Source : PTI | Madhya Pradesh Chief Minister Mohan Yadav on Sunday announced that the state would provide financial assistance of INR 40,000 to labourers buying electric scooters. The CM made the announcement while speaking before the inauguration of the airport terminal in Gwalior earlier in the day.

“We have raised the financial assistance amount to INR 4 lakh from the current INR 1 lakh in case of death of labourers or (them suffering) physical disabilities,” he said. Continue reading “MP govt to provide INR 40,000 aid to labourers for purchasing e-scooters: CM Yadav”

Source : PTI | New Delhi, MG Motor India expects an accelerated growth path with more aggressive expansion plans after getting the JSW Group as an investor, according to company CEO Emeritus Rajeev Chaba. With the company already establishing a well laid foundation based on technology, customer experience, gender diversity and community service in the first phase of its journey in the country, he said MG Motor India is now looking ahead to the next phase of growth.

“Now with the investor coming in, definitely I would expect an accelerated growth path, and more aggressive expansion plans.That’s what we look forward to and take advantage of the solid foundation,” Chaba told PTI. Continue reading “Expect accelerated growth post investment by JSW Group: MG Motor India CEO Emeritus Rajeev Chaba”

GRUENHEIDE, Germany, (Reuters) – Tesla’s German plant near Berlin will resume operations next week, the head of its works council said on Friday, after a power outage stopped production.

The Tesla electric vehicle (EV) factory has been closed since March 5 after a fire at a nearby power pylon, which police are investigating as an arson attack. Continue reading “Tesla’s German plant to restart next week, says works council head”

TOKYO,  (Reuters) – Japan’s Nissan Motor may bring production of its ultra-compact electric vehicles in-house, five people familiar with the matter said, emboldened by the success of its Sakura model currently built by junior partner Mitsubishi Motors.

The automaker is considering moving production to its factory on the southern island of Kyushu in the business year starting April 2028, said two of the people, who declined to be identified as the information was private. Continue reading “Nissan may bring ultra-compact EV production in-house from 2028, sources say”

BEIJING, (Reuters) – China’s electric vehicle sales slowed in the opening months of this year, industry data showed on Friday, with competition intensifying as market leader BYD headed a deeper round of price cuts.

Sales of battery-powered EVs rose 18.2% in January-February versus 20.8% for all of 2023, showed data from the China Passenger Car Association. Continue reading “China EV sales slow in January-February; price-cutting intensifies”

SYDNEY, (Reuters) – Volkswagen and Toyota have taken opposing sides on Australia’s proposed new rules to cut vehicle emissions, while electric vehicle makers Tesla and Polestar quit the country’s auto lobby in protest over the group’s campaign against tougher standards.

The German automaker said it supported the government’s plans and wanted stronger incentives for clean car importers, in stark contrast to the main lobby group, which is pushing to water down the rules. Continue reading “Australia auto lobby split widens as Tesla, Volkswagen back tougher emissions plan”

LONDON/DUBAI, (Reuters) – Saudi Arabia and the United Arab Emirates’ national oil companies plan to extract lithium from brine in their oilfields, in line with efforts to diversify their economies and profit from the shift to electric vehicles (EVs), three sources told Reuters.

Other oil companies, including Exxon Mobil and Occidental Petroleum, plan to take advantage of emerging technologies to filter lithium from brine, as the world seeks to move away from fossil fuels. Continue reading “Exclusive: Gulf oil giants Saudi Aramco, Adnoc set sights on lithium”

Source : PTI | New Delhi: India will have an overall coal stock of 150 million tonne by the end of this month, Union Minister Pralhad Joshi said on Thursday. This will be 19.53% higher than 125.49 million tonne coal stock at the end of March 2023. Out of 125.49 million tonne , 34.57 million tonne was at coal-based power plants.

The stock level has reached 133.97 million tonne , which includes 43.47 million tonne at domestic coal-based power plants, the minister said. Continue reading “India to have 150 million tonne coal stock by March-end: Coal Minister”

Source : PTI | Honda Motorcycle & Scooter India (HMSI) on Friday said it is recalling certain units of its superbikes GL1800 Gold Wing and CBR1000RR to inspect and replace faulty fuel pumps. Honda GL1800 Gold Wing manufactured between December 2017 and December 2023 and CBR1000RR manufactured between September 2017 and April 2020 are affected, the two-wheeler major said in a statement.

HMSI, however, did not provide an exact number of the units being recalled.

Continue reading “HMSI recalls GL1800 Gold Wing, CBR1000RR units to fix faulty fuel pumps”

Source : PTI | New Delhi: The Enforcement Directorate (ED) on Friday said it has attached immovable assets worth Rs 367 crore in Delhi, Mumbai, Kolkata and some cities in Odisha as part of a money-laundering probe linked to an alleged bank-loan fraud against Bhushan Steel Limited (BSL).

A provisional order has been issued under the Prevention of Money Laundering Act (PMLA) to attach the assets that were held “in the name of benamidars/shell entities through dummy directors so as to conceal them and to ensure that they are out of the reach of law enforcement agencies”, the ED has said in a statement. Continue reading “ED attaches assets worth INR 367 crore in Bhushan Steel ‘bank fraud’ case”

TOKYO, (Reuters) – Japan’s fair trade watchdog said on Thursday Nissan Motor (7201.T), opens new tab had violated the subcontractor act by underpaying dozens of suppliers by about 3 billion yen ($20.26 million) in total.

The Japan Fair Trade Commission, which local media reported this week was investigating Nissan’s conduct, said the automaker had unlawfully deducted the amount from 36 suppliers over a roughly two-year period from January 2021. Continue reading “Japan’s fair trade watchdog says Nissan underpaid subcontractors”

WASHINGTON, (Reuters) – Three Senate Democrats from auto manufacturing states on Thursday urged the Biden administration to hike import tariffs on Chinese electric vehicles to address national security risks, the latest push by lawmakers to protect the U.S. auto sector.

“Allowing heavily subsidized Chinese vehicles to enter the U.S. marketplace would endanger American automotive manufacturing,” said the letter first reported by Reuters, from Senators Gary Peters and Debbie Stabenow of Michigan and Sherrod Brown of Ohio. Continue reading “Hike tariffs on Chinese EVs, Senate Democrats urge Biden administration”

(Reuters) – Tesla owners who accused it of falsely advertising estimated driving ranges for its electric vehicles must pursue their claims in individual arbitrations rather than banding together in proposed class action lawsuits, a federal judge ruled.

U.S. District Judge Yvonne Gonzalez Rogers in Oakland, California on Thursday the drivers had agreed to an arbitration provision for resolving disputes with the automaker when they bought their vehicles. Continue reading “Tesla drivers lose US class action bid in battery range cases”

LAGUNA BEACH, California, (Reuters) – Rivian on Thursday introduced its smaller, less expensive electric R2 SUVs and R3 crossovers with plans to start producing the R2 at its existing U.S. factory to hasten deliveries in the first half of 2026.

Rivian shares closed up 13.4% at $12.51 after the company said its new strategy would help save more than $2 billion. Continue reading “Rivian shows off smaller, less expensive EVs, hastens delivery plans”

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INDIA

JSW joint venture will be finalised within weeks: Rajeev Chaba of MG Motor India CNBC

India seeks to expand partnership with South Korea in new areas like critical technologies, semiconductors: Jaishankar WAF Continue reading “WAF Auto News | The Auto World This Week (8th March 2024)”

Source : PTI | Indian Oil Corporation Ltd (IOC) – the nation’s top oil firm – will in three months start manufacturing fuel used in adrenaline-pumping Formula One or F1, motor racing as it looks to expand its basket of niche fuels. IOC, which already has three branded fuels, including high-selling XtraGreen diesel, on Wednesday unveiled ‘Storm’ petrol that it will supply for the Asian region motorcycle road racing championship.

“Today, we are partnering with FIM Asia Road Racing Championship for the supply of ‘Storm’. We are the first company in India to manufacture fuel of specifications used in road racing,” IOC Chairman Shrikant Madhav Vaidya said.

Continue reading “IOC to make fuel for Formula 1; first by an Indian firm”

Source : PTI | India wants to expand its strategic partnership with South Korea into new areas like critical and emerging technologies, semiconductors and green hydrogen to make the bilateral ties more contemporary, External Affairs Minister S Jaishankar said on Wednesday. Jaishankar said this as he co-chaired the 10th India-South Korea Joint Commission Meeting (JCM) with his counterpart Cho Tae-yul in Seoul.

He said the two sides held a comprehensive and productive discussion on cooperation in the fields of defence, science and technology and trade.

Continue reading “India seeks to expand partnership with South Korea in new areas like critical technologies, semiconductors: Jaishankar”

Source : PTI | New Delhi: Rating agency Moody’s on Wednesday said it has affirmed Tata Motors’ Ba3 corporate family rating while maintaining a positive outlook on all ratings. Concurrently, Moody’s has also affirmed Tata Motors Ltd’s (TML) Ba3 senior unsecured instrument ratings, Moody’s Investors Service said in a statement.

As per Moody’s obligations rated ‘Ba’ are judged to have speculative elements and are subject to substantial credit risk with the modifier 3 indicating a ranking in the lower end of that generic rating category.

Continue reading “Moody’s affirms Tata Motors’ Ba3 corporate family rating”

Source : PTI | The government on Thursday said it has not extended the flagship scheme to promote electric mobility FAME-II beyond March 31, according to officials. The Ministry of Heavy Industries denied media reports claiming that the Centre has granted a temporary four-month extension to the scheme till July 31, with an outlay of INR 500 crore for the period.

Subsidies under the second phase of the FAME Scheme will be eligible for e-vehicles sold till March 31, 2024, or till the time funds are available, the Heavy Industries ministry stated last month. Continue reading “Govt denies reports of FAME-II extension beyond March 31: Officials”

(Reuters) – German automotive supplier Continental on Thursday flagged higher costs and a flat car market in 2024, providing an outlook for the current year that was in line with market expectations.

The company said it expects 500 million euros ($545 million) in additional costs due to wages this year, mostly at its automotive division where it announced thousands of layoffs last year. Continue reading “Germany’s Continental flags huge cost burden in 2024”

TOKYO, (Reuters) – Japan’s fair trade watchdog said on Thursday Nissan Motor had violated the subcontractor act by underpaying dozens of suppliers by about 3 billion yen ($20.26 million) in total.

The Japan Fair Trade Commission, which local media reported this week was investigating Nissan’s conduct, said the automaker had unlawfully deducted the amount from 36 suppliers over a roughly two-year period from January 2021. Continue reading “Japan’s fair trade watchdog says Nissan underpaid subcontractors”

SYDNEY, (Reuters) – Tesla said on Thursday it is quitting Australia’s major auto lobby and resigning from its board, accusing the group of misleading consumers over the government’s proposed fuel efficiency standards and the potential impact on car prices.

In a letter addressed to Australia’s Federal Chamber of Automotive Industries (FCAI), Tesla said the country’s biggest auto industry body “has repeatedly made claims that are demonstrably false.” Continue reading “Tesla quits Australia auto lobby over claims on car emission standards”

(Reuters) – Electric-vehicle startup Rivian faces a pivotal moment on Thursday when it unveils a new line of lower-priced models that are key to its future.

As worldwide demand for EVs cools and market leader Tesla has cut prices to boost demand, Rivian is banking on the arrival of its more modestly priced “R2” midsize SUV to have broader appeal than its stylish $70,000 electric pickups and $75,000 SUVs. Continue reading “EV maker Rivian faces turning point with debut of cheaper R2”

(Reuters) – U.S. retailers can drive wider adoption of electric vehicles across the country by installing more charging stations in parking lots, a move that could also add to their revenue, according to a study published by Consumer Reports on Wednesday.

Out of 270,000 store locations across major retail categories, EV charging was available on average at one out of every 14 big box store locations, one out of every 15 grocery stores, and one out of every 40 department stores, the study, opens new tab showed. Continue reading “US retailers can help EV adoption by adding more charging stations to parking lots”

PARIS, (Reuters) – A proposed joint venture that would allow world No. 4 automaker Stellantis to build and sell Leapmotor’s electric vehicles outside China has received approval from a Chinese regulator, according to two sources familiar with the matter.

China’s National Development and Reform Commission (NDRC) has given its approval for the joint venture, said one of the sources, adding that the deal is still waiting on regulatory approval in other markets. Continue reading “China gives green light to Stellantis-Leapmotor joint venture, sources say”

Summary

• Infrastructure under scrutiny as Germany seeks investment
• Grid operator assesses damage to power pylon
• Police say claim of responsibility by left-wing group authentic

BERLIN/FRANKFURT, (Reuters) – Tesla on Wednesday said its plant in Germany was expected to have no electricity until March 17, after a suspected arson attack left the company’s gigafactory outside Berlin without power, forcing it to halt production. Continue reading “Tesla says German plant power outage to continue until end of next week”

(Reuters) – OpenAI on Tuesday hit back at Elon Musk’s claims that the startup abandoned its original mission with emails that showed the billionaire supported its plan to create a for-profit entity and wanted a merger that would make Tesla its “cash cow.”

Musk, one of the co-founders of OpenAI, filed a lawsuit last week, alleging the startup breached their founding agreement to develop artificial intelligence for the benefit of humanity, rather than for profit, by partnering with Microsoft. Continue reading “OpenAI hits back at Musk, says billionaire pushed for merger with Tesla”

Source : PTI | Delhi Transport Minister Kailash Gahlot on Tuesday inspected a prototype of a nine-metre mohalla bus at the Rajghat bus depot and travelled on it to attend the Assembly budget session. He said these mohalla buses have seats for 23 passengers and are designed for shorter routes within Delhi, serving as a vital mode of first and last-mile connectivity for commuters.

After inspecting the bus at the depot, he drove the vehicle around it. Later, he boarded the bus as a commuter to reach the Delhi Assembly.

More than 40 lakh bus trips are completed by commuters in Delhi daily using the 7,582 buses operated by the Delhi Government, the minister said. Continue reading “Delhi Transport Minister rides mohalla bus to Assembly”

Source : PTI | JSW Energy on Tuesday said its arm JSW Renew Energy Five has inked a battery energy storage purchase agreement (BESPA) for the first 250 MW/500 MWh standalone battery energy storage system. An energy storage system of 250 MW/500 MW means 250 MW of battery energy can provide power backup for two hours, giving a total output of 500 MW.

JSW Renew Energy Five Limited (JSW Renew Five), a wholly-owned subsidiary of JSW Neo Energy Limited (or JSW Neo) and step-down subsidiary of JSW Energy Limited (or The Company), has signed battery energy storage purchase agreement (BESPA) for the first project of 250 MW / 500 MWh standalone battery energy storage system out of the total awarded project capacity of 500MW /1,000MWh (two projects each of 250 MW / 500 MWh) with Solar Energy Corporation of India Limited (SECI), a company statement said. Continue reading “JSW Energy arm inks battery energy storage purchase pact”

Source : PTI | New Delhi: Popular Vehicles and Services Ltd, which is engaged in automotive dealerships, is set to launch its Initial Public Offering (IPO) on March 12. The initial share sale will conclude on March 14 and the bidding for anchor investors will open for a day on March 11, according to the Red Herring Prospectus (RHP).

The IPO comprises a fresh issuance of equity shares worth INR 250 crore and an Offer For Sale (OFS) of 1.19 crore equity shares by Banyantree Growth Capital II, LLC. Continue reading “Popular Vehicles and Services to float IPO on Mar 12”

Source : PTI | Battery maker Exide Industries Ltd on Wednesday said it has further invested nearly INR 40 crore in its wholly-owned arm advanced chemistry battery cells manufacturer Exide Energy Solutions Ltd. The investment of INR 39,99,99,975 has been made by way of subscription in the equity share capital of Exide Energy Solutions Ltd (EESL), on rights basis, said in a regulatory filing.

“With this investment, the total investment made by the company in EESL stands at INR 1,965 crore. There is no change in the shareholding percentage of the company in EESL pursuant to such an acquisition,” it added. Continue reading “Exide Industries further invests nearly INR 40 cr in advanced chemistry battery cells making arm”

WASHINGTON, (Reuters) – Republican U.S. Senator Marco Rubio on Tuesday proposed sharply boosting tariffs on Chinese vehicle imports by $20,000 to stop the country “from flooding U.S. auto markets,” Washington’s latest effort to protect American automakers and auto workers.

Rubio, top Republican on the Senate Intelligence Committee, said he is also proposing legislation to extend tariffs to vehicles produced by Chinese automakers in other countries like Mexico and limit subsidies for electric vehicles to those that meet stringent North American free trade rules. Continue reading “Senator Rubio seeks stiffer tariff to stop China ‘flooding US auto markets’”

BRUSSELS, (Reuters) – The European Commission plans to start customs registration of Chinese electric vehicle (EV) imports, meaning they could be hit by tariffs from that point if the EU’s trade investigation later concludes that they are receiving unfair subsidies.

The Commission is carrying out an anti-subsidy investigation into Chinese battery EVs to determine whether to impose tariffs to protect EU producers. The probe is due to conclude by November, although the EU could impose provisional duties in July. Continue reading “EU set to allow possible retroactive tariffs for Chinese EVs”

TOKYO, (Reuters) – Toyota Motor said on Tuesday it had reached an agreement with Panasonic Holdings to make one of their joint ventures the automaker’s wholly owned subsidiary.

The firm, Primearth EV Energy Co, plans to begin production of batteries for electric vehicles and plug-in hybrid vehicles on top of batteries for gasoline hybrid vehicles it already manufactures. Continue reading “Toyota to make battery venture with Panasonic wholly owned subsidiary”

SYDNEY, (Reuters) – BYD and other Chinese automakers are bringing new electric car models in droves to Australia, a market where they haven’t faced trade barriers and sales have surged due to EV subsidies and tax benefits as well as high gasoline prices.

Since coming to power in 2022, Prime Minister Anthony Albanese’s government has aggressively promoted EV adoption as part of the country’s plans to cut down on emissions – a change that came after a decade of weak climate action under conservative leaders. Continue reading “BYD spearheads Chinese electric car push in Australia, a friendlier market”

(Reuters) – A federal appeals court on Tuesday refused to hold five major technology companies liable over their alleged support for the use of child labor in cobalt mining operations in the Democratic Republic of the Congo.

In a 3-0 decision, the U.S. Court of Appeals for the District of Columbia ruled in favor of Google parent Alphabet, Apple, Dell Technologies, Microsoft and Tesla, rejecting an appeal by former child miners and their representatives. Continue reading “US court sides with Apple, Tesla, other tech companies over child labor in Africa”

BEIJING, (Reuters) – Chinese electric vehicle makers made a strong showing at the start of the country’s annual parliamentary meeting on Tuesday, bolstered by official recognition of their growing clout on the world stage as they asked for more regulatory support to become global brands.

When Yin Tongyue started Chery Automobile [RIC:RIC:CHERY.UL] 27 years ago, China’s auto industry was dominated by foreign companies and the prospect of Chinese people building their own cars was a pipe dream, he told reporters on the sidelines of the National People’s Congress (NPC), China’s rubber-stamp parliament. Continue reading “China’s EV bosses take spotlight at political meeting as priorities shift”

Summary

• Suspected arson attack shuts down electricity supplies
• Tesla plant to remain down for days
• Losses expected in the high hundreds of millions of euros
• Media publish letter by far-left group claiming responsibility
• Tesla shares down 3%

BERLIN/FRANKFURT,  (Reuters) – Tesla’s European Gigafactory near Berlin has halted work until further notice after what CEO Elon Musk called an “extremely dumb” suspected arson attack nearby left it without power on Tuesday. Continue reading “Tesla Germany halts work as Musk calls suspected arson ‘extremely dumb’”

Source : PTI | Tata Sons Chairman N Chandrasekaran on Sunday said the conglomerate would continue to uphold the legacy of its founder Jamsetji Tata, and remain committed to the principles of integrity, innovation and social responsibility. Chandrasekaran was addressing a gathering at the Postal Park in Bistupur in Jharkhand’s Jamshedpur after paying homage to Jamsetji Tata on his 185th birth anniversary. He was accompanied by Tata Steel CEO and MD TV Narendran.

“Our founder, Jamsetji Tata, envisioned a future where industry would be a force for positive change, and it is with great pride that we continue to uphold his legacy. In this occasion, we reaffirm our commitment to the principles of integrity, innovation, and social responsibility that have guided us since our inception,” Chandrasekaran said. Continue reading “Tata group will remain committed to integrity, innovation, social responsibility: Chandrasekaran”

Source : PTI | New Delhi: A government-formed panel will examine requests from auto manufacturers seeking quarterly incentive payouts and inclusion of more components under the production-linked incentive scheme, according to an official on Monday. “This year, the incentive (under Auto PLI) will be given annually but a committee has been formed in the ministry that will look into the requests of OEMs (Original Equipment Manufacturers).

“One of the requests is that certain (Advanced Automotive Technology) AAT components be included. We have only 103 components,” Additional Secretary in the Ministry of Heavy Industries Hanif Qureshi said.

Continue reading “Panel to examine auto cos’ requests for quarterly incentives, more components under PLI: Official”