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☆ Exclusive: BYD tells India partner it wants to drop $1 billion EV investment plan, sources say
▼ + stars: | 2023-07-28 | by ( Sarita Chaganti Singh | ) www.reuters.com time to read: +4 min

BYD executives told Megha Engineering last week that the battery and EV maker wanted to drop pursuit of the investment, according to the two people with knowledge of that exchange. BYD, China's largest EV maker, declined to comment on the status of its investment proposal and whether it would pull the plan to produce electric cars in India. Megha Engineering did not respond to request to comment. A final decision on whether to approve BYD's investment proposal would be taken by Indian ministries of trade and heavy industries. In 2013 it started building electric buses in India with Megha Engineering, under a joint venture company called Olectra Greentech (OLEC.NS).

Persons: BYD, Megha, Aditi Shah, Zoey Zhang, Kevin Krolicki, Simon Cameron, Moore Organizations: Reuters, Megha Engineering, Engineering, automaker Tata Motors, Thomson Locations: DELHI, India, New Delhi, Hyderabad, China, Shanghai

BENGALURU, July 26 (Reuters) - Indian shares advanced on Wednesday, boosted by gains in index heavyweights Reliance Industries, Larsen & Toubro (L&T) and Tata Motors, ahead of the U.S. Federal Reserve's monetary policy decision. Automaker Tata Motors (TAMO.NS) jumped as much as 4.06% to a record high after reporting a better-than-expected profit in the June quarter and a capital restructuring plan. Index heavyweight L&T (LART.NS) climbed 3.71% to a record high on strong first-quarter results and approval of a share buyback plan. L&T and Tata Motors were the top Nifty 50 gainers. In contrast to Indian equities, Asian peers were subdued ahead of the Fed policy decision, due at 11:30 p.m. IST.

Persons: Toubro, Anita Gandhi, Rahul Sharma, Bharath Rajeswaran, Dhanya Ann Thoppil, Eileen Soreng Organizations: Reliance Industries, Larsen, Tata Motors, U.S, U.S . Federal, BSE, Arihant, Thomson Locations: BENGALURU, U.S ., Qatar, Bengaluru

☆ India's Tata Group to build $5 billion gigafactory in the UK
▼ + stars: | 2023-07-19 | by ( Anmar Frangoul | ) www.cnbc.com time to read: +2 min

Anindito Mukherjee | Bloomberg | Getty ImagesThe Tata Group will develop a major facility for the production of electric car batteries in the U.K., with the Indian conglomerate set to invest more than £4 billion (around $5.17 billion) in the project. "This investment will be crucial to boosting the UK's battery manufacturing capacity needed to support the electric vehicle industry in the long term," the government said. "With an initial output of 40GWh it will also provide almost half of the battery production that the Faraday Institution estimates the UK will need by 2030," it added. So-called gigafactories are facilities that produce batteries for electric vehicles on a large scale. It's been widely reported that the U.K. will provide Tata with significant subsidies for the project.

Persons: Anindito Mukherjee, Elon Musk, It's Organizations: Tata Motors, India, Bloomberg, Getty, Tata Group, EV, Faraday, Tata Locations: Europe

The new plant is expected to be built in Somerset, south-west England, while Jaguar Land Rover's UK factories are based near Birmingham, central England. With an initial output of 40 gigawatt hours, Britain said the factory would provide almost half of the battery production needed by 2030. The Faraday Institution has projected UK battery demand to reach over 100 GWh a year by that time. "With this strategic investment, the Tata Group further strengthens its commitment to the UK," Tata Sons Chairman N Chandrasekaran said in the statement. "Almost every car producing nation in the world (is) offering a lot of incentives in order to ensure that they preserve the integrity of their car industry," he said.

Persons: Danish Siddiqui, Rishi Sunak's, Sunak, N Chandrasekaran, Mike Hawes, Andy Palmer, Aston Martin, Jeremy Hunt, wouldn't, Alistair Smout, Sarah Young, William James, Paul Sandle, Emma Rumney Organizations: Tata Motors, REUTERS, Danish, India's Tata Group, Rover, Tata, BBC, European Union, Nissan, Rover's, Faraday, Tata Group, EV, BBC Radio, Britain, Thomson Locations: Mumbai, India, Britain, Spain, Somerset, England, Birmingham, United States, Europe, China, EU

☆ Elon Musk scheduled to meet Indian Prime Minister Modi on Tuesday
▼ + stars: | 2023-06-20 | by ( Seema Mody | ) www.cnbc.com time to read: +1 min

Tesla CEO Elon Musk is scheduled to meet India's Prime Minister Narendra Modi today in New York during Modi's visit to the United States, according to two sources familiar with the situation. Musk and Modi are expected to discuss Tesla's ambitions in the country, setting up a manufacturing base and possible incentives for battery production. Tesla has discussed operating in India in the past, but so far hasn't reached an agreement there. Tesla's largest manufacturing base outside the U.S. is in China, and it's also working on a major facility outside Berlin. While India is widely seen as a growth market for the broader automotive industry, the International Energy Agency projects electric car sales still represent a small share of the global market.

Persons: Elon Musk, Narendra Modi, Modi, Tesla, it's Organizations: India's, Tata Motors, Mahindra, Ola, EV, International Energy Agency Locations: New York, United States, India, U.S, China, Berlin, Mexico, Europe

☆ JLR taps Everstream Analytics' AI to dodge supply chain problems
▼ + stars: | 2023-06-18 | by ( Nick Carey | ) www.reuters.com time to read: +1 min

LONDON, June 19 (Reuters) - JLR said on Monday it has partnered with supply chain mapping and risk analytics firm Everstream Analytics, which will embed artificial intelligence into the British luxury carmaker's system to help avert future global supply issues. The new AI technology, JLR said, will allow it to monitor its supply chain in real-time and protect the production of its current models and next generation of electric vehicles (EVs). JLR, a unit of India's Tata Motors (TAMO.NS) said Everstream's technology has already enabled it to avoid disruption at global freight ports to deliver vehicles to clients. In a post-pandemic world full of supply chain snarls, a growing group of startups and established logistics firms have created a multi-billion dollar industry to apply AI and machine learning to help businesses minimise disruption. JLR was hit particularly hard by a global shortage of semiconductor chips that forced major carmakers to curtail production of certain models.

Persons: JLR, Barbara Bergmeier, Nick Carey, Barbara Lewis Organizations: India's Tata Motors, Everstream, Thomson

☆ India's Tata Group signs $1.6 bln EV battery plant deal
▼ + stars: | 2023-06-02 | by ( Sumit Khanna | ) www.reuters.com time to read: +1 min

AHMEDABAD, June 2 (Reuters) - India's Tata Group signed an outline deal on Friday on building a lithium-ion cell factory, based on investment of about 130 billion rupees ($1.58 billion), as part of the nation's efforts to create its own electric vehicle supply chain. Compared to the size of its population, India's car market is tiny. Tata Motors dominates its electric vehicle (EV) sales, which made up just 1% of India's total car sales of about 3.8 million last year. "The plant will go a long way in contributing to the development of the EV ecosystem in Gujarat and India," Vijay Nehra, an official in the Gujarat state government told Reuters. ($1 = 82.3373 Indian rupees)Reporting by Sumit Khanna and Tanvi Mehta; editing by Barbara LewisOur Standards: The Thomson Reuters Trust Principles.

Persons: Vijay Nehra, Sumit Khanna, Tanvi Mehta, Barbara Lewis Organizations: India's Tata Group, Tata Motors, Solutions, Reuters, Thomson Locations: AHMEDABAD, Gujarat, Sanand, India

☆ Jaguar Land Rover recalling I-PACE vehicles in US over fire risks
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: 1 min

WASHINGTON, May 31 (Reuters) - Jaguar Land Rover (JLR) said it is recalling nearly 6,400 I-PACE vehicles in the United States due to fire risks because the high-voltage electric vehicle battery may overheat. JLR, which is owned by India's Tata Motors (TAMO.NS), said the battery energy control module software will be updated and battery modules will be replaced as necessary in certain 2019 through 2024 model year vehicles. The automaker has reports of eight U.S. vehicle fires but no accidents or injuries. Reporting by David Shepardson; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

Persons: India's Tata, David Shepardson, Jason Neely Organizations: Rover, PACE, India's, India's Tata Motors, Thomson Locations: United States

Tesla is proposing to manufacture and sell vehicles in the country, Reuters reported on Wednesday, citing a source. Import duties of as much as 100% made it difficult to gauge demand, so Tesla lobbied to reduce tariffs, rather than producing locally. Committing to a factory could work for Musk too, though justifying a Tesla-sized facility calls for fast and furious sales. When Tesla set up a Gigafactory in China in 2019, its sheer scale meant supply chains sprang up to serve it. Senior Tesla executives are in India this week to meet the government to discuss local sourcing of parts and other issues, Reuters reported on May 16.

☆ Auto giants are setting their sights on a new growth market for EVs: India
▼ + stars: | 2023-05-04 | by ( Anmar Frangoul | ) www.cnbc.com time to read: +3 min

When it comes to electric cars, however, the country is playing a game of catch up. During a recent interview with CNBC's Charlotte Reed, Thierry Koskas accepted that the market in India was "just starting." Citroën India, which launched the fully electric ë-C3 in Feb. 2023, is not alone when it comes to making a move in India's nascent electric car sector. According to the IEA, Tata was responsible for more than 85% of battery electric vehicle sales within India last year. Other Indian firms jostling for position in the sector include Mahindra and Mahindra and Ola Electric.

☆ Jaguar Land Rover plans to invest 15 bln pounds in electric push
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: 1 min

April 19 (Reuters) - British luxury carmaker Jaguar Land Rover (JLR) on Wednesday said it plans to invest 15 billion pounds ($18.65 billion) over the next five years to expand its electric-vehicle offerings. JLR, which is owned by India's Tata Motors (TAMO.NS), added that its Halewood plant in Merseyside, UK, will become an all-electric manufacturing facility. ($1 = 0.8042 pounds)Reporting by Chandini Monnappa in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

[1/2] A man charges an electric vehicle (EV) at the charging hub of Indian ride-hailing BluSmart Electric Mobility in Gurugram, India, December 9, 2022. SCALING UPIndia's ride-hailing market is currently worth $13.4 billion - a tenth of China's - and penetration is just 7%, according to Statista, making the country of 1.4 billion a lucrative opportunity. BluSmart, which operates in just two cities with 5,000 vehicles, says it commands 9% market share of Delhi's ride-hailing market. In February, Uber's India chief Singh dismissed concerns about BluSmart, saying Uber still offered more diverse ride options, including scooters and autorickshaws. "In a way it (BluSmart) has forced Uber to reimagine how it wants to play in India," WEF's Khurana said.

☆ Infosys drags down Indian shares
▼ + stars: | 2023-04-17 | by ( Bharath Rajeswaran | ) www.reuters.com time to read: +2 min

BENGALURU, April 17 (Reuters) - Indian shares sank more than 1% on Monday after Infosys tumbled 15% and sparked a selloff in IT stocks following the country's No. 2 IT services exporter's weak results and forecast. The slide comes after the two indexes logged a winning steak for the past nine sessions in a row. The IT index (.NIFTYIT) sank 6.5% and was on track for its biggest one-day loss since March 2020. The Nifty midcap 100 index (.NIFMDCP100) and Nifty smallcap 100 (.NIFSMCP100) were both off about 0.2%.

☆ India's Tata Motors jumps to a 7-month high on strong Q4 JLR sales
▼ + stars: | 2023-04-10 | by ( ) www.reuters.com time to read: +2 min

Tata Motors's shares were the top gainer on India's bluechip Nifty 50 index (.NSEI), which was up 0.33%, and pushed the auto index (.NIFTYAUTO) up 1.16%. Tata Motors' global wholesales rose 8% in the quarter. JLR's sales contribute nearly 60% of Tata Motors's revenue from operations and the British automaker's strong sales in the October-December quarter had lifted the group to its first profit in two years. "The market is underestimating JLR's EBIT (earnings before interest and tax) margin potential from upcoming phase of wholesale volumes," Goldman Sachs said in a note. Tata Motors's stock hit a high of 473.30 rupees on the day, before giving up some gains to trade up about 6% at 463.75 rupees in early afternoon trading.

☆ Auto, realty stocks power Indian shares ahead of March quarter earnings
▼ + stars: | 2023-04-10 | by ( Bharath Rajeswaran | ) www.reuters.com time to read: +2 min

BENGALURU, April 10 (Reuters) - Indian shares advanced on Monday, aided by auto and realty stocks following strong quarterly business updates, but rising odds of a U.S. Federal Reserve rate hike in May capped gains. The Nifty 50 (.NSEI) rose 0.28% at 17,647.70, as of 9:51 a.m. IST, while the S&P BSE Sensex (.BSESN) rose 0.24% to 59,975.11. Ten of the 13 major sectoral indexes advanced, with auto stocks (.NIFTYAUTO) rising over 1%. Wall Street equities rose on Thursday in a truncated week, ahead of U.S. jobs data, which was released on Friday. The market is pricing in 68.3% chance of a 25 basis point rate hike in May, up from 49.2% on Thursday, according to CME's FedWatch Tool.

While Xiaomi remained focused on selling mobile phones under 10,000 rupees ($120), Indian consumers were willing to pay up for better looking models with richer features. According to Counterpoint, the market share of the sub-$120 phones in India fell to 26% in 2022 from 41% two years ago. And premium phones - priced above 30,000 ($360) - saw their share double to 11% in the same period. Xiaomi and Samsung both count India as a key growth market, with smartphones their top selling electronic device. And premium phones accounted for only 0%-1% of Xiaomi's total India phone shipments in the last two years, when Samsung's higher-end phones more than doubled their share to 13%, Counterpoint data showed.

☆ India's Tata Technologies, a unit of Tata Motors, files for IPO
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, March 10 (Reuters) - Tata Technologies, a unit of Indian carmaker Tata Motors (TAMO.NS), filed for an initial public offering (IPO) on Thursday, according to draft papers submitted to the market regulator. However, Tata Tech, which provides engineering and product development digital services, said it will not offer any of the 95.7 million shares, representing around 23.6% of its paid-up share capital, to be sold in the IPO. Instead, Tata Motors, which has a 74.69% stake in Tata Tech, will sell up to 81.1 million shares, while Alpha TC Holdings will sell 9.7 million shares and Tata Capital Growth Fund I will sell 4.9 million shares. The spend on digital services in these industries is expected to rise from $1.64 trillion in 2021 to $2.28-2.33 trillion by 2025, Tata Tech said, citing a report by Zinnov Management Consulting. Tata Motors said in December it was exploring the possibility of selling part of its stake in Tata Tech through a public float.

☆ India's Tata Motors in talks to raise $1 bln via stake sale in EV business - Report
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +2 min

The company plans to sell a significant minority stake, the newspaper report added, eyeing a valuation of about $10.5 billion. The funds and investors include the UAE-based Abu Dhabi Investment Authority (ADIA) and Mubadala Investment Company, the Saudi Arabia-headquartered Public Investment Fund, Singapore's Temasek Holdings, and KKR and General Atlantic. Tata Motors and some of the companies did not immediately respond to Reuters' request for comment. Tata Motors plans to use the bulk of the proceeds to retire a part of its outstanding debt and infuse a small portion as primary equity in the EV business, the report said. Tata Motors has outlined plans to expand its electric car portfolio with new models and higher price points.

☆ Jaguar Land Rover opens three European self-driving tech hubs
▼ + stars: | 2023-02-21 | by ( Nick Carey | ) www.reuters.com time to read: +1 min

[1/2] Jaguar Land Rover unveils the new Jaguar F-Type model during its world premiere in Munich, Germany, December 2, 2019. REUTERS/Michaela RehleLONDON, Feb 21 (Reuters) - Luxury carmaker Jaguar Land Rover said on Tuesday it is opening three new engineering hubs in Europe to develop autonomous vehicle technologies as part of its partnership with Silicon Valley artificial intelligence company Nvidia (NVDA.O). The hubs in Munich, Bologna and Madrid will develop self-driving systems for JLR's next generation of luxury vehicles. JLR already has six global tech hubs the United States, China and Europe. The partnership with Nvidia gives JLR a well-funded ally as it tries to catch up with Tesla Inc (TSLA.O) and other luxury vehicle rivals in a digital technology arms race.

☆ Uber to introduce EVs in India in push to clean cars
▼ + stars: | 2023-02-20 | by ( Aditi Shah | ) www.reuters.com time to read: +2 min

NEW DELHI, Feb 20 (Reuters) - Uber Technologies (UBER.N) said on Monday it will introduce electric vehicles (EVs) in India for ride-sharing, its first move to adopt clean cars amid an Indian government push for greater electrification of public transport and shared mobility. Uber's fleet partners will buy the EVs from Tata Motors (TAMO.NS), India's biggest electric carmaker, Prabhjeet Singh, president, Uber India and South Asia, said during a phone interview on Monday. Even with 25,000 EVs, electric cars will still be a fraction of Uber's current overall active fleet of 300,000 vehicles in India, according to Singh. Uber has set a 2040 target for 100% of its rides to be in zero-emission vehicles, public transport or with micro-mobility, including in India. Tata rival Mahindra & Mahindra (MAHM.NS) is the only other Indian automaker to build electric cars locally.

☆ Uber to introduce 25,000 EVs in India amid clean car push
▼ + stars: | 2023-02-20 | by ( Aditi Shah | ) www.reuters.com time to read: 1 min

NEW DELHI, Feb 20 (Reuters) - Uber Technologies (UBER.N) will introduce 25,000 electric vehicles (EVs) in India for ride-sharing over three years, its country head said on Monday, its first move to adopt clean cars. The EVs will be bought by Uber's fleet partners from Tata Motors (TAMO.NS), India's biggest electric carmaker, Prabhjeet Singh, president, Uber India and South Asia told Reuters. "We are going to be a big catalyst in accelerating the (EV) ecosystem," Singh told Reuters. India's federal and state governments are pushing for greater electrification of shared taxis, an area currently dominated by Uber's local rival BluSmart, an electric mobility start-up. Reporting by Aditi Shah; Editing by Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

☆ India's Tata Motors surges 8% on first quarterly profit in 2 years
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Jan 27 (Reuters) - Shares of Tata Motors Ltd (TAMO.NS), India's No.3 carmaker by volume, rose as much as 8.2% to a more-than-four-month high on Friday after the company reported its first quarterly profit in two years. Tata Motors swung to a surprise profit of 29.58 billion rupees in the October-December quarter, from a loss of 15.16 billion rupees a year before. Improving semiconductor supplies and rising demand helped Tata Motors' luxury car unit, Jaguar Land Rover (JLR), turn profitable. Goldman rates Tata Motors' stock "neutral", while Nomura rates it "buy", which is also the average rating of the 30 analyst covering the stock, according to Refinitiv data. Bajaj Auto Ltd (BAJA.NS), among India's top motorcycles and three-wheelers maker, also reported a bigger-than-expected quarterly profit due to strong domestic demand and higher prices.

☆ India's Tata Motors jumps 6% on first quarterly profit in 2 years
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: 1 min

BENGALURU, Jan 27 (Reuters) - Shares of Indian Tata Motors Ltd (TAMO.NS) rose as much as 6% on Monday after the carmaker reported its first quarterly profit in two years on the back of strong demand and as its luxury car unit, Jaguar Land Rover (JLR), turned profitable. Reporting by Nandan Mandayam in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ Analysis: India's EV dawn fans expectations fuel demand may peak early
▼ + stars: | 2023-01-27 | by ( Mohi Narayan | ) www.reuters.com time to read: +5 min

Currently, around 90% of Indian petrochemical demand is met by China, he said, so a shift by Indian refiners towards domestic chemical needs could dramatically change supply dynamics. Indian refiners are investing billions of dollars to raise petrochemical capacity. Indian Oil Corp (IOC.NS), the country's top refiner, is raising petrochemical capacity at its Panipat refinery by 13% and building new plants linked to its Paradip and Gujarat refineries. India's state refiners, which dominate fuel retailers, plan to set up EV charging facilities at more than 22,000 fuel stations and highways by 2024. About 40% of India's fuel demand is for diesel, which is mostly used by trucks.

☆ Adani Group fallout drags Indian shares to 3-month low
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Jan 27 (Reuters) - Indian shares fell more than 1% to a three-month low on Friday, as banks continued to lead the market lower along with Adani Group companies in the wake of a short-seller attack on the conglomerate. He said the hammering of Adani Group stocks has upset investor sentiment and created a crisis of confidence. Adani Ports (APSE.NS) and Adani Enterprises (ADEL.NS) were the top losers on the Nifty 50 on Friday, ahead of the latter's $2.45 billion follow-on public offering (FPO). The heavyweight financials sector (.NIFTYFIN) again led the slide, falling more than 2% even though brokerages said banks' exposure to the Adani Group was within manageable limits. The drop in Indian stocks was in contrast to their Asian peers, which hit a near nine-month-high after strong U.S. economic growth data eased recession worries.

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