Oct 25 (Reuters) – Production at a Ford Motor Company (F.N) engine plant in Canada could halt by next Wednesday if there are no changes to a United Auto Workers strike in Kentucky, a Canadian union representative told Reuters.
The Ford Windsor Annex Engine Plant, with nearly 900 workers, makes engines mostly for Ford’s Super Duty trucks at the plant in Louisville, Kentucky, John D’Agnolo, the union’s auto council chair said on Wednesday.
Oct 25 (Reuters) – High interest rates are derailing the ambitions of climate regulators and automakers to accelerate the shift to electric vehicles, underscored Wednesday by the scrapping of a GM-Honda partnership and a warning from a battery maker.
Electric vehicle sales are still growing strongly, but that demand is not keeping up with the expectations of carmakers and other companies that have invested billions of dollars in the EV space. Expectations for persistently higher interest rates has led companies to alter plans as they eye 2024 warily. Continue reading “More alarm bells sound on slowing demand for electric vehicles”
Oct 25 (Reuters) – The United Auto Workers (UAW) union reached a tentative labor deal on Wednesday with Ford Motor (F.N), the first of Detroit’s Big Three car manufacturers to negotiate a settlement to strikes joined by 45,000 workers since mid-September.
The proposed accord, which UAW’s leadership must still approve, provides a 25% wage hike over the 4-1/2-year contract, starting with an initial increase of 11%. Continue reading “Ford, UAW reach tentative deal to end strike including record pay raise”
Source : PTI | Oil and Natural Gas Corporation (ONGC) has won a bid to acquire PTC India Ltd’s wind power unit for INR 925 crore as the state-owned firm continues to build a renewable energy portfolio to balance its fossil fuel business. In a stock exchange filing, India’s top oil and gas producer said it has over the years diversified into the petrochemicals and power business besides growing its core business of finding hydrocarbons.
ONGC said it has taken various initiatives for renewable energy power generation and already has 189 megawatt (MW) capacity, including wind and solar PV plants spread across various locations. Continue reading “ONGC wins bid to acquire PTC’s wind power unit for INR 925 cr”
LONDON/DETROIT, Oct 23 (Reuters) – (This Oct. 23 story has been corrected to mention that Driverama is a unit of Aures Holdings in paragraph 15)
A race is on to certify battery health and performance in used electric vehicles, with a clutch of startups scrambling to help buyers figure out how much a secondhand EV is really worth.
With traditional combustion-engine cars, mileage and years racked up can quickly tell prospective buyers how much they should fork out. That formula does not work with EVs – whose value depends largely on their battery’s driving range and ability to hold a charge. Continue reading “Focus: The battery test race to work out what used EVs are really worth”
ROME, Oct 24 (Reuters) – Franco-Italian automaker Stellantis (STLAM.MI) said on Tuesday it planned a joint venture with French nuclear fuels firm Orano to recycle used electric vehicle batteries and scrap materials from its gigafactories in Europe and North America.
The two companies said in a statement they had signed a memorandum of understanding leading to the joint venture, subject to agreement on definitive documentation. Continue reading “Stellantis to enter JV with Orano to recycle electric car batteries”
TOKYO/PARIS, Oct 24 (Reuters) – Japan’s Mitsubishi Motors (7211.T) said it will end production of its cars at its joint venture in China and transfer its stake in the unit to its Chinese partner, becoming the latest foreign automaker to cut back its operations in the world’s top auto market.
The decision by the Japanese car maker comes amid fierce price competition in China which has led global automakers such as Hyundai Motor (005380.KS) and Stellantis (STLAM.MI) to take steps to bring down costs by restructuring their businesses. Continue reading “Mitsubishi Motors to end production in China, invest in Renault EV unit”
DETROIT, Oct 24 (Reuters) – General Motors (GM.N) on Tuesday withdrew its 2023 profit outlook just ahead of a new United Auto Workers walkout at one of its most profitable factories.
With the UAW clash throttling revenue and profits, Chief Executive Mary Barra told investors the automaker will slow its electric vehicle strategy to put profits ahead of sales targets. Continue reading “GM withdraws 2023 guidance, UAW strikes SUV plant”
SAN FRANCISCO/WASHINGTON, Oct 24 (Reuters) – California on Tuesday ordered General Motors’ (GM.N) Cruise unit to remove its driverless cars from state roads, calling the vehicles a risk to the public and saying the company had “misrepresented” the safety of the technology.
California’s Department of Motor Vehicles (DMV) said it suspended Cruise’s autonomous vehicle deployment and driverless testing permit, ending efforts by the company for the time being to test the cars without safety drivers. Continue reading “California sidelines GM Cruise’s driverless cars, cites safety risk”
Source : PTI | Mahindra Logistics Ltd on Monday reported 73 per cent growth year-on-year in standalone Profit After Tax (PAT) at INR 19-crore in the September quarter of this fiscal. The company had posted a standalone PAT of INR 11 crore in the July-September period of FY23, MLL said in a statement.
Revenue during the quarter under review declined 5 per cent at INR 1,136-crore from INR 1,195 crore in the period a year ago, it said. Continue reading “Mahindra Logistics reports standalone PAT of Rs 19 cr in Q2 FY24”
Summary
TOKYO, Oct 23 (Reuters) – Tokyo’s auto show is back for the first time in four years and newly rebranded for the electric vehicle era, in a marketing overhaul that may be more reflective of industry aspirations than Japanese automakers’ lagging battery-powered lineup. Continue reading “Japan auto show returns, as industry faces EV turning point”
Oct 23 (Reuters) – The U.S. Justice Department has sought documents and issued subpoenas to Tesla (TSLA.O) as it scrutinizes the automaker’s driver assistance system Autopilot and vehicle driving range, among other issues, the company said on Monday.
Tesla said in a regulatory filing it has received requests for information “including subpoenas, from the DOJ. These have included requests for documents related to Tesla’s Autopilot and FSD features” and other requests “associated with personal benefits, related parties, vehicle range and personnel decisions.” Continue reading “US Justice Department issues subpoenas to Tesla in ongoing probes”
Oct 20 (Reuters) – China’s move on Friday to curb exports of graphite, a key electric vehicle battery material, will only accelerate efforts to develop alternative sources and materials, but that will take time, industry executives and analysts said.
China, the world’s largest graphite producer and exporter, will require export permits as of Dec. 1 for some graphite products, including spherical graphite used by automakers. It refines more than 90% of the world’s graphite into the material used in almost all EV battery anodes, which is the negatively charged portion of a battery. Continue reading “Analysis: China’s graphite curbs will accelerate plans around alternatives”
LONDON/DETROIT, Oct 23 (Reuters) – A race is on to certify battery health and performance in used electric vehicles, with a clutch of startups scrambling to help buyers figure out how much a secondhand EV is really worth.
With traditional combustion-engine cars, mileage and years racked up can quickly tell prospective buyers how much they should fork out. That formula does not work with EVs – whose value depends largely on their battery’s driving range and ability to hold a charge. Continue reading “The battery test race to work out what used EVs are really worth”
WASHINGTON/DETROIT, Oct 23 – The United Auto Workers (UAW) union went on strike at Chrysler-parent Stellantis’s largest assembly plant on Monday, hitting the automaker’s profitable RAM 1500 pickup truck production in a major expansion of the more than month-old strike.
The UAW, which is striking the three big Detroit automakers, blamed the latest walkout by 6,800 workers at the Michigan plant on Stellantis having the “worst proposal” on the table on wage increases, temporary worker pay and conversion to full time status as well as cost-of-living adjustments. Continue reading “UAW expands strike against Stellantis, hitting pickup truck plant”
Source : PTI | Tata Motors is developing a new petrol powertrain which would be utilised in its premium sports utility vehicles, Harrier and Safari, according to a top company official. The models currently come with a 2-litre diesel engine.
In an interaction with PTI, Tata Motors Passenger Vehicles Managing Director Shailesh Chandra said the engine is being developed and will be featured in the two models going ahead. Continue reading “Tata Motors developing new petrol engine to power premium SUV range”
Source : PTI | New Central Pollution Control Board (CPCB) has fined state-owned Indian Oil Corporation (IOC) and Bharat Petroleum Corporation Ltd (BPCL) for not installing pollution control devices at their petrol pumps. IOC has been fined INR 1 crore and BPCL INR 2 crore, the two firms said in separate stock exchange filings.
“The company has received a direction from CPCB to pay compensation of INR 1 crore for non-installation of Vapour Recovery Systems (VRS) at retail outlets in National Capital Region (NCR),” IOC said adding the fine was for not installing VRS at petrol refuelling stations within the timeline prescribed by the Supreme Court. Continue reading “Pollution board fines IOC INR 1 crore, BPCL INR 2 crore for not installing pollution control devices at their petrol pumps”
Source : PTI | New Delhi: Leading helmet maker Steelbird Hi-tech India aims to invest over INR 250 crore to set up a new manufacturing facility in Hosur, Tamil Nadu, as it looks to scale up capacity to cater to rising demand, according to a top company official. The company, which has four plants each in Baddi (Himachal Pradesh) and Noida, is looking to roll out over 20,000 units from the Hosur plant in two years time.
In an interaction with PTI, Steelbird MD Rajeev Kapur said the plant has been envisaged to cater to the aftermarket and demand from various OEMs (Original Equipment Manufacturers) based in South India. Continue reading “Steelbird lines up INR 250 cr capex for new plant in South India”
Source : PTI | In a world grappling with the complex problem of reducing carbon emissions to limit global warming, the universe’s most-abundant element has the potential to unlock part of the puzzle. Hydrogen might provide an effective decarbonisation solution for some industries – but only if it is made in a way that does not release emissions.
Australia is ideally placed to help make that happen if it is prepared to seize the opportunity.
The United Nations Climate Change Conference (COP28) begins in November – a critical event in the effort to reduce carbon emissions to help limit global warming to the internationally agreed target of 1.5 degrees Celsius. Continue reading “Australia’s hydrogen hour has arrived”
SEOUL, Oct 23 (Reuters) – South Korea’s Samsung SDI (006400.KS) said on Monday it will supply Hyundai Motor (005380.KS) with electric vehicle (EV) batteries for seven years starting 2026, marking the first battery supply deal between the two companies.
“The latest supply deal marks the first ever partnership between Samsung and Hyundai Motor Group in the field of electric vehicle batteries,” Samsung SDI said in a statement. Continue reading “Samsung SDI to supply EV batteries to Hyundai Motor starting 2026”
Summary
TOKYO, Oct 23 (Reuters) – Tokyo’s auto show is back for the first time in four years and newly rebranded for the electric vehicle era, in a marketing overhaul that may be more reflective of industry aspirations than Japanese automakers’ lagging battery-powered lineup.
The Japan Mobility Show, which opens on Thursday, comes at a critical moment for the domestic industry. Toyota (7203.T), the world’s top-selling automaker, this year announced a strategic pivot to battery EVs, including plans to commercialise advanced batteries and adopt die-casting technology pioneered by Tesla (TSLA.O). Continue reading “Japan auto show returns, as industry faces EV turning point”
TOKYO, Oct 23 (Reuters) – Toyota Motor (7203.T) will gradually restart operations from Tuesday morning at the remaining lines of group plants that had been halted due to an accident at a supplier’s facility last week, a spokesperson said.
The world’s biggest automaker by sales plans to have completely resumed production at all plants that have faced disruptions from the accident at spring maker Chuo Spring (5992.T) from the morning of Oct. 26, the spokesperson said. Continue reading “Toyota to resume operations at remaining halted plants from Tuesday”
Oct 23 (Reuters) – The U.S. Justice Department has sought documents and issued subpoenas to Tesla (TSLA.O) as it scrutinizes the automaker’s driver assistance system Autopilot and vehicle driving range, among other issues, the company said on Monday.
Tesla said in a regulatory filing it has received requests for information “including subpoenas, from the DOJ. These have included requests for documents related to Tesla’s Autopilot and FSD features” and other requests “associated with personal benefits, related parties, vehicle range and personnel decisions.” Continue reading “US Justice Department issues subpoenas to Tesla in ongoing probes”
Oct 20 (Reuters) – China’s move on Friday to curb exports of graphite, a key electric vehicle battery material, will only accelerate efforts to develop alternative sources and materials, but that will take time, industry executives and analysts said.
China, the world’s largest graphite producer and exporter, will require export permits as of Dec. 1 for some graphite products, including spherical graphite used by automakers. It refines more than 90% of the world’s graphite into the material used in almost all EV battery anodes, which is the negatively charged portion of a battery. Continue reading “Analysis: China’s graphite curbs will accelerate plans around alternatives”
LONDON/DETROIT, Oct 23 (Reuters) – A race is on to certify battery health and performance in used electric vehicles, with a clutch of startups scrambling to help buyers figure out how much a secondhand EV is really worth.
With traditional combustion-engine cars, mileage and years racked up can quickly tell prospective buyers how much they should fork out. That formula does not work with EVs – whose value depends largely on their battery’s driving range and ability to hold a charge. Continue reading “The battery test race to work out what used EVs are really worth”
IL&FS Transportation Networks will sell its wholly-owned subsidiary Jorabat Shillong Expressway to Sekura Roads for INR 1,343 crore. Jorabat Shillong Expressway , a wholly-owned subsidiary of the bankrupt IL&FS Group, has entered into a restated share purchase agreement with Sekura Roads in this regard.
The proceeds from the sale will be used to settle its liabilities aggregating INR 1,621 crore and the equity value under the deal is Re 1, a statement said, adding that the deal adjusts all of the liabilities at an enterprise value of INR 1,343 crore. Continue reading “IL&FS Transportation to sell Jorabat Shillong Expressway to Sekura Roads for INR 1.3K cr”
Source : PTI | Spurred by the huge response and public appreciation for the Shakti scheme that provides free travel for women across the state, Karnataka Chief Minister Siddaramaiah has directed officials to purchase 5,600 buses for the state road transport corporation.
According to a statement issued by the CM’s office, the Chief Minister said INR 500 crore has been provided in the state budget for acquiring new buses, and therefore ordered that the purchase process be completed soon. There has been a 15 % increase in the number of passengers travelling by State Road Transport Corporation buses since the launch of the Shakti Scheme. Continue reading “Karnataka to purchase 5,600 more buses following the success of Shakti scheme of free travel for women”
Source : PTI | More than 1.5 lakh challans were issued till October 15 this year to vehicle owners driving without pollution under control certificates (PUCC),Delhi Traffic Police said on Saturday. According to data shared by traffic police, a total of 1,58,762 challans were issued till October 15 this year, which is 50,662 more than the number of challans issued during the same period last year.
During the period from January 1 to October 15, 52,388 challans were issued in 2021 and 1,08,100 in 2022.
This year, the maximum number of challans were issued in Daryaganj circle (6,306), followed by Sarita Vihar (6,254), Rajouri Garden (5,595), Shahdara (5,442) and Tilak Nagar (5,252), the data showed. Continue reading “More than 1.5 lakh challans issued till Oct 15 for PUC violations: Delhi Traffic Police”
Source : PTI | Amid a likely increase in pollution levels, the Centre’s air quality panel on Saturday directed authorities in the National Capital Region to increase parking fees to discourage private transport and enhance CNG or electric bus and metro services. The action comes as part of ‘Stage II’ of the central government’s pollution control plan known as the ‘Graded Response Action Plan’ (GRAP), which is implemented in the Delhi-NCR to combat air pollution during the winter season.
At a meeting to review the air quality situation in the Delhi-NCR, the Commission for Air Quality Management (CAQM), a statutory body responsible for proactively implementing GRAP, said forecasts by the India Meteorological Department (IMD) and the Indian Institute of Tropical Meteorology (IITM) suggest Delhi’s overall air quality is likely to dip and enter the ‘very poor’ category on October 23 and 24, owing to unfavourable meteorological and climatic conditions. Continue reading “Air quality likely to turn ‘very poor’; Centre invokes measures under GRAP ‘Stage II’”
DETROIT, Oct 20 (Reuters) – United Auto Workers President Shawn Fain on Friday warned of more walkouts at U.S. truck and SUV factories unless the Detroit Three automakers improved wage and benefit offers, insisting companies could afford more than the record packages on the table.
“We’re striking the Big Three like we’ve never struck before,” Fain said. “These extremely profitable companies have more to give.” Continue reading “UAW presses Detroit automakers for better offer, threatens more walkouts”
BEIJING, Oct 20 (Reuters) – China said on Friday it will require export permits for some graphite products to protect national security, springing a surprise with another bid to control critical mineral supply in response to challenges over its global manufacturing dominance.
China is the world’s top graphite producer and exporter. It also refines more than 90% of the world’s graphite into the material that is used in virtually all EV battery anodes, which is the negatively charged portion of a battery. Continue reading “China, world’s top graphite producer, tightens exports of key battery material”
Oct 20 (Reuters) – China’s move on Friday to curb exports of graphite, a key electric vehicle battery material, will only accelerate efforts to develop alternative sources and materials, but that will take time, industry executives and analysts said.
China, the world’s largest graphite producer and exporter, will require export permits as of Dec. 1 for some graphite products, including spherical graphite used by automakers. It refines more than 90% of the world’s graphite into the material used in almost all EV battery anodes, which is the negatively charged portion of a battery. Continue reading “Analysis: China’s graphite curbs will accelerate plans around alternatives”
Summary
FRANKFURT, Oct 20 (Reuters) – Volkswagen (VOWG_p.DE) cut its profit margin outlook for the current year on Friday, blaming negative effects from raw materials hedges at the end of the third quarter.
Like many other industrial firms, carmakers hedge against commodity price swings, potentially causing non-cash gains or losses, usually at the end of each quarter. Continue reading “Volkswagen cuts profit outlook on hit from raw material hedges”
HANOI, Oct 20 (Reuters) – Vietnamese electric vehicle (EV) maker VinFast said on Friday it has entered into a share subscription of up to $1 billion with U.S.-based fund Yorkville Advisors as it seeks to fund expansion in overseas markets.
VinFast has the option, but not the obligation, to require Yorkville to subscribe for up to $1.0 billion worth of ordinary shares in VinFast at any time during the term of the agreement, VinFast said in a filing to the U.S. securities authority. Continue reading “EV maker VinFast strikes shares deal with Yorkville for up to $1 billion”
Oct 20 (Reuters) – Businesses ranging from airlines to auto parts makers are starting to feel the heat from the month-long strike by hourly workers at the Detroit Three automakers, with analysts warning that the financial hit could increase if the walkout does not end soon.
With the United Auto Workers (UAW) strike entering its 36th day and the total economic cost pegged at more than $7 billion, companies are counting the cost of lost revenue amid an uncertain economy and persistent inflation. Continue reading “US auto strike’s economic fallout starts to hurt global businesses”
MEXICO CITY, Oct 19 (Reuters) – Mexico’s Nuevo Leon state said on Thursday that Tesla (TSLA.O) was still planning to build a factory and that the government would spend more than $130 million on infrastructure to support construction, a day after CEO Elon Musk said he was hesitating on the project.
Tesla announced the planned factory in the northern Mexican state in March, without providing a timeline for construction.
Musk on Wednesday said he was still set on the site in the Santa Catarina municipality in northern Mexico, but that the timing was un Continue reading “Mexico says Tesla factory still coming, vows infrastructure spending”
Source : PTI | Himadri Speciality Chemical Ltd on Thursday said the National Company Law Tribunal (NCLT) has verbally approved the joint resolution plan submitted by the company and Dalmia Bharat Refractories Ltd to acquire under the insolvency process.
This is a significant development in the case of Birla Tyres, which has been undergoing insolvency proceedings since May 2022. The NCLT had ordered the initiation of insolvency proceedings against the company after a case was filed by chemicals firm SRF Ltd, an operational creditor of Birla Tyres. Continue reading “Birla Tyres insolvency: NCLT approves joint offer of Himadri Speciality Chemical, Dalmia Bharat Refractories”
Source : PTI | New Delhi: State-owned THDC India Ltd (THDCIL) will develop the electric vehicle charging stations along the Char Dham Yatra route in Uttarakhand to reduce carbon emissions on the route, its CMD RK Vishnoi said on Thursday. Initially, the charging stations will be established at 14 locations in the state for which an agreement has been signed with Garhwal Mandal Vikas Nigam Ltd (GMVN), he said in a statement on Thursday.
“THDCIL and GMVN collaborate to set up electric vehicle charging stations for Char Dham Yatra Route in Uttarakhand. Memorandum of Understanding (MoU) was signed on October 18 to establish the charging stations at 14 guest houses of GMVN, along the Yatra route in the state,” he said. Continue reading “Power producer THDCIL to develop charging infra on Char Dham route in Uttarakhand”
LONDON, Oct 19 (Reuters) – The management of bankrupt electric truck maker Volta Trucks is urgently seeking a buyer to take the company out of administration and help it complete the ramp-up to mass production, a source familiar with the issue told Reuters.
Volta, which is headquartered in Sweden and has operations in the United Kingdom, filed for bankruptcy on Tuesday citing the bankruptcy in August of its supplier Proterra and uncertainty over its battery supplier, which had made it hard to raise sufficient capital. Continue reading “Management of bankrupt Volta Trucks seeking buyer – source”
Oct 18 (Reuters) – Tesla (TSLA.O) CEO Elon Musk on Wednesday warned of difficulties in ramping up production of the automaker’s much-awaited Cybertruck electric pickup truck and announced that deliveries would begin on Nov. 30.
The world’s most valuable automaker produces electric sedans and sport utility vehicles but has missed out on the pickup truck segment, which is highly profitable and hugely popular in the United States. Continue reading “Tesla’s Musk raises Cybertruck production concerns, reveals delivery date”
