Source : PTI | Exide Industries Ltd’s INR 6,000 crore lithium-ion cell manufacturing project has secured a line of credit of INR 2,000 crore from banks. Exide’s wholly owned subsidiary, Exide Energy Solutions Limited, will be taking the credit facility for rolling out its lithium-ion cell manufacturing and associated projects, which are coming up near Bangalore, a company official said.

Exide has extended a corporate guarantee in favour of five banks for the sanctioned line of credit, the company informed the stock exchanges. Continue reading “Exide’s lithium-ion cell project secures INR 2,000 crore line of credit from banks”

MILAN, Sept 5 (Reuters) – Tests by automaker Stellantis (STLAM.MI) show that 24 types of internal combustion engines in European vehicles produced by the group since 2014 can use advanced e-fuels without modification, it said on Tuesday.

The group formed through the 2021 merger of Fiat Chrysler and Peugeot maker PSA, said in April that it was testing 28 engine types on synthetic e-fuels made with renewable energy as part of efforts to decarbonise its European fleet. Continue reading “Stellantis says 24 of its engine types can run on e-fuels”

NEW YORK, Sept 5 (Reuters) – Bankrupt electric vehicle manufacturer Lordstown Motors has proposed to pay nothing for Taiwan’s Foxconn’s preferred equity shares, saying it will prioritize other shareholders if an ongoing sales effort generates enough cash to repay other debts.

Lordstown Motors, named for the Ohio town where it is based, filed a Chapter 11 plan Friday in Delaware bankruptcy court, outlining how it intends to distribute proceeds from an ongoing effort to sell its assets. Lordstown’s Chapter 11 plan warned that the value of its assets is “necessarily speculative” at this stage in the bankruptcy and “could potentially be zero.” Continue reading “Bankrupt Lordstown Motors proposes zero payment for Foxconn shares”

DETROIT, Sept 5 (Reuters) – General Motors’ (GM.N) global head of manufacturing, Gerald Johnson, said in a video statement released on Tuesday the demands received from the United Auto Workers union have “significant costs attached that would threaten our ability to maintain our manufacturing momentum.”

Johnson appeared in the video with GM President Mark Reuss. Both executives reiterated they want to reach a “fair” agreement without a strike. The executives did not detail GM’s economic proposals to the UAW. Continue reading “GM exec says UAW demands ‘would threaten…manufacturing momentum’”

Source : PTI | With improved supply chain situation and positive economic sentiment, Swedish car maker Volvo expects the upcoming festival season to be “good” for India’s automobile industry. A top executive of Volvo Car India has said that price parity is being slowly seen between electric cars and ICE (Internal Combustion Engine) cars.

Volvo Car India on Monday launched its first ground up electric car C40 Recharge here at an introductory price of INR 61.25 lakh (excluding taxes). Continue reading “Volvo Car India expects ‘good’ festival season for domestic auto industry”

Source : PTI | New Delhi: India has raised the stature of G20, giving it a certain recognition of its ability to influence people in the world and the forum will be inspired in future by what has been done in the country during its presidency, Maruti Suzuki India Chairman R C Bhargava said on Tuesday. No other nation has taken the opportunity like India did to showcase its development, raise the profile of the country and also to use the G20 platform to make a lot of changes, and improvements in attitudinal differences in different parts of the country under the leadership of Prime Minister Narendra Modi, Bhargava told PTI.

At a time when the world is facing a number of problems both economically and politically such as the Ukraine-Russia war, inflation, global warming and carbon footprint being everybody’s concern, India has taken the lead in trying to move the countries of the world towards recognising how they can deal with these problems, he added. Continue reading “India raised stature of G20, gave recognition to its ability to influence people in the world: RC Bhargava”

Source : PTI | New Delhi, Daimler India Commercial Vehicles (DICV) on Tuesday said it has appointed Sreeram Venkateswaran as President and Chief Business Officer for domestic sales and customer service. In his new role, Venkateswaran will be responsible for driving domestic business growth, nurturing strategic partnerships, expanding the BharatBenz sales and service network among others, DICV said in a statement.

“Sreeram will be responsible for growing our domestic truck and bus businesses,” DICV Managing Director & CEO Satyakam Arya said. Continue reading “Daimler India names Sreeram Venkateswaran as President, Chief Business Officer”

MUNICH, Sept 5 (Reuters) – While Western carmakers look warily upon the European expansion plans of Chinese electric vehicle makers, major German auto suppliers are eager to expand on existing partnerships in China and provide those rising manufacturers with European-made parts.

“Chinese manufacturers will adapt vehicles to the European market step by step through user experience and customer orientation,” Bosch (ROBG.UL) CEO Stefan Hartung told Reuters at Munich’s IAA mobility show. “This is a good way to do it and also quite natural for us as a supplier because we all know these manufacturers from our collaboration in China.” Continue reading “German suppliers welcome Chinese EV makers’ European plans”

MUNICH, Sept 5 (Reuters) – China’s Leapmotor (9863.HK) needs to increase its sales by five times or more to survive a consolidating EV industry and is seeking partners outside China to license its technology, the company’s chief executive told Reuters.

The eight-year-old EV maker will target exports starting with Europe, Australia and New Zealand and five new models it is developing on a new platform, CEO Zhu Jiangming said in an interview at the Munich auto show on Monday evening. Continue reading “China’s Leapmotor looks to sell EV tech as it targets export growth”

NEW YORK/CHICAGO, Sept 5 (Reuters) – High costs and environmental opposition have prevented the construction of blast furnaces at steel mills in the United States since 1980. Cleveland-Cliffs Inc (CLF.N) CEO Lourenco Goncalves is on a mission to snap up all that are left.

Since joining the U.S. steelmaker in 2014 as part of an activist hedge fund’s board takeover, Goncalves has made blast furnaces a hallmark of his strategy, positioning Cliffs as an outlier in an industry shifting towards cheaper and more environmentally friendly electric arc furnaces. Continue reading “Focus: Inside Cleveland-Cliffs’ bid to keep U.S. blast furnaces smelting”

BEIJING, Sept 5 (Reuters) – Tesla Shanghai has sued a Chinese firm over tech secret infringement and unfair competition disputes, Shanghai Securities Journal reported on Tuesday.

The lawsuit against Bingling Intelligent Technology, a chip designer and auto parts maker based in Changzhou, Jiangsu province, will be heard in the Shanghai intellectual property court on October 10, according to the report. Continue reading “Tesla sues Chinese firm over tech secret infringement -Chinese state media”

Source : PTI | Honda Cars India plans to introduce five sports utility vehicle in the country by 2030 as it looks to have a strong presence in the robustly growing segment, according to a top company executive. The company, a wholly-owned subsidiary of Japanese auto major Honda Motor Company, on Monday made a foray into the mid-sized SUV segment with an all-new product — Elevate — priced between INR 10.99-15.99 lakh (ex-showroom Delhi).

The model will compete with the likes of Hyundai Creta, Maruti Suzuki Grand Vitara, Kia Seltos and Toyota’s Urban Cruiser Hyryder, among others. Continue reading “Honda to roll out 5 SUVs in India by 2030; enters high selling mid-sized segment with Elevate”

Source : PTI | New Delhi: Implementation of multiple proposed regulatory specifications can push up commercial vehicle prices by 10-12%, ratings agency ICRA said on Monday. In its report on the Indian commercial vehicle industry, ICRA said the domestic automotive industry is undergoing rapid transformations, with increased focus by the government on implementing emission norms, safety systems and other standards that will bring the country at par with other major automotive markets.

“Within the Indian automotive industry, the commercial vehicle (CV) sector has been the focus, given that CVs account for the major part of vehicular emissions in the country,” it said, adding mandatory standards towards driver comfort and safety can help improve the driving conditions and road safety to a large extent. Continue reading “New regulation can raise commercial vehicle prices by 10-12%: ICRA”

MUNICH, Sept 4 (Reuters) – Stellantis-owned carmaker Opel will be able to offer an electric vehicle at a price of about 25,000 euros ($26,967) without incentives from around 2026, the brand’s CEO said on Monday.

“With purely electric platforms from Stellantis, we will be able to offer prices that will allow us to touch a far wider audience,” Florian Huettl told reporters. Continue reading “Opel expects to offer electric vehicle for around 25,000 euros by 2026”

MUNICH, Sept 4 (Reuters) – Ford (F.N) will push back series production of its long-awaited SUV Explorer model at its Cologne site by around six months to wait for a new generation of Volkswagen (VOWG_p.DE) battery technology to be available, its Germany chief said on Monday.

Production will now begin in the summer of next year, he said in an interview on the sidelines of Munich’s IAA car show, adding discussions were underway on what this meant for the Cologne workforce. Continue reading “Ford pushes back Explorer series production in Europe”

MUNICH, Sept 4 (Reuters) – Volkswagen’s (VOWG_p.DE) languishing share price, which is near a three-and-a-half year low, is not the result of ownership control by the Porsche and Piech families, one of its most powerful members said on Monday.

Wolfgang Porsche, the grandson of Ferdinand Porsche who founded the sportscar manufacturer that still bears his name, called on Europe’s top carmaker to cut more costs and become more efficient. Continue reading “Volkswagen’s family ownership not behind share price trough – Wolfgang Porsche”

SHANGHAI, Sept 5 (Reuters) – As Shanghai sweltered in a heatwave in June, the car factory where Mike Chen works switched production to night shifts and dialled down the air-conditioning.

For Chen, toiling through the early hours in his sweat-soaked uniform, it was the latest slap in the face after cuts in bonuses and overtime slashed his monthly pay this year to little more than a third of what he earned when he was hired in 2016. Continue reading “Insight: China’s auto workers bear the brunt of price war as fallout widens”

TOKYO, Sept 5 (Reuters) – Nissan Motor (7201.T) will delay the start of production of its next “Kicks” SUV model in Mexico by about six months after some mold components were stolen at a local supplier, the Nikkei newspaper reported on Tuesday.

Production of the remodelled “Kicks” had been due to start in December, but will now likely begin around June 2024, the paper said. Continue reading “Nissan to delay new SUV production by 6 months in Mexico due to stolen mold -Nikkei”

PARIS, Sept 5 (Reuters) – The initial public offering (IPO) of Renault’s (RENA.PA) Ampere electric vehicle division could get a valuation of up to 10 billion euros ($10.8 billion), Chief Executive Luca de Meo said.

Speaking to the Financial Times at the IAA car show in Munich, De Meo said Ampere could be worth ‘eight, nine, 10 billion’ when it lists on the stock market next year. Continue reading “Renault CEO sees Ampere IPO valuation of up to 10 bln euros -FT”

SAN FRANCISCO/MUNICH, Sept 5 (Reuters) – U.S. semiconductor company Qualcomm (QCOM.O) on Tuesday said it will supply chips to power in-car infotainment systems to luxury automakers Mercedes (MBGn.DE) and BMW (BMWG.DE).

Qualcomm is the leading supplier of the chips used in smartphones, a market that has slumped over the past year. Continue reading “Qualcomm to supply BMW and Mercedes with chips for displays, voice features”

Source : PTI | India needs all kinds of green technologies, including electric, hybrid and flex-fuel compliant powertrains in automobiles, in order to reduce dependence on fossil fuels, according to a senior executive of ToyotaKirloskar Motor. Aligning with the national goals, the automaker plans to go in for all kinds of powertrains in its cars as it looks to provide customers with a wide range of mobility options across multiple price points.

“We need all the technologies to basically shift away from petrol and diesel fossil fuels. There is so much in terms of what needs to be done. Even if we have all these green technologies. there is still going to be a gap,” Toyota Kirloskar Motor (TKM) Country Head and Executive Vice-President Vikram Gulati said in an interaction with PTI. Continue reading “All kinds of green technologies required in cars to reduce dependence on fossil fuels: TKM”

Source : PTI | Prime Minister Narendra Modi has made a renewed pitch for diversity in the energy mix, saying there is no one-size-fits-all solution for a world looking to transition from fossil fuels to cleaner sources like solar and hydrogen. India, the world’s third-largest energy consumer, has repeatedly stressed on energy transition being just and orderly and nations having a free hand in decisions on the pathway based on the availability of resources.

“Our principle is simple – diversity is our best bet, whether in society or in terms of our energy mix,” he told PTI in an exclusive interview here ahead of the G20 summit. Continue reading “Diversity best bet, no one-size-fits-all solution to energy transition: PM Modi”

MUNICH, Sept 3 (Reuters) – The variable costs for producing electric vehicles will remain higher compared to combustion engine models for the foreseeable future, the chief executive of Mercedes-Benz (MBGn.DE) said on Sunday, adding this would continue to fuel intense competition.

Ola Kaellenius’s comments come as Mercedes-Benz disclosed more details about its newest electric vehicle architecture, the CLA compact electric sedan, which will launch next year and target 30% to 35% more driving range. Continue reading “Mercedes boss: EV costs will remain higher for foreseeable future”

MUNICH, Sept 4 (Reuters) – European carmakers must prove their ability to compete with new Asian players in the electric age on everything from product and financial strategy to controlling the supply chain, industry analysts and executives said at Munich’s IAA mobility show.

About 41% of exhibitors at this year’s event are headquartered in Asia, with the number of Chinese companies having more than doubled, including players across batteries and EV production such as BYD, CATL and XPeng. Continue reading “Munich car show shines spotlight on China competition in EV race”

BERLIN, Sept 4 (Reuters) – Automakers and suppliers are deprioritising sustainability initiatives in their sourcing policies and focusing on lowering exposure to geopolitical risk after years of supply chain turmoil, a survey of over 1,000 executives showed on Monday.

The number of companies deploying sustainability initiatives like mapping their carbon footprint, optimising routes to cut emissions, and listing production information on origins and manufacturing declined by 9-11 percentage points between 2022 and 2023, the survey by consulting group Capgemini showed. Continue reading “Sustainability takes back seat in auto industry sourcing decisions – survey”

FRANKFURT, Sept 4 (Reuters) – Bosch, the world’s top automotive supplier, expects sales at its mobility business division to grow by 10% this year, the group said at the IAA Munich car show, adding the group’s prospects remained positive despite a challenging environment.

“Bosch knows its way around software and is using it to shape the future of mobility. Our technology will make the software-defined vehicle a reality and help get it onto the road,” Bosch (ROBG.UL) CEO Stefan Hartung said. Continue reading “Bosch expects sales in core mobility division to grow 10% in 2023”

PARIS, Sept 4 (Reuters) – Renault’s (RENA.PA) chief executive Luca de Meo said on Monday that China was ‘very competitive’ in terms of the electric vehicle market, as Renault also prepared to unveil its new Scenic electric vehicle car model.

“China is very competitive when it comes to the supply chain of electric vehicles….we need to catch up fast,” De Meo told RTL Radio, speaking from the IAA Munich car show. Continue reading “Renault CEO: China very competitive on electric vehicles, Europe needs to catch up”

MUNICH, Sept 2 (Reuters) – BMW (BMWG.DE) expects to sell more cars in China this year despite a local price war in the electric vehicle (EV) segment, and muted demand overall, the luxury carmaker’s chief financial officer (CFO) said at the IAA car show in Munich.

In his first interview since becoming finance chief in May, Walter Mertl told Reuters that BMW had been able to grow 3.7% in China in the first half, faster than the world’s top auto market as a whole, and expected this trend to continue. Continue reading “BMW expects higher China sales in 2023, finance chief says”

BEIJING, Sept 2 (Reuters) – Tesla (TSLA.O) showed off its restyled, China-made Model 3 sedan for the first time to the public at a trade fair in Beijing, after launching it a day before in several countries.

The U.S. automaker displayed a flame red version of the car – marking the first change to its mass-market car line-up since it launched its global best-seller, the Model Y, in 2020 – at the China International Fair for Trade in Services (CIFTIS). Continue reading “Tesla shows off restyled Model 3 sedan at Beijing trade fair”

FRANKFURT, Sept 2 (Reuters) – German auto parts supplier Continental (CONG.DE) is considering whether it is the most suitable owner for its ContiTech unit, CEO Nikolai Setzer said in an interview with Germany’s Welt Am Sonntag newspaper.

“The ContiTech business is being developed independently and we are examining whether we are still the best owner for it,” Setzer said, adding that the review is not yet complete. Continue reading “Continental CEO reviews future ownership of ContiTech, Welt Am Sonntag reports”

Summary

• CEO says BMW to stay within 8-10% long-term EBIT range
• Says carmaker could exceed that in some quarters
• Neue Klasse line to be launched in 2025

MUNICH, Sept 2 (Reuters) – BMW’s (BMWG.DE) “Neue Klasse” electric vehicle (EV) range will be at least as profitable as battery-powered cars already being sold by the German luxury carmaker, Chief Executive Oliver Zipse said on Saturday at the IAA car show in Munich.

The Neue Klasse, to be launched in 2025, is at the heart of the carmaker’s efforts to replicate past successes and catch up with EV pioneer Tesla (TSLA.O), which is also staging a return to the IAA this year. Continue reading “BMW’s ‘Neue Klasse’ at least as profitable as current EVs, CEO says”

Sept 1 (Reuters) – The average wait time for non-booked vessels at the Panama Canal jumped by between 44% and 59% last month as a prolonged drought led to restrictions on daily transits and ship drafts.

The Panama Canal Authority began imposing the restrictions earlier this year in a move to conserve water. Only 32 vessels with a draft of up to 44 feet are now allowed to pass everyday, from 36 ships and maximum draft of 50 feet in normal conditions. Continue reading “Vessel wait times at Panama Canal increased more than 40% in August”

Source : PTI | Bajaj Auto, one of India’s leading automobile manufacturers, reported a significant decline in its total vehicle sales for the month of August, indicating challenging market conditions. According to the company’s official statement released on Friday, total vehicle sales, which include commercial vehicles, witnessed a notable drop of 15% compared to the same month last year. In August 2023, Bajaj Auto sold 3,41,648 units, down from 4,01,595 units in August 2022.

The domestic market proved to be particularly challenging for Bajaj Auto, as total domestic sales plummeted by 20%. In August 2023, the company managed to sell 2,05,100 units, contrasting sharply with the 2,56,755 units sold in the same month the previous year. Continue reading “Bajaj Auto total sales fall 15% to 3,41,648 units in August”

Source : PTI | ​​In February, BEST had kept 400 wet-leased buses off the roads after three back-to-back incidents of buses catching fire. BEST undertaking provides public bus service in Mumbai, neighbouring Thane, Navi Mumbai and Mira-Bhayandar cities. It ferries over 30 lakh commuters with its fleet of around 3,500 buses, including those hired from different private contractors.

An electric bus of the Brihanmumbai Electric Supply and Transport (BEST), Mumbai’s civic transport body, caught fire during battery charging in suburban Malvani early on Friday, officials said. The incident occurred around 5 am and the blaze was doused within 15 minutes, they said, adding that nobody was injured in it. Continue reading “6th BEST e-bus catches fire during battery charging”

Source : PTI | Tata Motors, however, saw a dip in domestic passenger vehicle sales in August. “The month of August was a very good month for the industry. Passenger vehicle sales in August stood at 3,60,897 units. This is the highest ever monthly sales in any month in any year in the industry,” Maruti Suzuki India (MSI) Senior Executive Officer (Marketing & Sales) Shashank Srivastava said.

Domestic passenger vehicle sales hit a record in August led by highest-ever monthly dispatches from Maruti Suzuki on the back of festive demand and the continued strong offtake of SUVs. Hyundai Motor India, Mahindra & Mahindra and Toyota Kirloskar Motor also reported strong dispatches to dealers last month. Continue reading “Festive demand, strong SUV offtake propel domestic PV sales to record high in August”

Source : PTI | New Delhi: The government has cut the windfall profit tax on crude oil produced in the country while the levy on exports of diesel and ATF has been hiked, an official notification said. The tax, levied in the form of special additional excise duty or SAED, on domestically produced crude oil was reduced to INR 6,700 per tonne from INR 7,100 a tonne.

SAED on the export of diesel was increased to INR 6 per litre from INR 5.50 a litre and on jet fuel or ATF to INR 4 per litre from INR 2, the notification said. Continue reading “Windfall profit tax on crude oil cut; levy on diesel, ATF exports hiked”

HONG KONG/SYDNEY, Sept 1 (Reuters) – Chinese electric vehicle (EV) maker Hozon Auto has appointed China International Capital Corporation (CICC) and Morgan Stanley to work on a Hong Kong initial public offering (IPO) that could reportedly raise up to $1 billion, according to sources with direct knowledge of the matter.

Hozon’s IPO plan comes after it announced a 7 billion yuan pre-IPO fundraising late on Tuesday in a social media statement. Continue reading “China EV maker Hozon Auto appoints banks for $1 billion Hong Kong IPO, sources say”

DETROIT, Sept 1 (Reuters) – Mercedes-Benz (MBGn.DE) CEO Ola Kaellenius told Reuters the automaker’s newest electric vehicle architecture, launching with the CLA compact electric sedan late next year, will target 30% to 35% more driving range for each kilowatt-hour of energy stored in the battery than the brand’s current EVs.

Mercedes will also offer a lithium-iron-phosphate, or LFP, battery in the new CLA model lineup due to hit showrooms in early 2025, a first for any Mercedes EV, the CEO said in an interview. Continue reading “Mercedes CEO: Efficiency is the ‘new currency’ in the EV market”

NEW YORK, Sept 1 (Reuters) – A federal judge on Friday authorized the payout of $41.53 million to investors who lost money when Elon Musk tweeted about taking his electric car company Tesla (TSLA.O) private.

Payouts will come from a “fair fund” created under a settlement between Musk and the U.S. Securities and Exchange Commission, arising from Musk’s August 2018 post on Twitter that he had “funding secured” for a Tesla buyout. Continue reading “U.S. judge approves payouts from Elon Musk’s SEC settlement”

WASHINGTON, Sept 1 (Reuters) – The U.S. National Labor Relations Board (NLRB) said Friday it will investigate unfair labor practice charges filed by the United Auto Workers union against General Motors (GM.N) and Chrysler-parent Stellantis (STLAM.MI).

The UAW said Thursday both automakers have refused to bargain in good faith. GM and Stellantis on Thursday denied the unfair labor charges. Continue reading “US labor board to probe if GM, Stellantis failed to bargain in good faith”