PARIS, (Reuters) – Production at three Stellantis assembly plants in Europe has been stopped for several days due to a strike at a plant run by supplier MA France, a spokesperson told Reuters. “Three sites have seen a production halt since the start of the week,” the spokesperson said, adding two are in France (Poissy and Hordain) and one in Britain (Luton). The Hordain plant makes vans and mini … [Read more...]
UPS, FedEx transition to electric vans slowed by battery shortages, low supply
LOS ANGELES/SAN FRANCISCO, (Reuters) – UPS and FedEx are facing uncertainty in U.S. supplies of big, boxy electric step vans they need to replace their gas guzzlers and make a dent in the country’s climate-warming tailpipe emissions. The path to electrification by the package delivery giants is critical to U.S. President Joe Biden’s transportation climate goals. Achieving that aim, however, is … [Read more...]
Tata Passenger Electric Mobility to supply 2,000 XPRES-T units to Vertelo
Source : PTI | New Delhi: Tata Passenger Electric Mobility on Wednesday said it has secured an order to supply 2,000 units of XPRES-T electric sedans from integrated fleet electrification platform Vertelo. The company, a unit of Tata Motors, has inked a non-binding memorandum of understanding, with Macquarie managed Vertelo for the delivery of EV units. The company will begin deliveries of the … [Read more...]
Polestar speeds plans to make more cars outside China as EU-China tensions rise
BEIJING, (Reuters) – Chinese-backed Swedish electric vehicle (EV) maker Polestar Automotive is accelerating efforts to produce more vehicles outside China in view of rising geopolitical tensions, its CEO said. Asked how Polestar is preparing for the possibility a European probe into Chinese-made EVs might lead to increased tariffs, Thomas Ingenlath said the automaker was exploring the idea of … [Read more...]
Volkswagen aims to keep China market share stable as price war rages
Summary Targets 15% market share in China by 2030 Expects to sell 4 million cars annually in China by 2030 Expects price war to continue BEIJING/FRANKFURT, (Reuters) – Volkswagen aims to keep its Chinese market share roughly stable until the end of the decade, the head of its China business said, betting heavy investment will support sales despite a raging price war with local electric vehicle … [Read more...]
GM CEO Barra compensation fell 4% in 2023 to $27.8 million
(Reuters) – General Motors CEO Mary Barra’s total compensation in 2023 fell 4% to $27.8 million, the largest U.S. automaker said Wednesday. The Detroit automaker also said GM President Mark Reuss’ total compensation in 2023 rose to just under $18 million, up from $14.3 million, while Chief Financial Officer Paul Jacobson’s compensation rose to $11.1 million last year, up from $10.2 million. GM … [Read more...]
Ford profit beats on commercial sales; EVs still dragging
(Reuters) – Ford Motor Co posted first-quarter earnings on Wednesday that beat Wall Street’s expectations, bolstered by a strong performance in its commercial vehicle division and an increase in its hybrid vehicle sales. The company said it expects to achieve the higher end of its projected annual guidance of $10 billion to $12 billion in earnings before interest and taxes. Ford shares rose more … [Read more...]
Reliance, JSW Neo Energy and 5 others bid for govt incentives to set up battery manufacturing units
Source : PTI | The government on Tuesday said it received bids from seven companies including Reliance Industries and JSW Neo Energy for production-linked incentives to set up battery manufacturing facilities of 10 GWh capacity with an outlay of INR 3,620 crore. The other bidders on the list included ACME Cleantech Solutions Private Limited, Amara Raja Advanced Cell Technologies Private Limited, … [Read more...]
Volkswagen India launches new variants – Taigun GT Line and GT Plus Sport
Source : PTI | German automaker Volkswagen has rolled out two new variants of its popular sports utility vehicle Taigun, the company said on Tuesday. Widening its product portfolio, the company has launched Taigun GT Line equipped with a 1.0L TSI engine at INR 14.08 lakh, while the Taigun GT Plus Sport 1.5L TSI will be available at INR 18.53 lakh, both ex-showroom prices. The two new variants were … [Read more...]
EU probes on Chinese subsidies and imports
Reuters – The European Union launched an investigation into China’s procurement of medical devices on Wednesday in a latest effort to protect home-grown manufacturers. It has also launched several probes into whether Chinese clean tech producers are dumping subsidised goods on its market and whether Chinese-owned companies unfairly benefit from subsidies while operating inside the EU. The European … [Read more...]
Volvo Cars sees good demand this year after higher Q1 unit sales
STOCKHOLM, (Reuters) – Swedish automaker Volvo Cars said on Wednesday it expects good demand for its vehicles this year after a rise in first-quarter unit sales, though operating earnings missed forecasts due to lower revenues and losses at its Polestar business. Operating income (EBIT) for the first quarter fell to 4.7 billion Swedish crowns ($434.78 million) from 5.1 billion a year ago on the … [Read more...]
Tesla to cut more than 6,000 jobs in Texas, California, notices show
April 23 (Reuters) – Tesla said it will lay off 6,020 employees in Texas and California ahead of its quarterly results on Tuesday when CEO Elon Musk is expected to outline the electric-vehicle maker’s strategy to combat slowing demand and falling margins. Last week, Tesla announced a more than 10% cut in its global workforce under pressure from dropping sales and an intensifying price war among EV … [Read more...]
Representation of women apprentices in manufacturing sector to touch 40% by year-end: TeamLease
Source : PTI | New Delhi: There has been a significant increase in demand for women apprentices in the manufacturing sector, as factories are increasingly adopting gender-agnostic recruitment practices, a sharp departure from traditional hiring norms and underscore the industry’s commitment to fostering inclusive work environments. According to staffing company TeamLease, in the past 8-10 months, … [Read more...]
Tesla shares rise ahead of quarterly results
(Reuters) – Shares of Tesla gained on Tuesday ahead of the electric car maker’s first-quarter results, with analysts expecting its lowest gross profit margin in more than six years due to price cuts and slowing demand. The stock rose 2.9% to $146.19 ahead of the report, due after the closing bell. Tesla also launched an all-wheel drive performance variant of the Model 3 on Tuesday, priced at … [Read more...]
Electric car sales to rise but affordability in focus, IEA says
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 … [Read more...]
Renault says new models to lift 2024 sales, confirms profit outlook
PARIS, (Reuters) – Renault expects its sales growth to accelerate this year as it launches a number of new models, the French automaker said on Tuesday, as it confirmed its profit margin and cash flow forecasts for 2024 and pushes ahead with cost cuts. Renault posted a 1.8% rise in first-quarter revenue on Tuesday, with high interest rates lifting sales at its financing arm and car sales volumes … [Read more...]
Tesla targeting about 400 voluntary job cuts in Germany
FRANKFURT, (Reuters) – Tesla is targeting around 400 job cuts at its German gigafactory near Berlin, or about 3% of the plant’s total workforce, it said on Tuesday, adding it was hoping to achieve this without forced layoffs. That is less severe than group-wide efforts to slash over 10% of Tesla’s more than 140,000 global employees, a response to an intensifying price war for electric vehicles … [Read more...]
UAW wins big in historic union vote at Volkswagen Tennessee factory
CHATTANOOGA, Tennessee, (Reuters) – Workers at Volkswagen’s Tennessee plant have voted to join the United Auto Workers, in a seismic victory for the union as it drives beyond its Detroit base into the U.S. South and West. A majority of eligible workers cast ballots in favor of the union, with the final tally on Friday at 2,628 to 985, or 73% for joining the UAW. The landslide win will make the … [Read more...]
Xiaomi CEO says will introduce production capacity, delivery plan for SU7 at auto show
BEIJING, (Reuters) – Xiaomi’s CEO said the company will offer more details about its production capacity and delivery plan for the SU7 vehicle at the Beijing Auto Show, according to a Weibo post on Monday. Lei Jun also said Xiaomi has started deliveries for the standard and MAX versions of the SU7 ahead of schedule. Reporting by beijing newsroom; Editing by Christopher Cushing Source: … [Read more...]
China’s state planner warns intensified EV price war on oversupply
SHANGHAI, (Reuters) – China’s state planner expects an intensified price war among automakers of electric cars and plug-in hybrids this year because of overhanging supply, among other issues, the government body said in a statement on Monday. The National Development and Reform Commission (NDRC) expected more than 110 new energy vehicle models among a total of 150 new cars launched this year, … [Read more...]
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