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Summary

• CEO Tavares presents new BEV platform for large vehicles
• Cutting prices faster than costs would ‘destroy’ profits
• No major impact seen from Red Sea supply disruptions
• Stellantis will not change sourcing strategies

Continue reading “Stellantis will avoid brutal price cuts, CEO says”

Continue reading “Ford cuts F-150 Lightning production as EV demand softens”

Source : PTI | The first made-in-India chip will be out by December, Union Minister Ashwini Vaishnaw said here, crediting Prime Minister Narendra Modi for developing a very strong semiconductor industry in the country in a short span of time with focus on the entire ecosystem.

Speaking to PTI at the World Economic Forum Annual Meeting 2024, the minister said PM Modi launched a semiconductor policy in January 2022, adding that when he met senior representatives of the industry here, the one thing they all were surprised about was how this much work could be done in such a short time. Continue reading “India developing very strong semiconductor industry; first made-in-India chip in December: Vaishnaw”

Source : PTI | Withdrawal of government’s incentive on sale of electric two-wheelers in April would prompt industry players to work hard and this could result into one or two more years of stagnated growth, Ather Energy’s CEO and co-founder Tarun Mehta said on Friday. “The industry is no longer entirely dependent on subsidies for survival but an early discontinuation of the subsidy in April would prompt industry players to tighten their belts and work hard.

“Despite this resilience, such a scenario would still result in one or two more years of stagnated growth, pushing the industry further away from its targets,” the CEO of the electric two-wheeler firm said in a statement. Continue reading “Withdrawal of subsidy on electric vehicles may lead to stagnated growth for 2 years, Ather Energy CEO”

Source : PTI | Sales of ultra luxury car brands like Rolls-Royce are set to be on the growth path only in India with the economy expected to expand further enabling a new set of customers for such models, as per Select Cars CEO Yadur Kapur. Select Cars is the principal dealer of various luxury car brands in the country, including Rolls-Royce, Ferrari and Lamborghini.

The company on Friday introduced the Rolls-Royce Spectre, the company’s first fully electric luxury sedan, with price starting at INR 7.5 crore (ex-showroom).

Continue reading “Rolls-Royce drives in Spectre; dealer expects luxury car sales to grow in India”

Continue reading “US awards nearly $150 mln to repair, replace EV charging stations”

Continue reading “EU December car sales down 3.3% y/y as German market slows -ACEA”

Continue reading “China’s BYD launches electric cars in Indonesia, aims to be market leader”

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Continue reading “Vietnamese EV maker VinFast misses 2023 deliveries goal, but Q4 up”

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Continue reading “Self-driving tech firm TuSimple plans to delist from Nasdaq”

Continue reading “Volvo Cars sees ‘tremendous growth’ in EVs, CEO says”

Continue reading “China’s SAIC set to add 14 vehicle vessels to boost exports”

Continue reading “Renault 2023 sales return to growth with focus on top models, markets”

Continue reading “Exclusive: BYD to stop making pouch batteries for its hybrid EVs on leakage concerns”

Source : PTI | The government has constituted a committee to examine the auto industry’s demand for including more components in the production-linked incentive scheme for automobile and auto components, Union Minister Mahendra Nath Pandey said.

“A committee has been constituted to examine demands from stakeholders to include more (automotive) components in the scope of the PLI scheme as technology keeps evolving. It will be chaired by an Additional Secretary in the Ministry of Heavy Industries and have 11 members including those from testing agencies like ARAI and the auto industry,” the heavy industries minister told PTI.

Continue reading “Govt forms panel to examine demands for inclusion of more components in Auto PLI: Minister”

Source : PTI | New Delhi: Delhi Transport Minister Kailash Gahlot on Tuesday said 500 electric buses will be flagged off in the national capital on January 23, taking the number of such buses on city roads to 1,800. Gahlot said this while travelling in a Delhi Transport Corporation (DTC) bus. During his bus ride, which sought to encourage people to use public transport, the minister also interacted with people.

“Currently, there are 1,300 electric buses… (on Delhi roads). On January 23, 500 more buses will be flagged off, taking the number of such buses to 1,800,” Gahlot said. Continue reading “500 electric buses to be flagged off in Delhi on Jan 23: Transport Minister Kailash Gahlot”

Source : PTI | JSW Neo Energy, a subsidiary of JSW Energy, has announced establishment of a pumped storage project with a generation capacity of 1,500 MW, at an outlay of INR 9,000 crore in Telangana.

An official release issued on Wednesday said a Memorandum of Understanding (MoU) was signed between the state government and JSW Neo Energy at the World Economic Forum being held in Davos.

Continue reading “JSW to invest INR 9,000 cr for setting up 1500 MW pumped storage project in Telangana”

Source : PTI | The government may look for providing incentives or supporting initiatives to retrofit old vehicles into electric vehicles instead of scrapping them, a report said on Thursday. According to the joint report by management consultancy firm Primus Partners and ETB (European Business and Technology Centre), transitioning the internal combustion engine-powered vehicles to electric vehicles through retrofitting presents a spectrum of challenges.

However, with a coordinated approach involving government initiatives, industry collaboration, and public engagement, these challenges can be effectively addressed and overcome, it said.

Continue reading “Govt may look for providing incentives or supporting initiatives to retrofit old vehicles into EVs: Report”

Source : PTI | New Delhi: ETO Motors on Monday said it has bagged an order to deploy 500 electric three-wheelers in Uttar Pradesh, with special focus on Ayodhya. The Letter of Award (LoA) given by the Uttar Pradesh government has given the company the responsibility to deploy and manage the electric three-wheelers in Lucknow, Ayodhya, Varanasi, Prayagraj, Agra, Mathura, and Gorakhpur, ETO Motors said in a statement.

Notably, ETO Motors has received authorisation to initiate the deployment with a special focus on Ayodhya, coinciding with the inauguration of the Ram Temple, it said.

Continue reading “ETO Motors to deploy 500 electric three-wheelers in UP”

Source : PTI | Hyundai Motor India expects sports utility vehicle sales to account for 65% of its overall volumes in 2024, the company’s COO Tarun Garg said. The company, which currently gets around 60% of its overall volumes from SUV sales, plans to invest INR 7,000 crore on its second plant at Talegaon, according to Maharashtra Deputy Chief Minister Devendra Fadnavis. The company officials declined to comment.

The company also plans to commence production at the newly acquired manufacturing plant at Talegaon plant in Maharashtra next year, Hyundai Motor India COO Tarun Garg said. Continue reading “Hyundai expects SUVs to account for 65% of its total volumes this year”

Source : PTI | New Delhi: State-owned NHAI prohibited the movement of two and three-wheelers on three ‘access controlled’ national highways having connectivity with the National Capital Territory (NCT) of Delhi. National Highways Authority of India (NHAI) has also restricted the plying of non-motorized vehicles, agricultural tractors, multi-axle hydraulic trailer vehicles and quadri-cycles on the said sections citing safety reasons, according to a notification.

The sections include “Delhi-Gurugram section of NH-48 starting from Km 14+300 (starting of RTR flyover) till Km 42+000 (Kherki Daula user fee plaza) in Delhi/Haryana, and NH-344M starting from its junction with NH-44 near Bankoli village connecting Narela, Mundka, Najafgarh, Dwarka and terminating at its junction with NH-248 BB near Bhartal chowk,” it said. Continue reading “NHAI prohibits cycles, two and three-wheelers movement on 3 National Highways”

Source : PTI | New Delhi: Billionaire Gautam Adani on Tuesday said green hydrogen holds the key to India’s journey to net-zero carbon emissions, and its current high cost can be reduced by replicating the solar power model. In a blog post for the World Economic Forum (WEF), the head of apples-to-airport Adani Group said leapfrogging to renewables and green hydrogen will help India achieve energy security and improve air quality in cities.

Green hydrogen produced by splitting water using renewable electricity is a clean fuel with no carbon emissions. It can be used as a feedstock in industries like steel and oil refineries and as fuel in automobiles and produces water on being burnt.  Continue reading “Green hydrogen key to India’s net zero journey: Gautam Adani”

Source : PTI | Despite various challenges arising out of geopolitical tension and tight financial conditions in major advanced economies, India’s engineering goods exports recorded a year-on-year growth of 10.20% to USD 10.04 billion in December 2023. While this represents a strong rebound, the sector still faces uncertainties due to the prevailing global economic conditions, an EEPC official said.

“It has been a challenging period for engineering exporters. Tensions in Europe and now in West Asia have posed significant downside risks,” Engineering Export Promotion Council of India Chairman Arun Kumar Garodia said. Continue reading “India’s engineering goods exports grow 10.20% in December amid global challenges”

BERLIN, (Reuters) – BMW (BMWG.DE) has passed the tipping point for combustion engine vehicle sales and now generates most sales growth from electric cars, its chief financial officer said in a media roundtable.

“The tipping point for the combustion engine is already there,” CFO Walter Mertl said, adding that in his view it had been passed last year. Continue reading “BMW CFO: sales growth is mostly electric as combustion engine ‘tipping point’ passes”

(Reuters) – Sweden’s Volvo (VOLVb.ST) said on Monday it had signed an option agreement to sell its Arquus defence unit to John Cockerill Defense, and would book a fourth-quarter operating loss from the deal of some 900 million Swedish crowns ($87.44 million).

Volvo expected consultations to become finalised during the first quarter of this year. In 2022, Arquus, with about 1,200 employees in France, represented around 1% of Volvo Group revenues, it said in a statement. Continue reading “Volvo eyes sale of Arquus to John Cockerill, takes $87 mln hit”

TOKYO, (Reuters) – Toyota Motor (7203.T) plans to produce about 10.3 million vehicles globally in 2024, renewing its record annual production for the second consecutive year, the Nikkei reported on Monday.

Toyota is preparing to increase production thanks to strong sales of hybrid vehicles. The shortage of automotive semiconductors and other components is also easing, the Nikkei said. Continue reading “Toyota aims to produce about 10.3 mln vehicles globally in 2024 – Nikkei”

MILAN,(Reuters) – Carmaker Stellantis (STLAM.MI), will temporarily lay-off about 2,250 workers at its Mirafiori plant in the Italian city of Turin in the coming weeks in response to weak demand, unions said on Monday.

The lay-offs will apply from Feb. 12 to March 3 and affect 1,250 workers making the electric Fiat 500 and a further 1,000 producing Maserati models, a company spokesperson said, confirming a union statement. Continue reading “Stellantis plans some 2,250 temporary layoffs at Italian Mirafiori plant”

(Reuters) – Tesla (TSLA.O) CEO Elon Musk said on Monday he would be uncomfortable growing the automaker to be a leader in artificial intelligence and robotics without having at least 25% voting control of the company, nearly double his current stake. Continue reading “Musk wants 25% voting control at Tesla before fulfilling AI goal”

Source : PTI | The Bihar Road Construction Department (RCD) has directed officials to carry out ‘safety inspection audit’ of all road over bridges (ROBs) on highways in the state and construct crash barriers on a priority basis to check incidents of vehicles passing through bridges falling on railway tracks. The Engineer-in-Chief of the Road Construction Department, Sohail Akhtar in a letter to all chief engineers of the department has directed them to carry out ‘safety inspection audit’ of all ROBs and ensure the construction of adequate crash barriers on their approach roads at the earliest to check incidents of vehicles falling on railway tracks in the state.

The engineer-in-chief in the letter dated January 11 also directed them to ensure that crash barriers/fencing on approach roads of the ROBs should be constructed as per the ‘Standard Specifications and Code of Practice for Road Bridges’ of the Indian Roads Congress (IRC)-2015 and guidelines for traffic safety barriers. Continue reading “Bihar Road Construction dept directs official to carry out ‘safety inspection audit’ of all ROBs”

Source : PTI | European auto major Volkswagen Group’s car sales in India grew around 8 % year-on-year to 145,713 units in 2023, the company said on Monday. Of this, domestic sales stood at 101,465 units, while 44,248 units were exported, it said in a statement.

The company had sold 134,667 cars in the January-December period of 2022, and increased 8 % to 145,713 units in 2023.

Skoda Auto Volkswagen India has five luxury car brands — Skoda, Volkswagen, Audi, Porsche, and Lamborghini — under it.

Continue reading “Volkswagen Group’s auto sales in India rise to 1,45,713 units in 2023”

Source : PTI | New Delhi: State-owned NHAI on Monday said FASTags with valid balance but with incomplete KYC will get deactivated by banks post January 31, 2024. To enhance efficiency of electronic toll collection system and provide seamless movement at toll plazas, NHAI has taken ‘One Vehicle, One FASTag’ initiative that aims to discourage use of single FASTag for multiple vehicles or linking multiple FASTags to a particular vehicle, an official statement said.

NHAI is also encouraging FASTag users to complete ‘Know Your Customer’ (KYC) process of their latest FASTag by updating KYC as per RBI guidelines,it added. Continue reading “FASTags with incomplete KYC to be deactivated post Jan 31”

(Reuters) – International Battery Metals (IBAT.CD) on Thursday said it leased its portable direct lithium extraction (DLE) plant to a customer that aims to begin producing the metal needed for electric vehicle batteries inside the United States within six months.

The move would make IBAT the first company to commercially produce lithium with a DLE technology, a major step forward amid ongoing efforts to revolutionize the way the ultralight metal is processed for the clean energy transition. Lithium is typically produced using large, water-intensive evaporation ponds or open-pit mines. Continue reading “International Battery Metals leases lithium filtration plant for US production”

(Reuters) – Lucid Group (LCID.O) is recalling more than 2,000 units of its Air luxury electric sedan for potential faults in early versions of a part that could pose a safety risk due to obstructed driver vision.

The recalled units, which include Lucid Air sedans from model years 2022 and 2023, may have faulty high voltage coolant heaters (HVCH), which are responsible for supplying warm air to heat the cabin and defrosting. Continue reading “EV maker Lucid recalls over 2,000 luxury sedans due to faulty component”

BERLIN/STOCKHOLM, (Reuters) – Automakers Tesla (TSLA.O) and Geely-owned Volvo Car (VOLCARb.ST) said they were suspending some production in Europe due to a shortage of components, the first clear sign that attacks on shipping in the Red Sea are hitting manufacturers in the region.

The United States and Britain launched a series of strikes on Yemen on Thursday, aimed at the Iran-backed Houthi militia whose attacks on international shipping have disrupted one of the world’s most important shipping routes. Continue reading “Tesla, Volvo Car pause output as Red Sea shipping crisis deepens”