(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”

Source : PTI | German carmaker Mercedes-Benz expects India to become its third biggest market in its ‘Region Overseas’ over the next 2-3 years with demand anticipated to remain strong for luxury products, according to a senior company executive. The Region Overseas for Mercedes Benz comprises 118 countries, excluding North America, Europe and China.

India is the fifth largest market in the region after Japan, South Korea, Australia and Turkey. Continue reading “Expect India to be third largest market among 118 countries: Mercedes-Benz”

Source : PTI | The heavy industries ministry is examining requests seeking reduction in GST on flexible fuel vehicles (FFVs) from the current 28%, sources said. The ministry is in consultation with various stakeholders and other government departments. Once the consultations are completed, the ministry will submit a recommendation to its finance counterpart. Thereafter, the GST Council will take a decision on the issue, a senior official said.

“We have received representations seeking reduction in GST on flex fuel vehicles. We are conducting meetings on this issue to ascertain the views of various stakeholders and different ministries. But we are getting a mixed response. Some people say that GST and cess should be reduced on FFVs because the government is promoting their adoption. Currently FFVs attract GST rate of 28%, plus 15% cess,” the official added.

Continue reading “Heavy industries ministry weighs reduction of GST on flex fuel vehicles”

National, March 05, 2024: Eco Mobility, India’s premium car rental service provider, announced the launch of its corporate car rental services in 10 new cities in India. Increasing the geographical reach of corporate car rental services is part of the company’s overall expansion strategy, and the company hopes to cover 125 cities by the end of FY 2025. Currently, Eco Mobility offers its car rental services in 100+ cities in the country. Continue reading “Eco Mobility Expands its Rental Car Services to 10 New Cities”

(Reuters) – Google-backed EV infrastructure startup Gravity Mobility has opened the fastest charging solution in the United States to the public, as it looks to attract fleet customers.

Major fleet operators will have access to 24 of Gravity’s 500 kilowatt (kW) chargers in New York, Gravity said on Monday. The devices can charge at a rate of 2,400 miles of range per hour or 200 miles in five minutes. Continue reading “Gravity opens fastest EV charger in US to public in New York City”

(Reuters) – Ford Motor Co on Monday reported a 10.5% rise in U.S. sales for February, helped by sustained demand for family crossover SUVs, pickup trucks and hybrid vehicles.

Sales of Ford’s hybrid vehicles, which include electrified variants of its popular Maverick compact truck and Escape crossover, rose 32% to 12,045 units from a year ago. Sales of its SUVs were up about 22% to 76,403 units. Continue reading “Ford’s US auto sales rise 10.5% in February on SUV, hybrid demand”

BEIJING, (Reuters) – China’s leading electric vehicle (EV) maker BYD on Monday launched a new version of its best-selling car at a price lower than the final price of its discontinued predecessor, as a price war rages in the world’s largest automobile market.

BYD has already set lower launch prices for a slew of models as EV rivals including domestic peer Geely Auto and U.S. champion Tesla likewise introduce incentives to woo customers in a cooling market. Continue reading “China’s BYD prices new version of best-selling EV lower than predecessor”

SAN FRANCISCO, (Reuters) – Shares in Tesla fell more than 7% on Monday after its sales declined in February in China, where it likely faced a slowdown during the Lunar New Year holidays.

The fall in sales in its key market dimmed the outlook for Tesla’s global deliveries, at a time when the top EV maker is battling a decline in demand and rising competition, and is weighed down by a lack of entry-level vehicles and the age of its product line-up. Continue reading “Tesla shares skid after China sales fell to the lowest level in over a year”

WOLFSBURG, Germany, (Reuters) – Volkswagen will not consider a stock market listing for its battery unit until its factories are up and running and its unified battery cell is in use, the division’s boss told Reuters, essentially ruling out a possible IPO before 2026.

Thomas Schmall’s comments provide the best indication so far for when Europe’s top carmaker may float its PowerCo battery business on the stock exchange, as a follow-up to bringing in an outside investor or entering strategic partnerships with other cell manufacturers. Continue reading “Exclusive: VW battery unit rules out IPO until factories running, unified cell in use”

Source : PTI | New Delhi: The Delhi government allocated INR 500 crore for the Delhi Metro in its 2024-25 Budget tabled on Monday, with Finance Minister Atishi saying in the assembly that more than 60 lakh people commute on the service every day. In 2014, around 24 lakh passengers used the urban transporter daily, Atishi said.

Presenting the 2024-25 Budget with a total outlay of INR 76,000 crore, Atishi said providing good public transportation facilities to every resident of Delhi is the responsibility of the government.

Continue reading “Delhi Metro gets INR 500 crore in Budget, over 60 lakh passengers use service every day: Atishi”

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”

Source : PTI | New Delhi: Nayara Energy, India’s largest private fuel retailer, saw petroleum product exports drop by 10% in 2023 as it supplied more products domestically to meet the fuel demands of a growing economy, sources said. Nayara, which operates a 20 million tonne a year oil refinery at Vadinar in Gujarat and a network of over 6,500 petrol pumps, exported 6.21 million tonne of petroleum products, including jet fuel, gasoil (diesel) and gasoline (petrol) between January 2023 and December 2023, down 10% year-on-year.

This was primarily because of larger consumption at home. The company is catering to the domestic market through institutional business, sales to other oil companies and its own retail chain. Continue reading “Nayara Energy exports drop 10% in 2023 as domestic demand surges”

BEIJING, (Reuters) – China’s leading electric vehicle (EV) maker BYD on Monday launched a new version of its best-selling car at a price lower than the final price of its discontinued predecessor, as a price war rages in the world’s largest automobile market.

BYD has already set lower launch prices for a slew of models as EV rivals including domestic peer Geely Auto and U.S. champion Tesla likewise introduce incentives to woo customers in a cooling market. Continue reading “China’s BYD prices new version of best-selling EV lower than predecessor”

SAO PAULO, (Reuters) – Japanese auto maker Toyota will announce on Tuesday an 11 billion real ($2.2 billion) investment for the next few years in Brazil, the South American country’s vice-president said on Sunday.

Toyota said in a statement earlier on Sunday, after local media had first reported the new investments, it had no comment on potential future plans. Continue reading “Toyota to invest $2 billion in Brazil, says Brazilian vice-president”

Source : PTI | India’s power consumption grew over 8 per cent to 127.79 Billion Units (BU) in February as compared to the year-ago period, according to government data. In February 2023, power consumption stood at 118.29 BU, higher than 108.03 BU recorded in the same month a year ago, the data showed.

There were 29 days in February as 2024 is a leap year. Thus the growth rate of power consumption in February is slightly higher.

The peak power demand met — the highest supply in a day — rose to 222 GW in February 2024. The peak power supply stood at 209.76 GW in February 2023 and 193.58 GW in February 2022. Continue reading “India’s power consumption rises over 8 pc to 127.79 billion units in February”

Source : PTI | The Cochin Shipyard Limited (CSL) on Friday carried out the steel cutting for the world’s first hydrogen fuel cell powered feeder container vessel built for a Norwegian logistics company. The ‘Sea Shuttle’ is an ambitious project admitted under the Norwegian Government green funding programme aimed at emission-free transport solutions by adopting sustainable path breaking future technologies.

“In zero emission mode, each vessel is expected to achieve around 25,000 tonne of CO2 reduction per year,” the CSL said. Continue reading “CSL carries out steel cutting for world’s first hydrogen fuel cell powered feeder container vessel”

Source : PTI | New Delhi: Prime Minister Narendra Modi on Saturday unveiled a series of oil and gas sector projects worth about INR 1.62 lakh crore across the country from Bihar’s Begusarai district. The projects are spread across various states like Bihar, Haryana, Andhra Pradesh, Maharashtra, Punjab and Karnataka.

The PM also flagged off four trains, including the Danapur-Jogbani Express (via Darbhanga-Sakri).

Trains from Jogbani to Saharsa and Siliguri and Sonpur-Vaishali Express were also flagged off. Continue reading “PM unveils oil and gas projects worth INR 1.62 lakh cr across India”

Source : PTI | Indian used car market is expected to touch the USD 100 billion-mark in the next ten years on the back of rising disposable incomes and a growing middle class, according to CARS24 Co-Founder and CEO Vikram Chopra. As per the findings of the Gurugram-based online used car marketplace, there are changes in market dynamics with customers opting for frequent upgrades when it comes to cars.

“According to our internal study, the anticipated growth of the Indian used car market is set to occur at a 15% CAGR, increasing from USD 25 billion in 2023 to USD 100 billion by 2034,” Chopra told PTI in an interaction. Continue reading “India’s used car market size to touch USD 100 bn-mark by 2034: CARS24 CEO”

Source : PTI | In light of instances of numerous vehicles from different states bearing fake engine and chassis numbers registered in Maharashtra, the state transport department has set a standard operating process (SOP) for vehicles being transferred from other states, an official said on Sunday. The department issued a directive recently after it came to light that several trucks and buses from Telangana, Arunachal Pradesh, Nagaland, and other places operating with fake chassis and engine numbers had re-registered at regional transport offices (RTOs) in the state, the official said.

Talking to PTI, state transport commissioner Vivek Bhimanwar said, “Earlier, there was no set procedure for registration of vehicles from other states, and at RTOs, clerks would make entries of transferred vehicles on the Vahan portal and senior clerks would approve it.” Continue reading “Maharashtra transport dept issues SOP for registration of vehicles from other states”

(Reuters) – Nissan is in advanced talks to invest in electric vehicle maker Fisker in a deal that could provide the Japanese automaker with access to an electric pickup truck while giving the struggling startup a financial lifeline, according to two people familiar with the negotiations.

The deal could close this month, said the sources, who asked not to be identified because the talks are ongoing and have not been finalized. Continue reading “Exclusive: Nissan, Fisker in advanced talks on investment, partnership-sources”

WASHINGTON, (Reuters) – President Joe Biden, vowing to “do right by U.S. auto workers,” launched an investigation this week into whether Chinese-made vehicles could be used to spy on Americans, a far-off threat given the few such cars on U.S. roads now.

The White House announced the probe Thursday citing national-security risks about “connected” cars creating “new avenues for espionage and sabotage.” Continue reading “The politics and economics behind Biden’s China-car espionage probe”

WASHINGTON, (Reuters) – The United States is opening an investigation into whether Chinese vehicle imports pose national security risks and could impose restrictions due to concerns about “connected” car technology, the White House said on Thursday.

The U.S. Commerce Department probe is needed because vehicles “collect large amounts of sensitive data on their drivers and passengers (and) regularly use their cameras and sensors to record detailed information on U.S. infrastructure,” the White House said. Continue reading “US to probe if Chinese cars pose national data security risks”

BEIJING, (Reuters) – Li Auto (2015.HK), opens new tab officially launched on Friday its first pure electric model MEGA multi-purpose vehicle (MPV), which founder and CEO Li Xiang expects to become the Chinese electric vehicle startup’s top seller among cars priced above half a million yuan.

The company also unveiled some higher-priced new versions in its existing L series, despite a protracted price war in the sector, and announced plans to invest at least 6 billion yuan ($833.6 million) in the coming years to build more than 5,000 directly operated 5C charging stations. Continue reading “China’s Li Auto pins hopes on first all-electric model”

(Reuters) – Cash-strapped Fisker’s shares skid nearly 47% on Friday after the electric vehicle startup flagged going-concern risks, job cuts and a pause in investments into future projects until it secures a partnership with a manufacturer.

The company warned of a “difficult year” ahead, the latest sign of growing pain in the EV sector after weak production forecasts from Rivian and Lucid. Continue reading “Fisker slumps as cash warning sends investors ‘running for cover’”

BEIJING, (Reuters) – IM Motors, a premium electric vehicle brand of state-owned Chinese automaker SAIC, said on Friday it has raised more than 8 billion yuan ($1.1 billion) to work on new smart car models and technologies.

IM Motors’ Series B round of equity financing was among the biggest investments into Chinese EV brands in the past two years, following Abu Dhabi-based CYVN’s combined $3 billion investments into NIO and Stellantis’ $1.6 billion purchase of a 21% stake in Leapmotor. Continue reading “IM Motors raises $1.1 bln in one of China EV brands’ biggest recent deals”

BEIJING, (Reuters) – Tesla unveiled new incentives, including insurance subsidies, on Friday to woo consumers in the world’s largest auto market, where the U.S. electric vehicle giant is in a protracted price war against entrenched rivals such as BYD.

Customers picking up existing inventories of Model 3 sedans and Model Y SUVs by the end of March would be entitled to a maximum of 34,600 yuan ($4,807.76) worth of incentives, Tesla said in a post on its Weibo account. Continue reading “Tesla rolls out new incentives in China as price war escalates”

Source : PTI | In a stride towards sustainable transportation, Chief Executive Officer (CEO) of Jammu Smart City Rahul Yadav on Thursday flagged off electric-bus service from Jammu to Suchetgarh border for locals and tourists. The launch of the bus service coincided with the Border Security Force (BSF) extending the beating retreat ceremony, a major attraction for visitors, at Border Outpost Octroi near the International Border in Suchetgarh from weekend days to four days a week – Wednesday, Thursday, Saturday and Sunday, an official said.

The ‘Wagah-Attari-style’ ceremony, comprising a structured parade by BSF men, was launched in October 2021 as part of the government’s border tourism promotion programme.

Continue reading “E-bus service launched from Jammu to Suchetgarh to boost border tourism”

Source : PTI | New Delhi: Toyota Kirloskar Motor on Friday reported its best-ever monthly wholesales at 25,220 units in February. The company’s total dispatches to dealers increased by 61% last month to 25,220 units as compared with 15,685 units in February 2023.

While domestic sales stood at 23,300 units, exports were at 1,920 units in the month, the automaker said in a statement. Continue reading “Toyota records highest-ever monthly sales in February”

(Reuters) – EV startup Fisker warned on Thursday it might not be able to continue as a going concern and its shares tumbled 35% after the stock market closed.

Fisker said it would cut its workforce by about 15% and added it was in talks with a large automaker for a potential investment and joint development partnership. It did not disclose the name of the automaker or financials of the potential deal. Continue reading “EV startup Fisker raises going concern doubts, shares plunge”

(Reuters) – General Motors’ Cruise saw its internal share price cut by more than half from a quarter ago as the fallout from an October accident continues to weigh on the self-driving car company.

Cruise employees were told the share price had been estimated by a third party at $11.80, according to an email viewed by Reuters. That’s down from a prior estimate of $24.27 just one quarter ago. Continue reading “Exclusive: GM’s Cruise valuation slashed by more than half, adding to woes”

Source : PTI | New Delhi: The growth of eight key infrastructure sectors slowed to a 15-month low of 3.6% in January, on account of poor performance of sectors like refinery products, fertiliser, steel and electricity, according to the official data released on Thursday. The growth of eight core sectors — coal, crude oil, natural gas, refinery products, fertiliser, steel, cement and electricity — was 4.9% in December.

It was 9.7% in January 2023.

The previous low level of growth rate was recorded at 0.9% in October 2022. Continue reading “Key infra sectors’ growth slows to 15-month low of 3.6% in January”

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Summary

• The new dealerships in Prayagraj and Meerut add to the Brand’s network expansion in Uttar Pradesh, bringing the total to 14 sales and nine service facilities
• The Prayagraj touchpoint features a three-car display showcasing the 5-star GNCAP- rated Volkswagen Virtus and Taigun; as well as Tiguan. It is also equipped with separate workshop that features eight service bays
• The dealership in Meerut operates as a sales-only city store with a four-car display. The Meerut City Store offers Express Service, Volkswagen Assistance and Mobile Support Unit via a separate facility in Moradabad

Mumbai: Volkswagen Passenger Cars India inaugurated two new customer touchpoints in Uttar Pradesh, further bolstering its presence in the state as part of the Brand’s wider push to make its products and services more accessible to Indian customers. Continue reading “Volkswagen Passenger Cars India expands footprint in Uttar Pradesh with the inauguration of two new customer touchpoints”

(Reuters) – German automaker Volkswagen and Chinese electric vehicle (EV) partner XPeng on Thursday said the first car they plan to develop together will be an SUV for which they will jointly source parts.

Under a “master agreement” for platform and software collaboration, the automakers in a statement said they will start a joint sourcing program for platform and vehicle parts used by both partners, leveraging scale to reduce cost. Continue reading “Volkswagen, Xpeng say first jointly made car will be electric SUV”