Toyota to recall 280,663 vehicles in US on concerns over unexpected movement, says NHTSA

Toyota to recall 280,663 vehicles in US on concerns over unexpected movement, says NHTSA

(Reuters) – A U.S. auto safety regulator said on Tuesday Toyota will recall 280,663 pickup trucks and SUVs and issue a software update to address concerns over unexpected movement caused when vehicles are in neutral and brakes are not applied.

Dealers will issue a free software update on impacted vehicles for the transmission control ECU (electronic control unit) software, the National Highway Traffic Safety Administration said. Continue reading “Toyota to recall 280,663 vehicles in US on concerns over unexpected movement, says NHTSA”

Europe EV makers need closer collaboration to catch up with China -Renault CEO

Europe EV makers need closer collaboration to catch up with China -Renault CEO

GENEVA, (Reuters) – European carmakers and energy suppliers need to collaborate more to catch up with China in terms of the size of its electric vehicle (EV) sector, Renault boss Luca de Meo said on Tuesday.

There is space for collaboration within Europe for most manufacturers, especially in the upstream part of the EV value chain such as sourcing of minerals and production, de Meo said during a press conference on the sidelines of the Geneva International Motor Show. Continue reading “Europe EV makers need closer collaboration to catch up with China -Renault CEO”

Domestic commercial vehicle industry to see 4-7% dip in volumes next fiscal: Icra

Domestic commercial vehicle industry to see 4-7% dip in volumes next fiscal: Icra

Source : PTI | Domestic Commercial Vehicle (CV) volumes are expected to dip 4-7% year-on-year next fiscal with high base effect kicking in, rating agency Icra said on Tuesday. The volumes are expected to remain muted through the January-March quarter on account of a perceived pause in the infrastructural activities as the model code of conduct kicks in ahead of the general elections.

“Icra estimates the domestic CV industry volumes to register 2-5% year-on-year growth in volumes in FY24. Subsequently, the industry’s sharp upcycle is expected to plateau in FY25, with a decline of 4-7% in volumes,” the rating agency stated. Continue reading “Domestic commercial vehicle industry to see 4-7% dip in volumes next fiscal: Icra”

No country other than India has better prospects for future: Maruti Suzuki Chairman RC Bhargava

No country other than India has better prospects for future: Maruti Suzuki Chairman RC Bhargava

Source : PTI | New Delhi: There is no other country in the world better placed than India in terms of future growth, Maruti Suzuki India Chairman RC Bhargava said on Monday. Speaking at an event here, the veteran industry leader noted that the country needs to get rid of the old baggage of various defunct laws, regulations and practices to move ahead.

“I can’t see any country in the world today which has better prospects for the future than India has,” Bhargava said here when asked about the future of the country.

Continue reading “No country other than India has better prospects for future: Maruti Suzuki Chairman RC Bhargava”

Passenger vehicle volume to rise by 5-7%, touch new peak in next fiscal: Report

Passenger vehicle volume to rise by 5-7%, touch new peak in next fiscal: Report

Source : PTI | Passenger vehicle (PV) volumes are expected to log 5-7 % growth, touching a new peak for the third straight time in the next fiscal driven by the SUV segment, credit rating agency Crisil said on Monday. This anticipated growth is expected to come on the back of an estimated high base of 6-8 per this financial year even as demand for cars and exports remain muted, it said.

A significant change in consumer preference has cranked up demand for SUVs leading to its market share doubling to around 60 % of total domestic volume this fiscal from around 28 % before the pandemic in fiscal 2019, the ratings agency said.

Continue reading “Passenger vehicle volume to rise by 5-7%, touch new peak in next fiscal: Report”

Tamil Nadu’s VOC Port will be India’s first green hydrogen hub: Sarbananda Sonowal

Tamil Nadu’s VOC Port will be India’s first green hydrogen hub: Sarbananda Sonowal

Source : PTI | The VOC Port at Tuticorin in Tamil Nadu will become India’s first green hydrogen hub as it will develop an ecosystem of green ports and also emerge as a transshipment hub when Prime Minister Narendra Modi launches numerous initiatives on February 28, Union Minister Sarbananda Sonowal said on Tuesday. Also, Chennai would become the gateway to the Eastern Maritime Corridor to Vladivostok, Russia, and further increase the bilateral trade between the two countries, he said.

“Tomorrow PM Modi will lay the foundation stone, inaugurate, and dedicate to the nation 36 transformative projects worth over INR 17,000 crore. This is a step towards Viksit Bharat @2047,” Sonowal told reporters here. Continue reading “Tamil Nadu’s VOC Port will be India’s first green hydrogen hub: Sarbananda Sonowal”

Nvidia bets dominate US options market as AI fervor grows

Nvidia bets dominate US options market as AI fervor grows

NEW YORK, (Reuters) – Investors’ fervor for all things AI-related is leaving its mark on the U.S. options market, as traders pile in to derivatives bets to gain exposure to the red-hot investing theme.

Options on artificial-intelligence darling Nvidia accounted for 25 cents of every dollar of premium – the price of contracts – traded in U.S. single-stock options over the past month, nearly $3 billion in options premium traded in the chipmaker’s options every day on average, a Reuters analysis of Trade Alert data showed. During several recent sessions, Nvidia surpassed Tesla as the option market’s most heavily traded name for the day. Continue reading “Nvidia bets dominate US options market as AI fervor grows”

Volvo Car India rejigs management team

Volvo Car India rejigs management team

Source : PTI | Volvo Car India on Monday said it has restructured its management team headed by Jyoti Malhotra through both internal role changes as well as external talent acquisition. The exercise carried out over the past few months is aimed to secure long-term strategic transformation and direct-to-consumer online sales, Volva Car India said. It is a subsidiary of Swedish luxury carmaker Volvo Cars.

As part of the rejig, Kalpit Shishodia, who led the customer service function since 2017, has been promoted to the role of director commercial operations to oversee all revenue generating functions under sales and service.

Continue reading “Volvo Car India rejigs management team”

Scindia to inaugurate Jindal Stainless’ first green hydrogen plant on Tuesday

Scindia to inaugurate Jindal Stainless’ first green hydrogen plant on Tuesday

Source : PTI | New Delhi: Union Minister Jyotiraditya M Scindia will on Tuesday inaugurate the stainless steel industry’s first green hydrogen project set up by Jindal Stainless Ltd (JSL). The Union Steel Minister will virtually inaugurate the company’s green hydrogen project, according to officials.

With the inauguration, JSL will become India’s first stainless steel company to install such kind of plant on a commercial scale, the officials said. Continue reading “Scindia to inaugurate Jindal Stainless’ first green hydrogen plant on Tuesday”

Renault CEO: in early talks with Volkswagen over sharing ‘Twingo’ platform
Stellantis aims to sell up to 500,000 vehicles to Ayvens across Europe

Stellantis aims to sell up to 500,000 vehicles to Ayvens across Europe

(Reuters) – Franco-Italian automaker Stellantis said on Monday it had reached a multi-billion-euro frame agreement with leasing and fleet management company Ayvens to sell up to 500,000 vehicles across Europe over the next three years.

Under the agreement, Ayvens’ affiliates will buy the vehicles for its long-term leasing fleet across Europe, with the first delivery volumes expected to begin in the first half of 2024, Stellantis said. Continue reading “Stellantis aims to sell up to 500,000 vehicles to Ayvens across Europe”

SAIC’s MG unveils MG3 hybrid model for European market

SAIC’s MG unveils MG3 hybrid model for European market

GENEVA, (Reuters) – MG Motors, a unit of China’s SAIC (600104.SS), opens new tab on Monday unveiled its hybrid hatchback MG3 model for the European market, taking advantage of slowing growth demand for electric vehicles by offering a lower-emission model without the need for charging.

A pure hybrid combines a fossil-fuel engine that charges a larger battery so the car can periodically run in electric, zero-emission mode. Continue reading “SAIC’s MG unveils MG3 hybrid model for European market”

Facing Chinese EV rivals, Europe’s automakers squeeze suppliers on costs

Facing Chinese EV rivals, Europe’s automakers squeeze suppliers on costs

LONDON, (Reuters) – Europe’s automakers and their already-stretched suppliers face a tough year as they race to cut costs for electric models to counter leaner Chinese rivals which are bringing cheaper vehicles to challenge them on their home turf.

A big question is how much more Europe’s automakers can squeeze out of suppliers that have already started laying off workers, with many smaller companies hard hit by supply chain issues during the pandemic. Continue reading “Facing Chinese EV rivals, Europe’s automakers squeeze suppliers on costs”

GM returns to France with fully-electric Cadillac Lyriq

GM returns to France with fully-electric Cadillac Lyriq

PARIS, (Reuters) – U.S. automaker General Motors on Monday unveiled its luxury electric Cadillac Lyriq in France, an expansion of its market in Europe after returning last year and a test of whether online-only sales will attract wealthy car buyers.

In October GM announced it was launching sales in Switzerland, the first step in an all-electric return to European markets since selling off the Opel and Vauxhall brands in 2017. Continue reading “GM returns to France with fully-electric Cadillac Lyriq”

Renault leads Europe’s EV defence in Geneva as Chinese rivals expand

Renault leads Europe’s EV defence in Geneva as Chinese rivals expand

GENEVA, (Reuters) – Renault and China-owned MG launched new electrified cars in Europe at the Geneva car show on Monday as Chinese automakers seek to take more market share from legacy European rivals.

Europe’s auto industry is scrambling to cut costs and roll out more affordable, well-reviewed electric vehicles (EVs) to counter the arrival of cheaper Chinese models. Continue reading “Renault leads Europe’s EV defence in Geneva as Chinese rivals expand”

PV industry growth likely to moderate to less than 5% in FY25: Tata Motors

PV industry growth likely to moderate to less than 5% in FY25: Tata Motors

Source : PTI | The growth of the domestic passenger vehicle industry is likely to moderate to less than 5% in the next fiscal, according to Tata Motors Passenger Vehicles Managing Director Shailesh Chandra. The company, however, expects electric vehicle sales to keep growing despite the slow pace of charging infrastructure development in the country.

“We had seen a very strong growth in FY23 of 25%, which is likely to moderate in FY24 to about 8%. Therefore, we are seeing with this high base effect, and FY25 will be slightly challenging with less than 5% growth rate,” Chandra said in an analyst call.

Continue reading “PV industry growth likely to moderate to less than 5% in FY25: Tata Motors”

Eco Mobility Expands Partnership with DreamFolks to Deliver Car Rental Services as part of DreamFolks Club Memberships

Eco Mobility Expands Partnership with DreamFolks to Deliver Car Rental Services as part of DreamFolks Club Memberships

Summary

  • Through this partnership, DreamFolks club members can avail the services at more than 150 airports across India and internationally

National, February 2024:  Eco Mobility, India’s premier car rental service provider, today announced the expansion of its successful 4-year partnership with DreamFolks. Eco Mobility will now extend its fleet of luxury chauffeur-driven vehicles to DreamFolks customers under the newly launched DreamFolks Club memberships. Under the renewed agreement, Eco Mobility will provide luxury car rental service to DreamFolks Club members at 150+ airports in India and abroad. Continue reading “Eco Mobility Expands Partnership with DreamFolks to Deliver Car Rental Services as part of DreamFolks Club Memberships”

Toyota extends shutdown of two production lines after emission test irregularities

Toyota extends shutdown of two production lines after emission test irregularities

TOKYO,  (Reuters) – Toyota Motor has extended until March 1 the shutdown of two production lines at two manufacturing plants run by Toyota group companies in Japan, it said on Friday.

The production lines have been suspended since Jan. 29 after the discovery of irregularities in certification tests for diesel engines developed by affiliate Toyota Industries.

On March 1 Toyota will make a decision on whether to reopen the lines from Monday March 4. Continue reading “Toyota extends shutdown of two production lines after emission test irregularities”

US should block cheap Chinese auto imports from Mexico, US makers say

US should block cheap Chinese auto imports from Mexico, US makers say

WASHINGTON, (Reuters) – The U.S. government should block the import of low-cost Chinese autos and parts from Mexico, a U.S. manufacturing advocacy group said on Friday, warning they could threaten the viability of American car companies.

“The introduction of cheap Chinese autos – which are so inexpensive because they are backed with the power and funding of the Chinese government – to the American market could end up being an extinction-level event for the U.S. auto sector,” the Alliance for American Manufacturing said in a report. Continue reading “US should block cheap Chinese auto imports from Mexico, US makers say”

Ford halts shipments of new F-150 Lightning EVs

Ford halts shipments of new F-150 Lightning EVs

(Reuters) – Ford Motor said on Friday it had halted shipments of all 2024 model year F-150 Lightning electric pickup trucks, so it could perform quality checks for an issue it did not specify.

The No. 2 U.S. automaker said the shipment halt began on Feb. 9. It did not say when it expected to resume shipments that had begun in January of the EV truck. A spokesperson declined to say what quality issue was being checked. Continue reading “Ford halts shipments of new F-150 Lightning EVs”

EV maker Lotus Tech closes up modestly in Nasdaq debut after SPAC merger

EV maker Lotus Tech closes up modestly in Nasdaq debut after SPAC merger

NEW YORK, (Reuters) – Shares of Lotus Technology (LOT.O), opens new tab closed up 2% in their Nasdaq debut on Friday, recouping earlier losses, after the luxury electric car maker completed its merger with a blank-check acquisition company backed by private equity firm L Catterton.

The American Depositary Shares, which began trading with the new ticker “LOT”, ended at $13.80 after falling as low as $10.12. About 190,000 shares traded. The special purpose acquisition company (SPAC) closed at $13.51 on Thursday. Continue reading “EV maker Lotus Tech closes up modestly in Nasdaq debut after SPAC merger”

Stellantis chief’s annual pay package jumps 56% to $39.5 mln

Stellantis chief’s annual pay package jumps 56% to $39.5 mln

Summary

  • Tavares received 23.5 mln euros in cash and vested equity
  • Payments include 10 mln euro transformation bonus
  • Package also includes 13 mln euro deferred incentive
  • Average employee earnings were 70,404 euros, up 9.4%

(Reuters) – Stellantis CEO Carlos Tavares received a 56% boost in total compensation to 36.49 million euros ($39.5 million) in 2023, the Franco-Italian automaker said on Thursday. Continue reading “Stellantis chief’s annual pay package jumps 56% to $39.5 mln”

Volvo Cars to dilute stake in EV maker Polestar
China, EU hold talks on cooperation in autos, raw materials

China, EU hold talks on cooperation in autos, raw materials

BEIJING, (Reuters) – China and the European Union held talks on progress and cooperation in a number of areas including automobiles and raw materials, China’s Ministry of Industry and Information Technology said in a statement.

“China attaches great importance to China-EU cooperation in the field of industry and is willing to work with the EU to deepen mutually beneficial and win-win cooperation and achieve common development, said Xin Guobin, vice minister of industry and information technology. Continue reading “China, EU hold talks on cooperation in autos, raw materials”

China’s BYD unveils new Dolphin EV with lower starting price

China’s BYD unveils new Dolphin EV with lower starting price

BEIJING, (Reuters) – Chinese electric vehicle giant BYD on Friday unveiled a version of its Dolphin hatchback with a lower starting price.

The new Dolphin EV goes for a starting price of 99,800 yuan ($13,865.35), a 14.6% fall from the previous version.

The EV rollout came on the heels of BYD’s introduction of lower-priced plug-in hybrid sedan. Continue reading “China’s BYD unveils new Dolphin EV with lower starting price”

Toyota extends shutdown of two production lines after emission test irregularities

Toyota extends shutdown of two production lines after emission test irregularities

TOKYO,  (Reuters) – Toyota Motor has extended until March 1 the shutdown of two production lines at two manufacturing plants run by Toyota group companies in Japan, it said on Friday.

The production lines have been suspended since Jan. 29 after the discovery of irregularities in certification tests for diesel engines developed by affiliate Toyota Industries. Continue reading “Toyota extends shutdown of two production lines after emission test irregularities”

Sona Comstar gets certification under auto PLI scheme

Sona Comstar gets certification under auto PLI scheme

Source : PTI | New Delhi: Auto component maker Sona BLW Precision Forgings (Sona Comstar) on Thursday said the company has received certification under the auto Production Linked Incentive (PLI) scheme. The company had filed seven applications for different products under the PLI scheme, and it has received the certification for its first product, a hub wheel drive motor for electric two-wheelers, Sona Comstar said in a regulatory filing.

The company is the first automotive component company to receive the certification, it added. Continue reading “Sona Comstar gets certification under auto PLI scheme”

Kia recalls 4,358 units of Seltos to replace electronic oil pump controller

Kia recalls 4,358 units of Seltos to replace electronic oil pump controller

Source : PTI | New Delhi: Kia India on Friday said it is voluntarily recalling 4,358 units of a petrol variant of its mid-sized sports utility vehicle Seltos to replace the electronic oil pump controller. The company is recalling Smartstream G1.5 Petrol Seltos with IVT transmission, manufactured between February 28 and July 13, 2023, the South Korean automaker said in a statement.

The recall has been prompted by a potential error in the electronic oil pump controller, which may impact the performance of the electronic oil pump in the specified transmission variant, it added.

Continue reading “Kia recalls 4,358 units of Seltos to replace electronic oil pump controller”

NBCUniversal must face DeLorean trademark trial over ‘Back to the Future’ merchandise

NBCUniversal must face DeLorean trademark trial over ‘Back to the Future’ merchandise

Summary

  • DeLorean brand owner said NBCU failed to pay royalties for merchandise, tie-ins
  • Brand owner can pursue infringement claims at trial, court says

(Reuters) – NBCUniversal [RIC:RIC:CMCSAN.UL] lost a bid in California federal court on Thursday to defeat a trademark lawsuit over its use of the iconic DeLorean from “Back to the Future” on merchandise and tie-ins for the film series.

NBCU failed to convince U.S. District Judge David Carter that it did not infringe DeLorean Motor Co’s trademarks, paving the way for a trial on the trademark claims. Carter ruled that DeLorean lacked standing to claim that NBCU broke its 1989 contract with the carmaker, however. Continue reading “NBCUniversal must face DeLorean trademark trial over ‘Back to the Future’ merchandise”

US lawmakers urge VW to exit Xinjiang operations

US lawmakers urge VW to exit Xinjiang operations

WASHINGTON, (Reuters) – The chair of a U.S. House Committee on China and the top Democrat on the panel urged Volkswagen (VOWG_p.DE), opens new tab to halt operations in Xinjiang after thousands of vehicles with a small Chinese-made electronic component were held at U.S. ports.

Representative Mike Gallagher, a Republican, and Raja Krishnamoorthi wrote to VW CEO Oliver Blume raising “deep concern” about the reports that VW Group models were blocked from entry into the United States because the vehicles “contained parts made by forced labor in” China, according to a copy of the Feb. 21 letter reviewed by Reuters. Continue reading “US lawmakers urge VW to exit Xinjiang operations”

US new vehicles sales set to rise in February, report shows

US new vehicles sales set to rise in February, report shows

(Reuters) – U.S. new vehicle sales are expected to rise 1.4% in February from a year earlier, driven by robust demand and a better supply of vehicles, according to a joint report by industry consultants J.D. Power and GlobalData on Thursday.

Total new vehicle sales in the United States, which include retail and non-retail transactions, are estimated to touch 1.2 million units in February, according to the report.

The report said the volume growth was helped by higher inventory levels, higher manufacturer incentives and lower retailer profit margins which led to lower average transaction prices. Continue reading “US new vehicles sales set to rise in February, report shows”

US offers $710 million in loans for EV technology projects

US offers $710 million in loans for EV technology projects

DETROIT/WASHINGTON, (Reuters) – The U.S. Energy Department said on Thursday it gave preliminary approval for nearly $710 million in loans to electric vehicle (EV) technology manufacturing ventures, although the Biden administration still has $221.8 billion in loan capacity to fund clean-energy projects.

South Korean company SK Siltron CSS is set to receive $544 million to expand a plant in Bay City, Michigan that produces high power silicon carbide wafers used in electric vehicles. Those components are critical EV drivetrains, including inverters, and electrical distribution systems, the department said.

About 200 jobs each in the construction and production sectors could be created to handle the plant expansion, the department said in a statement. Continue reading “US offers $710 million in loans for EV technology projects”

Automaker Stellantis CEO total compensation jumps 56% to $39.5 mln in 2023

Automaker Stellantis CEO total compensation jumps 56% to $39.5 mln in 2023

(Reuters) – Stellantis CEO Carlos Tavares’ total compensation in 2023 rose 56% to 36.49 million euros ($39.5 million), the Italian-American automaker with brands including Chrysler and Fiat said on Thursday.

Tavares’ total compensation last year compared to the 23.46 million euros he was awarded for 2022.

Tavares received 23.47 million euros in cash and vested equity in 2023, including a 10 million euro transformation incentive to meet milestones tied to challenges the auto industry is facing on global mobility, technology and the electrification of vehicles. Continue reading “Automaker Stellantis CEO total compensation jumps 56% to $39.5 mln in 2023”

EV sector grapples with layoffs, production cuts and altered plans

EV sector grapples with layoffs, production cuts and altered plans

(Reuters) – A global slowdown in electric-vehicle demand is rippling through the industry, costing jobs and leading to changes in strategic plans, layoffs and production cuts, suggesting pain in the near term could slow the transition away from gasoline-powered combustion engines.

On Thursday, German luxury carmaker Mercedes toned down expectations on EV demand and said it will update its gasoline-powered engine vehicle lineup well into the next decade. Continue reading “EV sector grapples with layoffs, production cuts and altered plans”

MG Will Present IM L6 Electric Saloon At Geneva Motor Show 2024

MG Will Present IM L6 Electric Saloon At Geneva Motor Show 2024

MG is set to showcase its IM brand and more innovation at the 2024 Geneva International Motor Show. Alongside the highly anticipated debut of the all-new MG3 Hybrid, the spotlight will also shine on the unveiling of the IM brand, heralding a new era of Intelligent Mobility.

IM, short for Intelligent Mobility, represents MG’s foray into the realm of intelligent battery electric vehicles (BEVs), promising to redefine the driving experience with cutting-edge technology and premium offerings. Spearheading this venture is the IM L6 saloon, poised to make its global debut at the prestigious automotive event. Continue reading “MG Will Present IM L6 Electric Saloon At Geneva Motor Show 2024”

Renault Nissan Automotive utilises 85% of renewable energy at TN plant between July-December 2023

Renault Nissan Automotive utilises 85% of renewable energy at TN plant between July-December 2023

Source : PTI | Automobile manufacturer Renault Nissan Automotive India Pvt Ltd has tapped 85%of renewable energy for its operations at the factory near Chennai between July and December 2023, the company said on Thursday. The company is a joint venture between France based Renault and Japan-headquartered Nissan and has a manufacturing facility at Oragadam near Chennai. It has planned to achieve carbon-neutral by 2045. In September 2023, the company managed to utilise 100%of renewable energy for the operations, a company statement here said. Continue reading “Renault Nissan Automotive utilises 85% of renewable energy at TN plant between July-December 2023”

Indore’s BRTS corridor to go green with all-electric bus fleet

Indore’s BRTS corridor to go green with all-electric bus fleet

Source : PTI | In a first in the country, the Bus Rapid Transit System (BRTS) corridor in Indore city will soon have only electric buses, a senior official said here on Thursday.

All diesel-run buses plying on the 11.45 km-long route will be replaced by electric buses, municipal commissioner Harshika Singh told reporters. Continue reading “Indore’s BRTS corridor to go green with all-electric bus fleet”

Stellantis to start electric van production at UK Luton plant in 2025

Stellantis to start electric van production at UK Luton plant in 2025

LONDON, (Reuters) – Stellantis said on Thursday it will launch production of medium-sized electric vans in 2025 at its Luton plant in England, providing some long-term certainty for a factory that has been producing vans for 92 years.

The world’s fourth-largest automaker by sales said starting in the spring next year Luton will produce five electric models including the Vauxhall Vivaro Electric, Peugeot E-Expert and Fiat Professional E-Scudo in both right- and left-hand drive versions. Continue reading “Stellantis to start electric van production at UK Luton plant in 2025”

California puts Waymo robotaxi expansion application on hold until June 19

California puts Waymo robotaxi expansion application on hold until June 19

SAN FRANCISCO, (Reuters) – A California regulator has put on hold until June 19 an application by Alphabet’s Waymo to expand its robotaxi services to parts of the Los Angeles area and San Francisco’s peninsula, amid rising safety concerns over autonomous vehicles.

The application has been “suspended for further staff review”, a notification on the California Public Utilities Commission (CPUC) website showed on Wednesday. It was unclear when the notification was posted. Continue reading “California puts Waymo robotaxi expansion application on hold until June 19”