Source : PTI | The National Company Law Appellate Tribunal (NCLAT) on Wednesday declined to grant an immediate stay on the National Company Law Tribunal’s (NCLT) order that directed the freezing of assets belonging to Gensol Engineering, its promoters, and related entities, PTI reports. The appellate tribunal has instead directed the affected companies to approach the NCLT’s Ahmedabad bench, which is scheduled to hear the matter on June 12.

The decision came in response to appeals filed by two Gensol Group entities—BluSmart Premium Feet and Matrix Gas and Renewable—challenging the NCLT’s May 28 order. The companies argued that the asset freeze was ordered without granting them a fair hearing, which they claimed violated principles of natural justice. Continue reading “NCLAT refuses interim relief to Gensol in asset freeze case”

Source : ANI | New Delhi [India], June 3 (ANI): As per an ongoing analysis of the damage inflicted upon by the Indian Air Force on Pakistan Air Force, it is emerging that 6 PAF fighter jets, two high value aircraft, over 10 UCAVs, one C-130 transport aircraft along with multiple cruise missiles were destroyed by Indian air-launched cruise missiles and surface-to-air missiles.

Sources who were involved in the operations launched against Pakistani aggression told ANI that as per the technical analysis of the data available with the IAF, six of the Pakistan Air Force fighter aircraft were shot down in air during operations. Continue reading “6 Pakistan fighter jets, one C-130 aircraft, multiple cruise missiles, UAVs destroyed during IAF retaliation in Op Sindoor”

BERLIN, (Reuters) – Volkswagen’s restructuring of its Wolfsburg plant from 2027 to make way for EV-only production could result in a temporary four-day working week at the plant, works council chief Daniela Cavallo told workers on Tuesday.

Cavallo, a central figure in negotiations with management last year over cost cuts, said unions had agreed minimum capacity utilisation for the transition period, but urged workers to take extra shifts in the run-up to compensate for the likelihood of fewer working hours in years to come. Continue reading “VW’s Wolfsburg plant may move to four-day week from 2027, works council says”

Summary

• China has not issued enough licences to ensure production, lobby group says
• Mercedes-Benz says does not have experience of disruption yet
• Comments are strongest warning yet from the lobby group

BERLIN, (Reuters) – China’s export restrictions on rare earths that are widely used by the auto industry could disrupt, or even halt, German car production, Germany’s VDA auto industry lobbying group said on Tuesday. Continue reading “Exclusive: Germany lobby group says China’s rare earth curbs could halt auto output”

(Reuters) – U.S. auto sales for Ford Motor and South Korea’s Hyundai Motor rose in May, the companies reported on Tuesday, as concerns over potential tariff-related price hikes prompted buyers to act fast on their purchases of cars and SUVs.

U.S. President Donald Trump’s tariff policies have fueled uncertainty across the auto industry, driving up supply costs, pressuring margins and pushing some automakers to pass the expenses on to consumers. Continue reading “Ford, Hyundai post higher US sales in May on strong SUV, truck demand”

Summary

• South Korea’s Kia reported theft case at India factory
• Police allege two former Kia workers involved, document shows
• Engines diverted for years using fake documentation, probe finds
• Kia says it is reinforcing stringent monitoring systems

NEW DELHI, (Reuters) – Two former Kia India workers are under investigation over accusations that they colluded with scrap dealers to steal 1,008 engines from the carmaker’s factory over three years, police investigation documents showed. Continue reading “Former Kia India workers, scrap dealers face probe over theft of 1,008 engines”

Source : PTI | IndianOil Group company Chennai Petroleum Corporation Ltd coinciding with its Diamond Jubilee year has embarked on a journey to set up retail outlets to sell petrol and diesel, a top official said on Tuesday.

The company, which has been producing fuel at its refineries located near the city, has earmarked ₹400 crore as capital expansion towards this cause. Continue reading “Chennai Petroleum to set up retail fuel outlets; commits ₹400 cr capex”

BEIJING, (Reuters) – China’s Xiaomi founder and CEO Lei Jun said on Tuesday that he expected the company’s auto business to turn profitable in the second half of the year, according to a company spokesperson.

Xiaomi’s loss from its smart electric vehicles, AI and other new projects amounted to 0.5 billion yuan ($69.5 million) in the quarter ended March 31, with its EV business revenue reaching 18.1 billion over the same period. Continue reading “China’s Xiaomi founder expects EV business to turn profitable in H2”

BEIJING, (Reuters) – Tesla Model 3 and Model Y vehicles entered the list of 124 electric vehicle and hybrid models in a Chinese government-backed campaign to promote sales in rural areas, the industry ministry statement on Tuesday.

BYD best-selling cars that made the list of 99 such cars last year largely remain, while Tesla models, absent in the annual campaign held at least since 2020, made their debut this year. Continue reading “Tesla’s Model 3, Model Y make list of China’s campaign to boost rural EV sales”

BERLIN, (Reuters) – Volkswagen’s plan to cut 35,000 jobs in Germany by 2030 is on track, with over 20,000 workers agreeing to end their contracts early, its human resources chief Gunnar Kilian told a works council meeting at the carmaker’s Wolfsburg headquarters on Tuesday. Continue reading “Volkswagen job cuts on track as 20,000 agree to early redundancy”

Summary

• China export curbs threaten world auto, electronics production
• EU aides seek talks to speed Beijing license approvals – source
• Japanese delegation visits in June for similar purpose – source

BEIJING/NEW DELHI, (Reuters) – Diplomats, automakers and other executives from India, Japan and Europe were urgently seeking meetings with Beijing officials to push for faster approval of rare earth magnet exports, sources said, as shortages threatened to halt global supply chains. Continue reading “Diplomats, automakers push Beijing to loosen rare earth magnet export restrictions”

Summary

• Deal unwinds cross-shareholding as Japan eyes better governance
• Tender offer at 16,300 yen/share below Tuesday’s closing price
• Media reports had suggested deal value of around $42 billion

TOKYO, (Reuters) – Toyota Motor will take forklift-maker Toyota Industries (6201.T), opens new tab private in a $33 billion deal, the companies said on Tuesday, a landmark unwinding of cross-shareholding that is likely to strengthen the influence of the group’s founding Toyoda family. Continue reading “Toyota to take key supplier private in $33 billion deal”

(Reuters) – Ford is recalling 29,501 vehicles in the U.S. due to a detached control arm that can cause a loss of vehicle steering and control, increasing the risk of a crash, the U.S. National Highway Traffic Safety Administration said on Saturday.

The automaker is recalling certain 2024-2025 F-150 Lightning BEV vehicles, NHTSA said. Continue reading “Ford recalls more than 29,000 vehicles in the US, NHTSA says”

BEIJING, (Reuters) – Chinese auto dealers on Tuesday called on automakers to stop offloading too many cars on dealerships, as intense price wars are pressuring their cash flow, driving down their profitability and forcing some to shut.

The proposal came on the heels of an official call over the weekend for the auto industry to halt bruising price wars. Continue reading “China car dealers urge automakers to stop dumping inventory on them”

STOCKHOLM, (Reuters) – Tesla’s new car sales in Sweden fell 53.7% in May from a year earlier to 503 vehicles, registration data from Mobility Sweden showed on Monday. Continue reading “Tesla’s sales in Sweden fall 53.7% year-on-year in May”

TOKYO, (Reuters) – Toyota Industries will decide on Tuesday whether to accept a tender offer to take the company private, it said, after several media reported that it would accept a $42 billion offer from Toyota Motor and other group companies.

In a separate statement, Toyota Motor also said it would make a decision on the reported plan, but added that some media reports contained misleading information including that the total acquisition could exceed 6 trillion yen ($42 billion). Continue reading “Toyota Industries says it will discuss Toyota Group takeover bid on Tuesday”

Source : PTI | Petrol consumption spiked for the second month in a row in May as summer season travel pushed up demand but diesel sales remained tepid, according to provisional industry data.

Petrol consumption rose 8.77 per cent to 3.76 million tonnes in May, from 3.46 million tonnes a year back. Its demand was up 12.45 per cent, over consumption of 3.35 million tonnes in May 2023. Continue reading “Petrol sales climb 9% in May, diesel demand tepid”

Source : PTI  | The Indian Biogas Association on Sunday said it has signed an MoU with Indian Oil Corporation Ltd (IOCL) for development of bioenergy and bio-hydrogen sector.

This collaboration seeks to develop and expand the bio-energy sector on the basis of synergies between both organisations, a statement said. Continue reading “IBA collaborates with Indian Oil to develop bioenergy, bio-hydrogen sector”

Summary

• India’s new policy could cut import taxes for foreign carmakers
• Automakers will need to set up EV production facilities in India
• India says Mercedes-Benz, Volkswagen, Hyundai interested in new policy

NEW DELHI, (Reuters) – Tesla does not want to produce cars in India, a federal minister said on Monday as the government finalised its electric vehicle policy, with the EV giant’s plans currently focused on importing cars into the country. Continue reading “Tesla not keen on local production, minister says, as India finalises EV policy”

Summary

• Sales slump continues across much of Europe
• Norway offers bright spot with rollout of revamped Model Y
• Tesla slump comes as EV sales rise in Europe
• Shares drop in pre-market trade

LONDON, (Reuters) – Tesla’s car sales fell sharply in several European markets including Sweden and Portugal in May, a fifth consecutive monthly decline that has been blamed on CEO Elon Musk’s political activities and an outdated model lineup. Continue reading “Tesla’s European sales rout continues but new Model Y boosts Norway deliveries”

Summary

• Musk had already canceled the so-called Model 2 despite public denial, executives said
• Some Tesla executives expressed concern Musk was deceiving investors about a low-cost EV
• Tesla now plans more affordable, stripped-down versions of the Model 3 and Model Y

(Reuters) – Some senior Tesla executives were alarmed last year when Elon Musk denied a Reuters report that the company had killed a planned all-new $25,000 EV that investors had expected to drive explosive vehicle sales growth, according to people familiar with the matter.

“Reuters is lying,” Musk had posted on X, minutes after the story published on April 5, 2024, halting a 6% decline in Tesla’s stock. Tesla shares recovered some of the loss after Musk’s post, but the stock was down 3.6% at market close. Continue reading “Exclusive: Tesla executives questioned Musk after he denied killing $25,000 EV project, sources say”

Source By : Mobility Outlook | JSW MG Motor India, through its premium brand channel MG SELECT, will be launching the MG Cyberster—an all-electric luxury roadster that marks the brand’s return to its sporting roots with a futuristic twist.

A striking reinterpretation of the classic roadster, the Cyberster features a long sculpted bonnet, muscular rear haunches, and electric scissor doors, delivering dramatic flair and aerodynamic finesse. Its design pays homage to MG’s iconic lineage—most notably the MG B—while embracing a forward-looking aesthetic with a Kammback tail and sleek front fascia. Continue reading “MG Cyberster Redefines Roadster For Electric Age”

(Reuters) – Ford is recalling 29,501 vehicles in the U.S. due to a detached control arm that can cause a loss of vehicle steering and control, increasing the risk of a crash, the U.S. National Highway Traffic Safety Administration said on Saturday.

The automaker is recalling certain 2024-2025 F-150 Lightning BEV vehicles, NHTSA said. Continue reading “Ford recalls more than 29,000 vehicles in the US, NHTSA says”

Source : PTI | FASTags not properly working, extra money charged by toll plazas and the quality of roads being constructed were some of the issues that drew concern from the members of Parliament’s Public Accounts Committee, its chairperson and Congress MP K C Venugopal said Thursday.

The recent collapse of a part of a national highway in Kerala was also flagged at the meeting, and a high-level committee will be travelling to the southern state to look into the matter, he added.

Continue reading “PAC voices worries about FASTags and highway toll hikes”

Source : PTI | New Delhi: Delhi government will provide subsidies to people to promote electric vehicle adoption in Delhi in its new policy, Chief Minister Rekha Gupta said on Saturday.

Delivering a valedictory address at Aironomics, 2025 convention, she highlighted Delhi government’s different initiatives to combat air pollution.

Continue reading “Delhi govt to provide subsidies to promote e-vehicles, says CM Gupta”

Source : PTI | India needs to be watchful of any increased risk of trade diversion into the country due to changing global tariffs, top steel industry executives said reacting to the tariff-related announcement by the US.

Major steel players JSW Steel and AMNS India said there is a need to implement necessary trade measures proactively as every country is protecting their industry. Continue reading “‘India needs to be watchful of any trade diversion risk due to steel tariff challenges’”

Source : PTI | Industry stakeholders expect a rise in demand for construction equipment this year largely driven by ‘above normal’ rainfall outlook and government’s focus on infrastructure, industry body ICEMA President designate Deepak Shetty has said.

“The India Meteorological Department (IMD) has predicted ‘above normal’ rainfall in the country and I am very happy that due to this the rural market will be benefited. As most of our machines operate in the rural area, I am hopeful that we will be benefited,” Shetty said. Continue reading “Demand for construction equipment to pick up this year: ICEMA”

Summary

• Great Wall Motor chairman openly fretted about industry’s health
• BYD exec criticizes his comments as alarmist, defends BYD’s debt
• Chinese auto shares tumbled this week over price war worries

BEIJING, (Reuters) – Tensions between two of China’s largest automakers erupted into the open on Friday when a BYD executive slammed as alarmist comments by the chief of Great Wall Motor that called the industry “unhealthy”. Continue reading “China’s BYD and Great Wall Motor clash over China’s auto price war”

Summary

• Automakers warn of rare-earth magnet shortage
• China controls over 90% of global magnet processing capacity
• China’s export restrictions impact global auto production
• US officials frustrated with China’s slow export license issuance

WASHINGTON, (Reuters) – Global auto executives are sounding the alarm on an impending shortage of rare-earth magnets from China – used in everything from windshield-wiper motors to anti-lock braking sensors – that could force the closure of car factories within weeks. Continue reading “Exclusive: Car makers warn China’s rare-earth curbs could halt production”

Summary

• Five early investors, including CATL and Intel Capital, have sent letters
• Say offer values Zeekr far lower than some peers despite better prospects
• Geely plans to merge Zeekr into Geely Auto unit

HONG KONG/SHANGHAI, (Reuters) – China’s Geely is undervaluing its premium electric car unit Zeekr with the $2.2 billion take-private offer it has made, five early investors in Zeekr have written to its board, according to three sources with direct knowledge of the matter. Continue reading “Exclusive: Zeekr investors criticise Geely’s $2.2 billion take-private bid as inadequate, say sources”

(Reuters) – Automakers in the United States, including Tesla must build entire vehicles including all their parts in the country instead of manufacturing parts abroad, President Donald Trump said on Friday.

The comments from Trump, at a press conference marking Tesla CEO Elon Musk’s last official day at the White House as a senior adviser, were in response to a question on tariffs hurting companies such as Tesla that import auto parts from other countries. Continue reading “Trump says automakers, Tesla must build cars, parts in US”

Source : PTI | Realty firm Kanakia Group has tied up with US-based Hines, Mitsubishi Estate and Sumitomo Corporation to develop a premium 15 lakh square feet office complex at BKC in Mumbai.

In a statement on Friday, Kanakia Group said it has entered into a joint venture with Hines, and two of Japan’s prominent conglomerates Mitsubishi Estate Co Ltd. (MEC) and Sumitomo Corporation for development of a premium office project in Bandra Kurla Complex (BKC).

Continue reading “Kanakia inks JV with Hines, Mitsubishi Estate, Sumitomo to develop office complex in Mumbai”

Source : PTI | FASTags not properly working, extra money charged by toll plazas and the quality of roads being constructed were some of the issues that drew concern from the members of Parliament’s Public Accounts Committee, its chairperson and Congress MP K C Venugopal said Thursday.

The recent collapse of a part of a national highway in Kerala was also flagged at the meeting, and a high-level committee will be travelling to the southern state to look into the matter, he added.

Continue reading “PAC voices worries about FASTags and highway toll hikes”

Summary

• Musk’s exit raises questions about Tesla’s sales slump and competition
• SpaceX faces setbacks with rocket program
• Musk’s focus shifts to robotaxi launch
• Tesla shares down 25% since December

(Reuters) – Elon Musk’s break with the Trump administration means investors will hope he refocuses on his sprawling empire as Tesla battles slumping sales and after SpaceX’s latest rocket launch fell short of expectations. Continue reading “Musk’s White House exit refocuses questions about Tesla, other businesses”

BEIJING, (Reuters) – Porsche struck a deal on Friday to set up its China research and development centre in Shanghai’s Jiading district, according to a local government statement.

Under the deal, Porsche models will be equipped with the first infotainment solution tailored for the Chinese market in 2026, the statement said. Continue reading “Porsche to set up R&D centre in Shanghai, local government says”

STOCKHOLM, (Reuters) – S&P on Friday lowered the outlook for its BB+ credit rating on Volvo Cars to “negative” from “stable”, saying U.S. tariffs and tougher competition in China were hurting the company’s growth prospects.

The Sweden-based automaker, which is majority-owned by China’s Geely, last month withdrew its earnings guidance and announced cost cuts, which will include laying off some 3,000 mostly white-collar workers amid a slowdown in demand. Continue reading “S&P lowers outlook on Volvo Cars rating citing US tariffs, competition in China”

Summary

• Global economy has performed better than expected
• Trump’s back-pedalling a reason for optimism
• Economists warn outlook remains uncertain

FRANKFURT, (Reuters) – For all the drama surrounding U.S. President Donald Trump’s trade tariffs, the world economy is holding up better than many had expected.

The latest data from the United States, China and, to a lesser extent, Europe are showing resilience and the global economy as a whole is still expected to grow modestly this year. Continue reading “Global economy’s ‘sugar rush’ defies trade drama – for now”

Summary

• Five early investors, including CATL and Intel Capital, have sent letters
• Say offer values Zeekr far lower than some peers despite better prospects
• Geely plans to merge Zeekr into Geely Auto unit

HONG KONG/SHANGHAI, (Reuters) – China’s Geely is undervaluing its premium electric car unit Zeekr with the $2.2 billion take-private offer it has made, five early investors in Zeekr have written to its board, according to three sources with direct knowledge of the matter. Continue reading “Exclusive: Zeekr investors criticise Geely’s $2.2 billion take-private bid as inadequate, say sources”

Summary

• Great Wall Motor chairman openly fretted about industry’s health
• BYD exec criticizes his comments as alarmist, defends BYD’s debt
• Chinese auto shares tumbled this week over price war worries

BEIJING, (Reuters) – Tensions between two of China’s largest automakers erupted into the open on Friday when a BYD executive slammed as alarmist comments by the chief of Great Wall Motor that called the industry “unhealthy”. Continue reading “China’s BYD and Great Wall Motor clash over China’s auto price war”