Manufacturing Financial News

European Union may have just sparked one of its biggest battles. With European officials fearing millions of auto jobs are at risk from China’s surging electric vehicle exports, the bloc’s executive arm on Wednesday launched an investigation into Beijing’s financial support for the EV industry. The probe, which could take up to nine months, will probably lead to new EU tariffs on Chinese EV imports and embroil major non-European automakers like Tesla Inc., which produce cars in China for export to the bloc. The move may lead to tariffs close to the 27.5% level already imposed by the US on Chinese EVs, according to a person familiar with the matter. The EU duties could vary depending on the producer, the person added, asking not to be identified as the discussions are private and no decision has been finalized. The bloc’s investigation, as well as aggressive moves by Washington to counter China, are part of a broader rethink by governments in developed economies to bring production closer to home, especially for key sectors like semiconductors, pharmaceuticals and heavy industries, which were disrupted during the Covid-19 pandemic. That drive to secure supply chains, combined with the tensions after Russia’s invasion of Ukraine, has resulted in a simultaneous rush to throw up trade barriers, triggering fears of a global economic fragmentation.Major Market If the EU does impose duties, that would curtail one of the last major markets for Chinese EV exports, and raises the prospect of a cascade of defensive moves in places like the UK to protect their markets being flooded by vehicles redirected from the EU. Shares of Chinese electric vehicle makers staged a mix performance Thursday with BYD Co Ltd.

By Kantaro Komiya

Apple will locally produce the iPhone 15 Plus in the next quarter, having successfully started production in India of the lower-priced base model of the series. Foxconn's plant near Chennai has started preparations to make iPhone 15 Plus, two industry executives aware of the plans said. The company unveiled its latest iPhone series on Tuesday, loading it with a faster chip that offers better gaming and a new lighter titanium shell for the Pro models among other updates. It is also targeting to double its India sales next quarter, enticing buyers with the new launches and price cuts on iPhone 13 and 14 models, which should make the October-December a record sales quarter for Apple in India, said the people cited above.'Imports to meet festive demand' The Cupertino-based company has already started commercial production of the iPhone 15 at the Foxconn plant, making it the first time an assembled-in-India iPhone will be sold right at the launch stage. However, the local iPhone 15 manufacturing capacity is still low and with the festive season around the corner, Apple will be importing the devices from its major production hub in China to meet demand, the executives said. «iPhone 15 Plus will be the next in line for assembling in India.

ET Startup Awards (ETSA) have stood out amid a crowded ecosystem and have gone on to become successful businesses. We look at a few of them from previous editions of the awards.Atomberg Technologies – Best on Campus (2019)

NEW DELHI : Electric vehicle maker Tesla is looking to source components worth around $1.9 billion from India this year, commerce and industry minister Piyush Goyal said on Wednesday. The minister said that going forward, demand for electric vehicles will increase and help the sector grow. “Tesla already last year bought $1 billion of components from I think all of you sitting here," he told members of the Automotive Component Manufacturers Association of India (ACMA).

NEW DELHI : Medical technology giant GE HealthCare plans to scale up manufacturing in India and has chosen the country as part of its strategy to diversify beyond China, a top executive said. An official announcement on the manufacturing boost is expected soon. “India for India makes sense.

₹79,900, maintaining the same price point as the iPhone 12, launched in October 2020. However, this year, the iPhone 15 Pro models are dearer by ₹5,000, while iPhone 15 Pro Max prices have surged by ₹10,000 across all storage variants. Following the launch, Indian handles on social media platform X highlighted the price disparity of the new iPhone models versus global markets, despite the Made-in-India tag.

Mint explains: While iPhones were first made in India in May 2017, this is the first time that India’s assembly lines made the latest iPhone ahead of its launch. Brands such as Apple typically get finished products at mass scale weeks ahead of launch, which is why manufacturers in China start making upcoming iPhones before launch. India’s plants were so far making new phones behind schedule.

C295 military transport aircraft with Air Chief Marshal VR Chaudhari terming it the beginning of a new era as 40 of the planes will be manufactured domestically, a first for the nation. The aircraft was received at Seville in Spain and has been delivered as per schedule. This is the first of 16 planes that will be manufactured in Spain and rest of the 40 will be made in India, with a final assembly line at Vadodara.

Small-ticket personal loans below ₹50,000 and some higher-end personal loans are seeing some stress, according to Amitabh Chaudhry, managing director of Axis Bank. Speaking to investors in Singapore, as per a Macquarie report, Chaudhry also highlighted some specific concerns about capital expenditure (capex) demand. He mentioned that securing equity for large projects is difficult, and banks are adopting a conservative stance.

Indian commerce minister, Piyush Goyal revealed Wednesday that the country is in the process of drafting a new policy aimed at enticing electric vehicle (EV) manufacturers and fostering increased investment in the industry.

IT hardware Production Linked Incentive (PLI) scheme, a senior government official told ET. Last month 40 proposals worth ₹5,000 crore were received by the ministry of electronics and IT under the IT Hardware PLI 2.0 scheme. All are unlikely to get a green light since the Government has a fixed budget for incentives. «Earlier, we kept an investment target of ₹2,430 crore in the scheme.

Talks between the United Auto Workers union and the Detroit automakers are facing a looming deadline with the labor agreements at General Motors, Ford Motor and Jeep-maker Stellantis set to expire at 11:59 p.m. ET Thursday. If a deal hasn’t been reached, UAW President Shawn Fain has made clear he is ready to strike with plans to target specific U.S.

ChatGPT, the blockbuster generative artificial intelligence (AI) chatbot capable of creating human-like text based on context and past conversations, are about 20,000 graphics processing units (GPUs). Behind these GPUs is a 30-year-old American company, Nvidia. You would know of central processing units (CPUs), the brain of computing devices like mobiles, desktops, laptops and servers.

Renewable Energy Applications (IECRE), affirms the highest quality and safety standards of 5.2 MW wind turbine generator manufactured by the Adani Wind. The certification not only affirms the highest quality and safety standards, but also acknowledges Adani WTG’s conformity with the globally recognized IEC 61400 series standards and regulations for design, testing and manufacturing. The WindGuard carried out the testing of the WTG prototype, installed at Mundra in Gujarat.

The Biden administration is recommending changes to a 151-year-old law that governs mining for copper, gold and other hardrock minerals on U.S.-owned lands, including making companies pay royalties on what they extract

Americans can now get an updated COVID-19 vaccine

The prospect of an auto workers strike could test Joe Biden’s treasured assertion he’s the most pro-union president in U.S. history

Small and Medium Enterprises (MSMEs) to global value chains, as highlighted at G20 meetings and through our Foreign Trade Policy, 2023, is undeniably a step in the right direction. The MSME sector is one of our largest employers, accounting for 29.2% of GDP and 36.2% of manufacturing output in 2021-22. However, the share of MSMEs in our exports has declined from 49.4% in 2020-21 to 43.6% in 2022-23.

Tesla is looking to nearly double the value of components it sources from the country in the ongoing financial year, ahead of its much-awaited foray into the Indian market. Minister for commerce & industry Piyush Goyal said Tesla was looking to source $1.7-1.9 billion worth of auto parts from India this year, up from $ 1 billion in FY23. “Tesla already last year bought $1 billion of components I think…this year the target is $1.7 or 1.9 billion”, Goyal said at the 63rd Annual Convention of Automotive Component Manufacturers’ Association (ACMA). Goyal added going forward there will be a natural shift to electrification in the automobile industry driven by an economic story.

Indian Oil Corp Ltd, Hindustan Petroleum Corporation Ltd and Bharat Petroleum Corp Ltd – for their tenders for procurement of LPG cylinders. Under the eligibility criteria of the tenders, cylinder manufacturers having common business ownership or management, including sister companies, could submit only a single bid. This was challenged by a batch of petitioners led by Silica Udyog India and its sister concerns on the grounds that the eligibility criteria were arbitrary and curtailed the capacity of each manufacturing unit owned by them to independently participate in the tender process.