ANKARA, July 14 (Reuters) – Turkey expects at least one global electric car producer to invest in the country by the end of this year, Industry Minister Fatih Kacir said.

“There is significant interest by global brands for the production of electric cars in Turkey. Turkey’s membership in the European Union’s customs union is still a big advantage for many global brands,” Kacir told reporters on Thursday in comments embargoed until Friday. Continue reading “Turkey expects global electric car producer to invest this year, minister says”

HANOI, July 14 (Reuters) – Shareholders of Black Spade Acquisition (BSAQ.A), a special purpose acquisition company (SPAC) that has plans to merge with Vietnam’s electric automaker VinFast to allow a U.S. listing, have redeemed over 80% of their shares, the SPAC said on Friday.

The move represents a new setback for VinFast, which had initially planned a U.S. listing on its own and has struggled to start production and ramp up sales outside Vietnam. Continue reading “Investors in VinFast’s SPAC cash out most shares”

SHANGHAI, July 14 (Reuters) – Several workers at Tesla’s (TSLA.O) Shanghai plant, its biggest manufacturing hub globally by output, said they had been awarded a large increase in their latest quarterly performance bonuses.

The workers said they welcomed the award after the U.S. electric automaker had cut bonuses for many staff in the previous quarter. Continue reading “Tesla’s Shanghai factory workers welcome bonus increase after record deliveries”

DETROIT, July 13 (Reuters) – United Auto Workers President Shawn Fain is not a shouter. When he addresses union members in Facebook videos, or appears in public, he rarely raises his voice.

But what Fain tells UAW members and the language he uses to frame the union’s goals represent the most aggressive challenge in three decades to the labor status quo at unionized Detroit automakers General Motors (GM.N), Ford (F.N) and Stellantis (STLAM.MI). Continue reading “A US auto union president who accepts ‘no limits’”

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Volkswagen Taigun Gets 5 Stars, Jeep Renegade Scores 1 Star in Latin NCAP Crash Tests car&bike

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Auto Industry Performance of June-2023 WAF Continue reading “WAF Auto News | The Auto World This Week (14th July 2023)”

BENGALURU, July 13 (Reuters) – Tesla (TSLA.O) is discussing an investment proposal with the Indian government to set up a factory with an annual capacity to produce about half a million electric vehicles, the Times of India reported on Thursday, citing government sources.

The company, led by billionaire Elon Musk, is also looking at using India as an export base to ship cars to countries in the Indo-Pacific region, the report said. Continue reading “Tesla looking to make about half million EVs annually in India, Times of India reports”

BEIJING/SHANGHAI, July 13 (Reuters) – Mitsubishi Motors’ (7211.T) joint venture with China’s Guangzhou Automobile Group (GAC) (601238.SS) on Thursday said it would cut staff costs in an attempt to turn the company around after sharp sales declines for sport utility vehicles (SUV) like the Outlander.

In a statement issued by GAC, the state-owned automaker said it would look to “optimise” its employment as part of an effort to rescue and transform the venture. Continue reading “Mitsubishi’s China JV to cut staff costs after SUV sales dive”

BERLIN, July 13 (Reuters) – German auto supplier Bosch will invest almost 2.5 billion euros ($2.8 billion) in hydrogen fuel cell technology from 2021 to 2026 and expects to generate roughly 5 billion in sales from it by 2030, the company said on Thursday.

The planned investment was one billion euros more than earmarked in its previous investment plan for 2021-2024, the statement added. Continue reading “Bosch ups investment in hydrogen, begins fuel-cell power module production”

STOCKHOLM, July 13 (Reuters) – Swedish automotive safety gear group Autoliv (ALV.N), said on Thursday its planned factory closures would most likely be in Elmshorn, Germany, and Congleton, Britain, as part of its cost cutting.

The company, which counts many of the world’s top automakers among its customers, announced in early June that it intended to cut 11% of its total workforce and shut down several undisclosed factories in Europe. Continue reading “Autoliv says planned factory closures likely in Germany, UK”

MILAN, July 13 (Reuters) – Stellantis will build the new Jeep Compass, one of the carmaker’s bestsellers in Europe, as the fifth model for its Melfi plant in southern Italy, two sources close to the matter told Reuters on Thursday.

The new model will be a development from the Compass SUV the Franco-Italian group currently produces in Melfi, one of its main assembly sites in the country. Continue reading “Stellantis to build new Jeep Compass as fifth model in Melfi – sources”

WASHINGTON, July 12 (Reuters) – U.S. regulators will soon decide on a petition filed by General Motors’ (GM.N) Cruise self-driving technology unit seeking permission to deploy up to 2,500 self-driving vehicles annually without human controls, a top auto safety official said on Wednesday.

The petition, filed in February 2022, seeks government approval to deploy vehicles annually without steering wheels, mirrors, turn signals or windshield wipers. National Highway Traffic Safety acting Administrator Ann Carlson said Wednesday the agency “will issue a decision “in the coming weeks.” Continue reading “US to decide on GM request to deploy self-driving cars”

July 12 (Reuters) – The United Auto Workers (UAW) union will start contract talks with the Detroit Three automakers beginning Thursday, ahead of the mid-September expiration of current four-year labor deals.

UAW’s leaders are set to forgo the traditional media event of shaking hands with top executives at General Motors (GM.N), Ford (F.N) and Stellantis (STLAM.MI) to open talks. The union leaders plan to meet with auto workers on Wednesday at three Detroit-area plants. Continue reading “Explainer: Auto industry on tenterhooks as UAW kicks off talks with ‘Detroit Three’”

July 12 (Reuters) – Kia (000270.KS) said on Wednesday it will invest more than $200 million in its assembly plant in the U.S. state of Georgia to begin production of its electric EV9 SUV next year.

The Korean automaker said the company will add about 200 jobs to build the three-row SUV alongside four other models at the West Point, Georgia, plant. It will be the first Kia electric vehicle assembled in North America and comes as automakers are shifting away from gas-powered vehicles. Continue reading “Kia to invest $200 million in US plant, build EV9 SUV in 2024”

SHANGHAI, July 12 (Reuters) – Germany’s Audi is in talks with SAIC Motor Corp (600104.SS) to buy an electric vehicle platform from the Chinese state-owned automaker, two people familiar with the matter said, an unprecedented effort to shore up market share.

The move, coming as sales of Audi’s EV products fall sharply behind those of Tesla and domestic competitors such as Nio, spotlights the pressure on all legacy and Western brands in the world’s largest auto market, as they battle over EVs. Continue reading “Audi in talks to buy Chinese automaker SAIC’s EV platform -sources”

SEOUL, July 12 (Reuters) – LG Electronics (066570.KS) said on Wednesday it is targeting 100 trillion won ($77 billion) in sales by 2030 and plans some 50 trillion won of investment as the South Korean company announced its future strategy.

It plans to become a global top 10 company in vehicle components by more than doubling revenue to 20 trillion won by 2030, while strengthening service platforms on its home appliance and TV businesses that generate recurring profits, such as media subscriptions and rentals. Continue reading “LG Electronics targets $77 billion in sales by 2030, holds high hopes for vehicle components”

TOKYO, July 12 (Reuters) – Japan’s second-biggest steelmaker JFE Holdings Inc (5411.T) sees usage of technology known as ‘Gigacasting’ as a risk to the company’s business as it could lead to reduction of steel usage, its President Koji Kakigi told reporters.

Toyota Motor (7203.T), the world’s top-selling automaker, became the latest car producer planning to adopt ‘Gigacasting’ – house-sized aluminium die-casting machines able to produce aluminium parts far bigger than anything used before in auto manufacturing. Continue reading “Japan steelmaker JFE says Tesla-pioneered tech poses ‘very big problem’ for it”

SEOUL, July 12 (Reuters) – Unionised workers at Hyundai Motor Co (005380.KS) in South Korea plan to hold a four-hour strike on Wednesday to show solidarity with its umbrella union’s general strike, a spokesperson for Hyundai Motor’s South Korean union said.

The union plans to strike for two hours in the morning and another two hours in the afternoon. Continue reading “Hyundai Motor union to stage strike in South Korea on Wednesday”

FRANKFURT, July 12 (Reuters) – Germany is set to hold on to its hydrogen economy goals up to 2030 and beyond while pressing for speed and allowing greater leeway in transitioning from fossil fuels-based variants to renewables, a draft paper showed on Wednesday.

Europe’s biggest economy wants to produce, import and market clean hydrogen, derived from carbon-free wind and solar power, as a future energy source to meet climate targets and lessen dependency on imported raw materials. Continue reading “Germany more flexible on hydrogen transition, emphasises speed – draft”

Vehicle loans outstanding increased by 22% year-on-year to INR 5.09 lakh crore in May, notwithstanding the Reserve Bank’s rate hike spree in 2022-23. As per the latest RBI data, the total vehicle loan outstanding climbed from INR 3.65 lakh crore in May 2021 to INR 4.16 lakh crore in May 2022, and further to INR 5.09 lakh crore as of May 19, 2023.

The annual rise in loan outstanding was only 14% in May 2022. Continue reading “Vehicle loans outstanding rise 22% in May despite high interest rates”

Source : PTI | The government on Tuesday issued the draft notification mandating installation of air-conditioning systems in the cabins of trucks, a move which will improve working conditions of truck drivers in India. The draft notification seeks to mandate installation of air-conditioning system in cabins of motor vehicles belonging to categories N2 and N3, manufactured from January 1, 2025 onwards.

“The performance testing of the cabin fitted with air-conditioning system shall be as per IS 14618: 2022, as amended from time to time,” the notification dated July 10 said. Continue reading “MoRTH seeks stakeholder input on mandatory air-conditioning in truck cabins”

DETROIT, July 11 (Reuters) – The U.S. electric vehicle market is growing, but not fast enough during the latest quarter to prevent unsold EVs from stacking up at some automakers’ dealerships or to allow Tesla to avoid new price cuts, according to analysts and industry data.

Rising inventories and price-cutting could represent only a short-term pause in EV market growth. But they could be signals that boosting U.S. EV sales above the current 7% market share level will be more costly and difficult than expected, even with federal and state subsidies. Continue reading “US EV market struggles with price cuts and rising inventories”

SAN FRANCISCO, July 11 (Reuters) – Texas again deferred a vote on grants of federal funds to build electric vehicle chargers to Aug. 16 amid pushback from some charging companies over its plan to include Tesla’s (TSLA.O) technology in charging stations, according to three sources.

A spokesperson at Texas’ department of transportation confirmed that the issue was removed from the agency’s July agenda “at the discretion of the commissioners” but said the agenda for the August meeting had not been finalized. Continue reading “Texas defers decision on EV charging funds amid industry pushback on Tesla plugs – sources”

July 11 (Reuters) – The head of the United Auto Workers, which represents 150,000 U.S. hourly workers at General Motors (GM.N), Ford Motor (F.N) and Chrysler-parent Stellantis (STLAM.MI), said the union is not afraid to strike any of the automakers without a fair contract.

“The Big Three is our strike target. And whether or not there’s a strike, it’s up to Ford, General Motors and Stellantis,” UAW President Shawn Fain said Tuesday in online remarks. Continue reading “UAW president says union prepared to strike Detroit Three”

WASHINGTON, July 11 (Reuters) – Chrysler-parent Stellantis has warned 29,000 owners of 2003 Dodge Ram pickups to immediately stop driving pending repairs after one person was killed when a Takata air-bag inflator exploded.

The fatality in May is the first reported involving a Takata passenger-side bag, the National Highway Traffic Safety Administration (NHTSA) said in a statement. The “Do Not Drive” warning applies to 29,000 2003 Dodge Ram pickups believed on the road, the automaker said. Continue reading “New air bag death prompts ‘Do Not Drive’ warning for 2003 Dodge Ram pickups”

July 11 (Reuters) – Faraday Future Intelligent Electric (FFIE.O) said on Tuesday its interim finance chief has resigned and the company will restate its financial statements for 2022 and the quarter ended March 2023 after it uncovered some errors, highlighting continued turmoil at the electric vehicle firm.

The company, which had raised going-concern doubts last year, appointed outsider Jonathan Maroko as its new interim chief financial officer, effective July 24. Maroko replaces Yun Han, who will transition to the role of chief accounting officer. Continue reading “Faraday Future interim CFO resigns, firm to restate certain financial reports”

Source : PTI | The tweak in the definition of an SUV for attracting a cess over and above the GST rate will provide clarity on the taxation structure for utility vehicles, ensuring that the rate entry is more precise leaving little room for interpretation on the ambit of ground clearance, auto industry experts said on Tuesday. The Goods and Services Tax (GST) Council decided that the definition of an SUV will include only the length (4 metres and above), engine capacity (1,500 cc and more), and ground clearance (unladen ground clearance of 170 mm and more).

Automobiles are taxed at 28 % GST, with additional cess ranging from 1 % to 22 % depending on the type of vehicle. SUVs attract the highest GST at the rate of 28 % along with a compensation cess at 22 %. Continue reading “Auto industry says tweaked definition of SUV will provide clarity on taxation structure”

New Delhi 12^th July 2023 | Monthly Performance: June 2023

Production: The total production of Passenger Vehicles1, Three Wheelers, Two Wheelers, and Quadricycle in June 2023 was 20,24,703 units

Domestic Sales:

• Passenger Vehicles2 sales were 3,27,487 units in June
• Three-wheeler sales were 53,019 units in June 2023
• Two-wheeler sales were 13,30,826 units in June 2023

Continue reading “Auto Industry Performance of June-2023”

TOKYO, July 11 (Reuters) – Toyota Motor (7203.T) will focus on selling hydrogen-powered trucks and cars in Europe and China, as part of a push to sell 200,000 of these vehicles by 2030, executives said on Tuesday.

The decision marks a shift in focus for the Japanese automaker, a major backer of hydrogen fuel-cell vehicles as an alternative to electric vehicles. Until now Toyota’s focus has been on passenger cars and the North American market, an approach that had stalled. Continue reading “Toyota targets Europe, China in hydrogen sales pivot”

WASHINGTON, July 11 (Reuters) – U.S. auto safety investigators on Tuesday said they are opening an investigation into 346,000 Ford (F.N) Escape sport utility vehicles because a weld in the door assembly may fail, potentially resulting in a door inadvertently opening while driving.

The National Highway Traffic Safety Administration has received 118 questionnaires alleging a failure of the spot welds in the check arm bracket for the front doors in 2020-21 model year Ford Escape vehicles. Continue reading “U.S. investigates 346,000 Ford Escape SUVs over door issues”

July 11 (Reuters) – China’s Geely Automobile Holdings (0175.HK) and French car maker Renault SA (RENA.PA) on Tuesday said they will invest up to 7 billion euros ($7.71 billion) in a new equally held joint venture to develop gasoline engines and hybrid technology for automobiles.

The JV is aimed at manufacturing more efficient internal combustion engines and hybrid systems at a time when the focus of much of the automobile industry has been on the capital-intensive transition to purely electric vehicles. Continue reading “Geely, Renault strike deal to develop gasoline engines, hybrid technology”

SAN FRANCISCO, July 11 (Reuters) – Tritium DCFC (DCFC.O) said on Tuesday it had won an order from Hawaii to make high-speed electric vehicle chargers – the first funds to roll out in a federal program meant to blanket the country with charging infrastructure and boost EV adoption.

The U.S. government plans to dole out $5 billion to states over five years as part of the National Electric Vehicle Infrastructure Program (NEVI) to electrify highways and interstates with 500,000 chargers. Continue reading “EV charger maker Tritium wins order from Hawaii under federal funding program”

July 10 (Reuters) – The United Auto Workers union said on Monday it will open contract talks with Detroit’s Big Three automakers starting on Thursday, ahead of the mid-September expiration of the current four-year labor deal.

The union said talks will open on Thursday with Chrysler-parent Stellantis (STLAM.MI), on Friday with Ford Motor (F.N) and on July 18 with General Motors (GM.N) on agreements covering about 150,000 U.S. workers. Continue reading “UAW to open contract talks with Detroit Three automakers on Thursday”

July 10 (Reuters) – The group representing China’s auto manufacturers has retracted a pledge to avoid “abnormal pricing” that it had brokered between 16 automakers, including Tesla (TSLA.O), breaking off a truce in a brutal price war over electric vehicles.

The China Association of Auto Manufacturers (CAAM) said in a statement on Saturday it recognised the agreement had violated China’s antitrust law and would retract it. Continue reading “Explainer: What’s behind China’s failed ‘truce’ in EV price war?”

NEW YORK, July 10 (Reuters) – Investors are piling into bullish options bets on the shares of Rivian Automotive (RIVN.O), with some market participants saying the buying has helped the electric vehicle (EV) maker’s stock notch a record nine-day winning streak.

Rivian shares, which took off last week after the company reported better-than-expected quarterly vehicle deliveries, have risen 83% over the last eight trading sessions. Some 831,000 Rivian options contracts traded on Monday, or two times its average daily volume. Continue reading “Rivian options buyers may be helping drive stock higher”

Source : PTI The GST Council at its meeting today is likely to deliberate on a host of issues including taxation of online gaming, definition of utility vehicles and tightening of norms for registration and claiming ITC. The Council, chaired by Union finance minister and comprising state representatives, is also likely to clarify on GST rates applicable on food and beverages sold in multiplexes, exempt GST on import of cancer drug Dinutuximab, and Food for Special Medical Purposes (FSMP) used in the treatment of rare diseases. Continue reading “GST Council to decide on definition of MUVs; tighten norms for registration”

Source : PTI French automaker Renault is looking to re-enter the robustly growing mid-sized SUV segment in India as it gears up to drive in three new models in the country by 2025, as per a top company official. The automaker, which sells three models in the domestic market, aims to introduce two internal combustion models and one electric vehicle by 2025. Continue reading “Renault India gearing up to re-enter mid-sized SUV segment”

Source : PTI Engineering company Tube Investments of India Ltd is looking to tap a huge opportunity for electric tractors in agriculture and e-trucks in commercial vehicles as it eyes a larger presence in the electric vehicle segment. The company, part of the diversified conglomerate Murugappa Group, is currently engaged in the manufacturing of e-tractors at its facility in Apex Park in Chennai and for e-trucks in Manesar in Haryana, Executive Chairman M A M Arunachalam said. Continue reading “Huge opportunity in electric tractors, trucks segment: Tube Investments of India”

AIX-EN-PROVENCE, France, July 9 (Reuters) – European firms are concerned they could get caught in the cross-fire of rising economic rivalry between the United States and China, with some officials at a French business conference also frustrated at Europe’s slowness in crafting a response.

Rising trade tensions between the two superpowers are adding to the problems facing politicians and executives as they face a European economy operating at close to standstill, and guessing whether to prepare for a hard or soft landing. Continue reading “European firms look for footing in China-U.S. spat, French execs say”

July 10 (Reuters) – The group representing China’s auto manufacturers has retracted a pledge to avoid “abnormal pricing” that it had brokered between 16 automakers, including Tesla (TSLA.O), breaking off a truce in a brutal price war over electric vehicles.

The China Association of Auto Manufacturers (CAAM) said in a statement on Saturday it recognised the agreement had violated China’s antitrust law and would retract it. Continue reading “Explainer: What’s behind China’s failed ‘truce’ in EV price war?”

SHANGHAI, July 10 (Reuters) – General Motors Co (GM.N) on Monday cut the starting price for the Cadillac Lyriq in China by almost 14%, joining Volkswagen in a new round of electric vehicle price reductions in a market where global automakers are under pressure.

The Lyriq, a luxury crossover based on GM’s Ultium EV architecture, is now priced from 379,700 yuan ($52,466) from 439,700 yuan ($60,784) previously, according to GM’s China website. Continue reading “GM cuts Lyriq EV price in China by 14% after VW discounts”