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”

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”