TOKYO, (Reuters) – Four of Japan’s top property and casualty insurers and other financial firms plan to sell around 500 billion yen ($3.1 billion) of shares in Honda Motor, three people said, as the unwinding of cross-shareholding practices accelerates.

Tokio Marine Holdings Sompo Holdings and two units of MS&AD Insurance Group will together offload shares in the automaker, said the people, who declined to be identified because the information has not been made public. Continue reading “Exclusive: Major Japanese insurers to offload $3.1 billion of Honda shares”

BERLIN/FRANKFURT, (Reuters) – Volkswagen, Europe’s biggest carmaker, plans to spend as much as $5 billion on an electric vehicle (EV) software partnership with U.S.-based Rivian.

Here are some of the key issues around the deal:

WHY IS VOLKSWAGEN DOING THIS?

The tie-up is the latest in a string of deals by Volkswagen Chief Executive Oliver Blume, who took over in September 2022 after the ousting of Herbert Diess. Continue reading “What’s behind Volkswagen’s $5 bln EV software bet on Rivian?”

DETROIT, (Reuters) – The Biden administration’s plan to slap heavy new tariffs on Chinese electric vehicles and batteries would provide temporary protection for U.S. auto jobs, potentially at the expense of White House efforts to fight climate change by accelerating U.S. EV adoption.

Few Chinese-made EVs are currently sold in the United States, so the immediate impact on consumers of higher EV tariffs would be minimal, analysts said. The White House also plans to more than triple tariffs on Chinese EV batteries and battery parts to 25%. Graphite, permanent magnets used in EV motors and other EV minerals would get new 25% duties added. These tariffs could affect a broader range of vehicles. Continue reading “A US-China EV trade war threatens Biden’s clean-car agenda”

BEIJING, (Reuters) – China’s measured response to the U.S. move to hike tariffs on $18 billion of Chinese goods from syringes to batteries suggests relations between the world’s two largest economies face more frost rather than a fresh firefight over trade.

China denounced the Biden administration’s action and vowed “resolute measures” to protect its interests. Continue reading “‘What doesn’t kill you makes you stronger,’ China trolls new US tariffs”

WASHINGTON, (Reuters) – The Biden administration’s new tariffs on Chinese electric vehicles and other strategic sectors aim to protect the future of U.S. manufacturing, but they will likely accelerate a shift of Chinese production to Mexico, Vietnam and elsewhere to avoid them.

U.S. officials and trade experts say that without strong efforts to cut off transshipped or lightly processed Chinese goods from Mexico and other countries, China’s underpriced excess production will still find its way into U.S. markets. Continue reading “Biden’s new China tariff wall faces leakage via Mexico, Vietnam”

• Passenger Vehicles2 sales were 3,35,629 units in April 2024.
• Three-wheeler sales were 49,116 units in April 2024
• Two-wheeler sales were 17,51,393 units in April 2024.

Commenting on sales data of April 2024, Mr Vinod Aggarwal, President, SIAM said, “Year 2024-25 has started on a reasonably good note for the Auto industry, as all the segments have posted growth in April 2024, compared to April 2023, driven by positive consumer sentiments and festivities in this month. Above normal monsoon rainfall, policy continuity post-elections and Government’s push on manufacturing and infrastructure would propel the overall economic growth which would help in continuing the Auto sector’s growth trajectory.” Continue reading “India Automobile Sales Performance -April-2024”

TOKYO, (Reuters) – Honda Motor Co said on Friday it would increase R&D spending this financial year by nearly a quarter to boost its competitive edge in hybrid and other electrified vehicles, as it forecast a 2.8% rise in operating profit for 2024/25.

Japan’s second-largest automaker by volume announced a share buyback worth up to 300 billion yen ($1.93 billion) after beating analysts’ fourth quarter earnings estimates, helped by strong sales growth in the United States, which offset a decline in China. Continue reading “Honda ramps up R&D spending as it expands hybrid push”

WASHINGTON, (Reuters) – The U.S. could take “extreme action” and ban Chinese connected vehicles or impose restrictions on them, Commerce Secretary Gina Raimondo said on Wednesday, in the first indication a ban could be on the table after a national security investigation.

The Commerce Department is reviewing public comments that were due by April 30, Raimondo told Reuters, on a probe the Biden administration launched in February into whether Chinese vehicle imports pose national security risks. Continue reading “US could ban Chinese connected vehicles or impose restrictions”

Introduction 

Every OEM will need to incorporate solutions to manage their spare parts as repairs and replacement of spare parts are inevitable. Traditionally, OEMs would manage this complex process manually and finding the spares is often deemed time and cost intensive. This process would not only require dedicated workforce but also needed constant checks and audits to ensure there are the right spare parts. Continue reading “Spare Parts Management Made Easy: 10 ways, a Parts Catalog Software can Metamorphose this Process”

Summary

• Aston Martin sees Q2 peformance broadly similar to Q1
• Shares hit lowest level since November 2022
• Q1 pretax loss, wholesale volumes and cash flow miss estimates

(Reuters) – Aston Martin posted a bigger-than-expected first-quarter pretax loss on Wednesday as the British luxury carmaker made fewer cars and burned more cash than analysts anticipated, sending its shares 7% lower. Continue reading “Aston Martin losses balloon ahead of new model ramp up”

Source : PTI | India’s net oil import bill could widen to USD 101-104 billion in current fiscal from USD 96.1 billion in 2023-24 and any escalation in the Iran-Israel conflict could impart an upward pressure on the value of imports, ICRA said on Tuesday. The domestic rating agency said based on its analysis, lower value of Russian oil imports is estimated to have led to savings of USD 7.9 billion in 11 months (April-February) of 2023-24, up from USD 5.1 billion in 2022-23.

“With India’s oil import dependency expected to remain high, if the discounts on purchases of Russian crude persist at the prevailing low levels, ICRA expects India’s net oil import bill to widen to USD 101-104 billion in FY2025 from USD 96.1 billion in FY2024, assuming an average crude oil price of USD 85/bbl in the fiscal,” ICRA said. Continue reading “India’s oil import bill could swell to USD 101-104 bn in FY25: ICRA”

Summary

• European carmakers post lower Q1 sales
• New model launches eat into margins
• Volkswagen, Stellantis, Mercedes Benz shares all lower

LONDON/FRANKFURT, (Reuters) – European car giants Volkswagen, Mercedes-Benz and Stellantis all posted lower sales and first-quarter revenue on Tuesday as they geared up to launch new models, faced higher costs and were hit by weaker demand for new cars as interest rates remain high. Continue reading “Weak demand, new model ramp up hit Europe’s top automakers”

PTI | New Delhi: A major surge of nearly 149% in prosecutions related to mobile phone usage while driving in Delhi since January 1, as compared to the corresponding period last year, the traffic police data revealed. The statistics, shared by the Delhi Traffic Police, indicate a sharp rise in violations of mobile phone usage laws while driving.

From January 1 to April 15, a total of 15,846 motorists were booked for this offence, significantly higher than the 6,369 cases reported in 2023, it said. Continue reading “149% surge in cases of mobile phone use while driving since Jan”

LONDON, (Reuters) – U.S. and European politicians have raised alarms that their domestic auto industries could be destroyed by a wave of cheap Chinese electric vehicles. But so far, China’s top EV maker, BYD, has dramatically hiked export prices compared to what it charges at home rather than undercut foreign rivals.

The goal: to rake in hefty profit margins the automaker can’t get in China amid fierce competition. Continue reading “Insight: Why BYD’s EV exports sell for twice the China price”

BEIJING, (Reuters) – Nissan Motor and Mazda Motor unveiled new cars tailored for Chinese drivers on Thursday, signalling a fresh push by Japanese automakers to regain ground in the world’s largest auto market.

The models, including some concept cars, were introduced at the Beijing auto show and mark an attempt to better respond to demand from Chinese consumers for software-loaded, electric-powered vehicles. Continue reading “Nissan, Mazda roll out new models for China as they aim for comeback”

BEIJING, (Reuters) – China’s largest auto show opened in Beijing on Thursday with the biggest names showing off their latest electric vehicles (EVs), underlining how the world’s largest auto market is already in an all-electric state of mind, and isn’t looking back.

Automakers are set to unveil 117 new models versus 93 at last year’s show in Shanghai，while overall 278 new energy vehicles (NEVs) will go on display, seven more than last year, organisers said. Continue reading “China’s largest auto show showcases all-electric future, local brands dominate”

LONDON, (Reuters) – Electric car sales will rise strongly in 2024 and increasingly undercut oil demand, the International Energy Agency (IEA) forecast on Tuesday, adding affordability and charging infrastructure would be key to future growth.

Electric car sales will hit 17 million this year, compared to 14 million in 2023, with more than one in five cars sold globally set to be electric, the IEA said, predicting 10 million of those sales would be in China. Continue reading “Electric car sales to rise but affordability in focus, IEA says”

MILAN, (Reuters) – Porsche AG’s ability to close a hefty valuation discount to top rival Ferrari could hinge on whether its main owner, Volkswagen, is prepared to take a step back, giving the German sports car maker more freedom to cut costs and shape its future.

The maker of the iconic 911 has started the seventh quarter since its listing with a discount to Ferrari on a price-to-earnings (PE) basis just off a record 69%, disappointing hopes it could command a luxury-like valuation. Continue reading “Volkswagen holds keys to Porsche’s race against Ferrari”

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

Source : PTI | India is looking at Africa for minerals, including cobalt, and other critical minerals, Mines Secretary V L Kantha Rao said on Friday. The country is still engaging with Australia for lithium blocks, he said.

Talking to reporters on the sidelines of a function here, the secretary said, “In Africa, we are looking at Zambia, Namibia, Congo, Ghana and Mozambique for critical minerals.” Continue reading “India looking at Africa for critical minerals, says mines secretary”

Source : PTI | The recent announcement of import duty concessions in the Electric Vehicle (EV) policy is set to boost the Indian electric vehicles market without negatively impacting local players, according to a senior government official.

Rajesh Kumar Singh, Secretary of the Department for Promotion of Industry and Internal Trade (DPIIT), told PTI that the policy is designed to benefit the public interest as a whole.

Continue reading “Should Tata, Mahindra, and other Indian automakers worry about Tesla & co.”

DETROIT, (Reuters) – As U.S. sales of gas-electric hybrid vehicles surge and electric-vehicle sales cool, automakers and suppliers are betting consumer demand for a compromise between all-combustion and all-electric is a durable trend.

Automakers and suppliers are adding capacity to build gasoline-electric hybrid and plug-in hybrid vehicles for the U.S. market, responding to increased consumer demand for technology that General Motors and other automakers once planned to phase out in favor of all-electric fleets, industry executives and analysts said. Continue reading “US automakers race to build more hybrids as EV sales slow”

WASHINGTON, (Reuters) – The White House said on Thursday the United States is opening an investigation into whether Chinese vehicle imports pose national security risks and could impose restrictions due to concerns about “connected” car technology.

The U.S. Commerce Department probe is because Chinese assembled smart vehicles could collect sensitive data about U.S. citizens and infrastructure and send the data to China, the White House said. Continue reading “US says to investigate national security data risks from Chinese vehicles”

WASHINGTON, (Reuters) – Major automakers said on Wednesday that a California plan to end the sale of gasoline-only vehicles by 2035 might be unworkable in 11 other states that adopted it, citing insufficient consumer demand.

The Alliance for Automotive Innovation, which represents most major automakers except Tesla, raised concerns in comments filed with the U.S. Environmental Protection Agency on California’s proposal. Continue reading “Automakers question feasibility of California 2035 EV sales mandate plan”

Source : PTI | Domestic manufacturing of semiconductors is the next big space and many companies are expected to venture into this segment, a senior MeitY official said on Wednesday adding that a USD 2 billion digital economy is what India seriously needs. S Krishnan, Secretary of Ministry of Electronics & Information Technology (MeitY), while speaking virtually at the India Digital Summit (IDS) 2024 said the digital economy is expected to grow at a faster pace in the next few years.

“Semiconductors is the other big space. More companies are likely to come into the space…Our interest in semiconductors is open,” he said adding that in the next 5-10 years semiconductor manufacturing in the country is expected to come up in a big way. Continue reading “Domestic manufacturing of semiconductors is the next big space: MeitY Secy”

The world of spare parts management can be a labyrinthine maze for both Original Equipment Manufacturers (OEMs) and their dealer networks. Identifying and procuring the correct parts often involves navigating intricate menus, meticulously scouring technical specifications, and memorizing intricate part numbers – a process that is not only time-consuming but also prone to errors, ultimately leading to customer dissatisfaction.

Continue reading “Simplifying Parts Identification and Ordering: AI Enhancements in Intelli Catalog”

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”