Vietnamese electric vehicle manufacturer Vinfast has ignited a frenzy in the market. Shares of the company surged a staggering 21% in a single day, marking a continuation of the electric automaker's whirlwind ascent. With its valuation now surpassing $160 billion, Vinfast has established itself as the third-most valuable player in the auto industry, trailing only Tesla and Toyota.

Vinfast: EV maker's shares surge 21% in market rally

India's automotive industry is poised for a seismic shift. A new policy under consideration could substantially slash import taxes for electric vehicles, Setting the stage for a wave of electric mobility adoption.

India to turbocharge its EV policy

India is working on a new electric vehicle policy that would slash import taxes for automakers that commit to some local manufacturing, following a proposal by Tesla&nbsp;which is considering entering the domestic market, people with direct knowledge said.

The policy being considered could allow automakers to import fully-built EVs into India at a reduced tax as low as 15 per cent, compared to the current 100 per cent that applies to cars which cost above $40,000 and 70 per cent for the rest, said two of the sources, including a senior Indian government official.

Tesla's best-selling Model Y, for example, starts at $47,740 in the U.S. before tax credits.

"There is an understanding with Tesla's proposal and government is showing interest," said the official, who is familiar with the issue.

India's commerce and finance ministries, and Tesla, did not respond to requests for comment.

If such a policy is adopted, it could amount to a drastic reduction in the cost of imported EVs that local carmakers have been keen to avoid. It could also open the door for global automakers, beyond Tesla, to tap the world's third-largest car market where sales of EVs are less than 2 per cent of total car sales, but growing rapidly.

The lower import taxes could help Tesla sell its full range of models in India, and not just the new car it wants to make locally, said a third source.

Shares of Tata Motors, India's largest electric car manufacturer, fell nearly 3 per cent on the Reuters report, while rival Mahindra and Mahindra&nbsp;dropped over 2 per cent, dragging the benchmark auto index to an intra-day low with losses of 1.1 per&nbsp;cent.

New Delhi is going to move slowly in considering the policy proposal as any lowering of taxes on imported EVs could disrupt the market and upset local players like Tata and Mahindra that are investing to build electric cars at home, the Indian official said.

"This is going to go through a lot of deliberations even though government is keen on getting Tesla. That's because of the impact on domestic players," said the official.

The policy is still in the initial stages of deliberation and the final tax rate could change, the sources said.

<h2 data-testid="Heading">Tesla's new EV</h2>

Other countries have taken similar measures to spur EV manufacturing commitments.&nbsp; Indonesia, for example, has offered to reduce import duties from 50% to zero for EV makers planning investments, a move seen aimed at attracting Chinese players and Tesla.

Tesla first tried to enter India in 2021 by pushing officials to lower the 100 per cent&nbsp;import tax for EVs. Last year, the talks between Tesla and the Indian government collapsed when officials conveyed the company would have to first commit to local manufacturing.

More recently, Tesla has told Indian officials it is keen to set up a local factory and make a&nbsp;new EV&nbsp;priced around $24,000, roughly 25% cheaper than its current entry model, for both the Indian market and export.

Tesla's senior public policy and business development executive Rohan Patel has in recent weeks&nbsp;met top officials&nbsp;privately. Prime Minister Narendra Modi, who held&nbsp;talks with CEO Elon Musk&nbsp;in June, has been tracking progress closely, Reuters has reported.

Indian officials conveyed there will be no special incentives for Tesla's market entry, and the proposal for a low import tax, conditional on a manufacturing commitment, was touted by Tesla to keep both sides happy, the sources said.

One of the sources said Tesla told Indian officials a potential India factory could operate at full capacity by 2030.

Outside the United States, Tesla currently has a plant in Shanghai — its largest factory worldwide — and one outside Berlin. It is building a new plant in Mexico that will focus on a new mass-market EV platform Musk has said will slash costs for consumers.

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India is working on a new electric vehicle policy that would slash import taxes for automakers that commit to some local manufacturing, following a proposal by Tesla which is considering entering the domestic market, people with direct knowledge said.

India is working on a new electric vehicle policy that would slash import taxes for automakers that commit to some local manufacturing, following a proposal by Tesla which is considering entering the domestic market, people with direct knowledge said. The policy being considered could allow automakers to import fully-built EVs into India at a reduced tax as low as 15 per cent, compared to the current 100 per cent that applies to cars which cost above $40,000 and 70 per cent for the rest, said two of the sources, including a senior Indian government official. Tesla's best-selling Model Y, for example, starts at $47,740 in the U.S. before tax credits. "There is an understanding with Tesla's proposal and government is showing interest," said the official, who is familiar with the issue. India's commerce and finance ministries, and Tesla, did not respond to requests for comment. If such a policy is adopted, it could amount to a drastic reduction in the cost of imported EVs that local carmakers have been keen to avoid. It could also open the door for global automakers, beyond Tesla, to tap the world's third-largest car market where sales of EVs are less than 2 per cent of total car sales, but growing rapidly. The lower import taxes could help Tesla sell its full range of models in India, and not just the new car it wants to make locally, said a third source. Shares of Tata Motors, India's largest electric car manufacturer, fell nearly 3 per cent on the Reuters report, while rival Mahindra and Mahindra dropped over 2 per cent, dragging the benchmark auto index to an intra-day low with losses of 1.1 per cent. New Delhi is going to move slowly in considering the policy proposal as any lowering of taxes on imported EVs could disrupt the market and upset local players like Tata and Mahindra that are investing to build electric cars at home, the Indian official said. "This is going to go through a lot of deliberations even though government is keen on getting Tesla. That's because of the impact on domestic players," said the official. The policy is still in the initial stages of deliberation and the final tax rate could change, the sources said. Tesla's new EV Other countries have taken similar measures to spur EV manufacturing commitments. Indonesia, for example, has offered to reduce import duties from 50% to zero for EV makers planning investments, a move seen aimed at attracting Chinese players and Tesla. Tesla first tried to enter India in 2021 by pushing officials to lower the 100 per cent import tax for EVs. Last year, the talks between Tesla and the Indian government collapsed when officials conveyed the company would have to first commit to local manufacturing. More recently, Tesla has told Indian officials it is keen to set up a local factory and make a new EV priced around $24,000, roughly 25% cheaper than its current entry model, for both the Indian market and export. Tesla's senior public policy and business development executive Rohan Patel has in recent weeks met top officials privately. Prime Minister Narendra Modi, who held talks with CEO Elon Musk in June, has been tracking progress closely, Reuters has reported. Indian officials conveyed there will be no special incentives for Tesla's market entry, and the proposal for a low import tax, conditional on a manufacturing commitment, was touted by Tesla to keep both sides happy, the sources said. One of the sources said Tesla told Indian officials a potential India factory could operate at full capacity by 2030. Outside the United States, Tesla currently has a plant in Shanghai — its largest factory worldwide — and one outside Berlin. It is building a new plant in Mexico that will focus on a new mass-market EV platform Musk has said will slash costs for consumers. WATCH WION LIVE HERE

With Tesla push, India mulls import tax cut if EV makers build locally

In a groundbreaking move towards a cleaner and more sustainable future, India has just given the green light to an ambitious plan the Indian government approved a plan to introduce a fleet of 10,000 electric buses in 169 cities over the next decade. This initiative comes with a substantial investment of around 7 billion US dollars.

India approves $7 billion plan for 10,000 electric buses

Indonesia is rapidly increasing its reliance on coal-fired power plants to produce ‘eco-friendly’ electric vehicles and batteries.

The irony is striking.

Indonesia, already one of the world’s top CO2 emitters, is planning to bring more coal power online. The Southeast Asian nation currently has plants capable of producing 18.8 gigawatts (GW) of coal power under construction.&nbsp;

As per media reports, most of these plants will be dedicated to industries and commercial consumers, rather than regular grids. Aluminium smelters and nickel and cobalt processing facilities will be amongst those getting maximum benefit.

It is interesting to note that these industries are being vigorously promoted by the Indonesian government in order to turn the country into a major EV hub.

<h2>Indonesia’s top focus is EV manufacturing</h2>

Indonesia is swiftly increasing its nickel production in response to global demand. In 2022, the country witnessed a 60 per cent surge in nickel production, encompassing half of the world's total output.

The manufacturing of battery-grade nickel requires intricate metal processing, triggering the establishment of new smelters across Indonesia.&nbsp;

By the conclusion of 2022, the nation was home to 15 nickel smelters and had intentions to construct a minimum of six more.

Watch:&nbsp;Is Indonesia building its new capital at the cost of environment?

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The demanding process of converting low-grade nickel into battery-grade nickel within these smelters requires substantial energy. This is where ‘captive coal plants’ enter the picture or those dedicated especially to these industries.

A recent CELIOS report underscores the close relationship between the surge in coal plant construction and electric vehicle battery production.&nbsp;

A majority of these plants are devoted to the steel and nickel processing sectors, concentrated on the Sulawesi and Maluku islands. These facilities are predominantly backed by Chinese companies.

<h2>Indonesia’s massive loophole</h2>

In 2021, President Joko Widodo's administration declared a halt to new coal-fired power plants after 2023.&nbsp;

However, the ongoing construction of various plants, including captive ones, is still permissible. This convenient loophole was established by a 2022 regulation that dilutes the moratorium and commitments to phase out coal.

<a href="https://www.wionews.com/entertainment/6-miss-indonesia-universe-contestants-lodge-sexual-harassment-complaint-against-organisers-623516">Also read:&nbsp;6 Miss Indonesia Universe contestants lodge sexual harassment complaint against organisers</a>

According to this regulation, new coal plants can continue development and operation until 2050, provided they are "integrated with industries that focus on enhancing the added value of natural resources or are integral to national strategic projects contributing significantly to job creation and/or the nation's economic growth."

Since the nickel and aluminium smelters meet both criteria – metal refinement and national strategic importance – there exists no limitation on the number of coal plants that can be established to cater to their needs.

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Indonesia is rapidly increasing its reliance on coal-fired power plants to produce ‘eco-friendly’ electric vehicles and batteries. The irony is striking. Indonesia, already one of the world’s top CO2 emitters, is planning to bring more coal power online.

Indonesia is rapidly increasing its reliance on coal-fired power plants to produce ‘eco-friendly’ electric vehicles and batteries. The irony is striking. Indonesia, already one of the world’s top CO2 emitters, is planning to bring more coal power online. The Southeast Asian nation currently has plants capable of producing 18.8 gigawatts (GW) of coal power under construction. As per media reports, most of these plants will be dedicated to industries and commercial consumers, rather than regular grids. Aluminium smelters and nickel and cobalt processing facilities will be amongst those getting maximum benefit. It is interesting to note that these industries are being vigorously promoted by the Indonesian government in order to turn the country into a major EV hub. Indonesia’s top focus is EV manufacturing Indonesia is swiftly increasing its nickel production in response to global demand. In 2022, the country witnessed a 60 per cent surge in nickel production, encompassing half of the world's total output. The manufacturing of battery-grade nickel requires intricate metal processing, triggering the establishment of new smelters across Indonesia. By the conclusion of 2022, the nation was home to 15 nickel smelters and had intentions to construct a minimum of six more. Watch: Is Indonesia building its new capital at the cost of environment? × The demanding process of converting low-grade nickel into battery-grade nickel within these smelters requires substantial energy. This is where ‘captive coal plants’ enter the picture or those dedicated especially to these industries. A recent CELIOS report underscores the close relationship between the surge in coal plant construction and electric vehicle battery production. A majority of these plants are devoted to the steel and nickel processing sectors, concentrated on the Sulawesi and Maluku islands. These facilities are predominantly backed by Chinese companies. Indonesia’s massive loophole In 2021, President Joko Widodo's administration declared a halt to new coal-fired power plants after 2023. However, the ongoing construction of various plants, including captive ones, is still permissible. This convenient loophole was established by a 2022 regulation that dilutes the moratorium and commitments to phase out coal. Also read: 6 Miss Indonesia Universe contestants lodge sexual harassment complaint against organisers According to this regulation, new coal plants can continue development and operation until 2050, provided they are "integrated with industries that focus on enhancing the added value of natural resources or are integral to national strategic projects contributing significantly to job creation and/or the nation's economic growth." Since the nickel and aluminium smelters meet both criteria – metal refinement and national strategic importance – there exists no limitation on the number of coal plants that can be established to cater to their needs. WATCH WION LIVE HERE ×

Indonesia is boosting its green EV industry by burning massive amounts of coal

China has become the leading exporter of automobiles in the first six months of 2023, topping Japan within half a year as Chinese electric cars witnessed an increase in sales worldwide, according to a report by Nikkei Asia.

The report mentioned that major Chinese automakers exported 2.14 million vehicles from January to June. As per data obtained from the China Association of Automobile Manufacturers (CAAM), the number of exports has risen by almost 76 per cent for the year, while the Japan Automobile Manufacturers Association indicated that Japan remained at 2.14 million with an increase in exports by 17 per cent.

China was already ahead of Japan, with higher exports the January-March quarter. The rise in exports comes with the development of the electronic vehicle (EV) industry and its increasing demand in European and Russian markets.

From January to June, China’s exports of new energy vehicles, such as EVs, plug-in hybrids, and fuel cell cars, more than doubled to account for 25 per cent of the nation’s overall automobile exports. While its top Chinese rival BYD exported more than 80,000 vehicles, Tesla exported more than 180,000 vehicles using its Shanghai facility as an export hub for Asia.

During the same time, China exported 287,000 automobiles to Russia, which included gasoline-powered cars, as per customs data compiled by CAAM. After Moscow’s invasion of Ukraine in February 2022, South Korean, Japanese, and European automakers reduced their presence in Russia. To fill this need, Chinese brands have entered the Russian market.

Belgium, a crucial European transit hub that is electrifying its auto fleet, and Mexico, where demand for gasoline-powered vehicles is strong, were also high on the list of destinations for Chinese exports.

China had the most car sales for newly manufactured vehicles in 2022 with a total of 26.86 million vehicles sold globally. EV sales in Japan as a whole, including gasoline-powered vehicles, hit 5.36 million, exceeding the country’s total new vehicle sales of 4.2 million.

According to a 2027 prediction by American company AlixPartners, 39 per cent of new car sales in China will be electric vehicles. That would surpass the predicted 23 per cent global EV uptake.

Government incentives for EV sales have significantly increased demand in China. Chinese manufacturers like BYD are anticipated to sell 65 per cent of the nation’s electric vehicles by 2030.

Chinese automakers are able to increase their export competitiveness with an increase in domestic supply for lithium-ion-batteries, influencing the performance and prices of EVs.

“After 2025, Chinese automakers are likely to take a significant share of Japan's major export markets, including the U.S.”, Nikkei Asia quoted Tomoyuki Suzuki, the managing director at AlixPartners in Tokyo as saying.

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China has become the leading exporter of automobiles in the first six months of 2023, topping Japan within half a year as Chinese electric cars witnessed an increase in sales worldwide, according to a report by Nikkei Asia.

China has become the leading exporter of automobiles in the first six months of 2023, topping Japan within half a year as Chinese electric cars witnessed an increase in sales worldwide, according to a report by Nikkei Asia. The report mentioned that major Chinese automakers exported 2.14 million vehicles from January to June. As per data obtained from the China Association of Automobile Manufacturers (CAAM), the number of exports has risen by almost 76 per cent for the year, while the Japan Automobile Manufacturers Association indicated that Japan remained at 2.14 million with an increase in exports by 17 per cent. China was already ahead of Japan, with higher exports the January-March quarter. The rise in exports comes with the development of the electronic vehicle (EV) industry and its increasing demand in European and Russian markets. From January to June, China’s exports of new energy vehicles, such as EVs, plug-in hybrids, and fuel cell cars, more than doubled to account for 25 per cent of the nation’s overall automobile exports. While its top Chinese rival BYD exported more than 80,000 vehicles, Tesla exported more than 180,000 vehicles using its Shanghai facility as an export hub for Asia. During the same time, China exported 287,000 automobiles to Russia, which included gasoline-powered cars, as per customs data compiled by CAAM. After Moscow’s invasion of Ukraine in February 2022, South Korean, Japanese, and European automakers reduced their presence in Russia. To fill this need, Chinese brands have entered the Russian market. Belgium, a crucial European transit hub that is electrifying its auto fleet, and Mexico, where demand for gasoline-powered vehicles is strong, were also high on the list of destinations for Chinese exports. China had the most car sales for newly manufactured vehicles in 2022 with a total of 26.86 million vehicles sold globally. EV sales in Japan as a whole, including gasoline-powered vehicles, hit 5.36 million, exceeding the country’s total new vehicle sales of 4.2 million. According to a 2027 prediction by American company AlixPartners, 39 per cent of new car sales in China will be electric vehicles. That would surpass the predicted 23 per cent global EV uptake. Government incentives for EV sales have significantly increased demand in China. Chinese manufacturers like BYD are anticipated to sell 65 per cent of the nation’s electric vehicles by 2030. Chinese automakers are able to increase their export competitiveness with an increase in domestic supply for lithium-ion-batteries, influencing the performance and prices of EVs. “After 2025, Chinese automakers are likely to take a significant share of Japan's major export markets, including the U.S.”, Nikkei Asia quoted Tomoyuki Suzuki, the managing director at AlixPartners in Tokyo as saying. WATCH WION LIVE HERE

China leads world in automobile exports, surpasses Japan 

Chinese electric vehicles were expected to help the UK achieve its 2013 Net Zero Target however they are now being perceived as a major security threat. Conservative British MPs are warning British citizens that China may not just dominate the UK Market with its cheap EVs but they might just be aiding the Chinese to spy on British citizens.

Chinese EV manufacturers may misuse UK owners' data: PICA

A British MP issued a warning against importing Chinese electric vehicles into the UK since doing so could give Beijing access to British individuals' personal information. Electric vehicles from China should not be imported into the UK, according to British lawmakers, as this could allow Beijing to spy on the country's citizens.

UK Member-MPs of International Cross-Party alliance raise caution

Toyota motors have hit top gear, enjoying a smooth ride during its first quarter under the leadership of CEO Koji Sato. The Japanese vehicle manufacturer reported a staggering 75% increase in net income, reaching an impressive 9.1 billion dollars. Operating margins soared past 10%, propelling Toyota's shares to an all-time high in the market.

Toyota’s net income surges by 75%

Get ready for the electric revolution in India. In the latest, Tesla is tying India with ambitious plans to set up a cutting edge factory - the goal is to produce an all-new affordable electric vehicle priced at just $24,000.

India's EV-olution: Tesla's mega-surge into India, bold plans for $24k electric car | WORLD DNA

In a major setback, India has rejected Chinese EV maker BYD's proposal to set up a 1 billion dollar plant. The EV maker had a proposed a joint venture with a Hyderabad-based company. Earlier this month, the BYD submitted a plan to the Indian Government, seeking permission to build EVS and car batteries with Megha Engineering & Infrastructure ltd. Reports suggest that security concerns over Chinese investments could be the reason behind India's blocking the deal.

India says no to BYD's investment | World Business Watch

The Narendra Modi government has trashed Chinese automaker BYD’s proposal to set up a $1 billion manufacturing plant in India, reported Economic Times on Saturday.

The Chinese EV giant had earlier submitted a proposal to build EVs as well as electric batteries in India in partnership with an Indian EV company Megha Engineering and Infrastructure Ltd.

<h2>Security reasons cited for rejection</h2>

The Chinese plan to manufacture EVs and batteries in India encountered “security concerns”, the report said. The company had initially planned to manufacture 15,000 electric cars in India annually.&nbsp;

“Security concerns with respect to Chinese investments in India were flagged during the deliberations,” an Indian official was quoted as saying by Economic Times. Another official cited ‘existing guidelines’ to claim that such Chinese investments were not possible.

<h2>BYD’s presence in India</h2>

Times Now reports BYD already has a significant presence in the Indian automobile market. In 2023, it aims to sell at least 15,000 units of EVs. Furthermore, it also revealed its plans to expand its distribution network in India and upgrade manufacturing capacity.

However, those plans seemingly stand dashed now as New Delhi seems adamant about keeping Chinese players away from India’s major sectors, including telecom, automobile and cyberspace.

<a href="https://www.wionews.com/world/tesla-shares-fall-as-elon-musk-backs-self-driving-cars-618064">Also read:&nbsp;Tesla shares fall as Elon Musk backs self-driving cars</a>

The report says BYD currently has a manufacturing facility operational in India’s southern state of Tamil Nadu, with a production capacity of 10,000 units per year.

<h2>India rolls out red carpet for Tesla</h2>

The move comes amidst ongoing discussions between the Indian government and US billionaire Elon Musk-owned Tesla for setting up a factory in the world’s most populous country.

Watch:&nbsp;Tesla's pricing strategy backfires?

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"Tesla has come to us with an ambitious plan, and we are confident that the movement will be positive this time around, especially as it involves both local manufacturing and exports," a Times of India report quoted an Indian official as saying.

<h2>India’s measures to stymie investments from China</h2>

India brought a policy in 2020 post Chinese hostilities in the Himalayas which effectively put restrictions on Foreign Direct Investments originating from China.&nbsp;

India mandated prior approval for investments from nations that share land borders with India, a policy touted as anti-China by experts.&nbsp;

In May this year, the Indian government introduced plans to crack down on Chinese companies seeking to bypass this rule using shell companies and availing subsidies that are generally denied to Chinese companies.

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The Narendra Modi government has trashed Chinese automaker BYD’s proposal to set up a $1 billion manufacturing plant in India, reported Economic Times on Saturday.

The Narendra Modi government has trashed Chinese automaker BYD’s proposal to set up a $1 billion manufacturing plant in India, reported Economic Times on Saturday. The Chinese EV giant had earlier submitted a proposal to build EVs as well as electric batteries in India in partnership with an Indian EV company Megha Engineering and Infrastructure Ltd. Security reasons cited for rejection The Chinese plan to manufacture EVs and batteries in India encountered “security concerns”, the report said. The company had initially planned to manufacture 15,000 electric cars in India annually. “Security concerns with respect to Chinese investments in India were flagged during the deliberations,” an Indian official was quoted as saying by Economic Times. Another official cited ‘existing guidelines’ to claim that such Chinese investments were not possible. BYD’s presence in India Times Now reports BYD already has a significant presence in the Indian automobile market. In 2023, it aims to sell at least 15,000 units of EVs. Furthermore, it also revealed its plans to expand its distribution network in India and upgrade manufacturing capacity. However, those plans seemingly stand dashed now as New Delhi seems adamant about keeping Chinese players away from India’s major sectors, including telecom, automobile and cyberspace. Also read: Tesla shares fall as Elon Musk backs self-driving cars The report says BYD currently has a manufacturing facility operational in India’s southern state of Tamil Nadu, with a production capacity of 10,000 units per year. India rolls out red carpet for Tesla The move comes amidst ongoing discussions between the Indian government and US billionaire Elon Musk-owned Tesla for setting up a factory in the world’s most populous country. Watch: Tesla's pricing strategy backfires? × "Tesla has come to us with an ambitious plan, and we are confident that the movement will be positive this time around, especially as it involves both local manufacturing and exports," a Times of India report quoted an Indian official as saying. India’s measures to stymie investments from China India brought a policy in 2020 post Chinese hostilities in the Himalayas which effectively put restrictions on Foreign Direct Investments originating from China. India mandated prior approval for investments from nations that share land borders with India, a policy touted as anti-China by experts. In May this year, the Indian government introduced plans to crack down on Chinese companies seeking to bypass this rule using shell companies and availing subsidies that are generally denied to Chinese companies. WATCH WION LIVE HERE ×

India trashes Chinese EV maker BYD’s proposal to set up $1 billion plant

Days after reports said Tesla was in talks with Indian authorities for setting up an EV Factory yet another electric vehicle maker has shown interest to set up its business in the country. Reuters sources say that China's BYD has submitted a one billion dollar proposal to build EVs and batteries in partnership with a local company.

Report: BYD intends to develop range of EVs in India

China's looming export controls on gallium a critical metal for electric vehicles could spell trouble for automakers who have relied on it as a game changer in EV technology.

Gallium crisis: Automakers grapple with supply chain industry

A tectonic shift is underway in the Thai automotive industry. Chinese automakers are making their presence felt, challenging the long-standing dominance of Japanese companies. Thailand is southeast Asia's largest car producer and exporter, and its second-largest sales market after Indonesia. Japanese automakers have traditionally been dominant in the region. With a focus on electric vehicles, Chinese investments worth $1.44 billion since 2020 have created a new battleground in southeast Asia's largest automaking hub.

Chinese investments spark EV revolution in Thailand

Elon Musk, the CEO of electric car giant Tesla, announced on Thursday that the company is on the verge of achieving fully autonomous vehicles "later this year."

Speaking via video link at an artificial intelligence conference in Shanghai, Musk expressed his confidence in Tesla's progress towards achieving full self-driving capabilities.

"In terms of where Tesla is at this stage, I think we are very close to achieving full self-driving without human supervision," he said.

<h2>Elon Musk and his predictions</h2>

While acknowledging that he had previously made predictions that did not come to fruition, Musk emphasised that Tesla is closer than ever to achieving this significant milestone. He said he remains optimistic about the progress being made by Tesla's autonomous driving technology.

Also read |<a href="https://www.wionews.com/business-economy/elon-musks-tesla-adds-hundreds-of-billions-in-valuation-amid-ai-race-603083">Elon Musk's Tesla adds hundreds of billions in valuation amid AI race</a>

"I feel like we're closer to it than we ever have been," said the Tesla owner.

He specifically mentioned the possibility of achieving what he referred to as "four or five," which represents two of the most advanced levels of autonomous driving technology.

"This is only speculation, but I think we'll achieve full self-driving, maybe what you would call four or five, I think later this year."

Musk's latest forecast comes after Tesla faced regulatory scrutiny over its driver-assistance technology in the United States.

<h2>Musk to strengthen Tesla's&nbsp;presence in China</h2>

As per AFP, Musk's appearance at the World Artificial Intelligence Conference in Shanghai marks part of his ongoing efforts to strengthen Tesla's presence in China and leverage the country's thriving electric vehicle market.

China is currently the largest electric vehicle market globally, with EVs making up a quarter of all car sales in the country.

Also read | <a href="https://www.wionews.com/technology/elon-musk-tesla-sued-by-shareholders-over-misleading-self-driving-claims-566635">Elon Musk, Tesla sued by shareholders over ‘misleading’ self-driving claims</a>

Tesla's decision to build a second factory in Shanghai underscores its commitment to this important market.

With electric vehicles accounting for a significant portion of car sales in China, Tesla faces competition from both domestic and Western brands. Tesla, as per the news agency report, has faced some challenges recently, including a drop in first-quarter earnings and had to implement price cuts to remain competitive.

<h2>Tesla's autopilot nightmare</h2>

Reuters reports that the US National Highway Traffic Safety Administration (NHTSA) is currently looking into 830,000 Tesla vehicles and their autopilot system. On July 3rd, the US safety regulator requested updated responses and current data from Tesla regarding the performance of autopilot and its role in over a dozen crashes involving emergency vehicles. The NHTSA is also looking into whether Tesla vehicles ensure that drivers remain attentive while using the driver assistance system.

(With inputs from agencies) 
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Elon Musk, the CEO of electric car giant Tesla, announced on Thursday that the company is on the verge of achieving fully autonomous vehicles "later this year." Speaking via video link at an artificial intelligence conference in Shanghai, Musk expressed his confidence in Tesla's progress towards achieving full self-driving capabilities.

Elon Musk, the CEO of electric car giant Tesla, announced on Thursday that the company is on the verge of achieving fully autonomous vehicles "later this year." Speaking via video link at an artificial intelligence conference in Shanghai, Musk expressed his confidence in Tesla's progress towards achieving full self-driving capabilities. "In terms of where Tesla is at this stage, I think we are very close to achieving full self-driving without human supervision," he said. Elon Musk and his predictions While acknowledging that he had previously made predictions that did not come to fruition, Musk emphasised that Tesla is closer than ever to achieving this significant milestone. He said he remains optimistic about the progress being made by Tesla's autonomous driving technology. Also read |Elon Musk's Tesla adds hundreds of billions in valuation amid AI race "I feel like we're closer to it than we ever have been," said the Tesla owner. He specifically mentioned the possibility of achieving what he referred to as "four or five," which represents two of the most advanced levels of autonomous driving technology. "This is only speculation, but I think we'll achieve full self-driving, maybe what you would call four or five, I think later this year." Musk's latest forecast comes after Tesla faced regulatory scrutiny over its driver-assistance technology in the United States. Musk to strengthen Tesla's presence in China As per AFP, Musk's appearance at the World Artificial Intelligence Conference in Shanghai marks part of his ongoing efforts to strengthen Tesla's presence in China and leverage the country's thriving electric vehicle market. China is currently the largest electric vehicle market globally, with EVs making up a quarter of all car sales in the country. Also read | Elon Musk, Tesla sued by shareholders over ‘misleading’ self-driving claims Tesla's decision to build a second factory in Shanghai underscores its commitment to this important market. With electric vehicles accounting for a significant portion of car sales in China, Tesla faces competition from both domestic and Western brands. Tesla, as per the news agency report, has faced some challenges recently, including a drop in first-quarter earnings and had to implement price cuts to remain competitive. Tesla's autopilot nightmare Reuters reports that the US National Highway Traffic Safety Administration (NHTSA) is currently looking into 830,000 Tesla vehicles and their autopilot system. On July 3rd, the US safety regulator requested updated responses and current data from Tesla regarding the performance of autopilot and its role in over a dozen crashes involving emergency vehicles. The NHTSA is also looking into whether Tesla vehicles ensure that drivers remain attentive while using the driver assistance system. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Elon Musk expects fully autonomous self-driving Tesla vehicles 'later this year'

EV maker Tesla's ambition to make its charging technology a standard across the US. Has hit a roadblock in the US State of Texas. A report accessed by Reuters shows several EV charger makers opposed to Texas' plan seeking them to include tesla's charging technology as well as the combined charging standard (CCS) technology to electrify highways in the US State. These EV charging companies have called the plan "premature".

EV charger firms oppose Texas plan for Tesla chargers

Trees are magical. They provide us with food. They produce oxygen and they're beautiful to look at. And guess what, you may soon be able to charge your electric vehicles by connecting it to a tree. Solar botanic trees, a UK based startup is designing sleek solar powered trees that work as EV-charging stations. There are two versions of the tree; 5.5 metres tall and 3.5 metres tall. The sun’s energy is collected via leaves and is stored in a battery within the tree’s trunk. The trees feature solar panels that act as the canopy. These panels absorb sunlight and transform it into electrical energy. An ai-driven energy storage and management system regulates and releases the charging power. The company recently completed a half-scale prototype of the device and is now looking to build and test a full-size version, before going into commercial production at the end of the year. Sadly, the tree has a power generation capacity of only five kilowatts, making it a rather slow charging option for EV drivers.

Solar-powered trees to charge your electric vehicles

China has announced an unprecedented tax break package of $72 billion aimed at propelling the growth of the electric vehicle (EV) industry, Reuters reported. The move comes as the country seeks to revitalize its economy and counter slower auto sales. The tax incentives have surpassed market expectations, leading to a surge in major automakers' shares. The government's emphasis on promoting new energy vehicles (NEVs) highlights China's commitment to sustainable transportation and positions NEVs as a key driver of economic recovery.

Under the newly unveiled tax break package, NEVs purchased between 2024 and 2027 will be eligible for a purchase tax exemption. This exemption amounts to up to 30,000 yuan ($4,170) per vehicle for purchases made in 2024 and 2025. Subsequently, the exemption will be reduced by half and capped at 15,000&nbsp;yuan ($2,085)&nbsp;for purchases in 2026 and 2027. By extending and expanding the existing NEV purchase tax exemption, the Chinese government aims to boost consumer demand for electric vehicles and establish a solid foundation for long-term growth.

Stimulating Electric Vehicle Market

The $72 billion tax break package marks the largest-ever amount of tax incentives dedicated to the EV industry in China. This bold move builds upon the government's previous support for NEVs, which included subsidies and purchase incentives. Local players such as NIO, Li Auto, and BYD have emerged as leaders in China's electric vehicle market, backed by the government's commitment to sustainable transportation.

Furthermore, the capped purchase tax exemption is expected to fuel the growth of more affordable electric vehicle models, primarily produced by domestic companies. This measure aims to level the playing field and drive sales of domestically manufactured NEVs while encouraging the adoption of greener transportation alternatives over traditional gasoline-powered vehicles.

Industry analysts cited by Reuters predict that the substantial tax incentives will significantly boost China's EV sales and contribute to the continued expansion of the electric vehicle market. They anticipate a 30 per cent growth in EV sales in 2024, surpassing the estimated 15 per cent growth projected for this year. May's data from the China Passenger Car Association already showed a 10.5 percent&nbsp;increase in NEV sales compared to the previous month, with a remarkable 60.9 per cent surge compared to the same period last year.

(With Inputs from Reuters)

China has announced an unprecedented tax break package of $72 billion aimed at propelling the growth of the electric vehicle (EV) industry, Reuters reported. The move comes as the country seeks to revitalize its economy and counter slower auto sales.

China has announced an unprecedented tax break package of $72 billion aimed at propelling the growth of the electric vehicle (EV) industry, Reuters reported. The move comes as the country seeks to revitalize its economy and counter slower auto sales. The tax incentives have surpassed market expectations, leading to a surge in major automakers' shares. The government's emphasis on promoting new energy vehicles (NEVs) highlights China's commitment to sustainable transportation and positions NEVs as a key driver of economic recovery. Under the newly unveiled tax break package, NEVs purchased between 2024 and 2027 will be eligible for a purchase tax exemption. This exemption amounts to up to 30,000 yuan ($4,170) per vehicle for purchases made in 2024 and 2025. Subsequently, the exemption will be reduced by half and capped at 15,000 yuan ($2,085) for purchases in 2026 and 2027. By extending and expanding the existing NEV purchase tax exemption, the Chinese government aims to boost consumer demand for electric vehicles and establish a solid foundation for long-term growth. Stimulating Electric Vehicle Market The $72 billion tax break package marks the largest-ever amount of tax incentives dedicated to the EV industry in China. This bold move builds upon the government's previous support for NEVs, which included subsidies and purchase incentives. Local players such as NIO, Li Auto, and BYD have emerged as leaders in China's electric vehicle market, backed by the government's commitment to sustainable transportation. Furthermore, the capped purchase tax exemption is expected to fuel the growth of more affordable electric vehicle models, primarily produced by domestic companies. This measure aims to level the playing field and drive sales of domestically manufactured NEVs while encouraging the adoption of greener transportation alternatives over traditional gasoline-powered vehicles. Industry analysts cited by Reuters predict that the substantial tax incentives will significantly boost China's EV sales and contribute to the continued expansion of the electric vehicle market. They anticipate a 30 per cent growth in EV sales in 2024, surpassing the estimated 15 per cent growth projected for this year. May's data from the China Passenger Car Association already showed a 10.5 percent increase in NEV sales compared to the previous month, with a remarkable 60.9 per cent surge compared to the same period last year. (With Inputs from Reuters)

China's shock and bolt: $72 Billion tax breaks turbocharge Electric Vehicle market

In a bid to accelerate the growth of its electric vehicle industry, china has introduced a $72 billion package of tax breaks. These measures aim to boost the sales of electric vehicles and other green cars, revitalizing the country's economy amidst sluggish auto sales.

China’s $72 billion tax breaks to supercharge EV industry

India's Tata Group on Friday signed a strategy deal to build a lithium-ion cell factory, based on an investment of approximately 130 billion rupees ($1.58 billion), as per Reuters reports.

This move is in line with the country's efforts on creating its own electric vehicle supply chain.

The car market in India is very small if compared to the size of the country's population. Tata Motors overpowers its electric vehicle (EV) sales, which made up just 1% of India's total car sales of about 3.8 million last year.

As per a joint statement on the memorandum of understanding between Tata's unit Agratas Energy Storage Solutions and the government of the western state of Gujarat, the work on the plant, which is to be built in Sanand, northern Gujarat, was expected to start in less than three years.

The statement said that the initial manufacturing capacity of the plant would be 20 Gigawatt hours (GWh), which could further be doubled in a second phase of expansion.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/tata-group-considers-injecting-another-2-billion-into-super-app-venture-report-575403">Tata Group considers injecting another $2 billion into super app venture: Report</a>

"The plant will go a long way in contributing to the development of the EV ecosystem in Gujarat and India," Reuters quoted Vijay Nehra, an official in the Gujarat state government, as saying.

<h2>Jaguar Land Rover owner to pick UK for its new electric car battery plant</h2>

In a move that could revolutionize the country's electric vehicle industry, Tata Motors, the Indian owner of Jaguar Land Rover, is on the verge of selecting Britain for its multi-billion-pound electric car battery plant.&nbsp;

The decision, according to BBC reports, is expected to be finalized during an upcoming visit by Tata's CEO to London.&nbsp;

The proposed plant could bring an impressive 9,000 jobs to Somerset, a picturesque county in southwest England.

This proposed investment is a significant boost to the British car industry and a major win for Prime Minister Rishi Sunak, who has been pressured to attract car manufacturers to the country.&nbsp;

UK's finance minister, Jeremy Hunt, had recently alluded to a significant development in Britain's electric vehicle battery-making capacity, and Tata Motors' choice of Britain over Spain is set to fulfil that promise.&nbsp;

On being asked about Britain's EV battery-making capacity at an event, he said, "watch this space".&nbsp;

(With inputs from agencies)

 
&nbsp;

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India's Tata Group on Friday signed a strategy deal to build a lithium-ion cell factory, based on an investment of approximately 130 billion rupees ($1.58 billion), as per Reuters reports.

India's Tata Group on Friday signed a strategy deal to build a lithium-ion cell factory, based on an investment of approximately 130 billion rupees ($1.58 billion), as per Reuters reports. This move is in line with the country's efforts on creating its own electric vehicle supply chain. The car market in India is very small if compared to the size of the country's population. Tata Motors overpowers its electric vehicle (EV) sales, which made up just 1% of India's total car sales of about 3.8 million last year. As per a joint statement on the memorandum of understanding between Tata's unit Agratas Energy Storage Solutions and the government of the western state of Gujarat, the work on the plant, which is to be built in Sanand, northern Gujarat, was expected to start in less than three years. The statement said that the initial manufacturing capacity of the plant would be 20 Gigawatt hours (GWh), which could further be doubled in a second phase of expansion. Also read: Tata Group considers injecting another $2 billion into super app venture: Report "The plant will go a long way in contributing to the development of the EV ecosystem in Gujarat and India," Reuters quoted Vijay Nehra, an official in the Gujarat state government, as saying. Jaguar Land Rover owner to pick UK for its new electric car battery plant In a move that could revolutionize the country's electric vehicle industry, Tata Motors, the Indian owner of Jaguar Land Rover, is on the verge of selecting Britain for its multi-billion-pound electric car battery plant. The decision, according to BBC reports, is expected to be finalized during an upcoming visit by Tata's CEO to London. The proposed plant could bring an impressive 9,000 jobs to Somerset, a picturesque county in southwest England. This proposed investment is a significant boost to the British car industry and a major win for Prime Minister Rishi Sunak, who has been pressured to attract car manufacturers to the country. UK's finance minister, Jeremy Hunt, had recently alluded to a significant development in Britain's electric vehicle battery-making capacity, and Tata Motors' choice of Britain over Spain is set to fulfil that promise. On being asked about Britain's EV battery-making capacity at an event, he said, "watch this space". (With inputs from agencies) WATCH WION LIVE HERE

Tata Group signs $1.6 billion deal with Gujarat government to set up EV battery plant

In May 2023, India's retail sales of electric two-wheelers reached a new peak at 104,755 units, marking a 57 per cent increase compared to April 2023, which saw 66,724 units sold. This translates to an average of 3,379 electric two-wheelers sold per day last month. This is the first time, the sale of two-wheeler EVs&nbsp;topped 100,000 units.

These figures are based on end-of-day sales data from the government's Vahan website as of May 31.&nbsp;The record-breaking sales surpassed the previous high of 85,452 units in March 2023 by a significant margin of 19,303 units. This is despite the fact that in April, sales experienced a 22 per cent decline in April 2023 compared to the previous month.

<h2>What is driving the sale surge?</h2>

The surge in retail sales in May, particularly in the last week of the month, as per Auto Car Pro can be attributed to the Indian government's May 22nd decision to revise the subsidy under the FAME India (Faster Adoption and Manufacturing of (Hybrid &amp;) Electric Vehicles) Scheme.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/india-news/upi-hits-record-9-billion-transactions-in-may-worth-rs-143-trillion-599456">UPI records 9 billion transactions in May worth Rs 14.3 trillion</a>

The subsidy was reduced to Rs 10,000 per kilowatt per hour (kWh) from the previous Rs 15,000/kWh, and the incentive cap was lowered to 15 per cent of the two-wheeler EV's ex-factory price, down from the previous 40 per cent. This 37.5 per cent reduction in incentives resulted in higher vehicle prices starting from June 1, prompting value-conscious buyers to make their purchases earlier.

Between May 23 and May 31, a total of 57,917 electric two-wheelers were sold, indicating a rush of new purchases in the last eight days of May.&nbsp;

<h2>Which companies sold the most unit?</h2>

Among the leading OEMs (original equipment manufacturers), only three out of the top 25 experienced a decline in sales month-on-month.

Market leaders Ola Electric, TVS Motor Co, Ather Energy, and Bajaj Auto achieved their best-ever monthly sales figures.&nbsp;

- Ola Electric sold 28,438 units, surpassing its previous high of 21,991 units in April 2023.&nbsp;

- TVS Motor Co's iQube crossed the 20,000-unit mark with 20,253 units sold.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/us-narrowly-avoids-its-first-ever-default-as-congress-approves-debt-ceiling-suspension-599453">US narrowly avoids its first-ever default as Congress approves debt-ceiling suspension</a>

- Ather Energy achieved a new monthly high of 15,256 units.&nbsp;

- Bajaj Auto saw a remarkable 168 per cent increase in sales to 9,910 units, securing the fourth position for the first time.

These four OEMs, along with Ampere Vehicles, accounted for 83,475 units of the total 104,755 EVs sold in May, representing 80 per cent of the market share. Additionally, seven other OEMs achieved four-figure sales.

<h2>Will the sales sustain over time?</h2>

Looking ahead, the reduced FAME II subsidy, which took effect on June 1 and resulted in higher prices for e-scooters and e-motorcycles, and is expected to slow down demand in the coming months. However, it might pick up during the upcoming festival season.

Nevertheless, the prospects for the domestic electric two-wheeler industry are expected to remain strong due to the rising cost of petrol and diesel and the cost-effective nature of eco-friendly two-wheeler travel. Manufacturers are expected to announce price increases in the near future.

(With inputs from agencies)

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In May 2023, India's retail sales of electric two-wheelers reached a new peak at 104,755 units, marking a 57 per cent increase compared to April 2023, which saw 66,724 units sold.

In May 2023, India's retail sales of electric two-wheelers reached a new peak at 104,755 units, marking a 57 per cent increase compared to April 2023, which saw 66,724 units sold. This translates to an average of 3,379 electric two-wheelers sold per day last month. This is the first time, the sale of two-wheeler EVs topped 100,000 units. These figures are based on end-of-day sales data from the government's Vahan website as of May 31. The record-breaking sales surpassed the previous high of 85,452 units in March 2023 by a significant margin of 19,303 units. This is despite the fact that in April, sales experienced a 22 per cent decline in April 2023 compared to the previous month. What is driving the sale surge? The surge in retail sales in May, particularly in the last week of the month, as per Auto Car Pro can be attributed to the Indian government's May 22nd decision to revise the subsidy under the FAME India (Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles) Scheme. Also read | UPI records 9 billion transactions in May worth Rs 14.3 trillion The subsidy was reduced to Rs 10,000 per kilowatt per hour (kWh) from the previous Rs 15,000/kWh, and the incentive cap was lowered to 15 per cent of the two-wheeler EV's ex-factory price, down from the previous 40 per cent. This 37.5 per cent reduction in incentives resulted in higher vehicle prices starting from June 1, prompting value-conscious buyers to make their purchases earlier. Between May 23 and May 31, a total of 57,917 electric two-wheelers were sold, indicating a rush of new purchases in the last eight days of May. Which companies sold the most unit? Among the leading OEMs (original equipment manufacturers), only three out of the top 25 experienced a decline in sales month-on-month. Market leaders Ola Electric, TVS Motor Co, Ather Energy, and Bajaj Auto achieved their best-ever monthly sales figures. - Ola Electric sold 28,438 units, surpassing its previous high of 21,991 units in April 2023. - TVS Motor Co's iQube crossed the 20,000-unit mark with 20,253 units sold. Also read | US narrowly avoids its first-ever default as Congress approves debt-ceiling suspension - Ather Energy achieved a new monthly high of 15,256 units. - Bajaj Auto saw a remarkable 168 per cent increase in sales to 9,910 units, securing the fourth position for the first time. These four OEMs, along with Ampere Vehicles, accounted for 83,475 units of the total 104,755 EVs sold in May, representing 80 per cent of the market share. Additionally, seven other OEMs achieved four-figure sales. Will the sales sustain over time? Looking ahead, the reduced FAME II subsidy, which took effect on June 1 and resulted in higher prices for e-scooters and e-motorcycles, and is expected to slow down demand in the coming months. However, it might pick up during the upcoming festival season. Nevertheless, the prospects for the domestic electric two-wheeler industry are expected to remain strong due to the rising cost of petrol and diesel and the cost-effective nature of eco-friendly two-wheeler travel. Manufacturers are expected to announce price increases in the near future. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

India's electric two-wheeler retail sales hit record high in May 2023

Over a period of 10 years (2023-32), South Korean automaker Hyundai will be investing USD&nbsp;2.5 billion (INR 20,000 crore) in India. This investment is&nbsp;aimed at scaling up the firm's existing manufacturing operations of electric vehicles and internal combustion engine vehicles, developing an Electric Vehicle (EV) ecosystem, setting up EV charging stations and establishing an EV battery assembly unit.

Unsoo Kim, MD and&nbsp;CEO&nbsp;of Hyundai Motor India Limited (HMIL) has signed a Memorandum of Understanding with the Tamil Nadu government in this regard.&nbsp;The MoU was exchanged in the presence of top officials from HMIL and the Tamil Nadu government led by Chief Minister MK Stalin.

"As part of our long-term vision, we have finalised plans to develop and establish Tamil Nadu as a base for Hyundai's EV manufacturing in India," said Unsoo Kim. He added that this investment would be utilised to set up a battery pack assembly unit with the capacity to assemble 1,78,000 units per year. In addition to this, the firm would install 100 EV charging stations at key locations on major highways over a period of five years.&nbsp;

Tamil Nadu Chief Minister MK Stalin recalled how his father and then Chief Minister M&nbsp;Karunanidhi had laid the foundation stone for the first Hyundai factory in Chennai, in the year 1996. Tracing the growth of Hyundai, he said that the South Korean firm is now the second-largest carmaker in India and the largest exporter of cars from the country. He also added that in terms of the manufacture of automobiles and automobile components, Tamil Nadu has been the leading state in India. Coinciding with its 25th-year milestone in India, Hyundai also rolled out its millionth car made in the country, in the year 2021.&nbsp;

Speaking to WION, Hyundai's AVP, of Corporate Affairs, Puneet Anand said that the firm will be expanding its automobile manufacturing capacity in the Chennai factory.

"Outside Korea, India is the single largest manufacturing hub of Hyundai, and we will be scaling up the manufacturing capacity from the current&nbsp;775,000&nbsp;(7.75 lakh) cars per annum to&nbsp;850,000&nbsp;(8.5 lakh). We export made-in-India cars to 88 countries," he added.

According to him, the latest investment by Hyundai is focussed on sustainable mobility and assembling EV batteries locally and it'll eventually bring down the cost of electric vehicles in the country. The firm also announced that it will also be launching a range of electric vehicles across price segments in India.&nbsp;

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Over a period of 10 years (2023-32), South Korean automaker Hyundai will be investing USD 2.5 billion (INR 20,000 crore) in India. This investment is aimed at scaling up the firm's existing manufacturing operations of electric vehicles and internal combustion engine vehicles, developing an Electric Vehicle (EV) ecosystem, setting up EV charging stations and establishing an EV battery assembly unit.

Over a period of 10 years (2023-32), South Korean automaker Hyundai will be investing USD 2.5 billion (INR 20,000 crore) in India. This investment is aimed at scaling up the firm's existing manufacturing operations of electric vehicles and internal combustion engine vehicles, developing an Electric Vehicle (EV) ecosystem, setting up EV charging stations and establishing an EV battery assembly unit. Unsoo Kim, MD and CEO of Hyundai Motor India Limited (HMIL) has signed a Memorandum of Understanding with the Tamil Nadu government in this regard. The MoU was exchanged in the presence of top officials from HMIL and the Tamil Nadu government led by Chief Minister MK Stalin. "As part of our long-term vision, we have finalised plans to develop and establish Tamil Nadu as a base for Hyundai's EV manufacturing in India," said Unsoo Kim. He added that this investment would be utilised to set up a battery pack assembly unit with the capacity to assemble 1,78,000 units per year. In addition to this, the firm would install 100 EV charging stations at key locations on major highways over a period of five years. Tamil Nadu Chief Minister MK Stalin recalled how his father and then Chief Minister M Karunanidhi had laid the foundation stone for the first Hyundai factory in Chennai, in the year 1996. Tracing the growth of Hyundai, he said that the South Korean firm is now the second-largest carmaker in India and the largest exporter of cars from the country. He also added that in terms of the manufacture of automobiles and automobile components, Tamil Nadu has been the leading state in India. Coinciding with its 25th-year milestone in India, Hyundai also rolled out its millionth car made in the country, in the year 2021. Speaking to WION, Hyundai's AVP, of Corporate Affairs, Puneet Anand said that the firm will be expanding its automobile manufacturing capacity in the Chennai factory. "Outside Korea, India is the single largest manufacturing hub of Hyundai, and we will be scaling up the manufacturing capacity from the current 775,000 (7.75 lakh) cars per annum to 850,000 (8.5 lakh). We export made-in-India cars to 88 countries," he added. According to him, the latest investment by Hyundai is focussed on sustainable mobility and assembling EV batteries locally and it'll eventually bring down the cost of electric vehicles in the country. The firm also announced that it will also be launching a range of electric vehicles across price segments in India. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Hyundai to invest $2.5bn in India, scale up production at its largest manufacturing hub outside Korea

India is reviving up its efforts to reduce emissions and ride the EV bus to a net-zero future. A government panel in India has proposed a ban on diesel 4-wheelers by the year 2027 in order to reduce emissions and achieve its 2070 net zero goal.

Mapping India’s EV landscape & progress | WION Climate Tracker

In an effort to increase demand, Elon Musk's electric car company, Tesla, has lowered prices by two to six percent for the fifth time this year. However, experts warn that this discount drive could harm company profitability pricing.

New price cuts by EV-maker Tesla to boost demand

The move toward electric vehicles in the U.S. automotive industry has brought increased attention to the sector’s reliance on Chinese technology. As VOA’s Kane Farabaugh and WION reports, a planned Ford battery plant is drawing congressional scrutiny.

WION-VOA Co-Production: Ford battery plant using Chinese tech raises alarms in congress

India’s leading manufacturer of Electric Vehicles OLA Electric has offered to provide a free upgrade to the new front fork of its S1 scooters, as per a statement by the company.&nbsp;

The company as part of its continuous engineering and design improvement process has recently upgraded the front fork design to "enhance the durability and strength even further."

One of the biggest ride-hailing businesses in the world Ola received criticism in the recent months over reports of front suspension breakages in S1 scooters.&nbsp;

Also Read | <a href="https://www.wionews.com/india-news/india-bsf-protecting-borders-ready-to-give-befitting-reply-to-any-infiltration-attempt-572259">India: BSF protecting borders, ready to give befitting reply to any infiltration attempt</a>

In a Twitter post on 14 March, Ola Electric said that there have been "some concerns amongst the community around the safety of the front fork arm. We assure you that this is unfounded."

To alleviate any concerns Ola Electric said it is "giving an option to our customers to upgrade to the new front fork."&nbsp;

Also Read | <a href="https://www.wionews.com/world/controversial-experiment-in-indonesia-leaves-school-students-trudging-streets-zombie-like-572262">Controversial experiment in Indonesia leaves school students trudging streets 'zombie-like'</a>

Promising a seamless and hassle free experience, as per the statement the customers will be able to book an appointment at their nearest Ola Experience Centre or Service Centre starting 22 March. Additionally, this upgrade will be "free of cost."&nbsp;

Earlier, Ola, the largest mobility platform in India, came under fire following an incident in which a rider was seriously hurt after falling off the S1 scooter while it was moving at a speed of roughly 35 kmph.&nbsp;The front wheel of the Ola S1 electric scooter is said to have broken off of the suspension.&nbsp;

However, at the time, Ola Electric in a statement said, “Our preliminary investigation into the recent incident and our analysis has revealed that this was a case of a very high impact road accident."&nbsp;

Watch | <a href="https://www.wionews.com/videos/48-teams-104-matches-has-fifa-devalued-the-football-world-cup-572274">48 teams, 104 matches: Has FIFA devalued the football World Cup?</a>

Reiterating the same in the latest release, Ola Electric said that all components of their scooters including the front fork arm are "thoroughly tested under extreme conditions and are engineered with a factor of safety much higher than the typical loads encountered on vehicles."

As part of Mission Electric, Ola S1 community in last 12 months has emerged as the one of the biggest EV community in India with over 200,000 members.

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India’s leading manufacturer of Electric Vehicles OLA Electric has offered to provide a free upgrade to the new front fork of its S1 scooters, as per a statement by the company.

India’s leading manufacturer of Electric Vehicles OLA Electric has offered to provide a free upgrade to the new front fork of its S1 scooters, as per a statement by the company. The company as part of its continuous engineering and design improvement process has recently upgraded the front fork design to "enhance the durability and strength even further." One of the biggest ride-hailing businesses in the world Ola received criticism in the recent months over reports of front suspension breakages in S1 scooters. Also Read | India: BSF protecting borders, ready to give befitting reply to any infiltration attempt In a Twitter post on 14 March, Ola Electric said that there have been "some concerns amongst the community around the safety of the front fork arm. We assure you that this is unfounded." To alleviate any concerns Ola Electric said it is "giving an option to our customers to upgrade to the new front fork." Also Read | Controversial experiment in Indonesia leaves school students trudging streets 'zombie-like' Promising a seamless and hassle free experience, as per the statement the customers will be able to book an appointment at their nearest Ola Experience Centre or Service Centre starting 22 March. Additionally, this upgrade will be "free of cost." Earlier, Ola, the largest mobility platform in India, came under fire following an incident in which a rider was seriously hurt after falling off the S1 scooter while it was moving at a speed of roughly 35 kmph. The front wheel of the Ola S1 electric scooter is said to have broken off of the suspension. However, at the time, Ola Electric in a statement said, “Our preliminary investigation into the recent incident and our analysis has revealed that this was a case of a very high impact road accident." Watch | 48 teams, 104 matches: Has FIFA devalued the football World Cup? Reiterating the same in the latest release, Ola Electric said that all components of their scooters including the front fork arm are "thoroughly tested under extreme conditions and are engineered with a factor of safety much higher than the typical loads encountered on vehicles." As part of Mission Electric, Ola S1 community in last 12 months has emerged as the one of the biggest EV community in India with over 200,000 members. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Ola Electric offers free upgrade of front fork in S1, S1 pro scooters amid controversy

US motor giant Ford plans to cut 3,800 jobs across Europe, including 1,300 in the UK and 2,300 in Germany, as it positions to switch to the production of a smaller range of electric vehicles.&nbsp;

The company's plan to cut one in nine jobs is part of its global drive to cut costs.&nbsp;

The US carmaker said the focus on EV manufacturing is the need of the hour as it restructures to let go of product development and administration staff in Europe.&nbsp;

&nbsp;In Germany, the company plans to lay off around 2,300 staff, about 1,300 in the UK, and 200 in the rest of Europe, which is about one in nine jobs.&nbsp;

&nbsp;Ford says it wants to reduce staff through voluntary schemes. The company said the planned layoffs were needed to "revitalise business in Europe".&nbsp;

According to Ford, the job losses will result in a "leaner, more competitive cost structure".&nbsp;

<h2>Ford to cut 3200 jobs in Europe, aims to move some product development back</h2>

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"These are difficult decisions, not taken lightly," said Martin Sander, Ford’s European electric vehicle (EV) operation and head of its German business.&nbsp;

"We recognise the uncertainty it creates for our team, and I assure them we will be offering them our full support in the months ahead," Sander said.&nbsp;

The carmaker said that the shakeup will open the door to a lucrative future and allow it to compete with rival automakers in Europe.&nbsp;

The European continent has seen considerable economic and political difficulties in recent years.&nbsp;

Ford is investing $50 billion to electrify its line of products, switching to a smaller range with higher prices to offset rising costs.&nbsp;

The US firm will retain about 3,400 engineers in Europe to improve on the basic technology offered by their American counterparts and adapt it for European customers.&nbsp;

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US motor giant Ford plans to cut 3,800 jobs across Europe, including 1,300 in the UK and 2,300 in Germany, as it positions to switch to the production of a smaller range of electric vehicles.

US motor giant Ford plans to cut 3,800 jobs across Europe, including 1,300 in the UK and 2,300 in Germany, as it positions to switch to the production of a smaller range of electric vehicles. The company's plan to cut one in nine jobs is part of its global drive to cut costs. The US carmaker said the focus on EV manufacturing is the need of the hour as it restructures to let go of product development and administration staff in Europe. In Germany, the company plans to lay off around 2,300 staff, about 1,300 in the UK, and 200 in the rest of Europe, which is about one in nine jobs. Ford says it wants to reduce staff through voluntary schemes. The company said the planned layoffs were needed to "revitalise business in Europe". According to Ford, the job losses will result in a "leaner, more competitive cost structure". Ford to cut 3200 jobs in Europe, aims to move some product development back "These are difficult decisions, not taken lightly," said Martin Sander, Ford’s European electric vehicle (EV) operation and head of its German business. "We recognise the uncertainty it creates for our team, and I assure them we will be offering them our full support in the months ahead," Sander said. The carmaker said that the shakeup will open the door to a lucrative future and allow it to compete with rival automakers in Europe. The European continent has seen considerable economic and political difficulties in recent years. Ford is investing $50 billion to electrify its line of products, switching to a smaller range with higher prices to offset rising costs. The US firm will retain about 3,400 engineers in Europe to improve on the basic technology offered by their American counterparts and adapt it for European customers. WATCH WION LIVE HERE

Ford to cut 3,800 jobs across Europe as focus shifts toward EV  

As the electric vehicle manufacturer braces for an industry-wide pricing war, Rivian Automotive is laying off 6% of its workers in an effort to reduce expenses. The company is already dealing with declining cash reserves and a sluggish economy. According to Chief Executive R.J., the company is concentrating resources on increasing car manufacturing and achieving profitability.

Price war in electric vehicle space, EV maker Rivian to cut 6% of jobs

CEO Elon Musk has said that&nbsp;he won’t sell any further shares in Tesla for 18 months or more, in an attempt to pacify shareholders of the EV company who have watched the stock fall&nbsp;nearly half of its value since Musk’s takeover&nbsp;of Twitter.

“I’m not selling any stock for 18 to 24 months,” Musk said during an audio-only Twitter Spaces group conversation on Thursday. Musk then said he wouldn’t sell Tesla shares for two years, but backtracked and said he would pause sales for at least one year.

Musk&nbsp;dumped&nbsp;$2.58 billion&nbsp;worth of Tesla stock last week and has sold nearly $23 billion worth of his car company’s shares since April, when he started gaining ground in Twitter.&nbsp;Over the past two months, Musk has spearheaded a dizzying array of changes that have upset advertisers and alienated users. He laid off half of his staff, took moderators out of contract, and dissolved the Trust and Safety Advisors Council. He stopped enforcing his COVID-19 misinformation rule and filed criminal charges against Dr. Anthony Fauci, an infectious disease expert in the United States.

Also read |&nbsp;<a href="https://www.wionews.com/world/worlds-most-subscribed-youtuber-mr-beast-offers-to-be-twitter-ceo-elon-musk-responds-545829">World's most-subscribed YouTuber Mr Beast offers to be Twitter CEO. Elon Musk responds</a>

Tesla investors are fed up with the 24/7 Twitter clamor. The eccentric CEO is distracted from his main source of wealth, the electric car company, they say. 
Tesla's market cap surpassed $1.1 trillion on April 1st. This was the last trading day before Musk announced that he would buy his Twitter stake. Since then, the company has lost almost two-thirds of its value as rival automakers squeezed Tesla's dominant share of electric car sales.

Tesla shares fell more than&nbsp;one per cent on Friday, to $123.74. They were more than $360 each on April 1 and hit an all-time high of more than $414 in November of 2020.

This week,&nbsp;Tesla amplified the discounts it’s offering&nbsp;through year’s end on its two top-selling models, an indication that demand is slowing for its EVs.

(With inputs from agencies)

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CEO Elon Musk has said that he won’t sell any further shares in Tesla for 18 months or more, in an attempt to pacify shareholders of the EV company who have watched the stock fall nearly half of its value since Musk’s takeover of Twitter.

CEO Elon Musk has said that he won’t sell any further shares in Tesla for 18 months or more, in an attempt to pacify shareholders of the EV company who have watched the stock fall nearly half of its value since Musk’s takeover of Twitter. “I’m not selling any stock for 18 to 24 months,” Musk said during an audio-only Twitter Spaces group conversation on Thursday. Musk then said he wouldn’t sell Tesla shares for two years, but backtracked and said he would pause sales for at least one year. Musk dumped $2.58 billion worth of Tesla stock last week and has sold nearly $23 billion worth of his car company’s shares since April, when he started gaining ground in Twitter. Over the past two months, Musk has spearheaded a dizzying array of changes that have upset advertisers and alienated users. He laid off half of his staff, took moderators out of contract, and dissolved the Trust and Safety Advisors Council. He stopped enforcing his COVID-19 misinformation rule and filed criminal charges against Dr. Anthony Fauci, an infectious disease expert in the United States. Also read | World's most-subscribed YouTuber Mr Beast offers to be Twitter CEO. Elon Musk responds Tesla investors are fed up with the 24/7 Twitter clamor. The eccentric CEO is distracted from his main source of wealth, the electric car company, they say. Tesla's market cap surpassed $1.1 trillion on April 1st. This was the last trading day before Musk announced that he would buy his Twitter stake. Since then, the company has lost almost two-thirds of its value as rival automakers squeezed Tesla's dominant share of electric car sales. Tesla shares fell more than one per cent on Friday, to $123.74. They were more than $360 each on April 1 and hit an all-time high of more than $414 in November of 2020. This week, Tesla amplified the discounts it’s offering through year’s end on its two top-selling models, an indication that demand is slowing for its EVs. (With inputs from agencies) WATCH WION LIVE HERE:

Elon Musk reassures investors, tells them he will pause on Tesla stock sales for 18 to 24 months

The stocks are crashing as a sell-off continued yesterday over worries about softening demand for electric cars and CEO Musk's distraction with Twitter.

World Business Watch: Investors worry about softening EV demand, Tesla shares tumble

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