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India's May Crude Oil Imports Post Biggest Decline Since At Least 2005
India's crude oil imports in May fell 22.6% from a year earlier, it's biggest drop since at least 2005, as fuel demand and refinery production was hurt by a country-wide lockdown to curb the spread of coronavirus. Crude oil imports fell to 14.61 million tonnes, it's lowest since 2015, Petroleum Planning and Analysis Cell data showed on Friday. Oil products imports eased 0.8% to 3.57 million tonnes year-on-year, while exports rose by 5.9% to 5.75 million tonnes, gaining for a ninth straight month in May as slowing demand at home prompted companies to ship more oil overseas.
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Fuel Sales Recover In The First Half Of June In India
Indian state fuel retailers' gasoline sales jumped 63% to 903,000 tonnes in the first half of June compared with the same period last month, while diesel sales rose 39% to about 2.68 million tonnes.
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Canada April Factory Sales Plummet Record 28.5% But May Data Should Improve
Canadian manufacturing sales plummeted a record-breaking 28.5 per cent in April as the coronavirus pandemic hit business operations, Statistics Canada said on Monday, but analysts and the agency predicted the figures should improve in May. Analysts in a Reuters poll had forecast a decline of 20 per cent in April. Statistics Canada revised its March figure down to a 9.8% decline from an initial drop of 9.2 per cent.
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Tesla Negotiating Incentives For Possible Texas Vehicle Assembly Plant: Report
Electric carmaker Tesla Inc is negotiating possible incentives with a Texas county that could bring a new auto assembly plant to the area near Austin, the state capital, the Austin American-Statesman reported on Monday. Travis County Commissioners Court is scheduled to discuss terms of the deal on Tuesday, the paper reported, citing people with knowledge of the situation. A vote is expected in the coming weeks.
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Carmaker PSA Cuts Back On Transfer Of Polish Workers To French Plant
France's PSA, the maker of Peugeot cars, on Monday said it would only transfer a small group of Polish workers to help out in a French plant where production is being increased, following a backlash over the knock-on effect for local jobs. Like rival auto firms, PSA is gradually cranking up its manufacturing capacity again following a shutdown caused by the coronavirus crisis.
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U.S. Regulator Sides With FCA In Jeep Trade Case Against Mahindra
A U.S. regulator ruled that India's Mahindra and Mahindra Ltd infringed upon the intellectual property rights of Fiat Chrysler Automobiles NV's (FCA) Jeep brand, barring the sale of the vehicles in question. The International Trade Commission, in a decision released late Thursday, said Mahindra's Roxor off-road utility vehicle violated the "trade dress" of FCA's Jeep Wrangler SUV. The ITC issued a limited exclusion order prohibiting sale or import of the infringing vehicles and parts, as well as a cease and desist order to Mahindra and its North American unit.
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Parts Maker Visteon Expects Global Auto Output To Plunge Up To 25%
Major auto parts supplier Visteon Corp on Thursday forecast global production volumes for the auto industry to fall between 20% and 25% this year and warned it would be a couple of years before they returned to 2019 levels. The U.S. auto industry has been struggling to recover after the coronavirus pandemic shutdown factories and disrupted global supply chains for two months.
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Carmakers Must Overhaul Production Plans To Hit Climate Goals: Report
The world's 14 biggest carmakers are on course to miss globally agreed climate targets, a leading sustainable finance think tank said on Wednesday, urging investors to do more to pressure boards to change their production plans. The report by the 2 Degrees Investing Initiative and the Institutional Investors Group on Climate Change looked at the firms' plans for electric vehicles, hybrid and internal combustion engine (ICE) vehicles and modelled vehicle emissions and climate scenarios from the International Energy Agency.
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Honda Resumes Production At Plants Hit By Suspected Cyber Attack
Japan's Honda Motor Co has resumed production at automobile and motorcycle plants in the United States and other countries after they were hit by a suspected cyber attack this week, a spokesman said on Friday. The suspected attack comes less than a month after Honda reopened its North American vehicle assembly plants, following the closure of factories in late March to comply with coronavirus-related, shelter-at-home rules in the United States and Canada.
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Ford, VW Target 8 Million Vehicles In Van Alliance
Ford Motor Co and Volkswagen AG said on Wednesday they would make up to 8 million units of medium pickup trucks and commercial vans over the lifecycle of the vehicles as part of an alliance announced last year. The alliance was forged in January 2019 and expanded later, as carmakers join forces to invest in electric and self-driving technology in a bid to save billions of dollars. The automakers will collaborate on a city van built by Volkswagen, a 1-ton cargo van developed by Ford, and a Volkswagen medium pickup built on the Ford Ranger platform, beginning 2022.
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Tesla Shares Surge Past $1,000 As Musk Revs Up The Semi
Tesla Inc's stock jumped above $1,000 a share on Wednesday after Chief Executive Elon Musk told his staff it was time to bring the Tesla Semi commercial truck to "volume production." Musk, in an email seen by Reuters on Wednesday, did not specify a time frame for ramping up production of the Semi. Musk on Wednesday tweeted "Yes" to a question on Twitter about whether the report of the leaked Semi truck production email was accurate.
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Aston Martin To Shed Upto 500 Jobs In Cost Cutting Drive
British luxury carmaker Aston Martin plans to shed up to 500 jobs as it seeks to bring its cost base into line with reduced sports car production levels, it said on Thursday. The job cuts come a week after Aston Martin confirmed that Tobias Moers, CEO of Mercedes-AMG, would become chief executive on August 1, replacing Andy Palmer. The 107-year old firm said the job losses reflected lower than originally planned production volumes and improved productivity across the business. An employee and trade union consultation process will be launched in the coming days.
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China Auto Sales Growth Seen For Second Straight Month, Boosting Recovery Hopes
China's vehicle sales are estimated to rise 11.7% on year in May, its top auto industry body said on Tuesday, cementing hopes of a recovery in the world's biggest auto market with the first back to back monthly sales increase in about two years. The China Association of Automobile Manufacturers (CAAM), in a post on its official WeChat account, said vehicle sales were estimated to rise to 2.14 million in May. It said the numbers were based on sales data it had collected from key companies, without giving further details.
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Jaguar Land Rover Raises $705 Million Loan From Chinese Banks
Jaguar Land Rover (JLR), owned by India's Tata Motors, has entered into agreements with lenders in China for a secured term loan facility of 5 billion yuan ($704.50 million), marking its first debt financing in China, it said.Arthur Yu, JLR's vice president and China chief financial officer, said the Chinese banks that would provide it with the three-year revolving loan include Bank of China, ICBC, China Construction Bank, Bank of Communications and Shanghai Pudong Development Bank.
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GM Plans Electric Van For Business Users In Bid To Pre-Empt Tesla
General Motors Co is developing an electric van aimed at business users, joining a growing list of carmakers planning EVs for the same segment which includes customers such as Amazon.com Inc and United Parcel Service Inc, five people familiar with the plans told Reuters. That multibillion-dollar strategy could enable GM, Ford Motor Co and at least two EV startups to build and deliver more electric vehicles at a time when consumer demand for battery-powered models is still a small fraction of overall industry sales, while targeting a potentially lucrative market segment that Tesla Inc has yet to address.
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Polestar To Open 20 Showrooms In China To Compete With Tesla
Polestar, the premium electric vehicle maker owned by China's Geely, plans to open 20 showrooms in the mainland, as it prepares for delivery of its Polestar 2 electric sedans to compete with Tesla Inc's locally made Model 3.Polestar, which currently has only one showroom in Beijing, plans to have 20 in 17 Chinese cities, the automaker said in a statement on Wednesday. The Gothenburg, Sweden-based company is manufacturing cars in China's eastern city of Taizhou.
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Self-Driving Sector Contends Its Cars Can Prevent Many More Crashes Than Insurance Study Says
Companies working on self-driving vehicles have criticized an insurance industry study suggesting that only a third of all U.S. road crashes could be prevented by driverless cars, arguing that the study has underestimated the technology's capabilities. The study by the Insurance Institute for Highway Safety (IIHS), released on Thursday analyzed 5,000 U.S. crashes and concluded that likely only those caused by driver perception errors and incapacitation could be prevented by self-driving cars.
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China Fines Toyota 87.6 Million Yuan Over Lexus Price-Fixing
China's market regulator on Friday has fined Japanese carmaker Toyota Motor 87.6 million yuan ($12.5 million) for price-fixing on its premium Lexus cars in eastern Jiangsu province, according to a document on its website. The decision comes as China steps up-regulation over auto sales in the world's biggest vehicle market, where more than 28 million cars were sold last year. The anti-monopoly Bureau of State Administration for Market Regulation said that between 2015 and 2018, the Japanese carmaker set a minimum sales and resale price for its cars in coastal Jiangsu province, which deprived dealers of pricing autonomy and harmed customers' rights. Lexus also fixed sales strategies in the region over the period, including offering customers discounts while asking them to purchase accessories at fixed prices, a sales tactic usual among individual auto dealers in China but frowned upon for carmakers.
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Nissan Recalls Nearly 400,000 Vehicles Over Braking System Defect In The US
Japan's Nissan Motor Co Ltd has said it is recalling 394,025 cars in the United States over a braking system defect, causing concerns that a brake fluid leak could potentially lead to a fire. The leak into internal circuit boards will trigger a warning to drivers, which if ignored may lead to a fire in "rare instances," Nissan said in a filing dated Nov. 8 with the National Highway Traffic Safety Administration (NHTSA) under recall number 18V-601.
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BMW's Higher Margin SUV Sales Help Drive 33% Profit Rise In Germany
BMW's third-quarter operating profit rose 33 per cent on stronger sales of sports utility vehicles as well as the absence of one-off factors which had depressed earnings a year earlier, the German luxury carmaker said on Wednesday. The Munich-based company said its earnings before interest and taxes (EBIT) rose to 2.29 billion euros ($2.54 billion), up from 1.72 billion euros in the year-earlier quarter and ahead of the 2.16 billion euros forecast in a Refinitiv poll. The operating margin at its automotive division rose to 6.6% from 4.4% in the year-earlier period, when new emissions rules led to heavy stockpiling and discounting by competitors and hit BMW's profit margin on luxury cars.
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