‘0-100km/h in 1 second Tesla Roadster’: Why tyre grip becomes a problem when cars accelerate this fast

Up to 1 million satellites in orbit? the space race raising questions about who controls space

US sanctions Cuban state-owned bank BICSA over alleged financial links to Iran

Majid Majidi's new film Midday Meal takes top prize at Asia's biggest film festival

Russian woman and Bihar boy's love story goes viral after she reaches India to marry him

Arijit Singh 9-city India stadium tour to start from January: Check venue and ticket prices

'A new space debris solution for global customers’: Samtel CEO Puneet Kaura on India-Japan partnership

Billy Joel's health update: Why the singer can't drive or perform right now?

Ukraine blinded: Musk deflects blame on Trump, Putin sharpens attack | Gravitas

Oregon school shooting: 16-year-old identified as suspect after at least four killed, including three children

Who is Abu Dhabi royal Mahrah Al Nahyan, found unconscious on London street with toddler after cocaine use

US-Iran War: Trump eyes mother of all bombs; Iran in crosshairs 

Not Khan but Pal: Why did Imran Khan choose his mother's surname over his father's? Family tree explained

Russia-Ukraine War: Putin vows retaliation against Ukraine 

'Turns out the future does have flying cars': Musk's Tesla unveils 'flying' sports car with SpaceX technology | Watch

‘He told me clearly...’: Yuzvendra Chahal reveals why Rohit Sharma dropped him from India’s 2023 WC squad

Australian woman charged for adding snail poison to lover's curry at work

Inside the Peshawar school tragedy: 34 dead, building's condition under scrutiny and owner arrested. Here's what all happened

‘No traffic jams for Tesla owners’: How Elon Musk’s new flying car is different from regular cars?

‘My president, I mean my husband’: Trump's new press secretary Katie Zacharia's first briefing goes off the rails in 14 minutes

World's 7 most innovative countries in 2026 REVEALED: Did India make the list? | In Pics

Trump says Zelensky 'not a good guy' amid fresh Russia-Ukraine tensions | Watch video

Earthquake measuring 7 magnitude strikes Russia’s Kamchatka Peninsula

Was Trump in danger at Alaska rally? Viral video shows Secret Service agents reacting

'Will stand with Pakistan in case of war with US': Rajasthan BJP chief's remark sparks row

US midterms 2026: FBI investigates suspicious mailings containing 'unknown substance' sent to election offices

Durga Puja 2026: Kajol kicks of celebrations along with mother Tanuja, sister Tanishaa and cousin Ayan Mukerji

Inside Tesla's Roadster: 10 features of Elon Musk's 'flying car' that push the limits of electric vehicles | In Pics

India’s naval priorities: Ex-Navy Chief calls for third aircraft carrier, more warships and submarines

Netanyahu defies Trump, blocks Gaza military base for Board of Peace | Gravitas

Saudi Arabia executes Two Bangladesh nationals over immoral act

Tesla Roadster's thrusters vs rocket engines: What's the difference?

Mumbai: CJP brings Tricolour protest to Azad Maidan after weeks of demonstrations

US ends automatic work permit extensions; Indian workers lose 540-day safety net: What it means

'Ukraine must get all it needs to protect civilians and infrastructure': Macron

Portland stabbing: Multiple people reportedly stabbed hours after deadly Bend school shooting

New Friday OTT releases (October 16, 2026): DC, Sacrifice, Aasha- 6 new movies and TV shows coming on Netflix, Zee 5, Prime Video and more

Recent reports from tech publication Electrek revealed that electric vehicle manufacturer Tesla has initiated layoffs within its software, service, and engineering departments. <o:p></o:p>

This move comes in suit with the company's announcement last month of a global workforce reduction exceeding 10 per cent, which included the dissolution of its electric vehicle charging division.<o:p></o:p>

Sources familiar with the matter disclosed that Tesla employees received emails over the weekend, announcing layoffs across various departments.<o:p></o:p>

While Tesla's shares saw a slight increase of over 1 per cent, the company has yet to respond to requests for comments regarding the recent developments.<o:p></o:p>

Last month, Tesla issued notices indicating layoffs affecting over 6,700 employees across its facilities in Texas, California, Nevada, and New York.<o:p></o:p>

The electric car manufacturer faces challenges with declining sales and heightened competition in the automotive market. <o:p></o:p>

An intensified price war among automakers, along with increased interest rates, has slowed the adoption of electric vehicles. <o:p></o:p>

In response, Tesla is redirecting its focus towards autonomous driving software, robotaxis, and its humanoid robot project, Optimus. <o:p></o:p>

Analysts speculate that the layoffs may be aimed at reallocating resources to prioritise these ventures.<o:p></o:p>

Tesla's restructuring efforts include cost-saving measures, with the company anticipating expenses of over $350 million in the second quarter due to the mass layoffs. <o:p></o:p>

The restructuring previously saw the departure of several top executives, including Drew Baglino, Rohan Patel, Rebecca Tinucci, and Daniel Ho.<o:p></o:p>

Meanwhile, Tesla is trying to advance its product line, with plans to introduce new models utilising existing platforms and production lines to optimise capital expenditures.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Recent reports from tech publication Electrek revealed that electric vehicle manufacturer Tesla has initiated layoffs within its software, service, and engineering departments.

Recent reports from tech publication Electrek revealed that electric vehicle manufacturer Tesla has initiated layoffs within its software, service, and engineering departments. This move comes in suit with the company's announcement last month of a global workforce reduction exceeding 10 per cent, which included the dissolution of its electric vehicle charging division. Sources familiar with the matter disclosed that Tesla employees received emails over the weekend, announcing layoffs across various departments. While Tesla's shares saw a slight increase of over 1 per cent, the company has yet to respond to requests for comments regarding the recent developments. Last month, Tesla issued notices indicating layoffs affecting over 6,700 employees across its facilities in Texas, California, Nevada, and New York. The electric car manufacturer faces challenges with declining sales and heightened competition in the automotive market. An intensified price war among automakers, along with increased interest rates, has slowed the adoption of electric vehicles. In response, Tesla is redirecting its focus towards autonomous driving software, robotaxis, and its humanoid robot project, Optimus. Analysts speculate that the layoffs may be aimed at reallocating resources to prioritise these ventures. Tesla's restructuring efforts include cost-saving measures, with the company anticipating expenses of over $350 million in the second quarter due to the mass layoffs. The restructuring previously saw the departure of several top executives, including Drew Baglino, Rohan Patel, Rebecca Tinucci, and Daniel Ho. Meanwhile, Tesla is trying to advance its product line, with plans to introduce new models utilising existing platforms and production lines to optimise capital expenditures. (With inputs from Reuters)

Tesla lays off employees in software and service divisions while restructuring

As Russia’s military involvement in Ukraine continues, the country’s oil and gas sector is struggling with a severe shortage of workers, threatening its ability to sustain operations and innovate, Bloomberg News reported.<o:p></o:p>

The escalating conflict has complicated the longstanding demographic challenges, driving labour scarcity across various sectors of the economy. <o:p></o:p>

Despite offering competitive salaries and incentives, energy companies struggle to attract talent amidst stiff competition from the military and arms manufacturers. <o:p></o:p>

This scarcity raises concerns about the industry's capacity to maintain its crucial role in funding the war and sustaining economic stability.<o:p></o:p>

Russia's oil and gas industry, the basis of the nation's economy, faces a dire manpower shortage amidst the ongoing conflict in Ukraine. <o:p></o:p>

The sector, instrumental in financing Russia's military activities, confronts challenges in recruitment and retention as the demands of war strain the workforce.<o:p></o:p>

With the nation's economy fully mobilised for war, the energy industry competes fiercely with the military and defence sector for skilled personnel, exacerbating an already acute demographic crunch.<o:p></o:p>

The shortage of workers in Russia's oil and gas industry is not a recent phenomenon but has been aggravated by the prolonged conflict in Ukraine. <o:p></o:p>

Over the past two decades, Russia has grappled with a shrinking working-age population, initially pushed by low birth rates in the 1990s and worsened by the COVID-19 pandemic.<o:p></o:p>

The invasion of Ukraine has further restricted the influx of labour from abroad due to international sanctions, diminishing Russia's attractiveness for migrants from neighbouring countries.<o:p></o:p>

According to estimates, the oil and gas sector currently faces a deficit of around 40,000 employees, with demand spanning from low-skilled workers to highly qualified professionals.<o:p></o:p>

Despite offering salaries exceeding the national average by a significant margin, energy companies struggle to compete with the lucrative contracts offered by the military and defence industry. <o:p></o:p>

The attractiveness of sign-up bonuses and additional incentives has drawn potential recruits away from the oil fields.<o:p></o:p>

As the conflict continues, Russia's oil and gas industry struggles with the implications of labour scarcity on its long-term viability. <o:p></o:p>

While production and exports have remained strong so far, concerns loom over the sector's ability to sustain its performance amidst ongoing sanctions and geopolitical tensions.<o:p></o:p>

The lack of qualified personnel poses a challenge, hindering the industry's capacity to innovate and adapt to evolving technological demands.<o:p></o:p>

To mitigate the labour shortage, oil and gas companies have implemented various incentives and perks to attract workers, including subsidised meals, medical benefits, and corporate-sponsored outings.<o:p></o:p>

However, these measures have had limited success in attracting the younger, skilled workforce crucial for the industry's future. <o:p></o:p>

Consequently, companies are increasingly relying on older workers to fill the gaps, abandoning previous retirement incentives in favour of retaining experienced personnel.<o:p></o:p>

Despite facing mounting challenges, Russia's oil and gas sector remains a key player in financing the ongoing conflict in Ukraine. <o:p></o:p>

The industry's strength, along with high production rates, has sustained the Kremlin's ability to fund military operations and procure weapons.<o:p></o:p>

However, the looming threat of labour shortages and limited access to Western technology pose significant risks to the sector's long-term stability.<o:p></o:p>

(With inputs from Bloomberg)<o:p></o:p>

As Russia’s military involvement in Ukraine continues, the country’s oil and gas sector is struggling with a severe shortage of workers, threatening its ability to sustain operations and innovate, Bloomberg News reported.

As Russia’s military involvement in Ukraine continues, the country’s oil and gas sector is struggling with a severe shortage of workers, threatening its ability to sustain operations and innovate, Bloomberg News reported. The escalating conflict has complicated the longstanding demographic challenges, driving labour scarcity across various sectors of the economy. Despite offering competitive salaries and incentives, energy companies struggle to attract talent amidst stiff competition from the military and arms manufacturers. This scarcity raises concerns about the industry's capacity to maintain its crucial role in funding the war and sustaining economic stability. Russia's oil and gas industry, the basis of the nation's economy, faces a dire manpower shortage amidst the ongoing conflict in Ukraine. The sector, instrumental in financing Russia's military activities, confronts challenges in recruitment and retention as the demands of war strain the workforce. With the nation's economy fully mobilised for war, the energy industry competes fiercely with the military and defence sector for skilled personnel, exacerbating an already acute demographic crunch. The shortage of workers in Russia's oil and gas industry is not a recent phenomenon but has been aggravated by the prolonged conflict in Ukraine. Over the past two decades, Russia has grappled with a shrinking working-age population, initially pushed by low birth rates in the 1990s and worsened by the COVID-19 pandemic. The invasion of Ukraine has further restricted the influx of labour from abroad due to international sanctions, diminishing Russia's attractiveness for migrants from neighbouring countries. According to estimates, the oil and gas sector currently faces a deficit of around 40,000 employees, with demand spanning from low-skilled workers to highly qualified professionals. Despite offering salaries exceeding the national average by a significant margin, energy companies struggle to compete with the lucrative contracts offered by the military and defence industry. The attractiveness of sign-up bonuses and additional incentives has drawn potential recruits away from the oil fields. As the conflict continues, Russia's oil and gas industry struggles with the implications of labour scarcity on its long-term viability. While production and exports have remained strong so far, concerns loom over the sector's ability to sustain its performance amidst ongoing sanctions and geopolitical tensions. The lack of qualified personnel poses a challenge, hindering the industry's capacity to innovate and adapt to evolving technological demands. To mitigate the labour shortage, oil and gas companies have implemented various incentives and perks to attract workers, including subsidised meals, medical benefits, and corporate-sponsored outings. However, these measures have had limited success in attracting the younger, skilled workforce crucial for the industry's future. Consequently, companies are increasingly relying on older workers to fill the gaps, abandoning previous retirement incentives in favour of retaining experienced personnel. Despite facing mounting challenges, Russia's oil and gas sector remains a key player in financing the ongoing conflict in Ukraine. The industry's strength, along with high production rates, has sustained the Kremlin's ability to fund military operations and procure weapons. However, the looming threat of labour shortages and limited access to Western technology pose significant risks to the sector's long-term stability. (With inputs from Bloomberg)

Russia's oil industry faces manpower crisis amid war economy: Report

The Indian state of Goa votes on Tuesday (May 7). The state has two parliamentary seats - North Goa and South Goa. In the 2019 general elections, the BJP and the Congress won one seat each.

With 1.5 million people living in just 3,702 square kilometres, Goa is the fourth-smallest state by population size and the smallest in terms of land area.

While its geography and demography may seem insignificant compared to India's larger states, Goa presents an unparalleled socio-economic profile.

Here are seven key socio-economic facts on Goa:

1) It is the richest state in India, in terms of per capita income. The state enjoys a per capita income of about Rs 6.75 lakh (over $8,000). This is nearly three times higher than India's estimated per capita income of $2731. Meanwhile, Goa's total Gross State Domestic Product is a little over Rs 1 lakh crore or over $12 billion.

2) The state government's advance estimate puts the growth rate for 2023-24 at 13.73 per cent. In the ongoing fiscal year, which ends on March 31 next year, Goa's economy is projected to grow by 13.87 per cent. This is higher than India's estimated 7.6 per cent growth rate in 2023-24.

3) Goa is among the best-performing states in India's Social Progress Index. With a score of 65.53, the state is the third-best after Puducherry and Lakshadweep. In fact, the coastal state has the highest score in the 'Water and Sanitation' component of the index, which measures social progress through the dimensions of 'Basic Human Needs', 'Foundations of Wellbeing', and 'Opportunity'.&nbsp;

4) Goa has performed remarkably well in reducing poverty in the last decade. As per NITI Aayog's National Multi-dimensional Poverty Index report, the multi-dimensional poverty rate has fallen from 3.76 per cent in 2015-16 to 0.84 per cent in 2019-21. The state has the second-lowest poverty rate, behind the southern state of Kerala.&nbsp;

5) Tourism is the backbone of Goa's economy, contributing over 16 per cent to the state GDP and employing at least one-third of the population. The state welcomed over eight million visitors last year. Over 4,00,000 of them were foreign tourists - a 130 per cent increase compared to 2022.

6) Apart from tourism, mining was the mainstay of Goa's economy until 2018, when India's Supreme Court quashed 88 mining licenses due to irregularities and illegal mining. At one point, mining contributed about 20 per cent to the state's GDP. However, by 2022, its share in GDP fell to about four per cent. The sector also employed - directly or indirectly - about a quarter of the population.

7) The state ranks 16th in the latest edition of the Export Preparedness Index. With 51.68 points, Goa has the highest rank among the nine smaller states and Union Territories. Moreover, it has a perfect score in the sub-categories of 'Export Promotion Policy' and 'Institutional Framework', indicating a strong possibility of future export growth.&nbsp;

The Indian state of Goa votes on Tuesday (May 7). The state has two parliamentary seats - North Goa and South Goa. In the 2019 general elections, the BJP and the Congress won one seat each.

The Indian state of Goa votes on Tuesday (May 7). The state has two parliamentary seats - North Goa and South Goa. In the 2019 general elections, the BJP and the Congress won one seat each. With 1.5 million people living in just 3,702 square kilometres, Goa is the fourth-smallest state by population size and the smallest in terms of land area. While its geography and demography may seem insignificant compared to India's larger states, Goa presents an unparalleled socio-economic profile. Here are seven key socio-economic facts on Goa: 1) It is the richest state in India, in terms of per capita income. The state enjoys a per capita income of about Rs 6.75 lakh (over $8,000). This is nearly three times higher than India's estimated per capita income of $2731. Meanwhile, Goa's total Gross State Domestic Product is a little over Rs 1 lakh crore or over $12 billion. 2) The state government's advance estimate puts the growth rate for 2023-24 at 13.73 per cent. In the ongoing fiscal year, which ends on March 31 next year, Goa's economy is projected to grow by 13.87 per cent. This is higher than India's estimated 7.6 per cent growth rate in 2023-24. 3) Goa is among the best-performing states in India's Social Progress Index. With a score of 65.53, the state is the third-best after Puducherry and Lakshadweep. In fact, the coastal state has the highest score in the 'Water and Sanitation' component of the index, which measures social progress through the dimensions of 'Basic Human Needs', 'Foundations of Wellbeing', and 'Opportunity'. 4) Goa has performed remarkably well in reducing poverty in the last decade. As per NITI Aayog's National Multi-dimensional Poverty Index report, the multi-dimensional poverty rate has fallen from 3.76 per cent in 2015-16 to 0.84 per cent in 2019-21. The state has the second-lowest poverty rate, behind the southern state of Kerala. 5) Tourism is the backbone of Goa's economy, contributing over 16 per cent to the state GDP and employing at least one-third of the population. The state welcomed over eight million visitors last year. Over 4,00,000 of them were foreign tourists - a 130 per cent increase compared to 2022. 6) Apart from tourism, mining was the mainstay of Goa's economy until 2018, when India's Supreme Court quashed 88 mining licenses due to irregularities and illegal mining. At one point, mining contributed about 20 per cent to the state's GDP. However, by 2022, its share in GDP fell to about four per cent. The sector also employed - directly or indirectly - about a quarter of the population. 7) The state ranks 16th in the latest edition of the Export Preparedness Index. With 51.68 points, Goa has the highest rank among the nine smaller states and Union Territories. Moreover, it has a perfect score in the sub-categories of 'Export Promotion Policy' and 'Institutional Framework', indicating a strong possibility of future export growth.

Lok Sabha Elections 2024: Understanding Goa's economy beyond the beaches

Ever since the Cullinan was launched back in 2018, it has been the most-selling and most-demanded Rolls-Royce model. Known as the most luxurious SUV on sale, the British luxury carmaker focuses on youthful touches for its SUV, thus a sportier front fascia. The updated face now looks sleeker courtesy of slimmer LED headlights with integrated inverted L-shaped LED DRLs. The revised bumper and air inlets round off the changes at the front, giving it a sportier appeal than the outgoing model.&nbsp;

 
Rolls-Royce claims that almost all&nbsp;owners of&nbsp;the Cullinan now drive&nbsp;the SUV on their own compared to earlier less than 70% self-driving owners. The Cullinan has also played its part in bringing down the average age of the Rolls-Royce owner, from 56 in 2010 to now 43. Another youthful touch to the Cullinan Series II is the addition of the illuminated grille that, combined with its horizontal ‘Horizon Line’ , pays homage to the Phantom series.

 
Speaking of other perceptible changes, the Cullinan now offers the option to spec 23-inch alloy wheels, milled from a billet of aluminium. Around the back, the changes are introduced in the form of mirror-finish stainless steel exhaust surrounds and a stainless steel protective plate adjoining the ends of the exhaust. Rolls-Royce has also introduced a new Emperador Truffle paint, which is inspired by a richly-veined brown marble.&nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/production-spec-kia-ev3-teased-global-debut-on-may-23rd-718887">Production-spec Kia EV3 teased; global debut on May 23rd</a>

 
Moving to the changes made on the inside, the most perceptible update is the end-to-end glass-panel finish running across the width of the top dashboard. Furthermore, both the digital instrument cluster and infotainment system are updated with the new SPIRIT operating system. The luxury carmaker also gives its customers the option to select the colour palette for the instrumentation. The updated operating system also benefits the rear entertainment screens offering features such as streaming, massaging, heating and ventilation. The rear entertainment screens now also offer the functionality of pairing bluetooth headset — a first in any Rolls-Royce model.

 
Another highlight of the Cullinan Series II’s interior is the illuminated fascia panel. Carrying the lineage from the Spectre and Phantom, the Cullinan draws inspiration for its dashboard artwork from the skyscrapers of megacities at night. The illuminated panel boasts 7,000 laser dots itched to the rear of the glass panel, each featuring different angles and dimensions to accentuate the sense of depth.&nbsp; 
&nbsp;

Ever since the Cullinan was launched back in 2018, it has been the most-selling and most-demanded Rolls-Royce model. Known as the most luxurious SUV on sale, the British luxury carmaker focuses on youthful touches for its SUV, thus a sportier front fascia.

Ever since the Cullinan was launched back in 2018, it has been the most-selling and most-demanded Rolls-Royce model. Known as the most luxurious SUV on sale, the British luxury carmaker focuses on youthful touches for its SUV, thus a sportier front fascia. The updated face now looks sleeker courtesy of slimmer LED headlights with integrated inverted L-shaped LED DRLs. The revised bumper and air inlets round off the changes at the front, giving it a sportier appeal than the outgoing model. Rolls-Royce claims that almost all owners of the Cullinan now drive the SUV on their own compared to earlier less than 70% self-driving owners. The Cullinan has also played its part in bringing down the average age of the Rolls-Royce owner, from 56 in 2010 to now 43. Another youthful touch to the Cullinan Series II is the addition of the illuminated grille that, combined with its horizontal ‘Horizon Line’ , pays homage to the Phantom series. Speaking of other perceptible changes, the Cullinan now offers the option to spec 23-inch alloy wheels, milled from a billet of aluminium. Around the back, the changes are introduced in the form of mirror-finish stainless steel exhaust surrounds and a stainless steel protective plate adjoining the ends of the exhaust. Rolls-Royce has also introduced a new Emperador Truffle paint, which is inspired by a richly-veined brown marble. Also Read: Production-spec Kia EV3 teased; global debut on May 23rd Moving to the changes made on the inside, the most perceptible update is the end-to-end glass-panel finish running across the width of the top dashboard. Furthermore, both the digital instrument cluster and infotainment system are updated with the new SPIRIT operating system. The luxury carmaker also gives its customers the option to select the colour palette for the instrumentation. The updated operating system also benefits the rear entertainment screens offering features such as streaming, massaging, heating and ventilation. The rear entertainment screens now also offer the functionality of pairing bluetooth headset — a first in any Rolls-Royce model. Another highlight of the Cullinan Series II’s interior is the illuminated fascia panel. Carrying the lineage from the Spectre and Phantom, the Cullinan draws inspiration for its dashboard artwork from the skyscrapers of megacities at night. The illuminated panel boasts 7,000 laser dots itched to the rear of the glass panel, each featuring different angles and dimensions to accentuate the sense of depth.

Rolls-Royce Cullinan Series II SUV breaks cover

Toyota Motor is expected to get increased demand for hybrids when it reports annual earnings on Wednesday, showing how the top-selling automaker is set to benefit as the hype around battery electric vehicles cools.

This is due to a boost from the weak yen currency debunking the challenges it faces in the critical markets. Whereas in China, it faces pressure because of an aggressive price war, and in the U.S. its due to the fallout from consumers struggling with higher borrowing costs.

Worldwide, Toyota has felt slight competition from Chinese rivals constantly expanding production of low-priced vehicles.

 
The group’s reputation for quality and safety was threatened, while the sales were also affected due to a safety test scandal at its Daihatsu compact car unit in Japan.

Toyota's China sales were down 1.6% over the first quarter of the 2024 calendar year, better than sharper declines of Japanese rivals Nissan and Honda, however worse than a 12.5% rise in passenger vehicle sales sector-wide, according to data from an auto industry association.

As global demand for battery-powered EVs has slowed, Toyota has made money by selling more hybrids, which come with relatively higher margins than regular gasoline cars.

Read More:&nbsp;<a href="https://www.wionews.com/business-economy/lucids-annual-vehicle-production-forecast-for-2024-less-than-estimates-718931">Lucid’s annual vehicle production forecast for 2024 less than estimates</a>

Toyota pioneered hybrids more than a quarter of a century ago with the Prius. They made up more than a third of the 10.3 million cars it sold in the financial year just ended, including the Lexus luxury brand.

While strong in hybrids, Toyota remains a laggard when it comes to EVs, behind rivals such as Tesla and European and Chinese automakers.

 
Battery EVs made up just 1% of global sales in the year just ended, or about 116,500 vehicles, well below a previously announced target of 202,000 vehicles.

 
In February, the Japanese automaker raised its operating profit forecast for the financial year ended March 31 to 4.9 trillion yen ($31.87 billion), a result that would mark a record profit and an 80% increase on the previous year.

For the fourth quarter, Toyota is expected to deliver an operating profit of 747 billion yen, according to the average of nine analysts polled by LSEG.&nbsp;

(With inputs From Reuters)

Toyota Motor is expected to get increased demand for hybrids when it reports annual earnings on Wednesday, showing how the top-selling automaker is set to benefit as the hype around battery electric vehicles cools.

Toyota Motor is expected to get increased demand for hybrids when it reports annual earnings on Wednesday, showing how the top-selling automaker is set to benefit as the hype around battery electric vehicles cools. This is due to a boost from the weak yen currency debunking the challenges it faces in the critical markets. Whereas in China, it faces pressure because of an aggressive price war, and in the U.S. its due to the fallout from consumers struggling with higher borrowing costs. Worldwide, Toyota has felt slight competition from Chinese rivals constantly expanding production of low-priced vehicles. The group’s reputation for quality and safety was threatened, while the sales were also affected due to a safety test scandal at its Daihatsu compact car unit in Japan. Toyota's China sales were down 1.6% over the first quarter of the 2024 calendar year, better than sharper declines of Japanese rivals Nissan and Honda, however worse than a 12.5% rise in passenger vehicle sales sector-wide, according to data from an auto industry association. As global demand for battery-powered EVs has slowed, Toyota has made money by selling more hybrids, which come with relatively higher margins than regular gasoline cars. Read More: Lucid’s annual vehicle production forecast for 2024 less than estimates Toyota pioneered hybrids more than a quarter of a century ago with the Prius. They made up more than a third of the 10.3 million cars it sold in the financial year just ended, including the Lexus luxury brand. While strong in hybrids, Toyota remains a laggard when it comes to EVs, behind rivals such as Tesla and European and Chinese automakers. Battery EVs made up just 1% of global sales in the year just ended, or about 116,500 vehicles, well below a previously announced target of 202,000 vehicles. In February, the Japanese automaker raised its operating profit forecast for the financial year ended March 31 to 4.9 trillion yen ($31.87 billion), a result that would mark a record profit and an 80% increase on the previous year. For the fourth quarter, Toyota is expected to deliver an operating profit of 747 billion yen, according to the average of nine analysts polled by LSEG. (With inputs From Reuters)

Toyota to gain upper-hand as EV market slumps

California-based company Lucid Group, Inc. (LCID) which designs, manufactures, and sells luxury electric vehicles, EV powertrains, and battery systems, forecasted a higher capital expenditure for this year and recapitulated the annual production forecast below Wall Street targets on Monday. This happened amid the decreasing demand for electric vehicles, sending its shares down nearly 9% in extended trading.

The forecast and the dip in stocks later during the day highlight the potential risks at bay for investors as the once-flourishing EV demand plummets and global competition intensifies. 
&nbsp; 
According to media reports, Gagan Dhingra, Lucid's interim finance chief, revealed that 
"From a capex perspective, we are making enhancements first in our Arizona factory because we are going from 30,000 installed capacity to 90,000." He added that capital was also being spent on building a factory in Saudi Arabia.

The company shared that it expected a capital expenditure of USD 1.5 billion in 2024 as it gears up to manufacture its Gravity SUV later this year, as compared to USD 910.6 million last year.

Contrasted with the 8,428 vehicles manufactured last year, Lucid was reportedly on track to produce 9,000 cars this year. However, seven analysts polled by Visible Alpha expected the company to produce 12,677 units on average in 2024. 
&nbsp; 
Lucid CEO Peter Rawlinson said the firm would make just enough cars to match demand. "Otherwise, if we just turn on the faucets and produce, then we're left with a big inventory, which would be imprudent."

In a conference call with analysts, Rawlinson added that the company is expecting a seasonal sales slowdown globally in the third quarter as consumers take vacation breaks.

With backing from Saudi Arabia's Public Investment Fund, the firm is also set to begin production of a relatively more affordable midsize car in the latter half of 2026 and its Gravity SUV this year, to cater to a more diverse customer base.

"Lucid's results were more of the same. Unsustainable margins, a high cash rate and no change to full-year production guidance. Not a lot of reason for optimism," shared Garrett Nelson, senior equity analyst at CFRA Research.

The company culminated the first quarter with cash and cash equivalents of USD 2.17 billion, compared with USD 1.37 billion in the fourth quarter of 2023. The sovereign wealth fund, which has invested billions in Lucid, added another USD 1 billion to the EV maker's balance sheet.&nbsp;

California-based company Lucid Group, Inc. (LCID) which designs, manufactures, and sells luxury electric vehicles, EV powertrains, and battery systems, forecasted a higher capital expenditure for this year and recapitulated the annual production forecast below Wall Street targets on Monday.

California-based company Lucid Group, Inc. (LCID) which designs, manufactures, and sells luxury electric vehicles, EV powertrains, and battery systems, forecasted a higher capital expenditure for this year and recapitulated the annual production forecast below Wall Street targets on Monday. This happened amid the decreasing demand for electric vehicles, sending its shares down nearly 9% in extended trading. The forecast and the dip in stocks later during the day highlight the potential risks at bay for investors as the once-flourishing EV demand plummets and global competition intensifies. According to media reports, Gagan Dhingra, Lucid's interim finance chief, revealed that "From a capex perspective, we are making enhancements first in our Arizona factory because we are going from 30,000 installed capacity to 90,000." He added that capital was also being spent on building a factory in Saudi Arabia. The company shared that it expected a capital expenditure of USD 1.5 billion in 2024 as it gears up to manufacture its Gravity SUV later this year, as compared to USD 910.6 million last year. Contrasted with the 8,428 vehicles manufactured last year, Lucid was reportedly on track to produce 9,000 cars this year. However, seven analysts polled by Visible Alpha expected the company to produce 12,677 units on average in 2024. Lucid CEO Peter Rawlinson said the firm would make just enough cars to match demand. "Otherwise, if we just turn on the faucets and produce, then we're left with a big inventory, which would be imprudent." In a conference call with analysts, Rawlinson added that the company is expecting a seasonal sales slowdown globally in the third quarter as consumers take vacation breaks. With backing from Saudi Arabia's Public Investment Fund, the firm is also set to begin production of a relatively more affordable midsize car in the latter half of 2026 and its Gravity SUV this year, to cater to a more diverse customer base. "Lucid's results were more of the same. Unsustainable margins, a high cash rate and no change to full-year production guidance. Not a lot of reason for optimism," shared Garrett Nelson, senior equity analyst at CFRA Research. The company culminated the first quarter with cash and cash equivalents of USD 2.17 billion, compared with USD 1.37 billion in the fourth quarter of 2023. The sovereign wealth fund, which has invested billions in Lucid, added another USD 1 billion to the EV maker's balance sheet.

Lucid’s annual vehicle production forecast for 2024 less than estimates

Wayve, market leader in Embodied artificial intelligence (AI), has successfully closed a Series C funding round, securing USD 1.05 billion. With this recent round of investment, led by SoftBank Group with additional contributions from NVIDIA and Microsoft, Wayve aims to go beyond the traditional perception of autonomous mobility and reshape it via embodied intelligence.

Embodied AI is the new frontier of innovation that supersedes the previous Generative AI and large language models. Through embedding the AI within vehicles and robots, Wayve can reshape how machines perceive, understand, and imitate human behaviours in real environments. The new approach will contribute to the increase in usability and safety of autopilot systems greatly.

Pioneering efforts in AV2.0

Founded in 2017, Wayve has emerged as a trailblazer in the field of Embodied AI for autonomous driving. Notably, the company was the first to develop and test an end-to-end (e2e) AI autonomous driving system on public roads. This groundbreaking achievement has catalysed an industry-wide shift towards AI, known as ‘AV2.0’.

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/nio-plans-to-expand-global-presence-with-new-ev-models-718843">Nio plans to expand global presence with new EV models</a>

Advancements in AI technology

Wayve’s research and development efforts have over time not only made it the market leader but also its products are of high quality and are leading in the field of AV2.0. The company has established vehicle-independent AI driving models for mapless autonomous driving, alomng with a pack of ingenious technologies, including fleet learning, data infrastructure, evaluation, and simulator platforms.

Collaboration for innovation

Wayve's collaboration with SoftBank, NVIDIA, and Microsoft is an example of an alliance between prominent organizations for pushing the bar of autonomous technology forward. The investment will support the R&amp;D and release of Wayve's first range of products based on Embodied AI for automotive OEM industry that will enable them to succeed in delivering reliable and beneficial automated driving services.

Alex Kendall, Co-founder and CEO of Wayve, expressed confidence in the transformative potential of Embodied AI. He highlighted the company's commitment to developing autonomous technology that seamlessly integrates into everyday lives, unlocking extraordinary value for consumers worldwide.

Shaping the future of mobility

SoftBank, NVIDIA, and Microsoft share Wayve's vision of reshaping mobility through advanced intelligence. They recognise the transformative impact of AI in enhancing decision-making and safety standards in the automotive industry.

Strategic focus areas

The Series C investment will enable Wayve to develop and launch Embodied AI products for production vehicles. Additionally, the company will focus on scaling its foundation models, advancing Embodied AI research, and expanding operations and partnerships in new markets.

UK Prime Minister Rishi Sunak commended Wayve for its groundbreaking work in AI and autonomous driving. He highlighted the UK's leadership in technological advancements and the government's commitment to creating conducive economic conditions for innovation.

Wayve, market leader in Embodied artificial intelligence (AI), has successfully closed a Series C funding round, securing USD 1.05 billion. With this recent round of investment, led by SoftBank Group with additional contributions from NVIDIA and Microsoft, Wayve aims to go beyond the traditional perception of autonomous mobility and reshape it via embodied intelligence.

Wayve, market leader in Embodied artificial intelligence (AI), has successfully closed a Series C funding round, securing USD 1.05 billion. With this recent round of investment, led by SoftBank Group with additional contributions from NVIDIA and Microsoft, Wayve aims to go beyond the traditional perception of autonomous mobility and reshape it via embodied intelligence. Embodied AI is the new frontier of innovation that supersedes the previous Generative AI and large language models. Through embedding the AI within vehicles and robots, Wayve can reshape how machines perceive, understand, and imitate human behaviours in real environments. The new approach will contribute to the increase in usability and safety of autopilot systems greatly. Pioneering efforts in AV2.0 Founded in 2017, Wayve has emerged as a trailblazer in the field of Embodied AI for autonomous driving. Notably, the company was the first to develop and test an end-to-end (e2e) AI autonomous driving system on public roads. This groundbreaking achievement has catalysed an industry-wide shift towards AI, known as ‘AV2.0’. Also Read: Nio plans to expand global presence with new EV models Advancements in AI technology Wayve’s research and development efforts have over time not only made it the market leader but also its products are of high quality and are leading in the field of AV2.0. The company has established vehicle-independent AI driving models for mapless autonomous driving, alomng with a pack of ingenious technologies, including fleet learning, data infrastructure, evaluation, and simulator platforms. Collaboration for innovation Wayve's collaboration with SoftBank, NVIDIA, and Microsoft is an example of an alliance between prominent organizations for pushing the bar of autonomous technology forward. The investment will support the R&D and release of Wayve's first range of products based on Embodied AI for automotive OEM industry that will enable them to succeed in delivering reliable and beneficial automated driving services. Alex Kendall, Co-founder and CEO of Wayve, expressed confidence in the transformative potential of Embodied AI. He highlighted the company's commitment to developing autonomous technology that seamlessly integrates into everyday lives, unlocking extraordinary value for consumers worldwide. Shaping the future of mobility SoftBank, NVIDIA, and Microsoft share Wayve's vision of reshaping mobility through advanced intelligence. They recognise the transformative impact of AI in enhancing decision-making and safety standards in the automotive industry. Strategic focus areas The Series C investment will enable Wayve to develop and launch Embodied AI products for production vehicles. Additionally, the company will focus on scaling its foundation models, advancing Embodied AI research, and expanding operations and partnerships in new markets. UK Prime Minister Rishi Sunak commended Wayve for its groundbreaking work in AI and autonomous driving. He highlighted the UK's leadership in technological advancements and the government's commitment to creating conducive economic conditions for innovation.

Wayve secures USD 1.05 bn in Series C funding for advancing embodied AI

The Kia EV3 Concept was revealed last year at the Los Angeles Auto Show. The Korean carmaker has now teased the production version of its most affordable zero-emission offering.

The Kia EV3 Concept was revealed last year at the Los Angeles Auto Show. The Korean carmaker has now teased the production version of its most affordable zero-emission offering. The EV3 compact crossover will be Kia’s third electric model, after the EV6 and range-topping EV9, in the brand's new E-GMP-based BEV line-up. Since the concept was shown in the United States, the EV3 is expected to go on sale there (although not confirmed yet), and if this happens, it could get a starting price of about $32,000. Similarly, in the UK, Kia could aim for a sub-£30,000 price for the EV3’s entry-level models. During the unveiling of the EV3 Concept, Kia had outrightly stated that the production model’s styling would be more or less similar to the concept. And based on the teasers, it seems to be true. The boxy front & rear design, along with the signature Star Map-design lighting, looks very similar to the EV3 Concept. It’s safe to say that the EV3 might look like a shrunken-down EV9. The addition of standard car bits like door handles, more practical side mirrors, and a slightly altered wheel design, are expected to be some of the main changes between the two versions. Read More: Hyundai Motor Group shifts strategy: hybrid cars for India by 2026 The EV3’s interior is expected to be teased next. However, since we’ve already seen the concept’s minimalist interior, it is likely to be carried over, only with the addition of a few control knobs and general switchgear. Like the larger EV6 and EV9 models, the EV3 is also based on the Hyundai Motor Group’s E-GMP platform. But since the EV3 is aimed at the affordable end of the spectrum, it certainly won’t use the 800V architecture of the other two. Instead, it will make use of the more cost-effective 400V set-up, its downside being a relatively longer charging time. Reports also suggest that the EV3 will sit alongside the Niro EV in Kia’s BEV line-up, and could also be a replacement for the Soul EV. All doubts and queries will be answered on May 23rd when the EV3 makes its global debut. It will go on sale later this year.

Production-spec Kia EV3 teased; global debut on May 23rd

Swedish automaker Volvo Cars reported a rise of 27% in its April sales as compared to a year earlier. Sales stood at 65,838 cars last month, boosted by demand for electric and hybrid vehicles. Volvo Cars, majority-owned by China's Geely Holding witnessed sales of fully electric cars were up 94% and accounted for 26% of all sales globally in the month.

Volvo Cars' biggest market, Europe, saw jump of 65% in sales as compared to the same period last year, reaching 34,238 cars, with the company's fully electric small SUV, EX30, driving sales. In the United States, the company saw sales rise 10%, primarily driven by an 89% increase in plug-in hybrid car sales. Meanwhile, sales in China were down 3% compared to the same period last year.

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/nio-plans-to-expand-global-presence-with-new-ev-models-718843">Nio plans to expand global presence with new EV models</a>

In a separate development, Volvo Cars has made a strategic investment in UK-based startup Breathe Battery Technologies with an aim to reduce charging time for its next generation of electric vehicles (EVs) by 30%. This move highlights Volvo’s commitment to enhancing the EV ownership experience and addressing consumer concerns over charging convenience.

Volvo Cars Tech Fund, the Swedish automaker’s corporate venture capital arm, facilitated this investment, marking a significant step towards advancing EV technology. Although the exact investment amount remains undisclosed, the company's partnership with Breathe Battery Technologies signals a shared vision for innovation in the EV sector.

With faster charging of EVs, customers will be encouraged to adopt battery-powered vehicles while those who already own EVs will witness a hassle-free ownership experience. Concerns related to charging infrastructure and charging speed is paramount in driving widespread EV adoption.

Apart from reducing EV charging times, Breathe Battery Technologies is also working on enhancing battery durability and performance. Their software solutions, already deployed in Oppo smartphones, aim to extend battery life and optimise performance. With its investment in Breathe Battery Technologies, Volvo Cars' underscores the company’s commitment to innovation and sustainability in the EV market.&nbsp;

Swedish automaker Volvo Cars reported a rise of 27% in its April sales as compared to a year earlier. Sales stood at 65,838 cars last month, boosted by demand for electric and hybrid vehicles.

Swedish automaker Volvo Cars reported a rise of 27% in its April sales as compared to a year earlier. Sales stood at 65,838 cars last month, boosted by demand for electric and hybrid vehicles. Volvo Cars, majority-owned by China's Geely Holding witnessed sales of fully electric cars were up 94% and accounted for 26% of all sales globally in the month. Volvo Cars' biggest market, Europe, saw jump of 65% in sales as compared to the same period last year, reaching 34,238 cars, with the company's fully electric small SUV, EX30, driving sales. In the United States, the company saw sales rise 10%, primarily driven by an 89% increase in plug-in hybrid car sales. Meanwhile, sales in China were down 3% compared to the same period last year. Also Read: Nio plans to expand global presence with new EV models In a separate development, Volvo Cars has made a strategic investment in UK-based startup Breathe Battery Technologies with an aim to reduce charging time for its next generation of electric vehicles (EVs) by 30%. This move highlights Volvo’s commitment to enhancing the EV ownership experience and addressing consumer concerns over charging convenience. Volvo Cars Tech Fund, the Swedish automaker’s corporate venture capital arm, facilitated this investment, marking a significant step towards advancing EV technology. Although the exact investment amount remains undisclosed, the company's partnership with Breathe Battery Technologies signals a shared vision for innovation in the EV sector. With faster charging of EVs, customers will be encouraged to adopt battery-powered vehicles while those who already own EVs will witness a hassle-free ownership experience. Concerns related to charging infrastructure and charging speed is paramount in driving widespread EV adoption. Apart from reducing EV charging times, Breathe Battery Technologies is also working on enhancing battery durability and performance. Their software solutions, already deployed in Oppo smartphones, aim to extend battery life and optimise performance. With its investment in Breathe Battery Technologies, Volvo Cars' underscores the company’s commitment to innovation and sustainability in the EV market.

Volvo Cars reports rise in April sales buoyed by EV demand

In order to bring ease in riding long distances, BMW Motorrad has brought an interesting new feature for its motorcycles. The new Automated Shift Assistant eliminates the conventional clutch lever for two electromechanical actuators that automate both clutch and gear shifting actions. As a result, in the D mode, the motorcycle takes care of both clutch and gear shift actions, offering a seamless riding experience to the rider.

 
The system also allows for manual intervention, if the rider wants to take control. With the M mode, the rider can change gears with foot control in the conventional way. However, the system downshifts automatically if the rider fails to select the right gear for the engine rpms. In both D and M modes, the Automated Shift Assistant claims to deliver a seamless shifting experience with minimal jolts.&nbsp;

 
Since the ASA system is tuned in harmony with the boxer engine, it offers seamless shifting in all kinds of riding situations. In upshifts, the jolt associated with a manual transmission as well as the head nod while the transition happens is largely eliminated. Downshifts are also tuned to deliver minimal chassis disturbances, even in load conditions.

Also Read:&nbsp;<a href="http://13.235.153.162/business-economy/bmw-m4-competition-xdrive-launched-in-india-717561">BMW M4 Competition xDrive launched in India</a>

 
Furthermore, the Automated Shift Assistant is calibrated across the riding modes of the engine for varied riding conditions. The system shows its advantages while working with features such as adaptive cruise control as well as forward collision warning as it takes care of both upshifts and downshifts without rider’s intervention. As a result, the ASA reduces rider fatigue and improves concentration over longer rides.

 
Speaking of its mechanicals, the clutch is operated with a electromechanical actuator, which is connected with a hydraulic connection between the clutch master and slave cylinders. The actuator is responsible for the right amount of clutch slippage, engage and disengage as per the riding conditions.&nbsp;

 
Like the clutch, the transmission is also controlled via an electromechanical actuator, which works on information basis revs of the transmission input shaft and clutch position. This information is transmitted to the transmission control unit that is closely linked to the engine control unit. Rider’s shift request, on the other hand, is transmitted through the conventional foot gear selector.&nbsp; 
&nbsp;

In order to bring ease in riding long distances, BMW Motorrad has brought an interesting new feature for its motorcycles. The new Automated Shift Assistant eliminates the conventional clutch lever for two electromechanical actuators that automate both clutch and gear shifting actions.

In order to bring ease in riding long distances, BMW Motorrad has brought an interesting new feature for its motorcycles. The new Automated Shift Assistant eliminates the conventional clutch lever for two electromechanical actuators that automate both clutch and gear shifting actions. As a result, in the D mode, the motorcycle takes care of both clutch and gear shift actions, offering a seamless riding experience to the rider. The system also allows for manual intervention, if the rider wants to take control. With the M mode, the rider can change gears with foot control in the conventional way. However, the system downshifts automatically if the rider fails to select the right gear for the engine rpms. In both D and M modes, the Automated Shift Assistant claims to deliver a seamless shifting experience with minimal jolts. Since the ASA system is tuned in harmony with the boxer engine, it offers seamless shifting in all kinds of riding situations. In upshifts, the jolt associated with a manual transmission as well as the head nod while the transition happens is largely eliminated. Downshifts are also tuned to deliver minimal chassis disturbances, even in load conditions. Also Read: BMW M4 Competition xDrive launched in India Furthermore, the Automated Shift Assistant is calibrated across the riding modes of the engine for varied riding conditions. The system shows its advantages while working with features such as adaptive cruise control as well as forward collision warning as it takes care of both upshifts and downshifts without rider’s intervention. As a result, the ASA reduces rider fatigue and improves concentration over longer rides. Speaking of its mechanicals, the clutch is operated with a electromechanical actuator, which is connected with a hydraulic connection between the clutch master and slave cylinders. The actuator is responsible for the right amount of clutch slippage, engage and disengage as per the riding conditions. Like the clutch, the transmission is also controlled via an electromechanical actuator, which works on information basis revs of the transmission input shaft and clutch position. This information is transmitted to the transmission control unit that is closely linked to the engine control unit. Rider’s shift request, on the other hand, is transmitted through the conventional foot gear selector.

BMW Motorrad introduces Automated Shift Assistant for ease of riding

Australian carrier Qantas Airways has reached a settlement in a lawsuit, agreeing to pay a penalty of A$100 million ($66 million) over allegations of illegally selling tickets for flights that were already cancelled, Reuters reports. <o:p></o:p>

The airline disclosed on Monday that the settlement, subject to approval by the Federal Court of Australia, includes an additional A$20 million remediation program for affected passengers. <o:p></o:p>

Under this program, impacted customers will receive compensation ranging from A$225 to A$450 each. <o:p></o:p>

This resolution marks a step in addressing concerns raised by the Australian Competition and Consumer Commission (ACCC) regarding Qantas' conduct.<o:p></o:p>

ACCC Chair Gina Cass-Gottlieb expressed satisfaction with the outcome, highlighting Qantas' acknowledgment of misleading its customers. <o:p></o:p>

Cass-Gottlieb highlighted the importance of the proposed penalty, stating, "The size of this proposed penalty is an important milestone in enforcing the Australian Consumer Law." <o:p></o:p>

The legal action against Qantas, initiated by the ACCC in August last year, alleged that the airline continued to advertise and sell flights even after their cancellation, prompting widespread customer dissatisfaction. <o:p></o:p>

Qantas CEO Vanessa Hudson acknowledged the airline's shortcomings, particularly in providing timely cancellation notifications, and expressed apologies to affected customers. <o:p></o:p>

Responding to the settlement, Qantas CEO Vanessa Hudson outlined measures taken to address the issues raised, including process upgrades and investments in new technology. <o:p></o:p>

Hudson affirmed that the airline would take measure to prevent a recurrence of similar incidents in the future. <o:p></o:p>

The financial implications of the remediation program and penalty will be reflected in Qantas' full-year financial results ending June 30, categorised as an expense outside the airline's key profit measure, underlying profit before tax. <o:p></o:p>

However, the actual cash outflow is expected to occur in the subsequent financial year. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Australian carrier Qantas Airways has reached a settlement in a lawsuit, agreeing to pay a penalty of A$100 million ($66 million) over allegations of illegally selling tickets for flights that were already cancelled, Reuters reports.

Australian carrier Qantas Airways has reached a settlement in a lawsuit, agreeing to pay a penalty of A$100 million ($66 million) over allegations of illegally selling tickets for flights that were already cancelled, Reuters reports. The airline disclosed on Monday that the settlement, subject to approval by the Federal Court of Australia, includes an additional A$20 million remediation program for affected passengers. Under this program, impacted customers will receive compensation ranging from A$225 to A$450 each. This resolution marks a step in addressing concerns raised by the Australian Competition and Consumer Commission (ACCC) regarding Qantas' conduct. ACCC Chair Gina Cass-Gottlieb expressed satisfaction with the outcome, highlighting Qantas' acknowledgment of misleading its customers. Cass-Gottlieb highlighted the importance of the proposed penalty, stating, "The size of this proposed penalty is an important milestone in enforcing the Australian Consumer Law." The legal action against Qantas, initiated by the ACCC in August last year, alleged that the airline continued to advertise and sell flights even after their cancellation, prompting widespread customer dissatisfaction. Qantas CEO Vanessa Hudson acknowledged the airline's shortcomings, particularly in providing timely cancellation notifications, and expressed apologies to affected customers. Responding to the settlement, Qantas CEO Vanessa Hudson outlined measures taken to address the issues raised, including process upgrades and investments in new technology. Hudson affirmed that the airline would take measure to prevent a recurrence of similar incidents in the future. The financial implications of the remediation program and penalty will be reflected in Qantas' full-year financial results ending June 30, categorised as an expense outside the airline's key profit measure, underlying profit before tax. However, the actual cash outflow is expected to occur in the subsequent financial year. (With inputs from Reuters)

Qantas settles flight cancellation lawsuit with $66 million penalty

China's services sector witnessed a slight moderation in its expansion pace in April, but remained firmly in growth territory, according to the latest Caixin/S&amp;P Global services purchasing managers' index (PMI) report, as cited by Reuters. <o:p></o:p>

The PMI figure eased marginally to 52.5 from 52.7 in March, marking the 16th consecutive month of expansion. <o:p></o:p>

Despite the moderation, the index remained above the crucial 50-mark threshold, indicating continued growth in the sector.<o:p></o:p>

The sustained expansion in services activity has been a positive sign for the broader economic recovery, while ongoing challenges such as a prolonged property market slump and subdued domestic demand continue.<o:p></o:p>

Despite these setbacks, the latest PMI data suggests strength in the services sector, supported by new business growth and improved business sentiment. <o:p></o:p>

One of the notable highlights of the April PMI report was the uptick in new orders, reaching their highest level since May last year. <o:p></o:p>

This growth was supported by increased demand from overseas markets and a resurgence in tourism activity, contributing to the strongest pace of new export orders in ten months. <o:p></o:p>

The positive momentum in new business inflows has reinforced optimism among Chinese service providers, with business confidence for the year ahead reaching its peak for 2024. <o:p></o:p>

However, firms continue to struggle with rising input costs, particularly for materials, labour, and energy, which have prompted adjustments in pricing strategies.<o:p></o:p>

Despite the overall optimism reflected in the PMI data, economists caution that challenges persist for China's economic recovery. <o:p></o:p>

The economy, while showing signs of resilience, is still grappling with the lingering effects of the COVID-19 pandemic, complicated by structural issues within the property sector. <o:p></o:p>

While the first quarter GDP report provided pockets of strength, indicating a potential path towards recovery, economists emphasise the need for sustained efforts to increase confidence and stimulate demand. <o:p></o:p>

Structural reforms along with targeted stimulus measures are viewed as essential components for fostering a robust and sustainable economic revival.<o:p></o:p>

The composite PMI, which tracks both the services and manufacturing sectors, witnessed a slight uptick in April, rising to 52.8 from 52.7 in March. <o:p></o:p>

This composite figure, reflecting the overall health of China's economy, marked the fastest pace since May 2023. <o:p></o:p>

However, analysts caution that a solid post-COVID revival remains indefinable, necessitating continued policy support and structural adjustments. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

China's services sector witnessed a slight moderation in its expansion pace in April, but remained firmly in growth territory, according to the latest Caixin/S&P Global services purchasing managers' index (PMI) report, as cited by Reuters.

China's services sector witnessed a slight moderation in its expansion pace in April, but remained firmly in growth territory, according to the latest Caixin/S&P Global services purchasing managers' index (PMI) report, as cited by Reuters. The PMI figure eased marginally to 52.5 from 52.7 in March, marking the 16th consecutive month of expansion. Despite the moderation, the index remained above the crucial 50-mark threshold, indicating continued growth in the sector. The sustained expansion in services activity has been a positive sign for the broader economic recovery, while ongoing challenges such as a prolonged property market slump and subdued domestic demand continue. Despite these setbacks, the latest PMI data suggests strength in the services sector, supported by new business growth and improved business sentiment. One of the notable highlights of the April PMI report was the uptick in new orders, reaching their highest level since May last year. This growth was supported by increased demand from overseas markets and a resurgence in tourism activity, contributing to the strongest pace of new export orders in ten months. The positive momentum in new business inflows has reinforced optimism among Chinese service providers, with business confidence for the year ahead reaching its peak for 2024. However, firms continue to struggle with rising input costs, particularly for materials, labour, and energy, which have prompted adjustments in pricing strategies. Despite the overall optimism reflected in the PMI data, economists caution that challenges persist for China's economic recovery. The economy, while showing signs of resilience, is still grappling with the lingering effects of the COVID-19 pandemic, complicated by structural issues within the property sector. While the first quarter GDP report provided pockets of strength, indicating a potential path towards recovery, economists emphasise the need for sustained efforts to increase confidence and stimulate demand. Structural reforms along with targeted stimulus measures are viewed as essential components for fostering a robust and sustainable economic revival. The composite PMI, which tracks both the services and manufacturing sectors, witnessed a slight uptick in April, rising to 52.8 from 52.7 in March. This composite figure, reflecting the overall health of China's economy, marked the fastest pace since May 2023. However, analysts caution that a solid post-COVID revival remains indefinable, necessitating continued policy support and structural adjustments. (With inputs from Reuters)

China's services sector shows resilience despite slowing growth, Caixin PMI reveals

The trajectory of global petrol demand is set for a major deceleration in 2024, analysts predict, with growth potentially halving compared to previous years. <o:p></o:p>

This shift, as reported by Reuters, is primarily attributed to the increasing adoption of electric vehicles (EVs) in major markets such as China and the US, alongside a return to pre-pandemic consumption levels following last year's bounceback. <o:p></o:p>

Consultancy firm Wood Mackenzie forecasts the lowest growth since 2020, with demand expected to increase by 340,000 barrels per day (bpd) to reach 26.5 million bpd this year, down from the 700,000-bpd growth observed in 2023. <o:p></o:p>

This trend is important as China approaches peak transport fuel demand, while the US has already surpassed it.<o:p></o:p>

Sushant Gupta, an analyst at Wood Mackenzie, noted the role of electric vehicles in shaping demand dynamics, particularly in the US and China. <o:p></o:p>

"Penetration of electric vehicles has been increasing in US and China,” he said, noting the impact on gasoline demand, with Chinese growth expected to be a mere 10,000 bpd this year due to higher EV uptake. <o:p></o:p>

Concurrently, consultancy Rystad Energy projects global gasoline demand to reach approximately 26 million bpd in 2024, marking a slight increase of around 300,000 bpd from the previous year. <o:p></o:p>

This growth, supported by the post-pandemic consumption surge, indicates a changing landscape where EVs are becoming increasingly prominent. <o:p></o:p>

China, once a dominant force driving gasoline demand globally, is seeing a shift towards EVs. <o:p></o:p>

The International Energy Agency (IEA) predicts that China will account for over half of all EV sales in 2024. <o:p></o:p>

Despite this transition, gasoline consumption in China is expected to experience some growth. <o:p></o:p>

Forecasts by the research arms of China National Petroleum Corp (CNPC) and Sinopec indicate an estimated increase in gasoline demand, with CNPC projecting a 1.3 per cent rise to 165.1 million metric tons (3.8 million bpd) and Sinopec expecting a 1.7 per cent increase to 182 million tons. <o:p></o:p>

This growth comes while prices continue to fall, further stimulating demand.<o:p></o:p>

Apart from China and the US, other regions like India and Indonesia are showing strong gasoline demand as car sales boom car sales amid low EV penetration. <o:p></o:p>

India, in particular, is expected to achieve a fresh record in petrol consumption, with government estimates projecting a rise to 39.2 million tons (908,000 bpd) in the fiscal year ending March 2025, up 5 per cent from the previous fiscal year. <o:p></o:p>

However, in regions like the US, where gasoline consumption is stabilising, refining margins are expected to face sustained pressure following the peak summer driving season.<o:p></o:p>

The outlook for refining margins across various regions remains mixed, with Europe anticipated to experience both growth and challenges. <o:p></o:p>

FGE forecasts a 2.3 per cent growth in European gasoline demand in 2024, consistent with recent years. <o:p></o:p>

However, rising competition from Nigeria's Dangote refinery, along with stagnant demand in Europe, is expected to weigh on refining margins. <o:p></o:p>

Wood Mackenzie warns that European refineries could face increased pressure due to competition from new entrants and geopolitical factors affecting market dynamics.<o:p></o:p>

Despite the challenges posed by shifting demand patterns and geopolitical uncertainties, gasoline margins have exhibited resilience in certain markets. <o:p></o:p>

Data from LSEG reveals an 85 per cent increase in gasoline margins across the US and Asia, driven by expectations of strong summer demand. <o:p></o:p>

However, the European market faces its own set of challenges, with margins pressured by factors including competition from new refineries and geopolitical tensions. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

The trajectory of global petrol demand is set for a major deceleration in 2024, analysts predict, with growth potentially halving compared to previous years. This shift, as reported by Reuters, is primarily attributed to the increasing adoption of electric vehicles (EVs) in major markets such as China and the US, alongside a return to pre-pandemic consumption levels following last year's bounceback.

The trajectory of global petrol demand is set for a major deceleration in 2024, analysts predict, with growth potentially halving compared to previous years. This shift, as reported by Reuters, is primarily attributed to the increasing adoption of electric vehicles (EVs) in major markets such as China and the US, alongside a return to pre-pandemic consumption levels following last year's bounceback. Consultancy firm Wood Mackenzie forecasts the lowest growth since 2020, with demand expected to increase by 340,000 barrels per day (bpd) to reach 26.5 million bpd this year, down from the 700,000-bpd growth observed in 2023. This trend is important as China approaches peak transport fuel demand, while the US has already surpassed it. Sushant Gupta, an analyst at Wood Mackenzie, noted the role of electric vehicles in shaping demand dynamics, particularly in the US and China. "Penetration of electric vehicles has been increasing in US and China,” he said, noting the impact on gasoline demand, with Chinese growth expected to be a mere 10,000 bpd this year due to higher EV uptake. Concurrently, consultancy Rystad Energy projects global gasoline demand to reach approximately 26 million bpd in 2024, marking a slight increase of around 300,000 bpd from the previous year. This growth, supported by the post-pandemic consumption surge, indicates a changing landscape where EVs are becoming increasingly prominent. China, once a dominant force driving gasoline demand globally, is seeing a shift towards EVs. The International Energy Agency (IEA) predicts that China will account for over half of all EV sales in 2024. Despite this transition, gasoline consumption in China is expected to experience some growth. Forecasts by the research arms of China National Petroleum Corp (CNPC) and Sinopec indicate an estimated increase in gasoline demand, with CNPC projecting a 1.3 per cent rise to 165.1 million metric tons (3.8 million bpd) and Sinopec expecting a 1.7 per cent increase to 182 million tons. This growth comes while prices continue to fall, further stimulating demand. Apart from China and the US, other regions like India and Indonesia are showing strong gasoline demand as car sales boom car sales amid low EV penetration. India, in particular, is expected to achieve a fresh record in petrol consumption, with government estimates projecting a rise to 39.2 million tons (908,000 bpd) in the fiscal year ending March 2025, up 5 per cent from the previous fiscal year. However, in regions like the US, where gasoline consumption is stabilising, refining margins are expected to face sustained pressure following the peak summer driving season. The outlook for refining margins across various regions remains mixed, with Europe anticipated to experience both growth and challenges. FGE forecasts a 2.3 per cent growth in European gasoline demand in 2024, consistent with recent years. However, rising competition from Nigeria's Dangote refinery, along with stagnant demand in Europe, is expected to weigh on refining margins. Wood Mackenzie warns that European refineries could face increased pressure due to competition from new entrants and geopolitical factors affecting market dynamics. Despite the challenges posed by shifting demand patterns and geopolitical uncertainties, gasoline margins have exhibited resilience in certain markets. Data from LSEG reveals an 85 per cent increase in gasoline margins across the US and Asia, driven by expectations of strong summer demand. However, the European market faces its own set of challenges, with margins pressured by factors including competition from new refineries and geopolitical tensions. (With inputs from Reuters)

Global gasoline demand faces deceleration with the growth of electric vehicles

UAW members at Daimler Trucks have agreed to ratify a new labour contract and have thus been able to achieve a victory in favour of workers, preventing a possible strike. The agreement includes substantial wage increases and other benefits for more than 7,300 hourly UAW workers.

Overview of the agreement

The ratified contract, which received an overwhelming 94.5% of the union members' approval, is a four-year pact that secures a minimum of 25% general pay increase. Negotiations concluded late April, securing terms that prevent industrial action and ensure favourable terms for workers.

Scope of the contract

The contract extends to hourly employees at six facilities in southern states, including four factories in North Carolina and parts warehouses in Georgia and Tennessee. These zones have had historically low levels of unionisation, which makes the agreement important for the labour rights in the region.

The deal with Daimler Truck, spun off from Mercedes, comes ahead of crucial votes on unionisation at a Mercedes assembly plant in Alabama. The deal manifests the UAWs's continuous campaign to increase its power and to unionise non-unionised plants in the United States.

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/porsche-india-launches-3rd-gen-panamera-at-inr-169-cr-717992">Porsche India launches 3rd gen Panamera at INR 1.69 cr</a>

Key provisions of the contract

In addition to the increased wage demanded, the contract contains terms on profit-sharing, cost-of-living adjustments, and the elimination of wage dynamics. This guarantees just remuneration among workers between different divisions, which includes the makers of Freightliner and Western Star trucks as well as Thomas Built buses.

The UAW President Shawn Fain points out that this hike in wages is in line with what was secured with the Detroit 3 in fall last year. He outlined the specifics of the pay raise, including an immediate 10% increase followed by 3% raises at six-month intervals.

Impact on workers

The contract promises significant pay rises for workers, particularly those at the Thomas Built bus unit, with some receiving raises of over USD 8 per hour. Skilled trades workers can expect increases exceeding USD 17 per hour, marking a substantial improvement in compensation for these employees.

Future organisational efforts

Having secured well-rated agreements with automakers, the UAW is now turning its attention to new ventures and their organizing efforts.Recent victories at Volkswagen and ongoing unionisation votes at Mercedes plants signal a broader push to strengthen workers' rights across the industry.

The ratified contract between UAW members and Daimler Truck represents a significant achievement for workers' rights and sets a precedent for fair labour practices in the automotive sector.

UAW members at Daimler Trucks have agreed to ratify a new labour contract and have thus been able to achieve a victory in favour of workers, preventing a possible strike.

UAW members at Daimler Trucks have agreed to ratify a new labour contract and have thus been able to achieve a victory in favour of workers, preventing a possible strike. The agreement includes substantial wage increases and other benefits for more than 7,300 hourly UAW workers. Overview of the agreement The ratified contract, which received an overwhelming 94.5% of the union members' approval, is a four-year pact that secures a minimum of 25% general pay increase. Negotiations concluded late April, securing terms that prevent industrial action and ensure favourable terms for workers. Scope of the contract The contract extends to hourly employees at six facilities in southern states, including four factories in North Carolina and parts warehouses in Georgia and Tennessee. These zones have had historically low levels of unionisation, which makes the agreement important for the labour rights in the region. The deal with Daimler Truck, spun off from Mercedes, comes ahead of crucial votes on unionisation at a Mercedes assembly plant in Alabama. The deal manifests the UAWs's continuous campaign to increase its power and to unionise non-unionised plants in the United States. Also Read: Porsche India launches 3rd gen Panamera at INR 1.69 cr Key provisions of the contract In addition to the increased wage demanded, the contract contains terms on profit-sharing, cost-of-living adjustments, and the elimination of wage dynamics. This guarantees just remuneration among workers between different divisions, which includes the makers of Freightliner and Western Star trucks as well as Thomas Built buses. The UAW President Shawn Fain points out that this hike in wages is in line with what was secured with the Detroit 3 in fall last year. He outlined the specifics of the pay raise, including an immediate 10% increase followed by 3% raises at six-month intervals. Impact on workers The contract promises significant pay rises for workers, particularly those at the Thomas Built bus unit, with some receiving raises of over USD 8 per hour. Skilled trades workers can expect increases exceeding USD 17 per hour, marking a substantial improvement in compensation for these employees. Future organisational efforts Having secured well-rated agreements with automakers, the UAW is now turning its attention to new ventures and their organizing efforts.Recent victories at Volkswagen and ongoing unionisation votes at Mercedes plants signal a broader push to strengthen workers' rights across the industry. The ratified contract between UAW members and Daimler Truck represents a significant achievement for workers' rights and sets a precedent for fair labour practices in the automotive sector.

UAW members ratify new labour contract with Daimler Truck

Australia is preparing for its upcoming budget, but the financial projections are far from the strong revenue upgrades witnessed in previous years, Bloomberg News reported.<o:p></o:p>

Citing a combination of factors including a sluggish global economy, a softened labour market, and decreased commodity prices, the Treasurer's office forecasts an uptick in tax receipts, excluding GST, amounting to approximately A$25 billion over forward estimates. <o:p></o:p>

This figure pales in comparison to the average upgrade of A$129 billion observed in the past three budgets, as reported by Bloomberg. <o:p></o:p>

The subdued revenue outlook indicates ongoing challenges for Australia's economy, despite efforts by the centre-left Labour government to maintain fiscal discipline since assuming office in May 2022. <o:p></o:p>

The Treasurer, Jim Chalmers, acknowledged the economic challenges, noting a pragmatic approach in light of the prevailing conditions. <o:p></o:p>

"We are realistic about the challenges facing our economy and our budget. This includes not expecting the same sorts of massive revenue upgrades that we’ve seen in recent budget updates to continue," Bloomberg quoted Chalmers as saying. <o:p></o:p>

The government's strategy appears focused on mitigating immediate concerns, particularly inflationary pressures. <o:p></o:p>

Consequently, the majority of the anticipated revenue upgrade for the current fiscal year scheduled for allocation in the forthcoming budget, is aimed at alleviating inflationary strains.<o:p></o:p>

The Australian economy had witnessed an increase in commodity prices and maintained a tight labour market, culminating in a budget surplus for the fiscal year ending June 2023. <o:p></o:p>

However, the current picture presents a contrasting scenario, necessitating a recalibration of fiscal expectations. <o:p></o:p>

The subdued revenue projections indicate the balance policymakers must take between stimulating economic growth and curbing inflationary pressures. <o:p></o:p>

Despite the tempered revenue outlook, independent forecasters say that the projected upgrades may still fall short of addressing the broader economic challenges. <o:p></o:p>

(With inputs from Bloomberg)<o:p></o:p>

Australia is preparing for its upcoming budget, but the financial projections are far from the strong revenue upgrades witnessed in previous years, Bloomberg News reported.

Australia is preparing for its upcoming budget, but the financial projections are far from the strong revenue upgrades witnessed in previous years, Bloomberg News reported. Citing a combination of factors including a sluggish global economy, a softened labour market, and decreased commodity prices, the Treasurer's office forecasts an uptick in tax receipts, excluding GST, amounting to approximately A$25 billion over forward estimates. This figure pales in comparison to the average upgrade of A$129 billion observed in the past three budgets, as reported by Bloomberg. The subdued revenue outlook indicates ongoing challenges for Australia's economy, despite efforts by the centre-left Labour government to maintain fiscal discipline since assuming office in May 2022. The Treasurer, Jim Chalmers, acknowledged the economic challenges, noting a pragmatic approach in light of the prevailing conditions. "We are realistic about the challenges facing our economy and our budget. This includes not expecting the same sorts of massive revenue upgrades that we’ve seen in recent budget updates to continue," Bloomberg quoted Chalmers as saying. The government's strategy appears focused on mitigating immediate concerns, particularly inflationary pressures. Consequently, the majority of the anticipated revenue upgrade for the current fiscal year scheduled for allocation in the forthcoming budget, is aimed at alleviating inflationary strains. The Australian economy had witnessed an increase in commodity prices and maintained a tight labour market, culminating in a budget surplus for the fiscal year ending June 2023. However, the current picture presents a contrasting scenario, necessitating a recalibration of fiscal expectations. The subdued revenue projections indicate the balance policymakers must take between stimulating economic growth and curbing inflationary pressures. Despite the tempered revenue outlook, independent forecasters say that the projected upgrades may still fall short of addressing the broader economic challenges. (With inputs from Bloomberg)

Australia anticipates a smaller revenue upgrade citing global economic weakness

&nbsp;

<meta charset="utf-8" />

Leapmotor, the chinese electric vehicle manufacturer, is preparing for the Indian market following the line of predecessors, including MG and BYD. In collaboration with Stellantis, which acquired a stake in Leapmotor’s global operation, aims to make its investment and initiation plans for the Indian public.

&nbsp;

Stellantis is a prominent player in India through Jeep and Citroen. And with partnership with Stellantis, Leapmotor has bolstered confidence in the enterprise in India even after strict policies and regulations monitoring investments from neighbouring countries.&nbsp;&nbsp;

&nbsp;

Due to approval issues from the government, BYD is currently facing challenges broadening the operations in India. On the other hand, MG Motor had to get an Indian partner involved to comply with the regulations – Sajjan Jindal’s JSW. In the previous year, Stellantis made an investment of USD 1.6 billion in Leapmotor and acquired approximately 20 percent of stakes, charting the way for a fruitful partnership.

&nbsp;

According to media reports, this strategic partnership has facilitated the creation of Leapmotor International, a joint venture predominantly focused on exporting and retailing Leapmotor products outside of China.

&nbsp;

&nbsp;"Leapmotor and Stellantis are likely to make an announcement about the India plans, and this may happen as early as the next few weeks," said media reports.

&nbsp;

Even though Stellantis has refused to comment on Leapmotor’s future entry into India, media reports indicate that the move could initiate the launch of affordable electric cars, further intensifying competition in the green car segment. The announcement of Leapmotor’s India plans along with Steallantis is predicted in the coming weeks, revealing a significant development in the Indian EV landscape.

&nbsp;

One of the world’s top automakers, Stellantis currently holds the reins of many brands across continents including Citroen, Jeep, Chrysler, Peugeot, Fiat and Maserati. Stellantis which is present in India through Jeep and Citroen and is currently gearing up to go on an override when it comes to expanding operations, introducing brands, widening retail, or making new investments.

Leapmotor, the chinese electric vehicle manufacturer, is preparing for the Indian market following the line of predecessors, including MG and BYD. In collaboration with Stellantis, which acquired a stake in Leapmotor’s global operation, aims to make its investment and initiation plans for the Indian public.

Leapmotor, the chinese electric vehicle manufacturer, is preparing for the Indian market following the line of predecessors, including MG and BYD. In collaboration with Stellantis, which acquired a stake in Leapmotor’s global operation, aims to make its investment and initiation plans for the Indian public. Stellantis is a prominent player in India through Jeep and Citroen. And with partnership with Stellantis, Leapmotor has bolstered confidence in the enterprise in India even after strict policies and regulations monitoring investments from neighbouring countries. Due to approval issues from the government, BYD is currently facing challenges broadening the operations in India. On the other hand, MG Motor had to get an Indian partner involved to comply with the regulations – Sajjan Jindal’s JSW. In the previous year, Stellantis made an investment of USD 1.6 billion in Leapmotor and acquired approximately 20 percent of stakes, charting the way for a fruitful partnership. According to media reports, this strategic partnership has facilitated the creation of Leapmotor International, a joint venture predominantly focused on exporting and retailing Leapmotor products outside of China. "Leapmotor and Stellantis are likely to make an announcement about the India plans, and this may happen as early as the next few weeks," said media reports. Even though Stellantis has refused to comment on Leapmotor’s future entry into India, media reports indicate that the move could initiate the launch of affordable electric cars, further intensifying competition in the green car segment. The announcement of Leapmotor’s India plans along with Steallantis is predicted in the coming weeks, revealing a significant development in the Indian EV landscape. One of the world’s top automakers, Stellantis currently holds the reins of many brands across continents including Citroen, Jeep, Chrysler, Peugeot, Fiat and Maserati. Stellantis which is present in India through Jeep and Citroen and is currently gearing up to go on an override when it comes to expanding operations, introducing brands, widening retail, or making new investments.

Chinese EV maker Leapmotor plans entry into India in collaboration with Stellantis

The Bombay High Court on Monday (May 6), granted temporary bail to Jet Airways founder Naresh Goyal for two months on medical grounds. Goyal had been arrested by the Enforcement Directorate (ED) in connection with a money laundering case.&nbsp;

Justice N J Jamadar, sitting as a single judge, directed Goyal to furnish a surety of ₹1 lakh ($1197) and refrain from leaving Mumbai without prior permission from the trial court.

"The applicant (Goyal) shall be released on interim bail for a period of two months. He shall abide by all conditions imposed," the bench said.

Goyal has been instructed to hand over his passport as well.

Naresh Goyal, aged 75, had requested interim bail on grounds of medical and humanitarian reasons, as both he and his wife, Anita Goyal, are facing cancer battles.&nbsp;

<a href="https://www.wionews.com/business-economy/nclat-upholds-jet-airways-transfer-to-jalan-kalrock-consortium-revival-in-sight-699642">Also read |&nbsp;NCLAT upholds Jet Airways' transfer to Jalan Kalrock Consortium, revival in sight</a>

<h2>Why was Naresh Goyal arrested?</h2>

In September 2023, the Enforcement Directorate (ED) detained Goyal on charges of laundering money and diverting loans totalling ₹538.62 crore that had been provided to Jet Airways by Canara Bank.

In November 2023, his wife was arrested when the ED submitted its chargesheet in the case. She got bail the same day due to her age and health.

In February, a special court rejected bail for Naresh Goyal but allowed him to go to a private hospital for treatment. Goyal then asked the Bombay High Court for bail, saying he needed medical help.

During the hearing, Goyal's lawyer asked the court to let him go on humanitarian grounds. He said Goyal had health problems and wanted to support his sick wife.

<a href="https://www.wionews.com/business-economy/jet-airways-founder-naresh-goyal-breaks-down-in-court-says-better-i-should-die-677445">Also read |&nbsp;Jet Airways founder Naresh Goyal breaks down in court, says, ‘better I should die’</a>

The Enforcement Directorate didn't support the request because there wasn't a recent medical report. They said it was okay if Goyal stayed longer in the hospital. ED's lawyer, Hiten Venegaonkar, suggested that the court could let Goyal stay in the hospital for four more weeks and then get a new medical report to check how he was doing.

(With inputs from agencies)

The Bombay High Court on Monday (May 6), granted temporary bail to Jet Airways founder Naresh Goyal for two months on medical grounds. Goyal had been arrested by the Enforcement Directorate (ED) in connection with a money laundering case.

The Bombay High Court on Monday (May 6), granted temporary bail to Jet Airways founder Naresh Goyal for two months on medical grounds. Goyal had been arrested by the Enforcement Directorate (ED) in connection with a money laundering case. Justice N J Jamadar, sitting as a single judge, directed Goyal to furnish a surety of ₹1 lakh ($1197) and refrain from leaving Mumbai without prior permission from the trial court. "The applicant (Goyal) shall be released on interim bail for a period of two months. He shall abide by all conditions imposed," the bench said. Goyal has been instructed to hand over his passport as well. Naresh Goyal, aged 75, had requested interim bail on grounds of medical and humanitarian reasons, as both he and his wife, Anita Goyal, are facing cancer battles. Also read | NCLAT upholds Jet Airways' transfer to Jalan Kalrock Consortium, revival in sight Why was Naresh Goyal arrested? In September 2023, the Enforcement Directorate (ED) detained Goyal on charges of laundering money and diverting loans totalling ₹538.62 crore that had been provided to Jet Airways by Canara Bank. In November 2023, his wife was arrested when the ED submitted its chargesheet in the case. She got bail the same day due to her age and health. In February, a special court rejected bail for Naresh Goyal but allowed him to go to a private hospital for treatment. Goyal then asked the Bombay High Court for bail, saying he needed medical help. During the hearing, Goyal's lawyer asked the court to let him go on humanitarian grounds. He said Goyal had health problems and wanted to support his sick wife. Also read | Jet Airways founder Naresh Goyal breaks down in court, says, ‘better I should die’ The Enforcement Directorate didn't support the request because there wasn't a recent medical report. They said it was okay if Goyal stayed longer in the hospital. ED's lawyer, Hiten Venegaonkar, suggested that the court could let Goyal stay in the hospital for four more weeks and then get a new medical report to check how he was doing. (With inputs from agencies)

Jet Airways founder Naresh Goyal gets bail on medical grounds for two months

The Centre has certified over 20 vehicle OEMs to participate in the short-term Electric Mobility Promotion Scheme (EMPS).

The EMPS, which is valid for only four months from April to July 2024 with an outlay of INR 500 crore, aims to subsidise electric two-wheeler, three-wheeler, and e-rickshaw purchases by consumers.

It may be replaced or extended, depending on the new central government expected to be formed in June 2024.

The 20 companies include all the major two and three-wheeler manufacturers that can now avail the given incentives under the scheme.

The new scheme’s primary objective is to support the adoption of over 3,30,000 e-two-wheelers, over 40,000 smaller e-three-wheelers (e-rickshaws or e-carts), and over 25,000 large e-three-wheelers (L5 category).

As such, the maximum incentive per electric two-wheeler has been rounded off at INR 10,000, for e-rickshaws or e-carts at INR 25,000, and for L5 vehicles, it has been kept at INR 50,000 per vehicle.

Before EMPS, the Faster Adoption and Manufacturing of (Hybrid &amp;) Electric Vehicles in India (FAME-II) provided an incentive push to electric vehicle (EV) sales by offering subsidies. The FAME-II ended on March 31, 2024, as the central government made a decision not to come out with a new variant of it in the form of the FAME-III.

As its replacement, the Ministry had to provide fresh registration under the new scheme to re-validate products and deter FAME-II defaulters from entering EMPS.

Read More:&nbsp;<a href="https://www.wionews.com/business-economy/bmw-motorrad-introduces-automated-shift-assistant-for-ease-of-riding-718399">BMW Motorrad introduces Automated Shift Assistant for ease of riding</a>

The Electric Mobility Promotion Scheme 2024<a href="https://pib.gov.in/PressReleaseIframePage.aspx?PRID=2014366"> (EMPS 2024)</a>&nbsp;scheme was introduced by the Ministry of Heavy Industries, Government of India with the approval of the Department of Expenditure, Ministry of Finance to further accelerate the adoption of EVs in the country.

This is a fund-limited scheme with a total outlay of INR 500 crore for 4 months, 1 April 2024 till 31 July 2024, for faster adoption of electric two-wheeler (e-2W) and three-wheeler (e-3W) to provide further impetus to the green mobility and development of electric vehicle (EV) manufacturing eco-system in the country.&nbsp;

The Scheme aims to promote an efficient, competitive and resilient EV manufacturing industry in the country thereby promoting the Prime Minister’s vision of Aatma-Nirbhar Bharat.

For this purpose, the Phased Manufacturing Programme (PMP) has been adopted which encourages domestic manufacturing and strengthening off EV supply chain. This shall also create significant employment opportunities along the value chain.

The Centre has certified over 20 vehicle OEMs to participate in the short-term Electric Mobility Promotion Scheme (EMPS). The EMPS, which is valid for only four months from April to July 2024 with an outlay of INR 500 crore, aims to subsidise electric two-wheeler, three-wheeler, and e-rickshaw purchases by consumers.

The Centre has certified over 20 vehicle OEMs to participate in the short-term Electric Mobility Promotion Scheme (EMPS). The EMPS, which is valid for only four months from April to July 2024 with an outlay of INR 500 crore, aims to subsidise electric two-wheeler, three-wheeler, and e-rickshaw purchases by consumers. It may be replaced or extended, depending on the new central government expected to be formed in June 2024. The 20 companies include all the major two and three-wheeler manufacturers that can now avail the given incentives under the scheme. The new scheme’s primary objective is to support the adoption of over 3,30,000 e-two-wheelers, over 40,000 smaller e-three-wheelers (e-rickshaws or e-carts), and over 25,000 large e-three-wheelers (L5 category). As such, the maximum incentive per electric two-wheeler has been rounded off at INR 10,000, for e-rickshaws or e-carts at INR 25,000, and for L5 vehicles, it has been kept at INR 50,000 per vehicle. Before EMPS, the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India (FAME-II) provided an incentive push to electric vehicle (EV) sales by offering subsidies. The FAME-II ended on March 31, 2024, as the central government made a decision not to come out with a new variant of it in the form of the FAME-III. As its replacement, the Ministry had to provide fresh registration under the new scheme to re-validate products and deter FAME-II defaulters from entering EMPS. Read More: BMW Motorrad introduces Automated Shift Assistant for ease of riding The Electric Mobility Promotion Scheme 2024 (EMPS 2024) scheme was introduced by the Ministry of Heavy Industries, Government of India with the approval of the Department of Expenditure, Ministry of Finance to further accelerate the adoption of EVs in the country. This is a fund-limited scheme with a total outlay of INR 500 crore for 4 months, 1 April 2024 till 31 July 2024, for faster adoption of electric two-wheeler (e-2W) and three-wheeler (e-3W) to provide further impetus to the green mobility and development of electric vehicle (EV) manufacturing eco-system in the country. The Scheme aims to promote an efficient, competitive and resilient EV manufacturing industry in the country thereby promoting the Prime Minister’s vision of Aatma-Nirbhar Bharat. For this purpose, the Phased Manufacturing Programme (PMP) has been adopted which encourages domestic manufacturing and strengthening off EV supply chain. This shall also create significant employment opportunities along the value chain.

20 firms narrowed down under new EV subsidy scheme

Due to the shift to electric vehicles in China and the US as well as a return to normal consumption after last year's bounce post Covid-19, analysts expect the global petrol demand growth to halve in 2024. This could lead to squeezing of the second-half refinery margins. The growth of gasoline has been lowest since 2020 with demand likely to rise 340,000 barrels per day (bpd) to stand at 26.5 million bpd this year, as per consultancy Wood Mackenzie.

The growth is down from growth of 700,000 bpd last year as China nears the point of peak transport fuel demand and the U.S. has surpassed it. "Penetration of electric vehicles has been increasing in US and China," Woodmac analyst Sushant Gupta told Reuters. "For this year Chinese demand will grow by only 10,000 bpd, due to higher EV uptake," he added.

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/chinas-services-sector-shows-resilience-despite-easing-growth-caixin-pmi-reveals-718352">China's services sector shows resilience despite slowing growth, Caixin PMI reveals</a>

According to Consultancy Rystad Energy, the global gasoline demand is pegged at about 26 million bpd this year, up about 300,000 bpd from growth of about 700,000 bpd last year. This is fuelled by the consumption boom after the pandemic, analyst Mukesh Sahdev said.

World's largest auto market China was once the world's biggest driver of gasoline demand. However, now it is expected to account for more than half of all EV sales this year, as per the International Energy Agency. As per forecasts by a research arm of China National Petroleum Corp (CNPC), the world's largest crude importer's consumption is set to grow by about 1.3%, or about 2 million tons, to 165.1 million metric tons (3.8 million bpd) this year.

The research arm of the country's biggest refiner, Sinopec, expects gasoline demand to rise by 1.7%, or about 3 million tons, to stand at 182 million tons this year. On the other hand, the share of electric cars sold this year could reach 45% in China, about 25% in Europe and more than 11% in the United States, as per the IEA estimates.

On the contrary, countries are India and Indonesia are witnessing booming car sales, along with high economic growth and low EV penetration, driving gasoline demand. Petroleum consumption in India will hit a fresh record of 39.2 million tons (908,000 bpd) in the year to March 2025, up about 5% from 37.2 million tons in the year to March 2024, as per government estimates.

(with inputs from Reuters)

&nbsp;

Due to the shift to electric vehicles in China and the US as well as a return to normal consumption after last year's bounce post Covid-19, analysts expect the global petrol demand growth to halve in 2024.

Due to the shift to electric vehicles in China and the US as well as a return to normal consumption after last year's bounce post Covid-19, analysts expect the global petrol demand growth to halve in 2024. This could lead to squeezing of the second-half refinery margins. The growth of gasoline has been lowest since 2020 with demand likely to rise 340,000 barrels per day (bpd) to stand at 26.5 million bpd this year, as per consultancy Wood Mackenzie. The growth is down from growth of 700,000 bpd last year as China nears the point of peak transport fuel demand and the U.S. has surpassed it. "Penetration of electric vehicles has been increasing in US and China," Woodmac analyst Sushant Gupta told Reuters. "For this year Chinese demand will grow by only 10,000 bpd, due to higher EV uptake," he added. Also Read: China's services sector shows resilience despite slowing growth, Caixin PMI reveals According to Consultancy Rystad Energy, the global gasoline demand is pegged at about 26 million bpd this year, up about 300,000 bpd from growth of about 700,000 bpd last year. This is fuelled by the consumption boom after the pandemic, analyst Mukesh Sahdev said. World's largest auto market China was once the world's biggest driver of gasoline demand. However, now it is expected to account for more than half of all EV sales this year, as per the International Energy Agency. As per forecasts by a research arm of China National Petroleum Corp (CNPC), the world's largest crude importer's consumption is set to grow by about 1.3%, or about 2 million tons, to 165.1 million metric tons (3.8 million bpd) this year. The research arm of the country's biggest refiner, Sinopec, expects gasoline demand to rise by 1.7%, or about 3 million tons, to stand at 182 million tons this year. On the other hand, the share of electric cars sold this year could reach 45% in China, about 25% in Europe and more than 11% in the United States, as per the IEA estimates. On the contrary, countries are India and Indonesia are witnessing booming car sales, along with high economic growth and low EV penetration, driving gasoline demand. Petroleum consumption in India will hit a fresh record of 39.2 million tons (908,000 bpd) in the year to March 2025, up about 5% from 37.2 million tons in the year to March 2024, as per government estimates. (with inputs from Reuters)

EV growth in China, US could lead to slowing of gasoline demand this year

Porsche India has launched&nbsp;the third generation of the Panamera luxury sedan, offering a blend of digital innovation, enhanced luxury, and improved efficiency. With a starting price of INR 1,69,62,000, the new Panamera aims to redefine the segment with its fresh design and advanced technology.

Enhanced design and performance

The latest iteration of the Porsche Panamera boasts a redesigned exterior, featuring a wider profile and modern aesthetics. The model’s dynamic features are supplemented by the more potent drive-units, giving a wider-range of a more dynamic performance and driving comfort.

Advanced suspension system

Equipped with dual-chamber twin-valve air suspension, and Porsche Active Suspension Management (PASM) as the standard setting, the new Panamera will be able to provide optimal suspension to its passengers and drivers. This suspension system aims to provide a perfect balance between comfort and sportiness, enhancing stability and ride quality.

Optimised powertrain

Modifications to the 2.9-litre V6 turbo engine have resulted in improved performance, generating 260 kW (353 PS) and 500 Nm of torque. This upgrade enhances acceleration, with the Panamera sprinting from 0 to 100 km/h in just 5.1 seconds and achieving a top speed of 272 km/h.

Interior and driver-centric cockpit

Inside, the Panamera offers a luxurious and sporty ambiance, featuring a redesigned cabin with premium materials and state-of-the-art technology. The Porsche Driver Experience cockpit concept ensures a seamless driving experience, with digital and analogue elements positioned for optimal accessibility and usability.

Lighting technology

The new Panamera comes equipped with standard Matrix LED headlights, offering advanced lighting features for enhanced visibility and safety. The optional high-resolution HD Matrix LED lighting system provides up to 600 metres of illumination range, ensuring optimal visibility in various driving conditions.

Standard features and production details

Deliveries of the new Porsche Panamera have commenced, offering extended standard equipment compared to its predecessor. Standard features include LED matrix headlights, ParkAssist, driving mode switch on the steering wheel, and a cooled smartphone compartment with inductive charging function.

Porsche produces the new Panamera at its Leipzig factory, which has been modified to accommodate the production of the third generation. The Saxon production site has a rich history with the Panamera, having assembled the first and second generations of the model line.

The launch of the third generation Panamera marks a significant milestone for Porsche India, offering customers an unparalleled combination of performance, luxury, and innovation in the luxury sedan segment.

Porsche India has launched the third generation of the Panamera luxury sedan, offering a blend of digital innovation, enhanced luxury, and improved efficiency. With a starting price of INR 1,69,62,000, the new Panamera aims to redefine the segment with its fresh design and advanced technology.

Porsche India has launched the third generation of the Panamera luxury sedan, offering a blend of digital innovation, enhanced luxury, and improved efficiency. With a starting price of INR 1,69,62,000, the new Panamera aims to redefine the segment with its fresh design and advanced technology. Enhanced design and performance The latest iteration of the Porsche Panamera boasts a redesigned exterior, featuring a wider profile and modern aesthetics. The model’s dynamic features are supplemented by the more potent drive-units, giving a wider-range of a more dynamic performance and driving comfort. Advanced suspension system Equipped with dual-chamber twin-valve air suspension, and Porsche Active Suspension Management (PASM) as the standard setting, the new Panamera will be able to provide optimal suspension to its passengers and drivers. This suspension system aims to provide a perfect balance between comfort and sportiness, enhancing stability and ride quality. Optimised powertrain Modifications to the 2.9-litre V6 turbo engine have resulted in improved performance, generating 260 kW (353 PS) and 500 Nm of torque. This upgrade enhances acceleration, with the Panamera sprinting from 0 to 100 km/h in just 5.1 seconds and achieving a top speed of 272 km/h. Interior and driver-centric cockpit Inside, the Panamera offers a luxurious and sporty ambiance, featuring a redesigned cabin with premium materials and state-of-the-art technology. The Porsche Driver Experience cockpit concept ensures a seamless driving experience, with digital and analogue elements positioned for optimal accessibility and usability. Lighting technology The new Panamera comes equipped with standard Matrix LED headlights, offering advanced lighting features for enhanced visibility and safety. The optional high-resolution HD Matrix LED lighting system provides up to 600 metres of illumination range, ensuring optimal visibility in various driving conditions. Standard features and production details Deliveries of the new Porsche Panamera have commenced, offering extended standard equipment compared to its predecessor. Standard features include LED matrix headlights, ParkAssist, driving mode switch on the steering wheel, and a cooled smartphone compartment with inductive charging function. Porsche produces the new Panamera at its Leipzig factory, which has been modified to accommodate the production of the third generation. The Saxon production site has a rich history with the Panamera, having assembled the first and second generations of the model line. The launch of the third generation Panamera marks a significant milestone for Porsche India, offering customers an unparalleled combination of performance, luxury, and innovation in the luxury sedan segment.

Porsche India launches 3rd gen Panamera at INR 1.69 cr

Apple CEO Tim Cook expressed his satisfaction with the tech giant's performance in India during the latest earnings call, where it was revealed that Apple achieved revenue milestones in the Indian market for the quarter ending in March 2024. <o:p></o:p>

Although there has been a 4 per cent decline in overall revenue, largely attributed to a 10 per cent decrease in iPhone sales compared to the previous year, Cook said that there was significant growth witnessed in the Indian market. <o:p></o:p>

“We did grow strong by double-digit, and so we were very, very pleased with that. It was a new March quarter revenue record for us,” a Hindustan Times (HT) report quoted him as saying.<o:p></o:p>

According to Apple's chief financial officer Luca Maestri, the company has achieved a six-month revenue record not only in India but also in several other emerging markets including Latin America, West Asia, Indonesia, the Philippines, and Turkey. <o:p></o:p>

Maestri said that these markets were the important, noting their large populations and the growing enthusiasm for Apple products. <o:p></o:p>

&nbsp;“We are happy because these are markets where our market share is low, the populations are large and growing, and our products are really making a lot of progress in those markets. The level of excitement for the brand is very high,” HT quoted him as saying.<o:p></o:p>

Cook said that Apple would continue to look into the Indian market, noting the significance of local production. <o:p></o:p>

“From a pragmatic point of view, you need to produce there to be competitive, and so, yes, the two things are linked from that point of view, but we have both operational things going on and we have go to market and initiatives going on,” he said.<o:p></o:p>

In addition to discussing Apple's performance in India, Tim Cook also addressed the company's advancements in artificial intelligence (AI) during the investor call. <o:p></o:p>

Cook expressed confidence in Apple's AI endeavours, highlighting the investments being made in this domain. <o:p></o:p>

Apple's annual developer conference, WWDC, scheduled for June 10, will reportedly focus on AI-powered innovations. <o:p></o:p>

Cook emphasised Apple's belief in the transformative potential of AI, citing the company's unique integration of hardware, software, and services, along with its commitment to privacy. <o:p></o:p>

Apple CEO Tim Cook expressed his satisfaction with the tech giant's performance in India during the latest earnings call, where it was revealed that Apple achieved revenue milestones in the Indian market for the quarter ending in March 2024.

Apple CEO Tim Cook expressed his satisfaction with the tech giant's performance in India during the latest earnings call, where it was revealed that Apple achieved revenue milestones in the Indian market for the quarter ending in March 2024. Although there has been a 4 per cent decline in overall revenue, largely attributed to a 10 per cent decrease in iPhone sales compared to the previous year, Cook said that there was significant growth witnessed in the Indian market. “We did grow strong by double-digit, and so we were very, very pleased with that. It was a new March quarter revenue record for us,” a Hindustan Times (HT) report quoted him as saying. According to Apple's chief financial officer Luca Maestri, the company has achieved a six-month revenue record not only in India but also in several other emerging markets including Latin America, West Asia, Indonesia, the Philippines, and Turkey. Maestri said that these markets were the important, noting their large populations and the growing enthusiasm for Apple products. “We are happy because these are markets where our market share is low, the populations are large and growing, and our products are really making a lot of progress in those markets. The level of excitement for the brand is very high,” HT quoted him as saying. Cook said that Apple would continue to look into the Indian market, noting the significance of local production. “From a pragmatic point of view, you need to produce there to be competitive, and so, yes, the two things are linked from that point of view, but we have both operational things going on and we have go to market and initiatives going on,” he said. In addition to discussing Apple's performance in India, Tim Cook also addressed the company's advancements in artificial intelligence (AI) during the investor call. Cook expressed confidence in Apple's AI endeavours, highlighting the investments being made in this domain. Apple's annual developer conference, WWDC, scheduled for June 10, will reportedly focus on AI-powered innovations. Cook emphasised Apple's belief in the transformative potential of AI, citing the company's unique integration of hardware, software, and services, along with its commitment to privacy.

Apple CEO Tim Cook delighted with double-digit growth in India, sets revenue records

The updated BMW M4 Competition brings a host of design and functional updates over its predecessor. Speaking of the design details first, the new M4 Competition features updated LED headlights with a new LED DRL pattern, similar to the BMW LCI models like the X5. The controversial kidney grille also goes under a design refresh, featuring horizontal double slats. Around the rear, the updated M4 now features M4 CSL-inspired laser lights.

 
Amping up its M credentials, the new M4 Competition comes with a new high-gloss BMW and M logos. BMW further offers a plethora of options to improve the performance — everything from double-spoke light-weight M alloy wheels to M Composite brakes for superior braking performance.&nbsp;

 
On the inside, the new BMW M4 Competition features an updated interior, which is now in line with the latest BMW models. The highlight of its dashboard is the connected curved screen binnacle, which incorporates both the instrument cluster and infotainment system. The updated system runs BMW OS 8.5 and brings a host of features including virtual assistant and wireless connectivity.

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/chinese-tesla-cybertruck-copycat-is-here-717304">Chinese Tesla Cybertruck copycat is here</a>

 
Since it is an M car, the interior comes draped in Alcantara leather, M steering wheel with centre marker, M sports seats and more. It also offers features such as seat cooling ventilation, multi-function steering wheel, wireless charging, head-up display and a Harman/Kardon sound system. Customers can further add features such as parking assistant plus with 360 degree camera, steering and lane control assistant, as well as the BMW drive recorder.

 
On the performance front, the new BMW M4 Competition continues to pack a 3.0L twin-turbocharged straight-6 petrol engine. It produces 530PS of power and 650Nm of torque, which is channelled to all four wheels via an 8-speed torque converter automatic transmission. As a result, the M4 Competition sprints from standstill to 100kmph in 3.5 seconds.&nbsp;

 
To have superior dynamics, the M4 Competition comes with M adaptive suspension that works in conjunction with the multiple drive modes. The system alters response from the engine and transmission as well as steering and suspension to offer a tailor-made driving experience fitting the road conditions.&nbsp; 
&nbsp;

The updated BMW M4 Competition brings a host of design and functional updates over its predecessor. Speaking of the design details first, the new M4 Competition features updated LED headlights with a new LED DRL pattern, similar to the BMW LCI models like the X5.

The updated BMW M4 Competition brings a host of design and functional updates over its predecessor. Speaking of the design details first, the new M4 Competition features updated LED headlights with a new LED DRL pattern, similar to the BMW LCI models like the X5. The controversial kidney grille also goes under a design refresh, featuring horizontal double slats. Around the rear, the updated M4 now features M4 CSL-inspired laser lights. Amping up its M credentials, the new M4 Competition comes with a new high-gloss BMW and M logos. BMW further offers a plethora of options to improve the performance — everything from double-spoke light-weight M alloy wheels to M Composite brakes for superior braking performance. On the inside, the new BMW M4 Competition features an updated interior, which is now in line with the latest BMW models. The highlight of its dashboard is the connected curved screen binnacle, which incorporates both the instrument cluster and infotainment system. The updated system runs BMW OS 8.5 and brings a host of features including virtual assistant and wireless connectivity. Also Read: Chinese Tesla Cybertruck copycat is here Since it is an M car, the interior comes draped in Alcantara leather, M steering wheel with centre marker, M sports seats and more. It also offers features such as seat cooling ventilation, multi-function steering wheel, wireless charging, head-up display and a Harman/Kardon sound system. Customers can further add features such as parking assistant plus with 360 degree camera, steering and lane control assistant, as well as the BMW drive recorder. On the performance front, the new BMW M4 Competition continues to pack a 3.0L twin-turbocharged straight-6 petrol engine. It produces 530PS of power and 650Nm of torque, which is channelled to all four wheels via an 8-speed torque converter automatic transmission. As a result, the M4 Competition sprints from standstill to 100kmph in 3.5 seconds. To have superior dynamics, the M4 Competition comes with M adaptive suspension that works in conjunction with the multiple drive modes. The system alters response from the engine and transmission as well as steering and suspension to offer a tailor-made driving experience fitting the road conditions.

BMW M4 Competition xDrive launched in India

American automotive designer Rezvani Motors has teased its new armored luxury vehicle, called Arsenal, in a social media post. The retro-inspired SUV is scheduled to be launched in a few weeks into the automotive world. The SUV will come with cutting-edge armor technology. It makes use of "innovative composite material” instead of traditional ballistic steel. The composite material is lightweight and provides B6 levels of protection, meaning that the model will be able to handle an assortment of handguns and rifles.

Though Rezvani has not revealed much details about the Arsenal SUV but it has confirmed that it will have a “military-inspired design” that is “elegant and more incognito” than the other vehicles designed by the company. As one can gather from the teaser shared by the company, the model gets a bulging hood, a sloping roof, and blind spots. It will come as a seven-seater and offer traditional luxury features.

Also Read:&nbsp;<a href="https://www.wionews.com/business-economy/rivian-secures-usd-827-mn-incentive-package-from-illinois-to-expand-operations-717681">Rivian secures USD 827 mn incentive package from Illinois to expand operations</a>

On the mechanical front, Arsenal will come with a V8 engine producing 420 hp of power, based on the Cadillac Escalade, Chevrolet Tahoe, or GMC Yukon models. All the three models also offer a 6.2-liter V8 with the same output. The company also confirmed the plans to bring in another variant of the vehicle with 675 hp of power.

The standard model will be priced at USD 225,000 while the armoring will come as an optional benefit with more premium. Customers can book their armored vehicle by paying a token amount of USD 150, which is a refundable deposit. Deliveries of the vehicle are slated to begin this summer.

Other models in Rezvani's portfolio include Tank, Hercules, and Vengeance, all adorning a rugged yet futuristic look. Speaking about the Arsenal, the company's CEO Ferris Rezvani, said “This is no ordinary car, it’s a thrilling blend of luxury, security, and innovative design. Your daily commutes are about to get a lot more interesting! Arsenal will showcase the newest and most advanced lightweight armor technology available on the market today."

 
&nbsp;

American automotive designer Rezvani Motors has teased its new armored luxury vehicle, called Arsenal, in a social media post. The retro-inspired SUV is scheduled to be launched in a few weeks into the automotive world.

American automotive designer Rezvani Motors has teased its new armored luxury vehicle, called Arsenal, in a social media post. The retro-inspired SUV is scheduled to be launched in a few weeks into the automotive world. The SUV will come with cutting-edge armor technology. It makes use of "innovative composite material” instead of traditional ballistic steel. The composite material is lightweight and provides B6 levels of protection, meaning that the model will be able to handle an assortment of handguns and rifles. Though Rezvani has not revealed much details about the Arsenal SUV but it has confirmed that it will have a “military-inspired design” that is “elegant and more incognito” than the other vehicles designed by the company. As one can gather from the teaser shared by the company, the model gets a bulging hood, a sloping roof, and blind spots. It will come as a seven-seater and offer traditional luxury features. Also Read: Rivian secures USD 827 mn incentive package from Illinois to expand operations On the mechanical front, Arsenal will come with a V8 engine producing 420 hp of power, based on the Cadillac Escalade, Chevrolet Tahoe, or GMC Yukon models. All the three models also offer a 6.2-liter V8 with the same output. The company also confirmed the plans to bring in another variant of the vehicle with 675 hp of power. The standard model will be priced at USD 225,000 while the armoring will come as an optional benefit with more premium. Customers can book their armored vehicle by paying a token amount of USD 150, which is a refundable deposit. Deliveries of the vehicle are slated to begin this summer. Other models in Rezvani's portfolio include Tank, Hercules, and Vengeance, all adorning a rugged yet futuristic look. Speaking about the Arsenal, the company's CEO Ferris Rezvani, said “This is no ordinary car, it’s a thrilling blend of luxury, security, and innovative design. Your daily commutes are about to get a lot more interesting! Arsenal will showcase the newest and most advanced lightweight armor technology available on the market today."

Rezvani Arsenal teased as most advanced armored luxury vehicle with up to 675 hp

China Ocean Shipping Company (COSCO), a state-owned Multinational conglomerate located in Shanghai has launched a river-to-sea electric container ship that the company claims to be the “world’s largest”. Established as a subsidiary in 2016 after an approved merger between COSCO and China Shipping, the company specialises in marine transport.

The Green Water 01 is a massive 10,000-ton+ fully electric vessel that is now a benchmark in sustainability in the marine logistics industry, and the services have already begun in China. As for now, regular operations are set to take place between Shanghai and Nanjing. The route covers close to 1,000 kilometres without needing recharge anywhere in the middle, along the Yangtze River.

 
Greenwater 01 is 120 metres long and 24 metres wide, with a battery capacity of 50,000 kWh, which can be expanded up to 80,000 kWh if need be. This is also the reason why the batteries are placed in particular containers that can be charged in the harbour or exchanged by cranes.

 
Given the battery-electric drive, the container ship is expected to save 3,900 kilograms of fuel per 100 nautical miles (185.2 kilometres) and reduce CO2 emissions by 12.4 tonnes. The cargo&nbsp;capacity of the Greenwater 01 is 700 TEU, with one TEU corresponding to a 20-foot standard container.

 
The COSCO Group is the largest liner carrier in China, transporting container vessels on daily basis, while also providing ships to Chinese automakers in order to help them export their electric vehicles to new markets overseas.

 
According to Cosco, the Greenwater 01 not only sets world record for its length, width and load capacity of a battery-electric ship, but also for container capacity.

 
“The 700 TEU electric container ship is the world’s first large all-battery container ship for long-distance transport,” Cosco Shipping stated in March 2023. Adding, “After construction, this series of ships will be put into operation on the Yangtze River. It will realise the green modernisation of the golden waterway and provide the experience and solutions of key state-owned enterprises for China’s inland and coastal shipping industry to reduce emissions.”

 
According to the group, this project will serve as a benchmark model for future environmentally friendly shipping projects. The company has also been working on building a second electric container ship since May 2023. 
&nbsp;

China Ocean Shipping Company (COSCO), a state-owned Multinational conglomerate located in Shanghai has launched a river-to-sea electric container ship that the company claims to be the “world’s largest”.

China Ocean Shipping Company (COSCO), a state-owned Multinational conglomerate located in Shanghai has launched a river-to-sea electric container ship that the company claims to be the “world’s largest”. Established as a subsidiary in 2016 after an approved merger between COSCO and China Shipping, the company specialises in marine transport. The Green Water 01 is a massive 10,000-ton+ fully electric vessel that is now a benchmark in sustainability in the marine logistics industry, and the services have already begun in China. As for now, regular operations are set to take place between Shanghai and Nanjing. The route covers close to 1,000 kilometres without needing recharge anywhere in the middle, along the Yangtze River. Greenwater 01 is 120 metres long and 24 metres wide, with a battery capacity of 50,000 kWh, which can be expanded up to 80,000 kWh if need be. This is also the reason why the batteries are placed in particular containers that can be charged in the harbour or exchanged by cranes. Given the battery-electric drive, the container ship is expected to save 3,900 kilograms of fuel per 100 nautical miles (185.2 kilometres) and reduce CO2 emissions by 12.4 tonnes. The cargo capacity of the Greenwater 01 is 700 TEU, with one TEU corresponding to a 20-foot standard container. The COSCO Group is the largest liner carrier in China, transporting container vessels on daily basis, while also providing ships to Chinese automakers in order to help them export their electric vehicles to new markets overseas. According to Cosco, the Greenwater 01 not only sets world record for its length, width and load capacity of a battery-electric ship, but also for container capacity. “The 700 TEU electric container ship is the world’s first large all-battery container ship for long-distance transport,” Cosco Shipping stated in March 2023. Adding, “After construction, this series of ships will be put into operation on the Yangtze River. It will realise the green modernisation of the golden waterway and provide the experience and solutions of key state-owned enterprises for China’s inland and coastal shipping industry to reduce emissions.” According to the group, this project will serve as a benchmark model for future environmentally friendly shipping projects. The company has also been working on building a second electric container ship since May 2023.

China launches 'world's largest' electric container ship with 50,000 kWh battery capacity

Unveiled on the sidelines of the Miami F1 Grand Prix to commemorate Ferrari’s 70th anniversary in the United States, the 12Cilindri (pronounced Do Dichi Chilindri) takes on the mantle from 812 Competizione to become the brand’s new V12 flagship.

Visually, the 12Cilindri is a stark combination of the brand’s past and present. The two-door mid-front-engined Berlinetta takes inspiration from the legendary Grand Tourers of the 1950s and ‘60s. While its styling is a complete departure from the outgoing 812, the wraparound band incorporating the light units at the front is a clear nod to the Ferrari 365 GTB/4, more commonly known as the Ferrari Daytona. At the rear, instead of a spoiler, the designers have used two active flaps integrated with the rear screen, creating a signature delta theme. These flaps permit two different configurations,&nbsp;Low Drag&nbsp;(LD) and&nbsp;High Downforce&nbsp;(HD), and these configurations work depending on the&nbsp;speed of the vehicle.

The 12Cilindri is built using an all-new&nbsp;all-aluminium&nbsp;chassis, featuring a 20mm reduction in wheelbase and 15% more torsional&nbsp;rigidity,&nbsp;compared to the 812 Superfast. For the first time on a Ferrari production car, a secondary alloy with 100% recycled material has been used to make the shock towers of the gearbox subframe. Speaking of the gearbox, the 12Cilindri gets the eight-speed DCT (Dual Clutch Transmission), first seen on the SF90 Stradale.

Powering the 12Cilindri is Ferrari’s F140HD 6.5-litre naturally-aspirated V12 that develops a colossal 819bhp and 678Nm (80% of the total torque is available at just 2500rpm) with absolutely no hybrid assistance. Thanks to the numerous updates on this engine, it now revs up to 9,500rpm (8,900rpm redline in the Superfast) and can catapult the 12Cilindri&nbsp;from 0-100km/h in just 2.9&nbsp;seconds,&nbsp;and&nbsp;from 0-200 km/h in under 7.9 seconds.&nbsp;This&nbsp;makes the 12Cilindri the most powerful pure-combustion series production Ferrari model&nbsp;to date. Moreover, the F140HD is also the most emissions-friendly V12 currently available, as the engine is EU6E-compliant.

Also Read:&nbsp;<a href="https://www.wionews.com/sports/f1-ferraris-carlos-sainz-out-of-saudi-arabian-gp-know-why-698065">F1: Ferrari's Carlos Sainz ruled out of Saudi Arabian GP. Know why</a>

Inside, the 12Cilindri follows the same dual-cockpit architecture&nbsp;as&nbsp;seen previously on models like the Roma, Roma Spider, and the Purosangue. It introduces a new Human Machine Interface (HMI) comprising three displays – a central 10.25-inch touchscreen capacitive display, a 15.6-inch driver’s display, and an 8.8-inch display for the co-pilot. A new tinted glass roof has been incorporated, which helps improve the airiness and sense of space inside the cabin.

Other highlights of the Ferrari 12Cilindri include brake-by-wire (first for a V12 Ferrari) ABS Evo (taken from the 296 GTB), Virtual Short Wheelbase (PCV) 3.0 and Side Slip Control (SSC) 8.0 systems, Aspirated Torque Shaping (ATS) control logic that helps with smoother power delivery, four-wheel independent steering, and bespoke Michelin Pilot Sport S5 or Goodyear Eagle F1 Supersport tyres (275/35ZR21 at the front and 315/35ZR21 at the rear) developed exclusively for the 12Cilindri.

Alongside the hard-top coupe, Ferrari also unveiled the 12Cilindri Spider. In Italy, both models&nbsp;are priced&nbsp;from €395,000 ($424,303) and €435,000 ($467,270), respectively.

Unveiled on the sidelines of the Miami F1 Grand Prix to commemorate Ferrari’s 70th anniversary in the United States, the 12Cilindri (pronounced Do Dichi Chilindri) takes on the mantle from 812 Competizione to become the brand’s new V12 flagship.

Unveiled on the sidelines of the Miami F1 Grand Prix to commemorate Ferrari’s 70th anniversary in the United States, the 12Cilindri (pronounced Do Dichi Chilindri) takes on the mantle from 812 Competizione to become the brand’s new V12 flagship. Visually, the 12Cilindri is a stark combination of the brand’s past and present. The two-door mid-front-engined Berlinetta takes inspiration from the legendary Grand Tourers of the 1950s and ‘60s. While its styling is a complete departure from the outgoing 812, the wraparound band incorporating the light units at the front is a clear nod to the Ferrari 365 GTB/4, more commonly known as the Ferrari Daytona. At the rear, instead of a spoiler, the designers have used two active flaps integrated with the rear screen, creating a signature delta theme. These flaps permit two different configurations, Low Drag (LD) and High Downforce (HD), and these configurations work depending on the speed of the vehicle. The 12Cilindri is built using an all-new all-aluminium chassis, featuring a 20mm reduction in wheelbase and 15% more torsional rigidity, compared to the 812 Superfast. For the first time on a Ferrari production car, a secondary alloy with 100% recycled material has been used to make the shock towers of the gearbox subframe. Speaking of the gearbox, the 12Cilindri gets the eight-speed DCT (Dual Clutch Transmission), first seen on the SF90 Stradale. Powering the 12Cilindri is Ferrari’s F140HD 6.5-litre naturally-aspirated V12 that develops a colossal 819bhp and 678Nm (80% of the total torque is available at just 2500rpm) with absolutely no hybrid assistance. Thanks to the numerous updates on this engine, it now revs up to 9,500rpm (8,900rpm redline in the Superfast) and can catapult the 12Cilindri from 0-100km/h in just 2.9 seconds, and from 0-200 km/h in under 7.9 seconds. This makes the 12Cilindri the most powerful pure-combustion series production Ferrari model to date. Moreover, the F140HD is also the most emissions-friendly V12 currently available, as the engine is EU6E-compliant. Also Read: F1: Ferrari's Carlos Sainz ruled out of Saudi Arabian GP. Know why Inside, the 12Cilindri follows the same dual-cockpit architecture as seen previously on models like the Roma, Roma Spider, and the Purosangue. It introduces a new Human Machine Interface (HMI) comprising three displays – a central 10.25-inch touchscreen capacitive display, a 15.6-inch driver’s display, and an 8.8-inch display for the co-pilot. A new tinted glass roof has been incorporated, which helps improve the airiness and sense of space inside the cabin. Other highlights of the Ferrari 12Cilindri include brake-by-wire (first for a V12 Ferrari) ABS Evo (taken from the 296 GTB), Virtual Short Wheelbase (PCV) 3.0 and Side Slip Control (SSC) 8.0 systems, Aspirated Torque Shaping (ATS) control logic that helps with smoother power delivery, four-wheel independent steering, and bespoke Michelin Pilot Sport S5 or Goodyear Eagle F1 Supersport tyres (275/35ZR21 at the front and 315/35ZR21 at the rear) developed exclusively for the 12Cilindri. Alongside the hard-top coupe, Ferrari also unveiled the 12Cilindri Spider. In Italy, both models are priced from €395,000 ($424,303) and €435,000 ($467,270), respectively.

Ferrari 12Cilindri is the brand's all-new 819bhp V12 flagship

Rivian Automotive, a leading manufacture in the state of Illinois, has reportedly received USD 827 million incentive package from the State to strengthen the operations at the Normal facility. The move comes amid efforts to ramp up production and compete in the burgeoning electric vehicle market.

Boosting expansion efforts

The incentive package serves as a major prop for Rivian&nbsp;as it actively seeks to expand the scope of its production capabilities and network. The company is planning to employ large amount of money for the purpose of enhancing its assets, not only in Illinois, but also in the whole sector of electric vehicle manufacturing.

Market response

Immediately after the news, the price of Rivian's shares grew by approximately 10% during the afternoon trading. Increased share price indicates that the market perceives the company's expansion as an opportunity to gain from the growing popularity of electric vehicles.

Production capacity and product lineup

Rivian's plant in Illinois, where it also produces electric delivery vans for Amazon, has the capacity to produce 150,000 EVs per year. The plant is set to serve as the production site for the R2 midsize SUV model, which was unveiled in March. With the addition of the R2 model, Rivian aims to increase its total annual capacity to 215,000 vehicles.

Utilisation of funds

Illinois state funds will be applied in the extension of the production plant, advancement of public infrastructures, and training of the workforce. This strategic investment proves that Rivian is not only focused on driving the industry but also on providing innovation to the automotive industry.

Financial position and future investments

Rivian concluded the previous year with USD 7.86 billion of cash and cash equivalents, which was amplified by the bonus given in the incentive package by Illinois. Despite the pause in construction at its Georgia facility earlier this year, Rivian reaffirms its commitment to the project, citing its significance in the company's long-term strategy.

Capital expenditure outlook

The company had projected capital expenditures of approximately USD 1.75 billion in 2024, driven by investments in its Georgia facility. Though construction has been postponed, Rivian aims to start the work again and thereby serves as a key element in the strategy to accomplish higher production volumes and to increase the manufacturing footprint.

Future funding requirements

Even after having issued bonds for more than USD 3 billion last year, market forecasters and investors estimate that Rivian needs to raise more funds as early as 2026. The presentation of the first-quarter results by the company, which is expected to be made during the next week, will bring some clarity into financial performance and acquisition as well as other funding strategies for the coming months. 
 
(Inputs from Reuters)

Rivian Automotive, a leading manufacture in the state of Illinois, has reportedly received USD 827 million incentive package from the State to strengthen the operations at the Normal facility.

Rivian Automotive, a leading manufacture in the state of Illinois, has reportedly received USD 827 million incentive package from the State to strengthen the operations at the Normal facility. The move comes amid efforts to ramp up production and compete in the burgeoning electric vehicle market. Boosting expansion efforts The incentive package serves as a major prop for Rivian as it actively seeks to expand the scope of its production capabilities and network. The company is planning to employ large amount of money for the purpose of enhancing its assets, not only in Illinois, but also in the whole sector of electric vehicle manufacturing. Market response Immediately after the news, the price of Rivian's shares grew by approximately 10% during the afternoon trading. Increased share price indicates that the market perceives the company's expansion as an opportunity to gain from the growing popularity of electric vehicles. Production capacity and product lineup Rivian's plant in Illinois, where it also produces electric delivery vans for Amazon, has the capacity to produce 150,000 EVs per year. The plant is set to serve as the production site for the R2 midsize SUV model, which was unveiled in March. With the addition of the R2 model, Rivian aims to increase its total annual capacity to 215,000 vehicles. Utilisation of funds Illinois state funds will be applied in the extension of the production plant, advancement of public infrastructures, and training of the workforce. This strategic investment proves that Rivian is not only focused on driving the industry but also on providing innovation to the automotive industry. Financial position and future investments Rivian concluded the previous year with USD 7.86 billion of cash and cash equivalents, which was amplified by the bonus given in the incentive package by Illinois. Despite the pause in construction at its Georgia facility earlier this year, Rivian reaffirms its commitment to the project, citing its significance in the company's long-term strategy. Capital expenditure outlook The company had projected capital expenditures of approximately USD 1.75 billion in 2024, driven by investments in its Georgia facility. Though construction has been postponed, Rivian aims to start the work again and thereby serves as a key element in the strategy to accomplish higher production volumes and to increase the manufacturing footprint. Future funding requirements Even after having issued bonds for more than USD 3 billion last year, market forecasters and investors estimate that Rivian needs to raise more funds as early as 2026. The presentation of the first-quarter results by the company, which is expected to be made during the next week, will bring some clarity into financial performance and acquisition as well as other funding strategies for the coming months. (Inputs from Reuters)

Rivian secures USD 827 mn incentive package from Illinois to expand operations