Source : PTI | Eicher Motors has been served demand notices of over INR 130 crore from three different authorities over issues related to GST, according to a regulatory filing by the company. The company has received a demand order for an aggregate amount of INR 129.79 crore, including a penalty of INR 11.8 crore and applicable interest from the office of the Principal Commissioner of CGST and Central Excise, Chennai, Eicher Motors said in a regulatory filing.

The officer has disallowed certain GST credit and raised GST demand, largely on account of the difference in GST credit mismatch between the company’s GST availment and details reported by suppliers in their GST returns, it added. Continue reading “Eicher Motors gets INR 130 cr tax demand notices, company to challenge”

Source : PTI | New Delhi: Jindal Stainless on Thursday said it will generate over 1.9 billion units of clean electricity per year through its green energy initiatives. The initiatives have the potential to reduce carbon emissions by over 13.52 lakh tonnes per annum.

“Jindal Stainless… will generate over 1.9 billion units of clean electricity per annum through its wind-solar hybrid, floating roof-top solar plants, according to its newly released Sustainability Report,” the company said in a statement.

Continue reading “Jindal Stainless to generate over 1.9 bn units of clean energy”

(Reuters) – Faraday Future Intelligent Electric (FFIE.O) got a notice from the Nasdaq exchange on Thursday over its failure to comply with listing rules that require a minimum closing share price of $1, the electric-vehicle startup disclosed in a filing.

The firm, whose shares closed at 26 cents on Thursday, has until June 25 to regain compliance by lifting its stock price over the required level for at least 10 consecutive days. Continue reading “EV startup Faraday Future’s sinking share price prompts Nasdaq notice”

(Reuters) – Fisker (FSR.N) said on Friday its electric vehicle deliveries jumped more than four-fold during the final quarter, helping it hand over about 4,700 vehicles for the year.

The rise in quarterly sales volume was primarily driven by strong demand for the Fisker Ocean SUV, priced at about $69,000, the company said.

Fisker started making its first deliveries to U.S. customers in June. Continue reading “Fisker delivers 4,700 electric cars in 2023, shares jump”

Source : PTI | Chief Minister Sukhvinder Singh Sukhu has directed government departments not to buy diesel and petrol vehicles from January 1, 2024, according to a statement. This will promote e-vehicles and help the state achieve the goal of ‘Green and Clean Himachal’, it said.

In case a department wants to purchase a diesel or petrol vehicle it will have to seek the approval of the state cabinet, it said.

“In an initiative to achieve the goal of ‘Green and Clean Himachal’, Chief Minister Thakur Sukhvinder Singh Sukhu has directed all government departments not to buy diesel or petrol vehicles from January 1st, 2024,” the statement said. Continue reading “HP govt restricts departments from buying diesel-petrol vehicles from Jan 1”

(Reuters) – China’s Li Auto Inc (2015.HK) said on Sunday it expects to launch and begin deliveries of its first fully electric car in March.

Li Auto has already started taking pre-orders in China for its MEGA multi-purpose vehicle (MPV) at an estimated price of under 600,000 yuan ($84,533.24).

The automaker said in November that the MEGA MPV would be the first model produced at its Beijing plant, which has a design capacity of 100,000 units a year. Continue reading “China’s Li Auto expects to launch first fully electric EV in March”

BENGALURU, (Reuters) – Sales of sports utility vehicles (SUVs) rose in December, while small car sales fell despite high discounts, data from Indian automakers showed on Monday.

While sales of entry-level vehicles remain slow due to inflation, automakers have benefited from the sales of premium vehicles, catering to a more well-off demographic largely unaffected by higher prices.

Maruti Suzuki (MRTI.NS) and Mahindra & Mahindra (MAHM.NS) reported domestic SUV sales growth of 24% and 39% year-on-year, respectively. Continue reading “Sales of Indian SUVs soar, smaller cars skid in December”

HONG KONG, (Reuters) – Chinese carmaker Geely Automobile Holdings Ltd (0175.HK) set its sales volume target at 1.9 million units for 2024, up 13% from its total sales last year, according to a Hong Kong stock exchange filing on Monday.

The company also said it increased its sales volume target for new energy vehicles by more than 66% compared with the total sales volume achieved in 2023, without giving a figure.

Geely, China’s second largest automaker by sales, said it sold 1,686,516 vehicles in 2023, up 18% from 2022. Continue reading “Chinese automaker Geely raises sales target for 2024 to 1.9 mln units”

HONG KONG,(Reuters) – A share sale plan between China Evergrande New Energy Vehicle Group (0708.HK), the electric vehicle arm of property developer China Evergrande (3333.HK), and U.S.-listed NWTN (NWTN.O) has lapsed, according to a Hong Kong stock exchange filing on Monday.

As neither party agreed on the extension of the long stop date, which is the last day of 2023, Evergrande New Energy Vehicle said the share subscription and loan conversion subscription agreement by NWTN are no longer valid. Continue reading “China Evergrande’s EV share sale deal lapses”

(Reuters) – China’s BYD Co (002594.SZ), the world’s biggest seller of battery electric vehicles (BEVs) and plug-in hybrids, sold about 3.02 million vehicles in 2023, an increase of 61.9%, it said on Monday.

The Shenzhen-based automaker said it sold about 1.6 million battery EVs as well as about 1.4 million plug-in hybrid EVs.

BYD said its battery and hybrid EV sales in December stood at 340,178 including 190,754 all-electric vehicles. Continue reading “Chinese EV giant BYD posts 62% jump in 2023 vehicle sales”

WASHINGTON,(Reuters) – Many electric vehicles lost eligibility for tax credits of up to $7,500 after new battery sourcing rules took effect on Monday, including the Nissan Leaf, Tesla Cybertruck All-Wheel Drive, some Tesla Model 3s and Chevrolet Blazer EV, the U.S. Treasury said.

The Treasury issued guidelines in December detailing new battery sourcing requirements aimed at weaning the U.S. electric vehicle supply chain away from China. They took effect on Monday. Continue reading “More EVs lose US tax credits including Tesla, Nissan, GM vehicles”

LOS ANGELES, (Reuters) – Toymaker Basic Fun’s team that oversees ocean shipments of Tonka trucks and Care Bears for Walmart (WMT.N) and other retailers is racing to reroute cargo away from the Suez Canal following militant attacks on vessels in the Red Sea.

Suppliers for the likes of IKEA, Home Depot (HD.N), Amazon (AMZN.O) and retailers around the world are doing the same as businesses grapple with the biggest shipping upheaval since the COVID-19 pandemic threw global supply chains into disarray, sources in the logistics industry said. Continue reading “Red Sea shipping workarounds add costs, delays for suppliers, retailers”

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BEIJING, Dec 28 (Reuters) – Chinese smartphone maker Xiaomi (1810.HK) took the wraps off its first electric vehicle on Thursday and promptly announced it was aiming to become one of the world’s top five automakers.

The sedan, dubbed the SU7 with the SU short for Speed Ultra, is a highly anticipated model that Chief Executive Lei Jun touted as having “super electric motor” technology capable of delivering acceleration speeds faster than Tesla (TSLA.O) cars and Porsche’s EVs. Continue reading “China’s Xiaomi unveils first electric car, plans to become top automaker”

Source : PTI | State-owned NTPC is looking towards listing its green energy vertical in the next 1-2 years, as it anticipates higher demand going forward, its chairman and managing director Gurdeep Singh said on Wednesday. He also said that the entity is expecting a 30-40 per cent rise in capex to cater to increased power demand in the country.

“Maybe I think (an IPO) down the line in next one to two years… as we add capacity and there is a pipeline of growth,” Singh said in response to a question on whether the company was looking for listing its green energy vertical. Continue reading “NTPC plans to list green energy vertical in next 1-2 years: CMD Gurdeep Singh”

Summary

• Volkswagen India strengthens network presence in Uttar Pradesh: With the latest additions to its network in the state, the Brand now holds a strong presence in the region with a total of nine sales and eight service touchpoints
• The Brand has inaugurated two dealerships in Uttar Pradesh – Bareilly and Lucknow
• Both showrooms boast of a three-car display of India’s safest portfolio of cars: including the 5-star GNCAP-rated Volkswagen Virtus and Taigun, along with the globally acclaimed SUVW Tiguan
• Ensuring customer convenience and peace of mind, the dealerships also offer Express Service and door-to-door service via Volkswagen Assistance and Mobile Service Unit, complemented by a service and spares workshop in a nearby location
  Continue reading “Volkswagen India inaugurates two new touchpoints in Uttar Pradesh, continues to build a robust network presence across the country”

Source : PTI | Toyota Kirloskar Motor on Wednesday said it expects to continue the strong momentum next year after closing 2023 with record sales as rising demand from tier II and III markets is slated to fuel further growth. The company is set for a record year in terms of sales in 2023. It has already clocked a total of 2,10,479 units in the January-November period of 2023, beating the previous highest yearly sales of 1.72 lakh units in 2012.

“At TKM (Toyota Kirloskar Motor), we are equally confident for the next year, fuelled by the rising demand from tier II and III markets and overall buoyant customer sentiments. Our primary focus is on further elevating the customer experience to meet their evolving needs,” company Vice President of Sales and Strategic Marketing, Atul Sood said in a statement. Continue reading “Toyota Kirloskar confident of continuing strong growth in 2024”

Source : PTI | Around 19,700 GPS-based navigation devices, known as Fog PASS, are helping loco pilots operate trains with minimal disruptions and delay while ensuring safety of passengers, railways sources said. Officials say that as fog has begun to affect the visibility in the morning hours, these devices are coming in handy in the smooth running of trains.

“Every year we increase our procurement so that we have enough stock of the device to use in times of need. In March 2021, we had around 12,742 Fog PASS devices,” a senior railway official said. Continue reading “Railways deploy close to 20,000 Fog PASS devices for smooth train run: Sources”

Source : PTI | The Noida Police on Wednesday issued a traffic advisory for December 31, cautioning the public about diversions that will come up near crowded markets and shopping malls on New Year’s Eve. The police also warned of strict action in the form of hefty fines and vehicle seizures against those found flouting the traffic rules, especially in cases of driving under the influence of alcohol or drugs.

In the advisory, the police said various traffic arrangements and diversions will be made to reduce vehicle congestion on roads on New Year’s Eve. Continue reading “Noida Police issues traffic advisory for New Year’ s Eve, drunk drivers on radar”

BEIJING, (Reuters) – Chinese electric vehicle giant BYD (002594.SZ), said on Wednesday it has obtained a conditional testing license for level 3 (L3) autonomous driving on high-speed roads.

BYD was granted the first such license in China in July, the company said in a statement on its official Weibo account.

Earlier in December, BMW Group (BMWG.DE) said it had received a test license for L3 self-driving on high-speed roads in Shanghai, while Mercedes Benz (MBGn.DE) said it would carry out L3 tests on designated highways in Beijing. Continue reading “BYD has obtained conditional testing license for level 3 autonomous driving on high-speed roads”

SAN FRANCISCO, (Reuters) – Tesla (TSLA.O) is expected to post another record quarter for electric vehicle (EV) deliveries, likely shy of an ambitious 2 million annual internal target that CEO Elon Musk touted at the beginning of the year.

Faced with slowing sales, Tesla leveraged its industry-leading margins and slashed prices of its four car models globally in 2023, with a focus on China, where the company has lost market share to locals including BYD (002594.SZ). Continue reading “Tesla deliveries to hit record, but fall short of Musk’s aspirations”

LONDON,  (Reuters) – Self-driving cars could be on some British roads by 2026, the country’s transport minister Mark Harper said on Wednesday.

Cars with full self-driving technology are not currently permitted on Britain’s roads but the government’s Automated Vehicles (AV) legislation is going through parliament, meaning that a legal framework for them should be in place by the end of 2024, said Harper.

“Probably by as early as 2026 people will start seeing some elements of these cars that have full self-driving capabilities being rolled out,” Harper told BBC Radio. Continue reading “Self-driving cars could be on UK roads by 2026 -minister”

SAN FRANCISCO, (Reuters) – General Motors has sued the city of San Francisco, seeking to recover more than $100 million, alleging that it was charged a higher tax bill than warranted because its Cruise self-driving car unit was improperly used to make the calculations.

In the case filed in California Superior Court in San Francisco, GM is seeking $108 million in back taxes over the course of seven years, as well as $13 million in penalties and interest, according to the complaint. The Detroit automaker said San Francisco-based Cruise is operated separately from GM, generates only a minimal amount of sales and should not be used to calculate GM’s liabilities in the city where the parent company has a limited presence. GM said in the lawsuit that it sold only about $677,000 worth of goods in San Francisco in 2022. Continue reading “GM sues San Francisco, seeking $121 million in back taxes, penalties”

Source : PTI | IPO-bound Ola Electric Mobility Ltd plans to utilise INR 1,226.43 crore out of the proceeds of its INR 5,500-crore public issue on capacity expansion of its cell manufacturing plant to 6.4 GWh from 5 GWh, according to preliminary papers filed by the company with capital markets regulator Sebi. The company, which had filed the draft red herring prospectus (DRHP) last week is also looking to use INR 1,600 crore from the public fund raising on research and product development, while another INR 800 crore will be deployed to repay debt.

Ola Electric Mobility (OEM) which had on August 15, 2023 announced a line-up of electric motorcycles — Cruiser, Adventure, Roadster and Diamondhead — expects to begin delivery of the motorcycles in the first half of fiscal 2026. Continue reading “Ola Electric plans to deploy INR 1,226.43 cr of IPO proceeds on cell production capacity expansion”

Source : PTI | Karnataka Chief Minister Siddaramaiah on Tuesday said that 1,400 new electric buses will be added to the Bengaluru Metropolitan Transport Corporation by April next year. In the first phase, he flagged off 100 non-AC electric buses of the BMTC at Vidhana Soudha here.

“So far, Karnataka women have undertaken 120 crore rides in state transport buses for free since the launch of the Shakti scheme. A total of 40 lakh people travel on BMTC every day. In this, women of all castes, all religions and all walks of life are travelling for free,” he said. Continue reading “By April, 1,400 new electric buses will be inducted in BMTC: Karnataka CM”

Source : PTI | State-ownedPower Grid Corporation on Tuesday said that it has acquired two special purpose vehicles (SPV) to implement power transmission projects — Vataman Transmission and Koppal II Gadag II Transmission from PFC Consulting. The Power Grid Corporation had bagged these two projects under tariff-based competitive bidding conducted by PFC Consulting, two separate BSE filings showed.

The Koppal II Gadag II Transmission Ltd (KIIGIITL) was acquired on Tuesday to establish a transmission system for ‘Transmission Scheme for Integration of Renewable Energy Zone (Phase-II) in Koppal-II (Phase-A & B) and GadagII (Phase-A) in Karnataka’, on build, own, operate and transfer (BOOT) basis”, it explained.

Continue reading “Power Grid Corp acquires 2 special purpose vehicles to implement transmission projects”

Source : PTI | Mumbai: Operating profit of offshore rig operators in India is likely to jump 30 % next fiscal on the back of strong global demand for rigs amid healthy crude prices and elevated day rate which has doubled to USD 85,000 from the last year’s level, says a report by Crisil Ratings. The day rate is the amount of money paid by the operator to the drilling contractor for each day that the rig is used to drill a well.

In the absence of significant investment towards rig addition, growth will bolster the returns and debt metrics of rig operators and strengthen their credit risk profiles, it added.

Continue reading “Operating profit of offshore rig operators may jump 30% in FY25: Report”

TOKYO, Dec 27 (Reuters) – Toyota Motor’s (7203.T) global production jumped 11% in November to a record level, bouncing back from last year’s supply chain disruptions and benefiting from robust demand both in Japan and overseas.

Output for November climbed to 926,573 vehicles, while worldwide sales increased 14% from a year earlier when automakers globally were bedevilled by shortages of semiconductors. Both figures include Toyota’s Lexus luxury brand. Continue reading “Toyota’s global output surges to record in November on strong demand”

BEIJING, Dec 27 (Reuters) – Chinese electric vehicle giant BYD (002594.SZ), said on Wednesday it has obtained a conditional testing license for level 3 (L3) autonomous driving on high-speed roads.

BYD was granted the first such license in China in July, the company said in a statement on its official Weibo account.

Earlier in December, BMW Group (BMWG.DE) said it had received a test license for L3 self-driving on high-speed roads in Shanghai, while Mercedes Benz (MBGn.DE) said it would carry out L3 tests on designated highways in Beijing. Continue reading “BYD has obtained conditional testing license for level 3 autonomous driving on high-speed roads”

Source : PTI | India’s first-ever payment in rupees for crude oil purchased from the UAE is helping the world’s third largest energy consumer push for taking the local currency global, as it looks for similar deals with other suppliers, officials said, adding internationalisation is a process and there are no targets.

With the nation more than 85 % dependent on imports for meeting its oil needs, India has been pursuing a three-pronged strategy of buying from the cheapest available source, diversifying sources of supply and not breaching any international obligation like the price cap in case of Russian oil. Continue reading “First rupee payment for oil to UAE: India looks for more deals, no targets: Officials”

Source : PTI | New Delhi: With general elections on the horizon, the government’s privatisation bandwagon has almost but stalled as a government wary of being accused of selling family silver opts for minority stake sales on stock exchanges over outright privatisation. The result — the disinvestment target for current fiscal year is again likely to be missed.

Big ticket privatisation plans such as that of Bharat Petroleum Corporation Ltd (BPCL), Shipping Corporation of India (SCI) and CONCOR are already on the backburner and analysts feel meaningful privatisation can happen only after April/May general elections.

Continue reading “Disinvestment fetches over INR 4.20 lakh cr in 10 years but target to be missed again in FY24”

WASHINGTON, (Reuters) – Tesla (TSLA.O) is recalling just over 120,000 Model S and Model X vehicles in the United States over the risk of doors being unlocked and opening during a crash, the automaker said Friday.

Tesla released an over-the-air (OTA) software update for model years 2021-2023 that do not comply with federal safety standards for side-impact protection, the National Highway Traffic Safety Administration (NHTSA) said. Continue reading “Tesla recalls 120,000 vehicles over doors that could unlock in crash”

WASHINGTON, (Reuters) – Truck engine maker Cummins Inc (CMI.N) has agreed in principle to pay a $1.675 billion fine for installing devices on hundreds of thousands of engines to allow them to emit excess pollution, the largest-ever civil penalty for a Clean Air Act violation, the U.S. Justice Department said on Friday.

The Department said Cummins allegedly installed so-called “defeat devices” to bypass or disable emissions controls such as emission sensors and onboard computers. Continue reading “Cummins to pay record-setting $1.675 billion US environmental fine”

LOS ANGELES, (Reuters) – The angular, polarizing design of the Cybertruck will help boost the Tesla brand, the electric vehicle maker’s chief designer said on Thursday, adding that the pickup was no experiment.

“Love it or hate it, it’s a conversation starter, and it gets people talking about the brand,” Tesla Chief Designer Franz von Holzhausen said at the Petersen Automotive Museum in Los Angeles, which is adding Cybertruck models to a Tesla exhibit. Continue reading “Cybertruck designer says Tesla stainless steel pickup is no experiment”

LONDON, (Reuters) – U.S. startup ClearMotion will supply its active suspension technology for Chinese EV maker Nio’s (9866.HK) upcoming ET9 in a contract covering 750,000 cars over the lifetime of the luxury sedan model, the two companies said on Saturday.

Nio was due to launch the ET9 on Saturday and the electric vehicle should go into production in late 2024.

ClearMotion founder and chief technology officer Zack Anderson told Reuters that the company’s ClearMotion1 suspension system uses a combination of hardware – a small unit containing a motor and power electronics sits in each wheel well of a vehicle – and software to read the road ahead and cut motion inside the car by “about 75% compared to the best technology in the market today”. Continue reading “ClearMotion to supply smooth suspension tech for Nio’s ET9 EV”

XIAN,(Reuters) – Chinese electric car maker Nio (9866.HK) on Saturday unveiled a flagship model featuring self-developed technologies including semiconductors, betting they would help prop up earnings, as a bruising price war and slowing car demand weigh on profitability.

The ET9 executive sedan, positioned in the same class as Mercedes Benz’s (MBGn.DE) Maybach and Porsche’s (PSHG_p.DE) Panamera series, is expected to start delivery in the first quarter of 2025 at an estimated price of 800,000 yuan ($112,178), Nio’s founder and chief executive William Li said at the company’s “Nio Day” annual event. Continue reading “China’s Nio launches flagship EV to take on Maybach, Panamera”

BANGKOK, (Reuters) – Major Japanese auto manufacturers will invest 150 billion baht ($4.34 billion) in Thailand over the next five years, a Thai government spokesperson said on Monday, supporting the Southeast Asian country’s transition to making electric vehicles.

Toyota Motor (7203.T) and Honda Motor (7267.T) will invest about 50 billion baht each, while Isuzu Motors (7202.T) will invest 30 billion baht and Mitsubishi Motors (7211.T) 20 billion baht, spokesperson Chai Wacharoke said, adding this would include the production of electric pickup trucks. Continue reading “Japan automakers to invest $4.3 bln in Thailand over 5 years -Thai govt”

TOKYO, (Reuters) – Toyota Motor’s (7203.T) small car unit Daihatsu Motor will compensate 423 domestic suppliers with which it has direct business relations as its plants in Japan remain idled due to a safety scandal, a spokesperson said on Monday.

The small car specialist has halted production in Japan until the end of next month, the spokesperson said.

The company will consider compensating suppliers based on past business volumes and is working to assess the impact of the stoppage on its sprawling supplier network, he added. Continue reading “Toyota’s Daihatsu to compensate suppliers over output halt”

PTI

European automaker Volkswagen India has extended its enhanced service support to affected customers in Tamil Nadu following the impact of heavy rains and flooding in the state, the company said on Saturday. The initiative, with effect from December 22, would offer service support to flood affected car owner including Roadside Assistance, special benefits on parts, labour costs and car care treatment among others.

Continue reading “Volkswagen India extends service support to flood-hit customers in Tamil Nadu”

By David Shepardson