News

India`s auto parts industry poised to cross $80 bn revenue in 2024-25 The revenue of India’s automotive components industry is expected to cross $80.1 billion in FY2025 while exports have already touched $21.2 billion, according to B2B risk management consultancy Rubix Data Sciences.  While the country’s production of automotive components has been growing at an 8 per cent compound annual growth rate (CAGR) since FY2020, exports have recorded a CAGR of 10 per cent during the same period, the report says. One of the standout trends is the ...
India`s auto parts industry poised to cross $80 bn revenue in 2024-25
India`s auto parts industry poised to cross $80 bn revenue in 2024-25
Source: IANS
2024-11-20 03:54:11 pm
India needs to look at taxation on batteries and EV charging services, official says India needs to look at taxation on batteries and charging services for electric vehicles, Tarun Kapoor, Prime Minister Narendra Modi's adviser, said on Tuesday. Taxation concerns on batteries for four-wheelers and charging stations have been flagged to the relevant authorities, Kapoor said at an event in New Delhi.
India needs to look at taxation on batteries and EV charging services, official says
India needs to look at taxation on batteries and EV charging services, official says
Source: Reuters
2024-11-19 02:44:43 pm
PG Electroplast zooms on signing definitive agreement with Spiro Mobility PG Electroplast is currently trading at Rs. 685.85, up by 61.20 points or 9.80% from its previous closing of Rs. 624.65 on the BSE. The scrip opened at Rs. 652.95 and has touched a high and low of Rs. 718.35 and Rs. 652.75 respectively. So far 163450 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 718.35 on 19-Nov-2024 and a 52 week low of Rs. 146.02 on 14-Mar-2024. Last one week high and low of the scrip stood ...
PG Electroplast zooms on signing definitive agreement with Spiro Mobility
PG Electroplast zooms on signing definitive agreement with Spiro Mobility
Source: Accord Fintech
2024-11-19 12:46:51 pm
RACL Geartech shines on receiving new nomination from BMW AG for supply of Drive Train Parts RACL Geartech is currently trading at Rs. 839.50, up by 42.40 points or 5.32% from its previous closing of Rs. 797.10 on the BSE. The scrip opened at Rs. 805.00 and has touched a high and low of Rs. 839.50 and Rs. 805.00 respectively. So far 392 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 1350.00 on 23-May-2024 and a 52 week low of Rs. 769.90 on 18-Nov-2024. Last one week high and low of the scrip stood at ...
RACL Geartech shines on receiving new nomination from BMW AG for supply of Drive Train Parts
RACL Geartech shines on receiving new nomination from BMW AG for supply of Drive Train Parts
Source: Accord Fintech
2024-11-19 10:21:15 am
LG Energy to supply batteries for US-based Bear Robotics LG Energy Solution Ltd (LGES), South Korea's leading battery maker, said on Monday it has signed an initial pact with US-based Bear Robotics to become its sole supplier of cylindrical batteries.  LGES signed a memorandum of understanding with the Silicon Valley-based artificial intelligence autonomous service robot company to supply its cylindrical battery cells for Bear Robotics' flagship robots, such as Servi Plus and Carti 100, from next year, the company said in a statemen...
LG Energy to supply batteries for US-based Bear Robotics
LG Energy to supply batteries for US-based Bear Robotics
Source: IANS
2024-11-18 09:58:41 am
Lithium-ion battery demand in India to grow to 127 gigawatt hour by FY30 The lithium-ion battery demand in India is set to grow exponentially to 54 gigawatt hour (GWh) by FY27 and 127 GWh by FY30, as the country sets an ambitious target to meet 50 per cent of its primary energy requirement from renewable energy by 2030.  Currently, domestic lithium-ion battery storage demand of 15 GWh is being almost entirely met through imports of lithium-ion cells and batteries. India imports almost its entire requirement of Li-ion batteries. However, CareEdge Ratings...
Lithium-ion battery demand in India to grow to 127 gigawatt hour by FY30
Lithium-ion battery demand in India to grow to 127 gigawatt hour by FY30
Source: IANS
2024-11-16 12:14:44 pm
Battery stocks plunge on possible scrapping of US tax credit  South Korean battery stocks plunged on Friday on reports that President-elect Donald Trump's transition team plans to scrap the $7,500 tax credit for EV purchases as part of broader tax legislation.  Trump campaigned on ending the consumer tax credit, a key part of President Joe Biden's Inflation Reduction Act (IRA). And the transition team said Trump would keep his pledges, according to earlier news reports. The news added to woes of local EV battery stocks already s...
Battery stocks plunge on possible scrapping of US tax credit
Battery stocks plunge on possible scrapping of US tax credit
Source: IANS
2024-11-16 09:26:43 am
Venture debt funding propels Indian fintech, EV startups The venture debt market in India is steadily growing, mirroring the early days of venture capital, particularly in the emerging startup sectors such as fintech and electric vehicles (EVs), a report showed on Thursday.  Indian founders are increasingly turning to venture debt to bridge funding gaps and avoid excessive equity dilution, according to the report by global investment institution Lighthouse Canton. This shift has been primarily driven by the scarcity of equity funding in ...
Venture debt funding propels Indian fintech, EV startups
Venture debt funding propels Indian fintech, EV startups
Source: IANS
2024-11-14 03:56:40 pm
India needs to secure long-term supply of critical mineral sources: CareEdge Ratings agency CareEdge in its latest report has said that with India having limited resources of lithium, cobalt, nickel and other critical minerals, domestic players need to secure long-term supply from countries having sizable reserves and focus on battery reuse and recycling. It said this would provide environmental benefits and reduce price and supply risk associated with imports of these minerals. India has set an ambitious target to meet 50 per cent of its primary energy requirement fr...
India needs to secure long-term supply of critical mineral sources: CareEdge
India needs to secure long-term supply of critical mineral sources: CareEdge
Source: Accord Fintech
2024-11-14 12:57:52 pm
Hyundai plans to make India a car production hub for emerging markets Hyundai Motor India (HMI), the country’s second largest carmaker, has drawn up ambitious expansion plans for making India a production hub that will also cater to the rising export demand for its vehicles in the emerging markets.  HMI Managing Director Unsoo Kim said in a conference call that the car major would be expanding production to meet the growing demand in the domestic market as well as the export market in Africa, the Middle East, Latin America and South Asia. "...
Hyundai plans to make India a car production hub for emerging markets
Hyundai plans to make India a car production hub for emerging markets
Source: IANS
2024-11-14 11:41:45 am
India set to become ‘major producer’ of electric vehicles like China: Mark Mobius India, which began its electric vehicle (EV) journey with two-wheelers, is set to become a “major producer" of electric vehicles like China in years to come, ace global investor Mark Mobius has said.  The EV sales have seen a record surge under the PM E-DRIVE scheme, reflecting the growing momentum of EV adoption. Through initiatives like the Electric Mobility Promotion Scheme (EMPS) and the PM E-DRIVE schemes, electric two-wheelers (e-2W) sales surged to 5,71,411 units in ...
India set to become ‘major producer’ of electric vehicles like China: Mark Mobius
India set to become ‘major producer’ of electric vehicles like China: Mark Mobius
Source: IANS
2024-11-13 02:14:21 pm
Greaves Cotton declines despite its Q2 consolidated net loss narrows to Rs 14 crore Greaves Cotton is currently trading at Rs. 162.90, down by 16.05 points or 8.97% from its previous closing of Rs. 178.95 on the BSE. The scrip opened at Rs. 177.05 and has touched a high and low of Rs. 177.05 and Rs. 161.00 respectively. So far 101821 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 199.35 on 07-Nov-2024 and a 52 week low of Rs. 112.50 on 04-Jun-2024. Last one week high and low of the scrip stood...
Greaves Cotton declines despite its Q2 consolidated net loss narrows to Rs 14 crore
Greaves Cotton declines despite its Q2 consolidated net loss narrows to Rs 14 crore
Source: Accord Fintech
2024-11-13 11:33:07 am
Wardwizard Innovations moves up on dispatching Customized Electric Three-Wheeler to Philippines Wardwizard Innovations & Mobility is currently trading at Rs. 43.17, up by 0.63 points or 1.48% from its previous closing of Rs. 42.54 on the BSE. The scrip opened at Rs. 44.10 and has touched a high and low of Rs. 45.94 and Rs. 42.70 respectively. So far 284567 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 1 has touched a 52 week high of Rs. 86.50 on 15-Jan-2024 and a 52 week low of Rs. 39.90 on 23-Oct-2024. Last one week high and low of th...
Wardwizard Innovations moves up on dispatching Customized Electric Three-Wheeler to Philippines
Wardwizard Innovations moves up on dispatching Customized Electric Three-Wheeler to Philippines
Source: Accord Fintech
2024-11-13 11:28:21 am
Chinese EV giant BYD enters South Korean passenger car market Chinese electric vehicle (EV) giant BYD on Wednesday officially announced its plan to enter South Korea's passenger car market.  BYD Korea, the company's South Korean sales subsidiary, said in a statement that it has "completed review to release passenger car brands in the domestic market" and officially confirmed its entry with a target date, likely early next year, to be set in the near future. BYD Korea said it is currently working on establishing regional sale...
Chinese EV giant BYD enters South Korean passenger car market
Chinese EV giant BYD enters South Korean passenger car market
Source: IANS
2024-11-13 11:04:58 am
Manohar Lal Khattar launches new scheme to promote use of e-cars for governmentt use Union Minister of Power and Housing & Urban Affairs Manohar Lal Khattar launched the 'EV as a Service' programme of Convergence Energy Services Limited (CESL), aimed at boosting e-mobility in government offices with the deployment of 5,000 e-cars in government departments over the next two years.  The Union Minister flagged off an EV rally comprising vehicles in multiple segments with the call to action on adopting clean mobility alternatives to reduce emissions. The pr...
Manohar Lal Khattar launches new scheme to promote use of e-cars for governmentt use
Manohar Lal Khattar launches new scheme to promote use of e-cars for governmentt use
Source: IANS
2024-11-11 09:06:46 am
End of EV subsidies, more industry tariffs may be on the cards under Donald Trump The US' Inflation Reduction Act (IRA) and federal EV manufacturing and consumer subsidies could be at risk in the new Donald Trump administration, according to a report on Saturday.  Trump has been very pro-tariff and plans to use tariffs to offset corporate tax cuts, which will likely impact foreign trade, according to a report by Counterpoint Research. "Trump and Senate Republicans have publicly criticised the CHIPS Act. It is possible that the new administration will re...
End of EV subsidies, more industry tariffs may be on the cards under Donald Trump
End of EV subsidies, more industry tariffs may be on the cards under Donald Trump
Source: IANS
2024-11-10 08:35:12 am
Ola Electric`s net loss surges 43 pc in Q2, revenue slumps 26 pc Bhavish Aggarwal-run Ola Electric on Friday reported a huge 43 per cent surge in net loss at Rs 495 crore in the July-September period (Q2 FY25), from Rs 347 crore in the previous quarter (Q1 FY25), as the EV firm remained mired in issues related to service quality across the country.   The electric two-wheeler company also saw its revenue slump 26.1 per cent to Rs 1,214 crore (on-quarter) from Rs 1,644 crore in the first quarter of this fiscal. The net loss, however, narrowed on a...
Ola Electric`s net loss surges 43 pc in Q2, revenue slumps 26 pc
Ola Electric`s net loss surges 43 pc in Q2, revenue slumps 26 pc
Source: IANS
2024-11-09 10:07:16 am
LG Energy Solution secures 5-year deal to supply EV batteries to Rivian South Korea's leading battery maker LG Energy Solution (LGES) said on Friday it has clinched a deal to supply electric vehicle batteries to US automotive manufacturer Rivian.  Under the deal, LGES will provide Rivian with its advanced 4695 cylindrical batteries, totalling 67 gigawatt hours, for over five years, according to the company. The company did not disclose further detailed financial terms of the contract, reports Yonhap news agency. LGES said the batteries will be m...
LG Energy Solution secures 5-year deal to supply EV batteries to Rivian
LG Energy Solution secures 5-year deal to supply EV batteries to Rivian
Source: IANS
2024-11-08 10:46:40 am
Elon Musk`s Tesla stock surges 15 pc in early US trade after Trump`s win The stock of Elon Musk-run Tesla soared almost 15 per cent on Wednesday in early trade on Nasdaq (US time), making it one of the biggest winners in the S&P 500 index.  The EV company's stock jumped 14.5 per cent in early trading to $287.93 a share, as President-elect Donald Trump won on a resounding note and called Musk a "super genius". The surge added at least $120 billion to Tesla’s stock market value, pushing it above $900 billion for the first time sinc...
Elon Musk`s Tesla stock surges 15 pc in early US trade after Trump`s win
Elon Musk`s Tesla stock surges 15 pc in early US trade after Trump`s win
Source: IANS
2024-11-07 09:29:07 am
Sterling Tools climbs on entering into partnership with GLVAC YT Sterling Tools is currently trading at Rs. 552.90, up by 38.15 points or 7.41% from its previous closing of Rs. 514.75 on the BSE. The scrip opened at Rs. 518.45 and has touched a high and low of Rs. 564.85 and Rs. 516.25 respectively. So far 45653 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 639.15 on 20-Sep-2024 and a 52 week low of Rs. 305.00 on 28-Mar-2024. Last one week high and low of the scrip stood at...
Sterling Tools climbs on entering into partnership with GLVAC YT
Sterling Tools climbs on entering into partnership with GLVAC YT
Source: Accord Fintech
2024-11-06 04:12:37 pm
Lower petrol and diesel consumption, make transportation sustainable in India: Experts As the enterprises strive to embed the environmental, social, and governance (ESG) framework into their core business model, industry experts on Tuesday said they are trying to make transportation in India more sustainable by lowering the consumption of petroleum and diesel.  India has been seeing record petrol and diesel consumption in vehicle sales, while electric vehicles are yet to make a mark. According to the Petroleum Ministry, though electric vehicle sales are getting traction...
Lower petrol and diesel consumption, make transportation sustainable in India: Experts
Lower petrol and diesel consumption, make transportation sustainable in India: Experts
Source: IANS
2024-11-06 11:13:51 am
Electric vehicle sales soar under PM E-DRIVE scheme: Centre The electric vehicle (EV) sales have seen a record surge under the PM E-DRIVE scheme, reflecting the growing momentum of EV adoption, the Centre said on Tuesday.  Through initiatives like the Electric Mobility Promotion Scheme (EMPS) and the PM E-DRIVE schemes, electric two-wheelers (e-2W) sales have surged to 5,71,411 units in 2024-25. During the same period, sales of electric three-wheelers (e-3W), including e-rickshaws and e-carts, reached 1,164 units, while electric three-wheel...
Electric vehicle sales soar under PM E-DRIVE scheme: Centre
Electric vehicle sales soar under PM E-DRIVE scheme: Centre
Source: IANS
2024-11-06 11:03:00 am
Mahindra Last Mile Mobility sells over 2 lakh commercial EVs to date Mahindra Last Mile Mobility Limited (MLMML), a subsidiary of Mahindra & Mahindra (M&M) on Tuesday said it has sold over 2 lakh commercial electric vehicles (EVs) to date.  More than 1 lakh EVs were sold by Mahindra in the last 17 months, supported by the launch of new technologically advanced products like Treo Plus, e-Alfa Plus and Mahindra ZEO. Mahindra holds a 41.2 per cent market share, as per SIAM data, across the L5 EV category. “Our collaborative, agile and ...
Mahindra Last Mile Mobility sells over 2 lakh commercial EVs to date
Mahindra Last Mile Mobility sells over 2 lakh commercial EVs to date
Source: IANS
2024-11-06 09:59:58 am
India`s EV charging market projected to reach $3.7 bn by 2030 India’s electric vehicle (EV) charging market is projected to reach $3.7 billion by 2030, led by an increasing adoption of EVs, according to a report on Tuesday.  Globally, the EV charging infrastructure market is poised to expand significantly, with revenues projected to surge from $25.9 billion in 2023 to $164 billion by 2030, reflecting a compound annual growth rate (CAGR) of approximately 12 per cent.  In India, the growth is expected at a CAGR of 16 per cent and an ...
India`s EV charging market projected to reach $3.7 bn by 2030
India`s EV charging market projected to reach $3.7 bn by 2030
Source: IANS
2024-11-05 11:43:51 am
Electric two-wheeler sales grew 85 per cent in October  Festive season turned out to be an electrifying month for EV two-wheeler manufacturers as retail sales of Electric two-wheelers increased 85 per cent on a YoY (Year on Year) basis to 1,39,031 units in October 2024.  Last year this figure was 75,164 units. The increasing sales of EV vehicles show that the trend is now gradually shifting from petrol vehicles to electric vehicles. A total of 9,54,164 electric two-wheelers were sold in the first 10 months of the calendar year ...
Electric two-wheeler sales grew 85 per cent in October
Electric two-wheeler sales grew 85 per cent in October
Source: IANS
2024-11-03 02:14:20 pm
Wardwizard rises on introducing New Red Variants of Popular Gen Next Nanu + and Gen Next Models Wardwizard Innovations & Mobility is currently trading at Rs. 44.68, up by 1.06 points or 2.43% from its previous closing of Rs. 43.62 on the BSE. The scrip opened at Rs. 43.79 and has touched a high and low of Rs. 44.68 and Rs. 43.12 respectively. So far 443775 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 1 has touched a 52 week high of Rs. 86.50 on 15-Jan-2024 and a 52 week low of Rs. 39.90 on 23-Oct-2024. Last one week high and low of th...
Wardwizard rises on introducing New Red Variants of Popular Gen Next Nanu + and Gen Next Models
Wardwizard rises on introducing New Red Variants of Popular Gen Next Nanu + and Gen Next Models
Source: Accord Fintech
2024-10-31 03:17:18 pm
Hyundai Motor unveils new hydrogen-based EV concept Hyundai Motor on Thursday unveiled the concept of its upcoming passenger hydrogen fuel cell electric vehicle (FCEV) named Initium that comes with an extended driving range and ample hydrogen fuel storage capacity.  Initium is a concept by Hyundai that reflects the product and design direction of a passenger FCEV set for release in the first half of next year, Yonhap news agency reported.  Named after the Latin word for beginning, Initium symbolises Hyundai's role as a pion...
Hyundai Motor unveils new hydrogen-based EV concept
Hyundai Motor unveils new hydrogen-based EV concept
Source: IANS
2024-10-31 02:53:40 pm
Tata, JSW groups to invest over $30 billion in EV sector amid government`s push The Indian government continues to push for higher EV production in the country and for greater localisation of supply chains, which will be key to help the country reach the target of 30 per cent EV penetration by 2030, according to a report on Wednesday.  “We estimate that the Tata and JSW groups alone will be investing over $30 billion into making EVs and EV materials over the coming decade, of which about $10 billion will be in South and Southeast Asia (SSEA),” said th...
Tata, JSW groups to invest over $30 billion in EV sector amid government`s push
Tata, JSW groups to invest over $30 billion in EV sector amid government`s push
Source: IANS
2024-10-30 01:47:55 pm
Suzuki's Indian unit to supply its first-ever electric vehicle to Toyota Japanese automaker Suzuki Motor's Indian unit will supply its first-ever electric vehicle to Toyota Motor, the two companies said in a statement on Wednesday, marking their first collaboration on green vehicles. Maruti Suzuki, which is majority-owned by Suzuki Motor, will begin production of the EV from spring 2025 in its plant in the western Indian state of Gujarat. The EV was jointly developed by Suzuki, Toyota and Daihatsu Motor, according to the statement. Suzuki and Toyota h...
Suzuki's Indian unit to supply its first-ever electric vehicle to Toyota
Suzuki's Indian unit to supply its first-ever electric vehicle to Toyota
Source: Reuters
2024-10-30 12:14:44 pm
Hyundai Motor offers 1st look of upcoming Ioniq 9 electric SUV Hyundai Motor on Wednesday unveiled a teaser image of its upcoming all-electric Ioniq 9 sports utility vehicle, highlighting its massive-yet-sleek exterior design.  The teaser for the three-row electric SUV presents the overall silhouette and the model's elongated wheelbase. Hyundai said the Ioniq 9 draws inspiration from the sleek exteriors and cozy interiors of boats, reports Yonhap news agency. The Ioniq 9 symbolises the largest vehicle class in Hyundai Motor's Ioniq lin...
Hyundai Motor offers 1st look of upcoming Ioniq 9 electric SUV
Hyundai Motor offers 1st look of upcoming Ioniq 9 electric SUV
Source: IANS
2024-10-30 09:36:59 am
Andhra Minister Lokesh pitches Anantapur as perfect spot for Tesla`s EV, battery units Andhra Pradesh Minister for Information Technology, Electronics & Communications, and Human Resources Development, Nara Lokesh, has pitched Anantapur as the perfect spot for Tesla’s EV and battery units.  The minister, who is currently on a visit to the United States, visited Tesla headquarters in Austin. Lokesh shared on X that he had an inspiring discussion with CFO Vaibhav Taneja about transforming Andhra Pradesh into an EV manufacturing hub. He said under the visio...
Andhra Minister Lokesh pitches Anantapur as perfect spot for Tesla`s EV, battery units
Andhra Minister Lokesh pitches Anantapur as perfect spot for Tesla`s EV, battery units
Source: IANS
2024-10-28 05:09:16 pm
Over 8 in 10 Indians seek premium cars, preference for hybrid models jumps to 40 pc More than eight in 10 Indian consumers now prefer buying premium models amid an increasing preference for hybrid vehicles over electric vehicles (EVs), a survey showed on Monday.  According to the survey by Grant Thornton Bharat, 40 per cent of respondents now prefer hybrid vehicles, compared to only 17 per cent favouring EVs. About 34 per cent still lean toward petrol vehicles, reflecting the transitional nature of the market. According to Saket Mehra, Partner and Auto and EV Indu...
Over 8 in 10 Indians seek premium cars, preference for hybrid models jumps to 40 pc
Over 8 in 10 Indians seek premium cars, preference for hybrid models jumps to 40 pc
Source: IANS
2024-10-28 04:52:59 pm
Ahasolar Technologies surges on inking MoU with MCS Cargar Ahasolar Technologies is currently trading at Rs. 319.50, up by 5.25 points or 1.67% from its previous closing of Rs. 314.25 on the BSE. The scrip opened at Rs. 314.20 and has touched a high and low of Rs. 319.50 and Rs. 314.20 respectively. So far 2400 shares were traded on the counter. The BSE group 'M' stock of face value Rs. 10 has touched a 52 week high of Rs. 657.75 on 05-Mar-2024 and a 52 week low of Rs. 207.00 on 06-Dec-2023. Last one week high and low of the scrip st...
Ahasolar Technologies surges on inking MoU with MCS Cargar
Ahasolar Technologies surges on inking MoU with MCS Cargar
Source: Accord Fintech
2024-10-25 11:38:45 am
Quote on Silver from Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities Below the Quote on Silver from Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities   "Silver prices have continued their rapid upward momentum, surging past Rs.100,000 in the physical Indian markets, with the fast-paced rally suggesting that prices could reach Rs.110,000 before Diwali. As retail investors rush to buy silver, spurred by the heavy rise in gold prices, silver appears relatively more affordable at Rs.100,000 per kilogram, while gold is now...
Quote on Silver from Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities
Quote on Silver from Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities
Source: LKP securities Ltd
2024-10-22 05:53:40 pm
Hyundai Motor India set to make stock market debut after record IPO The Indian subsidiary of South Korean automotive giant Hyundai Motor is set to make its stock market debut this week following a record initial public offering (IPO), according to industry officials on Monday.  Shares of Hyundai Motor India are set to start trading on the Indian stock market on Tuesday, following last week's $3.3 billion IPO subscription process. It marks Hyundai Motor's first listing outside South Korea and the largest IPO in the history of the Indian stoc...
Hyundai Motor India set to make stock market debut after record IPO
Hyundai Motor India set to make stock market debut after record IPO
Source: IANS
2024-10-21 09:52:05 am
India seeks critical mineral agreement with US, hopes for a trade pact, minister says India's trade minister on Saturday said the country has sought a critical mineral partnership agreement with the United States as he hopes for talks on a broader trade pact between the two nations. "I had suggested that critical mineral MoU (memorandum of understanding) to be converted to a critical mineral partnership and become a starting point to become an FTA (Free Trade Agreement)," Piyush Goyal told reporters at a press briefing in New Delhi. Earlier this month, Indi...
India seeks critical mineral agreement with US, hopes for a trade pact, minister says
India seeks critical mineral agreement with US, hopes for a trade pact, minister says
Source: Reuters
2024-10-20 01:47:36 pm
Hyundai Motor develops automated vehicle press mold design system  Hyundai Motor Group said on Wednesday it has developed the world's first automated system for designing vehicle press molds, allowing drastic reduction in design time and quality improvement in the automobile production process.  Press molds are tools used to produce exterior parts, such as trunks and hoods, and each part requires three to five press operations, with different molds used for each step. The group said it has standardised the technical documents and design ...
Hyundai Motor develops automated vehicle press mold design system
Hyundai Motor develops automated vehicle press mold design system
Source: IANS
2024-10-16 09:59:02 am
LG Energy wins deals to supply EV batteries for Ford LG Energy Solution Ltd (LGES), South Korea's leading battery maker, said on Tuesday it has signed deals to supply batteries for Ford Motor’s commercial vehicles.  In two separate contracts, LGES will supply 34 GWh batteries to the US carmaker from 2026-30 and 75 Gwh batteries from 2027-32, the company said in a statement. LGES said it plans to produce the contracted batteries at its plant in Poland starting in 2026, reports Yonhap news agency, "The deals with Ford...
LG Energy wins deals to supply EV batteries for Ford
LG Energy wins deals to supply EV batteries for Ford
Source: IANS
2024-10-15 06:06:42 pm
85 million EVs expected on roads globally by 2025, India to see 5 lakh EVs At least 85 million electric vehicles (EVs) are expected to be on the roads globally by the end of 2025, with India clocking 500,000 EVs in the same time-frame, driven by various government incentives, according to a report on Tuesday.  Despite several hurdles affecting the EV market over the past few months, Gartner projects the number of EVs in use globally to total 64 million units in 2024 and increase 33 per cent in 2025. "Many companies overestimated how quickly the switc...
85 million EVs expected on roads globally by 2025, India to see 5 lakh EVs
85 million EVs expected on roads globally by 2025, India to see 5 lakh EVs
Source: IANS
2024-10-15 12:13:00 pm
Indian conglomerates set to spend $800 bn on growth, new businesses in focus Indian conglomerates are likely to spend about $800 billion on growth over the next 10 years, almost triple of what they spent over the prior decade, a report showed on Monday.  "About 40 per cent of Indian conglomerates' spending over the coming decade will be on new businesses, such as green hydrogen, clean energy, aviation, semiconductors, electric vehicles (EVs) and data centres,” said Neel Gopalakrishnan, credit analyst at S&P Global Ratings. The Adani G...
Indian conglomerates set to spend $800 bn on growth, new businesses in focus
Indian conglomerates set to spend $800 bn on growth, new businesses in focus
Source: IANS
2024-10-14 01:45:09 pm
Zypp Electric`s losses surge 2.2 times to Rs 91 crore in FY24  Tech-enabled electric vehicle (EV) company Zypp Electric saw its losses increase 2.2 times to Rs 91 crore in FY24, up from Rs 40 crore in the previous fiscal.  The EV-as-a-service platform saw its EBITDA margin stood at 19.47 per cent in negative, as per its FY24 financials. Zypp Electric’s total expenditure went up 2.6 times to Rs 394 crore in FY24, compared to Rs 152 crore in FY23. The EV firm reported operational revenue at Rs 293 crore in the last fiscal, up from...
Zypp Electric`s losses surge 2.2 times to Rs 91 crore in FY24
Zypp Electric`s losses surge 2.2 times to Rs 91 crore in FY24
Source: IANS
2024-10-13 11:43:20 am
Hyundai, Kia eye record EV sales of 1 lakh units in US this year Hyundai Motor and its affiliate Kia are expected to see their combined sales of electric vehicles (EVs) surpass 100,000 units this month, according to the companies' data on Sunday.  Hyundai and Kia sold a combined 91,348 units of EVs through September this year, up 30.3 percent from the same period last year, according to the companies. Hyundai's EV sales rose 4.5 per cent on-year to 48,297 units in the January-September period, while Kia saw its sales soar 80.3 per cent t...
Hyundai, Kia eye record EV sales of 1 lakh units in US this year
Hyundai, Kia eye record EV sales of 1 lakh units in US this year
Source: IANS
2024-10-13 10:02:57 am
Hyundai Motor India to invest Rs 32,000 cr in India, predicts strong EV market growth IPO-bound Hyundai Motor India Ltd (HMIL) has earmarked investments worth around Rs 32,000 crore for India till 2032, as the company predicts a strong and steady EV market growth till 2030.  The company seeks to raise up to $3.26 billion through an IPO and shares are expected to begin trading on October 22. According to the automaker’s IPO papers filed with SEBI, “We entered into four memoranda of understanding with the Government of Tamil Nadu for our Chennai Manufactur...
Hyundai Motor India to invest Rs 32,000 cr in India, predicts strong EV market growth
Hyundai Motor India to invest Rs 32,000 cr in India, predicts strong EV market growth
Source: IANS
2024-10-12 02:17:00 pm
India offers $15 billion opportunity for Taiwanese firms in high-tech manufacturing  As India doubles down on local manufacturing of end-to-end electronics products and more, there lies a massive $15 billion opportunity for Taiwanese companies across sectors like printed circuit boards (PCBs), electronic components and electric vehicle (EV) infrastructure, according to a new report.  Other sectors like electric motors, CCTV and smart healthcare (fitness trackers, smartwatches, heart rate monitors etc) also hold promise for Taiwan, according to the report by the ...
India offers $15 billion opportunity for Taiwanese firms in high-tech manufacturing
India offers $15 billion opportunity for Taiwanese firms in high-tech manufacturing
Source: IANS
2024-10-09 10:28:26 am
Hyundai to launch $3 billion India IPO next week at 1,865-1,960 rupees per share, sources say  Hyundai Motor India's IPO will open next week for subscriptions and will likely be priced in the range of 1,865 to 1,960 rupees ($22 to $23) per share, sources said on Tuesday, valuing the automaker at up to $19 billion in the country's biggest stock offering this year. The India IPO will be Hyundai's first stock market listing outside South Korea. In India, it will also mark the first carmaker to go public in two decades since Maruti Suzuki in 2003, and comes just after ...
Hyundai to launch $3 billion India IPO next week at 1,865-1,960 rupees per share, sources say
Hyundai to launch $3 billion India IPO next week at 1,865-1,960 rupees per share, sources say
Source: Reuters
2024-10-08 03:37:35 pm
Indian, EU startups fostering business collaboration in EV battery recycling Recycling electric vehicle (EV) batteries is a geopolitical and climate imperative and Indian and European startups in the field are pioneering innovation and fostering business collaboration, according to the government.  Emphasising the shared commitment of India and the EU to innovation, sustainability, and the transition to a circular economy, the Office of the Principal Scientific Adviser to the government met an EU delegation with representatives from startups in the space of ba...
Indian, EU startups fostering business collaboration in EV battery recycling
Indian, EU startups fostering business collaboration in EV battery recycling
Source: IANS
2024-10-05 10:14:58 am
BMW Group India posts best-ever luxury car sales with 10 pc growth in Jan-Sep BMW Group India on Friday said it posted best-ever luxury car sales with 10 per cent growth in the country in the January–September period this year.  In the first nine months, 10,556 cars (BMW and MINI) and 5,638 motorcycles (BMW Motorrad) have been delivered. BMW sold 10,056 units and MINI 500 units. In the luxury electric vehicle (EV) segment, BMW Group India delivered 725 units of fully-electric BMW and MINI cars in the reported period as BMW i7 was the largest selling BM...
BMW Group India posts best-ever luxury car sales with 10 pc growth in Jan-Sep
BMW Group India posts best-ever luxury car sales with 10 pc growth in Jan-Sep
Source: IANS
2024-10-04 03:47:20 pm
Centre to soon introduce 10 GW RFP for stationary energy storage systems The government on Friday said it will soon introduce a 10-gigawatt (GW) scheme for those working to build stationary, grid-scale energy storage systems.  Addressing an international summit organised by the India Energy Storage Alliance (IESA) in the national capital, Vijay Mittal, Joint Secretary of the Ministry of Heavy Industries, said the ministry “will be coming out with a 10 gigawatt request for proposal (RFP) for those who are working on the energy storage part of it, for ...
Centre to soon introduce 10 GW RFP for stationary energy storage systems
Centre to soon introduce 10 GW RFP for stationary energy storage systems
Source: IANS
2024-10-04 03:35:22 pm