BAKU, (Reuters) – Cancelling the U.S. electric vehicle tax credit would be counterproductive and cede ground to car-makers in China, U.S. Energy Secretary Jennifer Granholm told reporters on Friday at the COP29 climate conference in Baku.
President-elect Donald Trump’s transition team is planning to kill the $7,500 consumer tax credit as part of broader tax-reform legislation, Reuters reported Thursday. Continue reading “Rescinding US EV tax credit would cede ground to China, Granholm says”
(Reuters) – General Motors is laying off nearly 1,000 workers worldwide, mostly in the U.S., as it looks to streamline operations, a source told Reuters on Friday.
GM confirmed in a statement it had made job cuts but did not specify a number. Continue reading “GM laying off nearly 1,000 workers, mostly in US, source says”
WASHINGTON, (Reuters) – A group representing major electric vehicle and battery manufacturers on Friday urged President-elect Donald Trump not to kill tax credits for electric vehicle sales and production, citing the impact on key states that voted for the Republican.
The Zero Emission Transportation Association – whose members include Rivian, LG, Tesla, Uber, Lucid and Panasonic – said production tax credits have driven enormous job gains in states like Ohio, Kentucky, Michigan and Georgia, and warned killing those production and consumer tax credits would undercut those investments and hurt American job growth. Continue reading “EV companies, battery makers urge Trump not to kill vehicle tax credits”
STOCKHOLM, (Reuters) – Swedish battery maker Northvolt has been discussing the possibility of bankruptcy protection in the United States as one of several options for the cash-strapped company to survive, two people with knowledge of the matter told Reuters.
Northvolt has in recent months gone from being Europe’s best shot at a home-grown electric vehicle battery champion to racing to stay afloat by slimming down, hobbled by production problems, the loss of a major customer and trouble raising more cash. Continue reading “Northvolt has considered US bankruptcy protection, sources say”
Summary
SEOUL, (Reuters) – Hyundai Motor has named Jose Munoz, its U.S. chief and global chief operating officer, as co-CEO, the first appointment of a foreign national to that rank at a major South Korean conglomerate. Continue reading “Hyundai Motor elevates US chief to co-CEO position as it braces for Trump”
WASHINGTON, (Reuters) – The National Highway Traffic Safety Administration said Thursday Ford Motor has agreed to a $165 million civil penalty after a government investigation found the automaker failed to recall vehicles with defective rearview cameras in a timely manner.
Under a consent order that will last at least three years, the No. 2 U.S. automaker must pay $65 million in cash, spend $45 million on advanced data analytics, a new testing facility and other projects and $55 million will be held in abeyance subject to complying with the agreement. Continue reading “Ford Motor hit with $165 million US penalty over delayed rearview camera recalls”
Summary
(Reuters) – Pony AI is seeking a valuation of up to $4.48 billion in its U.S. initial public offering, it said on Thursday, as the Chinese self-driving firm moves ahead with its long-sought plan for a New York listing. Continue reading “Chinese self-driving firm Pony AI seeks up to $4.5 bln valuation in US IPO”
Summary
(Reuters) – President-elect Donald Trump’s transition team is planning to kill the $7,500 consumer tax credit for electric-vehicle purchases as part of broader tax-reform legislation, two sources with direct knowledge of the matter told Reuters. Continue reading “Exclusive: Trump’s transition team aims to kill Biden EV tax credit”
Source : PTI | Mahindra Group CEO and Managing Director Anish Shah on Thursday pitched for a balance between tariff and non-tariff barriers for a stronger manufacturing sector in the country. “Indian industry needs no protection. We’ve had no protection for the last 20 years and if we had protection, we would not have the quality that we have today,” Shah said, while speaking at the CNBC TV18 Global leadership summit here.
“With regard to duties, the questions are around non-tariff barriers along with tariff barriers… And frankly they should (be there) because that will put Indian manufacturing in a much stronger place,” he said. Continue reading “Need balance between tariff, non-tariff barriers to strengthen manufacturing sector: Mahindra CEO”
Source : PTI | New Delhi: With pollution reaching alarming levels, the central pollution watchdog imposed restrictions under the third stage of the GRAP in Delhi-NCR on Thursday, including a ban on construction and demolition activities.
The air quality in the capital remained in the “severe” category for a second consecutive day, prompting authorities to impose stringent anti-pollution measures. The restrictions will come into force from Friday.
Continue reading “Curbs under GRAP stage-3 to come into force in Delhi-NCR from today”
 WAF THINK TANK
Maruti Suzuki Dzire Scores High on Safety: Earns 5-Star Rating from Global NCAPÂ CarPhD
Global carbon emissions inch upwards in 2024 despite progress on EVs, renewables and deforestation WAF Continue reading “WAF Auto News | The Auto World This Week (15th November 2024)”
With India having limited resources of lithium, cobalt, nickel and other critical minerals, domestic players need to secure long-term supply from countries having sizable reserves and focus on battery reuse and recycling, ratings agency CareEdge said on Wednesday. This would provide environmental benefits and reduce price and supply risk associated with imports of these minerals, CareEdge said.
India has set an ambitious target to meet 50% of its primary energy requirement from renewable energy sources by 2030 (as a percentage of annual sales). Continue reading “India has limited critical mineral reserves, players need long-term supply sources: CareEdge”
TAIPEI, (Reuters) – South Korean car maker Kia expects challenging market conditions in the near term due in part to governments’ policies but will stick to its target of selling 1.6 million electric vehicles annually by 2030, a senior executive said.
“We’re not pushing volume to market. Especially this year, the market is changing very rapidly and there are so many uncertainties,” Kevin Ahn, president and CEO of Kia Asia Pacific, said at an event in Taipei on Wednesday to showcase the automaker’s EV lineup. Continue reading “Kia sees near-term market challenges but sticks to 1.6 million annual EV sales target by 2030”
Summary
HONG KONG/SHANGHAI, (Reuters) – China’s Geely said on Thursday its premium electric vehicle maker Zeekr plans to take control of Lynk & Co, a sister brand – the first big restructuring move in a planned overhaul for the sprawling automotive group. Continue reading “In major Geely shake-up, EV brand Zeekr to take control of Lynk”
Source : PTI | Oslo and Pierre Friedlingstein, University of Exeter Oslo, Nov 13 (The Conversation) Carbon dioxide (COâ‚‚) emissions from fossil fuels continue to increase, year on year. This sobering reality will be presented to world leaders today at the international climate conference COP29 in Baku, Azerbaijan.
Our latest annual stocktake shows the world is on track to reach a new record: 37.4 billion tonnes of COâ‚‚ emitted from fossil fuels in 2024. This is an increase of 0.8% from the previous year. Continue reading “Global carbon emissions inch upwards in 2024 despite progress on EVs, renewables and deforestation”
Production: The total production of Passenger Vehicles1 , Three Wheelers, Two Wheelers, and Quadricycle in October 2024 was 28,82,996 units
Continue reading “India Automobile Industry Sales Performance – October 2024 🇮🇳”
(Reuters) – Global sales of fully electric and plug-in hybrid vehicles rose 35% in October from the same month last year, led by a 54% jump in sales in China, market research firm Rho Motion said on Wednesday.
European sales rose just 0.8%, but were up in annual terms for the second straight month and the research firm expects a good end to the year in the region, data manager Charles Lester told Reuters. Continue reading “Global EV sales up 35% in October, Europe ekes out a gain”
Summary
NINGDE, China, (Reuters) – Robin Zeng, the billionaire founder of CATL aims to reinvent the world’s largest battery maker as a green-energy provider and to slash the cost of developing electric vehicles, upending the economics of the industry that has powered its growth. Continue reading “China’s CATL pushes beyond batteries into power grids, EV platforms”
Summary
NINGDE, China, (Reuters) – CATL, the world’s top battery maker, will consider building a U.S. plant if President-elect Donald Trump opens the door to Chinese investment in the electric-vehicle supply chain, the company’s founder and chairman, Robin Zeng, told Reuters. Continue reading “Exclusive: China battery giant CATL would build US plant if Trump allows it”
WASHINGTON, (Reuters) – Tesla said on Wednesday it was recalling 2,400 Cybertruck pickups in the U.S. because a faulty part could lead to a loss of power and increase the risk of a crash, in its sixth callback of Cybertrucks this year.
A fault in the driver inverter in Cybertrucks manufactured through July 30 could cause the vehicle to stop producing torque when the driver uses the accelerator pedal, resulting in a loss of propulsion and increasing the risk of a crash, Tesla said in a filing with the National Highway Traffic Safety Administration. Continue reading “Tesla recalls 2,400 Cybertrucks, 6th callback for the pickups this year”
(Reuters) – General Motors will recall 461,839 vehicles over an issue with transmission, the National Highway Traffic Safety Administration said on Wednesday.
The recall involves some models of 2020-2022 Chevrolet Silverado, GMC Sierra, 2021 Cadillac Escalade, Chevrolet Tahoe and GMC Yukon, among others. Continue reading “GM to recall more than 461,000 vehicles over transmission issues, NHTSA says”
Source : PTI | New Delhi: German luxury carmaker Mercedes-Benz is taking learnings on direct-to-consumer retailing of vehicles to its global market from India, where it has been able to clock a revenue of INR 40,000 crore in three years of starting its ‘Retail of the Future’ model, a senior company official said on Tuesday. Mercedes-Benz India, which on Tuesday launched its new ‘AMG C 63 S E PERFORMANCE’ model equipped with F1 hybrid technology priced at INR 1.95 crore, plans to complete conversion of all of its existing 100 outlets under the direct-to-consumer model in the next 12 to 18 months.
“This October, we completed three years of the direct-to-consumer model that we started. When you look at the numbers, (we have sold) 50,000 cars and INR 40,000 crore turnover coming just in the last three years out of ‘Retail of the Future’ direct transactions,” Mercedes-Benz India Managing Director & CEO Santosh Iyer told PTI in an interaction. Continue reading “Mercedes takes India learnings on direct-to-consumer retailing to global markets”
(Reuters) – Hyundai Motor India the country’s No.2 carmaker by market share, reported a 16.5% decline in quarterly profit due to lower domestic sales and as Red Sea disruptions hurt exports, its first earnings report since listing showed on Tuesday.
The company’s shares fell nearly 3% before recovering to close down 1%. Continue reading “Hyundai Motor India’s Q2 profit drops 16.5% on weak demand, Red Sea export disruptions”
(Reuters) – Alphabet’s Waymo said on Tuesday its autonomous ride-hailing service, Waymo One, is now available to everyone in Los Angeles, a sign of rapid growth and adoption of the technology.
Waymo had closed a $5.6 billion funding round last month, as automakers and technology companies are betting big on the driverless technology to foster future growth, even as it faces tight regulatory scrutiny. Continue reading “Alphabet’s Waymo opens autonomous ride-hailing service to all in Los Angeles”
TOKYO, (Reuters) – Nissan Motor shares jumped as much as almost 21% on Tuesday after a filing showed activist investor Effissimo Capital Management had taken a stake in the struggling Japanese automaker.
In a regulatory filing on Monday, Nissan disclosed Cayman Islands-registered ECM Master Fund as a shareholder with a 2.5%stake as of end-September. ECM Master Fund is affiliated with Effissimo, according to SEC filings. Continue reading “Nissan shares jump 21% after activist Effissimo takes stake”
(Reuters) – Volkswagen Group raised its investment in Rivian by 16% to $5.8 billion, the two automakers said on Tuesday, as the companies kick off their planned joint venture to develop electric vehicle architecture and software.
Shares in the U.S. EV maker, valued at over $11 billion, rose nearly 9% in extended trading on Tuesday. Continue reading “Volkswagen raises investment in Rivian to $5.8 billion”
Summary
(Reuters) – Nasdaq-listed electric vehicle maker VinFast said on Wednesday it will get a fresh round of funding worth 85 trillion dong ($3.35 billion) from its founder and its parent firm, Vingroup by 2026, when it expects to break even. Continue reading “Loss-making EV firm VinFast to get $3.4 bln more funding from founder, parent company”
WASHINGTON, (Reuters) – The National Highway Traffic Safety Administration said on Monday it is opening a probe into 1.4 million Honda vehicles after reports of serious engine issues.
Honda in November 2023 recalled 249,000 vehicles in the United States with a 3.5 liter V6 engine after the Japanese automaker said a manufacturing defect in the engine crankshaft could cause the connecting rod bearing to prematurely wear and seize, leading to engine failure. Continue reading “US opens probe into 1.4 million Honda vehicles over engine issues”
Source : PTI | E-commerce major Flipkart on Monday said it has deployed over 10,000 electric vehicles (EVs) in its delivery fleet as part of a phased integration of EVs in the last mile delivery over the past few years. The strategic adoption of EVs has resulted in substantial operational efficiencies, lowering the cost per order at the hub level and improving the last-mile delivery speed by 20%, compared to conventional delivery vehicles, Flipkart said.
The “significant milestone” aligns with the company’s commitment to adopting a fully electric logistics Last-mile fleet by 2030 as part of the Climate Group’s EV100 initiative, it said. Continue reading “Flipkart deployed over 10,000 electric vehicles in delivery fleet”
STOCKHOLM, (Reuters) – The head of investments at German auto maker Volkswagen is leaving the board of Sweden’s Northvolt, the Swedish battery maker said on Monday, confirming media reports.
Northvolt told Reuters it expects Volkswagen to find a board replacement for Sven Fuhrmann, who has held a board seat since last year. Continue reading “Volkswagen investment chief steps down from Northvolt board”
WASHINGTON, (Reuters) – U.S. President-elect Donald Trump said on Monday he will appoint former congressman Lee Zeldin to run the Environmental Protection Agency.
“He will ensure fair and swift deregulatory decisions that will be enacted in a way to unleash the power of American businesses, while at the same time maintaining the highest environmental standards, including the cleanest air and water on the planet,” Trump said in a post on his social media platform Truth Social. Continue reading “Trump names ex-congressman Lee Zeldin to run Environmental Protection Agency”
Source : PTI |Bhubaneswar, An Odisha-based startup Bon V Aero has launched a fully autonomous logistics drone service called Air Orca. The launch of the drone service was made in the presence of venture capitalist Tim Draper.
“Today’s launch of Air Orca marks an important advancement for India’s logistics sector and for us as an Odisha-based company”, said Satyabrata Sathapathy, CEO of Bon V Aero said on Saturday. Continue reading “Odisha startup launches fully autonomous logistics drone service”
Summary
(Reuters) – German automotive and industrial supplier Continental cut its annual sales guidance for the second time this year on Monday, citing weak industrial demand in Europe and North America, but it beat third quarter profit expectations. Continue reading “Auto supplier Continental cuts sales guidance, but shares rise on profit beat”
Summary
TOKYO, (Reuters) – Toyota aims to make at least 2.5 million vehicles a year in China by 2030, three people said, an overhaul that will see it bring its Chinese sales and production operations closer together and allow local executives a freer hand in development. Continue reading “Exclusive: Toyota aims to ramp up China production”
(Reuters) – Tesla shares extended last week’s sharp rally with a jump of over 8% on Monday, fueled by bets of the automaker benefiting from CEO Elon Musk’s close ties with U.S. President-elect Donald Trump.
At $348.30, Tesla is expected to add nearly $87 billion to its value if gains hold. The stock has jumped nearly 28% since Trump’s election victory was declared on Wednesday, surpassing $1 trillion in market value for the first time in two years. Continue reading “Tesla stock extends rally as Musk-Trump alliance fuels gains”
(Reuters) – Australian battery maker Novonix said on Monday it had signed a binding off-take agreement with automaker Stellantis to supply high-performance synthetic graphite material to its cell manufacturing partners in North America.
As part of the agreement, the Brisbane-headquartered firm will supply a minimum of 86,250 metric tons, up to a target volume of 115,000 metric tons of synthetic graphite from its Riverside facility in Chattanooga, Tennessee, to Stellantis’ cell manufacturing partners in North America from 2026 until 2031. Continue reading “Australia’s Novonix inks deal to supply synthetic graphite to Stellantis”
SHANGHAI, (Reuters) – Stellantis and its Chinese partner Leapmotor (9863.HK), opens new tab have scrapped a plan to make a second electric vehicle model at the European automaker’s plant in Poland, two people with knowledge of the matter told Reuters. The joint venture is instead considering using a Stellantis factory in Eisenach, Germany that produces Opel models and its Trnava plant in Slovakia as alternative production sites for the B10 electric crossover, said one of the people. Stellantis and Leapmotor declined to comment. The two people with knowledge of the decision declined to be identified because the matter remains private. The shift in production plans by the joint venture was made after the Chinese government privately told automakers to halt big investments in European countries that supported imposing extra tariffs on Chinese-made EVs, the two people said. Continue reading “Exclusive: Stellantis, partner Leapmotor scrap plan to make second EV model in Poland, sources say”
Summary
TOKYO, (Reuters) – Toyota aims to make at least 2.5 million vehicles a year in China by 2030, three people said, an overhaul that will see it bring its Chinese sales and production operations closer together and allow local executives a freer hand in development. Continue reading “Exclusive: Toyota aims to ramp up China production”
Source : PTI | India’s coal import rose by 7.8% to 140.60 million tonne (MT) in the April-September period of the ongoing financial year. The country’s coal import was 130.34 MT in the year-ago period, according to data compiled by B2B e-commerce company mjunction services ltd.
Overall, coal import demand is likely to remain modest due to the healthy stock position and high volumes being offered through spot e-auctions in the domestic market, mjunction MD and CEO Vinaya Varma said. Continue reading “India’s coal import rises 8% to 140.60 MT in Apr-Sept”
Source : PTI | New Delhi: The Centre’s panel tasked with improving air quality in Delhi-NCR has raised concerns over the slow resolution pace and the growing backlog of air pollution-related complaints in the national capital. Among various steps, the Commission for Air Quality Management (CAQM) has directed intensified efforts to remove highly polluting end-of-life (EoL) vehicles (petrol vehicles older than 15 years and diesel vehicles older than 10 years) that are still in use in Delhi.
The panel called for a more proactive approach to addressing complaints, saying that delays in resolving issues hinder the effective implementation of air quality management measures. Continue reading “Air pollution: Centre’s air quality panel criticises growing backlog of complaints in Delhi”
