The promoter shares in Ola Electric, which went public in August, are currently in a lock-in period under Securities and Exchange Board of India regulations for newly listed companies. Ola Electric founder Bhavish Aggarwal has pledged a 1.1% stake in the electric two-wheeler maker from his personal holding to fund his artificial intelligence startup, Krutrim… Continue reading Bhavish Aggarwal pledges 1.1% stake in Ola Electric to support AI startup Krutrim AI
Author: Economic Times of India Online News
Three EV makers raided for INR 297 cr subsidy ‘fraud’
Updated On Dec 3, 2024 at 08:49 AM IST Read by: 100 Industry Professionals Read by 100 Industry Professionals The SFIO probe revealed that several restricted parts under the phased manufacturing programme (PMP) guidelines were “either directly or indirectly imported from China thereby flouting the PMP guidelines under FAME – II”, the ministry said. The… Continue reading Three EV makers raided for INR 297 cr subsidy ‘fraud’
Drive mode! New models rev up EV sales again in November
Updated On Dec 3, 2024 at 08:45 AM IST Read by: 100 Industry Professionals Read by 100 Industry Professionals As many as 8,357 EVs were sold last month compared to 7,064 units in November 2023, showed data from the Vahan portal of the ministry of road, transport & highways (MoRTH). New models lifted electric car… Continue reading Drive mode! New models rev up EV sales again in November
Aramco acquires 10% stake in Horse Powertrain to advance low-emission mobility solutions
The investment will accelerate Horse Powertrain’s development of next-generation ICE and hybrid powertrains. Aramco, through its subsidiary Aramco Asia Singapore, has finalized a 10% stake acquisition in Horse Powertrain, a leading powertrain solutions provider. This investment, valued at €7.4 billion, aims to advance lower-emission mobility solutions. The deal, completed on an undisclosed date after securing… Continue reading Aramco acquires 10% stake in Horse Powertrain to advance low-emission mobility solutions
New speed limits introduced on Noida-Greater Noida and Yamuna Expressways for winter safety
Violators will face fines. Light vehicle drivers exceeding the speed limit will be fined INR 2,000. Heavy vehicle drivers will face a fine of INR 4,000. New speed limits will be enforced on the Noida-Greater Noida Expressway and Yamuna Expressway from December 15, 2024, to February 15, 2025, due to winter fog. Authorities aim to… Continue reading New speed limits introduced on Noida-Greater Noida and Yamuna Expressways for winter safety
Royal Enfield November sales decline 4% with 72,236 units
Royal Enfield sold 82,257 motorcycles in November 2024, a 2% increase from last year. Exports nearly doubled to 10,021 motorcycles. The company launched the Goan Classic 350, Bear 650, and new EV brand Flying Flea at EICMA 2024. The fourteenth edition of Motoverse concluded with over 10,000 attendees and exciting new introductions. Go to Source
Bajaj Auto reports 7% decline in November sales with 2,40,854 units
Total exports reached 180,786 units, a 24% increase from the 145,259 units exported in November 2023. This growth in exports helped offset the decline in domestic sales. Bajaj Auto Ltd. reported a 5% year-over-year increase in total vehicle sales, including exports, for November 2024. This amounted to 421,640 units sold, compared to 403,003 units in… Continue reading Bajaj Auto reports 7% decline in November sales with 2,40,854 units
Europe’s embattled auto sector plans plant closures and layoffs
A slew of automotive companies have recently announced plant closures and big layoffs in Europe as they struggle with weak demand, high production costs, competition from Chinese rivals and slower-than-expected electric vehicle transition. Below are some of the companies which flagged layoffs and site closures announced in recent months: VALEO: French car parts supplier will… Continue reading Europe’s embattled auto sector plans plant closures and layoffs
Stellantis falls 7% in Paris after CEO Tavares resigns
“This sets an unprecedented challenge for investors looking to invest in a firm with such volatility in the management team,” JPMorgan said in a note referring to earlier resignation of Stellantis’ finance chief. Paris-listed shares in Stellantis slumped by over 7% on Monday after chief executive Carlos Tavares resigned abruptly on Sunday. Stellantis said it… Continue reading Stellantis falls 7% in Paris after CEO Tavares resigns
Hero Future Energies inks INR 1,000 cr MoU with Karnataka for renewable energy, green hydrogen projects
Under the MoU, the Karnataka Government will facilitate the requisite permissions, approvals, and incentives to ensure the projects are established in a time-bound manner under the state’s prevailing policies and regulations, the release added. Hero Future Energies Private Limited (HFEPL) on Sunday signed a Memorandum of Understanding (MoU) with the Government of Karnataka to invest… Continue reading Hero Future Energies inks INR 1,000 cr MoU with Karnataka for renewable energy, green hydrogen projects