Page 60 - Electric Vehicles

Biden's new tariffs on Chinese EVs, steel adding to tensions with Beijing

The Biden administration announced plans to slap new tariffs on Chinese electric vehicles, advanced batteries, solar cells, steel, aluminum and medical equipment an election-year move that's likely to increase friction between the world's two largest economies. The tariffs come in the middle of a heated campaign between President Joe Biden and his Republican predecessor, Donald Trump, in which both candidates are vying to show who's tougher on China. The tariffs are unlikely to have much of an inflationary impact because of how they're structured. Administration officials said they think the tariffs won't escalate tensions with China, yet they expect that China will explore ways to respond to the new taxes on their products. It's uncertain what the long-term impact on prices could be if the tariffs contribute to a wider trade dispute. The tariffs are to be phased in over the next three years, with those that take effect in 2024 covering EVs, solar cells, syringes, needles, steel an

Murugappa Group to foray into e-SCV, plans to invest Rs 3,000 crore on EVs

This comes days after TI Clean Mobility signed a definitive agreement to raise Rs 580 crore from private equity firm GEF Capital Partners LLC

'Affordable' electric air taxis

They may not only be greener than battery-powered cars but also have the potential to upend the real estate market

Sterling Tools Q4 results: PAT doubles to Rs 16 cr on growth in EV division

Automotive parts manufacturer Sterling Tools Ltd's profit after tax doubled in the March quarter to Rs 16.3 crore driven by growth in its electric vehicle division. The company reported a profit after tax of Rs 7.8 crore in the year-ago period, Sterling Tools Ltd (STL) said in a statement. Total income in the January-March quarter jumped by 27 per cent to Rs 270.2 crore compared to Rs 212.7 crore in the last quarter of the previous year, the company said. For the full 2023-24 fiscal, the profit after tax rose by more than 15 per cent to Rs 55.4 crore against Rs 47.9 crore in the previous year. Total Income for FY24 rose by 21 per cent to Rs 938.5 crore as against Rs 774.9 crore, the company said. The Electric Vehicle (EV) division of the company, Sterling Gtake E-Mobility (SGEM), reported a 23 per cent growth in total income to Rs 323.8 crore in FY24 compared to Rs 174.3 crore in the year-ago period. The EV division accounts for 35% of FY24 consolidated revenue now against 23 per

US plans to impose new tariffs on EVs, other Chinese green energy imports

The Biden administration plans to impose major new tariffs on electric vehicles, semiconductors, solar equipment and medical supplies imported from China, according to a U.S. official and another person familiar with the plan. Tariffs on electric vehicles, in particular, could quadruple from the existing 25% to 100%. The plan was described by the people on condition of anonymity because they were not authorized to provide details ahead of a formal announcement. The tariffs, expected to be announced Tuesday, come as officials across the Democratic administration have expressed frustration over China's manufacturing overcapacity of EVs and other products that they say pose a threat to U.S. jobs and national security. Industrialized nations including the United States and its European allies fear a wave of low-priced Chinese exports will overwhelm domestic manufacturing. On the U.S. side, there is particular concern that China's green energy products will undermine massive ...

Why India's elections matter for growth

The reforms that may follow could help determine India's medium-term growth and economic aspirations

Brokerages cautious about stocks of city gas distribution companies

The gas sector faces competition from EVs that cut into demand for CNG vehicles

Biden set to impose tariffs on China's electric vehicles, strategic sectors

Specific sectors were also set to include semiconductors and solar equipment, according to one of the people

TVS Motor expects 25-30% of 2-wheeler sales to come from EVs: MD Sudarshan

TVS Motor Company expects electric vehicles to account for 25-30 per cent of its total two-wheeler sales in the next two to three years, according to Managing Director Sudarshan Venu. The company, which had earlier this year reiterated its commitment to invest Rs 5,000 crore towards design, development and deployment of future technologies, products, and digital capabilities, is betting big on electric mobility and may even look at electric bicycle and cargo three-wheelers, to have a full range of products. "EV sales will only go up...We believe that 25-30 per cent of TVS' (two-wheeler) sales will be EV (electric vehicles) in two to three years' time. We are investing to embrace that future and to launch exciting and aspirational products that will delight customers to buy them," Venu told PTI. In FY24, the company's EV sales grew by 101 per cent at 1.94 lakh units as against 97,000 units during 2022-23. TVS sold 19.9 lakh units of motorcycles and 15.7 lakh scooters in FY24. Venu s

Govt considers offering incentives for lithium processing: Report

Companies including SoftBank-backed e-scooter maker Ola Electric, and miner Vedanta Ltd and Jindal Power are among those bidding for critical minerals blocks, which include lithium

Amazon unveils first electric seaport trucks amid push to slash emissions

The e-commerce giant said it already has eight of those semi trucks in use at the Los Angeles/Long Beach port complex, where every so-called drayage truck must be zero-emissions by 2035

Tesla's China manufactured electric vehicle sales decline 18% in April

The sharp slide contrasts with rising EV sales in the world's largest auto market, albeit at the slowest pace in a year in the first quarter, amid slowing demand and a ferocious price war

GreenCell Mobility gets Rs 300 crore credit from SMBC for UP e-bus project

Under the terms of the agreement, SMBC has extended a long-term project finance facility to GreenCell Mobility for its 350 electric buses project in Uttar Pradesh, the company said in a statement

Toyota Motors to get an earnings lift from hybrids as EV hype cools

As global demand for battery-powered EVs has slowed, Toyota has cashed in by selling more hybrids, which come with relatively higher margins than regular gasoline cars

TI Clean Mobility to raise Rs 580 crore from GEF Capital Partners

TICMPL focuses on creating electric vehicle (EV) native commercial vehicle platforms across three-wheelers, tractors, and small and heavy commercial vehicles

Tesla lays off more staff in software, engineering, service teams: Report

The EV maker has been under pressure from dropping sales and an intensifying price war among automakers as elevated interest rates have slowed the adoption of electric vehicles

Tesla pullback puts onus on other firms to build electric vehicle chargers

"There is certainly a psychological component," said Robert Zabors, a senior partner at Roland Berger, a consulting firm. "Availability and reliability are critical to overall EV adoption."

Information from three Chinese EV manufacturers insufficient, says EU

Geely is insufficient, it could use evidence available elsewhere to compute tariffs, a move that can inflate them

Over 90% of fund gets used before FAME deadline; supports 1.5 mn vehicles

Government officials stated that some more funds will also be utilised for vehicles that were sold before 31 March but have not yet applied for incentives

Large order book, EV growh to drive auto parts maker Sona's growth

Company gains market share in its top three markets of North America, India, EU