By Yuvraj Malik

Feb 7 (Reuters) – Uber Technologies (UBER.N) forecast quarterly core profit and gross bookings above estimates and reported market-beating results for the holiday quarter on Wednesday, fueled by higher demand in its ride sharing and food delivery businesses.

It posted its first annual net profit as a public company as user retention improved, also benefiting from initiatives like memberships, corporate travel and advertising.

Continue reading “Uber expects strong core profit as ride share, food delivery pick up pace”

Reuters

Feb 7 (Reuters) – Tesla (TSLA.O) managers have been asked whether each of their employees’ positions were critical, stoking layoff fears in the company, Bloomberg News reported on Wednesday.

Tesla sent out a single-line query for each job after canceling some employees’ biannual performance reviews, some of the people familiar with the matter told Bloomberg.

Continue reading “Tesla asks which jobs are critical, stoking layoff fears – Bloomberg News”

By Shivansh Tiwary

Feb 7 (Reuters) – Ford Motor (F.N) shares surged 6% in morning trading on Wednesday after the automaker increased its dividend for the first quarter and decided to scale back investments in new capacity for loss-making electric vehicles (EV).

On Tuesday, the automaker disclosed its plans to return an extra 18 cents per share in dividend on top of the regular 15 cents to investors, joining rival General Motors (GM.N) in returning cash to investors. GM shares were also up 2%.

Continue reading “Ford shares surge on dividend boost, lower EV spending”

HANOI, (Reuters) – Vietnam’s electric vehicle (EV) maker VinFast is recalling nearly 6,000 of its VF 5 cars sold in the domestic market to replace the combination switch, the company said on Tuesday.

The vehicles being recalled were manufactured from March to December last year, it said in a statement, adding only one vehicle sold on the market was recorded with the switch error and no incidents have occurred. Continue reading “VinFast recalls nearly 6,000 units in Vietnam to replace switch”

(Reuters) – The United Auto Workers said on Tuesday that a majority of workers at Volkswagen’s Chattanooga, Tennessee, assembly plant have signed cards to join the union.

In November, the UAW said it was launching a first-of-its-kind push to publicly organize the entire nonunion auto sector in the U.S. after winning record new contracts with the Detroit Three automakers. Continue reading “UAW says majority of workers at VW Tennessee plant seek to join union”

BERLIN, (Reuters) – Volkswagen’s luxury car brand Audi has reduced output at its Brussels plant, where it produces the Q8 e-tron model, for at least two weeks due to component shortages, a spokesperson said on Tuesday.

The carmaker was “deciding from week to week” Continue reading “Volkswagen’s Audi cuts output at Brussels plant due to parts shortage”

Feb 6 (Reuters) – General Motors is recalling 323,232 vehicles to address an issue with the tailgate that may open while driving, potentially causing a road hazard, the National Highway Traffic Safety Administration said on Tuesday.

The recall includes some Chevrolet Silverado 2500, 3500, GMC Sierra 2500 and 3500 vehicles equipped with power-unlatching tailgates, the NHTSA said. Continue reading “GM recalling over 300,000 vehicles over tailgate issue”

WASHINGTON/SAN FRANCISCO, (Reuters) – General Motors’ Cruise unit on Tuesday raised its offer to resolve an investigation by a California regulator over its delay in disclosing the details of a pedestrian crash involving one of its self-driving cars.

An administrative judge questioned why Cruise deserves “discounts” to the penalty, and a Cruise representative offered to pay $112,500 to settle the case, up from a previously proposed $75,000 at a hearing by the California Public Utilities Commission (CPUC). Continue reading “GM’s Cruise raises offer to end California probe”

Summary

• Hikes full-year profit forecast by about 9% to 4.9 trillion yen
• Toyota’s Q3 operating profit surges almost 76%
• Shares close up 4.8% after the announcement

TOKYO, (Reuters) – Japan’s Toyota Motor raised its full-year operating profit forecast by nearly 9% on Tuesday, after its third-quarter earnings raced past analysts’ estimates thanks to a weaker yen and strong sales of high-margin cars and hybrid vehicles.

Toyota shares surged after the announcement early losses, and closed 4.8% higher – the biggest one-day gain in nearly eight months. Continue reading “Toyota hikes annual profit forecast after Q3 beats expectations”

WASHINGTON, (Reuters) – Honda Motor Co said on Tuesday it was recalling 750,000 vehicles in the United States over a defect involving air bags which could deploy unintentionally during a crash.

The front passenger seat weight sensor may crack and short circuit, failing to suppress the air bag as intended, the National Highway Traffic Safety Administration (NHTSA) said on Tuesday. Dealers will replace the seat weight sensors. Continue reading “Honda recalls 750,000 US vehicles over air bag defect”

Source : PTI | Mining conglomerate Vedanta Ltd will invest USD 4 billion over the next three years to double oil production, its chairman Anil Agarwal said on Tuesday as he pushed ahead with an aggressive oil and gas expansion programme. Vedanta, which more than a decade back acquired Scottish explorer Cairn Energy’s (now Capricorn Energy) India assets, is targeting 300,000 barrels per day (15 million tonnes a year) oil output in 3 years from aggressive exploration campaign, he said on the sidelines of the India Energy Week (IEW) here.

The company is pushing ahead with the investment undeterred by concerns around debt levels at parent Vedanta Resources. Continue reading “Vedanta chairman Anil Agarwal outlines USD 4 billion investment plan to double oil production”

Source : PTI | A consumer panel in Kerala has ordered automobile giant Maruti Suzuki India Limited to refund the price of a car they sold to a customer as its airbag did not deploy during an accident three years ago.

The Malappuram District Consumer Commission issued the order based on a complaint filed by Mohammed Musliar, a native of Indianoor in this northern district. As per the complaint, the car in which the complainant travelled met with an accident on June 30, 2021, and the man suffered critical injuries as the vehicle was severely damaged in the mishap, an official statement said here quoting the commission on Tuesday.

Continue reading “Maruti Suzuki ordered to refund car’s price as airbag did not deploy during accident”

Source : PTI | New Delhi: Maruti Suzuki India on Tuesday launched compact-format Nexa service workshops with plans to have 100 such outlets across the country by the end of next fiscal. Through this strategic move the auto major aims to bring the Nexa service experience to customers in non-urban centres, the company said in a statement.

The first six centres inaugurated are strategically located in Ateli (Haryana), Charkhi Dadri (Haryana), Bankura (West Bengal), Dahod (Gujarat), Nirmal (Telangana), and Ooty (Tamil Nadu), it added.

Continue reading “Maruti launches compact format Nexa service workshops for non-urban areas”

Source : PTI | Prime Minister Narendra Modi on Tuesday courted top oil and gas executives, showcasing opportunities the world’s fastest growing economy offers and the reforms that his government has made particularly in exploration and production. Modi met about 20 top executives of firms ranging from ExxonMobil and BP to QatarEnergy and French giant TotalEnergies, discussing energy scenarios as well as investment opportunities, sources in know of the development said.

He referred to the recently launched exploration licensing round to seek global giants to invest in finding and producing oil and gas in the country.

Continue reading “PM Modi courts global CEOs for investment in oil, gas sector”

Source : PTI | New Delhi: As many as 70 types and sizes of tyres that are manufactured by more than one company will come under the mandatory quality control norms from March next year, an official said. The official said as the norms would kick in from March 2025 both the industry and the associations will get a fair amount of time to exchange a list of products and complete the process of validation and testing (durability, endurance).

The review of the list of tyres is a regular exercise to be carried out by IMC (inter-ministerial committee) for making suitable recommendations with regard to the exclusion/inclusion of the pneumatic tyres’ sizes from the list of tyres not manufactured domestically.

Continue reading “Govt to exclude 70 sizes, types of tyres from exemption list of mandatory quality control norms”

A warranty is a contractual obligation incurred by the manufacturer in connection with the sale of the product. The purpose of the warranty is to establish liability in the event of the premature failure of a product or the inability of the product to perform its intended purpose.

OEMs (Original Equipment Manufacturers) provide warranties to emphasize product quality and combat competitors. Warranty management has a direct impact on the profitability of an OEM, its dealer network, and other supply chain partners. Continue reading “5 Steps to Build a Seamless Warranty Claims Process With Intellinet”

-The Summit was themed विद्युतीकरण (Electrification): Electrifying India’s Journey towards Sustainable Mobility.

New Delhi, 6^th February 2024: The Society of Indian Automobile Manufacturers (SIAM) hosted the 3rd Global Electrification Mobility Summit (GEMS) on the second day of the Bharat Mobility Global Expo 2024 at Pragati Maidan.  The Summit themed विद्युतीकरण (Electrification): Electrifying India’s Journey towards Sustainable Mobility succeeded in its endeavour to create a platform, bringing everyone on board to take the journey of electrification forward in its true sense. With this, SIAM engaged with governments, corporates, and stakeholders in an effort to address environmental issues, aligning with its objective of Building the Nation Responsibly. Continue reading “SIAM hosts 3rd edition of the Global Electrification Mobility Summit (GEMS) at Bharat Mobility Global Expo 2024”

BEIJING/HANOI, (Reuters) – Rare earth prices have likely bottomed out and are poised to rise later this year on demand from electric vehicles (EVs) and wind power and as dominant producer China is expected to pull back on expanding output quotas, analysts said.

Rare earths are a group of 17 elements used in products from lasers and military equipment to magnets found in EVs and consumer electronics. Prices surged to their highest in a decade in 2022 only to plunge last year on increased production in China and slower-than-expected demand growth crippled by the country’s patchy post-pandemic economic recovery. Continue reading “Rare earths prices seen rebounding in second half of 2024 -analysts”

BEIJING, (Reuters) – China’s market regulator approved a joint venture set up by Mercedes-Benz (China) Investment Limited and BMW Brilliance Automotive Ltd, the State Administration for Market Regulation said in a statement released on Sunday. Continue reading “China regulator approves joint venture set up by Mercedes-Benz and BMW Brilliance”

TOKYO/SAN FRANCISCO, (Reuters) – When Tony Le set out with his wife to buy a new car last year, he looked at Tesla and other all-electric models.

In the end, the 37-year-old Modesto, California, tech worker opted for a Toyota RAV4 Hybrid due to worries over getting stranded with a purely electric vehicle, a dead battery and no charging station in sight.

“Sometimes I want to play with the electric vehicles just based on the speed and torque. But for practical use … it just didn’t make sense,” said Le, who often drives to Washington state from California for work. Continue reading “Toyota to outshine rivals as more consumers opt for hybrids amid EV slowdown”

Summary

• Hyundai in talks with banks including JP Morgan, Citi -sources
• At $3 bln, Hyundai IPO would be India’s biggest stock offering
• Co doubling down on India after scaling back in China, Russia exit
• Hyundai faces growing competition from local rival Tata Motors
• Hyundai to invest $4 bln in India in EVs, new factory

MUMBAI, (Reuters) – Hyundai Motor (005380.KS), opens new tab is planning to list its Indian unit to raise at least $3 billion in what would be the country’s biggest IPO, two people said, as the South Korean firm doubles down in the key growth market ahead of a widely expected entry by Tesla. Continue reading “Hyundai explores $3 billion IPO for India unit at up to $30 billion valuation, sources say”

Summary

• Comment follows weekend report of possible Renault tie-up
• Stellantis far outstrips Renault in valuation terms

MILAN, (Reuters) – Stellantis Chairman John Elkann on Monday denied the carmaker had merger plans, responding to press speculation about a possible French-led tie-up with rival Renault.

Elkann said that the Peugeot owner, the world’s third largest carmaker by sales, was focused on implementing its long-term business plan. Continue reading “Stellantis says no merger plans after Renault report”

WASHINGTON, Feb 5 (Reuters) – U.S. Transportation Secretary Pete Buttigieg on Monday said human drivers must pay attention at all times after videos emerged of people driving Teslas while wearing what appeared to be Apple’s recently released Vision Pro headset.

Buttigieg responded on X to a video that had more than 24 million views of a Tesla driver who appeared to be gesturing with his hands to manipulate a virtual reality field. Continue reading “Viral videos of Tesla drivers using VR headsets prompt US government alarm”

Source : PTI | Hinduja Group flagship company Ashok Leyland has commenced delivery of its intermediate and heavy duty electric trucks to its customers, the company said. The keys of 14T Boss Electric Truck were handed over to Billion E-Mobility at the inaugural edition of the Bharat Mobility Global Expo 2024 in New Delhi, the company said.

“Ashok Leyland is proud to deliver the first fully electric vehicle to our customer today. The Boss 4T Electric Truck was showcased in the Auto Expo last year. Today, delivering this road-ready product marks a significant milestone in our journey toward sustainable and efficient transportation,” said company Managing Director and CEO Shenu Agarwal in a statement on Saturday. Continue reading “Ashok Leyland hands over keys of 14T Boss Electric truck to Billion E-Mobility”

Source : PTI | A provision of INR 928 crore has been made for the Brihanmumbai Electric Supply and Transport (BEST) in the Mumbai civic body’s budget for FY 2024-25. BEST runs a public bus service in Mumbai and neighbouring areas, and supplies power to the island city of the metropolis.

The Brihanmumbai Municipal Corporation in its budget presented on Friday allocated INR 800 crore as a grant to BEST to meet infrastructure development besides INR 128 crore for procuring electric buses. INR 800 crore can be used for capital equipment, repayment of loans, renting new buses on a wet lease basis, pay revision, day-to-day expenses, the ITMS project, Diwali bonus to employees, gratuities and other employee dues, and electricity dues among others. Continue reading “Mumbai civic body budget: INR 928 crore provision for BEST”

New Delhi, 05^th February 2024: In alignment with the Indian Government’s drive towards alternative fuels in the country, the Society of Indian Automobile Manufacturers (SIAM) organized the 2^nd edition of the International Symposium for Thriving Eco-Energy in Mobility (ISTEM) on 1^st February 2024 at Bharat Mobility Global Expo 2024 at Pragati Maidan, New Delhi. The conference, themed “Nature Based Solutions: Road to Decarbonization,” is aimed at promoting alternative fuels under the SIAM initiatives of Jaivik Pehal (Bio Initiative), Gas Gatisheelta (Gas Based Mobility) and Harit Hydrogen (Hydrogen Mobility). It witnessed participation from national and international stakeholders in the alternate fuels economy, including leading global OEMs, Oil Marketing Companies, Gas distributors, ethanol producers, Hydrogen powertrain players, and technology providers, among other dignitaries and industry representatives. Continue reading “SIAM Organizes 2nd edition of International Symposium for Thriving Eco-Energy in Mobility (ISTEM)”

WASHINGTON/SAN FRANCISCO, Feb 2 (Reuters) – U.S. safety regulators on Friday upgraded their probe into Tesla vehicles over power steering loss to the status of an engineering analysis – a required step before the agency could demand a recall.

Tesla shares, which dropped more than 25% in January alone, fell more than 3% on Friday.

The National Highway Traffic Safety Administration (NHTSA) said the investigation covered about 334,000 Model 3 and Model Y vehicles from the 2023 model year. Continue reading “U.S. safety agency deepens probe of Tesla power steering loss”

Source : PTI | New Delhi: Billionaire Gautam Adani-led group is building the world’s largest single-location copper manufacturing plant at Mundra in Gujarat, which will help cut India’s dependence on imports and aid energy transition, sources said. The USD 1.2-billion facility will start operations of the first phase by March-end and full-scale 1 million tonnes capacity by FY29 (March 2029), two sources with knowledge of the matter said.

India joins China and other nations that are rapidly expanding production of copper, a metal crucial for transition away from fossil fuels. Technologies critical to the energy transition like electric vehicles (EVs), charging infrastructure, solar photovoltaics (PV), wind and batteries, all require copper.

Continue reading “Adani Group’s USD 1.2-bn copper plant to boost India’s metal production”

Source :PTI | Tata Motors on Friday said it has started working on its gigafactory in Somerset in the UK, and the financial closure for the project is underway. At the post-earnings concall, Tata Motors Group Chief Financial Officer P B Balaji said the company has seen some impact of the Red Sea crisis but “it is manageable at this point of time”.

Earlier in the day, Tata Motors posted a 133.2% growth in net profit at INR 7,100 crore in the December quarter, while the consolidated revenue rose 25% year-on-year at INR 1,10,600 crore. Continue reading “Tata Motors starts work on gigafactory in UK”

Source : PTI | The Indian Railways has so far utilised INR 321.85 crore out of total INR 798.98 crore of budgetary allocation for the implementation of ‘Kavach’, an anti-collision device Railway Minister Ashwini Vaishnaw said in the Rajya Sabha on Friday. It suggests that more than 40% of the fund has been utilised so far in the current financial year.

Responding to questions raised by Javed Ali Khan, Samajwadi Party MP in the Rajya Sabha, Vaishnaw said that ‘Kavach’ is an indigenously developed automatic train protection (ATP) system which is highly technology intensive and it requires safety certification of the highest order. Continue reading “Railway utilises over 40% of funds allocated in 2023-24 for ‘Kavach’ installation”

Source : PTI | Hinduja Group flagship company Ashok Leyland has commenced delivery of its intermediate and heavy duty electric truck s to its customers, the company said. The keys of 14T Boss Electric Truck were handed over to Billion E-Mobility at the inaugural edition of the Bharat Mobility Global Expo 2024 in New Delhi, the company said.

“Ashok Leyland is proud to deliver the first fully electric vehicle to our customer today. The Boss 4T Electric Truck was showcased in the Auto Expo last year. Today, delivering this road-ready product marks a significant milestone in our journey toward sustainable and efficient transportation,” said company Managing Director and CEO Shenu Agarwal in a statement on Saturday. Continue reading “Ashok Leyland hands over keys of 14T Boss Electric truck to Billion E-Mobility”

Source : PTI | ONGC, IOC and other oil PSUs will invest about INR 1.2 lakh crore in the coming fiscal starting April 1 in oil and gas exploration, refineries, petrochemicals and laying pipelines to meet the needs of the world’s fastest-growing energy consuming nation. The investment proposed in 2024-25 is 5 % higher than INR 1.12 lakh crore spent by the state-owned oil firms in the current fiscal year that ends on March 31, according to Budget 2024-25 documents.

Oil and Natural Gas Corp (ONGC) has a planned capital spending of INR 30,800 crore in the next financial year. This expenditure in finding new reserves of oil and gas and bringing to production discoveries it has already made, is slightly higher than INR 30,500 crore capex in 2023-24 fiscal (April 2023 to March 2024). It is developing discoveries on both east and west coasts of the country. Continue reading “ONGC, IOC, other oil PSUs to invest INR 1.2 lakh crore in FY25”

Source : PTI | There is no adverse impact on India’s exports and imports so far due to the Red Sea crisis, an official said. The official said that the transportation cost has increased as the shippers are taking a long route.

“There is no impact in volume terms so far. Only the transportation cost is up. It has risen for all the countries. It has not affected the trade adversely so far. We have to see the long term demand, but it will depend on the EU and the US,” the official added. Continue reading “No adverse impact of Red Sea crisis so far on India’s trade”

New Delhi, 4th February 2023: In a significant development on the 3rd and final day of the first edition of Bharat Mobility Global Expo 2024, Honourable Minister of Commerce & Industry, Shri Piyush Goyal, declared that the highly successful event will now become an annual affair. Minister Goyal commended the outstanding achievements of this year’s expo, citing its massive scale and impact on the mobility sector.

The inaugural Bharat Mobility Global Expo, held from 1st February to 3rd February, witnessed an impressive turnout with around 800 exhibitors showcasing cutting-edge innovations. The event garnered overwhelming support, with a record-breaking 150,000 registered visitors including business visitors. Continue reading “Bharat Mobility Global Expo to be an annual event demonstrating India’s growth story: Piyush Goyal”

ROME, (Reuters) – Italy’s industry minister on Friday criticised Stellantis’ ownership structure and said the automaker had a “problem” with its models and marketing, continuing a feud between the company and the Rome government.

Speaking in the northern city of Trento, Adolfo Urso said Stellantis had an “unbalanced, absolutely not equal” shareholding structure between its French and Italian stakeholders. Continue reading “Stellantis under renewed fire from Italian government”

(Reuters) – Activist investors who have for years accused Tesla’s board of failing to rein in Elon Musk say this week’s court ruling on the electric vehicle maker CEO’s compensation could give them the shareholder support they need for reforms.

These investors have offered various resolutions at Tesla annual shareholder meetings on corporate governance issues such as director term lengths or voting thresholds for new bylaws, but so far they have won few changes. Continue reading “Tesla activist investors to seize on Elon Musk pay ruling”

TOKYO/SAN FRANCISCO, (Reuters) – When Tony Le set out with his wife to buy a new car last year, he looked at Tesla and other all-electric models.

In the end, the 37-year-old Modesto, California, tech worker opted for a Toyota RAV4 Hybrid due to worries over getting stranded with a purely electric vehicle, a dead battery and no charging station in sight. Continue reading “Toyota to outshine rivals as more consumers opt for hybrids amid EV slowdown”

WASHINGTON/SAN FRANCISCO, (Reuters) – U.S. safety regulators on Friday upgraded their probe into Tesla vehicles over power steering loss to the status of an engineering analysis – a required step before the agency could demand a recall.

Tesla shares, which dropped more than 25% in January alone, fell more than 3% on Friday. Continue reading “U.S. safety agency deepens probe of Tesla power steering loss”