DUBAI, (Reuters) – Saudi Arabia is planning a multi-billion-dollar share sale in energy giant Aramco as soon as June in what would be one of the region’s biggest stock deals, two people familiar with the matter said.

The offering could raise around $10 billion, one of the people said. The preparations are ongoing and the details could still change, the sources said, who were speaking on condition of anonymity because the matter is private. Continue reading “Exclusive: Saudi Arabia plans Aramco share sale as soon as June, sources say”

Source : PTI | New Delhi: State-owned oil and gas giants including IndianOil, ONGC and GAIL (India) Ltd have been slapped with fines for the fourth straight quarter for failing to meet listing requirements of having the requisite number of directors on their board. Stock exchanges imposed a cumulative fine of INR 34 lakh on oil refining and fuel marketing giants Indian Oil Corporation (IOC), Hindustan Petroleum Corporation Ltd (HPCL) and Bharat Petroleum Corporation Ltd (BPCL), explorers Oil and Natural Gas Corporation (ONGC) and Oil India Ltd (OIL), gas utility GAIL, and refiner Mangalore Refinery and Petrochemicals Ltd (MRPL) for not meeting the listing requirement in the January-March quarter, stock exchange filings showed. Continue reading “IOC, GAIL, ONGC fined for fourth straight quarter for failure to appoint directors”

Source : PTI | Tata Motors owned Jaguar Land Rover expects to grow faster than the luxury car segment this fiscal, as it bolsters localisation and expands product range, according to a top company executive. The company, which is set to commence local assembly of Range Rover and Range Rover Sport in India, witnessed a sales growth of 81% in 2023-24 fiscal year at 4,436 units, as compared to FY23.

The automaker aims to double its business in India over the next three years. Continue reading “Jaguar Land Rover aims for rapid growth in India luxury car market”

(Reuters) – Proxy advisory firm Glass Lewis said on Saturday it has urged Tesla shareholders to reject a $56 billion pay package for Chief Executive Officer Elon Musk, which if passed would be the largest pay package for a CEO in corporate America.

The report cited reasons like the “excessive size” of the pay deal, the dilutive effect upon exercise and the concentration of ownership. It also mentioned Musk’s “slate of extraordinarily time-consuming projects” which have expanded with his high-profile purchase of Twitter, now known as X. Continue reading “Proxy firm advises shareholders to reject Elon Musk’s $56 billion pay package”

Source : PTI | French automaker Citroen announced on Friday that they have appointed former Indiacricket captainMahendra Singh Dhoni as their brand ambassador in India. Dhoni will start his association with Citroen by featuring in an upcoming campaign that is set to launch soon, as mentioned by the company in a statement.

“We believe that our association with one of India’s finest cricketers, Dhoni, will go a long way in reinforcing our commitment to the Indian market. His humility and dedication to excellence perfectly match our brand’s ideology. Our shared commitment to sustainability and shaping the future of mobility further enhances our connection, as stated by Citroen India Brand Director Shishir Mishra. Continue reading “Citroen appoints MS Dhoni as brand ambassador of India”

WASHINGTON, (Reuters) – The National Highway Traffic Safety Administration said Friday it has learned of nine additional incidents that raise concerns about the performance of Alphabet’s Waymo self-driving vehicles.

Earlier this month, the U.S. auto safety regulator opened an investigation after 22 reports of its robotaxis exhibiting driving behavior that potentially violated traffic safety laws, or demonstrating other “unexpected behavior,” including 17 collisions. Continue reading “US safety probe into Waymo self-driving vehicles finds more incidents”

(Reuters) – For chip designer Nvidia, the generative artificial intelligence boom is a gift that keeps on giving.

After riding a demand surge sparked by Big Tech’s rush to roll out chatbots, Nvidia now expects new AI models that are capable of creating video and engaging in human-like voice interactions to spur more orders for its graphics processors. Continue reading “AI-generated videos to drive more demand for Nvidia chips, CEO Huang says”

(Reuters) – Tesla has left out its goal of delivering 20 million vehicles a year by 2030 in its latest impact report published on Thursday, another sign the company was moving away from electric cars as it shifts focus to robotaxis.

CEO Elon Musk had said in 2020 that Tesla aspired to sell 20 million vehicles by the end of the current decade – twice as many as those sold by Toyota, the world’s largest automaker. It had reiterated the goal in its 2021 and 2022 impact reports. Continue reading “Tesla drops delivery goal of 20 million vehicles a year from latest report”

PARIS, (Reuters) – Tesla founder Elon Musk told tech investors in Paris on Thursday he opposed U.S. tariffs on Chinese electric vehicles (EVs), an about-face from his January warning that trade barriers were needed or China would “demolish most other car companies in the world.”

On Thursday, Musk said he did not favour measures that distorted the market. Continue reading “Elon Musk now says he opposes US tariffs on Chinese EVs”

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INDIA

MG Motor India signs pact with Vertelo to deliver 3,000 EVs WAF

Volkswagen CFO: in concrete discussions over car partnerships in India WAF

India’s Pre-Owned Car Market Set To Reach 10.92 Million Units By FY2028: IBB Report 2023 car&bike Continue reading “WAF Auto News | The Auto World This Week (24th May 2024)”

Summary

• Volkswagen CFO: Indian market has clear potential
• Volkswagen CFO: in very good discussions on partnerships
• India accounted for 1% of Volkswagen deliveries in 2023

MUNICH, (Reuters) – Volkswagen is in concrete talks about partnering up on passenger car production in India, the group’s finance chief said on Thursday, adding it was tough to earn money in the market that still presents a “clear” opportunity. Continue reading “Volkswagen CFO: in concrete discussions over car partnerships in India”

SEOUL, (Reuters) – Kia Corp launched on Thursday the company’s first compact electric sports utility vehicle built on its dedicated EV platform, betting it can win over buyers through competitive pricing even as momentum in the global EV market stalls.

The EV3 is one of more than 31 electric models that Hyundai Motor Group – which includes Hyundai Motor Co, Kia Corp and premium brand Genesis – plans to introduce in the period through to 2030. Kia said in April that it aims to sell about 1.6 million EV units in 2030. Continue reading “Kia shrugs off slowing EV demand to launch compact electric SUV”

MUNICH, (Reuters) – Europe’s car giants won’t have much time to restructure their operations and product lines to compete with ascendant Chinese automakers, and stiffer tariffs will do little to protect the status quo, industry executives said during a Reuters event.

European trade regulators in Brussels have said they could levy new tariffs on Chinese electric vehicles based on the results of an investigation into Chinese government subsidies. Continue reading “European automakers need time, not tariffs, to fend off China competition”

Source : PTI | NEW DELHI: MG Motor India on Thursday said it has signed an initial pact to deliver 3,000 EVs to integrated fleet electrification platform Vertelo in a phased manner. Both the entities have signed a memorandum of understanding to this effect.

The partnership will focus on providing sustainable mobility solutions to riders and will also work towards establishing a robust EV charging infrastructure in the country, MG Motor India said in a statement. Continue reading “MG Motor India signs pact with Vertelo to deliver 3,000 EVs”

Source : PTI | The Sikkim government made it mandatory for the drivers of vehicles to use seat belts and motorbike riders to wear helmets in the state with effect from June 1, according to an official order issued on Wednesday. The order was issued to mitigate the number of accidents and to safeguard the well-being of all road users, Transport Commissioner-cum-Secretary Raj Yadav said.

Non-compliance with the rule will invite penal action, he said. Continue reading “Using seat belts in cars, helmets on bikes made mandatory in Tripura”

LITTLETON, Colorado, (Reuters) – United States electricity consumption from electric vehicles (EVs) over the first two months of 2024 jumped by over 50% from the same months in 2023 as EVs continue to penetrate the U.S. car market and impact electricity flows.

Total electricity use by EVs through February 2024 was 1.58 million megawatt hours (MWh), compared with 1.04 million MWh during the same period in 2023, according to the U.S. Energy Information Administration (EIA). Continue reading “US electricity demand from EVs jumps to new highs in early 2024”

Summary

• US has unveiled tariff increases on some Chinese imports
• Some will take effect on Aug. 1, USTR says
• Move aims to protect US jobs from cheap Chinese imports
• China vows ‘resolute measures’ to protect its interests

WASHINGTON, (Reuters) – Some of the steep U.S. tariff increases on an array of Chinese imports, including electric vehicles and their batteries, computer chips and medical products, will take effect on Aug. 1, the U.S. Trade Representative’s office said on Wednesday. Continue reading “US says tariff increases on Chinese EVs, batteries and chips to start Aug. 1”

(Reuters) – Volkswagen has delayed the launch of its electric ID.7 sedan in the U.S. and Canada, the German automaker said on Wednesday, citing changing market dynamics.

The company did not provide a new timeline for the launch of the electric sedan. It was slated to be rolled out in the U.S. and Canada later this year. Continue reading “Volkswagen delays ID.7 EV launch in US, Canada”

BRUSSELS, (Reuters) – China should raise its import tariffs on large gasoline-powered cars to 25%, a government-affiliated auto research body expert told China’s Global Times newspaper as the country faces sharply higher U.S. auto import duties and possibly additional duties to enter the European Union

Liu Bin, chief expert of China Automotive Technology & Research Center (CATARC) and deputy director of China Automotive Strategy and Policy Research Center, said a tariff rate of 25% was in line with WTO rules. Continue reading “China should hike tariffs on large cars to 25%, says research body”

Summary

• Tavares: European auto sector is in Darwinian period
• Tavares: Chinese OEMs have 30% cost edge
• Chinese OEMs on track to take 10% market share in Europe
• Brussels set to decide in June on provisional tariffs

MUNICH, (Reuters) – Stellantis expects a major battle with Chinese rivals in the European market for electric vehicles, warning of significant consequences for jobs and production as a result, the group’s Chief Executive Carlos Tavares said on Wednesday. Continue reading “Stellantis CEO: electric vehicle tariffs are a trap”

WASHINGTON, (Reuters) – German automaker BMW imported at least 8,000 Mini Cooper vehicles into the United States with electronic components from a banned Chinese supplier, a U.S. Senate report released on Monday said.

A report by Senate Finance Committee Chairman Ron Wyden’s staff said BMW imported 8,000 Mini Coopers 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 “BMW imported 8,000 vehicles into US with parts from banned Chinese supplier, Senate report says”

(Reuters) – A U.S. appeals court on Tuesday overturned a win for GM in a patent dispute with aftermarket auto-parts provider LKQ over fender designs, upending a key element of design-patent law in a rare full-court decision.

The U.S. Court of Appeals for the Federal Circuit threw out a long-standing test, for determining when a design patent is valid and sent the case back for a U.S. Patent Office tribunal to reconsider. Continue reading “GM loses US appeal over fender design patent after rare full-court review”

TOKYO, (Reuters) – A slowdown in the take-up of electric vehicles in the U.S. may prompt Tesla-supplier Panasonic to delay investing in additional plants to boost its automotive battery capacity in North America, the Japanese group’s chief executive said.

Panasonic, whose energy unit makes batteries for Tesla, is closely watching its Chinese supply chain and battery material procurement following China’s move last year to tighten graphite export controls, Yuki Kusumi said. Continue reading “Slowing EV uptake may delay Panasonic’s EV battery expansion, CEO says”

(Reuters) – Toyota Motor’s North America arm is seeking tax relief for a potential project totaling $531.7 million in investments at its Texas facility, which manufactures the Toyota Tundra pickup truck and Sequoia SUV, the company said on Tuesday.

Major automakers are now refocusing their efforts and investments on hybrid and gasoline-powered vehicles with better profit margins, after slowing demand for electric vehicles prompted them to cut financial commitments towards such models. Continue reading “Toyota mulls over $500 mln investment into Texas plant”

(Reuters) – Nissan Motor Co has paused development plans for two battery-powered sedans while expanding its EV lineup to five vehicles in the United States, the Japanese automaker said on Tuesday.

“We are adjusting the timeline for the introduction of these five new models to ensure we bring the vehicles to the market at the right time,” a Nissan spokesperson told Reuters. Continue reading “Nissan pauses EV sedan development in US, widens lineup”

(Reuters) – PepsiCo said on Tuesday it would expand its fleet of electric vehicles in California, deploying 50 Class 8 Tesla Semi trucks and 75 Ford E-Transit electric vans at its facilities in the state over the next several months. The beverage maker said the move would help “step-change” the electrification of its equipment services fleet across California as it tries to reach its goal of net zero emissions by 2040.

PepsiCo first placed an order for 100 Tesla Semis in 2017, making it the biggest public order for the vehicles at the time. Continue reading “PepsiCo to expand EV fleet in California with Tesla semis, Ford vans”

Source : PTI | Steel wheels manufacturer for trucks, agricultural tractors, passenger vehicles and construction equipment, Wheels India Ltd has drawn up plans of INR 200 crore as capital expenditure for the current financial year, a top official has said. The capital expenditure would be spent on offload tractors, construction and also in the cast aluminium, machining for windmill casting segments, company MD Srivats Ram said here.

Wheels India reported a 64.3% increase in its net profits for the March 2024 quarter at INR 36.8 crore, as against INR 22.4 crore registered in the same period of last year.

Continue reading “Wheels India earmarks INR 200cr capital expenditure plan for FY25”

BEIJING, (Reuters) – Volkswagen premium brand Audi said on Monday it would jointly develop a new China-specific platform for intelligent and electric vehicles with its Chinese joint venture partner SAIC.

The move, coming about 10 months after VW’s landmark Chinese partnership deal, highlights mounting pressure on western brands and legacy automakers to rejig to survive an intensifying EV race in the world’s largest auto market. Continue reading “Audi, partner SAIC to develop China-specific EV platform”

(Reuters) – The U.S. auto safety regulator said on Monday it has opened a recall query into an estimated 51,500 Volkswagen America’s EVs over concerns of the vehicle door opening while driving.

The U.S National Highway Traffic Safety Administration (NHTSA) said it received 12 complaints over Volkswagen’s electric ID.4 SUVs built between 2021 and 2023. Continue reading “US NHTSA opens recall query into more than 51,000 Volkswagen EVs”

LONDON, (Reuters) – Tesla is working to appease some European leasing companies after the automaker’s repeated retail price cuts tanked their fleets’ value and its slow service and expensive repairs alienated their corporate customers.

The efforts include unofficial discounts on purchases of new cars if they are in stock and efforts to address widespread service, repair and ordering complaints after years in which fleet managers and leasing firms say Tesla has ignored those problems, according to Reuters interviews with nine executives from major leasing and rental-car firms, along with about a dozen corporate fleet managers. Continue reading “Exclusive: Tesla doing damage-control, discounts for European fleet buyers”

WASHINGTON, (Reuters) – Ford Motor Co said on Monday it backs the Biden administration’s moves to dramatically cut vehicle emissions through 2032, rejecting Republican arguments the new climate rules are bad for business.

The second largest U.S. automaker said it supports the Environmental Protection Agency’s regulations announced in March to cut passenger vehicle fleetwide tailpipe emissions by nearly 50% by 2032 over 2027 levels. Continue reading “Ford backs new US rules to cut vehicle emissions”

SHANGHAI, (Reuters) – China’s Li Auto said it has postponed plans to launch pure electric SUV models to next year, citing hurdles such as a lack of enough fast chargers, sending its shares down more than 17% on Tuesday.

The decision comes as Li Auto, which has built its profits and success on four extended-range gas electric hybrid models, has also encountered a setback with its first fully electric model Mega that didn’t meet its original expectation of sales. Continue reading “Li Auto delays pure electric SUV launch due to insufficient fast charging network”

WASHINGTON, (Reuters) – German automaker BMW imported at least 8,000 Mini Cooper vehicles into the United States with electronic components from a banned Chinese supplier, a U.S. Senate report released on Monday said.

A report by Senate Finance Committee Chairman Ron Wyden’s staff said BMW imported 8,000 Mini Coopers 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 “BMW imported 8,000 vehicles into US with parts from banned Chinese supplier, Senate report says”

WASHINGTON, (Reuters) – U.S. auto safety investigators said on Monday they have launched an investigation into the April crash of a VinFast, VF 8 electric vehicle in Pleasanton, California, in which a family of four died.

The National Highway Traffic Safety Administration said the investigation will probe the April 24 crash circumstances and the ensuing fire. A complaint filed with the agency on April 29 said steering may have been an issue in the crash that killed a couple along with their children aged 13 and 9. Continue reading “US regulator launches probe of VinFast crash in California in which four died”

Source : PTI | Tata Motors group has raised its investment outlay for FY25 to INR 43,000 crore for new products and technologies, with its British arm Jaguar Land Rover absorbing the maximum share, according to a senior company official. In FY24, Tata Motors group had given a guidance of 3 billion pound investment for Jaguar Land Rover (about INR 30,000 crore) and INR 8,000 crore for Tata Motors — a total of about INR 38,000 crore.

“Investment by JLR ended at 3.3 billion pounds (more than INR 33,000 crore), and Tata Motors did more than INR 8,200 crore. So, the total we ended was at about INR 41,200 crore investment in FY24,” Tata Motors Group CFO PB Balaji said in an earnings conference.

Continue reading “Tata Motors group hikes investment outlay to INR 43,000 cr for FY25”

Source : PTI | India is on a mission to become the world’s leading and the most sustainable producer of critical minerals, Vedanta group firm Hindustan Zinc’s Chairperson Priya Agarwal Hebbar has said. Critical minerals, such as cobalt, copper, lithium, nickel and rare earths, play a crucial role in the production of clean energy technologies, from wind turbines to electric cars.

Critical minerals are particularly in demand for the production of batteries for electric cars.

Continue reading “India on mission to become world’s leading producer of critical minerals: Hindustan Zinc Chairperson”

Source : PTI | Electronic waste and battery recycling company Attero plans to invest around INR 8,300 crore in the next five years to ramp up its capacity, the company’s CEO and Co-Founder Nitin Gupta said. At present, the company has the capacity to recycle up to 1,44,000 tonnes of electronic waste (e-waste) and 15,000 tonnes of lithium-ion battery annually.

“In the next five years, we will obviously be investing roughly around USD 1 billion overall, including all forms of capital — debt, equity and sort of other non-diluted forms of capital,” Gupta told PTI.

Continue reading “Attero to invest INR 8,300 crore in capacity expansion over next five years”

Source : PTI | New Delhi: Slight decrease in road accident fatalities has been witnessed in Delhi in the first five months of this year, according to the data released by the Delhi Police. The data stated that up till May 15, a total of 518 people lost their lives in 511 accidents. This marks a decrease from the 552 deaths recorded in 544 crashes during the same period last year.

“We have identified different locations like National Highway-24, NH-8, Ring Road, Rohtak Road, GT Road, and Mathura Road are among the top ten roads in Delhi where the highest number of fatal crashes have occurred this year so far. With this information, we can implement targeted enforcement measures to enhance road safety and ensure compliance with traffic regulations, ultimately aiming to reduce fatalities on these roads,” a senior police officer said. Continue reading “Decrease in road accident fatalities in Delhi till May 15: Data shows”

(Reuters) – General Motors and South Korea’s LG Energy Solution, LG Electronics reached a settlement to establish a $150 million fund to provide relief to Chevrolet Bolt EV owners affected by defective batteries, documents filed in a U.S. court on Thursday showed.

General Motors first launched Chevrolet Bolt EVs in 2015, and used batteries made by LG entities as part of a business arrangement with the car manufacturer. GM started recalls in 2020 after it faced numerous complaints about fires in some vehicles. Continue reading “GM, LG agree on $150 million relief for Chevy Bolt EV owners over faulty batteries”

SHANGHAI, (Reuters) – Shanghai has compiled a list of data that can be transferred overseas without security assessments, according to a government document seen by Reuters, a much anticipated move as China tries to lure foreign investment to boost a sluggish economy.

Foreign firms including financials and automakers such as Elon Musk’s Tesla have been lobbying the Chinese authorities to allow cross-border sharing of information after Beijing tightened control of data generated domestically in a national security drive. Continue reading “Exclusive: Shanghai eases data-export curbs sought by Tesla, other firms”