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...]
Automakers hope for a cut as two-way EV charging becomes real
Summary So far, few models can deliver V2G Technology still experimental, also faces regulatory hurdles Could help to balance power grid, but needs to be managed LONDON, (Reuters) – Automakers from General Motors to Volvo Cars, alongside utilities and charging app operators are calculating their financial cut as EVs that allow their owners to sell power back to grids become a more realistic … [Read more...]
Tesla expected to post lower profit margin amid doubts on growth, product strategy
(Reuters) – Tesla is expected to report its lowest gross profit margin in more than six years on Tuesday after a chaotic week that included major layoffs, vehicle price cuts and urgent calls by investors for clarity on product strategy. Tesla’s chief, Elon Musk, likely will face pointed questions from investors on the post-results conference call about the fate of the so-called Model 2, a low-cost … [Read more...]
Tesla cuts price of Full Self-Driving software by a third to $8,000
SAN FRANCISCO, (Reuters) – Tesla on Saturday slashed the price of its Full Self-Driving (FSD) driver assistant software to $8,000 from $12,000 in the United States, as CEO Elon Musk reaffirms his commitment to self-driving technology. Musk is betting the technology will become a major source of revenue for the world’s most valuable automaker. But he has for years failed to achieve the goal of … [Read more...]
China’s BYD names electric pickup truck BYD Shark
SHANGHAI, (Reuters) – Chinese electric vehicle maker BYD said on Monday its electric pickup truck will be called BYD Shark and will feature a plug-in hybrid system called Dual Mode Off-Road (DMO), which it developed for improving off-road driving experiences. BYD made the statement on its Weibo account but did not disclose the price for the truck. The announcement comes days ahead of the Beijing … [Read more...]
Hero MotoCorp inaugurates assembly unit in Nepal
Source : PTI | Two-wheeler major Hero Motocorp on Sunday said it has opened an assembly facility in Nepal in partnership with its distributor CG Motors. The facility will have a capacity of 75,000 units per annum and will bring new investments and create job opportunities in the region, Hero MotoCorp said in a statement. Four products, Xpulse 200 4V, Super Splendor, Splendor+ motorcycles and Xoom … [Read more...]
Cost, speed top priority for logistics sector: Last-Mile Trends Report 2024
Source : PTI | Cost and speed has now become the top priority of the firms engaged in logistics business for the last-mile delivery of goods and growth of the sector, a report has said. According to the Last-Mile Trends Report 2024, earlier the top priority was cost and satisfaction. “In last-mile delivery now top priority is cost and speed. The needle has shifted from cost and satisfaction to … [Read more...]
Tesla Semi trucks in short supply for PepsiCo as its rivals use competing EV big rigs
NEW YORK, (Reuters) – Key Tesla customer PepsiCo made initial payments for 100 Tesla Semis in 2017, intending to use the electric-truck fleet to haul its Cheetos, Lays potato chips and Pepsi soda pop to retailers. But according to the food-and-drinks maker and one of its executives with knowledge of the deal, PepsiCo was using only 36 of Teslas promised 100 electric trucks as of this month. The … [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...]
Bajaj Auto Q4 standalone PAT rises 35% to INR 1,936cr on strong sales
Source : PTI | New Delhi: Bajaj Auto on Thursday reported a 35% increase in standalone profit after tax at INR 1,936 crore for the fourth quarter ended March 31, 2024, riding on the back of robust sales. The Pune-based company posted a profit after tax (PAT) of INR 1,433 crore in the January-March quarter of 2022-23 fiscal. Revenue from operations rose by 29% to INR 11,485 crore for the fourth … [Read more...]
States sue to block US rules curbing tailpipe emissions in cars, light trucks
(Reuters) – Republican attorneys general from 25 states on Thursday sued the U.S. Environmental Protection Agency to block rules intended to reduce planet-warming emissions from cars and light trucks and encourage electric vehicle manufacturing, arguing the agency exceeded its legal authority. The lawsuit challenging the regulations for passenger vehicles, finalized on March 20 by President Joe … [Read more...]
Hyundai pauses ads on X over brand safety issues
(Reuters) – South Korea’s Hyundai said on Friday that it had paused advertising on X, formerly known as Twitter, and is speaking to the Elon Musk-owned social media platform directly about brand safety issues. It was not immediately clear why the auto giant had paused the advertisements on the site, and Reuters has sought a comment. Meanwhile, X did not immediately respond to a Reuters’ request … [Read more...]
Nissan cuts annual operating profit estimate by 14.5% on lower sales
TOKYO, (Reuters) – Nissan Motor slashed its annual operating profit estimate by 14.5% on Friday, citing lower-than-expected vehicle sales and other factors. Japan’s third-largest automaker by volume now estimates an operating profit of 530 billion yen ($3.43 billion) instead of 620 billion yen for the year that ended in March. Net profit is now estimated at 370 billion yen instead of 390 billion … [Read more...]
Chinese carmaker Chery says Spanish plant to be among main export facilities worldwide
BARCELONA, (Reuters) – Chinese carmaker Chery said on Friday a newly-acquired Barcelona plant will be one of its main exporting facilities worldwide, aiming to produce 150,000 vehicles a year by 2029 in a joint venture with Spanish firm EV Motors. Production will begin at the end of the summer at a plant that Japanese carmaker Nissan shut down in 2021. Chery (CHERY.UL) will start production of its … [Read more...]
WAF Auto News | The Auto World This Week (19th April 2024)
“WAF AutoNews” is World’s No.1 in World Auto News & Auto Think Tank !!Click Here to See for yourself. INDIA Nominations are Open for the One of the Most Desirable, Most Aspirational and Toughest Award in the Industry WAF MG Motor India plans to expand network in tier III, IV to drive next phase of growth WAF Volkswagen India Launches ‘Volkswagen Experiences’ To Elevate … [Read more...]
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