TOKYO, (Reuters) – Toyota Motor did not respond to a trade union’s wage demands in a second round of pay talks held on Wednesday, a senior union official said, keeping investors guessing about the outcome of closely-watched annual wage talks due to conclude on March 13.

For the past two years, the world’s biggest automaker by volume has accepted the union’s demands in full at the first meeting, which has long served as the pace-setter for Japan’s spring wage round called “shunto”. Continue reading “Toyota gives no answer to union demands at second round of wage talks”

Source : PTI | All lenders will now have to provide Key Fact Statement (KFS) about the terms of the loan agreement, including all-inclusive interest cost, to borrowers for retail as well as MSME loans, the RBI said on Thursday. Currently KFS is specifically mandated in respect of loans by commercial banks to individual borrowers, digital lending by RBI-regulated entities (REs), and microfinance loans.

Unveiling the bi-monthly monetary policy, Reserve Bank Governor Shaktikanta Das said the central bank has announced several measures in the recent past to foster greater transparency and disclosure by the REs in pricing of loans and other charges levied on customers. Continue reading “RBI mandates lenders to provide Key Fact Statement to retail, MSME borrowers”

Source : PTI | India on Wednesday made a pitch for drafting a predictable trajectory to cleaner fuel for an orderly energy transition, saying a balanced and realistic dialogue is needed and not vilification of fossil fuel. Speaking at the India Energy Week here, Oil Minister Hardeep Singh Puri said the world’s third largest energy consumer is exploring options to diversify its oil purchases, including the possibility of picking up opportunity cargoes, such as those available from Russia and Venezuela.

The recent reforms in the sector, including diversification of sources of imports and changes in gas pricing mechanism, ensured that prices of petrol and diesel in India declined while the global prices were shooting up, he said.

Continue reading “India for predictable trajectory to cleaner fuel for orderly energy transition”

Summary

Source : PTI | New Delhi: India’s crude oil imports from Russia fell for a second straight month in January to its lowest in 12 months but the nation’s insatiable appetite for Russian crude remains for the long term, according to data from energy cargo tracker and industry officials. Russia supplied 1.2 million barrels per day of crude oil to India in January, down from 1.32 million barrels in December and 1.62 million barrels in November 2023, according to data from energy cargo tracker Vortexa.

Russia however continues to remain India’s top oil supplier, accounting for a little less than a quarter of 4.91 million barrels a day of oil that the world’s third largest energy consumer imported in January.

Continue reading “India’s Russian oil import hits 12-month low but long-term appetite remains intact”

Source : PTI | Union Minister Nitin Gadkari on Wednesday described hydrogen as the fuel of the future and said Punjab should be made an international hub of producing the green fuel. He also urged Punjab farmers not to burn stubble, saying the crop residue can be used in producing ethanol, hydrogen, and Compressed Natural Gas (CNG) for their further use as fuel.

The minister for road transport and highways was addressing a gathering after inaugurating and laying foundation stones of 29 national highway projects worth INR 4,000 crore in Punjab. Continue reading “Punjab must be made hub of producing green hydrogen, says Gadkari”

Source : PTI | Electric vehicle sales in India jumped 49.25 % year-on-year to 15,29,947 units in 2023, according to a data released by the Federation of Automobile Dealers’ Association (FADA) on Tuesday. The EV industry had recorded a total sales of 10,25,063 units in 2022, as per the data.

The two-wheeler sales grew 36.09 % to 8,59,376 units in the just-concluded year against 6,31,464 units in 2022, it said.

The e-three-wheeler sales volumes surged 65.23 % year-on-year to 5,82,793 units from 3,52,710 units sold in 2022. Continue reading “EV sales jumps 49% to 15.29 lakh units in 2023: FADA”

BERLIN,(Reuters) – BMW (BMWG.DE) is investing 650 million euros ($711 million) to convert its main plant in Munich to exclusively produce EVs from the end of 2027, the carmaker said on Wednesday, a major stepping stone in the transition to the electric age.

It is putting up four buildings including a new vehicle assembly line and body shop, and has moved traditional engine manufacturing to Great Britain and Austria, with 1,200 employees retrained or moved to other locations. Continue reading “BMW retools Munich headquarters for all-electric production from 2027”

BEIJING/SHANGHAI, (Reuters) – China is estimated to have overtaken Japan as the world’s largest auto exporter in 2023, the China Passenger Car Association (CPCA) said on Tuesday, as BYD , Chery and other domestic automakers made major strides overseas.

The world’s biggest auto market also became the top auto exporter for the first time in 2023, with the CPCA announcing at a press conference that exports of cars jumped 62% to a record 3.83 million vehicles. Japanese customs data showed passenger car exports at 3.5 million for the first 11 months of the year, excluding second-hand vehicles. Continue reading “China likely dethroned Japan as world’s top auto exporter in 2023: China group”

Source : PTI | Despite some progress in improving air quality, Malaysia needs policies to combat new challenges including climbing transport emissions.

Malaysia has made some improvements to its air quality since 2005 when a state of emergency was announced as its Air Pollution Index exceeded 500.

Its most recent annual Air Pollution Index rating, from 2022, was an improvement on the previous year, partly because the country experienced more humidity and rain in 2022.

Continue reading “Vehicle emissions are polluting Malaysia’s cities”

Source : PTI | The world needs India to become a reliable challenger to China’s supply-chain dominance, which will provide a great opportunity in 2024 and investment will flow into the country in unprecedented volumes, according to Mahindra Group Chairman Anand Mahindra. In his New Year message, Mahindra also said all signs point to the Indian economy achieving “the mythical lift-off that we have been awaiting, for decades” and predicted that in 2024 “companies that are able to create a portfolio of desirable products both in features and price will face the happy challenge of raising their production to meet demand”.

Stressing that “a New Year is special because it always symbolises a new beginning”, he said, “No matter how dark the year has gone by, the human spirit has an abiding capacity for hope. 2023 was a year characterised by conflict, climate change and a sluggish post-Covid recovery. The year ended with the world crying out for renewal.” Continue reading “World needs India to become reliable challenger to China’s supply-chain dominance: Anand Mahindra”

WASHINGTON, (Reuters) – A group representing major automakers urged the Biden administration to make significant changes to three proposed vehicle rules, warning they could force car companies to hastily stop building some gas-powered vehicles.

The administration has proposed, among others, stringent rules that it estimates would result in 67% of new vehicles being electric by 2032.

The Alliance for Automotive Innovation, in a previously unreported letter to three cabinet agencies and the White House dated Wednesday and seen by Reuters, warned the proposed rules “could prematurely force abandonment of many internal combustion engine vehicles and their associated revenue, reducing the availability of capital necessary for automakers to fund the EV transition.” Continue reading “US rules could force early production halt to some gas vehicles -letter”

Nippon Paint has taken a significant stride in expanding its footprint in the Indian market with the complete acquisition of VIBGYOR Paints and Chemicals Pondicherry. The strategic move positions Nippon Paint as a major player in the industrial coatings sector, with a specific focus on bolstering its offerings for the Indian Railways.

VIBGYOR Paints and Chemicals Pondicherry will now operate as a division of Nippon Paint India. The acquisition is designed to capitalise on VIBGYOR’s established expertise in providing top-notch paints to Indian Railways. Continue reading “Nippon Paint Announces Acquisition Of VIBGYOR Paints & Chemicals”

New Delhi: The government is likely to stick to the budgeted estimate of total tax collection target of INR 33.61 lakh crore for current fiscal in the revised estimates, a senior finance ministry official said on Monday. “So far, direct tax collection is up by about 20 % and indirect tax is higher by 5 %. We have data till the eight months of the fiscal and usually the collections are better in the first half. So, at the moment, we will stick to the Budget numbers in our Revised Estimates (RE),” an official said.

For 2023-24 (April-March), the Union Budget had pegged total tax collections at INR 33.61 lakh crore, up 10.1 % from INR 30.54 lakh crore in the previous year.

Continue reading “Govt to stick to INR 33.61 lakh cr tax collection target in revised estimate, no case for fuel tax cut: Official”

By Joseph White

DETROIT, Dec 11 (Reuters) – This was the year the auto industry’s race toward an all-electric future took a detour.

Heading into 2023, automakers were gearing up to invest $1.2 trillion by 2030 to move electric vehicles from niche products to mass-market models – many with batteries and software developed in-house, according to a Reuters analysis.

As the year closes, legacy automakers as well as Tesla (TSLA.O), Rivian (RIVN.O) and other EV startups are throttling back investments and reworking product strategies. Legacy automakers are appealing to policymakers for more help to offset the high costs of the EV transition, on top of billions of dollars already pumped into EV subsidies.

Continue reading “In 2023, bold EV strategies took a punch from reality”

Source : PTI | India will add another 38 gigawatt (GW) of renewable energy capacity by March 2025 to touch 170 GW-mark, aided by moderation in solar module prices, an Icra analyst said on Thursday. The country’s installed renewable energy capacity was at 130 GW as of October 2023, Vikram V, Vice President & Sector Head – Corporate Ratings, Icra, said in a webinar.

Indian Renewable Energy (RE) capacity is expected to reach 170 GW by March 2025, led by strong policy support and moderation in solar module prices, he said.

Continue reading “Renewable energy capacity to reach 170 GW by March 2025 on moderation in module prices: Icra analyst”

Source : PTI | The government should not dilute the Make in India initiative and follow a consistent policy, FICCI EV Committee Chairperson Sulajja Firodia Motwani said amid a push from American electric carmaker Tesla for special sops to set up its factory in the country.

Motwani, the founder and CEO of Kinetic Green which sells battery-operated three-wheelers, scooters, e-cycles, and buggies, also emphasised creating a holistic ecosystem for the growth of the electric vehicle segment. Continue reading “Need to follow consistent EV policy, no need for company-specific sops: FICCI EV Committee chair”

By WAF Think Tank 

Škoda Auto Volkswagen India Private Limited has won, not just one, but three prestigious certifications – Great Place to Work® Institute (India), Top Employers Institute and HR Asia Awards (Best Companies to Work For in Asia).

This moment is a testament to the commitment and dedication of every member of the incredible team at Skoda VW India! From fostering a culture of inclusivity and innovation to promoting growth at every step, they surely believe in the power of their people!

Continue reading “Škoda Auto Volkswagen India wins Three Prestigious HR Certifications”

LONDON, Nov (Reuters) – Uber (UBER.N) will open up its platform to London’s black cabs next year, the ride-hailing firm said on Wednesday, trying to win over the British capital’s taxis after a decade of tensions.

London’s black cab drivers – who have to pass a test called “The Knowledge” requiring them to memorise thousands of routes within the city – have long been at loggerheads with Uber, arguing it threatens their livelihoods. Continue reading “Uber tries to win over London black cabs”

Nov (Reuters) – Electric vehicles continue to grapple with poor reliability due to charging and battery issues, a survey by an influential U.S. non-profit organization showed on Wednesday, even as consumers are buying them at a breakneck pace.

On average, new EVs had 79% more problems than gasoline-powered vehicles, Consumer Reports’ 2023 Annual Auto Reliability survey showed. Hybrid vehicles had fewer issues than gasoline ones, while plug-in hybrids had 146% more problems. Continue reading “EVs struggle with reliability due to charging, battery issues – Consumer Reports survey”

By Team Intellinet Systems

Aftermarket refers to the set of activities that happen after an OEM sells a product or service. It includes repair, service, replacement, warranty, and much more. Although it doesn’t sound much of a hassle, managing the entire aftersales activities is not only hectic and cumbersome but also cost-intensive. Managing parts and services poses multiple challenges for businesses. In this blog, we will discuss how aftermarket software solutions streamline these processes and reduce operational costs while maintaining the customer experience.

Let us now talk about the benefits that enable OEMs with better parts and service management: Continue reading “How can aftermarket solutions software streamline parts and service management?”

Summary

• India’s No. 1 e-scooter maker faces challenges ahead of IPO
• Some service centres have big backlogs, long repair times
• Ola’s CEO says it’s aggressively expanding service network

THANE/HYDERABAD/NEW DELHI/MUMBAI, Nov (Reuters) – Bhavish Aggarwal, India’s answer to Elon Musk, is racing to roll out millions of electric scooters and speed his nation to a cleaner future. Some of his mechanics can’t keep up, though.

Aggarwal’s Ola Electric, which he likens to Tesla in the West, is zipping towards a stock-market listing after going from zero to 338,000 e-scooter sales in about two years. The tech entrepreneur vows to banish the internal combustion engine (ICE) from India, where two-wheel vehicles rule the roads. Continue reading “Tesla on two wheels? India’s Ola Electric feels the strains of success”

Source : PTI | Domestic commercial vehicle industry is expected to touch the peak sales volume of 2018-19 this fiscal and grow briskly over the next few years coinciding with the growth of the overall economy, VE Commerical Vehicles MD and CEO Vinod Aggarwal said on Monday. He noted in the first seven months (April-October), the heavy duty truck segment has grown by 15 per cent.

“We are expecting that this year the industry should either be very near to the peak or it may even cross earlier peak of 2018-19,” Aggarwal told PTI here in an interaction. Continue reading “Commercial vehicle segment set for growth with expanding economy: VECV MD”

Source : PTI | Transitioning Indonesia’s millions of petrol-fuelled motorbikes to electric is a daunting task but there is a feasible solution.

There are more than 122 million motorcycles in Indonesia, making them the most popular form of transport in the country.

Cheap and efficient, and better on the notoriously clogged roads of the country’s biggest cities, motorbikes also come at a cost: along with other road vehicles, they are a major source of greenhouse gas emissions. Continue reading “How battery swapping can accelerate e-motorbikes”

LONDON, Nov (Reuters) – New car sales in the European Union rose 14.6% in October, boosted in part by a big jump in sales of fully electric cars, while hybrid electric vehicles accounted for nearly three of every 10 vehicles sold in the economic bloc.

Sales of fully electric cars rose 36.3% from a year earlier and full hybrid sales were up nearly 39% as the EU recorded its 15th consecutive month of sales growth, the European Automobile Manufacturers Association (ACEA) said on Tuesday. Continue reading “EU October car sales up 14.6%, EV sales jump more than 36%”

SHANGHAI, Nov 21 (Reuters) – As EV makers in China wage an intense price war to prop up slowing demand, Chinese brands with strong hybrid lineups are emerging as winners, attracting consumers with vehicles with long range that can cost less than gasoline cars.

The emerging trend may provide a glimmer of hope for global automakers such as Toyota (7203.T) and Honda who are pursuing “multi-pronged” electrification strategies, as electric vehicle (EV) sales lose momentum in Europe and the U.S., partly because of high auto financing costs. Continue reading “Hybrid vehicle sales surge in China, posing fresh threat to foreign automakers”

Nov (Reuters) – The United Auto Workers (UAW) said Monday that 64% of workers at the Detroit Three automakers voted to ratify new record contracts after a six-week targeted strike, as the union turns its attention to organizing foreign-owned and Tesla auto plants.

The votes lock in the UAW’s tentative agreements with the automakers through April 2028, which include a 25% increase in base wages and will cumulatively raise the top wage by 33%, compounded with estimated cost-of-living adjustments to over $42 an hour. Continue reading “UAW clinches record Detroit deals, turns to organizing Tesla, foreign automakers”

WASHINGTON, Nov (Reuters) – Four large pickup trucks fared poorly in protecting back seat passengers in tests measuring how those passengers fare in some crashes, the Insurance Institute for Highway Safety said on Tuesday.

IIHS said the 2023 model Stellantis (STLAM.MI) Ram 1500 crew cab, Ford F-150 (F.N) crew cab and General Motors (GM.N) Chevrolet Silverado 1500 rated poorly in updated moderate overlap front crash tests, while the 2023 Toyota Tundra (7203.T) crew cab received a marginal rating. Continue reading “Large pickup trucks fare poorly in protecting back seat passengers -study”

Source : PTI | Singapore has witnessed a decline in car owners, with approximately one-third of households owning automobiles in the city-state, down from 40 % in 2013, as the government progresses towards transforming the country into a car-lite society, a senior minister said on Monday. The government also aims to have 75 % of peak-period journeys made on public transport by 2030, via the expansion of the MRT (Mass Rapid Transit) network, up from the current 64 %, The Straits Times newspaper reported.

Continue reading “Singapore’s car-lite policy reduces car ownership to one-third, down from 40% in 2013”

Source : PTI | Steps such as curbs on inbound shipments of certain goods, production-linked incentive scheme and mandatory quality norms are helping the country reduce imports of non-essential products such as TV, tyres, wallpaper and AC gas compressors. These steps, among others like imposing antidumping and countervailing duties, have been taken to analyse and control non-essential imports and to augment domestic production capacity in import intensive sectors, an official said. Continue reading “Restrictions, PLI, mandatory quality norms help cut import of certain non-essential goods”

Source : PTI | India is unlikely to go in for hyperloop technology for ultra high-speed trains in the near future as the technology is at a ‘very low level’ of maturity and may not be economically viable at the current juncture, NITI Aayog Member V K Saraswat said on Sunday. Saraswat, who is heading a committee to explore the technological and commercial viability of the Virgin Hyperloop technology, further said some foreign companies have shown interest to bring the technology in India. Continue reading “India unlikely to have hyperloop trains in near future: NITI member V K Saraswat”

WASHINGTON, Oct 16 (Reuters) – A group representing General Motors (GM.N), Toyota Motor (7203.T), Volkswagen (VOWG_p.DE) and nearly all other major automakers on Monday sharply criticized the Biden administration proposal to drastically hike fuel efficiency requirements.

The Alliance for Automotive Innovation said the National Highway Traffic Safety Administration’s (NHTSA) Corporate Average Fuel Economy (CAFE) proposal was unreasonable and requested significant revisions. Continue reading “Automakers blast US plan to hike fuel efficiency rules”