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Tesla CEO Elon Musk has issued a cautionary statement regarding the financial stability of traditional automakers such as General Motors (GM), Ford, and Stellantis. Musk’s warning is linked to the demands made by the United Auto Workers (UAW) union for higher wages, suggesting that these demands could lead to dire consequences for these automotive giants. … Read more
Toyota has revolutionized the automotive industry by introducing the world’s inaugural flex-fuel engine in its Toyota Innova model. This groundbreaking technology not only marks a significant step towards sustainable mobility but also establishes the Innova as the global pioneer in exclusively operating on ethanol. By seamlessly transitioning between gasoline and ethanol, the flex-fuel engine offers … Read more
Mukesh Ambani’s Reliance Industries, known for its innovative partnerships in developing next-gen technologies, has joined forces with BharatBenz, a subsidiary of Daimler Truck AG and sister company of Mercedes-Benz, to unveil India’s first intercity luxury concept coach powered by Hydrogen Fuel Cell technology. With a market value of Rs 17.69 trillion, Reliance Industries is India’s … Read more
In a significant development, the Corporate Affairs Ministry has initiated an investigation into Hero MotoCorp, the renowned Indian two-wheeler manufacturer, regarding its alleged involvement in fund diversion and the establishment of shell companies. The ministry’s action comes following suspicions raised regarding Hero MotoCorp’s relationship with a third-party vendor. According to a Reuters report, the investigation … Read more
In a significant development impacting the automotive industry, Autoliv, the world’s largest manufacturer of airbags and seatbelts, has announced plans to lay off 8,000 employees. The Swedish company revealed on Thursday that it would implement workforce reductions by cutting approximately 6,000 direct jobs and up to 2,000 indirect positions. The restructuring initiative also includes the … Read more
In a noteworthy development for the electric vehicle industry, Tesla’s remarkable 13-day winning streak came to an end on Wednesday as its shares closed slightly lower. The streak, which propelled Tesla’s market capitalization to new heights, saw the company’s shares surge over 40% in a little over two weeks. Despite the minor setback, Tesla remains … Read more
Indian automotive giant Mahindra & Mahindra (M&M) has achieved a significant milestone by securing a place among the top 25 automakers in the world. The company’s remarkable financial performance in FY23, with a net profit of ₹10,282 crore, has propelled it to the global automotive elite. According to Bloomberg data, M&M currently holds the 22nd … Read more
In a shocking revelation, an Android app, disguised as a harmless screen recorder, has been exposed for surreptitiously recording nearby audio every 15 minutes and transmitting it to the app developer. With over 50,000 downloads on the Google Play Store, the ‘iRecorder – Screen Recorder’ app has emerged as a covert threat to users’ privacy. … Read more
Rimac Automobili has astounded the world with its all-electric hypercar, which shattered an incredible 23 acceleration and braking records in a breathtaking display of automotive prowess. Valued at an astonishing $2.2 million, this engineering masterpiece has redefined the boundaries of speed and precision, solidifying its position as a true pioneer in the realm of high-performance … Read more
In a significant development for India’s electric vehicle (EV) market, Tesla, the pioneering electric carmaker led by billionaire entrepreneur Elon Musk, has announced its plans to establish a manufacturing facility in the country. The move aims to produce electric vehicles for both the domestic market and potential export opportunities, according to a recent report by … Read more
According to documents reported by Reuters, Indian carmakers have expressed their support for the elimination of import taxes on a select number of vehicles as part of a potential trade deal with Britain. The Society of Indian Automobile Manufacturers (SIAM) has stated that a zero-duty arrangement would be acceptable “if the need arises” during the … Read more
Ford has announced a recall of 422,000 SUVs in the United States due to a potential failure in the video output, which could result in the rearview camera image not being displayed. This recall expands and replaces previous callbacks by Ford in 2021 and 2023, addressing the same issue. The affected vehicles include the Ford … Read more
MG Motor India announced on Wednesday that it intends to provide majority ownership to local partners over the next 2-4 years as part of a five-year business plan for the nation. MG Motor is a British automaker that is now owned by China’s largest automaker, SAIC Motor Corp. The automaker, which has set aside Rs … Read more
According to the Times of India, citing government sources, the government has consented to pay over Rs 500 crore in subsidies to electric two-wheeler manufacturers after they agreed to compensate customers for chargers billed separately from the vehicle. According to the reports, Ola would most likely receive the largest compensation from the Ministry of Heavy … Read more
Bengaluru: Maruti Suzuki India Ltd reported better-than-expected quarterly profit on Tuesday, as the country’s biggest carmaker benefitted from strong demand for its passenger cars. Profit for Maruti, which has over 40% market share in the country’s passenger vehicles segment, came in at 23.51 billion rupees ($288.53 million) for the quarter ended Dec. 31, compared with … Read more