This is a significant shift from the government’s original plan to incentivise auto and auto part maker to build mainly gasoline vehicles and their components for domestic sale and export, with some added benefit for electric vehicles (EVs). By Aditi Shah NEW DELHI: India has revised its proposed $8 billion scheme for the auto sector… Continue reading India revamps incentives for autos to boost EVs, hydrogen fuel cells -sources
Author: Economic Times of India Online News
Porsche to open Malaysia factory, first outside Europe
The manufacturing site in the northern state of Kedah will carry out final assembly of specific models for the local market, the company and Malaysian officials said. Kuala Lumpur: German luxury carmaker Porsche will open its first factory outside Europe next year in Malaysia, officials said Friday, seeking to meet strong demand in the Southeast… Continue reading Porsche to open Malaysia factory, first outside Europe
Mahindra Electric gives up office space in Bangalore, moves sales & marketing team to Mumbai
Mahindra’s EV business is clearly at an inflection point, with EV passenger vehicle sales down to a trickle. Mahindra Electric (ME), the electric arm of Mahindra & Mahindra has in a quiet move, given up space in its corporate office in Bengaluru. Informed sources told ET that the company had given up a floor of… Continue reading Mahindra Electric gives up office space in Bangalore, moves sales & marketing team to Mumbai
Solution for shipping containers crunch within a week, assures Commerce Secretary Subrahmanyam
New Delhi: Commerce Secretary BVR Subrahmanyam on Thursday assured that the Central government will come up with a solution to the ongoing shipping container crunch within a week and said the government is working for short term solution. Commerce Secretary further said that a long term solution will require the production of containers to increase,… Continue reading Solution for shipping containers crunch within a week, assures Commerce Secretary Subrahmanyam
GM,Ford halt some production as chip shortage worsens
Ford will stop making pickups at its Kansas City Assembly Plant for the next two weeks. Shifts will be cut at two more truck plants in Dearborn, Michigan, and Louisville, Kentucky. DETROIT :The global shortage of computer chips is getting worse, forcing automakers to temporarily close factories including those that build popular pickup trucks. General… Continue reading GM,Ford halt some production as chip shortage worsens
Daimler sees Q3 hit to Mercedes sales from chip shortage
The auto industry is facing renewed strains after a recovery in demand stretched supply chains earlier this year, with COVID-19 outbreaks in Asia hitting both chip production and operations at commercial ports. BERLIN: German luxury carmaker Daimler expects significantly lower sales at its Mercedes unit in the third quarter compared to the previous one due… Continue reading Daimler sees Q3 hit to Mercedes sales from chip shortage
How the Chinese tycoon driving Volvo plans to tackle Tesla
The businessman, Li Shufu, had a company with less than half Volvo’s sales and a flagship model, King Kong, almost unknown outside China. He was politely shown the door of the “Glass House,” Ford’s iconic headquarters near Detroit, according to two people who were at the meeting. Ford’s Leclair did not respond to requests for… Continue reading How the Chinese tycoon driving Volvo plans to tackle Tesla
Ongoing economic recovery will take India above pre-pandemic levels in most sectors: Jayanth Varma
By Bijay Kumar SinghNew Delhi, Eminent economist Jayanth R Varma on Thursday said the ongoing economic recovery will quickly take India above the pre-pandemic levels in most sectors of the economy, adding that the improved health of the Indian financial sector is also a positive factor for economic growth. Varma, who is also a member… Continue reading Ongoing economic recovery will take India above pre-pandemic levels in most sectors: Jayanth Varma
EV infra startup Revos bags $4 million in funding
Electric vehicle (EV) infrastructure startup Revos has received $4 million from venture capital firms, US-based Union Square Ventures (USV) and Bengaluru-headquartered Prime Venture Partners (PVP), as part of its Series A round. Revos has raised about $4.5 million so far, including the latest round. The company will use the capital to deploy EV chargers across… Continue reading EV infra startup Revos bags $4 million in funding
Manufacturing growth slows in August, PMI at 52.3
Growth in manufacturing activities in the country slowed in August as input costs increased and concerns surrounding the damaging impact of Covid-19 on demand and firms’ finances dampened business confidence, a private survey showed on Wednesday. The IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) was at 52.3 in August, down from 55.3 in July,… Continue reading Manufacturing growth slows in August, PMI at 52.3