PTI – High-quality electric four-wheelers coming into the market opens a whole new segment to electrify in the urban delivery ecosystem, MoEVing CEO Vikash Mishra said.

PTI – Lexus is targeting professionals, such as doctors, architects, lawyers, and pilots, to expand its customer base in India and mitigate risks. The luxury carmaker aims to offer them the opportunity to experience its products by introducing subscription and leasing models. Currently, the majority of its sales come from businesspeople. The Japanese firm is looking to consolidate its six-year position in India by adding 25 to 30 outlets this year.

PTI – The Road Transport and Highways Minister said in this year railway over bridges are being constructed at a cost of Rs 16,000 crore which will be increased to Rs 50,000 crore in five years.

PTI – With the Indian electric vehicle industry poised for an accelerated growth, the company is confident of meeting its target and would continue to raise funds through debt and equity going forward for the purpose. “From a long-term perspective we have taken a very strong position on EVs, and we have committed to financing two million electric vehicles in the next five years,” Aggarwal told PTI.

PTI – BPCL has converted 21 Highways into electric corridors and going forward, by March 2023, 200 highways will be covered with Electric Vehicle Fast Chargers across India, to support and accelerate the EV growth in the country.

March 27 (Reuters) – A trial kicks off in San Francisco federal court on Monday to determine how much money Tesla Inc (TSLA.O) must pay to a Black elevator operator who a jury determined was subjected to severe racial harassment while working at the electric auto maker’s flagship assembly plant.

The trial is scheduled to last five days. Last year, a judge slashed the $137 million verdict that the jury awarded in 2021 to plaintiff Owen Diaz, one of the largest ever in a U.S. workplace discrimination case. Diaz’s lawyers rejected the lower payout and opted for a new trial on damages.

Continue reading “Tesla faces new race bias trial from employee who had $137 million verdict cut”

March 27 (Reuters) – Li-Cycle Holdings Corp (LICY.N) said on Monday it will build a French facility to break down batteries from forklift manufacturer The Kion Group (KGX.DE), marking the latest expansion by the rapidly growing recycling company.

The French facility, which is expected to open in 2024 and complement similar sites under development in Germany and Norway, will break down lithium-ion batteries that power Kion’s forklifts and other heavy machinery, giving Li-Cycle a fresh source of batteries to recycle beyond the consumer automobile market.

Continue reading “Li-Cycle to build French battery processing facility”

STANTON, Tennessee, March 24 (Reuters) – Ford Motor Co (F.N) plans to build up to 500,000 electric trucks a year at its BlueOval City complex under construction in western Tennessee, the automaker said on Friday.

BlueOval City will assemble several versions of Ford’s next-generation F-series electric pickup, which the company calls Project T3.

Continue reading “Ford’s new Tennessee plant aims to build 500,000 electric trucks a year”

BEIJING, March 24 (Reuters) – China’s lithium prices are plunging faster than expected this year, down 34% in the last four weeks alone, hit by a slump in demand for electric vehicles in the world’s biggest market that has left stocks of the metal piling up.

Spot lithium carbonate prices assessed by Fastmarkets fell to 260,000 yuan ($38,079.06) per tonne this week, less than half the price quoted last November.

Continue reading “Chinese lithium price dives in heated auto price war”

LONDON, March 24 (Reuters) – The European Union has unveiled the accelerator in its drive to reduce the bloc’s import dependency for critical minerals and metals.

The Critical Raw Materials Act (CRMA) “will significantly improve” Europe’s domestic extraction, processing and recycling capacity for metals such as lithium and rare earths, according to Ursula von der Leyen, president of the European Commission.

Continue reading “Column: Europe turbo charges its critical minerals drive”

PTI – A senior National Highway Authority of India (NHAI) official said that this stretch will provide Delhi-Kolkata and Mumbai-Kolkata connectivity via Jamshedpur, significantly reducing travel time between the destinations. The project will also drive commercial development in the Jharkhand, West Bengal and Odisha, he stated.

PARIS, March 23 (Reuters) – French car maker Renault (RENA.PA) is in talks with Nissan about synergies in electric vehicle charging in 11 European countries, Renault’s charging unit CEO told Reuters on Thursday.

Talks have already moved forward in France on charging boxes that customers can have installed at home for their Nissan EV, which will be supplied by the Mobilize unit of its partner Renault.

Continue reading “Renault in talks with Nissan on EV charging in Europe -Renault executive”

BRUSSELS, March 23 (Reuters) – Germany and the European Union are on course to resolve a dispute over the bloc’s planned 2035 phaseout of CO2-emitting cars, EU leaders said at a summit in Brussels on Thursday.

Berlin’s last-minute opposition to one of Europe’s biggest climate change policies was not part of the official summit agenda, but has overshadowed the discussions.

Continue reading “EU, Germany edge towards solution on combustion engine row”

BERLIN, March 23 (Reuters) – The families that control German automaker Volkswagen (VOWG_p.DE) will receive 391 million euros ($425 million) in dividends for 2022 from their holding company Porsche SE (PSHG_p.DE), the company said on Thursday.

Porsche SE proposed a dividend of 2.56 euros per preferred share and 2.554 euros per ordinary share and said dividends would increase once targets to cut debt have been met.

Continue reading “VW’s family owners to get 392 mln euros dividend from Porsche SE”

PTI – The Trust, in a press release, said 350 projects including desilting of tanks and irrigation channels were undertaken by it that led to a rise in the water storage levels in the villages of Tamil Nadu and Maharashtra.

PTI – L&T plans to set up a gigawatt-scale manufacturing facility for electrolyzers based on McPhy technology in India to serve the domestic requirements as well as cater to the other select geographies, the engineering and construction conglomerate said in a statement.

PTI – Replying to a separate question, Gadkari said National Highways Authority of India (NHAI) has planted 344.27 lakh tress under Green Highways Policy during the period 2016-17 to 2022-23 (up to February 2023).

PTI – The investment by IFC in JK Tyre & Industries will part-finance the expansion of manufacturing capacities and integrate advanced, resource-efficient technologies in the production of commercial and passenger car radial tyres, which have better safety and longevity, the company said in a regulatory filing.

March 23 (Reuters) – Ford Motor Co (F.N) expects its electric vehicle business unit to lose $3 billion this year, but remains on track to achieve a pretax margin of 8% by late 2026, the company said.

The projected loss was revealed ahead of a mid-morning briefing for investors and analysts on Thursday to discuss details of the automaker’s new financial reporting format.

Continue reading “Ford sees $3 billion pretax loss in its EV business this year”

BRUSSELS, March 23 (Reuters) – Germany and the European Union are on a good path to solve a row over the bloc’s planned 2035 phaseout of CO2-emitting cars, German Chancellor Olaf Scholz said on his arrival to an EU summit on Thursday.

The official summit agenda covers a broad range of issues from migration to sending ammunition to Ukraine, but last-minute opposition from Germany to one of Europe’s biggest climate change policies is looming over the talks.

Continue reading “EU, Germany edge towards solution on combustion engine row”

BENGALURU, March 23 (Reuters) – Maruti Suzuki India Ltd (MRTI.NS) said on Thursday it would raise prices across models come April, as high domestic inflation and new emission norms pressure the country’s top car maker.

The unit of Japan’s Suzuki Motor did not say how much prices of cars would go up by, or which models will be impacted.

Continue reading “Maruti Suzuki India to hike prices to pass on input cost pressures”

PTI – The export of biofuel from special economic zones and export oriented units are allowed for fuel as well as non-fuel purposes without any restriction, if the biofuel is produced by using imported feed stock. On August 28, 2018, the government had imposed restrictions on export of biofuels within days of putting similar conditions for its imports.

PTI – In a statement, Indian Oil Corporation (IOC) said its board has given “Stage-1 approval for setting up Paradip petrochemical complex at Paradip, Odisha at an estimated cost of INR 61,077 crore.”

PTI – The project is being implemented in forward areas which are not connected by national or state power grids. The Army said it signed an agreement with the NTPC Renewable Energy Limited (NTPC REL) on Tuesday for the initiative. India on January 4 approved the National Green Hydrogen Mission with an outlay of INR 19,744 crore to develop a green hydrogen production capacity of five million tonnes a year by 2030.

PTI – Gadkari will dedicate to the nation a 44-km stretch between Jamshedpur and Mahulta on NH-33, constructed at a cost of INR 465 crore. “This stretch will provide Delhi-Kolkata and Mumbai-Kolkata connectivity via Jamshedpur, significantly reducing travel time,” National Highways Authority of India (NHAI) Chief General Manager SK Mishra.

PTI – “Tyre industry had undergone a bit of a rough patch in the last couple of years back when the auto industry was in a bit of a slowdown due to Covid and all that… Now with the economic activity improving the tyre industry is coming back on full swing,” Singhania said.

Domestic tyre industry is expected to witness double-digit growth next fiscal with the automobile industry back on full swing, JK Tyre Chairman and Managing Director Raghupati Singhania said on Tuesday. JK Tyre, which on Tuesday introduced a tyre brand – Levitas Ultra – to cater to the luxury car segment, is also expected to follow the industry growth path and report a double-digit sales growth next financial year, he noted.

Continue reading “Domestic tyre industry back on growth path; expected to see double-digit growth in FY24”

March 22 (Reuters) – A federal judge in Detroit certified class actions for drivers in 26 U.S. states who accused General Motors Corp (GM.N) of producing faulty transmissions for about 800,000 vehicles from the 2015 to 2019 model years.

Monday’s decision by U.S. District Judge David Lawson covers several Chevrolet and GMC trucks and SUVs, several Cadillac models, and the Chevrolet Corvette and Camaro, equipped with 8L45 or 8L90 eight-speed automatic transmissions.

Continue reading “GM must face class actions over defective transmissions -judge”

March 22 (Reuters) – The U.S. Treasury Department on Wednesday said it will release guidance next week on sourcing requirements for electric vehicle battery tax subsidies under President Joe Biden’s climate change law, the first in a string of highly anticipated rules to determine how broadly the credits can be used.

The auto, battery and clean energy industries have been awaiting guidance on complex questions governing eligibility for hundreds of billions of dollars of incentives in the Inflation Reduction Act, signed into law last year.

Continue reading “U.S. Treasury to release EV battery sourcing rules next week”

March 22 (Reuters) – Albemarle Corp (ALB.N) said on Wednesday it had chosen Chester County, South Carolina, as the location for a $1.3 billion lithium processing plant it hopes will cement its status as a cornerstone of the rapidly growing U.S. electric vehicle industry.

The facility, which was first announced last year without a specific location, will double the company’s lithium processing capacity and thus its ability to supply key customers – including Tesla Inc (TSLA.O) – who are hungry for more North American supplies of the battery metal.

Continue reading “Albemarle to build $1.3 bln lithium plant in South Carolina”

NEW YORK, March 23 (Reuters) – The feeling of driving a new car off the lot is hard to beat. What comes next is not so nice: the first monthly payment.

That bill packs an extra punch these days. New car buyers with a monthly payment over $1,000 rose to an all-time high of 16.8% in February, auto information site Edmunds’ data showed. That is up from 15.7% in last year’s fourth quarter.

Continue reading “Four ways for car buyers to survive the interest-rate crunch”

WASHINGTON, March 21 (Reuters) – Just over one-third of Americans would consider buying an electric vehicle for their next model, a new Reuters/Ipsos poll found.

The seven-day poll completed on Monday found 34% of all respondents would consider an EV, while 31% said no. Among Democrats 50% said they would consider an EV, while 26% of Republicans and 27% of independents said they would consider.

Continue reading “One-third of Americans would consider EV purchase – Reuters/Ipsos poll”

MEXICO CITY, March 21 (Reuters) – Automakers Stellantis and a Mexican unit of Daimler Truck have reached deals with one of Mexico’s biggest unions to raise wages this year around 9%, labor authorities said on Tuesday.

The increases, as well as similar raises at three auto parts suppliers, apply to more than 24,000 workers in northern and central Mexico, the Federal Center for Labor Conciliation and Registration (CFCRL) said in a statement.

Continue reading “Stellantis, Daimler Truck agree with Mexico union on pay raise of about 9%”

SHANGHAI, March 21 (Reuters) – BYD has reduced shifts at two auto assembly plants in China, people with knowledge of the matter told Reuters, in a sign of how weaker demand in the world’s largest auto market is affecting its best-selling electric vehicle brand.

BYD, which outsells Tesla (TSLA.O) in China, asked some of the workers at its Xian plant, its biggest manufacturing hub, to work only four days a week in a factory running two eight-hour shifts per day, according to three people and an internal memo sent earlier this month and reviewed by Reuters.

Continue reading “Exclusive: BYD reduces shifts at two electric vehicle plants in China – sources”

PTI – The fundraising would be managed by investment bank Goldman Sachs, and the funds would be raised from existing and marquee global investors and sovereign funds, the sources added.

E-vehicle manufacturer Ola Electric is close to raising funds of around USD 300 million for its expansion plans and to meet other corporate needs, sources close to the company said. The fresh round of fundraising comes amid expectations that Ola Electric would break even soon and achieve profitability.

Continue reading “Ola Electric to raise USD 300 million”

PTI – “Tyre industry had undergone a bit of a rough patch in the last couple of years back when the auto industry was in a bit of a slowdown due to Covid and all that… Now with the economic activity improving the tyre industry is coming back on full swing,” Singhania said.

Domestic tyre industry is expected to witness double-digit growth next fiscal with the automobile industry back on full swing, JK Tyre Chairman and Managing Director Raghupati Singhania said on Tuesday. JK Tyre which on Tuesday introduced a tyre brand — Levitas Ultra — to cater to the luxury car segment, is also expected to follow the industry growth path and report a double-digit sales growth next financial year, he noted.

Continue reading “Domestic tyre industry back on growth path; expected to see double- digit growth in FY24”

SAN FRANCISCO, March 21 (Reuters) – Manufacturers and operators of electric vehicle chargers in the United States are bracing for a slowdown in production and deployment as they scramble to comply with “Made in America” terms of a $7.5 billion federal program meant to accelerate the industry.

Long-awaited rules laid out by the White House last month are part of President Joe Biden’s effort to build an electric-friendly highway system by 2030, tackling climate change and creating local jobs.

Continue reading “EV charger makers brace for slowdown as new Made In America rules kick in”