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No special policy for Tesla to seek incentives in India: Report

The government isn't looking to frame a separate policy for providing incentives to Tesla, PTI reported quoting a government official. "We told Tesla that the policies, which are already there for all...they can also apply under that production-linked incentives," the official said. Panasonic, Tesla's biggest supplier of batteries, is reportedly interested in making batteries in India.

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The government so far is not looking to frame a separate policy for providing incentives to US-based electric car maker Tesla, and the company can apply to avail support measures under existing schemes like PLI for auto and advanced chemistry cells, a government official has said. The government has already rolled out the production-linked incentives schemes (PLI) for advanced chemistry cell (ACC) battery storage with an outlay of Rs 18,100 crore and Rs 26,058 crore PLI scheme for auto, auto-components and drone industries. "We have told Tesla that the policies, which are already there for all, they can also apply under that PLI. They are welcome. Generally, the policy will be the same for all. For a single company, the government may not like to make separate policies. So far, there is no plan to give special treatment," the official said. "Representatives of Teslas biggest supplier of batteries Panasonic have met us and they have stated that they want to make batteries. We have suggested them to apply under PLI ACC batteries," the official added. The government last week announced the re-bidding of production-linked incentives for 20 GWh advanced chemistry cell manufacturing. The Ministry of Heavy Industries is holding a stakeholder consultation with industry representatives on July 24 for their inputs and suggestions before the start of the re-bidding process of the remaining 20 GWh capacity. The representatives of Tesla visited the country last month to meet officials of various ministries, including the Commerce and Industry Ministry. In 2021, the US-based electric car maker demanded a reduction in import duties on electric vehicles (EVs) in India. At present, cars imported as completely built units (CBUs) attract customs duty ranging from 60 percent to 100 percent, depending on engine size and cost, insurance and freight (CIF) value less or above $40,000. The worlds largest electric car producer Tesla Incs chief Elon Musk met Prime Minister Narendra Modi last month in New York. Musk, after meeting the Prime Minister, said he plans to visit India in 2024. "I am confident that Tesla will be in India, and we will do so as soon as humanly possible," Musk had said after that meeting. "We dont want to jump the gun on an announcement, but I think its quite likely that it will be a significant investment, a relationship with India, he had said. India, the worlds third-largest energy consumer, is pitching as an alternate destination for investment for US companies to capitalise on the growing chill between Beijing and Washington. Discover the latest business news, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!

BMW to locally produce e-vehicles in India: BMW Group India CEO

German luxury carmaker BMW will locally produce its electric vehicles in India, BMW Group India CEO Vikram Pawah said. "It's just a matter of time. There has to be...inertia of the volumes and stability. We're seeing good signs now," he added. BMW saw 8-9% of its sales in India coming from EVs in the first half of 2023, Pawah noted.

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Centre rejects China's BYD's $1-bn EV, battery plant plan: Reports

The Centre has rejected China's BYD and Hyderabad-based Megha Engineering and Infrastructures' (MEIL) plan for $1-billion plant to build EVs and batteries in India, according to reports. "Security concerns with respect to Chinese investments in India were flagged during the deliberations," an official told The Economic Times. Another official said existing guidelines don't permit such investments

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The government has rejected Chinese electric vehicle giant BYD Motors and Megha Engineering and Infrastructures Ltd (MEIL) plan to set up a $1 billion four-wheeler manufacturing facility in India. This website last week reported that BYDs proposal to tie up with Hyderabad-based MEIL for electric cars and batteries has hit a security roadblock, as the Centre was not keen to give the green signal to the Chinese entity to invest in India. Security concerns with respect to Chinese investments in India were flagged during the deliberations, an official familiar with the matter told the Economic Times. Another official said that the existing guidelines do not permit such investments. Also Read:BYD India partners Bajaj Fin for dealer finance, vehicle loans In its proposal to the Department for Promotion of Industry and Internal Trade (DPIIT), the venture made a pitch to manufacture up to 15,000 electric cars a year. MEIL was infusing money while technology and knowhow was to come from the Beijing-based company. Government nod needed Olectra Greentech, a unit of MEIL, has already developed two electric buses with technical support from BYD. Since April 2020, firms from land-border-sharing neighbours need approval to invest in Indian companies. A committee headed by the home secretary has to approve such proposals first. The step was made obligatory to check Chinese entities from bypassing rules to acquire companies in India following the Covid-19 pandemic and border skirmishes between the two countries. Also Read:BYD aims to be among top three e-PV players in India this year Furthermore, the DPIIT is already examining Chinese automakers having ties with Indian firms following allegations that some Chinese companies have joined proxy Indian partners to act as a front for them, without any strategic long-term purpose of moving manufacturing units to India, the report said.

Luxury car owners get repair bills worth lakhs amid heavy rains in Hyderabad

Luxury car owners in Hyderabad are facing repair bills worth lakhs of rupees despite insurance after their cars broke down in waterlogged areas of the city amid heavy rainfall. According to TOI, a BMW Series 3 Gran Limousine owner had to pay ₹15 lakh, whereas an Audi Q7 owner had to pay ₹18.6 lakh to get their cars fixed.

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Live TV news hyderabad Updated Jul 22, 2023, 11:00 IST Hyderabad Woman Delivers Baby Inside Bus, Conductor Aids Successful Birth Light Rain Expected In Hyderabad Today; Telangana Reports Normal Rainfall So Far Hyderabad Braces for Victory Rally of T20 World Cup 2024, Mohammad Siraj to Attend Procession; Check Locations 'Referred By...' Telangana Schools Introduce Column in Admission Forms with Options Like MP, MLA, Drunk Man Snatches Breathalyser From Hyderabad Cops And Flees, Police Finds Him Days Later After 'Medical Emergency' Claim, Laura Loomer Alleges Biden's Philadelphia Visit Canceled 'I Want To Open In T20Is': Shubman Gill Eyes Opening Slot Left Vacant by Virat Kohli & Rohit Sharma Bhole Baba, Incognito Since Hathras Stampede, Finally Breaks Silence On July 2 Incident | Video Trump Calls Kamala Harris 'Pathetic' But 'Better Opponent' In Leaked Video Anant Ambani-Radhika Merchant Sangeet: Ambani Ladies Set The Fashion Quotient Sky High In Custom-Made Ensembles Follow Us : 2024 Bennett, Coleman & Company Limited

18% GST applicable on charging of EV batteries, says Karnataka AAR

Charging electric vehicle (EV) batteries at public charging stations will attract a GST rate of 18%, the Karnataka Authority for Advance Rulings (AAR) has said. The activity of charging an electric vehicle involves conversion of electric energy to chemical energy and is not a supply of electricity or any moveable property, but a supply of service, the authority held.

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GST will be applicable at a rate of 18% on charging electric vehicle batteries at public charging stations, the Karnataka Authority for Advance Ruling said. The matter came up before the AAR when a power distribution company wanted to set up various public charging stations for charging EVs. The company said that it intended to charge tax and collect an electric vehicle charging fee, which would include two componentsenergy charges and service charges. Energy charge refers to the number of units of energy consumed. The primary issue that arose was whether the energy charges would be treated as a supply of goods or a supply of services, and if the former, whether the company could claim exemption under GST as the supply of electricitywhich is treated as a supply of goodsis exempt under the Act. Therefore, the question before the ruling authority was whether EV charging would be included under the category of supply of electricity or not. The AAR said that the activity of charging an EV involves charging a battery, i.e., the conversion of electric energy to chemical energy. Electricity, which is a moveable property and classified as a good, is not supplied to the consumer as such but is converted into chemical energy, which is received by the consumer in the EV battery, it said. While clarifying its stance, the AAR also referred to a clarification issued by the Ministry of Power, which said that charging an EV does not in any way include the sale of electricity to any person as the electricity is consumed within the premises owned by the charging station, which may be connected to the distribution system for receiving electricity. The ruling authority held that the activity of charging an EV is not a supply of electricity or a supply of any moveable property, but a supply of service. It ruled that supply of electrical energy and service charges together are to be treated as supply of service and would attract a GST rate of 18%. It also said that the company will be entitled to set off its tax liabilities against its input tax credits.

Fiat loses case as court allows Mahindra to sell Jeep's copy in US

Fiat Chrysler lost its renewed bid to block Mahindra & Mahindra from selling the redesigned Roxor off-road vehicle in the US after claiming the Indian automaker copied its Jeep's design. The Eastern District Court of Michigan ruled that Mahindra Automotive North America can keep producing, selling and distributing the post-2020 version of Roxor.

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(Bloomberg) -- Fiat Chrysler Automobiles NV lost its renewed bid to block Mahindra & Mahindra Ltd. from selling the redesigned Roxor off-road vehicle in the US after claiming the Indian automaker copied the design of its Jeep. The Eastern District Court of Michigan on July 19 ruled that Mahindra Automotive North America can keep producing, selling and distributing the post-2020 version of Roxor, the Mumbai-based company said in an exchange filing late Thursday. The court denied Fiats request to apply the safe distance rule on Roxor. The legal spat began after Fiat complained Roxor is a nearly identical copy of the Jeep, with some design elements such as boxy body shape with flat-appearing vertical sides and rear body ending at about the same height as the hood. In June 2020, the International Trade Commission said that while the Roxor doesnt violate Fiats trademarks, it infringes the trade dress a products look that distinguishes its source to consumers and recommended prohibiting the import and sale of Roxor parts, according to the filing. Mahindra contended that Roxors 2018 and 2019 models subject to the legal action were no longer in production and the 2020 version had a fresh look with further design changes planned. In December that year, the ITC said that the post-2020 Roxor doesnt infringe on the Jeep trade dress, modifying its previous order to exempt the redesigned Roxor from an import ban. More stories like this are available on bloomberg.com 2023 Bloomberg L.P.

5 businessmen who raced Lamborghini, Ferrari in Hyderabad booked, cars seized

Five businessmen and a driver have been booked for racing luxury cars, including a Lamborghini and a Ferrari, on city roads in Hyderabad. According to police, the men were testing the speeds and comparing the performances of these cars and indulging in rash and negligent driving. The police has seized the luxury cars, including an Audi and a Mercedes-Benz.

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Live TV news hyderabad Updated Jul 21, 2023, 09:06 IST Hyderabad Woman Delivers Baby Inside Bus, Conductor Aids Successful Birth Light Rain Expected In Hyderabad Today; Telangana Reports Normal Rainfall So Far Hyderabad Braces for Victory Rally of T20 World Cup 2024, Mohammad Siraj to Attend Procession; Check Locations 'Referred By...' Telangana Schools Introduce Column in Admission Forms with Options Like MP, MLA, Drunk Man Snatches Breathalyser From Hyderabad Cops And Flees, Police Finds Him Days Later After 'Medical Emergency' Claim, Laura Loomer Alleges Biden's Philadelphia Visit Canceled 'I Want To Open In T20Is': Shubman Gill Eyes Opening Slot Left Vacant by Virat Kohli & Rohit Sharma Bhole Baba, Incognito Since Hathras Stampede, Finally Breaks Silence On July 2 Incident | Video Trump Calls Kamala Harris 'Pathetic' But 'Better Opponent' In Leaked Video Anant Ambani-Radhika Merchant Sangeet: Ambani Ladies Set The Fashion Quotient Sky High In Custom-Made Ensembles Follow Us : 2024 Bennett, Coleman & Company Limited

Tata's UK gigaplant to supply its Jaguar Land Rover factories

Tata Group will build an electric vehicle battery plant in the UK to supply its Jaguar Land Rover (JLR) factories. Production is due to start in 2026 to supply JLR's future battery-electric models, including the Range Rover, Defender, Discovery and Jaguar brands. Batteries typically account for more than half of the value of an electric vehicle.

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Tesla directors pay $735 mn over claims they overpaid themselves

Elon Musk-owned Tesla's directors will return $735 million to settle claims from shareholders that they excessively overpaid themselves, according to a court filing. The directors, including Musk and Oracle Co-founder Larry Ellison, were accused of awarding themselves unfair and excessive compensation using 11 million stock options from 2017 to 2020. A retirement fund had filed the lawsuit.

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Tesla is for the West, says Ola's Bhavish as Tesla holds talks for India factory

Amid reports of Tesla holding talks to set up its first factory in India, Ola Co-founder and CEO Bhavish Aggarwal said, "Tesla is for the West, Ola is for the rest." Aggarwal said, "Ola Electric has grown and matured faster than I'd initially planned." The Elon Musk-led company is reportedly in discussions with the Indian government for an investment proposal.

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Elon Musk's Tesla manufactures its 1st Cybertruck

Tesla has started the production of its all-electric pickup truck named Cybertruck at the company's gigafactory in Texas. The truck was first unveiled in November 2019 and was initially supposed to go into production two years later. Sharing a picture of factory workers surrounding the first Cybertruck, Tesla CEO Elon Musk said, "Congrats Tesla Team!"

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(Bloomberg) -- Almost four years after Elon Musk first unveiled Tesla Inc.s debut pickup, the automaker has built its first Cybertruck. Tesla shared the development on its Twitter account, posting a photo of workers in vests and helmets gathered around the vehicle. When Musk first showed a prototype of the wedge-shaped pickup in November 2019, the plan was for production to start two years later. Musk has tempered expectations for how quickly Tesla will ramp up production, saying during the companys annual meeting in May that the trucks radical design poses challenges. Hes said the body of the pickup will be stainless steel, which can be expensive and difficult to shape and weld. Well make as many as people want and can afford, Musk said. Its going to be hard to make the cost affordable because it is a new car, new manufacturing method. So in the grand scheme of things, relative to the production rate of all the other cars we make, it will be small. But its still very cool. More stories like this are available on bloomberg.com 2023 Bloomberg L.P.

Centre not ready to allow EV, battery plant of China's BYD: Report

Centre isn't ready to allow China's BYD to set up an EV and battery factory in India in collaboration with Hyderabad-based Megha Engineering and Infrastructures Limited (MEIL), The Times of India reported. The unwillingness is due to Centre's stand to keep Chinese entities out of India over security concerns. Centre reportedly believes MEIL is a dummy entity in the deal.

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China's BYD seeks nod for $1-bn EV, battery plant in India: Report

China's BYD, world's largest producer of EVs and plug-in hybrid vehicles, has submitted a $1 billion investment proposal to build EVs and batteries in India with Hyderabad-based Megha Engineering and Infrastructures, Reuters reported. The longer-term plan is to build a full line-up of BYD-brand EVs in India. Tesla has also reportedly started talks to build an EV factory in India.

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China's BYD Co has submitted a $1 billion investment proposal to build electric vehicles and batteries in India in partnership with a local company, three people with direct knowledge of the plan told Reuters. BYD and privately held Hyderabad-based Megha Engineering and Infrastructures have submitted a proposal to Indian regulators to form an EV joint venture, the people said, asking not to be named because the application is private. The longer-term plan is to build a full line-up of BYD-brand EVs in India from hatchbacks to luxury models, one of the three people said. BYD, the world's largest producer of EVs and plug-in hybrid vehicles, did not immediately respond to a request for comment. The company previously said it planned to set up manufacturing in India, now the world's third-largest car market. India's commerce and heavy industries ministries did not immediately reply to a request for comment. BYD's push into India is part of its rapid global expansion to challenge Tesla, which still leads in sales of EVs alone. If the India investment is approved, it would give BYD a presence in all major global car markets with the exception of the United States.

Tesla talking to govt over bringing supply chain to India: Report

Billionaire Elon Musk-owned Tesla has held talks with the government to explore possibility of bringing its auto parts and electronics chains to India and getting SOPs and tax breaks, The Economic Times reported. "We asked them about their specific needs and also urged them to consider sourcing their needs from the Indian ecosystem," a senior government official said.

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Electric vehicle (EV) maker Tesla has held talks with the Indian government, exploring the possibility of bringing its auto parts and electronics chain to India and getting sops and tax breaks in the process. The US-headquartered electric vehicle maker has shown interest in bringing its own supply chain ecosystem to India, even as the government has asked the company to assess the existing auto components supply chain in the country, the Economic Times reported on July 13. Moneycontrol couldn't verify the report independently. After meeting PM Modi during his trip to the US last month, Tesla chief executive Elon Musk had said: "He (PM Modi) really cares about India because he's pushing us to make significant investments in India, which is something we intend to do." Musk also called himself a "fan of Mr Modi" and said that India had "more promise than any large country in the world". Also Read:Tesla's manufacturing presence worldwide We asked them about their specific needs and also urged them to consider sourcing their needs from the Indian ecosystem, a senior government official told the financial daily on condition of anonymity. But these companies have a well-oiled system of their suppliers. These are initial talks so we are hopeful of making some headway, the official pointed out. Further, Tesla US and Tesla India executives sought to know the structure of sops the company and its partners are likely to get to bring their manufacturing unit to India along with the supportive ecosystem, the report mentioned. Also Read:Tesla said to be planning Indias integration in global component supply chains Tesla executives held discussions with senior Indian officials and ministers in May this year on establishing a manufacturing base for cars and batteries in India. The world's largest electric car maker shelved its India entry plans because of high import tax structures. Also Read:Tesla held talks with India on auto incentives, battery making: Report Indias auto components industry, which accounts for 2.3 percent of the countrys GDP, is set to become the third-largest globally by 2025, according to the government.Tesla already buys about $100 million worth of steering wheel and other parts from India.

Elon Musk drives Cybertruck around US' Austin, shares pic

Tesla CEO Elon Musk tweeted an image of Cybertruck and said he drove the electric truck around Austin, US. The production of Cybertruck, which was unveiled in November 2019, has been delayed multiple times. Musk confirmed earlier this year that the truck will enter production "sometime this summer" but its volume production won't start until 2024.

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Jaguar Land Rover wholesale sales rise 30% to 93,253 in Q1

Tata Motors' Jaguar Land Rover's (JLR) wholesale volumes for the first quarter were 93,253 units (excluding the Chery Jaguar Land Rover China JV), which is 30% year-on-year rise. JLR will report full financial results for Q1 later in July. Based on preliminary cash balances, JLR expects to report positive free cash flow of over £400 million in the quarter.

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Bookings open for Honda Elevate in India, launch in Sep’23

Honda Cars India opened bookings for the Elevate SUV, the brand's most anticipated launch in 2023 for the Indian market. Elevate is part of Honda's global product line-up, and India will be the first country to launch this mid-size SUV during the festive season. It will launch in September 2023, along with the start of deliveries.

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* 1 498 *cc 16.92*Petrol (CVT) 6/7MT(Manual) / CVT(Automatic) Elevate Your Choice The Honda Elevate is perfectly designed to match your active and modern lifestyle. Honda SENSING is an Advanced Driver Assistance System (ADAS) designed to assist you to achieve safe driving. It minimizes the risk of accidents and in some cases, intervenes to avoid or lessen the severity of a collision. Honda SENSING uses a high performance front camera with a wide-angle, far-reaching detection system to help alert the driver and minimise risk of accidents. Elevate Your Style. The Elevate is the perfect symphony of bold, masculine and confident style. It means business but can also be free at a moments notice. Massive and sturdy grille design makes you standoutwherever you go. Unique tailgate design provides a wide and stable feel. Distinctive LED design that makes the car look bold yet elegant. Sharp LED headlights with long lighting areas provide clear visibility especially during the night. High-class finished alloy wheels to amplify the sense of boldness. Auto folding/unfolding side mirrors that add to your convenience. Designed to aid visibility in misty weather conditions. Freedom to explore a variety of difficult terrains with ease. Elevate Your Drive Configure your experience Add more features and accessories to take the driving experience to the next level Shakti Arora See Video You may also like The mileage offered by the New Honda Elevate SUV is 16.92 km/l* in (CVT) and 15.31 km/l* in (MT). The Honda Elevate is available in the following colours: Phoenix Orange PearlObsidian Blue PearlRadiant Red MetallicPlatinum White PearlGolden Brown MetallicLunar Silver MetallicMeteoroid Gray MetallicPhoenix Orange Pearl with Crystal Black Pearl RoofPlatinum White Pearl with Crystal Black Pearl RoofRadiant Red Metallic with Crystal Black Pearl Roof The boot space of the Honda Elevate is 458 litres. Heres a list of the primary safety features available in the Honda Elevate:6 Airbag SystemACE Body StructureLanewatch CameraHill Start Assist (HSA)Multi-angle Rear Camera with GuidelinesEmergency Stop Signal (ESS)Rear Parking SensorsVehicle Stability Assist (VSA) Agile handling assist Anti-Lock Braking System (ABS) with Electronic Brake-force Distribution (EBD)Auto Dimming Inside Rear View Mirror with Frameless DesigISOFIX Anchorages & Tether No, Honda Elevate is not available in diesel version. No, Honda Elevate is not available in LPG/CNG versions. 1.5L i-VTEC DOHC with VTC in Honda Elevate is available in CVT and 6-speed MT. Plot No. A-1, Sector 40/41, Surajpur- Kasna Road, Greater Noida Industrial Development Area, 201306 Distt. Gautam Buddha Nagar,Uttar PradeshCorporate No. U15114UP1995PLC099377

Maruti Suzuki shares cross ₹10,000 for the first time

Shares of Maruti Suzuki India crossed the ₹10,000 mark for the first time on Wednesday, marking a new record of ₹10,005. The stock snapped a two-day losing streak in the process. Wednesday's surge in the stock also took the company's market capitalisation past the ₹3 lakh crore mark.

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Motherson to buy 81% stake in Honda Motor arm Yachiyo Industry

Auto components maker Samvardhana Motherson International said it'll acquire an 81% stake in the four-wheeler business of Honda Motor subsidiary Yachiyo Industry. Yachiyo Industry is a publicly listed firm on Tokyo Stock Exchange. "As a part of...overall transaction, the 2W business will be transferred to Honda Motor before Motherson acquires 81% stake in Yachiyo's 4W business," Samvardhana said.

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Auto components maker Samvardhana Motherson International Ltd on Tuesday said it will acquire an 81 per cent stake in the four-wheeler business of Yachiyo Industry, a Honda Motor subsidiary. The company has entered into a partnership with Honda Motor under which it will form an 81:19 strategic partnership with the latter where both partners will drive the company towards a strong and sustainable future and be fully prepared for next-generation products and technologies, Samvardhana Motherson International Ltd (SMIL) said in a statement. Yachiyo Industry Co Ltd is a publicly listed firm on the Tokyo Stock Exchange. It is a subsidiary of Honda Motor Co Ltd. It has four-wheeler (4W) and two-wheeler (2W) businesses. "As a part of the overall transaction, the 2W business will be transferred to Honda Motor before Motherson acquires 81 per cent stake in Yachiyo's 4W business," the statement said. In a regulatory filing, the company said the cost of acquisition is at an "equity value of JPY 22.9 billion for 100 per cent stake subject to any adjustments in relation to above transaction." Yachiyo 4W supports Honda Motor in substantially all of its sunroof and fuel tank requirements at each manufacturing location, the statement said. "Sunroof systems have high growth potential globally due to an increase in demand and are expected to see a surge in application across all car segments," it said. Further, the transition to hybrid will continue to see the use of plastic fuel tanks. The trend of fuel cell powertrain is also aligned with Type-IV hydrogen storage tanks under advanced stages of development, it added. "These new product segments are in line with our increasing content per car strategy as well as our customer-centric approach. We believe this business will be highly synergistic with Motherson's existing portfolio as we see ample opportunities to grow this new business globally by leveraging our global relationships with automotive OEMs," Motherson Chairman Vivek Chaand Sehgal said. Yachiyo 4W business employs around 3,200 employees in its 13 manufacturing facilities and three R&D centres across 8 countries including the US, Brazil, Mexico, China, Japan, Thailand, Indonesia and India. It had reported a revenue of JPY 116 billion in FY23. Motherson said with its experience of working alongside a global OEM like Honda Motor and coupled with its own technologically advanced R&D capabilities, Yachiyo 4W is well positioned to cater to the evolving industry landscape and future mobility. Yachiyo 4W has developed multiple value-added next-generation products like lighter plastic tailgates and type-IV hydrogen storage tanks. "The close proximity to Honda Motor plants across the globe provides an opportunity to offer existing products of Motherson to Honda Motor globally," Motherson said, adding, post successful closure of the transaction it would become a partner of choice for Honda Motor. Discover the latest business news, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!

World's first ammonia-powered car engine unveiled by China's GAC

China's state-owned automobile manufacturer GAC said it has developed the world's first ammonia-powered car engine. "We've overcome the pain point of ammonia being difficult to burn quickly and put the fuel to use in the passenger car industry," GAC said. The 2.0-litre engine can safely burn liquid ammonia, producing 120 kilowatts of electricity and 90% less carbon emissions, GAC claimed.

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Live TV news auto Updated Jul 4, 2023, 11:49 IST Bajaj Auto Working On 100 Percent Ethanol-Powered Bike, Nitin Gadkari Confirms At Freedom CNG Launch Bajaj Freedom 125 CNG Bike: 5 Things That Make It Unique Bajaj Freedom CNG Bike Launched In India: Price, Range, Mileage, Variants Jaguar I-Pace EV Delisted From India Website, F-Pace Only Model On Sale MotoGP Confirmed To Be Back In India: UP Signs Agreement With Dorna Sports After 'Medical Emergency' Claim, Laura Loomer Alleges Biden's Philadelphia Visit Canceled 'I Want To Open In T20Is': Shubman Gill Eyes Opening Slot Left Vacant by Virat Kohli & Rohit Sharma Bhole Baba, Incognito Since Hathras Stampede, Finally Breaks Silence On July 2 Incident | Video Trump Calls Kamala Harris 'Pathetic' But 'Better Opponent' In Leaked Video Anant Ambani-Radhika Merchant Sangeet: Ambani Ladies Set The Fashion Quotient Sky High In Custom-Made Ensembles Follow Us : 2024 Bennett, Coleman & Company Limited

If Scorpio had flopped, the board would have fired me: Anand Mahindra

Mahindra Group Chairman Anand Mahindra, in a tweet, said that if Mahindra and Mahindra's Scorpio had flopped, the board would have fired him. "I owe my career to it," he added. "This trusty warhorse has always been at our side, ready to ride into battle with us," he stated, referring to the SUV.

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₹2.5 crore flying car becomes first to get US govt approval to fly

A flying car developed by Alef Aeronautics has become the first to receive approval from US government. Alef's 'Model A' has received a Special Airworthiness Certification from the Federal Aviation Administration, the company said. Priced at $300,000 (₹2.5 crore), the car is 100% electric, drivable on roads, has vertical takeoff and landing capabilities and can carry up to two occupants.

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Tata Motors hits 52-week high on JLR outlook, IPO nod to Tata Tech

Tata Motors' shares rose nearly 3% on Wednesday to hit a 52-week high of ₹589.30/piece driven by a strong growth outlook for its luxury arm Jaguar Land Rover (JLR) and the approval of an initial public offering for its subsidiary Tata Technologies. Global research and broking firm CLSA also raised Tata Motors' target price by nearly 8% to ₹690 apiece.

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Shares of Tata Motors jumped nearly 3 percent in afternoon trade on June 28 to hit a 52-week high of Rs589.30. Sentiment for the stock has remained upbeat on the back of a strong growth outlook for its luxury arm Jaguar and Land Rover (JLR) and the approval of the public offer for its subsidiary Tata Technologies. Adding tothe positive sentiment for the carmaker, global research and broking firm CLSA also raised the price target for Tata Motors by nearly 8 percent to Rs 690, which reflects an over 20 percent upside potential from Tuesday's closing price. CLSA believes strong execution, along with prudent cash management across businesses and a stable domestic demand for commercial vehicles (CV), is likely to aid growth for the company. "JLR's retail volumes continued to grow at a strong pace in May and EBIT (earnings before interest and taxes) margin for the vertical is likely to hit 6 percent in the current fiscal," the brokerage stated in its report. Baking that in, the firm has also raised its earnings estimates for Tata Motors by 11-18 percent for FY24-25 led by a higher margin for JLR and its CV business. Follow our live blog for all the market action Brokerage firm Motilal Oswal Financial Services alsochose Tata Motors as its top pick within the sector, thanks to its strong positioning which makes it a key beneficiary of the rising CV demand. At 1.25 pm, shares of Tata Motors were trading at Rs 585.95 on the NSE, up 2.24 percent from the previous close. Volumes were also strong as one crore shares of the carmaker changed hands on the exchanges, higher than the one-week daily traded average of 97 lakh shares. The Securities and Exchange Board of India approved the public offer of Tata Tech on June 27, making it the first IPO of a Tata Group company within the last 20 years. Tata Motors holds a74.69 percent stakein Tata Tech. The automobile major plans to sell 26.77 percent of its stake in Tata Tech and use the proceeds to reduce its debt which is seen as a positive among investors. Likewise, the stock has also skyrocketed around 51 percent in the year so far. Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Kia India recalls over 30,000 units of Carens for software update

Kia India has recalled 30,297 units of its Carens model that were manufactured between September 2022 and February 2023. The company said the recalled cars will be inspected and, if required, will get a free-of-cost software update. "The recall...has been initiated to inspect any potential error in...cluster booting process that may cause the cluster to go blank," the company said.

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Kia India on Monday said it is recalling over 30,000 units of its model Carens for a software update. The automaker is recalling a total of 30,297 units of the model manufactured between September 2022 and February 2023. The company conducts regular checks and rigorous testing of components, governed by brand's global standard, Kia India said in a statement. The company has initiated the recall campaign for vehicle inspection and, if required, a free-of-cost software update is also provided, it added. "The recall campaign has been initiated to inspect any potential error in the cluster booting process that may cause the cluster to go blank," the automaker stated. During this campaign, the company will take utmost care to minimise inconvenience to customers, it added. The company will directly reach out to the owners of the concerned vehicles to update them about this voluntary recall campaign, it noted. The customers of the affected vehicles would be required to contact their respective company authorised dealers to schedule an appointment, it said.

India to soon have ethanol-powered vehicles running at ₹15 per litre: Gadkari

Union Minister Nitin Gadkari said that India will soon have vehicles running entirely on ethanol. "I will launch Toyota Camry that will run 100% on ethanol and it will also generate 40% electricity," Gadkari said. "If you compare it with petrol, the average will be ₹15/litre because ethanol's rate is ₹60...while petrol costs ₹120/litre....plus it'd generate 40% electricity," he added.

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Curated By: Shahrukh Shah News18.com Last Updated: June 26, 2023, 17:14 IST The Union Road Transport and Highways Minister, Nitin Gadkari has been pushing electric vehicle culture in India to promote green mobility. Recently, the minister attended an event in Nagpur, where he shared the future plans for ethanol-powered vehicles. During the event, Gadkari said the country soon will have vehicles that will run fully on ethanol soon. While sharing the news, he also revealed thatleading car manufacturing company Toyota is all set to turn Camry into a fully ethanol-running car, which will hit the Indian market in August. He said by using this energy, it will create 40 percent of electricity. While addressing the gathering, the minister also revealed that two-wheeler manufacturers including TVS, Bajaj and Hero are also not behind in the race, and will introduce scooters that will run 100 percent on ethanol soon. Gadkari quoted If you compare ethanol with petrol, it will be Rs 15 per litre of petrol because ethanols rate is Rs 60 while the rate of petrol is Rs 120 per litre. Plus it would generate 40 per cent of electricity. The average cost of ethanol would be Rs 15 per litre. During the event, Gadkari alsoshared his conversation with the Mercedes Benz chairman. The minister said that the brand revealed its future plans for electric vehicles. He informed me that the luxury car manufacturer will be producing electric vehicles exclusively in the future. Meanwhile, Gadkari recently attended an auto event, where he talked about making ac a mandatory feature in truck cabins. The minister confirmed that he has signed a file that mandates air conditioning in truck driver compartments. He said the decision was taken to provide better well-being forpeople who drives the truck despite the high temperature in the cabin. About the Author Location: Nagpur, India Euro 2024 Highlights, Round of 16 in Photos: Netherlands Thrash Romania By 3-0, Turkey Beat Austria By 2-1 As Hathras Stampede Kills 116, Here's a Look At India's Worst Stampedes In Recent Years | In GFX Celebrating 50 Years of the Rubiks Cube: A Visual Tribute To Creator Erno Rubik Ismail Kadare: A Visual Story Exploring The Life Of An Albanian Literary Icon Anant Ambani-Radhika Merchant Wedding Countdown Begins With Mass Wedding For 50 Underprivileged Couples NEET PG 2024 Date Live Updates: When Will Revised Schedule be Announced? Check Latest News Cricket Viral Video: Virat Kohli Video Calls Anushka Sharma; Team India Set to Arrive in India on Thursday Morning Parliament Session LIVE: PM Narendra Modi Likely To Address Rajya Sabha Today ROM vs NED, Euro 2024 Ro16 Highlights: The Netherlands Progress With 3-0 Win Over Romania Hathras News LIVE: Death Toll Rises To 121; CM Yogi Adityanath On Way To Satsang Site Follow us on Download News18 App

Ready to support: K'taka govt on inviting Tesla to invest in state

The Karnataka government on Friday invited Tesla to invest in the state. Karnataka Industries Minister MB Patil said if Tesla considers setting up a plant in India, Karnataka, with its great potential and capabilities, is "The Destination". Karnataka stands ready to support and provide the necessary facilities for Tesla and other ventures of Elon Musk, including Starlink, the minister said.

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The Karnataka government on June 23 invited Tesla Inc, the worlds largest electric car maker, to invest in the state. Inviting leading electric car maker the US-based Tesla to set up its plant in Karnataka, State Large and Medium Industries Minister MB Patil said that the government would extend all the cooperation if the company decides to expand its operations here. The government pitched the stateasthe ideal destination for the companys expansion in India and said that the authorities here are ready to support the company and its ventures by providing the necessary facilities. "Karnataka is the ideal destination for Teslas expansion into India", the minister said, adding that Chief Minister Siddaramaiah and he extended their invitation to Tesla in "words and spirit. MB Patil said if Tesla considers setting up a plant in India, Karnataka, with its great potential and capabilities, is "The Destination. "As a progressive state and a thriving hub of innovation and technology, Karnataka stands ready to support and provide the necessary facilities for Tesla and other ventures of Musk, including Starlink (a low Earth orbit satellite internet provider)," the minister said. Patil highlighted that Karnataka is focused on being the hub for technology and 'Manufacturing 5.0, to propel the state for the next two decades. Tesla had said earlier this week that it is looking to make a significant investment in India. After meeting Prime Minister Narendra Modi in the US, Tesla chief Elon Musk said he saw India as holding more promise than any other large country around the globe. He also said that he plans to pay a visit to the country in 2024. "I am confident that Tesla will be in India and we will do so it as soon as humanly possible, Musk told reporters after the meeting. "We dont want to jump the gun on an announcement, but I think its quite likely that it will be a significant investment, a relationship with India. India, the worlds third-largest energy consumer, is pitching as an alternate destination for investment for US companies in a bid to capitalise on the growing chill between Beijing and Washington.

Want to make Tesla Autopilot as good as a local driver in India: Director Ashok

Tesla's Director of Autopilot Software Ashok Elluswamy tweeted, "It's been my secret ambition to make Tesla FSD (full self-driving) so good, that it works as well as a local driver even in India." Elluswamy's tweet came in response to Tesla CEO Elon Musk meeting PM Narendra Modi in US. Tesla will be in India soon, Musk said after the meeting.

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Ford planning another round of layoffs to reduce costs: Report

Ford Motor is reportedly preparing to initiate another round of layoffs in the coming weeks to streamline operations and reduce costs. As per Wall Street Journal, the cuts are expected to mostly include US salaried workers and impact Ford's gas-engine side of the business, its electric-vehicle and software division. Ford laid off around 3,000 employees in August 2022.

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San Francisco, June 23:US automaker Ford is preparing to cut more jobs as it directs more investments towards building electric vehicles (EVs). The fresh layoffs could be announced as soon as next week, according to The Wall Street Journal.The company laid off about 3,000 employees in August last year.Kia Carnival MPV Discontinued in India, Expected To Launch in Its Fourth-Gen Avatar. Ford CEO Jim Farley has said that the automaker has more work to do than its competitors to get costs in line. "Ford Motor is preparing to initiate another round of layoffs in the coming weeks, according to people familiar with the matter, the latest in a broader effort by the automaker to streamline operations and reduce costs," the report mentioned. Last month, Ford Motor reached an agreement with Elon Musk-run Tesla that will provide Ford electric vehicle customers access to more than 12,000 Tesla Superchargers across the US and Canada, doubling the number of fast chargers available to Ford EV customers starting in spring 2024. In 2025, Ford will offer next-generation electric vehicles with the North American Charging Standard (NACS) connector built-in, eliminating the need for an adapter to access Tesla Superchargers. In August 2022, Ford laid off about 3,000 employees and contract workers, with the cuts primarily affecting staff in the US, Canada, and India.Rolls-Royce Spectre, First Ever Electric Car of the Brand Unveiled; From Specs To Price, Heres All Key Details. "Building this future requires changing and reshaping virtually all aspects of the way we have operated for more than a century. It requires focus, clarity and speed. And, as we have discussed in recent months, it means redeploying resources and addressing our cost structure, which is uncompetitive versus traditional and new competitors," the company had said in a memo. Overall, the company had reduced its salaried workforce by about 2,000, as well as reduced agency personnel by about 1,000.s . Latestly.com, 2024

Govt to launch app showing EV chargers in 2 months: Report

NITI Aayog is likely to launch an application within the next two months that provides a consolidated view of EV charging and battery swapping stations, Moneycontrol reported citing a senior government official. The app will provide location and capacity of these stations. Additionally, the app will also allow interoperability as it'll show stations belonging to all companies.

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The government is likely to launch an app within the next two months that provides a consolidated view of electric vehicle (EV) charging and battery swapping stations. Among other things, the app will provide the location and the capacity of these stations, a senior government official told Moneycontrol. The development of the app and its launch is being led by NITI Aayog. Charging point operators and equipment manufacturers have all come on board to share the required information with the app, the official said. Due to a lack of interoperability, currently, a person with a particular brand of EV has a view of charging stations pertaining to only that specific make / model. Integrated solution Right now, if you have a Tata electric car, then the charging infrastructure of Tata will be visible to you. But on the new app, MG, Mercedes, EESL, etc., all the charging infrastructure will be visible. This will be available in two months, he said. Initially, the app will show information like charging station location, connectors, whether the charging station is operational, its capacity, etc. Alternating current electric. vehicle connectors deliver power from a charging station to the onboard charger of an electric car. The onboard charger converts alternating current to direct current and then feeds it to the electric vehicles battery pack. It will also show battery swapping stations and fast and slow chargers. The app will mention whether the charging station is open (o), or captive (c), or semi-public (sp). A charging station exclusively for the electric vehicles owned or under the control of the owner of the charging station like fleet owners is called captive. Semi-public charging stations are installed on private land but open to public use like visitor parking. Open or public charging stations are found street-side, at retail shopping centres, government facilities and parking areas. Later, the government intends to include features like booking and payment in the application", the official added. Currently, there are over 7,000 public charging stations. India needs a charging station for every 75 electric four-wheelers. Oil marketing companies have been allocated Rs 800 crore to install 22,000 fast chargers at fuel pumps under FAME (Faster Adoption and Manufacturing of Hybrid & Electric Vehicles). Many hotels have installed EV charging stations at their properties and have plans to add more to cater to the growing number of travellers with EVs. The Indian Hotels Company (IHCL) installed 224 EV charging stations at 92 of its properties last year, while Marriott International partnered with ChargeZone to install 100 charging stations. Other hotel chains are also ramping up their EV charging infrastructure.

Ola Electric starts construction of 100 GWh gigafactory in TN

Electric vehicle company Ola Electric on Wednesday commenced the construction of a 100 GWh gigafactory at its manufacturing facility in Tamil Nadu's Krishnagiri. Ola Founder and CEO Bhavish Aggarwal took to Twitter and said, "Installed our first pillar at the Ola Gigafactory. So proud and excited about the work our team is doing to make India a global EV hub."

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AC in all truck cabins mandatory from 2025

Union Transport Minister Nitin Gadkari has said that air-conditioned cabins will be made mandatory in all truck cabins by 2025. "Our drivers operate vehicles in temperatures between 43 and 47 degrees," the minister said. "Some people opposed this decision saying that it will increase the truck's manufacturing cost...but I have already signed the file to bring this change," Gadkari said.

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Hyundai to invest over $85 billion by 2032, boost EV production

Hyundai Motor has announced it plans to invest over $85 billion in the period through 2032. It said it will allocate around a third of this towards the electric vehicles market to meet a "seismic change" in the industry. The South Korean automaker added that it is targeting the sale of two million EV units annually by 2030.

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Suzuki to temporarily close car plants in Pak amid import curbs

Pakistani subsidiary of Japanese automaker Suzuki has decided to keep its motorcycle and automobile plants in Pakistan closed from June 22-July 8 due to import restrictions, which affected inventory levels. This comes a week after Suzuki resumed operations at its four-wheeler unit in Pakistan that was shut for over 75 days. Its bike plant was closed from May 23-June 16.

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Nissan's ex-CEO Carlos Ghosn sues automaker for $1 bn over ouster

Nissan's former CEO Carlos Ghosn has filed a $1-billion lawsuit against the Japanese automaker and connected individuals for ousting him in 2018 and arranging his arrest over alleged financial misconduct. Ghosn filed the lawsuit in Lebanon, where he has lived since escaping from Japan in 2019 to flee trial. In 2020, Nissan sued Ghosn for $90 million in monetary damages.

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Carlos Ghosn, the former head of Nissan Motor Co., sued the Japanese automaker and connected individuals for ousting him in 2018 and arranging his arrest for alleged financial misconduct, claiming more than $1 billion for deep damage to his finances and reputation. The former auto executive, who forged Nissans carmaking alliance with Renault SA and Mitsubishi Motors Corp., filed his claims with the public prosecutor in the Court of Cassation in Lebanon, where he has lived since his dramatic escape from Japan in late 2019 to flee trial. The lawsuit, seen by Bloomberg News, was submitted on May 18 and translated into English from Arabic. The arrest of Ghosn, 69, sent shockwaves through the global auto industry and unleashedturmoilwithin Nissan that continues to this day. Ghosn has minced few words criticizing Nissan and Japans legal authorities for removing him from the worlds biggest automaking alliance. He still faces criminal charges in Japan for what prosecutors describe as a plot to underreport his compensation, as well as acivil lawsuitfiled by Nissan in a court in Yokohama seeking monetary damages. The serious and sensitive accusations against me will linger in peoples minds for years, Ghosn asserted in the lawsuit, saying he will suffer from them for the remainder of his life, as they have persistent and lingering impacts, even if based on mere suspicion. The lawsuit claims $588 million in lost compensation and costs, as well as $500 million in punitive measures. Nissans shareholders also suffered losses after the company squandered itsfirst-mover advantagewith respect to electric vehicles. Ghosn isno longera shareholder in the Japanese company. Ghosn was sent by Renault in 1999 to turn around the Japanese carmaker, which had been struggling before receiving a cash injection from the French company. He later became chief executive officer of both companies and chairman of the alliance. The lawsuit also makes claims against at least a dozen people, including: Hari Nada, a Nissan employee seen as one of the keyinstigatorsof the plot to oust Ghosn Hidetoshi Imazu and Hitoshi Kawaguchi, two senior Nissan managers withearly involvementin Nissans actions against Ghosn Toshiaki Onuma, a manager in the CEOs office, who along with Nada, agreed to cooperate with Japanese prosecutors to avoid prosecution Masakazu Toyoda and Motoo Nagai, two Nissan board members A representative for Nissan said the company hasnt yet received the lawsuit or is aware of it, and therefore cant comment or make anyone available for comment on Ghosns claims. The lawsuit includes other individuals and entities, which have not yet been served, according to Ghosns legal representative. Lebanons public prosecutor has set a hearing for September. Authorities in Lebanon can request cooperation from their Japanese counterparts to investigate Ghosns assertions. Its not clear whether Japans judicial system, which Ghosn has said is rigged and violates the most basic principles of humanity, would be willing to cooperate with authorities in Lebanon, which doesnt extradite its citizens. In 2020, a UN panel found that Ghosns detention in a Japanese jail for more than 100 days was neither necessary nor reasonable and violated his rights. The decision to arrest Ghosn four times in a row so as to extend his detention was fundamentally unfair, according to the United Nations Human Rights Councils Working Group on Arbitrary Detention. The 18-page claim includes Ghosns plan to bring Nissan, Renault and Mitsubishi Motors under a grand alliance with Fiat Chrysler, which he says fueled concerns within Nissan in early 2018 that he was seeking to make the partnership irreversible. Nada and others then laid the groundwork to have Ghosn arrested in order to remove him from Nissan and the alliance, according to the former auto executive. Ghosn also described his intentions for taking a voluntary pay cut in 2011 after new disclosure rules in Japan triggered efforts to find legal means to retain and pay him during retirement. Those plans eventually became the basis for the arrest of Ghosn and Greg Kelly, a former Nissan director who was involved in the salary discussions. A trial verdict last year exonerated Kelly of most charges and imposed a fine on Nissan. The former auto executive described how he received job offers by Volkswagen AG, Ford Motor Co. and a more lucrative salary to join General Motors Co., but decided to stay with the alliance following the 2008-2009 global financial crisis. Ghosn said the efforts within Nissan to find ways to compensate and keep him were criminalized because that was the only means found by the conspirators to get rid of him as the chairman of the board of directors. Nada and others then waged a defamation campaign to tarnish his image, Ghosn asserts in the lawsuit. The claim also details the involvement of the Japanese and French governments, the purge of certain people from Nissan following Ghosns arrest, issues with the companys internal investigation into the matter and damage done to shareholders as a result of the actions. In a way, the lawsuit is the crystallization of Ghosns efforts to clear his name following his arrival in Lebanon, where in early 2020 he held anepic news conferencedenouncing his arrest. The former auto executive spent part of his childhood in the country and lives in a house that was bought and restored by Nissan, which he had planned to buy from the company upon retirement. They cannot plot a lie and cheat and get away with it, Ghosn said by telephone from Beirut. This is just a small response to the damage they created. I dont think they can right the wrong, because the damage is so deep this is intended to repair part of the damage that has been done.

Tata Motors shares trade at 7-year high, top performer on Nifty 50

Tata Motors shares are trading at a seven-year high and are also the best performer on the Nifty 50 index in 2023 with gains of nearly 40%. The stock had gained over 2.5 times in 2021 before a sluggish 2022. Last month, Tata Motors became India's second private company after Reliance Industries to cross the ₹1 lakh-crore revenue mark.

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What are the features of 'Armado', India's 1st Armoured Light Specialist Vehicle?

Mahindra Defence has begun deliveries of the 'Armado', India's first Armoured Light Specialist Vehicle made for the country's armed forces. The fully-indigenous modular vehicle has ballistic protection up to the B7 level and STANAG Level II. It comes with multi-layered ballistic glass and a gun hatch. Armado's maximum speed is 120 kmph and acceleration is 0-60 kmph in 12 seconds.

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Taking immediate action: Tata as parked BEST AC e-bus catches fire

A parked electric air-conditioned bus of civic-run BEST caught fire at a depot in Mumbai's Malvani on Friday afternoon, a BEST spokesperson said. The fire started in the AC unit installed on the bus' roof, a civic official said. Confirming the incident, Tata Motors said, "We've taken immediate action and will...work...to identify the cause and accordingly take remedial actions."

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Published By: Paras Yadav PTI Last Updated: June 17, 2023, 12:40 IST An electric air-conditioned bus of the civic-run Brihanmumbai Electric Supply and Transport (BEST) caught fire while parked in a depot in suburban Malvani on Friday afternoon, an official said. Nobody was injured in the incident. The fire started around 2.55 pm on the rooftop of the single decker e-bus manufactured by Tata Motors, said a BEST spokesperson. Also Read:Ashok Leyland Inks Partnership with Aidrivers for Autonomous Electric Terminal Trucks The fire brigade was called immediately and the fire was doused," he added. The bus, hired from a private contractor, had completed a 53 km run since Friday morning on route no 359 and arrived at the depot around 1 pm, the spokesperson said. Officials are investigating the cause of the fire," he added. A civic official said the fire started in the AC unit installed on the roof of the bus. As the bus was empty, nobody was injured, he added. In a statement Tata Motors confirmed the incident. We have taken immediate action and will closely work with the local authorities to identify the cause and accordingly take remedial actions," the firms spokesperson said. (This story has not been edited by News18 staff and is published from a syndicated news agency feed - PTI) About the Author Location: Mumbai, India Anant Ambani, Radhika Merchant Sangeet: Ananya Panday, Janhvi Kapoor, Disha Patani Add Glamour Alia-Ranbir, Kiara-Sidharth, Natasha-Varun: Celeb Couples at Anant Ambani-Radhika Merchant's Sangeet Night Anant Ambani And Radhika Merchant's Sangeet Photos Are Here: Check Out Here 7 Lesser-Known Wimbledon Trivia and Facts Team India's Victory Parade in Mumbai, in Photos: Marine Drive to Wankhede Stadium POR vs FRA, Euro 2024 Quarterfinals Highlights: France Oust Portugal on Penalties ESP vs GER, Euro 2024 Quarterfinals Highlights: Spain Pip Germany to Semis IND-W vs SA-W 1st T20I Highlights: South Africa Beat India by 12 Runs CTET Admit Card July 2024 Live Updates: Hall Ticket Released at ctet.nic.in; Check Exam Pattern Jharkhand CM Oath Taking: Hemant Soren Takes Oath As Chief Minister For Third Time Follow us on Download News18 App

Vehicle autonomy 'main driver' of Tesla's market value: CEO Musk

Tesla CEO Elon Musk, while speaking at an event in Paris, said he believes that autonomy is the "main driver" of the brand's market value. "Although I've said this before, I think we will solve autonomy soon," the billionaire further said. Tesla's current driver assistance systems, Autopilot and Full Self-Driving, enhance convenience but are not fully autonomous.

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Published By: Rohit Reuters Last Updated: June 17, 2023, 01:13 IST Tesla is close to achieving fully autonomous vehicles, CEO Elon Musk said during a visit to Paris on Friday, adding autonomy was the main driver" of the brands market value. The companys shares rose by as much as 3% to their highest level in more than eight months. The worlds most valuable automaker, Tesla has a market capitalisation of around $800 billion, but for years has missed Musks targets to achieve full self-driving capability. Although Ive said this before, I think we will solve autonomy soon," the billionaire told the VivaTech conference. The value of the company is primarily on the basis of autonomy," Musk told the Paris event. Thats really, I think, the main driver of our value." The electric car manufacturer says that what it calls Full Self-Driving" software does not make its vehicle autonomous and requires driver supervision. Earlier on Friday, Musk met French President Emmanuel Macron for the second time in just over a month. French officials are hoping to convince Musk to pick France for the construction of his next Tesla gigafactory in Europe. He also had lunch with Bernard Arnault, the head of luxury goods giant LVMH, and two of his sons, Antoine and Alexandre, according to a source familiar with the matter. Arnault and Musk have taken turns to be the worlds richest person, with Musk snatching the lead in recent weeks after a sell-off in luxury and a rally in Tesla stocks. (This story has not been edited by News18 staff and is published from a syndicated news agency feed - Reuters) About the Author Location: Paris, France Euro 2024 Highlights, Round of 16 in Photos: Netherlands Thrash Romania By 3-0, Turkey Beat Austria By 2-1 As Hathras Stampede Kills 116, Here's a Look At India's Worst Stampedes In Recent Years | In GFX Celebrating 50 Years of the Rubiks Cube: A Visual Tribute To Creator Erno Rubik Ismail Kadare: A Visual Story Exploring The Life Of An Albanian Literary Icon Anant Ambani-Radhika Merchant Wedding Countdown Begins With Mass Wedding For 50 Underprivileged Couples NEET PG 2024 Date Live Updates: When Will Revised Schedule be Announced? Check Latest News Cricket Viral Video: Virat Kohli Video Calls Anushka Sharma; Team India Set to Arrive in India on Thursday Morning Parliament Session LIVE: PM Narendra Modi Likely To Address Rajya Sabha Today ROM vs NED, Euro 2024 Ro16 Highlights: The Netherlands Progress With 3-0 Win Over Romania Hathras News LIVE: Death Toll Rises To 121; CM Yogi Adityanath On Way To Satsang Site Follow us on Download News18 App

No communication from govt: Hero amid fund diversion probe reports

Hero MotoCorp said it has not received any communication from the government after reports said Corporate Affairs Ministry has ordered an investigation into its relationship with a third-party vendor in a case related to alleged diversion of funds. "We will provide all information, if and when it is sought from us by any regulatory authority," a Hero MotoCorp spokesperson said.

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Apple iPhone maker Foxconn to set up EV plant in India: Reports

Apple iPhone maker Foxconn is planning to set up an electric vehicle factory in India and is in talks with some state governments in this regard, according to reports. An Indian delegation is reportedly set to meet Foxconn executives for discussion. While Foxconn is reportedly keen on setting up the plant in Maharashtra, it may consider Tamil Nadu.

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#1. Listed public sector companies to pay government record Rs 63,000 crore dividend The government is expected to net an all-time high equity dividend of Rs 63,056 crore from 67 listed public-sector undertakings for 2022-23, based on final dividends proposed by these companies for the year ended March. The amount is 24.7 percent higher than the dividend of Rs 50,583 crore the government garnered in 2021-22. The amount could rise further since because a few such as Gail (India), Hindustan Copper, and Balmer Lawrie are yet to declare dividend. Why its important: The record dividend from listed state-owned will provide the government additional dry powder to upscale public expenditure in an election year without widening the fiscal deficit. #2. Key local market gauge indicates interest rates may stay high for longer The rates for overnight indexed swaps, a key indicator of how the Reserve Bank of India may act on policy rates, have climbed over the past eight days, reversing earlier optimism that rates were likely to head lower in the last quarter of 2023. The reset in domestic interest rate expectations have been driven are policy statements by the Indian central bank and the US Federal Reserve on June 8 and 14, in which both flagged concerns over persistent inflation. Why its important: The important market gauge is now penciling in a reduction in the cost of borrowing funds only in April next year. Inflation is simply not cooling fast enough to warrant an immediate easing of monetary policy in the near term. #3. Exports decline for fourth straight month; trade deficit widens to five-month high Indias merchandise exports in May contracted for a fourth straight month as external demand remained slack on a slowdown in its key markets, commerce ministry data showed. Outbound shipments declined 10.31 percent on year to $34.98 billion, and imports fell 6.59 per cent to $57.10 billion. External trade contracted for a fifth consecutive month amid cooling commodity prices and Indias policy to substitute inbound shipments. It led to the trade deficit widening to a five-month high of $22.12 billion in May. Why its important: The headwind to Indias external trade is expected to continue due to an economic slowdown in the key markets in the West and elsewhere. #4. Singapore Airlines may gradually raise its stake in Air India to 40 percent Singapore Airlines may gradually raise its stake in Air India from the current 25.1 percent to about 40percent. The carrier and the Tata group have held initial talks regarding the potential increase in stake in response to a request from the Singapore-based airline. The proposal is still at an early stage. Why its important: Air India would welcome such a move as it seeks to take on domestic market leader IndiGo and compete with other global carriers popular with Indians for overseas travel. #5. iPhone maker Foxconn may build an electric vehicle factory in Indian in 2023 Foxconn is looking to enter the electric vehicle manufacturing sector in India. The Taiwanese contract manufacturer has been in talks with some state governments to further its plans. Foxconn has said in its annual report that India will assist with the establishment of a production line this year to provide two-wheeled electric vehicle manufacturing services that will cater to the market in Southeast Asia. Why its important: It is the first time Foxconn has articulated its ambitions of manufacturing electric two-wheelers in India on the back of a rapidly growing market in the country and southeast Asia. #6. Transamerica cancels $2 billion contract with TCS to focus on insourcing IT services Tata Consultancy Services $2 billion, 10-year deal with US arm of Dutch insurer Aegon has been scrapped five-and-a-half years after Transamerica Life Insurance company selected Indias largest IT services company. Transamerica plans to cut its dependence on third-party IT services firms such as TCS, choosing to do much of the IT work on its own. Why its important: Losing a marquee client would be seen as a setback although the financial impact will be minimal as TCS will have concluded about eight years of the contract period before its ends prematurely. #7. Reliance Industries to raise $2 billion in dollar loans to fund business expansion Reliance Industries is in talks with lenders for a foreign currency loan of up to $2 billion to fund the ongoing expansion of its oil to telecom business. The firm controlled by Mukesh Ambani intends to use Indias dedicated external commercial borrowing route to secure the loan. The facility may have a maturity period ranging between three to five years and the proceeds will be used for capital expenditure and to refinance a loan that matures in September. Why its important: Reliances recent activity towards expansion of its various businesses has been driven by huge borrowings after the conglomerate achieved net debt zero status in 2020. It is in a strong position to secure loans at favorable terms. #8. Two-wheeler demand in rural market sees resurgence after a few years Demand for motorcycles and scooters has remained weak in the Past few years amid a rise in acquisition costs and the economic impact of the pandemic. It has now started picking up, propelled by a turnaround in consumer sentiment in rural markets, industry executives said. The sector expect sales to grow in double digits in the current financial year, largely driven by pent-up demand in rural areas that account for about 55 percent of two-wheeler sales in the country. Why its important: Better farm output, an increase in the minimum support price for the autumn harvest announced last week and state spending on rural development are expected will help increase disposable incomes in rural areas, leading to a spurt in demand. #9. Willful defaulters in India to get loans only after five years of settlement Indias banks will be allowed to provide loans to willful borrowers and defaulters after five years of a compromise settlement. Debt restructuring will be allowed only if there is a change in promoters. The Reserve Bank of India had issued circular on compromise settlement with borrowers, including willful defaulters and accounts. Why its important: The move by the central bank will make defaulting on loans ore expensive in terms of opportunity cost for borrowing firms, compelling them to work harder to service loans regularly. #10. Market leader IndiGo improves share after Go First halted operations IndiGo has registered its highest ever domestic market share of 61.4 percent in May, capitalising on Go First suspending flights. Domestic airlines flew a record 13.2 million passengers in May, improving on the December 2019 figure of 13.01 million. IndiGo flew more than 8.1 million passengers and registered a 61.4 per cent share, official data showed. Why its important: Despite persistent complaints of poor service quality, IndiGos on time performance and multiple flight options has made it a passenger favorite for domestic air travel.

Hero MotoCorp being probed over alleged diversion of funds: Report

Corporate Affairs Ministry has ordered an investigation into Hero MotoCorp's relationship with a third-party vendor in a case related to alleged diversion of funds and formation of shell companies, Reuters reported. The investigation will try to ascertain if the company controlled the third-party vendor. The ministry will also reportedly investigate affairs of Salt Experiences and Management.

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Mahindra, Hinduja join bid to buy MG Motor India stake: Report

Automobile maker Mahindra and Mahindra and Hinduja Group, Ashok Leyland's promoter, have joined the bid to buy a stake in MG Motor India, a wholly-owned subsidiary of China-headquartered SAIC Motor, CNBC-TV18 reported. MG Motor India is reportedly holding talks with Mahindra Group over the stake sale. Interested firms are also seeking Centre's view over MG Motor India's Chinese ownership.

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Sajjan Jindal to acquire 48% stake in MG Motor India: Report

A company owned by JSW Group Chairman Sajjan Jindal will reportedly acquire 45-48% stake in MG Motor India, the Indian subsidiary of Shanghai-based SAIC Motor. His acquisition would make the company an Indian entity. In addition to Jindal, Indian dealers and employees will own 5-8% of MG Motor India. Hence, 51% of the subsidiary will be under Indian control.

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Sajjan Jindal, chairman and managing director of JSW group of companies, is reportedly set to own between 45 and 48 percent of carmaker MG Motor India, which is a wholly owned arm of the Shanghai-headquartered SAIC Motor, according to the Economic Times. His majority acquisition would make the company into an Indian entity, withthe dealers and Indian employeesowning around 5-8percent. The parent company, SAIC, will hold on to the remaining percentage, the ET reportcited multiple sources in the know. Also Read: MG Motor aims to boost local manufacturing & investment in India, plans IPO by 2028 This acquisition plan will ensure that at least 51% of the company will be in Indian control, whilethe Chinese will become aminority partner with a maximum holding of 49%. The report also mentioned that JSW group'slisted entities JSW Steel and JSW Energy will not have any exposure to this venture. Also Read: Appoint Indians as CEOs, COOs', Centre tells Chinese handset manufacturers As part of this transition, the top management and board of the company will have a larger share of Indians. This potential acquisition comes at a time when the Indian government has reportedly asked Chinese smartphone makers to appoint Indian chief executive officers, chief operating officers, chief financial officers, and chief technical officers for their Indian operations. Additionally, the government has also directed them to appoint Indian contract manufacturers, expand local manufacturing down to the component level through joint ventures with Indian businesses, and hire local distributors. At present, there are Chinese distributors for some of these companies that are operating in India.

Tesla factory location in India to be finalised by yr end: Report

The location where billionaire Elon Musk's EV maker Tesla will set up its factory in India may be finalised by this year's end, ET Now reported. Apart from a manufacturing facility, Tesla will reportedly also set up a vendor base after the Indian government asked it to do so. Vendors will reportedly be onboarded before the plant is established.

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TVS Motor Singapore to acquire 25% stake more in Swiss E-Mobility

TVS Motor (Singapore), a subsidiary of TVS Motor, has agreed to acquire an additional 25% stake in Swiss E-Mobility Group (Holding) (SEMG) based in Switzerland. After the acquisition, SEMG will become a wholly-owned subsidiary of TVS Motor (Singapore). Earlier in 2022, TVS Motor had acquired a 75% stake in the e-mobility company via its Singapore subsidiary.

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TVS Motor (Singapore) Pte, a subsidiary of two-wheeler maker TVS Motor, said on June 10 that it has agreed to acquire an additional 25 percent stake inSwiss E-Mobility Group (Holding) AG, also known as SEMG, based in Switzerland. SEMG, which is an e-bike platform covering B2B and B2C businesses involving sale of own branded ebikes, is currently a subsidiary of TVS Motor (Singapore) Pte Ltd. After the acquisition of the 25 percent shares fromexisting minority shareholders is done,SEMG will become a wholly-owned subsidiary of TVS Motor (Singapore) Pte Ltd, TVS Motor said in the filing. Also Read:TVS Motor Company registers sales growth of 9% to 330,609 units in May 2023 Previously, TVS Motor had acquired a 75 percent stake in the e-mobility company via its Singapore subsidiary in 2022, to establish its presence in the space. In April this year, TVS Motor (Singapore) Pte Ltd, had agreed to acquire a 25 percent stake in Killwatt GmbH by way of newly issued shares of the latter, amounting to 8,500 common equity shares. As on June 9, the company's shares were up 9.9 percent to Rs 1,336 on the NSE. Discover the latest business news, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!

Four states breach 10% adoption of electric two-wheelers: Report

Four states have breached the 10% mark in electric two-wheeler (e2W) penetration, Business Standard reported citing Vahan Dashboard data. Goa led the way (17.2%), followed by Kerala (13.66%), Karnataka (12.19%) and Maharashtra (10.74%), which is the largest state in terms of the number of e2Ws sold. Overall, India reached an e2W penetration of 5.63% as of May 31.

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#1. Reserve Bank holds rates for second straight time, to closely watch inflation The monetary policy committee of the Reserve Bank of India has kept policy rates unchanged for the second consecutive time. The decision to keep the repo rate unchanged at 6.5 percent was unanimous. A majority of the members said a status quo on policy stance will ensure that inflation progressively comes down to the 4 percent target while supporting growth. Why its important: The pause in raising rates was mainly because inflation cooled more than expected and the central bank believes backing growth is necessary given the risks of a weak monsoon. #2. Monsoon finally arrives in Kerala, to advance over mainland in next 48 hours Kerala has finally seen the first showers of the southwest monsoon a week behind schedule, with its predicted advance over the mainland raising confidence about rural incomes and economic growth. The June-to-September monsoon, vital for irrigating 45 percent of cultivated land, is set to progress over more of peninsular India and the northeast over the next 48 hours, the India Meteorological Department said. Why its important: The monsoons progress is keenly watched by both farmers and policymakers because it has an oversized impact on Indias rural economy and incomes. The El Nino phenomenon that leads to reduced rainfall continues to pose a worry. #3. Indians have so far returned half of Rs 2,000 banknotes in circulation Residents of India have so far returned around half of the Rs 2,000 notes in circulation, with 85 percent deposited in banks and the remaining exchanged by customers. On 19 May, the Reserve Bank had announced the withdrawal of the high-value notes from circulation, giving people until September 30 to deposit or exchange them. The total value of these notes in circulation was Rs 3.62 lakh crore or 10.8 percent of notes in circulation on March 31. Why its important: The move to withdraw the Rs 2,000 banknotes in circulation is expected to increase liquidity, at least temporarily, and lead to a surge in bank deposits. #4. Some 24 global brands to mark Indian entry through stores this year About two dozen international brands, including Italian luxury fashion brand Roberto Cavalli, British luxury goods brand Dunhill, American sportswear and footwear retailer Foot Locker are in talks to enter India with their stores this year. Chains such as Lavazza and Armani Caffe of Italy, Jamba of the US and the Coffee Club from Australia are also likely to enter India this year. This is up from one global brand in 2020, three in 2021 and 11 in 2022. Before the pandemic, about 12-15 brands used to enter India every year. Why its important: The entry of global brands will be the highest in at least a decade. They seem to be encouraged by a post pandemic surge in consumption among the well-off in the country. #5. Stressed margins remain chokepoint for FMCG supply chain companies Jiomart B2B has become the latest among organized supply chain companies to bite the bullet, shutting down warehouses and asking employees to leave. Companies are finding it hard to sustain the supply chain business primarily because gross margins in supplying FMCGs products are very low. While it looks attractive because its the largest part of the consumption market, the last-mile supply chain and retailer are not making money, experts said. Why its important: The cost of supply chains is disproportionately high in rural market due to lower volumes. A demand resurgence could lead to better numbers and destress warehousing and supply. #6. Four states race past 10 percent adoption of electric two-wheelers Four Indian states have breached the 10 percent mark in electric two-wheeler penetration, according to latest Vahan Dashboard data. Goa leads the way with 17.20 percent, although with modest numbers, followed by Kerala (13.66 percent) and Karnataka (12.19 percent). Maharashtra, with an adoption rate of 10.74 percent, is the largest state in the number of electric two-wheelers sold. In 2019, no state had more than 1 percent penetration. Why its important: It is widely believed that the domestic market for electric two-wheelers may have breached an inflexion point. The recent removal of significant subsidies could slam the brakes on that. #7. Legal battle with lenders in the US may stymie fundraising efforts by Byjus The legal battle between Byjus and US lenders on the edtech unicorns $1.2 billion term loan is expected to adversely affect its fund raising, including debt, loan, and equity, industry experts said. It might also delay the IPO for its tutoring service subsidiary Aakash Educational Services, which is eyeing a public listing next year. Byjus has filed a suit against US-based investment management firm Redwood, challenging the acceleration of the term loan facility and to disqualify the lender for its tactics. Why its important: Byjus missed a quarterly interest payment of about $40 million on the $1.2 billion loan, becoming the only Indian start-up to have defaulted on dollar borrowings. It would now find it harder to raise further funds from overseas investors. #8. Tribunal accepts Delhiverys notice wanting to declare Go Firsts insolvency filing as fraudulent The National Company Law Tribunal has accepted Delhiverys notice seeking declaration of Go Firsts voluntary insolvency resolution as fraudulent and malicious. It gave the interim resolution professional of the Wadia-group airline two weeks to reply. Under Section 65 of the bankruptcy code, fraudulent and malicious initiation of insolvency proceedings can invite a penalty of Rs 1 lakh to Rs 1 crore. Why its important: Delhivery has argued that Go First received Rs 57 lakh on May 2 from the logistics firm as advance for future services despite knowing it would soon file for insolvency. Bankruptcy proceedings halt all assert and fund recovery till a resolution plan is approved. #9. Lenders to Reliance Capital to vote on resolution plan submitted by Hinduja Group The creditors of Reliance Capital will start voting on Friday on the resolution plan submitted by a Hinduja Group entity that offers recovery of Rs 10,000 crore. The Groups IndusInd International Holdings submitted a detailed resolution plan earlier this week, which was presented to lenders on Wednesday. Torrent Investments, Piramal Capital and Oaktree Capital, the other bidders in the fray, did not submit detailed plans within the deadline. Why its important: The expected recovery from the sale of Reliance Capital at Rs 10,090 crore would be below the liquidation value pegged at Rs 12,500-13,000 crore, implying a recovery of 43 percent. #10. Peak XV Partners, spilt from Sequoia Capital, has dry powder worth $2.5 billion As part of the $2.85 billion funds raised for India and Southeast Asia in 2022, Peak XV Partners have $2.5 billion of uninvested dry powder, managing director Shaliendra Singh has said. All the capital raised for India and Southeast Asia as well as Sequoias portfolio of 400 plus companies remains, he said. We are very bullish on India and Southeast Asia as a market and we are going to only double down, he said. Why its important: Indias start-up ecosystem has gone into a tizzy as the marquee Sequoia Capital, which has invested in numerous enterprises in the country, spun-off its India unit in a retreat from Asia.

Mercedes-Benz India MD says 'innovation' makes their cars costly

Mercedes-Benz India MD and CEO Santosh Iyer said, "Innovation comes at a cost," when he was asked why their cars are so expensive. Several years ago, car makers had two approaches - to mass produce cars and make them cheaper or to make cars faster, Iyer said. Ford took the first approach, we took the second one, he added.

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Live 79,996.6 -53.07 (-0.07%) 24,323.85 21.70 (0.09%) 37,720.75 -5.15 (-0.01%) 52,660.35 -443.35 (-0.83%) 57,089.45 470.85 (0.83%) 18,941.2 148.25 (0.79%) 25,398.3 31.85 (0.13%) 79,996.6 -53.07 (-0.07%) 24,323.85 21.70 (0.09%) 37,720.75 -5.15 (-0.01%) 52,660.35 -443.35 (-0.83%) 57,089.45 470.85 (0.83%) 18,941.2 148.25 (0.79%) 25,398.3 31.85 (0.13%) 26.64 2.69 (11.23%) 17.09 -0.39 (2.23%) 188.23 10.51 (5.91%) 491.05 72.30 (17.27%) 307.75 28.00 (10.01%) 55.49 1.46 (2.7%) 130.36 5.34 (4.27%) 188.61 1.93 (1.03%) 103.82 0.22 (0.21%) 67.56 -0.13 (0.19%) 324.05 6.70 (2.11%) 155.61 4.56 (3.02%) 328.45 3.40 (1.05%) 1648.10 -79.05 (4.58%) 18.57 -0.46 (2.42%) 288.20 11.15 (4.02%) 174.71 -1.58 (0.9%) 316.40 5.35 (1.72%) 29.03 0.92 (3.27%) 142.17 1.77 (1.26%) 122.80 1.27 (1.05%) 254.02 2.77 (1.1%) 519.75 33.25 (6.83%) 16.98 -0.14 (0.82%) 207.57 0.13 (0.06%) 81.19 0.02 (0.02%) 171.28 1.11 (0.65%) 158.80 1.79 (1.14%) 859.75 20.45 (2.44%) 27.07 0.28 (1.05%) 48.24 0.43 (0.9%) 58.92 3.10 (5.55%) 273.34 18.67 (7.33%) 222.96 3.80 (1.73%) 117.76 0.49 (0.42%) 44.84 -0.14 (0.31%) 187.99 21.95 (13.22%) 205.00 -1.57 (0.76%) 113.53 5.02 (4.63%) 219.19 18.21 (9.06%) 186.19 5.22 (2.88%) 379.80 6.85 (1.84%) 273.84 18.00 (7.04%) 199.02 4.44 (2.28%) 151.10 1.08 (0.72%) 273.80 3.65 (1.35%) 40.88 -0.14 (0.34%) 580.45 4.80 (0.83%) 252.28 0.67 (0.27%) 395.65 -8.40 (2.08%) 26.64 2.69 (11.23%) 17.09 -0.39 (2.23%) 188.23 10.51 (5.91%) 491.05 72.30 (17.27%) 307.75 28.00 (10.01%) 55.49 1.46 (2.7%) 130.36 5.34 (4.27%) 188.61 1.93 (1.03%) 103.82 0.22 (0.21%) 67.56 -0.13 (0.19%) 324.05 6.70 (2.11%) 155.61 4.56 (3.02%) 328.45 3.40 (1.05%) 1648.10 -79.05 (4.58%) 18.57 -0.46 (2.42%) 288.20 11.15 (4.02%) 174.71 -1.58 (0.9%) 316.40 5.35 (1.72%) 29.03 0.92 (3.27%) 142.17 1.77 (1.26%) 122.80 1.27 (1.05%) 254.02 2.77 (1.1%) 519.75 33.25 (6.83%) 16.98 -0.14 (0.82%) 207.57 0.13 (0.06%) 81.19 0.02 (0.02%) 171.28 1.11 (0.65%) 158.80 1.79 (1.14%) 859.75 20.45 (2.44%) 27.07 0.28 (1.05%) 48.24 0.43 (0.9%) 58.92 3.10 (5.55%) 273.34 18.67 (7.33%) 222.96 3.80 (1.73%) 117.76 0.49 (0.42%) 44.84 -0.14 (0.31%) 187.99 21.95 (13.22%) 205.00 -1.57 (0.76%) 113.53 5.02 (4.63%) 219.19 18.21 (9.06%) 186.19 5.22 (2.88%) 379.80 6.85 (1.84%) 273.84 18.00 (7.04%) 199.02 4.44 (2.28%) 151.10 1.08 (0.72%) 273.80 3.65 (1.35%) 40.88 -0.14 (0.34%) 580.45 4.80 (0.83%) 252.28 0.67 (0.27%) 395.65 -8.40 (2.08%) business news auto Updated Jun 3, 2023 | 10:43 AM IST Why are Mercedes cars so expensive? Hear it from MD & CEO Santosh Iyer Bajaj Freedom 125: World's first CNG bike has another record - Longest seat! Bajaj CNG Bike 'Freedom 125' UNVEILED! Check price of world's 1st CNG motorcycle Bajaj CNG Bike launch date and time, expected price in India: New teaser of worlds 1st CNG-powered motorcycle Tesla India entry DELAYED? IMPORTANT update on Elon Musk's plans Tesla rival's 'Made in India' EVs to take on Elon Musk's cars? Check company's Tata Group connection HDFC Bank system upgrade: THESE services will NOT work on... - Date, time Mukesh Ambani's BIG plan! Isha Ambani's THIS company to take on Tatas, Walmart in THIS sector THIS tech giant is the most honored company in India - Check details Rs 1.31 crore FINE! RBI's stern action against THIS bank - Details Reliance Industries share price target: Rs 21 lakh crore M-cap - BUY, SELL, or HOLD? Follow Us : 2024 Bennett, Coleman & Company Limited

We plan to go all-electric by 2030: Mercedes-Benz India MD & CEO

Mercedes-Benz India MD & CEO Santosh Iyer said the brand is dedicated to making its portfolio EV-rich and plans to go all-electric by 2030. Speaking at the India Economic Conclave 2023, Iyer said connectivity will be the next big thing and that technological advancements and a number of new features will make their way into the cars.

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Electric 2-wheelers get costlier as govt slashes FAME subsidy

Prices of several electric two-wheelers have gone up after the government slashed the subsidy under the FAME-II scheme on June 1. Bajaj Auto, the maker of the Chetak electric scooter, said it has raised prices by ₹22,000, while Ather Energy has increased prices by ₹10,000, CNBC-TV18 reported. Greaves Cotton, which owns Ampere Electric, has reportedly increased prices between ₹21,000-₹39,000.

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Electric 2-wheeler sales cross 1-lakh mark in May for the 1st time

The domestic electric two-wheeler industry's monthly sales crossed the one-lakh mark for the first time in May as the announcement of a subsidy cut on such vehicle purchases led to a buying rush. On a year-on-year basis, electric two-wheeler registrations were up by 147% from 42,415 units sold in May 2022. In April, the numbers had declined by nearly 23%.

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The domestic electric two-wheeler (E2W) industry saw monthly sales cross the one lakh mark for the first time in May as the announcement of a subsidy cut on such vehicle purchases sparked a last-minute buying rush. As per the data available on the government portal Vahan, retail monthly sales of electric two-wheelers scaled a new high of 104,845 units in May 2023, which is about 57 percent higher than the 66,727 units registered in April 2023. See table below: On a year-on-year (YoY) basis, E2W registrations were up by 147 percent percent from 42,415 units sold in May 2022. According to industry players, the record numbers were largely due to buyers advancing purchases in the last 10 days of May as E2W manufacturers indicated that there will be a price mark-up post the subsidy cut. Anticipating a 15-20 percent price hike in June, buyers booked vehicles at lower prices with a larger FAME-II subsidy. In April,the numbers had declined by nearly 23 percent over issues related to delays in subsidy disbursement and supply shortage. It is to be mentioned that Vahan only records the total number of vehicles which have been registered (post-sales) and doesnt include booked ones. It also doesnt take into account low-speed E2W sales and excludes data for Lakshadweep, Madhya Pradesh and Telangana, which means the sales in May must be higher. The subsidy cut On May 21, the government notified that the subsidy on the FAME India (Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India) Scheme will be revised to Rs 10,000 per kilowatt per hour (kWh) as against Rs 15,000/ kWH starting June 1. (l) Furthermore, the cap for incentive has been brought down to 15 percent of the ex-factory price of the model as against 40 percent offered earlier. The May 2023 numbers top the previous best of 86,269 units logged in March 2023by 19,303 units, as per the data available on Vahan. The total numbers of E2Ws registered were 64,664 units in January and 66,057 units in February. OEMs shatter records The record sales were largely underpinned by the all-time high monthly volumes of the top three OEMs Ola Electric, TVS Motor Co and Ather Energy. Ola Electric continued to maintain the leading position as it sold 28,469 units of e-scooters in May 2023, which is nearly 30 percent higher than the 21,991 units sold amonth before, as per Vahan data. In a statement, the company claimed that it has sold over 35,000 units in May, capturing a market share of over 30 percent, posting a YoY growth of 300 percent. Bhavish Aggarwal, Founder and CEO, Ola Electric, said, Month after month, our sales have experienced exponential growth and Ola has consistently led the EV revolution in India. TVS Motor Company, which crossed 20,000 units of monthly sales for the first time, was in the second spot. The company sold 20,262 units of iQube, surpassing its previous best of 17,878 units in March 2023 and recording a 131 percent MoM growth over 8,751 units sold in April 2023. TVS iQube has a healthy booking pipeline of over 30,000 units and we are confident of continued improvement of supplies in the coming months, the company said in a statement. Ather Energy, which reached the third spot, also hit a new monthly high in May 2023. At 15,266 units, its sales in May were nearly 100 percent more than Aprils 7,786 units. In a statement, the company claimed it grew by 357 percent on a YoY basis. Ravneet Singh Phokela, Chief Business Officer of Ather Energy, said, "The market gained strong momentum this month, which can be attributed to the growing underlying demand, fuelled further by the news of the impending revision of the FAME subsidy. This led to some consumers bringing forward their purchases, in order to avail the higher subsidy amount. We hope to maintain this momentum as the manufacturing industry and its ecosystem continue to grow. While Bajaj Auto rose to fourth place for the first time with a 168 percent month-on-month increase in sales to 9,931 units, Ampere Vehicles took fifth position with 9,632 units, up 15 percent over Aprils 8,324 units. Price hikes implemented With reduced FAME II subsidy reduced, OEMs like Ola, Ather, TVS, etc., have already jacked up the prices of e-scooters and e-motorcycles by 10 percent to 15 percent. Industry analysts reckon that there will be some near-term impact on sales in the next few months but the market is expected to bounce back during the onset of the festive season. Furthermore, new launches like Ola S1 Air, Ather 450S, TVS iQube ST, a new variant of Bajaj Chetak, etc., may prop up some volumes, as indicated by companies.

Musk meets China Commerce Minister, talks about mutual cooperation

Tesla CEO Elon Musk met China's Commerce Minister Wang Wentao on Wednesday, who promised to support the development of foreign firms. Wentao said Beijing will support long-term, stable development of foreign-invested enterprises in China, according to a ministry statement. Musk praised the potential of China's development and expressed a willingness to deepen mutually beneficial cooperation.

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China's commerce minister met Tesla Ltd. CEO Elon Musk on Wednesday and promised to support the development of foreign companies, the ministry said. Musk earlier met with China's ministers of industry and foreign affairs. He joined a series of CEOs from global companies, including Apple Inc., who have met with Cabinet officials or Premier Li Qiang, the top economic official, this year following the end of anti-virus controls that blocked most travel into China. The ruling Communist Party is trying to revive investor interest in Chinas slowing economy and reassure companies that have been rattled by anti-monopoly and data-security crackdowns, raids on consulting firms, tension with Washington and pressure to align their plans with official development goals. The commerce minister, Wang Wentao, said Beijing will support long-term, stable development of foreign-invested enterprises in China," according to a ministry statement. Musk praised the potential of China's development and expressed willingness to deepen mutually beneficial cooperation, the statement said. The United States and China should strengthen economic and trade dialogue and cooperation under the guidance of principles of mutual respect, peaceful coexistence and win-win cooperation, Wang was cited as saying. Earlier, Musk met with the industry minister, Jin Zhuanglong, and exchanged views on the development of new energy vehicles and intelligent networked vehicles, the Ministry of Industry and Information Technology said on its website. China accounts for half of global electric vehicle sales and is the site of Teslas first factory outside the United States. Li, the premier, delivered a similar message of reassurance in meetings in March with CEOs Tim Cook of Apple, Albert Bourla of Pfizer, Jakob Stausholm of Rio Tinto and Toshiaki Higashihara of Hitachi. Tesla opened the first wholly foreign-owned auto factory in China in 2019 after Beijing eased ownership restrictions to increase competition and speed up industry development. Tesla didnt respond to requests by email for information about Musks visit to China. Musk also is the majority owner of social media platform Twitter, access to which is blocked in China by the ruling party's internet filters.

Musk, China Industry Minister hold talks on 'new energy vehicles'

Billionaire Tesla CEO Elon Musk and Chinese Industry Minister Jin Zhuanglong held talks on "new energy vehicles" on Wednesday, the country's IT Ministry said. The two "exchanged views on the development of new energy vehicles and intelligent connected vehicles", the ministry said. Musk, after meeting with Foreign Minister Qin Gang, said he's willing to continue to expand business in China.

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Tesla CEO Elon Musk and Chinese industry minister Jin Zhuanglong held talks on "new energy vehicles" Wednesday, Beijing said. The two "exchanged views on the development of new energy vehicles and intelligent connected vehicles", China's Ministry of Industry and Information Technology said in a readout on its website. It did not share further details. Tesla representatives did not respond to AFP requests for further information on Musk's itinerary. Musk arrived in Beijing Tuesday on his first trip to China in more than three years. China is the world's biggest electric vehicle market and Tesla announced in April it would build a second massive factory in Shanghai. That factory will be Tesla's second plant in Shanghai after Gigafactory, which broke ground in 2019. In a meeting with Chinese foreign minister Qin Gang on Tuesday, Musk said he was "willing to continue to expand its business in China", according to a foreign ministry readout. He also expressed his opposition to an economic "decoupling" between China and the United States, Beijing said. Musk's extensive business ties to China have raised eyebrows in Washington, with President Joe Biden saying in November that the executive's links to foreign countries were "worthy" of scrutiny. Chinese foreign ministry spokeswoman Mao Ning said on Tuesday that the country welcomed visits by international executives "to better understand China and promote mutually beneficial cooperation".

Why is China the manufacturer of most EV batteries?

China is the manufacturer of most EV batteries because it is ahead in mineral mining, training engineers and building factories. Other nations may take decades to catch up with China's pace. By 2030, China is reportedly expected to make twice the number of batteries as the rest of the world as it's the largest controller of cobalt, nickel and graphite.

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EVs are here to stay, with or without subsidy: Bajaj Auto's Sharma

Bajaj Auto's Executive Director Rakesh Sharma said even though there are uncertainties in the EV market, "electrification is here to stay, with or without the subsidy". "A switch took place in India when petrol prices crossed ₹100," Sharma said, adding that customers now want "freedom" from the fluctuating fuel price and are ready to pay one-time high cost for EVs.

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Bugatti's skyscraper in Dubai to let owners park cars up in their mansions

Bugatti revealed the design of its first residential project, a 42-storey skyscraper in Dubai with garage-to-penthouse car lifts, allowing homeowners to park their cars in their mansions and penthouses. The project will feature amenities like a beach area, a private pool, spa, fitness centre and private valet. Each apartment will have a unique shape with access to a curved balcony.

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M&M among top 25 automakers as profit crosses ₹10,000 cr in FY23

Mahindra & Mahindra (M&M) is now among the top 25 automakers in the world with its highest-ever net profit of ₹10,282 crore in FY23. M&M currently occupies 22nd rank in profit, placed between Japan's Yamaha Motor and Mitsubishi Motors Corporation, Bloomberg data showed. Except for Tata Motors, no other Indian automaker had ever posted an over ₹10,000 crore net profit.

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World's 1st life-size Lego model of Ferrari Daytona unveiled in UK

The world's first life-size Lego model of the luxury Ferrari Daytona SP3 sports car has been unveiled at Legoland Windsor in UK, and a video of the same has surfaced. The car is made from 4,02,836 Lego bricks, and it weighs over 1.5 tonnes. It took a team of builders and designers 2,000 hours to replicate the high-performance sports car.

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40% of pollution by transport sector, need greener fuel: Gadkari

The transport sector contributes to 40% of the air pollution in the country, with 90% of this contribution coming from the road transport sector, Union Minister Nitin Gadkari said on Thursday. "As the transport minister, actually I am responsible for that," Gadkari stated, adding that the industry needs to develop greener fuel alternatives to reduce the problem.

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We see China as our main EV rival, not GM or Toyota: Ford CEO

Ford CEO Jim Farley said on Thursday that Chinese electric vehicle makers are its main rivals in the sector, not GM or Toyota. "The Chinese are going to be the powerhouse," Farley stated, adding, "They are selling in high volume in Europe...How do you beat on them on cost if their scale is five times yours?"

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Ford Motor Co CEO Jim Farley said on Thursday Chinese electric vehicle makers are its main rivals in the sector, but the company has hurdles competing on cost at a smaller scale. "I think we see the Chinese as the main competitor, not GM(GM.N)or Toyota(7203.T)," Farley said at the Morgan Stanley Sustainable Finance Summit. "The Chinese are going to be the powerhouse." China, the world's largest auto market, has some of the best battery technology and dominates EV production, Farley said. He cited BYD(002594.SZ), Geely(0175.HK), Great Wall, Changan(000625.SZ)SAIC as among the "winners" among Chinese automakers. To beat Chinese automakers, Farley said Ford needs distinctive branding, which he believes it has, or lower costs. "But how do you beat on them on cost if their scale is five times yours?" Farley said. "The Europeans let (Chinese automakers) in - so now they are selling in high volume in Europe." Ford said in February it would invest $3.5 billion to build an electric vehicle battery plant in Michigan using technology from Chinese partner CATL(300750.SZ)to produce lower-cost batteries. The U.S. Treasury must still issue rules later this year that will determine whether the Ford SAIC arrangement violates a prohibition on "Foreign Entities of Concern" that is part of a $7,500 EV tax credit. Fordhas faced criticismfrom Senator Marco Rubio for the plan. "We have a decision to make here in the US," Farley said. "If battery localizing their technology in the US gets caught up in politics - you know the customer is really going to get screwed." General Motors CEO Mary Barra this weekmade her first visit to Chinasince the start of the pandemic, as GM struggles with a sales slump there. Ford is cutting costs in China where its sales have been sliding since 2016. It is restructuring operations there to turn one of its joint ventures into an export hub for low-cost commercial electric and combustion vehicles. In January, Tesla CEO Elon Musksaid of Chinese automakers: They work the hardest and they work the smartest. ... And so we guess, there is probably some company out of China as the most likely to be second to Tesla."

Electric 2-wheelers to get costlier from June 1 as subsidy slashed

Electric two-wheelers are expected to become costlier from June 1 this year as the government has slashed the subsidy under the FAME 2 scheme. The government has dropped the subsidy on electric two-wheelers to ₹10,000/kWh from the existing ₹15,000/kWh. The maximum subsidy cap has been reduced from 40% to 15% of the ex-factory pricing of eligible vehicles.

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Himachal sets target to become 'Green Energy State' by March 2026

Himachal Pradesh government has set a target to transform the state into a 'Green Energy State' by March 2026. During a review meeting in Dharamshala, CM Sukhvinder Singh Sukhu discussed plans to encourage the use of electric vehicles. He also stressed the importance of identifying suitable locations for charging stations along the proposed three Green Corridors Highways in the state.

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Electric hypercar sets 23 records in a day, goes from 0-400-0 kmph in 29.93s

An all-electric hypercar from Rimac Automobili has set 23 acceleration and braking records in a single day. The $2.2-million car accelerated from zero to 400 kmph to zero in 29.93 seconds, beating previous record of 31.49 seconds. The Rimac also set records for 0-100 kmph time at 1.82 seconds, 0-200 kmph in 4.42 seconds, and 0-300 kmph in 9.23 seconds.

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Curated By: Shahrukh Shah News18.com Last Updated: May 21, 2023, 15:10 IST The Croatian car manufacturer Rimac nowadays is in the headlines, all thanks to their most powerful and fastest Electric Hypercar Nevera, which has created a total of 23 different world records in a single day. Yes! You read it right. After taking the Automotive Testing Papenburg (ATP) facility in Germany, the all-electric Nevera achieved the 0-100kph speed in just 1.81 seconds, which is 0.05sec quicker than the faster car named Pininfarina Battista as it was holding the title for sprinting same speed in 1.86 seconds. If you are wondering that is it. Then hold your horses. The EV also set another record by sprinting 0-400kph in just 29.93 seconds. After this, the vehicle broke the world record that was set by Koenigsegg Regera in 2019 when it achieved the fastest acceleration in the same category in just 31 seconds. In order to record or document the iconic scene created by Rimac Nevera, the two independent verifiers by a third-party firm named Dewesoft and RaceLogic were also present at the occasion. They organised multiple sets of rounds by the Nevera at the ground,including standing quarter mile time. After the activity was completed and the results came out, verifiers gave the Rimac Nevera the title of the fastest and most powerful EV ever made. All speed records were completed using road-legal Michelin Cup 2 R tires on the ground. Meanwhile, Rimac says that the Nevera smashed existing records by running repeatedly at full throttle conditions without a single reliability issue or significant loss of performance. The brand also claimed that the EV is powered by four separate surface-mounted permanent-magnet electric motors that provide a combined 1,914 horsepower and a whopping 2,360 Nm peak torque at a stated top speed of 412 km/h. About the Author Location: Germany Euro 2024 Highlights, Round of 16 in Photos: Netherlands Thrash Romania By 3-0, Turkey Beat Austria By 2-1 As Hathras Stampede Kills 116, Here's a Look At India's Worst Stampedes In Recent Years | In GFX Celebrating 50 Years of the Rubiks Cube: A Visual Tribute To Creator Erno Rubik Ismail Kadare: A Visual Story Exploring The Life Of An Albanian Literary Icon Anant Ambani-Radhika Merchant Wedding Countdown Begins With Mass Wedding For 50 Underprivileged Couples NEET PG 2024 Date Live Updates: When Will Revised Schedule be Announced? Check Latest News Cricket Viral Video: Virat Kohli Video Calls Anushka Sharma; Team India Set to Arrive in India on Thursday Morning Parliament Session LIVE: PM Narendra Modi Likely To Address Rajya Sabha Today ROM vs NED, Euro 2024 Ro16 Highlights: The Netherlands Progress With 3-0 Win Over Romania Hathras News LIVE: Death Toll Rises To 121; CM Yogi Adityanath On Way To Satsang Site Follow us on Download News18 App

Start preparing for BS-7 vehicles, don't wait: Govt to auto sector

Union Minister Nitin Gadkari has urged the automobile sector not to wait for the government's push and start preparing for the next generation of BS-7-compliant vehicles. He said auto firms should start their own research and keep a focus on making vehicles as per BS-7 norms. They should also go parallel to European counterparts, the minister added.

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Keeping pollution in mind, Union road transport minister Nitin Gadkari has urged the automobile industry to start preparing for the next generation of BS-7 compliant vehicles and not to wait for the government's push. BS-7 complaint automobiles will be prepared on the lines of proposed Euro-7 emissions standards. The European Commission has proposed to roll out the Euro-7 norm from July 2025 for new cars and vans, and July 2027 for new trucks and buses. Sources said the road transport ministry has started initial work for the BS-7 emission standard. Speaking about the same at the apex technical committee on vehicle standards (CMVR-TSC) meeting, Gadkari said that the automakers in India now should start their own research and keep a focus on making vehicles as per BS-7 norms. He said this time the industries have to take the initiative on their own. They should not wait for deadlines from the government, which already happened at the time of the BS-6 transition. Indian auto industry should also go parallel to European counterparts, the minister added. Gadkari's comments come after days of the European Commission declaring that it will start implementing Euro-7 emission norms by July 2025 for new cars and vans. Later, in 2027, the same will be implemented for new trucks and buses. To export their goods to European nations and to reduce local vehicular pollution, the auto industry in India also will have to follow the transition from the present BS-6 to BS-7. Meanwhile, some reports say that leading car manufacturers such as Toyota and Honda already started working on a plan to minimise vehicular pollution. (With inputs from CNN News18) Discover the latest business news, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!

Govt to offer modified PLI for EVs amid talks with Tesla: Report

The Centre is reportedly planning to come out with a modified production-linked incentive (PLI) scheme for electric vehicles and advanced chemistry cell batteries. The development comes after Reuters reported that Tesla has proposed a manufacturing plant in India. As per Financial Express, under the modified PLI scheme, the outlay may be increased and incentives can also be tweaked.

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Tesla will have ChatGPT moment with full self-driving cars: Musk

In an interview, Tesla CEO Elon Musk said the automaker will have a "sort of ChatGPT moment" no later than next year. He clarified that the "ChatGPT moment" refers to the achievement where 3 million Tesla cars would be able to drive themselves without human intervention. The number will rise to 5 million and 10 million later, the billionaire added.

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Tesla and SpaceX chief, and an early investor in artificial intelligence company OpenAI, billionaire Elon Musk did not hold back his punches while talking about AI in a wide-ranging interview with CNBC's David Faber. Musk has famously criticised the once non-profit OpenAI the owner of ChatGPT after he invested approximately $50 million into it. He was against it turning into a for-profit business. Speaking to Faber, Musk said that he wanted every one concerned to slowdown the development of AI for a very good reason - human survival. On his role in the AI company, Musk told CNBC, "I am the reason OpenAI exists". Regarding AI, Faber started by bringing up the fear expressed by OpenAI CEO Sam Altman during a Senate sub-committee meeting regarding this new technology. Musk quickly added that, "It is a significant area of concern...." Faber thereafter asked Musk about what chances did he give AI of destroying humanity. Musk replied by calling it a "double-edged sword," that it could do great damage. He explained that AI may end up doing a lot of good for humanity, that it may even usher in the "age of abundance", but there is also a chance that it may cause massive damage. Musk said, "And theres some chance that it goes wrong and destroys humanity. Hopefully that chance is small, but its not zero." Musk has famously signed a petition for all work on AI to be paused. Musk said he did it despite knowing that it would be "futile". Musk, on his thoughts about AI in electric vehicle maker Tesla, made a massive positive and forward-looking, statement. He said, "I think Tesla will have sort of ChatGPT moment maybe if not this year, Id say no later than next year." What would that result in? Musk told CNBC, "Yeah, suddenly 3 million cars will be able to drive themselves with no one." He added that this number in turn will ramp up to "5 million, then 10 million." Catch all the Latest Tech News, Mobile News, Laptop News, Gaming news, Wearables News , How To News, also keep up with us on Whatsapp channel,Twitter, Facebook, Google News, and Instagram. For our latest videos, subscribe to our YouTube channel. Copyright HT Media Limited All rights reserved.

Govt to hold back EV subsidies for Okinawa, Hero Electric: Report

Centre will hold back EV subsidies given under Phase-II of FAME scheme for Okinawa and Hero Electric over violation of norms, CNBC-TV18 reported. Approximately ₹1,100 crore was held back by the government. Centre's investigation into violation of norms by 17 firms is nearing completion and subsidy reimbursement will resume in two to three days.

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He drove off: Wife of Indian-origin doc who blamed Tesla for crash

Neha, wife of Indian-origin doctor who blamed his Tesla car after it plunged off a cliff in US in January, claimed her husband "purposely drove off", according to reports. "He's depressed...He said he was going to drive off the cliff," Neha reportedly told police after her rescue from crash site. She also told police her husband needs a "psych evaluation".

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Dharmesh Patel, the Indian-American doctor who was with his family inside a Tesla car that plunged off a 250-foot cliff in California in January, blamed the vehicle for allegedly malfunctioning, while his wife said he drove the car off the cliff on purpose. He and his family, including a four-year-old son and seven-year-old daughter, miraculously survived the fall off Devils Slide, a dangerous and rocky area known for its fatal car wrecks. Patel, 41, told investigators that while the Indian-origin family was driving on the Pacific Coast Highway, the sensor in his white Tesla Model Y indicated that the tyre pressure was low, New York Post reported, quoting documents. The car, he claimed, fell off the ocean-facing cliff when he tried to stop the car and check the tyres. His wife, Neha, however, refuted this claim and said Dharmesh Patel was suffering from depression and drove off the cliff intentionally. He drove off. Hes depressed. Hes a doctor. He said he was going to drive off the cliff. He purposely drove off, Neha Patel told the police on the day of the incident while she was being flown in a helicopter after being rescued from the crash site, San Francisco Chronicle reported. The wife, while being pulled out from the car, told a rescue worker something to the effect that the driver, her husband Dharmesh Patel, did it on purpose, the newspaper quoted police officer Aaron Sapien as writing in an affidavit. She then told him that her husband needs a psych evaluation. She said that suspect Patel drove them off and repeated this multiple times, the officer reportedly wrote, adding that another rescue worker heard her say that Patel drove off the cliff on purpose and tried to kill everyone. While Dharmesh Patel had serious lower body injuries and was hospitalised for weeks, his wife and daughter too received serious injuries. The couples son suffered minor injuries. In February, the radiologist, who was arrested while he was in hospital, pleaded not guilty to charges of attempted murder and causing grave injuries to his family. Tesla CEO Elon Musk had responded to news reports about the Patel familys miraculous escape, calling it good news in a tweet.

Ex-Audi chief pleads guilty in diesel emission case, fined $1.2 mn

Rupert Stadler, ex-chief of Volkswagen's Audi, pleaded guilty to charges related to the automaker's diesel emission scandal. He has become the highest-ranking executive convicted over cars that cheated on emission tests with illegal software's help. He reportedly failed to keep rigged cars off the market even after the scandal had become public. Stadler has agreed to pay $1.2-million fine.

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Tesla's senior executives to visit India this week: Report

A group of senior executives from electric carmaker Tesla is planning to visit India this week, Bloomberg reported. They are scheduled to hold meetings with government representatives, including officials from the office of Prime Minister Narendra Modi. The discussions will be about the possibility of local sourcing of components for Tesla's car models, the report added.

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As trade tensions between Washington and Beijing show little signs of easing, US companies like Tesla are rapidly realising the need of shifting their focus away from China. A group of senior executives from Tesla Inc. is planning to visit Indiaon Wednesday and Thursday. C-suite executives and managers from Austin, Texas-based Teslas supply chain, are expected to be among the visitors. The purpose of the visit is to engage with federal government officials and explore opportunities to enhance the carmaker's supply chain in the country as it seeks to expand beyond China. According to the report, the executives are expected to restate Tesla's demand that India reduce import duties on its cars. The executives are scheduled to hold meetings with government representatives, including officials from the office of prime minister Narendra Modi. The discussions will revolve around the possibility of local sourcing of components for Tesla's car models. The sources have requested anonymity due to the confidential nature of the plans. This visit could mark a significant turning point in the relationship between India and Tesla, as the electric vehicle manufacturer is yet to establish a notable presence in the country. By engaging with Indian authorities, Tesla aims to pave the way for potential future operations in one of the world's largest automobile markets. India has been actively promoting the adoption of electric vehicles to combat air pollution and reduce dependence on fossil fuels. With the Indian government's push towards electric mobility, Tesla's entry into the market could offer an attractive proposition for both parties. Expanding its supply chain in India would not only allow Tesla to diversify its operations away from China but also align with the Indian government's "Make in India" initiative, which encourages domestic manufacturing and sourcing. The Tesla executives' visit comes as welcome news after Elon Musk had halted Tesla's plans to enter the Indian market last year after a prolonged standoff with the Indian government over reduced tariffs. As PM Modi works to establish India as a global manufacturing hub, sourcing more products from here could help Tesla win the Indian government's support. The PM Modi administration has so far had a lukewarm relationship with Tesla and had stated there is "no problem" if the automobile company is ready to manufacture electric vehicles in India, but the it must not import automobiles from China., Also read: India welcomes Tesla and other EV investments as long as the vehicles are made in India: Nitin Gadkari However, while the specifics of Tesla's plans for India remain undisclosed, this visit signals the company's intention to establish a stronger foothold in the country and tap into its growing electric vehicle market. As Tesla explores avenues for collaboration and local partnerships, industry observers eagerly await further developments in this budding relationship. While Tesla has had trouble expanding into India, its rival Mercedes-Benz AG has made efforts to sell locally-made vehicles. The Germany company is placing its bets on India due to the increasing demand for electric vehicles in the country. Last month, the German luxury carmaker announced its plans to launch four new electric vehicles in India in the next 8-12 months to accelerate its electric mobility drive. Apple Inc., the iPhone maker, has chosen India as a secondary manufacturing hub and now generates 7% of the world's smartphone output here. Also Read: iPhone maker Foxconn plans $700 million plant in Bengaluru

Musk still needs attorney's approval for Tesla tweets: US court

Elon Musk still requires a Tesla attorney's approval for posting tweets related to the company, a US court ruled. Musk has been requiring approval since he reached an agreement with the Securities and Exchange Commission (SEC) in 2018. SEC had accused him of falsely tweeting that he had secured funding for taking Tesla private, which increased the company's share prices.

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Elon Musk cannot back out of a settlement with securities regulators that was reached after his 2018 tweets claiming he had secured funding to take Tesla private caused the electric vehicle maker's share price to jump and led to a temporary halt in trading, an appeals court ruled Monday. The summary order by the 2nd U.S. Circuit Court of Appeals in Manhattan was released just days after a three-judge panel heard lawyers' arguments in the case. Musk had challenged a lower court judges ruling last year requiring him to abide by the deal on the grounds that circumstances have changed and because the decree contains a prior restraint that Musk contends violates the First Amendment. The settlement with the Securities and Exchange Commission required that his tweets be approved first by a Tesla attorney. It also called for Musk and Tesla to pay civil fines over the tweets in which Musk said he had funding secured to take Tesla private at $420 per share. The funding wasnt secured and Tesla remains public. In its ruling, the 2nd Circuit said it saw no evidence to support Musks contention that the SEC has used the consent decree to conduct bad-faith, harassing investigations of his protected speech. Instead, it said, the SEC had opened just three inquiries into Musk's tweets since 2018 and each challenged tweet plausibly violated the terms of the consent decree. The appeals court also rejected Musk's prior restraint argument, saying parties entering consent decrees may voluntarily waive their First Amendment and other rights. Lawyers in the case did not immediately respond to messages seeking comment. The SEC was investigating whether the Tesla CEO's November 2021 tweets asking Twitter followers if he should sell 10% of his Tesla stock violated an October 2018 settlement that Musk signed after the SEC brought an enforcement action against him alleging that his tweets about going private violated antifraud provisions of securities laws. In a written ruling in April 2022, Judge Lewis Limon said Musk sent the tweets without getting pre-approval. Musk's deal with the SEC called for Musk and Tesla to each pay $20 million in fines over Musks tweets about having secured funding to take Tesla private. The funding was not secured but Tesla's stock price jumped in response to the tweets and trading in the shares was subsequently halted. Catch all the Latest Tech News, Mobile News, Laptop News, Gaming news, Wearables News , How To News, also keep up with us on Whatsapp channel,Twitter, Facebook, Google News, and Instagram. For our latest videos, subscribe to our YouTube channel. Copyright HT Media Limited All rights reserved.

Indian carmakers back zero duty on limited British imports

Indian carmakers have backed elimination of import tax on a limited number of vehicles in a trade deal with Britain "if the need arises", Reuters reported citing documents. "As a fallback, 0% would also be acceptable, if the need arises during the negotiations," the Society of Indian Automobile Manufacturers (SIAM) said in a submission to the commerce ministry.

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Indian carmakers have agreed to eliminate import tax on a limited number of vehicles in a trade deal with Britain "if the need arises", according to a document seen by Reuters, offering better access to the world's third-largest automobile market. India currently levies 60% and 100% tax on car imports which will be reduced in a phased manner to 10% by year five but only for a maximum of 46,200 vehicles, according to a proposal made by the country's leading auto lobby group to the government. "As a fall back, 0% would also be acceptable, if the need arises during the negotiations," the Society of Indian Automobile Manufacturers (SIAM) said in a submission to the commerce ministry which was seen by Reuters. Outside of this limited quota, SIAM has proposed reducing the import tax on cars to 30% over a 10-year period, a move Reuters has previouslyreported. SIAM is now also willing to explore more cuts after the fifth year depending on how the overall import volume from Britain grows, it said. SIAM, which groups car makers from India's top-seller Maruti Suzuki, to majors such as Tata Motors and Mahindra & Mahindra, and the commerce ministry did not respond to a request for comment. India is one of the most protected automobile markets where import taxes are among the highest in the world of any major car making nation. This has drawn the ire of companies like Tesla whichshelvedits entry plans last year. The import tax reductions are aimed at opening up the Indian market, some experts say it might not do much as the number of vehicles proposed under the scheme is small. India sold a record 4 million cars in the country last fiscal year ending March 31, 2023. SIAM's proposal for zero duties is limited to 26,400 cars in the first year, increasing to a maximum of 46,200 over a decade. "The number of units that will benefit from this quota should also be seen in the context of the Indian market size," said an industry source aware of the proposal, which applies only to combustion engine cars with electric, hybrid, hydrogen and fuel cell vehicles excluded. Britain has only a handful of car factories run by the likes of Nissan, BMW and Tata's Jaguar Land Rover. SIAM's proposal on zero duties, however, is more geared towards cars with smaller engines which could provide greater benefit to companies like Nissan. This is the first time Indian car makers have agreed to such cuts, caving to pressure from a government that wants them to give up their protectionist position. The companies have previously argued that such a move would dry up investment in domestic manufacturing by making imports cheaper and easier for global automakers. They also fear this could set a precedent in negotiating deals with others like the European Union (EU), Japan or South Korea, sources have previously said. India and Britain started negotiations in January last year for a trade pact that could double trade to $100 billion by 2030. The two countries previously missed an October 2022 deadline to conclude the deal and continue talking through the proposed deal.

2.15 million Toyota users face risk of vehicle data leak in Japan

Toyota Motor on Friday said the vehicle data of about 2.15 million users was left publicly available in Japan from November 2013-mid-April, issuing an apology over the same. According to the company, vehicle locations and identification numbers of vehicle devices could be revealed due to the data leak. Affected customers included those who signed up for the T-Connect network service.

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Toyota Motor Corp said on Friday the vehicle data of about 2.15 million users was left publicly available in Japan for about a decade from November 2013 to mid-April. The leak, attributed to a setting error in the cloud environment, could encompass details such as vehicle locations and identification numbers of vehicle devices, but there were no reports of malicious use, the company said. Affected customers included those who signed up for the T-Connect network service from the start of 2012 until April 17, Toyota said, apologising for causing concern. Also affected were users of G-Link, a similar service for owners of the luxury Lexus-branded vehicles, that provides features such as emergency support. Toyota said steps to block outside access to the data were taken after the issue was discovered and an investigation into all cloud environments managed by Toyota Connected Corp was ongoing.

Hyundai to invest ₹20,000 crore in Tamil Nadu over next 10 years

South Korea's Hyundai on Thursday said it will invest over ₹20,000 crore in Tamil Nadu over the next 10 years to augment EV production in India. The firm will set up a battery pack assembly unit with an annual capacity of 1.78 lakh units and also install 100 EV charging stations across Tamil Nadu in the next five years.

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EV ecosystem still not mature in India: Renault India MD & CEO

Venkatram Mamillapalle, Renault India MD and CEO, believes the electric vehicle (EV) ecosystem goes beyond setting up charging stations. "EV has a lot of safety requirements...the ecosystem for which is still not mature in India...I'm not just talking about...charging stations. It's (about)...indigenisation of batteries, etc. Firemen need to be trained in case the vehicle catches fire," he said.

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Even though government thinktank Niti Aayog is aiming for electric vehicles (EVs) to comprise at least 30 percent of new passenger vehicles sold by 2030, the country head of Europes largest carmaker believes that they are unlikely to capture a double-digit share. He feels an EV penetration of 3-5 percent is be achievable if the support ecosystem is right. Venkatram Mamillapalle, Renault India Managing Director and CEO, is of the view that the ecosystem goes beyond settingup charging stations. An electric vehicle has a lot of safety requirements, the ecosystem for which is still not mature in India.I'm not just talking about (setting up) charging stations. It is (about) localisation of cells, indigenisation of batteries, etc. Firemen need to be trained in case the vehicle catches fire, and the insurance company needs to know how to assess the fire, he said, while speaking exclusively to Moneycontrol. Mamillapalle said that electric cars account for just 1 percent of the total passenger vehicles sold annuallyin India. "It will take at least three decades for EVs to reach 99 percent (of total PVs sold). We can have about 3 to 5 percent penetration if the right ecosystem is there. It will take us at least till 2030 to reach that level, he explained. Mamillapalle stated that Renaults EV rollout plans are very much on track. The Nissan-Renault alliance had announced that it will be investing Rs 5,300 crore ($600 million) for developing six new products for the Indian market. While four of them will be brand new C-segment SUVs, there will be two A-segment cars one each by Renault and Nissan. EVs are in the plan, and we are following the governments CAFE (fuel economy) requirements. While I cannot tell you what (kind of) and how many types of EVs I'm going to launch because it's confidential, I can confirm that India is a focal point for such products and we plan to get into it very strongly in future, added Mamillapalle. He, however, emphasised that internal combustion engine vehicles (ICEV) will continue to coexist with EVs, and added that globally the company has a strong presence in flex-fuel engine technology which it will get here if theres a demand. Renault, which currently sells the Kwid, Kiger, and Triber in India, will be launching other gasoline-powered models, especially in the SUV space. Last year it sold 87,000 units, and it is looking at flat growth this year. We are more or less towards the SUV segment even if you take the Kwid. It is a small SUV as thats how it was built and designed.Then comes the Kiger, which is already running in the B segment as an SUV. We are now looking at B+ or C segment SUVs for the future. They will be designed, engineered, and manufactured in India, with 90 percent local components. They will be exported as well, Mamillapalle added. He, however, didnt confirm if the next-genDuster will be relaunched in the Indian market. Going forward, Renault India is also looking to enhance the export of its vehicles, from 25 percent of sales currently to 40 percent in the long term. Our ambition is that for any vehicle made here, India will ultimately become the production hub for exports for right hand drive markets such as South Africa. We will continue to work in that direction, whether it is EVs or ICEVs, concluded Mamillapalle. Discover the latest business news, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!

Maruti Suzuki marks longest winning run since going public in 2003

Maruti Suzuki India's shares gained for the 10th straight session on Tuesday, marking its longest winning streak since the company went public in July 2003. Its stock has surged as much as 7.6% during the rally that began on April 25. Ever since the company debuted on the bourses, there have been four rallies of nine days, Bloomberg data showed.

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Ban diesel 4-wheelers in big cities and towns by 2027, suggests govt panel

A government panel has recommended imposing a ban on diesel-powered four-wheelers in cities with more than one million population and towns with high pollution by 2027. "By 2030, no city buses should be added which aren't electric," the Energy Transition Advisory Committee said. In 2021, PM Narendra Modi pledged that India will cut its emissions to net zero by 2070.

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India to become export hub for Skoda Auto from next year: Top Exec

As Skoda Auto is set to commence exports of vehicle kits for assembly in Vietnam from 2024, Brand Director at Skoda Auto India said, "India is an...important market as part of our regional strategy...and India will become an export hub for Skoda." The group is present through Skoda Auto, Volkswagen, Audi, Porsche and Lamborghini brands under Skoda Auto Volkswagen India.

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Mumbai, May 7 (PTI) Czech car maker Skoda Auto has said India will become an export hub for the company as it is set to commence exports of vehicle kits for assembly in Vietnam from next year. The company, which posted a whopping 125 per cent year-on-year surge in its vehicle sales at 53,721 units in 2022, also sounded hopeful of growing into double-digit this year as well. Also Read | India Witnesses 18% Hike in Weekly Cyberattacks in January-March 2023. Similarly, Volkswagen Group sales grew 85.48 per cent year-on-year at 1,01,270 units in the previous calendar year. The Group is present through Skoda Auto, Volkswagen, Audi, Porsche and Lamborghini brands under Skoda Auto Volkswagen India Pvt Ltd (SAVWPIL). Also Read | Cyclone Mocha Update: Cyclonic Circulation Likely To Develop Over Southeast Bay of Bengal Around May 6, Says IMD. "India is an absolutely important market as part of our regional strategy of Skoda Auto, and India will become an export hub for Skoda," Petr Solc, Brand Director at Skoda Auto India told PTI in an interaction. Volkswagen is already exporting vehicles from India to Mexico and South Africa while Skoda Auto is exporting to the Middle East and North Africa. From next year we will start exporting vehicle kits for assembly in Vietnam, Solc stated. Export is already an important part and will continue to be an important part of the strategy for Skoda and Volkswagen, he stated. Noting that Skoda Auto India for the first time delivered more than 50,000 cars in the domestic market last year, he said we would like to grow with the market or even faster and our ambition is to grow into double digits. He said that 2022 was specific for the company on account of the Slavia launch and added that So, there was this kind of a one-time effect of any new model introduction. Now, we have both models (all-new Slavia sedan and Kushaq SUV) in the market and can now enjoy having both models for the full year in the market, he said. Solc said that the 7-seater updated SUV Kodiaq will also play a role in terms of the company's growth strategy, particularly when there is much greater supply now. To a question on Audi, which at a point of time was the undisputed leader in the domestic premium luxury car market, Christian Cahn Von Seelen, Member of the Board for sales, marketing and digital at SAVWPIL said that its growth has been "impressive in terms of volume in 2022 compared to the year earlier and that was still hampered significantly by the chip supply situations even in Europe. So the growth of Audi is impressive, and we are definitely planning to continueSo as much (as) I think, I can say we will see loads of new product introductions here on the other side. On the company's EV foray in the Indian market, Solc said it depends on the development of the segment in the country. Late last month, the European car maker Skoda announced its EV roadmap, which includes six electric cars in a phased manner by 2026. "We as a manufacturer and Skoda, we will be ready. And if we see good traction, we are talking about the prognosis that the car market or the EV can go within 5-10 years, up to 20, maybe 30 per cent. We don't know necessarily, he said. So this could be part, we would like to be also within that range, but depends again, on the response. If we see more manufacturers going, there is an infrastructure built here and there's an acceptance from the customers to buy electric cars, and we will be ready, he said. He said that the company is discussing which models it should bring in the future also to India as an EV. "And if we see the potential in the market, we will bring them as well. So I cannot say necessarily what the percentage will be. But if the market is going towards more than 20 per cent of the electric vehicles of the total market, we would like to penetrate within the EV segment, Solc added. (This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body) Latestly.com, 2024

BMW issues 'Do Not Drive' warning for 90,000 cars over faulty airbags in US

BMW has issued a 'Do Not Drive' warning for 90,000 cars over old and defective Takata airbags in US. Owners of these cars built between 2000 and 2006 have been urged to park their vehicles immediately and get the airbags repaired by the company for free. There's "an extremely high probability of failure during a crash", American agency NHTSA said.

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Passenger vehicle retail sales drop 4% in April 2023: FADA data

Total vehicle retails in April witnessed a fall of 4% with two-wheelers and passenger vehicles exhibiting a 7% and 1% decline each, Federation of Automobile Dealers Associations (FADA) data showed. Passenger vehicles showed a decline in year-on-year growth for the first time in eight months. FADA has asked GST Council to consider reducing GST on two-wheelers from 28% to 18%.

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Volvo Cars to slash 1,300 white-collar jobs to cut costs in Sweden

The Chinese-owned Volvo Cars of Sweden said in an effort to cut costs, it would slash 1,300 white-collar positions from its operations in Sweden. CEO Jim Rowan said that cost-cutting measures taken last year had started to "bear results" but that "it's clear that we need to do more...Economic headwinds, increased raw material prices are likely to remain a challenge".

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Chinese-owned Volvo Cars of Sweden said Thursday that it would cut 1,300 white-collar positions in Sweden in an effort to cut costs and warned that global cost-cutting measures were to come. CEO Jim Rowan said in a statement that cost-cutting measures taken last year had started to "bear results" but "it's clear that we need to do more." "Economic headwinds, increased raw material prices and increased competition are likely to remain a challenge to our industry for some time," Rowan said. The office job cuts represent around six percent of its employees in Sweden, the company said. While Thursday's announcement concerns only Sweden, the company said it "will reduce costs and drive efficiencies across its global operations over the coming months." In late April, the carmaker reported a drop in first-quarter profits -- despite higher sales -- and said it was "evaluating the need for further targeted cost actions." It had reported a 10 percent increase in vehicles sold to some 162,900, and a 29 percent increase in revenue to 95.7 billion kronor ($9.3 billion). But the company's net profit fell to 3.98 billion kronor from 4.5 billion a year earlier. The carmaker, which aims to become 100 percent electric by 2030, also said that one in five cars sold in the first quarter had been electric.

Musk to pay $10,000 to Indian-American critic to settle defamation case

Elon Musk has agreed to pay $10,000 to settle a defamation lawsuit filed against him by Indian-American critic Randeep Hothi. Musk had accused Hothi of "almost" killing Tesla employees in 2019 email to a tech editor, thereby triggering an online hate campaign, the lawsuit claimed. "I feel vindicated," Hothi said, adding that the case wasn't about seeking fame or money.

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Govt to recover ₹250 crore from Okinawa, Hero Electric: Report

Heavy Industries Ministry has issued notices to EV makers Okinawa and Hero Electric to recover nearly ₹250 crore which they claimed as subsidies under phase II of Centre's FAME scheme, CNBC TV18 reported. "Both companies have been found to be non-compliant with regulations through rampant use of imported parts," a government official said. Notices were issued on April 29.

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Honda Cars records 33% Y-o-Y dip in domestic sales in April

Honda Cars India recorded a 33% year-on-year decline in domestic sales at 5,313 units in April. The firm added that the exports for the month stood at 2,363 units. The firm shipped 2,042 units in April 2022. "Our sales results for the month of April are in line with our plan," Honda Cars India executive Yuichi Murata said.

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Honda Cars India on Monday reported a 33 per cent year-on-year decline in domestic sales at 5,313 units for April. The company dispatched 7,874 units to dealers in the domestic market in April 2022, the automaker said in a statement. Exports stood at 2,363 units last month, it added. The company shipped 2,042 units in April last year. "Our sales results for the month of April are in line with our plan," Honda Cars India Ltd Director (Marketing and Sales) Yuichi Murata said in a statement. The company is currently selling just two sedans -- City and Amaze in the domestic market.

Ola Electric to refund ₹130 crore to customers for its charger: Report

Ola Electric will reimburse approximately ₹130 crore to customers who bought its EV charger, CNBC-TV18 reported. The move is reportedly in response to the probe initiated by the Ministry of Heavy Industries for overpricing. Ola Electric will reimburse the price of the off-board charger to customers who bought the off-board charger as an accessory when purchasing an Ola S1 Pro.

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Hero Electric denies getting ₹150-250 cr subsidies recovery notice

Hero Electric CEO Sohinder Singh Gill has denied reports claiming the electric two-wheeler manufacturer has received a notice from the government for the recovery of ₹150-250 crore claimed by it in subsidies. Reports had claimed that Hero Electric and Okinawa had received notices in a case related to alleged misappropriation of subsidies under phase II of Centre's FAME scheme.

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Amid reports of the Union government seeking to recover Rs 150-Rs 250 crore claimed by two-wheeler players Hero Electric and Okinawa as subsidy in the case related to "alleged misappropriation" of subsidies given under the Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme, the CEO of the former two-wheeler company denied receiving any such letter from the Ministry of Heavy Industry (MHI). In a statement dated April 30, Hero Electric CEO Sohinder Gill said, "We have not received any such letter from the Department of Heavy Industries so far but we would be happy to respond to it..." Gill also said that the company awaits "any formal communication from MHI towards quickly resolving the subsidy deadlock, as this could be the first step to help us to recover the Rs 500 crore held up with the Department as unpaid subsidy quickly." The statement comes just days after reports of an investigation ordered by MHI showed the two companies "allegedly used multiple imported components in electric two wheelers, violating norms. The two companies also face de-recognition under the scheme, barring them from any subsidy payment in future," reported The Times of India. Citing sources, an earlierCNBC-TV18 report also added that the authorities have received legal opinion in the matter. The news channel's sources claimed that the probe against Hero Electric and Okinawa revealed that they allegedly claimed subsidies of Rs 250 crore for imported components, but declared the consignments as being made indigenously. Both companies, as per the sources, cited non-disclosure agreements with component suppliers in their replies to the government. ALSO READ:FAME scheme case: Govt mulls clawback of subsidies, FIR against Hero Electric, Okinawa Clarifying on the allegations, Gill defended that Hero Electric has "followed the entire CMVR (Central Motor Vehicles Rules) and certification process for manufacturing and selling its entire range of e-bikes for the last 15 years and ensured good quality products and efficient after sales service," adding that the automaker's core strategy has been to offer "value-for-money" and 90 percent of the products have been sensibly priced between Rs 50,000 to Rs 85,000. In terms of hurdles faced by the two-wheeler sector amid the harsh COVID-19 pandemic, Gill also highlighted that the market leaders manufacturing big volumes in the year 2019-21 have been the worst affected because of non-existing supply chain which was further hit by Covid for two consecutive years in 2020 and 2021. Late entrants such as OLA, Bajaj, TVS, Kinetic, Okaya benefitted thanks to the supply chain that was beginning to take off in small numbers, he added. "The issue that needs to be resolved is therefore pertaining to the 2 to 3 years beginning 2019 that had no supply chain and also suffered a Covid blackout period from whatever small scale Indian component were trying to do," Gill added. To be sure, government approved Phase-II of FAME Scheme with an outlay of Rs 10,000 crore for a period of three years commencing from 1st April 2019. Out of total budgetary support, about 86 percent of fund has been allocated for demand incentive so as to create demand for xEVs in the country. This phase aims to generate demand by way of supporting 7,000 e-buses, 5 lakh e-3 wheelers, 55,000 e-4 wheeler passenger cars (including strong hybrid) and 10 lakh e-2 wheelers. Albeit the scheme will be applicable mainly to vehicles used for public transport or those registered for commercial purposes, privately-owned registered e-2Ws are also covered under the scheme as a mass segment, the Ministry of Heavy Industries had stated. Highlighting the second phase of the scheme, Gill said that another fact that should be considered is the real objective of FAME II guidelines. Localization to the value of 50 percent is a guiding light towards a Make in India mind set, but a short fall of 5 or 7 or 10 percent in the final product should not be read as a willful default, but a logistical crunch, Gill asserted. The investigation into FAME scheme irregularities was initiated by government testing agencies Automotive Research Association of India (ARAI) and the International Centre for Automotive Technology (ICAT) after whistleblowers raised apprehensions. As part of the probe, inputs from the commerce ministry and directorate of revenue were sought to crosscheck customs records and ascertain whether there was any deviation from the phased manufacturing programme, the CNBC TV-18 report said. "We are confident that unlike the previous executives that had blocked all our attempts to find any resolution, the current officials will work towards a practical resolution based on the situation on the ground and quickly reimburse the locked subsidy that has crippled our business operations," Gill concluded. Apart from the two companies, 12 other two-wheeler EV makers - Benling, Okaya, Jitendra New EV, Greaves Electric Mobility, Revolt Intellicorp, Kinetic Green Energy, Avon Cycles, Lohia Auto, Thukral Electric & Victory Electric - are under the radar. The investigations against them are currently underway, the CNBC TV-18 report said. Discover the latest business news, Sensex, and Nifty updates. 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US-based used-vehicle retailer Vroom lays off 11% of staff: Report

US-based online used-vehicle retailer Vroom has laid off 11% of its workforce (around 120 employees) across different departments and locations, Automotive News reported. As per a US SEC filing by Vroom, the job cuts are part of an 'organisational restructuring'. Earlier, another US-based online marketplace for used cars, Shift, cut 30% of its workforce.

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San Francisco, April 30: US-based online used-vehicle retailer Vroom has laid off 11 per cent of its workforce, or around 120 employees, across different departments and locations. The job cut is part of an 'organisational restructuring' that Vroom has implemented as part of a review of 'all aspects of the business', the company said in a US Securities and Exchange Commission (SEC) filing.Accenture Layoff: Tech Layoffs Deepens As IT Firm Announces 19,000 Jobs Cuts, Delays Freshers Recruitments; Top Five Points. According to Automotive News, the company has tied the employee reductions to its pursuit of executing a long-term, cost-cutting-focused business plan it shifted to last year. "The decision to reduce staff this week, while difficult, is consistent with our commitment to our long-term roadmap and objectives for the year to prioritise unit economics and growth, improve our customer experience, reduce cost per unit and maximise liquidity," the company was quoted as saying. Moreover, as a result of the reduction in force, the company expects to incur approximately $2 million in cash charges, primarily severance, and to achieve approximately $15 million of annualised cash savings, according to an SEC filing.CDW Layoffs: Global IT Solutions Provider Sacks Hundreds of Employees Amid Intensifying Economic Uncertainty. Employees affected will receive severance packages and job placement assistance, and the company will continue to hire for critical positions. Last month, the US-based online marketplace for buying and selling used cars Shift Technologies reduced its workforce by 30 per cent in the first quarter in an effort to cut costs and eliminate duplication following its merger with CarLotz. During the earnings call, CEO Jeff Clementz announced the job cuts. The layoffs occur as the company saw its revenue decline in the fourth quarter and its operating loss increased, reports TechCrunch. . Latestly.com, 2024

Removing unnecessary chips from some cars amid shortage: Maruti

Maruti Suzuki India is working to remove certain semiconductors from some models where the requirement is unnecessary, a company official said. He added that amid the ongoing global chip shortage, Maruti Suzuki remains "vulnerable to supply side bottlenecks", but is trying to organise supplies through multiple sources. It couldn't produce around 1.7 lakh units last fiscal due to chip shortage.

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Maruti Suzuki India remains 'vulnerable to supply side bottlenecks' this fiscal even as it looks to source electronic components through multiple sources, according to a senior company official. The country's largest carmaker, which could not produce around 1.7 lakh units last fiscal due to semiconductor shortage, is also coming up with measures to reduce the usage of certain kinds of chips in its cars. "The problem (chip shortage) is a global one... it could affect different models, different companies, different modules differently... all our efforts are to organise supplies through multiple sources," Maruti Suzuki India executive officer (corporate affairs) Rahul Bharti said in an analyst call. He noted that the company is working to do away with certain chips in some models/trims where the requirement is superfluous. "If there is a particular semiconductor in a particular variant of a model which is superfluous and not required..so we are removing all such needs so that our consumption is minimum. All such efforts are going on including negotiations at global scale. Having said that we are still vulnerable to supply side bottlenecks," Bharti noted. When asked about the company position in the ongoing fiscal, he said: "We do not have full year visibility but at least Q1 will be tough and broadly the uncertainty continues." Semiconductors are silicon chips that cater to control and memory functions in products ranging from automobiles, computers and cellphones to various other electronic items. The usage of semiconductors in the auto industry has gone up globally in recent times with new models coming with more and more electronic features such as bluetooth connectivity and driver-assist, navigation and hybrid-electric systems. Replying to a query, Bharti confirmed that the strong hybrid technology introduced in Grand Vitara could be launched in more models. "We have got a very positive response... we plan to bring it (strong hybrid) in more models also," he stated. On sales growth outlook for this fiscal, Bharti said industry body SIAM estimates the passenger vehicle industry to grow between 5-7%. "Maruti Suzuki should grow well beyond this. So we would be better than the industry," he noted. MSI CFO Ajay Seth noted that the company has lined up Rs 8,000 crore capex in the current fiscal with capital set to go into the construction of the Sonipat plant, development of new models and annual maintenance of existing infrastructure. He noted that the company has strengthened its presence in the sports utility vehicle segment with Brezza and Grand Vitara thereby increasing its market share in the vertical. "Moving forward with Jimny and Fronx, the SUV portfolio of the company will be further strengthened. With this the company aims to secure a leadership position in the SUV segment," Seth said. He noted that the company believes in offering products and technologies which are relevant to the Indian market context.

MG Motor launches MG Comet, the smart EV

MG Motor launches Comet EV in India as new age Urban Mobility Solution. It comes with a digital key, over 55+ smart features, 4-seater split seats, wireless entertainment system, and an easy home charging station. It promises super comfy drives with smart turning radius, automatic transmission, and 10.25-inch Floating Twin Display infotainment system. The EV starts at ₹ 7.98 Lakh*.

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Help us by providing information about you. Help us by providing information about you. I agree to thePrivacy Policy. Want to have a virtual tour of the car? Hey , your interest in MG Motor has been noted. A representative will get back to you soon! If you have any further queries, please get in touch with us or visit MG dealership near you. Call us: 1800-1006464 MG Motor India website uses cookies This website utilizes cookies to optimize your browsing experience and enhance the functionality of our site. By continuing to explore the website, you consent to the use of cookies and agree to our Privacy Statement. You will be redirected to the payment gateway. Make sure you have checked the filled on details in the Booking Summary Do you want to : *We thank you for your overwhelming response and support shown to MG and our cars. In the spirit of transparency and in order to cater to the increased demand, we request you to please connect with your dealership to know the estimated delivery timelines for your booking. We appreciate your patience and understanding. **Please check the latest prices and variants information with your nearest MG dealer before booking the car. **All prices are subject to change at any point of time without prior notice. Mentioned prices are for the BASE MODELS. Images & depictions are for illustration & representation purposes only. MG Motor India urges drivers to follow traffic rules which are meant to keep them safe on roads. This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. Kindly beware of unscrupulous agencies/ persons offering false Dealer Appointment Opportunity/ employment opportunity. You may connect at 1800-100-6464 or write at pulsehub@mgmotor.co.in for any further clarity/ detail.

JSW in talks to pick up to 25% stake in MG Motor India: Reports

The JSW Group is in talks to pick up to 25% stake in MG Motor India, media reports said. The group is also exploring the purchase of a stake in BYD India. MG Motor India is reportedly facing difficulties raising money from China due to restrictions from the government there. The JSW deal could value MG Motors at $1.5 billion.

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MG Motor India invests ₹800 crore to produce Comet EV in Gujarat

MG Motor India has said it has invested around ₹800 crore to produce its Comet EV at its Gujarat plant. The firm claims the EV has a range of 230 kilometres on a single charge. "If you are driving 1,000 kilometres a month, then you need to charge the car just five times," MG Motor India President Rajeev Chaba said.

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While previewing its electric car Comet, MG Motor India revealed that it has invested around Rs 800 crore to produce the car locally at its plant in Halol, Gujarat. The company anticipates a strong response and will be gradually ramping up the production of this two-door electric car to around 3,000 units a month. With the Comet due to roll out in the coming days, this will be the second electric vehicle (EV) by the British carmaker after the ZS EV, which was launched in India in 2020. Rajeev Chaba, MG Motor India President and MD, during a round table interaction with reporters, claimed that the Comet has a range of 230 kms on a single charge and is well suited for intra-city 'practical' usage. In his view, the cost of ownership is going to be very economical. ALSO READ: Slideshow: Take a look at MG Comet, Indias smallest EV If you are driving 1,000 kms a month, then you need to charge the car just five times. A single charge can do about 200 kms. Assuming that the electricity cost is Rs 6 per unit, you just need to spend Rs 500 for 1,000 kms a month. It means the cost of running this car is less than a pizza, or a PVR ticket, or two cups of coffee, emphasised Chaba. He also stated, As per our survey, people spend Rs 5,000 a month for petrol. In addition to that, maintenance costs are also huge. During the product unveil, MG Motor India announced that the Comet will be equipped with a 17.3 KWH li-ion battery and can be fully charged in around seven hours. While the products price points were not disclosed, it is expected to be in the Rs 10-12 lakh range (ex-showroom). It will be equipped with automatic transmission, two front airbags, and reverse parking camera, among other things. Chaba clarified that the company would not be catering to buyers who do a lot of inter-city trips, and nor will it be looking at fleet operators. "We will start taking bookings for the Comet from May 15. We are going to be very serious about not selling this car to certain categories of people. Nor are we going to reach out to fleet operators just to push volumes, Chaba said. As reported byAutocar Professional, in order to cater to the anticipated demand for the Comet, MG Motor India will be adding a third shift at its existing plant to expand capacity to 1,20,000 units per annum. The content localisation will be about around 54 percent in the initial phase, and will be enhanced to 60 percent by the end of this year. The company has partnered with Tata AutoComp Systems (TACO) to source batteries for the car. As it gears up to introduce the Comet next month, MG Motor India says it expects 30 percent of its sales to come from the EV segment this year.The company has sold around 10,000 units of ZS EV so far and expects sales of the model to touch 1,000 units a month this year. Last year, the ZS EV comprised 12 percent of its overall sales volume. "The sale of electric passenger vehicles is set to rise dramatically in India, from around 50,000 units last year to probably around 125,000-130,000 units this year. During 2023, we expect 30 percent of our total sales of around 80,000-90,000 units to come from the two electric models," Chaba said, adding, If we are fortunate, we could produce between 80,000 to 1 lakh units this year and next year our output should be 1.2 lakh units." Chaba also said that the company broke even this March. "We broke even in March and we should be able to make a little money this year if we are able to sell 80,000 to 1 lakh units." Citing global trends, he noted that electric and plug-in hybrid vehicle sales now accounted for 30 per cent of the overall new sales in China. Similarly, EVs account for 20 percent of sales in Europe and 10 percent of the US market, Chaba said. "In India, EVsare less than 2 percent but this number will go up. For India, the tipping point would be when the penetration levels reach 10 per cent and there are more choices for consumers around the Rs 10 lakh price range," he explained. (With inputs from PTI) Discover the latest business news, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!

Tesla can sell cars for 0 profit, still earn large sums later: CEO

Tesla's billionaire CEO Elon Musk said Tesla is the only automobile firm that could sell for "zero profit" now and then yield "actually tremendous economics in the future through autonomy". "I'm not sure how many of you will appreciate the profundity of what I've just said, but it's extremely significant," Musk added. "We'll continue to invest in growth," he said.

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(Bloomberg) -- Elon Musk is years behind on his ambition to render Tesla Inc.s cars fully autonomous. Hes now saying in no uncertain terms that hes willing to bet the companys profit margins on making it happen. Musk said on a conference call last week that Tesla has the wherewithal to sell cars at zero profit and then earn immense sums later off driverless software. The trouble with that for investors? His predictions since at least 2019 that autonomous Teslas are just around the corner havent panned out. Were the only ones making cars that technically we could sell for zero profit for now, and then yield actually tremendous economics in the future through autonomy, Musk said April 19. Im not sure how many of you will appreciate the profundity of what Ive just said, but it is extremely significant. The challenge Musk has had turning driverless visions into reality isnt stopping him from going forward with markdowns that threaten to set off a price war. The Austin, Texas-based company has lowered the cost of its top-selling Model Y by 29% in the span of just a few months. Thats dented the companys margins and spooked investors concerned about deteriorating profits. Self-Driving Dreams The dream of a truly self-driving car has animated the auto industry for years, and Teslas CEO has been one of its loudest proponents. But the company has yet to deliver on promises of robotaxis dominating the roads. Tesla offers a system it calls Full Self-Driving that, contrary to its name, merely assists human drivers who are fully responsible for operating the vehicle, and must keep their hands on the wheel and eyes on the road. The company charges customers $15,000 for the optional system and defers some of that revenue because its not a finished product. It wont be until the feature lives up to its billing something Musk claimed may happen this year. Elon Musk dipped into the well and recycled prior comments around FSD being complete by year-end, demand outstripping supply and vehicles being an appreciating asset over time as full self-driving becomes a reality, Jeffrey Osborne, a Cowen & Co. analyst, said in a note recapping the Tesla CEOs comments. We question all of these assumptions. Tesla has begun to recognize some of its deferred revenue, including $324 million in the fourth quarter of last year by far the most ever. But even with that bigger-than-usual haul, the carmaker has been recognizing less deferred revenue than its forecast in regulatory filings. At $639 million, its projection for 2023 is the lowest in almost four years. Tesla didnt say in its earnings release or investor call last week how much deferred revenue it recognized in the first quarter. The figure should show up in its 10-Q filing due in the coming days. Software Sales Seth Goldstein at Morningstar Research interpreted Musks zero-profit comment as more of a theoretical, but said the broader strategic goal of making money from selling software services to existing customers makes sense. Elons point is that the greater proportion of people you can get in a [Tesla], the more potential software purchasers there will be, Goldstein said in an interview. And then over time, that can become a very profitable and valuable business because its very high margin. Chief Financial Officer Zachary Kirkhorn indicated Tesla hasnt abandoned the idea of making money on the cars it sells, telling analysts that reinvestment funded by cash generated from product sales is very important for us. Though the companys cash flow fell to a two-year low in the first quarter. Other automakers are closely watching the EV market leaders moves as they ramp up production of their own battery-powered vehicles. How far Tesla is willing to go to slash prices and margins remains a wild card. More stories like this are available on bloomberg.com 2023 Bloomberg L.P.

One can get ₹2 lakh subsidy on ₹20 lakh car, it's not sustainable: Bajaj Auto MD

Bajaj Auto's MD Rajiv Bajaj said a subsidy isn't a strategy and, instead, masks reality and blunts innovation. Stating that one can buy a ₹20 lakh car today and get ₹2 lakh subsidy on it, Bajaj told CNBC-TV18 this isn't a sustainable model for any industry. "Future of EVs in India must be built on...sound strategy, not subsidy," he added.

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Jaguar Land Rover plans £15-bn EV investment over next 5 years

Tata Motors-owned Jaguar Land Rover (JLR) plans £15-billion investment over the next five years in the development of electric vehicles (EVs). The company's Halewood plant in UK's Merseyside area will be transformed into an EV-focused facility, the company said. JLR confirmed it will start to invite applications for client orders for the modern luxury all-electric Range Rover later this year.

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Tesla's profit dips 24% to $2.51 bn in Q1 amid multiple price cuts

Tesla recorded a 24% year-over-year drop in profit to $2.51 billion in the first quarter after the Elon Musk-led company introduced a series of price cuts. Its gross margins also shrunk from 29.1% in Q1 2022 to 19.3% in Q1 2023. The firm's Q1 revenue stood at $23.33 billion, which was 24% up from the same period a year ago.

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Passenger vehicle exports from India surge 15% in FY23: SIAM

Passenger vehicle exports from India jumped 15% in financial year 2022-23, data by Society of Indian Automobile Manufacturers (SIAM) showed. The total passenger vehicle exports stood at 6,62,891 units in 2022-23 as against 5,77,875 units in 2021-22. Maruti Suzuki India led the segment with dispatches of over 2.5 lakh units, followed by Hyundai Motor India and Kia India.

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Passenger vehicle exports from India rose 15 per cent in FY23 with Maruti Suzuki India leading the segment with dispatches of over 2.5 lakh units, as per the latest data by industry body SIAM. The total passenger vehicle (PV) exports stood at 6,62,891 units in the 2022-23 fiscal as compared to 5,77,875 units in 2021-22. Passenger car shipments saw a 10 per cent growth at 4,13,787 units, while utility vehicle exports rose 23 per cent at 2,47,493 units during the last fiscal, the data by the Society of Indian Automobile Manufacturers (SIAM) showed. Exports of vans, however, declined to 1,611 units last fiscal, from 1,853 units in the 2021-22 fiscal year. Maruti Suzuki India (MSI) led the exports last fiscal in the passenger vehicle segment. It was followed by Hyundai Motor India and Kia India. MSI, the country's largest carmaker, exported 2,55,439 PVs last fiscal, an 8 per cent increase as compared to 2,35,670 units in the 2020-21 fiscal year. The carmaker exports to various markets, including Latin America, ASEAN, Africa, the Middle East and neighbouring regions. Hyundai Motor India's overseas dispatches stood at 1,53,019 units last fiscal, up 18 per cent from 1,29,260 units in 2021-22. Similarly, Kia India exported 85,756 units across global markets in the period under review as compared to 50,864 units in 2021-22. Nissan Motor India shipped 60,637 units; Renault India 34,956 units; Volkswagen India 27,137 units in FY23. Honda Cars India exported 22,710 units, while Mahindra & Mahindra chipped in with 10,622 units in the 2022-23 fiscal. Overall automobile exports from India last fiscal stood at 47,61,487 units, down 15 per cent from 56,17,359 units in 2021-22.

Skoda's new grille tells people when it's safe to cross: Report

Skoda is working on a car grille that tells pedestrians when it's safe to cross, media reports said. As part of a trial, the firm used an LED strip that can be configured to display various messages. On approaching a pedestrian crossing, the grille is able to display green arrows that show when it is safe for people to cross.

https://www.independent.co.uk/news/science/skoda-czech-republic-italy-b2318460.html?utm_campaign=fullarticle&utm_medium=referral&utm_source=inshorts

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in Find your bookmarks in your Independent Premium section, under my profile Our mission is to deliver unbiased, fact-based reporting that holds power to account and exposes the truth.Whether $5 or $50, every contribution counts.Support us to deliver journalism without an agenda. Louise Thomas Editor Car grilles have been getting increasingly bolder in recent years from BMWs highly-controversial nostrils to various grilles that are able to illuminate. What a grille has never done before is display warning messages to pedestrians. Until now, as Skoda has devised a way for animations to be displayed at the front to show various warning information. While Skodas electric Enyaq iV is usually equipped with a light-up Crystal Face, as part of a trial the firm has swapped this out with a new body featuring an LED strip that can be configured to display various messages. When the car approaches a pedestrian crossing, it can warn those waiting to cross that it has spotted them. The grille is then able to display green arrows that show its safe for them to cross. Once the car is ready to set off, its able to display a different red signal to show that the car is moving. If the vehicle is unable to stop, its able to display a warning message such as do not step out onto the crossing. Skoda has also been working on a robot called IPA2X that serves to help children, the elderly and those with disabilities to cross the road safely. Supported by the Urban Mobility Initiative of the European Institute of Innovation and Technology, various companies have helped to come up with a two-metre-tall robot that looks like a mobile traffic light. The robot constantly monitors the surroundings and is able to display green lights when its safe for pedestrians to cross. Its height means its able to see over parked cars too. Skoda is continuing to test the two technologies in Italy and the Czech Republic, and will do so into 2024, with the hopes they might be rolled out as early as 2025. Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today. Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in Log in New to The Independent? Or if you would prefer: Want an ad-free experience?

Considering making passenger vehicle tyres in India: Michelin CEO

Michelin CEO Florent Menegaux has said the firm is actively considering the production of passenger vehicle tyres locally in India. Menegaux told PTI the group sees India as a great developing market. "We invest in many places...so the question is when is the right time for India. It is not a question whether we should invest in India," Menegaux added.

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EV sales in India hit one million-unit milestone in FY23: Report

The electric vehicle sales in India have crossed the one-millionth milestone, the Society of Manufacturers of Electric Vehicles said. The industry registered overall sales of over 11.5 lakh units, a 58% year-on-year spike in sales in the financial year 2023. The electric two-wheeler industry (e2W) held a 62% share of the total sales.

https://www.timesnownews.com/auto/electric-vehicles/ev-sales-in-india-crosses-the-one-million-unit-milestone-article-99385003/amp?utm_campaign=fullarticle&utm_medium=referral&utm_source=inshorts

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Car driven in Ladakh lake for Maruti Suzuki ad shoot; MP criticises video

Ladakh MP Jamyang Tsering Namgyal has shared a video showing a Maruti Suzuki car being driven in a Ladakh lake for an ad and called the company "irresponsible". "The fragile ecosystem should not be destroyed for the sake of commercial gain...Let's preserve the unique beauty of Ladakh for future gen," he tweeted while urging the administration to take legal action.

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'P7' car number plate sold for record ₹122.6 crore in Dubai

The car number plate 'P7' was auctioned for a record 55 million dirhams (about ₹122.6 crore) in Dubai. The bids for the number plate started at 15 million dirhams and Telegram Founder Pavel Durov also participated in it. As part of the 'Most Noble Number' auction, VIP plates and phone numbers were auctioned for a total of 97.92 million dirhams.

https://www.siasat.com/dubai-car-number-plate-p7-sold-for-record-dh55m-2564767/?utm_campaign=fullarticle&utm_medium=referral&utm_source=inshorts

Dubai: The vehicle number plate P7 was sold for a record Dh55M at the Most Noble Numbers auction in Dubai. Starting at a bid of Dh15 million in the action on Saturday night, the bids rose within seconds to over Dh30 million. The bid stagnated for several minutes at Dh35 million which was bid by Pavel Valeryevich Durov, the French-Emirati businessman, the founder and owner of the app Telegram. The price rose quickly until it reached the amount of Dh55 million (INR1,226,144,700) by bid panel seven who wished to remain anonymous. The crowd cheered and applauded as each bid was placed. Many other VIP number plates and phone numbers were auctioned at the same time and the auction process raised nearly Dh100 million ($27 million) for a Ramzan food appeal. In total, Dh97,920,000 ($26662313) was raised from the sale of car plates and exclusive mobile phone numbers at the Four Seasons Hotel in Jumeirah. The event was organised by Emirates Auction, Dubais Roads and Transport Authority, Etisalat and Du. P 7 topped the list after a bidding war between several people who wanted to break the existing record set in 2008, when a businessman paid Dh52.2 million for Abu Dhabis number 1 plate. All proceeds from the noblest numbers auction will go to the One Billion Meals campaign, which was launched to boost efforts to combat global hunger. The One Billion Meals Endowment was launched by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, in line with the generous spirit of Ramzan. Get the news updates on WhatsApp & Telegram by subscribing to our channels. For all the latest Middle East updates, download our app Android and iOS.