TOYOTA CITY, Japan, (Reuters) – Toyota Motor shareholders backed Chairman Akio Toyoda and nine other members of the automaker’s board on Tuesday, despite concerns about governance raised by two leading proxy advisers.
Toyoda’s re-election as chairman was a focal point of its annual shareholder meeting after the proxy advisers recommended that investors vote against it. Continue reading “Toyota shareholders vote for chairman’s re-election”
Source : PTI | Hyundai Motor India Ltd plans to launch four electric vehicle models in future, including Creta EV, in the last quarter of the current fiscal, according to the company’s preliminary IPO papers filed with Sebi. The company is looking to maximise the price competitiveness of its electric vehicle (EV) models and intends to focus on securing local production capabilities for key parts, such as cells, battery packs, power electronics, and drivetrain and building a localised EV supply chain.
In the draft red herring prospectus (DRHP), Hyundai Motor India Ltd (HMIL) said it seeks to calibrate its EV strategy and plan EV timelines in line with market demands in India by launching the appropriate EV models within each price segment. Continue reading “Hyundai India to launch EV models in future; electric version of Creta by Q4 FY25”
MILAN, (Reuters) – A Stellantis-led joint venture has started production of electric vehicles of China’s Leapmotor at Stellantis’ Tychy plant in Poland, analysts at Jefferies said, quoting Leapmotor’s management.
Jefferies said in a report late on Sunday that Leapmotor’s management said at an analyst call the first units of its T03 small EV rolled off Stellantis’ assembly plant in Poland last week and was on schedule for mass production in September. Continue reading “China’s Leapmotor started EV production at Stellantis’ Polish plant, Jefferies says”
BEIJING, (Reuters) – Berkshire Hathaway, the investment company owned by Warren Buffett, has sold 1.3 million Hong Kong-listed shares of electric vehicle maker BYD for HK$310.5 million ($39.8 million), a stock exchange filing showed on Monday.
The sale on June 11 lowered Berkshire’s holdings in BYD’s issued H-shares to 6.90% from 7.02%, the filing to the Hong Kong stock exchange showed. Continue reading “Berkshire Hathaway sells $39.8 mln of shares in China’s BYD”
TOKYO, (Reuters) – Toyota Motor Chairman Akio Toyoda may be in no danger of not being re-elected at the automaker’s annual general meeting on Tuesday, but any further big drop in shareholder support could lead to increased action on governance reforms.
This year’s AGM will follow scandals involving violations of certification tests at Toyota and its group companies including compact car maker Daihatsu and truck unit Hino Motors. Continue reading “At Toyota shareholder meeting, all eyes on level of support for chairman”
Source : PTI | India’s coal import rose by 13.2% to 26.10 million tonne (MT) in April 2024 as buyers took fresh positions amid early onset of summer. The country had imported 23.05 MT of coal in the year-ago period, according to data compiled by B2B e-commerce company mjunction services ltd.
This comes amid coal and mines minister G Kishan Reddy stating that India should increase domestic production of the fossil fuel and reduce coal imports. Continue reading “India’s coal import rises 13% to 26 MT in April”
Source : PTI | Essar Group plans to invest INR 30,000 crore over the next four years in setting up a green hydrogen plant at Jamnagar in Gujarat as the metals-to-infrastructure conglomerate eyes clean energy as a key pillar for its new phase of growth. The conglomerate is looking to decarbonise its oil refinery in the UK, construct a green steel plant in Saudi Arabia, and build an LNG and electric ecosystem to decarbonise long-haul heavy trucks, Prashant Ruia, director of Essar Capital, which manages the group’s portfolio of investments, said.
It is also considering an entry into mining of critical minerals, mainly used in electric vehicle batteries, solar panels and wind-turbine magnets.
Continue reading “Essar to invest INR 30,000 crore in green hydrogen plant in Gujarat”
Source : PTI | Automobile retailers’ apex body FADA on Friday voiced its concern on the high inventory level and said it is planning to take up the matter with the Society of Indian Automobile Manufacturers (SIAM). At the third edition of the Finance and Insurance Summit 2024 here, Federation of Automobile Dealers’ Association (FADA) President Manish Singhania also demanded continuity in the FAME-3 policy and in infra push.
Singhania said in 2018-19 was a very bad year for the automobile dealers in the country when 280-odd dealerships had gone out of business, and FADA does not want that to happen again.
Continue reading “FADA raises concerns over high inventory levels in automobile industry”
BEIJING, (Reuters) – Shanghai is allowing 10 Tesla vehicles to carry out tests of the company’s most advanced autonomous driving software to pave way for its rollout in China, local-government-backed The Shanghai Observer said on Friday.
A successful rollout of its Full Self-Driving (FSD) software would allow Tesla to better compete with local rivals in China, and could turn the world’s largest auto market into a battlefield for less expensive driver assistance features, intensifying a price war. Continue reading “Shanghai allows Tesla to carry out Full Self-Driving pilot”
BEIJING, (Reuters) – Chinese firms have asked the government to launch an anti-dumping investigation into pork imports from the European Union, as well as an anti-subsidy investigation into EU dairy, according to state media.
The move, seen as retaliation for new EU tariffs of up to 38.1% on imported Chinese elective vehicles from July, may risk escalating trade tensions. Continue reading “China’s potential probes on EU firms following EV tariffs”
(Reuters) – Germany wants “serious movement” from China on the issue of tariffs on imported electric vehicles and hopes that talks in the coming weeks can stave off an escalating trade conflict that the transport minister on Friday warned could be catastrophic.
Chancellor Olaf Scholz’s government is pushing for what it calls an “amicable” solution after the European Union threatened to impose swingeing anti-subsidy tariffs to shield European automakers from competition. Continue reading “Germany says ‘serious movement’ needed from China in EV tariff row”
BERLIN, (Reuters) – BMW’s all-electric Mini made in China is set to be hit by the highest EV tariff of 38.1% under the EU’s provisional plans, a source familiar with the matter said on Friday, a potential terminal blow for the mid-range car’s sales prospects.
Mass production of the roughly 35,000-euro ($37,345) vehicle, produced by a BMW and China’s Great Wall Motor Co Ltd joint venture, began late last year – shortly after the EU launched its probe. Continue reading “BMW electric Mini threatened with highest EV tariff from EU, source says”
NEW DELHI, (Reuters) – Hyundai Motor’s unit sought regulatory approval on Saturday for a stock market listing in Mumbai which could be the nation’s biggest and will see the South Korean parent sell a stake of up to 17.5% in the company.
The prospectus filed gave no details of the pricing of the initial public offering or the company’s valuation, but sources have told Reuters Hyundai aims to raise around $2.5-$3 billion at a valuation of up to $30 billion. Continue reading “Hyundai files for India IPO that could be country’s biggest”
PARIS, (Reuters – French automaker Renault presented an electric sports car on Thursday, the first in a planned range of premium EVs, which could help it fight off looming competition from China and grab share in a category outperforming the rest of the market.
European car firms won a brief respite from mounting Chinese competition after the EU said on Wednesday it would impose tariffs of up to 38% on Chinese EV imports. Continue reading “Renault sets sights on sporty EVs for profit boost”
DETROIT, (Reuters) – Ford Motor Co will soon allow all of its dealers to sell electric vehicles, reversing its more selective allocation system in an effort to boost slower-than-expected sales.
The pivot, which goes into effect July 1, unravels previous requirements that only let dealers sell EVs like the F-150 Lightning pickup and Mustang Mach-E SUV if they had invested a set amount in training and infrastructure. Continue reading “Ford walks back EV dealer restrictions to boost sales”
Summary
(Reuters) – Tesla shareholders approved CEO Elon Musk’s $56 billion pay package, the electric vehicle-maker said on Thursday, a big thumbs-up to his leadership and an incentive to keep his focus on his biggest source of wealth. Continue reading “Elon Musk wins Tesla shareholder approval for $56 billion pay package, touts his ability to ‘deliver’”
INDIA
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Volkswagen launches new Tiguan SUV tagged at Rs 31.99 lakh ZEE Business
MG Motor finds new ways to beat the summer with cooling accessories Express Drives Continue reading “WAF Auto News | The Auto World This Week (14th June 2024)”
Summary
Continue reading “Volkswagen India Flags Off the First Chapter Of Volkswagen Experiences”
TOKYO, (Reuters) – Honda Motor will start selling a micro-sized electric van targeted at Japan’s delivery industry in October, the Japanese automaker said on Thursday, joining an increasingly crowded part of the market.
The small electric commercial van will have a cruising range of 245 km (152 miles), the company said in a statement. It will be classed as a “kei” vehicle, which are low-powered, low-taxed domestic vehicles. Continue reading “Japan’s Honda to start selling micro-sized electric vans in October”
Summary
BEIJING, (Reuters) – Beijing on Thursday slammed EU tariffs on Chinese electric vehicles as protectionist behaviour and said it hoped the European bloc would correct its “wrong practices” and handle trade frictions through dialogue. Continue reading “China urges EU to reverse ‘wrong practices’ on EV tariffs”
WASHINGTON, (Reuters) – Alphabet’s Waymo said Thursday it would recall 672 of its self-driving vehicles after one of its driverless vehicles struck a wooden utility pole in Phoenix, Arizona in May.
The National Highway Traffic Safety Administration regulator opened an investigation in May after 22 reports of Waymo’s robotaxis exhibiting driving behavior that potentially violated traffic safety laws, or demonstrating other “unexpected behavior,” including 17 collisions. Continue reading “Waymo recalls 672 self-driving vehicles after Arizona collision”
LONDON, (Reuters) – The European Commission’s decision to slap tariffs on imported Chinese EVs could have far-reaching effects for European automakers, as a possible trade war would hurt not only their business in China but also their own imports of Chinese-made cars.
Germany’s automakers in particular have a lot to lose in China and the announcement on Wednesday leaves them fretting over a decision BMW CEO Oliver Zipse described as the “wrong way to go”. Continue reading “Europe’s automakers fret as China EV tariff fears become reality”
Summary
BRUSSELS, (Reuters) – The European Commission said it will impose extra duties of up to 38.1% on imported Chinese electric cars from July, risking retaliation from Beijing which said on Wednesday it would take measures to safeguard its interests. Continue reading “EU hits Chinese EVs with tariffs, drawing rebuke from Beijing”
Source : PTI | New Delhi: Farm equipment to aerostructure conglomerate Mahindra Group will focus on delivering scale with its businesses that it ‘believes’ will cover 70% of India’s growth over the next decade, according to its Managing Director and CEO Anish Shah. The group, which has completed exits from 15 companies in a variety of areas to become a much leaner and agile organisation, is also focusing on increasing the valuation of its newer businesses, what it calls ‘growth gems’ by five times in the next five years from the value of USD 4.2 billion as on March 2024.
“Today, what we have is a set of companies that we feel are very strong, very well positioned in the market and each of them can be a scale company. Continue reading “Mahindra Group’s strategic focus on business expansion”
LONDON, (Reuters) – Some of the world’s biggest carmakers are facing 1.5 million lawsuits in Britain for allegedly cheating emissions tests that could cost them at least 6 billion pounds ($7.6 billion), claimants’ lawyers told London’s High Court on Tuesday.
The claims, brought by owners of diesel vehicles, highlight the ongoing fallout for automakers from a scandal that erupted in 2015 when Volkswagen admitted to using “defeat devices” to change diesel vehicles’ emissions levels during testing. Continue reading “Carmakers face UK dieselgate lawsuits worth at least $7.6 bln, lawyers say”
BEIJING, (Reuters) – Chinese electric vehicle maker Nio strongly opposes the European Union’s use of increased tariffs as a strategy to obstruct the normal global electric vehicle trade but its commitment to Europe’s EV market is unwavering, it said on Wednesday.
Nio “will continue to serve our users and explore new opportunities within Europe despite protectionism”, it said in a statement. Continue reading “China’s Nio says commitment to Europe EV market ‘unwavering’ despite tariff increase”
(Reuters) – Shares in some of Europe’s biggest automakers dropped on Wednesday on fears of Chinese retaliation after the European Commission said it would impose duties on imported Chinese electric vehicles.
The Commission said it would apply provisional duties of up to 38.1% on the Chinese imports – a move European manufacturers have long warned against, fearing it could impact their sales in China, the world’s biggest auto market. Continue reading “European auto shares hit by retaliation fears after EU tariffs on Chinese EVs”
(Reuters) – The European Commission said on Wednesday it would set provisional duties of up to 38.1% on imports of Chinese electric vehicles, a move likely to draw possible retaliation from China.
COMMENTARY:
Carmakers
VOLKSWAGEN ”
“Countervailing duties are generally not suitable for strengthening the competitiveness of the European automotive industry in the long term – we reject them … Continue reading “EU tariffs on China: Global reaction”
BRUSSELS, (Reuters) – The European Commission told automakers on Wednesday it would impose extra duties of up to 38.1% on imported Chinese electric cars from July, in a move that China called protectionist but its car industry dismissed as one without a major impact.
Less than a month after Washington quadrupled duties quadrupled duties for Chinese EVs to 100%, Brussels said it would set additional tariffs of 17.4% for BYD 002594.SZ, 20% for Geely and 38.1% for SAIC, on top of the existing 10%, over what it said were excessive subsidies. Continue reading “EU to hit Chinese EVs with extra tariffs of up to 38%”
MUMBAI, (Reuters) – Indian e-scooter maker Ola Electric has received regulatory approval to go ahead with its $660 million Initial Public Offering, said two sources with direct knowledge, paving the way for the country’s first ever EV stock listing.
SoftBank and Temasek-backed Ola had filed its papers with India’s Securities and Exchange Board of India last December for approval, in a deal meant to help it expand operations. Continue reading “India’s Ola Electric wins approval for $660 mln IPO, sources say”
BEIJING, (Reuters) – Chinese automakers’ plans to invest in Europe won’t be deflected by the EU’s anti-subsidy probe into Chinese-made electric vehicles, a leading Chinese auto industry association said on Tuesday.
“Chinese enterprises will continue to unswervingly develop in Europe and integrate into local markets,” said Cui Dongshu, secretary general of the China Passenger Car Association (CPCA) Continue reading “Chinese automakers committed to Europe despite EV tariff probe, industry group says”
(Reuters) – General Motors cut its annual EV production forecast and announced a new $6 billion share buyback plan on Tuesday, as the automaker banks on demand from its gasoline-powered models.
GM now projects the higher end of its 2024 EV production to be 250,000 units, down from a prior forecast of 300,000 units, the automaker’s CFO Paul Jacobson said while speaking at the Deutsche Bank Global Auto Industry Conference. Continue reading “GM cuts EV production forecast, approves $6 billion share buyback”
Source : PTI | Senior BJP leader Nitin Gadkari , popularly referred as the ‘Highway Man of India’, is known to be a go-getter in whatever work he undertakes. The 67-year-old leader from Nagpur in Maharashtra has been the longest serving Minister for Road Transport & Highways as he held the portfolio in the last two governments led by Narendra Modi.
Gadkari is credited with the construction of more than 90,000 km of national highways and 30,000 km of new roads in the country in the last 10 years. Continue reading “Nitin Gadkari- a go-getter and man behind India’s mega push to road infrastructure”
WASHINGTON, (Reuters) – The chair of the Senate Finance Committee said on Monday he was expanding its probe into German automaker BMW’s use of electronic components from a banned Chinese supplier.
Last month, Senator Ron Wyden said after a two-year staff investigation he had learned that BMW had imported at least 8,000 Mini Cooper vehicles into the United States with parts from a Chinese supplier banned under a 2021 law and that BMW continued to import products with the banned parts until at least April. Continue reading “US Senate panel expands probe into BMW use of parts from banned Chinese supplier”
TOKYO, (Reuters) – Japan’s transport ministry has concluded that six cases of irregularities in vehicle certifications by Toyota Motor may also violate United Nations standards, the Yomiuri newspaper said on Tuesday.
The standards are recognised by more than 60 countries and regions and if uncovered elsewhere the irregularities could impact mass production in Europe and other regions, Yomiuri said. Continue reading “Japan ministry believes Toyota’s misconduct may violate UN standards, Yomiuri reports”
(Reuters) – A California administrative judge rejected Tesla’s bid to dismiss claims by a top state regulator accusing the automaker led by billionaire Elon Musk of overstating its vehicles’ self-driving capabilities.
In a decision on Monday, Judge Juliet Cox of the state Office of Administrative Hearings (OAH) said the accusations by California’s Department of Motor Vehicles would if true support an enforcement action against Tesla. Continue reading “Tesla must face California’s false-marketing claims concerning Autopilot”
(Reuters) – Billionaire Elon Musk said on Monday he would ban Apple devices at his companies if the iPhone maker integrates OpenAI at the operating system level.
“That is an unacceptable security violation,” Musk, who is the CEO of electric-vehicle maker Tesla and rocket maker SpaceX and owner of social media company X, said in a post on X. Continue reading “Musk warns that he will ban Apple devices if OpenAI is integrated at operating system level”
(Reuters) – General Motors on Tuesday announced a new $6 billion share buyback plan, just over a month after the automaker raised its dividend on upbeat annual forecast, citing stable prices and demand for gasoline-engine vehicles.
The company had in November outlined a $10 billion stock buyback on the heels of reaching a costly new labor agreement with the United Auto Workers union. Continue reading “General Motors approves new $6 billion share buyback plan”
BEIJING, (Reuters) – Chinese automakers’ plans to invest in Europe won’t be deflected by the EU’s anti-subsidy probe into Chinese-made electric vehicles, a leading Chinese auto industry association said on Tuesday.
“Chinese enterprises will continue to unswervingly develop in Europe and integrate into local markets,” said Cui Dongshu, secretary general of the China Passenger Car Association (CPCA) Continue reading “Chinese automakers committed to Europe despite EV tariff probe, industry group says”
Monthly Performance: May 2024
Production: The total production of Passenger Vehicles1 , Three Wheelers, Two Wheelers, and Quadricycle in May 2024 was 24,55,637 units
Domestic Sales:
Continue reading “Indian Auto Industry Performance in May 2024 | SIAM”
