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Continue reading “WAF Auto News | The Auto World This Week (10th November 2023)”
Ajmer: Volkswagen India has announced the inauguration of a new 3S (Sales, Service & Spares) facility in Ajmer, Rajasthan. The brand has been expanding its network to meet the surging demand for its premium mobility offerings across India. With the new sales & service facility in Ajmer, the total network in the state now stands at seven sales and six service touchpoints.
Source : PTI | New Delhi: The odd-even car rationing scheme will be implemented in Delhi after the Supreme Court reviews its effectiveness and issues an order while artificial rain through cloud seeding will be attempted around November 20 to combat air pollution which breached the severe category again on Wednesday. In view of the worsening air quality, the Delhi government announced that the December winter break of all schools has been rescheduled and it will be now from November 9 to November 18.
Also, the transport department has been issued directions to ban app-based taxis “in accordance with the Supreme Court’s orders”, according to Delhi Environment Minister Gopal Rai Continue reading “Odd-even scheme deferred; Delhi plans cloud seeding, ban on app-based cabs from other states to fight smog”
WASHINGTON, Nov 8 (Reuters) – Cruise is recalling 950 driverless cars from the roads across the United States following a crash involving one of its robotaxis and will likely issue more recalls, General Motors’ (GM.N) self-driving unit said.
The cars are being recalled because the collision detection subsystem of the Cruise Automated Driving Systems (ADS) software may respond improperly after a crash, according to a notice made public by the National Highway Traffic Safety Administration (NHTSA) Wednesday. Continue reading “GM’s Cruise recalling 950 driverless cars after pedestrian dragged in crash”
TOKYO, Nov 9 (Reuters) – Nissan Motor (7201.T) and Honda Motor (7267.T) on Thursday said they expect higher profits this year than previously forecast, a sign of how Japan’s automakers are seeing some benefit from a weak yen currency and a recovery in sales.
That outlook, however, is tempered by the scope of the challenges they face in China, the world’s top car market, where Japanese car makers, like other foreign brands, face the rise of domestic players, the popularity of electric vehicles and growing price competition, hurting prospects. Continue reading “Nissan and Honda get some relief as weak yen amplifies uptick in sales”
SHANGHAI, Nov 9 (Reuters) – Zeekr, Chinese automaker Geely’s (GEELY.UL) premium electric car brand, will this week publicly release some details of its plans to list shares in New York, according to two sources with direct knowledge of the matter, seeking to ride growing enthusiasm for EVs despite strained U.S.-China ties.
The EV brand will publish its prospectus and its shares could start being traded on the bourse within weeks of the announcement, the sources said. Continue reading “Exclusive: Geely’s Zeekr edges closer to US IPO, to make filing public this week – sources”
WASHINGTON, Nov 9 (Reuters) – President Joe Biden will meet with Shawn Fain, the head of the United Auto Workers, in Illinois on Thursday to highlight the tentative contract agreements between the union and Detroit’s Big Three Automakers that ended a nearly 45-day strike.
Biden will deliver remarks praising gains for workers in the deals the UAW won, talk about how his economic policies, dubbed “Bidenomics”, is working and highlight plans to reopen an auto factory that Stellantis (STLAM.MI) wanted to close, according to the White House. Continue reading “Biden will meet UAW’s Fain, laud union’s deals with Detroit automakers”
Source : PTI | Okaya EV Chargers plans to set up 2,550 electric vehicle chargers across India in collaboration with Indian Oil Corporation (IOC) at an investment of INR 125 crore, the company said on Tuesday. As many as 362 such chargers have already been installed in over 20 states in a step towards bolstering the electric vehicle infrastructure in the country, according to Okaya EV Chargers.
The chargers being set up comprise a diverse range of high-and low-voltage options, including 3.3-kw and 7.4-kw chargers, 30-kw wall-mounted CCS (combined charging system) 2 DC fast chargers, as well as 60-kw CCS2 DC fast chargers, the company said. Continue reading “Okaya Group firm to install 2,550 EV chargers in collaboration with IOC at investment of INR 125 crore”
Source : PTI | Royal Enfield is taking a slew of measures including accessing ways to enhance connection with the communities as it sees huge potential for growth in the market, according to a top company executive. The Chennai-headquartered firm, a part of Eicher Motors, currently sells bikes all across the continent and has a market share of around 8.5 per cent in the middle-weight motorcycle segment.
In an interaction with PTI on the sidelines of the annual EICMA motor show here, Royal Enfield CEOB Govindarajan said the company believes in replicating the success it enjoys in the Indian market in the middleweight segment in international markets as well. Continue reading “Huge potential for growth in Europe: Royal Enfield CEO”
Source : PTI | The world’s leading two-wheeler maker Hero MotoCorp on Tuesday said it will foray into the European market with its electric scooter range next year. The company plans to introduce the VIDA V1 electric scooter range in Spain, France and the UK by mid-2024.
“With this foray into Europe with our electric vehicles, I am confident that Hero MotoCorp will soon emerge as a trusted brand in key markets in the region, just as it has done in other parts of the world,” Hero MotoCorp Executive Chairman Pawan Munjal said at EICMA motor show here. Continue reading “Hero MotoCorp to foray into Europe with EV range next year”
Source : PTI | New Delhi: India Energy Storage Alliance has collaborated with global exhibitor Messe Muenchen India and others to organise the EV Asia Expo 2024 in India to showcase the potential of clean mobility technologies available worldwide. The inaugural edition of EV Asia Expo is poised to redefine the landscape of clean mobility, India Energy Storage Alliance (IESA) said in a statement.
With more than 150 exhibitors expected from across the globe and over 10,000 business visitors, this event will span across a vast over 8,000 square metres of exhibition space. Continue reading “India Energy Storage Alliance ties up with Messe Muenchen India, others for EV Asia Expo 2024”
Source : PTI | Car services and repair platform GoMechanic on Wednesday said it has raised USD 6 million, about INR 50 crore, from an undisclosed investor along with contributions from existing investors. The company was acquired by Servizzy, a subsidiary of the Lifelong Group, in March after anomalies in its financial records were found under previous management and the firm was put on sale by the investors.
“GoMechanic is pleased to announce the recent success of its latest fundraising round, securing an impressive USD 6 million in capital,” the company said. Continue reading “GoMechanic raises INR 50 cr from marquee investor, existing shareholders”
Nov (Reuters) – Lyft (LYFT.O) reported third-quarter revenue and profit surpassing estimates on Wednesday, but gross bookings growth was lower than larger rival Uber’s (UBER.N) ride-hailing business.
Gross bookings, which is a metric Lyft started disclosing in the third quarter measuring total transaction value on its platform, grew 15% from a year earlier, compared with a 31% jump in Uber’s mobility business.
Shares of Lyft fell nearly 4% in extended trading. Continue reading “Lyft beats third-quarter estimates, bookings underperform rival Uber”
Nov (Reuters) – U.S. commercial fishing groups on Wednesday sued 13 tire manufacturers in California, saying a chemical used in their tires is poisoning West Coast watersheds and killing rare trout and salmon.
The Institute for Fisheries Resources and the Pacific Coast Federation of Fishermen’s Associations sued Bridgestone Corp (5108.T), Continental (CONG.DE), Goodyear Tire & Rubber (GT.O), Michelin (MICP.PA) and others in San Francisco federal court, alleging a chemical used in their tires known as 6PPD is killing protected salmon and trout in violation of the Endangered Species Act. Continue reading “US Commercial fishing groups sue tire manufacturers over fish-killing chemical”
Nov 8 (Reuters) – Swedish electric vehicle maker Polestar trimmed its 2023 delivery forecast on Wednesday to the lower end of its earlier guidance and halved its gross margin target, amid fears of a slowdown in EV demand and global economic uncertainty.
High interest rates to cool stubborn inflation have hampered sentiment as consumers looking to buy EVs face higher borrowing costs that largely offset price cuts by automakers to stimulate demand. Continue reading “Swedish EV maker Polestar trims delivery forecast, halves margin target”
WASHINGTON, Nov (Reuters) – The U.S. Senate voted 50-48 to overturn President Joe Biden’s decision to waive some “Buy America” requirements for government-funded electric vehicle charging stations but the White House said he would veto the measure.
The White House argued the Republican bill would eliminate entirely the domestic manufacturing requirement for government-funded electric vehicle (EV) chargers “thereby harming domestic manufacturing and American jobs.” Continue reading “US Senate votes to reject ‘Buy America’ EV charging waiver”
Nov (Reuters) – United Auto Workers President Shawn Fain said on Wednesday the union will “pull out all stops” in working to organize non-union U.S. auto plants after winning new contracts with the Detroit Three automakers.
Fain will join President Joe Biden on Thursday in Belvedere, Illinois to tout Chrysler-parent Stellantis (STLAM.MI) decision to reopen a shuttered assembly plant there. In an video interview at the Reuters Events auto conference in Detroit, Fain said the UAW is aggressively working on its organizing plans. Continue reading “UAW to ‘pull out all stops’ organizing nonunion automakers”
Nov (Reuters) – Rivian Automotive (RIVN.O) raised its production forecast for the full year by 2,000 vehicles to 54,000 units on the back of sustained demand for its trucks and SUVs on Tuesday, sending its shares up 4% in volatile after-hours trading.
Rivian’s upbeat forecast is a small positive for an industry reeling from the double whammy of high inflation that has dulled buyer appetite and price cuts at market leader Tesla (TSLA.O) to stimulate demand. Continue reading “Rivian raises production target amid broader EV demand fears”
Nov (Reuters) – Ride-hailing giant Uber (UBER.N) on Tuesday predicted strong holiday-quarter demand would drive up profits more than analysts expect, after accounting changes hampered growth between July and September.
The company’s move to change how it recognizes some of its revenue affected growth at its ride-hailing and food-delivery businesses by eight percentage points and resulted in revenue missing third-quarter expectations. Continue reading “Uber bets on holiday demand after dull third quarter”
Nov (Reuters) – General Motors (GM.N) said Monday it plans to temporarily halt production of its fully autonomous Cruise Origin van just days after the unit said it was pausing all driverless operations.
The move was first reported by Forbes, citing an audio of Cruise CEO Kyle Vogt’s address at an all-hands meeting.
Vogt, according to Forbes, told staff during the meeting that the company has produced hundreds of Origin vehicles already, and that it is “more than enough for the near-term when we are ready to ramp things back up.” Continue reading “GM to halt production of Cruise driverless van”
WASHINGTON, Nov (Reuters) – Four large pickup trucks fared poorly in protecting back seat passengers in tests measuring how those passengers fare in some crashes, the Insurance Institute for Highway Safety said on Tuesday.
IIHS said the 2023 model Stellantis (STLAM.MI) Ram 1500 crew cab, Ford F-150 (F.N) crew cab and General Motors (GM.N) Chevrolet Silverado 1500 rated poorly in updated moderate overlap front crash tests, while the 2023 Toyota Tundra (7203.T) crew cab received a marginal rating. Continue reading “Large pickup trucks fare poorly in protecting back seat passengers -study”
WASHINGTON, Nov (Reuters) – President Joe Biden on Thursday will meet with United Auto Workers President Shawn Fain and tout the decision of Chrysler-parent Stellantis to reopen a shuttered assembly plant in Belvidere, Illinois, a White House official said.
Stellantis agreed to build a new $3.2 billion battery plant and invest $1.5 billion in a new mid-size truck factory in Illinois under its tentative labor agreement and add 5,000 total U.S. jobs by 2028, the UAW said last week. The labor deals reached with the Detroit Three automakers, which include a 25% pay hike, better retirement benefits and other significant improvements through April 2028, remain subject to ratification votes. Continue reading “Biden to meet with UAW president, tout Stellantis plant reopening”
Source : PTI | Singapore has witnessed a decline in car owners, with approximately one-third of households owning automobiles in the city-state, down from 40 % in 2013, as the government progresses towards transforming the country into a car-lite society, a senior minister said on Monday. The government also aims to have 75 % of peak-period journeys made on public transport by 2030, via the expansion of the MRT (Mass Rapid Transit) network, up from the current 64 %, The Straits Times newspaper reported.
Nov (Reuters) – Canadian labor union Unifor said on Monday its members voted in favor of a new contract with Chrysler-parent Stellantis (STLAM.MI).
Unifor reached a tentative deal with Stellantis on Oct. 30 after a brief strike at the Franco-Italian automaker’s facilities in Canada.
The deal included base hourly wage increases of nearly 20% for production and 25% for skilled trades over the lifetime of the agreement. It also brings back cost-of-living allowances, or COLA, by the end of 2024. Continue reading “Unifor members ratify new contract with Stellantis in Canada”
DETROIT, Nov (Reuters) – General Motors (GM.N) is expected build a more affordable version of the Chevrolet Bolt in Kansas and a new series of premium electric vehicles for Cadillac and Chevrolet in Michigan as part of its planned $13.3 billion in investments in U.S. facilities, sources told Reuters.
The outline of GM’s planned investments through April 2028 was laid out on Saturday in a UAW summary of the new contract it negotiated with GM. Continue reading “GM-UAW agreement expected to include more affordable Bolt EUV”
Source : PTI | Nasdaq-listed battery swapping company Gogoro on Monday said it has signed an initial pact with HPCL to set-up battery swapping stations across the country in the coming years. As part of the collaboration, Gogoro will develop a broad battery swapping infrastructure for electric two-wheelers, as it will roll out battery swapping stations across HPCL’s retail outlets throughout the country, the company said in a statement.
HPCL (Hindustan Petroleum Corporation Ltd), a public sector oil marketing firm, has over 21,000 retail outlets, it added. Continue reading “Gogoro inks pact with HPCL to set-up battery swapping stations across India”
Nov 6 (Reuters) – Electric vehicle maker Polestar (A4N1y.F) said on Monday that it had signed an agreement with South Korean battery manufacturer SK On for the supply of battery cell modules for its upcoming Polestar 5 EV.
Reporting by Gokul Pisharody in Bengaluru; Editing by Sonia Cheema
Continue reading “Polestar signs deal with South Korea’s SK On for Polestar 5 EV”
Nov 6 (Reuters) – Lyft’s (LYFT.O) price cuts may have helped the ride-hailing firm make a small dent in Uber’s (UBER.N) U.S. market share, but not enough to prevent the bigger rival from reporting its second quarterly operating profit.
After the slowest sales increase in the second quarter in two years, Lyft is expected to post a bigger growth story in the September quarter as it attracted more riders with lower prices. Continue reading “PREVIEW Lyft’s gains from price cuts not enough to dent Uber’s US lead”
TOKYO, Nov 6 (Reuters) – Japan’s Nippon Telegraph and Telephone (NTT) (9432.T) plans to test driverless vehicle technology with Toyota Motor (7203.T) and invest in a U.S. startup developing self-driving systems, a spokesperson for the telecommunications firm said on Monday.
NTT aims to start tests with autonomous buses and taxis as early as 2025 and invest about 10 billion yen ($66.91 million) in U.S. startup May Mobility, the spokesperson said, highlighting growing momentum behind self-driving technology in Japan. Continue reading “NTT says to test driverless vehicle tech with Toyota, invest in US startup”
Summary
BERLIN, Nov 6 (Reuters) – Tesla (TSLA.O) plans to build a 25,000-euro ($26,838) car at its factory near Berlin, a source with knowledge of the matter said on Monday, in a long-awaited development for the electric vehicle maker which is aiming for mass uptake of its cars. Continue reading “Tesla to build 25,000-euro car in Germany – source”
Source : PTI | Hyundai Motor India Ltd is on track to achieving 60 % of its total domestic sales from SUVs this year with models like Creta and the newly launched Exter accelerating the growth, according to company COO Tarun Garg. With exports accelerating in the last three months, the company is also confident of sustaining its overseas shipments momentum despite concerns over global geopolitical situation.
“We will end up with more than 60 % at the end of the year which is what we said at the beginning of the year…We are now almost reaching there,” Garg told PTI. Continue reading “Hyundai Motor India set for SUVs accounting over 60% of total sales this year: COO Tarun Garg”
Source : PTI | Electric vehicles manufacturer Olectra Greentech’s profit after tax nearly tripled to INR 18.58 crore in September quarter 2023-24 mainly on the back of higher revenues. In the year-ago period, the PAT was INR 7.42 crore, a company statement said.
Revenue for Q2 FY24 was INR 307.16 crore as against INR 177.34 crore earlier. Continue reading “Olectra Greentech Q2 PAT nearly triples to INR 19 cr”
Source : PTI | Steps such as curbs on inbound shipments of certain goods, production-linked incentive scheme and mandatory quality norms are helping the country reduce imports of non-essential products such as TV, tyres, wallpaper and AC gas compressors. These steps, among others like imposing antidumping and countervailing duties, have been taken to analyse and control non-essential imports and to augment domestic production capacity in import intensive sectors, an official said. Continue reading “Restrictions, PLI, mandatory quality norms help cut import of certain non-essential goods”
Source : PTI | India is unlikely to go in for hyperloop technology for ultra high-speed trains in the near future as the technology is at a ‘very low level’ of maturity and may not be economically viable at the current juncture, NITI Aayog Member V K Saraswat said on Sunday. Saraswat, who is heading a committee to explore the technological and commercial viability of the Virgin Hyperloop technology, further said some foreign companies have shown interest to bring the technology in India. Continue reading “India unlikely to have hyperloop trains in near future: NITI member V K Saraswat”
FRANKFURT, Nov (Reuters) – Chinese electric vehicle giant BYD (002594.SZ), plans to build its first European car factory in Hungary, a German newspaper reported on Saturday.
The Frankfurter Allgemeine Sonntagszeitung (FAS), citing unnamed sources close to BYD, said the decision had already been made internally. Continue reading “China EV maker BYD to build first Europe plant in Hungary, Frankfurter Allgemeine Sonntagszeitung reports”
DETROIT, Nov (Reuters) – The United Auto Workers union said its tentative contract deal with General Motors (GM.N) includes plans for investments around electric vehicles and will raise wages for thousands of U.S. hourly workers at units with lower wage tiers than at vehicle assembly operations.
The UAW released more details of its tentative 4-1/2 year deal with GM <on Saturday. The tentative deal was first announced on Oct. 30. Continue reading “UAW says GM outlines EV investment plans, will raise wages for US workers”
Nov (Reuters) – General Motors (GM.N) will cancel 1,245 layoffs at its factories in Sao Jose dos Campos, Sao Caetano do Sul and Mogi das Cruzes in the state of Sao Paulo, the union representing metalworkers said on Saturday.
The announcement was made a day after a Brazilian labor court rejected the U.S. automaker’s request for an injunction to maintain the layoffs.
Saving the jobs was a “historic victory” following a 13-day strike, the Sindmetal union said in a statement, adding that GM representatives will meet union leaders on Monday to confirm the decision.
Reporting by Anthony Boadle; Editing by Paul Simao
Nov (Reuters) – Tesla’s (TSLA.O) management in Germany late last week informed 11,000 workers they will receive a 4% wage raise effective in November, The Wall Street Journal reported on Sunday, where unions have previously said they earn below the industry average.
The U.S. electric maker will also pay a 1,500 euro ($1,609) bonus in December to offset inflation and from February raise annual wages by an additional 2,500 euros for the German workers, the people familiar with the matter told to Journal. Continue reading “Tesla raises wages 4% for German workers amid union pressure, WSJ reports”
Mr. Surachai Charungchainanont, Co-Founder and Advisor of D-Act Co., Ltd. (5th from the left) and Mr. Sharad Malhotra, Senior Vice President Automotive Refinishes, Nipsea Group (6th from the right) along with key members of Nippon Paint and D-Act Company Ltd.
BANGKOK, THAILAND Nov 2023, NP Auto Refinishes Co., Ltd., (Subsidiary of NIPSEA Group) the leading automotive aftermarket paints & commercial vehicle (CV) coatings company in Thailand announced the successful acquisition of D-Act Co., Ltd. With this acquisition, NP Auto Refinishes will increase its market share and strengthen its leadership position in the Thai automotive refinish and CV coatings market. Continue reading “Nippon Paint Auto Refinishes announces acquisition of D-Act Company Ltd.”
Summary
WASHINGTON, Nov (Reuters) – U.S. job growth slowed in October in part as strikes by the United Auto Workers (UAW) union against Detroit’s “Big Three” car makers depressed manufacturing payrolls, and the increase in annual wages was the smallest in nearly 2-1/2 years, pointing to an easing in labor market conditions. Continue reading “US labor market loosens as job gains slow, unemployment rate hits 3.9%”
