The Biden administration has officially confirmed a series of substantial tariff increases on Chinese imports, marking a significant escalation in the ongoing trade tensions between the United States and China. The U.S. Trade Representative's office announced on Friday that many of these tariffs, including a striking 100% duty on Chinese electric vehicles (EVs), will take effect on September 27, 2023.

This decision, which concludes a comprehensive two-year review of tariffs initially imposed during the Trump administration, largely maintains the increases proposed by President Joe Biden in May. The new tariff structure includes a 50% duty on solar cells and a 25% tariff on steel, aluminium, EV batteries, and key minerals. Additionally, a 50% duty on Chinese semiconductors, now expanded to include silicon wafers and polysilicon used in solar panels, is scheduled to begin in 2025.

The administration has also retained the tariffs implemented by former President Donald Trump on over USD 300 billion worth of Chinese goods. These existing tariffs, ranging from 7.5% to 25%, cover a wide array of products including toys, textiles, internet routers, and industrial machinery.

Lael Brainard, the top White House economic adviser, defended the decision in an interview, emphasising the need to counter China's state-driven subsidies and technology transfer policies. Brainard stated, "The 100% tariff on electric vehicles here does reflect the very significant unfair cost advantage that Chinese electric vehicles in particular are using to dominate car markets at a breathtaking pace in other parts of the world."

The move has drawn criticism from various industry sectors, with concerns raised about potential supply chain disruptions and the effectiveness of tariffs in addressing China's industrial practices. Jason Oxman, President of the Information Technology Industries Council, expressed disappointment, noting that previous tariffs have cost American businesses and consumers USD 221 billion without significantly altering Chinese trade policies.

Automakers' pleas for lower tariffs on critical minerals and graphite used in EV battery production were largely disregarded, reflecting the administration's determination to reduce dependence on Chinese supplies in strategic industries. This stance aligns with broader U.S. efforts to invest heavily in domestic EV, solar, and semiconductor sectors through tax subsidies.

The tariff decision comes at a politically sensitive time, with both Vice President Kamala Harris and former President Donald Trump courting voters in auto and steel-producing states ahead of the November presidential election. Trump has gone further, vowing to impose 60% tariffs on all Chinese imports if re-elected.

Internationally, the U.S. move mirrors similar actions by the European Union and Canada, with the latter matching the 100% duties on Chinese EVs.

The final tariff structure does include some concessions and temporary relief measures. U.S. port operators facing a new 25% tariff on large ship-to-shore cranes will be granted exclusions for orders placed before May 14, 2023, as long as they are delivered by May 14, 2026. This provision aims to mitigate the immediate impact on an industry where China is the dominant supplier with no U.S. producers.

In the medical sector, tariffs on face masks and surgical gloves have been increased to 50% from the initially proposed 25%, but with a delayed start to allow for a transition to non-Chinese suppliers. Notably, the duty on Chinese syringes will immediately rise to 100%, with a temporary one-year exclusion for enteral syringes used in infant feeding.

The USTR has also indicated it will consider requests for tariff exclusions in five Chinese industrial machinery categories, including equipment for purifying or filtering liquids, industrial robots, and printing machinery.

China's response to these tariff hikes has been swift and critical. A spokesperson for the Chinese embassy in Washington warned that the tariffs would "backfire" and fail to suppress China or resolve U.S. industrial problems. The spokesperson stated, "The 301 tariff is the product of unilateralism and protectionism, and it reflects the hegemonic nature of U.S. power politics," adding that China would take all necessary measures to protect its interests.

The Biden administration has officially confirmed a series of substantial tariff increases on Chinese imports, marking a significant escalation in the ongoing trade tensions between the United States and China.

The Biden administration has officially confirmed a series of substantial tariff increases on Chinese imports, marking a significant escalation in the ongoing trade tensions between the United States and China. The U.S. Trade Representative's office announced on Friday that many of these tariffs, including a striking 100% duty on Chinese electric vehicles (EVs), will take effect on September 27, 2023. This decision, which concludes a comprehensive two-year review of tariffs initially imposed during the Trump administration, largely maintains the increases proposed by President Joe Biden in May. The new tariff structure includes a 50% duty on solar cells and a 25% tariff on steel, aluminium, EV batteries, and key minerals. Additionally, a 50% duty on Chinese semiconductors, now expanded to include silicon wafers and polysilicon used in solar panels, is scheduled to begin in 2025. The administration has also retained the tariffs implemented by former President Donald Trump on over USD 300 billion worth of Chinese goods. These existing tariffs, ranging from 7.5% to 25%, cover a wide array of products including toys, textiles, internet routers, and industrial machinery. Lael Brainard, the top White House economic adviser, defended the decision in an interview, emphasising the need to counter China's state-driven subsidies and technology transfer policies. Brainard stated, "The 100% tariff on electric vehicles here does reflect the very significant unfair cost advantage that Chinese electric vehicles in particular are using to dominate car markets at a breathtaking pace in other parts of the world." The move has drawn criticism from various industry sectors, with concerns raised about potential supply chain disruptions and the effectiveness of tariffs in addressing China's industrial practices. Jason Oxman, President of the Information Technology Industries Council, expressed disappointment, noting that previous tariffs have cost American businesses and consumers USD 221 billion without significantly altering Chinese trade policies. Automakers' pleas for lower tariffs on critical minerals and graphite used in EV battery production were largely disregarded, reflecting the administration's determination to reduce dependence on Chinese supplies in strategic industries. This stance aligns with broader U.S. efforts to invest heavily in domestic EV, solar, and semiconductor sectors through tax subsidies. The tariff decision comes at a politically sensitive time, with both Vice President Kamala Harris and former President Donald Trump courting voters in auto and steel-producing states ahead of the November presidential election. Trump has gone further, vowing to impose 60% tariffs on all Chinese imports if re-elected. Internationally, the U.S. move mirrors similar actions by the European Union and Canada, with the latter matching the 100% duties on Chinese EVs. The final tariff structure does include some concessions and temporary relief measures. U.S. port operators facing a new 25% tariff on large ship-to-shore cranes will be granted exclusions for orders placed before May 14, 2023, as long as they are delivered by May 14, 2026. This provision aims to mitigate the immediate impact on an industry where China is the dominant supplier with no U.S. producers. In the medical sector, tariffs on face masks and surgical gloves have been increased to 50% from the initially proposed 25%, but with a delayed start to allow for a transition to non-Chinese suppliers. Notably, the duty on Chinese syringes will immediately rise to 100%, with a temporary one-year exclusion for enteral syringes used in infant feeding. The USTR has also indicated it will consider requests for tariff exclusions in five Chinese industrial machinery categories, including equipment for purifying or filtering liquids, industrial robots, and printing machinery. China's response to these tariff hikes has been swift and critical. A spokesperson for the Chinese embassy in Washington warned that the tariffs would "backfire" and fail to suppress China or resolve U.S. industrial problems. The spokesperson stated, "The 301 tariff is the product of unilateralism and protectionism, and it reflects the hegemonic nature of U.S. power politics," adding that China would take all necessary measures to protect its interests.

U.S. finalises steep tariff hikes on Chinese imports

JSW MG Motor India, a joint venture between Chinese automotive giant SAIC Motor and Indian conglomerate JSW Group, has unveiled plans to enter the luxury car segment with a new brand called 'MG Select'. The company announced on Monday that it intends to launch its first premium vehicle under this brand by the end of the first quarter of 2025, marking a significant expansion of its product portfolio in the Indian market.

The announcement comes as part of JSW MG Motor India's strategic initiative to capitalise on the growing opportunities in India's premium automotive sector. The company plans to introduce four new luxury models over the next two years, signalling an aggressive push into the high-end market segment.

"This move reflects the company's strategic response to opportunities in the premium automotive market," stated JSW MG Motor India in an official release. The decision to launch a luxury brand underscores the company's ambition to diversify its offerings and target a more affluent customer base.

The joint venture between SAIC and JSW was formed in December 2023, with the Indian conglomerate acquiring a 35% stake in the operation. This partnership was seen as a strategic move to strengthen MG Motor's position in the Indian market, where it has faced challenges due to regulatory scrutiny of Chinese investments.

Currently, MG Motor's lineup in India includes popular SUV models such as the Hector and Gloster. The company has also made inroads into the electric vehicle (EV) market with two offerings: the compact Comet EV and the larger ZS EV. These models have helped MG Motor establish a presence in the Indian automotive landscape, albeit with a modest market share of approximately 1% in the passenger vehicle segment.

The luxury brand 'MG Select' is set to offer a diverse range of powertrains, including fully electric vehicles, hybrids, and plug-in hybrids. This multi-pronged approach aligns with the global automotive trend towards electrification while catering to various consumer preferences in the luxury segment.

To support the new brand, JSW MG Motor India plans to establish dedicated showrooms across the country. This move is likely aimed at creating a distinct premium experience for potential buyers and setting 'MG Select' apart from the company's existing mass-market offerings.

While specific pricing details for the upcoming luxury models have not been disclosed, the company's current product range is priced between approximately INR 1 million (USD 11,922) and INR 3.9 million (USD 46,496). The luxury offerings are expected to be positioned at higher price points, competing with established premium brands in the Indian market.

The luxury car segment in India is currently dominated by German automaker Mercedes-Benz, which leads sales in this niche but lucrative market. By entering this space, JSW MG Motor India is positioning itself to compete not only with Mercedes-Benz but also with other luxury car manufacturers operating in the country.

This strategic move comes at a time when MG Motor has been facing challenges in expanding its footprint in India. The brand, owned by China's SAIC, has encountered obstacles as the Indian government has sought to limit investments from Chinese entities in sensitive sectors, including the automotive industry. The partnership with JSW Group is seen as a way to navigate these regulatory challenges and strengthen MG Motor's position in the Indian market.

As JSW MG Motor India prepares to launch its luxury brand, industry observers will be keenly watching how 'MG Select' positions itself in a competitive market segment. The success of this venture could potentially reshape the luxury car landscape in India and provide a significant boost to the company's overall market presence and brand image.

JSW MG Motor India, a joint venture between Chinese automotive giant SAIC Motor and Indian conglomerate JSW Group, has unveiled plans to enter the luxury car segment with a new brand called 'MG Select'.

JSW MG Motor India, a joint venture between Chinese automotive giant SAIC Motor and Indian conglomerate JSW Group, has unveiled plans to enter the luxury car segment with a new brand called 'MG Select'. The company announced on Monday that it intends to launch its first premium vehicle under this brand by the end of the first quarter of 2025, marking a significant expansion of its product portfolio in the Indian market. The announcement comes as part of JSW MG Motor India's strategic initiative to capitalise on the growing opportunities in India's premium automotive sector. The company plans to introduce four new luxury models over the next two years, signalling an aggressive push into the high-end market segment. "This move reflects the company's strategic response to opportunities in the premium automotive market," stated JSW MG Motor India in an official release. The decision to launch a luxury brand underscores the company's ambition to diversify its offerings and target a more affluent customer base. The joint venture between SAIC and JSW was formed in December 2023, with the Indian conglomerate acquiring a 35% stake in the operation. This partnership was seen as a strategic move to strengthen MG Motor's position in the Indian market, where it has faced challenges due to regulatory scrutiny of Chinese investments. Currently, MG Motor's lineup in India includes popular SUV models such as the Hector and Gloster. The company has also made inroads into the electric vehicle (EV) market with two offerings: the compact Comet EV and the larger ZS EV. These models have helped MG Motor establish a presence in the Indian automotive landscape, albeit with a modest market share of approximately 1% in the passenger vehicle segment. The luxury brand 'MG Select' is set to offer a diverse range of powertrains, including fully electric vehicles, hybrids, and plug-in hybrids. This multi-pronged approach aligns with the global automotive trend towards electrification while catering to various consumer preferences in the luxury segment. To support the new brand, JSW MG Motor India plans to establish dedicated showrooms across the country. This move is likely aimed at creating a distinct premium experience for potential buyers and setting 'MG Select' apart from the company's existing mass-market offerings. While specific pricing details for the upcoming luxury models have not been disclosed, the company's current product range is priced between approximately INR 1 million (USD 11,922) and INR 3.9 million (USD 46,496). The luxury offerings are expected to be positioned at higher price points, competing with established premium brands in the Indian market. The luxury car segment in India is currently dominated by German automaker Mercedes-Benz, which leads sales in this niche but lucrative market. By entering this space, JSW MG Motor India is positioning itself to compete not only with Mercedes-Benz but also with other luxury car manufacturers operating in the country. This strategic move comes at a time when MG Motor has been facing challenges in expanding its footprint in India. The brand, owned by China's SAIC, has encountered obstacles as the Indian government has sought to limit investments from Chinese entities in sensitive sectors, including the automotive industry. The partnership with JSW Group is seen as a way to navigate these regulatory challenges and strengthen MG Motor's position in the Indian market. As JSW MG Motor India prepares to launch its luxury brand, industry observers will be keenly watching how 'MG Select' positions itself in a competitive market segment. The success of this venture could potentially reshape the luxury car landscape in India and provide a significant boost to the company's overall market presence and brand image.

JSW MG Motor India announces the launch of the luxury car brand 'MG Select'

Hennessey Special Vehicles, the renowned Texas-based hypercar manufacturer, has unveiled its latest creation: the Venom F5-M Roadster. This new model is set to become the world's most powerful manual production car, marking a significant milestone in the automotive industry.

The Venom F5-M Roadster is a testament to Hennessey's commitment to pushing the boundaries of automotive engineering. At the heart of this groundbreaking vehicle is a gated six-speed manual transmission, a feature that sets it apart in an era dominated by automatic and paddle-shift gearboxes. This decision reflects Hennessey's focus on delivering an unparalleled driving experience that prioritises driver engagement and sensory feedback.

John Hennessey, founder and CEO of Hennessey Special Vehicles, expressed his enthusiasm for the project: "We are thrilled to offer the Venom F5-M Roadster – the world's most powerful manual. This is something we've always wanted to build, and it's a response to our clients' requests. It's old school, it's badass, and it offers ultimate driving engagement."

The vehicle's powertrain is centred around Hennessey's proprietary Fury V8 engine, capable of producing an astounding 1,817 bhp. This power output, combined with the manual transmission, presents a unique engineering challenge. Hennessey's team, led by engineering expert Brian Jones, has meticulously remapped the engine and optimised gear ratios to ensure that this immense power can be effectively and safely transferred to the road through the rear wheels.

Only 12 units of the Venom F5-M Roadster will be produced, each with a starting price of $2.65 million. Despite the hefty price tag, all units have already been sold, underscoring the high demand for exclusive, high-performance vehicles among automotive enthusiasts.

The Venom F5-M Roadster boasts several distinctive design features that set it apart from its predecessors. Most notably, it features a massive 55-inch (1,400 mm) dorsal fin extending from the roof-mounted air scoop to the rear deck's edge. This not only enhances the car's aerodynamic performance but also contributes to its striking visual appeal.

Inside the cockpit, the manual transmission takes centre stage. The gear shifter, crafted from aluminium and carbon fibre, is positioned for optimal driver interaction. The six-speed gate, milled from billet aluminium, further emphasises the car's focus on providing a tactile, engaging driving experience.

Nathan Malinick, Hennessey's Director of Design, highlighted the car's unique character: "We're extreme, we're authentic, and we're distinctly American. These characteristics are evident in the F5-M's design, both inside and out, and in its performance. This is a car for driving enthusiasts who crave unparalleled power, dramatic design, and an incomparable driving experience."

The exterior of the F5-M features a bespoke livery that accentuates the car's lines and open-top design, drawing inspiration from heritage motorsport aesthetics. The design incorporates exposed carbon fibre with contrasting accent stripes that flow from the front to the rear, visually connecting the exterior with the redesigned cockpit.

The Venom F5-M Roadster builds upon the legacy of its predecessor, the Hennessey Venom GT Spyder, which still holds the record for the world's fastest convertible road car. The Venom GT Spyder, also equipped with a six-speed manual transmission, set a world record in 2016 with a top speed of 265.6 mph.

All design, specification, and construction work for the Venom F5 series, including the new F5-M Roadster, is carried out at Hennessey's headquarters in Sealy, Texas. The company has already delivered 24 semi-automatic Venom F5 Coupe, Roadster, and Revolution models to customers worldwide.

The introduction of the Venom F5-M Roadster represents a bold move by Hennessey in an automotive landscape increasingly dominated by electric and autonomous technologies. By focusing on raw power, driver engagement, and limited production, Hennessey is catering to a niche market of enthusiasts who value the visceral experience of controlling a high-performance machine.

Hennessey Special Vehicles, the renowned Texas-based hypercar manufacturer, has unveiled its latest creation: the Venom F5-M Roadster. This new model is set to become the world's most powerful manual production car, marking a significant milestone in the automotive industry.

Hennessey Special Vehicles, the renowned Texas-based hypercar manufacturer, has unveiled its latest creation: the Venom F5-M Roadster. This new model is set to become the world's most powerful manual production car, marking a significant milestone in the automotive industry. The Venom F5-M Roadster is a testament to Hennessey's commitment to pushing the boundaries of automotive engineering. At the heart of this groundbreaking vehicle is a gated six-speed manual transmission, a feature that sets it apart in an era dominated by automatic and paddle-shift gearboxes. This decision reflects Hennessey's focus on delivering an unparalleled driving experience that prioritises driver engagement and sensory feedback. John Hennessey, founder and CEO of Hennessey Special Vehicles, expressed his enthusiasm for the project: "We are thrilled to offer the Venom F5-M Roadster – the world's most powerful manual. This is something we've always wanted to build, and it's a response to our clients' requests. It's old school, it's badass, and it offers ultimate driving engagement." The vehicle's powertrain is centred around Hennessey's proprietary Fury V8 engine, capable of producing an astounding 1,817 bhp. This power output, combined with the manual transmission, presents a unique engineering challenge. Hennessey's team, led by engineering expert Brian Jones, has meticulously remapped the engine and optimised gear ratios to ensure that this immense power can be effectively and safely transferred to the road through the rear wheels. Only 12 units of the Venom F5-M Roadster will be produced, each with a starting price of $2.65 million. Despite the hefty price tag, all units have already been sold, underscoring the high demand for exclusive, high-performance vehicles among automotive enthusiasts. The Venom F5-M Roadster boasts several distinctive design features that set it apart from its predecessors. Most notably, it features a massive 55-inch (1,400 mm) dorsal fin extending from the roof-mounted air scoop to the rear deck's edge. This not only enhances the car's aerodynamic performance but also contributes to its striking visual appeal. Inside the cockpit, the manual transmission takes centre stage. The gear shifter, crafted from aluminium and carbon fibre, is positioned for optimal driver interaction. The six-speed gate, milled from billet aluminium, further emphasises the car's focus on providing a tactile, engaging driving experience. Nathan Malinick, Hennessey's Director of Design, highlighted the car's unique character: "We're extreme, we're authentic, and we're distinctly American. These characteristics are evident in the F5-M's design, both inside and out, and in its performance. This is a car for driving enthusiasts who crave unparalleled power, dramatic design, and an incomparable driving experience." The exterior of the F5-M features a bespoke livery that accentuates the car's lines and open-top design, drawing inspiration from heritage motorsport aesthetics. The design incorporates exposed carbon fibre with contrasting accent stripes that flow from the front to the rear, visually connecting the exterior with the redesigned cockpit. The Venom F5-M Roadster builds upon the legacy of its predecessor, the Hennessey Venom GT Spyder, which still holds the record for the world's fastest convertible road car. The Venom GT Spyder, also equipped with a six-speed manual transmission, set a world record in 2016 with a top speed of 265.6 mph. All design, specification, and construction work for the Venom F5 series, including the new F5-M Roadster, is carried out at Hennessey's headquarters in Sealy, Texas. The company has already delivered 24 semi-automatic Venom F5 Coupe, Roadster, and Revolution models to customers worldwide. The introduction of the Venom F5-M Roadster represents a bold move by Hennessey in an automotive landscape increasingly dominated by electric and autonomous technologies. By focusing on raw power, driver engagement, and limited production, Hennessey is catering to a niche market of enthusiasts who value the visceral experience of controlling a high-performance machine.

Hennessey unveils world's most powerful manual hypercar: Venom F5-M Roadster

In a significant development for Thailand's burgeoning electric vehicle (EV) industry, major manufacturers are seeking to renegotiate government incentives as sales figures fail to meet projected targets. The Electric Vehicle Association of Thailand (EVAT), representing a coalition of Chinese and Japanese firms, has approached the government with a proposal to extend production deadlines set under the current incentive scheme.

Thailand, long renowned as a regional automotive manufacturing hub, has invested heavily in transforming itself into a centre for EV production. The government's EV 3.0 plan, which offered substantial tax breaks and other support measures, successfully attracted over USD 1.44 billion in investments from Chinese EV makers such as BYD Motors and Great Wall Motor. This influx of capital was intended to catalyse Thailand's transition from traditional automobile manufacturing to becoming a key player in the global EV market.

However, the industry is now grappling with unforeseen challenges. Suroj Sangsnit, President of EVAT and Executive Vice President of SAIC Motor-CP, revealed in an exclusive interview with Reuters that the association is negotiating with the government to extend production deadlines. "We're trying to negotiate, extend the production date a little," Sangsnit stated. "The conditions say we have to produce within a year, so can we ask for another year?"

The current EV 3.0 plan mandates that companies receiving incentives must produce in Thailand this year the equivalent number of vehicles they imported between 2022 and 2023. Failure to meet this deadline results in a more stringent requirement for the following year, obligating manufacturers to produce 1.5 cars for each imported vehicle.

Major Chinese companies at the forefront of this push for change include BYD, MG Motor (owned by SAIC Motor Corp), and Great Wall Motor. These firms, which have made substantial investments in Thailand's EV sector, are now seeking flexibility in light of market realities.

The request for deadline extensions is part of a broader strategy by the EV industry to address lower-than-expected sales. Earlier this year, industry representatives met with Thai central bank officials to discuss challenges facing the sector. One key outcome of these discussions was a potential revision in how banks calculate income for auto loan applications, potentially considering household income rather than individual earnings.

The slowdown in EV sales is reflective of wider economic challenges in Thailand. New EV sales this year have reached only 43,000 units, far below EVAT's target of 100,000. This underperformance mirrors a broader contraction in the Thai auto industry, with car production declining by 17.28% in the first seven months of 2024 compared to the previous year.

Several factors contribute to this sluggish market performance. Suroj Sangsnit pointed out that banks have become hesitant to issue EV loans due to deep discounts affecting asset prices. Moreover, Thailand's record-high household debt levels are constraining credit availability, making it increasingly difficult for consumers to finance EV purchases.

The situation is further complicated by Thailand's ambitious goal of converting 30% of its annual vehicle output of approximately 2 million to electric vehicles by 2030. This target, while ambitious, now faces significant hurdles given the current market conditions.

As the industry awaits a response from the government, the Board of Investment, which oversees the incentive scheme, has refrained from commenting without guidance from the cabinet of new Prime Minister Paetongtarn Shinawatra. This cautious approach underscores the delicate balance between supporting a nascent industry and ensuring fiscal responsibility.

The outcome of these negotiations could have far-reaching implications for Thailand's automotive sector and its aspirations to become a leading EV producer in Southeast Asia. If successful, the proposed extensions could provide much-needed breathing room for manufacturers to align their production capabilities with market demand. However, it also raises questions about the long-term viability of the current incentive structure and whether additional measures might be necessary to stimulate EV adoption among Thai consumers.

In a significant development for Thailand's burgeoning electric vehicle (EV) industry, major manufacturers are seeking to renegotiate government incentives as sales figures fail to meet projected targets.

In a significant development for Thailand's burgeoning electric vehicle (EV) industry, major manufacturers are seeking to renegotiate government incentives as sales figures fail to meet projected targets. The Electric Vehicle Association of Thailand (EVAT), representing a coalition of Chinese and Japanese firms, has approached the government with a proposal to extend production deadlines set under the current incentive scheme. Thailand, long renowned as a regional automotive manufacturing hub, has invested heavily in transforming itself into a centre for EV production. The government's EV 3.0 plan, which offered substantial tax breaks and other support measures, successfully attracted over USD 1.44 billion in investments from Chinese EV makers such as BYD Motors and Great Wall Motor. This influx of capital was intended to catalyse Thailand's transition from traditional automobile manufacturing to becoming a key player in the global EV market. However, the industry is now grappling with unforeseen challenges. Suroj Sangsnit, President of EVAT and Executive Vice President of SAIC Motor-CP, revealed in an exclusive interview with Reuters that the association is negotiating with the government to extend production deadlines. "We're trying to negotiate, extend the production date a little," Sangsnit stated. "The conditions say we have to produce within a year, so can we ask for another year?" The current EV 3.0 plan mandates that companies receiving incentives must produce in Thailand this year the equivalent number of vehicles they imported between 2022 and 2023. Failure to meet this deadline results in a more stringent requirement for the following year, obligating manufacturers to produce 1.5 cars for each imported vehicle. Major Chinese companies at the forefront of this push for change include BYD, MG Motor (owned by SAIC Motor Corp), and Great Wall Motor. These firms, which have made substantial investments in Thailand's EV sector, are now seeking flexibility in light of market realities. The request for deadline extensions is part of a broader strategy by the EV industry to address lower-than-expected sales. Earlier this year, industry representatives met with Thai central bank officials to discuss challenges facing the sector. One key outcome of these discussions was a potential revision in how banks calculate income for auto loan applications, potentially considering household income rather than individual earnings. The slowdown in EV sales is reflective of wider economic challenges in Thailand. New EV sales this year have reached only 43,000 units, far below EVAT's target of 100,000. This underperformance mirrors a broader contraction in the Thai auto industry, with car production declining by 17.28% in the first seven months of 2024 compared to the previous year. Several factors contribute to this sluggish market performance. Suroj Sangsnit pointed out that banks have become hesitant to issue EV loans due to deep discounts affecting asset prices. Moreover, Thailand's record-high household debt levels are constraining credit availability, making it increasingly difficult for consumers to finance EV purchases. The situation is further complicated by Thailand's ambitious goal of converting 30% of its annual vehicle output of approximately 2 million to electric vehicles by 2030. This target, while ambitious, now faces significant hurdles given the current market conditions. As the industry awaits a response from the government, the Board of Investment, which oversees the incentive scheme, has refrained from commenting without guidance from the cabinet of new Prime Minister Paetongtarn Shinawatra. This cautious approach underscores the delicate balance between supporting a nascent industry and ensuring fiscal responsibility. The outcome of these negotiations could have far-reaching implications for Thailand's automotive sector and its aspirations to become a leading EV producer in Southeast Asia. If successful, the proposed extensions could provide much-needed breathing room for manufacturers to align their production capabilities with market demand. However, it also raises questions about the long-term viability of the current incentive structure and whether additional measures might be necessary to stimulate EV adoption among Thai consumers.

EV industry seeks Government support amid slowing sales

Chinese-Swedish automaker Lynk &amp; Co has declared its intention to absorb the cost of potential tariffs on its upcoming battery-electric car rather than passing them on to consumers. This announcement comes as the European Union contemplates imposing significant tariffs on Chinese-made EVs, a move that could reshape the landscape of the continent's rapidly evolving automotive sector.

Nicolas Appelgren, Lynk &amp; Co's CEO for Europe, made this striking commitment during an interview at the Automechanika automotive trade fair in Frankfurt. "We cannot - a lot of the competitors are produced in Europe ... we need to price the car correctly in the market and work from there," Appelgren stated, highlighting the brand's determination to remain competitive in a market dominated by established European manufacturers.

The automaker, co-owned by China's Zhejiang Geely Holding Group and Sweden's Volvo Cars, is set to launch its first China-made battery-electric car in Europe next month. Under current proposals by the European Commission, this compact SUV would be subject to an 18.8% tariff, part of a broader initiative to counter what the EU perceives as unfair subsidies for EV makers producing in China.

Despite this potential financial hurdle, Lynk &amp; Co has not yet disclosed the price for its new electric SUV. The vehicle, based on the same platform as Volvo's EX30 and Zeekr's X, is expected to compete in the 40,000 to 45,000 euro price range in Germany, aligning with its platform siblings.

Appelgren's stance on pricing strategy presents a stark contrast to other automakers facing similar challenges. For instance, Wayne Griffiths, CEO of SEAT/CUPRA brands, has expressed grave concerns about the impact of a 21.3% tariff on the CUPRA Tavascan EV, also manufactured in China. Griffiths warned that such a tariff could jeopardise the company's financial future and its ability to meet EU-mandated carbon dioxide reduction targets.

The differing perspectives highlight the complex challenges facing automakers as they navigate the transition to electric mobility amidst evolving regulatory landscapes. While CUPRA, a brand under Volkswagen's Spanish subsidiary SEAT S.A., faces potential fines due to its mix of combustion engine and electric vehicle sales, Lynk &amp; Co's all-electric lineup provides it with greater flexibility in managing regulatory compliance.

Looking ahead, Lynk &amp; Co is already planning for a future where European production becomes increasingly crucial. Appelgren revealed that the brand's next battery-electric car released in the region will be manufactured in Europe, with Geely actively scouting locations for a new plant. This strategic move could help the company sidestep future tariffs and align more closely with EU production incentives.

In the meantime, Lynk &amp; Co is rapidly expanding its European presence. The brand currently sells and rents its first European model, a hybrid SUV, in seven markets across the continent. Appelgren disclosed that negotiations are underway with retailers throughout the region to feature Lynk &amp; Co vehicles in showrooms by the end of this year, signalling an aggressive push for market share.

The company's growth strategy extends beyond individual consumers. Lynk &amp; Co plans to launch another plug-in hybrid next year and is setting its sights on fleet buyers, who constitute a majority of EV purchases in Europe. This multi-pronged approach demonstrates the brand's commitment to establishing a strong foothold in the competitive European automotive market.

Chinese-Swedish automaker Lynk & Co has declared its intention to absorb the cost of potential tariffs on its upcoming battery-electric car rather than passing them on to consumers.

Chinese-Swedish automaker Lynk & Co has declared its intention to absorb the cost of potential tariffs on its upcoming battery-electric car rather than passing them on to consumers. This announcement comes as the European Union contemplates imposing significant tariffs on Chinese-made EVs, a move that could reshape the landscape of the continent's rapidly evolving automotive sector. Nicolas Appelgren, Lynk & Co's CEO for Europe, made this striking commitment during an interview at the Automechanika automotive trade fair in Frankfurt. "We cannot - a lot of the competitors are produced in Europe ... we need to price the car correctly in the market and work from there," Appelgren stated, highlighting the brand's determination to remain competitive in a market dominated by established European manufacturers. The automaker, co-owned by China's Zhejiang Geely Holding Group and Sweden's Volvo Cars, is set to launch its first China-made battery-electric car in Europe next month. Under current proposals by the European Commission, this compact SUV would be subject to an 18.8% tariff, part of a broader initiative to counter what the EU perceives as unfair subsidies for EV makers producing in China. Despite this potential financial hurdle, Lynk & Co has not yet disclosed the price for its new electric SUV. The vehicle, based on the same platform as Volvo's EX30 and Zeekr's X, is expected to compete in the 40,000 to 45,000 euro price range in Germany, aligning with its platform siblings. Appelgren's stance on pricing strategy presents a stark contrast to other automakers facing similar challenges. For instance, Wayne Griffiths, CEO of SEAT/CUPRA brands, has expressed grave concerns about the impact of a 21.3% tariff on the CUPRA Tavascan EV, also manufactured in China. Griffiths warned that such a tariff could jeopardise the company's financial future and its ability to meet EU-mandated carbon dioxide reduction targets. The differing perspectives highlight the complex challenges facing automakers as they navigate the transition to electric mobility amidst evolving regulatory landscapes. While CUPRA, a brand under Volkswagen's Spanish subsidiary SEAT S.A., faces potential fines due to its mix of combustion engine and electric vehicle sales, Lynk & Co's all-electric lineup provides it with greater flexibility in managing regulatory compliance. Looking ahead, Lynk & Co is already planning for a future where European production becomes increasingly crucial. Appelgren revealed that the brand's next battery-electric car released in the region will be manufactured in Europe, with Geely actively scouting locations for a new plant. This strategic move could help the company sidestep future tariffs and align more closely with EU production incentives. In the meantime, Lynk & Co is rapidly expanding its European presence. The brand currently sells and rents its first European model, a hybrid SUV, in seven markets across the continent. Appelgren disclosed that negotiations are underway with retailers throughout the region to feature Lynk & Co vehicles in showrooms by the end of this year, signalling an aggressive push for market share. The company's growth strategy extends beyond individual consumers. Lynk & Co plans to launch another plug-in hybrid next year and is setting its sights on fleet buyers, who constitute a majority of EV purchases in Europe. This multi-pronged approach demonstrates the brand's commitment to establishing a strong foothold in the competitive European automotive market.

Lynk & Co commits to competitive pricing despite looming EU tariffs on Chinese EVs

U.S. District Judge Diane Humetewa has ruled that Trevor Milton, the founder of electric truck maker Nikola, must pay the company USD 167.7 million for making false and misleading statements to the public. This decision, handed down on Monday in Phoenix, Arizona, marks a crucial turning point in the ongoing saga surrounding the embattled entrepreneur and his former company.

Milton, who was sentenced to four years in prison in December 2023 following his conviction on fraud charges, now faces this substantial financial penalty in addition to his criminal sentence. The ruling upholds a divided arbitration panel's November 2023 award in Nikola's favour, reinforcing the severity of Milton's actions and their impact on the company he founded.

Judge Humetewa's decision hinges on the interpretation of a separation agreement that Milton signed upon resigning as Nikola's chief executive in September 2020. The judge determined that the arbitration panel acted within its authority when interpreting this agreement, thereby validating the financial award.

The breakdown of the USD 167.7 million penalty is particularly noteworthy. Milton is required to pay USD 121.25 million, representing 97% of Nikola's USD 125 million fine resulting from a settlement with the U.S. Securities and Exchange Commission (SEC) in a civil fraud case. The remaining USD 46.5 million covers Nikola's legal fees and expenses incurred during the proceedings.

Milton's legal team contested the award, arguing that it was excessive and amounted to "rough justice." They claimed that the arbitration panel had failed to consider the "relative fault" of other Nikola executives, directors, and employees in the matter. However, Judge Humetewa found the panel's analysis to be plausible, including its decision to assign only 3% of the fault to Nikola for failing to prevent Milton from misleading investors.

The case against Milton stemmed from a series of false statements he made regarding Nikola's technological capabilities. Prosecutors successfully argued that Milton had lied to investors about key aspects of the company's operations and products. These misrepresentations included claims that Nikola had built a pickup truck "from the ground up," when in fact it had not. Milton also falsely stated that the company had developed batteries it was actually purchasing from other manufacturers. Perhaps most egregiously, he claimed progress on a "Nikola One" semi-truck that he knew was non-functional.

These fraudulent statements led to Milton's conviction in October 2022 by a Manhattan jury on two counts of wire fraud and one count of securities fraud. The conviction and subsequent sentencing sent shockwaves through the electric vehicle industry and raised questions about the due diligence processes of investors in emerging technologies.

Marc Kasowitz, representing Nikola in the case, expressed satisfaction with the judge's decision. "We are gratified but not surprised at the decision, in light of Milton's pattern of false and misleading public statements," Kasowitz stated. "We look forward to collecting the award." This statement underscores Nikola's determination to recover the funds and move past the controversy surrounding its founder.

The ruling serves as a cautionary tale for the tech and automotive industries, particularly in the rapidly evolving electric vehicle sector. It highlights the severe consequences of overstating technological capabilities and misleading investors, even in an industry known for its ambitious projections and cutting-edge innovations.

As Nikola attempts to rebuild its reputation and establish itself as a credible player in the electric truck market, this ruling provides a measure of vindication and potential financial recovery. However, the company still faces significant challenges in distinguishing itself from the controversies surrounding its founder and proving its technological capabilities.

Milton, now 42 years old, remains free on bail as he appeals both his conviction and the December 2023 sentence. The outcome of this appeal could potentially alter the trajectory of both Milton's personal legal situation and Nikola's financial recovery efforts.

The case, officially recorded as Nikola Corp v Milton in the U.S. District Court, District of Arizona (No. 23-02635), will likely have far-reaching implications for corporate governance and accountability in the startup ecosystem. It underscores the importance of transparency and honesty in corporate communications, especially for companies operating at the forefront of technological innovation.

U.S. District Judge Diane Humetewa has ruled that Trevor Milton, the founder of electric truck maker Nikola, must pay the company USD 167.7 million for making false and misleading statements to the public.

U.S. District Judge Diane Humetewa has ruled that Trevor Milton, the founder of electric truck maker Nikola, must pay the company USD 167.7 million for making false and misleading statements to the public. This decision, handed down on Monday in Phoenix, Arizona, marks a crucial turning point in the ongoing saga surrounding the embattled entrepreneur and his former company. Milton, who was sentenced to four years in prison in December 2023 following his conviction on fraud charges, now faces this substantial financial penalty in addition to his criminal sentence. The ruling upholds a divided arbitration panel's November 2023 award in Nikola's favour, reinforcing the severity of Milton's actions and their impact on the company he founded. Judge Humetewa's decision hinges on the interpretation of a separation agreement that Milton signed upon resigning as Nikola's chief executive in September 2020. The judge determined that the arbitration panel acted within its authority when interpreting this agreement, thereby validating the financial award. The breakdown of the USD 167.7 million penalty is particularly noteworthy. Milton is required to pay USD 121.25 million, representing 97% of Nikola's USD 125 million fine resulting from a settlement with the U.S. Securities and Exchange Commission (SEC) in a civil fraud case. The remaining USD 46.5 million covers Nikola's legal fees and expenses incurred during the proceedings. Milton's legal team contested the award, arguing that it was excessive and amounted to "rough justice." They claimed that the arbitration panel had failed to consider the "relative fault" of other Nikola executives, directors, and employees in the matter. However, Judge Humetewa found the panel's analysis to be plausible, including its decision to assign only 3% of the fault to Nikola for failing to prevent Milton from misleading investors. The case against Milton stemmed from a series of false statements he made regarding Nikola's technological capabilities. Prosecutors successfully argued that Milton had lied to investors about key aspects of the company's operations and products. These misrepresentations included claims that Nikola had built a pickup truck "from the ground up," when in fact it had not. Milton also falsely stated that the company had developed batteries it was actually purchasing from other manufacturers. Perhaps most egregiously, he claimed progress on a "Nikola One" semi-truck that he knew was non-functional. These fraudulent statements led to Milton's conviction in October 2022 by a Manhattan jury on two counts of wire fraud and one count of securities fraud. The conviction and subsequent sentencing sent shockwaves through the electric vehicle industry and raised questions about the due diligence processes of investors in emerging technologies. Marc Kasowitz, representing Nikola in the case, expressed satisfaction with the judge's decision. "We are gratified but not surprised at the decision, in light of Milton's pattern of false and misleading public statements," Kasowitz stated. "We look forward to collecting the award." This statement underscores Nikola's determination to recover the funds and move past the controversy surrounding its founder. The ruling serves as a cautionary tale for the tech and automotive industries, particularly in the rapidly evolving electric vehicle sector. It highlights the severe consequences of overstating technological capabilities and misleading investors, even in an industry known for its ambitious projections and cutting-edge innovations. As Nikola attempts to rebuild its reputation and establish itself as a credible player in the electric truck market, this ruling provides a measure of vindication and potential financial recovery. However, the company still faces significant challenges in distinguishing itself from the controversies surrounding its founder and proving its technological capabilities. Milton, now 42 years old, remains free on bail as he appeals both his conviction and the December 2023 sentence. The outcome of this appeal could potentially alter the trajectory of both Milton's personal legal situation and Nikola's financial recovery efforts. The case, officially recorded as Nikola Corp v Milton in the U.S. District Court, District of Arizona (No. 23-02635), will likely have far-reaching implications for corporate governance and accountability in the startup ecosystem. It underscores the importance of transparency and honesty in corporate communications, especially for companies operating at the forefront of technological innovation.

Nikola founder Trevor Milton ordered to pay USD 167.7 million

Renault CEO Luca de Meo has highlighted the potential for massive fines and significant production cuts due to slowing demand for electric vehicles (EVs). Speaking to France Inter radio on Saturday, de Meo, who also serves as the president of the European Automobile Manufacturers Association (ACEA), painted a grim picture of the challenges facing automakers as they struggle to meet increasingly stringent EU carbon emission targets.

The European Union has set ambitious goals for reducing carbon emissions from new vehicles, with the cap on average emissions set to drop from 116 grams per kilometre in 2024 to a more demanding 94 grams per kilometre in 2025. This tightening of regulations comes at a time when the adoption of electric vehicles is not accelerating at the pace necessary to meet these targets.

De Meo's comments underscore the severity of the situation: "If electric vehicles remain at today's level, the European industry may have to pay 15 billion euros in fines or give up the production of more than 2.5 million vehicles." This stark choice between hefty financial penalties and significant production cuts illustrates the precarious position in which many automakers find themselves.

The potential fines are not trivial. Under current EU regulations, exceeding CO2 limits can result in penalties of 95 euros per excess CO2 gram per kilometre, multiplied by the number of vehicles sold. For large manufacturers, this could translate into hundreds of millions of euros in fines, severely impacting profitability and potentially forcing difficult strategic decisions.

De Meo emphasised the urgency of the situation, stating, "The speed of the electric ramp-up is half of what we would need to achieve the objectives that would allow us not to pay fines." This admission from a leading industry figure highlights the gap between regulatory expectations and market realities.

The Renault CEO's concerns extend beyond the immediate future. While much of the industry discussion has focused on 2035 targets, de Meo stressed the more pressing challenge of meeting 2025 objectives. "Everyone is talking about 2035, in 10 years, but we should be talking about 2025 because we are already struggling," he said, underlining the immediate nature of the crisis facing automakers.

In light of these challenges, de Meo called for greater flexibility in the implementation of EU emissions regulations. "We need to be given a little flexibility," he stated, adding that "Setting deadlines and fines without being able to make that more flexible is very, very dangerous." This plea for a more adaptable regulatory approach reflects the industry's struggle to balance rapid technological transition with market demands and economic realities.

The situation described by de Meo raises several critical questions for the European automotive sector and policymakers alike. How can the industry accelerate EV adoption to meet regulatory targets? What role should governments play in incentivizing consumers to switch to electric vehicles? And how can regulations be designed to encourage innovation and transition without jeopardising the economic viability of a crucial industry?

These challenges come at a time when the automotive industry is already grappling with supply chain disruptions, rising raw material costs, and the need for significant investments in new technologies. The potential for massive fines adds another layer of complexity to an already challenging business environment.

The implications of this situation extend beyond the automotive industry itself. A slowdown in vehicle production could have ripple effects throughout the European economy, affecting jobs, supplier networks, and regional economic development. Moreover, if automakers are forced to prioritise compliance over affordability, it could slow the overall transition to electric vehicles, potentially impacting long-term environmental goals.

As the industry approaches the critical 2025 deadline, all eyes will be on how automakers, regulators, and consumers respond to these challenges. The coming months and years will likely see intense negotiations between industry leaders and policymakers as they seek to navigate the complex terrain of environmental regulation, technological innovation, and market dynamics.

Renault CEO Luca de Meo has highlighted the potential for massive fines and significant production cuts due to slowing demand for electric vehicles (EVs). Speaking to France Inter radio on Saturday, de Meo, who also serves as the president of the European Automobile Manufacturers Association (ACEA), painted a grim picture of the challenges facing automakers as they struggle to meet increasingly stringent EU carbon emission targets.

Renault CEO Luca de Meo has highlighted the potential for massive fines and significant production cuts due to slowing demand for electric vehicles (EVs). Speaking to France Inter radio on Saturday, de Meo, who also serves as the president of the European Automobile Manufacturers Association (ACEA), painted a grim picture of the challenges facing automakers as they struggle to meet increasingly stringent EU carbon emission targets. The European Union has set ambitious goals for reducing carbon emissions from new vehicles, with the cap on average emissions set to drop from 116 grams per kilometre in 2024 to a more demanding 94 grams per kilometre in 2025. This tightening of regulations comes at a time when the adoption of electric vehicles is not accelerating at the pace necessary to meet these targets. De Meo's comments underscore the severity of the situation: "If electric vehicles remain at today's level, the European industry may have to pay 15 billion euros in fines or give up the production of more than 2.5 million vehicles." This stark choice between hefty financial penalties and significant production cuts illustrates the precarious position in which many automakers find themselves. The potential fines are not trivial. Under current EU regulations, exceeding CO2 limits can result in penalties of 95 euros per excess CO2 gram per kilometre, multiplied by the number of vehicles sold. For large manufacturers, this could translate into hundreds of millions of euros in fines, severely impacting profitability and potentially forcing difficult strategic decisions. De Meo emphasised the urgency of the situation, stating, "The speed of the electric ramp-up is half of what we would need to achieve the objectives that would allow us not to pay fines." This admission from a leading industry figure highlights the gap between regulatory expectations and market realities. The Renault CEO's concerns extend beyond the immediate future. While much of the industry discussion has focused on 2035 targets, de Meo stressed the more pressing challenge of meeting 2025 objectives. "Everyone is talking about 2035, in 10 years, but we should be talking about 2025 because we are already struggling," he said, underlining the immediate nature of the crisis facing automakers. In light of these challenges, de Meo called for greater flexibility in the implementation of EU emissions regulations. "We need to be given a little flexibility," he stated, adding that "Setting deadlines and fines without being able to make that more flexible is very, very dangerous." This plea for a more adaptable regulatory approach reflects the industry's struggle to balance rapid technological transition with market demands and economic realities. The situation described by de Meo raises several critical questions for the European automotive sector and policymakers alike. How can the industry accelerate EV adoption to meet regulatory targets? What role should governments play in incentivizing consumers to switch to electric vehicles? And how can regulations be designed to encourage innovation and transition without jeopardising the economic viability of a crucial industry? These challenges come at a time when the automotive industry is already grappling with supply chain disruptions, rising raw material costs, and the need for significant investments in new technologies. The potential for massive fines adds another layer of complexity to an already challenging business environment. The implications of this situation extend beyond the automotive industry itself. A slowdown in vehicle production could have ripple effects throughout the European economy, affecting jobs, supplier networks, and regional economic development. Moreover, if automakers are forced to prioritise compliance over affordability, it could slow the overall transition to electric vehicles, potentially impacting long-term environmental goals. As the industry approaches the critical 2025 deadline, all eyes will be on how automakers, regulators, and consumers respond to these challenges. The coming months and years will likely see intense negotiations between industry leaders and policymakers as they seek to navigate the complex terrain of environmental regulation, technological innovation, and market dynamics.

Auto industry faces EUR 15 billion in potential fines as EV adoption lags behind EU targets

The world's oldest Bentley T-Series has made a triumphant return to its birthplace in Crewe, England, after an absence of nearly six decades. This Shell Grey standard saloon, bearing the chassis number SBH1001, represents a pivotal moment in Bentley's illustrious history and has now taken its rightful place in the Bentley Heritage Collection.

The T-Series, first unveiled at the 1965 Paris Salon de l'Auto, marked a revolutionary departure from Bentley's traditional separate chassis construction. As the first Bentley to feature a unitary monocoque design, it heralded a new era in the marque's engineering prowess. This particular vehicle, used as a company trials car and featured prominently in the model's initial press coverage, had been lost to time until its recent rediscovery.

Mike Sayer, Head of the Bentley Heritage Collection, recounted the car's serendipitous discovery: "Wayne Bruce, our Chief Communications Officer, and I quite literally found it under a tarpaulin in the back of a warehouse. Given it was the first-of-line chassis, we knew we had to save it." The significance of this find cannot be overstated, as it represents one of the final pieces in Bentley's efforts to complete their rejuvenated Heritage Collection.

The restoration process was a delicate balance between preservation and renewal. Despite decades of inactivity, key elements of the drivetrain were found to be in surprisingly good condition. The engine, silent for 15 years, roared back to life after a thorough service. The gearbox required only minor adjustments, while the rear axle needed new seals.

However, the team faced significant challenges. The car lacked its entire interior, including the dashboard, and its wiring loom was in disarray without a detailed diagram. Corrosion around the rear subframe and evidence of poor-quality crash repairs added to the complexity of the restoration. With limited off-the-shelf replacement parts available, the team sourced a donor vehicle of the same early specification to ensure historical accuracy.

The T-Series boasted innovative features for its time, including vibration-deadening Vibrashock mounts and a two-circuit hydro-pneumatic ride height control system. These components were meticulously overhauled, with all hydraulic hoses replaced and unique elements like the brake distribution valves restored to full working order. The rewiring and dashboard fitting proved to be particularly time-consuming tasks, demanding immense patience and skill.

This restoration project not only breathes new life into a singular automobile but also illuminates a crucial chapter in Bentley's history. The T-Series, along with its Rolls-Royce counterpart, the Silver Shadow, represented the culmination of a design process that began in 1958. The goal was to create the first monocoque Bentley and Rolls-Royce, moving away from the traditional coach-built bodies on separate chassis.

Upon its release, the Bentley T-Series was lauded as a revolutionary engineering achievement. Its relatively lightweight construction delivered impressive performance for a four-door sedan of its era, boasting a maximum speed of 115 mph and achieving 0-62 mph in 10.9 seconds. These figures were noteworthy for a luxury vehicle of its size and class in 1965.

During its production run, 1,868 examples of the first-generation T-Series were manufactured. With a pre-tax list price of GBP 5,425, the majority of these were standard four-door saloons, making this restored example a true representation of the model's most common form.

The return of this historic vehicle to Crewe is more than just the homecoming of a classic car. It represents the preservation of automotive heritage, the celebration of engineering milestones, and the dedication of those who work tirelessly to maintain these rolling pieces of history. As it takes its place alongside other significant Bentleys in the Heritage Collection, chassis number SBH1001 stands as a tangible link to the past, allowing future generations to appreciate the evolution of one of the world's most prestigious automotive brands.

The world's oldest Bentley T-Series has made a triumphant return to its birthplace in Crewe, England, after an absence of nearly six decades. This Shell Grey standard saloon, bearing the chassis number SBH1001, represents a pivotal moment in Bentley's illustrious history and has now taken its rightful place in the Bentley Heritage Collection.

The world's oldest Bentley T-Series has made a triumphant return to its birthplace in Crewe, England, after an absence of nearly six decades. This Shell Grey standard saloon, bearing the chassis number SBH1001, represents a pivotal moment in Bentley's illustrious history and has now taken its rightful place in the Bentley Heritage Collection. The T-Series, first unveiled at the 1965 Paris Salon de l'Auto, marked a revolutionary departure from Bentley's traditional separate chassis construction. As the first Bentley to feature a unitary monocoque design, it heralded a new era in the marque's engineering prowess. This particular vehicle, used as a company trials car and featured prominently in the model's initial press coverage, had been lost to time until its recent rediscovery. Mike Sayer, Head of the Bentley Heritage Collection, recounted the car's serendipitous discovery: "Wayne Bruce, our Chief Communications Officer, and I quite literally found it under a tarpaulin in the back of a warehouse. Given it was the first-of-line chassis, we knew we had to save it." The significance of this find cannot be overstated, as it represents one of the final pieces in Bentley's efforts to complete their rejuvenated Heritage Collection. The restoration process was a delicate balance between preservation and renewal. Despite decades of inactivity, key elements of the drivetrain were found to be in surprisingly good condition. The engine, silent for 15 years, roared back to life after a thorough service. The gearbox required only minor adjustments, while the rear axle needed new seals. However, the team faced significant challenges. The car lacked its entire interior, including the dashboard, and its wiring loom was in disarray without a detailed diagram. Corrosion around the rear subframe and evidence of poor-quality crash repairs added to the complexity of the restoration. With limited off-the-shelf replacement parts available, the team sourced a donor vehicle of the same early specification to ensure historical accuracy. The T-Series boasted innovative features for its time, including vibration-deadening Vibrashock mounts and a two-circuit hydro-pneumatic ride height control system. These components were meticulously overhauled, with all hydraulic hoses replaced and unique elements like the brake distribution valves restored to full working order. The rewiring and dashboard fitting proved to be particularly time-consuming tasks, demanding immense patience and skill. This restoration project not only breathes new life into a singular automobile but also illuminates a crucial chapter in Bentley's history. The T-Series, along with its Rolls-Royce counterpart, the Silver Shadow, represented the culmination of a design process that began in 1958. The goal was to create the first monocoque Bentley and Rolls-Royce, moving away from the traditional coach-built bodies on separate chassis. Upon its release, the Bentley T-Series was lauded as a revolutionary engineering achievement. Its relatively lightweight construction delivered impressive performance for a four-door sedan of its era, boasting a maximum speed of 115 mph and achieving 0-62 mph in 10.9 seconds. These figures were noteworthy for a luxury vehicle of its size and class in 1965. During its production run, 1,868 examples of the first-generation T-Series were manufactured. With a pre-tax list price of GBP 5,425, the majority of these were standard four-door saloons, making this restored example a true representation of the model's most common form. The return of this historic vehicle to Crewe is more than just the homecoming of a classic car. It represents the preservation of automotive heritage, the celebration of engineering milestones, and the dedication of those who work tirelessly to maintain these rolling pieces of history. As it takes its place alongside other significant Bentleys in the Heritage Collection, chassis number SBH1001 stands as a tangible link to the past, allowing future generations to appreciate the evolution of one of the world's most prestigious automotive brands.

World's oldest Bentley T-Series resurrected

The National Highway Traffic Safety Administration (NHTSA) has announced the commencement of a safety investigation into more than 781,000 recent Jeep Wrangler and Gladiator sport utility vehicles. The probe, initiated on Monday, comes in response to multiple reports of underhood fires, raising concerns about potential safety risks in these popular Jeep models.

The investigation encompasses Jeep Wrangler and Gladiator SUVs from the 2021 through 2023 model years. NHTSA officials report they have received nine fire incident reports, including one that resulted in an injury. What's particularly alarming is that the majority of these reported fires occurred while the vehicles' ignitions were off, suggesting a potential issue that persists even when the vehicles are not in operation.

Stellantis, the parent company of the Jeep brand, has stated its intention to cooperate fully with this preliminary evaluation. This initial step could potentially lead to a mandatory recall if NHTSA determines that a significant safety risk exists.

During its preliminary inquiries, NHTSA contacted Stellantis and uncovered information about several fires originating from the power steering pump electrical connector in both the Wrangler and Gladiator vehicles. The agency noted that this component is typically located on the passenger front side of the engine compartment, which aligns with the location described in most of the fire reports received.

The investigation has brought to light several concerning incidents. In Rumson, New Jersey, the owner of a 2021 Jeep Wrangler reported that their vehicle began smoking and erupted into flames within just ten minutes. The owner described the harrowing experience to NHTSA, stating, "My daughter, dogs and I were able to make it out of the car, but very scary."

Another alarming case involved a 2021 Jeep Wrangler in Arizona with only 1,900 miles on the odometer. The owner noticed black smoke emanating from the engine compartment and informed NHTSA, "By the time I pulled over and got out of the vehicle it was on fire, and within minutes the entire car was engulfed by flames and it was a total loss."

Perhaps most concerning is a report from Auburn, Washington, where a 2022 Gladiator with a mere 1,758 miles caught fire while parked next to the owner's house. The vehicle had not been driven for approximately two weeks prior to the incident. The owner stated, "There were no warnings of symptoms and our Jeep app showed everything was normal when last driven," highlighting the unpredictable nature of these fire incidents.

These reports suggest that the fire risk may not be limited to vehicles in active use, as fires have occurred in both recently driven and parked vehicles. This aspect of the investigation is particularly troubling, as it implies that owners may not be safe from this potential hazard even when their vehicles are not in use.

The scope of this investigation is significant, covering a substantial number of vehicles sold in recent years. The Jeep Wrangler and Gladiator are popular models known for their off-road capabilities and rugged design. Any widespread issues could have substantial implications for Stellantis and the Jeep brand.

As the investigation progresses, NHTSA will likely conduct a thorough examination of the vehicles' design, manufacturing processes, and any potential defects that could be contributing to these fire incidents. The agency may also look into whether there are any common factors among the affected vehicles, such as specific production batches or components. 
&nbsp;

The National Highway Traffic Safety Administration (NHTSA) has announced the commencement of a safety investigation into more than 781,000 recent Jeep Wrangler and Gladiator sport utility vehicles.

The National Highway Traffic Safety Administration (NHTSA) has announced the commencement of a safety investigation into more than 781,000 recent Jeep Wrangler and Gladiator sport utility vehicles. The probe, initiated on Monday, comes in response to multiple reports of underhood fires, raising concerns about potential safety risks in these popular Jeep models. The investigation encompasses Jeep Wrangler and Gladiator SUVs from the 2021 through 2023 model years. NHTSA officials report they have received nine fire incident reports, including one that resulted in an injury. What's particularly alarming is that the majority of these reported fires occurred while the vehicles' ignitions were off, suggesting a potential issue that persists even when the vehicles are not in operation. Stellantis, the parent company of the Jeep brand, has stated its intention to cooperate fully with this preliminary evaluation. This initial step could potentially lead to a mandatory recall if NHTSA determines that a significant safety risk exists. During its preliminary inquiries, NHTSA contacted Stellantis and uncovered information about several fires originating from the power steering pump electrical connector in both the Wrangler and Gladiator vehicles. The agency noted that this component is typically located on the passenger front side of the engine compartment, which aligns with the location described in most of the fire reports received. The investigation has brought to light several concerning incidents. In Rumson, New Jersey, the owner of a 2021 Jeep Wrangler reported that their vehicle began smoking and erupted into flames within just ten minutes. The owner described the harrowing experience to NHTSA, stating, "My daughter, dogs and I were able to make it out of the car, but very scary." Another alarming case involved a 2021 Jeep Wrangler in Arizona with only 1,900 miles on the odometer. The owner noticed black smoke emanating from the engine compartment and informed NHTSA, "By the time I pulled over and got out of the vehicle it was on fire, and within minutes the entire car was engulfed by flames and it was a total loss." Perhaps most concerning is a report from Auburn, Washington, where a 2022 Gladiator with a mere 1,758 miles caught fire while parked next to the owner's house. The vehicle had not been driven for approximately two weeks prior to the incident. The owner stated, "There were no warnings of symptoms and our Jeep app showed everything was normal when last driven," highlighting the unpredictable nature of these fire incidents. These reports suggest that the fire risk may not be limited to vehicles in active use, as fires have occurred in both recently driven and parked vehicles. This aspect of the investigation is particularly troubling, as it implies that owners may not be safe from this potential hazard even when their vehicles are not in use. The scope of this investigation is significant, covering a substantial number of vehicles sold in recent years. The Jeep Wrangler and Gladiator are popular models known for their off-road capabilities and rugged design. Any widespread issues could have substantial implications for Stellantis and the Jeep brand. As the investigation progresses, NHTSA will likely conduct a thorough examination of the vehicles' design, manufacturing processes, and any potential defects that could be contributing to these fire incidents. The agency may also look into whether there are any common factors among the affected vehicles, such as specific production batches or components.

NHTSA investigates potential fire hazard in newer Jeep models

India has unveiled plans to transition a third of its heavy-duty long-haul trucking fleet from diesel to liquefied natural gas (LNG) within the next five to seven years. This initiative, detailed in a draft policy released by the federal oil ministry last week, represents a significant shift in the country's approach to transportation fuel and environmental policy.

As one of the world's largest emitters of greenhouse gases, India has set an ambitious goal to achieve net-zero emissions by 2070. The proposed transition to LNG for a substantial portion of its trucking fleet aligns with this long-term objective and aims to increase the share of natural gas in India's energy mix from the current 6% to 15% by 2030.&nbsp;

The move comes as India lags behind other major economies, particularly China, in adopting alternative fuels for heavy-duty vehicles. While China has made significant strides in implementing electric vehicles and LNG-powered trucks, resulting in a noticeable impact on its oil demand, India's transition has been comparatively slower.

Diesel consumption currently dominates India's refined fuel usage, making this proposed shift particularly impactful. As the world's third-largest oil importer and consumer, any reduction in India's diesel consumption could have far-reaching implications for global oil markets, potentially freeing up additional diesel supplies for international trade.

The draft policy acknowledges that while compressed natural gas (CNG) is already in use for some cars and buses in India, LNG offers superior range capabilities, making it a more suitable option for long-haul trucking. To support this transition, Indian oil and gas retailers are in the process of establishing 49 LNG dispensing stations as part of an initial phase.

One of the key challenges identified in the policy is the current lack of uniformity in LNG pricing across India due to variations in state taxes. The government plans to address this issue by working towards a consistent LNG price nationwide, which would be crucial for the widespread adoption of LNG-powered trucks.

To kickstart the initiative, the government proposes allocating 0.5 million cubic metres of domestically produced gas per day to meet the fuel needs of approximately 50,000 trucks over a two-to-three-year period. This allocation aims to provide a stable and affordable fuel supply during the critical early stages of adoption.

The significance of this policy becomes clear when considering the scale of India's current heavy-duty vehicle fleet. As of March 31, 2020, India had 5.8 million registered trucks and lorries, along with 1.6 million multi-axle articulated vehicles. These heavy-duty vehicles are responsible for a majority of the energy-related carbon dioxide emissions within India's transport sector.&nbsp;

The draft policy emphasises the environmental benefits of LNG, stating, "In order to reduce vehicular pollution in the transport sector, there is a need to promote LNG in heavy-duty vehicles.... LNG has a 24 per cent lower emission factor than diesel." This reduction in emissions could significantly contribute to improving air quality in India's cities and reducing the country's overall carbon footprint.

However, the successful implementation of this policy will require overcoming several challenges. These include developing the necessary infrastructure for LNG distribution and refuelling, addressing the higher upfront costs of LNG-powered vehicles, and ensuring a stable and competitively priced supply of LNG.

The policy's success could have wide-ranging implications not only for India's energy landscape but also for global efforts to combat climate change. As one of the world's fastest-growing major economies, India's energy choices have significant consequences for global emissions trajectories.

India has unveiled plans to transition a third of its heavy-duty long-haul trucking fleet from diesel to liquefied natural gas (LNG) within the next five to seven years.

India has unveiled plans to transition a third of its heavy-duty long-haul trucking fleet from diesel to liquefied natural gas (LNG) within the next five to seven years. This initiative, detailed in a draft policy released by the federal oil ministry last week, represents a significant shift in the country's approach to transportation fuel and environmental policy. As one of the world's largest emitters of greenhouse gases, India has set an ambitious goal to achieve net-zero emissions by 2070. The proposed transition to LNG for a substantial portion of its trucking fleet aligns with this long-term objective and aims to increase the share of natural gas in India's energy mix from the current 6% to 15% by 2030. The move comes as India lags behind other major economies, particularly China, in adopting alternative fuels for heavy-duty vehicles. While China has made significant strides in implementing electric vehicles and LNG-powered trucks, resulting in a noticeable impact on its oil demand, India's transition has been comparatively slower. Diesel consumption currently dominates India's refined fuel usage, making this proposed shift particularly impactful. As the world's third-largest oil importer and consumer, any reduction in India's diesel consumption could have far-reaching implications for global oil markets, potentially freeing up additional diesel supplies for international trade. The draft policy acknowledges that while compressed natural gas (CNG) is already in use for some cars and buses in India, LNG offers superior range capabilities, making it a more suitable option for long-haul trucking. To support this transition, Indian oil and gas retailers are in the process of establishing 49 LNG dispensing stations as part of an initial phase. One of the key challenges identified in the policy is the current lack of uniformity in LNG pricing across India due to variations in state taxes. The government plans to address this issue by working towards a consistent LNG price nationwide, which would be crucial for the widespread adoption of LNG-powered trucks. To kickstart the initiative, the government proposes allocating 0.5 million cubic metres of domestically produced gas per day to meet the fuel needs of approximately 50,000 trucks over a two-to-three-year period. This allocation aims to provide a stable and affordable fuel supply during the critical early stages of adoption. The significance of this policy becomes clear when considering the scale of India's current heavy-duty vehicle fleet. As of March 31, 2020, India had 5.8 million registered trucks and lorries, along with 1.6 million multi-axle articulated vehicles. These heavy-duty vehicles are responsible for a majority of the energy-related carbon dioxide emissions within India's transport sector. The draft policy emphasises the environmental benefits of LNG, stating, "In order to reduce vehicular pollution in the transport sector, there is a need to promote LNG in heavy-duty vehicles.... LNG has a 24 per cent lower emission factor than diesel." This reduction in emissions could significantly contribute to improving air quality in India's cities and reducing the country's overall carbon footprint. However, the successful implementation of this policy will require overcoming several challenges. These include developing the necessary infrastructure for LNG distribution and refuelling, addressing the higher upfront costs of LNG-powered vehicles, and ensuring a stable and competitively priced supply of LNG. The policy's success could have wide-ranging implications not only for India's energy landscape but also for global efforts to combat climate change. As one of the world's fastest-growing major economies, India's energy choices have significant consequences for global emissions trajectories.

India's Federal Oil Ministry proposes shift to LNG for heavy-duty trucking

Indian electric two-wheeler maker Ather Energy has filed for an initial public offering (IPO) worth INR 45 billion (USD 536.2 million) at a valuation of USD 2.5 billion. The company is seeking to tap into the red-hot stock market, just weeks after its larger rival, Ola Electric, went public.

Backed by Hero MotoCorp, Ather is India's fourth-largest e-scooter maker by market share. The company's decision to list comes amidst a booming stock market, where 200 companies have raised over USD 7 billion through IPOs this year, according to LSEG data.

Ather is offering new shares worth INR 31 billion in the IPO. Additionally, existing investors and some top shareholders, including co-founder and CEO Tarun Sanjay Mehta, are selling shares worth 14 billion rupees. However, top shareholder Hero will not be selling shares in the IPO. &nbsp;&nbsp;

Ather has been one of the pioneers in the Indian e-scooter market, launching its products in 2018. However, it has faced stiff competition from larger rivals like Ola Electric and TVS Motor, which have aggressively expanded their presence and offered discounts to drive sales.

Ather plans to use the proceeds from the IPO to establish an electric two-wheeler factory in Maharashtra state and for marketing purposes. Ola Electric, which recently went public, has seen its stock price surge by more than double from its IPO price.

The adoption of electric vehicles in India is still relatively low, but it is on the rise as the government promotes clean energy initiatives. Ather's financial performance has been challenging, with its losses widening for at least the second consecutive year in fiscal 2024. 
&nbsp;

Indian electric two-wheeler maker Ather Energy has filed for an initial public offering (IPO) worth INR 45 billion (USD 536.2 million) at a valuation of USD 2.5 billion.

Indian electric two-wheeler maker Ather Energy has filed for an initial public offering (IPO) worth INR 45 billion (USD 536.2 million) at a valuation of USD 2.5 billion. The company is seeking to tap into the red-hot stock market, just weeks after its larger rival, Ola Electric, went public. Backed by Hero MotoCorp, Ather is India's fourth-largest e-scooter maker by market share. The company's decision to list comes amidst a booming stock market, where 200 companies have raised over USD 7 billion through IPOs this year, according to LSEG data. Ather is offering new shares worth INR 31 billion in the IPO. Additionally, existing investors and some top shareholders, including co-founder and CEO Tarun Sanjay Mehta, are selling shares worth 14 billion rupees. However, top shareholder Hero will not be selling shares in the IPO. Ather has been one of the pioneers in the Indian e-scooter market, launching its products in 2018. However, it has faced stiff competition from larger rivals like Ola Electric and TVS Motor, which have aggressively expanded their presence and offered discounts to drive sales. Ather plans to use the proceeds from the IPO to establish an electric two-wheeler factory in Maharashtra state and for marketing purposes. Ola Electric, which recently went public, has seen its stock price surge by more than double from its IPO price. The adoption of electric vehicles in India is still relatively low, but it is on the rise as the government promotes clean energy initiatives. Ather's financial performance has been challenging, with its losses widening for at least the second consecutive year in fiscal 2024.

Ather Energy files for IPO

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The rise of electric vehicles was expected to significantly decrease demand for PGMs, which are crucial for catalytic converters in gasoline-powered vehicles. However, a slowdown in EV sales growth and a surge in hybrid car sales are providing a lifeline to the PGM industry.

PGMs Find New Hope

The future of platinum group metals (PGMs) looked bleak just a few years ago when electric vehicle sales were soaring. PGMs, primarily platinum and palladium, are essential components of catalytic converters in gasoline-powered vehicles, a technology not required in EVs. This led to concerns about a steep decline in PGM demand.

However, the landscape has shifted. Growth in EV sales has slowed down considerably, reaching only 11% year-on-year in the first half of 2024. Conversely, sales of hybrid cars, which still require catalytic converters, have jumped by 44% during the same period.

This unexpected development offers a glimmer of hope for the PGM industry. Analysts believe the rise of hybrids could last until 2030 or even longer, potentially delaying the decline in PGM demand.

Factors Driving the Hybrid Surge

Several factors are contributing to the unexpected popularity of hybrid cars:

Slowdown in EV Sales Growth: The initial boom in EV sales has plateaued, with significantly lower growth rates compared to previous years.

Plug-in Hybrid (PHEV) Popularity: Sales of PHEVs, which combine electric and gasoline engines, are experiencing significant growth, especially in China. PHEVs require slightly more PGMs than traditional gasoline vehicles.

Consumer Preferences: Surveys suggest a growing number of consumers are opting for PHEVs over pure EVs due to concerns about limited driving range and the lack of charging infrastructure for EVs.

Automaker Strategies: Many car manufacturers are prioritising hybrids due to their higher profit margins compared to EVs. Some companies have even scaled back their EV production plans.

Positive Outlook for PGMs

The shift towards hybrids is expected to benefit PGM demand in a few ways:

Increased Catalyst Needs: Every additional million hybrid cars sold creates a demand for roughly 150,000 ounces of PGMs.

Extended PGM Usefulness: The hybrid market's potential longevity offers a buffer for the PGM industry, extending the use of these metals for several additional years. 
Higher Margins for Automakers: Auto companies see better margins with hybrids compared to EVs.

Impact on Battery Materials

While the hybrid trend might dampen demand for key battery materials like cobalt and nickel used in pure EVs, it offers a much-needed boost to the PGM industry. This unexpected development could provide some stability for PGM prices and support the longevity of the sector.

Looking Forward

The future of PGMs remains uncertain in the long run. However, the rise of hybrid cars offers a temporary reprieve for the industry. The long-term viability of PGMs will depend on factors like the pace of EV development, battery technology advancements, and consumer preferences. 
&nbsp;

The rise of electric vehicles was expected to significantly decrease demand for PGMs, which are crucial for catalytic converters in gasoline-powered vehicles. However, a slowdown in EV sales growth and a surge in hybrid car sales are providing a lifeline to the PGM industry.

The rise of electric vehicles was expected to significantly decrease demand for PGMs, which are crucial for catalytic converters in gasoline-powered vehicles. However, a slowdown in EV sales growth and a surge in hybrid car sales are providing a lifeline to the PGM industry. PGMs Find New Hope The future of platinum group metals (PGMs) looked bleak just a few years ago when electric vehicle sales were soaring. PGMs, primarily platinum and palladium, are essential components of catalytic converters in gasoline-powered vehicles, a technology not required in EVs. This led to concerns about a steep decline in PGM demand. However, the landscape has shifted. Growth in EV sales has slowed down considerably, reaching only 11% year-on-year in the first half of 2024. Conversely, sales of hybrid cars, which still require catalytic converters, have jumped by 44% during the same period. This unexpected development offers a glimmer of hope for the PGM industry. Analysts believe the rise of hybrids could last until 2030 or even longer, potentially delaying the decline in PGM demand. Factors Driving the Hybrid Surge Several factors are contributing to the unexpected popularity of hybrid cars: Slowdown in EV Sales Growth: The initial boom in EV sales has plateaued, with significantly lower growth rates compared to previous years. Plug-in Hybrid (PHEV) Popularity: Sales of PHEVs, which combine electric and gasoline engines, are experiencing significant growth, especially in China. PHEVs require slightly more PGMs than traditional gasoline vehicles. Consumer Preferences: Surveys suggest a growing number of consumers are opting for PHEVs over pure EVs due to concerns about limited driving range and the lack of charging infrastructure for EVs. Automaker Strategies: Many car manufacturers are prioritising hybrids due to their higher profit margins compared to EVs. Some companies have even scaled back their EV production plans. Positive Outlook for PGMs The shift towards hybrids is expected to benefit PGM demand in a few ways: Increased Catalyst Needs: Every additional million hybrid cars sold creates a demand for roughly 150,000 ounces of PGMs. Extended PGM Usefulness: The hybrid market's potential longevity offers a buffer for the PGM industry, extending the use of these metals for several additional years. Higher Margins for Automakers: Auto companies see better margins with hybrids compared to EVs. Impact on Battery Materials While the hybrid trend might dampen demand for key battery materials like cobalt and nickel used in pure EVs, it offers a much-needed boost to the PGM industry. This unexpected development could provide some stability for PGM prices and support the longevity of the sector. Looking Forward The future of PGMs remains uncertain in the long run. However, the rise of hybrid cars offers a temporary reprieve for the industry. The long-term viability of PGMs will depend on factors like the pace of EV development, battery technology advancements, and consumer preferences.

Hybrid cars offer a lifeline to platinum group metals threatened by EVs

Author

Zee News Rajasthan

Editor

Diksha Bisla

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