TOKYO, May 10 (Reuters) – A trio of European asset managers has submitted a shareholder proposal urging Toyota Motor Corp (7203.T) to improve disclosure of its lobbying on climate change, likely the first time such a resolution will go before the Japanese automaker’s investors.

The move by the three funds, which collectively hold shares in the world’s biggest automaker worth around $400 million, highlights the pressure new chief executive Koji Sato faces from green investors and climate activists over the company’s environmental lobbying.

Continue reading “Toyota shareholders submit proposal on climate disclosure, in test for new CEO”

JAKARTA, May 10 (Reuters) – Sales of electric cars in Indonesia jumped last month after the government launched tax incentives, auto executives said, in an early sign that electric vehicle (EV) adoption is gaining traction in Southeast Asia’s largest economy.

Effective from April, Indonesia cut the value-added tax (VAT) on electric cars from 11% to just 1%, provided they are manufactured with at least 40% local content.

Continue reading “Indonesia tax cut drives electric car sales for Hyundai, Wuling”

PTI – “Media reports published in various newspapers regarding the finding of large lithium reserves by the Geological Survey of India (GSI), in Degana area, Nagaur district, Rajasthan are completely baseless and misleading,” the survey organisation said.

NEW YORK, May 9 (Reuters) – EV makers Fisker Inc (FSR.N), Nikola Corp (NKLA.O) and Lucid Group (LCID.O) disappointed investors with dull quarterly results and production target cuts, sending their shares lower on Tuesday and deepening worries about weak demand and an ongoing price war.

EV market leader Tesla Inc’s (TSLA.O) move to slash prices and increase volume, as well as lower-priced electric models launched by traditional automakers have hurt startups including Lucid.

Continue reading “Lackluster results, production target cuts deepen EV start-up gloom”

May 9 (Reuters) – Rivian Automotive Inc (RIVN.O) on Tuesday beat Wall Street estimates for quarterly revenue as it sold more higher-priced electric vehicles, and stood by its annual production forecast of 50,000 cars.

Shares in Rivian, which also cut costs during the January-March period, rose about 6% in extended trading as investors cheered its results that followed Lucid Group Inc (LCID.O) and Fisker Inc (FSR.N) trimming their production targets.

Continue reading “Rivian beats quarterly revenue estimates on higher-priced EV sales”

BERKELEY, California, May 9 (Reuters) – Tesla (TSLA.O) said on Tuesday that its Texas factory achieved production of 5,000 Model Y vehicles per week, meaning that it would be able to produce about 260,000 of the vehicles annually.

Tesla’s Texas factory has an annual capacity of at least 250,000 vehicles.

Continue reading “Tesla says its Texas factory hits output of 5,000 Model Ys per week”

WASHINGTON, May 9 (Reuters) – An auto trade group warned on Tuesday that aggressive U.S. targets for reductions in vehicle emissions may rely on a too rapid transition to electric vehicles (EVs) and pose significant challenges with manufacturing and supply chains.

The U.S. Environmental Protection Agency (EPA) has proposed sharp emissions cuts that it estimates would result in 60% of new vehicles by 2030 being electric and 67% by 2032.

Continue reading “Automakers say proposed US emissions rules pose challenges”

PTI – The share of digital has grown to 30-32 per cent of the overall spends now, Maruti Suzuki India Executive Director for Marketing Ram Suresh Akella told PTI on the sidelines of an event hosted by social media giant Meta.

LONDON, May 9 (Reuters) – Ford Motor Co (F.N) said on Tuesday it will test a small fleet of prototype hydrogen fuel-cell versions of its electric E-Transit model to see if they are a workable zero-emission option for customers hauling heavy goods long distances.

Ford will lead a consortium in the three-year project that includes BP (BP.L), which will focus on hydrogen and infrastructure, and British online supermarket and technology group Ocado (OCDO.L).

Continue reading “Ford to test small UK fleet of hydrogen fuel cell E-Transit vans”

BERLIN, May 9 (Reuters) – Porsche (P911_p.DE) will incorporate automated assistance and navigation functions from Mobileye’s (MBLY.O) so-called “SuperVision” technology platform in future models, Mobileye said on Tuesday.

The agreement is the technology provider’s second large signing for the platform with a major automotive group after China’s Geely (GEELY.UL).

Continue reading “Porsche, VW Commercial Vehicles partner with Mobileye on automated driving software”

BEIJING/SHANGHAI, May 9 (Reuters) – China’s passenger vehicle sales rose by 2.1% in April from a month earlier, industry data showed, underscoring a slower pace of growth as the stimulus effect of price cuts and incentives faded.

Car sales in April totalled 1.65 million units, 54.5% higher from a year earlier when COVID-19 lockdowns disrupted productions and sales, the China Passenger Car Association (CPCA) said on Tuesday.

Continue reading “China’s car sales rise 2.1% in April as price war effect fades”

WASHINGTON, May 8 (Reuters) – A group of seven U.S. senators on Monday questioned Tesla Inc’s (TSLA.O) use of forced arbitration clauses in employee and consumer contracts, arguing that they prevent bringing discrimination claims and consumer safety complaints to court.

The letter, whose authors include Senator Richard Blumenthal, a Democrat, to CEO Elon Musk cited numerous incidents of alleged racial and sexual harassment as well as complaints about Tesla’s vehicles and its Full Self-Driving Beta software.

Continue reading “Seven US senators raise concerns about Tesla use of forced arbitration clauses”

SAN FRANCISCO, May 8 (Reuters) – Tesla Inc (TSLA.O) on Monday broke ground on a Texas lithium refinery that CEO Elon Musk said should produce enough of the battery metal to build about 1 million electric vehicles (EVs) by 2025, making it the largest North American processor of the material.

The facility will push Tesla outside its core focus of building automobiles and into the complex area of lithium refining and processing, a step Musk said was necessary if the auto giant was to meet its ambitious EV sales targets.

Continue reading “Elon Musk and Tesla break ground on massive Texas lithium refinery”

May 8 (Reuters) – Electric vehicle (EV) maker Lucid Group Inc (LCID.O) reported lower-than-expected first-quarter revenue on Monday and trimmed its 2023 production forecast as a price war sparked by Tesla, rising interest rates and recession fears hurt sales.

Shares in the maker of the Air luxury sedan dropped about 9% in after hours trade.

Continue reading “Lucid posts quarterly revenue well below estimates as EV price war hits demand”

May 8 (Reuters) – Volkswagen (VOWG_p.DE) has appointed Bentley production chief Peter Bosch to lead its software subsidiary Cariad, dismissing all but one of the unit’s current executive board members as the automaker tries to get the troubled division on track.

Bosch will take over from June 1, the German group said on Monday, with two further software experts to join Cariad’s board alongside him and human resources head Rainer Zugehoer, the only board member to remain in his post.

Continue reading “Bentley production chief to lead Volkswagen’s software overhaul”

HANOI, May 8 (Reuters) – Chinese automaker BYD Co. (002594.SZ) plans to expand into electric vehicles manufacturing and assembly in Vietnam, according to a Vietnamese government statement citing the company’s chair.

Reuters in January exclusively reported that the Xian-based EV maker had plans to open a plant in Vietnam to produce car parts, with the aim to export components to an assembly plant planned in neighbouring Thailand.

Continue reading “Chinese automaker BYD to make EVs in Vietnam”

BANGKOK, May 8 (Reuters) – Japanese carmaker Toyota Motor Corp (7203.T) has stopped sales and deliveries of its Yaris Ativ in Thailand, senior officials said on Monday, after its affiliate Daihatsu rigged part of the door in side-collision safety tests.

The problem may have occurred due to pressure on Daihatsu to shorten the development time of the Ativ, Masahiko Maeda, Toyota’s CEO for the Asia region, said at a press conference in Bangkok. The vehicles customers were currently using were safe, he added.

Continue reading “Toyota suspends sales of Yaris model in Thailand after safety test problem”

May 8 (Reuters) – Chip designer Qualcomm Inc (QCOM.O) said on Monday it would buy Israel’s Autotalks Ltd that makes chips used in technology aimed at preventing vehicle crashes, as the U.S. firm looks to deepen its automotive business.

With increasing electric vehicles and automatic features in cars, the number of chips used by automakers is surging, making the automotive market a key growth area for chipmakers.

Continue reading “Qualcomm to acquire Israeli auto-chip maker Autotalks”

SHANGHAI, May 8 (Reuters) – China is ground zero for the price war in electric vehicles and the battleground is shifting to SUV-styled EVs, the largest segment of the market, dominated by Tesla Inc (TSLA.O) and BYD (002594.SZ), .

The market, crowded with more than 90 models, is about to get even tighter with at least 20 new models of both Chinese and foreign brands launched in April, squeezing pricing and margins at home and driving exports, analysts and executives said.

Continue reading “Battle for China’s electric SUV market heats up at home and abroad”

PTI – The industry body suggested gradually increasing the share of compressed biogas (CBG) in the overall gas mix to at least 10 per cent by 2025 and to 20 per cent in 2030.

PTI – The charging station of the Volkswagen brand Elli has a unique battery storage system that enables connection to a low-voltage grid. Thanks to this new technology, the charging stations can be installed easily and flexibly, and the grid expansion can be accelerated. Following a successful test operation, Shell and Volkswagen also plan to install the Flexpole charging station at other locations in Germany and Europe, the companies said.

PTI – OPEC made up for as much as 90 per cent of all crude oil India imported at one point of time but this has been sliding since Russian oil became available at discount in the aftermath of Moscow’s invasion of Ukraine in February last year.

PTI – Volkswagen Group sales grew 85.48 per cent year-on-year at 1,01,270 units in the previous calendar year. The Group is present through Skoda Auto, Volkswagen, Audi, Porsche and Lamborghini brands under Skoda Auto Volkswagen India Pvt Ltd (SAVWPIL). “India is an absolutely important market as part of our regional strategy of Skoda Auto, and India will become an export hub for Skoda,” Petr Solc, Brand Director at Skoda Auto India told PTI in an interaction.

BANGKOK, May 6 (Reuters) – China’s Hozon New Energy Automobile will make electric vehicles in Thailand for the Southeast Asian market, a Thai official said on Saturday, as it follows others in building facilities in the region’s major auto production hub.

Hozon signed an agreement with Thailand’s Bangchan General Assembly this week to start production of its NETA V model, expected in 2024, Thai government spokesperson Tipanan Sirichana said in a statement.

Continue reading “China’s Hozon to produce EVs in Thailand for Southeast Asian market”

FRANKFURT, May 6 (Reuters) – Carmaker Volkswagen (VOWG_p.DE) is set to dismiss all but one of the executive board members at its software division Cariad next week to try to resolve development problems, a person familiar with the matter told Reuters on Saturday.

The unit – set up under former VW group CEO Herbert Diess -has exceeded its budget and failed to meet goals, contributing to Diess’ departure and replacement by Oliver Blume last September.

Continue reading “VW to fire top executives at software unit Cariad, source says”

PTI – Among the 50 regional transport offices (RTOs) in Maharashtra, 14 had a failure rate of less than 1 per cent among driving test applicants, while only six had a failure rate of more than 5 per cent, the data said. What is more serious is that in some RTO offices, the failure rate was below 0.50 per cent and a few had it more than 7-8 per cent. Experts say it is difficult to understand how so many drivers were passing driving tests, considering the alarming number of accidents on state roads.

Continue reading “Poor diligence while granting driving licences is costing lives on Maha roads, say experts”

May 5 (Reuters) – Ford Motor Co (F.N) said on Friday that it will open orders for its popular F-150 Lightning truck next week as part of their plan to scale to annual production of 150,000 units.

Ford is facing another production snag on the F-150 pickup trucks due to missing door handles, a source told Reuters on Wednesday.

Continue reading “Ford to open orders on F-150 Trucks amid production snags”

PTI – Some technological advances may create or worsen the feeling of imbalance and prevent vehicle occupants from anticipating the itinerary. As a result, they increase the risk of undergoing sickness symptoms more frequently.

May 5 (Reuters) – Lyft Inc (LYFT.O) shares tumbled 17% in premarket trading on Friday as the ride-hailing company’s strategy to claw back market share from rival Uber (UBER.N) with lower fares stoked concerns about a hit to its profit margins.

At least nine analysts slashed their price targets on a stock that has widely underperformed the market this year.

Continue reading “Lyft irks Wall Street with margin sacrifice in race with Uber”

BEIJING/SHANGHAI, May 5 (Reuters) – Tesla Inc (TSLA.O) delivered 75,842 China-made electric vehicles (EVs) in April, down 14.7% from March, data from the China Passenger Car Association (CPCA) showed on Friday.

The figure was however a huge jump from a year earlier, when the city of Shanghai – where Tesla has a factory – was in COVID-19 lockdown. In April last year, the company delivered only 1,512 China-made Model 3 and Model Y cars in the world’s largest auto market.

Continue reading “Tesla’s April sales of China-made EVs down 14.7% from March, China Passenger Car Association says”

May 5 (Reuters) – Shares of Carvana Co (CVNA.N) rose 33% before the bell on Friday after the online used-car retailer forecast a surprise core profit for the second quarter, offering some relief to investors amid solvency concerns around the company.

Carvana shares plunged 98% last year after the company struggled to offload used cars purchased at higher prices during the pandemic as demand fell on affordability concerns.

Continue reading “Used-car retailer Carvana’s shares soar on upbeat second-quarter forecast”

BEIJING, May 5 (Reuters) – China will speed up the construction of charging facilities for new energy vehicles such as electric cars, and improve policies for purchasing and using them, state media quoted the cabinet as saying on Friday.

Improved charging infrastructure for new energy vehicles will help unleash the potential of rural consumption and support growth of rural tourism, adding new impetus to rural revitalisation, the cabinet was quoted as saying after a regular meeting.

Continue reading “China will speed up construction of charging facilities for EVs, state media report”

ANSTY, England, May 5 (Reuters) – Geely (0175.HK) unit London Electric Vehicle Company (LEVC) on Friday unveiled a new, large electric-vehicle (EV) platform for vehicles ranging from people-movers to commercial vans that it said could also be used by other units of the Chinese carmaker.

LEVC said the platform, dubbed Space Oriented Architecture (SOA), had been jointly developed over the last two-and-a-half years in China, Sweden, the United Kingdom and Germany, would provide EVs with longer range, fast-charging capabilities and advanced driver-assistance features.

Continue reading “Geely’s London black cab unit unveils new large EV platform”

SHANGHAI, May 5 (Reuters) – China’s industry ministry issued on Friday a series of draft technical standards including cybersecurity requirements for vehicles, with the country moving to tighten data regulation as cars become more intelligent.

Among the proposed rules, the Ministry of Industry and Information Technology plans to ban smart vehicles in China from transferring data directly abroad, pushing them instead to use domestic cloud services.

Continue reading “China’s industry ministry issues draft data standards for smart vehicles”

PTI – Rana Group launched electric two-wheelers and four different apps for smart farming, education, smart charging for charging stations and OHEO.