New Delhi: Commerce Secretary BVR Subrahmanyam on Thursday assured that the Central government will come up with a solution to the ongoing shipping container crunch within a week and said the government is working for short term solution. Commerce Secretary further said that a long term solution will require the production of containers to increase,… Continue reading Solution for shipping containers crunch within a week, assures Commerce Secretary Subrahmanyam
Author: Economic Times of India Online News
GM,Ford halt some production as chip shortage worsens
Ford will stop making pickups at its Kansas City Assembly Plant for the next two weeks. Shifts will be cut at two more truck plants in Dearborn, Michigan, and Louisville, Kentucky. DETROIT :The global shortage of computer chips is getting worse, forcing automakers to temporarily close factories including those that build popular pickup trucks. General… Continue reading GM,Ford halt some production as chip shortage worsens
Daimler sees Q3 hit to Mercedes sales from chip shortage
The auto industry is facing renewed strains after a recovery in demand stretched supply chains earlier this year, with COVID-19 outbreaks in Asia hitting both chip production and operations at commercial ports. BERLIN: German luxury carmaker Daimler expects significantly lower sales at its Mercedes unit in the third quarter compared to the previous one due… Continue reading Daimler sees Q3 hit to Mercedes sales from chip shortage
How the Chinese tycoon driving Volvo plans to tackle Tesla
The businessman, Li Shufu, had a company with less than half Volvo’s sales and a flagship model, King Kong, almost unknown outside China. He was politely shown the door of the “Glass House,” Ford’s iconic headquarters near Detroit, according to two people who were at the meeting. Ford’s Leclair did not respond to requests for… Continue reading How the Chinese tycoon driving Volvo plans to tackle Tesla
Ongoing economic recovery will take India above pre-pandemic levels in most sectors: Jayanth Varma
By Bijay Kumar SinghNew Delhi, Eminent economist Jayanth R Varma on Thursday said the ongoing economic recovery will quickly take India above the pre-pandemic levels in most sectors of the economy, adding that the improved health of the Indian financial sector is also a positive factor for economic growth. Varma, who is also a member… Continue reading Ongoing economic recovery will take India above pre-pandemic levels in most sectors: Jayanth Varma
EV infra startup Revos bags $4 million in funding
Electric vehicle (EV) infrastructure startup Revos has received $4 million from venture capital firms, US-based Union Square Ventures (USV) and Bengaluru-headquartered Prime Venture Partners (PVP), as part of its Series A round. Revos has raised about $4.5 million so far, including the latest round. The company will use the capital to deploy EV chargers across… Continue reading EV infra startup Revos bags $4 million in funding
Manufacturing growth slows in August, PMI at 52.3
Growth in manufacturing activities in the country slowed in August as input costs increased and concerns surrounding the damaging impact of Covid-19 on demand and firms’ finances dampened business confidence, a private survey showed on Wednesday. The IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) was at 52.3 in August, down from 55.3 in July,… Continue reading Manufacturing growth slows in August, PMI at 52.3
August 2021 auto sales: Consumer demand positive, supply side constraints pose challenge
In anticipation of the festive season, dealers are getting robust enquiries and order bookings across segments. New Delhi: The Indian automotive industry, it appears, is gradually getting out of the COVID-induced lockdown challenges. Except for Maruti Suzuki, all other major OEMs have reported positive sales growth in August 2021 compared to the same last year.… Continue reading August 2021 auto sales: Consumer demand positive, supply side constraints pose challenge
VW reaches $42 million settlement with U.S. owners over Takata air bags
The settlement is the latest by major automakers and much of the funding goes to boosting recall completion rates. To date, seven other major automakers have agreed to settlements worth about $1.5 billion covering tens of millions of vehicles. By David Shepardson WASHINGTON: Volkswagen‘s U.S. unit has agreed to a $42 million settlement covering 1.35… Continue reading VW reaches $42 million settlement with U.S. owners over Takata air bags
Minda Corp to buy 26% stake in charging solutions startup EVQPOINT
The investment will make Spark Minda Group EVQPOINT’s exclusive technology and manufacturing partner for battery chargers and EV supply equipment, the auto component maker said. New Delhi: Minda Corporation Limited [MCL], through its 100% subsidiary Spark Minda Green Mobility Solutions, on Wednesday entered into definitive agreements for acquiring 26% equity stake in charging solutions startup… Continue reading Minda Corp to buy 26% stake in charging solutions startup EVQPOINT