Indian government is planning incentives for big automakers, components firms to boost local manufacturing and export to overseas countries. NEW DELHI,: India is drawing up an incentive scheme for the autos sector aimed at doubling exports of vehicles and components in the next five years, four sources with direct knowledge of the matter told Reuters.… Continue reading India plans incentives for auto companies to boost exports
Author: Economic Times of India Online News
Auto demand has bounced back to 35% of pre-covid levels: Pawan Goenka
According to Goenka, the opening ramp-up has been faster than expected however it will probably taper down again and will take a while to reach 100 percent. New Delhi: The automobile industry is slowly limping back to life. Pawan Goenka, Managing Director of utility vehicles maker Mahindra & Mahindra (M&M) on Friday said that the… Continue reading Auto demand has bounced back to 35% of pre-covid levels: Pawan Goenka
EU wants new deal with Brexit Britain, but "not at any cost"
EU chiefs Charles Michel and Ursula von der Leyen briefed the 27 national leaders on Friday on the latest talks with Britain, which have made precious little progress since London left the bloc in January, and now face an end-year deadline. BRUSSELS: The European Union is committed to reaching an agreement with Britain on their… Continue reading EU wants new deal with Brexit Britain, but "not at any cost"
BMW to drop 6,000 jobs through turnover, early retirement
The job reductions represent just under 5% of BMW’s global workforce of 126,000. FRANKFURT, Germany – Automaker BMW says it will drop 6,000 jobs through early retirements and turnover, as the auto industry adjusts to a sharp drop in demand due to the coronavirus outbreak. The Munich-based maker of the X5 SUV and 3-Series sedan… Continue reading BMW to drop 6,000 jobs through turnover, early retirement
UK says EU trade deal will be difficult if no progress before October
Britain left the EU on Jan. 31 but talks have so far made little headway on agreeing a new trade deal with the bloc by the time a status-quo transition arrangement ends in December. LONDON: Britain warned the European Union on Thursday that it would be difficult to conclude a Brexit free trade deal by… Continue reading UK says EU trade deal will be difficult if no progress before October
Moody’s downgrades Tata Motors to B1; changes outlook to negative
Moody’s said that while Tata Motors’ credit profile is more in line with a B2 rating, the ratings agency’s expectation of extraordinary support from its parent Tata Sons Ltd., in times of need, results in a one-notch uplift of the CFR to B1. Mumbai: Moody’s Investors Service said it has downgraded Tata Motors’ corporate family… Continue reading Moody’s downgrades Tata Motors to B1; changes outlook to negative
US to unveil voluntary self-driving testing data-sharing effort
U.S. states have a variety of regulations governing self-driving testing and data disclosure and there is currently no centralized listing of all automated vehicle testing. WASHINGTON: U.S. auto safety regulators will unveil on Monday a voluntary effort to collect and make available nationwide data on existing autonomous vehicle testing. U.S. states have a variety of… Continue reading US to unveil voluntary self-driving testing data-sharing effort
Auto industry to go back a decade; decline upto 45%: SIAM
New Delhi: Going by the RBI Governors’ estimates of witnessing the negative dip in GDP if it turns out at around one-two percent (which I think will be more), the automobile industry will see a decline of about 25 to 45 percent, which is like going back a decade, said Rajan Wadhera, President, Society of… Continue reading Auto industry to go back a decade; decline upto 45%: SIAM
Germany earmarks 500 million euros for electric car charging
The sum is a part of 2.5 billion euros specifically aimed at expanding electric vehicle infrastructure, will be targeted at private users, including households and builders. BERLIN: The German economy ministry wants to earmark 500 million euros ($567 million) from Berlin’s bumper stimulus package to support the roll-out of charging stations for electric cars, two… Continue reading Germany earmarks 500 million euros for electric car charging
Germany unveils 130-billion euros stimulus to kickstart virus-hit economy
The increased rebate for electric cars is aimed meanwhile at giving consumers the incentive to switch to cleaner vehicles, said Soeder, whose state hosts BMW and Audi. Berlin: Germany will plough 130 billion euros ($146 billion) into a stimulus package to kick-start an economy severely hit by the coronavirus pandemic, Chancellor Angela Merkel said Wednesday.… Continue reading Germany unveils 130-billion euros stimulus to kickstart virus-hit economy