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Honda India recalls 2,000 CB300R bikes over engine safety issue

Honda Motorcycle & Scooter India has recalled about 2,000 units of CB300R bike owing to inappropriate manufacturing of the right crankcase cover of the engine, the company said. The issue can lead to oil spillage and potentially create a fire hazard. The replacement will begin from April 15 and will be conducted at all BigWing dealerships across India, Honda added.

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Honda Motorcycle & Scooter India on Friday said it is recalling around 2,000 CB300R bike units due to a manufacturing fault in the right crankcase cover of the engine. The voluntary recall covers the 2022 model of the CB300R. The company has identified that due to an inappropriate manufacturing process of the right crankcase cover of the engine, there are chances of sealing plug dislodging due to low retention force caused by engine heat, Honda Motorcycle & Scooter India said in a statement. This could further cause the sealing plug to come off and engine oil to splash out, it added. In the worst situation, the oil adhering to hot motorcycle parts may cause fire, its contact with tyres may cause slippage or it may injure the rider due to its hot temperature, the company stated. "As a precautionary measure, the replacement of affected parts will be carried out at BigWing dealerships across India starting from April 15, 2023. The replacement will be done free of cost irrespective of the warranty status of the vehicle," it added. The company, through its BigWing dealers, will proactively notify customers via call/email/SMS for inspection of their vehicle from Friday, it said.

Hero MotoCorp launches VRS for staff to make firm 'future-ready'

Hero MotoCorp on Wednesday announced the launch of a voluntary retirement scheme (VRS) for all its staff with the aim to retain employee welfare "at its core" and to make the organisation agile and "future-ready". The package will include a one-time lump-sum amount, variable pay, gifts, medical coverage, retention of company car, relocation assistance, career support, etc, among other benefits.

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Two-wheeler maker Hero MotoCorp on April 5 announced it has launched a voluntary retirement scheme (VRS) for its staff with an objective of retaining employee welfare "at its core." The VRS has been designed in line with the vision to make the organisation agile and future-ready, consolidating roles, and reducing layers to increase empowerment and agility, the auto maker said in a regulatory filing. "We expect this to improve efficiency within the Company through a lean and more productive organisation," it added. The VRS option will be applicable to all staff members. The package will include a one-time lump-sum amount, variable pay, gifts, medical coverage, retention of company car, relocation assistance, career support etc, among other benefits. Hero MotoCrop also noted that the general consumer sentiment is improving, as reflected in the sales performance in the month of March. "The constructive policies of the government and the social sector reforms have given a further boost to the demand scenario and the two-wheeler industry expects these factors to contribute towards a double-digit growth in this financial year," it added. Earlier, Hero MotoCorp had reported that it sold 5,19,342 units in March 2023, translating into a double-digit growth of 15 percent over the corresponding month of 2022, when the two-wheeler manufacturer sold 4,50,154 units of two-wheelers. The company sold 53,28,546 units in FY23, registering a growth of 8 percent over the corresponding period of the previous fiscal (FY22). Meanwhile, shares of Hero MotoCorp on Wednesday (April 5) closed almost flat at Rs 2,431.90 apiece on BSE. 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!

TVS Motor's arm to acquire 25% stake in Germany's Killwatt GmbH

TVS Motor Company's Singapore arm will acquire a 25% stake in Germany-based e-mobility startup Killwatt GmbH. The company would acquire 8,500 shares for €235.29 per share, amounting to nearly €2 million (₹18 crore). Killwatt's business comprises development, design, manufacture, sale and distribution of products and components in the field of electric two-wheeler and three-wheeler vehicles.

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TVS Motor Company on Tuesday said its Singapore-based arm will acquire a 25 per cent stake in Germany-based electric mobility products and components startup Killwatt GmbH. TVS Motor (Singapore) Pte Ltd, has agreed to acquire a 25 per cent stake in Killwatt GmbH by way of newly issued shares of the latter, amounting to 8,500 common equity shares, the company said in a regulatory filing. The shares are acquired at cash consideration of 235.29 euros per share, translating to a total of nearly 2 million euros (nearly Rs 18 crore). Killwatt's business comprises development, design, manufacture, sale and distribution of high-tech products and components in the field of electric two-wheeler and three-wheeler vehicles, it added. "Killwatt presents great potential which has been conceptualised by the company. This acquisition is aligned with our larger vision of becoming a leading player in the e-personal mobility space and providing our customers with sustainable mobility solutions, and it complements our other recent acquisitions," TVS Motor Company said. The company considers Killwatt as a long-term partner to establish a strong presence in the e-mobility business, it added.

Passenger vehicle sales in India rise by 14% y-o-y in March: Data

The passenger vehicle retail sales in India surged by 14% year-on-year in March as all categories saw double-digit growth except for tractors. The latest data by the Federation of Automobile Dealers Association (FADA) showed while two-wheelers retail sales were up 12%, three-wheeler sales were up 69%. Commercial vehicle sales grew by 10%. However, tractor sales were up only 4%.

https://www.cnbctv18.com/auto/march-auto-sales-passenger-vehicle-sales-in-india-rise-14-percent-fada-16331181.htm/amp?utm_campaign=fullarticle&utm_medium=referral&utm_source=inshorts

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EVs accounted for 15% of vehicles sold in Delhi in March

Electric vehicles accounted for nearly 15% of all the vehicles sold in Delhi in March, the highest among all the states, government data showed. In March, 7,917 electric vehicles were sold, out of which four-wheelers contributed 20% and three-wheelers contributed 12%. Around 1.12 lakh EVs have been sold under the Delhi Electric Vehicles Policy implemented in 2020.

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Electric vehicles accounted for nearly 15% of all vehicles sold in Delhi in March, according to the data of the transport department. It also stated that 7,926 electric vehicles were sold in March, out of which four wheelers contributed to 20% of the sale and three wheelers contributed 12%. A total of53,620 vehicles were registered in the city last month. The department noted that 1.12 lakh EVs have been sold under the Delhi Electric Vehicles Policy that was implemented by the AAP government in 2020. "Delhi EV sales Mar'23 report.. 7,917 Electric vehicles sold. EV contributed 14.8% of overall vehicles sold in month; Highest among any states in India. 4W sales contributed to 20% of EV sold. 3W (Goods) contributed 12%. 1.12 lacs EV sold under Delhi EV policy #SwitchDelhi," it said in a tweet. In February, Delhi saw 5,268 electric vehicles being sold out of the total 48,728 vehicles that were registered, while 5,576 vehicles were sold in January of the total 59,520 vehicles registered. The Delhi EV Policy was launched in August 2020 with the aim of establishing Delhi as the EV capital of India and accelerating the pace of EV adoption across vehicle segments, especially in the mass category of two wheelers, public and shared transport vehicles and goods carriers.

Gates takes ride in self-driving car in UK, calls its 'surreal'

Microsoft Co-founder Bill Gates took a ride in British startup Wayve's self-driving car recently in London with the firm's CEO Alex Kendall and a safety driver. Sharing a video of the ride, Gates wrote, "It was a bit surreal...as it dodged all the traffic." "We have made tremendous progress on autonomous vehicles, or AVs, in recent years," Gates added.

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Curated By: Shahrukh Shah News18.com Last Updated: April 03, 2023, 11:06 IST An American business magnate and co-founder of Microsoft Bill Gates recently get his hands on a self-driving car in the street of London. Seeing the technology of British start-up Wayves AV, he got impressed. Expressing his views on the same, he shared a blog post last week titled Hands Off The Wheel: The Rules Of The Road Are About To Change. In the long opinion piece, he said that the machine surely will take over driving sooner rather than later. Also Read:Bill Gates Cant Wait To Be Back, Salutes Indias Power of Innovation He also wrote in his article that in levels 0-2, a human driver is in full control of the car, but the vehicle can provide assistance through features like adaptive cruise control and lane centering. Level 3 is when the technology starts to move from the driver being in control to the vehicle being in control. By the time you reach the highest level, the car can be fully autonomous at all times and under all conditionsthe level 5 vehicles of the future might not have steering wheels at all. Meanwhile, the internet tycoon claims that Wayve is developing a cutting-edge approach to self-driving, a pitch that will hit a tipping point in 10 years. According to Gates, the advent of fully autonomous driving will be a game-changer on par with the development of computers. Read all the Latest Auto News here About the Author Location: 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

Electronic components shortage may hit FY24 production: Maruti

Maruti Suzuki has said that the shortage of electronic components could hit its production volume in the financial year 2024, a regulatory filing showed. The automaker reportedly produced a record 19.22 lakh units in 2022-23. However, in March 2023 the firm's total production stood at over 1.54 lakh units, down 6% from over 1.63 lakh units in March 2022.

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The countrys largest car maker Maruti Suzuki India on Monday said its production volume could be hit in the current fiscal with the supply situation of electronic components remaining unpredictable. The auto major said the shortage of electronic components had some impact on the production of vehicles in the last financial year as well. As the supply situation of electronic components continues to be unpredictable, it might have some impact on the production volume in FY 2023-24 as well, Maruti Suzuki India said in a regulatory filing. The carmaker produced a record 19.22 lakh units in 2022-23. It, however, fell short of its target of taking the overall production to 20 lakh units in the last fiscal. In March this year, the companys total production, including passenger vehicles and light commercial vehicles, stood at 1,54,148 units, down 6 per cent from 1,63,392 units. Production of total passenger vehicles declined to 1,50,820 last month, as compared with 1,59,211 units in March 2022. Production of mini and compact segment cars dropped to 1,08,001 units last month from 1,09,676 units in March 2022. The company stated that production of utility vehicles declined to 29,440 units last month as compared with 36,249 units in March 2022. Similarly, manufacturing of the companys light commercial vehicle Super Carry dipped to 3,328 units in March as against 4,181 units in the year-ago period.

Tata Motors records highest-ever annual domestic sales

Tata Motors has recorded its highest-ever annual domestic sales of over 5.38 lakh units in the financial year 2023, achieving a 46% sales growth over FY22. The firm said it crossed a "significant" landmark of 50,000 EV sales, its highest ever, a growth of 154% over FY22. It also recorded its highest-ever quarterly EV sales of 15,960 units.

https://www.tatamotors.com/press/tata-motors-registers-total-sales-of-251822-units-in-q4-fy23-up-3-over-q4-fy22/?utm_campaign=fullarticle&utm_medium=referral&utm_source=inshorts

Access our latest announcements, results, share price information and other resources here Tata Motors Limited sales in the domestic & international market for Q4 2023 stood at 2,51,822 vehicles, compared to 2,43,459 units during Q4 2022. Domestic Sales Performance: Commercial Vehicles: Domestic sale of MH&ICV in Q4 2023, including trucks and buses, stood at 54,435 units, compared to 40,391 units in Q4 2022. Total sales for MH&ICV Domestic & International Business in Q4 2023, including trucks and buses, stood at 56,059 units compared to 52,976 units in Q4 2022. Mr. Girish Wagh, Executive Director, Tata Motors Ltd. said,Tata Motors commercial vehicle domestic sales in Q4 FY23 at 1,12,145 units was 22% higher than the previous quarter (Q3 FY23) and ~2% higher than the same quarter, last year (Q4 FY22). This growth was driven by the robust demand for heavy trucks required to service the strong infrastructure push by the Government plus increased activity in e-commerce, construction, and mining. Higher replacement demand, advance buying in anticipation of price hikes, and year-end buying to claim depreciation benefits, further buoyed the demand towards the end of the quarter. As a result, M&HCVs grew by over 33% vs Q3 FY23, while being 18% ahead of Q4 FY22. However, the demand for small and light commercial vehicles continued to be impacted due to high interest rates and high base effect. Overall, Tata Motors CV domestic business grew ~22 % in FY23 vs FY22. With the new BSVI phase II starting from April 2023, we have used the opportunity to significantly enhance key attributes of our entire portfolio while complying with the emission norms. Our commercial vehicles will now deliver even better performance enabled by smarter technologies and enhanced features. With the governments continuing thrust on infrastructure development, we remain optimistic about the overall CV demand in FY24 while maintaining a close watch on geopolitical developments, interest rates, fuel prices and inflation. Passenger Vehicles: Includes sales of Tata Motors Passenger Vehicles Limited, a subsidiary of Tata Motors Limited. Mr. Shailesh Chandra, Managing Director, Tata Motors Passenger Vehicles Ltd. and Tata Passenger Electric Mobility Ltd. said, FY23 has set a new record for passenger vehicle sales in India. The steep growth witnessed by the industry was driven by post COVID pent up demand in early part of the year, the launch of several new vehicles and easing of the semiconductor shortage. While SUVs and EVs led this growth, customers rising preference for safe vehicles and smart technology features was equally pronounced. Tata Motors scaled a new sales peak by posting its highest ever annual domestic sales of 5,38,640 units, achieving a robust 46% sales growth over FY22 and registering its third successive year of industry beating growth. All four SUVs Nexon, Punch, Harrier and Safari, recorded their highest ever annual sales, contributing a substantial 66% of the total volume. Being the leader in fast growing EV segment, we continued to accelerate both its adoption as well as the development of its enabling ecosystem. Tata Motors crossed the significant landmark of 50,000 EV sales in FY23, its highest ever, to post a significant growth of 154% over FY22. In addition, we also recorded the highest ever quarterly and monthly EV sales of 15,960 (Q4FY23) and 6,509 (Mar23) respectively. EV penetration in our portfolio continued to increase from ~7% (Q1FY23) to ~12% (Q4FY23) of our total sales. Looking ahead, we expect the demand for personal vehicles to remain robust with the trend of electrification further strengthening as more options are made available to customers plus support from a rapidly growing and improving ecosystem. However, the growth rate of the passenger vehicle industry may moderate due to a strong base effect as well as macro factors including hardening interest rates, rising inflation, and the cost impact from progressive regulatory norms. We continue to stay agile, carefully monitoring the supply situation, particularly semiconductors and any potential waves of Covid. July 1, 2024 Tata Motors registered total sales of 229,891 units in Q1 FY25 June 25, 2024 Tata Motors partners with Bajaj Finance for seamless Commercial Vehicle Financing June 20, 2024 Tata Motors launches Fleet Verse, a digital marketplace for its entire range of commercial vehicles June 19, 2024 Tata Motors announces price increase of its commercial vehicles from July 2024 Social Media + Subscribe Copyright 2024. All rights reserved. Tata Motors Limited.

Maruti Suzuki, Hyundai, Tata Motors see record wholesales in FY23

Maruti Suzuki, Hyundai and Tata Motors reported their highest-ever dispatches to dealers in FY23. Maruti Suzuki India's domestic dispatches rose to 17,06,831 units in FY23, up 21% from 14,14,277 units in FY22. Meanwhile, Hyundai dispatched 5,67,546 units domestically, up 18%, and Tata Motors dispatched 5,38,640 units in the domestic market, up 45% from FY22 number.

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Maruti Suzuki, Hyundai and Tata Motors reported their highest-ever dispatches to dealers last fiscal, enabling the domestic passenger vehicle industry to log in best-ever performance to date. The countrys largest carmaker Maruti Suzuki India reported its highest wholesales to date at 19,66,164 units, up 19 per cent from 16,52,653 units in 2021-22. Its domestic dispatches rose to 17,06,831 units in 2022-23, up 21 per cent from 14,14,277 units in 2021-22 fiscal. Hyundai Motor India said its overall wholesales last fiscal was the highest ever since commencing operations in the country. The automaker dispatched 7,20,565 units to dealers last fiscal, up 18 per cent from 6,10,760 units in 2021-22. Its domestic dispatches rose to 5,67,546 units last fiscal, up 18 per cent from 4,81,500 units in the 2021-22 financial year. The countrys second-largest carmaker said it was its best performance to date in terms of sales volume in the domestic market in a financial year. Tata Motors also reported the best-ever passenger vehicle dispatches in the domestic market last fiscal at 5,38,640 units, up 45 per cent from 3,70,372 units FY22. Maruti Suzuki India Senior Executive Officer, Marketing and Sales, Shashank Srivastava said the company reported its highest-ever sales in a financial year despite chip shortage continuing to impact the production activity. He noted that the overall industry sales last fiscal rose to 38.89 lakh units, an increase of 27 per cent from 30.69 lakh units in 2021-22. Both wholesales and retails were the highest for the industry last fiscal, Srivastava said. The industry sales were expected to rise to 4.05-4.10 million in the current fiscal, he added. "We expect the industry growth to be in the range of 5-7 per cent this fiscal and the company would like to perform better than the industry, Srivastava said. He noted that with models like Jimny and Fronx in its kitty, the company expects to corner 25 per cent of the SUV market in the current fiscal. MSI ended the last fiscal with a market share of 12.6 per cent in the SUV segment with sales of 2,02,800 units. The company, which has discontinued its entry-level model Alto 800 citing affordability factor, said the SUV segment continues to outpace others with a contribution of 43 per cent in the overall domestic passenger vehicle industry. Srivastava noted that the contribution of the hatchback segment has come down to 35 per cent last fiscal from 46 per cent in 2016-17. "Affordability has been hit and it has affected the uptake in this segment. If the income levels go up, we can hope for it to make a comeback. Even now the top best-selling cars in the country are hatchbacks, he said. Srivastava noted that the chip shortage would continue to impact the industry for the next few quarters. MSIs total order backlog stood at around 3.8 lakh units, with Ertiga leading in terms of pending bookings, he added. Srivastava confirmed that the company would have a certain production loss in the fourth quarter due to supply constraints. The company had a production loss of around 46,000 units in the third quarter. Replying to a query, Srivastava noted that the company has taken a price hike of around 0.8 per cent from April. Hyundai reported domestic dispatches of 5,67,546 units last fiscal, up 18 per cent from 4,81,500 units in the 2021-22 financial year. Exports rose 18 per cent year on year to 1,53,019 units. "FY 22-23 has been a phenomenal year for the company, as we introduced seven segment-defining products like the all-new Hyundai Tucson, new Venue, Venue N Line, all-electric IONIQ 5, new Grand i10 NIOS, new AURA and the all-new Verna catering to different segments thus giving a strong push to brand Hyundai amongst new-age Indian customers, Hyundai Motor India COO Tarun Garg said in a statement. Despite global headwinds, the company sees momentum in the Indian auto industry to continue, he added. Tata Motors Passenger Vehicles Managing Director Shailesh Chandra stated noted that the steep growth witnessed by the industry was driven by post-COVID pent-up demand in the early part of the year, the launch of several new vehicles and the easing of the semiconductor shortage. While SUVs and EVs led this growth, customers rising preference for safe vehicles and smart technology features was equally pronounced, he added. Tata Motors scaled a new sales peak by posting its highest-ever annual domestic sales of 5,38,640 units, achieving a robust 46 per cent sales growth over FY22 and registering its third successive year of industry-beating growth, Chandra said. "Looking ahead, we expect the demand for personal vehicles to remain robust with the trend of electrification further strengthening as more options are made available to customers plus support from a rapidly growing and improving ecosystem, he said. However, the growth rate of the passenger vehicle industry may moderate due to a strong base effect as well as macro factors including hardening interest rates, rising inflation, and the cost impact from progressive regulatory norms, he added. "We continue to stay agile, carefully monitoring the supply situation, particularly semiconductors and any potential waves of Covid, Chandra said. Kia India said its sales stood at 2,69,229 units last fiscal, a growth of 44 per cent over 1,86,787 units in 2021-22. The company reported its highest-ever market share of 7.4 per cent in Q4 of FY23. "Our focus on offering futuristic design, combined with cutting-edge technology, has helped us in winning the Indian market and new-age customers alike. With additional features and improvements in engine and transmission combinations in RDE-compliant vehicles, we are confident that we will continue our winning spree, Kia India VP and Head of Sales & Marketing Hardeep Singh Brar said. Toyota Kirloskar Motor reported a 41 per cent increase in wholesales for FY23. It sold 1,74,015 units last fiscal as compared with 1,23,770 units in 2021-22. "The passenger vehicles segment witnessed a steady growth last year, and TKM was prepared to ride the wave by making deeper inroads into the market to meet the varied mobility needs, TKM Vice President, Sales and Strategic Marketing Atul Sood said.

Over 1 lakh EV units sold every month since October: Govt data

Over one lakh electric vehicles have been sold in India every month between October 2022 and March 2023, government data showed. As per the data, in FY23, as many as 11,71,203 EV units were sold in India, an increase of over 150% against the sale of 4,58,748 EVs in FY22. Record 1,30,430 EV units were sold in March 2023.

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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 Mar 31, 2023 | 01:21 PM IST EV sales on a roll! 1 lakh units being sold monthly since Oct22 - How many electric vehicles India bought in FY23 EV Sales 2023 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

Delhi launches drive to seize, send overage vehicles for scrapping

The Delhi government on Wednesday launched a drive under which overage vehicles will be seized and directly sent to scrapping yard if they are found plying on roads or parked in public places. Delhi Transport Department's enforcement team seized 50 vehicles which were more than 10 years old (diesel) and 15 years old (petrol) from Civil Lines area on Wednesday.

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New Delhi, Mar 29 (PTI) The Delhi government on Wednesday kicked off a drive to send overage vehicles directly for scrapping. The move is aimed at encouraging vehicles owner in Delhi to come forward and scrap their overage vehicles, said Transport Department officials. Under the new initiative, end of life vehicles will be impounded and directly sent to scrapping yard if they are found plying on city roads or parked in public places, said an official. On Wednesday, 10 teams of Enforcement Wing, Transport Department, impounded 50 vehicles which are more than 10 years old (diesel) and 15 years old (petrol) found plying or deemed to be plying (parked in public place) in Civil Lines area and handed over to RVSF (Registered Vehicle Scrapping Facility), registered under RVSF Rules-2021, for scrapping, the official said. NOC for diesel vehicles up to 10 years/ less than 15 years old petrol vehicles can be issued for any place in the country. NOC for diesel vehicles above 10 years and petrol vehicles above 15 years will be issued for other states subject to certain conditions, the official said. The NOC will not be issued for the places which are identified by the state as restricted area in terms of order of NGT directions which had directed the states to identify areas where the dispersion of the air is higher and vehicular density is least. The vehicle owners will have the option to convert their 10 years old diesel/ 15 years old petrol vehicles to electric, in case, they wish to ply their vehicle in NCT of Delhi. However, the retro fitment of such vehicles with empanelled electric kits shall have to be got done through agencies approved by the Transport Department. The other option with the owner of such vehicles is to get such end of life vehicles scrapped by filling application on Voluntary Vehicle Scrapping Application (https:/ / uscrap.parivahan.gov.in) and choose any of the nearby registered vehicle scrapping facility according to choice, the official said. In 2018, the Supreme Court banned diesel and petrol vehicles older than 10 and 15 years, respectively, in Delhi. It had added that the vehicles plying in violation of the order would be impounded. A 2014 order of the National Green Tribunal (NGT) bars vehicles older than 15 years to be parked in public places. PTI SLB CK This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.

₹800 cr sanctioned for installing 7,432 fast-charging EV stations

The Ministry of Heavy Industries has sanctioned ₹800 crore under FAME India Scheme Phase II to three PSU oil marketing companies for setting up 7,432 public fast-charging electric vehicle (EV) stations across the country. The ministry has released ₹560 crore or 70% of the total amount to three OMCs—Indian Oil, Bharat Petroleum and Hindustan Petroleum—as the first instalment.

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The Ministry of Heavy Industries on Tuesday said Rs 800 crore under FAME India Scheme Phase II has been sanctioned to three PSU oil marketing companies (OMC) for setting up 7,432 public fast charging EV stations across the country. The amount has been sanctioned under FAME Scheme Phase II. The ministry has released Rs 560 crore or 70 per cent of the total amount to three OMCs -- Indian Oil (IOCL), Bharat Petroleum (BPCL), and Hindustan Petroleum (HPCL) -- as the first installment for the installation and commissioning of upstream infrastructure and charging equipment of EV public charging stations at respective retail outlets in the country. The installation is expected to be completed by March 2024, the ministry said in a statement. At present, there are 6,586 charging stations across the country. "The addition of the new 7,432 public charging stations will be a significant push to EV charging ecosystem," the release said, and added the charging capacity would be used for charging electric 2-wheelers, 4-wheelers, light commercial vehicles, and mini-buses. Mahendra Nath Pandey, Minister of Heavy Industries said the move will give a boost to the electric vehicle ecosystem in India and encourage more people to switch to cleaner modes of transportation. He also added that the government is committed to promoting sustainable green mobility solutions and reducing the country's carbon emissions, working towards Prime Minister Narendra Modi's Net Zero mission. The minister further said the move will create a robust charging infrastructure network in India that is more accessible to the public.

Gentari inks pact with Tata Motors for 5,000 e-commercial vehicles

Clean energy solutions provider Gentari, through its affiliate Amplus Power Supply Private, has signed an agreement with Tata Motors for the delivery of 5,000 units of e-commercial vehicles. The memorandum of understanding (MoU) is for three years. MoU includes the delivery of 1,000 units in the first year for deployment in cities, such as Delhi, Bengaluru, Hyderabad, Pune and Kolkata.

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Clean energy solutions provider Gentari on Monday said it has signed an agreement with Tata Motors for the delivery of 5,000 units of e-commercial vehicles. The memorandum of understanding (MoU) through its affiliate entity is for three years, Gentari said in a statement. "Gentari, through its affiliated entity Amplus Power Supply Private Limited, signed an MoU with Tata Motors, India's largest commercial vehicle manufacturer, in 2022, whereby the latter will deliver 5,000 units of Tata Ace EV, over three years. The MoU includes delivery of 1,000 units in the first year for deployment in cities, such as Delhi, Bengaluru, Hyderabad, Pune and Kolkata," it said. High-quality electric four-wheelers coming into the market opens a whole new segment to electrify in the urban delivery ecosystem, MoEVing CEO Vikash Mishra said. "We are excited to work with Gentari to deploy three- and four-wheeler commercial electric vehicles across India to reduce the carbon footprint of deliveries. With our operations, charging and maintenance footprint spanning across India, we hope to bring change on-ground and electrify deliveries for e-commerce, e-grocery, the logistics segment and now also large FMCG and traditional companies," Mishra added.

Tesla recalls 2,649 Model S cars in China imported from US: Report

Tesla has recalled 2,649 Model S sedans in China which were imported from the US, media reports said. There is reportedly an issue with a front trunk latch lock and there is a chance that the front trunk lid could open while driving. Earlier, Tesla recalled several Model S sedans in 2021. The current recall is an extension of that.

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Cruise's self-driving car rear-ends a bus in San Francisco

Self-driving tech firm Cruise's robotaxi, operating without a safety driver, rear-ended a San Francisco Muni bus on March 23. "No injuries were reported, there were no passengers present in the Cruise AV, and it has been cleared from the scene," Cruise said. In a separate incident, some Cruise cars entered areas with downed trees or power lines during a storm.

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FAME scheme for EV firms should be extended: Parliamentary panel

A Parliamentary Committee on electric vehicles (EVs) has suggested the government extend benefits under the FAME India Scheme by two more years. "Removal of government support would result in price escalation of EVs significantly," the panel said, adding, "A large number of start-ups are...involved in this field, which may have to shut down once the FAME II is closed."

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A Parliamentary Committee on electric vehicles (EVs) has suggested the government extend benefits under the FAME India Scheme by two more years.The panel claims failure to extend the scheme will slow down the pace of EV adoption, The Times of India reported. FAME or the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India Scheme was launched by the Centre in 2011 as part of the National Mission on Electric Mobility.The incentive ends in March 2024. Removal of government support would result in price escalationof EVs significantly. The committee finds that a large numberof start-ups are also involved in this field, which may haveto shut down once the FAME II is closed,the Committee on Estimates (2022-23) on Evaluation ofElectric Vehicle Policy pertaining to the ministryof heavy industries (MHI) said in its report that was presented in Lok Sabha on March 24. Also Read |Government blocks pending subsidy claims of two OEMs under FAME II; seeks sufficient compliance proof The committee recommended that the government should extend FAME-IIscheme to allow more time to evaluate theeffectiveness of the scheme and to make necessaryadjustments/modifications to promote EVs", the report said. As per the report, the committee further recommended that once the extended periodof FAME-II is over, a comprehensive FAME-III scheme should be introduced based on the experience gained fromFAME I and FAME II. "Thegovernment should promote other technologies along with EVs such as flexfuel vehicles, hydrogen ICE, hydrogen fuel cell vehicles, with greater emphasis for mobility transition," the committee said. The panel also recommended that a roadmap for solar charging stations should be prepared to reduce dependence on electricitygenerated by using coal, as a part of the government's greenmobility objective, the report further added. The committee, according to the report, also added that purchasing subsidies and cash-incentive schemes for scrapping/exchanging petrol/dieselvehicles for EVs can be considered as it wouldlead not only to faster adoption of EVs but also have a majorimpact on controlling CO2 emissions.

IFC to invest ₹600 crore in Mahindra & Mahindra's EV unit

The International Finance Corporation will invest ₹600 crore in Mahindra & Mahindra-owned new last-mile mobility company NewCo. This will be IFC's first investment in an EV manufacturer in India and its first in electric three-wheelers globally. The ₹600 crore investment will result in ownership of between 9.97% to 13.64% for IFC in the EV firm.

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Mahindra & Mahindra on Wednesday said World Bank Group arm IFC will invest Rs 600 crore in a new unit of the company, which is being incorporated to scale up the last-mile electric mobility business. IFC is investing Rs 600 crore in a new last-mile mobility company -- a wholly-owned subsidiary of Mahindra & Mahindra -- that will be newly incorporated (NewCo), the Mumbai-based automajor said in a statement. IFC's first investment in an EV manufacturer in the country and the first in electric three-wheelers globally will be in the form of compulsory convertible instruments at a valuation of up to Rs 6,020 crore. The Rs 600 crore investment will result in an ownership stake of between 9.97% and 13.64% for IFC in NewCo. The NewCo will house the last-mile mobility division, including three-wheelers (Alfa, Treo, and Zor) and four-wheeler SCVs (Jeeto), Mahindra & Mahindra said. IFC's financing will help scale up electric mobility in last-mile connectivity -- passenger and cargo segments -- while enabling the development and manufacturing of new generation products in this space, it added. "Decarbonising the transport sector is crucial to achieving the climate goals that India has set for herself. IFC, with its focus on sustainability and boosting prosperity, is an ideal partner for us," Mahindra & Mahindra MD and CEO Anish Shah said. IFC's Regional Director for South Asia, Hector Gomez Ang, said India is the world's largest three-wheeler market, and this investment marks a significant step towards scaling up domestic production of electric vehicles catering to this segment as well as small commercial vehicles. "By supporting a leading market player, IFC hopes to encourage other large automotive manufacturers to follow suit, driving EV adoption across India and helping the government deliver on its climate targets," he added. Decarbonising the transport sector, which contributes about 13% of the country's greenhouse gas emissions, can help substantially reduce the impacts related to GHG emissions and other air pollutants. This is vital given that India has committed to reducing its emissions profile by 45% by 2030. Mahindra & Mahindra Executive Director and CEO (Auto & Farm Sector) Rajesh Jejurikar noted that the last-mile mobility business presents a tremendous opportunity, both in terms of electrification and growth. "Being the market leaders in this segment, we have an opportunity to drive higher EV penetration in this segment and provide a more sustainable as well as profitable option to microentrepreneurs," he added.

Ford recalls 1.5 mn vehicles in US over faulty brake hoses, wipers

Ford is recalling nearly 1.3 million Ford Fusion and Lincoln MKZ sedans from 2013 and 2018 with leaking brake hoses and about 222,000 F-150 pickup trucks from 2021 which have faulty windshield wiper arms across the US. With regard to the brake hose defects, the company said it is aware of one crash and did not mention any injuries.

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Mahindra & Mahindra shuts Bangladesh unit's operations

Mahindra & Mahindra announced that it has completed the liquidation of its Bangladesh unit, Mahindra Bangladesh Pvt Ltd (MBPL). MBPL has ceased to be in existence with effect from March 14, 2023, the company said in an exchange filing. The company said it had nil income from operations from MBPL as of March 31, 2022.

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Suzuki Motor increases stake in Maruti Suzuki to 56.48%

Japanese auto major Suzuki Motor Corporation increased its stake in Indian subsidiary Maruti Suzuki India Limited to 56.48% by purchasing 3.45 lakh equity shares from the open market from March 10-13. Prior to the transaction, Suzuki held 56.37% of Maruti Suzuki. Currently, Maruti Suzuki has a cumulative production capacity of 15 lakh units per annum at Manesar and Gurugram plants.

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Mahindra Group sells over 6% stake in Mahindra CIE Automotive

Mahindra & Mahindra on Monday said it has sold over 6% stake in Mahindra CIE Automotive, representing around 2,29,80,000 equity shares. The sale has been executed on the stock exchanges at a gross price of ₹357.39 per share. Following the sale, Mahindra & Mahindra's shareholding in Mahindra CIE Automotive has come down to 3.19% from 9.25% of its share capital.

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Mahindra & Mahindra on Monday said it has sold over 6 per cent stake in Mahindra CIE Automotive. The company has sold 2,29,80,000 equity shares representing 6.05 per cent of the paid-up share capital of Mahindra CIE Automotive Ltd, a listed unit of the company, the auto major said in a regulatory filing. The sale has been executed on the stock exchanges at a gross price of Rs 357.39 per share, it added. Following the sale, the shareholding of the company in Mahindra CIE Automotive has come down from 9.25 per cent to 3.19 per cent of its share capital, Mahindra & Mahindra said.

Hyundai to acquire General Motors plant in Maharashtra

Hyundai Motor has signed a term sheet for the potential acquisition of General Motors India's Talegaon plant in Maharashtra. The term sheet covers the proposed acquisition of General Motors' land and buildings and certain manufacturing machinery and equipment, the company said. General Motors' agreement to sell the Talegaon plant to Chinese carmaker Great Wall Motor collapsed last year.

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Ola, Uber apply for aggregator licence in Maha after SC order

Ride-hailing service providers Ola and Uber have applied to the Maharashtra government for an aggregator licence to operate in the state. The two have applied at Mumbai's Tardeo RTO and their applications are under process. This comes after the Supreme Court directed Uber, which had been plying in Maharashtra under a provisional licence, to apply for a fresh licence.

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Mumbai, Mar 9 (PTI) Ride-hailing service providers Ola and Uber have applied to the Maharashtra government for aggregator licences, a Regional Transport Office (RTO) official said here on Friday. Sets of guidelines brought out by the Centre and the Maharashtra government mandate such app-based companies to obtain a licence. Currently, the government cannot efficiently take action in case of violations by these operators and a licence could change that situation. Acting on a directive of the Supreme Court, the ride-hailing service firms have applied for aggregator licences at Mumbais Tardeo RTO, which has jurisdiction over the entire island city, the official said. Bharat Kalaskar, regional transport officer from Tardeo RTO, told PTI that they received applications from Ola and Uber for aggregator licences 3-4 days ago. The applications are under scrutiny and will be subsequently put up to the Mumbai Metropolitan Region Transport Authority (MMRTA) for a final decision about granting the licence, he said. Last month, the apex court had directed app-based taxi aggregators to apply for a licence by March 6 if they wanted to continue their operations in Maharashtra. Though Ola did not respond to PTIs queries regarding the application, an Uber spokesperson confirmed submission at the RTO. Uber has applied well within the deadline set by the apex court, said the spokesperson. PTI KK NR NR This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.

Honda shuts Pak plant till Mar 31 citing nation's economic crisis

Honda Atlas Cars, the unit of Honda Motor in Pakistan, announced that it will shut its manufacturing plant till March 31, 2023, citing a "severely disrupted" supply chain. The company, in an exchange filing, said government's stringent measures amid country's current economic condition was making it difficult to import raw materials. The measures also halted foreign payments, the company added.

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JBM hits 52-week high after Maha Budget announcement on EV fleet

The stock of Jay Bharat Maruti (JBM) Auto hit the 52-week high of ₹644.35 apiece on Thursday after Maharashtra Deputy Chief Minister Devendra Fadnavis said in the Budget presentation that the total EV fleet under the state transportation network would be increased by 5,000. Subsequently, JBM Auto's price steadily soared after 3 pm and closed at ₹627.35 on the BSE.

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Shares ofJay Bharat Maruti (JBM) Auto scaleda 52-week high in the final hour of the trading session on March 9 shortly after anannouncement of a ramp-up inelectronic vehicle fleet in the Maharashtra Budget. While presenting the state's fiscal roadmap for 2023-24, Maharashtra Deputy Chief Minister Devendra Fadnavis said the total EV fleet under the state transportation network would be increased by 5,000. Subsequently, the shares of JBM Auto,which is gunning for a lions share of the electric transportation market in India, shot up. The price steadily soared post 3 pm, and neared the Rs 640-mark. The scrip settled at Rs 634 at the BSE, which was Rs 40.10 or 6.75 percent higherthan the previous day's close. At the NSE, it ended at Rs 625.50, marking a jump of Rs 31.65 or 5.33 percent as compared to the last closing price. JBM Auto, which is also a Tier-1 auto component supplier to leading carmakers such as Maruti Suzuki, Hyundaiand Tata Motors, diversified into bus manufacturing in 2014 by allying with a European bus maker BredaMenarinibus in atechnical collaboration. Four years later, it tied up with another European automaker, Solaris, to build electric buses in the country. While the domestic bus maker didnt share the total investments made so far, media reports indicate that it had spent Rs 500 crore in the first phase of its operations and a similar amount for its electric bus business. JBM Auto rolled out itsmaiden electric luxury coach 'Galaxy at Auto Expo 2023. Estimated to be priced under Rs 2 crore, the company claimed that the inter-city bus has a range of 1,000 km on a single charge and will be catering to private fleet operators. JBM Auto, which is the flagship company of the $2.2 billion JBM Group, derives 80 percent of its business from the auto component business and the remainder from the bus manufacturing division.

Tesla under investigation in US over steering wheels that come off

US regulators are investigating Tesla's Model Y SUV following two reports that said steering wheels came off while being driven. The National Highway Traffic Safety Administration (NHTSA) in US said the vehicles were delivered with a missing bolt which holds the wheel to the steering column. Both the incidents happened while the SUVs had low mileage, the NHTSA said.

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(Bloomberg) -- Tesla Inc. is under investigation by US regulators over complaints the steering wheel can fall off certain new Model Y vehicles while theyre in use. The National Highway Traffic Safety Administration said its aware of two incidents in which the wheel detached from the steering column while drivers were operating the 2023 model year SUVs. The preliminary evaluation, opened March 4, applies to an estimated 120,089 vehicles, according to a filing posted on NHTSAs website. The affected vehicles were delivered to owners without the retaining bolt that holds the steering wheel in place, the agency said. NHTSA is assessing the scope, frequency and manufacturing processes associated with this condition. There are no known injuries or deaths related to the issue, NHTSA said. Tesla didnt immediately respond to a request for comment. The move by NHTSA is the latest in a series of investigations targeting Tesla, its products and its chief executive officer, Elon Musk. The Austin, Texas-based automaker last month recalled 362,758 electric vehicles after NHTSA said Teslas automated-driving technology could increase the risk of a crash. Read more: Tesla Recalls Cars Over Driving Software Crash Risk A Tesla owner in New Jersey posted photos on Twitter in January that appeared to show a detached steering wheel in a Model Y he said he received several days earlier. He said in subsequent tweets that Tesla agreed to replace the vehicle and that NHTSA had contacted him about the issue. Tesla shares fell 3.2% at 9:50 a.m. in New York. The Model Y is a key product for Tesla, which recently started manufacturing the vehicle at its two newest plants one outside Berlin and the other in Austin. The company reports a combined figure for Model Y and Model 3 deliveries and handed over more than 1.2 million of the vehicles last year. The Model Y was the best-selling EV globally last year and could be one of the top vehicles of any type this year, according to BloombergNEF. Steering wheel detachments, while rare, are not unique to Tesla. In August, Ford Motor Co. recalled 692 F-53 Motorhome Stripped Chassis and F-59 Commercial Stripped Chassis vehicles because the steering wheel attachment bolt could loosen and separate from the steering column. It also recalled about 1.3 million Ford and Lincoln brand vehicles in 2018 over a similar problem. (Updates with details on probe from third paragraph.) More stories like this are available on bloomberg.com 2023 Bloomberg L.P.

Maruti, Hyundai's market share declines in Feb, Tata Motors gains

Maruti Suzuki India and Hyundai Motor India saw a decline in their market share in February while Tata Motors, Mahindra & Mahindra and Kia India witnessed a YoY increase. Maruti Suzuki's market share declined to 41.40% from 42.36% in the year-ago period, Federation of Automobile Dealers Associations said. Tata Motors' market share rose to 13.57%, while Mahindra rose to 10.22%.

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India's auto components industry may grow 10-15% in FY24: ACMA

India's auto components industry may grow around 10-15% in FY24, the Automotive Component Manufacturers Association of India said. The industry is expected to end FY23 with a growth of 15% year-on-year. "Until December 2022, our export and import continue to be really very well balanced and they are both at $15.1 billion," ACMA Director General Vinnie Mehta said.

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India's auto components industry is expected to grow around 10-15% in FY24, driven by both domestic and export market demand despite fears of recession in major markets of U.S. and Europe, Automotive Component Manufacturers Association of India said on Monday. The auto components industry which clocked a turnover of $56.5 billion in FY22 with a growth of 23% over the previous year is expected to end FY23 with a growth of 15%. The domestic components industry stands to gain from the manufacturing of components for internal combustion engines moving to India as the major Western markets of U.S. and Europe migrate towards electric vehicles. "In the first nine months that have gone by, that is until December 2022, our export and import continue to be really very well balanced and they are both at $15.1 billion," Automotive Component Manufacturers Association of India Director General Vinnie Mehta told reporters in an interaction here on the sidelines of an event organised by the industry body. He said, "We are wary of the fact of the headwinds because of recessionary trends in Europe and the U.S. Despite these trends, we feel that our exports are growing in the expected trajectory. We haven't found any slowdown happening in exports. Also imports, because the domestic market has picked up quite strongly." When asked about the outlook for FY24, Mehta said, "On a conservative approach, for FY24 (we) will surely grow in the range of 10-15%." ACMA President Sunjay Kapur said, "So given the fact that it (growth) is continuing, we expect things to continue in the same way. We're not seeing any signs of a major recession in the US, the way people have talked about it last year, or the last quarter of the last calendar year." As per industry feedback, he said, "From what we're hearing, the January numbers have been good and strong, and therefore, we hope and foresee that it will continue." Also, Kapur said, "The domestic industry is looking very positive in terms of growth and we will see good growth and then carry forward whatever we lack in exports, we will see that covered by the domestic industry." Further, he said in the short to medium term Indian auto components industry is gaining from the transition to EV in the developed markets in the West. "Anything that's happening in the ICE space, a lot of it is moving to India because a lot of tier one suppliers have discontinued investing in the ICE design and development for OEMs because of the roadmap of going electric," he added. Moreover, a lot of the traditional components that are being manufactured, also have the option to move to India, as they discontinue manufacturing in the Western world, Kapur said.

Bill Gates drives electric auto in India & shares video; Anand Mahindra reacts

Bill Gates shared a video of himself driving an all-electric auto-rickshaw in India and wrote, "India's passion for innovation never ceases to amaze." Talking about the Mahindra EV, Gates said it can carry four people. Anand Mahindra, while reacting to the video, said, "Your next trip's agenda should be a 3-wheeler EV drag race between you, [Sachin Tendulkar], and me."

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Microsoft co-founder Bill Gates tried out the Mahindra Treo electric autorickshaw during his visit to India last week. The short ride on the three-wheeler impressed the billionaire philanthropist so much that he praised the makers of the electric vehicle. An Instagram Reels video Gates shared shows him driving the blue and white Mahindra Treo. The clip, with the apt background score Babu Samjho Ishare from the film Chalti Ka Naam Gaad, begins with him looking into the rickshaws mirror before starting to drive it. What has three weeks, zero emissions and makes no noise? Its called Mahindra Treo, the video caption says. Indias passion for innovation never ceases to amaze. I drove an electric rickshaw, capable of traveling up to 131km (about 81 miles) and carrying up to 4 people. Its inspiring seeing companies like Mahindra contribute to the decarbonisation of the transportation industry, Gates said in the caption. Mahindra group chief Anand Mahindra, thrilled to have had Gates behind the wheels of Mahindra Treo, invited Gates for a three-wheeler EV drag race between the two businessman and cricket icon Sachin Tendulkar. Chalti ka Naam Bill Gates ki Gaadi. So glad you found the time to check out the Treo @BillGates Now on your next trips agenda should be a 3-wheeler EV drag race between you, @sachin_rt and me, Mahindra tweeted. Mahindra and Mahindra is the market leader in the electric three-wheeler category from the organised space. The Mumbai-based company has made the maximum investments, of around Rs 1,000 crore, in the EV space, compared to any other company in India. The company had committed Rs. 3,000 crore investment in the overall EV space for a period of three years.

India should aim at 100% electric 2-wheeler sales: Amitabh Kant

Former NITI Aayog CEO Amitabh Kant said that India should target making all two-wheeler and three-wheeler sales 100% electric in the next five years. "Public mobility is the backbone of a civilised society. Focus should be on e-buses also," Kant added. Reportedly, India saw the highest EV sales in the first six months of FY 2022-23.

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Chip shortage could continue, to increase backlog: Maruti Suzuki

The country's largest carmaker Maruti Suzuki India (MSI) said it expects the semiconductor shortage to continue for a few more quarters, which is likely to further increase the company's backlog of certain models. A company official said Maruti Suzuki's pending bookings stretched to 3.69 lakh units. Last quarter, MSI lost 46,000 units due to semiconductor shortage, the official added.

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Low GDP growth, El Nino major risks to auto sector in FY24: Maruti

The major challenges facing the auto sector in 2023-24 include heatwaves and disrupted monsoons due to El Nino and lower-than-estimated GDP growth, Maruti Suzuki Executive Director Shashank Srivastava said. Agricultural output could decrease due to El Nino, raising inflation rate and lowering rural incomes, he mentioned, adding that rural sales contribute 44% of the overall sales of the company.

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The major factors that the auto industry should be careful about in 202324 are heatwave, disruption to monsoon, higher repo rate and lower-than-estimated growth of the gross domestic product, according to Maruti Suzuki India Ltd. Amid these potential risks, analysts said higher discounts in comparison to the same period last year, reduced waiting periods for key models and decline in sales of luxury cars indicated a slowdown in the category. They expect the growth in retail sales of passenger vehicles to moderate sharply to mid to high single digits. Concerns of sales slowdown in the auto industry may have risen from the lower retail sales as compared with wholesales and higher inventory at dealerships, Shashank Srivastava, senior executive officer of marketing and sales at Maruti Suzuki, told BQ Prime. The inventory at the industry level rose to 2.19 lakh units from 1.84 lakh units last month. This is the first time after a long time that inventory has risen to three-weeks, Srivastava said. "Probably, that's making them conclude that there's a slowdown," he said. "However, actual data so far hasn't indicated that." Srivastava said there are, of course, basic economic fundamentals that can lead to the slowing down of auto sales. He was referring to the concerns around the lower-than-estimated GDP growth in the next fiscal and the Met office's warning of more heatwaves and the disruption in monsoon due to El Ninowarmer-than-usual waters linked with poor rainfall. Rural sales contribute 44% of the overall sales of the largest carmaker in India. Those are highly correlated with agriculture income, which is correlated with how the monsoon performs, according to Srivastava. He said the effect of El Nino could affect agricultural output, pushing up inflation and lowering rural incomes. "Both are actually not good for the auto industry." The Maruti Suzuki executive also highlighted the rising interest rates as another key concern. The RBI has raised its benchmark rate by 250 basis points since May and banks have started a pass-through into auto loan retail rates as well, increasing interest rates by 180250 bps, according to Srivastava. One basis point is one-hundredth of a percentage point. Retail sales are highly dependent on loans in India, with 80% of the sales coming through financing, Srivastava said. Srivastava underscored that the industry has some positive things to look forward to as well. The budgetary provisions for infrastructure spending can have a very good effect on both demand and supply management. If the GDP does grow at the government's estimated 6.5% in the next fiscal, it will be good for the auto industry, he said. Amid this, Maruti Suzuki will look to become the top manufacturer in the sport-utility-vehicle category, where it has lagged due to limited models. Jimny and Fronxthe recent unveils in the categoryhave got 21,000 and 12,000 bookings, bolstering Maruti Suzuki's standing in the segment.

Manufacture Himachal-specific prototype buses: CM to EV makers

Himachal Pradesh CM Sukhvinder Singh Sukhu has asked electric vehicle manufacturing companies to make state-specific prototype electric buses. CM Sukhu said the buses should be made keeping in mind the hilly terrain, loading capacity and luggage space. The state government intends to replace the fleet of diesel buses of HRTC with electric buses in a phased manner, he added.

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The chief minister said a committee would be constituted to decide all the modalities and specifications for the prototype e-buses under the chairmanship of the state chief secretary Himachal Chief Minister In a meeting with the representatives, he said that the buses should be made keeping in mind the hilly terrain, loading capacity and luggage space, a statement issued here said. The state government is committed to providing the best and most comfortable transportation services to the people. He said that the state government is making earnest efforts to preserve and conserve the environment and switching over to e-vehicles would be a milestone in this direction. The state government is planning to make the Parwanoo-Nalagarh-Una-Hamirpur-Nadaun-Dehra highway a 'Clean and Green' corridor and necessary infrastructure would be created in this regard, said Sukhu. The state transport department is the first such department in the country to switch over to electric vehicles and it is the mandate of the state government that other departments would also be provided e-vehicles in a phased manner, he added. To achieve the goal of making Himachal Pradesh a 'green energy state' by the year 2025 and to reduce the carbon emission, the state government intends to replace the fleet of diesel buses of HRTC with electric buses in a phased manner and intends to ply e-buses on inter-district routes, he stated. The absence of corporate or personal income taxes, and tax exemptions for setting up operations across 47 special economic zones make the UAE an irresistible business destination for Indian start-ups The funds will be used to expand the company's EV cab services across Delhi-NCR and invest in further technological advancements "A work place needs to have a challenging work environment, a physical environment conducive to creativity, openness, meritocracy and justness to minimise the instances of staffers quitting," Murthy... 2024 Outlook Publishing India Pvt. Ltd 2024 Outlook Publishing India Pvt. Ltd

We aim to produce a vehicle every 45 seconds: Tesla

Tesla is aiming to build a vehicle every 45 seconds, the company's global production head Tom Zhu said during its Investor Day event. Zhu added that the Elon Musk-led EV manufacturer hit the four million production milestone recently. He also announced the building of a new lithium refinery in Texas, set to start operating by the end of 2023.

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Tesla pauses rollout of self-driving software amid recall in US

Tesla paused rollout of the Full Self-Driving (FSD) Beta software until it addresses issues causing the carmaker to recall nearly 3,63,000 vehicles in US and Canada. The pause will impact customers who opted for the Beta feature but are yet to receive the update. The US National Highway Traffic Safety Administration said the feature can increase crash risk.

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India's automobile making sector to hit ₹15 lakh cr soon: Gadkari

The automobile manufacturing sector in India is expected to grow from ₹7.8 lakh crore to ₹15 lakh crore in the near future, Union Minister Nitin Gadkari said. The sector will employ 5 crore people by 2025, he added. Virtually inaugurating Tata Motor's vehicle scrapping facility, Gadkari mentioned that government's scrapping policy will generate an additional GST revenue of ₹40,000 crore.

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The government is working towards making India a global automobile manufacturing hub and the domestic industry is expected to be worth Rs 15 lakh crore in the near term, Union Minister Nitin Gadkari said on Tuesday. Virtually inaugurating Tata Motor's vehicle scrapping facility in Jaipur, Gadkari said the automobile sector currently contributes to 7.1 per cent of the nation's GDP with the industry size at around Rs 7.8 lakh crore. "The auto sector gives direct and indirect employment to around 4 crore people and this number is expected to grow to 5 crore by 2025. I am working with a target to make India number one global automobile manufacturing hub and to take its size to Rs 15 lakh crore in the near future," he noted. Gadkari noted that the scrappage policy enables removal of older and unfit vehicles and introduction of new lesser polluting vehicles in a phased manner. "It is estimated that the automotive demand generated by the scrapping policy will lead to additional GST revenue of Rs 40,000 crore to the government and the raw material cost for new cars will go down by 30 per cent," he stated. He noted that the country currently imports 8 million tonnes of scrapped steel annually. "About 50-60 scrapping centres can bring down demand for imports of steel scrap making India self reliant," the minister said. He added that vehicle scrapping would help in establishing an organised industry thereby enabling new employment opportunities. "My aim is to develop a scrapping centre within a reach of 150 kilometres from all the city centres," Gadkari said, adding that India could become a scrapping hub for the entire South East Asia. "Wecan establish automobile clusters in the port areas... ultimately, it is a win-win situation for all stakeholders," Gadkari said. Tata Motors' first registered vehicle scrapping facility in Jaipur has a capacity to dismantle 15,000 vehicles per annum. The Re.Wi.Re or Recycle with Respect facility is operated by Tata Motors' partner Ganganagar Vaahan Udyog Pvt Ltd to scrap end-of-life passenger and commercial vehicles of all brands. "The inauguration of this RVSF (Registered Vehicle Scrapping Facility) heralds a new beginning in responsible scrapping of end-of-life vehicles. With globally benchmarked and optimised recycling processes, we intend to yield maximum value from the scrap for future use and minimise waste for the overall betterment," Tata Motors Executive Director Girish Wagh said. The company looks forward to setting up Re.Wi.Re facilities across the country in collaboration with partners, he added. "These decentralised facilities will benefit the customers, share the economic value generated, create employment while addressing the need of scrapping vehicles in every part of the country in an eco-friendly manner," Wagh said.

Ola, Uber get notice as bike taxis available in Delhi despite ban

New Delhi city authorities have sent warning notices for non-compliance to Uber and Ola after bike taxis continued to be available for booking on their platforms in the city despite a ban. Delhi government's Transport Department had on February 19 asked digital companies to "immediately stop" allowing personal bike taxis. The platforms have been asked why they shouldn't be penalised.

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New Delhi city authorities have warned Uber and its rival Ola for allegedly violating local transport rules by providing two-wheeler bike taxis, a senior government official told Reuters on Tuesday. The transport department of India's capital on Feb. 19, issued newspaper ads asking digital companies to "immediately stop" allowing personal bike taxis that offer commercial, ride-hailing services on their apps as they violated city rules. As of Tuesday, bike taxis continue to be available for booking on Uber and Ola apps in New Delhi. Delhi is a key market for ride-hailing firms. Uber says in 2022, more than 1.9 million trips took place to and from metro rail stations in Delhi on Uber Moto, its bike taxi service. Ashish Kundra, principal secretary and commissioner for transport in Delhi government, last week sent warning notices for non-compliance to Uber and Ola, asking them why they should not be penalised. The companies were given a week to respond. "There is clearly a violation of law ... For the next few days we will watch what they do and then consider next steps including all legal options which we are well within our rights to use," Kundra said. Uber, he added, has sought a meeting with Delhi officials to discuss the matter. Uber and Softbank Group-backed Ola did not immediately respond to a Reuters request for a comment on Delhi city's warning letters. The Feb. 19 newspaper ad said companies can face a penalty of up to 100,000 rupees ($1,209) for non-compliance. For drivers of bike taxis, the penalties could be as high as 10,000 rupees ($121) and a jail term of up to one year. The enforcement of rules for bike taxis by Delhi government follows similar moves by Maharashtra and Karnataka states. Delhi official Kundra said while the use of personal vehicles as bike taxis was not allowed under city rules, it also poses a safety concern as they do not have the same checks as commercially-registered vehicles, such as police verification of drivers. "The rider could be anyone and we have to be mindful of concerns around passenger safety, especially women," Kundra said. "Companies cannot ride roughshod over law."

Bajaj Auto to cut production amid uncertainties in Nigeria

Bajaj Auto is planning to cut production in its export-focused plants amid volatility in Nigeria, one of its major markets. "There's a lot of uncertainty in Nigeria...on account of elections and demonetisation," the company said. The cut could reportedly be as steep as 25%, leading to a 50% decline in the overall capacity utilisation rate at Bajaj Auto plants.

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Automobile major Bajaj Auto plans to cut down on production in the two-wheeler and three-wheeler segments by up to 25percent at its export-focussed plants. The decision is triggered by uncertainties in Nigeria, which is the company's biggest market, the Economic Times reported on February 27, citing multiple sources aware of the development. As a consequence, the stock fell over 3.5 percent in early trade on February 27, marking its steepest decline in the past five months. It is also the poorest performer in the Nifty Auto index. Over the course of the last month, the stock has lost over 5.89 percent. According to the report, Bajaj Auto is expected to manufacture approximately 250,000-270,000 units in March, which is significantly lower than its average production of 338,000 units during the initial nine months of FY23. The situation may lead to a decline in the overall capacity utilisation rate at Bajaj Auto plants to below 50 percent. The company has an installed capacity of550,000 units every month. "Indeed, there is a lot of uncertainty in Nigeria both civil and economic on account of elections and demonetisation. So, we have cut our shipments substantively until things settle, Rakesh Sharma, executive directorof Bajaj Auto, told the daily. Nigeria, Africas most populous nation, had decided last year to start circulating newly designed 200, 500 and 1,000 naira notes, originally giving people until January 31 to get rid of their their old currency notes, which would no longer be legal tenders after that date. The bank said it wanted to reduce the amount of cash in circulation in order to better control liquidity, curb inflation and move towards a cashless economy.

German Chancellor Scholz visits SUN Mobility facility in Bengaluru

German Chancellor Olaf Scholz visited the SUN Mobility facility in Bengaluru on Sunday. SUN Mobility is a provider of universal energy infrastructure and services for electric vehicles. During the visit, SUN Mobility Chairman Chetan Maini and CEO Anant Badjatya interacted with Scholz and discussed India's cleantech aspirations and how the country is leading the electric mobility transition.

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German Chancellor Olaf Scholz on Sunday visited SUN Mobility facility in Bengaluru. SUN Mobility, the leading provider of universal energy infrastructure and services for electric vehicles (EVs) showcased futuristic mobility and energy solutions to Scholz, the company said in a statement. "With a keen interest to understand India's tech prowess and commitment to clean energy transition better, the German Chancellor visited the SUN Mobility Technology Centre as part of his day-long visit to Bengaluru on Sunday," the statement read. During the one-hour visit, SUN Mobility co-founder and chairman Chetan Maini along with the chief executive officer Anant Badjatya, interacted with the German Chancellor and discussed India's cleantech aspirations and how the country is leading the electric mobility transition with cutting-edge innovations and solutions that are designed in India, for the world, the statement said. "The German Chancellor had a first-hand experience of swapping a battery in electric vehicles in India. He along with a high-level German delegation took a tour of the company's development centre to understand how India is working with high-end advanced technologies to provide affordable mass mobility solutions to lead the transition that is electric, clean, and green," it further said.

Tesla car gets destroyed hrs after delivery in US, driver survives

A Tesla Model S was totalled in a collision in the US, three hours after the owner took delivery of it. The owner chose not to pay $1,400 on shipping fees and drive it home himself. A video of the accident, in which the driver survived, showed the Tesla crashing into a semi-truck after trying to avoid a Honda Accord.

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Hyundai, Kia cost India dearly, I don't mind saying it publicly: Piyush Goyal

Union Minister of Commerce Piyush Goyal said that South Korean auto giants Hyundai and Kia have cost India "billions of dollars of trade deficit". Speaking at the Asia Economic Dialogue in Pune, Goyal said the companies "continue to import indiscriminately" under the free trade agreements with Korea and Japan. "They've cost us dearly...I don't mind saying it publicly," he added.

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Hyundai starts domestic production of EVs in US in subsidy push

Hyundai Motor announced that it has started electric vehicle (EV) production in the US in response to the US Inflation Reduction Act. This has been done since there will be no more subsidies for imported EVs in US. The carmaker started assembling the Genesis GV70 SUV in its Alabama plant earlier this week, Yonhap cited a company official as saying.

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Live TV news auto electric vehicles Updated Feb 23, 2023, 09:17 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

Looking at India amid global geopolitical tensions: Volkswagen

Arno Antlitz, the CFO and COO of the Volkswagen Group, said that the group is looking towards India to position itself more robustly in the world. The company will have to take an even more global approach amid growing geopolitical tensions and an increasingly complex regulatory environment to be truly resilient, he claimed while speaking to Porsche Consulting Magazine.

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(Bloomberg) -- Europes largest carmaker is taking a closer look at India again. Volkswagen AG wants to remain a strong player in Europe and China, but in the face of growing geopolitical tensions and an increasingly complex regulatory environment, the German carmaker is looking beyond the US for markets with growth potential, Chief Financial Officer Arno Antlitz said. Were turning our attention to India to be more robustly positioned in this new world, Antlitz said in an interview with Porsche Consulting Magazin. India has enormous growth potential in my view. The effort will mark yet another attempt by the company to break into the Indian market in a significant way. The carmakers earlier efforts to boost its presence in India have often been bruising experiences. An alliance with Suzuki Motor Corp. ended in a fierce legal dispute before a single car was built and talks over teaming up with Jaguar-maker Tata Motors didnt go anywhere. But as US-China tensions mount and the Asian giants seeming support of Russia after its invasion of Ukraine raises hackles, Indias large potential market is once again drawing the companys attention. Indias population surpassed that of Chinas at the end of last year, and with half of that population under the age of 30, it has potential to become the worlds fastest-growing major economy in coming years. Public adoption of electric passenger transport has been slow in India, with high upfront production costs deterring manufacturers and a dearth of charging infrastructure deterring consumers. But demand for low-cost battery-powered SUVs is growing, and homegrown carmakers are now finding themselves competing with Chinese and South Korean manufacturers for market share. READ MORE: Bigger Is Better in Indias Nascent Electric Car Market Volkswagen said in August it was moving forward with a component supply deal for five new electric sport utility vehicles from Indias Mahindra & Mahindra Ltd., adding that it wanted to explore ways of working together to electrify the Indian market more quickly. Antlitz said it remained unclear how the global economy would develop under the continued pressure of supply chain bottlenecks, which limits the number of cars that can be manufactured and sold. Given the possibilities of a worsening economy and shrinking demand, Volkswagen is keen to avoid price discounts in coming months. We expect that the worldwide semiconductor supply will improve in 2023, he said. That means a reduced demand would meet improved supply. And at that point we shouldnt allow ourselves to fall back into the habit of rebates. We have to maintain price discipline. Hedging remains a key tool for Volkswagens ability to cope with rising raw material costs, Antlitz said, but that will be secondary to a vertical-integration strategy. The bigger lever is entering the raw material chain yourself and keeping value creation more firmly in your own grasp, he said, adding that investment in vertical integration should occur very, very selectively. (Corrects to restate job title) More stories like this are available on bloomberg.com 2023 Bloomberg L.P.

Tesla to shift battery production plans to US from Germany

Tesla announced that it will pause plans to produce entire batteries in Germany's Brandenburg and instead will carry out some production steps in US where tax incentives are more favourable. According to the Brandenburg Economy Ministry, Tesla had initially planned to produce the full battery at the Gruenheide site in Germany, with a peak capacity of over 50 gigawatt hours/year.

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Live TV news auto electric vehicles Updated Feb 22, 2023, 12:37 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

Mahindra enters agreement to transfer EV assets to subsidiary

Mahindra and Mahindra Ltd announced that it has entered an agreement to transfer certain four-wheeler Passenger Electric Vehicle assets to its wholly-owned EV subsidiary Mahindra Electric Automobile Ltd (MEAL). The value of the assets considered is about ₹230 crores, which equals 0.6% net worth of the company. The transfer of the remaining assets will be completed by June 2026.

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Jaguar Land Rover India names Tata Motors VP Rajan Amba as new MD

Rajan Amba has been named as the new Managing Director of Jaguar Land Rover India on Tuesday, effective March 1, 2023. Amba will replace Rohit Suri, who announced his retirement this year. Amba, who has previously served in leadership positions at Titan and Caratlane, is the current Vice President of Sales, Marketing and Customer Care at Tata Motors Passenger Vehicles.

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Curated By: Auto Desk News18.com Last Updated: February 21, 2023, 13:51 IST Jaguar Land Rover has announced the appointment of Rajan Amba as the new Managing Director of JLR India. He will take charge from March 1, 2023 while succeeding Rohit Suri, who is due to retire on March 31, 2023. Rajan is presently the Vice-President of Sales, Marketing and Customer Care at Tata Motors Passenger Vehicles. Also Read:Jaguar F-Type 75 Special Edition Unveiled for India, Marks Final Year of the Sports Car Martin Limpert, Regional Director, Overseas, Jaguar Land Rover said, Rajans customer-centric mindset, broad experiences from different industries, and his passionate and authentic leadership approach, bring the right set of qualities to further grow our operations into the promising future of India, aligned with our overall Reimagine strategy to become the creator of the worlds most desirable luxury vehicles and services for the most discerning of customers." Commenting on his appointment Rajan Amba said, I have immensely enjoyed my stint at Tata Motors and look forward to the next one at Jaguar Land Rover iconic automotive brands, which I hugely admire. I keenly look forward to working with my new team at Jaguar Land Rover India and steering forward our future growth strategy." Read all the Latest Auto News here Edited By: Mayank Gupta Location: Mumbai, 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

Tesla car's system mistakes train for slow moving trucks

A Twitter user has shared a video of a Tesla car's system mistaking a moving train for slow-moving trucks. The car was waiting at a level crossing for the train to pass when due to a glitch the car's display started showing the train as a bunch of trucks that were moving in sync, blocking the car's way.

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Curated By: Buzz Staff News18.com Last Updated: February 21, 2023, 11:55 IST Tesla is known to be the worlds most valuable automaker after its tech-laden EVs with self-driving capabilities made it stand out from the rest. Assisted by a plethora of sensors, Tesla cars are preferred for their advanced features and energy-efficient abilities which connect drivers to the path of innovation. However, a recent video that surfaced online showed a Tesla car mistaking a train for a bunch of trucks that highlighted the innovative cars technology defect. This made the driver take a jibe at the companys software glitch by posting it on social media. In the video shared on Twitter, a Tesla car driver could be seen waiting at a level crossing for the train to pass when the display showed a glitch and prompted him to record the same. The screen depicted the train as a bunch of trunks that were moving in sync one after the other to block the way for Tesla. Thus, the goods train shown as loaded slow-moving trucks attracted trolls on the micro-blogging site which is also owned by Elon Musk. So well engineered that they forgot to teach it about trains," quipped a user while another one commented, If Tesla knew about trains, nobody would drive." Meanwhile, the other chunk of users didnt take it as a joke (as it was meant to be) and slammed the driver for not driving according to his senses. Are there trains sufficiently discontinuous to make that a visual possibility? Did you fail to see the red-light icon also on the screen? I am thinking that your lack of attention to such things makes you more of a road hazard than even a tesla," replied an aggrieved user. As someone with myopia, here is something I have learned about driving; it is not necessary to know precisely what something is in order to not hit it with a car," mentioned the other. This compelled the Twitter user, James Urbaniak, to point out that his tweet was intended to be a joke. My most viral tweet! Im out of town & a nice person lent me a Tesla for the weekend. I enjoyed driving it & I thought the screen interpreting a train as trucks were funny & not a safety hazard, which some people who saw it RTd thought was my intent," he clarified later. Read all the Latest Buzz News here About the Author Edited By: Purvi Khemani Location: Other 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

US regulator seeks more info on Tesla fatal crash with fire truck

The US National Highway Traffic Safety Administration (NHTSA) asked Tesla for more information after one of its vehicles collided with a fire truck in a fatal crash. As per reports, NHTSA likely wants to determine whether one of Tesla's advanced driver assistance systems was engaged during the crash, which happened a few days after Tesla recalled 3,62,758 vehicles.

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Make every experience exhilarating with the new Audi Q3 Sportback: Audi

Audi announced the launch of the all-new Audi Q3 Sportback. Combining the aesthetics of a coupé with the power & functionality of Audi Q3, the car has an intuitive MMI infotainment system, advanced digital connectivity features & smart driver assistance technologies, Audi revealed. Its sporty look along with everyday drivability has the power to make every experience exhilarating, Audi added.

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Tata Motors, Uber to launch 25,000 cars in India's biggest EV deal

Tata Motors on Monday said it will supply 25,000 XPRES–T electric vehicle (EV) units to Uber. "This represents the largest EV partnership yet between an automaker and a ride-sharing platform in India," said Prabhjeet Singh, President, Uber India & South Asia. The EV fleet would be operational across Delhi-NCR, Mumbai, Kolkata, Chennai, Hyderabad, Bengaluru and Ahmedabad, the companies said.

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Automobile manufacturer Tata Motors on February 20 signed a Memorandum of Understanding (MoU) with ride-sharing app Uber on Monday wherein the latter will introduce around 25,000 XPREST Tata Motor Electric Vehicles (EVs) into their premium category service. Tata Motors will aid Uber in electrifying its services across Delhi-NCR, Mumbai, Kolkata, Chennai, Hyderabad, Bengaluru and Ahmedabad, Uber said in a media statement. This represents the largest EV partnership yet between an automaker and a ridesharing platform in India. It will supercharge the transition to zero emissions on the Uber platform as we work towards building a sustainable future, said Prabhjeet Singh, President, of Uber India and South Asia. Tata Motors will begin the deliveries of the cars to Uber fleet partners in a phased manner starting in February. In July 2021, Tata Motors launched the XPRES brand exclusively for fleet customers, and the XPRES-T EV is the first vehicle under this brand. The new XPRES-T electric sedan comes with 2 range options 315 km and 277 km. In line with our commitment to grow sustainable mobility in the country, we are delighted to partner with Uber, Indias leading ridesharing platform. Offering customers our environmentally friendly EV ride experiences via Uber's Premium Category service, will accelerate the adoption of green and clean personal ride-sharing, said Shailesh Chandra, MD, Tata Motors Passenger Vehicles and Tata Passenger Electric Mobility. XPRES-T packs a high energy density battery of 26 kWh and 25.5 kWh and be charged from 0- 80 percent in 59 minutes and 110 minutes, respectively, using fast charging or can also be normally charged from any 15 A plug point, which is easily available and convenient. The ride-hailing industry is fast adopting the electrification of its fleet. Recently Olas founder and chief executive officer Bhavish Aggarwal said that the firm is planning to launch an EV fleet with around 10,000 cars. Electric vehicle cab service company BluSmart,whichraised around $25 million in a combination of equity and debt funding in May2022,is also expanding its fleet services. In fact, Tata Motors signed an agreement with BluSmart Electric Mobility in 2022 to deliver 10,000 XPRES-T electric vehicles to the company.

Tesla recalls 3.62 lakh cars in US over self-driving crash risk

Tesla is recalling over 3.62 lakh vehicles after US regulator said its self-driving technology could increase the risk of a crash. The recall affects Model 3, Model X, Model Y and Model S units manufactured between 2016 and 2023. Tesla claimed that it is not aware of any injuries or deaths that may be linked with the recall issue.

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(Bloomberg) -- Tesla Inc. is recalling hundreds of thousands of vehicles after US authorities said its automated-driving technology could increase the risk of a crash. The automakers so-called Full Self-Driving Beta system may allow the vehicle to act unsafe around intersections, including traveling straight through from a turn lane and proceeding through steady-yellow traffic lights, according to a filing Thursday with the US National Highway Traffic Safety Administration. The systems errors increase the risk of a collision if the driver does not intervene, the filing said. The recall affects 362,758 vehicles, including certain Model 3, Model X, Model Y and Model S units manufactured between 2016 and 2023. Tesla is expected to fix the issue through an over-the-air software update by April 15, NHTSA said. The agencys concerns raise new questions about a system that Tesla Chief Executive Officer Elon Musk sees as critical to the companys long-term prospects. The overwhelming focus is on solving full self-driving, Musk said in a June 2022 interview with Tesla fans on YouTube. Thats essential. Its really the difference between Tesla being worth a lot of money or worth basically zero. While Musk didnt address the specifics of NHTSAs filing, he tweeted Thursday that the term recall was flat wrong since the issues can be fixed with a software update. The companys automated-driving technology is already under scrutiny from Washington. NHTSA has been looking into how it handles crash scenes since 2021 after a dozen collisions with first responders and other vehicles. The agency also opened an investigation last year into complaints of Tesla cars with Autopilot driver-assist that suddenly brake at high speeds. NHTSA said in a separate statement Thursday that its investigations of Teslas Autopilot are still active. The company has also been accused of exaggerating the capabilities of its technology. The main problems for Teslas system include the misleading names of Full Self-Driving and Autopilot, said David Harkey, president of the Insurance Institute for Highway Safety. He added that Tesla does not have adequate safeguards to ensure drivers will pay full attention to the road. The companys website stresses that its autonomous features like Autopilot and Full Self-Driving require active driver supervision and do not make the vehicle autonomous. Tesla shares turned negative after the recall notice, falling 5.7% by market close on Thursday. Potential Concerns The agency said it first notified Tesla on Jan. 25 that it had identified potential concerns related to certain operational characteristics of FSD Beta in four specific roadway environments and requested that the automaker file a recall. Tesla met with the agency multiple times in the following days. The company did not concur with the agencys analysis, but decided on Feb. 7 to move forward with the recall out of an abundance of caution, according to NHTSA. Representatives of Tesla didnt immediately respond to requests for comment. Tesla identified 18 warranty claims between May 2019 and September 2022 that may be related to the conditions NHTSA was concerned about, but told the agency it is not aware of any injuries or deaths related to the defect. Its encouraging that Tesla is not trying to fight this and is working with NHTSA, said Missy Cummings, a professor at George Mason University who specializes in autonomous systems and spent a year at the agency. Its a good sign that the company is maturing. (Updates with details of recall, background on prior NHTSA investigations and share price beginning in third paragraph) More stories like this are available on bloomberg.com 2023 Bloomberg L.P.

False: Tesla on allegation of it firing workers over union efforts

Tesla on Thursday responded to a workers' complaint filed with US authorities that accused the company of firing some employees in response to a union campaign. Tesla said it's a "false allegation". The company terminated about 4% of the employees on the Autopilot labelling team at a New York plant as part of a performance review cycle, Tesla stated.

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(c) Copyright Thomson Reuters 2023 (Reuters) -Tesla Inc said on Wednesday it laid off 4% of the employees in the Autopilot labeling team in Buffalo as part of a performance review cycle conducted every six months. The automaker responded to a union complaint filed with a government agency alleging that the company laid off dozens of employees from its Autopilot department at its Buffalo plant in New York, a day after workers launched a campaign to form a union. The company said the impacted employees were identified on Feb. 3, which was before the union campaign was announced. We became aware of organizing activities approximately 10 days later, the company said, adding that the layoffs predated any union campaign. Earlier this week, Tesla workers in New York said they will unionize with Workers United Upstate New York, which would help give them a voice at their workplace. The Workers United Upstate New York union in a filing with the U.S. National Labor Relations Board (NLRB) earlier on Wednesday accused the worlds most valuable automaker of hitting back by terminating some of the employees in retaliation for union activity. The company fired more than 30 employees, the union said in the statement, adding that the workers also received an email with an updated policy, which prohibits them from recording workplace meetings without all participants permission. This policy violates federal labor law and also flouts New Yorks one-party consent law to record conversations. Over the last six months, the company said the departments employee base has grown 54% to 675 employees as of the beginning of this week, from 437 earlier. The employees had asked the electric carmaker to respect their right to organize a union and called on the company to sign the Fair Election Principles, which would prevent Tesla from threatening or retaliating against the workers. Chief Executive Officer Elon Musk has in the past been vocal about his opposition to unions and said in a 2018 tweet that employees would lose their stock options if they formed a union, prompting the NLRB to ask him to delete the tweet. (Reporting by Samrhitha Arunasalam, Akash Sriram, and Akanksha Khushi in Bengaluru; Editing by Sherry Jacob-Phillips and Rashmi Aich) Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibilty for its content.

Nissan recalls 4 lakh cars in US as loose logos may injure drivers

Nissan is recalling over four lakh vehicles after National Highway Traffic Safety Administration determined that the company's logos on the cars' steering wheels can come loose when the airbag is deployed, injuring drivers. Nissan will issue final letter recalling affected vehicles once a solution for the issue is determined. Nissan has received four reports alleging injuries due to this issue.

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TVS seeks $350 mn investment from ADIA, Goldman, Carlyle: Report

TVS Motor is in talks with Abu Dhabi Investment Authority (ADIA), Goldman Sachs and Carlyle for an investment of $350 million for its EV arm, The Economic Times reported. The potential investment would value TVS at around $3-3.5 billion. The deal could make TVS the most valuable two-wheeler EV company in the country, the report added.

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Abu Dhabi Investment Authority (ADIA), Goldman Sachs and Carlyle are in talks with TVS Motor to invest $300-350 million in its electric vehicle (EV) arm. The investment would take the potential valuation of the company to $3-3.5 billion, The Economic Times reported citing people aware of the matter. Moneycontrol reported on June 8, 2022, that to unlock value and double down on the burgeoning EV (electric vehicle) segment, two-wheeler major TVS Motor Company had kick-started the process to raise around $300 million to $350 million for its electric mobility business. TVS Motor Company would become the third listed company to raise funds for an electric vehicle subsidiary, post-Tata Motors and Greaves Cotton. If the deal takes place at this valuation, it will become the most valuable two-wheeler EV company in the country. The current market value of TVS Motor is Rs 51,238.15 crore. On October 21, 2021, the board of TVS Motor Company had given the nod for the creation of a new arm to house its electric mobility business and in December, TVS Electric Mobility was incorporated as a subsidiary with an investment plan of Rs 1,000 crore.

TN unveils EV policy, aims to attract investments worth ₹50,000 cr

Tamil Nadu CM MK Stalin has released the Electric Vehicle (EV) Policy 2023 with an aim to attract investments worth ₹50,000 crore and generate 1.50 lakh jobs. Under the new policy, the state government will provide a 100% exemption of road tax on EV battery-operated vehicles, including private cars. The policy shall be valid for a period of five years.

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The Tamil Nadu government on Tuesday unveiled its electric vehicle (EV) policy 2023 which aims to garner investments to the tune of Rs 50,000 crore and generate 1.50 lakh jobs, in a boost to the EV industry. Chief Minister M K Stalin formally released the new policy in the presence of government officials at the Secretariat here. The policy was launched in the backdrop of the government expecting battery operated vehicles to play a crucial role in the electrification of last mile connectivity. "To support this goal, Tamil Nadu aims to electrify the vehicular fleets operating in the State by leveraging its vibrant automotive ecosystem comprising original equipment manufacturers, auto component ancillaries, highly skilled workforce and robust R&D capabilities," the policy document said. During the last five years, the state has transformed into a leading EV manufacturing hub with new entrants including Ather Electric and Ola Electric having set up their production facilities. According to the policy, Tamil Nadu has signed memorandum of understandings with companies committing investments of nearly Rs 24,000 crore and employment potential of 48,000 jobs in the EV value chain. The state government is cognizant of the sectoral challenges and seeks to address these through interventions mapped out across the supply, demand and ecosystem segments in this policy. "Tamil Nadu has a vision of attracting Rs 50,000 crore worth of investments in EV manufacturing, creation of 1.5 lakh new jobs, and development of a robust EV ecosystem in the State," the document read. The new policy shall be valid for a period of five years. It also mentioned that the government would encourage adoption of electric vehicles in the state with 100 per cent road tax exemption among others. "100 per cent road tax exemption will be provided till December 31, 2025 for the EV battery operated vehicles -- two-wheelers, private cars, three-seater auto-rickshaws, transport vehicles, light goods carriers." The state government would develop industry-academia linkages to create a skilled workforce pool for EVs besides promoting Chennai, Coimbatore, Tiruchirappalli, Madurai, Salem, Tirunelveli as pilot cities for implementing 'e-mobility solutions'. The policy also proposes to support electrification of commercial and public transport fleets. It offers several incentives to companies engaged in manufacturing of EVs including, 'reimbursement of SGST', turnover-based subsidy and capital subsidy. Electric vehicle projects undertaken by the company would be entitled to 100 per cent exemption on stamp duty on purchase or lease of land obtained from the government. State Transport Undertaking operated buses which constitute a substantial percentage of the public transport in India would be electrified through a phased augmentation and replacement plan. "The state shall endeavour to increase the share of electric buses to 30 per cent of the fleet by 2030", the policy said.

Volvo Cars could go fully electric in India by 2025: Official

Sweden-based luxury carmaker Volvo Cars could go fully electric in India by around 2025, PTI reported quoting a senior company official as saying. The official said the company can afford to become a Battery Electric Vehicle (BEV) only manufacturer much sooner than its competitors. The company will reportedly launch the electric version of its SUV C40 in 2023's fourth quarter.

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Report claims ban on old petrol, diesel cars in Delhi lifted, govt denies

The Road Transport and Highways Ministry has termed reports claiming it has issued a notification lifting ban imposed by the NGT on diesel vehicles older than 10 years and petrol vehicles older than 15 years in Delhi-NCR as "fake news". The fake news also claims that the registration certificates of such vehicles can be renewed with a payment of ₹5,000.

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Super Bowl ad shows self-driving Tesla car hitting child mannequin

Safety advocacy group The Dawn Project ran a Super Bowl ad against Tesla's self-driving feature on Sunday. The ad showed a Tesla car ignoring a school bus' warning lights and crashing into a child mannequin, hitting a pram and speeding past no-entry signs. Elon Musk replied to a tweet showing the ad with the 'Rolling on the Floor Laughing' emoji.

https://www.independent.co.uk/tech/super-bowl-ad-shows-tesla-cars-crashing-and-killing-children-b2281092.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 One of Teslas biggest critics organised the advertisement to highlight the dangers of self-driving cars 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 Elon Musk has responded to an advert shown during the Super Bowl on Sunday shows a Tesla car crashing and killing children. One of Teslas biggest critics organised the advertisement to highlight the dangers of self-driving cars, doing so while founder Elon Musk was in the audience of the game. Millions of Americans and people all over the world gathered to watch the annual NFL championship game on Sunday. Alongside watching the game, the halftime show and even the ads are part of the entertainment. This year, viewers were shown an ad of a self-driving Tesla 3 car ignoring a school buss warning lights and crashing into a child mannequin, hitting a pram and speeding past no-entry signs. It was organised by Dan ODowd, a tech entrepreneur from California who is campaiging against the Tesla self-driving cars. The 66-year-old believes the cars are a danger to others on the roads. Musk, who was sitting in the audience of the Super Bowl on Sunday, was spotted talking to owner of the Fox empire Rupert Murdoch just after the half time show featuring Rihanna. Musk has previously said it would be morally wrong to ban self-driving cars, as they save lives. Appearing at Nvidias developers conference in 2015, Musk said humans driving cars is too dangerous. He said: You cant have a person driving a two-tonne death machine. The graphic ad from safety advocacy group The Dawn Project was shown in several parts of the US, including in Washington DC. Before the game, Mr ODowd tweeted: Watch The Dawn Projects #SuperBowl ad demonstrate critical safety defects in @Tesla. Full Self-Driving. 6 months ago we reported FSD [Full Self-Driving] would run down a child. Tesla hasnt even fixed that! To focus their attention, @NHTSAgov must turn off FSD until Tesla fixes all safety defects. Nearly all of the deniers below have a huge conflict of interest. They are $TSLA shareholders desperately trying to cover up grotesque safety defects in @Tesla Full Self-Driving just to line their own pockets. We publish footage of each test, including multiple angles showing controls not touched, and fanboys still confidently assert we faked them! To remove all doubt that these severe safety defects are real we invite @ElonMusk, @NHTSAgov, the media to witness a public demonstration. Its estimated that a 30-second commercial during the Super Bowl costs around $7 million (5.81 million), according to statista.com. Self-driving cars are not yet available to buy. The Independent has contacted Tesla for a comment. Join thought-provoking conversations, follow other Independent readers and see their replies Elisabeth Murdoch, Elon Musk, and Rupert Murdoch sitting together at the 2023 Super Bowl Fox Rihanna performed during the half time show of the Super Bowl Copyright 2023 The Associated Press. All rights reserved. One of Teslas biggest critics made an ad highlight the dangers of self-driving cars AP 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?

Tesla was a wake-up call, it shook up the auto sector: Ferrari CEO

Ferrari CEO Benedetto Vigna in an interview said Elon Musk-led Tesla's big contribution to the automotive industry was being "a wake-up call". "Things used to happen too slowly. Tesla shook up the industry and accelerated processes and decisions. They were faster and more agile," Vigna stated. However, he added that Tesla is a "functional" car while Ferrari makes "emotional" cars.

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One turns 20 this year, the other shipped its first car shortly after World War II. The former wantsto bring sustainable transportationto the masses, while the latter sells speed and extravagance to the worlds wealthiest. Ones carsquietly whir, and the others roar. Tesla Inc. andFerrari NVhave little in common, and wont for another few years. But in one of the few interviews hes given since becoming chief executive officer of the Italian supercar manufacturer 17 months ago,Ferrari Chief Executive Officer Benedetto Vigna complimented the electric vehicle maker led by Elon Musk while drawing clear distinctions between their respective paths forward. Speaking at FerrarisMaranelloheadquarters, Vigna, 53, credited Tesla with accelerating change within an industry steeped in engine cylinders. The executive who pioneered sensorsused in billions ofiPhonesdiscussed how Ferrari will navigate the shift to batteries from combustion engines, the runaway success of the brandsnewest model lineand the future of luxury. Here are excerptsfrom theconversation that have been edited and condensed for length andclarity: What have you learned from Tesla? The big contribution that Tesla has made to the automotive industry? It was a wake-up call. Things used to happen too slowly. Tesla shook up the industry andaccelerated processes and decisions. They were faster and more agile. How unique is Ferraris path toward electrification? Electrification is a new way to provide our customers a unique driving experience, and Ive no doubt that our electric powertrains will give clients the same thrills of combustion engines. The point is how to extract the best emotion from the use of this technology, giving something unique to the clients. Driving thrills is a combination of factors: longitudinal acceleration, lateral acceleration, sound, gear-changing and braking. This doesnt change if the powertrain is electric. Is Ferrari on track with its electrification plans? Yes, were fully on track to unveil our first fully electric Ferrari in 2025. That means it will go into the market the following year. What will be the main differences between an electric Ferrari and other cars? Well, there are functional cars, that have the goal of moving people from point A to point B, emitting zero carbon dioxide. You dont care about its brand;what really matters is that it moves you. Separately, there are emotional cars that gives you a unique driving experience, like Ferraris. How do you consider Tesla? For me, its a functional car. Its meant to go from one point to another. Theres a perception Ferrari has been slower with respectto electrification than some competitors. Thats not true.I just think a company like us cant impose any choice on clients, and thats why well keep offering a mix of technology for as long as its feasible. That means internal combustionengines, hybridsand fully electric models. Youre going electric, but the long-awaited Purosangue unveiled just a few months agowill only be powered by combustion engines. What was behind this decision? That shows theres still room for a mix of technology. Weve filled the order bookfour times faster than our original plan. Still, I can reiterate that Purosangues contribution to our deliveries wont exceed 20% during the models life cycle. Can you tell us more about the Purosangue order book? The only thing I can tell you is that we are in line with other models, so we have orders placed for deliverygoing well into 2024. What are your views on electrification? Some regulators at a certain point decided that the community should go into electric, right or wrong. And it is this is going to happen. Electrification is just one piece of the pie, and theres indeed too much hype about it as well as on software and the debate about the need to consolidate the supply chain. Most people are looking too much at the technology itself, soyou have people talking about things such as axial flow, radial flow andpower density, when the most important thing is the clients perception. What do you mean? Electrifying cars is relatively easy from technological point of view. The real point is how to extract the best emotion for the use of this technology you want to provide to the driver. Technology is just a tool, and I think theres too much money poured into this, and this is because theres a lack of deep knowledge. What is the biggest threat you see for Ferrari? I cant see any specific threat for Ferrari.There is a threat for the luxury industry overall, which is how will new generations react to luxury goods? Thats why Im putting a lot of attention on sustainability, a true sustainability action plan. When I say that we want to be carbon neutral by the end of 2030, I mean that by end of 2030, I want to sharply cut emissions. What would you like your legacy to be? What Id like to leave is a company where there is more empowerment at all levels, thats more unified. I want decisions to be taken at all levels. Theres this trend in Latin culture companiesto wait for the boss to tell the people what they have to do. Do it, full stop. How do you measure success? Its all about how quickly you understand the environment around you and how quickly you adapt and make decisions, partially with the brain and partially with the gut. If you believe you need to wait to have the whole range of elements to make the final decision, well, its too late.

I used to call Musk my 'friend', will never buy a Tesla again: Vivek Wadhwa

Indian-American technology entrepreneur Vivek Wadhwa in an as-told-to essay to Insider called Tesla's self-driving software "dangerous", and said, "Elon Musk made a bad decision to discontinue using radar in Tesla cars." He wrote, "I used to call him a friend." He added, "I've had three Teslas...and it's still the only car I drive...But, my next car won't be a Tesla."

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Indian-American entrepreneur and author Vivek Wadhwa, an avowed "Tesla fanboy", is now re-thinking his support for Elon Musk' electric cars. Wadhwa, a Washington Post columnist and academic with stints at Harvard University, Stanford andCarnegie Mellon, has strongly defended Musk and Tesla on past occasions. He told Insider he considered Elon Musk a friend, having first met him for an interview in 2013. The two had a chance to talk off-camera too and Musk told Wadhwa of his plans to retire on Mars. Wadhwa said he was impressed by Musk and continued speaking to him in the following years. He took Musk's side in opinion pieces, and the Tesla boss endorsed his book. "I used to call him a friend," Wadhwa told Insider. "Maybe he wouldn't call me one, but I did. I will always call him the greatest innovator of our time." Also read:US SEC probes Elon Musk's role in Tesla self-driving claims But he's more cautious now, after at least two incidents with Tesla's Full Self-Driving mode (FSD), which has been in focus because of safety concerns. Wadhwa told Insider he was one of the first buyers of the Tesla Model S. Later, he sold it to get a new car to avail the Full Self-Driving feature. One day, he said, his Tesla crashed into his garage when he used the Summon mode. In another instance, the car almost crashed on a road. "It really shook me up," Wadhwa said. "If I hadn't slammed on the brakes, that might have been the first filmed Autopilot crash." Wadhwa clarified that his complaint was only about FSD and he still considered Tesla to be a "beautiful" car. But will he buy it again? Certainly not. "I didn't get the Full Self-Driving that I was promised," Wadhwa said, adding that he felt duped. "It's still a beautiful car. But, my next car will not be a Tesla. There's no way." Not just that, Wadhwa said if there is a class-action lawsuit over FSD mode, he will join it immediately. He also wants a refund of $15,000, the amount he spent on the technology. Recently, Apple co-founder Steve Wozniak had also called out Tesla and Musk for "misleading" buyers. Wozniak told CNBC he had spend huge amounts of money onself-driving technology since 2016. They have robbed my familymyself and my wifeof so much money I couldnt tell you, with things they said that we really believed would be real, Wozniak said.A lot of honesty disappears when you look at Elon Musk and Tesla." Tesla says its Full Self Driving Capability and Autopilot mode need a fully attentive drivers, with hands on the wheel and ready to take over any moment. Authorities have argued the term "fullself-driving" becomes misleading then. Tesla's driver assistance features are under investigation by theUS Department of Justice . The National Highway Traffic Safety Administration is also reviewing them.

Already sold out for 2023 in India: Lamborghini top executive

Italian carmaker Lamborghini has nearly met its target for 2023 in India in just the first month and is "already sold out for the year", Times of India quoted Lamborghini's Asia-Pacific Director Francesco Scardaoni as saying. Lamborghini, which sells cars starting from ₹3.8 crore in India, posted record sales in India in 2022 at 92 units, growing by 33% year-on-year.

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Live TV news business economy companies Updated Feb 13, 2023, 17:12 IST Hero MotoCorp Q3 Results 2023: Quarterly earnings' date, time, preview, expectations, poll details Top 10 car manufacturers in January 2023 Gold Price Today In India: Yellow Metal Rates In Major Indian Cities - Check Anvita Group Announces Massive Rs 2,000 Crore Mega Project 'Ivana' Near Hyderabad Is Reliance Jio Gearing Up For India's Largest IPO? Analysts Weigh In India's Forex Reserves Dip by USD 1.713 Billion to USD 651.997 Billion Budget 2024: Government Eyes Refining Salary Taxation to Boost Growth Tanya Maniktala Calls Kill Director Nikhil 'World-Class', Shares Experience Of Working With Vijay Sethupathi | EXCLUSIVE Anant Ambani's Gold Bandhgala To Bieber's Electrifying Performance: What We Know On Grand Sangeet Event iPhone 16 Pro Max, iPhone 16 Pro, iPhone 16 Plus, iPhone 16: New Leaks, Price In India, USA, Dubai, Design And Specs 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 Follow Us : 2024 Bennett, Coleman & Company Limited

Single-letter licence plate sells for ₹27 crore in Hong Kong

A single-letter licence plate featuring just the letter 'R' was sold for HK$25.5 million (around ₹27 crore) at a Lunar New Year auction organised by the Hong Kong Transport Department. It's the second-highest bid on record for a licence plate in the city. It was just short of a record HK$26 million bid for the letter 'W' in 2021.

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A personalized license plate sold for HK$25.5 million ($3.2 million) at an auction in Hong Kong on Sunday, the second-highest bid on record for a city where eye-catching and sometimes bewildering car plates are a common sight. Sundays bid was for a license plate with the letter R and came at a Lunar New Year auction organized by the Hong Kong Transport Department. It was just short of a record HK$26 million bid for the letter W in 2021, according torankingspublished by the Secretary for Transport Lam Sai-hung. There have been more than 160 auctions and over 40,000 plates have been registered since the personalized car plate system was introduced in 2006, bringing in more than HK$600 million for the government, according to Lam. People can register to apply for their license plate of choice, kicking off a process that sometimes lasts as long as 18 months before the plate goes on auction. Applicants must pay HK$5,000 deposit, and if there are no other bidders, then that plate will be theirs for the deposit amount. The winning bid for R was 5,100 times the reserve price and represented more than 80% of the total raised at Sundays auction, the government said in astatement. Users on Hong Kong social media forum LIHKG said the reason for the high bid may be that R is the first letter in the word rich. It could also be down to feng shui, with R representing good fortune for the next 20 years, local media HK01 reported. The Transport Department declined to provide any further information on the winning bidder.

India's first electric AC double-decker bus inaugurated in Mumbai

Brihanmumbai Electric Supply and Transport Undertaking (BEST) inaugurated India's first electric AC double-decker bus on Monday, the services of which will be available soon. The new bus will ply between Kurla bus depot and Bandra-Kurla Complex with a minimum fare of ₹6 for a distance of five kilometre. The bus has a seating capacity of 73 and features CCTV cameras.

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Tesla Autopilot didn't cause fatal 2021 crash in Texas: Regulator

US' National Transportation Safety Board (NTSB) said a fatal Texas crash involving a Tesla Model S in 2021 didn't happen due to malfunctioning of Tesla Autopilot software. Earlier, since the driver's seat was found to be unoccupied, it was suspected that the software might have been in use. The driver was operating up until the crash happened, the NTSB found.

https://www.siasat.com/tesla-autopilot-gets-clean-chit-in-fatal-us-crash-2524110/?utm_campaign=fullarticle&utm_medium=referral&utm_source=inshorts

San Francisco: Elon Musk-run Tesla has received a clean chit from the US National Transportation Safety Board (NTSB) in a fatal crash involving a Tesla Model S Autopilot system in 2021. The US transportation agency determined that the probable cause of the Spring, Texas, electric vehicle crash was the drivers excessive speed and failure to control his car. This was due to impairment from alcohol intoxication in combination with the effects of two sedating antihistamines, resulting in a roadway departure, tree impact and post-crash fire, the safety board said in its report. As for Autopilot, the NTSB determined it wasnt in use because the system is not programmed to not go faster than 30 mph on the street the Tesla last travelled. Meanwhile, the US Securities and Exchange Commission (SEC) is investigating self-driving claims made by Tesla CEO Musk. The SEC probe is to determine if the electric car-maker flouted its rules in promoting its full-self driving (FSD) and Autopilot software. In September last year, a Tesla owner sued the electric car maker, saying the company and its CEO are deceptively and misleadingly marketing the Autopilot and Full Self-Driving software. Musk had come under heavy scrutiny on the controversial Autopilot advanced driver assistance system that has allegedly killed many, with both federal and state regulators turning up the heat on the electric car-maker. The National Highway Traffic Safety Administration (NHTSA) upgraded its investigation from a preliminary evaluation to an engineering analysis, asking Tesla to answer questions about its cabin camera as part of a probe into 830,000 vehicles that include Autopilot. Get the news updates on WhatsApp & Telegram by subscribing to our channels. For all the latest Technology updates, download our app Android and iOS.

Rare human error on our part: Ather as e-scooter catches fire

Ather Energy responded to an incident in which an Ather 450X electric vehicle caught fire in Bengaluru. Ather's investigation into the incident identified the root cause of the issue in the wiring harness assembly. Clarifying that the incident had nothing to do with a battery thermal runaway event, Ather added, "This was a rare human error on our part."

https://www.cnbctv18.com/auto/ather-clarifies-bangalore-fire-incident-not-due-to-battery-overheating-15895581.htm/amp?utm_campaign=fullarticle&utm_medium=referral&utm_source=inshorts

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Valet crashes Aussie billionaire's two Lamborghinis worth ₹12 cr

Aussie billionaire Laurence Escalante's two Lamborghini cars, jointly worth around ₹12 crore, were damaged in a parking accident in the driveway of Australia's luxury hotel Crown Towers Perth. The keys to two Lamborghini Aventador Ultimaes were handed over to valet staff at the Crown Casino. However, one of them lost control, rear-ending the other, and then careened into a wall.

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Ola says it's on track to launch its first electric car in 2024

Ola Electric is on track to deliver its first four-wheel vehicle in the second half of 2024, according to Chief Financial Officer GR Arun Kumar. The electric vehicle manufacturer and ride-hailing company is focused on advanced stages of design, Kumar said. Last year, Ola's Co-founder Bhavish Aggarwal said that the company aims to price its first car between ₹40-50 lakh.

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Volvo considering India to set up new global EV plant: CEO Rowan

Volvo is looking to set up a new manufacturing facility in Asia, outside China, and India is among the locations being considered, CEO Jim Rowan said. However, he said a final decision on the location is yet to be taken. "We need to make sure that we can feed countries other than just India from that location," he added.

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Swedish luxury carmaker Volvo Cars is examining possibilities to set up a new manufacturing facility in Asia, outside of China as sales of electric vehicles (EV) areexpected to accelerate this year, according to a report by the Economic Times. EV sales is expected to surge on the back of development of charging infrastructure and price parity with internal combustion engine (ICE) vehicles. VolvoCars Global CEO Jim Rowan said that while a final decision on the location of the new EV manufacturing unit is yet to be taken, India and Southeast Asian countries are among the contenders, as per the report. Also Read:Volvo readies EV blitz in biggest product revamp under Geely The facility being considered will be utilised to meet domestic requirements and ship vehicles to other markets globally. We need to make sure that we can feed countries other than just India from that location. So we need to look at the logistics of that. And also the cost benefits, said Rowan. Volvo Cars, which plans to go all electric by the end of the decade, is also open to collaborating with a partner in the region for contract manufacturing, the report added. Last year, Volvo Cars announced plans to set up a new manufacturing facility in Slovakia to meet increased demand for its EVs in Europe and the US. He noted the company believes that ICE vehicles and EVs will be at price parity by 2025, which will make EVs more affordable for a larger number of customers. "We will release one brand new electric car every year for the next few year, Rowan added. Volvo Cars currently sells the XC40 Recharge in India, priced at Rs 56.90 lakh (ex-showroom).

Bugatti car sold for ₹87 crore becomes most expensive new car ever auctioned

The only Bugatti Chiron Profilée set record for the "most expensive new car ever sold at auction" after it fetched €9.79 million (over ₹87 crore) at a recent auction. The Profilée houses an 8.0-litre quad-turbo W16 engine with a total of 1,479 horsepower and 1,180 lb-ft of torque. It can go from zero to 62 mph in just 2.3 seconds.

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The Bugatti Chiron Prolifee gets auctioned in Francerecently The winning bet stands at9,792,500 euros which is approximately 87.15 crore Bugatti says the auction at RM Sothebys saw history being made This Bugatti is the last model to feature a W16 power train Under the hood, the Bugatti Chiron Prolifee features a quad-turbo 8.0-litre W16 engine It generates massive power of1479.4 hp The unique exterior colour of the model is calledArgent Atlantique The Profilee is also the first Chiron which comes with woven leather finish in the interior The marque calls it an automotive solitaire

Audi ordered to refund ₹60 lakh to Tamil Nadu customer over car's faulty brakes

Tamil Nadu State Consumer Disputes Redressal Commission directed Audi to refund ₹60 lakh to a customer who bought an Audi Q7 in 2009 and suffered brake-related problems. The customer claimed that the car suffered a brake failure which severely endangered passengers' lives. Audi is to be held liable as the problem kept recurring even after two replacements, the bench held.

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The Tamil Nadu Consumer Disputes Redressal Commission has directed Audi India to refund the entire purchase cost of Rs 60 lakh to a city businessman who bought an Audi Q-7 variant in 2009 but suffered many brake-related problems since 2014. The car major was also asked to pay additional Rs 25,000 to Saravana Stores Tex which bought the vehicle. The car owner had a narrow escape when the car suffered a brake failure near Kallakurichi.Bengaluru Consumer Court Orders Zomato to Pay Rs 3000 As Compensation to Man For Not Delivering Food Worth Rs 256. Audi Asked to Pay Rs 60 Lakh to Buyer: (SocialLY brings you all the latest breaking news, viral trends and information from social media world, including Twitter, Instagram and Youtube. The above post is embeded directly from the user's social media account and LatestLY Staff may not have modified or edited the content body. The views and facts appearing in the social media post do not reflect the opinions of LatestLY, also LatestLY does not assume any responsibility or liability for the same.) Share NowTagsAUDIAudi Q7Consumer CourtTamil NaduTamil Nadu Consumer CourtFollow us on NewsYou Might Also LikeShocking and Painful: AIADMK Leader Edappadi Palaniswami Slams DMK Government on Murder of BSP Tamil Nadu President ArmstrongArmstrong Murder: BSPs Tamil Nadu Unit President Hacked to Death by 6 Assailants in Chennai, Police Launch Manhunt To Nab AccusedTamil Nadu: Upset Over Husbands Death Due to Illness, Woman Dies by Suicide in ThiruninravurSomeone Sick in My House: Thief Takes Cash, Gold From House in Tamil Nadu, Leaves Apology Note Promising To Return Loot in a MonthLatest NEWSKeir Starmer Says We Will Rebuild Britain in His Maiden Speech Outside 10 Downing Street Rahul Gandhi to Visit Ahmedabad Today: Live News Updates Today World Zoonoses Day 2024 Quotes and Slogans: Powerful Sayings That Highlight the Importance of Raising Awareness on Zoonotic Diseases International Day of Cooperatives 2024 Wishes and Quotes: Send Powerful Slogans, International Co-Operative Day HD Images and Messages To Honour the UN Day Nabajouban Darshan 2024 Wishes & Jagannath Rath Yatra Images: Lord Jagannath HD Wallpapers, Netra Utsav Greetings and Messages To Celebrate Rath Yatra Ashadha Gupt Navratri 2024 Wishes and Images: Share Gupt Navratri Messages, Goddess Durga HD Wallpapers and Greetings To Celebrate the Auspicious Occasion TRENDING NEWSSuicide Caught on Camera in Chhattisgarh: Housing Board Accountant Jumps To Death From Office Building in Raipur, Disturbing Video Surfaces Lucknow: Woman Teacher Chases Shiksha Mitra With Shoe After He Protests Beating of Student at School in Kakori, Viral Video Surfaces Exotic Patagonian Mara Seen Frolicking in Colorado Mountains, Rescue Operation On (See Pic and Video) Fans Say Idhar Bhi Ye, Woh Kar Raha Hai As Rohit Sharma Explains to PM Narendra Modi Why He Ate Grass After T20 World Cup 2024 Win(WatchVideo) Agniveer Dies by Suicide in UP: Agniveer Srikant Chaudhary Shoots Self at Indian Air Force Station in Agra Sandeep Thapar Attacked in Ludhiana: Nihang Sikhs Attack Punjab Shiv Sena Leader and Freedom Fighter Sukhdev Thapars Descendant, Disturbing Video Surfaces The Tamil Nadu Consumer Disputes Redressal Commission has directed Audi India to refund the entire purchase cost of Rs 60 lakh to a city businessman who bought an Audi Q-7 variant in 2009 but suffered many brake-related problems since 2014. The car major was also asked to pay additional Rs 25,000 to Saravana Stores Tex which bought the vehicle. The car owner had a narrow escape when the car suffered a brake failure near Kallakurichi.Bengaluru Consumer Court Orders Zomato to Pay Rs 3000 As Compensation to Man For Not Delivering Food Worth Rs 256. Audi Asked to Pay Rs 60 Lakh to Buyer: (SocialLY brings you all the latest breaking news, viral trends and information from social media world, including Twitter, Instagram and Youtube. The above post is embeded directly from the user's social media account and LatestLY Staff may not have modified or edited the content body. The views and facts appearing in the social media post do not reflect the opinions of LatestLY, also LatestLY does not assume any responsibility or liability for the same.) Share NowTagsAUDIAudi Q7Consumer CourtTamil NaduTamil Nadu Consumer CourtFollow us on NewsYou Might Also LikeShocking and Painful: AIADMK Leader Edappadi Palaniswami Slams DMK Government on Murder of BSP Tamil Nadu President ArmstrongArmstrong Murder: BSPs Tamil Nadu Unit President Hacked to Death by 6 Assailants in Chennai, Police Launch Manhunt To Nab AccusedTamil Nadu: Upset Over Husbands Death Due to Illness, Woman Dies by Suicide in ThiruninravurSomeone Sick in My House: Thief Takes Cash, Gold From House in Tamil Nadu, Leaves Apology Note Promising To Return Loot in a MonthLatest NEWSKeir Starmer Says We Will Rebuild Britain in His Maiden Speech Outside 10 Downing Street Rahul Gandhi to Visit Ahmedabad Today: Live News Updates Today World Zoonoses Day 2024 Quotes and Slogans: Powerful Sayings That Highlight the Importance of Raising Awareness on Zoonotic Diseases International Day of Cooperatives 2024 Wishes and Quotes: Send Powerful Slogans, International Co-Operative Day HD Images and Messages To Honour the UN Day Nabajouban Darshan 2024 Wishes & Jagannath Rath Yatra Images: Lord Jagannath HD Wallpapers, Netra Utsav Greetings and Messages To Celebrate Rath Yatra Ashadha Gupt Navratri 2024 Wishes and Images: Share Gupt Navratri Messages, Goddess Durga HD Wallpapers and Greetings To Celebrate the Auspicious Occasion TRENDING NEWSSuicide Caught on Camera in Chhattisgarh: Housing Board Accountant Jumps To Death From Office Building in Raipur, Disturbing Video Surfaces Lucknow: Woman Teacher Chases Shiksha Mitra With Shoe After He Protests Beating of Student at School in Kakori, Viral Video Surfaces Exotic Patagonian Mara Seen Frolicking in Colorado Mountains, Rescue Operation On (See Pic and Video) Fans Say Idhar Bhi Ye, Woh Kar Raha Hai As Rohit Sharma Explains to PM Narendra Modi Why He Ate Grass After T20 World Cup 2024 Win(WatchVideo) Agniveer Dies by Suicide in UP: Agniveer Srikant Chaudhary Shoots Self at Indian Air Force Station in Agra Sandeep Thapar Attacked in Ludhiana: Nihang Sikhs Attack Punjab Shiv Sena Leader and Freedom Fighter Sukhdev Thapars Descendant, Disturbing Video Surfaces Audi Asked to Pay Rs 60 Lakh to Buyer: (SocialLY brings you all the latest breaking news, viral trends and information from social media world, including Twitter, Instagram and Youtube. The above post is embeded directly from the user's social media account and LatestLY Staff may not have modified or edited the content body. The views and facts appearing in the social media post do not reflect the opinions of LatestLY, also LatestLY does not assume any responsibility or liability for the same.) Latestly.com, 2024

Tata considering Spain, Britain for Euro EV battery plant: Report

Tata Motors is considering setting up a battery cell plant for EVs in Spain or Britain, Reuters reported citing source. Tata told the Spanish government following talks late last year that it was considering the country and Britain as top two locations for the plant, the source said. Tata's Jaguar Land Rover unit has manufacturing facilities in Britain and Slovakia.

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India's Tata is considering setting up a battery cell plant for electric vehicles (EV) in Spain or Britain, a source with knowledge of the matter told Reuters, as the carmaker seeks to boost supply chains in Europe. Tata's chief financial officer told Reuters last month the carmaker was considering setting up plants in India and Europe to produce battery cells for EVs. In Europe it would aim to provide batteries for its luxury Jaguar Land Rover unit, which has manufacturing facilities in Britain and Slovakia. The company told the Spanish government following talks late last year that it was considering the country and Britain as the two top locations for the plant, said the source who declined to be identified due to the sensitivity of the issue. Tata was attracted by Spain's allocation of European Union pandemic relief funds to promote EV and battery manufacturing, and its status as a member of the EU unlike Britain following its departure from the bloc, added the source. A company spokesperson said "as a policy and practice, Tata Motors doesn't comment on speculation". The Spanish government did not respond to a request for comment. The location being considered by Tata in Spain is an industrial lot in the town of Zuera, outside the city of Zaragoza in northeastern Spain, the same site Volkswagen considered for a battery plant it is now building elsewhere in the country, the source said. Tata representatives from India and Britain participated in the joint meetings with officials from the Spanish and the Aragon regional governments, the source said, adding that there were also visits to the potential location. Jaguar Land Rover and the Aragon regional government which includes Zuera declined to comment. As Europe's second largest car-producing country behind Germany, Spain launched in 2021 an ambitious programme to attract EV-related investments mostly using EU funds. It was seen as a key factor in convincing Volkswagen to locate its Southern Europe battery plant in Spain and plans to start manufacturing EVs in the country. The programme, however, only allocated 877 million euros ($958.47 million) last year out of the 2.9 billion euros' overall budget due to technical and administrative issues, the government said. The remaining funds will be disbursed in new phases and could benefit new contenders, such as Tata. 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!

Musk mused taking Tesla private 2 yrs before 2018 tweet: Ex-aide

Billionaire Elon Musk contemplated taking Tesla private as early as 2016, his former chief of staff Sam Teller said at a hearing over Musk's 2018 tweet claiming he had "funding secured" for taking Tesla private. Sometimes Musk compared Tesla with closely held space startup SpaceX, Teller said. "He said there were...headaches...from running a public company," Teller quoted Musk.

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Porsche blunder puts ₹1.21 crore car on sale for ₹15 lakh in China

A Porsche dealership in China mistakenly listed the price of Porsche Panamera as 124,000 yuan (₹15 lakh) instead of 998,000 yuan (over ₹1.21 crore) in an online advertisement. Following the blunder, hundreds of aspiring buyers made their bookings and paid 911 yuan in advance. On realising mistake, the dealership took down the advertisement and promised refunds on advanced bookings.

https://auto.hindustantimes.com/auto/cars/in-china-porsche-blunder-puts-148-000-panamera-on-sale-for-just-18000/amp-41675247230839.html?utm_campaign=fullarticle&utm_medium=referral&utm_source=inshorts

Imported cars, electric vehicles to cost more as customs duty hiked to 70%

Fully imported cars, including electric vehicles, will cost more now as Finance Minister Nirmala Sitharaman announced a hike in customs duty on Wednesday. Customs duty on vehicles in completely built units (CBUs) costing less than $40,000 or with engine capacity less than 3,000cc for petrol-run vehicles and less than 2,500cc for diesel-run vehicles has been raised from 60% to 70%.

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9 lakh govt vehicles older than 15 years to go off road in April

Union minister Nitin Gadkari has said over nine lakh vehicles, owned by central and state governments, transport corporations and public sector undertakings, will go off the road from April 1. "We have...approved the scrapping of more than nine lakh government vehicles, which are more than 15 years old, and polluting buses and cars will go off the road," Gadkari said.

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More than nine lakh vehicles, owned by central and state governments, transport corporations and public sector undertakings, that are older than 15 years will go off the road from April 1 and new vehicles will replace them, Union minister Nitin Gadkari said on Monday. Addressing an event organised by industry body FICCI, Gadkari said the government is taking many steps to facilitate the use of ethanol, methanol, bio-CNG, bio-LNG and electric vehicles. "We have now approved the scrapping of more than nine lakh government vehicles, which are more than 15 years old, and polluting buses and cars will go off the road and new vehicles with alternative fuels will replace them. "This will further reduce air pollution to a great extent," the road transport and highway minister said. According to a recent notification by the road transport and highways ministry, from April 1, all vehicles owned by central and state governments, including buses owned by transport corporations and public sector undertakings, that are older than 15 years will be de-registered and scrapped. The rule shall not apply to the special purpose vehicles (armoured and other specialised vehicles) used for operational purposes for the defence of the country and for the maintenance of law and order and internal security, the notification had said. "Disposal of such vehicles shall, after the expiry of 15 years from the date of the initial registration of the vehicle, (should) be ensured through the Registered Vehicle Scrapping Facility set up in accordance with the Motor Vehicles (Registration and Functions of Vehicle Scrapping Facility) Rules, 2021," it had said. Announced in the Union Budget 2021-22, the policy provides for fitness tests after 20 years for personal vehicles and 15 years for commercial vehicles. Under the new policy which is effective from April 1, 2022, the Centre has said states and Union Territories will provide up to 25 per cent tax rebate on road tax for vehicles that are purchased after scrapping old vehicles. Last year, Gadkari had said he looked to develop at least one automobile scrapping facility within 150 kilometres from each city centre while asserting that the country has the potential to become a vehicle scrapping hub of the entire South Asian region. Prime Minister Narendra Modi launched the National Vehicle Scrappage Policy in 2021 and said it would help phase out unfit and polluting vehicles and also promote a circular economy. Gadkari said India's target of achieving net zero by 2070 is very much achievable, and if the country follows the strategic and systematic approach towards transportation. "There is an immediate need to decarbonise the transport sector," he emphasised. The minister noted that the need of the hour is to have more buses on electric mode with all the world-class comforts and facilities as it will attract more and more people towards public transport and discourage uses of personal vehicles. According to Gadkari, the logistics costs are 8 to 10 per cent in China , 12 per cent in European countries, 12 per cent in the US and 14-16 per cent in India. "Our ambition is to bring India's logistics cost to a single digit," he said. Pointing out that the share of agriculture and allied sector in India's GDP is only 12 per cent, he said there is need to encourage more investment in agriculture, rural and tribal India. "If you can increase the contribution of agriculture and allied sectors in India's GDP from 12 per cent to 24 per cent, then it is going to create more jobs in agriculture, and rural areas, and even increasing the agriculture growth we can make not only smart cities but smart villages also," he said.

Renault to lower its 43% stake in Nissan to 15%

French automaker Renault has agreed to lower its stake in Nissan Motor to restructure their decades-long alliance, the companies announced in a joint statement on Monday. Renault will reduce its stake from just over 43% to 15%, the same size as Nissan's stake in Renault. The carmakers first signed their coalition in March 1999.

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After a nearly twenty four year long alliance French automaker Renault announced its decision to slash its stake in partner Nissan. The deal is aimed at rebalancing the alliance between the two companies, the Japanese firm Nissan said on 30th January. Renault will reduce its stake from 43.4 percent to 15 percent, the same size as Nissan's stake in its French counterpart.Nissan would retain a 15 percent cross-shareholding. Renault holds the larger stake at 43 percent and has voting rights, Nissan makes more cars while owning a 15 percent stake in the French carmaker with no voting rights according to a report by Bloomberg. The two partners have agreed that this rebalancing of stakes would address a power imbalance as the Japanese automaker lacks voting rights. The Japanese automaker is also likely to invest in Renault's electric vehicle business named 'Ampere'. As of now the size of Nissan's probable stake in Ampere is unknown. The alliance formed between Renault and Nissan was joined by Mitsubishi Motors in 2016, when Nissan took a 34 percent stake in its struggling Japanese rival. Mitsubishi Motors Corp also plans to move forward via collaborations on specific projects, including in India, South America and Europe, according to a statement. In November 2022, Renault announced that it would split its operations in two -- its new venture Ampere, and a separate subsidiary for petrol, diesel and hybrid cars that will pair up with China's Geely. The French maker of Megane E-Tech and Austral cars wants to deepen ties with partners such as Chinas Zhejiang Geely Holding Co. and chipmaker Qualcomm Inc. After the deal, the French automaker will not immediately sell the outstanding 28.4 percent of its Nissan shares because the current market value is lower than that registered in Renault's accounts, instead, the shares will be placed in a trust for sale when prices improve a report by Bloomberg said.

Tata Motors to hike prices of passenger vehicles from Feb 1

Tata Motors has said it will be raising its passenger vehicles' prices by 1.2% on a weighted average basis depending on the variant and model from February 1, citing a rise in overall input costs. Earlier, Tata Motors posted its first quarterly profit in two years and reported a consolidated net profit of ₹2,957.71 crore for the third quarter.

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Tata Motors on Friday said it will increase prices of its internal combustion engine-powered passenger vehicle range by 1.2% on a weighted average basis from Feb. 1. The company has been absorbing a significant portion of the increased costs on account of regulatory changes and a rise in overall input costs, and is hence passing on some portion through this hike, the auto major said in a statement. Effective Feb.1, 2023, the weighted average increase will be 1.2%, depending on the variant and model, it added. The company sells various models like Nexon, Harrier, Safari and Punch in the domestic market.

Chip shortage continues to impact production: Maruti Suzuki CFO

Semiconductor shortage continues to impact production at Maruti Suzuki India, CFO Ajay Seth said. The firm is working on ways to maximise its output from available supply of electronic components. The supply of electronic components continues to remain unpredictable, he added. Maruti Suzuki India's pending customer orders rose to about 3.63 lakh units at the end of the third quarter.

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Maruti Suzuki CFO says, semiconductor shortage continues to impact production | File/ Representative image Maruti Suzuki India continues to witness an impact on its production as semiconductor supplies still remain challenging and unpredictable, according to the company's CFO Ajay Seth. In order to deal with the situation, the auto major is now working on ways to maximise its output from available supply of electronic components. Although the supply situation improved in the third quarter ended December 31, 2022 as compared to the second quarter of this fiscal, the country's largest carmaker could not produce around 46,000 units in the October-December period owing to the semiconductor shortage. "Limited visibility of electronic components is a challenge in planning our production. Electronic component shortage is still limiting our production volumes," Seth said in an analyst call. The supply situation of electronic components continues to remain unpredictable, he added. "Our supply chain, engineering, production and sales teams are working towards maximising the production volume from available semiconductors," Seth noted. MSI's pending customer orders have risen to about 3.63 lakh units at the end of the third quarter. Currently, the company has a cumulative production capacity of 15 lakh units per annum at both Manesar and Gurugram plants. It additionally has access to 7.5 lakh units from parent Suzuki Motor's facility in Gujarat. Seth noted that the automaker believes in exploring the full spectrum of technologies like hybrids, CNG, bio-CNG, ethanol and electric to support the government's twin objectives of reducing oil imports and achieving net zero by 2070. He noted that the company is now looking to claim leadership in the sports utility segment with the introduction of two new products -- Jimny and Fronx. When asked about sales growth outlook, Maruti Suzuki India Executive Officer Corporate Affairs Rahul Bharti said: "The demand scenario seems to be healthy as of now... industry is yet to come out with a number... what we are thinking is that we should grow faster than the industry." On CNG sales, he noted that while the company is fine with the penetration levels at the moment, at the same time it is concerned with the abnormally high prices of the fuel. Maruti Suzuki India (MSI) sold a total of 4,65,911 vehicles during the third quarter. Sales in the domestic market stood at 4,03,929 units while exports were at 61,982 units. This was against total sales of 4,30,668 units, comprising 3,65,673 units in domestic and 64,995 units in export markets, in the same period of the previous year. The company has reported an over two-fold jump in its net profit to Rs 2,351 crore for the third quarter ended December 31, 2022. Its net sales rose to Rs 27,849 crore as compared with Rs 22,188 crore in the same period of 2021-22. Free Press Journal

Musk's role in Tesla self-driving claims under probe in US: Report

The US Securities and Exchange Commission (SEC) is reportedly investigating Tesla CEO Elon Musk's role in shaping the EV maker's self-driving claims. As per Bloomberg, the review is part of an ongoing SEC probe of Tesla's statements about its Autopilot driver-assistance system. Officials are considering whether Musk inappropriately made forward-looking statements, the report said.

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(c) Copyright Thomson Reuters 2023 (Reuters) -The U.S. securities regulator is investigating Elon Musks role in shaping EV maker Teslas self-driving claims, Bloomberg News reported on Friday, citing a person with knowledge of the matter. The review is part of an ongoing Securities and Exchange Commission (SEC) probe of the companys statements about its Autopilot driver-assistance system, the report added. SEC officials are considering whether Musk may have inappropriately made forward-looking statements, the report said, without specifying which specific statements or activities by Musk attracted the regulators attention. Tesla Chief Executive Musk did not immediately respond to a Reuters request for comment, while the SEC declined to comment. Separately, the acting head of the National Highway Traffic Safety Administration (NHTSA) on Jan. 9 said the regulatory agency is working really fast on the Tesla Autopilot investigation it opened in August 2021. Musk is also under trial for allegedly misleading investors with his 2018 tweet saying funding secured for taking Tesla private. (Reporting by Chavi Mehta in Bengaluru; Editing by Devika Syamnath) Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibilty for its content.

Porsche's car delivery in India rises 64% to 779 units in 2022

German sports luxury carmaker Porsche said its car deliveries in India surged by 64% year-on-year in 2022 to 779 units against 474 units in 2021. The carmaker said the sales include 78 units of its all-electric Taycan, which was launched in November 2021. Porsche India witnessed a 69% growth in SUV sales last year.

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German sports Luxury car maker Porsche on Friday said its delivery of cars in India increased 64% in 2022 to 779 units against 474 units in 2021. The massive surge in sales was driven by a strong interest among the buyers for its SUVs and sports cars, with a 69% growth in the sales of SUV models, Porsche India said in a statement. The premium carmaker said the sales include 78 units of its all-new electric Tycan (launched in Dec. 2021) in the 12-month period. Manolito Vujicic, Brand Director, Porsche India, said the strong result shows the upward trajectory that started in 2021 was maintained through 2022. "It has been a strong year for Porsche India with a 69 per cent growth in the sales of our SUV models, highlighted by our top-selling model, the Cayenne, ending the year with 399 retail units", said Vujicic. During the previous year, he said, Porsche India set up three new dealerships in Bengaluru, Chennai and Kolkata besides introducing the approved programme offer of 12 months cover on pre-approved cars.

Hope govt lowers taxes on imported cars in Budget: Lamborghini

Lamborghini Director for Asia Pacific Francesco Scardaoni told CNBC-TV18 that he hoped that the Indian government reduced taxes on imported cars in the upcoming Budget for 2023-24. Lamborghini delivered 92 units in India, an increase of 30% from 2021, he mentioned. Scardaoni added that sales in India are still growing and the same trend will continue in 2023.

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Maruti Suzuki's pending orders jump to 4.05 lakh units in Jan

Maruti Suzuki India's pending orders have jumped to around 4.05 lakh units this month as the inflow of bookings continues to be steady, according to a senior company official. The bookings for newly-launched Jimny and Fronx have crossed 11,000 and 4,000 units, respectively. In 2022, Maruti Suzuki sold 15.76 lakh units against 13.64 lakh units in 2021.

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Maruti Suzuki India's pending orders have jumped to around 4.05 lakh units this month as the inflow of bookings continues to be steady, while newly introduced SUVs Jimny and Fronx also added to the numbers, according to a senior company official. The bookings for Jimny have crossed 11,000 units, while that of Fronx is around 4,000 units. In the third quarter ended December 2022, the company's pending customer orders stood at about 3.63 lakh vehicles, out of which about 1.19 lakh orders were for newly launched models. "We are at around 4,05,000 bookings (at present), which are pending, and that means that we are seeing in the flow of bookings and of inquiries at a pretty good level," Maruti Suzuki India Senior Executive Officer, Marketing & Sales, Shashank Srivastava told PTI. Compared to January 2022, the inquiry is higher by 28 per cent and bookings by 16 per cent in the same month this year, he said. The increase in pending orders has also been accelerated by the company's two newly introduced SUVs -- Jimny and Fronx -- which were unveiled at the Auto Expo 2023 earlier this month, Srivastava said. "The response has been great, especially for the Jimny, as also for the Fronx...we are getting bookings for the Jimny at the rate of around 1,000 per day. We have so far got over 11,000 orders for Jimny," Srivastava said. Also for Fronx, the booking rate is around 300 per day, totalling close to 4,000 strictly, he added. Maruti Suzuki India has not announced the prices of these two new models, and these are slated to hit the market this "spring". Earlier, the company had stated that with the improvement in semiconductor supplies, it expects less hit on production and thereby, reducing the number of pending orders. In the third quarter, a shortage of electronic components impacted the company's production by about 46,000 vehicles. In 2022, Maruti Suzuki sold 15.76 lakh units against 13.64 lakh units in 2021, a growth of almost 16 per cent. 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!

Mumbai airport introduces 45 e-vehicles to reduce carbon footprint

Mumbai's Chhatrapati Shivaji Maharaj International Airport on Wednesday introduced its first batch of 45 electric vehicles (EVs) to reduce its carbon footprint and promote sustainable transportation. The airport said it intends to replace all of its combustion-powered vehicles with electric vehicles by 2029. Recently, the airport commissioned 12 DC fast EV charging stations on its premises.

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Case of high impact accident: Ola after rider admitted to ICU

After a rider in Maharashtra met with an accident riding her Ola S1 Pro and was admitted to the ICU, Ola Electric issued a statement calling it "a case of a very high impact road accident". The rider's husband said the scooter's front wheel fell apart while being driven at roughly 35 kmph. Ola offered checking of scooters to customers.

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Cybertruck may have windshield that can be bent with heat: Reports

Tesla's Cybertruck may feature windshield glass that can be bent with heat, media reports said citing a patent by Tesla. The patent talks about applying localised heat to a portion of the glass surfaces and "bending the glass structure at that location", forming a feature line. Tesla said a car, a truck or a semi-truck could utilise the glass.

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Maruti Suzuki net profit rises 130% to ₹2,391.5 crore in Q3

Maruti Suzuki reported a net profit of ₹2,391.5 crore for the quarter ended December 2022, up 129.55% from the year-ago period. The company's profit stood at ₹1,041.8 crore in the quarter ended December 2021. Its total revenue from operations came in at ₹29,057.5 crore in Q3 FY23, rising 24.96% from ₹23,253.3 crore a year ago, while sales rose 8.2% year-on-year.

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Maruti Suzuki on January 24 reported129.55 per cent jump in consolidated net profit for quarter ended December 2022 at Rs 2,391.5 crore. The profit was Rs 1,041.8 crore in the same quarter last year. The total revenue from operations came in at Rs 29,057.5 crore, rising24.96 percent from Rs 23,253.3 crore in the corresponding quarter a year ago, the largest carmaker of the country said in an exchange filing. Profit growth was driven by higher sales and fall in raw material cost. EBIT margin of the company also improved 350 basis points year on year (YoY) to 7.6 percent. Profit margin improved 380 basis points YoY to 8.4 percent The company sold a total of 4,65,911 vehicles during the quarter, up 8.2 percent YoY. Sales in the domestic market were 4,03,929 units and exports were 61,982 units. This was against total sales of 430,668 units comprising 365,673 units in domestic and 64,995 units in export markets in the same period, previous year. "Shortage of electronic components impacted production by about 46,000 vehicles in this quarter," the carmaker said in a statement. Pending customer orders stood at about 3,63,000 vehicles at the end of this quarter out of which about 1,19,000 orders were for newly launched models Maruti Suzuki added. The stock of Maruru Suzuki traded up over 1 percent at Rs8528.65 following the earnings announcement.

Maruti Suzuki probing alleged fraud by executives: Report

Maruti Suzuki India is probing allegations of wrongdoing by some of its executives from its purchase department, The Economic Times reported. As per the report, the allegations pertain to providing monetary benefits to some vendors and suppliers by sourcing parts at an inflated cost. The action came on the basis of a complaint filed by a whistleblower, the report added.

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Curated By: Business Desk News18.com Last Updated: January 23, 2023, 10:56 IST Maruti Suzuki India is reportedly probing an alleged wrongdoing by some of its executives from the companys purchase department. The action came on the basis of a complaint filed by a whistleblower,The Economic Times reported. As per the report, the allegations pertain to providing monetary benefits to some vendors and suppliers by sourcing parts at an inflated cost. The executives under the probe are not part of key management of the car maker. The report added that the company is conducting a third party independent forensic audit and for the same it has hired audit firm KPMG. Moreover, the company recently announced an increase in prices of its vehicles across models by about 1.1 per cent. This was the second price hike that the carmaker undertook in the ongoing fiscal year, after increasing it in April 2022. In December last year, the company had said it would hike prices of its vehicles to offset the impact of rising input costs and make provisions to update the model range to conform to stricter emission norms which will kick in from April 2023. (With PTI inputs) Read all the Latest Business News here About the Author Edited By: Namit Singh Sengar Location: New Delhi, 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

Tata Motors confirms delisting from New York Stock Exchange

Tata Motors' American Depositary Shares (ADSs) will be delisted from the New York Stock Exchange effective Monday. "After January 23...there will be no over-the-counter market trading of the ADS in the US due to regulatory restrictions under Indian law," it said. ADS holders can surrender their ADSs to the Depositary in exchange for the underlying ordinary shares of the company.

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Tata Motors on Monday said the voluntary delisting of its American Depositary Shares, representing ordinary shares, from the New York Stock Exchange will become effective close of trading on January 23, 2023. After Monday, there will be no over-the-counter market trading of the American Depositary Shares (ADSs) in the US due to regulatory restrictions under the Indian law, Tata Motors said in a regulatory filing. The ADS holders can surrender their ADSs to the Depositary in exchange for the underlying ordinary shares of the company at any time on or prior to July 24, 2023, it added. Starting on or about July 25, 2023, the Depositary may sell the then remaining ordinary shares held on deposit upon the terms described in the notice of termination of ADS facility as provided for in the deposit agreement, it said. "The above action has no impact on the current listing status or trading of the company's equity shares on the BSE Limited and the National Stock Exchange of India Limited in India," it noted.

Toyota recalls nearly 1,400 Glanza, Hyryder cars over airbag defect: Report

Toyota has recalled nearly 1,400 of its Glanza and Hyryder models in India as they reportedly have defects in their airbag controller. The company said it'll replace the defective part of the recalled cars and concerned owners will be contacted by Toyota dealerships. Toyota has also advised users to minimise the use of affected models until their recall is completed.

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Maruti Suzuki recalls over 11,000 Grand Vitara over seat belt issue

Maruti Suzuki is recalling 11,177 Grand Vitara vehicles manufactured between August 8, 2022 and November 15, 2022. "It is suspected that there's a possible defect in Rear Seat Belt mounting brackets, which, in a rare case, may loosen in the long run and impact its functionality," the company said. Maruti Suzuki will replace the affected parts free of cost.

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Whole scope of electric vehicle mobility highly overrated: KTM CEO

KTM owner Pierer Mobility's CEO Stefan Pierer feels the whole scope of the concept of electric vehicle mobility is highly overrated. It isn't feasible for high-powered bikes to run on electric engines because the battery's weight required to generate equivalent power of a gasoline engine would be too high. He added it isn't easy to convince politicians about the impracticality.

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The head of Swiss sports bike maker KTM, which claims to be the world's No 1 premium motorbike brand and also sells tens of hundreds of e-bikes in Europe, is not confident of the capability of electric vehicles beyond a point and feels that optimism on this front is "highly overrated". KTM, which is primarily into high-end racing bikes, has a 50.1:49.9 manufacturing JV with Bajaj Auto. It will also be selling the electric model of the resurrected iconic Chetak scooters from the Bajaj stable in Europe from the first quarter of 2024. "The whole scope and capability of the concept of electric vehicle mobility is highly overrated. It's the result of mixing the laws of physics incorrectly and also by mis-reading the laws of energy," Stefan Pierer, the chief executive of Pierer Mobility that owns the KTM brand, told a select group of journalists at a media roundtable here. "I know it isn't easy to tell and convince the politicians about the sheer impracticality of attempting to make high-end EV bikes," he said, adding it needs 10x more storage space in the EV segment to generate energy that one litre of gasoline can produce. For a bike, which is a highly space crunched product, how can one expect it to carry 600-700 kg of batteries, he wondered. For the same reason, he said, it is not possible for sports or high-end bikes to run on electricity. It is not feasible for high-powered bikes to run on electric engines. This is because the weight of the battery required to generate equivalent power of a gasoline engine would be too high, he pointed out. Another factor capping the scope of EVs is the exorbitantly high cost of battery components. Prices of lithium-ion battery components have soared five-six times in the recent past as a result of the higher demand and government push to switch to electric mobility. But it is not easy to drive these points to politicians, he remarked. However, Pierer was quick to admit that EVs as a tool for urban/city mobility is easily doable and will continue to grow and that is the reason why the company also makes low-end bikes for the segment. On launch of the e-Chetak from Bajaj Auto in Europe from 2024, he said the scooter is a great product, especially its second version, and such vehicles which are purely for city commute stand to gain from the EV push. The e-Chetak, especially the second generation, is a great commuter product for a market like Europe. If everything goes as planned we should be selling this e-scooter in Europe from early 2024, he added. Pierer was speaking to reporters here last Friday when the JV plant rolled out the 1 millionth KTM bike from the Chakan plant. The Bajaj KTM tie-up began in October 2007 and the first bike was rolled out in 2011. The company makes lower-capacity KTMs and the sub-400 cc Husqvarna models at the Chakan unit. The KTM-Bajaj partnership may explore bringing in more mid-range models in the 600-690 cc range, Pierer said. The Chetak, named after the legendary horse of the great warrior Maharana Pratap, was produced from 1972 onwards. It had a waiting period of up to 10 years in 1980s. Bajaj sold over 5,00,000 units by 1983, and around 100 million units by 1995. But by 2004, the company under the present management led by Rajiv Bajaj discontinued the Chetak. The iconic scooter, that was a household name, made a comeback in October 2019 in the EV form and since then has sold around 25,000 units at price tag of Rs 1.4 lakh. Bajaj Auto's wholly-owned subsidiary, Chetak Technology, has set up an electric vehicle plant in Akurdi, near Pune. Bajaj had acquired a 14.5 per cent stake in the Austrian bike maker in 2007. Over the years, Bajaj's stake has grown to 49.9 per cent in KTM's parent company Pierer AG.

Tata Motors plans to raise $500-600 mn for EV business: Report

Tata Motors has plans to raise $500-$600 million from global investors for its electric vehicle (EV) business, The Economic Times reported. The report added that Tata has reached out to several marquee investors, impact funds and sovereign wealth funds from the Middle East, Korea and Singapore. The company may increase the fundraising target depending on investor appetite, the report added.

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Tata Motors, which dominates the electric vehicle segment in the Indian market, has plans to raise $500-600 million from global investors for the EV business, Economic Times reported. The carmaker has big plans to cement its presence in the EV segment with 10 new electric models by March 2026. It already commands bulk of the share of the EV segment in India. The report added that the company has reached out to several marquee investors, impact funds, sovereign wealth funds from the Middle East, Korea and Singapore, as well as Canadian pension funds. "The transition to electric mobility in India will happen much faster than we are imagining. We are confident that we chose the right strategy," N Chandrasekaran, Tata Motors' chairman, had said during the recently held Auto Expo. The company showcased 12 cars, including five electric models, and 14 trucks, including ones powered by hydrogen fuel cells, as it looks to deepen its clean vehicle push. The cars included electric versions of its popular Harrier and Sierra SUVs as well as a concept car based on its new electric vehicle platform which is expected to be launched in late 2025, Chandra said. Tata Motors enjoys an early mover advantage in the Indian EV market. Its rivals are fast catching up with a slew of EV launches seen recently at the auto expo. The government wants to grow electric vehicle share to 30% by 2030. The carmaker will also offer a choice of ranges for its EVs so it can address the needs of multiple buyers, including shorter ranges for city use, Shailesh Chandra, managing director of Tata Motors Passenger Vehicles and its EV subsidiary told Reuters on the sidelines of India's Auto Expo car show.

All govt vehicles older than 15 years to be scrapped, deregistered from April 1

All vehicles owned by central and state governments that are older than 15 years will be deregistered and scrapped under new rules applicable from April 1, 2023, according to a notification by the Transport Ministry. It includes buses owned by transport corporations and public sector undertakings. The rules won't apply to the special purpose vehicles used for the country's defence.

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