BAIC Automotive Group‘s stake in the Hong Kong-listed firm will be reduced to 42.6 per cent on completion of the deal from 44.98 percent, while Daimler’s holding will fall to 9.55 per cent from 10.08 per cent. HONG KONG: BAIC Motor Corporation said on Wednesday it planned to sell new shares for $422 million to… Continue reading BAIC Motor plans $422 mn share sale to replenish working capital
Author: Economic Times of India Online News
Audi recalls 1.2 mn cars and SUVs worldwide
The recall covers the 2013 to 2016 A4, the 2013 to 2017 A5, the 2012 to 2015 A6, and the Q5 SUV from 2013 to 2017. All have 2-Liter turbocharged engines. DETROIT: Audi is recalling about 1.2 million cars and SUVs worldwide because the electric coolant pumps can overeat and possibly cause a fire. The… Continue reading Audi recalls 1.2 mn cars and SUVs worldwide
China’s Lishen plans first European sales office for electric vehicle batteries: Source
By Yilei Sun and Andreas Cremer LONDON: Chinese battery maker Tianjin Lishen plans to open a sales office in Germany, its first in Europe, and is in talks to supply local auto makers with batteries used to power electric vehicles, a source at the company told Reuters. Two sources said Volkswagen, the world’s largest car… Continue reading China’s Lishen plans first European sales office for electric vehicle batteries: Source
Tata Motors bets on turnaround plan to boost CV market share to 44% in FY18
In terms of market share, Tata Motors increased it to 43.95 per cent in FY18 from 42.79 per cent in FY17. NEW DELHI: Homegrown auto major Tata Motors saw its market share in commercial vehicles (CV) segment in the domestic market inch closer to 44 per cent in 2017-18 riding on its turnaround strategy which… Continue reading Tata Motors bets on turnaround plan to boost CV market share to 44% in FY18
PSA Group demanded 3,700 job cuts in Germany: Opel works council chief
Opel, which PSA bought from General Motors for $2.6 billion, has made losses for almost 20 years, and Tavares has been frustrated in his bid to cut high production costs. FRANKFURT: PSA Group has demanded 3,700 staff cuts by 2020 in Germany and a process of buyouts and early retirement has already resulted in a… Continue reading PSA Group demanded 3,700 job cuts in Germany: Opel works council chief
Daimler open to buying small stake in Volvo cars: Report
FRANKFURT: Daimler is open to supplying Volvo with engines and could even take a small stake in the Swedish carmaker, Manager Magazin said, raising the possibility of increased cooperation between Mercedes-Benz and China’s Geely. Daimler could buy “a couple of percent” in Volvo Cars, Manager Magazin said on Thursday, without citing sources. Volvo declined to… Continue reading Daimler open to buying small stake in Volvo cars: Report
Amplats invests in Dutch tech company in fuel cell drive
JOHANNESBURG: Anglo American Platinum said on Wednesday it had invested an unspecified amount in High-Yield Energy Technologies (HyET), a Dutch technology company, as part of its drive to promote fuel cell vehicles which require platinum catalysts. A global push for lower-emission transport raises the prospect of weaker demand for platinum, whose biggest industrial use is… Continue reading Amplats invests in Dutch tech company in fuel cell drive
Sun Mobility opens swappable battery station for two, three wheelers in B’luru
The energy infrastructure platform is a first-of-its-kind universal architecture solution that works across various two and three-wheeler vehicles. NEW DELHI: Chetan Maini-led Sun Mobility on Tuesday launched a swappable battery station for two and three-wheeler electric vehicles at its brand new 47,500 sq. ft. technology development centre in Bengaluru. The energy infrastructure platform is a… Continue reading Sun Mobility opens swappable battery station for two, three wheelers in B’luru
VW CEO concerned Russia-US sanctions row could hit partner GAZ
“Possible sanctions are naturally a concern,” Diess said. FRANKFURT: Volkswagen is concerned that a row between the United States and Russia over new sanctions imposed by the United States could hit business with its Russian partner GAZ Group, Chief Executive Herbert Diess said on Friday. “Possible sanctions are naturally a concern,” Diess said on Friday.… Continue reading VW CEO concerned Russia-US sanctions row could hit partner GAZ
Waymo takes a page out of Google’s Android Playbook
Waymo seems to be banking on confronting the automotive industry with the same challenge. By Alex Webb When Google set out to tackle the smartphone market with its Android operating system, it picked off the more vulnerable subscale brands with little software expertise. Within three years, those phone makers had surged up the sales charts… Continue reading Waymo takes a page out of Google’s Android Playbook