AUSTIN, Texas, (Reuters) – Tesla has backed away from an ambitious plan for innovations in gigacasting, its pioneering manufacturing process, according to two sources familiar with the matter, in another sign that the electric-vehicle maker is retrenching amid falling sales and rising competition. Tesla has been a leader in gigacasting, a cutting-edge technique that uses huge presses with … [Read more...]
Toyota sales grow 32% to 20,494 units in April
Source : PTI | New Delhi: Toyota Kirloskar Motor on Wednesday said its wholesales increased 32% year on year to 20,494 units in April. The automaker had dispatched 15,510 units to its dealers in April 2023. The growth momentum was sustained despite a week-long maintenance shutdown from April 6 for upkeep of machinery and equipment to sustain operational efficiencies, productivity and safety, the … [Read more...]
Weak demand, new model ramp up hit Europe’s top automakers
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 … [Read more...]
Aston Martin losses balloon ahead of new model ramp up
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. Aston … [Read more...]
Electric cars pile up at European ports as Chinese firms struggle to find buyers
Source : PTI | China’s automotive industry has revolutionised over the past decade, from producing basic western clones to making cars that equal the world’s best. As the manufacturing powerhouse of the world, China is also producing them in huge volumes. However, Chinese cars are facing difficulties in finding buyers in Europe. Imported cars, many of which are Chinese electric vehicles, are … [Read more...]
India’s oil import bill could swell to USD 101-104 bn in FY25: ICRA
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 … [Read more...]
BP appoints Kartikeya Dube as India head
Source : PTI | New Delhi: BP on Tuesday announced the appointment of Kartikeya Dube as the new India head, replacing long-time executive Sashi Mukundan who is retiring. In a statement, the company said Dube has been appointed Head of Country (HoC) and senior vice president (gas and low carbon) for India with effect from July 1, 2024. “Sashi Mukundan, who has been with bp for over 42 years, of … [Read more...]
Hyundai Motor Group plans hybrid cars for India in strategy shift, sources say
Summary Auto group to launch first hybrid cars in India as early as 2026 Shifts strategy amid slow EV sales ramp-up in India Hyundai, Kia to compete in hybrid segment in India – analyst SEOUL/NEW DELHI, (Reuters) – Hyundai Motor Group plans to launch its first hybrid cars in India as early as 2026, three sources said, as the South Korean auto group shifts strategy to look beyond electric … [Read more...]
Musk lays off Tesla senior executives in fresh job cuts, The Information reports
(Reuters) – Elon Musk has dismissed two Tesla senior executives and plans to lay off hundreds more employees, frustrated by falling sales and the pace of job cuts so far, The Information reported on Tuesday, citing the CEO’s email to senior managers. Rebecca Tinucci, senior director of the electric vehicle maker’s Supercharger business, and Daniel Ho, head of the new vehicles program, will leave … [Read more...]
Tesla’s California registrations down second quarter in a row, dealer data shows
(Reuters) – Registrations of Tesla vehicles in California fell about 8% in the first quarter of 2024 for the second consecutive three-month period, according to data from the California New Car Dealers Association. The data showed about 50,000 new Tesla vehicles were registered in the state, one of the most important markets for the Elon Musk-led EV maker, in the quarter ended March 31. Globally, … [Read more...]
US opens probe into 130,000 Ford vehicles over hands-free tech
WASHINGTON, (Reuters) – The National Highway Traffic Safety Administration is opening an investigation into Ford Motor’s hands-free driving technology BlueCruise after two fatal crashes involving Mustang Mach-E SUVs striking parked vehicles, the agency said on Monday. The agency’s preliminary evaluation, into 130,000 2021-2024 Ford Mustang Mach-E vehicles is the first step to determine whether the … [Read more...]
Baidu, Tesla agree on mapping deal for FSD in China, sources say
BEIJING, (Reuters) – Baidu, China’s major internet search company, reached an agreement with Tesla to grant the car company access to its mapping license for data collection on China’s public roads, two people familiar with the matter said. The deal clears a final regulatory hurdle for Tesla’s driver assistance system, which Tesla calls Full Self Driving (FSD), to be offered in China, the sources … [Read more...]
In China, Elon Musk scores wins on the path to self-driving cars
Summary Tesla aims to being ‘Full Self-Driving’ system to China soon Key questions remain over whether Tesla can transfer data from cars in China overseas Such data transfers are pivotal to Musk’s ambitions to develop fully autonomous vehicles Signs of progress in China send shares up more than 16% BEIJING, (Reuters) – Elon Musk made progress towards rolling out Tesla’s advanced … [Read more...]
Mercedes unionization vote in Alabama will likely get a boost from UAW deal with Daimler Truck
DETROIT, (Reuters) – The United Auto Workers’ new labor contract with truck and bus maker Daimler Truck is likely to energize workers ahead of the union’s next target in the U.S. South – organizing a Mercedes-Benz auto assembly plant in Alabama. The tentative Daimler Truck contract, agreed to late on Friday, includes a 25% general wage increase over four years and, for the first time, … [Read more...]
Indian startup The ePlane to develop electric air taxi prototype by March 2025
PTI | New Delhi: Chennai-based startup The ePlane Company expects to develop a certifiable prototype of a flying electric taxi by March next year as it works on ways to alleviate urban congestion. Incubated out of the Indian Institute of Technology (IIT), Madras, the company also aims to initially commercialise its drones that can carry a payload of 2-6 kilograms in the coming months, according to … [Read more...]
149% surge in cases of mobile phone use while driving since Jan
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 … [Read more...]
Elon Musk visits China as Tesla seeks self-driving technology rollout
SHANGHAI/BEIJING, (Reuters) – Tesla (TSLA.O), CEO Elon Musk arrived in Beijing on Sunday on an unannounced visit, where he was expected to discuss the rollout of Full Self-Driving (FSD) software and permission to transfer data overseas, according to a person with knowledge of the matter. Chinese state media reported that he met Premier Li Qiang in Beijing, during which Li told Musk that Tesla’s … [Read more...]
Nigeria secures $600 million Maersk investment in seaport infrastructure
ABUJA, (Reuters) – Nigeria secured a $600 million investment in seaport infrastructure from Danish shipping company A.P. Moller-Maersk (MAERSKb.CO), the presidency said in a statement on Sunday. The investment was secured during a meeting between President Bola Tinubu and Moller-Maersk Chairman Robert Maersk Uggla on the sidelines of a World Economic Forum meeting in Saudi Arabia. “We believe in … [Read more...]
Elon Musk pursues self-driving approval on China trip as Tesla wins key endorsement
BEIJING, (Reuters) – Elon Musk pushed for China’s approval for Tesla to roll out advanced driver-assistance systems in a whirlwind trip to Beijing that ended on Monday, a step that could boost revenues at a time when Tesla is under pressure from Chinese rivals. Tesla CEO Musk arrived in the Chinese capital on Sunday where he was expected to discuss the rollout of Full Self-Driving (FSD) software … [Read more...]
SK Innovation Q2 profit tops forecast, battery unit eyes EV demand recovery
Summary SK Innovation Q1 tops forecast thanks to its petrochem business Co expects solid Q2 refining margin backed by travel demand, OPEC+ cut Battery unit maintains its target to reach breakeven in H2 SEOUL, (Reuters) – SK Innovation Co Ltd (096770.KS), said on Monday its SK On battery-making unit is on target to breakeven in the second half of this year after it posted a forecast-beating … [Read more...]
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