Summary
DETROIT, (Reuters) – U.S. new-car sales in 2024 continued to rise from their pandemic lows, bolstered by replenished inventories, higher incentives and surging demand for hybrid vehicles, automakers reported on Friday. Continue reading “US new car sales rose to five-year high in 2024, helped by hybrids”
SHANGHAI, (Reuters) – China’s Geely Holding Group (GEELY.UL) on Sunday said it aims to sell more than 5 million vehicles annually by 2027, a big jump from 2023, which it hopes to achieve by accelerating consolidation of its sprawling brands and improving efficiency.
The goal represents about 79% growth from 2023, when Geely Holding sold 2.79 million units of passenger cars and commercial vehicles. The group sold 3 million vehicles in the first 11 months of 2024, a 20% growth compared to the same period of 2023. Continue reading “China’s Geely Holding targets over 5 million units of annual sales by 2027”
BEIJING, (Reuters) – China’s Xpeng Motors and Volkswagen have agreed to expand their partnership to cooperate on ultra-fast electric vehicle charging networks in China, the automakers said on Monday.
The companies have signed a memorandum of understanding to open their respective fast-charging networks to each other’s customers, which comprise more than 20,000 charging piles across 420 cities in China, they said in a joint statement. Continue reading “Xpeng, Volkswagen to build ultra-fast charging network in China”
HONG KONG, (Reuters) – Guangzhou-based Pony.ai Inc is seeking to launch its robotaxi services in Hong Kong, joining Baidu in a race to provide services in the city, as the autonomous driving firm looks to expand its operations globally.
Nasdaq-listed Pony.ai plans to provide robotaxi commuting services for airport staff within Hong Kong International Airport before expanding into other urban areas in the city, the company said in a statement late on Friday. It did not provide a time frame for the launch. Continue reading “China’s Pony.ai eyes robotaxi services in Hong Kong, joining Baidu”
Source : PTI | Union Minister of New and Renewable Energy Pralhad Joshi on Saturday said India is ahead of other countries in the field of green hydrogen.
The Union government has floated a tender for the world’s largest green ammonia demonstration project, he said during a visit to a floating solar plant in the Omkareshwar Dam in Madhya Pradesh’s Khandwa district. Continue reading “India is ahead of other countries in green hydrogen sector: Union minister Pralhad Joshi”
Source : PTI | Mobility solutions and financial services providerORIX Corporation India Ltd expects automobile leasing market in India to account for 7-8% of the overall vehicle sales in the next 5-7 years, up from about 2% currently with more younger people joining the workforce, its Managing Director and CEO Vivek Wadhera. With good traction in its business, the company expects 30-35% higher profit this fiscal year compared to the last year, Wadhera told PTI in an interaction.
“If you compare the Indian market to the western market, the overall leasing market in India is 1-2% of the total number of automobiles sold,” he said when asked how the automobile leasing market has been developing in the country.
Summary
DETROIT, (Reuters) – U.S. new-car sales in 2024 continued to rise from their pandemic lows, bolstered by replenished inventories, higher incentives and surging demand for hybrid vehicles, automakers reported on Friday. Continue reading “US new car sales rose to five-year high in 2024, helped by hybrids”
(Reuters) – Rivian surpassed analysts’ expectations for fourth-quarter deliveries on Friday and said its production was no longer constrained by a component shortage, a positive sign for the electric vehicle maker aiming to turn its first profit.
Shares of the California-based company rose nearly 19%. The stock lost more than 40% of its value in 2024. Continue reading “EV maker Rivian beats expectations for deliveries as supply snag eases”
Source : PTI | Force Motors Ltd on Thursday said it has bagged an order for the supply of 2,429 units of ambulances to the Medical Health and Family Welfare Department, Uttar Pradesh. In a regulatory filing, the company said the order is for supply of 2,429 units of BS-VI diesel ambulance to the department. The order is to be executed between December 2024 and March 2025, it said without disclosing the value of the order.
The company in a statement later said that the UP-Government Health Department’s decision to procure 2429 ambulances from Force Motors underscores the state’s commitment to strengthening its healthcare infrastructure. Continue reading “Force Motors bags order for supply of 2,429 units of ambulances up UP govt”
Source : PTI | Stakeholders from the electric vehicle (EV) sector will hold a meeting with Commerce and Industry Minister Piyush Goyal here on January 3 on issues, including infrastructure related to charging and battery swapping, sources said. They said that officials from the Department of Heavy Industries are expected to attend the meeting.
Representatives from Tata, Mahindra, Mercedes-Benz India, Hero MotoCorp, and other companies have been invited to the deliberations, they added.
Continue reading “EV players to meet Piyush Goyal on Friday, discuss infra-related issues”
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Osamu Suzuki San – A Tribute WAF Continue reading “WAF Auto News | The Auto World This Week (3rd January 2025)”
(Reuters) – Tesla reported its first decline in annual deliveries on Thursday, as the automaker handed over fewer-than-expected electric vehicles in the fourth quarter and incentives failed to boost demand for its aging line-up of models.
Shares of the company fell 3.5% before the bell, in a sign of investor worries over the challenges facing CEO Elon Musk, who expected promotions including zero-interest financing to power a “slight growth” in deliveries in 2024. Continue reading “Tesla annual deliveries fall for first time as competition hurts demand”
2024 was a groundbreaking year for JSW MG Motor India, marked by resilience, innovation, and a commitment to sustainability. As the year closed, the company celebrated an impressive 55% year-on-year growth in December sales, with 7,516 units sold compared to 4,848 units in December 2023. This extraordinary leap underscored the company’s rapid rise in the competitive Indian automotive market.
Continue reading “JSW MG Motor India Leads EV Sales with 55% Growth in Dec 2024”
Source : PTI | Mid-size motorcycle maker Royal Enfield on Thursday reported a 25% rise in total sales at 79,466 units in December 2024, as compared to 63,387 units sold in the same month a year ago. Domestic sales were at 67,891 units, as against 57,291 units in December 2023, up 19%, Royal Enfield said in a statement.
Similarly, exports jumped 90% at 11,575 units last month, as compared to 6,096 units in December 2023. Continue reading “Royal Enfield sales up 25% at 79,466 units in Dec”
OSLO, (Reuters) – Chinese electric cars have surged to account for almost 10% of new car sales in Norway in only five years, data from the country’s road federation (OFV) showed on Thursday.
Wealthy Norway is far ahead of most countries in the switch to electric vehicles and unlike the European Union and the United States has not imposed import tariffs on Chinese EVs. Continue reading “Chinese electric vehicles gain market share in Norway”
BEIJING, (Reuters) – Chinese electric vehicle makers including Nio and Li Auto have followed market leaders Tesla and BYD in extending buying incentives to the start of 2025, as a price war in the world’s largest auto market continues for a third year.
Li Auto announced on Thursday cash subsidies of 15,000 yuan ($2,055) per car purchase as well as a three-year zero-interest financing scheme. Continue reading “Chinese EV makers extend buying incentives as price war enters third year”
(Reuters) – Indian carmakers Mahindra & Mahindra and Tata Motors reported a rise in sales to domestic dealers in December on steady sport utility vehicle demand, while year-end discounts helped Maruti Suzuki record its first small-car sales growth in 20 months, company data showed.
Market leader Maruti Suzuki’s domestic sales rose 24% in December and Mahindra & Mahindra clocked a 16% jump, the two companies reported on Wednesday. Continue reading “Maruti, Mahindra lead Indian carmakers’ December sales to dealers”
Summary
LAS VEGAS, (Reuters) – A Tesla Cybertruck exploded in flames outside the Trump International Hotel Las Vegas on Wednesday, killing the driver and injuring seven others, and the FBI was investigating whether the blast was an act of terrorism, officials said. Continue reading “Tesla Cybertruck explodes outside Trump Las Vegas hotel, killing driver”
Source : PTI | Petrol and diesel consumption soared in December 2024 as holiday travel boosted demand, reversing the fall seen in previous months, preliminary data of state-owned fuel retailers showed Wednesday.
While petrol sales saw a year-on-year rise in recent months, diesel has been a laggard since monsoon. November was the first month that saw growth in diesel consumption and the trend continued into December. Petrol sales of three state-owned firms, which control 90% of the fuel market, soared 9.8% to 2.99 million tonne in December compared to 2.72 million tonne in the same month last year. Continue reading “Petrol and diesel sales soar in December”
Source : PTI | Commercial vehicle maker Ashok Leyland on Thursday reported a 5% increase in total sales to 16,957 units in December 2024 compared to 16,154 units a year ago. Domestic sales rose 4% to 15,713 units from 15,153 units in December 2023, Ashok Leyland said in a statement.
Sales of medium and heavy commercial vehicles in the domestic market were at 10,488 units over 9,932 units in the year-ago month, a growth of 6%, it added. Continue reading “Ashok Leyland total sales up 5% at 16,957 units in Dec”
Source : PTI | Nissan Motor India on Wednesday reported 51.42% jump in total wholesales at 11,676 units in December 2024 as compared to the year-ago month. The company had posted total wholesales of 7,711 units in December 2023.
Domestic sales were at 2,118 units last month as compared to 2,150 units in the year-ago period. Continue reading “Nissan Motor India sales up 51.42% at 11,676 units in December”
Source : PTI | India can enhance its economic potential and become a keystone in the global supply chain system by seizing the opportunity from the shift in global alliances, Mahindra Group Chairman Anand Mahindra said and asserted that “India is well positioned to more than fend for itself”. In his New Year message to the employees of the group, Mahindra said international relations could become more and more transactional, driven strongly by national interest and national muscle-flexing.
“Globally, the last few years have been full of shocks, changes and uncertainties, and the year that is drawing to a close has been no exception. We are seeing a shifting world where interdependencies and a flat world may well be things of the past,” he wrote. Continue reading “India well positioned to more than fend for itself: Anand Mahindra”
Source : PTI | More than 28 lakh new vehicles were registered in Maharashtra in 2024, a 12.32% increase from 25.63 lakh registrations in 2023, as per official data. Overall, 28.79 lakh vehicles were registered, including 20.50 lakh two-wheelers and around 4.50 lakh cars, a 12.32% jump from 25.63 lakh vehicles registered in 2023.
Other vehicles include more than 1.20 lakh trucks, over 9,800 public service buses, 87,300 three-wheelers, and 84,500 tractors. Continue reading “Maharashtra sees 12.32% rise in new vehicle registrations in 2024”
(Reuters) – Air taxi start-up Volocopter GmbH filed for insolvency proceedings on Monday, citing its inability to raise new funds to maintain regular operations.
The Mercedes-Benz and Honeywell-backed company plans to continue business operations during the insolvency proceedings while seeking additional funding. Continue reading “German air taxi start-up Volocopter files for insolvency”
BEIJING, (Reuters) – China’s 2024 gross domestic product (GDP) is expected to exceed 130 trillion yuan ($17.8 trillion), President Xi Jinping said on Tuesday in his New Year’s address, adding that the country would implement more proactive policies to promote growth in 2025.
The world’s second-largest economy has struggled to stage a robust revival this year as a prolonged property market downturn, mounting local government debt and subdued consumer confidence hampered growth. Continue reading “China’s Xi pledges more proactive economic policies in 2025”
BEIJING, (Reuters) – Tesla will fix software in 77,650 China-made Model 3 and Model Y cars over safety hazards, China’s market regulator said on Tuesday.
The action, due to software issues that may fail to display the monitored tyre pressure immediately after the vehicle starts, is described as a product recall under Chinese regulations, the regulator said. It was not immediately clear if drivers might need, or would be eligible, to return vehicles to Tesla for refunds. Continue reading “Tesla to fix software for 77,650 China-made vehicles, says market regulator”
BEIJING, (Reuters) – China’s capital Beijing passed new regulations on Tuesday to encourage autonomous driving technology in the city, with authorities planning to eventually allow driverless public buses and taxis.
Autonomous vehicles that pass road testing and safety assessments will be allowed to apply for road trials, the state-backed Beijing Daily newspaper reported, which said the new regulations take effect from April 1. Continue reading “Beijing unveils plans to boost driverless vehicle use in capital”
(Reuters) – The National Highway Traffic Safety Administration said on Tuesday that Ford Motor Co would recall 20,484 hybrid crossover SUVs over battery concerns.
The recall includes certain Ford Escape and luxury Lincoln Corsair vehicles from model years 2020 to 2024.
“A manufacturing defect in one or more of the high voltage battery cells may result in an internal short circuit and battery failure,” the NHTSA said.
Dealers will perform a battery energy control module software update and replace the high voltage battery pack, as necessary, for free, the auto safety regulator said.
Reporting by Nathan Gomes in Bengaluru; Editing by Shreya Biswas
Source : PTI | The Maharashtra motor vehicles department (MMVD) will procure interceptor vehicles equipped with radar systems capable of detecting multiple traffic violations simultaneously, officials said on Friday.
The deployment of such radar-mounted interceptor vehicles, which will be the first for any state in the country, is expected to significantly increase the number of e-challans issued by flying squads of Regional Transport Offices (RTO), in turn improving enforcement efficiency, they said. Continue reading “RTOS to equip interceptor vehicles with radar for better e-challan system”
Source : PTI | After constructing a record 56,700 km of National Highways (NHs) in the country in the last 10 years, the road transport and highways ministry will shift focus on quality of construction and maintenance of NHs in 2025.
The Ministry of Road Transport & Highways (MoRTH) is primarily responsible for development, operation and maintenance of NHs. Since 2013-14, the length of NHs has increased from 0.91 lakh km to 1.46 lakh km. Continue reading “The road ahead: Quality construction, maintenance of highways”
According to sources, the tax department has accessed the entire passenger data captured on the Digi Yatra app, and the same is being reconciled with tax filings to check for discrepancies in the declared income. The tax department would start issuing notices in 2025 based on the Digi Yatra data, said sources.
Digi Yatra app is a civil aviation ministry led initiative to make air traveller’s journey seamless and paperless. It uses facial recognition technology, and collects passengers ID, biometrics, and details of air tickets to give easy access at airports. It is, however, not mandatory for fliers to download or use the app.
According to sources, the tax department will first go after those who don’t file tax returns, and then target those who under-report their income to avoid paying taxes.
Digi Yatra data holds immense potential as an alternative to the government’s earlier attempts to gather travel data through loyalty pro-grammes of air travel companies, a move constrained by privacy concerns.
Continue reading “How Tax & Govt Authorities in India are harnessing Digital to Catch Defaulters”
Source : PTI | New Delhi: Hero MotoCorp on Friday said it has expanded its collaboration with iconic American brand Harley-Davidson to introduce new products. As part of the deal, the partners will introduce new trims of Harley-Davidson X440 and develop an all-new bike.
The companies have inked a pact for extension of existing collaboration to expand the X440 motorcycle model into new variants and develop a new motorcycle, the country’s largest two-wheeler maker said in a regulatory filing. Continue reading “Hero MotoCorp expands partnership with Harley-Davidson”
(Reuters) – U.S. tech investor Cathie Wood is calling on Donald Trump’s incoming administration to boost economic growth and policy certainty by backdating promised corporate and personal tax cuts to Jan. 1, 2025, she told Reuters.
A laggard in recent years, Wood’s flagship ARK Innovation exchange-traded fund has surged 17% since Trump’s victory, which is expected to bring policy changes that will benefit the fund’s holdings. Continue reading “Ark’s Cathie Wood calls for tax clarity as she rides ‘Trump bump’”
SHANGHAI/BEIJING, (Reuters) – Jinjiang Group, a contractor for Chinese electric vehicle maker BYD said on Thursday Brazilian authorities’ portrayal of their employees as “enslaved” was inconsistent with the facts and that there were translation misunderstandings.
Brazilian labor authorities had on Wednesday said they found 163 Chinese nationals working in “slavery-like conditions” at a construction site for a BYD-owned factory in Brazil’s Bahia state. BYD said then that it had cut ties with the firm that hired the workers and was working with authorities. Continue reading “BYD contractor denies ‘slavery-like conditions’ claims by Brazilian authorities”
In around month’s time Osamu Suzuki, the Former Chairman of Suzuki Motor Corporation (SMC) would have turned 95! He was born on Jan 30, 1930
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Source : PTI | In a move towards launching green hydrogen mobility project in Odisha, a tripartite agreement was signed between three state-owned agencies, an official said on Tuesday. The agreement was signed on Monday by Capital Region Urban Transport (CRUT) managing director Tirumala Nayak, Grid Corporation of Odisha Limited (GRIDCO) managing director Trilochan Panda and NTPC CGM M R Panda in the presence of Odisha Deputy Chief Minister K V Singhdeo and Housing and Urban Development minister K C Mohapatra, the official said.
The agreement to be implemented over the next five years has outlined the key roles and responsibilities of the three entities involved. Continue reading “Odisha signs agreement to operate hydrogen-powered buses”
BEIJING, (Reuters) – Chinese battery manufacturer CATL said on Thursday it plans to seek a listing in Hong Kong, a Shenzhen Stock Exchange filing showed.
CATL plans to issue offshore H-shares and apply for a listing on the main board of the Hong Kong Stock Exchange, it said in the filing. Continue reading “China’s CATL to seek Hong Kong listing”
NEW YORK, (Reuters Breakingviews) – Rocket maker SpaceX’s internal $350 billion valuation makes it among the globe’s most valuable private startups. That’s still a fraction of the worth of boss Elon Musk’s electric-car company Tesla which sports a $1 trillion market value. In 2025, though, it will become clear that terrestrial ambitions are no match for the stars.
SpaceX encapsulates Musk’s philosophy: do something different, then cut costs to drive out the competition. Sure, Tesla’s 2006 “master plan, similarly pitched producing a premium car and then using the profits to drive down-market. But SpaceX’s growth is more explosive – and harder to catch.
The key is Starlink, SpaceX’s broadband satellite network. Its success is twofold. First, by building bigger rockets that can be reused, costs to launch tumble precipitously. Second, Starlink’s superior performance versus rivals ensures a revenue stream that justifies more launches. The company has around 7,000 satellites whizzing around Earth and is adding about 60 a week. From 1965 to the early 2010s, there was essentially no growth in manmade objects launched into space. Starlink turned that trajectory parabolic.
This is an emergent monopoly. SpaceX accounted for over 85% of all orbital payloads in 2024’s first quarter, estimates BryceTech. This rapidly scaling vertical integration – encompassing rockets, satellites and user terminals – puts would-be rivals like Amazon on the back foot.
Tesla faces fierce competition from upstarts like China’s BYD and cheaper, good-enough fossil-fuel cars. SpaceX enjoys much clearer skies. Starlink only has 5 million users but is available in 114 countries. It’s adding cellphone service and has plenty of capacity. Musk’s connections to President-elect Donald Trump may help it land previously unavailable subsidies, such as $42 billion for rural U.S. broadband.
That leaves plenty of upside from the $6.6 billion, of revenue that consultancy Quilty Space predicts for Starlink in 2024. EBITDA is projected to hit $3.8 billion, an astonishing 58% margin. TMF Associates foresees $24 billion of revenue by 2030. At today’s estimated profitability, that’s $18 billion of EBITDA. Given high fixed costs, more users could improve the bottom line.
So what is Starlink worth? Tesla trades at 68 times EBITDA, despite sputtering growth. Assume Starlink’s growth continues on its forecast path, put it on Tesla’s multiple, and the communications business would, at the end of the decade, be valued at well over $1 trillion. That’s not even counting SpaceX’s other valuable businesses like rockets.
Ultimately, it’s not clear why SpaceX is worth so little, Tesla so much, or both. As self-driving gets a reality check while the one-man space race continues, it will become clear that the stars are Musk’s real frontier.
Editing by Jonathan Guilford and Pranav Kiran
SHANGHAI/BEIJING, (Reuters) – Jinjiang Group, a contractor for Chinese electric vehicle maker BYD said on Thursday Brazilian authorities’ portrayal of their employees as “enslaved” was inconsistent with the facts and that there were translation misunderstandings.
Brazilian labor authorities had on Wednesday said they found 163 Chinese nationals working in “slavery-like conditions” at a construction site for a BYD-owned factory in Brazil’s Bahia state. BYD said then that it had cut ties with the firm that hired the workers and was working with authorities. Continue reading “BYD contractor denies ‘slavery-like conditions’ claims by Brazilian authorities”
