Sensing a huge opportunity in the global semiconductor market, India has set in motion an ambitious plan to become a key supplier for the world with the government itself putting in USD 10 billion, Communications Minister Ashwini Vaishnaw said on Thursday.

Speaking at a session on ‘Learning from semiconductor supply shocks’ at the World Economic Forum Annual Meeting 2023 here, the minister said there is a very large market that requires semiconductor and India has a huge potential in terms of infrastructure, talent pool and technology. Continue reading “India aims to become key semiconductor supplier for world”

MUMBAI, Jan 21 (Reuters) – India’s Adani Group, which is controlled by billionaire Gautam Adani, said it plans to spin off more businesses by 2028 and dismisses any debt concerns.

The corporate house plans to spin off, or demerge, its metals, mining, data centre, airports, roads and logistics businesses, said Chief Financial Officer Jugeshinder Singh said. Continue reading “India’s Adani Group plans to demerge more business; dismisses debt concerns”

WASHINGTON, Jan 20 (Reuters) – Major unions and public interest and environmental groups are urging President Joe Biden to reject efforts by the European Union and other foreign governments to revise U.S. electric vehicle tax incentives.

The $430 billion U.S. Inflation Reduction Act (IRA) passed in August restricts $7,500 consumer tax credits to North American-made EVs, but the U.S Treasury in December said consumers leasing vehicles assembled outside North America could benefit from the $7,500 commercial green vehicle tax credit. Continue reading “Unions press Biden administration to not change EV tax credit rules”

WASHINGTON, Jan 20 (Reuters) – General Motors Co (GM.N) and LG Energy Solution (373220.KS) do not plan to move forward with a fourth U.S. battery cell manufacturing plant, two sources told Reuters on Friday.

The companies’ joint venture Ultium Cells LLC said in August it was considering a site in New Carlisle, Indiana, for a fourth U.S. battery plant, expected to cost around $2.5 billion. Continue reading “GM, LG Energy drop plan for fourth U.S JV battery plant”

WASHINGTON, Jan 20 (Reuters) – General Motors (GM.N) said Thursday it was investing $918 million in four U.S. plants for V-8 gasoline engine production and electric vehicle components.

The largest U.S. automaker has a two-prong strategy to ramp up EV production while continuing to invest in its current gasoline-engine vehicles that account for the vast majority of profits and most of its U.S. vehicle sales. Continue reading “GM invests $918 million in U.S. plants for gas engine, EV components”

PARIS, Jan 20 (Reuters) – French court on Friday ordered Uber (UBER.N) to pay around 17 million euros ($18.43 million) in damages and lost salaries to a group of drivers who argued they should have been treated like employees rather than self-employed, both parties to the case told Reuters.

“This is a huge victory after a long legal battle which started in 2020”, said lawyer Stephane Teyssier who represented the 139 drivers that had brought the case before the Conseil des Prud’hommes labour court in Lyon. Continue reading “French court orders Uber to pay some $18 mln to drivers, company to appeal”

MILAN, Jan 20 (Reuters) – Stellantis (STLA.MI) will halt production at its Atessa van making plant In Italy next week due to a parts shortage, unions said on Friday.

The stoppage will affect most of the plant’s workers, FIM, UILM and Fismic unions said in a statement. Continue reading “Stellantis to halt Italian van plant next week due to parts shortage, unions say”

DETROIT, Jan 19 (Reuters) – Tesla Inc (TSLA.O) earns more money for every vehicle it sells than any of its global rivals. Now, Chief Executive Elon Musk is using that superior profitability as a weapon in the EV price war he started.

Tesla, once one of the auto industry’s biggest money losers, has over the past year built a commanding lead over most major rivals in profit per vehicle, a Reuters analysis of industry data shows. Continue reading “Analysis: Tesla uses its profits as a weapon in an EV price war”

DETROIT, Jan 19 (Reuters) – Tesla Inc (TSLA.O) earns more money for every vehicle it sells than any of its global rivals. Now, Chief Executive Elon Musk is using that superior profitability as a weapon in the EV price war he started.

Tesla, once one of the auto industry’s biggest money losers, has over the past year built a commanding lead over most major rivals in profit per vehicle, a Reuters analysis of industry data shows. Continue reading “Analysis: Tesla uses its profits as a weapon in an EV price war”

PARIS, Jan 19 (Reuters) – A deal between French carmaker Renault (RENA.PA) and Japanese partner Nissan (7201.T) could be announced as early as Feb. 1 as months of negotiations on how to reshape their alliance progress, a source familiar with the matter said on Thursday.

The deal would see Renault cut its stake in Nissan to 15%, equalising the carmakers’ holdings in each other, sources previously told Reuters. Continue reading “Nissan-Renault deal on alliance could come as early as Feb. 1 – source”

MEXICO CITY, Jan 19 (Reuters) – Mexican President Andres Manuel Lopez Obrador defended his plan to move all cargo flights from the capital’s principal airport to a new site on the outskirts of town Thursday after a draft proposal to do such was made public earlier this week.

“An agreement is being reached between the directors of the two airports, with customs, with everyone,” Lopez Obrador said in a regular news conference. Continue reading “Mexican president defends bid to move cargo from longstanding hub to new airport”

SHENZHEN, China, Jan 19 (Reuters) – Christian Gassner, whose furniture components factory in the southern Chinese city of Shenzhen had a dismal end of 2022 amid COVID-19 outbreaks, is finally seeing light at the end of the tunnel.

About two months ago, many workers quit to avoid potential lockdowns ahead of Lunar New Year, then in December, after pandemic controls came off, almost all who remained fell ill, disrupting production. Continue reading “COVID-hit Chinese factories eye gradual recovery after Lunar New Year break”

HANOI, Jan 19 (Reuters) – Vietnam’s electric-vehicle (EV) maker VinFast said on Thursday it will launch promotions to protect the market competitiveness of its models, a week after Tesla (TSLA.O) announced aggressive discounting to spur demand.

VinFast, which started operations in 2019, is gearing up to expand in the United States, where it hopes to compete with existing automakers by offering two models, the VF8 and VF9, which have starting prices of $59,000 and $83,000, respectively. Continue reading “Vietnam EV maker VinFast plans promotions in response to Tesla price cuts”

Jan 18 (Reuters) – As Elon Musk prepares to take the stand at a trial to determine whether he misled investors about taking Tesla Inc (TSLA.O) private in 2018, the billionaire can expect his tweets, public comments and his thin skin to be used against him, legal experts said.

Tesla shareholders want a jury to find Musk liable for a 2018 tweet that he had “funding secured” to take the electric vehicle maker private, which sparked wild swings in the company’s securities. Investors lost millions of dollars as it became clear no buyout was imminent, the shareholders allege. Continue reading “Grilling Musk: use CEO’s tweets, thin skin against him, trial experts say”

Source : PTI : New Delhi: Maruti Suzuki India on Monday said it transported over 3.2 lakh vehicles using indian railways last year, its highest-ever dispatch in a calendar year. The company had obtained a Automobile Freight Train Operator (AFTO) license in 2013 allowing it to fabricate and operate high-speed, high-capacity auto- wagon rakes on the Indian Railways network.

In the last ten years, the automaker has seen a five-fold increase in railway dispatches in terms of volumes. Share of railways in outbound logistics has increased from 5 per cent in 2013 to 17 per cent in 2022. Continue reading “Maruti Suzuki transports record 3.2 lakh units via railways in 2022”

SAN FRANCISCO, Jan 18 (Reuters) – Attorneys for Tesla Inc (TSLA.O) and for investors will make opening arguments in a San Francisco court on Wednesday in a case to decide whether CEO Elon Musk’s 2018 tweet that funding was “secured” to take the company private damaged shareholders.

The case is a rare securities class action trial, and Musk and his company are bucking the norm of settling claims that clear high legal hurdles, making for a potentially dramatic trial at which Musk himself may testify. Continue reading “Tesla, shareholders to lay out arguments in ‘funding secured’ fraud trial”

TOKYO, Jan 18 (Reuters) – Toyota Motor Corp (7203.T) on Wednesday said it plans to produce about 750,000 vehicles globally in February.

The Japanese automaker said it aims to make about 300,000 vehicles domestically and about 450,000 overseas, and that it will continue to monitor the supply of auto parts, including semiconductors. Continue reading “Toyota plans to produce 750,000 vehicles globally in February”

BERLIN, Jan 18 (Reuters) – European new car registrations increased sharply in December, data from the region’s carmaker association showed on Wednesday.

The number of new vehicles registered in the European Union, Britain and the European Free Trade Association (EFTA) rose by 14.8% on the year to 1.091 million units, the European Automobile Manufacturers Association (ACEA) said. Continue reading “European car sales jump in December”

PARIS, Jan 18 (Reuters) – Renault (RENA.PA) group sales in 2022 fell 5.9% to 2,051,174 vehicles, marking a fourth consecutive annual decline after capacity constraints and supply chain snags, the company said on Wednesday.

The group, which is in the middle of a turnaround, said its order book in Europe was at a record level of 3.5 months of sales. Continue reading “Renault group sales fall 5.9% in 2022, Europe order book at record levels”

PARIS, Jan 18 (Reuters) – Carmaker Stellantis (STLA.MI) and Finnish company Terrafame announced on Wednesday that they had struck a deal whereby Terrafame will supply Stellantis with nickel sulphate over a five-year period, starting from 2025 onwards.

“This agreement is part of the key raw material sourcing to fit with our electrified vehicle battery pack needs,” Stellantis Chief Executive Carlos Tavares said in a statement. Continue reading “Carmaker Stellantis strikes nickel sulphate supply deal with Terrafame”

• BYD studied U.S. market entry last year – sources
• Aggressive U.S. expansion unlikely for now – sources
• BYD could sell 10 mln cars by early 2030s – shareholder

BEIJING, Jan 18 (Reuters) – Chinese electric vehicle (EV) giant BYD (002594.SZ) is embarking on a rapid global expansion to challenge Tesla (TSLA.O) but for now it’s stuck in the slow lane on its rival’s home turf.

Continue reading “China’s BYD takes cautious approach to U.S. in global EV push”

Jan 17 (Reuters) – Carvana Co (CVNA.N) has adopted a “poison pill” to limit shareholders from raising their stakes and has reached an agreement to sell up to $4 billion of auto loans, the struggling used car retailer said on Tuesday.

The company’s shares gained 6.5% to $7.47 in afternoon trade. Continue reading “Carvana adopts ‘poison pill’, sells $4 billion of auto loans”

SHANGHAI, Jan 17 (Reuters) – Tesla’s (TSLA.O) retail sales surged in China in January after it slashed prices for its top-selling models earlier in the month, data compiled by China Merchants Bank International (CMBI) showed.

Average daily sales for Tesla in China during the Jan. 9 to Jan. 15 period jumped 76% from the same period in 2022. Total sales were 12,654 vehicles over that period, CMBI’s data showed. Continue reading “Tesla’s retail sales in China surged after price cut -brokerage data”

Jan 17 (Reuters) – India’s Maharashtra has entered a $2.5 billion partnership with Taiwan’s Gogoro Inc (GGR.O) and a local automotive systems supplier to build electric vehicle (EV) battery-swapping and charging stations in the state, the parties said on Tuesday.

The Indian company, Belrise Industries Ltd, and Gogoro will form an equal-stakes joint venture and invest the amount over eight years with the Maharashtra government. Continue reading “India’s Maharashtra enters $2.5 bln partnership for EV battery-swapping stations”

Source : PTI : Sundram Fasteners Ltd, engaged in manufacturing of auto components has bagged a USD 250 million contract from a top automobile manufacturer for supply of sub-assemblies to its electric vehicle segment, the company said on Tuesday. The city-based company said the award of contract was the biggest EV contract secured in its 60 year old history.

Sundram Fasteners has drawn up plans to invest Rs 200 crore to support the new order received from the global automobile manufacturer. The company would ship the parts from its powertrain divisions located at Mahindra World City in Chengalpattu, Tamil Nadu, and Sri City, Andhra Pradesh. The parts will be serviced from the company’s warehouse in North America, Continue reading “Sundram Fasteners bags USD 250 million deal from global auto maker”

Source : PTI : New Delhi: Maruti Suzuki India on Monday said it transported over 3.2 lakh vehicles using Indian railways last year, its highest-ever dispatch in a calendar year. The company had obtained a Automobile Freight Train Operator (AFTO) license in 2013 allowing it to fabricate and operate high-speed, high-capacity auto – wagon rakes on the Indian Railways network.

In the last ten years, the automaker has seen a five-fold increase in railway dispatches in terms of volumes. Share of railways in outbound logistics has increased from 5 per cent in 2013 to 17 per cent in 2022. Continue reading “Maruti Suzuki transports record 3.2 lakh units via railways in 2022”

Source : PTI : Hyundai Motor India will increase its production capacity to 8.2 lakh units annually from June this year as it looks to reduce backlog orders with improvement in semiconductor supply issues, according to top company officials. The company, which is among the worst hit automobile manufacturers by chip shortage, currently has a backlog order of around 1.15 lakh units, with majority of them being its popular SUVs — Creta and Venue.

“We see the semiconductor situation is getting better this year. So, we are increasing our production to meet our customers and we are positive for this year,” Hyundai Motor India Ltd (HMIL) Managing Director and CEO Unsoo Kim said on the sidelines of the Auto Expo 2023. Continue reading “Hyundai Motor India to increase production capacity to 8.2 lakh units/yr from June: MD & CEO Unsoo Kim”

LONDON, Jan 17 (Reuters) – Car rental firm Hertz (HTZ.O) will make up to 25,000 electric vehicles (EVs) available to rent to drivers of ride-hailing company Uber (UBER.N) in European capitals by 2025, the two companies said on Tuesday.

The rollout of the rental deal, which will include models from Tesla (TSLA.O) and Polestar , will start this month in London, where Hertz will add more than 10,000 EVs by 2025 that Uber drivers will be able to rent. Continue reading “Hertz to offer 25,000 EV rentals to Uber drivers in Europe”

PARIS, Jan 17 (Reuters) – The Renault group (RENA.PA) on Tuesday said sales at its flagship brand fell for a fourth consecutive year in 2022 to 1,466,729 units excluding Russia, a 9.4% decline from 2021.

The French carmaker, which was hit harder than most rivals by the COVID-19 crisis and supply chain snags due to chip shortages, is in the middle of a turnaround in a drive to boost profits. Continue reading “Renault sales fall for 4th straight year”

SHANGHAI/BEIJING, Jan 17 (Reuters) – Chinese automaker Xpeng (9868.HK) on Tuesday announced price cuts for some models in a notice on its official WeChat account, following similar moves by Tesla (TSLA.O) and Seres (601127.SS) and fuelling expectations of a wider price war.

Xpeng lowered the starting prices for its best-selling pure electric P7 sedan to 209,900 yuan ($31,015), according to the notice, 12.5% lower than its previous level. Continue reading “Chinese EV maker Xpeng joins Tesla, Seres in price cuts”

JAKARTA, Jan 17 (Reuters) – Indonesia is finalising agreements with China’s automaker BYD Group and U.S. carmaker Tesla (TSLA.O) to invest in electric vehicle (EV) production facilities in the Southeast Asian country, a senior cabinet minister said on Tuesday.

Indonesia is aggressively promoting investment into batteries and EVs at home to take advantage of its rich nickel resources. Once a major nickel ore exporter, it has banned exports to ensure enough raw materials for investors. Continue reading “Indonesia close to EV deals with BYD Group and Tesla – minister”

BEIJING/PARIS, Jan 17 (Reuters) – Renault SA (RENA.PA) and China’s Geely Automobile Holdings (0175.HK) are working to finalise a deal to bring Saudi Aramco (2222.SE) in as an investor and partner to develop and supply gasoline engines and hybrid technologies, three people with knowledge of the talks said.

The Saudi oil producer has been involved in advanced discussions to take a stake of up to 20% in a previously announced but still-unnamed Geely-Renault powertrain technology company that the automakers are working to establish, the three people told Reuters. Continue reading “Exclusive: Renault, Geely look to bring Aramco into engine venture, sources say”

Jan 17 (Reuters) – Automaker Stellantis (STLA.MI) has teamed up with lithium group Vulcan Energy Resources (VUL.AX) to develop geothermal energy projects in Germany to help decarbonise production of electric vehicles at Rüsselsheim, the two companies said on Tuesday.

Stellantis’ Rüsselsheim facility is where the world’s third largest carmaker by sales produces its DS 4 and Opel Astra models. Continue reading “Stellantis, Vulcan Energy to develop renewable energy assets in Germany”

Greater Noida: Tata Motors, Kia India and Hyundai are expecting sales momentum to continue this year as well after witnessing robust growth in dispatches to dealers in the last year while pressure remains of a high base effect, inflation and higher interest costs.

Tata Motors, which crossed five lakh cumulative wholesale mark in 2022, is hopeful of robust performance this year on the back of new launches as well as better traction for its internal combustion engine models, electric vehicles and CNG trims. Continue reading “Tata Motors, Kia, Hyundai expect sales momentum to continue in 2023”

Source : PTI : The domestic automobile industry is scaling up efforts to enhance localisation of electronic components in order to curtail dependence on other countries, especially China, as per auto component industry body President Sunjay Kapur. In an interaction with PTI, Kapur noted that the Automotive Component Manufacturers Association of India (ACMA), Society of Indian Automobile Manufacturers (SIAM) and the Ministry of Heavy Industries are working together to achieve the target of localisation especially in electronics.

He noted that there lies a great opportunity for the auto component industry with the big push towards electrification. With growth in consumption of electric vehicles, the industry is witnessing fast transformation of the auto components sector to be an integral part of the electric vehicle manufacturing supply chain. Continue reading “Auto industry scaling up efforts to increase localisation of EV components, reducing dependency on China”

Source : PTI : German luxury carmaker BMW is increasing its focus on India, buoyed by the best-ever annual sales in 2022 as it sees “huge growth potential for market leadership” here given the low penetration. Driven by the highest ever number of launches (26) and pent-up demand arising from the pandemic-induced lockdowns, BMW India sold 35 per cent more cars (BMWs and Minis combined) in 2022 at 11,981 units (of which 11,268 were BMWs), making it the highest ever deliveries in its history since its entry in 2007.

Its two-wheeler brand Motorrad also had its best-ever sales delivering 7,282 units, a full 40 per cent growth on-year. Though India is likely to overtake Japan to become the third-largest auto market in the world after China and the US in 2022 selling more than 4.25 million units, there is nothing to write home about the luxury segment which is just about 1 per cent. Of this, the car volume stood at 3.8 million in 2022, excluding the units sold by luxury carmakers Mercedes, BMW and Volvo, according to data shared by industry body SIAM last week. Continue reading “BMW sees huge growth potential in India”

BERLIN, Jan 16 (Reuters) – Tesla (TSLA.O) has come under fire from German union IG Metall and politicians over allegations by workers of unreasonable working hours and fears over speaking out at its Brandenburg plant, with some calling for inquiries into the carmaker.

At its annual news conference, IG Metall, which has an office near the plant and says it is in regular contact with workers, said a growing number reported longer working hours with little free time. Continue reading “Tesla under fire in Germany over union concerns on working hours, contracts”