Business

China to exempt NEV purchase tax in 2024-2025Purchase tax exemption will be halved in 2026-2027Auto shares rally after the announcementBEIJING/SHANGHAI, June 21 (Reuters) – China unveiled on Wednesday a 520 billion yuan ($72.3 billion) package of tax breaks over four years for electric vehicles (EVs) and other green cars, its biggest yet for the industry… […]

June 20 (Reuters) – Tesla (TSLA.O) scored a series of victories for its charging technology on Tuesday, capped by Texas saying it would require electric vehicle charging companies to include both Tesla’s standard as well as the nationally recognized CCS if they want to be part of a state program to electrify highways using federal… […]

[1/2]A view of signage at a FedEx Ground distribution center in Carson, California, U.S., September 16, 2022. REUTERS/Bing Guan/File PhotoLOS ANGELES, June 20 (Reuters) – FedEx (FDX.N) on Tuesday said it will merge its contractor-based Ground delivery operations in Canada into its company-operated Express unit and convert contractors into employees.The move, set to be phased… […]

WASHINGTON, June 20 (Reuters) – Tesla (TSLA.O) urged the Biden administration to finalize significantly stricter heavy-duty emissions limits than proposed in April, arguing larger vehicles were being electrified much faster than envisioned and would lead to bigger pollution cuts.The electric vehicle (EV) manufacturer said in comments made public on Tuesday that the Environmental Protection Agency’s… […]

NEW DELHI, June 20 (Reuters) – Air India has firmed up its order for 250 Airbus (AIR.PA) aircraft and 220 new Boeing (BA.N) jets worth $70 billion at list prices, the airline said in a statement on Tuesday, as it pursues a turnaround under its new owners.The Tata-owned airline signed separate purchase agreements with the… […]

June 20 (Reuters) – Ball Corp (BALL.N), the world’s largest supplier of beer cans, said on Tuesday it was considering options for its aerospace business, days after a report said the company was looking to sell the unit for more than $5 billion.The business has attracted the interest of large defense companies such as BAE… […]

LOS ANGELES, June 20 (Reuters) – Pixar, the studio that introduced the world to blockbuster franchises “Toy Story,” “Monsters, Inc” and “Cars,” has a problem: an original film it spent seven years nurturing bombed at the box office.The weak opening of “Elemental” this weekend has thrust the Walt Disney-owned (DIS.N) animation pioneer into unfamiliar territory:… […]

WASHINGTON, June 19 (Reuters) – A bipartisan group of U.S. lawmakers will urge the CEOs of Ford Motor (F.N) and General Motors (GM.N) to shrink reliance on China auto parts, particularly electric vehicle batteries, sources told Reuters on Monday.Four lawmakers who are part of the House of Representatives China Select Committee will travel to Detroit… […]

WASHINGTON, June 19 (Reuters) – U.S. auto safety regulators are investigating nearly 40,000 Hyundai (005380.KS) Ioniq 5 electric vehicles over reports of power loss while driving tied to a battery charging issue.The National Highway Traffic Safety Administration’s preliminary investigation covers 2022 model-year vehicles after it received 30 consumer complaints alleging a loss of acceleration. The… […]

PARIS, June 19 (Reuters) – RTX (RTX.N) expects to take a $500 million hit to free cash flow due to a supply chain problem with the GTF engine made by its Pratt & Whitney subsidiary, the company said during an investor day on Monday.GTF deliveries that are delayed in the second quarter will be recovered… […]