STOCKHOLM, Nov (Reuters) – Tesla (TSLA.O) is facing growing pressure in Sweden from unions backing mechanics demanding a collective bargaining agreement with the U.S. carmaker, with workers at one of its suppliers set to go on strike next week.

Tesla has no manufacturing plant in Sweden but its electric cars are serviced at workshops across the country, where around 130 mechanics affiliated with Swedish union IF Metall began a strike on Oct. 27. Continue reading “Tesla faces pressure in Sweden as workers at supplier to strike”

Nov (Reuters) – Tesla Inc (TSLA.O) did not violate U.S. labor law by prohibiting workers at its flagship Fremont, California, assembly plant from wearing pro-union t-shirts, a federal appeals court has ruled.

The New Orleans-based 5th U.S. Circuit Court of Appeals in a decision on Tuesday said that because Tesla required all employees to wear company-issued shirts while allowing them to display union stickers, its uniform policy was lawful. Continue reading “Tesla can bar US factory workers from wearing union t-shirts, court rules”

BERLIN, Nov (Reuters) – Volkswagen (VOWG_p.DE) has not made a decision on producing a 20,000-euro ($21,714.00) electric car yet, but Chief Executive Oliver Blume is convinced that the company can get there by the second half of the decade, he said at a conference on Wednesday.

The main lever to reduce prices of electric cars is reducing battery costs, Blume said at the Sueddeutsche Zeitung Wirtschaftsgipfel conference in Berlin, pointing to the company’s plans to produce a unified battery cell that it says will reduce battery costs by half. Continue reading “Volkswagen CEO: 20,000-euro EV could come in second half of decade”

NEW YORK, Nov (Reuters) – Trevor Milton, the convicted founder of electric- and hydrogen-powered truck maker Nikola (NKLA.O), is seeking to avoid prison, with his lawyers saying his case differed from that of Theranos’ Elizabeth Holmes, another startup founder convicted of fraud.

Milton, 41, had been found guilty by a federal jury in Manhattan in October 2022 on two counts of wire fraud and one count of securities fraud, after prosecutors branded him a “con man” who lied to investors about Nikola’s technology. Continue reading “Nikola founder Trevor Milton seeks probation after fraud conviction”

Nov (Reuters) – Berkshire Hathaway (BRKa.N) said it has shed its holdings in General Motors (GM.N), Johnson & Johnson (JNJ.N) and Procter & Gamble (PG.N), and trimmed its stake in Amazon.com (AMZN.O), as the conglomerate controlled by Warren Buffett boosted its cash pile to a record $157.2 billion.

In a regulatory filing on Tuesday that described its U.S.-listed stock holdings as of Sept. 30, Berkshire reported no holdings in GM, J&J and P&G, after reporting respective stakes of $848 million, $54 million, and $48 million in June. Continue reading “Berkshire sheds GM, Johnson & Johnson, Procter & Gamble as it amasses cash”

Source : PTI |India, the world’s third largest oil consumer, has asked oil producers cartel OPEC to maintain and ensure market stability for the benefit of consumres, producers and global economy. Oil Minister Hardeep Singh Puri said this at the 6th India-OPEC Energy Dialogue that took place on November 9 in Vienna, an official press statement said on Monday.

The meeting was co-chaired by OPEC secretary general Haitham Al Ghais and Puri.

Continue reading “India asks OPEC to ensure oil market stability”

Source : PTI |Electric vehicle (EV) digital financing platform Revfin is looking to raise up to Rs 500 crore in the next 12 months to fuel its business expansion plans, founder and CEO Samir Aggarwal has said. The company’s expansion plans include the commercial roll-out of its battery financing services before the end of this fiscal year.

The platform is also targeting to achieve a topline of INR 90 crore this fiscal on the back of expanded portfolio, which includes two-, three- and four-wheeler financing for commercial uses, Aggarwal said. Continue reading “Revfin looking to raise INR 500 crore in 12 months: CEO”

Source : PTI |New Delhi: Servotech Power Systems on Tuesday announced plans to install 5,000 EV-charging stations across the country. In this regard, Servotech Power Systems said it has incorporated a subsidiary, Servotech EV Infra, which will do the business as a Charge Point Operator (CPO) for these EV chargers

“Servotech Power Systems is foraying into the EV CPO business by establishing its wholly owned subsidiary. It will manufacture and supply EV chargers to Servotech EV Infra which will do business as a CPO for these EV chargers,” the company said. Continue reading “Servotech Power Systems to install 5k EV charging stations in India”

Source : PTI | New Delhi: State-owned Indian Renewable Energy Development Agency (IREDA) on Tuesday fixed a price band of INR 30-32 per share for its INR 2,150-crore initial public offering (IPO). The maiden public issue will open for subscription on November 21 and conclude on November 23 and the anchor book of the offer will be opened for a day on November 20, according to a public announcement.

This would be the first public issue by a public sector enterprise after Life Insurance Corporation’s IPO in May last year. Continue reading “IREDA public issue to open on Nov 21; sets price band at Rs 30-32 share”

Nov 14 (Reuters) – Electric-vehicle sales are seeing continued strength globally with China reporting record monthly sales in October despite the end of subsidies, according to market research firm Rho Motion.

China ended an 11-year subsidy scheme for EV purchases in 2022, but some local authorities have continued to offer aid or tax rebates to attract investments as well as subsidies for consumers. Continue reading “Global EV sales stay strong, China hits record despite end of subsidies”

Nov 14 (Reuters) – Trucks and sport utility vehicles with hood heights greater than 40 inches are about 45% more likely to cause fatalities in pedestrian crashes than shorter vehicles with sloped hoods, according to new research from the Insurance Institute for Highway Safety.

Prior studies have shown SUVs and pickups are linked to higher fatality risks in pedestrian crashes. But the new study focused on the risks posed by vehicles with hoods taller than 40 inches using data from nearly 18,000 crashes. Continue reading “Tall trucks, SUVs are 45% deadlier to US pedestrians, study shows”

LONDON/BERLIN, Nov 14 (Reuters) – The auto industry’s drive to make electric vehicle motors with little to no rare earth content has hit high gear, with European, U.S. and Japanese automakers and suppliers racing for alternatives in an area dominated by China.

Automakers have mostly relied on motors with rare earth-based permanent magnets, which have been the most efficient at providing the torque to power EVs.

But different types of motors without permanent magnets that were previously too big and too inefficient, or those with greatly-reduced rare earth content have become commercially viable, prompting the rush for alternatives. Continue reading “Automakers’ drive to avoid China’s EV rare earth dominance gathers speed”

PARIS, Nov 15 (Reuters) – Renault (RENA.PA) will try on Wednesday to fire up doubtful investors ahead of a planned market listing of its electric vehicle (EV) unit Ampere, a key plank of CEO Luca de Meo’s revamp of the French automaker.

De Meo has targeted a valuation of 8-10 billion euros ($8.6-10.7 billion) for the initial public offering (IPO) of Ampere, which has already been delayed once and is now slated for spring 2024. Continue reading “Renault seeks to charge up investors for EV unit IPO”

DETROIT, Nov 14 (Reuters) – The next generation of the Toyota Camry, the best-selling sedan in the U.S. market, will come with only a gas-electric hybrid powertrain, the boldest move yet by the Japanese automaker to push hybrid technology into the heart of the U.S. market.

The 2025 Camry will combine a 2.5-liter gasoline engine with an electric drive system tuned to deliver more power in both front-wheel drive and all-wheel drive versions of the car, Toyota said. Continue reading “Toyota’s Camry, best-selling car in US, goes all-hybrid”

WASHINGTON/DETROIT, Nov 14 (Reuters) – General Motors’ (GM.N) Cruise driverless car unit said on Tuesday it will pause all supervised and manual car trips in the U.S. and expand the scope of investigations at the robotaxi operator in the aftermath of an accident that initially led to the suspension of driverless vehicle operations.

“This orderly pause is a further step to rebuild public trust while we undergo a full safety review,” Cruise said in a blog post. “We will continue to operate our vehicles in closed course training environments and maintain an active simulation program in order to stay focused on advancing AV technology.” Continue reading “GM’s Cruise suspends supervised and manual car trips, expands probes”

Source : PTI | India’s top gas firm GAIL has done the world’s first ship-to-ship liquefied natural gas (LNG) transfer to save on shipping costs and cut emissions as the state-owned entity looks at innovative ways as a pivot to boost business, company officials said. GAIL has contracted 5.8 million tonnes per annum of LNG (natural gas super-cooled to liquid form) from the US.

The company brings this volume to India via LNG ships. The ship typically travels a distance of about 19,554 nautical miles for a round trip to transport LNG from Sabine Pass in the US to India via the Suez Canal and Gibraltar. This journey takes approximately 54 days and emits about 15,600 tonnes of CO2. Continue reading “GAIL does world’s first ship-to-ship LNG transfer, cuts CO2 emissions”

BERLIN/LONDON, Nov (Reuters) – After years of accelerating growth, Europe’s electric car sales appear to be entering a go-slow zone as drivers wait for better, cheaper models that are two to three years down the road.

Fully-electric sales in Europe were up 47% in the first nine months of 2023, but instead of celebrating, automakers including Tesla (TSLA.O), Volkswagen (VOWG_p.DE) and Mercedes-Benz (MBGn.DE) sounded a sombre note. Continue reading “EV demand in Europe to slow as customers await affordable electric cars”

Nov (Reuters) – Electric-vehicle startup Fisker (FSR.N) slashed its 2023 production guidance on Monday as it struggles to ramp up deliveries and flagged weakness in internal controls over financial reporting, sending its shares down 14% after the bell.

Fisker now expects production of 13,000 to 17,000 electric vehicles in 2023, down from its prior projection of 20,000 to 23,000 vehicles to make sure the company does not sit on too much inventory and to better manage working capital. Continue reading “Fisker cuts 2023 production forecast as it struggles to ramp up deliveries”

Nov (Reuters) – Chrysler-parent Stellantis (STLAM.MI) said Monday it is offering 6,400 U.S. salaried employees voluntary buyouts as it works to cut costs amid the transition to electric vehicles and agreeing to a new United Auto Workers contract.

The buyouts would be about half the company’s salaried U.S. employees not represented by a union, which is currently 12,700. Another 2,500 Stellantis U.S. salaried workers are unionized and are not being offered the current buyout. Continue reading “Stellantis offering buyouts to about half its US salaried employees”

WASHINGTON, Nov (Reuters) – Democratic Senator Joe Manchin urged the U.S. Treasury on Monday to adopt the “strictest possible standards” to prevent Chinese-produced minerals or Chinese battery companies from winning electric vehicle tax credits.

Manchin, who chairs the Senate Energy Committee, raised concerns in a letter to Treasury Secretary Janet Yellen about reports Chinese battery companies are actively pursuing business opportunities to take advantage of the credits, adding U.S. tax credits “cannot be allowed to be hijacked by adversaries engaging in mineral laundering.” Continue reading “Senator asks Treasury to bar Chinese battery firms, minerals from US EV tax credits”

Nov (Reuters) – Production workers at Ford’s (F.N) Louisville assembly and Kentucky truck plants have voted against the tentative labor agreement, while skilled trades workers voted in favor, the local chapter of the United Auto Workers (UAW) said on Monday.

The ratification of the contract was voted down by 55% of the production workers whereas 69% of the skilled trades workers, which includes maintenance and construction employees backed it, the UAW Local 862 said in a Facebook post. Continue reading “Ford production workers at Kentucky, Louisville vote against new labor deal”

WASHINGTON, Nov (Reuters) – United Auto Workers President Shawn Fain will tell a Senate Committee on Tuesday the union plans to aggressively organize non-union U.S. auto plants after winning new contracts with the Detroit Three automakers.

“For decades, non-union auto companies have used fear, uncertainty, and division to break union drives in our industry,” Fain will tell the Senate Health, Education, Labor and Pensions Committee, according to written testimony seen by Reuters. “I’m here to promise you that those days are over…. We are going to organize like we’ve never organized before.” Continue reading “UAW president to vow aggressive auto plant organizing in Senate testimony”

Nov (Reuters) – Hyundai Motor (005380.KS) said on Monday it will hike wages for nonunion production workers at its Alabama factory by 25% by 2028, weeks after the United Auto Workers won new contracts with the Detroit Three automakers.

The Korean automaker joins Toyota Motor (7203.T) and Honda Motor (7267.T) in raising U.S. factory wages after the UAW won a new contract with General Motors (GM.N), Ford Motor (F.N) and Chrysler parent Stellantis (STLAM.MI) that will result wage increases of 25% through 2028. The Detroit Three wage hikes amount to 33% when expected cost-of-living adjustments are factored in. Continue reading “Hyundai to hike US hourly wages 25% by 2028 after UAW deal”

Summary

• U.S. oil firm sees global market for lithium from brine
• China is the main supplier of refined lithium for EVs
• Exxon to begin output with services provider Tetra Technologies

HOUSTON, Nov (Reuters) – Exxon Mobil (XOM.N) said on Monday it plans to start producing lithium from subsurface wells by 2027 to provide supplies of the key metal used in electric-car batteries and advanced electronics. Continue reading “Exxon to start lithium production for EVs in the US by 2027”

Source : PTI | West Bengal plans to attract investments to the tune of INR 5,000 crore in the logistics sector over the next three years. A senior state government official emphasised the state’s favourable position for growth, anticipating contributions from both public and private sectors in the logistics ecosystem.

Speaking at the sidelines of the MCCI-organised logistics conclave here on Friday, state transport secretary Saumitra Mohan said according to estimates, the total investment in the logistics sector would be about INR 5,000 crore over the next three years. Continue reading “West Bengal aims INR 5,000cr capex in logistics sector in 3yrs”

Source : PTI | The Bangalore Metro Rail Corporation Limited (BMRCL) on Saturday said it will be introducing mobile QR tickets for the benefit of families and groups travelling together with effect from November 16. Presently, Mobile QR tickets are being issued through mobile applications (Namma Metro, Paytm, WhatsApp and Yatra) to a single passenger for a journey.

However, based on demand, BMRCL is introducing mobile QR tickets to facilitate family and groups travelling together for a maximum of six passengers with effect from November 16, officials said. Continue reading “Bangalore Metro Rail to introduce mobile QR tickets”

Nov (Reuters) – Exxon Mobil (XOM.N) is set to unveil its long-awaited lithium strategy on Monday with an announcement that it aims to start production of the electric vehicle (EV) battery metal in Arkansas by 2026, according to a source with direct knowledge of the oil major’s plans.

Exxon’s expansion into the sector comes as emerging technologies aim to boost global production of the ultralight metal by filtering it from salty brine deposits found across the globe and supplying it to battery makers eager for fresh sources. Continue reading “Exclusive: Exxon aims to begin lithium production by 2026 in Arkansas”

DETROIT, Nov 10 (Reuters) – General Motors’ (GM.N) bet that its Cruise robo-taxi unit will deliver $50 billion in revenue by 2030 is facing its toughest test.

GM Chief Executive Mary Barra has stuck with Cruise in the face of skepticism from investors, arguing that Cruise technology will save lives – and become a significant source of new profit for the automaker in the future. Continue reading “Focus: Investors pull away from GM’s Cruise bet”

STOCKHOLM, Nov 10 (Reuters) – Swedish truckmaker Volvo (VOLVb.ST) said on Friday it had won an auction for the battery business of troubled Proterra in the United States with a $210 million bid.

The auction was part of the electric vehicle part supplier’s ongoing U.S. Chapter 11 bankruptcy protection process. Continue reading “Truckmaker Volvo to buy Proterra’s battery business for $210 mln”

WASHINGTON, Nov 10 (Reuters) – President Joe Biden welcomed Honda Motor (7267.T) 11% pay hike for its U.S. facility workers on Friday, a day after celebrating the United Auto Workers’ agreements with the Detroit Big Three automakers and backing efforts to organize Tesla and Toyota.

“Union auto workers own this victory,” Biden said in a post on X. Continue reading “Biden hails 11% pay raise for Honda’s U.S. workers”

Nov 10 (Reuters) – Honda Motor (7267.T) said on Friday it would give production workers at its U.S. facilities an 11% pay hike starting in January, a decision announced a couple of weeks after the United Auto Workers (UAW) union and the Detroit Three automakers agreed to new contracts.

The Japanese automaker also said it would cut the time it takes factory workers to get to the top-wage tier to three years from six, in line with a key concession the UAW won in its negotiations with General Motors (GM.N), Ford Motor (F.N) and Chrysler-parent Stellantis (STLAM.MI). Continue reading “Honda hikes US production workers’ pay after UAW deals with Detroit Three”

ANKARA/SEOUL, Nov 10 (Reuters) – Turkey’s Koc Holding (KCHOL.IS) said on Friday it revoked an earlier agreement with Ford (F.N) and South Korean battery maker LG Energy Solution (LGES) (373220.KS) for a joint venture to produce battery cells for commercial electric vehicles.

The three companies signed a non-binding agreement in February to form a joint venture to create one of Europe’s biggest electric vehicle (EV) battery cell facilities near Turkey’s capital Ankara. Continue reading “Koc Holding revokes pact with Ford, LG Energy Solution for Turkey battery JV”

Nov 10 (Reuters) – United Auto Workers (UAW) union members at General Motors’ (GM.N) Flint assembly plant in Michigan have narrowly voted against a proposed contract with the U.S. automaker, the local chapter said.

The vote signals that approval of the deal, which is set to raise costs significantly for GM, is not guaranteed.

In a Facebook post on Thursday, the UAW Local 598 said 51.8% of votes cast were against the proposed deal.

Continue reading “UAW workers at GM’s Flint plant narrowly vote against new labor deal”

Monthly Performance: October 2023
Production: The total production of Passenger Vehicles1 , Three Wheelers, Two Wheelers, and Quadricycle in October 2023 was 26,21,248 units

Domestic Sales:

• Passenger Vehicles2sales were 3,89,714 units in October 2023.
• Three-wheeler sales were 76,940 units in October 2023
• Two-wheeler sales were 18,95,799 units in October 2023.

Continue reading “Auto Industry Performance of October-2023”

Source : PTI | New Delhi: Lotus Cars, British manufacturer of high-performance sports cars, has entered the Indian market with the launch of three models of its electric SUV, Eletre, starting at INR 2.55 crore. The company — owned by Chinese brand Geely — on Thursday launched three variants of its Eletre electric Sports Utility Vehicle (SUV) here — Lotus Eletre, Eletre S and Eletre R, priced at INR 2.55 crore, INR 2.75 crore and INR 2.99 crore, respectively (all ex-showroom pan-India).

The company has selected Exclusive Motors as the authorised representative for Lotus Cars across India, which will open its first showroom in Delhi in the coming months. Continue reading “Lotus Cars enters India, launches electric SUV Eletre, starting at INR 2.55 crore”

SANTIAGO, Nov (Reuters) – Electric vehicle maker Tesla (TSLA.O) is looking to make inroads in South America by hiring personnel for a new operation in Chile and registering its name, according to public documents.

Tesla Chile was registered and published in the Official Gazette on Sept. 28 and includes “the import, export, manufacturing, marketing, distribution and sale of vehicles, especially electric vehicles.” Continue reading “Tesla to roll into South America with first steps in Chile”

Nov (Reuters) – China’s Zeekr Intelligent revealed wider losses for the first half of the year on Thursday, as the electric car brand made its paperwork public for a stock market listing in New York and said it hoped to use funds raised to expand its product line.

Zeekr, owned by Chinese automaker Geely Auto (0175.HK), had confidentially filed for its initial public offering (IPO) in December last year. Continue reading “China’s Zeekr reveals wider loss in US IPO paperwork, Geely shares fall”

BERLIN, Nov (Reuters) – U.S. electric vehicle startup Fisker (FSR.N) is negotiating with five carmakers over a partnership to secure additional production capacity for its vehicles, its Chief Executive Henrik Fisker said on Thursday.

“We have two cars that are almost ready. We can bring them to market fast – we just need the capacity,” Fisker said, speaking to Reuters in Berlin.

The CEO told Reuters in May he was exploring partnerships with everyone from suppliers to tech companies to scale up production. Continue reading “Fisker in talks with five carmakers for production capacity partnership”

WASHINGTON, Nov (Reuters) – More than two dozen unions urged U.S. auto safety regulators on Thursday to open an industry-wide probe into driverless vehicles including Alphabet’s Waymo (GOOGL.O) and Amazon.com’s (AMZN.O) Zoox.

The unions, including the Transportation Trades Department, Transport Workers Union of America, International Brotherhood of Teamsters and United Auto Workers, cited the recent investigation into General Motors’ (GM.N) self-driving Cruise unit and California’s decision to suspend Cruise testing. Continue reading “Unions urge US regulators to probe Waymo, Zoox after GM’s Cruise driverless crashes”

BELVIDERE, Illinois, Nov (Reuters) – President Joe Biden on Thursday backed the United Auto Workers’ efforts to unionize carmakers Tesla (TSLA.O) and Toyota (7203.T) and asked auto workers to reject his Republican opponent, Donald Trump.

Biden spoke to UAW workers in Belvidere, Illinois, as the Democratic president tries to rally support for his economic agenda and firm up sagging popularity numbers, ahead of a re-election campaign next year. Continue reading “Biden backs Tesla, Toyota unionization, slams Trump”