Source : PTI | New Delhi: New investments totalling INR 2,755 crore have been pledged with industry body Indian Biogas Association (IBA) during the recently held Renewable Energy India Expo 2023. Talking to PTI, IBA Chairman Gaurav Kedia said “Indian Biogas Association (IBA), an industry association comprising operators, manufacturers, and planners of bioenergy plants, has received a commitment of investment worth INR 2,755 crore during the Renewable Energy India Expo 2023.”

The association has signed joint ventures (JVs), MoUs (memorandum of understanding) and received LoIs (letter of intent) commitments during the recently concluded Renewable Energy India (REI) Expo held at Greater Noida from from October 4 to 6. Continue reading “New investments worth INR 2,755 cr pledged with Indian Biogas Association”

LONDON, Oct 16 (Reuters) – Britain and South Korea have agreed to extend a period of low or zero tariffs on bilateral trade by two years, ahead of talks to forge a new trade deal, the British government said on Monday, in a boost for the car industry.

Without the extension, British businesses, such as automakers and food and drink companies, would have faced high tariffs from Jan. 1 on exports of products made using materials from the European Union, under so-called rules of origin, and on products shipped via the EU. Continue reading “Exclusive: Britain, South Korea agree to extend tariff-free trade for two years”

Source : PTI | India Inc is all set to report an 8-10% jump in revenues for the September quarter while profit margins will also witness an expansion, an arm of rating agency Crisil said on Friday. This will be the first time in four quarters that the revenue growth will see an increase, it said.

Automobiles, construction (which benefitted from truant monsoons) and information technology services sectors will be driving the revenue growth in the quarter, the rating agency said, adding that the year-on-year revenue growth in the preceding June quarter had stood at 7%. Continue reading “India Inc revenues to rise 8-10 % in Q2, profit margins to also expand: Crisil”

Source : PTI | Western sanctions that put a price cap on Russian oil exports from December 2022 aimed to cause the country significant economic pain after its invasion of Ukraine last year.

The idea was to curtail the amount Russia makes from its oil while ensuring it continues to flow into the global market to reduce price pressures on consumers around the world. Continue reading “Western sanctions haven’t curbed Russian oil profits, but the green energy transition could”

WILMINGTON, Delaware, Oct 13 (Reuters) – Tesla Inc urged a Delaware judge on Friday to reject $230 million in legal fees requested by a team of shareholder attorneys who won a settlement in a dispute over director pay, and the company recommended a fee of $64 million instead.

The maker of electric vehicles called the fee request an “unwarranted windfall” that works out to an hourly rate of $10,690, among the highest fee requests ever in Delaware’s Court of Chancery, a key venue for shareholder lawsuits. Continue reading “Tesla fights $230 million fee sought by attorneys who sued over board pay”

Oct 13 (Reuters) – Chrysler-parent Stellantis (STLAM.MI) and Ford Motor (F.N) said on Friday they will temporarily lay off 1,250 employees due to the impact of the United Auto Workers strike.

Stellantis said it now has 1,340 employees on temporary layoff in three states because of the four-week-old strike after announcing the layoff Friday of 700 employees at two plants in Indiana. Continue reading “Stellantis, Ford furlough another 1,250 workers because of UAW strike”

MILAN, Oct 14 (Reuters) – Ferrari (RACE.MI) has started to accept payment in cryptocurrency for its luxury sports cars in the U.S. and will extend the scheme to Europe following requests from its wealthy customers, its marketing and commercial chief told Reuters.

The vast majority of blue-chip companies have steered clear of crypto as the volatility of bitcoin and other tokens renders them impractical for commerce. Patchy regulation and high energy usage have also prevented the spread of crypto as a means of payment. Continue reading “Ferrari to accept crypto as payment for its cars in the US”

Summary

• Q3 deliveries up 7.4%, but down 5.8% in China
• All-electric deliveries up 40.5%, but orders below target
• Shares down 0.6%

FRANKFURT, Oct 13 (Reuters) – Volkswagen’s (VOWG_p.DE) group deliveries rose 7.4% in the third quarter as strong demand in Europe and North America offset a decline in top market China, the German carmaker said on Friday. Continue reading “Volkswagen’s Europe and US sales offset China weakness in Q3”

BERLIN, Oct 13 (Reuters) – Porsche (P911_p.DE) said on Friday that deliveries worldwide for the first nine months of 2023 were up 10% on the year, reaching 242,722 vehicles, with growth seen in every region but China.

China sales fell 12% in the same January to September period, reaching 60,748 vehicles, due to the continuing challenging economic situation in the region, it said. Continue reading “Porsche: deliveries up in every region but China in first 9 months of 2023”

Oct 13 (Reuters) – A tight U.S. labor market, the expiry of union contracts and high living costs have led to tough negotiations for pay hikes and benefits, triggering strikes and protests across industries.

Nearly 309,700 workers have been involved in work stoppages and strikes through August this year, according to preliminary data from the U.S. Bureau of Labor Statistics, putting 2023 on track to becoming the busiest year for strikes since 2019. Continue reading “From Detroit Three to healthcare, US labor unions flex muscle”

DETROIT/WASHINGTON, Oct 12 (Reuters) – A senior Ford executive said Thursday the automaker is “at the limit” of what it can spend on higher wages and benefits for the United Auto Workers, and warned the union’s strike at the company’s most profitable factory could harm workers and slash profits.

“We have been very clear that we are at the limit,” Kumar Galhotra, head of Ford’s combustion vehicle unit, said during a conference call Thursday. “We stretched to get to this point. Going further will hurt our ability to invest in the business.” Continue reading “Ford says it is ‘at the limit’ with UAW contract offer”

Summary

• More than 34,000 autoworkers on strike
• UAW declines to expand strike for now
• Fain aims comments at Ford CEO Farley
• ‘Go get the big checkbook,’ Fain tells Ford

DETROIT, Oct 13 (Reuters) – United Auto Workers President Shawn Fain said on Friday that the union will not expand its strike against the Detroit Three automakers at the moment, but said its members would now walk out of additional facilities without warning rather than wait until Fridays to announce new plans. Continue reading “UAW says new strikes at Detroit Three will come without notice”

Source : PTI | Wipro Enterprises’ industrial automation business Wipro Pari will acquire a majority stake in Italy-based Ferretto Automation & Services for an undisclosed amount. Wipro Pari, part of Wipro Infrastructure Engineering, has signed a definitive agreement to acquire a “significant majority share capital” of Ferretto Automation & Services, according to a joint statement.

Ferretto Automation & Services is a subsidiary of Ferretto Group based in San Polo-Reggio Emilia. Continue reading “Wipro Enterprises to acquire a majority stake in Italy-based Ferretto Automation”

Source : PTI | Japanese auto major Toyota on Thursday said hybrid cars will be an “optimal solution” to build scale for increased use of electrified vehicles in India, according to a senior executive. In a virtual press briefing with global media prior to Japan Mobility Show, Toyota Daihatsu Engineering and Manufacturing Co Executive Vice President Pras Ganesh said multiple green technologies were required to cater to varying needs of different regions in a vast country like India.

“The hybrid electric vehicle we think is maybe an optimal solution to begin scale in terms of electrification around 40% of the distance and around 60% of the time on a hybrid electric vehicle based on Indian statistical testing, is actually on zero emission,” he noted. Continue reading “Hybrid cars optimal solution to scale electrification of vehicles: Toyota”

Source : PTI | New Delhi: In an effort to empower its clinical team to promptly respond to patient care duties, AIIMS-Delhi on Thursday announced round-the-clock availability of electric staff cars on residential campuses. AIIMS-Delhi Director Dr M Srinivas has been engaging with faculty and staff to understand their needs and concerns, a hospital statement said.

The interactions brought to light a recurring issue specifically affecting clinical team members living in Ayur Vigyan Nagar, Kidwai Nagar, Asiad Village and Ansari Nagar West. Continue reading “AIIMS-Delhi introduces 24×7 electric staff cars on residential campuses”

WASHINGTON, Oct 12 (Reuters) – U.S. investigators on Thursday proposed $270,000 in fines for a General Motors (GM.N) and LG Energy Solution (373220.KS) joint venture battery plant in Ohio for safety and health violations.

Occupational Safety and Health Administration (OSHA) investigators examining the cause of a March explosion and fire at the Ultium Cells plant prompted the agency to issue 19 safety and health violations, 17 of them serious. Continue reading “US proposes $270,000 fine for joint venture GM battery plant”

DETROIT/WASHINGTON, Oct 12 (Reuters) – A senior Ford executive said Thursday the automaker is “at the limit” of what it can spend on higher wages and benefits for the United Auto Workers, and warned the union’s strike at the company’s most profitable factory could harm workers and slash profits.

“We have been very clear that we are at the limit,” Kumar Galhotra, head of Ford’s combustion vehicle unit, said during a conference call Thursday. “We stretched to get to this point. Going further will hurt our ability to invest in the business.” Continue reading “Ford says it is ‘at the limit’ with UAW contract offer”

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Is India’s infrastructure ready to be electrified? WAF Continue reading “WAF Auto News | The Auto World This Week (13th October 2023)”

SEOUL, Oct 12 (Reuters) – Kia Corp (000270.KS) on Thursday unveiled three new small-to-medium sized electric vehicles (EV) to try to attract a wider range of customers and accelerate its electrification drive.

The South Korean automaker said it planned to offer two electric compact sport-utility vehicles (SUVs) – EV5 and EV3 – and an electric sedan – EV4 -, making an all-out push to achieve its sales target of one million EVs by 2026.

Continue reading “Kia Corp unveils three small to mid-sized EVs to widen its appeal”

TOKYO, Oct 12 (Reuters) – Toyota (7203.T) and oil refiner Idemitsu Kosan (5019.T) announced a tie up on Thursday to develop and mass produce all-solid-state batteries, in another example of new partnerships being forged amid the disruptive shift to electric vehicles.

The companies aim to commercialise next-generation batteries in 2027-28, followed by full-scale mass production. Toyota has said it planned to introduce the batteries, which would drastically improve the driving range of EVs, as part of a strategic pivot to EVs announced in June. Continue reading “Toyota, Idemitsu tie up to mass-produce all-solid-state batteries”

DETROIT, Oct 12 (Reuters) – U.S. auto workers are expected to return to talks with Chrysler maker Stellantis on Thursday, a tense day after a surprise walkout at Ford’s biggest and most profitable plant sharply raised the stakes between the United Auto Workers and the Detroit Three.

The Wednesday evening decision to shut Ford’s (F.N) Kentucky truck plant employing 8,700 workers, the largest single walkout since targeted strikes began four weeks ago, came as the UAW and Stellantis (STLAM.MI) prepared for another major round of bargaining, sources said. Continue reading “UAW shuts down Ford’s biggest plant; Stellantis talks resuming”

TOKYO, Oct 12 (Reuters) – Japanese automaker Honda Motor (7267.T) and trading house Mitsubishi Corp (8058.T) have signed a pact to explore new businesses using electric vehicle (EV) batteries, the companies said on Thursday.

The move comes as car makers worldwide embrace battery-driven electric vehicles, but struggle with questions such as tackling the environmental impact after the batteries run out. Continue reading “Honda, Mitsubishi Corp sign pact to optimise use of EV batteries”

BANGKOK, Oct 12 (Reuters) – Thailand will provide incentives and tax breaks for carmakers setting up electric vehicle research and development centres, as it seeks to build on early success as a regional EV frontrunner, a government official said on Thursday.

Southeast Asia’s second-largest economy is the largest car producer and exporter in the region, with Japanese manufacturers including Toyota Motor Corp (7203.T), Isuzu Motors (7202.T) and Honda Motor (7267.T) dominating the Thai sector for decades. Continue reading “Thailand seeks auto R&D investment to keep EV momentum going”

Source : PTI | New Delhi: The pilot of the flash-charging technology developed by Hitachi Energy India with Ashok Leyland and IIT Madras is getting ready for unfolding. At the inauguration of Hitachi Energy’s Global Technology and Innovation Centre at Chennai on October 5, 2023, N Venu, Managing Director and CEO — India and South Asia, Hitachi Energy, said that the group’s flash charging technology will happen soon at IIT Madras with bus provided by Ashok Leyland, hence the pilot should get over in a couple of months.

Hitachi Energy India (formerly Hitachi ABB Power Grids), Ashok Leyland, and IITM had entered into a Memorandum of Understanding (MoU) in November 2020 for the e-mobility pilot. As per the agreement, Hitachi Energy India was to provide the flash charging technology, Ashok Leyland had to provide a bus, while IITM was to host the infrastructure. Since then they have been working on this pilot project. Continue reading “Hitachi Energy’s flash charging tech pilot project with Ashok Leyland, IITM to charge an e-bus in 20 seconds to be ready soon”

Source : PTI | New Delhi: Maruti Suzuki India will hardly have any pure-play Gasline ICE (internal combustion engine) vehicle left in its portfolio by 2030-31. Today, India’s largest car maker has an overwhelming gasoline portfolio. Hardly having any pure-play gasoline engine vehicle left by the turn of the decade would be a significant transition. Though it does sell some hybrid vehicles and CNG- powered cars, its first Battery Electric Vehicle (BEV) is slated for launch only by next fiscal.

Though the company’s portfolio will undergo a major transformation, this process will not be skewed only in favour of BEVs. Maruti plans to offer a bouquet of clean fuel vehicles for the consumer to choose from. Apart from BEVs, there will be strong hybrids, vehicles which operate on flex fuel technology, on compressed natural gas (CNG) and even compressed biogas (CBG). Continue reading “By FY31, Maruti Suzuki will elbow out pure-play Gasoline ICE vehicles for BEVs, biofuels, and hybrids”

Oct 11 (Reuters) – Electric-vehicle maker VinFast Auto said on Wednesday it would acquire a 99.8% stake in battery maker VinES from its founder Pham Nhat Vuong as it seeks to ramp up its integration in the production value chain and competitive advantage.

VinFast, which was backed by Vietnam’s largest conglomerate Vingroup (VIC.HM), said the strategic acquisition of VinES, also a member in the Vingroup ecosystem, would help it secure the supply of batteries as the EV maker sought to save 5% to 7% on battery costs. Continue reading “EV maker VinFast to acquire its battery maker sibling”

SEOUL, Oct 11 (Reuters) – Kia Corp’s (000270.KS) union in South Korea said it would suspend for now a partial strike announced earlier on Wednesday to pursue more talks with the company.

The union and Kia’s management had been holding talks for three months over wage increases and an extension of the retirement age. Continue reading “Union at Kia Corp suspends strike action to resume talks with company”

BEIJING, Oct 11 (Reuters) – Car sales in China increased 4.7 percent in September from the same month a year ago, official data showed, boosted by more people buying discounted and new models ahead of key holidays.

Passenger vehicle sales totalled 2.04 million units in Sept, the China Passenger Car Association (CPCA) said on Wednesday. The year-on-year rate of increase was higher than the 2.2% year-on-year rise in August, the data showed. Continue reading “China’s car sales quicken in September; exports rise 50%”

TRAVAGLIATO, Italy, Oct 11 (Reuters) – Idra, an Italian aluminium casting machine maker and Tesla supplier (TSLA.O), has added Ford (F.N), Hyundai (005380.KS) and a European company to its customer base as more carmakers explore this manufacturing technique.

Tesla has pioneered the use of massive casting machines, also known as ‘gigapresses’, to make large single pieces of vehicle underbodies, streamline production and reduce the work even of robots. Continue reading “Ford, Hyundai turn to Italian casting machine maker IDRA”

SEOUL, Oct 11 (Reuters) – Stellantis (STLAM.MI) and South Korea’s Samsung SDI Co Ltd (006400.KS) on Wednesday said they will build a second electric vehicle battery plant in Kokomo, Indiana, the hometown of United Auto Workers President Shawn Fain.

The union leader is currently fighting with the Detroit Three automakers over union representation of new battery factories. The UAW had no immediate comment about the announcement. Continue reading “Samsung SDI, Stellantis choose Indiana for second joint EV battery plant”

DETROIT, Oct 11 (Reuters) – After nearly four weeks of disruptive strikes and hard bargaining, the United Auto Workers and the Detroit Three automakers have edged closer to a deal that could offer record-setting wage gains for nearly 150,000 U.S. workers.

General Motors (GM.N), Ford Motor (F.N) and Chrysler parent Stellantis (STLAM.MI) have all agreed to raise base wages by between 20% and 23% over a four-year deal, according to union and company statements. Continue reading “The UAW’s ‘record contract’ hinges on pensions, battery plants”

DETROIT, Oct 11 (Reuters) – United Auto Workers on Wednesday shut down Ford’s (F.N) biggest plant globally, halting production of lucrative pickup trucks with little warning, in a sharp escalation of the union’s four-week targeted strike against the Detroit Three automakers.

The UAW said that 8,700 union members at Ford’s Kentucky truck plant went on strike after the union said the No. 2 U.S. automaker refused to move further in contract bargaining. Continue reading “UAW expands auto strike to Ford’s biggest plant in surprise move”

Source : PTI | New Delhi: Tyre maker Bridgestone India on Tuesday said it has joined hands with Tata Power to install EV chargers for four-wheelers at its dealerships across the country. Under the collaboration, Tata Power will instal 25/30 Kwh capacity DC fast chargers that are capable of charging a four-wheeler within one hour, allowing 20-24 vehicles being charged in a day, Bridgestone India said.

The chargers will be operational on a 24×7 basis, the company said in a statement. Continue reading “Bridgestone ties up with Tata Power to install EV chargers”

Source : PTI | Himachal Pradesh should do away with taxes imposed on commercial vehicles bringing tourists from other states to boost the sector, the state’s hotel and restaurant association has said. Citing example of countries that offer free tourist visas to attract visitors, President of the Federation of Himachal Hotels and Restaurant Associations (FOHHRA) Gajender Thakur in a letter to Chief Minister Sukhvinder Singh Sukhu said Himachal can do away with the tax imposed on commercial vehicles bringing tourists from other states.

“Himachal Pradesh could set an example by… doing away with the tax imposed on commercial vehicles bringing tourists from other states,” he wrote. Continue reading “Himachal body calls for scrapping of tax on commercial vehicles bringing tourists from outside”

BEIJING, Oct 10 (Reuters) – Chinese electric vehicle startup WM Motor has filed for bankruptcy, marking the demise of a promising standout among China’s EV makers as price competition in the world’s largest auto market heats up.

A court in Shanghai is handling the bankruptcy case, according to a filing dated Monday on the national enterprise bankruptcy information disclosure platform. Continue reading “Chinese EV startup WM Motor files for bankruptcy”

BERLIN, Oct 10 (Reuters) – Tesla (TSLA.O) on Tuesday rejected claims by a German union and recent media reports that health and safety provisions at its gigafactory near Berlin were inadequate, stating that protecting workers’ health was a top priority.

The U.S. electric vehicle maker came under scrutiny in the past fortnight after German media citing local authority documents in Brandenburg reported an unusually high number of work-related accidents requiring workers to take at least three days of sick leave were occurring at the plant, which employs around 11,000 workers. Continue reading “Tesla rejects union claims, reports of health and safety issues at German plant”

BERLIN, Oct 10 (Reuters) – German high-end carmakers Mercedes-Benz (MBGn.DE) and BMW (BMWG.DE) saw their sales in China dip in the third quarter, the two companies said on Tuesday, with Mercedes hit by supply chain issues and model changes.

Mercedes-Benz’s supply issues affected its global sales, which fell 4% year-on-year in July-September, although the company said it was still on track to meet its full-year guidance for flat sales growth. Continue reading “China market hard going for BMW and Mercedes in third quarter”

Oct 10 (Reuters) – The United Auto Workers (UAW) secured a “major breakthrough” in labor talks with the Detroit Three automakers as General Motors (GM.N) made some concessions by allowing workers at joint-venture battery plants to be covered by union contracts.

Here is a look at the top talking points, and how negotiations have progressed three weeks after the strike began, according to UAW President Shawn Fain and the companies: Continue reading “Top issues in Detroit Three’s negotiations with UAW”