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17Oct By reutersNo Comments

CHINA

Tesla gets Approval to Start Manufacturing in China

SHANGHAI, 17th Oct 2019- China’s industry ministry said that the Tesla Inc was added to a government list of approved automotive manufacturers, as it granted the electric-vehicle maker a certificate it needs to start production in the country. The list was published by the Ministry of Industry and Information Technology. This means “the green light is fully given to Tesla for production in China,” said Yale Zhang, head of the Shanghai-based consultancy Automotive Foresight. Tesla can start production any time, he said Tesla did not immediately respond to an e-mailed request for comment. The $2 billion factory it is building in the eastern Chinese city of Shanghai is its first car manufacturing site overseas. Reuters reported earlier this month that Tesla plans to start product...

Tesla reports huge Q2 Loss, Shares plunge 10 percent

25Jul By PriyankaNo Comments

Market

Tesla reports huge Q2 Loss, Shares plunge 10 percent

Tesla shares have plunged as the electric carmaker reported a bigger loss in Q2. Tesla reported a second-quarter loss of $408 million or $1.12 per share compared to the loss of 40 cents forecast by analysts. Shares tumbled 10 percent to USD 238.39 in after-hours trading. Overall revenues jumped 66 percent from a year earlier to $5.2 billion as Tesla reported sharply higher deliveries of its Model 3, the most affordable vehicle in its lineup and the hope for giving the company a wider customer base."We achieved record deliveries of 95,356 vehicles and record production of 87,048 vehicles, surpassing our previous quarterly records," Tesla said in a letter to investors. "This is an important milestone as it represents rapid progress in managing global logistics and delivery operation...

15Jan By NitishNo Comments

Automobile

Cadillac entering into Electric Car Segment With Crossover Vehicle

Luxury car brand Cadillac is entering into the electric vehicle segment with crossover vehicle launch. GM plans to launch Cadillac its lead electric vehicle brand to compete against Tesla and with other EV automakers. GM unveils the images of the full-size crossover SUV during a debut party for the 2020 Cadillac XT6 in Detroit. Cadillac furthered its recent product blitz today with the reveal of the brand’s first EV. This will be the first model derived from GM’s future EV platform. GM announced on Friday that Cadillac will be at the vanguard of the company’s move towards an all-electric future. However, Cadillac yet not revealed the name of electric crossover and additional details but said that all information will share closer to launch. The electric vehicle design will...

Top 5 Electric Vehicles to Buy at Auto Expo 2018

14Feb By RishabhNo Comments

Story

Top 5 Electric Vehicles to Buy at Auto Expo 2018

Auto Expo 2018 has been more of an Electric Vehicle Expo! Almost every company that participated in the event has announced or showcased its plans for next generation electric vehicles. It is certain that the electric vehicles are the future of transport industry- from motorbikes, scooters, and cars to big trucks. This years Auto Expo also received a good response from the audience, where Electric Vehicles were quite attractive. Apart from major OEMs like Maruti Suzuki, Tata Motors, Ashok Leyland, Mahindra & Mahindra and many more, many startups from all across the globe actively participated in the Auto Expo 2018. "Auto Expo is all about showcasing the new product, technologies and take customer feedback. it will be an interesting show for not just OEMs, supply chain but for cus...

India’s First Electric Bike Launched at Auto Expo 2018

8Feb By RishabhNo Comments

Automobile, Tech

India’s First Electric Bike Launched at Auto Expo 2018

Bengaluru based tech startup Emflux Motors has launched India's first electric superbike what they call 'Emflux One' at the Auto Expo 2018 amidst high speed electric cars. The obvious, Kitna deti hai(what is the average and price)? Emflux One is a high-power beauty powered by Samsung's Li-Ion Batteries, that includes the Samsung SDi Cells which gives it a 200 km pump without compromising on acceleration and speed, the company says. The bike is powered by 60 kW AC induction motor, with power limited to 53 kW from the controller, which gives it a speed of 200 kmph (around 124 mph). The bike can reach from 0-100 km/h in just 3 seconds (for techies out there - the motor provides a torque of 84 Nm @ 8400 rpm, which is pretty amazing given it is battery powered). The highway r...

Singapore’s Electric Car-Sharing Programme Hits The Road

12Dec By reutersNo Comments

News

Singapore’s Electric Car-Sharing Programme Hits The Road

Singapore launched on Tuesday its first large-scale electric car-sharing programme through which the land-scarce city-state hopes to provide commuters with more transport options and steer them away from the need to buy their own cars. The service, which will be run for a decade by BlueSG, a unit of France’s Bollore Group, is a part of Singapore’s plans to reduce the number of vehicles on its roads and encourage the use of public transport. The city-state, one of the world’s most expensive places to own a car, said in October it would not allow any net growth in its car population from February next year citing the scarcity of land and the push to develop its public transport system. Singapore, with well-maintained roads and relatively smooth traffic conditions, has also been enc...

Automaker Mahindra Wants To Sell Electric Vehicles In U.S.

21Nov By reutersNo Comments

USA

Automaker Mahindra Wants To Sell Electric Vehicles In U.S.

Mahindra & Mahindra Ltd, one of India’s oldest vehicle manufacturers, is testing autonomous tractors, trucks and cars, while moving closer to bringing electric vehicles to the United States, Chairman Anand Mahindra said on Monday. The company, which opened a new North American headquarters north of Detroit on Monday, is considering when to begin U.S. sales of the vehicles, Anand Mahindra said in an interview. It is also weighing whether the vehicles should carry the Mahindra brand or those of its affiliates Pininfarina, the famed Italian design house; and Ssangyong Motor Co, a Korean manufacturer of utility and crossover vehicles, he added. Mahindra & Mahindra bought Ssangyong in 2011 and Pininfarina in 2015. The Indian parent is collaborating with both companies on the developm...

Tesla’s Unfettered Ambition Will Drain Finances: Analysts

18Nov By reutersNo Comments

ANALYSIS

Tesla’s Unfettered Ambition Will Drain Finances: Analysts

Tesla Inc may have to ask creditors and shareholders for more capital to fund development of an electric semi truck, a new roadster and accelerated production of a high-volume electric sedan, analysts said on Friday. Musk unveiled one flashy strategy for generating cash during the launch event Thursday for the Semi truck, surprising the audience with a prototype of a new generation of the Tesla Roadster. Musk promised the Roadster will be the fastest production car available. The first 1,000 cars will cost $250,000 each, paid in full upfront, with later models starting at $200,000. Those deposits would put $250 million into Tesla’s cash drawer today for a car that is likely to go into production in 2020. Musk did not offer details about how Tesla would generate additional funds to...

Tesla Reaffirms Effort To Build Cars In China; Mum On Deal Report

23Oct By reutersNo Comments

News

Tesla Reaffirms Effort To Build Cars In China; Mum On Deal Report

Electric car maker Tesla Inc reaffirmed on Sunday it is talking with the Shanghai municipal government to set up a factory in the region and expects to agree on a plan by the end of the year, but declined to comment on a report that a deal has been reached. China levies a 25 percent duty on sales of imported vehicles and has not allowed foreign automakers to establish wholly owned factories in the country, the world’s largest auto market. Those are problems for Tesla, which wants to expand its presence in China’s growing electric vehicle market without compromising its independence or intellectual property. China’s government has considered allowing foreign automakers to set up wholly owned factories in free trade zones in part to encourage more production of electric and hybrid vehi...

Tesla Fired Hundreds of Employees in Past Week

14Oct By reutersNo Comments

USA

Tesla Fired Hundreds of Employees in Past Week

Luxury electric vehicle maker Tesla Inc fired about 400 employees this week, including associates, team leaders and supervisors, a former employee told Reuters on Friday. The dismissals were a result of a company-wide annual review, Tesla said in an emailed statement, without confirming the number of employees leaving the company. “It’s about 400 people ranging from associates to team leaders to supervisors. We don’t know how high up it went,” said the former employee, who worked on the assembly line and did not want to be identified. Though Tesla cited performance as the reason for the firings, the source told Reuters he was fired in spite of never having been given a bad review. RELATED Tesla To Raise $1.5 Bn Junk Bond To Fund Model 3 Production The Palo Alto, Californ...

M&M Says Price Quoted By Tata For Electric Cars Is ‘Hard To Comprehend’

6Oct By PriyankaNo Comments

INDIA

M&M Says Price Quoted By Tata For Electric Cars Is ‘Hard To Comprehend’

Mahindra & Mahindra, the sole maker of electric cars says the bid by rival Tata Motors which it bid in the contract with Energy Efficiency Services (EESL) is too low. “We find the price (quoted by Tata Motors) hard to comprehend,” Mahindra managing director Pawan Goenka said. Last week, Tata Motors offered to supply the electric vehicles at Rs 11.2 lakh each, inclusive of the GST and a five-year warranty. Mahindra quoted more than Rs 13 lakh and subsequently agreed to match the bid by Tata Motors to win part of the order. The tender was for 10,000 vehicles. Tata Motors earlier was supposed to supply the electric vehicles (EVs) in two phases– 500 e-cars in the first phase in November 2017 and the remaining 9,500 EVs in the second phase. But now, since M&M has qualified, it will...

After Tata, Mahindra & Mahindra Bagged The Electric Car Contract From Indian Government

5Oct By PriyankaNo Comments

BUSINESS

After Tata, Mahindra & Mahindra Bagged The Electric Car Contract From Indian Government

State run Energy Efficiency Services (EESL) on Wednesday said that Mahindra & Mahindra has matched the Tata Motor's lowest bid price to supply 150 electric vehicles. The stocks of Mahindra & Mahindra shot up by 2% as soon as the it grabbed the deal. "Post the tender opening, Tata Motors had emerged as the lowest bidder and Mahindra as the second lowest bidder. Mahindra has agreed to match the lowest bidding pricing for phase I and has, therefore, qualified to supply 150 electric vehicles, as per the tender conditions," State-run Energy Efficiency Services Limited (EESL) said in a statement. Tata Motors earlier was supposed to supply the electric vehicles (EVs) in two phases– 500 e-cars in the first phase in November 2017 and the remaining 9,500 EVs in the second phase. But now...