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The product will be used on the X9 MPV as well as XPeng’s next electric B-class sedan, with start of production planned for Q3 2024. The high voltage hairpin (HVH) 220 eMotor offers high power and torque density, plus higher efficiency at a competitive cost. It also provides outstanding durability, BorgWarner said.

Chipmaker: The acquisition places Renesas at the forefront of dealmaking and investment in Japans chips industry, with the government making efforts to improve competitiveness and boost supply chain resilience against geopolitical shocks.

Electric Cars: Tata Motors announced significant price reduction for electric versions of its Nexon SUV and Tiago small. While the Nexon EV has received most significant price cut of INR 1.2 lakh, Tiago will witness a price decrease of up to INR 70,000, with the base model being priced at INR 8 lakh. Tata stated that it is passing along "battery price reduction benefits" to customers.

BorgWarner, which is a supplier to automakers such as Ford Motor and Volkswagen, said it expects 2024 adjusted per share profit in the range of USD 3.65 to USD 4.00. Analysts on average were expecting a profit of USD 4.27 per share, according to LSEG data.

Magna International: Auto parts suppliers have been hit by a slowdown in demand for EV parts, as automakers scale back investments and shift focus to higher-margin hybrid and gas-powered vehicles. The Aurora, Ontario-based company expects full-year profit in the range of USD 1.6 billion to USD 1.80 billion. Analysts on average were expecting a profit of USD 1.90 billion, according to LSEG data.

India Energy Storage Alliance: Reflecting on the challenges faced globally, he underscored the need for comprehensive safety guidelines and heightened awareness. "Safety is something very important, and we at IESA have been focusing on it for the last seven-plus years," Rahul Walawalkar, President of IESA & MD, CES India said.

Eurogroup Laminations: The Milan-based group - which specialises in stators and rotors, two core components of electric motors and generators - has seven plants in Italy while its facilities abroad also include ones in China and United States.

Concession: "Presently, there is no proposal either to provide exemption from local value addition cost or to provide subsidy on import duty on import of EVs in India," Minister of State for Commerce and Industry Som Parkash said. The government has also taken various steps to boost domestic and foreign investments in India to enhance local value addition under Make in India initiative, the minister said in a written reply to the Lok Sabha.

Lfp Battery: The battery industry has witnessed a rapid demand surge in recent years as the world moves to a greener economy, causing a lithium price surge and buyers seeking alternatives. However, experts at a conference on Thursday believed LFP will remain dominant in the ESS sector due to its established supply chain, higher energy density compared to the sodium-ion alternative and lower cost than the nickel-rich battery.

The Series A funding round was led by Legal & General unit Legal & General Capital and Barclays Sustainable Impact Capital initiative that invests in climate startups, AEM said on Monday Based in Washington in Englands industrial northeast, AEM already has a commercial rare earth free motor in use in electric buses and other vehicles in Europe, North America and Asia, CEO James Widmer said.