BRUSSELS, (Reuters) – The European Commission is confident its investigation into, and measures against, state subsidies for Chinese electric vehicles are compatible with World Trade Organization rules and its probe will continue, the EU executive arm said on Friday.

The European Union imposed provisional tariffs of up to 37.6% on imports of electric vehicles (EV) made in China in July, keen to protect its domestic EV production, after an EU investigation found the cars were subsidised by China. Continue reading “EU executive confident its Chinese EV measures comply with WTO, says probe continues”

SAN FRANCISCO, (Reuters) – Tesla has stopped taking orders for the least expensive version of its Cybertruck, which is priced at $61,000, while making the $100,000 version available for immediate order and delivery as soon as this month, its website showed.

Demand and supply for the Cybertruck are closely monitored by Tesla investors and fans, because Chief Executive Elon Musk has poured resources into the truck’s development and plans to make 200,000 per year. Continue reading “Tesla stops taking orders for cheapest Cybertruck, offers $100,000 version now”

Source : PTI | German luxury carmaker Mercedes-Benz on Thursday sounded confident of posting a double-digit growth this calendar year and said it is expecting the demand to remain good in the coming festive season on the lines of last year. Speaking with PTI at the launch of two new top-end car models, Mercedes-Benz India Managing Director and CEO Santosh Iyer said that the company is seeing growth in its electric vehicle portfolio also and it will come out with the electric version of Maybach in September this year.

With the unveiling of the Mercedes-AMG GLC 43 4MATIC CoupA and CLE 300 Cabriolet AMG Line, priced at INR 1.105 crore and INR 1.10 crore, respectively, the company has strengthened its top-end product range further. Continue reading “Mercedes-Benz confident of double-digit growth this year, rolls out 2 new top-end models”

Source : PTI | New Delhi: Coal and mines minister G Kishan Reddy on Thursday said that critical minerals have emerged as drivers of the modern economy and the Centre has ensured the country taps into this global opportunity through the launch of the National Critical Mineral Mission. Union Budget 2024-25 has proposed launching Critical Mineral Mission for domestic production, recycling of critical minerals, and overseas acquisition of critical mineral assets. Its mandate will include technology development, skilled workforce, extended producer responsibility framework, and a suitable financing mechanism.

Addressing the national seminar on challenges and opportunities in the mines and minerals sector organised by the Mining, Geological, Metallurgical Institute of India, Reddy said that the government has brought about a paradigm change in the coal and minerals sector, making it transparent and competitive. Continue reading “Critical minerals have emerged as drivers of modern economy: Reddy”

Source : PTI | Italian super luxury automaker Automobili Lamborghini is looking forward to India’s new hybrid vehicle policy to tap more growth opportunities in the country, a senior company official said on Friday. The company, which on Friday launched the plug-in hybrid version of its flagship SUV Urus with prices starting at INR 4.57 crore (ex-showroom) plans to bring its other hybrid models going forward as and when it launches those in the global markets.

“We believe that there is a big potential to grow here in India. We have also already seen with the introduction of Urus we had a big percentage growth. We believe that also in the next year we will see a similar trend,” Automobili Lamborghini Asia Pacific Region Director, Francesco Scardaoni told PTI here on the sidelines of the launch of Urus SE. Continue reading “Looking forward to India’s hybrid vehicle policy to tap opportunity: Automobili Lamborghini”

(Reuters) – General Motors said on Thursday it was committed to building a profitable and self-sustainable operation in China, despite facing stiff competition from local brands.

Shares of GM rose more than 4%.

“We’re committed to maintaining cash stability there at a point where it’s self-sustaining. That means not needing any capital from outside,” GM CFO Paul Jacobson said at an auto conference organized by J.P. Morgan. Continue reading “GM says it is committed to China operations despite challenges”

NEW YORK, (Reuters) – The investment firm that owns Les Schwab Tire Centers is exploring options including a sale of the tire retail chain that could value it at more than $7 billion, including debt, people familiar with the matter said on Thursday.

Meritage Group has tapped investment bankers at Goldman Sachs to launch a sale process for Les Schwab Tire that is expected to garner interest from private equity firms and other tire retailers, said the sources, who requested anonymity as the discussions are confidential. Continue reading “Exclusive: Les Schwab Tire’s owner explores sale valuing it at over $7 billion, sources say”

(Reuters) – Archer Aviation on Thursday announced an agreement-in-principle with Stellantis under which the automaker would bear up to $370 million of labor-related costs to support a planned ramp-up of the air-taxi maker’s aircraft.

The funding will give Archer access to much-needed capital to fund the production of its flagship ‘Midnight’ aircraft to 650 units annually. The company had cash and cash equivalents of $360.4 million at the end of June. Continue reading “Archer says Stellantis to help fund some air-taxi production costs”

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SEOUL, (Reuters) – South Korea’s environment ministry said on Thursday it plans to hold an emergency meeting next week to discuss fires involving electric vehicles (EVs), including a blaze that caused extensive damage, and draw up measures to prevent such incidents.

The ministry said the land and industry ministries will join Monday’s meeting as well as other state bodies, such as the National Fire Agency, adding that the government planned to announce comprehensive measures regarding EV fires soon. Continue reading “South Korea to hold emergency meeting after EV fires raise safety concerns”

MEXICO CITY, (Reuters) – MG Motor plans to build a manufacturing plant and a research and development center in Mexico, the carmaker said on Wednesday, adding that it would bring the additional benefit of gleaning market intelligence specific to Latin America.

The firm joins other electric-vehicle makers with plans to build plants in Mexico, the United States’ largest trade partner, such as BYD and Tesla, although the latter recently put its plans on hold. Continue reading “MG Motor to build manufacturing plant, R&D center in Mexico”

BANGKOK, (Reuters) – Thailand has approved incentives for joint ventures (JV) between Thai and foreign companies to manufacture automotive parts for vehicles using all types of propulsion systems, its Board of Investment said on Thursday.

Thailand is Southeast Asia’s biggest autos production centre and an export base for some of the world’s top carmakers. The government is heavily promoting investments in electric vehicles in particular, with incentives to lure major firms. Continue reading “Thailand approves incentives for auto parts joint ventures”

(Reuters) – BMW is recalling 105,558 crossovers and sedans in the U.S. and will issue a software update to fix concerns related to a starter motor that can overheat, the National Highway Traffic Safety Administration said on Thursday.

The recall affects various models, including some X5, X7, 3 and 7 Series models. Continue reading “BMW to recall over 100,000 US vehicles over starter motor concern”

BEIJING, (Reuters) – Half of all vehicles sold in China in July were either new pure electric vehicles (EV) or plug-in hybrids, industry data showed, a milestone that underscores how far the world’s biggest auto market has leapt ahead of Western counterparts in EV adoption.

Sales of so-called new energy vehicles (NEVs) jumped 37% last month from the same period a year earlier, accounting for a record 50.7% of car sales, data from the China Passenger Car Association (CPCA) showed. Continue reading “China auto market hits milestone as EVs, hybrids make up half of July sales”

Summary

• EV maker expects Q3 deliveries to dip sequentially
• Sees cost reduction of factory upgrades in second half of 2024

(Reuters) – Rivian on Tuesday stuck to its forecast that production would not rise this year and said deliveries in the third quarter would be slightly lower, as the EV maker races to rebuild inventory after a factory shutdown in April designed to cut costs. Continue reading “Rivian sticks to flat production outlook for 2024, expects deliveries dip in Q3”

(Reuters) – Lyft’s shares tanked 16% on Wednesday after a soft forecast for the key summer quarter stirred worries that it may be losing ground to rival Uber.

Shares fell to an eight-month low of $9.20 in early trading, setting Lyft on track to lose over $700 million in stock market value. Continue reading “Lyft’s soft forecast fans worries of losing ground to Uber, shares tank”

DETROIT, (Reuters) – U.S. presidential candidate Kamala Harris clinched the United Auto Workers’ endorsement last week, but a tough task still lies ahead: earning the support of its nearly 400,000 members.

Democrats have been energized by Harris’ candidacy after President Joe Biden ended his re-election campaign following a poor June debate. Polls show her with a small national lead over Republican Donald Trump for the Nov. 5 election, but securing UAW members’ votes in the battleground state of Michigan could be key in what is expected to be a tight race with the former president. Continue reading “The UAW endorsed Harris for president. Will it help her win Michigan?”

DETROIT, (Reuters) – United Auto Workers President Shawn Fain on Wednesday criticized Republican presidential candidate Donald Trump’s ties to billionaire Elon Musk while campaigning for Democratic Vice President Kamala Harris.

Musk endorsed Trump for November’s election after the former president survived an assassination attempt in July. Later that month, the Wall Street Journal reported Musk planned to commit around $45 million a month to a new pro-Trump super political-action committee. However, after that report’s publication, both Musk and Trump said the Tesla CEO never pledged any such donation. Continue reading “UAW chief criticizes Trump ties to Musk while campaigning for Harris”

TOKYO, (Reuters) – Japan’s Honda Motor reported a 23% increase in first-quarter profit on Wednesday as the automaker benefited from a weaker yen, higher pricing and growing hybrid vehicle sales in the U.S. and its home market.

Japan’s second-biggest carmaker said quarterly operating profit totalled 484.7 billion yen ($3.3 billion) in the April-June period, compared with an average estimate of 472.4 billion yen in a poll of seven analysts by LSEG. Continue reading “Honda Q1 profit jumps 23%, helped by hybrid vehicle sales”

(Reuters) – U.S. auto safety regulator has opened a preliminary evaluation into 77,131 Nissan vehicles over reports of an issue with the steering tie rod, it said on Wednesday.

The National Highway Traffic Safety Administration said the probe would involve Nissan’s 2021 Rogue crossover models, adding that it launched the investigation after reports of inner tie rod failures resulting in a loss of steering control. Continue reading “US auto regulator opens probe into more than 77,000 Nissan SUVs”

WUHAN, (Reuters) – Liu Yi is among China’s 7 million ride-hailing drivers. A 36-year-old Wuhan resident, he started driving part-time this year when construction work slowed in the face of a nationwide glut of unsold apartments.

Now he predicts another crisis as he stands next to his car watching neighbours order driverless taxis. Continue reading “China’s drivers fret as robotaxis pick up pace – and passengers”

Source : PTI | New Delhi: Apollo Tyres on Wednesday said its consolidated net profit declined by 24% to INR 302 crore for the first quarter ended June 30, 2024 on account of lower sales and escalation in raw material cost. The company had reported a net profit of INR 397 crore in the April-June quarter of the last fiscal.

Revenue from operations for the quarter under review stood at INR 6,335 crore, as against INR 6,245 crore in the year-ago period, Apollo Tyres said in a statement. Continue reading “Apollo Tyres Q1 net dips 24% at INR 302 cr”

DETROIT, (Reuters) – U.S. presidential candidate Kamala Harris clinched the United Auto Workers’ endorsement last week, but a tough task still lies ahead: earning the support of its nearly 400,000 members.

Democrats have been energized by Harris’ candidacy after President Joe Biden ended his re-election campaign following a poor June debate. Polls show her with a small national lead over Republican Donald Trump for the Nov. 5 election, but securing UAW members’ votes in the battleground state of Michigan could be key in what is expected to be a tight race with the former president. Continue reading “The UAW endorsed Harris for president. Will it help her win Michigan?”

(Reuters) – The National Transportation Safety Board said it is opening an investigation after an SUV in Belle Glade, Florida, drove into a canal late on Monday resulting in at least nine deaths, including six children.

The Palm Beach County Sheriff’s Office said four people died at the scene and five died after being transported to a local hospital. Continue reading “US safety board opening probe into Florida SUV accident that killed 9”

BEIJING, (Reuters) – Tesla is performing a remote recall of 1.7 million vehicles in China with an over-the-air software update, the state market regulator said on Tuesday.

The recall in Tesla’s second-largest market involves imported Model S and X vehicles and China-made Model 3 and Y vehicles that could fail to detect when the front trunk lid is unlocked, resulting in potential safety hazards, the State Administration for Market Regulation said in a statement. Continue reading “Tesla to fix 1.7 mln vehicles in China, says market regulator”

(Reuters) – Alphabet’s Waymo is expanding its autonomous ride-hailing service areas in San Francisco and Los Angeles to cater to growing demand from customers, the company said on Tuesday.

The announcement comes as rivals such as General Motors and Amazon.com’s Zoox are investing heavily in driverless cars to drive commercial success, even as regulatory scrutiny remains tight. Continue reading “Waymo to expand autonomous ride-hailing service areas in Los Angeles, San Francisco”

Summary

• EV maker expects Q3 deliveries to dip sequentially
• Sees cost reduction of factory upgrades in second half of 2024

(Reuters) – Rivian on Tuesday stuck to its forecast that production would not rise this year and said deliveries in the third quarter would be slightly lower, as the EV maker races to rebuild inventory after a factory shutdown in April designed to cut costs. Continue reading “Rivian sticks to flat production outlook for 2024, expects deliveries dip in Q3”

Source : PTI | New Delhi: After reporting record profits, state-owned fuel retailersIndian Oil Corporation (IOC), BPCL and HPCL posted up to 90% slump in their June quarter earnings as margins fell and they booked under-recovery on the sale of domestic cooking gas LPG at government-controlled rates.

IOC, the nation’s largest oil firm, reported a 81% drop in standalone net profit in April-June — the first quarter of current 2024-25 fiscal year — to INR 2,643.18 crore as opposed to a profit of INR 13,750.44 crore a year back, according to a company filing. Net profit also declined sequentially, when compared to an earning of INR 11,570.82 crore in the March quarter. Continue reading “After record profits, state-owned fuel retailers see up to 90% slump in June quarter earnings”

(Reuters) – German machine and car parts maker Schaeffler AG reported on Tuesday an almost 30% drop in second quarter core profit, hit by a slump in earnings in its bearings and industrial solutions division, particularly in Europe and China.

Earnings in the industrial solutions business slid 67.7% from a year earlier, dragging down group-wide earnings before interest, taxes and special items, which fell 29.4% from a year earlier to 204 million euros ($223.07 million) for the quarter. Continue reading “Schaeffler’s second quarter profit falls almost 30%”

BEIJING, (Reuters) – Chinese technology conglomerate Huawei and BAIC Motor on Tuesday launched their first jointly developed electric vehicle (EV).

Prices for the Stelato S9 sedan start at 399,800 yuan ($55,925.47). Continue reading “China’s Huawei and BAIC Motor launch first jointly developed EV”

NAIROBI, (Reuters) – Kenya’s Mobius Motors, which started making rugged, low-priced SUVs designed for Africa’s roads a decade ago, has decided to stop operating due to financial challenges, a company statement and a shareholder source said on Tuesday.

Mobius, founded by a London-born investor who experienced the continent’s bumpy roads while working for a forestry company in Kenya, found tax hikes in the East African country meant its business model was no longer sustainable, the source at one of the company’s shareholders told Reuters. Continue reading “Kenya’s Mobius, maker of rugged cars for African roads, calls it a day”

(Reuters) – Uber’s second-quarter results beat Wall Street estimates on the back of steady demand for its ride-sharing and food-delivery services, sending the company’s shares up 5% on Tuesday.

With more people returning to offices and stepping out of their homes, ride-sharing demand has got a boost in the past several months, benefiting companies such as Uber and rival Lyft. Continue reading “Uber’s second-quarter results beat on ride-sharing demand”

• Volkswagen India expands its footprint in Kerala with the inauguration of city stores in Calicut, Trivandrum, Kochi, alongside an additional body shop facility in Kochi and two more Sales & Service facilities at Kodungallur & Palakkad that were inaugurated this year
• Volkswagen introduces Onam Edition, a special celebratory edition for the Taigun and Virtus that will feature Front Parking Sensors, Dual Tone Horn, Puddle Lamps, TSI Fender Badge and more
• The brand’s presence in Kerala expands further with the new touchpoint additions. Volkswagen now has 21 sales and 16 service touchpoints located across the state
• The newly inaugurated city stores in Calicut, Trivandrum, and Kochi will showcase the brand’s premium product portfolio, including the 5-star GNCAP rated Virtus and Taigun, as well as the globally-acclaimed Tiguan
• The new body shop facility in Kochi features 11 service bays and offers fullfledged body repair facilities
• These new customer touchpoints will be managed by a total of more than 110 trained sales and service executives

Mumbai: Volkswagen India continues to strengthen its network footprint in the state of Kerala with the inauguration of six new customer touchpoints. Expanding its presence in key markets across the state, the new touchpoints include city stores in Calicut, Trivandrum, and Kochi, as well as a new body shop facility in Kochi. Continue reading “Volkswagen India expands its network in Kerala with the inauguration of six new touchpoints”

TOKYO, (Reuters) – Japan’s Honda Motor will report consolidated first-quarter operating profit of more than 450 billion yen ($3.17 billion), boosted by strong U.S. hybrid vehicle sales, the Nikkei newspaper reported on Monday.

A Honda spokesperson said the information was speculation by Nikkei, adding that it was not something the company had released. Continue reading “Honda quarterly operating profit to top $3 bln, Nikkei reports”

(Reuters) – Lucid Group said on Monday its largest shareholder, Saudi Arabia’s Public Investment Fund, will inject up to $1.5 billion in cash, as the electric vehicle maker looks to ramp up production of a new SUV.

The EV maker’s shares jumped about 6% in extended trading after closing down 3.9% in the regular session. Continue reading “Lucid gets up to $1.5 bln in funding ahead of electric SUV rollout”

Source : PTI | Bengaluru-headquartered electric vehicle startup River Mobility Pvt Ltd backed by marquee investors Yamaha Motor Corp, Mitsui & Company Ltd, aims to open 100 showrooms by March 2026, a top official said. The company under its expansion drive inaugurated its first store in Chennai and plans to open 15 more stores by November and 50 stores by March 2025 Chief Executive Officer, Co-Founder Aravind Mani said here.

“We are very excited about the Chennai store. We have a lot of people from Tamil Nadu working in our facility (located outside Bengaluru). Chennai is a big EV market. The first store in Chennai is also the company owned operated store,” Mani told PTI.

Continue reading “River Mobility on expansion mode; aims to open 100 stores by March 2026”

Source : PTI | Classic Legends, a subsidiary of Mahindra and Mahindra Ltd, and retailers of Jawa and Yezdi range of motorcycles in India has announced plans to open 200 retail showrooms every year, a top official said on Saturday. Classic Legends was also gearing up to launch the popular BSA range of motorcycles on August 15, company CEO Ashish Singh Joshi said here, after inaugurating a new outlet ‘Swastik Motors’ spread across 6,000 sq ft at Mount Poonamallee, dubbed as the largest showroom in the country.

“We have about 450 dealerships currently. We have planned to take it up to 600 by this financial year. If you compare this with anybody else, we still have a long way to go. For the next few years, we will keep on adding 200 odd (showrooms) every year.” he told reporters. Continue reading “Classic Legends to open 200 Jawa-Yezdi showrooms every year”

WASHINGTON, (Reuters) – The U.S. Commerce Department is expected to propose barring Chinese software in autonomous and connected vehicles in the coming weeks, according to sources briefed on the matter.

The Biden administration plans to issue a proposed rule that would bar Chinese software in vehicles in the United States with Level 3 automation and above, which would have the effect of also banning testing on U.S. roads of autonomous vehicles produced by Chinese companies. Continue reading “US expected to propose barring Chinese software in autonomous vehicles”

(Reuters) – Canada’s Magna International missed analysts’ estimates for second-quarter results, hurt by production being stopped for certain vehicles and lower volumes of automobiles assembled, sending the auto parts supplier’s shares down about 2%.

The company, which counts BMW, Mazda and Ferrari as customers, produces parts and builds vehicles at its complete vehicle manufacturing unit for various automakers. Continue reading “Auto parts supplier Magna’s quarterly results miss on fewer vehicle assemblies”