Thane: Union Minister Nitin Gadkari on Friday asked banks to give loans at reduced interest rates to those seeking to buy vehicles that run on clean energy, including flex fuel, electricity and hydrogen. Speaking at the golden jubilee celebrations of a cooperative bank in Kalyan in Maharashtra’s Thane district, the Union Minister for Road Transport… Continue reading Give loans at lower rates to those wanting to buy clean energy vehicles: Gadkari to banks
Author: Economic Times of India Online News
Indian EV maker denies allegations of misappropriation of incentives
Avon Cycles said in an email on Thursday that it does not have any two wheeler model covered under the scheme, and its three wheeler models that qualify under the programme “fully meet the eligibility criteria”. NEW DELHI: India’s Avon Cycles Ltd has denied any wrongdoing in a scheme granting subsidies to vehicle manufacturers to… Continue reading Indian EV maker denies allegations of misappropriation of incentives
Tesla shares tumble, on track for worst month ever
Tesla’s stock has tumbled 36% so far in December, putting it on track for its worst ever monthly performance. Tesla Inc shares are on track for their worst month ever as a sell-off deepened on Thursday over worries about softening demand for electric cars and Chief Executive Elon Musk‘s distraction with Twitter. The stock dropped… Continue reading Tesla shares tumble, on track for worst month ever
Saera Electric inks contract production deal with mobility solutions provider ETO Motors
SAERA with its world-class manufacturing facility is joining hands with ETO as a manufacturing partner and also collaborating with ETO on the battery solutions for vehicle brands beyond ETO. New Delhi: Saera Electric Auto Private Limited (SEAPL), a leading player in the electric vehicle (EV) industry in India, has entered into a contract manufacturing agreement… Continue reading Saera Electric inks contract production deal with mobility solutions provider ETO Motors
Ola Electric to launch commercial vehicles soon
Aggarwal said the company will soon start generating profits from its two-wheeler business and it will re-invest the profits into these newer products. Electric vehicle (EV) maker Ola Electric will also manufacture commercial vehicles along with two-wheelers and cars, co-founder Bhavish Aggarwal said. “…motorbikes, scooters, small and light vehicles have all been of interest to… Continue reading Ola Electric to launch commercial vehicles soon
CarMax results hit by ‘used-vehicle recession’, pauses share buyback
The company’s shares fell as much as 12% to $52.10 and were at more than a two-and-a-half year low, dragging other auto retailers down with it. By Kannaki Deka Used-car retailer CarMax Inc said on Thursday it was pausing share repurchases and cutting expenses after reporting an 86% drop in third-quarter profit as the industry… Continue reading CarMax results hit by ‘used-vehicle recession’, pauses share buyback
Audi union in Mexico sets January 1 strike deadline as workers eye higher pay
Audi, which is owned by German carmaker Volkswagen , said it would continue talks with SITAUDI in hopes of reaching a deal that benefits the company and workers. Worker representatives at automaker Audi‘s Mexico plant have set a Jan. 1 deadline to reach an agreement with the company over pay raises without launching a strike,… Continue reading Audi union in Mexico sets January 1 strike deadline as workers eye higher pay
U.S. Senate committee asks carmakers about Chinese supply chain
In June, a U.S. law took effect banning the import of forced-labor goods from Xinjiang, in a pushback against Beijing’s treatment of China’s Uyghur Muslim minority, which Washington has labeled genocide. By David Shepardson The U.S. Senate Finance Committee has asked eight major automakers, including General Motors, Tesla and Ford Motor, to disclose whether any… Continue reading U.S. Senate committee asks carmakers about Chinese supply chain
EV makers not misappropriating subsidies under FAME scheme, says SMEV
Representative Image New Delhi: The Society of Manufacturers of Electric Vehicles on Thursday hit out at the government for holding back incentives under the FAME II scheme. In response to a reply made by Union Heavy Industries Minister Mahendra Nath Pandey in the Lok Sabha on Tuesday that the ministry has received complaints regarding misappropriation… Continue reading EV makers not misappropriating subsidies under FAME scheme, says SMEV
Inflation vs growth divide widens over rate trajectory
Two constituent blocs of the Monetary Policy Committee (MPC) at India’s central bank appear to be on slightly different tracks on the appropriate policy stance for the immediate future, with the panel’s external members signalling the need for a pause in interest-rate increases even as their Mint Road counterparts favoured continuing with an approach that… Continue reading Inflation vs growth divide widens over rate trajectory