Summary

• Shares plunge as much as 80%
• Turnaround plans foresee equity wipe-out
• CEO says Varta needs double digit mln eur sum in fresh fundingCEO Ostermann says significant debt relief also a must

MUNICH,(Reuters) – Varta stock plunged as much as 80% to a record low on Monday after the German battery maker said restructuring options to avert insolvency, potentially with the help of Porsche, would leave shareholders with nothing. Continue reading “Varta’s Porsche-led rescue would leave investors empty-handed”

SALMON-CHALLIS NATIONAL FOREST, Idaho, (Reuters) – The only U.S. cobalt mine sits fallow in the northern Idaho woods, a mothballed hunk of steel and dirt that is too expensive for its owner to operate because Chinese rivals have flooded global markets with cheap supplies of the bluish metal used in electric vehicle batteries and electronics.

Jervois Global, which dug the mine into the side of a nearly 8,000-foot (2,400-meter) mountain, watched helplessly last year as cobalt prices plunged after China’s CMOC Group opened the Kisanfu mine in the Democratic Republic of Congo, pushing global production of the metal to an all-time high. Continue reading “Western miners push for higher metals prices to ward off Chinese rivals”

PARIS, (Reuters) – Renault’s CEO Luca De Meo expressed doubts over the timeline for transitioning to electric vehicles in Europe, adding the carmaker has to bring down costs if it wants to deliver on its EV goals, in comments to business daily Les Echos published on Monday.

WHY IT’S IMPORTANT

The transition to electric vehicles plays a crucial role in reducing global carbon emissions, and the pace at which this shift occurs will reshape automotive industry and the environment. Continue reading “Renault CEO calls for flexibility in European EV transition timeline”

(Reuters) – Tesla’s second-quarter margin hit a more than five-year low, the electric vehicle maker is likely to report on Tuesday, and its CEO Elon Musk is expected to double down on the company’s robotaxi plans and AI products.

Discounts to clear inventory, price cuts and incentives such as cheaper financing options offered to boost EV sales have squeezed Tesla’s margin over the past two years, while sales dropped as customers grew tired of its old model lineup. Continue reading “Tesla margins likely dipped in Q2; robotaxi, AI ventures in focus”

(Reuters) – The U.S. National Highway Traffic Safety Administration (NHTSA) said on Monday that it has opened a preliminary evaluation into about 150,000 Stellantis vehicles over reports of loss of motive power that is causing the engine to shut down, with intermittent ability to restart.

The NHTSA has received 80 such consumer complaints affecting 2022 RAM 1500 pickup trucks and 2022 Jeep Wagoneer SUV vehicles. Continue reading “US opens probe into 150,000 Stellantis vehicles over loss of motive power”

Source : PTI | Tyre maker CEAT Ltd expects double-digit growth in replacement and international business this fiscal despite a high natural rubber price forcing it to hike product rates, according to its MD and CEO Arnab Banerjee. The company, which has taken price hikes of 2-2.5% in the replacement segment since May, expects another round of increase towards the end of July but is betting on robust demand across categories and turnaround of the rural market to drive growth.

“We would like to think that unless there are some unforeseen headwinds, the growth will be steady and positive. We would like to maintain double-digit growth in the replacement segment and international business,” Banerjee told PTI. Continue reading “Expect double-digit growth in replacement, international business despite rubber price hike: CEAT”

BANGKOK, (Reuters) – A Thai investigation into discounts from China’s BYD, will continue despite a cash-back programme from its distributor in response to a backlash from consumers who felt they overpaid for their EVs, a senior official said Friday.

Thailand, a regional auto assembly and export hub, is BYD’s largest overseas market, where it is the top-selling electric vehicle brand. BYD last month opened a factory in Thailand, its first in Southeast Asia. Continue reading “Thai investigation into BYD EV discounts moves ahead despite cash-back offer”

BEIJING, (Reuters) – A decision by the Trump administration to sanction China’s Xiaomi Corp in early 2021 was the catalyst for the company’s decision to build its first electric car, CEO Lei Jun said on Friday.

Best known for its smartphones and home appliances, Xiaomi entered China’s crowded EV market this year, part of its strategy to diversify its product portfolio. Continue reading “Trump sanctions prompted China Xiaomi’s EV entry, CEO says”

(Reuters) – Chinese electric vehicle (EV) maker Xpeng said on Monday it has established a project house in partnership with German automaker Volkswagen AG for engineers to accelerate the development process of new architecture for EVs. Continue reading “Xpeng, Volkswagen set up project house to roll out new EV architecture”

Summary

• Prototype to fly by end of 2024 or early 2025, says CEO Johann Bordais
• Eve aims for certification by 2026, applied to Brazil’s civil aviation regulator in 2022
• New $94-million investment extends cash needs coverage to 2027

GAVIAO PEIXOTO, Brazil, (Reuters) – Electric aircraft maker Eve has showcased for the first time the full-scale prototype of its “flying taxi,” achieving a milestone as the company aims to obtain certification and enter service in 2026. Continue reading “Embraer’s Eve rolls out flying taxi prototype, cash needs covered until 2027”

BERLIN,(Reuters) – Volkswagen’s CEO Oliver Blume talked about framework conditions for the use of technologies like AI and autonomous driving as well as the importance of free and fair trade in a meeting on Friday with Chinese government ministers, Volkswagen said.

“Free and fair trade between open markets is of utmost importance in this phase of major challenges,” Blume said. Continue reading “Volkswagen CEO: discussed free trade, global economy, AI with Chinese ministers”

Summary

• Cuts FY organic sales growth f’cast to 2% from 5%
• Adjusted operating earnings missed expectations.
• Lower sales dented profitability
• Shares down 7%

STOCKHOLM, (Reuters) – Sweden’s Autoliv cut its full-year financial forecasts on Friday after lower sales led to second-quarter adjusted profit falling below expectations, sending its shares down.

The world’s largest producer of airbags and seatbelts, said it now sees full-year organic sales growth of 2%, down from an earlier 5%. Continue reading “Auto supplier Autoliv cuts full-year forecast after weak quarter”

BELGRADE, (Reuters) – Belgrade and the European Union signed a deal on Friday to give the EU access to raw materials mined in Serbia and strengthen their ties on production of sustainable raw materials, battery manufacturing and electric vehicles (EVs).

Rio Tinto is keen to start mining in Serbia’s Western region of Jadar and this week its licence to develop what would be Europe’s biggest lithium mine was reinstated, more than two years after it was annulled. Continue reading “Serbia, EU and Germany sign battery supply chain deal”

BEIJING, (Reuters) – China’s lithium prices rebounded on Friday after a powerful earthquake hit Chile’s major lithium producing region, although growing demand concerns weighed on the metal used in electric vehicle batteries.

The most-traded November lithium carbonate futures on the Guangzhou Futures Exchange rose 2.9% to 89,800 yuan ($12,356.89) per metric ton on Friday, having hit a seven-month low of 86,450 yuan in the previous session. Continue reading “China lithium rebounds on Chile earthquake, but demand concerns persist”

BEIJING, (Reuters) – A decision by the Trump administration to sanction China’s Xiaomi Corp in early 2021 was the catalyst for the company’s decision to build its first electric car, CEO Lei Jun said on Friday.

Best known for its smartphones and home appliances, Xiaomi entered China’s crowded EV market this year, part of its strategy to diversify its product portfolio. Continue reading “Trump sanctions prompted China Xiaomi’s EV entry, CEO says”

BANGKOK, (Reuters) – A Thai investigation into discounts from China’s BYD, will continue despite a cash-back programme from its distributor in response to a backlash from consumers who felt they overpaid for their EVs, a senior official said Friday.

Thailand, a regional auto assembly and export hub, is BYD’s largest overseas market, where it is the top-selling electric vehicle brand. BYD last month opened a factory in Thailand, its first in Southeast Asia. Continue reading “Thai investigation into BYD EV discounts moves ahead despite cash-back offer”

BRUSSELS, (Reuters) – EU tariffs on electric vehicles built in China breach global trading rules and must be corrected, an industry body representing 12 Chinese automakers told the European Commission in a hearing this week.

The China Chamber of Commerce for Import and Export of Machinery and Electronic Products (CCCME) presented its view at a hearing on Thursday that the EU’s preliminary assessment is incompatible with EU and World Trade Organization rules. Continue reading “Chinese industry body tells EU to correct its findings on EVs”

Source : PTI | New Delhi: Petrol pump owners on Thursday wrote to Delhi Transport Minister Kailash Gahlot, seeking a meeting with him to revise rates for Pollution Under Control (PUC) certificates in the national capital. The letter comes days after the Delhi Petrol Dealers’ Association (DPDA) shut down nearly 600 PUC centres functioning at petrol pumps, saying the hike was not commensurate with operational costs.

On July 11, the Delhi government increased the PUC certificate charges for petrol, CNG and diesel vehicles after a gap of about 13 years. The hike ranges between INR 20 and INR 40.

Continue reading “Petro pump owners seek meeting with Delhi transport minister over PUC certificate rates”

Source : PTI | New Delhi: Come August and Delhiites will be able to book seats in air-conditioned buses run by private players as the city government prepares to roll out the ambitious scheme, according to officials. The premium bus service will be launched under the Delhi Motor Vehicles Licensing of Aggregator (Premium Buses) Scheme, which the Delhi government had notified last year.

The scheme aims at reducing intracity usage of private vehicles and curbing pollution. Continue reading “Premium buses run by private players to ply in Delhi-NCR from Aug”

DETROIT, (Reuters) – Ford Motor on Thursday outlined plans to use a Canadian plant it had earmarked for a future electric vehicle to instead build larger, gasoline-powered versions of its flagship F-Series pickup truck.

Ford in April had already delayed the launch of the planned three-row electric SUVs at its Oakville Assembly facility from 2025 to 2027, citing slower than expected growth in EV demand. It said on Thursday it remained committed to those EVs and that timeline but did not say where they would now be built. Continue reading “Ford pivots from EV plans to heavy-duty trucks at Canada facility”

(Reuters) – Registrations of Tesla cars in California fell 24% in the April to June period, marking the third consecutive quarter that the company posted a sales drop in its key market, indicating mounting challenges for the EV maker, according to industry data on Thursday.

High interest rates and stiff competition have softened demand for electric vehicles as consumers opt for less-expensive hybrid cars. Continue reading “Tesla’s California car registrations fall for third straight quarter”

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INDIA

Volkswagen India Expands Its Network in Jharkhand WAF

Current GST rate for PVs outdated; needs a relook: JSW MG Motor India CEO Emeritus WAF

SIAM Motor Vehicle Data-June 2024 & April-June-24 WAF Continue reading “WAF Auto News | The Auto World This Week (19th July 2024)”

Source : PTI | Leading global tyre makers such as Bridgestone, Michelin and Goodyear have committed investments worth over INR 1,100 crore in India after the DPIIT temporarily allowed them to import certain tyres to the country, an official said. The official said that the import restrictions on ‘New Pneumatic Tyres’ were relaxed for certain global players that were interested in importing specific tyres from their factories abroad into India.

The imports were temporarily permitted by the department for promotion of industry and internal trade (DPIIT) subject to the concerned company’s commitment to invest and set up or expand its manufacturing facilities in the country for the concerned products, in a time-bound manner. Continue reading “DPIIT steps led to investment commitments of over INR 1100 cr from global tyre makers”

HAVANA, (Reuters) – Havana is famed for the colorful vintage cars that can still be seen puttering around its streets and are a popular subject for visitors’ photographs.

But these days, Cubans are just as likely to be found getting around quickly and quietly on electric scooters made with Chinese parts. Continue reading “Havana’s roads change as Cubans adopt electric bikes and vehicles”

DETROIT, (Reuters) – Ford Motor on Thursday outlined plans to use a Canadian plant it had earmarked for a future electric vehicle to instead build larger, gasoline-powered versions of its flagship F-Series pickup truck.

Ford in April had already delayed the launch of the planned three-row electric SUVs at its Oakville Assembly facility from 2025 to 2027, citing slower than expected growth in EV demand. It said on Thursday it remained committed to those EVs and that timeline but did not say where they would now be built. Continue reading “Ford pivots from EV plans to heavy-duty trucks at Canada facility”

• Volkswagen India continues its network expansion across India with a specific focus to enhance reach for customers across metros, tier I and tier II cities in the country, inaugurates new touchpoint in Jamshedpur
• The Volkswagen India network in Jharkhand currently includes two sales and two service touchpoints across the state
• The Volkswagen Jamshedpur facility houses a three-car display, showcasing India’s safest portfolio: the five-star GNCAP-rated Volkswagen Virtus and Volkswagen Taigun as well as the global best-seller Tiguan
• To deliver seamless ownership experiences, the Jamshedpur facility also includes eight service bays to cater to any service and maintenance requirements

Continue reading “Volkswagen India Expands Its Network in Jharkhand”

PARIS, (Reuters) – French automaker Renault said on Thursday its first-half sales volume rose 1.9% from the year-ago period on strong performance for its hybrids in Europe, its key region.

The company sold 1,154,700 vehicles globally compared to 1,133,478 units last year, with almost three-quarters of that volume going to Europe. Continue reading “Renault first-half sales rise on strong demand for hybrids in Europe”

(Reuters) – Hyundai Motor America is recalling nearly 67,000 vehicles in the U.S., the U.S. National Highway Traffic Safety Administration said on Thursday.

The company is recalling about 54,647 vehicles over loss of drive power from a fuel pump failure and about 12,349 Santa Fe Vehicles over a software error in the transmission control unit, NHTSA said. Continue reading “Hyundai Motor America to recall nearly 67,000 vehicles in the U.S, NHTSA says”

Summary

• Profitability boosted by price increases
• Net truck order intake flat year on year
• Second-quarter es down 8%
• Shares up 5.4% after reportdeliveri

STOCKHOLM, (Reuters) – Swedish truckmaker AB Volvo posted a bigger than expected rise in second-quarter operating profit on Thursday, but said demand was easing from last year’s high levels. Continue reading “Truckmaker Volvo beats profit expectations but says demand normalising”

Summary

• Volvo Cars now sees full year retail sales growth of 12%-15%
• EX30 volume ramp-up expected from Belgium factory in H2 2025
• Q2 core earnings beat estimates despite market slowdown

STOCKHOLM, (Reuters) – Volvo Cars cut its full-year retail sales forecast on Thursday, blaming European tariffs on EVs made in China that will hit one of the Swedish automaker’s key electric models until it shifts production to Belgium. Continue reading “Volvo Cars blames EU tariffs as it cuts 2024 sales forecast”

(Reuters) – New car sales in the European Union rose 4.3% in June to their highest since July 2019, driven by an uptick in major markets Italy, Germany, and Spain, while registrations of battery electric cars fell marginally, data from Europe’s auto industry body showed on Thursday.

The European Automobile Manufacturers Association (ACEA) said a rise in registrations of battery electric cars in Belgium and Italy, of 50.4% and 117.4% respectively, failed to offset double digit declines in Germany, the Netherlands and France. Continue reading “EU new car sales rise 4.3% in June, industry body ACEA says”

HANOI, (Reuters) – Chinese electric vehicle giant BYD on Thursday outlined plans to aggressively expand its dealership network in Vietnam as it opens its first stores in the country this week, posing a formidable challenge to local rival VinFast .

Thirteen BYD dealerships will open their doors to the Vietnamese public on Saturday and the automaker hopes to boost that number to about 100 by 2026. Continue reading “BYD sets sights on aggressive expansion in Vietnam”

FRANKFURT, (Reuters) – Serbia will give Mercedes-Benz, Volkswagen and Stellantis the opportunity to purchase lithium for car batteries as the nation prioritises European over Chinese carmakers, its president said.

“The EU needs lithium and we want to strengthen our ties with the EU,” President Aleksandar Vucic told German daily Handelsblatt in an interview published on Thursday. Continue reading “Serbia eyes lithium deals with Mercedes, Stellantis, VW, president says”

Source : PTI | India’s e-mobility R&D roadmap has suggested an Aadhaar number for batteries to keep a digital record of its material composition, usage history and end of life management as part of efforts to streamline the recycling process. The suggestion is part of the eMobility R&D Roadmap for India, released by Principal Scientific Adviser to the government Prof A K Sood, that lists out 34 research projects to become self-reliant and emerge as a global leader in providing innovative mobility solutions.

“This roadmap aims to fill critical gaps in the current research and development framework. While many identified projects are yet to achieve global success, some areas already demonstrate significant international accomplishments where India is yet to commence preparations,” said Prof Karthick Athmanathan, a member of the Consultative Group of e-Mobility Advisory Committee. Continue reading “Experts suggest Aadhaar number to better manage recycling of batteries”

Source : PTI | The Delhi Metro Rail Corporation (DMRC) will add over 1,100 e-autos to its fleet of electric three-wheelers to enhance last-mile connectivity. An official mentioned that out of 2,299 e-auto permits provided by the Transport Department, 1,183 e-autos are already registered. The e-autos will serve around 40 DMRC stations equipped with charging points and dedicated parking spots. The remaining 1,116 e-autos are expected to be registered by the end of August.

E-autos are currently operating from metro stations in areas like Chhatarpur, Dwarka, Rohini, and northwest Delhi. These e-auto permits have been allocated to authorized operators at these metro stations. Continue reading “Delhi Metro to enhance last-mile connectivity with addition of 1,100 e-autos”

Source : PTI | New Delhi: The current GST rate structure of passenger vehicles in India is outdated and needs to be aligned with the new developments in the auto industry, according to JSW MG Motor India CEO Emeritus Rajeev Chaba. The government should consider the overall perspective of vehicular emissions, reduction of import bill, sustainable local supply chain and total cost of ownership while formulating policies on the auto sector, he added.

Amid speculations that hybrid vehicles could be considered for tax incentives ahead of the Union Budget, he said only the strong ‘plug-in’ hybrids, which have the capability to also run as a battery electric vehicle independent from the internal combustion engine, should be considered for such benefits.

Continue reading “Current GST rate for PVs outdated; needs a relook: JSW MG Motor India CEO Emeritus”

(Reuters) – Unions are filing petitions to hold elections and winning them at rates not seen in decades, according to data released by the National Labor Relations Board on Wednesday, likely a reflection of the agency’s adoption of policies favored by unions during the Biden administration.

The board in a release said it has already received more than 2,600 union election petitions during the fiscal year that ends Sept. 30, surpassing the total for the full previous fiscal year. NLRB regional offices have seen a 32% increase in the number of petitions filed compared with this time last year, the agency said. Continue reading “US union organizing, and unions’ election win rate, is surging, NLRB says”

SEOUL, (Reuters) – SK Innovation, parent of South Korea’s largest oil refiner and battery maker SK On, said on Wednesday it will merge with energy affiliate SK E&S as the nation’s No. 2 conglomerate undertakes a major overhaul to boost profitability.

The move, which creates a 100 trillion won ($72.57 billion) asset company, will help shore up the finances of loss-making battery maker SK On by combining it with a profitable company that has a stronger balance sheet, analysts said. Continue reading “South Korea’s SK Innovation agrees merger with SK E&S as part of overhaul”

TOKYO, (Reuters) – Japan’s Suzuki Motor said on Wednesday it plans to cut the weight of its small Alto hatchback by 15% over the next decade, aiming to reduce the vehicle’s energy usage and employ those technology gains in other models.

The Alto currently weighs 680 kg and the company hopes to lower that by 100 kg. Continue reading “Japan’s Suzuki aims to cut vehicle weight of key model by 15% over a decade”

BERLIN, (Reuters) – German Chancellor Olaf Scholz will travel to Serbia and hold talks with President Aleksandar Vucic on Friday, a German government spokesperson said, naming critical raw materials as a key theme of the trip.

Scholz is set to attend a critical raw materials summit together with European Commission Vice President Maros Sefcovic, during which Serbia will sign a memorandum of understanding with the European Union on a strategic partnership over sustainable raw materials, battery supply chains and electric cars. Continue reading “Germany’s Scholz to visit Serbia for EU raw materials agreement”