(Reuters) – Swedish electric-vehicle maker Polestar Automotive Holding, on Wednesday cut the base price of its Polestar 3 model by more than 12% and launched new variants, as it prepares to counter lackluster demand.
Faltering demand in the global EV market has led to a spate of job cuts and missed production targets, forcing EV-makers to cut prices in a bid to revive demand. Continue reading “Polestar cuts starting prices for its upcoming model as EV demand falters”
Summary
BEIJING, (Reuters) – A slump in the price of lithium, a key raw material in electric car batteries, is dragging on China’s mining of the ultralight metal which together with a costly extraction process is prompting a reassessment of output growth and new project plans. Continue reading “China lithium boom slows as sagging prices batter high-cost miners”
Summary
BERLIN, (Reuters) – Volkswagen expects a 3% rise in its car sales this year, down sharply from 2023 amid a gloomy economic outlook and growing competition. Continue reading “Volkswagen says tough market to weigh on car sales growth in 2024”
BERLIN, (Reuters) – Elon Musk on Wednesday visited Tesla’s European gigafactory in Gruenheide, Germany, where operations had resumed after an arson attack on a nearby electricity pylon last week led to a costly power outage that halted production.
The Tesla chief executive, who was pictured at the German factory wearing a black T-shirt that read “We are (Giga) the future,” shouted “Hey, Deutschland rocks! Dig in Berlin for the win!” as he walked out of the factory and got into a car. Continue reading “Musk says ‘Deutschland rocks!’ after visit to arson-hit Tesla plant”
ELIZABETHTOWN, Kentucky, (Reuters) – U.S. Treasury Secretary Janet Yellen on Wednesday said President Joe Biden’s administration is taking steps to ensure success of the domestic electric vehicle (EV) industry in the face of China’s growing exports in the sector and heavy government subsidies.
Asked whether the United States needs new tariffs on Chinese EVs, Yellen told reporters at a new battery materials plant in Kentucky: “I don’t want to get ahead of where we are, but it is a commitment that President Biden has made … that we’re going to want our domestic industry to be successful.” Continue reading “Yellen says US aims to ensure domestic EV maker success as China boosts exports”
Source : PTI | New Delhi: The heavy industries ministry on Wednesday announced a new scheme to promote e-mobility in the country with an outlay of INR 500 crore for four months beginning April 2024. The new scheme is for 2-wheelers and 3-wheelers.
The second phase of FAME-II or Faster Adoption and Manufacturing of Electric Vehicles in India programme ends on March 31, 2024.
Continue reading “Heavy industries ministry announces INR 500 cr scheme to promote e-mobility”
Source : PTI | An MoU was signed on Wednesday between BPCL, Chhattisgarh Biofuel Development Authority and municipal corporations of Raipur and Bhilai for production of Compressed Bio Gas () in Chhattisgarh, officials said. As per the pact, BPCL- a central PSU, will set up CBG plants in Raipur and Bhilai with an investment of around INR 100 crore and the capacity of each plant will be 100-150 tonne per day.
The MoU was signed in the presence of Chief Minister Vishnu Deo Sai and Deputy CM Arun Sao here at the former’s official residence, they said. Continue reading “Compressed bio gas plants to be set up in Raipur, Bhilai; initial pact with BPCL signed”
(Reuters) – Tesla’s (TSLA.O), opens new tab expansion into Southeast Asia is a priority, a senior executive said on Tuesday, highlighting the fast-growing market where the U.S. electric-vehicle maker faces competition from China’s BYD.
The region has emerged as one of the hottest EV markets in recent years and could offer Tesla a large customer base at a time when demand is slowing in the United States. Continue reading “Tesla official talks up Southeast Asia expansion as China’s BYD pulls ahead”
MILAN, (Reuters) – Automaker Toyota Motor Corp became the most shorted large-cap stock by hedge funds in the Asia Pacific region in February, overtaking Takeda Pharmaceutical, a report from treasury management and securities finance platform Hazeltree showed on Tuesday.
A short trade is a bet on a company’s stock price falling. Continue reading “Toyota becomes Asia’s most shorted large-cap stock – Hazeltree”
(Reuters) – General Motors (GM.N), opens new tab said on Tuesday that Mike Abbott, executive vice president of software and services, will step down due to health reasons.
Abbott, a former Apple executive, was brought in last year to spearhead GM’s software development efforts amid an investment rampup from the automaker in electric vehicles and subscription based services. Continue reading “General Motors’ executive vice president for software and services Mike Abbott to step down”
LONDON, (Reuters) – Global sales of fully electric and plug-in hybrid vehicles (PHEVs) rose at a tepid rate of 3% in February versus the same period last year mainly due to the impact of the Chinese Lunar New Year celebrations, market research firm Rho Motion said on Wednesday.
The company said global sales hit 800,000 units. Sales in Europe grew 12% versus February of last year and rose 31% in the U.S. and Canada, but they fell 12% in China. Continue reading “Global electric car sales in February hurt by China’s New Year celebrations”
Summary
TOKYO, (Reuters) – Toyota Motor agreed to give factory workers their biggest pay increase in 25 years on Wednesday, heightening expectations that bumper pay raises will give the central bank leeway to make a key policy shift next week. Continue reading “Toyota agrees to biggest wage hike in 25 years, paves way for BOJ shift”
Source : PTI | New Delhi: Lithium-ion battery pack maker and recycling firm Lohum on Wednesday said it has secured USD 54 million (INR 450 crore) in a funding round from a bunch of investors. The investors who participated in the series B funding round of capital infusion include Singularity Ventures, Baring Private Equity, Cactus Venture Partners & Venture East amongst other new and existing venture firms, Lohum said in a statement.
The company will use these funds to fuel its market expansion, scaling up recycling operations across India, and also expanding to new energy transition materials markets in North America, the EU, the Middle East, Africa, and Asia, it said.
Continue reading “Lohum raises USD 54 million to fuel its market expansion”
Source : PTI | The first set of semiconductors will start rolling out from Tata Electronics’ plant here in December 2026, union minister for communications and IT Ashwini Vaishnaw said on Wednesday. Speaking at the ground-breaking ceremony of Tata Group and CG Power chip plants, Vaishnaw said India will be among the top five chip ecosystems in the world by 2029.
“The first chip from Dholera plant will be out in December 2026 and chip from Micron plant will be out by December 2024,” the minister said.
Source : PTI | New Delhi, Nearly 47% cab drivers and 41.5% delivery persons face some form of violence at work with a majority of the latter demanding the 10 minutes delivery policy be discontinued, a survey report has revealed. Several companies offer discount and provide the order for free if the delivery is not made within 10 minutes of placing the order.
In an incident in October last year, a pizza delivery man in Pune, Maharashtra, was assaulted and threatened by firing in the air by an angry customer due to late arrival of the pizza at his doorstep. Continue reading “Over 40% cab drivers, delivery persons face violence at work: Survey”
Summary
(Reuters) – Michelin and 12 other tire manufacturers have asked a U.S. court to dismiss a lawsuit filed by California-based commercial fishing groups that allege a chemical used in their tires is poisoning West Coast watersheds and killing rare trout and salmon. Continue reading “Tire makers say lawsuit over fish-killing chemical sidesteps EPA”
STOCKHOLM, (Reuters) – Swedish truck maker AB Volvo plans to slow down the pace of production at its Tuve plant in Gothenburg and cut 250 jobs at the facility, local daily Goteborgs-Posten reported on Tuesday, citing a company spokesperson.
The cuts at the factory, which produces heavy duty trucks, affect consultants and staff with temporary employment, it said. Continue reading “Truck maker Volvo slows production and cuts 250 jobs, daily GP reports”
BEIJING, (Reuters) – Volkswagen Group China plans to boost investment in its only majority-controlled joint venture, according to a Tuesday stock filing by its Chinese partner, as the German automaker expands its business in the world’s largest auto market.
Anhui Jianghuai Automobile (JAC Motors), Volkswagen partner in its third China JV, said the two sides will boost the JV’s registered capital to 13.9 billion yuan ($1.94 billion) from 7.4 billion yuan. Continue reading “Volkswagen Group China plans to boost investment in majority-controlled JV”
Summary
FRANKFURT/BERLIN, (Reuters) – Porsche expects its profit margins to dip this year as the German luxury carmaker funds the launch of four new models to help it tackle tougher competition. Continue reading “Porsche sees lower returns in year of major model launches”
BEIJING, (Reuters) – China’s Xiaomi said on Tuesday it will start deliveries of its first electric vehicle (EV) model SU7 this month, venturing into the world’s largest auto market amid a brutal price war.
The smartphone maker, China’s fifth-largest, said in a Weibo post it has 59 stores in 29 cities nationwide that will take orders. A launch event is scheduled for March 28 when the new EV’s sticker tag is expected to be announced. Continue reading “China’s Xiaomi to start deliveries of its first EV model, shares soar”
Source : PTI | Prime Minister Narendra Modi on Tuesday inaugurated India’s first automobile in-plant railway siding project of Maruti Suzuki (MSIL) at its plant at Hansalpur in Gujarat’s Mehsana district virtually from a function here.
PM Modi, who visited Gujarat on Tuesday, inaugurated and laid the foundation stone of INR 85,000 crore railway projects, including the launch of 10 new Vande Bharat trains, from Sabarmati area of Ahmedabad in Gujarat after visiting the Dedicated Freight Corridor’s (DFC) Operation Control Centre here.
Source : PTI | New Delhi: With escalating everyday attacks and no end in sight, the Red Sea crisis will adversely impact trade volumes in substantial ways in 2024, according to the report of economic think tank GTRI.
The Global Trade Research Initiative (GTRI) said that rising shipping, and insurance costs and delayed arrival of shipments will continue to disrupt global value chains, squeeze margins, and make exports of many low-margin products unviable from current locations. Continue reading “Red Sea crisis continues; adverse impact on trade data will be visible in new fiscal: GTRI”
Monthly Performance: February 2024
Production: The total production of Passenger Vehicles1
Three Wheelers, Two Wheelers, and
Quadricycle in February 2024 was 22,94,411 units
Domestic Sales:
Commenting on sales data of February 2024, Mr Vinod Aggarwal, President, SIAM said, “Passenger Vehicles, Two-Wheelers, and Three-Wheelers have posted Continue reading “Auto Industry Performance of February-2024”
Source : PTI | Mahindra & Mahindra (M&M) remains steadfastly committed to the utility vehicles segment going forward, and the newly born EVs will also continue to remain in the passenger vehicle segment, an official said on Monday. Given the trend from April to February, the automaker is poised to cross the 8 lakh mark in the current fiscal, against 6.9 lakh units in FY’23, the official said.
“In the last 11 months, we have sold 7.56 lakh units in passenger, commercial including three-wheelers. The trend indicates we are crossing the eight lakh mark by March 2024,” M&M’s national sales head Baneswar Banerjee told PTI on the sidelines of the launch of a dealership by Landmark group. Continue reading “M&M to launch 3 pure electric utility vehicles, says it is committed to UVs too”
Summary
DUBAI, (Reuters) – Saudi Aramco Chief Executive Amin Nasser said on Sunday the oil giant was looking at further opportunities to invest in China, where he said oil demand was robust and growing. Continue reading “Aramco sees China demand growing, eyes more investments”
SYDNEY, (Reuters) – Volkswagen Australia said on Monday it had quit the policymaking committee at the country’s auto lobby, days after Tesla cut ties with the group, as the German carmaker distances itself from a campaign against new fuel standards.
In a letter sent to other members of the Federal Chamber of Automotive Industries, Volkswagen said it quit the lobby group’s Policy Advisory Committee before a meeting later this week, according to a spokesperson. Continue reading “Volkswagen quits Australia auto lobby committee as fight grows over green fuel standards”
(Reuters) – The U.S. National Highway Traffic Safety Administration (NHTSA) on Monday launched a preliminary probe into about 250,712 Honda Insight and Honda Passport vehicles over inadvertent activation of automatic emergency braking.
The NHTSA’s report states that the Office of Defects Investigation (ODI) received 46 complaints, which included reports of three crashes or fires and two injuries. Continue reading “US opens probe into 250,712 Honda vehicles over braking issues”
(Reuters) – Six weeks before the first fatal U.S. accident involving Tesla’s Autopilot in 2016, the automaker’s president Jon McNeill tried it out in a Model X and emailed feedback to automated-driving chief Sterling Anderson, cc’ing Elon Musk.
The system performed perfectly, McNeill wrote, with the smoothness of a human driver. Continue reading “Next Autopilot trial to test Tesla’s blame-the-driver defense”
Source : PTI | New Delhi: Mahindra Group Chairman Anand Mahindra on Sunday pitched for a partnership between the government and Indian companies for scale, innovation, global reach to help domestic firms play their part in realising India’s ambition of becoming a global power. He also sought support from the government for domestic industry such as extending the PLI scheme to more sectors, simplifying regulations for start-ups and innovators and help in increasing their competitiveness through steps such as lowering logistics costs.
Speaking at the 4th Annual Atal Bihari Vajpayee Lecture, Mahindra also called for India to increase spending on research and development, while acknowledging that the private sector is lagging when it comes to making investments due to a mindset of risk aversion and lowered aspirations.
Source : PTI | Madhya Pradesh Chief Minister Mohan Yadav on Sunday announced that the state would provide financial assistance of INR 40,000 to labourers buying electric scooters. The CM made the announcement while speaking before the inauguration of the airport terminal in Gwalior earlier in the day.
“We have raised the financial assistance amount to INR 4 lakh from the current INR 1 lakh in case of death of labourers or (them suffering) physical disabilities,” he said. Continue reading “MP govt to provide INR 40,000 aid to labourers for purchasing e-scooters: CM Yadav”
Source : PTI | New Delhi, MG Motor India expects an accelerated growth path with more aggressive expansion plans after getting the JSW Group as an investor, according to company CEO Emeritus Rajeev Chaba. With the company already establishing a well laid foundation based on technology, customer experience, gender diversity and community service in the first phase of its journey in the country, he said MG Motor India is now looking ahead to the next phase of growth.
“Now with the investor coming in, definitely I would expect an accelerated growth path, and more aggressive expansion plans.That’s what we look forward to and take advantage of the solid foundation,” Chaba told PTI. Continue reading “Expect accelerated growth post investment by JSW Group: MG Motor India CEO Emeritus Rajeev Chaba”
GRUENHEIDE, Germany, (Reuters) – Tesla’s German plant near Berlin will resume operations next week, the head of its works council said on Friday, after a power outage stopped production.
The Tesla electric vehicle (EV) factory has been closed since March 5 after a fire at a nearby power pylon, which police are investigating as an arson attack. Continue reading “Tesla’s German plant to restart next week, says works council head”
TOKYO, (Reuters) – Japan’s Nissan Motor may bring production of its ultra-compact electric vehicles in-house, five people familiar with the matter said, emboldened by the success of its Sakura model currently built by junior partner Mitsubishi Motors.
The automaker is considering moving production to its factory on the southern island of Kyushu in the business year starting April 2028, said two of the people, who declined to be identified as the information was private. Continue reading “Nissan may bring ultra-compact EV production in-house from 2028, sources say”
BEIJING, (Reuters) – China’s electric vehicle sales slowed in the opening months of this year, industry data showed on Friday, with competition intensifying as market leader BYD headed a deeper round of price cuts.
Sales of battery-powered EVs rose 18.2% in January-February versus 20.8% for all of 2023, showed data from the China Passenger Car Association. Continue reading “China EV sales slow in January-February; price-cutting intensifies”
SYDNEY, (Reuters) – Volkswagen and Toyota have taken opposing sides on Australia’s proposed new rules to cut vehicle emissions, while electric vehicle makers Tesla and Polestar quit the country’s auto lobby in protest over the group’s campaign against tougher standards.
The German automaker said it supported the government’s plans and wanted stronger incentives for clean car importers, in stark contrast to the main lobby group, which is pushing to water down the rules. Continue reading “Australia auto lobby split widens as Tesla, Volkswagen back tougher emissions plan”
LONDON/DUBAI, (Reuters) – Saudi Arabia and the United Arab Emirates’ national oil companies plan to extract lithium from brine in their oilfields, in line with efforts to diversify their economies and profit from the shift to electric vehicles (EVs), three sources told Reuters.
Other oil companies, including Exxon Mobil and Occidental Petroleum, plan to take advantage of emerging technologies to filter lithium from brine, as the world seeks to move away from fossil fuels. Continue reading “Exclusive: Gulf oil giants Saudi Aramco, Adnoc set sights on lithium”
Source : PTI | New Delhi: India will have an overall coal stock of 150 million tonne by the end of this month, Union Minister Pralhad Joshi said on Thursday. This will be 19.53% higher than 125.49 million tonne coal stock at the end of March 2023. Out of 125.49 million tonne , 34.57 million tonne was at coal-based power plants.
The stock level has reached 133.97 million tonne , which includes 43.47 million tonne at domestic coal-based power plants, the minister said. Continue reading “India to have 150 million tonne coal stock by March-end: Coal Minister”
Source : PTI | Honda Motorcycle & Scooter India (HMSI) on Friday said it is recalling certain units of its superbikes GL1800 Gold Wing and CBR1000RR to inspect and replace faulty fuel pumps. Honda GL1800 Gold Wing manufactured between December 2017 and December 2023 and CBR1000RR manufactured between September 2017 and April 2020 are affected, the two-wheeler major said in a statement.
HMSI, however, did not provide an exact number of the units being recalled.
Continue reading “HMSI recalls GL1800 Gold Wing, CBR1000RR units to fix faulty fuel pumps”
Source : PTI | New Delhi: The Enforcement Directorate (ED) on Friday said it has attached immovable assets worth Rs 367 crore in Delhi, Mumbai, Kolkata and some cities in Odisha as part of a money-laundering probe linked to an alleged bank-loan fraud against Bhushan Steel Limited (BSL).
A provisional order has been issued under the Prevention of Money Laundering Act (PMLA) to attach the assets that were held “in the name of benamidars/shell entities through dummy directors so as to conceal them and to ensure that they are out of the reach of law enforcement agencies”, the ED has said in a statement. Continue reading “ED attaches assets worth INR 367 crore in Bhushan Steel ‘bank fraud’ case”
TOKYO, (Reuters) – Japan’s fair trade watchdog said on Thursday Nissan Motor (7201.T), opens new tab had violated the subcontractor act by underpaying dozens of suppliers by about 3 billion yen ($20.26 million) in total.
The Japan Fair Trade Commission, which local media reported this week was investigating Nissan’s conduct, said the automaker had unlawfully deducted the amount from 36 suppliers over a roughly two-year period from January 2021. Continue reading “Japan’s fair trade watchdog says Nissan underpaid subcontractors”
