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Fully imported cars, including electric vehicles, will cost more now as Finance Minister Nirmala Sitharaman announced a hike in customs duty on Wednesday. Customs duty on vehicles in completely built units (CBUs) costing less than $40,000 or with engine capacity less than 3,000cc for petrol-run vehicles and less than 2,500cc for diesel-run vehicles has been raised from 60% to 70%.
short by Apaar Sharma / 04:53 pm on 01 Feb
Porsche blunder puts ₹1.21 crore car on sale for ₹15 lakh in China
short by Pragya Swastik / on 02 Feb 2023,Thursday
A Porsche dealership in China mistakenly listed the price of Porsche Panamera as 124,000 yuan (₹15 lakh) instead of 998,000 yuan (over ₹1.21 crore) in an online advertisement. Following the blunder, hundreds of aspiring buyers made their bookings and paid 911 yuan in advance. On realising mistake, the dealership took down the advertisement and promised refunds on advanced bookings.
short by Pragya Swastik / 03:48 pm on 02 Feb
Tamil Nadu State Consumer Disputes Redressal Commission directed Audi to refund ₹60 lakh to a customer who bought an Audi Q7 in 2009 and suffered brake-related problems. The customer claimed that the car suffered a brake failure which severely endangered passengers' lives. Audi is to be held liable as the problem kept recurring even after two replacements, the bench held.
short by Hiral Goyal / 10:53 am on 04 Feb
Renault to lower its 43% stake in Nissan to 15%
short by Hiral Goyal / on 30 Jan 2023,Monday
French automaker Renault has agreed to lower its stake in Nissan Motor to restructure their decades-long alliance, the companies announced in a joint statement on Monday. Renault will reduce its stake from just over 43% to 15%, the same size as Nissan's stake in Renault. The carmakers first signed their coalition in March 1999.
short by Hiral Goyal / 12:50 pm on 30 Jan
Musk's role in Tesla self-driving claims under probe in US: Report
short by Ananya Goyal / on 28 Jan 2023,Saturday
The US Securities and Exchange Commission (SEC) is reportedly investigating Tesla CEO Elon Musk's role in shaping the EV maker's self-driving claims. As per Bloomberg, the review is part of an ongoing SEC probe of Tesla's statements about its Autopilot driver-assistance system. Officials are considering whether Musk inappropriately made forward-looking statements, the report said.
short by Ananya Goyal / 09:46 am on 28 Jan
Cybertruck's volume production to start next year: Musk
short by Mansi Agarwal / on 26 Jan 2023,Thursday
Tesla CEO Elon Musk on Wednesday said the company's electric pickup truck Cybertruck is expected to go into production "sometime this summer", but volume production won't start until 2024. Musk said he always tries to "downplay the start of production" because it's "very slow". "It increases exponentially, but it is very slow at first," he added.
short by Mansi Agarwal / 02:41 pm on 26 Jan
Suzuki to invest nearly $35 bn in EVs till 2030
short by Anisha Joneja / on 26 Jan 2023,Thursday
Japanese carmaker Suzuki Motor Corp will invest 4.5 trillion yen ($34.8 billion) till 2030 in research, development and making electric vehicles (EVs). Of this, Suzuki will invest 2 trillion yen for electrification and autonomous driving technologies, while spending 2.5 trillion yen on building an EV plant along with renewable energy facilities. Suzuki will introduce its first battery EVs in 2023.
short by Anisha Joneja / 09:04 pm on 26 Jan
Hope govt lowers taxes on imported cars in Budget: Lamborghini
short by Ambarish Awale / on 27 Jan 2023,Friday
Lamborghini Director for Asia Pacific Francesco Scardaoni told CNBC-TV18 that he hoped that the Indian government reduced taxes on imported cars in the upcoming Budget for 2023-24. Lamborghini delivered 92 units in India, an increase of 30% from 2021, he mentioned. Scardaoni added that sales in India are still growing and the same trend will continue in 2023.
short by Ambarish Awale / 05:09 pm on 27 Jan
Tata Motors to hike prices of passenger vehicles from Feb 1
short by Aishwarya Awasthi / on 29 Jan 2023,Sunday
Tata Motors has said it will be raising its passenger vehicles' prices by 1.2% on a weighted average basis depending on the variant and model from February 1, citing a rise in overall input costs. Earlier, Tata Motors posted its first quarterly profit in two years and reported a consolidated net profit of ₹2,957.71 crore for the third quarter.
short by Aishwarya Awasthi / 10:47 pm on 29 Jan
9 lakh govt vehicles older than 15 years to go off road in April
short by Aishwarya Awasthi / on 30 Jan 2023,Monday
Union minister Nitin Gadkari has said over nine lakh vehicles, owned by central and state governments, transport corporations and public sector undertakings, will go off the road from April 1. "We have...approved the scrapping of more than nine lakh government vehicles, which are more than 15 years old, and polluting buses and cars will go off the road," Gadkari said.
short by Aishwarya Awasthi / 05:54 pm on 30 Jan
Hyundai Motor targets 54% rise in EV sales after Q4 profit jump
short by Srishty Choudhury / on 26 Jan 2023,Thursday
Hyundai Motor is targeting a 54% rise in electric vehicle (EV) sales in 2023 to 3,30,000 globally and is eyeing its US electric car sales to rise 150% to 73,000 to account for 9% of its US vehicle sales. The South Korean carmaker's net profit for the October-December quarter tripled to 1.7 trillion won ($1.4 billion) and revenue surged 24%.
short by Srishty Choudhury / 04:25 pm on 26 Jan
Maruti Suzuki's pending orders jump to 4.05 lakh units in Jan
short by Bhawana Chaudhary / on 26 Jan 2023,Thursday
Maruti Suzuki India's pending orders have jumped to around 4.05 lakh units this month as the inflow of bookings continues to be steady, according to a senior company official. The bookings for newly-launched Jimny and Fronx have crossed 11,000 and 4,000 units, respectively. In 2022, Maruti Suzuki sold 15.76 lakh units against 13.64 lakh units in 2021.
short by Bhawana Chaudhary / 07:30 pm on 26 Jan
Renault, Nissan to announce deal on reshaped pact in Feb: Report
short by Aishwarya Awasthi / on 26 Jan 2023,Thursday
Renault and Nissan plan to formally unveil a deal to reshape their alliance in London on February 6, Reuters reported citing sources. They will reportedly announce 4-5 joint projects. Renault had proposed working together on 10-15 projects. One of the joint projects that could be part of the wider deal is investments in the firms' common platform in India.
short by Aishwarya Awasthi / 07:42 pm on 26 Jan
UK car manufacturing hits 66-year low in 2022 at 7,75,014 units
short by Bhawana Chaudhary / on 26 Jan 2023,Thursday
UK car production fell to its lowest level since 1956 last year, according to the Society of Motor Manufacturers and Traders (SMMT). The car production fell nearly 10% to 7,75,014 units in 2022 due to an ongoing global semiconductor shortage and pandemic-related lockdowns in China, SMMT said. The figure is 41% down from 1.3 million cars made in 2019.
short by Bhawana Chaudhary / 11:06 pm on 26 Jan
Lamborghini posts record sales in India in 2022 with 92 units
short by Aishwarya Awasthi / on 30 Jan 2023,Monday
Lamborghini has reported record sales in India with 92 units in 2022. It saw a growth of 33% from the previous year when it reported selling 69 units. Globally, the company said 2022 saw the best sales figure ever and delivered 9,233 cars. Lamborghini recorded its previous best-ever sales in India in 2021 and 2019.
short by Aishwarya Awasthi / 04:15 pm on 30 Jan
18 lakh Ford Explorer SUVs under probe by US govt agency
short by Aishwarya Awasthi / on 31 Jan 2023,Tuesday
US government agency NHTSA has opened a safety probe into 18 lakh Ford Explorer SUVs over reports saying the windshield trim panels can detach while driving at highway speeds. The NHTSA has opened a preliminary evaluation into 2011 through 2019 model year Explorer SUVs. It said the detached part could hit the windshield of another vehicle or motorcyclist.
short by Aishwarya Awasthi / 09:00 pm on 31 Jan
Chip shortage continues to impact production: Maruti Suzuki CFO
short by Aishwarya Awasthi / on 29 Jan 2023,Sunday
Semiconductor shortage continues to impact production at Maruti Suzuki India, CFO Ajay Seth said. The firm is working on ways to maximise its output from available supply of electronic components. The supply of electronic components continues to remain unpredictable, he added. Maruti Suzuki India's pending customer orders rose to about 3.63 lakh units at the end of the third quarter.
short by Aishwarya Awasthi / 09:11 pm on 29 Jan
Toyota remains world's top-selling automaker for 3rd time in a row
short by Aishwarya Awasthi / on 30 Jan 2023,Monday
Japan-based Toyota Motor remained the world's top-selling automaker, defending its title for a third straight year. The firm sold 10.5 million vehicles in 2022. Toyota was followed by Volkswagen which reported its lowest-ever sales in over a decade of 8.3 million vehicles earlier this month. Toyota's production forecast for the current financial year through March-end is 9.2 million vehicles.
short by Aishwarya Awasthi / 03:31 pm on 30 Jan
EV maker Rivian to cut 6% of its workforce: Report
short by Ambarish Awale / on 02 Feb 2023,Thursday
California-based EV maker Rivian Automotive is laying off 6% of its workforce, or about 840 employees, to cut costs, Reuters reported citing an internal memo. The company is focusing resources on increasing vehicle production and reaching profitability, CEO RJ Scaringe said in an email to employees. Scaringe reportedly apologised to employees for the necessity of the cuts in the email.
short by Ambarish Awale / 09:07 am on 02 Feb
Musk mused taking Tesla private 2 yrs before 2018 tweet: Ex-aide
short by Ashley Paul / on 02 Feb 2023,Thursday
Billionaire Elon Musk contemplated taking Tesla private as early as 2016, his former chief of staff Sam Teller said at a hearing over Musk's 2018 tweet claiming he had "funding secured" for taking Tesla private. Sometimes Musk compared Tesla with closely held space startup SpaceX, Teller said. "He said there were...headaches...from running a public company," Teller quoted Musk.
short by Ashley Paul / 06:07 pm on 02 Feb
Tata considering Spain, Britain for Euro EV battery plant: Report
short by Bhawana Chaudhary / on 03 Feb 2023,Friday
Tata Motors is considering setting up a battery cell plant for EVs in Spain or Britain, Reuters reported citing source. Tata told the Spanish government following talks late last year that it was considering the country and Britain as top two locations for the plant, the source said. Tata's Jaguar Land Rover unit has manufacturing facilities in Britain and Slovakia.
short by Bhawana Chaudhary / 08:12 pm on 03 Feb
Yellen tours Ford plant in S Africa, lauds US-Africa economic ties
short by Srishty Choudhury / on 26 Jan 2023,Thursday
US Treasury Secretary Janet Yellen on Thursday toured Ford Motor's plant in South Africa's Silverton and lauded the US carmaker's 100-year history of assembling vehicles in the country. "The plant, which employs 4,000 people, is an example of how deeper ties between the United States and Africa could produce good jobs and boost economic growth for both sides," Yellen said.
short by Srishty Choudhury / 11:21 pm on 26 Jan
Porsche's car delivery in India rises 64% to 779 units in 2022
short by Bhawana Chaudhary / on 27 Jan 2023,Friday
German sports luxury carmaker Porsche said its car deliveries in India surged by 64% year-on-year in 2022 to 779 units against 474 units in 2021. The carmaker said the sales include 78 units of its all-electric Taycan, which was launched in November 2021. Porsche India witnessed a 69% growth in SUV sales last year.
short by Bhawana Chaudhary / 10:48 pm on 27 Jan
Ford recalls 4.62 lakh vehicles globally over video output issue
short by Aishwarya Awasthi / on 29 Jan 2023,Sunday
Ford has said it is recalling 4.62 lakh vehicles worldwide over a rearview display issue. The automaker has reports of 17 minor crashes relating to the recall issue and over 2,100 warranty reports but no reports of injuries. The recall expands and replaces a 2021 recall of 2.28 lakh vehicles. The recall covers some 2020-2023 model year Explorer, among others.
short by Aishwarya Awasthi / 04:41 pm on 29 Jan
Tesla board wasn't obligated to check Musk's 2018 tweet: Directors
short by Mansi Agarwal / on 02 Feb 2023,Thursday
Tesla's Independent Directors James Murdoch and Ira Ehrenpreis told a US court on Wednesday that the company's board had no obligation to review CEO Elon Musk's 2018 tweet about having funding to take Tesla private, Reuters reported. Musk had tweeted in his individual capacity, they said. James, who's Rupert Murdoch's son, said Musk had "confidence in the availability of funding".
short by Mansi Agarwal / 01:46 pm on 02 Feb
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