Aug 1 (Reuters) – Aston Martin (AML.L) said on Tuesday it has raised 216 million pounds ($277 million) in equity to cut down its expensive debt.
The company offered 58.2 million new shares at 371 pence per share, representing a 6.2% discount to the stock’s closing price on Monday. ($1 = 0.7798 pounds) Continue reading “Aston Martin raises $277 mln via equity to cut debt”
Source : PTI | Tata Power, a leading Indian energy company, has taken a step towards promoting electric vehicle (EV) adoption in the country with the unveiling of its latest innovation – a radio-frequency identification (RFID) card. The card is designed to make EV charging more convenient and accessible for users across the nation.
The RFID card utilizes Tata Power’s extensive EV charging infrastructure, which includes a wide network of home chargers, public and semi-public charging points, as well as bus-charging points, strategically spread throughout the country. This widespread network aims to address the range anxiety concerns of EV users and make charging facilities easily available to them. Continue reading “Tata Power launches RFID-enabled cards for EV charging”
WASHINGTON, July (Reuters) – A California state agency on Monday said it is reviewing the privacy practices of automakers and vehicle technology companies amid concerns about the growing volume of data collected by cars.
The California Privacy Protection Agency (CPPA) said its Enforcement Division is making inquiries about vehicles embedded with features like location sharing, web-based entertainment, smartphone integration, and cameras. The agency declined to identify which companies it is reviewing. Continue reading “California agency probes automakers’ data privacy practices”
July (Reuters) – Cash-strapped U.S. trucking company Yellow Corp (YELL.O) has ceased operations and is filing for bankruptcy after failing to reorganize and refinance over a billion dollars in debt, the Teamsters Union said on Sunday.
Yellow, formerly called YRC Worldwide, did not respond to a Reuters request for comment. Continue reading “US trucking firm Yellow shuts ops, to file for bankruptcy, Teamsters say”
July (Reuters) – The Teamsters local unions, which represent 340,000 workers at United Parcel Service (UPS.N), voted 161-1 on Monday to endorse the tentative agreement reached with the delivery giant on July 25.
The agreement, estimated to be at $30 billion by the union, provides historic wage increases, one more paid holiday and air conditioning in the company’s ubiquitous brown delivery trucks. Continue reading “Teamsters local unions endorse agreement with delivery giant UPS”
MILAN, July (Reuters) – Pirelli (PIRC.MI) investors on Monday approved a new board for the tyremaker, giving it a new three-year governance set-up after the Italian government last month took steps to curb the influence of the company’s leading Chinese investor.
Andrea Casaluci, previously General Manager Operations, has been promoted to CEO, Pirelli said in a statement. He succeeds Marco Tronchetti Provera, the Italian businessman who has been in charge since 1992. Continue reading “Pirelli gets new board after battle over Chinese influence”
July 31 (Reuters) – BlackBerry (BB.TO), on Monday said that Foxconn-led (2317.TW) Mobility in Harmony (MIH) consortium has chosen the Canadian technology company to provide software and some services.
The consortium’s electric vehicle (EV) platform will use BlackBerry’s QNX operating system for vehicles, and automotive artificial intelligence platform IVY to help process and store data collected from sensors in vehicles. Continue reading “Foxconn’s EV consortium to use BlackBerry’s software”
SHANGHAI, July 31 (Reuters) – Chinese electric vehicle maker Zhejiang Leapmotor Technology (9863.HK) unveiled on Monday a new platform it developed in-house for making vehicles, which its chief executive said it wants to license to other automakers.
The “Four Leaf Clover” architecture features an integrated computing platform capable of controlling all intelligent functions including an EV’s autonomous driving and smart cockpit functions, Leapmotor’s CEO Zhu Jiangming told reporters in Shanghai. Continue reading “China’s Leapmotor unveils new manufacturing platform, wants others to use it”
Summary
MILAN, July 31 (Reuters) – Lamborghini could sell 10,000 cars this year for the first time, its CEO said, as the luxury sports carmaker reported a rise in profit and revenues for the first half. Continue reading “Lamborghini could hit 10,000 sales this year, CEO says”
AMSTERDAM, July 31 (Reuters) – A burning car carrier off the Dutch coast has been towed to a new location away from shipping lanes as part of an operation to salvage the ship, the Dutch public works and water management ministry and local media said on Monday.
The freighter, which was travelling from Germany to Egypt when the blaze broke out on July 26, was towed to a location north of the Dutch islands Ameland and Schiermonnikoog, the Rijkswaterstaat ministry said in a statement. Continue reading “Burning car carrier towed to temporary location off Dutch coast”
TOKYO, July 31 (Reuters) – Toyota (7203.T) will strengthen development of electric vehicle technology in China, the automaker said on Monday, as it looks to catch up with increasingly tough domestic competition in the world’s largest auto market.
The move is the latest from the world’s top-selling carmaker to show a sharper pivot to electric vehicles. It recently detailed an ambitious new EV strategy that includes an overhaul of its supply chain and the development of long-range batteries. Continue reading “Toyota to boost EV development and technology in China”
TOKYO, July 31 (Reuters) – Japan’s Panasonic Holdings (6752.T) posted a 42% rise in first quarter operating profit on Monday, buoyed by a weaker yen and stronger sales in its automotive and energy segments, while it stuck to its full-year outlook.
Panasonic, whose energy unit makes batteries for Tesla Inc (TSLA.O), said operating profit came to 90.37 billion yen ($637 million) in the three months to end-June, almost exactly in line with analyst forecasts. Continue reading “Panasonic Q1 profit jumps, keeps full-year forecast”
Source : PTI | Union Minister Kiren Rijiju on Sunday said the Centre has sanctioned the upgradation of 91 roads covering a length of 720.75 kilometres and 30 long-span bridges in Arunachal Pradesh under the Pradhan Mantri Gram Sadak Yojana. In a statement, Rijiju, the minister of earth sciences, said the total estimated cost of these projects is INR 757.58 crore.
Emphasising on the early completion of these projects sanctioned by the Union Rural Development Ministry, he said this development work would improve rural connectivity in 500 habitations in various districts such as Changlang, Dibang Valley, East Kameng, East Siang, Kamle, Kra Daadi, Kurung Kumey, Lepa Rada, Lohit, Longding and Lower Dibang Valley. Continue reading “Centre sanctions upgradation of 91 roads, 30 bridges in Arunachal under PMGSY: Rijiju”
Summary
31st July, 2023: Tresa Motors has appointed Vinod K Dasari as the Chairman of the Board. Vinod’s vast experience and exemplary track record in the automotive sector make him the perfect choice to lead Tresa Motors into a promising future. Continue reading “Tresa Motors Fortifies Leadership with Appointment of Vinod K Dasari as Chairman”
Source : PTI | Jharkhand Chief Minister Hemant Soren has approved the establishment of India’s first hydrogen fuel-related industry in Jamshedpur, as announced in an official statement on Saturday. The groundbreaking project, spearheaded by M/s TCPL Green Energy Solutions Private Limited (TGESPL), a joint venture between M/s Tata Motors Limited and M/s Cummins Inc., USA, will involve a staggering investment of over INR 350 crore.
The proposed unit will boast a capacity of over 4000 Hydrogen Internal Combustion Engines, along with Fuel Agnostic Engines, and over 10,000 Battery systems. The total investment of INR 354.28 crore will pave the way for cutting-edge advancements in the field of hydrogen-based technologies and energy systems. Continue reading “Jharkhand CM nod for country’s first hydrogen fuel related industry”
Source : PTI | Five years after it exited the company, the government is set to get a significant stake in Hindustan Petroleum Corporation Ltd (HPCL) as it looks to infuse equity in fuel retailers that lost money on selling petrol and diesel at discounted rates last year, officials said.
The government had in the annual Budget for 2023-24 (April 2023 to March 2024 fiscal) announced INR 30,000 crore of capital support to state-run fuel retailers, Indian Oil Corporation (IOC), HPCL and Bharat Petroleum Corporation Ltd (BPCL), to support their energy transition and net-zero initiatives. Continue reading “Govt to get significant stake in HPCL post preference issue”
NEW DELHI, July (Reuters) – Two senior Tesla executives discussed the company’s plans to enter India with officials from the country’s investment promotion arm in New Delhi, two people with direct knowledge of the matter said, the latest in a series of high-level talks.
The U.S. carmaker has expressed an interest in building a factory in India that would produce a low-cost electric vehicle (EV) priced at $24,000, around 25% cheaper than Tesla’s current entry model, for both the Indian market and export. Continue reading “Tesla executives hold market entry talks with India investment agency”
Source : PTI | The experience of taking the Formula E to India was “mind-blowing”, says sustainability director Julia Palle, who feels that the Asian country can play a pivotal role in the electric vehicle revolution that the world is witnessing. The city of Hyderabad had played host to two races in Round 4 of the ongoing ninth season of the series in February this year.
India’s automobile industry is the fifth largest globally and is expected to become the third largest by 2030. The size of India’s electric vehicle market is also growing each year with surging fuel prices also providing a push to the sales of EVs. Continue reading “India could play a pivotal role in EV revolution: Julia Palle”
NEW DELHI, July 28 (Reuters) – Two senior Tesla executives discussed the company’s plans to enter India with officials from the country’s investment promotion arm in New Delhi, two people with direct knowledge of the matter said, the latest in a series of high-level talks.
The U.S. carmaker has expressed an interest in building a factory in India that would produce a low-cost electric vehicle (EV) priced at $24,000, around 25% cheaper than Tesla’s current entry model, for both the Indian market and export. Continue reading “Tesla executives hold market entry talks with India investment agency”
WASHINGTON, July 28 (Reuters) – More than half of the Senate’s Democrats are backing the United Auto Workers’ push for higher wages and benefits for workers at Detroit Three automakers’ joint venture battery plants, they said in a letter released on Friday.
The 28 senators said the workers are critical to the United States reaching clean vehicle goals, offering the union a boost as it works to secure new contracts before its four-year deals with General Motors (GM.N), Ford Motor (F.N) and Chrysler-parent Stellantis (STLAM.MI) expire Sept. 14. Continue reading “UAW wins Democratic senators’ support for joint venture battery workers”
July 28 (Reuters) – The backup safety driver behind the wheel of a self-driving Uber Technologies (UBER.N) test vehicle that struck and killed a woman in Tempe, Arizona, in 2018 pleaded guilty on Friday and was sentenced to probation, prosecutors said.
Rafaela Vasquez, who was charged with negligent homicide in 2020, pleaded guilty to endangerment, a reduced charge, and was sentenced to three years of supervised probation, the Maricopa County Attorney’s office said. Uber and a lawyer for Vasquez did not immediately respond to requests for comment. Continue reading “Backup driver in 2018 Uber self-driving crash pleads guilty”
WASHINGTON, July 28 (Reuters) – Ford Motor (F.N) said Friday it is recalling 870,000 F-150 trucks in the United States because of the risk of an unexpected activation of the electric parking brake due to a potential wiring issue.
The recall covers 2021 through 2023 model year F-150 trucks, according to a filing with the National Highway Traffic Safety Administration (NHTSA). It covers trucks equipped with a single exhaust system. Contact with the rear axle housing may damage the wiring harness, causing the electric parking brake to activate unexpectedly, the automaker said. Continue reading “Ford recalls 870,000 F-150 trucks over unexpected parking brake activation”
WASHINGTON, July 28 (Reuters) – The Biden administration on Friday proposed to hike fuel economy standards by 2032 to a fleet-wide average of 58 miles per gallon as it seeks to cut greenhouse gas emissions and reduce fuel use.
The National Highway Traffic Safety Administration (NHTSA) proposal, which covers the 2027 through 2032 model years, would boost Corporate Average Fuel Economy (CAFE) requirements by 2% per year for passenger cars and 4% per year for light trucks. Continue reading “US proposes raising vehicle fuel economy standards to 58 miles per gallon by 2032”
NEW DELHI, July 28 (Reuters) – China’s BYD (002594.SZ) has told its India joint-venture partner it would shelve plans for a new $1-billion investment to build electric cars after its investment proposal faced scrutiny from New Delhi, two people with knowledge of the discussions said.
BYD and its partner, privately held Megha Engineering and Infrastructures submitted a proposal to the Indian government in April to jointly build electric cars in India, Reuters reported earlier this month. Continue reading “Exclusive: BYD tells India partner it wants to drop $1 billion EV investment plan, sources say”
WASHINGTON, July 28 (Reuters) – Ford Motor (F.N) said Friday it is recalling 870,000 F-150 trucks in the United States because of the risk of an unexpected activation of the electric parking brake due to a potential wiring issue.
The recall covers 2021 through 2023 model year F-150 trucks, according to a filing with the National Highway Traffic Safety Administration (NHTSA). It covers trucks equipped with a single exhaust system. Contact with the rear axle housing may damage the wiring harness, causing the electric parking brake to activate unexpectedly, the automaker said. Continue reading “Ford recalls 870,000 F-150 trucks over unexpected parking brake activation”
TOKYO, July 28 (Reuters) – Japanese automaker Toyota Motor (7203.T) said on Friday it sold 5.1% more vehicles in the first half of 2023 compared with the same period a year earlier, helped by an easing of semiconductor supply constraints and especially stronger demand in Japan.
The company sold some 4.9 million vehicles globally in the six months through June, including of its luxury Lexus brand, compared with about 4.7 million vehicles during the same period in 2022. Continue reading “Toyota’s global sales rise 5.1% to 4.9 million in first half of 2023”
TOKYO, July 28 (Reuters) – Toyota Motor Corp (7203.T) said on Friday it will sell a stake worth about 250 billion yen ($1.80 billion) in telecoms company KDDI Corp (9433.T) as part of an effort to raise funds to accelerate vehicle electrification.
The world’s largest automaker by sales last month unveiled sweeping plans to improve the driving range and cut costs of battery electric vehicles (BEVs), including through development of solid-state batteries, as it seeks to catch up on rivals. Continue reading “Toyota says to sell $1.8 billion worth of KDDI shares”
WASHINGTON, July (Reuters) – General Motors (GM.N) warned the Biden administration’s planned changes to vehicle emissions rules could cost the auto industry hundreds of billions of dollars in penalties by 2031, which the Biden administration said on Thursday was wrong.
GM executive David Strickland met on July 17 with White House Office of Management and Budget (OMB) officials about the administration’s vehicle fuel economy proposal, according to a slide on a White House website. Continue reading “Biden administration rejects GM’s warning that US emissions rules will be costly”
Source : PTI | Tata Motors achieved a significant milestone on Friday as it proudly presented the prototype of its homegrown electric bus to the Bengaluru Metropolitan Transport Corporation (BMTC). The occasion marks the commencement of a groundbreaking project as BMTC has placed an impressive order for 921 state-of-the-art e-buses with Tata Motors.
The momentous deal was inked between BMTC and TML Smart City Mobility Solutions Ltd, a wholly-owned subsidiary of Tata Motors. Under this agreement, Tata Motors will not only deliver the 921 units of 12-meter low-floor electric buses but also be responsible for their operation and maintenance for a remarkable span of 12 years. Continue reading “Tata Motors delivers prototype of indigenous e-bus to BMTC”
LOS ANGELES/AMSTERDAM, July (Reuters) – Electric vehicles are crisscrossing the globe to reach their eager buyers, but the battery technology involved in the zero- emission automobiles is exposing under-prepared maritime shippers to the risk of hard-to-control fires, industry, insurance and emergency response officials said.
That risk has been put under the spotlight by the burning car carrier drifting off the Dutch coast. The Dutch coastguard said the fire’s cause was unknown, but Dutch broadcaster RTL released a recording in which an emergency responder is heard saying “the fire started in the battery of an electric car.” Continue reading “Focus: Ocean shippers playing catch up to electric vehicle fire risk”
July (Reuters) – Ford Motor (F.N) Chief Executive Jim Farley on Thursday outlined a significant change in the automaker’s product strategy, slowing the ramp-up of money-losing EVs, shifting investment to Ford’s commercial vehicle unit and citing plans to quadruple sales of gas electric hybrids over the next five years.
He described the company’s high-margin Ford Pro commercial business as a “powerhouse” and said the company now expects to launch more gas-electric hybrids. Continue reading “Ford slows EV ramp as Q2 commercial vehicle profit booms”
WASHINGTON, July (Reuters) – General Motors (GM.N) warned the Biden administration’s planned changes to vehicle emissions rules could cost the auto industry hundreds of billions of dollars in penalties by 2031, which the Biden administration said on Thursday was wrong.
GM executive David Strickland met on July 17 with White House Office of Management and Budget (OMB) officials about the administration’s vehicle fuel economy proposal, according to a slide on a White House website. Continue reading “Biden admin rejects GM’s warning that US emissions rules will be costly”
SHANGHAI, July 28 (Reuters) – For foreign automakers in China, it is time to double down on a turnaround or cut losses after ceding their leadership of the world’s biggest auto market to local, upstart brands.
Announcements from some of the world’s largest automakers in recent days show they are taking a divergent path: some German brands and General Motors (GM.N) are betting on new electric vehicles, while Toyota (7203.T) and others have shifted to cost-cutting mode. Continue reading “Global automakers scramble to reset China strategies as sales slow”
WASHINGTON, July (Reuters) – Ford Motor (F.N) CEO Jim Farley and Executive Chairman Bill Ford held meetings this week with U.S. lawmakers in Washington amid Republican criticism of the automaker’s licensing deal with Chinese battery manufacturer CATL (300750.SZ) to build a Michigan battery plant.
Last week, the chairs of two U.S. House of Representatives committees said they were investigating Ford’s partnership with CATL. Continue reading “Ford execs met with US lawmakers amid criticism of China battery maker CATL”
Source : PTI | The government informed the Rajya Sabha on Wednesday that it would introduce bamboo-made “Bahu Balli” fences along expressways and national highways and a pilot project would be undertaken in Chhattisgarh. Road Transport and Highways Minister Nitin Gadkari informed the House that this is an alternative to the use of steel and will be eco-friendly too. The move would also help provide a boost to rural economy, and villagers and tribals would benefit from it, he said.
“This type of ‘Bahu Balli’ fencing is being experimented for the first time and it is eco-friendly too. All testing has been done and instead of steel, cross-barriers of bamboo are being developed. All approvals have been received,” Gadkari said in response to supplementary queries of MPs during the Question Hour. Continue reading “Govt to use bamboo-made ‘Bahu Balli’ fences along highways: Nitin Gadkari”
Source : PTI | India is on track to becoming a key player in the global semiconductor supply chain in the next decade with USD 10 billion of incentives and assistance provided to encourage local chip manufacturing, Union minister Rajeev Chandrasekhar said on Thursday.
The production-linked incentive (PLI) scheme last year attracted firms like Vedanta and Taiwan’s Foxconn, who promised multi-billion dollar investment in setting up units to manufacture chips, which are used in products ranging from mobile phones to cars. Continue reading “Semiconductor PLI worth USD 10 bn to help India do in a decade what China did in 25-30 years: Rajeev Chandrasekhar”
INDIA
MG Motor India looks to raise its women workforce to 50% CNBC
Made-in-Brazil Volkswagen Virtus scores 5 stars in Latin NCAP crash test HTAuto Continue reading “WAF Auto News | The Auto World This Week (28th July 2023)”
Mumbai/Delhi NCR: Volkswagen India’s network offensive strategy continues with the inauguration of three new touchpoints in Delhi NCR. Strategically located in Dwarka, Paschim Vihar and Gurugram, the new touchpoints make Volkswagen brand more accessible to customers in the National capital region. Continue reading “Volkswagen India strengthens its footprint with the inauguration of three new touchpoints in Delhi NCR”
REUTERS SPECIAL REPORT | In March, Alexandre Ponsin set out on a family road trip from Colorado to California in his newly purchased Tesla, a used 2021 Model 3. He expected to get something close to the electric sport sedan’s advertised driving range: 353 miles on a fully charged battery.
He soon realized he was sometimes getting less than half that much range, particularly in cold weather – such severe underperformance that he was convinced the car had a serious defect. Continue reading “Tesla created secret team to suppress thousands of driving range complaints”
PARIS, July 27 (Reuters) – Western automakers are fretting about an “invasion” of cheap Chinese electric cars in Europe, prompting France’s Renault (RENA.PA) to say on Thursday it was aiming to slash production costs for its electric models by 40%.
Finance chief Thierry Pieton said the best way to fend off price competition was for Renault to cut its own development and manufacturing costs. Continue reading “Western car makers look to slash EV costs to fight Chinese ‘invasion’”
