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☆ VW pledges to double down on EVs in China, urges extension of NEV tax breaks
▼ + stars: | 2023-04-01 | by ( ) www.reuters.com time to read: +1 min

"The market is flush with new, highly competitive players but strong competition simply motivates us to constantly innovate and improve," Mecha said. He added that despite softer short term demand in China, the company is confident that there would be a recovery. In February, Chinese electrified vehicle maker BYD outsold the Volkswagen-branded cars to be the best-selling passenger car brand in the world's largest auto market for the second month in four. In September, China extended the tax exemption on such vehicles by a year to the end of 2023. ($1 = 0.9226 euros)Reporting by Zhang Yan, Hongwei Li, Brenda Goh; Editing by William Mallard and Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

☆ Volkswagen lays out details of planned affordable electric car
▼ + stars: | 2023-03-15 | by ( ) www.reuters.com time to read: +1 min

[1/2] German carmaker Volkswagen presents its new electric ID. 2all model, an electric vehicle that costs less than 25,000 euros, in Hamburg, Germany, March 15, 2023. REUTERS/Fabian BimmerBERLIN, March 15 (Reuters) - Volkswagen (VOWG_p.DE) laid out on Wednesday the details of a planned all-electric car costing under 25,000 euros ($26,790), part of the German carmaker's push to derive 80% of VW passenger brand sales in Europe from all-electric vehicles by 2030. "We are implementing the transformation at pace to bring electric mobility to the masses," VW brand chief Thomas Schaefer said in a statement. The car maker is also working on another electric car available for under 20,000 euros, it said, without providing further details.

☆ 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.

☆ 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.

☆ Battery swapping spurs Kenya's electric motorbike drive
▼ + stars: | 2022-12-26 | by ( Ayenat Mersie | ) www.reuters.com time to read: +3 min

[1/5] Workers at ARC Ride assemble an electric motorcycle at the company's warehouse in Industrial Area, Nairobi, Kenya November 2, 2022. REUTERS/Monicah MwangiSummary Electric motorbike startups making inroads in KenyaSay battery swapping saves drivers time, moneyPlanning to expand model to Tanzania, UgandaNAIROBI, Dec 26 (Reuters) - Over recent months, sets of sturdy, brightly-branded battery swapping stations have cropped up around Kenya's capital Nairobi, allowing electric motorcyclists to exchange their low battery for a fully-charged one. "It doesn't make a lot of economic and business sense for them to acquire a battery...which would almost double the cost of the bike," said Steve Juma, the co-founder of electric bike company Ecobodaa. EXPANSION PLANSEcobodaa is just one of several Nairobi-based electric motorcycle startups working to prove themselves in Kenya before eventually expanding in East Africa. "We're putting over 200 swapping stations in Nairobi and expanding to Dar es Salaam and Kampala," said Hurst-Croft.

☆ 7 up-and-coming battery makers vying for the $370 billion electric commercial vehicle business
▼ + stars: | 2022-12-22 | by ( Andrew Moseman | ) www.businessinsider.com time to read: +6 min

The global electric commercial vehicle market is expected to top $370 billion in annual revenue by 2030. With a flood of new battery-powered autos set to transform the business of building passenger vehicles, it was natural that commercial vehicles would be next. The global electric commercial vehicles market is expected to surpass $370 billion in annual revenue by 2030, according to Guidehouse Insights. It also has its toes deep into electric mobility, building batteries not only for EVs but also electric buses, boats, and trucks. Now, through internal changes and acquisitions, BorgWarner is positioning itself for the electrified future, especially as that future comes to commercial vehicles.

Some elements of the Jeep joint venture's failure are particular to Stellantis - and the former car groups that feature among its 14 brands. But data compiled for Reuters by consultancy LMC Automotive expose a problem shared by a number of other global carmakers: plummeting Chinese plant usage. Reuters GraphicsThe Jeep failure in China happened less than two years after Stellantis was formed by the merger of PSA and Fiat Chrysler. "Chinese companies actually have an early mover advantage because they embraced electrification faster than the foreign companies were willing to," he added. While fully-electric cars make up an average of 5% of models foreign carmakers sell in China, they account for 30% of Chinese carmakers' models, according to LMC data.

☆ Japan's Honda launches new EV model in China
▼ + stars: | 2022-11-05 | by ( ) www.reuters.com time to read: +1 min

TOKYO, Nov 5 (Reuters) - Japan's Honda Motor Co (7267.T) unveiled the second model of its new China-only electric vehicle (EV) lineup on Saturday, targeting the fast-growing, battery-driven car segment in the world's largest auto market. It began selling the first model in China in April. "Honda is transforming itself into an electric brand in China with a series of unique and diverse electric mobility products that only Honda can offer," said Honda CEO Toshihiro Mibe in a statement. Honda laid out a target to roll out 30 EV models globally and produce some 2 million EVs a year by 2030 earlier this year. Last year, it said it would introduce only electrified vehicle models in China after 2030, including battery electric, hydrogen fuel-cell or petrol-electric automobiles.

☆ Honda launches new EV model in China
▼ + stars: | 2022-11-05 | by ( ) www.reuters.com time to read: +1 min

☆ Spain frontloads subsidies for electric car projects as VW appears in doubt
▼ + stars: | 2022-10-21 | by ( ) www.reuters.com time to read: +2 min

Industry Ministry said that the subsidies to be disbursed this year under the so-called PERTE scheme using EU pandemic relief funds would rise to 877 million euros ($860 million) from 600 million euros, meaning the total planned amount of nearly 3 billion will be slightly more front-loaded. Volkswagen's Spanish unit SEAT, the Volkswagen Group and 60 associated companies want to mobilise 10 billion euros to electrify the automotive industry in Spain and turn the country into a hub for electric mobility in Europe, producing electric cars and batteries. Other projects vying for the funds focus mainly on batteries. SEAT was allocated 167 million euros in the PERTE programme's first provisional results announced on Aug. 1. "We will keep working with the VW-SEAT group and other producers for Spain to be a global reference for electric cars, including batteries," Prime Minister Pedro Sanchez said.

☆ Why convenience stores aren't rushing to replace gas pumps with EV chargers
▼ + stars: | 2022-10-18 | by ( Matt Mcfarland | ) edition.cnn.com time to read: +8 min

Washington, DC CNN —Gas stations with convenience stores seem like an obvious location for electric vehicle chargers. The bipartisan infrastructure bill is providing $7.5 billion to help pay for electric vehicle chargers that could help gradually replace gas pumps. Convenience stores with fuel pumps account for 80% of fuel purchased in the US, according to the industry trade group. Customers charging electric vehicles must stick around longer, so they may be more likely to buy food and other goods. That way the convenience stores aren’t pulling a huge amount of power from the grid at once.

Volkswagen priced Porsche AG shares at the top end of the indicated range and raised 19.5 billion euros from the flotation to fund the group's electrification drive. Porsche AG stock was trading up 3% from the issue price of 82.50 euros at 1035 GMT. That lifted Porsche AG's valuation to 77.4 billion euros, close to the market capitalisation of Volkswagen as a whole, which is worth around 80.1 billion euros, and puts it ahead of rivals like Ferrari (RACE.MI). Shares in Volkswagen and holding firm Porsche SE (PSHG_p.DE), which owns a blocking minority in Porsche AG, were down 4.6% and 8%, respectively, as investors switched across. Up to 113,875,000 preferred Porsche AG shares, carrying no voting rights, were sold in the initial public offering.

Volkswagen priced Porsche AG shares at the top end of the indicated range and raised 19.5 billion euros from the flotation to fund the group's electrification drive. Porsche AG stock was trading up 2.5% from the issue price of 82.50 euros at 0854 GMT. Register now for FREE unlimited access to Reuters.com RegisterPorsche AG's solid start came despite broadly weaker stock markets as they braced for expected red-hot German inflation data. Shares in Volkswagen and holding firm Porsche SE (PSHG_p.DE), which owns a blocking minority in Porsche AG, were down 4.3% and 6.7%, respectively. Up to 113,875,000 preferred Porsche AG shares, carrying no voting rights, were sold in the initial public offering.

☆ Citroen announces EV concept which uses recycled cardboard and has a top speed of 68 mph
▼ + stars: | 2022-09-29 | by ( Anmar Frangoul | ) www.cnbc.com time to read: +3 min

Citroen said the oli's top speed had been limited to 68 miles per hour. Citroen also said that the restriction of the oli's speed to a maximum of 68 mph had been done to "maximise efficiency." "I'm not even talking about regulation, I'm talking mostly about societal expectations," he added. "One thing is, for the last 10 years, we've seen an increase in electric vehicle performance," he said. According to data released this week, electric car drivers in the U.K. have seen the cost of using a public, "rapid" charger on a pay-as-you-go tariff rise by 42% since May.

An employee of German car manufacturer Porsche mounts a steering wheel at the Porsche factory in Stuttgart-Zuffenhausen, Germany, February 19, 2019. REUTERS/Ralph Orlowski/FilesFRANKFURT, Sept 29 (Reuters) - Porsche AG shares will list on the stock market on Thursday after Volkswagen (VOWG_p.DE) priced shares at the top end of the announced range, a sign the luxury brand has lured buyers despite market turmoil. "Porsche was and is the pearl in the Volkswagen Group," Chris-Oliver Schickentanz, chief investment officer at fund manager Capitell, said. "The IPO has now made it very, very transparent what value the market brings to Porsche. Up to 113,875,000 preferred shares, carrying no voting rights, will be sold to investors over the course of the initial public offering.

☆ 4 clean energy trends to accelerate your sustainability goals
▼ + stars: | 2022-09-21 | by ( Sponsor Post | Created Enel With Insider Studios | ) www.businessinsider.com time to read: +7 min

This law is designed to lower the costs of acquiring clean energy solutions while enabling accessibility and accelerating the adoption of affordable, clean energy products and services. Here are four trends that will likely reshape your sustainability goals and questions businesses should ask to accelerate climate action. Scaling up of commercial clean energy solutionsThe new law will inject $369 billion into the US clean energy economy, financing renewable power, clean energy equipment manufacturing, electric vehicles, and much more. Here are questions to consider when scaling your clean energy portfolio:Given cost competitiveness and accessibility of clean energy, how will scaling-up clean energy solutions influence your bottom line? To prepare your operations to scale your sustainability goals, consider these questions when preparing your data:Currently, how is ESG data used to inform business operations and sustainability goals?

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