Ev

Union Transport Minister Nitin Gadkari (file image) A day after Finance Minister Nirmala Sitharaman unveiled Budget 2023, Road Transport & Highways Minister Nitin Gadkari said that there will be a number of electric vehicle makers in India that the price of lithium ion batteries will come down and the industry will not need any subsidy. “We have 400 startups who are making electric scooters now in India and all are now doing good business. As the number is increasing, the cost of lithium-ion batteries is going to reduce, which is why I feel that the industry doesn't need subsidy,'' Gadkari said in an exclusive interview with CNBC-TV18. Also Read: Budget 2023 | Road ministry gets a 36% hike in allocation at Rs 2.7 lakh cr for 2023-24 India is the third largest auto market globally, the minister said. "Automobile industry is giving 4.5 crore jobs and giving maximum revenue as a form of GST to the central and state government," he said. The Union minister … [Read more...] about Network18 Exclusive | Indian EV makers to not be subsidy dependent; 8.5% return on InvIT model: Nitin Gadkari

Share to Twitter Share to Linkedin There used to be a commercial for a new microwave where, as the pitchmen described its benefits, a skeptical man in the front row kept mumbling, “But does it brown the food?” I often feel like that when observing discussions about the transition to electric vehicles, because so much verbiage sounds like pitchmen extolling a product while avoiding the critical issue: will consumers prefer them in place of conventional vehicles? The next several posts will address this question in some detail; this post will try to identify the factors that are not important or exaggerated in discussions of the issue. The first lesson should be that the past failure of electric vehicles to be adopted does not prove that the technology isn’t viable now, but should raise skepticism about claims from advocates, many of whom also gushed about the previous effort to promote electric vehicles in the 1990s. Those were spurred on by the California … [Read more...] about Some Realism About The Transition To Electric Vehicles

Hero MotoCorp: Hero MotoCorp registers 12% YoY growth in November sales at 3.9 lakh units. The world’s largest manufacturer of two-wheeler sold 3.9 lakh units in November 2022, a growth of 12% over the corresponding month of the previous year. The company had sold 3.49 lakh units in November 2021. Hero expects the momentum to build-up in coming quarters on favorable economic indicators, including encouraging farm activity and positive consumer sentiments along with upcoming marriage season. Electric two-wheeler sales in India will grow to around 22 million units by 2030 from the current 8.46 lakh, indicating greater adoption of EVs in the country. “With the demand for affordable transportation and the focus on reducing carbon emissions, electric vehicles will play a vital role in India's step towards a sustainable future,” the latest report by business consulting firm Redseer Strategy Consultants, which was released on February 1, said. According to the report, the electric … [Read more...] about Electric two-wheeler sales to touch 22 million by 2030

The Union Budget 2023 strikes the right balance between growth and fiscal prudence. It has given consumption a big boost, putting more cash in the hands of individuals and shows commitment to clean energy and manufacturing while continuing its focus on agriculture, MSMEs, urban infrastructure and tourism. Stock gainers Beneficiaries of capex push Banks stands to benefit from Budget 2023 -24. Capex spend has been increased steeply and is almost double of pre-pandemic level which will boost credit growth. At the same time, adherence to medium-term fiscal consolidation (5.9% fiscal deficit target for FY24) and gross and net borrowing numbers in line with Street expectations will not exert pressure on yields/interest rates. ICICI Bank and SBI will be clear beneficiaries of capex driven credit growth. Larsen & Toubro which derives majority revenues from core engineering and construction business would benefit from in capex which was increased for third year in a … [Read more...] about Meet the key winners and losers from Budget 2023

Share to Twitter Share to Linkedin General Motors GM published a better-than-expected set of Q4 2022 results on Tuesday, driven by continued strong demand, particularly in North America, and signs that supply chain conditions were improving after over a year of shortfalls. Over the quarter, revenue rose 28% year-over-year to $43.11 billion, while adjusted earnings stood at $2.12 per share, up from $1.35 in the year-ago quarter. Volumes in North America jumped by about 43% versus Q4 2021, to 729,000 units, although sales in international markets contracted. GM has also made meaningful progress in the commercial fleet business, driven by its capacity expansions in crew cabs and heavy-duty pickups. For the quarter, GM saw its adjusted operating profit margins rise by about 30 basis points to 8.8%, driven by stronger volumes and favorable pricing, although this was partly offset by higher costs and a greater mix of cars (which typically have lower margins). … [Read more...] about What’s Next For GM After A Solid Q4?

PHUKET: The easiest way to get 3G service in Phuket involves a trek to the True office in Phuket Town, in the little building in front of Robinson’s department store. There you will find several people who understand 3G (believe me, that’s quite an accomplishment), and they’ll set you up with 3G service. If you already have a True SIM card, and a dongle, 3G iPad or 3G capable smartphone, you only need to enable the 3G service from True. You can keep your old phone number. 3G will run about 800 baht per month, in addition to your regular phone charges. But you’ll be limited to three gigabytes in total data transmission during any particular month. If you go over the allotment, True automatically drops you back to plain old everyday GPRS service, which is painfully slow. Three gig is enough for moderate web surfing and email work, but won’t even scratch the surface if you download torrents or movies. Related news Police bust Belarusian man in Phuket for … [Read more...] about Phuket Live Wire: Still dreaming about 3G

Share to Twitter Share to Linkedin A future customer sits in a Tesla vehicle during a visit to a Tesla showroom in Beijing on July 4, ... [+] 2018. WANG ZHAO/AFP/Getty Images Fresh off hitting an elusive production target for the Model 3 electric sedan—and a weekend offer to help rescue the young soccer players trapped in a Thai cave—Tesla CEO Elon Musk popped up in Shanghai to unveil plans for his long-held goal of a massive Chinese plant. What wasn't mentioned was how Tesla will cover the facility’s multibillion-dollar price tag. Dubbed Gigafactory 3, the project envisioned for the Shanghai Lingang industrial zone will be able to build 500,000 electric Teslas a year, as well as all the batteries and motors they’ll need, according to a city government statement provided by Tesla. The plant, which Shanghai said would be the largest foreign-backed industrial project in its history, could also cost as much as $5 billion, according to Robert … [Read more...] about How Is Musk Going To Pay For Tesla’s Chinese Gigafactory?

Share to Twitter Share to Linkedin Honda's revamped Clarity fuel cell sedan is a technological marvel, but hydrogen fuel stations ... [+] remain scarce. (Honda) Honda The dogged persistence Honda has shown in its decades-long quest to perfect hydrogen as a zero-emission replacement for gasoline can be seen as quixotic or futile. But the quirky company that makes motorcycles, lawnmowers, jets, humanoid robots, boat engines and a few million cars soldiers on, along with GM, Toyota and Hyundai, in the face of haphazard government support for hydrogen, minimal consumer awareness and withering critics like Elon Musk , a tireless advocate for Tesla’s battery-powered cars. All the sweat equity Honda engineers have invested in its fuel cell program, year after year, has yielded a remarkable new version of the Clarity sedan, the most compelling argument yet for the potential hydrogen cars still hold. Yet for all its technological sophistication, … [Read more...] about Honda’s Dogged Hydrogen Push Yields A Remarkable New Clarity Fuel Cell Sedan

Share to Twitter Share to Linkedin Key News Asian equity markets were broadly higher as Taiwan and South Korea outperformed. The European Central Bank (ECB), and the Bank of England (BOE), followed the Fed’s +25bps interest rate hike with a higher, +50bps rate hike, while the Hong Kong Monetary Authority (HKMA) mirrored the US with a +25bps rate hike. Meanwhile, CNY, China’s currency that trades during local market hours, gained +0.27% versus the US dollar to close at 6.72 CNY per USD, while the Asia Dollar Index fell -0.09% versus the US dollar. Shanghai, Shenzhen, and Hong Kong opened higher but slid to close down slightly/mixed on little news. Hong Kong-listed internet stocks were mixed as the Hang Seng Tech Index managed a small gain as Hong Kong’s most heavily traded stocks were Tencent, which fell -0.52%, Meituan, which fell -1.94%, Alibaba, which fell -0.91%, and Baidu, which gained +4.99%, riding the ChatGPT-like AI search announcement and … [Read more...] about CNY Rallies, ECB & BOE Hike Interest Rates

Share to Twitter Share to Linkedin Key News Asian equities had a strong day following US stocks’ positive move yesterday, with the Philippines having a very strong day in advance of today’s Fed +25 bps rate hikes which will lead the European Central Bank (ECB) to raise rates +50bps, Bank of England (BOE) +50bps, and a whole host of other central banks doing the same tomorrow. Malaysia was closed for Federal Territory Day which celebrates "the formation of the Federal Territory of Kuala Lumpur in 1974” according to Google GOOG . President Xi attended and spoke at the CPC Central Committee which focused on “accelerating the construction of new development pattern” i.e., DOMESTIC CONSUMPTION. I took the artistic license of highlighting where investors should be focused i.e., DOMESTIC CONSUMPTION. The speech also focused on “self-reliance and self-improvement in science and technology”. This was front page news in China AFTER the market close. We are … [Read more...] about President Xi Addresses Domestic Consumption In Speech