Summary

• WeRide opens for trading at the IPO price of $15.50
• China-based companies seek U.S. IPOs as activity picks up
• WeRide raises $120 million in IPO, $320.5 million in private placement
• Success may influence future U.S. listings for Chinese firms – analysts

(Reuters) – WeRide’s shares rose 19% in their Nasdaq debut on Friday, after the self-driving startup raised $440.5 million in its IPO and private placement, becoming the latest Chinese firm to capitalize on improving market sentiment. Continue reading “China’s self-driving startup WeRide’s shares surge in Nasdaq debut”

BRUSSELS, (Reuters) – The European Union and China have agreed to hold further technical negotiations soon on possible alternatives to tariffs on China-built electric vehicles, the European Commission and China’s commerce ministry said on Friday.

The EU is set to impose additional tariffs of up to 35.3% next week on electric vehicles built in China, at the conclusion of its anti-subsidy investigation, but has said talks can continue after then. Continue reading “EU, China agree to more talks on potential alternatives to EV tariffs”

Source : PTI | Despite the slump in the Indian automotive industry, Neil Barua, newly appointed CEO of PTC, a Nasdaq-listed global software company that, among others, provides product development software to global automakers like Volkswagen, BMW, and Toyota, said India is the right place to be now. Since taking over as the CEO and global head in February, this is Barua’s first visit to India.

He was visiting Bengaluru as part of his India tour. Apart from Bengaluru and Pune, PTC has offices in Chennai and Gurgaon in India. Continue reading “India right place for software defined vehicles, says PTC top official”

Summary

• Scout to begin selling EVs in 2027 produced in South Carolina
• Scout to forgo traditional dealers, expects 65-70% of vehicles will be SUVs
• New vehicles will start below $60,000, compete with Tesla, Rivian, GM

(Reuters) – Volkswagen’s Scout Motors unit on Thursday unveiled its concept electric SUV and truck and said it will offer extended-range versions that include a small gasoline engine. Continue reading “VW’s Scout Motors unit will offer EV SUVs, trucks with gas engine option”

Summary

• Tesla adds about $150 bln in market value after share jump
• Musk forecast 20%-30% sales growth in 2025
• Stock jump seen as relief rally, some short covering – investor
• 7 brokerages raised price targets with median of $221 – LSEG

SAN FRANCISCO, (Reuters) – Tesla shares closed up nearly 22% on Thursday – their biggest single-day gain in over a decade – as CEO Elon Musk’s bold forecast of surging sales reassured investors he was still looking to grow its core business of selling electric cars. Continue reading “Tesla rallies most in over a decade on Musk’s bold EV forecast”

Source : PTI | Hyundai Motor India Ltd has become the country’s fifth most valuable auto firm by market valuation in its debut trade on Tuesday. Shares of Hyundai Motor India Ltd, the Indian arm of South Korean automaker Hyundai, listed at INR 1,931, reflecting a decline of 1.47%against the issue price of INR 1,960 on the BSE earlier in the day.

The stock slumped 7.80% to INR 1,807.05 during the day and finally ended at INR 1,820.40 apiece, down 7.12%. The company’s market valuation stood at INR 1,47,914.98 crore at the close of trade on the BSE. On the NSE, the stock ended at INR 1,819.60, a decline of 7.16%. Continue reading “Hyundai Motor India becomes 5th most valuable auto firm by MCAP On listing day”

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Summary

• Global lithium prices slump over 80% since last year
• Argentina lithium production forecasts trimmed
• M&A interest rises as firms seek deeper-pocketed backers

SANTIAGO, (Reuters) – The Argentine salt flats in South America’s “lithium triangle” have been one of the busiest sites for ventures racing to extract the battery metal needed to power the global shift to electric vehicles. Now firms are hitting the brakes. Continue reading “Argentina’s lithium hunters scale back as EV shift slows”

Summary

• Q3 revenue rises vs consensus for 1.5% decline
• Higher priced new models offset 5.6% drop in volume
• Company maintains margin guidance for 2024
• Shares jump more than 7%

PARIS, (Reuters) – Renault reported an unexpected rise in third-quarter revenue on Thursday, lifting its shares as demand for pricier new models such as Symbioz and Duster SUV hybrids helped the French automaker cope with a weak market. Continue reading “Renault beats Q3 forecasts as new launches lift sales”

Summary

• Hyundai’s Q3 profit hit by warranty costs for Santa Fe SUVs
• Global car demand slowdown impacts Hyundai’s sales
• Hyundai plans to double hybrid vehicle line-up amid EV demand slowdown

SEOUL, (Reuters) – Hyundai Motor Co warned on Thursday of slowing demand and intensifying competition, but stuck to its 2024 earnings target after reporting a 7% fall in third-quarter operating profit, sending its shares down more than 5%. Continue reading “Hyundai Motor Q3 profit misses forecast as demand slows; shares slide”

Source : PTI | Jaguar Land Rover on Wednesday said it has launched an initiative in India to work closely with startups for developing the next generation of products and services that will help define the company’s future client experiences. The Tata Motors-owned marquee brand has launched the Open Innovation Hub in Bengaluru, building on the success of the company’s existing initiatives in the UK, US, Israel, and Brazil.

The India hub will focus on deep tech including artificial intelligence, big data and analytics, internet of things, ADAS (Advanced Driver Assistance System) and sensors and devices, Jaguar Land Rover (JLR) said in a statement. Continue reading “Jaguar Land Rover expands global innovation network; launches hub in India”

Source : PTI | Maruti Suzuki India (MSI) on Wednesday said a Haryana GST appeals authority has upheld a tax demand of Rs 139.3 crore against the company. “The Commissioner (Appeals) has passed an order for period July 2017 to August 2022 upholding the demand of Rs 1,393 million, in matter of tax liability under reverse charge basis on certain services,” MSI said in a regulatory filing.

The company had paid the tax amount before the issuance of show cause notice dated September 28, 2023, it added. Continue reading “GST appeals authority upholds demand notice of INR 139 cr against Maruti Suzuki”

Source : PTI | Mahindra & Mahindra on Wednesday inaugurated two testing facilities, including the one to test the safety of its SUVs, at Kanchipuram in Tamil Nadu. The company formally opened a passive safety lab and a battery and cell research laboratory for its engineers to test the safety of SUV products at various load cases and perform research on cell technologies, the Mumbai-based auto major said in a regulatory filing.

The laboratories, which have come up at an investment of over INR 300 crore, are 55 km away from the Mahindra Research Valley (MRV) where all company SUVs are developed from scratch, it added. Continue reading “Mahindra inaugurates 2 new testing facilities in Tamil Nadu”

Summary

• About 30,000 US West Coast workers went on strike on Sept 13
• Latest offer included 35% wage hike over four years
• Strike pummelling Boeing finances, hitting supply chain

SEATTLE, (Reuters) – Boeing factory workers voted to reject a contract offer and continue a more than five-week strike on Wednesday, in a blow to investor and management hopes of a resolution to the acrimonious dispute. Continue reading “Boeing workers vote to reject wage deal, continue strike”

Summary

• Now sees 2024 retail sales up 7-8% vs up 12-15% before
• Q3 operating profit 5.8 bln crowns vs 4.5 bln a year ago
• Says demand weakness spreading to premium market

STOCKHOLM, (Reuters) – Sweden-based Volvo Cars beat third-quarter operating profit expectations on Wednesday but cut its full-year sales growth forecast as an industry slowdown spreads to higher-end cars. Continue reading “Volvo Cars tops forecast but cuts outlook on market slowdown”

MILAN, (Reuters) – Carmaker Stellantis will launch by 2026 a demonstration fleet of vehicles fitted with solid-state batteries from U.S. startup Factorial, the two companies said on Wednesday.

Solid-state batteries are expected to reduce fire risk and allow for lighter, lower-cost cars that can travel further on a single charge. They are seen as a game-changing technology for electric vehicles, as automakers seek ways to cut costs and boost their range amid stagnating EV sales. Continue reading “Stellantis to launch fleet of EVs fitted with Factorial solid-state batteries”

Summary

• About 80 members of Congress urging Stellantis to honor contract commitments with UAW
• Stellantis say not violating deal with union, cites changing market conditions
• UAW could strike as tensions build in lead-up to US election

DETROIT, (Reuters) – Nearly 80 members of Congress, including the Senate’s top two Democrats, on Wednesday urged automaker Stellantis to honor investment commitments that are part of its contract with the United Auto Workers union. Continue reading “US lawmakers pressure automaker Stellantis on investment commitments”

Summary

• Tesla robotaxi to face regulatory and technical challenges
• Waymo spent years testing before receiving permits in California
• Tesla hasn’t applied for driverless testing permit in California

(Reuters) – Tesla CEO Elon Musk on Wednesday said the electric vehicle maker will roll out driverless ride-hailing services to the public in California and Texas next year, a bold claim likely to face significant regulatory and technical challenges. Continue reading “Tesla promises paid robotaxis next year, but significant hurdles remain”

Summary

• Tesla sees 20%-30% growth in vehicle sales next year
• Tesla’s Q3 profit beats estimates, shares surge 12%
• Costs of making a car fell to record low, boosting profit margins
• This month’s robotaxi unveiling failed to impress investors

(Reuters) – Tesla CEO Elon Musk said he expects vehicle sales to grow 20% to 30% next year, reassuring investors the company was improving its core business of selling electric vehicles profitably, and reducing concerns about when it could produce a robotaxi. Continue reading “Tesla surprises with sales forecast and cost efficiency, shares jump”

Source : PTI | New Delhi: Out of 10,644 complaints received from the Central Consumer Protection Authority,Ola Electric Mobility has resolved 99.1 per cent of the complaints, according to a regulatory filing by the company. The company has also provided information and clarifications in response to the show cause notice to the Central Consumer Protection Authority (CCPA), Ola Electric Mobility Ltd said in a stock exchange filing on Monday evening.

“We wish to emphasise that out of 10,644 complaints that we received from the CCPA, 99.1 per cent of the complaints were resolved to the complete satisfaction of the customer as per Ola Electric’s robust redressal mechanism,” the company said. Continue reading “Ola Electric says 10,644 complaints received from CCPA, 99.1 pc resolved”

Source : PTI | Hyundai Motor India on Tuesday said its planned capacity expansion at the Talegaon manufacturing facility in Pune at an investment of Rs 6,000 crore will give it more headroom for growth in domestic and international markets. The company also said that it always looks for a balance between growth, profitability and market share.

During a post-listing media interaction, Hyundai Motor India also sounded hopeful of enhancing its market share in the electric vehicle space, where it stands as a marginal player currently. Continue reading “Talegaon plant to provide more headroom for growth in domestic, int’l markets: Hyundai Motor”

Summary

• German cabinet heads to India for government consultations
• Trip comes as Germany tries to reduce reliance on China
• Major forum aims to foster more German-Indian business
• Trade with India hit record high despite elusive trade deal

BERLIN, (Reuters) – Chancellor Olaf Scholz leads a high-level delegation to New Delhi this week, betting that greater access to the vast Indian market can reduce Germany’s reliance on Beijing even if India does not turn out to be the “new China”. Continue reading “Germany bets on India to reduce reliance on China”

BEIJING, (Reuters) – Chinese smartphone maker Xiaomi Corp is expected to complete the construction of an expansion of its electric vehicle factory in mid-2025, according to government-backed Chinese media on Wednesday.

The second phase of the Xiaomi Intelligent Manufacturing Industrial Base is scheduled to be completed on June 15, according to a report by the National Business Daily citing a person familiar with the project. Continue reading “Xiaomi’s automobile plant expansion to be completed in mid-2025, report says”

Summary

• Now sees 2024 retail sales up 7-8% vs up 12-15% before
• Q3 operating profit 5.8 bln crowns vs 4.5 bln a year ago
• Says demand weakness spreading to premium market

STOCKHOLM, (Reuters) – Sweden-based Volvo Cars beat third-quarter operating profit expectations on Wednesday but cut its full-year sales growth forecast as an industry slowdown spreads to higher-end cars. Continue reading “Volvo Cars tops forecast but cuts outlook on market slowdown”

Source : PTI | GreenLine Mobility Solutions Ltd, a key player in Essar’s green mobility initiative, plans to add 1,000 more Liquefied Natural Gas (LNG) powered trucks by March 2025 as it pivots decarbonisation of India’s logistics sector, a top company official said. In its journey to net zero goal by 2070, India is encouraging use of super-chilled gas in heavy duty long-haul trucking fleet instead of diesel to cut pollution.

GreenLine Mobility currently operates a fleet of over 500 LNG-powered trucks and is adding another 1,000 such trucks by March 2025, its CEO Anand Mimani said. Continue reading “GreenLine accelerates decarbonisation efforts with 1,000 LNG trucks by March 2025”

Source : PTI | Mega Corporation on Monday announced the launch of a new division, Lendingo, exclusively for EVs financing including batteries, rickshaws, and related ventures. Lendingo will offer a wide range of financial products, including loans, leases, and other financing instruments, to meet the diverse needs of EV customers. The company will also focus on supporting MSMEs involved in the EV ecosystem, further strengthening its commitment to sustainable business development, the non-banking financial company said in a statement.

The establishment of the new vertical aligns with Mega Corporation’s strategic commitment to fostering sustainable development and growth within the financial services sector, it added. Continue reading “Mega Corporation launches Lendingo to enhance EV financing solutions”

GDANSK, (Reuters) – Shares in Traton rose on Tuesday after Volkswagen’s truck unit reported third-quarter results above expectations driven by robust sales in its US brand International and Swedish unit Scania.

Traton shares were up 4% by 0728 GMT, to their highest in three months, while peers Daimler Truck and Volvo were also up 1.7% and 1%, respectively. Continue reading “Shares in VW’s truck unit Traton jump after Q3 beat”

(Reuters) – Honda is recalling 780,000 vehicles in North America over concerns that a high-pressure fuel pump may crack and leak fuel.

A fuel leak in the presence of an ignition source could increase the risk of a fire, the automaker told the U.S. National Highway Traffic Safety Administration. Continue reading “Honda recalling 780,000 vehicles in North America on fuel pump concern”

(Reuters) – Vietnamese EV maker VinFast said on Tuesday it delivered 21,912 electric vehicles in the third quarter, up 66% from the sequentially previous quarter.

The company delivered more than 9,300 EVs in Vietnam during September, marking the highest monthly deliveries in the country. Continue reading “VinFast’s third-quarter deliveries jump on robust domestic demand”

Summary

• Adoption of electric vehicles linked to climate goals
• IMF sees move as fundamental change to auto industry
• China has edge in production of electric vehicles

(Reuters) – The global transition toward electric vehicles will have “far-reaching” impacts on investment, production, international trade and employment, the International Monetary Fund said on Tuesday as part of its update to global economic growth forecasts. Continue reading “Shift to electric vehicles will have far-reaching impact, IMF says”

Summary

• DOE announced $1.7 billion in grants for EV plant conversions
• UAW threatens strikes over Stellantis delays in Belvidere investment
• Granholm emphasizes Biden administration’s commitment to EV production

DETROIT, (Reuters) – U.S. Energy Secretary Jennifer Granholm said on Tuesday the department is working “as fast as we can” to finalize $1.7 billion in grants to fund the conversion of plants to build electric vehicles and components. Continue reading “US working ‘as fast as we can’ to finalize EV conversion grants, official says”

Summary

• GM shares hit their highest since February 2022
• GM’s Q3 adj. EPS of $2.96 exceeds estimates of $2.43
• China operations to be restructured; lost $137 mln in Q3
• To offset softer pricing next year with cost cuts on SUVs, EVs

DETROIT, (Reuters) – General Motors surpassed Wall Street’s expectations in the third quarter, sending its shares up 8% on Tuesday thanks to a resilient consumer demand for its trucks and SUVs. Continue reading “GM tops estimates on ‘remarkably’ resilient consumer, shares surge”

DETROIT, (Reuters) – Lucid CEO Peter Rawlinson said on Monday that a stock sale announced last week will provide the electric luxury sedan maker with a “cash runway well into 2026.”

Rawlinson said in an interview on the sidelines of a Reuters Next event that the stock sale, which raised about $1.75 billion, “serves to support the future of the company long term” as it prepares to begin building its Gravity SUV before the end of the year. Continue reading “Lucid says stock sale will provide ‘cash runway’ well into 2026”

Source : PTI | Commercial vehicle owners in Mizoram have decided to go on an indefinite strike from October 23 demanding reduction in prices of fuel. The price of petrol has been hiked from INR 93.93 to INR 99.24 per litre, while the diesel rate has been increased to INR 88.02 from INR 82.62 for a litre from September 1.

The Mizoram government, after a cabinet meeting, on October 17 announced it would not roll back the hike in fuel prices.

Continue reading “Mizoram commercial vehicle owners to go on indefinite strike from Oct 23 over fuel price hike”

Source : PTI | As cold weather settles in, pollution in all its forms is tightening its grip on Delhi, with the air quality in the city remaining in the “poor” category, though stubble burning has declined this year compared to previous years, according to a recent research.

Data from the Central Pollution Control Board (CPCB) said the 24-hour average Air Quality Index (AQI) was recorded at 277 at 4 pm on Sunday.

Continue reading “Delhi faces pollution woes, AQI ‘Poor’”

KUPPENHEIM, Germany, (Reuters) – German automakers should not be afraid of competition from China, Chancellor Olaf Scholz said on Monday at the opening of Mercedes-Benz’s first battery recycling plant, an investment he described as part of Germany’s new industrial policy agenda.

“Some say that China can do much better with electric motors than us,” Scholz said. Continue reading “German carmakers should not be afraid of Chinese competition, says Scholz”

LONDON, (Reuters) – Forvia the world’s seventh largest car parts supplier by revenue, said on Monday it had been selected by BYD to supply its second European factory located in Turkey.

The company is a long-time partner of BYD, and has already secured deals with the Chinese automaker’s first European factory in Hungary. Continue reading “Forvia secures deal to supply BYD’s second European factory in Turkey”

(Reuters) – General Motors and Ford Motor will likely have a tough time convincing investors when they report results that Detroit’s pricing power for gasoline cars is still strong and losses from their EV ventures are dwindling.

GM is set to release its results for the July to September period on Oct. 22, while crosstown rival Ford will report on Oct. 28. Continue reading “GM, Ford brace for investor scrutiny over pricing power, EV losses”

Summary

• 50,000 domestic wholesale milestone achieved in 28 months since launch, reinforcing the Virtus’ position as the most sought-after premium sedan in India
• Nearly 60 Volkswagen Virtus sold every day in India since the sedan’s market debut in 2022 and has sold over 17 000 units this year till date
• The Virtus GT Plus holds the prestigious national record for a 24-Hour Endurance Drive clocking a maximum distance of 4 654.48 km in 24 hours
• Volkswagen launched the Virtus GT Line and Virtus GT Plus Sport, amplifying customer excitement this festive season
• Performance and Safety at its core, the Virtus offers customers 6 airbags as standard, 40+ safety features, and 5-star GNCAP safety ratings along with exceptional performance with its 1.0 l TSI and 1.5 l TSI Evo engines Continue reading “Volkswagen Virtus crosses 50K domestic sales milestone, cementing its position as India’s favourite and bestselling premium sedan of 2024”

(Reuters) – Voestalpine will reorganize its automotive component business locations in Germany, including the closure of one of the sites, to respond to falling demand and structural changes, the Austrian specialty steelmaker said on Friday.

The plants in Dettingen, Schmoelln, Schwaebisch Gmuend and Boehmenkirch will form a joint production network, with each site focused on selected core technologies, Voestalpine said. Continue reading “Voestalpine reorganizes automotive component business sites in Germany”