SHANGHAI/BEIJING, Nov (Reuters) – China’s Nio (9866.HK) plans to trim its workforce by 10% this month as it moves to improve efficiency and reduce costs in the face of growing competition, the electric vehicle maker said on Friday.

Demand for EVs has weakened in China as consumers favour more economical plug-in hybrids, sales of which rose 84.5% in the first nine months of the year, helping carmakers such as Li Auto (2015.HK) and BYD to gain market share. Continue reading “Chinese EV upstart Nio plans to cut workforce by a tenth”

STOCKHOLM, Nov (Reuters) – Volvo Cars’ (VOLCARb.ST) sales in October grew 10% from a year earlier to 59,861 cars as fully electric car sales jumped but hybrid models fell, the Sweden-based group said on Friday.

Volvo Cars said in a statement sales of fully electric cars rose 29% to account for 18% of all its cars sold in the month. Sales of hybrid cars, however, fell 8%. In total, all recharge models were up 7% to account for 36% of total sales. Continue reading “Volvo Cars’ sales of fully electric vehicles jump in October”

Summary

• Q3 group revenue up 3.4%, beats LSEG analyst estimates
• Battery-electric sales on track for 15% sales share in 2023
• Net profit down 7.7% due to Chinese JV consolidation effect
• Supply chain issues have eased

BERLIN, Nov  (Reuters) – BMW (BMWG.DE) forecast strong fourth quarter sales on Friday and said its order book was filled into the first few months of next year, with executives adding they saw no need to cut prices as some rival automakers have. Continue reading “BMW says ‘no interest’ in price war as order books bulge”

Source : PTI | Set for another record sales this year, Mercedes-Benz India is confident of carrying forward the momentum to 2024 despite supply concerns, company Managing Director and CEO Santosh Iyer said on Thursday. The company on Thursday launched two fresh products — new SUV GLE priced between Rs 96.4 lakh to Rs 1.15 crore and AMG C 43 with price starting at Rs 98 lakh, completing its planned launch of ten products for 2023.

“Overall yes, another record year for us. We still have two months to go but at this stage from a demand perspective (it is) strong. From the supply side, we have to improve from here on and with that we should end the year on a high note,” Iyer told PTI in an interview on the sidelines of the launch here. Continue reading “Record sales in sight for 2023, Mercedes-Benz India bullish on 2024 outlook”

(Reuters) – The world’s largest lithium producers say they remain bullish on long-term demand for the battery material in the midst of recent price drops fueled by growing worries that the global pace of electric vehicle adoption is slowing.

LG Energy Solution (373220.KS), General Motors (GM.N), Honda (7267.T) and other auto and battery makers have trimmed EV expansion plans in recent weeks, partly due to rising interest rates, which in turn has stoked concerns of a supply glut for the battery metal. Continue reading “Lithium producers stay bullish on EVs despite growing headwinds”

NEW YORK, (Reuters) – Uber Technologies (UBER.N) has reached a settlement with the New York State Department of Labor to help ensure that eligible drivers and couriers can obtain unemployment benefits, New York Governor Kathy Hochul said on Thursday.

The ride-sharing company agreed to begin making quarterly payments to the New York State Unemployment Insurance Trust Fund, which funds benefits for unemployed workers, and a retroactive payment for sums owed since 2013. Continue reading “Uber settles New York state claims related to unemployment benefits for drivers”

(Reuters) – Chrysler-parent Stellantis (STLAM.MI) has 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, the United Auto Workers union said on Thursday.

UAW President Shawn Fain disclosed new details of the labor deal that includes a 25% pay hike, better retirement benefits and other significant improvements and runs through April 2028 after union leaders agreed earlier on Thursday to send the deal to members for a ratification vote that will take about two weeks. Continue reading “Stellantis to give big raises, invest billions in UAW deal”

DETROIT/WASHINGTON, (Reuters) – The United Auto Workers on Thursday signaled the next step in the union’s campaign to capitalize on its success in bargaining with the Detroit Three: launching organizing drives at Toyota (7203.T), Tesla (TSLA.O) and other nonunion U.S. auto factories.

UAW President Shawn Fain began his video comments on the Stellantis (STLAM.MI) contract with an appeal to workers at Toyota, which on Wednesday offered pay and benefit increases after the Detroit Three contract talks concluded. Continue reading “UAW gears up to organize at Toyota, other nonunion automakers”

New Delhi – ClubD2S – Drive Smart Drive Safe, a leading voluntary organisation for road safety, proudly announced the recipients of the prestigious Deepangshu Dev Sarmah Memorial Hall of Road Safety Award 2023. The awards ceremony, held at the Holiday Inn, Aerocity, New Delhi, was to recognise exemplary journalism that has significantly contributed to road safety awareness and action in India. Continue reading “ClubD2S Recognizes Outstanding Contributions to Road Safety Journalism”

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Summary

• Customers in Central India are increasingly opting for premium, safe and German-engineered mobility solutions, the testament of which is a 45% growth (YTD) in the region by Volkswagen in 2023 (vs 2022) 
• The growing customer demand has encouraged the Brand to strengthen its footprint in Madhya Pradesh and operates now with six sales and four service touchpoints in the region 
• The trained workforce will be engaging with existing & prospective customers to deliver world-class products and services, making the Brand more ‘Accessible’ 
• Volkswagen Indore will showcase India’s safest cars, Taigun, Virtus and the global best-seller Tiguan

Continue reading “Volkswagen India strengthens its footprint in Central India, inaugurates new touchpoint in Indore”

Nov 2 (Reuters) – Japan’s Nippon Steel said on Thursday it had dropped lawsuits against Toyota Motor and Mitsui & Co over electrical steel sheet patents, but continues to seek damages from China’s Baoshan Iron & Steel.

Nippon Steel’s (5401.T) lawsuits, which were filed in 2021, sought compensatory damages from Toyota (7203.T), Baoshan (600019.SS), Mitsui (8031.T) and Mitsui & Co. Steel, alleging infringement of patents on non-oriented electrical steel sheets. Continue reading “Nippon Steel drops patent lawsuits against Toyota, Mitsui”

WASHINGTON, Nov 1 (Reuters) – Toyota Motor (7203.T) said Wednesday it is recalling 1.85 million RAV4 sport utility vehicles in the United States over fire risks stemming from the installation of replacement batteries.

The recall covers 2013-2018 model year vehicles. Toyota said some replacement 12-volt batteries have smaller top dimensions and if a hold-down clamp was not tightened correctly, the battery could move when the vehicle is driven with forceful turns potentially short circuiting, increasing the risk of fires. Continue reading “Toyota recalls 1.85 million RAV4 SUVS over fire risks”

Source : PTI | The Delhi High Court has directed the traffic police to ensure rigorous enforcement of the ban on slow-moving vehicles on expressways, saying an oversight could culminate in tragic consequences including casualties. A bench headed by Chief Justice Satish Chandra Sharma, in an order released on Tuesday, observed that adherence to traffic norms was not merely a matter of law but a necessity in order to safeguard travellers as well as to facilitate unhindered vehicular flow, and that the inherent vulnerability of slow-moving vehicles like two-wheelers, three-wheelers and tractors amplify the risk on expressways. Continue reading “Delhi HC directs enforcement of prohibition on slow-moving vehicles on expressways”

Source : PTI | New Delhi: The Delhi government has directed that all buses coming to the national capital from Haryana will have to run on electric, CNG or BS-VI diesel, while buses from the NCR regions of Uttar Pradesh and Rajasthan need to follow these norms while coming to the city from Wednesday. The transport department of the city government said from July 1 next year, all buses coming to Delhi from any city or town in Haryana, Rajasthan and Uttar Pradesh shall only be electric, CNG and BS-VI diesel ones. Continue reading “Only electric, CNG, BS-VI diesel buses from Haryana will be allowed to enter Delhi”

Source : PTI | Wheels India, a manufacturer of wheels for trucks, tractors, passenger vehicles, and construction equipment would be setting up wholly owned subsidiaries in the United States and Europe for business development and sales coordination, a top official said. The decision to set up the subsidiaries was against the backdrop of the businesses offering growth in the new geographies, Wheels India MD Srivats Ram said here on Wednesday.

“We are looking at potential new business in Europe in the first quarter of next year and that is the reason for having people on the ground,” he told reporters. Continue reading “Wheels India to set up wholly owned subsidiaries in the US and Europe”

Source : PTI | Tata Power on Wednesday said Deepesh Nanda has been appointed as President-Renewables and CEO & MD of its subsidiary Tata Power Renewable Energy Limited (TPREL). His appointment is effective November 1, 2023, Tata Power said in a statement.

Nanda will be responsible for driving the growth and profitability of Tata Power’s renewable energy portfolio, which encompasses solar, wind, hybrid, and B2C green energy solutions. He will also lead innovation and digital transformation initiatives in the renewable energy sector. Continue reading “Deepesh Nanda appointed as President-Renewables and CEO & MD of Tata Power Renewable Energy”

Nov 1 (Reuters) – Toyota Motor (7203.T) said on Wednesday it is raising the wages of nonunion U.S. factory workers just days after the United Auto Workers union won major pay and benefit hikes from the Detroit Three automakers.

Hourly manufacturing workers at top pay will receive a wage hike of about 9% effective on Jan. 1, the company confirmed. Other nonunion logistics and service parts employees are getting wage hikes. Continue reading “Toyota hikes wage of US factory workers after UAW labor deals”

Oct 31 (Reuters) – Tesla (TSLA.O) is aiming to make 200,000 units of its electric pickup truck, Cybertruck, per year, Chief Executive Officer Elon Musk said on Tuesday.

The company had earlier said that Tesla had the capacity to make more than 125,000 Cybertrucks annually, with Musk adding there was potential to lift it to 250,000 in 2025. Continue reading “Musk says Tesla aims to make 200,000 Cybertrucks a year”

PRAGUE, Nov 1 (Reuters) – German car group Volkswagen (VOWG_p.DE) will not make a decision on a fourth battery factory site for now, with demand for electric vehicles in Europe lagging expectations, Chairman Oliver Blume said on Wednesday.

Volkswagen has been looking at a possible site for a gigafactory for electric car batteries in eastern Europe and had already put off a decision a year ago when it was considering locations in the Czech Republic, Hungary, Poland or Slovakia. Continue reading “Volkswagen puts off east European gigafactory amid sluggish EV demand”

PARIS/LONDON, Oct 31 (Reuters) – Weaker electric vehicle (EV) demand, increased competition from China and market volatility are complicating French carmaker Renault’s (RENA.PA) plans to list its EV business Ampere, four people familiar with the matter told Reuters.

Renault aims to extract more value from Ampere through an initial public offering (IPO) but is unlikely to go ahead if the final valuation falls below 7 billion euros, two of the sources said. One of them said that the cut off point could be closer to 6 billion euros ($6.33 billion). Continue reading “Renault’s Ampere ambitions tested by choppy IPO, slow EV markets -sources”

Summary

• Q2 operating profit jumps 155.6%
• Raises full-year f’cast 50% to 4.5 trln yen
• Car sales post y/y rise in all regions in Apr-Sept
• Shares end up 4.7%, boost broader Japan stock market

TOKYO, Nov 1 (Reuters) – Toyota Motor (7203.T) more than doubled its second-quarter profit and sharply raised its full-year outlook on Wednesday, as a weaker yen currency bolstered the impact of robust global sales. Continue reading “Toyota rides weak yen, demand for hybrids to post blowout profit”

Source : PTI | Guwahati, Union Minister Nitin Gadkari on Monday stressed on futuristic technology across all sectors for ensuring the country’s accelerated growth, emphasising on the role of students in achieving the goal. He also maintained that research has to be result-oriented with proper analysis of the market before venturing into any project.

He was speaking at a special convocation of Assam down town University here, where the union road transport and highways minister was conferred with an honorary D. Litt. Degree in recognition of his contribution to the infrastructural development of the North East region. Continue reading “Futuristic technology needed for accelerated growth: Gadkari”

Source : PTI |Union Power and New & Renewable Energy Minister R K Singh on Tuesday said renewable energy sources can supply 65% of the world’s total electricity by 2030 and as much as 90% by 2050. Addressing the inauguration of the Sixth Assembly of International Solar Alliance (ISA), Singh said “Renewable energy sources have the potential to supply 65% of the world’s total electricity by 2030 and decarbonise 90% of the power sector by 2050.”

Currently, he informed that around 80% of the global population resides in countries that depend on fossil fuel imports, totalling a staggering 6 billion people. Continue reading “Renewable energy sources can meet 65% of world’s power supply, 90% by 2050: R K Singh”

Source : PTI | New Delhi: State-owned gas utility GAIL (India) Ltd on Tuesday reported a 56 % jump in its September quarter net profit as bumper earnings from gas transmission and marketing business offset petrochem losses. Standalone net profit of INR 2,404.89 crore in July-September, or INR 3.66 per share, was 54.4 % higher than INR 1,537.07 crore, or INR 2.34 a share, profit in the same period last year, according to the company’s stock exchange filing.

GAIL saw pre-tax earnings from its mainstay gas transportation business soar 82 % to INR 1,290.65 crore in the second quarter of the current fiscal. Also, its pre-tax earnings from the marketing of natural gas jumped almost 400 % to INR 1,784.58 crore. Continue reading “GAIL net profit jumps 56% in Q2”

Source : PTI | New Delhi: State-owned Indian Oil Corporation (IOC) on Tuesday reported a return to profitability with a net profit of 12,967.32 crore in the three months to September 30 – more than half of its best-ever annual profit in just one quarter. The net profit — which came on the back of a boost in refining and marketing margin — compared to a loss of INR 272.35 crore in July-September 2022, according to a stock exchange filing by the company.

Besides robust refining margins, the profit was aided by a boost in marketing margins as a freeze on petrol and diesel price revision despite a fall in input crude oil prices helped recover losses incurred when rates were high last year. Continue reading “IOC Q2 net profit jumps to INR 12,967 cr; half yr profit tops best-ever full-year earning”

TOKYO, Oct 31 (Reuters) – Toyota Motor (7203.T) is expected to report a surge in third quarter profit on Wednesday and lift its full-year outlook as the Japanese automaker benefits from both robust demand and a weaker yen currency.

Even as worries about the global economic outlook deepen, the world’s top-selling car manufacturer has been little fazed so far. Toyota sold 7.5 million cars including of its Lexus brand in the first nine months of the year, it said this week, an increase of almost 7% over the same period last year. Continue reading “Toyota set to ride robust demand, weak yen to bumper profit”

WASHINGTON, Oct 31 (Reuters) – A group representing major automakers on Tuesday said the industry opposes steelmaker Cleveland-Cliffs’ (CLF.N) proposed acquisition of U.S. Steel (X.N), saying it would increase auto industry costs and slow electric vehicle sales.

The Alliance for Automotive Innovation, representing General Motors (GM.N), Toyota Motor (7203.T), Volkswagen (VOWG_p.DE), Hyundai(005380.KS) and other major automakers, in a letter to Congress and U.S. regulators cited the combined steel companies’ dominant market share for steel used to produce vehicle structural frames, for automotive surface panels like doors, hoods and fenders, as well as steel used for electric vehicle (EV) motors. Continue reading “Automakers oppose Cleveland-Cliffs push to buy U.S. Steel”

PARIS/LONDON, Oct 31 (Reuters) – Weaker electric vehicle (EV) demand, increased competition from China and market volatility are complicating French carmaker Renault’s (RENA.PA) plans to list its EV business Ampere, four people familiar with the matter told Reuters.

Renault aims to extract more value from Ampere through an initial public offering (IPO) but is unlikely to go ahead if the final valuation falls below 7 billion euros, two of the sources said. One of them said that the cut off point could be closer to 6 billion euros ($6.33 billion). Continue reading “Renault’s Ampere ambitions tested by choppy IPO, slow EV markets -sources”

Oct 31 (Reuters) – Tesla (TSLA.O) on Tuesday won the first U.S. trial over allegations that its Autopilot driver assistant feature led to a death, a major victory for the automaker as it faces several other lawsuits and federal investigations related to the same technology.

The verdict represents Tesla’s second big win this year, in which juries have declined to find that its software was defective. Tesla has been testing and rolling out its Autopilot and more advanced Full Self-Driving (FSD) system, which Chief Executive Elon Musk has touted as crucial to his company’s future but which has drawn regulatory and legal scrutiny. Continue reading “Tesla wins first US Autopilot trial involving fatal crash”

PARIS, Oct 31 (Reuters) – French carmaker Renault (RENA.PA) had “friendly” discussions with Chinese investment bank CICC about potential cooperation, but nothing has been signed or decided so far, a company spokesperson said, confirming media reports.

“A meeting took place between CICC and Renault Group for friendly discussions about China’s market,” a spokeswoman told Reuters. Continue reading “Renault had ‘friendly’ discussions with Chinese investment bank – spokesperson”

HONG KONG, Oct 31 (Reuters) – Berkshire Hathaway, the investment company owned by Warren Buffett, has sold 820,500 Hong Kong-listed shares of electric vehicle maker BYD Co (002594.SZ) for HK$201.73 million ($25.78 million), a stock exchange filing showed.

The sale on Oct. 25 lowered Berkshire’s holdings in BYD’s issued H-shares to 7.98% from 8.05%, the filing to the Hong Kong stock exchange on Tuesday showed. Continue reading “Berkshire Hathaway sells $25.8 mln worth of shares in China’s BYD”

Oct 31 (Reuters) – Toyota Motor (7203.T) said on Tuesday it would invest $8 billion more and add about 3,000 jobs at its electric-vehicle battery manufacturing plant in North Carolina, boosting the Japanese automaker’s push to electrify its lineup.

The company, which plans to have electrified options for its models available by 2025, said the latest move will bring its total investment in the plant to about $13.9 billion and jobs to more than 5,000. Continue reading “Toyota to invest $8 bln more in North Carolina EV battery plant”

Summary

• Sees 3 bln euro impact of N. America strikes on sales
• Profitability to be affected by less than 750 mln euros
• Net revenue up 7% in Q3 to 45.1 bln euros
• Consolidated shipments up 11% in Q3 to 1.427 mln units

MILAN, Oct 31 (Reuters) – Stellantis (STLAM.MI) on Tuesday played down the impact of strikes in North America over pay increases, saying they would not alter the automaker’s targets for profitability and cash. Continue reading “Stellantis says it is least affected by North America strikes among Detroit Three”

Oct 30 (Reuters) – Chipmaker Onsemi (ON.O) forecast a tepid fourth quarter and cut about 900 jobs, sparking fears that weak electric vehicle (EV) demand has begun to hurt orders for its chips from the auto sector and sending its shares tumbling 18.3% on Monday.

The company, whose clients include European automaker Volkswagen (VOWG_p.DE), supplies chips that go into drive trains of electric cars and help with driver-assistance systems like cameras and sensors. Continue reading “Onsemi cuts jobs, sees weak 4th quarter on slowing EV demand”

Oct 30 (Reuters) – Canadian union Unifor called off a brief strike that began early on Monday after reaching a tentative deal with Chrysler-parent Stellantis (STLAM.MI) that offers workers sizeable hourly wage increases and a reduction in time needed to achieve top pay.

The deal, which covers 8,200 workers, will reinstate cost of living allowance (COLA) in December next year and improve all pension plans, Unifor said. Continue reading “Canadian union Unifor ends strike after tentative deal with Stellantis”

DETROIT, Oct 29 (Reuters) – United Auto Workers leaders approved a tentative deal on Sunday with Ford (F.N) that includes a pay hike of at least 30% for full-time workers and could more than double pay for others, in a victory for the union’s fight to roll back 15 years of concessions.

Bargaining continued at General Motors (GM.N) without any deal. UAW President Shawn Fain on Saturday ordered a walkout at GM’s Spring Hill, Tennessee, engine and assembly plant. Fain and GM CEO Mary Barra were meeting on Sunday night, sources familiar with the process said. Continue reading “UAW-Ford deal nets union big wins on wages, benefits, investments”

Oct 30 (Reuters) – Shares of Tesla (TSLA.O) fell about 5% on Monday after key supplier Panasonic Holdings (6752.T) said it cut automotive battery production in the September quarter, cementing concerns of a global slowdown in electric-vehicle (EV) sales.

Panasonic said its production suffered from slowing uptake for high-end EVs in North America, echoing Tesla CEO Elon Musk’s comments from earlier this month that higher-for-longer borrowing costs would take a toll on vehicle demand. Continue reading “Tesla falls as production cut by battery supplier Panasonic fans EV demand fears”

Oct 30 (Reuters) – One of the largest U.S. privately owned auto transport companies is quietly mounting a long-shot bid – with increasing interest from the Biden administration – to rescue trucking giant Yellow Corp (YELLQ.PK) from bankruptcy liquidation and bring back some 30,000 union jobs, according to multiple sources familiar with the discussions.

The previously unreported effort by Jack Cooper Transport, a trucking company that counts General Motors (GM.N), Ford (F.N) and Stellantis (STLAM.MI) as its main customers, has gained steam in recent weeks as the powerful International Brotherhood of Teamsters union and a bipartisan group of U.S. senators stepped up their pressure campaign on the Biden administration. Continue reading “Exclusive: Trucking firm prepares long-shot bid for Yellow, seeks US Treasury support”

Oct 30 (Reuters) – The tentative agreements reached between the United Auto Workers and the Detroit Three automakers mark another major victory for labor unions that have turned up the pressure on big corporations to put better deals on the table.

Unions have taken an aggressive approach to campaigning with a series of high-profile battles across the industrial, auto, entertainment and healthcare industries. Experts say gains won by unions could spur more organizing and motivate non-unionized companies to try to stave off those efforts. Continue reading “UAW’s record deal could boost others’ wages as labor notches another victory”