Source : PTI | New Delhi: Nayara Energy, India’s largest private fuel retailer, saw petroleum product exports drop by 10% in 2023 as it supplied more products domestically to meet the fuel demands of a growing economy, sources said. Nayara, which operates a 20 million tonne a year oil refinery at Vadinar in Gujarat and a network of over 6,500 petrol pumps, exported 6.21 million tonne of petroleum products, including jet fuel, gasoil (diesel) and gasoline (petrol) between January 2023 and December 2023, down 10% year-on-year.

This was primarily because of larger consumption at home. The company is catering to the domestic market through institutional business, sales to other oil companies and its own retail chain. Continue reading “Nayara Energy exports drop 10% in 2023 as domestic demand surges”

BEIJING, (Reuters) – China’s leading electric vehicle (EV) maker BYD on Monday launched a new version of its best-selling car at a price lower than the final price of its discontinued predecessor, as a price war rages in the world’s largest automobile market.

BYD has already set lower launch prices for a slew of models as EV rivals including domestic peer Geely Auto and U.S. champion Tesla likewise introduce incentives to woo customers in a cooling market. Continue reading “China’s BYD prices new version of best-selling EV lower than predecessor”

SAO PAULO, (Reuters) – Japanese auto maker Toyota will announce on Tuesday an 11 billion real ($2.2 billion) investment for the next few years in Brazil, the South American country’s vice-president said on Sunday.

Toyota said in a statement earlier on Sunday, after local media had first reported the new investments, it had no comment on potential future plans. Continue reading “Toyota to invest $2 billion in Brazil, says Brazilian vice-president”

Source : PTI | India’s power consumption grew over 8 per cent to 127.79 Billion Units (BU) in February as compared to the year-ago period, according to government data. In February 2023, power consumption stood at 118.29 BU, higher than 108.03 BU recorded in the same month a year ago, the data showed.

There were 29 days in February as 2024 is a leap year. Thus the growth rate of power consumption in February is slightly higher.

The peak power demand met — the highest supply in a day — rose to 222 GW in February 2024. The peak power supply stood at 209.76 GW in February 2023 and 193.58 GW in February 2022. Continue reading “India’s power consumption rises over 8 pc to 127.79 billion units in February”

Source : PTI | The Cochin Shipyard Limited (CSL) on Friday carried out the steel cutting for the world’s first hydrogen fuel cell powered feeder container vessel built for a Norwegian logistics company. The ‘Sea Shuttle’ is an ambitious project admitted under the Norwegian Government green funding programme aimed at emission-free transport solutions by adopting sustainable path breaking future technologies.

“In zero emission mode, each vessel is expected to achieve around 25,000 tonne of CO2 reduction per year,” the CSL said. Continue reading “CSL carries out steel cutting for world’s first hydrogen fuel cell powered feeder container vessel”

Source : PTI | New Delhi: Prime Minister Narendra Modi on Saturday unveiled a series of oil and gas sector projects worth about INR 1.62 lakh crore across the country from Bihar’s Begusarai district. The projects are spread across various states like Bihar, Haryana, Andhra Pradesh, Maharashtra, Punjab and Karnataka.

The PM also flagged off four trains, including the Danapur-Jogbani Express (via Darbhanga-Sakri).

Trains from Jogbani to Saharsa and Siliguri and Sonpur-Vaishali Express were also flagged off. Continue reading “PM unveils oil and gas projects worth INR 1.62 lakh cr across India”

Source : PTI | Indian used car market is expected to touch the USD 100 billion-mark in the next ten years on the back of rising disposable incomes and a growing middle class, according to CARS24 Co-Founder and CEO Vikram Chopra. As per the findings of the Gurugram-based online used car marketplace, there are changes in market dynamics with customers opting for frequent upgrades when it comes to cars.

“According to our internal study, the anticipated growth of the Indian used car market is set to occur at a 15% CAGR, increasing from USD 25 billion in 2023 to USD 100 billion by 2034,” Chopra told PTI in an interaction. Continue reading “India’s used car market size to touch USD 100 bn-mark by 2034: CARS24 CEO”

Source : PTI | In light of instances of numerous vehicles from different states bearing fake engine and chassis numbers registered in Maharashtra, the state transport department has set a standard operating process (SOP) for vehicles being transferred from other states, an official said on Sunday. The department issued a directive recently after it came to light that several trucks and buses from Telangana, Arunachal Pradesh, Nagaland, and other places operating with fake chassis and engine numbers had re-registered at regional transport offices (RTOs) in the state, the official said.

Talking to PTI, state transport commissioner Vivek Bhimanwar said, “Earlier, there was no set procedure for registration of vehicles from other states, and at RTOs, clerks would make entries of transferred vehicles on the Vahan portal and senior clerks would approve it.” Continue reading “Maharashtra transport dept issues SOP for registration of vehicles from other states”

(Reuters) – Nissan is in advanced talks to invest in electric vehicle maker Fisker in a deal that could provide the Japanese automaker with access to an electric pickup truck while giving the struggling startup a financial lifeline, according to two people familiar with the negotiations.

The deal could close this month, said the sources, who asked not to be identified because the talks are ongoing and have not been finalized. Continue reading “Exclusive: Nissan, Fisker in advanced talks on investment, partnership-sources”

WASHINGTON, (Reuters) – President Joe Biden, vowing to “do right by U.S. auto workers,” launched an investigation this week into whether Chinese-made vehicles could be used to spy on Americans, a far-off threat given the few such cars on U.S. roads now.

The White House announced the probe Thursday citing national-security risks about “connected” cars creating “new avenues for espionage and sabotage.” Continue reading “The politics and economics behind Biden’s China-car espionage probe”

WASHINGTON, (Reuters) – The United States is opening an investigation into whether Chinese vehicle imports pose national security risks and could impose restrictions due to concerns about “connected” car technology, the White House said on Thursday.

The U.S. Commerce Department probe is needed because vehicles “collect large amounts of sensitive data on their drivers and passengers (and) regularly use their cameras and sensors to record detailed information on U.S. infrastructure,” the White House said. Continue reading “US to probe if Chinese cars pose national data security risks”

BEIJING, (Reuters) – Li Auto (2015.HK), opens new tab officially launched on Friday its first pure electric model MEGA multi-purpose vehicle (MPV), which founder and CEO Li Xiang expects to become the Chinese electric vehicle startup’s top seller among cars priced above half a million yuan.

The company also unveiled some higher-priced new versions in its existing L series, despite a protracted price war in the sector, and announced plans to invest at least 6 billion yuan ($833.6 million) in the coming years to build more than 5,000 directly operated 5C charging stations. Continue reading “China’s Li Auto pins hopes on first all-electric model”

(Reuters) – Cash-strapped Fisker’s shares skid nearly 47% on Friday after the electric vehicle startup flagged going-concern risks, job cuts and a pause in investments into future projects until it secures a partnership with a manufacturer.

The company warned of a “difficult year” ahead, the latest sign of growing pain in the EV sector after weak production forecasts from Rivian and Lucid. Continue reading “Fisker slumps as cash warning sends investors ‘running for cover’”

BEIJING, (Reuters) – IM Motors, a premium electric vehicle brand of state-owned Chinese automaker SAIC, said on Friday it has raised more than 8 billion yuan ($1.1 billion) to work on new smart car models and technologies.

IM Motors’ Series B round of equity financing was among the biggest investments into Chinese EV brands in the past two years, following Abu Dhabi-based CYVN’s combined $3 billion investments into NIO and Stellantis’ $1.6 billion purchase of a 21% stake in Leapmotor. Continue reading “IM Motors raises $1.1 bln in one of China EV brands’ biggest recent deals”

BEIJING, (Reuters) – Tesla unveiled new incentives, including insurance subsidies, on Friday to woo consumers in the world’s largest auto market, where the U.S. electric vehicle giant is in a protracted price war against entrenched rivals such as BYD.

Customers picking up existing inventories of Model 3 sedans and Model Y SUVs by the end of March would be entitled to a maximum of 34,600 yuan ($4,807.76) worth of incentives, Tesla said in a post on its Weibo account. Continue reading “Tesla rolls out new incentives in China as price war escalates”

Source : PTI | In a stride towards sustainable transportation, Chief Executive Officer (CEO) of Jammu Smart City Rahul Yadav on Thursday flagged off electric-bus service from Jammu to Suchetgarh border for locals and tourists. The launch of the bus service coincided with the Border Security Force (BSF) extending the beating retreat ceremony, a major attraction for visitors, at Border Outpost Octroi near the International Border in Suchetgarh from weekend days to four days a week – Wednesday, Thursday, Saturday and Sunday, an official said.

The ‘Wagah-Attari-style’ ceremony, comprising a structured parade by BSF men, was launched in October 2021 as part of the government’s border tourism promotion programme.

Continue reading “E-bus service launched from Jammu to Suchetgarh to boost border tourism”

Source : PTI | New Delhi: Toyota Kirloskar Motor on Friday reported its best-ever monthly wholesales at 25,220 units in February. The company’s total dispatches to dealers increased by 61% last month to 25,220 units as compared with 15,685 units in February 2023.

While domestic sales stood at 23,300 units, exports were at 1,920 units in the month, the automaker said in a statement. Continue reading “Toyota records highest-ever monthly sales in February”

(Reuters) – EV startup Fisker warned on Thursday it might not be able to continue as a going concern and its shares tumbled 35% after the stock market closed.

Fisker said it would cut its workforce by about 15% and added it was in talks with a large automaker for a potential investment and joint development partnership. It did not disclose the name of the automaker or financials of the potential deal. Continue reading “EV startup Fisker raises going concern doubts, shares plunge”

(Reuters) – General Motors’ Cruise saw its internal share price cut by more than half from a quarter ago as the fallout from an October accident continues to weigh on the self-driving car company.

Cruise employees were told the share price had been estimated by a third party at $11.80, according to an email viewed by Reuters. That’s down from a prior estimate of $24.27 just one quarter ago. Continue reading “Exclusive: GM’s Cruise valuation slashed by more than half, adding to woes”

Source : PTI | New Delhi: The growth of eight key infrastructure sectors slowed to a 15-month low of 3.6% in January, on account of poor performance of sectors like refinery products, fertiliser, steel and electricity, according to the official data released on Thursday. The growth of eight core sectors — coal, crude oil, natural gas, refinery products, fertiliser, steel, cement and electricity — was 4.9% in December.

It was 9.7% in January 2023.

The previous low level of growth rate was recorded at 0.9% in October 2022. Continue reading “Key infra sectors’ growth slows to 15-month low of 3.6% in January”

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Summary

• The new dealerships in Prayagraj and Meerut add to the Brand’s network expansion in Uttar Pradesh, bringing the total to 14 sales and nine service facilities
• The Prayagraj touchpoint features a three-car display showcasing the 5-star GNCAP- rated Volkswagen Virtus and Taigun; as well as Tiguan. It is also equipped with separate workshop that features eight service bays
• The dealership in Meerut operates as a sales-only city store with a four-car display. The Meerut City Store offers Express Service, Volkswagen Assistance and Mobile Support Unit via a separate facility in Moradabad

Mumbai: Volkswagen Passenger Cars India inaugurated two new customer touchpoints in Uttar Pradesh, further bolstering its presence in the state as part of the Brand’s wider push to make its products and services more accessible to Indian customers. Continue reading “Volkswagen Passenger Cars India expands footprint in Uttar Pradesh with the inauguration of two new customer touchpoints”

(Reuters) – German automaker Volkswagen and Chinese electric vehicle (EV) partner XPeng on Thursday said the first car they plan to develop together will be an SUV for which they will jointly source parts.

Under a “master agreement” for platform and software collaboration, the automakers in a statement said they will start a joint sourcing program for platform and vehicle parts used by both partners, leveraging scale to reduce cost. Continue reading “Volkswagen, Xpeng say first jointly made car will be electric SUV”

Source : PTI | State-owned National Highways Authority of India (NHAI) is likely to extend ‘One Vehicle, One FASTag’ initiative compliance deadline to March-end, in view of the problems being faced by Paytm FASTag users, a senior official said. NHAI had earlier proposed to implement ‘One Vehicle, One FASTag’ initiative from March 1.

“In view of the Patym crisis, the FASTAg users may be given more time to shift to one vehicle-one FASTag norm,” the official told PTI on condition of anonymity.

To enhance the efficiency of the electronic toll collection system and provide seamless movement at toll plazas, the NHAI has taken the ‘One Vehicle, One FASTag’ initiative that aims to discourage the use of single FASTag for multiple vehicles or linking multiple FASTags to a particular vehicle. Continue reading “NHAI likely to extend deadline for ‘One Vehicle, One FASTag’ initiative till March-end”

Source : PTI | Mining conglomerate Vedanta Group is eyeing USD 6 billion of pre-tax profits in the next financial year and scaling it to USD 7-7.5 billion in the following year on the back of operational efficiencies across businesses. “The building blocks are already in place, and largely under our control for EBITDA augmentation. The increase will be driven by ongoing cost optimization, price increases and volume ramp-up,” Ajay Goel, CFO, Vedanta Limited said at a recent analysts’ meet.

The company is expected to clock nearly USD 5 billion of EBITDA in FY24 (April 2023 to March 2024); adjusting for one-time gains of the Cairn arbitration, the operational EBITDA for FY24 will be USD 4.4 billion. Continue reading “Vedanta Group eyes USD 6 bn EBITDA in FY25, reiterates guidance on operational, profitability targets”

STOCKHOLM, (Reuters) – Polestar said on Wednesday it had raised a $950 million loan from a bank syndicate, helping to fill a gap left when Volvo Cars said it would stop funding the electric carmaker, sending its New York-listed shares 18.5% higher.

Polestar also forecast double-digit gross profit margins by the end of 2024, against an expected flat outcome in 2023. Continue reading “Polestar raises almost $1 bln, sees margins improving in 2024”

MEXICO CITY, (Reuters) – Chinese electric vehicle maker BYD is looking for a location in Mexico to set up a factory aimed at boosting the company’s share of the local market, BYD Americas CEO Stella Li told Reuters on Wednesday.

The company expects to choose a location for the plant, which is set to have a production capacity of 150,000 cars annually, by the year’s end, Li said. Continue reading “Chinese automaker BYD looking for Mexico plant location, executive says”

ROME, (Reuters) – Italy has been in talks with Tesla and three Chinese carmakers as it tries to attract another manufacturer and reach an annual output target of 1.3 million vehicles, the industry minister said on Wednesday.

“We’re having positive feedback,” Industry Minister Adolfo Urso said about the talks during a parliamentary hearing. Continue reading “Italy talks to Tesla, Chinese carmakers in search for second auto producer”

(Reuters) – The chairwoman of the Federal Communications Commission on Wednesday proposed a potential new rule that would subject automakers that sell internet-connected cars to a telecommunications law intended to protect domestic violence survivors.

Cases of technology-enabled stalking involving cars are emerging as automakers add ever more sophisticated features, such as location tracking and remote control of functions like locking doors or honking the horn. Continue reading “Exclusive: US law on domestic abuse should cover carmakers, FCC chair says”

Source : PTI | To enhance last-mile connectivity to Bengaluru’s Namma Metro stations, a fleet of women operated electric auto rickshaws were introduced at Indiranagar and Yelachenahalli metro stations on Wednesday. The Low Emission Access to Public transport (LEAP), an initiative of Alstom, a multinational company that offers solutions for a low carbon future, is done in collaboration with WRI India, a research organisation that aims to influence government policies and civil society actions. The other collaborators are Bengaluru Metro Rail Corporation Limited (BMRCL) and Metroride, an app dedicated to first and last mile connectivity.

“As part of the pilot phase of the programme, we will have electric autos deployed as a last-mile service at Yelachenahalli and Indiranagar stations, serving commuters in a radius of 4 km from each station,” Olivier Loison, managing director of Alstom India, told PTI.

Continue reading “Women driven e-autos to improve last mile connectivity at two Bengaluru metro stations”

Source : PTI | A 46-metre indigenously designed and manufactured modular bridge was inducted into the Indian Army on Tuesday, a move that will bolster the crucial bridging capability of the force’s engineers. The induction ceremony took place at the Manekshaw Centre here in the presence of Army chief General Manoj Pande and senior officials of the Army and Larsen & Toubro (L&T).

“Over the next four years, a total of 41 sets, valued at INR 2,585 crore, will be progressively inducted. The first set was inducted on Tuesday,” a senior official said. Continue reading “Indigenously designed and manufactured modular bridge inducted into Indian Army”

Source : PTI | The “zero fatality corridor” initiative has led to a 58.3% reduction in road crash fatalities on the Mumbai-Pune Expressway since 2016 and 32% since 2022, according to a report. Describing the reduction as “unprecedented”, the report stated that this marks a “significant stride towards a safer and more secure roadway”.

“Once infamous for recording 151 deaths in 2016, roughly three deaths every 2 km, compared to the 2016 national average of one death per 2 km, the expressway earned the distinction of being one of the deadliest expressways in the country,” it stated. Continue reading “‘Zero fatality corridor’: Crash deaths down by 58.3% on Mumbai-Pune E-way since 2016, says report”

TOKYO, (Reuters) – Japan’s Toyota Motor said on Wednesday global vehicle production rose by 7% in January, marking a year-on-year increase for the 13th straight month as the automaker benefited from strong U.S. demand.

Output for January increased to 740,332 vehicles, while worldwide sales rose about 11% from a year earlier as growth in overseas markets such as the United States made up for declining sales in Japan. Both figures include the luxury Lexus brand. Continue reading “Toyota’s global output rises by 7% in January”

Summary

• Pretax loss smaller than expected
• Shares reverse early gains to fall about 2%
• Q4 cash and volumes miss expectations
• Delays launch of first BEV to 2026

(Reuters) – Aston Martin is delaying the launch of its first electric car because of a lack of consumer demand, it said on Wednesday, as record prices for its luxury and special edition models helped the British carmaker shrink annual losses. Continue reading “Aston Martin delays first electric car as losses narrow”