Tesla set to erase $50 billion in valuation after Musk’s sales warning

Tesla set to erase $50 billion in valuation after Musk’s sales warning

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Jan 25 (Reuters) – Tesla (TSLA.O), opens new tab tumbled more than 8% on Thursday after CEO Elon Musk warned sales growth would slow this year despite price cuts that have already hurt margins and raised investor concerns at the world’s most valuable automaker.
Musk said growth would be “notably lower” as Tesla focuses on a cheaper, next-generation electric vehicle to be made at its Texas factory in the second half of 2025, which is expected to spark the next boom in deliveries.

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Biden vetoes law blocking EV charging stations’ ‘Buy America’ waiver

Biden vetoes law blocking EV charging stations’ ‘Buy America’ waiver

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WASHINGTON, (Reuters) – U.S. President Joe Biden on Wednesday vetoed legislation aimed at reversing his administration’s waiver of “Buy America” requirements for government-funded electric vehicle (EV) charging stations, according to a senior U.S. official.
Lawmakers narrowly passed a bill that would block the Federal Highway Administration’s waiver of U.S. content requirements for steel, iron and construction materials. Opponents of the administration’s policy said it would result in U.S. taxpayers subsidizing Chinese-made products.

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GM to invest $1.4 billion in Brazil by 2028

GM to invest $1.4 billion in Brazil by 2028

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SAO PAULO, (Reuters) – General Motors (GM.N), opens new tab is set to invest 7 billion reais ($1.42 billion) in Brazil between this year and 2028, the company said on Wednesday, in a bid to boost “sustainable mobility”.
The sum will fund a “complete renewal” of the automaker’s vehicle portfolio in Latin America’s largest economy and will help develop technologies and create new businesses, GM said in a statement.

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Carmaker Audi’s Mexico union workers strike over wage increase

Carmaker Audi’s Mexico union workers strike over wage increase

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MEXICO CITY, (Reuters) – Union workers at Audi’s Mexico unit went on strike on Wednesday after failing to reach an agreement with the carmaker for a new contract, the company’s union leader said, with the company saying the two sides are far apart on a wage increase.
Approximately 1,000 workers protested outside the Audi plant in the central state of Puebla, shouting, “We are workers, not beggars.”
Audi said the union declined its offer for a 6.5% salary raise and asked for a 15.5% increase. Union leader Cesar Orta did not immediately confirm the figures.

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Ford sees $1.7 bln hit to fourth-quarter results

Ford sees $1.7 bln hit to fourth-quarter results

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(Reuters) – Ford Motor (F.N), opens new tab said on Wednesday it expects to record a pre-tax remeasurement loss of about $1.7 billion, related to its employees pension and other post-retirement benefits, in its fourth-quarter results.
On an after-tax basis, Ford says the loss will lower its net income by around $1.3 billion.
The Detroit automaker said the loss was driven by lower discount rates from a year ago.

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Exclusive: Tesla plans to build new electric vehicles in mid-2025

Exclusive: Tesla plans to build new electric vehicles in mid-2025

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SAN FRANCISCO/DETROIT, (Reuters) – Tesla (TSLA.O), opens new tab has told suppliers it wants to start production of a new mass market electric vehicle codenamed “Redwood” in mid-2025, according to four people familiar with the matter, with two of them describing the model as a compact crossover.
Tesla CEO Elon Musk confirmed on a post-earnings call on Wednesday that the company expects to start production of its next-generation EV at its Texas factory in the second half of 2025.

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UAW, Fain endorse Biden, say Trump ‘stands against everything we stand for’

UAW, Fain endorse Biden, say Trump ‘stands against everything we stand for’

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WASHINGTON, (Reuters) – The United Auto Workers union endorsed U.S. President Joe Biden’s reelection bid on Wednesday, with the union president delivering a fiery speech in Washington that was also harshly critical of Republican former President Donald Trump.
In a full-throated endorsement of the Democratic incumbent, UAW President Shawn Fain cited Biden’s pro-union record and his decision to become the first president to join a union picket line this summer during a successful autoworkers strike for higher pay. “Instead of talking trash about our union, Joe Biden stood with us,” Fain said. Fain and Biden previously had sharp differences over electric vehicle policy, and the endorsement could be a strong boost to Biden in Michigan and other manufacturing states.

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Tesla warns of slowing growth before new model launch next year

Tesla warns of slowing growth before new model launch next year

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(Reuters) – Tesla (TSLA.O), opens new tab expects to start production of its next-generation electric vehicle at its Texas factory in the second half of 2025, Chief Executive Elon Musk said on Wednesday, after warning of a sharp slowdown in sales growth this year.
But Tesla shares were down 6% in after-hours trading as Musk noted that ramping up production of the new vehicle would be challenging. Musk said it would take “a tremendous amount of new revolutionary manufacturing technology” required – a sign that any boost to Tesla’s declining pace of growth would take time.

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Coal production to touch 1 billion tonne for first time: Union Minister Pralhad Joshi

Coal production to touch 1 billion tonne for first time: Union Minister Pralhad Joshi

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Source : PTI | Union Minister for Coal and Mines Pralhad Joshi on Tuesday said for the first time, the country’s coal production is going to cross 1 billion tonne. India is going to stop the import of substitutable coal from next year, Joshi said at the second State Mining Ministers’ Conference here.

The union minister said there are going to be many difficulties in the coming days as the country will have to do gasification of coal. Continue reading “Coal production to touch 1 billion tonne for first time: Union Minister Pralhad Joshi”

CESC seeks to acquire 50,000 acres land in Rajasthan, Gujarat for green energy push

CESC seeks to acquire 50,000 acres land in Rajasthan, Gujarat for green energy push

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Source : PTI | CESC Ltd, RP Sanjiv Goenka group’s flagship company, is looking to acquire over 50,000 acres in Rajasthan and Gujarat to fuel its 3 GW hybrid renewable energy portfolio. The company is exploring possibilities to make substantial investments in renewable energy generation of up to 3 GW in a hybrid portfolio through its subsidiaries in more than one state in the country.

The company’s green ambition envisages a mix of solar, wind, and green hydrogen projects. “We are carrying out a study exploring increasing our renewable energy footprint and partially meeting renewables purchase obligations of our distribution business,” a top company official told PTI.

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Govt aiming to increase scrap share in steel making to 50% by 2047 to aid green steel initiative: Scindia

Govt aiming to increase scrap share in steel making to 50% by 2047 to aid green steel initiative: Scindia

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Source : PTI | The government is aiming to increase the share of scrap in steel making process to 50 % by 2047, Union minister Jyotiraditya Scindia said on Wednesday. The steel minister emphasised on usage of scrap in steel making as manufacturing the metal through scrap and other waste products is less polluting and termed it as a step “towards green steel initiative”.

“As per our ministry’s vision 2047 document, in the next 25 years, the percentage of scrap will be 50 % along with the balance 50 % as iron ore,” Scindia said at the 11th International Material Recycling Conference in Kolkata.

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Mahindra Logistics to invest INR 170 cr on warehousing facility near Pune

Mahindra Logistics to invest INR 170 cr on warehousing facility near Pune

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Source : PTI | Mahindra Logistics Limited (MLL) on Tuesday announced the construction of its warehousing facility in Phaltan, near Pune with an investment of INR 170 crore. Spread over 6.5 lakh square feet (sq ft), the new facility will be developed in two phases. The first phase, comprising 3.5 lakh sq ft, is scheduled to be operational by the end of 2024, the company said in a statement.

Mahindra Logistics will manage inbound logistics to manufacturing and distribution solutions of diverse clients in automotive and manufacturing sectors located in the region, the company said.

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Bajaj Auto Vice Chairman Madhur Bajaj steps down due to health reasons

Bajaj Auto Vice Chairman Madhur Bajaj steps down due to health reasons

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Source : PTI | New Delhi: Bajaj Auto Ltd on Wednesday said its Vice Chairman Madhur Bajaj has resigned due to health reasons. In a regulatory filing, Bajaj Auto said Madhur Bajaj has tendered his resignation from his position in the company with effect from the close of business hours on January 24, 2024.

In his resignation letter, Bajaj said considering his age and current health and after being associated with the company for 44 years he wished to step down as the Vice Chairman and non-executive Director of Bajaj Auto.

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Amara Raja aims to start operating giga factory before end of 2025

Amara Raja aims to start operating giga factory before end of 2025

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Source : PTI | Automotive battery maker Amara Raja Batteries Ltd on Wednesday said its first giga factory will start operating before the end of 2025. The company also said that giga factories require an integrated approach that marries high technology, large capex, giga scale factories with an ecosystem.

In May last year, the company laid the foundation stone for its first giga factory in Mahbubnagar district in Telangana. It is for producing Lithium Cell and Battery Packs, with an ultimate capacity of up to 16 GWh and 5 GWh, respectively.

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Danish EV charger software provider Monta raises $87mln

Danish EV charger software provider Monta raises $87mln

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LONDON, (Reuters) – Danish firm Monta, which develops software solutions for the electric vehicle charging industry, said on Tuesday that it has raised 80 million euros ($87 million) to increase research and development spending and expand its partner network.
The Series B funding round was led by software investor Energize Capital and investment management firm GreenPoint Partners. The Copenhagen-based company has now raised a total of 130 million euros since its founding in 2020.

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US union membership rate hits fresh record low in 2023 -Labor Dept

US union membership rate hits fresh record low in 2023 -Labor Dept

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(Reuters) – U.S. union membership rates fell to fresh record lows in 2023 despite it being a year of headline-grabbing organized labor strikes from the Rustbelt to Hollywood and some continued organizing successes at companies such as Starbucks.
The union membership rate fell to 10.0% from what had already been a record-low 10.1% in 2022, the Labor Department said on Tuesday in an annual census of the U.S. organized labor landscape that also showed continued growth in union membership among people of color and a narrowing pay advantage for union workers.

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Volkswagen shares rise after “confident” message over 2024

Volkswagen shares rise after “confident” message over 2024

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MILAN,(Reuters) – Shares in Volkswagen (VOWG_p.DE), opens new tab rose over 6% on Tuesday after call with analysts fuelled bets that the German car maker might unveil fourth-quarter sales above current market expectations when it discloses results in March.
The rise briefly set the stock for its biggest one-day gain in eleven months, outperforming European auto stocks (.SXAP), opens new tab and Germany’s benchmark DAX (.GDAXI), opens new tab index. Volkswagen shares rose 5.6% on the day by 1553 GMT, while the DAX fell 0.2%.

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Stellantis CEO says Italy’s hard line on incentives is hurting output

Stellantis CEO says Italy’s hard line on incentives is hurting output

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ATESSA, Italy,(Reuters) – Italy’s penny-pinching approach to incentives has meant several months of reduced automotive production, the head of Stellantis (STLAM.MI), opens new tab, the country’s sole major automaker, said on Tuesday.
“Stellantis has been asking the Italian government for the last nine months to support EV sales,” CEO Carlos Tavares said during a visit to the group’s plant in the town of Atessa, central Italy, Europe’s largest van-making facility.

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Riyadh’s multi-billion EV dream risks crashing into reality

Riyadh’s multi-billion EV dream risks crashing into reality

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Summary

  • Kingdom faces tough competition, from China to United States
  • Only factory so far has reassembled 800 cars
  • Past attempts to attract auto-manufacturers failed
RIYADH,(Reuters) – Riyadh has spent billions to try to turn itself into a hub for electric vehicles and overcome obstacles including a lack of infrastructure, talent and raw materials, as it seeks to catch up in the global race to reap the profits of the new industry.

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In EV catch-up race, legacy automakers hitch a lift with Formula E

In EV catch-up race, legacy automakers hitch a lift with Formula E

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LONDON, (Reuters) – Legacy automakers playing catch-up with EV leaders like Tesla (TSLA.O), opens new tab are leaning on their Formula E electric racing teams for innovations to build better mass-production EVs with greater range and efficiency, or a lower price tag.
Formula E has struggled to win over many motorsports enthusiasts, with Formula One still attracting significantly bigger audiences because electric cars lack the sustained power and noise of the internal combustion engine.

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PV segment likely to see record 18-20% growth in FY24: Report

PV segment likely to see record 18-20% growth in FY24: Report

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Source : PTI | The Passenger Vehicles (PV) segment volumes are expected to log a record 18-20% growth this fiscal as the pent-up demand levels off amid hike in vehicle prices, CareEdge said in a report on Tuesday. It also projected the PV sales volume to continue this growth momentum in the next fiscal, driven by factors such as strong order book and improvement in supply chain, the credit ratings agency said.

The demand for premium variants is expected to remain healthy, while that of entry-level variants may remain muted due to high interest rates and an inflationary environment, according to CareEdge.

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Tesla to kick off Cybertruck’s China tour in late Jan -media
UAW president criticizes Trump but says union not yet endorsing Biden

UAW president criticizes Trump but says union not yet endorsing Biden

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WASHINGTON, (Reuters) – The head of the United Auto Workers on Monday criticized Republican former President Donald Trump but said the union has not yet made a presidential endorsement decision.
UAW President Shawn Fain declined to comment on reports that President Joe Biden may address members of the union in Washington later this week during a legislative conference or issue its endorsement.
Fain told reporters his personal view of Trump’s track record “and who he is as a person … is pretty much contrary to everything we stand for.” Fain said the UAW would hold formal discussions on its endorsement “and then we’ll go from there.”

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Hapag-Lloyd to offer land transit through Saudi Arabia amid Red Sea disruption

Hapag-Lloyd to offer land transit through Saudi Arabia amid Red Sea disruption

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BERLIN, (Reuters) – German shipping group Hapag-Lloyd (HLAG.DE), opens new tab will continue to route its vessels around the Cape of Good Hope until further notice due to Houthi attacks on vessels in the Red Sea, it said on Monday, after announcing it was introducing land corridors through Saudi Arabia to mitigate the impact on its business.
“We continue to monitor and review the situation constantly. As soon as the situation changes, and it is safe again, we will route our vessels through Red Sea and Suez Canal,” it said.

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Foreign auto brands boost exports as China sales remain weak – data

Foreign auto brands boost exports as China sales remain weak – data

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SHANGHAI, (Reuters) – Foreign carmakers that have been losing market share to local rivals in China have boosted exports from the world’s largest auto market, accounting for more than a fifth of the country’s total vehicle exports last year, industry data showed.
China is estimated to have overtaken Japan as the world’s largest auto exporter in 2023, thanks largely to the strength of nimble local companies such as Chery (CHERY.UL), SAIC (600104.SS), opens new tab, Geely (0175.HK), opens new tab and BYD .

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Request government for protectionist measures in Budget; remove duty on raw materials: Abhyuday Jindal

Request government for protectionist measures in Budget; remove duty on raw materials: Abhyuday Jindal

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Source : PTI | Jindal Stainless Ltd (JSL) MD Abhyuday Jindal has urged the government to remove import duty on raw materials in the upcoming Union Budget, a move, the industry leader said, will provide a level-playing field to domestic players. He suggested levying Basic Customs Duty (BCD) on imports as the domestic market is being affected by cheap and sub-standard stainless steel products from select group of countries like China and Vietnam.

“One long-standing requirement of the stainless steel industry has been that there are certain raw materials that are not present in the country like ferro nickel and ferro molybdenum,” Jindal told.

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Industrial & logistics space demand hit record in 2023 at 38.8 mn sq ft in 8 cities: CBRE

Industrial & logistics space demand hit record in 2023 at 38.8 mn sq ft in 8 cities: CBRE

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Source : PTI | New Delhi: Demand for industrial and logistics spaces hit an all-time high across eight major cities last year with leasing activity rising annually by 8 per cent, according to CBRE. In its latest report, real estate consultant CBRE said that the leasing of industrial and logistics spaces rose to 38.8 million square feet in 2023 from 36 million square feet in the previous year driven mainly by demand from third-party logistics (3PL) companies.

Anshuman Magazine, Chairman & CEO, India, Southeast Asia, Middle East & Africa, CBRE, said, “As we envision the future of the industrial and logistics sector, this robust growth is a testament to the sector’s resilience despite global economic challenges.”

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Reliance to commission new energy giga complex this year

Reliance to commission new energy giga complex this year

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Source : PTI | New Delhi: Billionaire Mukesh Ambani’s Reliance Industries Ltd will commission a new energy giga complex in Gujarat in the second half of 2024, the company said in an earnings statement and investor call. Reliance is building a giga complex spread over 5,000 acres in Jamnagar in Gujarat. The complex comprises five giga factories for photovoltaic panels, fuel cell system, green hydrogen, energy storage and power electronics.

“On track to commence new energy facilities in phases this year,” the company said in a post-third-quarter earnings call with investors.

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Ahmedabad-Mumbai bullet train project progress satisfactory, says JICA India chief

Ahmedabad-Mumbai bullet train project progress satisfactory, says JICA India chief

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Source : PTI | New Delhi: Expressing satisfaction with the ongoing Ahmedabad-Mumbai bullet train project, the Chief Representative of JICA India, Saito Mitsunori, said that the PM Gati Shakti plan has accelerated public works in the country. In an interview with PTI, Mitsunori also expressed Japan’s interest in enhancing India’s border road networks and participating in the transnational power transmission project with Bhutan, Nepal and Bangladesh.

“Once the project concept is in the pipeline, meaning the official preparatory route within the government, clarity is there, and everybody is able to assess and monitor progress …. So, that has helped a lot in accelerating public works in this country,” Mitsunori said. Continue reading “Ahmedabad-Mumbai bullet train project progress satisfactory, says JICA India chief”

EVs development, adoption to play major role in India’s transition to low carbon economy: DPIIT Secy

EVs development, adoption to play major role in India’s transition to low carbon economy: DPIIT Secy

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Source : PTI | The vision to make India a developed nation by 2047 includes a major shift towards electric vehicles, supported by tax incentives, production linked incentive schemes, and the mandatory provision of charging infrastructure, a top government official said on Monday. Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Rajesh Kumar Singh said that the development and adoption of Electric Vehicles (EVs) play a pivotal role in India’s transition to a low-carbon economy.

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Hero MotoCorp to set up assembly plant in Nepal with partner CG Motors

Hero MotoCorp to set up assembly plant in Nepal with partner CG Motors

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Source : PTI | New Delhi: Hero MotoCorp on Monday said it will set up a facility for assembling products in Nepal in partnership with CG Motors, its newly appointed distributor in the country. The facility will be located in Nawalpur district and have a capacity of 75,000 units per annum, the country’s largest two-wheeler maker said in a statement.

Operations will begin in March 2024, it added.

Hero MotoCorp forayed into Nepal in 2014. Over the years, the company has established itself as a leading player in the country. Continue reading “Hero MotoCorp to set up assembly plant in Nepal with partner CG Motors”

State-owned IREDA Q3 profit zooms 67% to INR 335 crore; loan book at INR 50k cr

State-owned IREDA Q3 profit zooms 67% to INR 335 crore; loan book at INR 50k cr

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Source : PTI | State-owned IREDA on Saturday posted a 67 % rise in net profit to INR 335.54 crore for the quarter ended in December 2023, bolstered by higher income. It had clocked INR 200.75 crore net profit during the October-December period of the preceding 2022-23 fiscal, the company said in an exchange filing.

The company’s total income surged to INR 1,253.19 crore in the third quarter of FY24 from INR 868.97 crore a year ago.

Its expenses were INR 867.05 crore in the period under review, as against INR 634.27 crore in the year-ago period. Continue reading “State-owned IREDA Q3 profit zooms 67% to INR 335 crore; loan book at INR 50k cr”

Only zero-emission cars can help tackle air pollution, reduce oil imports: Tata Motors

Only zero-emission cars can help tackle air pollution, reduce oil imports: Tata Motors

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Source : PTI | Only zero emission cars can contribute towards a reduction in air pollution, cutting burgeoning fuel imports and attaining net zero targets, according to Tata Motors Passenger Vehicles Managing Director Shailesh Chandra. Amid demands from a certain section of the industry to cut taxes levied on hybrid cars, Chandra said that such vehicles do not align with the key national objectives of achieving net carbon-zero target, improving air quality levels, and reducing fossil fuel imports.

He noted that hybrid and CNG technologies in cars help in improving fuel efficiency and meeting emission-related regulatory compliances but cannot be compared with pure battery electric vehicles.

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Waymo seeks to expand driverless service to Los Angeles

Waymo seeks to expand driverless service to Los Angeles

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Jan 19 (Reuters) – Waymo, Alphabet Inc’s (GOOGL.O), opens new tab autonomous driving unit, said on Friday it had applied to the California Public Utilities Commission to expand its driverless service in Los Angeles.
A license would allow Waymo, which operates extensively in San Francisco, to fully operate its fleet in Los Angeles, California’s largest city, where it is now testing rides, allowing new rides only by invitation.
The utilities commission did not immediately respond to Reuters request for comment.

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Exclusive: Panasonic puts productivity boost ahead of new EV plant in US

Exclusive: Panasonic puts productivity boost ahead of new EV plant in US

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TOKYO, Jan 22 (Reuters) – Panasonic’s (6752.T), opens new tab battery business must focus on boosting productivity, Group CEO Yuki Kusumi told Reuters, signalling the Tesla supplier may hold off building a third battery plant in North America as demand for electric vehicles cools.
The battery unit, Panasonic Energy, had previously said, opens new tab it aimed to decide on building the factory by the end of March.
But Panasonic Holdings CEO Yuki Kusumi said in an interview that a decision would be made only “when the timing is right”.

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Stellantis buys Brazil’s DPaschoal in another components push in Latam

Stellantis buys Brazil’s DPaschoal in another components push in Latam

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SAO PAULO, (Reuters) – Stellantis (STLAM.MI), opens new tab said on Friday it is buying a 70% controlling stake in Brazilian automotive services firm DPaschoal, in the automaker’s latest move to expand its presence in Latin America.
Stellantis did not provide details of how much it paid for the stake.
The carmaker, which had focused on selling auto parts to its own car stores in Brazil, will expand its presence in Latin America’s largest economy through the acquisition. DPaschoal’s has 123 stores and 2,800 employees in the country, the companies said in a presentation.

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Waymo seeks to expand driverless service to Los Angeles

Waymo seeks to expand driverless service to Los Angeles

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(Reuters) – Waymo, Alphabet Inc’s (GOOGL.O), opens new tab autonomous driving unit, said on Friday it had applied to the California Public Utilities Commission to expand its driverless service in Los Angeles.
A license would allow Waymo, which operates extensively in San Francisco, to fully operate its fleet in Los Angeles, California’s largest city, where it is now testing rides, allowing new rides only by invitation.

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Exclusive: BYD’s Thai distributor to triple EV dealerships, expand commercial offerings

Exclusive: BYD’s Thai distributor to triple EV dealerships, expand commercial offerings

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BANGKOK, Jan 19 (Reuters) – The sole Thai distributor of BYD (002594.SZ), opens new tab, the world’s biggest electric vehicle maker, will triple its dealerships in Thailand in two years, it said, helping to cement the Chinese automaker’s dominant position in its top overseas market.
BYD overtook Tesla (TSLA.O), opens new tab as the world’s top EV maker in the fourth quarter last year, and the expansion in Thailand underscores its global push – especially in markets where its U.S. rival has yet to become a major vendor – as EV sales growth slows in its home market China.

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Battery maker Northvolt looks at sourcing cobalt from Congo

Battery maker Northvolt looks at sourcing cobalt from Congo

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STOCKHOLM, Jan 19 (Reuters) – Swedish battery maker Northvolt is looking to source cobalt, used to make chemicals for electric vehicle batteries, from the Democratic Republic of Congo (DRC), the company said on Friday.
The company has trialled material, studied work processes and compared plans to improve both social and environmental sustainability with the aim to find long-term partners.
“I would feel comfortable signing something this year in terms of engagement in sourcing,” Chief Environmental Officer Emma Nehrenheim said in a phone interview with Reuters. She did not give a definite timeframe.

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US announces $325 mln to repair EV chargers, cut battery costs

US announces $325 mln to repair EV chargers, cut battery costs

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(Reuters) – The U.S. Departments of Transportation and Energy will invest$325 million across three programs to advance EV technologies, repair chargers and cut battery costs, the White House said in a statement on Friday.
“This new funding for EV chargers will repair and replace existing, non-operational chargers across the country, reduce costs for deploying charging in underserved communities, and cut battery costs”, the statement added.

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