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Nissan Develops Techniques To Speed Up Production Of Carbon Fibre Parts
The techniques can cut the lead time to develop carbon fibre reinforced plastics to half, and molding time by about 80 per cent, as compared to the conventional methods, according to Nissan.
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Electric Vehicle Chassis Provider Motiv Announces Fresh Funding
Motiv has provided chassis for customers like Aramark and electrifies the E-450, a medium-duty truck built by Ford. The latest funding brings its total capital raised to $95 million.
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Middle East Share Of India's Oil Imports Hits Two-Year High In July
Middle Eastern oil accounted for 71.5% of India's oil imports in July, its highest share in 26 months, while imports from Africa fell to 5%, the lowest in at least 14 years, data from trade sources showed on Friday. Analysts said lower fuel demand and paltry refining margins had driven a preference for Middle Eastern sour grades over sweet African barrels. India, the world's third-biggest oil consumer, imports more than 80% of its oil needs. Indian refiners mostly tap spot markets for low sulphur or sweet grades and buy sour grades under term deals with Middle Eastern producers.
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Porsche Launches Investigation Into Suspected Engine Manipulation: Report
Volkswagen's luxury sports vehicle unit Porsche AG has launched an internal investigation into the suspected manipulation of petrol engines, German weekly Bild am Sonntag (BamS) reported. Porsche has informed Germany's automotive watchdog KBA, the Stuttgart prosecutor's office, as well as U.S. authorities of suspected illegal changes to hardware and software that could affect exhaust systems and engine components, the paper said.
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India's Crude Imports Fall To Lowest In Over A Decade In July
Crude oil imports from July 2020 slumped about 36.4 per cent from a year earlier to 12.34 million tonnes, or 2.92 million barrels per day, data from the Petroleum Planning and Analysis Cell (PPAC) of the Ministry of Petroleum & Natural Gas showed.
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China's Budget EV Maker Kandi Eyes Setting Up North American Manufacturing Plant
Many Chinese electric vehicle (EV) makers are looking at the United States for expansion as demand for EVs picks up and Kandi Technologies is looking to tap into the potential with a manufacturing plant for electric and off-road vehicles.
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Indian Government Urges Auto Companies To Cut Royalties To Foreign Parents: Report
Automakers and auto component manufacturers like Maruti Suzuki, Hyundai, Toyota, Bosch, Wabco, Schaeffler among others typically pay royalties between 1-5 per cent of their total revenue to their foreign owners. The commerce ministry has asked companies to review such payments.
Read More →Oil Refiners Shut Plants As Demand Losses Seen Continuing
Oil refiners are permanently closing processing plants in Asia and North America and facilities in Europe could be next as uncertain prospects for a recovery in fuel demand after the coronavirus pandemic triggered losses. The pandemic initially cut global fuel demand 30% and refiners temporarily idled plants. But consumption has not returned to pre-pandemic levels and lower travel may be here to stay, leading to tough decisions for permanent shutdowns. Royal Dutch Shell will permanently shut its 110,000-barrel-per-day Tabangao facility in Philippines' Batangas province, one of only two oil refineries in the country. Shell blamed a pandemic-led slump in margins for turning the plant into an import terminal.
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China's CATL Is Developing New EV Battery With No Nickel & Cobalt; Says Executive
China's Contemporary Amperex Technology Co Ltd (CATL), a Tesla supplier, is developing a new type of electric vehicle (EV) battery that contains no nickel or cobalt, a company executive said on Saturday. Nickel and cobalt are key ingredients in the batteries that power EVs. Battery makers from Japan's Panasonic Corp to South Korea's LG Chem are lowering the use of expensive cobalt in their nickel-cobalt-aluminium (NCA) batteries or nickel-cobalt-manganese (NCM) batteries.
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Total's Indian Joint-Venture To Seek Fuel Retailing License
A joint-venture by India's Adani Gas and France's Total will soon seek government permission to open retail fuel stations in India, Adani's chief executive said on Wednesday. India has become a lucrative market for global oil majors after the government removed controls on the retail pricing of gasoline and gasoil and relaxed rules for setting up fuel stations in the country, the world's third biggest oil consumer and importer. The joint venture, Total Adani Fuels Marketing Pvt Ltd, will soon apply for a license under the new liberal fuel retailing rules, Manglani said.
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Mitsubishi Motors Says Chairman Masuko Resigned Due To Health Reasons
Mitsubishi Motors Corp said on Friday Osamu Masuko resigned as chairman due to health reasons and has handed over the role to CEO Takao Kato on a temporary basis. A veteran of the Mitsubishi conglomerate, Masuko joined the automaker in 2004, and became president in 2007. He oversaw the creation of the partnership between Mitsubishi and Nissan Motor Co in 2016, which saw Nissan take a controlling stake in the company. The 71-year-old would stay on at Mitsubishi as a special adviser, the company said in a statement. It did not specify what Masuko was ailing from.
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Mahindra Seeks Investors For Electric Vehicle Business
Indian automaker Mahindra & Mahindra is looking for investment partners for its domestic electric vehicles business and is finalising investment plans for its Automobili Pininfarina unit, the group's managing director said on Friday. The automaker wants to be a key player in mass-market electric vehicles (EVs) through its unit Mahindra Electric and in the high-end segment through Europe-based Pininfarina, which is building an electric hyper car Battista, Pawan Goenka said.
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UK New Car Sales Rise For First Time In 2020 As Dealerships Reopen
The rise followed other signs of a gradual recovery in Britain's economy after its historic 25 per cent contraction in March and April. House prices and manufacturing have risen although jobs cuts are mounting in the retail sector.
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Honda Sees 68 Per Cent Drop In Annual Profit As Coronavirus Slams Car Sales
Honda sank into the red for the second straight quarter and posted its worst operating loss since the March 2009 quarter.
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Tata Warns Of Another Loss At JLR As Demand Slow To Pick Up
India's Tata Motors Ltd warned that its luxury car unit, Jaguar Land Rover (JLR), may post another quarterly loss as the coronavirus crisis saps demand and cripples its supply chain. The pandemic has taken a heavy toll on automakers globally and piled pressure on Tata Motors, which has been trying to improve JLR's cash flows by reining in costs after geopolitical and regulatory challenges hurt the British carmaker's sales. Tata Motors raised its cost savings target for JLR by 1 billion pounds ($1.31 billion) and now expects to save 6 billion pounds in costs by March 2021, Chief Financial Officer PB Balaji said on Friday, noting that it had already achieved savings of 4.7 billion pounds.
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GM Partners With EVgo To Add 2,700 New Fast Chargers in US
General Motors Co has partnered with electric vehicle charging station provider EVgo to add 2,700 new fast chargers, which can be accessed by the general public in the United States over the next five years, the automaker said on Friday. The move comes as GM is expected to launch many new electric vehicles in the coming years and the partnership will bolster the public fast charging network for electric vehicle drivers.
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Demand For Tesla Vehicles Remained Strong During Pandemic, Says Elon Musk
Tesla Inc Chief Executive Elon Musk said in a podcast released on Friday that demand for the company's electric vehicles remained strong throughout the coronavirus pandemic, with consumers preferring to shop online. Musk, talking to Automotive News' Daily Drive podcast, said having a traditional dealer network - something he considered in the past - appears increasingly unnecessary.
Read More →India June Oil Imports Lowest In Nearly Nine Years
India's oil imports fell in June, hitting their lowest since October 2011, as refiners curbed purchases due to maintenance turnarounds and weaker fuel demand, data from industry sources showed. India, the world's third biggest oil consumer and importer, received 3.2 million barrels per day (bpd) oil in June, a decline of 0.4% from May and about 28.5% from a year ago, the data showed. Last month, India did not import oil from Venezuela for the first time since June 2009, the data also showed. Refiners including Indian Oil Crop, the country's top refiner, Reliance Industries, operator of the world's biggest refining complex, and Bharat Petroleum Corp plan to shut units for maintenance.
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German Prosecutors Search Offices In Fiat, Iveco Emissions Probe
Fiat Chrysler (FCA) and CNH Industrial offices were searched on Wednesday in Germany, Italy and Switzerland as part of a probe initiated by German prosecutors investigating emissions fraud. Engines used by Fiat, Alfa Romeo and Jeep vehicles as well as in CNH Industrial's Iveco trucks have been found to contain potentially illegal engine management software to mask excessive pollution levels, Frankfurt prosecutors said.
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Profit Or Not? Analysts Divided Ahead Of Tesla's Second-Quarter Results
When Tesla Inc reports second-quarter results after the bell on Wednesday, investors will be keen to see whether the electric carmaker has delivered a profit during the global pandemic that has sunk most of its internal combustion rivals deep in red ink. Analysts' estimates for Tesla's second-quarter range from an adjusted loss as steep as $2.53 a share to a $1.41 per share profit. On average, they expect an adjusted 11 cents loss per share and a net loss of $240 million, according to Refinitiv data. More bullish investors have sent Tesla's shares soaring in recent weeks and made it the world's most valuable automaker.
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