Source : PTI | New Delhi: Japanese tyre major Bridgestone Corporation on Friday announced a USD 85 million (nearly INR 720 crore) investment to enhance production capacity and capabilities at its two plants in India.

Bridgestone India, a subsidiary of Bridgestone Corporation (Bridgestone), will invest approximately USD 85 million to expand capacity and capability at Bridgestone Pune plant and Indore plant to reinforce premium-mass strategy, the company said in a statement. Continue reading “Bridgestone to invest USD 85 mn in India”

Summary

• Stellantis laid off 1,100 employees at Ohio plant on Wednesday
• CEO Carlos Tavares aims to reverse sliding sales and profits in the US
• UAW President Shawn Fain threatens nationwide walkout at Stellantis facilities

DETROIT, (Reuters) – Stellantis added to its rising tally of layoffs on Friday, saying 400 workers at a Detroit automotive parts facility would indefinitely lose their jobs as the carmaker reduces costs in its struggling North American business. Continue reading “Stellantis to lay off 400 workers at Detroit parts facility”

Summary

• NHTSA wants answers in its FSD investigation by Dec. 18
• Agency questions Tesla postings on social media about performance of FSD
• NHTSA asks Tesla to “revisit its communications” on driver assistance system

WASHINGTON, (Reuters) – The National Highway Traffic Safety Administration raised concerns about Tesla social media posts that suggested its Full Self-Driving software can be used as a robotaxi and does not need driver attention. Continue reading “US agency raises concerns about Tesla Full Self-Driving social media posts”

(Reuters) – Tesla’s market value closed above the $1 trillion mark in a sharp rally on Friday, on expectations that CEO Elon Musk’s companies will get favorable treatment under President-elect Donald Trump for his extensive support during the poll campaign.

The electric automaker’s shares jumped 8.2% to $321.22, catapulting the company’s valuation above the trillion-dollar mark for the first time in more than two years. Continue reading “Tesla hits $1 trillion market value as Musk-backed Trump win fans optimism”

(Reuters) – Lucid beat Wall Street expectations for third-quarter revenue on Thursday and reiterated its annual production forecast as it benefits from strong demand for its luxury electric sedans.

Lucid shares rose 8% in trading after the bell.

The company reported third-quarter revenue of $200 million, narrowly beating estimates of $198 million, according to data compiled by LSEG. Continue reading “Lucid beats revenue estimates, reaffirms annual production”

Summary

• Rivian aims for Q4 gross profit despite part shortage, slow demand
• Lucid cuts losses; both firms plan affordable models by 2026
• Rivian, Lucid have secured funding to ensure survival

(Reuters) – Rivian said on Thursday it was on track to turn a gross profit in the fourth quarter helped by cost cuts and a sharp increase in sales of green car credits, despite a parts shortage disrupting production and weak EV demand. Continue reading “Rivian reassures investors with cost cuts, green credit sales amid weak EV demand”

BEIJING, (Reuters) – Sweden hopes the European Union and China can reach a pricing deal on electric vehicles soon, its foreign trade minister told Reuters at the end of a visit to China to try to limit the damage to Volvo of a dispute over import tariffs.

The EU Commission last week imposed tariffs of up to 45.3% on China-imported EVs to protect its nascent industry, the culmination of a high-profile trade investigation that has divided Europe and prompted retaliation from Beijing. Continue reading “Sweden looks to Brussels after China talks on Volvo EV tariff deal”

Summary

• China’s car sales rise 11.2% in Oct, fastest since Jan
• Domestic champion BYD leads the rise
• Rapid growth buoyed by government subsidies

BEIJING, (Reuters) – China’s passenger vehicle sales jumped 11.2% in October year-on-year, the second straight monthly rise and the fastest growth since January, led by domestic champion BYD as automakers raced to meet annual sales targets. Continue reading “China’s car sales jump in October as automakers rush to meet annual goals”

Summary

• Mirafiori plant makes electric Fiat 500, Maserati sports car
• December stoppage due to supply problems, MF newspaper says
• Stellantis says new stoppage is just rumour, December production schedules still to be verified

MILAN, (Reuters) – Automaker Stellantis will once again halt car production at its historic Mirafiori plant in Italy, which makes the electric Fiat 500 and two Maserati models, a trade union source said on Friday, confirming press reports. Continue reading “Stellantis set to again halt production at Italy’s Mirafiori plant”

Summary

• Nissan to cut 9,000 jobs and 20% of manufacturing capacity
• CEO Uchida cites unexpected hybrid demand in U.S. as a challenge
• Minister declines to comment on potential government support

TOKYO, (Reuters) – Nissan Motor shares slumped 6% in Tokyo trade on Friday, a day after the Japanese automaker said it would cut 9,000 jobs and 20% of its manufacturing capacity as it struggles with sales in China and the United States. Continue reading “Nissan shares slump after plan to slash jobs, production”

Summary

• Energy Dept funding key to Li-Cycle’s US recycling plans
• Biden officials had rushed to close ahead of Trump’s return
• Upstate NY plant would be one of the largest US sources of lithium
• Loan includes principal and capitalized interest
• Company now needs to secure private financing

(Reuters) – The U.S. Department of Energy on Thursday finalized a $475 million loan for Li-Cycle Holdings, giving the metals recycler a financial lifeline to build a New York battery processing facility seen as key to outgoing President Joe Biden’s vision for a domestic electric vehicle supply chain. Continue reading “Exclusive: Washington seals $475 million loan for battery recycler Li-Cycle ahead of Trump’s arrival”

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Summary

• Virtus rejuvenated sedan sales with its highest ever monthly sales of 2 351 units in October 2024, a growth of 32 % over the corresponding period last year
• Volkswagen Virtus surpassed the 50 000 domestic sales milestone in 28 months since its launch, selling at an average of nearly 60 cars everyday
• India’s highest selling premium sedan, the Volkswagen Virtus has continued to drive customer delight while securing its significant lead as the most preferred premium sedan in India
• Volkswagen India recorded a 9 % growth in sales in October 2024 over the same month last year

Continue reading “Volkswagen Virtus records its highest-ever monthly sales in October 2024, reinforces position as India’s No.1 Premium Sedan”

(Reuters) – Daimler Truck warned of tough conditions ahead as it reported third quarter earnings on Thursday, with CFO Eva Scherer saying that instability resulting from the German government’s collapse could make things worse.

“Our market share in Germany is about double the market share we have in the EU,” Scherer said, adding: “We see a lot of volatility and uncertainty that is not going to help, we would always want clarity and stability.” Continue reading “Daimler Truck wants stability in Germany as warns of tough times ahead”

BERLIN, (Reuters) – German automaker Audi is looking to shrink its workforce in the medium term by cutting jobs outside of production, with thousands of positions at risk, the Manager Magazin reported on Thursday.

The job cuts are to focus on so-called indirect jobs at the company, such as in the area of development, where over 2,000 jobs could go, the report said. Continue reading “Audi plans thousands of job cuts outside production, report says”

Summary

• Costs to be cut by 400 billion yen in the current FY
• Cuts operating profit outlook by 70%
• Global production capacity to be cut by a fifth
• China sales slump, lacks hybrids for US market
• To sell up to 10% of Mitsubishi Motors for up to 68.6 bln yen

TOKYO, (Reuters) – Nissan Motor will cut 9,000 jobs and 20% of its global manufacturing capacity, the automaker said on Thursday, as it scrambles to reduce costs by $2.6 billion in the current fiscal year amid a sales slump in China and the U.S. Continue reading “Nissan to axe 9,000 jobs, cut production on weak China, US sales”

Summary

• BMW, VW, Porsche, Mercedes-Benz shares decline on tariff fears
• BMW, VW, Mercedes all have production plants in the U.S.
• BMW CEO: our U.S. set-up provides ‘natural cover’
• BMW has biggest factory in U.S.

FRANKFURT, (Reuters) – Potential import tariffs under the U.S. presidency of Donald Trump may benefit BMW, its CEO said on Wednesday, even as shares in the German premium carmaker and its rivals plummeted due to concerns the sector would be hurt by escalating trade disputes. Continue reading “BMW downplays US tariff fears as car stocks hit multi-year lows”

Summary

• First U.S. state to give drivers path to unionizing
• Could provide blueprint for drivers in other states
• Uber, Lyft have expressed concerns about details

BOSTON, (Reuters) – Massachusetts voters on Tuesday approved a ballot measure that would allow ride-share drivers to unionize, becoming the first U.S. state to allow drivers for app-based companies like Uber and Lyft to do so. Continue reading “Massachusetts voters allow Uber, Lyft drivers to unionize”

DETROIT, (Reuters) – Stellantis said on Wednesday it is laying off about 1,100 employees at a Jeep Gladiator plant in Toledo, Ohio, as it works to improve efficiency and reduce inventory across its North American operations.

The automaker recently shook up senior management in an attempt to revive slipping sales in the region, and has cut its salaried and hourly workforce over the past year. Continue reading “Stellantis to lay off 1,100 workers at Ohio Jeep plant”

Summary

• President-elect has said he will rescind EPA, Transportation Department rules
• Trump has warned of tariffs of 200% or more on vehicles imported from Mexico
• Honda would think about shifting production away from Mexico if tariffs permanent -executive

WASHINGTON, (Reuters) – Automakers are bracing for President-elect Donald Trump to impose new tariffs on vehicles from Mexico and potentially from other countries and to reverse many existing pro-electric vehicle policies, industry associations and executives said. Continue reading “Automakers brace for new tariffs, EV changes under Trump presidency”

(Reuters) – Elon Musk’s backing of Donald Trump’s decisive victory for a second presidency gives the billionaire entrepreneur extraordinary influence to help his companies secure favorable government treatment.

Musk contributed at least $119 million to a pro-Trump spending group, federal records show, and tirelessly touted the former president at the critical late stage of his campaign. Continue reading “How Musk’s clout with Trump could enrich his companies”

Summary

• Adj EBITDA at 638 mln euros, matching analyst forecasts
• Car shipments down 2% in Q3 to 3,383 units
• Confirms forecasts for FY 2024 results
• Shares down on Tuesday, but up around 35% this year

MILAN, (Reuters) – Ferrari core earnings rose 7% in the third quarter despite a small and calculated dip in car shipments aimed at facilitating an internal software transition at the luxury sports carmaker, its top executives said on Tuesday. Continue reading “Ferrari’s core profit rises despite shipment dip after software switch”

(Reuters) – The National Highway Traffic Safety Administration said on Tuesday General Motors would recall 107 Bolt EV and EUV vehicles over a fire risk.

The recall covers previously repaired Bolt vehicles from model years 2020-2022. Continue reading “GM recalls 107 Bolt vehicles over fire risk”

BERLIN, (Reuters) – Tesla has raised the wages of all employees at its German gigafactory outside Berlin by 4% since the start of November, the U.S. electric carmaker said on Tuesday.

The hike comes a month after Tesla said it would give permanent jobs from Nov. 1 to 500 temporary workers there. Continue reading “Tesla increases wages for staff at German gigafactory by 4%”

ROME, (Reuters) – Stellantis CEO Carlos Tavares has failed to confirm previously announced electrification plans for Maserati, Italian trade unionists said after meeting him on Tuesday, adding to concern about the loss-making luxury brand.

Tavares visited Maserati’s plant in its hometown of Modena, but “no clear answers came” from his conversations with workers’ representatives, Samuele Lodi and Stefania Ferrari of the FIOM-Cgil union said in a joint statement. Continue reading “Stellantis CEO did not confirm Maserati EV plans, union says”

Summary

• EU member states divided on tariffs, some seek closer China ties
• China aims to avoid trade war, needs EU market for EVs
• EU puts tariffs on Chinese EV imports

BEIJING, (Reuters) – Fears of a widening tariff war between China and other major exporting nations are keeping diplomacy between the world’s second-largest economy and the European Union alive, even as trade talks over electric vehicles stall. Continue reading “China’s messy EV dispute with Europe keeps trade tensions in check”

Summary

• Tyre maker to cut 1,250 jobs
• Company cites increased competition, overcapacity, and rising costs
• Unions react with strike calls; government expresses regret

PARIS, (Reuters) – Tyre maker Michelin plans to close two of its French factories, affecting about 1,250 workers, it said on Tuesday as Europe’s embattled automotive sector comes under increasing pressure. Continue reading “Michelin to close two French plants in latest blow to Europe’s auto sector”

(Reuters) – When Reuters reported in April that Tesla had scrapped plans for a long-promised, next-generation $25,000 electric vehicle, the automaker’s stock plunged. Chief Executive Elon Musk rushed to respond on X, his social-media network.

“Reuters is lying,” he posted without elaborating. Tesla’s stock recovered some of its losses. Continue reading “Musk now says it’s ‘pointless’ to build a $25,000 Tesla for human drivers”

Source : PTI | Japanese two-wheeler maker Suzuki Motorcycle on Tuesday said its vehicle sales in India jumped 19% year-on-year at 1,20,055 units in October 2024. The company had sold a total of 1,00,507 vehicles in October last year, Suzuki Motorcycle India Pvt Ltd (SMPIL) said.

Domestic sales during the previous month stood at an all-time high of 1,04,940 vehicles, as against 84,302 units in October 2023, a growth of 24% year-on-year, the company said. Continue reading “Suzuki Motorcycle India vehicle sales rises 19% to 1,20,055 units in October”

Summary

• Toyota’s quarterly operating profit expected to be $8 billion
• Sales and production figures show a modest slowdown
• Hybrids accounted for 41% of Toyota’s global sales in Q2

TOKYO, (Reuters) – Toyota Motor is expected to post its first profit drop in two years when it reports second-quarter earnings on Wednesday, signalling cooling demand after a run of robust earnings helped by a consumer shift away from electric vehicles. Continue reading “Toyota to post first profit drop in 2 years as demand cools after big run”

Source : PTI | With a record October month behind, the country’s largest carmaker Maruti Suzuki India is banking on a “few lakhs marriages” slated for November to carry forward the festive sales momentum, according to a senior company official. The company clocked retail sales of 2,02,402 units last month, which is its highest for any October month on the back of festive sales, breaking the previous record of 1,91,476 units posted in October 2020.

“We are made to understand that some ‘few lakhs’ marriages are being planned across the country (in November). So we are pretty hopeful that it will also give us good traction in terms of our retail sales,” Maruti Suzuki India Ltd Senior Executive Officer, Marketing and Sales, Partho Banerjee told PTI. Continue reading “Maruti Suzuki looks to cash in on ‘few lakh marriages’ in November to carry festive sales momentum”

Source : PTI | JSW MG Motor India on Monday said it has formed a strategic partnership with HSBC India, which will provide access to comprehensive and tailor-made financing solutions at competitive terms to the car maker’s dealer partners.

Leveraging HSBC India’s expertise will provide easy access to working capital for the company’s dealer network, JSW MG Motor India said. Continue reading “JSW MG Motor forms strategic partnership with HSBC India”

COPENHAGEN, (Reuters) – Volvo Cars’ sales rose 3% year-on-year in October to 61,686 cars driven primarily by an increase in sales of fully electric and plug-in hybrid models in Europe, the Sweden-based automaker said on Monday.

Volvo Cars, which is majority-owned by China’s Geely Holding, said in a statement that sales in Europe, its biggest market, were up 21% to 30,167 cars compared to the same period last year. Continue reading “Volvo Cars October sales rise 3% year-on-year”

SHANGHAI, (Reuters) – Chinese electric vehicle maker Nio is planning to launch its first hybrid model in 2026 and will only sell it in overseas markets, including the Middle East, North Africa and Europe, according to two people with knowledge of the matter.

Nio to date has only manufactured pure electric vehicles. It is building the hybrid vehicle to address challenges faced by Chinese firms selling EVs in foreign markets, which have put up trade barriers and been slower to install charging facilities. Continue reading “China’s Nio plans to sell its first hybrid car overseas only, sources say”

WASHINGTON, (Reuters) – The National Highway Traffic Safety Administration said on Monday it has closed a probe into 411,000 Ford SUVs and pickup trucks over a potentially defective engine that could lose power without warning.

In July 2022, the U.S. auto safety regulator opened its investigation into Ford Bronco vehicles equipped with 2.7L EcoBoost engines over concerns of a faulty valvetrain. Continue reading “US agency closes probe into 411,000 Ford vehicles due to loss of power”

BEIJING, (Reuters) – U.S. automaker Tesla sold 68,280 China-made electric vehicles in October, down 5.3% from a year earlier, data from the China Passenger Car Association (CPCA) showed on Monday.

Deliveries of China-made Model 3 and Model Y vehicles fell 22.7% from the previous month. Continue reading “Tesla’s Oct China-made EV sales fall 5.3% y/y”

Summary

• Wang urges ‘an active role’ by Paris to convince EU
• China’s probes into EU brandy, pork, dairy products follow rules – Wang
• EU refuses escalation but will not yield to pressure – Primas
• Wang open to consider brandy producers’ propositions – Primas

BEIJING, (Reuters) – China has urged France to push the European Commission towards a solution acceptable to both the European and Chinese electric vehicle industries, while France said the bloc would not yield on key matters as it pushes to overturn a tariff on brandy. Continue reading “China urges palatable EV trade solution from EU as France defends bloc”

BEIJING, (Reuters) – China’s electric vehicle giant BYD, ramped up production by nearly 200,000 units from August to October, while hiring close to 200,000 new employees in car manufacturing and components, Executive Vice President He Zhiqi said on Weibo on Saturday.

BYD posted an 11.5% rise in third-quarter net profit as it maintained strong sales momentum. Continue reading “China’s BYD boosts production and hiring amid Q3 growth”

TOKYO, (Reuters) – Japan’s Mitsubishi Corp and Nissan have decided to establish a joint venture to provide services related to autonomous driving and using electric vehicle batteries as storage batteries, the Yomiuri newspaper reported on Monday.

The new company will be launched by March 2025 and equally owned by the two firms, Yomiuri reported. Continue reading “Mitsubishi Corp, Nissan to establish JV on autonomous driving, EV batteries, Yomiuri says”