Electric Cars
ICRA net profit rises 22.7% to Rs 31.9 cr in Q1FY23
The Company's EPS increased by 22.7 per cent to Rs 33.2 in Q1 FY2023 against Rs 27.0 in Q1 FY2022. The quarter saw an increase in global inflation; this coupled with the upward revision of the repo rate during the quarter, has translated into increasing bond yields. The employee benefit expenses registered a decline of 2.1 per cent to Rs 28.4 crore in Q1 FY2023, accounting for 35.4 per cent of the company's total income.
BMW recalls some 2022 electric cars over battery fire risk
BMW has issued a recall for some of its electric cars as the high voltage battery "may have internal damage", which can result in an electrical short circuit. The recall notice has been issued for a "small number" of 2022 i4 sedans and iX SUVs due to the risk of battery fires. According to the US National Highway Traffic Safety Administration (NHTSA), a short-circuit in a high voltage battery increases the risk of a fire.
Volkswagen chief says they will beat Tesla by 2025
During a meeting at the company's headquarters in Germany, Diess said that Tesla will lose its strength trying to ramp up two gigafactories -- one in Austin, Texas and the other in Grunheide, Germany, reports the Daily Mail. He sees this as an opportunity to take the lead, as Volkswagen is running at full capacity.
Tesla stops taking Cybertruck orders in China, Europe
The Tesla website now only allows visitors to sign up for Cybertruck updates and orders are no longer possible, reports Tesla North. For now, it remains possible to place a Cybertruck order in Canada, the US, and Mexico.
Govt panel finds defect in battery cells in almost all EV fires
The committee was constituted last month in the wake of EV fires and battery blasts in e-scooters belonging to Okinawa Autotech, Boom Motor, Pure EV, Jitendra EV, and Ola Electric. According to sources close to the development, the experts have found defects in battery cells as well as battery design in nearly all EV fires, including the deadly battery explosion in Telangana.
Indian non-life insurance sector to grow by 10-12% in FY23: ICRA
According to ICRA, the growth will be led by health and commercial business segments owing to increased awareness of medical insurance and uptick in economic activity. The gross domestic premium income (GDPI) of government-owned insurers is expected to grow moderately at 4-6 per cent, while private insurers are expected to capture market share by growing at a higher rate of 13-15 per cent in FY23, ICRA said.
India's robust plans on Electric Vehicles to ensure cleaner environment
Keeping in mind the goals set under the Paris agreement, the increasing number of automobile customers shall not imply an increase in the consumption of conventional fuels. The Indian government is religiously pushing the introduction of Electric Vehicles (EV) and this would not only reduce India's oil import bills in the longer term but also ensure a cleaner environment.
Rising demand, waning Covid impact to accelerate NBFC's growth
Accordingly, the expected trend came to light via a survey of entities constituting over 50% of the industry's AUM. In the ICRA's survey, entities expect asset quality to improve in FY2023 from current levels. Besides, large entities are expecting to consume some of the excess liquidity for business growth while smaller ones intend to maintain liquidity amid expectations of funding constraints to support their liquidity profile in event of any uncertainties and to provide comfort to various stakeholders.
Natural gas business of PSU upstream companies to turn profitable: ICRA
Accordingly, the armed conflict between Russia and Ukraine has led to a reduction in offtake of Russian crude and a consequent increase in crude oil and gas prices. The ratings agency noted that increasing oil prices add to the fiscal burden for the country, but it is a positive for upstream oil companies. "Additionally, domestic gas prices notified at $2.9 per mmBtu (GCV basis) for H2 FY2022 remain low".
Firm demand, low global inventory to keep aluminium prices elevated: ICRA
A low inventory level of aluminium globally amid tight demand-supply situation in addition to any potential sanction on Russian aluminium exports are expected to aggravate the availability of the commodity in the rest of the world, and thereby keeping its prices at an elevated levels till normalcy is restored, rating agency ICRA said in a report.
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