Aug 21 (Reuters) – U.S. auto safety regulators said on Monday that they are investigating whether Ford Motor’s (F.N) 2022 recall of nearly 49,000 Ford Mustang Mach-E electric vehicles adequately addressed concerns and whether it should be expanded to more vehicles.

Ford issued the June 2022 recall because high voltage battery main contactors may overheat from DC fast-charging and repeated wide-open pedal events, which could result in an immediate loss of propulsion power, increasing the risk of a crash. Continue reading “US auto safety agency probes 2022 Ford Mach-E EV recall”

BERLIN, Aug 21 (Reuters) – German auto parts supplier Continental (CONG.DE) is considering the sale of the car division currently bundled within ContiTech, manager magazin reported on Monday, citing company sources.

The possible sale would be part of a wider reorganisation of the company being planned by Supervisory Board Chairman Wolfgang Reitzle and the executive board around CEO Nikolai Setzer, the publication added, citing the sources. Continue reading “Continental considers sell-off of ContiTech car business – manager magazin”

Source : PTI | New Delhi: Global integrated logistics operator Maersk on Monday said it is planning to add more than 300 electric vehicles to its fleet in India by October. Maersk has already deployed over 200 Electric Vehicles (EVs) across 15 cities in the country, and is planning to expand to another 11 cities, taking its overall EV fleet to over 500, the company said.

The company plans to be net-zero across businesses and provide customers 100% green solutions by 2040.

In September last year, the company unveiled its three-wheeler and four-wheeler EVs in Mumbai, which was followed by the rollout in the National Capital Region. Continue reading “Maersk plans to add 300 EVs to its fleet in India by October”

Souce : PTI | Union Road Transport and Highways Minister Nitin Gadkari has expressed dismay over the inadequate response to questions raised by the Comptroller and Auditor General (CAG) which resulted in controversy over the cost of construction of Dwarka Expressway in Delhi. According to ministry sources, Gadkari has conveyed his displeasure with the lopsided attitude adopted by certain officials responsible for responding to queries raised by the CAG with regard to the cost of construction of the Dwarka Expressway at a high-level review meeting on Thursday.

The source said that the minister also directed to fix the responsibility of this lapse on the part of senior concerned officials. Continue reading “Gadkari expresses dismay over officials’ inadequate response to CAG on Dwarka Expressway, asks to fix responsibility”

Summary

• Chinese EV makers growing market share in Europe, target more
• Chinese brands unlikely to be able to sell as cheaply as at home
• Import costs and low brand recognition pose challenges

BERLIN, Aug (Reuters) – China’s electric vehicle (EV) makers, which have raced past foreign rivals to top sales rankings at home, are arriving in Europe – and facing a new set of challenges. Continue reading “China’s EV makers face cost and consumer challenges to conquer Europe”

Aug (Reuters) – Electric-vehicle batteries and other car parts are the latest products under scrutiny as part of Washington’s effort to stamp out U.S. links to forced labor in Chinese supply chains, according to a document seen by Reuters, agency statistics and sources.

Until now, enforcement of a year-old U.S. law that bans the import of goods made in Xinjiang, China, has focused mainly on solar panels, tomatoes and cotton apparel. But now, components that may include lithium-ion batteries, tires and major automobile raw materials aluminum and steel are increasingly subject to detentions at the border. Continue reading “EV battery imports face scrutiny under US law on Chinese forced labor”

Source : PTI | Union Road Transport and Highways Minister Nitin Gadkari has expressed dismay over the inadequate response to questions raised by the Comptroller and Auditor General (CAG) which resulted in controversy over the cost of construction of Dwarka Expressway in Delhi. According to ministry sources, Gadkari has conveyed his displeasure with the lopsided attitude adopted by certain officials responsible for responding to queries raised by the CAG with regard to the cost of construction of the Dwarka Expressway at a high-level review meeting on Thursday.

The source said that the minister also directed to fix the responsibility of this lapse on the part of senior concerned officials. Continue reading “Gadkari expresses dismay over officials’ inadequate response to CAG on Dwarka Expressway, asks to fix responsibility”

Source : PTI | With its margins back to pre-Covid levels,Hero MotoCorp is now looking at sustainable growth, enhancing market share across segments on the back of new product launches over the next few quarters, according to a top company executive. The country’s largest two-wheeler maker is also looking at enhancing production capacity to roll out Harley-Davidson X440 which has already received over 25,000 bookings.

The company is also on track to introduce its electric vehicle range in 100 cities by this year-end with a focus on attaining clear leadership in the vertical. Continue reading “Hero MotoCorp targets enhanced market share, biz growth”

Aug (Reuters) – VinFast shares slumped for a third straight session on Friday, with the Vietnamese electric automaker now losing more than half of its market value since its blowout Nasdaq listing this week.

The cash-burning company was last valued at $35 billion, down from $85 billion in its Wall Street debut on Tuesday.

VinFast shares on Friday fell 23% to close at $15.40, slipping below its opening price of $22 on Tuesday, when it had surged up to $38.78. Continue reading “Vietnam’s EV firm skids for third straight US stock session after debut boom”

Aug (Reuters) – The United States on Friday finalized a decision to impose import duties on solar panel makers who finished their products in Southeast Asian nations to avoid tariffs on Chinese-made goods, according to a senior Commerce Department official.

The decision, which largely mirrors a preliminary finding the agency made in December, was opposed by buyers of solar panels that rely on cheap products made overseas to make their projects competitive. Continue reading “US places tariffs on some big solar companies for dodging China duties”

Source : PTI | State-owned power giant NTPC has started a trial run of a hydrogen bus in Leh. Towards achieving carbon-neutral Ladakh, NTPC is setting up a hydrogen fuelling station, solar plant and providing five fuel cell buses for operation on intracity routes of Leh, a company statement said.

The first hydrogen bus reached Leh on August 17 as part of a three-month-long process of field trials, roadworthiness tests and other statutory procedures. Continue reading “NTPC starts trial run of hydrogen bus in Leh”

Source : PTI | New Delhi: Moody’s on Friday affirmed India’s sovereign rating at ‘Baa3’ with a stable outlook and said high growth will support a gradual increase in income levels, which will further contribute to economic strength. Moody’s said it expects India’s economic growth to outpace all other G20 economies through at least the next two years, driven by domestic demand.

Moody’s Investors Service has today affirmed the Government of India’s long-term local and foreign-currency issuer ratings and the local-currency senior unsecured rating atBaa3. Moody’s has also affirmed India’s other short-term local-currency rating at P-3. The outlook remains stable,” it said in a statement. Continue reading “Moody’s affirms India’s sovereign rating; says GDP growth to support increase in income level”

Summary

• Chinese EV makers growing market share in Europe, target more
• Chinese brands unlikely to be able to sell as cheaply as at home
• Import costs and low brand recognition pose challenges

BERLIN, Aug 18 (Reuters) – China’s electric vehicle (EV) makers, which have raced past foreign rivals to top sales rankings at home, are arriving in Europe – and facing a new set of challenges.

Stereotypes of Chinese manufacturing, import costs, and a less developed EV market are just some of the issues Chinese brands such as BYD (002594.SZ), Nio (9866.HK) and SAIC’s MG (600104.SS) will have to overcome to thrive in Europe. Continue reading “China’s EV makers face cost and consumer challenges to conquer Europe”

DETROIT, Aug 17 (Reuters) – United Auto Workers President Shawn Fain told Reuters the Detroit Three automakers are “still not serious” in their responses so far to the union’s economic proposals, and said Sept. 14 is a firm deadline for all three companies to conclude new contracts.

“Things have been moving slow,” Fain said in an interview. He did not rule out strikes at General Motors (GM.N), Ford (F.N) and Stellantis (STLAM.MI) North America if the deadline is missed. Continue reading “UAW leader says Detroit Three automakers ‘still not serious’ in contract talks”

Aug 17 (Reuters) – Vietnamese electric-vehicle maker VinFast, which made a splash this week when its shares debuted on the Nasdaq, has stirred a mix of caution and interest among dealers with a recent change in how it will distribute its cars in the U.S. market.

The carmaker, which has shipped nearly 3,000 vehicles to North America since late last year, said on Tuesday it was changing its distribution model, which has been based on Tesla’s (TSLA.O) direct-to-consumer approach. Continue reading “Focus: VinFast’s new sales approach has US car dealers cautious but interested”

OTTAWA, Aug 17 (Reuters) – A consortium of Ford Motor Co (F.N) and South Korean companies on Thursday said they would build a C$1.2 billion ($887 million)plant to produce electric vehicle (EVs) battery materials in Becancour, Quebec, a town seeking to become an EV-supply-chain hub, Canada’s industry ministry said.

The consortium includes South Korean partners EcoProBM (247540.KQ) and SK On Co Ltd, according a statement from the ministry. The factory will eventually produce 45,000 tonnes of cathode active materials (CAM) per year for Ford EVs. Continue reading “Ford, partners pick Canada for $900 mln battery materials plant”

Source : PTI | The reduction in FAME subsidy is slowing down demand for electric two-wheelers and the manufacturers will now have to focus on achieving price reduction through R&D and innovation, a report said on Thursday. The medium-term sales trajectory for two-wheelers, which include e-two wheelers as well, is anticipated to be modest, characterized by uncertainties and driven by a host of factors, it said.

In its report, CARE Ratings said the core segments of two wheelers, specifically the 75 cc – 110 cc range in motorcycles and the 75 cc – 125 cc range in scooters, have shown a sharp sales volume decline from FY19 to FY22, with a slight recovery seen in FY23. Continue reading “Demand for electric two wheelers slowing down due to reduced govt subsidy: Report”

Source : PTI | The PM-eBus Sewa will act as a catalyst for promotion of electric vehicles across urban centres to drive the penetration of electric mobility, Society of Manufacturers of Electric Vehicles (SMEV) said on Thursday.

“Buses being a pivotal source of urban pollution, the decision will help substantially reduce pollution levels and consequential carbon emissions,” SMEV Director General Sohinder Gill said in a statement. Continue reading “PM-eBus Sewa to act as catalyst for EV promotion across urban centres: SMEV”

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MG Motor India reports 25% growth in retail sales in July HTAuto Continue reading “WAF Auto News | The Auto World This Week (18th August 2023)”

Aug 17 (Reuters) – Electric-vehicle batteries and other car parts are the latest products under scrutiny as part of Washington’s effort to stamp out U.S. links to forced labor in Chinese supply chains, according to a document seen by Reuters, agency statistics and sources.

Until now, enforcement of a year-old U.S. law that bans the import of goods made in Xinjiang, China, has focused mainly on solar panels, tomatoes and cotton apparel. But now, components that may include lithium-ion batteries, tires and major automobile raw materials aluminum and steel are increasingly subject to detentions at the border. Continue reading “EV battery imports face scrutiny under US law on Chinese forced labor”

Aug 17 (Reuters) – Automaker Stellantis said it would invest more than $100 million in California’s Controlled Thermal Resources, its latest bet on the direct lithium extraction (DLE) sector amid the global hunt for new sources of the electric vehicle battery metal.

The investment by the Chrysler and Jeep parent announced on Thursday comes as the green energy transition and U.S. Inflation Reduction Act have fueled concerns that supplies of lithium and other materials may fall short of strong demand forecasts. Continue reading “Stellantis invests more than $100 million in California lithium project”

SAN FRANCISCO, Aug (Reuters) – Texas on Wednesday approved its plan to require companies to include Tesla’s (TSLA.O) technology in electric vehicle (EV) charging stations to be eligible for federal funds, despite calls for more time to re-engineer and test the connectors.

The decision by Texas – the biggest recipient of a $5 billion program meant to electrify U.S. highways – is being closely watched by other states and is a step forward for Tesla CEO Elon Musk’s plans to make its technology the U.S. charging standard. Continue reading “Texas approves plan to mandate Tesla tech for EV chargers despite opposition”

WASHINGTON, Aug (Reuters) – U.S President Joe Biden on Wednesday used the first anniversary of his signature Inflation Reduction Act to pitch the landmark clean-energy law as an economic powerhouse to a public that remains largely unaware of its contents.

The wide-ranging law provides billions of dollars in tax credits to help consumers buy electric vehicles and companies produce renewable energy, as Biden aims to decarbonize the mighty U.S. power sector. It also helps seniors pay for prescription drugs, expands some elements of Obamacare and raises taxes on wealthy Americans and corporations. Continue reading “Biden touts Inflation Reduction Act on first anniversary”

Source : PTI | New Delhi: Mahindra & Mahindra expects electric vehicle production at its upcoming plant in Chakan in Maharashtra to hit peak production mark of 2 lakh units per annum between 2027 and 2029, according to company President -Automotive Sector Veejay Nakra. The company estimates that EVs would account for 30% of the overall volumes by 2030.

In January this year, the auto major received an approval from the Maharashtra government to set up a INR 10,000-crore electric vehicle plant in Chakan near Pune. Continue reading “M&M expects to produce 2 lakh EVs from upcoming Chakan plant by 2029: Veejay Nakra”

Source : PTI | Auto components maker Happy Forgings Ltd has filed preliminary papers with capital markets regulator Sebi to raise INR 1,200-1,300 crore through an initial public offering (IPO). The IPO comprises a fresh issue of equity shares worth INR 500 crore and an offer for sale (OFS) of up to 80.55 lakh shares by a promoter and a selling shareholder, according to the draft red herring prospectus (DRHP) filed on Monday.

As part of the OFS, 53.7 lakh equity shares will be offloaded by Paritosh Kumar Garg (HUF) and up to 26.85 lakh equity shares by India Business Excellence Fund – III. Continue reading “Auto components maker Happy Forgings files IPO papers with Sebi”

BENGALURU, Aug 16 (Reuters) – Hyundai Motor Co’s (005380.KS) Indian unit will buy automaker General Motors’ (GM.N) Talegaon plant in the western state of Maharashtra, a move that will allow the U.S. automaker to exit the country as well increase Hyundai’s annual production.

Through its Sriperumbudur facility outside Chennai city and now the Talegaon plant, Hyundai aims to increase its cumulative production capacity to one million units per year, it said on Wednesday. The company had a production capacity of 820,000 units in the first half of this year. Continue reading “Hyundai Motor’s unit to buy General Motors’ India plant”

Aug 16 (Reuters) – U.S. President Joe Biden on Wednesday marks the first anniversary of signing his signature clean energy legislation called the Inflation Reduction Act by leading a campaign to better explain to Americans what, exactly, it does.

The climate-focused bill provides billions of dollars in tax credits to help consumers buy electric vehicles and companies produce renewable energy, as Biden aims to decarbonize the mighty U.S. power sector. It also helps seniors pay for prescription drugs, expands some elements of Obamacare and asks wealthy Americans and corporations to pick up the tab. Continue reading “One year on, Biden still needs to explain his signature clean energy legislation”

BEIJING/SHANGHAI, Aug 16 (Reuters) – Chinese battery giant CATL(300750.SZ) on Wednesday launched a fast charging lithium iron phosphate or LFP battery capable of running 400 km (248 miles) on a 10-minute charge.

Mass production of the new battery called Shenxing is expected by the end of the year while electric vehicles equipped with Shenxing batteries will hit the market in the first quarter of 2024，Gao Han, chief technology officer of CATL’s E-Car Business, told an online briefing. Continue reading “China’s CATL launches fast charging LFP battery, mass production expected by year-end”

Aug 15 (Reuters) – United Auto Workers members have until Aug. 24 to vote to authorize strikes at the Detroit Three automakers if they don’t have a new contract deal in hand by the time the current agreement expires in about 30 days, the union said on Tuesday.

The UAW’s move comes as the union and General Motors (GM.N), Ford Motor (F.N) and Stellantis (STLAM.MI) have made little headway with their negotiations, UAW President Shawn Fain said in a Facebook meeting with members on Tuesday. Continue reading “UAW presses for strike vote at Detroit Three automakers”

Aug 15 (Reuters) – Tesla (TSLA.O) on Monday launched cheaper variants of its Model S sedan and Model X SUV with shorter driving ranges in the U.S., looking to increase sales as high borrowing costs hamper demand for expensive electric vehicles.

Tesla shares were down 2.6% on Tuesday, while rivals also lost ground as investors worried about a price war. Rivian (RIVN.O) fell by 3.5% while Lucid (LCID.O) lost 5.6%. Continue reading “Tesla launches cheaper Model S, X versions in US with shorter ranges”

NEW YORK, Aug 15 (Reuters) – New York state on Tuesday fined Avis Budget Group (CAR.O) $275,000 for refusing to rent vehicles to customers who did not have credit cards.

Letitia James, the state’s attorney general, said the civil fine resolved charges that the operator of Avis Car Rental, Budget Rent a Car and Payless Car Rental violated a state law against requiring credit cards for vehicle rentals. Continue reading “New York fines Avis Budget for denying car rentals to people who lack credit cards”

WASHINGTON, Aug 15 (Reuters) – U.S. space startups have slashed workforces and restructured operations to survive amid an investment drought that has grounded once-lofty aspirations.

While more established players like Elon Musk’s SpaceX and Jeff Bezos’ Blue Origin spend billions on new, bigger rockets, rocket startup Astra Space (ASTR.O), satellite imagery firm Planet Labs (PL.N) and privately held engine maker Ursa Major recently laid off workers to cut costs. Continue reading “Focus: US space startups’ latest struggles marked by layoffs, shake-ups”

Source : PTI | New Delhi: Home-grown Ramkrishna Forgings on Monday announced bagging a USD 13.65 million (about INR 107 crore) order from clients in the North American region. The order is for supply of rear axle and transmission components, the company said in regulatory filing.

“Ramkrishna Forgings strengthens its North American presence through…securing a substantial business contract valued at USD 13.65 million for supplying rear axle and transmission components,” it said. Continue reading “Ramkrishna Forgings bags USD 13.65 million order in North America”

BEIJING, Aug 14 (Reuters) – Tesla Inc (TSLA.O) has cut prices in China for its Model Y long-range and performance versions starting on Aug. 14, the company said in a notice on Monday.

The car company dropped the starting prices of both models by 14,000 yuan ($1,934.58). The Model Y Long Range’s starting price drops 4.5% to 299,900 yuan and the starting price of the Model Y Performance is now 349,900 yuan, down 3.8%. Continue reading “Tesla cuts prices in China for some Model Y versions”

Souce : PTI | Sedans are still holding strong for Mercedes-Benz India despite the demand for SUVs soaring in the overall Indian passenger cars market, according to company Managing Director and CEO Santosh Iyer. Although the company expects the share of SUVs to its overall sales will be slightly skewed after the recent launch of its new GLC SUV, he said the demand for its sedans continues to be very strong.

“Fortunately our portfolio is a balanced sedan-SUV portfolio. We have the A Class, the B Class, the E Class and the S Class in sedan and then we have mirrored that in the SUV portfolio with a GLA, GLC, GLE and GLS. Right now the share of sedan versus SUVs is almost 48:52,” Iyer told PTI. However, he admitted with the launch of the GLC, the share of SUVs to the company’s overall sales could inch up to 55-57%. Yet, Iyer said the demand for sedans for Mercedes-Benz is still strong in India. Continue reading “Sedan demand remains strong despite surge in SUV growth: Mercedes-Benz India MD & CEO”