Source : PTI | Maruti Suzuki India plans to start exporting Electric Vehicles (EVs) from India this year after launching them in the country, a senior company official said on Thursday. The company also expects to export lithium-ion battery cells and modules worth around INR 750 crore this fiscal. “This year itself we will start exports of EVs to countries like Europe and Japan,” Maruti Suzuki India Executive Director Rahul Bharti said at the Vibrant Gujarat Global Summit here.

On the export of battery cells and modules, Bharti said, “We are exporting it to advanced countries like in Europe. We will be touching almost INR 750 crore of lithium-ion advanced chemistry cells, battery packs and module exports this financial year.”

Continue reading “Maruti Suzuki plans to start exports of EVs this year”

Source : PTI | A continuation for five years of demand incentive under the FAME scheme will help increase penetration of electric vehicles to 25% from the current 5% in India, Kinetic Green Founder and CEO Sulajja Motwani said on Thursday. Motwani, who is also the FICCI National EV Committee Chair, said while India has made a good start towards electric mobility, the next five years will be crucial to establish electric as the preferred technology for mobility amongst consumers.

Speaking at Vibrant Gujarat Global Summit in Gandhinagar, she said the FICCI committee had submitted a comprehensive recommendation, including continuation of the FAME scheme, to the government for acceleration of electric mobility. Continue reading “Need FAME scheme extension for another 5 years: Kinetic Green CEO”

Source : PTI | The Tata Group’s investment for the fab manufacturing in Gujarat will be “very big” and a Cabinet note seeking approvals for the project will be moved “very soon”, Union Minister for Electronics and Information Technology Ashwini Vaishnaw said on Thursday. Speaking at the biennial Vibrant Gujarat Global Summit here, Vaishnaw said the Tatas’ proposed investment is important because it will be serving a wider spectrum of opportunities, right from fab to OSAT (Outsourced Semiconductor Assembly and Test).

Vaishnaw said the fab proposed in Dhooera will be a semiconductor chips manufacturing factory, which will be a “very big investment”. Continue reading “Tatas’ investment in Gujarat fab will be big, project to move for Cabinet approval soon: Vaishnaw”

Source : PTI | Rationalisation of the duty structure is critical for the fast adoption of new technologies, including electric vehicles, BMW Group India President Vikram Pawah said on Thursday. He stressed on a level-playing field in terms of taxation for the existing as well as for new players who seek to foray into the country.

“Our ask from the government has always been that if you want faster adoption of new technologies, and then localisation, there needs to be some rationalisation of the duty structure,” Pawah told reporters. Continue reading “Rationalisation of duty structure important for fast adoption of new technologies: BMW India Head”

Source : PTI | JSW Group on Thursday said it has partnered with Finland-based firm Coolbrook to implement a low carbon emission technology at its Vijayanagar plant in Karnataka. In a statement, JSW Group said the partnership follows Coolbrook’s successful completion of the first phase of large-scale pilot tests for RotoDynamic Technology at the Brightlands Chemelot Campus in the Netherlands in 2023.

“This strategic partnership will focus on implementing Coolbrook’s RotoDynamic Heater (RDH) Technology at JSW’s manufacturing sites at Vijayanagar Works in Karnataka with the primary goal of achieving low CO2 emissions in steel and cement production,” it said.

Continue reading “JSW Group ties up with Finland-based Coolbrook for low carbon emission tech”

(Reuters) – Even as U.S. inflation has eased in the last year, an unusual culprit has emerged in recent months as a surprise force in preventing consumer prices from falling even further: auto insurance.

Consumer prices in December overall rose 3.4% from a year earlier, the Labor Department said on Thursday in the release of the monthly Consumer Price Index, more than the 3.2% economists polled by Reuters had expected and up from 3.1% in November. Continue reading “‘Remarkable’ surge in auto insurance costs fans US inflation”

(Reuters) – Tesla (TSLA.O) has told production workers in the United States that they will get a pay hike, Bloomberg News reported on Thursday.

Many automakers including Volkswagen (VOWG_p.DE) and Toyota (7203.T) have raised wages for their non-unionized U.S. workers as the United Auto Workers (UAW) union looked to organize them after signing new labor deals with the Detroit Three. Continue reading “Tesla to raise pay for US factory workers – Bloomberg News”

GANDHINAGAR, India, (Reuters) – Japan’s Toyota Motor (7203.T) will in a couple of years globally launch vehicles with solid-state batteries that charge faster and last longer, an executive said on Thursday at an investment summit in India.

Solid-state batteries promise to dramatically improve the driving range of electric vehicles (EVs), a key element of a strategic pivot Toyota unveiled in June to make up ground lost to Tesla and Chinese rivals, such as BYD, in the EV race. Continue reading “Toyota to roll out solid-state battery EVs globally in a couple of years”

(Reuters) – Rental firm Hertz Global Holdings (HTZ.O) is selling about 20,000 electric vehicles, including Teslas, from its U.S. fleet about two years after a deal with the automaker to offer its vehicles for rent, in another sign that EV demand has cooled.

Hertz will instead opt for gas-powered vehicles, it said on Thursday, citing higher expenses related to collision and damage for EVs even though it had aimed to convert 25% of its fleet to electric by 2024 end. Continue reading “Rental giant Hertz dumps EVs, including Teslas, for gas cars”

BERLIN,(Reuters) – Tesla (TSLA.O) will suspend most car production at its factory near Berlin from Jan. 29 to Feb. 11, the company said on Thursday, citing a lack of components due to shifts in transport routes because of attacks on vessels in the Red Sea.

The partial production stop is evidence that the crisis in the Red Sea, unleashed by Iranian-backed Houthi militants attacking vessels in solidarity with Palestinian Islamist group Hamas fighting Israel in Gaza, has hit Europe’s largest economy. Continue reading “Exclusive: Tesla Berlin to stop most output for two weeks due to Red Sea disruption”

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EV sales jumps 49% to 15.29 lakh units in 2023: FADA WAF

Modi meets top CEOs, discusses made-in-India vehicles to green hydrogen WAF Continue reading “WAF Auto News | The Auto World This Week (12th January 2024)”

Source

Trailblazing Performance. BMW Group India Celebrates Highest-ever Annual Sales in 2023.

 Highest-ever Car Sales (BMW + MINI) of 14,172 units with +18% growth.

 Highest-ever Bike Sales (BMW Motorrad) of 8,768 units with +20% growth.

 Highest-ever Quarter 4 Sales for BMW, MINI and BMW Motorrad.

 Number 1 in luxury electric vehicle market for the second year with the most diverse product range. Continue reading “Trailblazing Performance. BMW Group India Celebrates Highest-ever Annual Sales in 2023”

Source : PTI | Steel Strips Wheels Ltd (SSWL) will invest INR 138 crore in AMW Autocomponent Ltd as part of an insolvency resolution plan. The company’s board has decided on the plan after the Ahmedabad Bench of the National Company Law Tribunal gave its nod for its resolution plan for AMW Autocomponent, a regulatory filing said on Tuesday.

“SSWL shall infuse INR 138.15 crore into AMW Autocomponent Limited(AACL) through a mix of equity and debt as per the resolution plan approved by NCLT Ahmedabad,” it said. Continue reading “Steel Strips Wheels to invest INR 138 cr in AMW Autocomponent”

Source : PTI | ONGC Videsh Ltd, the overseas investment arm of state-owned Oil and Natural Gas Corporation, has incorporated a wholly-owned subsidiary OVL Overseas IFSC Ltd in GIFT City, Gujarat. “This GIFT city entity will function as the global treasury centre to cater to the treasury activities of OVL and its 25 subsidiaries (including step-down subsidiaries) spread across 15 countries.

“Given the business-friendly regulatory environment in GIFT City, OOIL (OVL Overseas IFSC Ltd) expects to efficiently consolidate funds available with the group in various countries and raise additional funds needed to achieve the ambitious target of producing 40 million tonnes of oil and oil equivalent (MMToe) by 2040 from overseas assets,” the company said in a statement.

Continue reading “ONGC Videsh incorporates subsidiary in GIFT City”

BEIJING, Jan 10 (Reuters) – Volkswagen Group (VOWG_p.DE) and Toyota Motor (7203.T) saw their share of the world’s largest auto market shrink last year, industry data showed on Wednesday, as legacy international automakers ceded ground to Chinese rivals.

VW’s two joint ventures in China with FAW and SAIC took a combined 14.2% share in sales terms in 2023, down from 14.8% in 2022, according to data from the China Passenger Car Association (CPCA). Sales of SAIC VW and FAW VW include brands of VW, Audi and Jetta. Continue reading “VW, Toyota saw China market share shrink in 2023: industry association”

PARIS, Jan 10 (Reuters) – Renault (RENA.PA) is banking on new models and a price cut for its Megane model to help in its battle against U.S. rival Tesla Inc (TSLA.O) on its home turf, a senior official for the French carmaker told Reuters on Wednesday.

“The Renault brand’s main focus in 2024 is to go back on the offensive in the electric segment, since we’re currently second,” said Ivan Segal, Renault brand’s sales director for France. Continue reading “Renault banks on new models, Megane price cut to fight off Tesla in France”

(Reuters) – Japanese automaker Honda Motor (7267.T) announced on Tuesday plans to launch a new electric vehicle series from 2026, as it plays catch-up with global rivals in the shift to battery-powered cars.

Japan’s second-biggest car maker has been slow to step up EV sales, lagging behind European and U.S. competitors such as General Motors (GM.N) and Volkswagen (VOWG_p.DE), while facing a challenge from newer rivals such as China’s BYD (002594.SZ). Continue reading “Honda unveils plans for new EV lineup”

LAS VEGAS, (Reuters) – As artificial intelligence becomes the new horsepower for car buyers, established automakers are redoubling efforts to match the digital features that set Tesla (TSLA.O), BYD (002594.SZ) and other new rivals apart, industry executives and analysts said at the CES technology show in Las Vegas.

More than a decade after Tesla debuted cars with software that could be upgraded over the air like a smartphone, established automakers are still running behind in efforts to develop what the industry calls “software-defined vehicles,” industry executives said this week. Continue reading “Focus: At CES, legacy automakers scramble to keep up in AI arms race”

Source : PTI | New Delhi: Auto components major Bharat Forge on Tuesday said it has inked an MoU with the Tamil Nadu government to invest INR 1,000 crore over a period of five years to expand manufacturing footprint in the state. The company has entered into a memorandum of understanding (MoU) with Guidance, the nodal agency of the state government as part of the Tamil NaduGlobal Investors Meet 2024, it said in a regulatory filing.

The MoU is non binding and at present does not have a material impact on operations of the company, it added.

Continue reading “Bharat Forge to invest INR 1,000 cr in Tamil Nadu to enhance production activities”

Source : PTI | Prime Minister Narendra Modi on Tuesday met some of the top global CEOs on the sidelines of the Vibrant Gujarat Summit as he lured investments across sectors to boost the economy and create jobs. A day before inaugurating the Vibrant Gujarat Global Summit on January 10, the prime minister met executives of Suzuki Motor Corp, Micron Technology and AP Moller and discussed industry issues and investment opportunities.

Modi and Toshihiro Suzuki, Representative Director & President, Suzuki Motor Corp, “discussed Maruti Suzuki’s plans to make India a strong player in the global automotive market by exporting Made in India vehicles, along with deploying global best practices related to vehicle scrapping and vehicle recycling into India,” the Prime Minister’s Office said in a post on X. Continue reading “Modi meets top CEOs, discusses made-in-India vehicles to green hydrogen”

Source : PTI | Gensol Engineering on Tuesday said it will invest INR 2,000 crore to set up an EV manufacturing plant in Gujarat. A memorandum of understanding (MoU) to this effect was signed with the Gujarat government as part of the investment promotion activity for Vibrant Gujarat Global Summit 2024.

The project will generate around 1,500 jobs in the region, Gensol said in a regulatory filing. Continue reading “Gensol Engineering to invest INR 2,000 cr for EV plant”

Source : PTI | The Ministry of Road Transport and Highways (MoRTH) will come out with a modified Build-Operate-Transfer (BOT) project document in the next one month to attract interest of private companies for investments in the highways sector, a senior official said on Monday. Addressing an event organised by Rural Electrification Capital (REC) Ltd, Road Transport and Highways Secretary Anurag Jain said the government’s budget on the highways sector has increased three times in the last 10 years.

“We are giving final touches to modified BOT document for highways construction. It will be finalised in one month,” he said. Continue reading “MoRTH to come out with BOT project in the next month to attract investments: Anurag Jain”

(Reuters) – Microsoft (MSFT.O) has worked with a U.S. national laboratory to use artificial intelligence to rapidly identify a material that could mean producing batteries that require 70% less lithium than now, the company said on Tuesday.

The replacement of much of the lithium with sodium, a common element found in table salt, still needs extensive evaluation by scientists at Pacific Northwest National Laboratory (PNNL) in Richland, Washington to determine whether it will be suitable for mass production. Continue reading “Microsoft, US lab use AI to speed search for new battery materials”

BERLIN, (Reuters) – Volkswagen Group (VOWG_p.DE) deliveries rose 12% to 9.24 million vehicles in 2023, it said on Tuesday, indicating a post-pandemic sales recovery as supply chain bottlenecks eased.

The carmaker’s unit sales dropped after the outbreak of the pandemic, hitting a low of 8.3 million in 2022 from 9.3 million in 2020, amid supply chain challenges from chip shortages to the war in Ukraine. Continue reading “Volkswagen Group sales near pre-pandemic levels as bottlenecks ease”

DETROIT (Reuters) – Intel (INTC.O) said on Tuesday it will launch automotive versions of its newest AI-enabled chips, taking on Qualcomm (QCOM.O) and Nvidia (NVDA.O) in the market for semiconductors that can power the brains of future cars.

Intel also said it will acquire Silicon Mobility, a French startup that designs system-on-a-chip technology and software for controlling electric vehicle motors and onboard charging systems. Intel did not disclose a purchase price for the closely held company, controlled by venture funds Cipio Partners and Capital-E. Continue reading “Intel challenges Nvidia, Qualcomm with ‘AI PC’ chips for cars”

LAS VEGAS, (Reuters) – Vietnamese electric vehicle maker VinFast aims to increase its free float, or shares available to the public for trading, to 10% to 20% by the end of this year from roughly 2% currently, the company’s chairperson said on Tuesday.

“This year we plan as the markets recover and as we show more achievements of progress, we will do follow-on transactions … increasing the free float, bringing in many more investors, including long-only investors,” Le Thi Thu Thuy, the former CEO and current VinFast chairperson, told Reuters on the sidelines of the CES trade show in Las Vegas. The free float “hopefully would be 10% to 20% at least,” she said. Continue reading “Exclusive: EV maker VinFast aims to raise free float to 10%-20% by end-2024 -chair”

(Reuters) – Japanese automaker Honda Motor (7267.T) announced on Tuesday plans to launch a new electric vehicle series from 2026, as it plays catch-up with global rivals in the shift to battery-powered cars.

Japan’s second-biggest car maker has been slow to step up EV sales, lagging behind European and U.S. competitors such as General Motors (GM.N) and Volkswagen (VOWG_p.DE), while facing a challenge from newer rivals such as China’s BYD (002594.SZ). Continue reading “Honda unveils plans for new EV lineup”

(Reuters) – Tesla has lowered driving-range estimates across its lineup of electric vehicles as a new U.S. government vehicle-testing regulation takes effect with the goal of ensuring that automakers accurately reflect real-world performance.

Tesla has historically issued range estimates that overstate what its cars can deliver, prompting widespread complaints from customers, according to some automotive testing experts and a Reuters investigation last year. Continue reading “Tesla lowers range estimates as U.S. regulators tighten vehicle-test rules”

Source : PTI | Tata Motors-owned Jaguar Land Rover on Monday reported a 27 % rise in total wholesales at 1,01,043 units in the third quarter ended December 31, 2023, as compared to the year-ago period. Jaguar Land Rover (JLR) delivered the highest wholesales in 11 quarters during the period, a statement by JLR shared on BSE by Tata Motors said.

Year-to-date wholesales for FY24 were 2,91,113 units, up 28 % year-on-year, it added. Continue reading “JLR Q3 wholesales up 27% at 1,01,043 units”

Souce : PTI | Tractors and Farm Equipment manufacturer TAFE Ltd on Monday signed a memorandum of understanding with the Tamil Nadu government to invest INR 500 crore in the state. The investments would be utilised for taking up expansion of the Chennai-headquartered company’s farm equipment division besides enhancing its manufacturing facility for the assembly and exports of ‘Silent Generators’, the company said.

During the second day of the Global Investors Meet organised by the ruling DMK government here, company officials exchanged documents with the government in the presence of Chief Minister M K Stalin, Minister for Industries T R B Rajaa. “Tractors and Farm Equipment Ltd proposes to expand its Farm Equipment division to produce an advanced range of farm equipment for a wide variety of crops ideally suited for both Indian and international markets,” the company said in a statement. Continue reading “TAFE Ltd to invest INR 500 cr, inks pact with Tamil Nadu govt”

Source : PTI | The Ministry of Road Transport and Highways (MoRTH) will come out with a modified Build-Operate-Transfer (BOT) project document in the next one month to attract interest of private companies for investments in the highways sector, a senior official said on Monday. Addressing an event organised by Rural Electrification Capital (REC) Ltd, Road Transport and Highways Secretary Anurag Jain said the government’s budget on the highways sector has increased three times in the last 10 years.

“We are giving final touches to modified BOT document for highways construction. It will be finalised in one month,” he said. Continue reading “MoRTH to come out with BOT project in the next month to attract investments: Anurag Jain”

LONDON, (Reuters) – BT (BT.L), Britain’s biggest telecoms group, said it would convert the first of its street cabinets traditionally used to house cabling to an electric vehicle (EV) charging unit in a pilot that could lead to a network of 60,000 new points.

The first unit will be installed at a cabinet in East Lothian, Scotland, BT said on Monday, adding that it will roll out further trials across Britain in the coming months. Continue reading “Britain’s BT to turn street cabinets into EV charging points”

BRUSSELS,(Reuters) – Swedish lithium-ion battery producer Northvolt on Monday secured EU approval for 902-million-euro ($986.43 million) in German state aid to build an electric vehicle battery production plant in the north of Germany.

The European Commission said the plant would accelerate the 27-country bloc’s green transition and reduce fuel dependencies, and that the German aid was necessary as without it, Northvolt would build the plant in the United States with support from the U.S. Inflation Reduction Act. Continue reading “Northvolt gains EU nod for $986 mln German aid to build EV battery plant”

OTTAWA, (Reuters) – Canadian officials are meeting representatives of Honda Motor (7267.T) this week, a government source said, following a news report that the car maker was considering building an almost 2 trillion yen ($13.9 billion) electric vehicle plant in the country.

The Ottawa talks will involve several different federal departments, said the source familiar with the matter who was not authorized to speak on the record. Continue reading “Canada, Honda representatives to meet about potential EV plant -source”

DETROIT, (Reuters) – Nvidia (NVDA.O) said four Chinese electric vehicle brands will use its technology as the brains for automated driving systems, underscoring the U.S. chip maker’s determination to expand in China despite Washington’s tighter export rules.

Chinese automakers Li Auto (2015.HK), Great Wall Motor (601633.SS), Zeekr (ZK.N) and the new EV unit of Chinese telecommunications company Xiaomi (1810.HK) will use Nvidia’s DRIVE technology to power automated driving, Nvidia said on Monday at the CES technology conference in Las Vegas. Continue reading “Nvidia expands its reach in China’s EV sector”