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☆ OpenAI unveils Dall-E 3, latest version of its text-to-image tool
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsSept 20 (Reuters) - OpenAI on Wednesday unveiled Dall-E 3, the latest version of its text-to-image tool that uses its wildly popular AI chatbot ChatGPT to help fill in prompts. Dall-E 3 will be available to ChatGPT Plus and Enterprise customers in October via the API, the company said. OpenAI said the latest version of the tool will have more safeguards such as limiting its ability to generate violent, adult, or hateful content. OpenAI said creators could opt out of using some or all of their work used to train future text-to-image tools. OpenAI's race to create accurate text-to-image AI tools has several competitors, including Alibaba's Tongyi Wanxiang, Midjourney and Stability AI, who continue to refine their image-generating models.

Persons: Dado Ruvic, Dall, ChatGPT, " DALL, OpenAI, Tongyi, John Grisham, George R.R, Martin, Chandni Shah, Subhranshu Sahu Organizations: REUTERS, Enterprise, Washington D.C, Thomson Locations: Washington, Bengaluru

☆ Central bank interest rates: Is the global fight to tame inflation nearly over?
▼ + stars: | 2023-09-21 | by ( Anna Cooban | ) edition.cnn.com time to read: +5 min

London CNN —Central bankers have had to climb a metaphoric mountain over the past two years in the battle to control runaway inflation. The announcement came just hours after Switzerland’s central bank kept rates unchanged and a day after the US Federal Reserve did the same, holding its key lending rate in the range of 5.25% to 5.5%. “Central banks think they have raised interest rates enough to bring inflation down to their 2% targets in a couple of years’ time,” Paul Dales, chief UK economist at Capital Economics, told CNN. Key interest rates are now at levels that, if “maintained for a sufficiently long duration, will make a substantial contribution” to reducing inflation to its 2% target, the central bank said. “By this time next year, we anticipate that 21 out of the world’s 30 major central banks will be cutting interest rates.”

Persons: ” Paul Dales, “, Jerome Powell, Sarah Silbiger, Brent, Andrew Bailey, ” Seema Shah, ”, J.P, Morgan, Jennifer McKeown Organizations: London CNN —, Bank of England, US Federal Reserve, Capital Economics, CNN, European Central Bank, ECB, Federal, Washington DC, Bloomberg, Getty, European Union, EU, European Commission, Asset Management, “ Locations: United Kingdom, United States, Germany, Saudi Arabia, Russia

[1/2] The Tesla Energy Powerwall Home Battery is unveiled by Tesla Motors CEO Elon Musk during an event in Hawthorne, California April 30, 2015. Although Tesla sought a number of incentives to set up a battery storage factory, Indian officials conveyed these would not be available, one of the sources said. It is largely dependent on coal-based power generation as storage technologies are expensive and not yet widespread. With incentives, Powerwall costs more than $5,500 in California, with additional costs for solar panels. It is eligible for U.S. federal tax credits and local state and utility incentives for solar and energy storage.

Persons: Elon Musk, India's Modi, Tesla, Narendra Modi, company's, Musk, Modi, Aditya Kalra, Aditi Shah, Sarita Chaganti Singh, Sudarshan, Kirsten Donovan Organizations: Tesla Energy, Tesla Motors, Elon, Thomson Locations: Hawthorne , California, India, DELHI, New Delhi, Tesla's California, California, Houston, Dallas, Texas

JSW held talks with senior LGES executives in Korea earlier this month, proposing a partnership to manufacture battery cells in India for EVs and energy storage, one of the people with direct knowledge of the discussions said. "Due diligence wise JSW is talking to a lot of people because it needs an ecosystem for an EV. JSW's billionaire chairman Sajjan Jindal has publicly aired his desire to build EVs and its talks to buy a stake in China's MG Motor (600104.SS). Toshiba said it is not able to confirm "at this point" if it is in talks with JSW for a partnership to build battery cells. Tesla is also eyeing India and is in talks with the government to build EVs and batteries there.

Persons: Danish Siddiqui, JSW, LGES, China's CATL, Sajjan Jindal, CATL, Narendra Modi's, JSW's, Ola, Aditi Shah, Neha Arora, Heekyong Yang, Daniel Leussink, Miho Uranaka, Zhang Yan, Alexander Smith Organizations: REUTERS, Danish, Korea's LG Energy, Panasonic, Toshiba, JSW's, Tesla, General Motors, China's, HK, Reuters, JSW, Tata Motors, TVS, Thomson Locations: Mumbai, India, DELHI, Korea, Korean, India's, New Delhi, Seoul, Tokyo, Shanghai

"Due diligence wise JSW is talking to a lot of people because it needs an ecosystem for an EV. JSW's billionaire chairman Sajjan Jindal has publicly aired his desire to build EVs and its talks to buy a stake in China's MG Motor (600104.SS). Toshiba said it is not able to confirm "at this point" if it is in talks with JSW for a partnership to build battery cells. All three sources declined to be identified as the talks are still ongoing and a final decision has not been made. Tesla is also eyeing India and is in talks with the government to build EVs and batteries there.

Akasa told the court it cancelled 600 flights in August and would be forced to cancel up to 700 more in September if the resignations continue, the person added. Akasa has dragged the pilots, many of whom have joined rival Air India Express, to court and initiated legal proceedings against the aviation regulator to enforce the notice period. The notice period ranges between 6-12 months, depending on the pilot's rank, according to the aviation regulator. "All our actions are aimed at creating a durable and reliable airline for the long run," Akasa said in a statement. "Akasa is a well-run airline with strong finances and a solid plan," he said.

Persons: Vinay Dube, Akasa, Dube, Aditya Ghosh, Aditi Shah, Varun Vyas, Aditya Kalra, Louise Heavens, Christian Schmollinger, Kim Coghill, Bernadette Baum Organizations: Akasa, Air India Express, IndiGo, country's, Tata, Air India, Go Air, Boeing, Thomson Locations: DELHI, Delhi

☆ Why the volatile South Caucasus is important for oil and gas supplies
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +1 min

The region is criss-crossed with oil and gas pipelines, though none are in close proximity to Karabakh itself. OIL- Azerbaijan's primary route for oil exports is the Baku-Tbilisi-Ceyhan (BTC) pipeline, which accounts for around 80% of country's oil exports and runs via Georgia and on to the Turkish Mediterranean coast. - Azerbaijan's total oil exports in January-July 2023 were 23.1 million tons (800,000 bpd), of which 76.3% flowed through the BTC. NATURAL GAS- Azerbaijan has plans to increase natural gas exports to Europe. Azerbaijan exported 6.6 bcm of natural gas to Europe in January-July.

Persons: Deniz, Vladimir Soldatkin, Mark Trevelyan Organizations: BTC, BP, Thomson Locations: MOSCOW, Azerbaijan, Nagorno, Karabakh, South Caucasus, Armenia, Baku, Tbilisi, Ceyhan, Georgia, Turkish, Russia, Supsa, Europe, Azeri

REUTERS/VarunVyas Hebbalalu/File Photo Acquire Licensing RightsMUMBAI, Sept 20 (Reuters) - India's Ola Electric plans to file regulatory papers for its up to $700 million IPO before the end of October as the e-scooter maker fast-tracks its listing move, three people with direct knowledge said. Backed by investors including Singapore's Temasek and Japan's SoftBank (9984.T), Ola Electric was valued at $5.4 billion in a recent fund raising. Ola Electric and Kotak did not respond to a request for comment while the other three banks declined to comment. Ola Electric is targeting IPO roadshows for early January or February, said one of the sources. Ola Electric, though, still makes losses.

Persons: Ola, VarunVyas, Japan's SoftBank, Ola Electric, Goldman Sachs, Bhavish Aggarwal, Tesla, Sriram, Aditi Shah, Aditya Kalra Organizations: REUTERS, Rights, Singapore's Temasek, Japan's, Ola, ICICI, Bank of America, West, Reuters, Thomson Locations: Pochampalli, Tamil Nadu, India, Rights MUMBAI

The legislation now requires approval from Parliament's upper house and half of the country’s 28 state legislatures, which is considered likely. Shah said it will be implemented in the 2029 national elections following a new census and an adjustment of voting districts after next year’s elections. Under the legislation, the reservation of seats for women would continue for 15 years and could be extended by Parliament. It covers the elected lower house of Parliament and state legislatures, in which only women will be allowed to contest 33% of the seats. In India's state legislatures, women hold about 10% of the seats.

Persons: Droupadi Murmu, Narendra Modi's, Amit Shah, Shah, India’s, Sonia Gandhi, ”, Arjun Ram Meghwal, Modi, God, “, Modi's, unrepresented, Ram Gopal Yadav, Dolly Verma Organizations: DELHI, —, Wednesday, Modi's Bharatiya Janata Party, Samajwadi Party . India Locations: Lok Sabha, India's, India, Bihar

☆ The Animals Are Talking. What Does It Mean?
▼ + stars: | 2023-09-20 | by ( Sonia Shah | ) www.nytimes.com time to read: +5 min

The dolphins spontaneously began mimicking the computer-generated whistles when they played independently with the corresponding toy, like kids tossing a ball and naming it “ball, ball, ball,” Reiss told me. At the time, The New York Times ran a front-page story heralding the discovery of a “rudimentary ‘language’” in vervet monkeys. When other Japanese tits heard a recording of the vocalization, which Suzuki dubbed the “jar jar” call, they searched the ground, as if looking for a snake. But then he played a recording of the “jar jar” call. Like a word, the “jar jar” call had changed their perception.

Persons: Reiss, ” Reiss, “, ”, Robert Seyfarth, Dorothy Cheney, ” Toshitaka Suzuki, Suzuki Organizations: New York Times, University of Tokyo Locations: Northern California, Kenya, East

☆ U.S.-Iran relations from 1953 coup to 2023 detainee swap deal
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: +4 min

1980 - The U.S. cuts diplomatic ties with Iran, seizes Iranian assets and bans most trade with Tehran. U.S. officials accuse Tehran of operating secret nuclear weapons program. 2013 - Hassan Rouhani is elected Iran’s president on a platform of improving Iran’s relations with the world and its economy. In September, Saudi Arabia’s state-run oil company is attacked by drones and missiles believed to be from Iran; Tehran denies involvement. 2023 - In August, Iran and the United States agree a swap of detainees and the unfreezing of $6 billion of Iranian assets in South Korea.

Persons: Dado Ruvic, Mohammed Mossadegh, Shah, Mohammed Reza Pahlavi, Shah Mohammed Reza Pahlavi, Ruhollah Khomeini, Jimmy Carter, Carter, Ronald Reagan, Reagan, George W, Bush, Barack Obama, Hassan Rouhani, Donald Trump, Qassem Soleimani, Ebrahim Raisi, Arshad Mohammed, Michael Georgy, Parisa, Samia Nakhoul, William Maclean Organizations: REUTERS, Rights, Central Intelligence, CIA, U.S, Embassy, Hostage, Islamic Revolutionary Guard Corps, Thomson Locations: Rights DUBAI, United States, Iran, South Korea, Qatar, U.S, Tehran, Iraq, North Korea, Britain, France, United, Fordow, Saudi Arabia’s, Baghdad, Vienna, Washington

☆ Indian e-scooter maker Ather readies new models and exports after subsidy cuts
▼ + stars: | 2023-09-18 | by ( Aditi Shah | ) www.reuters.com time to read: +2 min

Ather electric scooters are seen outside the showroom in Mumbai, India, January 28, 2022. India's electric scooter market is small but growing, with e-models accounting for 5% of total scooter and motorcycle sales in the last fiscal year against a government target of 70% by 2030. "The transition to electric vehicles could have been faster if not for the (subsidy) change but even then, there will be no major impact in the mid to long term," he said. Valued at around $750 million, Ather will raise more money before the end of 2023 to back its growth plans, he said, without giving more details. "India will not only be the largest market in the world for electric two-wheelers but also the largest exporter," he said.

Persons: Francis Mascarenhas, Tarun Mehta, Mehta, Ather, Electric, Hero MotoCorp, Aditi Shah, Kirsten Donovan Organizations: REUTERS, Rights, Ather, Reuters, Softbank, TVS, Thomson Locations: Mumbai, India

☆ Erdogan asks Musk to build Tesla factory in Turkey
▼ + stars: | 2023-09-17 | by ( Chandni Shah | ) www.reuters.com time to read: +1 min

Elon Musk gestures as he attends the Viva Technology conference dedicated to innovation and startups at the Porte de Versailles exhibition centre in Paris, France, June 16, 2023. REUTERS/Gonzalo Fuentes/File Photo Acquire Licensing RightsSept 17 (Reuters) - Turkish President Recep Tayyip Erdogan asked Tesla (TSLA.O) CEO Elon Musk to build a Tesla factory in Turkey, Anadolu Agency posted on social media platform X on Sunday. Erdogan asked Musk during a meeting at Turkish House, a skyscraper near the United Nations in New York, the Turkish state-owned news agency said. Musk posted on X that their talks would focus on artificial intelligence technology. Erdogan is in the U.S. to attend the 78th session of the United Nations General Assembly.

Persons: Elon, Porte, Gonzalo Fuentes, Recep Tayyip Erdogan, Tesla, Elon Musk, Erdogan, Musk, Benjamin Netanyahu, Chandni Shah, Lisa Shumaker Organizations: Viva Technology, Porte de, REUTERS, Anadolu Agency, Turkish, United Nations, United Nations General Assembly, Thomson Locations: Paris, France, Turkish, Turkey, New York, California, U.S, India, Mexico, Nuevo Leon, Washington, Bengaluru

☆ Rolling Stone’s Jann Wenner Ousted From Rock & Roll Hall of Fame Board
▼ + stars: | 2023-09-17 | by ( Neil Shah | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/arts-culture/music/rolling-stones-jann-wenner-ousted-from-rock-roll-hall-of-fame-board-ceede938

Persons: Dow Jones, wenner

☆ UAW says Stellantis boosts wage-hike offer to 19.5%, Detroit News reports
▼ + stars: | 2023-09-16 | by ( ) www.reuters.com time to read: +1 min

A Stellantis sign is seen outside its headquarters in Auburn Hills, Michigan, U.S., June 10, 2021. REUTERS/Rebecca Cook/File Photo Acquire Licensing RightsSept 15 (Reuters) - Stellantis' (STLAM.MI) latest offer to the striking United Auto Workers includes raising wages 19.5% and making salaried workers hourly, the Detroit News reported on Friday, citing the union. The offer from Chrysler's parent company includes consolidating after-sales parts plants and increasing the number of supplemental workers the Jeep maker can use, the report said. UAW President Shawn Fain said on Wednesday that Stellantis had proposed a 17.5% pay hike. Reporting by Chandni Shah and Kanjyik Ghosh in Bengaluru; Editing by Sandra Maler and William MallardOur Standards: The Thomson Reuters Trust Principles.

Persons: Rebecca Cook, Shawn Fain, Stellantis, Rich Boyer, Chandni Shah, Kanjyik Ghosh, Sandra Maler, William Mallard Organizations: REUTERS, United Auto Workers, Detroit News, UAW, Union, Detroit Three, Ford Bronco, Chevrolet, Thomson Locations: Auburn Hills , Michigan, U.S, Detroit, Chevrolet Colorado, Bengaluru

☆ Stellantis boosts wage hike offer to 19.5%, seeks concessions, UAW says- Detroit News
▼ + stars: | 2023-09-16 | by ( ) www.reuters.com time to read: 1 min

A Stellantis sign is seen outside its headquarters in Auburn Hills, Michigan, U.S., June 10, 2021. REUTERS/Rebecca Cook/File Photo Acquire Licensing RightsCompanies Stellantis NV FollowSept 15 (Reuters) - Stellantis' (STLAM.MI) latest offer to the striking United Auto Workers includes hiking wages by 19.5% and making salaried workers hourly, The Detroit News reported on Friday, citing the union. The offer also includes consolidating aftersales parts plants and increasing the number of supplemental workers the jeep maker can use, the report said. Reporting by Chandni Shah in Bengaluru; Editing by Sandra MalerOur Standards: The Thomson Reuters Trust Principles.

Persons: Rebecca Cook, Chandni Shah, Sandra Maler Organizations: REUTERS, United Auto Workers, Detroit News, Thomson Locations: Auburn Hills , Michigan, U.S, Bengaluru

☆ Injured Naseem doubtful for Pakistan's early World Cup matches
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +1 min

COLOMBO, Sept 15 (Reuters) - Pakistan speedster Naseem Shah could miss their early Cricket World Cup matches in India next month having injured his bowling shoulder at the Asia Cup. He missed Thursday's defeat by Sri Lanka after flying to Dubai to undergo scans. "He's just got a little bit of a side strain, but he's recovering before the World Cup." He added that he did not know how long Naseem's recovery would take but was confident he would be able to take part in the World Cup at some stage. Pakistan, 1992 World Cup champions, begin their campaign against the Netherlands on Oct. 6 in Hyderabad.

Persons: Pakistan speedster Naseem Shah, Haris Rauf, Babar Azam, He's, Amlan Chakraborty, Peter Rutherford Organizations: Cricket, Asia, Thomson Locations: COLOMBO, Pakistan, India, Colombo, Sri Lanka, Dubai, Netherlands, Hyderabad, New Delhi

☆ Tata Motors tests export markets for EVs, to roll out EV-only dealerships in India
▼ + stars: | 2023-09-14 | by ( Aditi Shah | ) www.reuters.com time to read: +4 min

[1/5] Tata Motors' Nexon and Nexon.ev cars are seen parked for display outside a hotel ahead of its launch in New Delhi, India, September 14, 2023. Chandra said it was too early to discuss details of the export markets and there would be more clarity next year. Sales of EVs globally have been growing as tighter emission regulations push carmakers to increase the share of electric cars in their portfolio. Growing sales and the new Nexon EV have become the catalyst for its plan to launch EV-only dealerships, Chandra said. Tata has a country-wide dealership network for its gasoline and diesel cars through which it currently also sells its EVs.

Persons: Anushree, Shailesh Chandra, Chandra, Tata, Tesla, Aditi Shah, Sharon Singleton Organizations: Tata Motors, REUTERS, India EV, Reuters, Tata, China's, Mahindra, Thomson Locations: New Delhi, India, BYD, Mumbai

Traders cheered the expected end of rate hikes that have raised borrowing costs from minus 0.5% in just over a year. That sent euro zone government bond yields tumbling, the euro down and stocks (.STOXX) higher. The ECB cut its outlook for euro area growth this year to 0.7%, while economists polled by Reuters expect growth of 0.6%. A market rally is also likely unwelcome to the ECB. Hawkish policymakers have started calling for an earlier end to PEPP reinvestments, and the ECB is likely to begin a debate on furthering its balance-sheet runoff with rate hikes likely done.

Persons: Charles Diebel, Simon Bell, Jason Simpson, Anna Stupnytska, reinvesting, Mediolanum's Diebel, reinvestments, Divyang Shah, Christine Lagarde, Shah, Yoruk Bahceli, Naomi Rovnick, Dhara, Dhara Ranasinghe, Hugh Lawson Organizations: European Central Bank, Traders, Reuters Graphics, Mediolanum Asset Management, ECB, Reuters, Legal, General Investment Management, State, Fidelity International, Thomson Locations: Italy, Germany

☆ Afghanistan recall fast bowler Naveen for World Cup
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: +1 min

KABUL, Sept 14 (Reuters) - Fast bowler Naveen-ul-Haq has returned to the Afghanistan one-day squad for the upcoming World Cup in India more than two years after playing his last ODI. Omarzai missed the ongoing Asia Cup with a side strain but has recovered to reclaim his place in the 15-member squad announced on Wednesday. Rashid Khan will spearhead a spin attack that also includes Mohammad Nabi, Mujeeb Ur Rahman and Noor Ahmad. All-rounder Gulbadin Naib, who led the team when they finished bottom at the 2019 World Cup in England and Wales, is one of three reserve players. Afghanistan will kick off their World Cup campaign on Oct. 7 against Bangladesh in Dharamsala.

Persons: Naveen, Haq, Farooqi, Abdul Rahman, Omarzai, Rashid Khan, Mohammad Nabi, Mujeeb Ur Rahman, Noor Ahmad, Naib, Hashmatullah Shahidi, Ibrahim Zadran, Rahmanullah Gurbaz, Rahmat Shah, Riaz Hassan, Najibullah Zadran, Ikram, Azmatullah Omarzai, Fazalhaq Farooqi, Ul, Amlan Chakraborty, Peter Rutherford Organizations: Ireland, Bangladesh, Thomson Locations: KABUL, Afghanistan, India, Abu Dhabi, Asia, England, Wales, Dharamsala, New Delhi

☆ Binance.US says CEO Shroder to depart, 100 jobs will be cut
▼ + stars: | 2023-09-13 | by ( ) www.reuters.com time to read: +1 min

A logo on the Binance exhibition space at the Viva Technology conference dedicated to innovation and startups at Porte de Versailles exhibition center in Paris, France June 15, 2022. Shroder will be replaced by general counsel Norman Reed, who joined the company in December 2021, on an interim basis. Binance and Binance.US have maintained that they operate separately. Its global head of product, Mayur Kamat, resigned early this month and its chief strategy officer, Patrick Hillmann, left in July. Reporting by Rishabh Jaiswal, Chandni Shah and Juby Babu in Bengaluru; Editing by Edwina GibbsOur Standards: The Thomson Reuters Trust Principles.

Persons: Benoit Tessier, Brian Shroder, Norman Reed, Binance.US, Changpeng Zhao, Binance, Kamat, Patrick Hillmann, Rishabh Jaiswal, Chandni Shah, Juby Babu, Edwina Gibbs Organizations: Viva Technology, Porte de, REUTERS, U.S, U.S . Securities, Exchange Commission, SEC, Thomson Locations: Porte, Paris, France, Bengaluru

☆ Tesla plans to nearly double India component sourcing to $1.9 bln - minister
▼ + stars: | 2023-09-13 | by ( ) www.reuters.com time to read: +1 min

The company logo is pictured on a Tesla Model X electric car in Berlin, Germany, November 13, 2019. REUTERS/Fabrizio Bensch/File Photo Acquire Licensing RightsCompanies Tesla Inc FollowNEW DELHI, Sept 13 (Reuters) - Tesla Inc (TSLA.O) plans to source components worth $1.7-$1.9 billion from India this year, the commerce minister said on Wednesday, amid plans by the electric vehicle maker to set up a factory in the country. "Tesla last year already bought $1 billion worth of components from India... this year their target is $1.7-$1.9 billion," Commerce Minister Piyush Goyal said at an auto conference. "I am convinced that this (EVs) is the future. Reporting by Aditi Shah, writing by Tanvi Mehta; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

Persons: Fabrizio Bensch, Tesla, Piyush Goyal, Aditi Shah, Tanvi Mehta, Jason Neely Organizations: Tesla, REUTERS, Tesla Inc, Reuters, Thomson Locations: Berlin, Germany, DELHI, India

☆ Pakistan call for back-ups after injuries to Rauf and Naseem
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: +1 min

COLOMBO, Sept 12 (Reuters) - Pakistan are set to draft in back-ups for Haris Rauf and Naseem Shah with the pace duo looking doubtful for the remainder of the Asia Cup having sustained injuries during their Super Four stage defeat to India. Shahnawaz Dahani and Zaman Khan will come into the squad in Sri Lanka but no decision had been made yet regarding Rauf and Naseem, the Pakistan Cricket Board said in a statement. Pakistan suffered a heavy defeat against their arch-rivals in a rain-hit Super Four contest played over two days. Rauf bowled five overs on Sunday before experiencing discomfort in his right side and sat out the reserve day's action. Rauf and Naseem did not bat and are likely to miss Thursday's Super Four match against Sri Lanka, with their participation in the Sept. 17 final also in doubt should Pakistan make it.

Persons: Haris Rauf, Naseem Shah, Shahnawaz Dahani, Zaman Khan, Rauf, Naseem, Amlan Chakraborty, Peter Rutherford Organizations: Asia, Pakistan Cricket Board, ICC, Sunday, Sri, Thomson Locations: COLOMBO, Pakistan, India, Sri Lanka, New Delhi

Petrol vehicles have been the top sellers in recent years - increasing their market share to around 68.4% in January-July 2023 from 42.5% in 2014, according to data from automotive market intelligence provider JATO Dynamics. Cost-conscious Indians are preferring to buy petrol cars as they are cheaper than diesel, even though diesel cars offer better fuel efficiency. DIESEL VEHICLES:Tuesday's warning from minister Nitin Gadkari targeted diesel carmakers, whose market share has seen a steady decline to nearly 18% of passenger vehicles in January-July this year from 47.9% in 2014. But when it comes to luxury cars, diesel variants remain in vogue, with their market share rising to 33% so far this year from 31% in 2021. Among automakers, Mahindra and Mahindra (MAHM.NS) has the highest diesel car market share with 47% of unit sales so far this year, up from 28% in 2021.

Persons: Maruti Suzuki, Nitin, Tesla, Aditi Shah, Aditya Kalra, Mark Potter Organizations: Maruti, Tata Motors, Volkswagen, Society of Indian Automobile Manufacturers, JATO Dynamics, Mercedes, BMW, Audi, Mahindra, Hyundai, Kia, Thomson Locations: MUMBAI, China, United States, India

☆ India minister to propose higher diesel vehicle tax, warns automakers
▼ + stars: | 2023-09-12 | by ( Aditi Shah | ) www.reuters.com time to read: +2 min

A worker switches on a fuel pump before filling a car with diesel at a fuel station in New Delhi September 13, 2012. REUTERS/Mansi Thapliyal/File photo Acquire Licensing RightsNEW DELHI, Sept 12 (Reuters) - India's road transport minister, Nitin Gadkari, on Tuesday said he will propose an additional 10% tax on diesel vehicles and warned automakers of even higher levies to cripple their ability to sell such high-polluting vehicles. Gadkari said he will later in the day ask the finance minister for an "additional 10%" goods and services tax on diesel vehicles to tackle problems related to pollution. The Indian government currently imposes a 28% tax on diesel cars and an additional so-called "cess" is levied depending on the vehicles' engine capacity. Shares in Indian automakers Tata Motors, Mahindra and Mahindra, Ashok Leyland (ASOK.NS), and Eicher Motors (EICH.NS) fell between 1.5% and 4.5%.

Persons: Mansi, Nitin Gadkari, Gadkari, Maruti Suzuki, Ashok Leyland, Aditi Shah, Tanvi Mehta, Christian Schmollinger, Tom Hogue Organizations: REUTERS, New, Tata Motors, Mahindra, Maruti, Volkswagen, automakers Tata Motors, Eicher Motors, Thomson Locations: New Delhi, DELHI, India

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