(Reuters) – Tesla (TSLA.O), CEO Elon Musk’s net worth surged to $749 billion late Friday after the Delaware Supreme Court reinstated Tesla stock options worth $139 billion that were voided last year, according to Forbes’ billionaires index.

Musk’s 2018 pay package, once worth $56 billion, was restored by the Delaware Supreme Court on Friday, two years after a lower court struck down the compensation deal as “unfathomable.” Continue reading “Elon Musk becomes first person worth $700 billion following pay package ruling”

BEIJING, (Reuters) – A revamp of China’s electricity market is boosting the economics of storing power just as international demand surges, sparking a boom for the Chinese energy storage manufacturers that already dominate globally.

Chinese firms are on track for a 75% jump this year in global shipments of lithium-ion battery cells for energy storage, according to one estimate. Continue reading “China’s power reforms, global data centre buildout usher in battery boom”

Source : PTI | The government will implement barrier-free toll collection at all 1,050 toll plazas across the country by 2026 and about 40 lakh annual FASTag passes have been issued in four months since August, Road Transport and Highways Minister Nitin Gadkari said on Thursday.

Answering queries during Question Hour in the Lok Sabha, Gadkari said annual FASTag passes will allow private cars to cross 200 toll plazas at ₹3,000 a year, or an average of ₹15 per toll. Continue reading “40 lakh annual FASTag passes issued since August, barrier-free toll collection by 2026: Gadkari”

Source : PTI | Days after a US-led ‘Pax Silica initiative’ excluded India from the rare earths alliance, JSW Group Chairman Sajjan Jindal on Friday called for increased focus on domestic exploration of minerals.

Jindal, who leads the $23 billion conglomerate having interests in steel and also electric vehicles, said India has sufficient reserves of rare earths. Continue reading “JSW’s Sajjan Jindal calls for push on domestic rare earth exploration”

DETROIT, (Reuters) – A key United Auto Workers strategist and architect of the union’s 2023 auto-factory strike is leaving the labor group, after a report by the federal monitor overseeing the UAW concluded that he was part of a campaign to improperly remove duties from another union leader.

Chris Brooks, chief of staff to UAW President Shawn Fain, will no longer be employed by the union as of December 31, according to a report released on Thursday by the monitor’s office. Continue reading “UAW president’s chief of staff to leave the union following federal monitor report”

BERLIN, (Reuters) – Volkswagen’s (VOWG.DE), Chief Executive Oliver Blume pledged continued cost cutting at Europe’s largest carmaker on Thursday, as the company seeks to remain competitive amid industry-wide challenges.

Speaking at the group’s two-day management meeting in Berlin, Blume identified leadership, focus and finances as three central priorities for the new year, a company spokesman said. Continue reading “VW management to continue cost cutting”

TOKYO, (Reuters) – Toyota Motor (7203.T), said on Friday that it aims to begin selling its U.S.-made Camry sedan, Highlander SUV and Tundra pickup truck in Japan starting next year as it hopes to help improve Japan―U.S. trade relations.

The world’s largest automaker was studying the possibility of reverse imports, it said in October, as Tokyo tries to placate President Donald Trump over its vast trade surplus with the United States. Continue reading “Toyota aims to begin selling 3 US-made models in Japan from 2026”

(Reuters) – Ford (F.N), is recalling 272,645 vehicles in the U.S. due to a loss of park function, causing the vehicle to roll away and increasing the risk of a crash, the U.S. National Highway Traffic Safety Administration said on Friday.

The Dearborn, Michigan-based company is recalling certain 2022-2026 F-150 Lightning BEV, 2024-2026 Mustang Mach-E, and 2025-2026 Maverick vehicles, as the integrated park module may fail to lock into the park position when the driver shifts into park, according to the NHTSA. Continue reading “Exclusive news, data and analytics for financial market professionals World Business Markets Sustainability Legal Commentary More My News”

(Reuters) – BMW (BMWG.DE), will recall 36,922 vehicles in the United States as over unintended steering wheel movement while the vehicle is stationary, the National Highway Traffic Safety Administration (NHTSA) said on Friday.

Reporting by Lewis Jackson, Nora Eckert and Christoph Steitz. Editing by Mike Colias, David Goodman and Nick Zieminski

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BERLIN, (Reuters) – Mercedes-Benz (MBGn.DE), said on Thursday it is on target to reduce costs by 5 billion euros ($5.9 billion) by the end of 2027, denying a media report that the goal for its efficiency programme had been brought forward by a year.

“The programme is going according to plan,” a spokesperson told Reuters. Continue reading “Mercedes savings drive proceeding as planned by end 2027, spokesperson says”

NEW DELHI, (Reuters) – India is proposing a preferential trade deal with Mexico in an effort to soften the impact of planned tariffs that threaten to affect about $2 billion worth of Indian exports, India’s trade secretary Rajesh Agrawal said on Monday.

Technical discussions on such a deal are underway following an online meeting between Agrawal and Mexico’s Vice Minister Luis Rosendo this month, Agrawal said, without giving details of India’s proposals. Continue reading “India proposes trade deal to counter sharp tariff hike by Mexico”

SEOUL, (Reuters) – Shares of LG Energy Solution (373220.KS), dropped as much as 7.6% in morning trade on Thursday after the company announced a day earlier that Ford Motor (F.N), had cancelled an electric vehicle (EV) battery supply deal.

The South Korean battery maker said in a regulatory filing that the termination followed a notice from Ford after the automaker decided to halt production of some EV models due to policy changes and shifts in the outlook for EV demand. Continue reading “Shares in South Korea’s LGES drop more than 7% after Ford cancels EV battery deal”

LONDON, (Reuters) – Brussels’ proposal to abandon a 2035 deadline for a total shift to fully electric driving allows Europe’s legacy carmakers more time to sell hybrids, but for the longer term, EVs are still the future, analysts and experts said.

On Tuesday, the European Commission published plans to abandon an effective 2035 ban on combustion engine cars, after lobbying from the region’s auto sector, helping them better compete against fast-moving Chinese rivals. Continue reading “Europe’s auto industry future may be electric even after EU climbdown”

The Delhi Traffic Police has challaned more than 24,000 vehicles and impounded 144 automobiles under its special enforcement drive ‘Operation Chakravyuh’, which was conducted across the city earlier this month, an official said on Monday.

The two-week operation was carried out by the traffic management division of Delhi Police from December 1 in coordination with the local police stations and PCR units, a senior police officer said. Continue reading “Over 24,000 vehicles challaned under Delhi’s Operation Chakravyuh in 14 days”

(Reuters) – Alphabet (GOOGL.O), unit Waymo is in talks with potential investors to raise money at a valuation of at least $100 billion, the Information reported on Tuesday, as competition intensifies in the nascent robotaxi market.

The size of the financing round could even possibly exceed $10 billion, and is expected to be arranged early next year, the Information reported, citing people familiar with the ride-hailing service provider’s plans. Continue reading “Waymo in talks to raise billions at over $100 billion valuation, the Information reports”

TOKYO, (Reuters) – Japan’s exports to the U.S. rebounded for the first time in eight months in November, in a sign of easing pain from U.S. tariffs, government data showed on Wednesday, bolstering the case for the central bank to continue raising interest rates.

“Automobile exports seem to be recovering faster than expected, as the reduced U.S. auto tariff rate gave Japanese automakers some price competitiveness, also helped by a weaker yen,” Daiwa Institute of Research economist Koki Akimoto said. Continue reading “Japan’s exports to US post first rebound in 8 months as tariff pain eases”

SAN FRANCISCO, (Reuters) – A California regulator has deferred an order for Tesla (TSLA.O), to suspend sales in its biggest U.S. market, giving the electric vehicle maker more time to address its accusation of misleading marketing and overstating self-driving capabilities.

The Department of Motor Vehicles (DMV) ordered the suspension of Tesla’s manufacturing and sales licenses for 30 days, adopting a judge’s proposals, but immediately put it on hold, DMV Director Steve Gordon told reporters on Tuesday. Continue reading “California regulator puts Tesla sales suspension order on hold”

WASHINGTON, (Reuters) – A group of 16 states and the District of Columbia sued the U.S. government on Tuesday after President Donald Trump’s administration suspended two grant programs for electric vehicle charging infrastructure.

California Attorney General Rob Bonta said Trump’s Department of Transportation has refused to approve any new funding under two electric vehicle charging infrastructure programs created by Congress as part of a $1 trillion infrastructure law in 2022. Continue reading “16 US states sue federal government after Trump suspends EV charging programs”

STRASBOURG, (Reuters) – The European Commission unveiled a plan on Tuesday to drop the EU’s effective ban on new combustion-engine cars from 2035 after pressure from the region’s auto sector, marking the bloc’s biggest retreat from its green policies in recent years.

The move, which still needs approval from EU governments and the European Parliament, would allow continued sales of some non-electric vehicles. Carmakers in regional industrial powerhouse Germany and in Italy had sought easing of the rules. Continue reading “EU drops 2035 combustion engine ban as global EV shift faces reset”

DETROIT, (Reuters) – Ford CEO Jim Farley walked through Ford’s Michigan design studio Monday afternoon, reflecting on how he was about to wipe out thousands of work hours on electric vehicles that he and his team had hoped would revolutionize the American auto industry.

Shortly after, his company announced it would kill several of those battery-powered models and take a $19.5 billion writedown on EV-related assets. It marked the industry’s biggest electric-vehicle retreat since U.S. President Donald Trump’s sweeping auto-policy changes iced already cooling EV demand. Continue reading “Ford’s EV retreat highlights industry dilemma: Build for the US or the world?”

(Reuters) – The U.S. Federal Trade Commission said on Monday that the agency and 21 states, along with the District of Columbia, have filed an amended complaint against ride-hailing app Uber (UBER.N), alleging it engaged in deceptive billing and cancellation practices.

The updated lawsuit, filed in the U.S. District Court for the Northern District of California, claims that Uber charged consumers for subscriptions without consent, failed to deliver promised benefits such as zero-dollar delivery fees and monthly savings, and made it difficult for users to cancel. Continue reading “US FTC, 21 states file amended complaint against Uber over subscription practices”

STRASBOURG, (Reuters) – The European Commission is set to backtrack on the EU’s planned ban on new combustion-engine cars from 2035 by allowing continued sales of some non-electric vehicles following intense pressure from Germany, Italy and Europe’s auto sector.
The EU executive appears to have yielded to the call from carmakers to be allowed to keep selling plug-in hybrids and range extenders that burn CO2-neutral biofuel or synthetic fuel as they struggle to compete against Tesla (TSLA.O), opens new tab and Chinese electric vehicles. Continue reading “EU to yield on combustion engines ban after automaker pressure”

(Reuters) – Elon Musk on Monday became the first person ever worth $600 billion, Forbes said, on the heels of reports that his SpaceX startup was likely to go public at a valuation of $800 billion.
Musk, who was the first to surpass $500 billion in net worth in October, owns an estimated 42% stake in SpaceX, which is preparing to go public next year, Reuters reported last week. Continue reading “Musk’s net worth hits $600 billion, Forbes says, as SpaceX preps for IPO”

(Reuters) – Tesla’s board of directors has earned more than $3 billion through stock awards that far exceeded the value of those given to peers at the biggest U.S. technology firms at the time they were paid, according to an analysis performed for Reuters by compensation and governance specialist Equilar.
The analysis found CEO Elon Musk’s brother Kimbal has earned nearly $1 billion since 2004, based on the appreciated value of stock options held or liquidated. Director Ira Ehrenpreis has collected $869 million since 2007. Board chair Robyn Denholm has made $650 million since 2014. Continue reading “Tesla board made $3 billion via stock awards that dwarfed tech peers”

(Reuters) – Ford Motor (F.N), said on Monday it will take a $19.5 billion writedown and is killing several electric-vehicle models, in the most dramatic example yet of the auto industry’s retreat from battery-powered models in response to the Trump administration’s policies and weakening EV demand.
The Dearborn, Michigan-based company said it will replace the fully electric F-150 Lightning with a new extended-range electric model that uses a gas-powered engine to recharge the battery. The company is also scrapping a next-generation electric truck, codenamed the T3, as well as planned electric commercial vans. Continue reading “Ford retreats from EVs, takes $19.5 billion charge as Trump policies grip industry”

Source : PTI | Ola Electric on Sunday said it has commenced same-day registration and delivery of its 4680 Bharat Cell powered vehicles in Bangalore.

This offering is a part of the company’s umbrella Hyperservice initiative to deliver a transparent, convenient, and customer-first service experience, the Bengaluru-based firm said in a statement. Continue reading “Ola Electric commences Hyperdelivery for its 4680 Bharat Cell-powered vehicles”

(Reuters) – The U.S. National Highway Traffic Safety Administration on Monday opened a probe into the recall of 331,401 Jeep vehicles due to improperly installed rear coil springs.

A rear coil spring helps the vehicle support its weight and absorb road shocks. If installed incorrectly, it may detach while the vehicle is moving and increase the risk of a crash and injury. Continue reading “NHTSA probes Jeep recall over faulty rear coil spring repairs”

(Reuters) – Venezuelan state oil company PDVSA was subject to a cyber attack orchestrated by the U.S. and domestic conspirators, the company and the country’s oil ministry said in a statement on Monday, adding operations have been unaffected, though four sources said systems remained down, affecting oil cargo deliveries.

The attack comes amid high tensions between the U.S. and Venezuelan governments, including a large-scale U.S. military buildup in the southern Caribbean, U.S. strikes on alleged drug trafficking boats which have killed some 80 people, comments from U.S. President Donald Trump that land operations may begin soon in Venezuela and accusations from the Venezuelan government that the U.S. is seeking regime change to take over the country’s vast oil reserves. Continue reading “Venezuela’s PDVSA says it is a victim of cyber attack, blames U.S.”

Summary

• European Commission expected to make announcement on Tuesday
• Ban could be pushed back 5 years or softened indefinitely -sources
• Most significant climb-down on EU green policies of past 5 years
• EV makers say reneging on ban would yield more ground to China

BRUSSELS/LONDON/STOCKHOLM, (Reuters) – The European Commission is expected on Tuesday to reverse the EU’s effective ban on sales of new combustion-engine cars from 2035, bowing to intense pressure from Germany, Italy and European automakers struggling against Chinese and U.S. rivals. Continue reading “EU yields to pressure from automakers as it rethinks 2035 combustion car ban”

MARTORELL, Spain, (Reuters) – The European Commission’s expected decision to reverse its ban on selling new cars with combustion engines from 2035 could help Spanish automaker SEAT, a unit of Volkswagen, transition to electric vehicles, its CEO told Reuters on Friday.

Markus Haupt said that while the company was convinced the future was electric, customer uptake has been slower than expected, forcing SEAT to be more flexible to cater to demand from other markets. Continue reading “SEAT says EU’s rethink on 2035 combustion-engine ban could help EV transition”

RIO DE JANEIRO, (Reuters) – Brazil’s federal government plans to hold the auction of the Santos port’s massive Tecon 10 container terminal in the first half of March, Ports and Airports Minister Silvio Costa Filho said on Friday.

The auction has drawn interest from more than 10 potential bidders, he said, citing Philippines-based ICTSI and Brazilian meatpacking firm JBS and Brazilian logistics firm JSL, as well as unnamed Arab investors. Continue reading “Brazil to auction massive Santos container terminal in early March, minister says”

(Reuters) – Shares of Rivian Automotive surged 18% on Friday as analysts issued bullish commentary on the electric pickup truck and SUV maker’s efforts to develop a custom chip for self-driving features and its integration of artificial intelligence.

The stock had closed about 6% lower on Thursday after the company’s announcements at its first Autonomy and AI Day, where it said it would shift away from Nvidia’s processors that power autonomous driving and had launched a paid package for self-driving features. Continue reading “Rivian shares surge as analysts cheer shift to custom self-driving chip, AI strategy”

Summary

• Hongqi fell out of favour but has gained new younger Chinese fans
• Has retaken crown of favoured brand for Chinese officials from Audi
• Hongqi seeking to expand in Europe, Mexico and the Middle East

SHANGHAI, (Reuters) – Tired of being driven around in Soviet-built sedans in the 1950s, Chinese leader Mao Zedong wanted China, a rising power globally, to have its own state limousine and commissioned a locally produced car.

The brand, Hongqi or Red Flag, became a national champion and ferried high-ranking officials for decades before it fell out of favour as foreign competitors entered the Chinese market and Hongqi’s gas-guzzling engines became untenable. Continue reading “Hongqi, Mao’s national car, rejuvenates its brand and takes aim at overseas markets”

Summary

• Alternative plan for 90% reduction in CO2 emissions
• EU Commission to present plans on December 16
• Automakers have lobbied to drop combustion engine ban
• Electric vehicle boom is behind expectations
• European auto shares rise

HEIDELBERG, Germany, (Reuters) – The European Commission will move to scrap plans for an effective ban on new combustion engine cars from 2035, a senior EU lawmaker said on Friday, in what would be a major victory for Germany which has been pressing to protect its automakers.

Manfred Weber, president of the largest party in the European Parliament, the EPP, suggested in an earlier statement there would be an alternative proposal for a 90% reduction in CO2 emissions for automakers’ fleet targets from 2035. Continue reading “EU to scrap planned ban on combustion engines, EPP’s Weber says”