DUBAI, Aug 13 (Reuters) – A U.S.-led naval coalition in the Gulf has warned ships in the region to stay away from Iranian waters to avoid possible seizure, the U.S. Navy said.

The warning shows tensions remain high in and around the Strait of Hormuz, where Iran seized tankers in late April and early May, while Washington and Tehran finalise a deal to free five U.S. citizens detained in Iran and the U.S. allows $6 billion in Iranian funds held in South Korea to be unfrozen. Continue reading “U.S.-led naval group warns ships to avoid Iranian waters to avoid seizure”

Source : PTI | The Delhi Metro Rail Corporation and IIIT-Delhi have joined hands to enhance passenger experience and promote technological advancement through a strategic collaboration. A Memorandum of Understanding (MoU) was signed between the DMRC and the Indraprastha Institute of Information Technology Delhi (IIIT-Delhi) on Thursday in the presence of Managing Director, DMRC, Vikas Kumar, officials said.

The agreement was signed through the institution’s Centre for Sustainable Mobility (CSM) to enhance passenger experience and promote technological advancements through a strategic collaboration, the DMRC said in its statement. Continue reading “Delhi Metro, IIIT-D join hands to enhance passenger experience”

BEIJING, Aug (Reuters) – Changan Ford Motor plans to set up a new-energy passenger car joint venture with state-owned Chongqing Changan Automobile (000625.SZ), a document published by China’s market regulator on Friday showed.

Changan Ford Motor will own a 60% stake and Chongqing Changan Automobile the remaining 40% stake. Changan Ford is a 50-50 joint venture between Ford Motor Co (F.N) and Changan Automobile, meaning Chongqing Changan will own more than 50% of the new venture. Continue reading “Changan Ford Motor to set up electric car JV with Chongqing Changan Auto”

Aug 11 (Reuters) – Chrysler parent Stellantis (STLAM.MI) sharply criticized the demands of the United Auto Workers (UAW) union on Friday, saying they need “a focus on reality from everyone involved.”

Stellantis North America Chief Operating Officer Mark Stewart said in a letter to employees seen by Reuters the automaker is “committed to working with the UAW to reach an agreement based on economic realism.” Continue reading “Chrysler owner calls for focus on reality in UAW labor talks”

Aug (Reuters) – A patriotic call by China’s bestselling automaker to band the industry together and “demolish the old legends” of the global market has gone viral, drawing both raves and a rebuke from a rival.

BYD (002594.SZ) used an event this week to mark a production milestone to celebrate a bigger purpose: the emergence of China as a global auto manufacturing powerhouse. Continue reading “BYD calls on China automakers to unite, ‘demolish the old’ in global push”

HANOI, Aug (Reuters) – Vietnamese electric vehicle maker VinFast said it expects to start trading on the Nasdaq as soon as next week, sparking a surge in the shares of its parent conglomerate and its blank-check merger partner.

The Vietnam-listed shares of Vingroup rose almost 7% on Friday to 72,600 dong ($3.06), a one-year high. New York-listed shares in Black Spade (BSAQ.A), the special purpose acquisition company (SPAC) that is merging with VinFast for the listing, jumped 73% to close at $18.50 on Thursday. Continue reading “Vietnamese EV maker VinFast gets go-ahead for Nasdaq SPAC listing”

SAN FRANCISCO, Aug (Reuters) – California just supercharged the self-driving car industry.

Following a contentious state agency vote, Alphabet Inc’s (GOOGL.O) Waymo and General Motors’ Cruise are allowed to take paying passengers day or night throughout San Francisco, solidifying the tech hub as the center of the autonomous vehicle (AV) industry. It marks a significant step forward for the nascent technology. Continue reading “San Francisco moves to center of robotaxi universe after California agency vote”

Aug (Reuters) – Ford Motor (F.N) expects to incorporate more and better software into the trucks and vans in its highly profitable Ford Pro commercial vehicle business and grow revenues by $4,000-$5,000 per vehicle in the future, a top executive said on Thursday.

Navin Kumar, chief financial officer of Ford Pro, said the automaker would look to boost revenue with software- and data-driven fleet services, safety and security services, partial vehicle autonomy and insurance. Continue reading “Ford exec expects software to boost revenue for commercial trucks, vans”

BERLIN, Aug (Reuters) – Semiconductor shortages that have created bottlenecks for Germany’s car industry will take years to resolve despite chipmakers’ plans to build factories in the country, a senior Audi manager was quoted as saying on Friday.

German automakers and electronics producers have been hit hard by manufacturing delays, caused by a global shortfall of chips. Executives and policymakers are re-thinking supply lines and trying to reduce reliance on a handful of Asian and U.S. chip suppliers. Continue reading “Chip shortage in Germany’s car industry will last years – Audi manager”

Source : PTI | New Delhi: Billionaire Gautam Adani’s group is prepared to go ahead alone on the USD 50 billion green hydrogen project after its French partner, TotalEnergies SE, put investment in the venture on hold following allegations of fraud. Adani group CFO Robbie Singh in an investor call on first-quarter earnings of Adani Enterprises Ltd last week stated that the project is not dependent on the equity from TotalEnergies and the group is going ahead with the investment with or without the French giant.

TotalEnergies had last year agreed to take a 25% stake in Adani New Industries Ltd (ANIL), which is building the green hydrogen project. The French energy giant in February paused the planned USD 4 billion investment pending an investigation into a US short seller’s allegations of accounting and stock manipulation, which Adani denies. Continue reading “Adani to go ahead with USD 50 bn hydrogen project with or without TotalEnergies”

Source : PTI | The reopening of the application window for companies operating under the production linked incentive (PLI) scheme within the automobile sector is not part of the current agenda, as conveyed during a parliamentary session on Friday.

In a meticulously worded written response directed to the esteemed Lok Sabha, the Minister of State for Heavy Industries, Krishan Pal Gurjar, disclosed that the ministry is steadfastly overseeing the execution of two distinct PLI initiatives, namely those encompassing the automobile and auto components sector, as well as the advanced chemistry cell (ACC) battery storage sector. Continue reading “No plan to reopen application window for PLI auto: Govt”

Aug (Reuters) – Ford Motor (F.N) expects to incorporate more and better software into the trucks and vans in its highly profitable Ford Pro commercial vehicle business and grow revenues by $4,000-$5,000 per vehicle in the future, a top executive said on Thursday.

Navin Kumar, chief financial officer of Ford Pro, said the automaker would look to boost revenue with software- and data-driven fleet services, safety and security services, partial vehicle autonomy and insurance. Continue reading “Ford exec expects software to boost revenue for commercial trucks, vans”

SHANGHAI, Aug (Reuters) – China’s Zeekr, Geely Automobile’s (0175.HK) electric vehicle brand, said on Thursday it will launch its first luxury sports car, which will be priced above 1 million yuan ($140,000).

A person with direct knowledge of the matter added that the company plans to launch the Zeekr 001 FR sports car within weeks and aims to deliver the first batch of cars this year. Continue reading “China EV brand Zeekr to launch its first luxury sports car”

Source : PTI | New Delhi: Billionaire Gautam Adani’s group is prepared to go ahead alone on the USD 50 billion green hydrogen project after its French partner, TotalEnergies SE, put investment in the venture on hold following allegations of fraud. Adani group CFO Robbie Singh in an investor call on first-quarter earnings of Adani Enterprises Ltd last week stated that the project is not dependent on the equity from TotalEnergies and the group is going ahead with the investment with or without the French giant.

TotalEnergies had last year agreed to take a 25% stake in Adani New Industries Ltd (ANIL), which is building the green hydrogen project. The French energy giant in February paused the planned USD 4 billion investment pending an investigation into a US short seller’s allegations of accounting and stock manipulation, which Adani denies. Continue reading “Adani to go ahead with USD 50 bn hydrogen project with or without TotalEnergies”

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MG Motor India Commemorates a Century of Customer Assurance and Innovative Experiences WAF

VW Virtus sets a new speed record in the Rann of Kutch | Team Evo India WAF

Auto Sales July 2023: India Sees 10% Growth In Retail Volumes car&bike Continue reading “WAF Auto News | The Auto World This Week (11th August 2023)”

Source : PTI | Shares of auto components major Bharat Forge Ltd on Wednesday jumped 7.53% after the company reported a 33.27% increase in consolidated net profit in the June quarter. The stock climbed 6.87% to settle at INR 967.10 apiece on the BSE. During the day, it rallied 7.74% to its 52-week high of INR 975.

On the NSE, it gained 7.53% to end at INR 974 per share.

Bharat Forge Ltd on Wednesday reported a 33.27% increase in consolidated net profit at INR 213.73 crore in the first quarter ended June 30, 2023. Continue reading “Bharat Forge reports 33% increase in consolidated net profit at INR 213.73 cr in Q1”

Source : PTI | New Delhi: Industry body IEMC on Thursday demanded continuation of incentives given to electric vehicle sector and cautioned that the withdrawal of sops would reduce EV sales to 37 million units by 2030 from estimated 125 million. According to India Electric Mobility Council (IEMC), India Energy Storage Alliance (IESA) has estimated that on discontinuation of the demand incentives, the electric vehicles (EV) sales in India will reduce from estimated 125 million units to 37 million units by 2030.

The central government launched the FAME (faster adoption and manufacturing of hybrid and electric vehicles) scheme in 2015, under which subsidies are given to electric vehicle manufacturers and the benefit is passed on to buyers. The second phase of the scheme FAME II was launched in 2019. Continue reading “India Electric Mobility Council demands continuation of incentives for electric vehicle sector”

Gurugram (Haryana) [India], August 10: MG Motor India, with 100 years of rich history that stands as a testament to its resilience, innovation, and customer-centricity, is preparing to mark its centenary. Driven by Technology and Smiles, the brand takes pride in its India growth story, fostering communities, promoting diversity, and bolstering the electric vehicle (EV) ecosystem. Since commencing its India journey in 2019, MG Motor India has been at the forefront of CASE mobility (Connected, Autonomous, Shared, and Electric), starting with MG Hector, India’s first Internet SUV followed by MG ZS EV – the first fully-electric Internet SUV. Continue reading “MG Motor India Commemorates a Century of Customer Assurance and Innovative Experiences”

TOKYO, Aug (Reuters) – Japan’s Honda Motor (7267.T) reported a 78% rise in quarterly profit on Wednesday, boosted by increased sales, especially in the North American market, and a weaker yen.

Japan’s second-biggest automaker by sales said its operating profit totalled 394.4 billion yen ($2.76 billion) in the three months through June, handily beating the average 324.74 billion yen estimate in a poll of 10 analysts by Refinitiv. Continue reading “Honda posts 78% rise in Q1 profit on U.S. sales jump”

Aug (Reuters) – Rivian Automotive (RIVN.O) on Tuesday raised its full-year production forecast, and its chief executive said the electric vehicle maker has enough money to last it through 2025 as it keeps a lid on costs.

Shares in Rivian, which initially rose nearly 3% after results were published, were up 1% in choppy extended trading. The stock has soared nearly 80% in the past three months. Continue reading “Rivian lifts 2023 EV production target, reassures on liquidity”

Aug (Reuters) – Lyft’s shares fell more than 7% on Wednesday as investors feared the ride-hailing platform’s focus on competitive pricing to gain market share would muddy its path to profitability.

The company and its more dominant rival, Uber, have been locked in a fierce price war as they stage a post-pandemic recovery.

Lyft (LYFT.O) said on Tuesday it expects an operating profit of $75 million to $85 million for the third quarter. In contrast, Uber has already posted a quarterly operating profit, taking advantage of higher prices and a diversified business model that includes freight brokerage and food delivery. Continue reading “Lyft falls as pricing strategy casts shadow over profit goals”

Aug (Reuters) – General Motors (GM.N) is still struggling to ramp up production of electric vehicles, a top executive said on Wednesday.

Speaking at a J.P. Morgan investor conference, GM Chief Financial Officer Paul Jacobson said the automaker’s electric vehicles, from Cadillac Lyriq SUVs to BrightDrop vans, had been affected by an issue with assembling battery modules – a stumbling block first noted last week by Chief Executive Mary Barra. Continue reading “GM still struggling to build EVs, sees margin growth ahead for Cruise-CFO”

Summary

• Tyres sales outlook cut, margin unchanged on higher prices
• Working capital likely won’t reach pre-COVID levels -CFO
• UAW worker demands ‘strong’, ‘heavy’ -CFO
• Global passenger car output seen rising 3-5%

BERLIN, Aug (Reuters) – Continental (CONG.DE) said it was fighting for price increases in negotiations with customers and seeking ways to further cut inventory to improve its automotive business performance. Continue reading “Continental fights for price rises, to keep costs in check”

Source : PTI | Automobile dealers’ body FADA on Wednesday sought GST reduction on entry-level two-wheelers to 18% from 28% currently. A delegation of the Federation of Automobile Dealers Associations (FADA) submitted a letter to Minister of Road Transport and Highways (MoRTH) Nitin Gadkari in this regard.

FADA has requested for GST rate cut on entry-level two-wheelers, predominantly within the 100-125 cc segment. Continue reading “FADA delegation meets Gadkari; seeks 18% GST on entry-level two-wheelers”

Source : PTI | Delhi Transport Minister Kailash Gahlot on Wednesday announced that the registration of electric vehicles has been restarted and shared that the subsidy benefits of the existing policy will continue till a new one is notified.

The Delhi Electric Vehicle Policy was released on August 7, 2020, and according to its clause 3.1, the policy “shall remain valid for a period of three years from the date of issue”. Continue reading “Registration of electric vehicles restarted in Delhi: Kailash Gahlot”

Aug (Reuters) – United Auto Workers (UAW) union President Shawn Fain angrily tossed contract proposals from Stellantis (STLAM.MI) in a trash can on Tuesday, citing numerous concessions that the Chrysler parent is seeking in labor talks.

“Stellantis proposals are a slap in the face,” Fain said during an online chat, disclosing the company is proposing cuts to health-care coverage, fewer vacation days for new hires, employer cuts to 401(k) contributions, and lifting a cap on the number of temporary employees. “Management has chosen to spit in our faces.” Continue reading “UAW calls Stellantis contract offer ‘trash’”

BEIJING, Aug (Reuters) – China’s passenger vehicle sales fell for a second month in July, as discounts and government support measures failed to persuade consumers wary of buying cars amid a sputtering economy and a prolonged slump in the housing market.

Automakers are concerned about a demand slowdown as the world’s second-largest economy loses its post-pandemic bounce. Continue reading “China’s car sales fall for 2nd month in July as price war continues”

Summary

• TSMC commits 3.5 bln euros to plant seen opening in 2027
• Germany to contribute up to 5 bln euros to Dresden plant
• TSMC approves up to $4.5 bln for Arizona plant

TAIPEI/BERLIN, Aug 8 (Reuters) – Taiwanese chipmaker TSMC on Tuesday committed 3.5 billion euros ($3.8 billion) to a factory in Germany, its first in Europe, taking advantage of huge state support for the $11 billion plant as the continent seeks to bring supply chains closer to home. Continue reading “Germany spends big to win $11 billion TSMC chip plant”

HELSINKI, Aug  (Reuters) – Finnish and Norwegian regulators said on Tuesday they had banned Russian tech group Yandex (YNDX.O) and its Netherlands-based partner Ridetech International from transferring to Russia any personal data of customers of Yandex’s Yango ride-hailing app.

“The Finnish DPA (data protection authority) has become aware of a legislative reform that will enter into force in Russia at the beginning of September, under which the Federal Security Service of the Russian Federation will have the right to receive data processed in taxi operations,” the regulator said in a statement. Continue reading “Finland and Norway ban Yandex from transferring data to Russia”

Summary

• Rome aims at wide plan to 2030 for national auto industry
• Plan to include specific targets, including on output
• Unions, local govts, lobby group to joint talks
• Work program expected to be agreed in Sept.

MILAN, Aug 8 (Reuters) – The Italian government aims to agree a broad plan to 2030 for the country’s automotive industry with carmaker Stellantis (STLAM.MI) and other groups involved by the end of this year, industry ministry sources said on Tuesday. Continue reading “Italy seeks deal by end of year with Stellantis on car industry plan”

BENGALURU, Aug (Reuters) – South Korea’s Hyundai Motor Group said on Tuesday it plans to launch more electric vehicles (EVs) under the Hyundai (005380.KS) and Kia (000270.KS) brands in India, in a sign that it is betting big on the world’s third-largest auto market.

Hyundai, already India’s second-biggest carmaker by sales, will introduce five EV models by 2032 to add to the two it already sells — the Kona and Ioniq 5 sport utility vehicles (SUVs). It will also grow its charging stations to 439 by 2027. Continue reading “South Korea’s Hyundai to launch more EVs in India”

Source : PTI | Storage battery major Exide Industries Ltd on Tuesday said it expects to regain its pre-covid EBITDA margin of 13-14% in the next one to two years. The company’s current EBITDA margin is 10.6%, as input costs have remained erratic.

“We are seeing a revamp in demand after Covid and expecting both automotive and industrial verticals will do well. However, it will take another one to two years to get back to the pre-covid level of margin,” Exide Industries MD and CEO Subir Chakraborty said. Continue reading “Exide Industries expects to regain pre-covid margin in 1-2 years”

BENGALURU, Aug 8 (Reuters) – Indian bike maker Hero MotoCorp (HROM.NS) on Tuesday said it received over 25,000 bookings for the world’s cheapest Harley Davidson motorcycle, sending shares up over 3%.

The company said 65% of the bookings for the X440 were for the motorcycle’s top-end variant, priced at 269,000 rupees. Continue reading “Hero MotoCorp receives over 25,000 bookings for India-made Harley-Davidson”

Aug  (Reuters) – Electric-vehicle parts supplier Proterra (PTRA.O) filed for Chapter 11 bankruptcy protection on Monday, making it the latest company to go belly up in an industry grappling with supply chain constraints, slowing demand and a funding drought.

The move comes weeks after Lordstown Motors filed for bankruptcy protection and put itself up for sale after failing to resolve a dispute over a promised investment from Foxconn. Continue reading “EV firm Proterra files for Chapter 11 bankruptcy protection”

Aug  (Reuters) – Tesla (TSLA.O) finance chief Zachary Kirkhorn has stepped down, surprising analysts who considered the 13-year veteran as a possible successor to CEO Elon Musk.

Shares of the world’s most valuable car company were down 1% in trading after the bell.

The company did not give a reason for his exit. Accounting head Vaibhav Taneja, who joined Tesla through the $2.6 billion deal for Solarcity in 2016, will replace Kirkhorn. Continue reading “Tesla names insider Taneja CFO as Kirkhorn steps down”

Summary

• Company to wind down operations
• Thousands of workers at risk
• Yellow intends to pay back U.S. government loan

Aug  (Reuters) – Some 30,000 workers at Yellow Corp (YELL.O) were looking for jobs on Monday after the major trucking company filed for Chapter 11 bankruptcy protection, potentially saddling U.S. taxpayers with losses from a government rescue of the long-troubled carrier.

The nearly 100-year-old company, which halted operations on July 30, has been a dominant player in the “less-than-truckload” segment that hauls cargo for multiple customers on a single truck. Continue reading “US trucking firm Yellow files for bankruptcy, blasts Teamsters”

SAN FRANCISCO, Aug  (Reuters) – San Francisco may be the symbolic capital of the tech industry, and the hub of next-generation services like artificial intelligence, but when it comes to self-driving cars, city officials are clear: not so fast.

The question comes to a head later this week, when a state agency decides whether to allow robot car providers Alphabet Inc’s (GOOGL.O) Waymo and General Motors’ Cruise to expand their for-pay, no-safety-driver services to all of San Francisco, day and night. Continue reading “San Francisco drives tech; will it drive away robot taxis?”

Source : PTI | Delhi Transport MinisterKailash Gahlot on Monday announced that subsidy benefits under the existing Electric Vehicle Policy will continue till a new one gets notified. The Delhi Electric Vehicle Policy, introduced in August 2020, aims at increasing the EV share in total vehicle sales to 25 per cent by 2024. According to official data, over 1.12 lakh electric vehicles have been sold under the policy.

“Today, we complete three years of Delhi’s landmark EV policy that has propelled Delhi to becoming India’s electric vehicle capital. Continue reading “Subsidy under existing Electric Vehicle Policy to continue till new one gets notified: Delhi transport minister”

Source : PTI | Kinetic Engineering, which has shifted from two-wheeler manufacturing to auto components with a focus on electric vehicles, is reorganizing EV arms under Kinetic Watts & Volts to provide integrated solutions offering key components like motors, controllers and batteries.

Kinetic Watts & Volts was formed in September 2022 as a subsidiary of Kinetic Engineering to focus on anything electric to ensure a sustainable future for EVs as there is a lot of adoption. Continue reading “Kinetic Engineering sets up new firm to make EV components”