Page 14 - Automobile

General Motors recalls over 825,000 vehicles to fix daytime running lights

General Motors is recalling more than 825,000 SUVs and cars in the US and Canada because the daytime running lights may not turn off when the headlights are on. The recall covers certain 2022 and 2023 Cadillac Escalade, Chevrolet Silverado 1500, Chevrolet Suburban and Tahoe, GMC Sierra 1500 and GMC Yukon SUVs. Also included are Cadillac CT4s and CT5s from the 2020 to 2023 model years, as well as Buick Envisions from 2021 to 2023. GM says in documents posted Wednesday by US safety regulators that daytime running lights that stay on with headlights can cause glare for other drivers, increasing the risk of a crash. Dealers will update software, or it will be updated online. Owners will be notified by letter starting January 23. The recall announced Wednesday adds more vehicles to a recall of 340,000 big SUVs in November.

Rivian EV puts hold on partnership for electric vans with Mercedes-Benz

Electric car-maker Rivian has put a pause on plans to co-develop multiple new electric delivery vans with luxury German automaker Mercedes-Benz

Wedding season pushed vehicle retail sales up by 26% in November: FADA

All categories were in the green with two-wheelers, three-wheelers, passenger vehicles, tractors & commercial vehicles growing by 24%, 80%, 21%, 57% and 33%, respectively

Auto dealership chain Landmark Cars IPO to open from December 13-15

Automobile dealership chain Landmark Cars Ltd on Thursday said it has fixed a price band of Rs 481-506 per share for its Rs 552 crore initial share-sale that opens for public subscription on December 13. The three-day initial public offering (IPO) will conclude on December 15 and the bidding for anchor investors will open on December 12, the company said in a statement. The public issue consists of a fresh issue of equity shares aggregating to Rs 150 crore and an Offer-For-Sale (OFS) of up to Rs 402 crore. Those selling shares through the OFS route are -- TPG Growth II SF PTE Ltd, Sanjay Karsandas Thakker HUF, Aastha Limited and Garima Misra. Proceeds from its fresh issuance worth Rs 120 crore will be utilised for payment of debt and general corporate purposes. Half of the issue size has been reserved for qualified institutional investors, 35 per cent for the retail investors and the remaining 15 per cent for non-institutional investors. Investors can bid for a minimum of 29 equi

Chinese EV maker BYD widens market leadership gap with Tesla in Q3

China's BYD Auto remained the global market leader, shipping more than 537,000 EV units -- an increase of 197 per cent (on-year) -- in the third quarter this year, leaving Tesla far behind globally

Two-wheeler sales rise in Nov at most manufacturers on last year's low base

Some of the uptick is also attributable to the marriage season which usually perks up the volumes in the northern part of the country

Hero MotoCorp to hike prices from December 1; stock gains nearly 4%

The company said it will increase the prices of its motorcycles and scooters by up to Rs 1,500, with effect from December 1, due to inflationary cost pressures

Castrol to pick up 7.09% stake in TVS family's Ki Mobility for Rs 488 cr

With this deal, which is Castrol's largest all-cash transaction, the firm aims to expand its presence in service and maintenance of ICE vehicles and EVs

EV company Motovolt Mobility raises Rs 16 cr in per-series A funding

The funds raised will primarily be used for new product introduction, marketing initiatives, and growing Motovolt's presence through more retail points pan India

Kia India profit down 25% in FY22 as tax outgo slams the brakes

Kia is one of the few unlisted global carmakers in India that saw a contraction in profits

Ultraviolette unveils India-made F77 electric motorcycle for Rs 3.8 lakh

Company says bike has the most advanced battery pack in the industry

LG develops 'Invisible' Thin Actuator Sound Solution for automobiles

LG Display has announced that it has developed the "Thin Actuator Sound Solution", a new sound technology for automobiles.

Indian techies writing 35% of 100 mn lines of code for the driverless car

Global auto Tier-1 firms already have 50,000-55,000 software engineers working in India, OEMs have another 25,000

Kia India looks to bring in more EV6 units to cater to pending orders

Kia India is looking to bring in more EV6 units into the country in order to cater to the pending bookings, the automaker said on Thursday. The company said it has delivered 200 units of the EV6, which comes as a completely built unit (CBU), to customers till date. This number is already twice the initially planned 100 units for the entire year, the South Korean automaker said in a statement. "Now, the company is planning to further increase the total allocation of EV6 in 2022 and complete most of the pending deliveries within this year," it added. The company had launched EV6 in the country in June this year, and the deliveries to customers began last month. "At the launch of EV6, amid the very positive response received, we had promised our customers to bring in more units of the EV6, over and above the initially allotted 100 units for 2022. Going forward, our focus will be on completing the deliveries of all the existing and new bookings at the earliest," Kia India Chief Sales .

Mahindra & Mahindra posts Rs 2,089 crore Q2 PAT, revenue at Rs 20,839 cr

Automobile major Mahindra & Mahindra Ltd on Friday said it had closed Q2FY23 with a net profit of Rs 2,089.92 crore.

Qualcomm's venture capital arm planning to pick up stakes in EV startups

The company is also open to mergers and acquisitions in the auto tech space

Bharat Forge's subsidiary bags $155.5 mn order to export artillery guns

Bharat Forge has been consolidating its defence and aerospace business under Kalyani Strategic Systems with an aim to target export opportunities in the defence sector

Europe leans on Asian firms for 'homegrown' electric vehicle batteries

French battery startup Verkor, for example, announced on Wednesday that it had raised 250 million euros ($249 million) to fund a megafactory

Switch Mobility aims to be in EV markets around the globe: CEO

Markets will come back after geopolitical turbulence and each company will have to make its own strategy, says Mahesh Babu

Vehicle finance sector to return to pre-Covid level by Q2 next fiscal: CIFC

Murugappa group's financial services unit says bad loans are down and it expects AUM to grow 25% this financial year