The machine tool industry has a historic chance of growth due to the shift to electric vehicles and demand for localised manufacturing, as per the head of the biggest Taiwanese machine tool company.

MG Motor India has joined hands with the Automotive Component Manufacturers Association of India (ACMA) with a vision to educate and foster skill development in the EV component industry.

The Mexican government requested a dispute resolution panel under the US-Mexico-Canada free trade agreement because it claims the United States is improperly interpreting stricter regional content rules under the pact.

India's import tariffs for the electronics sector are higher compared to countries like China and Vietnam that is negating the support provided through PLI schemes.

All major vehicle original equipment manufacturers (OEMs) and component makers have applied for the automotive vehicle and component production-linked incentive (PLI) scheme, as per government sources.

A report by JMK Research and Analytics claims that overall EV sales in December 2021 clocked 50,866 units, recording a 240 per cent YoY jump from the number recorded in December 2020.

The reimposition of restrictions due to the rise in Covid cases is expected to impact demand for automobiles, especially for passenger vehicles and two-wheeler, according to ratings agency Acuite.

Kumar Rakesh, senior automobile and technology analyst at BNP Paribas India, said that, raw material prices are stabilizing and price hikes would positively impact the margins of automakers.

Maharashtra has extended the valid term for early-bird benefits on selected variants of electric vehicles (EVs) till March 31, 2021.