to fix an accelerator pedal pad that could come loose and get lodged in the interior trim, the U.S. National Highway Traffic Safety Administration (NHTSA) said on Friday.
A trapped accelerator pedal could cause the vehicle to accelerate unintentionally, increasing the risk of a crash, the auto safety regulator said in a notice. Continue reading “Tesla to recall 3,878 Cybertrucks over faulty accelerator pedal, NHTSA says”
DETROIT, (Reuters) – U.S. automakers General Motors (GM.N) and Ford face a challenge in common when they report first-quarter results next week: Explaining to investors where profit growth will come from in the months ahead as EV growth slows.
The slowdown in global electric-vehicle demand, intensifying competition from Chinese automakers and high U.S. borrowing costs have forced the U.S. automakers to delay investments and ratchet down costs over the past 12 months. With China’s economy slowing and U.S. inflation running hot, a macroeconomic growth boost looks a long way off. Continue reading “GM and Ford count on gas-powered trucks as EV growth slows”
INDIA
MG Motor India plans to expand network in tier III, IV to drive next phase of growth WAF
Volkswagen India Launches ‘Volkswagen Experiences’ To Elevate Customer Engagement WAF Continue reading “WAF Auto News | The Auto World This Week (19th April 2024)”
Source : Mobility Outlook | Volkswagen India has announced a new customer community initiative, ‘Volkswagen Experiences’ or ‘VWe’, designed to foster a closer relationship between the brand and its enthusiasts through unique, community-driven experiences. The ‘VWe’ initiative aims to transform the traditional vehicle ownership model into a more interactive and lifestyle-oriented experience. It offers Volkswagen customers and fans opportunities to engage deeply with the brand through tailored experiences that highlight the distinctiveness of Volkswagen’s products and the lifestyle they embody. Continue reading “Volkswagen India Launches ‘Volkswagen Experiences’ To Elevate Customer Engagement”
Source : PTI | MG Motor India on Thursday said it has partnered with the Epsilon Group for EV charging solutions and battery recycling. As part of the collaboration, the automaker has signed an MoU with two Epsilon Group subsidiaries – Power EV, for charging solutions and LICO, for battery recycling and second-life expertise.
As per the agreement, Power EV will provide Custom Charging technology to develop AC and DC charging solutions for charging solutions for MG’s EVs. Continue reading “MG Motor’s new partnership promises extended battery life for EVs. Here’s How”
MG Motor India is driving towards tier III and IV cities of the country with plans to establish 100 new touchpoints by the end of the ongoing fiscal year as part of its strategy to fuel the next phase of growth, a senior company official said on Wednesday.
With JSW Group coming in as an investor and becoming a joint venture partner with China’s SAIC, last month the company announced plans to invest Rs 5,000 crore and had set a target of selling one million units of passenger electric vehicles in India by 2030 when the total market is expected to be 10 million units annually. Continue reading “MG Motor India plans to expand network in tier III, IV to drive next phase of growth”
Elon Musk coming to India next week is Big News! It’s speculated that Tesla just might invest a couple Billion Dollars in the third largest automotive market in the world!
After the EV Policy change, Tesla could have invested just half a Billion dollars to qualify for the newly constituted 15% Duty bracket down from the 100% one. But it seems, it chooses to invest much higher.
The richest man in the world coming to meet one of the most powerful leaders in the world around the time when the largest democracy in the world gets busy with it’s General Elections. Coincidence ? Fan Boy Moment ? Way to get more govt goodies post elections ? A competent strategy to ensure formidable global rivals like BYD stay in the rear view mirror ? Despite entering India much earlier!
Source : PTI | Nissan Motor India on Thursday said it is voluntarily recalling Magnite units produced between November 2020 and December 2023 for a retrofit of front door handle sensors. The company did not share the number of affected units.
This proactive and mandatory preventive action impacts the base XE and mid XL variants only, with no impact to the safety of customers, the automaker said in a statement on its website. Continue reading “Nissan recalls Magnite units to fix front door handle sensors”
TOKYO, (Reuters) – (This April 17 story has been officially corrected after Toyota clarified it incorrectly stated customer orders for the Prius model had been suspended, in the the headline and paragraph 1)
Toyota Motor has recalled more than 135,000 Prius hybrid cars in Japan due to a problem with rear door handles. Continue reading “Toyota recalls Prius cars due to door handle fault”
(Reuters) – New car sales in the European Union fell by 5.2% year-on-year in March, marking the first decline this year and the biggest since July 2022, Europe’s auto industry body said on Thursday, citing the impact of early Easter holidays and a market downturn.
Top European carmakers Volkswagen and Stellantis have said the market will be tough in 2024, as a result of weak global demand for electric vehicles (EVs), increasing Chinese competition, sustained cost pressures and geopolitical tensions. Continue reading “Early Easter causes EU new car sales to drop 5.2% in March, says ACEA”
Summary
(Reuters) – Elon Musk has kept investors hanging since he issued cryptic social posts following an exclusive April 5 Reuters report that Tesla had scrapped its plans for a $25,000 “Model 2” electric vehicle. Continue reading “Wall Street wants answers from Elon Musk on Tesla’s Model 2 car”
DETROIT, (Reuters) – A Volkswagen plant nestled against dense forests and Interstate 75 on the southern border of Tennessee has become a battleground over worker representation that could sway the future of the American auto industry.
The United Auto Workers is attempting for the third time to organize the 4,300 eligible workers in Chattanooga, where VW assembles the ID.4 electric SUV. The vote at VW’s only nonunion plant globally is scheduled to begin on Wednesday and conclude late on Friday. Continue reading “UAW Volkswagen Tennessee plant vote: Union seeks landmark win”
TOKYO, (Reuters) – Toyota Motor (7203.T), opens new tab has recalled more than 135,000 Prius hybrid cars in Japan due to a problem with rear door handles.
The cars being recalled were manufactured between November 2022 and April 2024, according to a transport ministry filing. No accidents have been reported due to the fault. Continue reading “(OFFICIAL) Toyota recalls Prius cars due to door handle fault”
(Reuters) – Tesla on Wednesday asked shareholders to reaffirm their approval of CEO Elon Musk’s record-breaking $56 billion compensation that was set in 2018, but was rejected by a Delaware judge in January.
The re-vote comes ahead of next week’s quarterly earnings for Tesla, which is grappling with weak demand as well as a reputational hit to Musk from his political leanings and approval of an antisemitic conspiracy theory last year. Continue reading “Tesla again seeks shareholder approval for Musk’s 2018 pay voided by judge”
BIRMINGHAM, Mich., (Reuters) – The U.S. auto industry needs regulatory certainty from politicians in Washington and the back and forth as the White House changes hands doesn’t help, but the adoption rate of electric vehicles will continue to grow, Ford Motor’s executive chairman Bill Ford said on Wednesday.
The growth rate on EV sales has slowed, but globally they are being adopted quickly and Ford will follow even as it hedges it bets with its gasoline-powered and hybrid electric vehicles, he said at a Detroit Free Press event outside Detroit. Continue reading “US auto sector ‘whipsawed’ by politicians, Ford chairman says”
Source : PTI | India’s petrol consumption soared 7% in the first half of April but diesel sales were down 9.5% ahead of the onset of a harsh summer season that is set to crank up fuel demand, preliminary data of state-owned firms showed on Tuesday. Petrol sales of three state-owned firms, which control 90% of the fuel market, rose to 1.22 million tonnes during April 1 to 15 when compared to 1.14 million tonnes of consumption in the same period last year.
Diesel demand dropped 9.5% to 3.14 million tonnes.
Continue reading “Petrol sales up 7%, diesel declines 9.5% in April”
Summary
BEIJING, (Reuters) – German Chancellor Olaf Scholz lobbied for better market access for German firms in China in talks with Chinese President Xi Jinping on Tuesday and urged him to exert pressure on Russia to withdraw its forces from Ukraine. Continue reading “Germany’s Scholz lobbies Xi to improve market access, pressure Russia”
BARCELONA, (Reuters) – China’s Chery Auto has signed a joint venture deal with Spain’s EV Motors to produce cars at its first factory in Europe, EV Motors and the Catalan regional government said on Tuesday.
Cars will be produced later this year at a plant that Japanese carmaker Nissan shut down in 2021, helping to recover some of the 1,600 direct jobs lost as a result. Continue reading “China’s Chery to open its first European manufacturing site in Spain”
Summary
MILAN, (Reuters) – Carmaker Stellantis faces a challenging year with increasing pricing pressures, its chief executive warned on Tuesday before shareholders voted to approve his bumper 2023 salary package. Continue reading “Stellantis chief Tavares warns of tough year ahead”
TOKYO, (Reuters) – Japan’s Honda Motor plans to launch six next-generation electric vehicle (EV) models branded Ye in China by 2027, the automaker said on Tuesday.
It added that it also planned to roll out a total of 10 Honda-brand EV models in China by 2027 in the race to ensure EVs make up 100% of its automobile sales in the country by 2035. Continue reading “Honda to launch next-generation EVs in China by 2027”
Summary
SHANGHAI/BERLIN, April 16 (Reuters) – Tesla’s global job cuts include reducing staff in the U.S. and China, the automakers’ two biggest markets, across sales, tech, and engineering, five sources briefed on the matter said. Continue reading “Tesla’s global job cuts include leading markets US, China”
YOKOHAMA, Japan, (Reuters) – Japan’s Nissan Motor will begin to produce solid-state batteries for electric vehicles at scale by early 2029 and use huge casting machines as it seeks to raise efficiency and drive down costs on future models, the automaker said on Tuesday.
Nissan is betting on technological advancements to stave off heavy competition from rivals such as Tesla and BYD that have raced ahead in production of battery-powered cars. Continue reading “Japan’s Nissan bets on solid-state batteries, gigacasting for next-gen EVs”
SHANGHAI, (Reuters) – BYD has unveiled three new models, including two concept cars, under its premium brand Fangchengbao as the Chinese electric vehicle giant ramps up efforts to sell into higher-priced segments.
The Bao 8 SUV, Super 3 concept crossover and Super 9 concept sports car made their debut at a live-streamed event on Tuesday night. The company will showcase them at the Beijing auto show, which starts late next week. Continue reading “China’s BYD unveils three new models for its off-road Fangchengbao lineup”
(Reuters) – North Carolina regulators have approved a state mining permit for Tesla supplier Piedmont Lithium to develop one of the largest U.S. sources of the key electric vehicle battery metal, although key financing and local regulatory challenges remain.
The approval from the North Carolina Department of Environmental Quality, which was announced by the company on Monday and is conditional on the posting of a $1 million reclamation bond, removes one major hurdle to Piedmont’s plans to tap a large lithium deposit just outside Charlotte. Continue reading “Tesla supplier Piedmont Lithium gets key North Carolina mining permit”
DETROIT, (Reuters) – General Motors in 2025 will move its headquarters deeper into downtown Detroit, the U.S. automaker said on Monday, after spending more than 20 years in its riverfront home at the Renaissance Center.
GM will place its global headquarters a few blocks away from the so-called RenCen, in a sleek new high-rise building called Hudson’s, which will be the second-tallest skyscraper in Detroit. Continue reading “GM moving to new Detroit headquarters in 2025”
SHANGHAI, (Reuters) – German Chancellor Olaf Scholz on a visit to China on Monday pressed his case for open and fair markets, warning his hosts against dumping and overproduction while calling for the European Union not to act out of protectionist self-interest.
Scholz’s trip to China, in which he is accompanied by several leading German business executives as well as three ministers, is being watched for signs as to how Europe will calibrate its response to what it believes are Chinese goods being dumped on its market. Continue reading “Germany’s Scholz in China: we want fair auto market but no dumping”
SHANGHAI, (Reuters) – Chinese electric vehicle (EV) maker Nio’s founder called for openness in a rare speech in the United States, where politicians have been seeking to further restrict China’s access to the world’s second-largest auto market.
William Li, speaking at an event at Harvard University on Saturday, said rapid EV growth in China resulted from an “open and competitive” market where “all products are welcome regardless of their brands or origins”. Continue reading “China EV maker Nio urges openness in US speech amid tensions”
(Reuters) – North Carolina regulators have approved a state mining permit for Tesla supplier Piedmont Lithium to develop one of the largest U.S. sources of the key electric vehicle battery metal, Piedmont said on Monday.
The approval from the North Carolina Department of Environmental Quality, which is conditional on the company posting a $1 million reclamation bond, removes a major hurdle to Piedmont’s plans to tap a large lithium deposit just outside Charlotte. Continue reading “North Carolina approves mining permit for Tesla supplier Piedmont Lithium”
SINGAPORE, (Reuters) – Low rates of investment in the global mining sector have put the global energy transition at risk, widening the supply gap in critical minerals like copper, Rio Tinto chairman Dominic Barton said on Monday.
“The gap is humungous, and I am actually very worried about whether we will be able to close (it),” Barton said via video link at the Ecosperity conference in Singapore. Continue reading “Global mining investment too low to support energy transition, Rio Tinto chairman says”
The U.S. National Highway Traffic Safety Administration (NHTSA) said on Monday it has opened a preliminary evaluation to investigate claims related to loss of brake assist for 3,322 GM Cadillac Lyriq electric vehicles.
The NHTSA said it received reports of a hard brake pedal, followed by a “Brake System Failure” message at start up or while driving. The evaluation covers 2023 model year vehicles. Continue reading “US opens probe into 3,322 GM Cadillac Lyriq EVs over loss of brake assist”
LONDON, (Reuters) – BP has cut over a tenth of the workforce in its electric vehicle charging business and pulled it out of several markets after a bet on rapid growth in commercial EV fleets didn’t pay off, company sources said.
The changes at BP Pulse are part of CEO Murray Auchincloss’s efforts to focus on the British company’s most profitable segments as it battles investor doubts over its plan to shift away from oil and gas to low-carbon energy. Continue reading “Exclusive: BP’s EV charging arm cuts jobs, reduces global ambitions”
Continue reading “Tesla to lay off more than 10% of staff globally as sales fall”
Source : PTI | The Gurugram administration on Saturday conducted a mega verification drive to check fitness of school buses under the Surakshit School Vahan policy and issued challans to 184 buses, officials said. Over 2,700 buses of more than 500 private schools in the district have been summoned for verification over the two days, they said.
As many as 795 buses were checked on the first day of this two-day campaign in the district, they added. Continue reading “Gurugram admin begins fitness drive for buses of over 500 schools”
Source : PTI | On the streets of Kolkata and surrounding areas, e-rickshaws, popularly known as ‘toto’, are set to be powered by lithium-ion batteries with the rolling out of a battery leasing model, officials said on Sunday. Neuron Energy, a lithium-ion battery maker, has joined hands with Urja Mobility to spearhead the leasing model which has so far been heard only in the business-to-business EV sector, they said. Continue reading “Leasing of lithium-ion batteries for 3-wheelers to be rolled out soon in Kolkata”
Source : PTI | New Delhi: More than 1.26 lakh commuters have been booked for stop-line violations in the first three months of 2024, which is 20 per cent higher than the last year during the same period, the Delhi Traffic Police said on Sunday. “The stop-line violations, which involve motorists disregarding the designated stop lines at traffic signals, have been a persistent concern contributing to the road safety hazards and traffic congestion,” a senior officer of the Delhi Traffic Police said.
According to a statement issued by the traffic police, they initiated special drives against stop-line violations and booked 1,26,084 violators from January 1 to March 31 compared to 1,05,317 in 2023 in the same period. Continue reading “Over 1.26 lakh commuters booked for stop-line violations in 3 months: Delhi traffic police”
Source : PTI | New Delhi: The government has set the target of producing 170 million tonnes of coal from captive and commercial coal blocks in the country during the current financial year. In FY24, captive and commercial coal blocks produced 147.12 million tonnes (MT) of dry fuel, 26 per cent higher from 116 MT produced in FY23.
According to an official, additional secretary, coal, M Nagaraju this week reviewed the coal production targets for FY25. Representatives of 74 coal mines were present in the review meeting. Continue reading “Govt sets coal production target of 170 million tonnes for FY25”
Source : PTI | Global automotive major Stellantis plans to make India a hub for exports of electric vehicles initially targeting Southeast Asian markets, according to a senior company official. Stellantis India on Thursday commenced exports of its Made in India ‘E-C3’ electric car with the shipment of 500 units to Indonesia and is seeking to leverage on India’s cost competitiveness in manufacturing to increase its overseas shipments.
“We will be the first ‘multinational OEM’ in India to achieve this feat (to export EVs). We also have plans for a couple of other markets, Nepal and Bhutan. This is just the start…the plan is to take it from there,” Stellantis India CEO & MD Aditya Jairaj told PTI. Continue reading “Stellantis, the maker of Jeep and Citroen brands, plans to make India an EV export hub”
(Reuters) – The United Auto Workers (UAW) said on Friday it is “extremely disappointed” with truck maker Volvo Group’s decision to set up a new truck plant in Mexico, which the company said would help supplement its U.S. production.
The union, in a letter published on Thursday, said it is looking into the contractual obligations for truck build rates at the Lehigh Valley Operations (LVO) plant and the potential legal ramifications from Volvo’s Mexico decision. Continue reading “UAW ‘extremely disappointed’ with Volvo’s Mexico plant decision”
