Author: Economic Times of India Online News

Chinese firms eye Morocco as way to cash in on US electric vehicle subsidies

Critics say the rules are a giveaway to China and will extend its EV dominance. After the United States passed new subsidies designed to boost domestic electric vehicle production and cut into Beijing’s supply chain dominance, Chinese manufacturers began investing in an unlikely place: Morocco. In the rolling hills near Tangiers and in industrial parks… Continue reading Chinese firms eye Morocco as way to cash in on US electric vehicle subsidies

EU governments waver over Chinese EV tariffs as trade spat escalates

The bloc is set to confirm on Thursday provisional duties of up to 37.6% on Chinese brands such as BYD, Geely and SAIC, as well as on China-made models of Tesla, BMW and other western automakers. EU countries are wavering over whether to back additional tariffs on Chinese-built electric vehicles, highlighting Brussels’ challenge in building… Continue reading EU governments waver over Chinese EV tariffs as trade spat escalates

Biggest EU lawmaker group wants 2035 combustion car ban revised, draft shows

The document added that the group wanted to “revise the ban on combustion engines and develop cutting-edge combustion engine technology”. The European People’s Party, the biggest lawmaker group in the European Parliament, will seek to weaken the bloc’s planned 2035 phase-out of CO2-emitting cars, a draft document showed. The EPP won the biggest share of… Continue reading Biggest EU lawmaker group wants 2035 combustion car ban revised, draft shows

Automakers take lead in FY24 salary hikes with double-digit raises

As per Deloitte, the average salary hike in the auto sector this year is 10.4%. The increments for top performers in the sector are higher than 2023. New Delhi: Automakers have taken the lead in salary increases among all sectors in India, handing out double-digit hikes to their employees for fiscal 2024 amid a robust… Continue reading Automakers take lead in FY24 salary hikes with double-digit raises

Rupee may dip amid little relief for Asian peers from Powell’s remarks

It was “likely to be a holding” session for the rupee with risk “slightly on the 83.55 way than on the 83.45”, he said. The Indian rupee is expected to open marginally weaker or flat on Wednesday as comments from the Federal Reserve Chairman on inflation progress provided scant relief to Asian peers. Non-deliverable forwards… Continue reading Rupee may dip amid little relief for Asian peers from Powell’s remarks

Iron ore extends gains on firm near-term demand, China stimulus hopes

Transaction volumes of portside iron ore climbed by nearly 28% from Monday to 1.12 million tons on Tuesday, data from consultancy Mysteel showed. Iron ore futures prices rose for a fourth straight session on Wednesday to their highest level in nearly four weeks, supported by firm near-term demand in top consumer China and lingering expectations… Continue reading Iron ore extends gains on firm near-term demand, China stimulus hopes

EV companies seek stability in incentives ahead of FAME-III rollout

The Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme was originally launched in 2015 to encourage the adoption of electric and hybrid vehicles. With expectations of the union budget unveiling the third edition of the government scheme to promote adoption of electric vehicles, sections of EV makers said this time they wanted a subsidy… Continue reading EV companies seek stability in incentives ahead of FAME-III rollout

Extended tax holiday for CNG, electric vehicles in Kolkata

CNG is cleaner compared to petrol and diesel, reducing carbon monoxide emissions by approximately 80% and hydrocarbons by 44%. The state transport department has announced an extension of tax holiday for two-wheeler and four-wheeler electric vehicles (EVs) and all categories of CNG vehicles until March 31, 2025. The announcement, made by transport secretary Saumitra Mohan,… Continue reading Extended tax holiday for CNG, electric vehicles in Kolkata

India’s EV sector to attract USD 500 mn, boosts green mobility: Commerce Secretary

Organized by the IESA, the event has gathered key policymakers and industry leaders to discuss and promote the adoption of energy storage, e-mobility, and clean technologies in India. New Delhi: India’s burgeoning electric vehicle (EV) sector is poised to attract a significant USD 500 million investment, Commerce Secretary Sunil Barthwal said at the inauguration of… Continue reading India’s EV sector to attract USD 500 mn, boosts green mobility: Commerce Secretary