Source : PTI | The Securities Appellate Tribunal (SAT) on Wednesday quashed the order passed by Sebi imposing a fine of INR 65 lakh on Apollo Tyres for violating norms pertaining to buyback of shares back in 2003. Dismissing the regulator’s directive, the appellate tribunal has directed the Securities and Exchange Board of India (Sebi) to refund the penalty amount deposited by Apollo Tyres within four weeks, according to the SAT order.

The present appeal was filed against the Sebi’s order passed in November, 2018 that levied a penalty of INR 65 lakh on Apollo Tyres for violation of buyback rules. Continue reading “SAT dismisses Sebi penalty on Apollo Tyres in share buyback case”

Source : PTI | Chief Minister Yogi Adityanath on Wednesday said that electric vehicle services will be introduced at key tourist destinations across Uttar Pradesh. Addressing a function on the occasion of World Tourism Day organised at Yogiraj Baba Gambhirnath Auditorium here, the chief minister said efforts are being made to deploy e-buses and e-rickshaws, and install solar lighting at some tourist destinations.

Adityanath inaugurated an exhibition on tourist places of UP, released an ‘A to Z’ booklet on them, distributed kits to members of the Youth Tourism Club and honoured leading tourism entrepreneurs of the state, a statement said. Continue reading “EV services to be introduced at key tourist destinations in UP: CM Adityanath”

Source : PTI | Škoda AutoVolkswagen India posted a 48.6% rise in its standalone net profit at INR 309.5 crore in the fiscal ended March 31, 2023 riding on strong revenue growth, according to financial data accessed by business intelligence platform Tofler. The company had posted a net profit of INR 208.34 crore in the fiscal ended March 31, 2022.

Revenue from operations was at INR 17,041.72 crore in FY23, highest in the last five financial years, according to the data. Continue reading “Škoda Auto Volkswagen India net up 49% in FY23 at INR 309.5 cr”

Source: PTI | The Centre is in touch with US-based electric vehicle maker Tesla to consider setting up a manufacturing facility in India and Gujarat will approach the company at an appropriate time to ensure the state has a significant role in the future plans, a senior state government official said. Gujarat’s Additional Chief Secretary (Industries and Mines Department) S J Haider said that the state is in touch with all likely investors.

The world’s largest electric car producer Tesla Inc’s chief Elon Musk met Prime Minister Narendra Modi in June in New York. Continue reading “We will be establishing contact with Tesla at appropriate time: Gujarat official”

Source : PTI |The Uttar Pradesh government Tuesday said the first ever MotoGP event held in Greater Noida saw a footfall of more than one lakh people from India and around the world whilst registering business of over INR 930 crore. The high-pulsating event was held from September 22 to 24. Chief Minister Yogi Adityanath along with several central and state ministers, and celebrities, including film stars and cricketers, witnessed the main race on Sunday.

“The high-end preparations including hospitality, security arrangements, connectivity at MotoGP Bharat resulted in gathering of more than one lakh people from India and around the world at the Buddh International Circuit in Greater Noida for the much-anticipated event hosted by India for the first time,” the Uttar Pradesh government said. Continue reading “MotoGP event saw 1 lakh visitors, business worth INR 933 cr: UP govt”

DETROIT, Sept 27 (Reuters) – The United Auto Workers union could strike additional Detroit Three automotive facilities on Friday if there is no serious progress in labor negotiations, a source familiar with the talks said.

The union did not elaborate ahead of a planned video address by UAW President Shawn Fain at 10 a.m. ET (1400 GMT) on Friday. Bargaining continues at Ford (F.N), General Motors (GM.N) and Chrysler parent Stellantis (STLAM.MI). Continue reading “UAW could expand strikes at Detroit Three on Friday”

WASHINGTON, Sept 27 (Reuters) – The International Brotherhood of Teamsters union on Wednesday asked U.S. auto safety regulators to deny a petition by General Motors (GM.N) to exempt its autonomous vehicle unit Cruise Origin from vehicle safety standards.

In July, acting National Highway Traffic Safety Administration (NHTSA) chief Ann Carlson said it would decide “in the coming weeks” on the Cruise petition seeking permission to deploy up to 2,500 self-driving vehicles annually without human controls like steering wheels Continue reading “Union urges US regulators to deny GM’s self-driving Cruise a safety exemption”

BELLEVILLE, Michigan, Sept 26 (Reuters) – President Joe Biden on Tuesday joined a picket line with striking autoworkers in Michigan, supporting their call for a 40% pay raise and saying they deserve a “lot more” than they are getting.

Biden’s appearance, the first visit by a U.S. president to striking workers in modern history, comes a day before Donald Trump, the Republican front-runner for president, will speak to auto workers in Michigan. The rare back-to-back events highlight the importance of union support in the 2024 presidential election, even though unions represent a tiny fraction of U.S. workers. Continue reading “Biden says UAW should fight for 40% pay raise in Michigan strike visit”

WASHINGTON, Sept 27 (Reuters) – The chairs of three U.S. House of Representatives committees demanded Ford Motor (F.N) turn over documents tied to its partnership with Chinese battery company CATL (300750.SZ) and threatened to call CEO Jim Farley to testify before Congress.

Republicans Jason Smith, Cathy McMorris Rodgers and Mike Gallagher – who chair the Ways and Means, Energy and Commerce and China select committees – jointly wrote to Farley with a new deadline seeking documents about the CATL partnership and the automaker’s plan to build a $3.5 billion battery manufacturing plant in Michigan using Chinese technology. Continue reading “US lawmakers demand documents on Ford battery partnership with CATL”

BERLIN, Sept 27 (Reuters) – Germany ‘s state-owned KfW bank on Wednesday said it had halted a day-old subsidy programme for charging electric vehicles with solar power at home as the funds were exhausted immediately due to high demand.

With a budget of 300 million euros ($317 million) from the transport ministry for this year, the programme offered a subsidy of up to 10,200 euros for homeowners with electric cars for installing a photovoltaic system with power storage and a charging station. Continue reading “Germany halts e-car solar subsidy programme amid high demand”

WASHINGTON, Sept 27 (Reuters) – Hyundai (005380.KS) and Kia (000270.KS) are recalling a combined 3.37 million vehicles in the United States due to the risk of engine fires, telling owners to park outside and away from structures until repairs are complete.

The automakers say brake fluid leaks can cause a short that could lead to a fire. Continue reading “Kia, Hyundai recall 3.37 million US vehicles over fire risks”

LONDON, Sept 27 (Reuters) – British electric vehicle supplier Bedeo said on Wednesday that it has launched a service to convert thousands of diesel vans to electric hybrids, starting in France to take advantage of government subsidies for retrofitting fossil-fuel models.

France provides a 9,000-euro ($9,509) subsidy for EV retrofitters, though each retrofitted model must pass government vehicle tests. Continue reading “UK EV supplier Bedeo launches electric van conversions in France”

Themed “SAFE Roads, SAFE India: Strategies for Ensuring Safer Transportation”

Guwahati, 26^th September 2023: To outline strategies for the next step towards creating a lasting impact on safe driving habits, road discipline, and the overall safety of vehicles and roads, the Society for Automotive Fitness & Environment (SAFE), an initiative by SIAM, organised its “24th Edition of SAFE Annual Convention 2023” today in Guwahati, Assam. Centred on the theme – “SAFE Roads, SAFE India: Strategies for Ensuring Safer Transportation”, the event witnessed the presence of many dignitaries discussing road safety and how it can be boosted in India. Continue reading “SIAM’s Society for Automotive Fitness & Environment hosts the 24th Edition of SAFE Annual Convention 2023”

The 20^th edition of Automechanika Dubai is sold out, with 1,921 exhibitors from 61 nations and more than 45,000 visitors expected

 Sustainability and efficiency are leading the agenda as part of the exhibition’s newly launched zone, Innovations4Mobility, which will be opened by Eng. Moza Alnuaimi, Director – Productivity & Demand, UAE Ministry of Energy & Infrastructure Continue reading “Record-breaking Automechanika Dubai 2023 Opens Next Week”

Source : PTI | New Delhi: Despite the central government ushering in reforms, the manufacturing sector is yet to see enhanced growth rates as officials in the states continue to function in a way they used to during the “licence and control days”, Maruti Suzuki India Chairman RC Bhargava said on Tuesday. Speaking at an event here, the veteran industry leader noted that the central government over the last nine years has been bringing in a series of reforms and improvements in the business environment. Continue reading “Officials in states continue to function like licence raj days, says Maruti Suzuki chairman”

Source : PTI | Tamil Nadu is inching towards realising its goal of becoming an electric vehicle (EV) hub in the country as the state accounted for sale of four lakh automobiles out of the total 10 lakh EVs sold pan India between January and September this year, the government said on Monday. Continue reading “TN accounts for sale of 4 lakh EVs in country between Jan-Sep ’23”

BERLIN, Sept 25 (Reuters) – German Transport Minister Volker Wissing has rejected possible punitive tariffs as a result of the European Commission’s investigation into Chinese electric vehicle (EV) subsidies.

“In principle, I don’t think much of erecting market barriers,” Wissing told the Monday edition of the Augsburger Allgemeine newspaper. Continue reading “German transport minister rejects punitive tariffs in EU’s China EV probe”

BRUSSELS, Sept 25 (Reuters) – European Union ministers agreed on Monday to dilute a European Commission proposal on new vehicle commissions after eight states, including France and Italy said the changes could divert investment from the electric vehicle industry.

The European Union has progressively tightened road vehicle emission limits since 1992. The Commission’s latest proposed rules, called “Euro 7”, were designed to introduce new standards on particle emissions from brakes and tyres. Continue reading “EU ministers weaken position on vehicle emissions”

Summary

• UK delay unlikely to affect global pace of EV shift
• Analysts say delay is political, unsettles investors
• Some brands plan to be fully electric before 2030

LONDON, Sept 25 (Reuters) – Britain’s decision to delay a ban on new fossil fuel car sales may make little difference to the pace of a shift to electric vehicles (EVs), even though the news drew anger from automakers worried about supply chains and investment uncertainty. Continue reading “UK’s fossil fuel car ban delay may only stall investment”

LONDON, Sept 25 (Reuters) – Nissan Motor Co (7201.T) said on Monday all its new European models will be fully electric and it plans to sell only electric vehicles (EVs) on the continent by 2030, joining a growing number of carmakers shifting to electric by the end of the decade.

“There is no turning back now,” Nissan CEO Makoto Uchida said in a statement.

The Japanese carmaker said that one of two new EV models it has already confirmed for Europe will be manufactured at its Sunderland plant in northeast England. Continue reading “Nissan says all new models coming to Europe will be fully electric”

Sept 25 (Reuters) – Canadian union Unifor announced General Motors (GM.N) as its second bargaining target in contract talks with the Detroit Three on Monday, a day after ratifying a new three-year contract with Ford Motor (F.N).

Unifor had set Ford as the first target for a pattern agreement in its contract discussions with the Detroit Three in Canada. On Sunday, the union voted in favor of a new contract with Ford that offers wage increases of up to 25% to about 5,600 workers at the automaker’s Canadian facilities. Continue reading “Canadian union Unifor names GM its second bargaining target among Detroit Three”

Sept 25 (Reuters) – Ford Motor (F.N) said on Monday it has paused work on a $3.5 billion electric vehicle battery plant in Michigan, citing concerns about its ability to competitively operate the plant at a time when it remains locked in broader contract negotiations.

United Auto Workers (UAW) President Shawn Fain blasted Ford, saying the announcement was “a shameful, barely-veiled threat by Ford to cut jobs…. We are simply asking for a just transition to electric vehicles and Ford is instead doubling down on their race to the bottom.” Continue reading “Ford pauses work on $3.5 bln battery plant in Michigan”

Source : PTI | Luxury carmakers Mercedes-Benz, Lexus and Audi expect sales momentum to continue in the ongoing festive season with demand remaining robust for high-end cars. With offtake remaining strong, the festive season push could even see the luxury car segment posting its highest ever volumes in a year in 2023. In an interaction with PTI, Mercedes-Benz India Managing Director and CEO Santosh Iyer noted that the festive season looks very promising as compared with last year. Continue reading “Luxury carmakers Mercedes, Lexus, Audi expect bumper sales in festive period”

Sept 24 (Reuters) – Canadian labor union Unifor said on Sunday its members had voted to ratify a new contract with Ford Motor (F.N), a relief for the Detroit automaker locked in a separate tussle with its U.S. union over demands for better pay and benefits in the country.

Unifor, which represents about 5,600 Canadian auto workers, said its members at Ford ratified a new three-year collective agreement. Continue reading “Workers with Canadian union Unifor vote in favor of Ford contract”

BANGKOK, Sept 24 (Reuters) – Thailand’s Prime Minister Srettha Thavisin said on Sunday the country expected to receive investment of at least $5 billion from Tesla (TSLA.O), Google (GOOGL.O) and Microsoft (MSFT.O).

“Tesla would be looking into an EV manufacturing facility, Microsoft and Google are looking at data centres,” he said, without detailing whether the $5 billion was expected to be a combined investment or made individually by each company. Continue reading “Thailand expects Tesla, Google, Microsoft to invest $5 billion, prime minister says”

Sept 25 (Reuters) – The European Union and Britain need to take urgent action to postpone rules for electric vehicles traded between the bloc and the UK that will trigger 10% tariffs, Europe’s car industry group said on Monday.

“Driving up consumer prices of European electric vehicles, at the very time when we need to fight for market share in the face of fierce international competition, is not the right move,” European Automobile Manufacturers’ Association (ACEA) president and Renault (RENA.PA) CEO Luca de Meo said in a statement ahead of a planned trade meeting between EU and UK officials this week. Continue reading “EU car group calls for urgent action on post-Brexit trade rules”

Sept 24 (Reuters) – Ford Motor (F.N) said on Sunday that despite progress in some areas, it still has “significant gaps to close” on key economic issues before it can reach a new labor agreement with the United Auto Workers union.

The “issues are interconnected and must work within an overall agreement that supports our mutual success,” it said in a late evening statement after talks over the weekend. Continue reading “Ford says ‘significant gaps’ remain in UAW labor contract talks”

Summary

• UK delay unlikely to affect global pace of EV shift
• Analysts say delay is political, unsettles investors
• Some brands plan to be fully electric before 2030

LONDON, Sept 25 (Reuters) – Britain’s decision to delay a ban on new fossil fuel car sales may make little difference to the pace of a shift to electric vehicles (EVs), even though the news drew anger from automakers worried about supply chains and investment uncertainty. Continue reading “UK’s fossil fuel car ban delay may only stall investment”

SAN FRANCISCO, Sept 23 (Reuters) – California Governor Gavin Newsom late on Friday vetoed a bill to prevent heavy-duty driverless trucks from operating in the state, in a relief for companies developing autonomous technology to haul goods across the U.S.

The labor-backed Assembly Bill 316, which requires a trained human driver to be present in autonomous vehicles weighing over 10,001 pounds, was passed by a heavy majority in both houses of the state legislature. Continue reading “California governor vetoes bill banning robotrucks without safety drivers”

Sept 23 (Reuters) – U.S. auto workers expanded their strike on Friday with a clear target for distress: dealers who sell and service GM and Stellantis vehicles.

Selling and installing parts is one of the most profitable parts of the auto business, but it is also one of the most vulnerable, because the industry relies on just-in-time shipments. The strategy of choking parts delivery increases problems for some dealers who say it already had been difficult to source some components. Continue reading “GM, Stellantis dealers and customers face dwindling parts as UAW strike expands”

Summary

• Expands strikes against GM, Stellantis distribution centers
• Fain says ‘we will be everywhere’
• Ford shares gain; says more work ahead for an agreement

DETROIT, Sept 22 (Reuters) – The United Auto Workers expanded its strikes against Detroit automakers General Motors (GM.N) and Chrysler parent Stellantis (STLAM.MI), but kept its Ford (F.N) walkout limited to a single plant due to progress made in talks, the union said on Friday. Continue reading “UAW strikes more GM, Stellantis facilities, cites progress in talks with Ford”

WASHINGTON/TOLEDO, Ohio, Sept 22 (Reuters) – U.S. President Joe Biden will travel to Michigan on Tuesday to show support for the United Auto Workers’ strike against Detroit automakers, putting him in the center of the dispute that has pitted his labor allies against major manufacturers.

Biden, a Democrat, sees himself as a pro-union president and his visit to the state, a day before former President Donald Trump is scheduled to be there, will underscore his support for union workers’ right to take action and engage in collective bargaining. Continue reading “Biden to visit Michigan to support auto strike, a day before Trump”

Sept 22 (Reuters) – An auto industry group said on Friday carmakers do not plan to immediately comply with a Massachusetts law requiring them to share vehicle data with independent repair shops citing concerns about potential hacking.

The National Highway Traffic Safety Administration (NHTSA) previously reversed course and said automakers could safely share diagnostic data with independent shops, after earlier objecting that it could make vehicles vulnerable to hacking. Continue reading “Carmakers will not immediately comply with Massachusetts data repair law”

Sept 22 (Reuters) – The United Auto Workers said on Friday the union will expand its strikes against Detroit automakers General Motors (GM.N) and Chrysler parent Stellantis (STLAM.MI), but has made real progress in talks with Ford Motor (F.N).

UAW President Shawn Fain, in a Facebook live event, summarized: Talk with Ford “represents serious movement on tiers, on cost of living, on pay and on job security. But to be clear we’re not done at Ford. We still have serious issues to work through. But we do want to recognize that Ford is showing that they’re serious about reaching a deal. At GM and Stellantis, it’s a different story.” Continue reading “UAW President Fain gives details of talks with automakers”

CHICAGO, Sept 21 (Reuters) – United Auto Workers (UAW) members rallied against the Detroit Three automakers in multiple U.S. states on Thursday afternoon as Friday’s deadline loomed for a threatened expansion of the union’s strikes.

The seven-day standoff is fueling worries about prolonged industrial action that could disrupt production and ripple through the supply chain and dent U.S. economic growth. Continue reading “Auto workers rally as deadline nears to expand strikes on Detroit Three”

Sept 21 (Reuters) – Faraday Future Intelligent Electric (FFIE.O) on Thursday named company insider Matthias Aydt its new global CEO, effective Sept. 29, as the troubled EV maker focuses on boosting production and generating revenue.

Aydt, who has been with Faraday Future for over seven years, will replace Xuefeng Chen, who took the top job at the company in November last year. Chen will resume his prior duties as CEO of Faraday Future’s China business and also take on a new role as the company’s EVP of Global Industrialization. Continue reading “Faraday Future names insider Matthias Aydt its new global CEO”

Sept 21 (Reuters) – More automakers signed up to access Tesla’s electric-vehicle charging infrastructure across the United States, taking the Elon Musk-led company’s superchargers closer to becoming the industry standard.

Texas has approved a plan to require EV charging companies to include Tesla’s plug if they want to be eligible for federal funds. Continue reading “More automakers plug into Tesla’s EV charging network”

NEW DELHI, Sept 21 (Reuters) – Indian steel-to-energy group JSW is in early stage talks with Korea’s LG Energy Solution (LGES) (373220.KS) about jointly manufacturing batteries in India, two sources told Reuters, as it presses ahead with plans to build electric vehicles locally.

JSW held talks with senior LGES executives in Korea earlier this month, proposing a partnership to manufacture battery cells in India for EVs and energy storage, one of the people with direct knowledge of the discussions said. Continue reading “Exclusive: JSW in talks with LG Energy Solution to make EV batteries in India -sources”