(Reuters) – Tesla will aim to ship its Roadster electric sports car next year, the electric vehicle maker’s CEO Elon Musk said on Wednesday.
“Tonight, we radically increased the design goals for the new Tesla Roadster,” Musk said in a post on X, adding that Roadster’s production design will be completed and unveiled by the end of this year. Continue reading “Tesla aims to ship Roadster cars next year, Musk says”
TOKYO, (Reuters) – Toyota Motor did not respond to a trade union’s wage demands in a second round of pay talks held on Wednesday, a senior union official said, keeping investors guessing about the outcome of closely-watched annual wage talks due to conclude on March 13.
For the past two years, the world’s biggest automaker by volume has accepted the union’s demands in full at the first meeting, which has long served as the pace-setter for Japan’s spring wage round called “shunto”. Continue reading “Toyota gives no answer to union demands at second round of wage talks”
Source : PTI | Czech carmaker Skoda Auto will begin assembling electric vehicles in India latest by 2027, a senior company official said on Tuesday. The company is testing electric SUV Enyaq for possible launch in India this year.
“We are deep in e-mobility. In the next three years we will expand to six models and out of this, one specific model we should bring to India as well,” Skoda Auto India Brand Director Petr Janeba told PTI here. Continue reading “Skoda Auto to assemble EVs in India latest by 2027”
Source : PTI | New Delhi: The Initial Public Offering (IPO) of EV chargers maker Exicom Tele-Systems Ltd got subscribed 10 times on the first day of subscription on Tuesday. The INR 429 crore-IPO received bids for 18,23,99,200 shares against 1,82,23,540 shares on offer, translating into 10.01 times subscription, according to NSE data.
The Retail Individual Investors (RIIs) part got subscribed 27.11 times while the quota for non-institutional investors received 19.03 times subscription. The Qualified Institutional Buyers (QIBs) category fetched 73 % subscription.
Continue reading “Exicom Tele-Systems IPO subscribed 10 times on first day of offer”
Source : PTI | Swedish premium car maker Volvo on Tuesday said it is expecting a faster adoption of Electric Vehicles (EVs) in the luxury car segment within the overall passenger vehicle division in the country. The company further said EVs may account for one-third of its total car sales in India this year.
“The EV penetration in the overall passenger vehicle segment is nothing, about 2 per cent, while in the luxury segment it is 7 per cent. So, adoption of EVs in the luxury segment will be faster,” Volvo Car India Managing Director Jyoti Malhotra said. Continue reading “Expect faster adoption of EVs in luxury car segment: Volvo”
(Reuters) – The United Auto Workers (UAW) union said on Tuesday that a majority of hourly workers at a Mercedes Benz Alabama factory have signed cards to join the union.
In response, Mercedes Benz did not say whether it would recognize the union or contest the effort ahead of a potential vote. The company said it has a strong record of success in more than 25 years of operations in Alabama and believes “open and direct communication” with its employees “is the best path forward to ensure continued success.” Continue reading “UAW says majority of workers at Mercedes Benz US plant seek to join union”
GENEVA, (Reuters) – China’s BYD on Tuesday showcased its Yangwang U8 at the Geneva car show, a luxury plug-in hybrid SUV capable of floating in the event of accidents involving water.
Weighing in at around 3.5 metric tons, the model can also park sideways like a crab or make a complete turn on the spot thanks to four electric motors, one in each wheel.
The SUV is currently only on sale in China, though BYD is not ruling out exporting it to other markets.
Continue reading “China’s BYD shows off SUV that can also float”
(Reuters) – Electrified vehicles including hybrids and fully electric are becoming more desirable than their gasoline counterparts, influential U.S. magazine Consumer Reports said on Tuesday, while adding seven of them to its top-ten picks for 2024.
Four of Toyota’s electrified vehicles made it to the list, including the Prius and a hybrid version of its popular Camry sedan. Tesla’s Model Y, Ford Maverick Hybrid pickup truck and BMW’s X5 PHEV also made it on the list. Continue reading “Electrified vehicles are becoming more popular in US, survey says”
(Reuters) – A U.S. auto safety regulator said on Tuesday Toyota will recall 280,663 pickup trucks and SUVs and issue a software update to address concerns over unexpected movement caused when vehicles are in neutral and brakes are not applied.
Dealers will issue a free software update on impacted vehicles for the transmission control ECU (electronic control unit) software, the National Highway Traffic Safety Administration said. Continue reading “Toyota to recall 280,663 vehicles in US on concerns over unexpected movement, says NHTSA”
GENEVA, (Reuters) – European carmakers and energy suppliers need to collaborate more to catch up with China in terms of the size of its electric vehicle (EV) sector, Renault boss Luca de Meo said on Tuesday.
There is space for collaboration within Europe for most manufacturers, especially in the upstream part of the EV value chain such as sourcing of minerals and production, de Meo said during a press conference on the sidelines of the Geneva International Motor Show. Continue reading “Europe EV makers need closer collaboration to catch up with China -Renault CEO”
Source : PTI | Domestic Commercial Vehicle (CV) volumes are expected to dip 4-7% year-on-year next fiscal with high base effect kicking in, rating agency Icra said on Tuesday. The volumes are expected to remain muted through the January-March quarter on account of a perceived pause in the infrastructural activities as the model code of conduct kicks in ahead of the general elections.
“Icra estimates the domestic CV industry volumes to register 2-5% year-on-year growth in volumes in FY24. Subsequently, the industry’s sharp upcycle is expected to plateau in FY25, with a decline of 4-7% in volumes,” the rating agency stated. Continue reading “Domestic commercial vehicle industry to see 4-7% dip in volumes next fiscal: Icra”
Source : PTI | New Delhi: There is no other country in the world better placed than India in terms of future growth, Maruti Suzuki India Chairman RC Bhargava said on Monday. Speaking at an event here, the veteran industry leader noted that the country needs to get rid of the old baggage of various defunct laws, regulations and practices to move ahead.
“I can’t see any country in the world today which has better prospects for the future than India has,” Bhargava said here when asked about the future of the country.
Source : PTI | Passenger vehicle (PV) volumes are expected to log 5-7 % growth, touching a new peak for the third straight time in the next fiscal driven by the SUV segment, credit rating agency Crisil said on Monday. This anticipated growth is expected to come on the back of an estimated high base of 6-8 per this financial year even as demand for cars and exports remain muted, it said.
A significant change in consumer preference has cranked up demand for SUVs leading to its market share doubling to around 60 % of total domestic volume this fiscal from around 28 % before the pandemic in fiscal 2019, the ratings agency said.
Continue reading “Passenger vehicle volume to rise by 5-7%, touch new peak in next fiscal: Report”
Source : PTI | The VOC Port at Tuticorin in Tamil Nadu will become India’s first green hydrogen hub as it will develop an ecosystem of green ports and also emerge as a transshipment hub when Prime Minister Narendra Modi launches numerous initiatives on February 28, Union Minister Sarbananda Sonowal said on Tuesday. Also, Chennai would become the gateway to the Eastern Maritime Corridor to Vladivostok, Russia, and further increase the bilateral trade between the two countries, he said.
“Tomorrow PM Modi will lay the foundation stone, inaugurate, and dedicate to the nation 36 transformative projects worth over INR 17,000 crore. This is a step towards Viksit Bharat @2047,” Sonowal told reporters here. Continue reading “Tamil Nadu’s VOC Port will be India’s first green hydrogen hub: Sarbananda Sonowal”
NEW YORK, (Reuters) – Investors’ fervor for all things AI-related is leaving its mark on the U.S. options market, as traders pile in to derivatives bets to gain exposure to the red-hot investing theme.
Options on artificial-intelligence darling Nvidia accounted for 25 cents of every dollar of premium – the price of contracts – traded in U.S. single-stock options over the past month, nearly $3 billion in options premium traded in the chipmaker’s options every day on average, a Reuters analysis of Trade Alert data showed. During several recent sessions, Nvidia surpassed Tesla as the option market’s most heavily traded name for the day. Continue reading “Nvidia bets dominate US options market as AI fervor grows”
Source : PTI | Volvo Car India on Monday said it has restructured its management team headed by Jyoti Malhotra through both internal role changes as well as external talent acquisition. The exercise carried out over the past few months is aimed to secure long-term strategic transformation and direct-to-consumer online sales, Volva Car India said. It is a subsidiary of Swedish luxury carmaker Volvo Cars.
As part of the rejig, Kalpit Shishodia, who led the customer service function since 2017, has been promoted to the role of director commercial operations to oversee all revenue generating functions under sales and service.
Source : PTI | New Delhi: Union Minister Jyotiraditya M Scindia will on Tuesday inaugurate the stainless steel industry’s first green hydrogen project set up by Jindal Stainless Ltd (JSL). The Union Steel Minister will virtually inaugurate the company’s green hydrogen project, according to officials.
With the inauguration, JSL will become India’s first stainless steel company to install such kind of plant on a commercial scale, the officials said. Continue reading “Scindia to inaugurate Jindal Stainless’ first green hydrogen plant on Tuesday”
GENEVA, (Reuters) – Renault is holding a first round of talks with Volkswagen over sharing the ‘Twingo’ platform, said Renault CEO Luca de Meo at the Geneva carshow.
Reporting by Gilles Guillaume, writing by Sudip Kar-Gupta, editing by Tassilo Hummel Continue reading “Renault CEO: in early talks with Volkswagen over sharing ‘Twingo’ platform”
(Reuters) – Franco-Italian automaker Stellantis said on Monday it had reached a multi-billion-euro frame agreement with leasing and fleet management company Ayvens to sell up to 500,000 vehicles across Europe over the next three years.
Under the agreement, Ayvens’ affiliates will buy the vehicles for its long-term leasing fleet across Europe, with the first delivery volumes expected to begin in the first half of 2024, Stellantis said. Continue reading “Stellantis aims to sell up to 500,000 vehicles to Ayvens across Europe”
GENEVA, (Reuters) – MG Motors, a unit of China’s SAIC (600104.SS), opens new tab on Monday unveiled its hybrid hatchback MG3 model for the European market, taking advantage of slowing growth demand for electric vehicles by offering a lower-emission model without the need for charging.
A pure hybrid combines a fossil-fuel engine that charges a larger battery so the car can periodically run in electric, zero-emission mode. Continue reading “SAIC’s MG unveils MG3 hybrid model for European market”
LONDON, (Reuters) – Europe’s automakers and their already-stretched suppliers face a tough year as they race to cut costs for electric models to counter leaner Chinese rivals which are bringing cheaper vehicles to challenge them on their home turf.
A big question is how much more Europe’s automakers can squeeze out of suppliers that have already started laying off workers, with many smaller companies hard hit by supply chain issues during the pandemic. Continue reading “Facing Chinese EV rivals, Europe’s automakers squeeze suppliers on costs”
PARIS, (Reuters) – U.S. automaker General Motors on Monday unveiled its luxury electric Cadillac Lyriq in France, an expansion of its market in Europe after returning last year and a test of whether online-only sales will attract wealthy car buyers.
In October GM announced it was launching sales in Switzerland, the first step in an all-electric return to European markets since selling off the Opel and Vauxhall brands in 2017. Continue reading “GM returns to France with fully-electric Cadillac Lyriq”
GENEVA, (Reuters) – Renault and China-owned MG launched new electrified cars in Europe at the Geneva car show on Monday as Chinese automakers seek to take more market share from legacy European rivals.
Europe’s auto industry is scrambling to cut costs and roll out more affordable, well-reviewed electric vehicles (EVs) to counter the arrival of cheaper Chinese models. Continue reading “Renault leads Europe’s EV defence in Geneva as Chinese rivals expand”
Source : PTI | The growth of the domestic passenger vehicle industry is likely to moderate to less than 5% in the next fiscal, according to Tata Motors Passenger Vehicles Managing Director Shailesh Chandra. The company, however, expects electric vehicle sales to keep growing despite the slow pace of charging infrastructure development in the country.
“We had seen a very strong growth in FY23 of 25%, which is likely to moderate in FY24 to about 8%. Therefore, we are seeing with this high base effect, and FY25 will be slightly challenging with less than 5% growth rate,” Chandra said in an analyst call.
Continue reading “PV industry growth likely to moderate to less than 5% in FY25: Tata Motors”
Summary
National, February 2024: Eco Mobility, India’s premier car rental service provider, today announced the expansion of its successful 4-year partnership with DreamFolks. Eco Mobility will now extend its fleet of luxury chauffeur-driven vehicles to DreamFolks customers under the newly launched DreamFolks Club memberships. Under the renewed agreement, Eco Mobility will provide luxury car rental service to DreamFolks Club members at 150+ airports in India and abroad. Continue reading “Eco Mobility Expands Partnership with DreamFolks to Deliver Car Rental Services as part of DreamFolks Club Memberships”
TOKYO, (Reuters) – Toyota Motor has extended until March 1 the shutdown of two production lines at two manufacturing plants run by Toyota group companies in Japan, it said on Friday.
The production lines have been suspended since Jan. 29 after the discovery of irregularities in certification tests for diesel engines developed by affiliate Toyota Industries.
On March 1 Toyota will make a decision on whether to reopen the lines from Monday March 4. Continue reading “Toyota extends shutdown of two production lines after emission test irregularities”
WASHINGTON, (Reuters) – The U.S. government should block the import of low-cost Chinese autos and parts from Mexico, a U.S. manufacturing advocacy group said on Friday, warning they could threaten the viability of American car companies.
“The introduction of cheap Chinese autos – which are so inexpensive because they are backed with the power and funding of the Chinese government – to the American market could end up being an extinction-level event for the U.S. auto sector,” the Alliance for American Manufacturing said in a report. Continue reading “US should block cheap Chinese auto imports from Mexico, US makers say”
(Reuters) – Ford Motor said on Friday it had halted shipments of all 2024 model year F-150 Lightning electric pickup trucks, so it could perform quality checks for an issue it did not specify.
The No. 2 U.S. automaker said the shipment halt began on Feb. 9. It did not say when it expected to resume shipments that had begun in January of the EV truck. A spokesperson declined to say what quality issue was being checked. Continue reading “Ford halts shipments of new F-150 Lightning EVs”
NEW YORK, (Reuters) – Shares of Lotus Technology (LOT.O), opens new tab closed up 2% in their Nasdaq debut on Friday, recouping earlier losses, after the luxury electric car maker completed its merger with a blank-check acquisition company backed by private equity firm L Catterton.
The American Depositary Shares, which began trading with the new ticker “LOT”, ended at $13.80 after falling as low as $10.12. About 190,000 shares traded. The special purpose acquisition company (SPAC) closed at $13.51 on Thursday. Continue reading “EV maker Lotus Tech closes up modestly in Nasdaq debut after SPAC merger”
Summary
(Reuters) – Stellantis CEO Carlos Tavares received a 56% boost in total compensation to 36.49 million euros ($39.5 million) in 2023, the Franco-Italian automaker said on Thursday. Continue reading “Stellantis chief’s annual pay package jumps 56% to $39.5 mln”
(Reuters) – Volvo Cars said on Friday it plans to distribute 62.7% of its stake worth 9.5 billion crowns ($920.17 million) in Swedish electric vehicle manufacturer Polestar Automotive Holding to its own shareholders.
After completion of the proposed distribution, Sweden-based Volvo Cars said it will retain an 18% stake in Polestar. Continue reading “Volvo Cars to dilute stake in EV maker Polestar”
BEIJING, (Reuters) – China and the European Union held talks on progress and cooperation in a number of areas including automobiles and raw materials, China’s Ministry of Industry and Information Technology said in a statement.
“China attaches great importance to China-EU cooperation in the field of industry and is willing to work with the EU to deepen mutually beneficial and win-win cooperation and achieve common development, said Xin Guobin, vice minister of industry and information technology. Continue reading “China, EU hold talks on cooperation in autos, raw materials”
BEIJING, (Reuters) – Chinese electric vehicle giant BYD on Friday unveiled a version of its Dolphin hatchback with a lower starting price.
The new Dolphin EV goes for a starting price of 99,800 yuan ($13,865.35), a 14.6% fall from the previous version.
The EV rollout came on the heels of BYD’s introduction of lower-priced plug-in hybrid sedan. Continue reading “China’s BYD unveils new Dolphin EV with lower starting price”
TOKYO, (Reuters) – Toyota Motor has extended until March 1 the shutdown of two production lines at two manufacturing plants run by Toyota group companies in Japan, it said on Friday.
The production lines have been suspended since Jan. 29 after the discovery of irregularities in certification tests for diesel engines developed by affiliate Toyota Industries. Continue reading “Toyota extends shutdown of two production lines after emission test irregularities”
Source : PTI | New Delhi: Auto component maker Sona BLW Precision Forgings (Sona Comstar) on Thursday said the company has received certification under the auto Production Linked Incentive (PLI) scheme. The company had filed seven applications for different products under the PLI scheme, and it has received the certification for its first product, a hub wheel drive motor for electric two-wheelers, Sona Comstar said in a regulatory filing.
The company is the first automotive component company to receive the certification, it added. Continue reading “Sona Comstar gets certification under auto PLI scheme”
Source : PTI | New Delhi: Kia India on Friday said it is voluntarily recalling 4,358 units of a petrol variant of its mid-sized sports utility vehicle Seltos to replace the electronic oil pump controller. The company is recalling Smartstream G1.5 Petrol Seltos with IVT transmission, manufactured between February 28 and July 13, 2023, the South Korean automaker said in a statement.
The recall has been prompted by a potential error in the electronic oil pump controller, which may impact the performance of the electronic oil pump in the specified transmission variant, it added.
Continue reading “Kia recalls 4,358 units of Seltos to replace electronic oil pump controller”
Summary
(Reuters) – NBCUniversal [RIC:RIC:CMCSAN.UL] lost a bid in California federal court on Thursday to defeat a trademark lawsuit over its use of the iconic DeLorean from “Back to the Future” on merchandise and tie-ins for the film series.
NBCU failed to convince U.S. District Judge David Carter that it did not infringe DeLorean Motor Co’s trademarks, paving the way for a trial on the trademark claims. Carter ruled that DeLorean lacked standing to claim that NBCU broke its 1989 contract with the carmaker, however. Continue reading “NBCUniversal must face DeLorean trademark trial over ‘Back to the Future’ merchandise”
WASHINGTON, (Reuters) – The chair of a U.S. House Committee on China and the top Democrat on the panel urged Volkswagen (VOWG_p.DE), opens new tab to halt operations in Xinjiang after thousands of vehicles with a small Chinese-made electronic component were held at U.S. ports.
Representative Mike Gallagher, a Republican, and Raja Krishnamoorthi wrote to VW CEO Oliver Blume raising “deep concern” about the reports that VW Group models were blocked from entry into the United States because the vehicles “contained parts made by forced labor in” China, according to a copy of the Feb. 21 letter reviewed by Reuters. Continue reading “US lawmakers urge VW to exit Xinjiang operations”
(Reuters) – U.S. new vehicle sales are expected to rise 1.4% in February from a year earlier, driven by robust demand and a better supply of vehicles, according to a joint report by industry consultants J.D. Power and GlobalData on Thursday.
Total new vehicle sales in the United States, which include retail and non-retail transactions, are estimated to touch 1.2 million units in February, according to the report.
The report said the volume growth was helped by higher inventory levels, higher manufacturer incentives and lower retailer profit margins which led to lower average transaction prices. Continue reading “US new vehicles sales set to rise in February, report shows”
DETROIT/WASHINGTON, (Reuters) – The U.S. Energy Department said on Thursday it gave preliminary approval for nearly $710 million in loans to electric vehicle (EV) technology manufacturing ventures, although the Biden administration still has $221.8 billion in loan capacity to fund clean-energy projects.
South Korean company SK Siltron CSS is set to receive $544 million to expand a plant in Bay City, Michigan that produces high power silicon carbide wafers used in electric vehicles. Those components are critical EV drivetrains, including inverters, and electrical distribution systems, the department said.
About 200 jobs each in the construction and production sectors could be created to handle the plant expansion, the department said in a statement. Continue reading “US offers $710 million in loans for EV technology projects”
