New Delhi, 05^th February 2024: In alignment with the Indian Government’s drive towards alternative fuels in the country, the Society of Indian Automobile Manufacturers (SIAM) organized the 2^nd edition of the International Symposium for Thriving Eco-Energy in Mobility (ISTEM) on 1^st February 2024 at Bharat Mobility Global Expo 2024 at Pragati Maidan, New Delhi. The conference, themed “Nature Based Solutions: Road to Decarbonization,” is aimed at promoting alternative fuels under the SIAM initiatives of Jaivik Pehal (Bio Initiative), Gas Gatisheelta (Gas Based Mobility) and Harit Hydrogen (Hydrogen Mobility). It witnessed participation from national and international stakeholders in the alternate fuels economy, including leading global OEMs, Oil Marketing Companies, Gas distributors, ethanol producers, Hydrogen powertrain players, and technology providers, among other dignitaries and industry representatives. Continue reading “SIAM Organizes 2nd edition of International Symposium for Thriving Eco-Energy in Mobility (ISTEM)”

WASHINGTON/SAN FRANCISCO, Feb 2 (Reuters) – U.S. safety regulators on Friday upgraded their probe into Tesla vehicles over power steering loss to the status of an engineering analysis – a required step before the agency could demand a recall.

Tesla shares, which dropped more than 25% in January alone, fell more than 3% on Friday.

The National Highway Traffic Safety Administration (NHTSA) said the investigation covered about 334,000 Model 3 and Model Y vehicles from the 2023 model year. Continue reading “U.S. safety agency deepens probe of Tesla power steering loss”

Source : PTI | New Delhi: Billionaire Gautam Adani-led group is building the world’s largest single-location copper manufacturing plant at Mundra in Gujarat, which will help cut India’s dependence on imports and aid energy transition, sources said. The USD 1.2-billion facility will start operations of the first phase by March-end and full-scale 1 million tonnes capacity by FY29 (March 2029), two sources with knowledge of the matter said.

India joins China and other nations that are rapidly expanding production of copper, a metal crucial for transition away from fossil fuels. Technologies critical to the energy transition like electric vehicles (EVs), charging infrastructure, solar photovoltaics (PV), wind and batteries, all require copper.

Continue reading “Adani Group’s USD 1.2-bn copper plant to boost India’s metal production”

Source :PTI | Tata Motors on Friday said it has started working on its gigafactory in Somerset in the UK, and the financial closure for the project is underway. At the post-earnings concall, Tata Motors Group Chief Financial Officer P B Balaji said the company has seen some impact of the Red Sea crisis but “it is manageable at this point of time”.

Earlier in the day, Tata Motors posted a 133.2% growth in net profit at INR 7,100 crore in the December quarter, while the consolidated revenue rose 25% year-on-year at INR 1,10,600 crore. Continue reading “Tata Motors starts work on gigafactory in UK”

Source : PTI | The Indian Railways has so far utilised INR 321.85 crore out of total INR 798.98 crore of budgetary allocation for the implementation of ‘Kavach’, an anti-collision device Railway Minister Ashwini Vaishnaw said in the Rajya Sabha on Friday. It suggests that more than 40% of the fund has been utilised so far in the current financial year.

Responding to questions raised by Javed Ali Khan, Samajwadi Party MP in the Rajya Sabha, Vaishnaw said that ‘Kavach’ is an indigenously developed automatic train protection (ATP) system which is highly technology intensive and it requires safety certification of the highest order. Continue reading “Railway utilises over 40% of funds allocated in 2023-24 for ‘Kavach’ installation”

Source : PTI | Hinduja Group flagship company Ashok Leyland has commenced delivery of its intermediate and heavy duty electric truck s to its customers, the company said. The keys of 14T Boss Electric Truck were handed over to Billion E-Mobility at the inaugural edition of the Bharat Mobility Global Expo 2024 in New Delhi, the company said.

“Ashok Leyland is proud to deliver the first fully electric vehicle to our customer today. The Boss 4T Electric Truck was showcased in the Auto Expo last year. Today, delivering this road-ready product marks a significant milestone in our journey toward sustainable and efficient transportation,” said company Managing Director and CEO Shenu Agarwal in a statement on Saturday. Continue reading “Ashok Leyland hands over keys of 14T Boss Electric truck to Billion E-Mobility”

Source : PTI | ONGC, IOC and other oil PSUs will invest about INR 1.2 lakh crore in the coming fiscal starting April 1 in oil and gas exploration, refineries, petrochemicals and laying pipelines to meet the needs of the world’s fastest-growing energy consuming nation. The investment proposed in 2024-25 is 5 % higher than INR 1.12 lakh crore spent by the state-owned oil firms in the current fiscal year that ends on March 31, according to Budget 2024-25 documents.

Oil and Natural Gas Corp (ONGC) has a planned capital spending of INR 30,800 crore in the next financial year. This expenditure in finding new reserves of oil and gas and bringing to production discoveries it has already made, is slightly higher than INR 30,500 crore capex in 2023-24 fiscal (April 2023 to March 2024). It is developing discoveries on both east and west coasts of the country. Continue reading “ONGC, IOC, other oil PSUs to invest INR 1.2 lakh crore in FY25”

Source : PTI | There is no adverse impact on India’s exports and imports so far due to the Red Sea crisis, an official said. The official said that the transportation cost has increased as the shippers are taking a long route.

“There is no impact in volume terms so far. Only the transportation cost is up. It has risen for all the countries. It has not affected the trade adversely so far. We have to see the long term demand, but it will depend on the EU and the US,” the official added. Continue reading “No adverse impact of Red Sea crisis so far on India’s trade”

New Delhi, 4th February 2023: In a significant development on the 3rd and final day of the first edition of Bharat Mobility Global Expo 2024, Honourable Minister of Commerce & Industry, Shri Piyush Goyal, declared that the highly successful event will now become an annual affair. Minister Goyal commended the outstanding achievements of this year’s expo, citing its massive scale and impact on the mobility sector.

The inaugural Bharat Mobility Global Expo, held from 1st February to 3rd February, witnessed an impressive turnout with around 800 exhibitors showcasing cutting-edge innovations. The event garnered overwhelming support, with a record-breaking 150,000 registered visitors including business visitors. Continue reading “Bharat Mobility Global Expo to be an annual event demonstrating India’s growth story: Piyush Goyal”

ROME, (Reuters) – Italy’s industry minister on Friday criticised Stellantis’ ownership structure and said the automaker had a “problem” with its models and marketing, continuing a feud between the company and the Rome government.

Speaking in the northern city of Trento, Adolfo Urso said Stellantis had an “unbalanced, absolutely not equal” shareholding structure between its French and Italian stakeholders. Continue reading “Stellantis under renewed fire from Italian government”

(Reuters) – Activist investors who have for years accused Tesla’s board of failing to rein in Elon Musk say this week’s court ruling on the electric vehicle maker CEO’s compensation could give them the shareholder support they need for reforms.

These investors have offered various resolutions at Tesla annual shareholder meetings on corporate governance issues such as director term lengths or voting thresholds for new bylaws, but so far they have won few changes. Continue reading “Tesla activist investors to seize on Elon Musk pay ruling”

TOKYO/SAN FRANCISCO, (Reuters) – When Tony Le set out with his wife to buy a new car last year, he looked at Tesla and other all-electric models.

In the end, the 37-year-old Modesto, California, tech worker opted for a Toyota RAV4 Hybrid due to worries over getting stranded with a purely electric vehicle, a dead battery and no charging station in sight. Continue reading “Toyota to outshine rivals as more consumers opt for hybrids amid EV slowdown”

WASHINGTON/SAN FRANCISCO, (Reuters) – U.S. safety regulators on Friday upgraded their probe into Tesla vehicles over power steering loss to the status of an engineering analysis – a required step before the agency could demand a recall.

Tesla shares, which dropped more than 25% in January alone, fell more than 3% on Friday. Continue reading “U.S. safety agency deepens probe of Tesla power steering loss”

Source : PTI | Industry body India Energy Storage Alliance (IESA) on Friday stressed on the need for comprehensive safety guidelines for electric vehicle batteries manufacturing and usage. Addressing at the 2nd Global EV Battery Safety Forum at Bharat Mobility Global expo 2024, Rahul Walawalkar, President of IESA & MD, CES India, emphasised on the crucial role of safety guidelines for EV batteries.

Reflecting on the challenges faced globally, he underscored the need for comprehensive safety guidelines and heightened awareness. “Safety is something very important, and we at IESA have been focusing on it for the last seven-plus years,” he said.

Continue reading “India Energy Storage Alliance makes case for comprehensive safety guidelines for EV batteries”

Source :PTI | Tata Motors Ltd on Friday posted a 133.32 % rise in net profit to INR 7,100 crore in the December quarter. The company had posted a net profit of INR 3,043 crore in the year-ago period, which was its first profit in two years.

The consolidated revenue for the third quarter of the ongoing fiscal was up 25 % year-on-year to INR 1,10,600 crore, the company said in a statement.

Continue reading “Tata Motors net profit more than doubles to INR 7,100 in Q3”

Source : PTI | Domestic battery material manufacturer Epsilon Advanced Materials (EAM) on Friday said it has completed the acquisition of Johnson Matthey’s LFP cathode technology centre in Germany. The city-based company in October last year announced signing a pact to acquire the Moosburg-located Research and Development (R&D) Centre to tap into the European battery materials’ talent pool and cater to its global clientele.

The acquisition makes Epsilon the first global company capable of providing manufacturers with cathode and anode materials for lithium-ion batteries, which is poised to make India the first country in Asia outside of China to manufacture LFP (Lithium-ion Phosphate) cathode materials, Epsilon said.

Continue reading “Epsilon completes acquisition of LFP cathode technology centre in Germany”

WILMINGTON, Delaware, (Reuters) – Elon Musk suffered one of the biggest legal losses in U.S. history this week when the Tesla CEO was stripped of his $56 billion pay package in a case brought by an unlikely opponent, a former heavy metal drummer.

Richard Tornetta sued Musk in 2018, when the Pennsylvania resident held just nine shares of Tesla. The case eventually made its way to trial in late 2022 and on Tuesday a judge sided with Tornetta, voiding the enormous pay deal for being unfair to him and all his fellow Tesla shareholders. Continue reading “Elon Musk bashed by heavy metal drummer who cost him $56 billion”

WARREN, Michigan, (Reuters) – U.S. President Joe Biden won a strong pledge of support on Thursday from union autoworkers crucial to his reelection bid in Michigan, while protests over his backing of Israel’s actions in Gaza shadowed the trip.

Biden’s travel to the election battleground state was intended as a celebration after the United Auto Workers (UAW) union recently endorsed his reelection bid. But his visit was also met with protests from some of the state’s sizable Arab-American community, who demand the president seek a ceasefire in the Israel-Gaza war and have refused to meet his campaign. Continue reading “In Michigan, autoworkers offer to fight for Biden, but Gaza protesters want him out”

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(Reuters) – The United Auto Workers (UAW) said on Thursday that more than 30% of workers at Hyundai Motor’s Alabama plant had signed cards seeking to join the union.

In November, the UAW said it was launching a first-of-its-kind push to publicly organize the entire non-union auto sector in the U.S. after winning record new contracts with the Detroit Three automakers. Continue reading “UAW says more than 30% of workers at Alabama Hyundai plant sign union cards”

WASHINGTON/MICHIGAN, (Reuters) – U.S. President Joe Biden will visit autoworkers in Michigan on Thursday, where he is likely to face protests over his handling of the war in Gaza, after several leaders of the state’s Arab-American community declined to meet his campaign team last week.

Biden’s travel to the election battleground state was intended as a celebration after the United Auto Workers (UAW) union recently endorsed his reelection bid. But his trip may be overshadowed by opposition from the state’s Arab-American and Muslim population, which is upset the president has not called for a ceasefire in the Israel-Gaza conflict. Continue reading “Biden to visit Michigan’s autoworkers amid planned protests over Gaza”

NEW DELHI, (Reuters) – German automaker Volkswagen Group is looking to introduce an entry-level electric sport utility vehicle (SUV) in India by the second-half of this decade, the CEO of its local unit said at an event on Thursday.

“We are actively working on an entry-level EV. We are evaluating which VW Group platform can be best adapted to build a compact electric SUV in India,” said Piyush Arora, CEO of Skoda Auto Volkswagen India. Continue reading “VW Group’s India unit eyes entry-level electric SUV”

ROME,(Reuters) – The Italian government would be prepared to buy a stake in carmaker Stellantis if the company asked it to do so, Industry Minister Adolfo Urso told reporters on Thursday.

Urso also confirmed that Stellantis, owner of the Fiat brand, had committed to lifting annual production in Italy to one million vehicles. Continue reading “Italian govt ready to buy stake in Stellantis if asked”

STOCKHOLM,(Reuters) – Volvo Cars said on Thursday it would stop funding Polestar Automotive Holding and was handing responsibility for the struggling luxury car brand over to Volvo’s top shareholder China’s Geely Holding.

The announcement sent the Swedish automaker’s stock up more than 30% at market open. Continue reading “Volvo Cars to stop funding Polestar, may hand stake to Geely”

(Reuters) – Tesla CEO Elon Musk said on Thursday the company will hold a shareholder vote to transfer its state of incorporation to Texas from Delaware, days after a judge invalidated his $56 billion pay package at the electric vehicle (EV) maker.

On Tuesday, Delaware judge Kathaleen McCormick called the 2018 share-based pay package, the largest in corporate America, “an unfathomable sum” that was unfair to shareholders and found it was negotiated by directors who appeared beholden to Musk. Continue reading “Musk seeks Tesla shareholder vote on moving incorporation to Texas”

Source : PTI | Indians purchased more than 21 crore vehicles in the last decade as compared to 13 crore vehicles in the 10 years before 2014, President Droupadi Murmu said on Wednesday. Sales of electric vehicles in the country have also increased multi-fold, she said in her first address to a joint sitting of the two Houses in the new Parliament building.

Reflecting on how India has progressed in the last 10 years, she said,”Around 13 crore vehicles were sold in the 10 years before 2014. In the last 10 years, countrymen have purchased more than 21 crore vehicles.” Continue reading “Indians purchased over 21 crore vehicles in last 10 years: President Droupadi Murmu”

Source : PTI | German carmaker Mercedes-Benz is looking to expand its presence in the smaller cities in India where demand for luxury models is expected to grow robustly over the next few years. The automaker, which on Wednesday introduced new GLA and AMG GLE 53 models, plans to enhance its sales and service infrastructure in the non-metro cities to cater to the needs of the increasing number of customers.

“We are clearly seeing that there is a lot of growth happening in mini metros in India and we are now increasing customer car parc in these cities,” Mercedes-Benz India Managing Director & CEO Santosh Iyer told PTI in an interaction. Continue reading “Mercedes-Benz sets eyes on smaller cities to fuel further growth”

Source : PTI | New Delhi: Bajaj Auto is developing a portfolio of CNG motorcycles, and the first such bike will hit the market next fiscal under a new brand, Bajaj Auto Executive Director Rakesh Sharma said on Wednesday. The company wants the government to consider lowering GST on such CNG bikes — which will serve as a bridge to full electrification — to around 12 % as it seeks to replicate the success it has witnessed in the CNG three-wheelers to the motorcycle segment as well.

“We are putting our money where our mouth is. We feel CNG is a great option for the country, for the society and for the riders. We have proven this in three-wheelers and now we want to extend this into two-wheelers,” Sharma told PTI in an interview.

Continue reading “Bajaj Auto to launch CNG bikes in FY25, will be priced higher than petrol vehicles”

BERLIN, (Reuters) – Chinese EV giant BYD’s five models on sale in Germany will be showcased at a new BYD-only store in Berlin run by dealership Sternauto, in the latest sign that the carmaker is rapidly encroaching on European competitors’ turf.

Sternauto, which has exclusive rights to sell BYD cars in eastern Germany, set up the store to get closer to customers as awareness of the brand grows among Germans seeking an affordable electric vehicle. Continue reading “German dealership Sternauto opens BYD store in Berlin”

SHANGHAI, (Reuters) – Some Chinese automakers have had to delay deliveries of flagship models due to production issues with a computing unit made by tech giant Huawei (HWT.UL), five people with knowledge of the matter said.

Changan Auto and Chery Auto – both of which have partnered with Huawei in developing their premium electric vehicle (EV) brands – have lodged complaints and are in talks to resolve the issue, two of the people said. Continue reading “Exclusive: Chinese automakers hit by production issues with Huawei computing unit”

Jan 31 (Reuters) – Aptiv will reduce its stake in self-driving technology joint venture Motional and will stop further funding after incurring millions in losses related to the investment, the auto parts supplier said on Wednesday.

Motional, a venture between the company and Hyundai Motor Co, uses the South Korean carmaker IONIQ5 electric car for its robotaxi. It has been offering the service in Las Vegas through Uber and Lyft. Continue reading “Aptiv to cut stake in robotaxi tech firm Motional, stop funding”

(Reuters) – A group of 25 California counties have sued Elon Musk’s Tesla, claiming the electric vehicle maker mishandled hazardous waste at its facilities across the state.

The lawsuit from Los Angeles, Alameda, San Joaquin, San Francisco and other counties was filed on Tuesday in California state court. It seeks civil penalties and an injunction that would require the company to properly handle its waste in the future. Continue reading “Tesla sued by California counties over hazardous waste”

(Reuters) – After a Delaware court threw out Elon Musk’s $56 billion pay package on Tuesday, the Tesla chief executive and a board seen as captive to him must find a way to negotiate a replacement contract. It will not be easy.

The ruling is spurring on investors who for years have raised concerns about Tesla board independence. This could be a turning point for Musk, who recently said he was uncomfortable transforming Tesla into an artificial intelligence leader if his control did not rise with a new pay package. Continue reading “Musk, Tesla board have to start from scratch after $56 billion pay deal thrown out”

DETROIT, (Reuters) – General Motors said Tuesday it is cutting spending by about $1 billion on troubled robotaxi unit Cruise in 2024, but said it remains committed to the self-driving project.

Last week, Cruise disclosed probes by the U.S. Justice Department and the Securities and Exchange Commission stemming from an Oct. 2 accident in San Francisco in which one of its robotaxis struck a pedestrian and dragged her 20 feet (6.1 m). Cruise and GM came under heavy criticism after the accident, and the California Department of Motor Vehicles revoked its permit to operate driverless vehicles. Continue reading “GM to cut spending by $1 billion on robotaxi unit Cruise in 2024”

DETROIT, (Reuters) – General Motors shares jumped Tuesday after the company gave investors an upbeat outlook for 2024 and signaled more capital will be returned to shareholders.

“Consensus is growing that the U.S. economy, the job market and auto sales will continue to be resilient,” GM Chief Executive Mary Barra told investors in a letter. GM expects to reduce shares outstanding to below 1 billion, down from about 1.2 billion currently and 1.6 billion at the post-IPO peak, Barra said. Continue reading “GM shares jump as CEO Barra promises shareholders more cash”

(Reuters) – While automakers and suppliers are betting big on future demand for electric vehicles, a near-term global slowdown is causing pain, including bankruptcies, scrapped initial public offerings and production cuts.

Investment in capacity and technology development has outrun actual EV demand, boosting pressure on companies to cut costs. Continue reading “Industry pain abounds as electric car demand hits slowdown”

(Reuters) – Registrations of Tesla vehicles in California dropped 10% in the last quarter of 2023, the first fall in more than three years in the state, which is one of the most important markets for the electric carmaker and considered a national trend setter.

A total of 47,592 Tesla vehicles were registered in California in the fourth quarter, compared with 52,782 a year earlier, according to data from California New Car Dealers Association. Continue reading “Tesla California registrations fall for the first time since the pandemic”

WASHINGTON, (Reuters) – U.S. President Joe Biden will travel to Michigan on Thursday to meet with United Auto Workers members at an event at a Detroit-area union hall, a campaign official told Reuters.

The trip to the battleground state comes a week after the UAW endorsed Biden’s reelection, with union president Shawn Fain delivering a fiery speech in Washington that was also harshly critical of Republican former president and likely Biden election rival Donald Trump. Continue reading “Biden to meet with UAW workers in Michigan on Thursday”

WILMINGTON, (Reuters) – A Delaware judge tossed out Elon Musk’s record-breaking $56 billion Tesla, pay package on Tuesday, calling the compensation granted by the EV maker’s board “an unfathomable sum” that was unfair to shareholders.

Shares of Tesla dropped about 3% in extended trade, and some investors seized on the ruling in hopes it might prompt Tesla to overhaul its governance.

The Tesla board has been criticized as failing to provide oversight of its combative, headline-making CEO, who has fought regulators and led several other companies at the same time. Continue reading “Judge voids Elon Musk’s ‘unfathomable’ $56 billion Tesla pay package”

Source : PTI | More than 60 battery, recycling, and electric vehicle infrastructure firms will participate at Bharat Mobility Global Expo to be held from February 1 to 3, to showcase their innovations, a statement said on Monday. Industry body India Energy Storage Alliance (IESA) is organizing a dedicated pavilion on battery technologies, recycling, and EV infrastructure as part of this global expo, an IESA statement said.

More than 60 leading companies including Amara Raja, LivGuard, GODI Energy, Epsilon Advanced Materials, Bhilwara Group, Replus, Himadri Speciality Chemical, Trontek Group, and Battrix are participating in the event.  Continue reading “Over 60 battery, recycling, EV infrastructure firms to participate in Bharat Mobility Global Expo”