Berlin: German authorities said Thursday they had again raided the headquarters of the world’s largest carmaker Volkswagen in a probe over financial market manipulation related to excessive exhaust emissions from its vehicles. “Papers and large volumes of data” were confiscated from 13 VW offices in Wolfsburg early this month, a spokesman for Brunswick prosecutors told… Continue reading German prosecutors raid VW over carbon dioxide emissions
Author: Economic Times of India Online News
Tata Motors plans to complete new product portfolio by 2023-24: Guenter Butschek, CEO
Elaborating on the product strategy, he added that the company would be ‘certainly’ very strongly represented in the 50 per cent of the PV market – the sub compact segment. GENEVA: Tata Motors plans to completely overhaul its passenger vehicle portfolio over the next five years as part of its plans to grow sales volume… Continue reading Tata Motors plans to complete new product portfolio by 2023-24: Guenter Butschek, CEO
China startup Nio hires eight banks for $2 bn US IPO
Other banks are Bank of America Merrill Lynch, Credit Suisse, Citigroup, Deutsche Bank, JPMorgan and UBS, said the people, declining to be identified as the deal details are not public. HONG KONG: Chinese electric vehicle startup Nio has hired eight banks including Morgan Stanley and Goldman Sachs to work on a planned US stock market… Continue reading China startup Nio hires eight banks for $2 bn US IPO
Mahindra, LG Chem to develop Li-ion battery
The facility will come up on a 88-acre plot, and create 600 jobs, said industries minister RV Deshpande. NEW DELHI: Automaker Mahindra & Mahindra (M&M) has announced a tie-up with Korea-based battery manufacturer LG Chem for development of a unique cell exclusively for India. LG Chem will develop a unique cell exclusively for India application… Continue reading Mahindra, LG Chem to develop Li-ion battery
Carmaker PSA, Malaysia’s Naza sign deal to produce PSA cars for Asia
PSA’s Chief Executive Carlos Tavares had said last month that it was hard to decide upon the group’s strategy for Vauxhall given lack of clarity over Britain’s plans to leave the European Union. PARIS: French carmaker PSA and Malaysian company Naza Corp have signed a deal to jointly produce PSA-branded cars for Malaysia and other… Continue reading Carmaker PSA, Malaysia’s Naza sign deal to produce PSA cars for Asia
UK to align auto regulations with EU post Brexit
Hunt also said there was no possibility of the government changing its position on leaving the customs union after Brexit. LONDON: Britain will align its regulations with the European Union‘s in some areas, such as the automotive sector, after it leaves the bloc in 2019, health minister Jeremy Hunt said on Friday. Hunt also told… Continue reading UK to align auto regulations with EU post Brexit
Avis steers into crowded field for managing ride services fleets
By Nick Carey DETROIT, – When Avis Budget Group Inc reports its results on Wednesday, executives under pressure from restive shareholders will likely point to the potential for profits from managing fleets of vehicles for ride services and robo-taxi companies. Avis, however, won’t be alone in chasing revenue from the same ride service companies that… Continue reading Avis steers into crowded field for managing ride services fleets
Toyota design chief sees future without mass-market cars
NAGOYA: As sharing services change car use and ownership, Toyota Motor Corp’s new design chief believes that vehicles will shift towards either generic boxes on wheels for everyday use or ultra-luxury cars, wiping out the need for mass-market models. Simon Humphries, responsible for design at the automaker’s Toyota and Lexus brands, said that fleets of… Continue reading Toyota design chief sees future without mass-market cars
BMW to build car assembly plant in Russia’s Kaliningrad region
BMW was previously considering building the plant in other regions of Russia. Moscow: German carmaker BMW has decided to build a car assembly plant in the Kaliningrad region, a Russian exclave on the Baltic Sea, Russian Industry Minister Denis Manturov said in an interview with business daily Vedomosti. The project will be part of a… Continue reading BMW to build car assembly plant in Russia’s Kaliningrad region
Daimler warns of supply chain risk from switch to electric cars
Daimler said spending on research and development would increase slightly in 2018 after spending 8.7 billion euros in 2017, a rise of 15 percent. FRANKFURT, – Daimler AG, owner of the Mercedes-Benz brand, warned that a fall in demand for diesel cars and a switch to electric vehicles could force it to prop up its… Continue reading Daimler warns of supply chain risk from switch to electric cars