Auto Industry News

Nissan tripled its full-year net profit forecast on Tuesday as it rebounded from the impact of the pandemic with a strong quarterly performance, saying it expected to withstand challenges including the global chip crunch and rising raw material prices.

Sony Group said on Tuesday it would invest about $500 million in a joint venture with Taiwan Semiconductor Manufacturing Co (TSMC) that will build a $7 billion chip plant in Japan. Construction of the factory, which local media said last month would supply semiconductors to Sony's image sensor business, will begin in 2022, with production slated to begin at the end of 2024, the companies said in a press release.

The funds will be utilised to strengthen its Battery Assignment Technology, scale its operations to service 10,000 electric vehicles and expand its footprint.

The six EV charging hubs will be used for electric commercial vehicles and are set up at key locations across Bengaluru.

Mahindra & Mahindra has released the financial results for the second quarter of Financial Year 2021-22. In the quarter that ended with September 30, 2021, the home-grown automaker registered a Profit After Tax (PAT) of Rs. 1,432 crore, an 8X growth compared to Rs. 162 crore profit that the company reported during the same quarter in 2020.

Self-driving truck startup Plus and blank-check company Hennessy Capital Investment Corp V have called off their merger, the companies said, citing developments in the regulatory environment outside the United States.

The Australian government on Tuesday pledged A$178 million ($132 million) to ramp up the rollout of hydrogen refuelling and charging stations for electric vehicles, but did not offer EV rebates or set targets to phase out petrol cars.

Delhi government will charge only Rs 2,500 to install private chargers for light electric vehicles, including two and three wheelers at malls, apartments, hospitals and such other places in the city.