US CARMAKERS
VinFast pushes ahead with Asia expansion, expects to open India plant ahead of schedule
VinFast in January signed an agreement with the Indian state of Tamil Nadu to invest as much as $2 billion in the country as it seeks to break into one of the world’s biggest auto markets. Work on the plant started in February, with an initial investment of $500 million.
European autos stocks hit on China tariff jitters
European autos stocks were the worst performing equity market sector on Wednesday, following a report that suggested there was potential for China to impose higher tariffs on cars.
Tesla 'silent'; yet to communicate its India plans: Official
American tech billionaire Elon Musk, who was scheduled to visit India on April 21-22, had postponed his visit at the last moment citing "very heavy Tesla obligations".
Will China become the cat among India's EV pigeons?
Chinese electric vehicles are causing concern in the US and Europe due to their affordability and efficiency. The US has responded by imposing tariffs on Chinese EVs and lithium-ion batteries. India may now become a target for Chinese EVs. Stellantis is considering manufacturing Leapmotor's electric vehicles in India to avoid tariffs.
Few Chinese electric cars are sold in U.S., but industry fears a flood
American automakers expressed their approval of the Biden administration's decision on Tuesday to levy a 100% tariff on electric vehicles imported from China. They stated that these vehicles could undercut billions of dollars of investments made in electric vehicle and battery manufacturing facilities in the United States.
Tariffs and timidity are driving US carmakers into a ditch
Biden's Inflation Reduction Act aims to boost the economy and shift to zero-emission cars. Ford, GM struggle with EV targets. Tesla cuts workforce, US EV sales rise modestly. Biden plans tariffs on Chinese clean tech, facing challenges ahead.
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China’s factory glut alarms the world but there’s no quick fix
Complaints about China's factory overcapacity are growing, but Beijing is hesitant to make changes that could harm its fragile economy. The EU criticized China for overproduction, urging action in the short term. China announced plans to slow expansion in the battery industry, but they are not binding. The country insists its industries are competitive due to innovation, not subsidies, and will continue supporting high-tech sectors despite international pressure. China's surplus production, stemming from a real estate slump, poses challenges.
Warning signs for Tesla in US as EVs surge
Tesla facing layoffs, sales decline, and executive exits. Competitors thriving, Musk's focus divided. Global EV sales increasing with supportive policies. The electric vehicle market evolving despite Tesla's challenges.
Wall Street indexes rise after strong jobs data
U.S. Labor Department data showed employers hired far more workers in March than expected and kept steadily lifting wages, suggesting the economy ended the first quarter on solid ground.
Biden and Xi discuss Taiwan, AI and fentanyl in a push to return to regular leader talks
US President Joe Biden and Chinese President Xi Jinping held a phone call discussing various issues like Taiwan, artificial intelligence, and security matters, aiming to restore regular dialogue between the two nations' leaders. The call follows their November summit, focusing on strengthening ties and cooperation.
Tesla appears unlikely to nix US suit alleging bias against Black workers
Judge Corley challenges Tesla's defense against EEOC's racial harassment lawsuit. Lack of evidence and details questioned. Lawsuit seeks damages and policy changes. Corley's ruling pending.
Baltimore bridge collapse will redirect cargo across the US
As local, state and federal officials focus on rescue efforts and wouldn’t speculate on how long the nation’s busiest automobile port might stay closed, logistics experts and economists started to assess the fallout.
Most new US cars to be EV or hybrids by 2032
Nearly three years in the making, the new tailpipe pollution limits from the Environmental Protection Agency would transform the American automobile market. A record 1.2 million electric vehicles rolled off dealers' lots last year, but they made up just 7.6 percent of total US car sales, far from the 56 percent target under the new regulation. An additional 16 percent of new cars sold would be hybrids.
Megacaps' rally lifts tech-heavy Nasdaq 1%
Wall Street rises on megacap growth stock rally, including Alphabet and Tesla, boosting Nasdaq. Markets reach all-time highs in March, but inflation concerns prompt investors to reevaluate rate cut expectations.
Joe Biden set to crack down on auto emissions to accelerate EV sales
Emissions limits set to be finalised by the Environmental Protection Agency within days would propel electric vehicle sales well beyond current levels. The EPA has projected that to meet proposed mandates, electric models would need to make up roughly two-thirds of car and light truck sales in 2032 - up from less than a tenth last year.
Buy local chips, China urges EV makers as US clash deepens
Chinese government urges EV manufacturers to boost local chip purchases through Ministry of Industry, aiming to reduce reliance on Western imports. Tender processes show preference for local suppliers even with lower price offers from foreign bidders. The ministry is now directly instructing firms to avoid foreign semiconductors if at all possible, said the people, who asked to remain anonymous discussing sensitive information.
European shares rise on earnings support; US inflation data in focus
European shares opened trade on a higher note on Tuesday, with support from strong corporate earnings, while investors awaited key U.S. inflation data for more clues on the Federal Reserve's interest rate-cut trajectory.
Carmakers raise FY24 sales growth projection to 8.2%
India's car industry has revised its growth projections to over 8%, driven by strong passenger vehicle sales and domestic consumption. The industry remains optimistic about growth, supported by low-interest rates, controlled inflation, and a fast-growing economy. Moody's raised its GDP growth forecast for India to 8% from 6.6%.
BMW taps humanoid startup Figure to take on Tesla's robot
This marks the first commercial deal Figure has signed since it was founded in 2022. While the company didn't disclose how many robots BMW will be using, the partnership will start with small quantities and expand if performance targets have been met, according to Brett Adcock, chief executive at Figure.
New EV policy in works, talks on with global carmakers: Official
The government is actively engaging with both domestic and international stakeholders to formulate a policy aimed at boosting the local production of electric vehicles (EVs). Discussions are underway to involve potential investors from countries like Germany, the UK, and South Korea.
Chinese carmaker BYD overtakes Tesla as world's most popular EV maker
In a sector still dominated by more familiar names like Toyota Motor Corp., Volkswagen AG and General Motors Co., Chinese manufacturers including BYD and SAIC Motor Corp. are making serious inroads. After leapfrogging the US, South Korea and Germany over the past few years, China now rivals Japan for the global lead in passenger car exports.
Chinese electric carmaker BYD posts record quarterly profit
The Shenzhen-based firm posted a profit of 10.4 billion yuan ($1.42 billion) for the July-September period, its highest-ever earnings during a single quarter and up 82 percent on-year, a statement to the Hong Kong Stock Exchange showed.
BMW is poised to become India's top luxury carmaker: Vikram Pawah, President
While maintaining leadership in the EV segment, BMW is actively expanding its presence in the premium luxury segment. This strategic move aims to secure the top position in the overall luxury car market, bolstered by leading segments like the entry-level SUV X1. In the Q3 of the ongoing calendar year, BMW India inches closer to the market leader, as per the data by Vahan portal. In a comprehensive interview with ETAuto, Vikram Pawah, President of BMW India, outlines the company's key strategies in terms of products and electrification."
Mass-market carmakers are making 'six airbags' a new norm for cars & SUVs in India
Once seen only in premium and luxury cars, six airbags are now becoming more accessible to and affordable for the average car buyer in India. The government last month clarified that six airbags were not mandatory (in India, two airbags are mandatory), leaving it to the customer to make a comparative assessment of safety while buying vehicles.
Gigacasting 2.0: Tesla reinvents carmaking with quiet breakthrough
Tesla is on the verge of a technological breakthrough that could revolutionize electric vehicle manufacturing and help lower production costs. The company has pioneered the use of giant presses to mold vehicle structures, and is now working on a method to die cast almost the entire underbody of an EV in one piece, reducing the number of parts needed.
Carmakers fail privacy test, give owners little or no control on personal data they collect
The proliferation of sensors in automobiles - from telematics to fully digitized control consoles - has made them prodigious data-collection hubs.
Chip shortage in Germany's car industry will last years: Audi's Renate Vachenauer
Berlin has been courting the world's largest contract chipmakers with billions of euros in subsidies. Chipmakers such as US Intel and Taiwan's TSMC this year announced plans to build factories in Germany.
Car companies gear up to celebrate festive season with a bang
Carmakers are expecting a record-breaking festive season in India due to supply chain strategies and the launch of more than a dozen new models. The latest period begins with Onam and Raksha Bandhan and finishes with Diwali and Bhai Dooj. The industry is expecting to see a million units delivered to customers, making it the highest in the three-month period. Hyundai has seen a boost in confidence due to strong Onam bookings of its micro SUV Exter.
Mercedes-Benz eyes 20 pc sales from pre-owned segment this year
"Still 18 to 20 per cent of our total car sales will come from used cars. So last year, if we did 16,000-odd cars, I will say 3,000 plus cars were used cars, about 20 per cent. Similar ratios will continue, I would say at 20-odd per cent," Mercedes-Benz India Managing Director & CEO Santosh Iyer told PTI.
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