Top Indian Automobile Industry News & Updates - 01 March 2024,Friday
🏢 Industry
EV component of ESDM business is a multi-billion opportunity: IESA chairman
The value of the e-two wheeler components in the electronics industry itself could hit around USD 2 billion in the next three years riding on the estimated 2 million two wheelers turning electric by 2027. Add to that charging infrastructure as well EV components in e-four wheelers and commercial vehicles and the pie gets bigger, he added.
Cabinet greenlights Tata Group's chip fab unit in Gujarat; first semicon plant in northeast approved
The Cabinet on Thursday approved Tata's semiconductor chip fabrication unit in Gujarat with an outlay of nearly INR 50,000 crore, said Union Minister Ashwini Vaishnaw.
Tata to announce semiconductor unit 'soon', says Chairman N Chandrasekaran
Tata Sons chairman N Chandrasekaran on February 28 said that the conglomerate is set to announce a semiconductor chip fab with a substantial investment "very soon", as per an Economic Times report.
Shriram Automall clocks Rs 150 crore transaction on 13th Anniversary
Shriram Automall India (SAMIL), one of India’s largest phygital pre-owned marketplace for vehicles and equipment generated transactions worth Rs 150 crore during its 13th anniversary SAMIL Utsav with over 120 auctions conducted in 120 cities across India.
Samsung Semiconductor India expands footprint with new R&D facility in Bengaluru
Samsung Semiconductor India Research (SSIR) on Thursday announced the opening of its new R&D facility in Bengaluru. “The expansion marks a significant milestone in SSIR’s commitment to driving cutting-edge semiconductor research and development in India, while addressing the company’s growing needs for advanced infrastructure,” it said in a statement.
Cabinet approves 3 chip making units with investment of ₹1.26-lakh cr
New Delhi: The Union Cabinet on Thursday approved proposals to set up three semi-conductor units with an investment of ₹1.26-lakh crore. Two of the units will be set up in Gujarat while third one will be in Assam. With this, India will have four units, with supply from first unit is expected by year end.
Governments cut EV subsidies amid changing global dynamics
New Delhi: The global trend of governments reducing subsidies on electric vehicles (EVs) has gained momentum, signaling a shift in policies as the initial wave of early adopters subsides. Martin Jahn, a prominent figure and member of the board of management for sales and marketing at Skoda Auto, shared insights on the dwindling demand for EVs in the wake of this subsidy withdrawal, a business daily reported.
Mahindra Logistics to expand operations in West Bengal
New Delhi: Mahindra Logistics Limited, a provider of integrated logistics solutions in India, is set to broaden its footprint in West Bengal. As part of this expansion, Mahindra Logistics will commence operations of a 1.1 lakh sq. ft. fulfilment centre in Malda, West Bengal, dedicated to handling fulfilment and last-mile deliveries.
India’s first chip fab to cost ₹91,000 crore
New Delhi: India’s chip-making ambitions took a giant leap on Thursday with the Centre greenlighting three projects worth ₹1.26 trillion, with the Tata group leading two of them.
NRL to Integrate Green Hydrogen Production, Eyes Net Zero by 2038
New Delhi: In a significant move towards sustainable energy, Numaligarh Refinery Limited (NRL) is gearing up to introduce green hydrogen production into its operations, with an aim to achieve net-zero emissions by 2038. The refinery has outlined plans to set up hydrogen electrolyzers that will commence the production of green hydrogen by mid-2025.
IAC asks for level playing field for auto LPG; seeks to place it under 5% GST
New Delhi: Andhra Pradesh's recent reduction of VAT on Natural Gas from 24.5% to 5% has resulted in a major decrease in CNG prices, which is expected to impact other clean automotive fuels like Auto LPG. Following this, the Indian Auto LPG Coalition (IAC), representing the auto LPG industry in India, has called upon the Central
BYD unveils Seal U SUV at Geneva Motor Show: Range, Specs, Features
BYD’s (Build Your Dreams) Seal U DM-i SUV made its global debut at the Geneva Motor Show 2024. The five-seater SUV will be available in two versions — all-electric and plug-in hybrid, the latter being a first for the company in the European market.
BYD Seal EV bookings open in India, debut on March 5
Build Your Dreams (BYD) has officially announced the opening of bookings for the highly anticipated Seal EV in India. The all-electric coupe sedan is set to make its debut in the country on 5 March 2024. The Chinese brand is also offering an attractive opportunity for early buyers to witness a UEFA Euro 2024 match.
Vehicle owners who gave HSRPs a miss, now in a fix
Bought your vehicle before 2019 but did not get the high security registration plate (HSRPs) installed? Then make a dash for your nearest RTA office right away.
📝 Auto industry to invest $7 bn in 5 years to deepen parts localisation
📝 India bound cars make it to top 3 for WCOTY. Check details
📝 Only 7% of electric 3-wheelers in Delhi are e-autos
📝 Tata to make a very, very big investment in semiconductors: chairman N. Chandrasekaran
📝 Microchips manufactured at Assam Tata facility to be used in Tesla cars, says Himanta Biswa Sarma
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🎤 Interviews & Features
We are present across the value chain now: Vaishnaw
With the approval of three chip projects on Thursday, India is now present across the semiconductor value chain. Communications & IT minister, Ashwini Vaishnaw spoke to Jatin Grover & Rishi Raj on how the country is set to become a global hub in this area. Excerpts:
Hybrid cars are winning as range anxiety grips EVs
Hybrid sales overshadowed electric cars in India in 2023. This is in spite of the fact that hybrids do not get tax concessions or incentives—unlike battery-operated cars. Is this just a blip or a definitive shift in consumer preference? What is driving it? Mint explains:
Korean engine, Indian soul
At some point in the coming months, Korean carmaker Hyundai will list its Indian operations in Mumbai, raising up to $4 billion in what is likely to be among the biggest initial public offers ever in the local stock market.
Govt clears 3 chip plants: Tatas have built their own tech, says Vaishnaw
Coming up: 5-door Mahindra Thar, Tata Curvv, Maruti eVX – and a wave of 20,000-plus buyers a month
“How is it going?”
📝 The New Kia Sonet: Premium, value-driven compact SUV in a new and better avatar!
📝 4 auto picks to make money in near to long term; 4 OMCs to buy on dips: Sanjiv Bhasin
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🚗 Cars / SUVs
Top 5 most affordable 4x4s in India
With many crossovers calling themselves SUVs in India, the real capable ones are often overlooked, or just ignored. Some of these capable 4X4s are often restricted to city life and paved roads, while at times, the 4X4 option is never used. However, for those looking at capable off-roaders, here are 5 of the most affordable 4X4s in India on sale right now.
Hyundai opens bookings for Creta N Line
New Delhi: Hyundai Motor India Ltd. (HMIL) Thursday opened bookings for the sporty Hyundai Creta N Line. Designed for thrill-seekers, the powerful track-inspired Hyundai Creta N Line, is all set to get the hearts racing, the company said in a media release.
Honda Elevate available at CSD stores
Honda Cars India has strengthened its commitment towards the members of the Indian Armed Forces by offering the Honda Elevate in Canteen Store Departments (CSD) across the country. The Elevate will be sold alongside the City and Amaze at CSDs.
Kia Seltos, Kia Carens have the lowest maintenance expense finds Frost & Sullivan
Frost & Sullivan, one of India’s top growth advisory company has revealed its latest Total Cost of Ownership Benchmark analysis that found that Kia Motor India’s best-selling models – Seltos SUV and Carens SUV – offer the segments’ lowest maintenance expenses in both diesel and petrol variants.
📝 Tata Motors' safety drive: A closer look at company's Integrated Safety Centre
📝 Kia Sonet, Carens offer lowest maintenance cost, Seltos is close second: Study
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Electric-Cars / SUVs
Hybrid car sales enter the fast lane on growing penetration
Chennai: Hybrid electric cars appear to be replacing more and more of diesel cars in the country, while the pick up in the sales of fully-electric cars is slower. The response to hybrid EVs, particularly strong hybrid electric vehicles (SHEVs), has been encouraging.
📝 Skoda aims at mass-market electric car segment in India, mulling various options
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🚗 Luxury Cars
Putting the ‘super’ in supercar
Want to give an ‘Iridescent Emerald’ finish to your Aston Martin? Or a matte black wrap to your Lamborghini? The sky’s the limit when you want to personalise your supercar. But if you’re a first-time supercar owner, don’t underestimate the cost of maintaining one. Supercar collectors or long-time users point out that keeping the engine purring could set you back approximately ₹3,00,000 ₹5,00,000 a year.
Deepika Padukone, Ranveer Singh luxurious car collection 2024
Deepika Padukone and Ranveer Singh are considered as the one of the most powerful couples in the Hindi film industry. The couple got hitched in 2018 and have collaborated on several projects including movies and AD films. The Bajirao Mastani actors took to their Instagram handles to announce their pregnancy.
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⛟ Commercial Vehicles
Indian bus industry to achieve Rs 104,000 crore valuation in 2026 says report
The bus industry in India is projected to achieve a value of Rs 104,000 crore in 2026, with a compound annual growth rate (CAGR) of 6.64 percent. The CAGR for State Transport Undertakings (STUs) is 6.36 percent and it is 7.37 percent for private buses states a report titled ‘Traveltech 2.0: The Next Phase of Digitally Empowering the Indian Traveler’, produced by the Internet and Mobile Association of India (IAMAI) and Grant Thornton Bharat. The report was launched at the India Digital Summit (IDS) 2024 in Mumbai.
SML Isuzu faces INR 11.56 Lakh Penalty from Income Tax Department
New Delhi: In compliance with the Securities and Exchange Board of India (SEBI) regulations, a recent development has come to light regarding a penalty imposed on SML Isuzu by the Income Tax Department.
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🏗 Construction & Agri Machinery
Tractor stocks may have bumpy ride in near-term; stay selective: Analysts
Total volumes in the tractor segment for the last three quarters of the current financial year (9MFY24) have remained weak with VST Tillers, Escorts Kubota, and M&M seeing declines of 21 per cent, 5 per cent, and 3 per cent year-on-year (Y-o-Y), respectively, during the period, amid patchy rainfall, delayed crop harvest, and lower reservoir level.
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🏍 2/3 Wheelers
Royal Enfield launches new Explorer V4 riding jacket
Royal Enfield has launched the new V4 Explorer riding jacket. Priced at Rs 11,500, the new Explorer V4 is available in three colours – Black, Neon Green and Grey. Enfield claims the new jacket is a significant upgrade from its predecessor– Explorer V3 with a host of enhanced features that redefine the touring jacket experience.
Yamaha Motor produces 3 mn Performance Damper since 2004
New Delhi: Yamaha Motor Co., Ltd. has produced a total of three-million of the Yamaha Performance Damper, an anti-vibration damper for automobiles since its manufacturing began in 2004, the company said.
Double-digit growth estimated in two-wheelers for Feb
New Delhi: Strong double-digit year on year growth in February 2024 is likely for two-wheeler wholesale volumes due to good demand with retails up 10% and a favourable base, Anand Rathi Research said in a note.
📝 Royal Enfield Hunter 450 & Scram 650 spotted together ahead of launch
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🚲 Electric 2/3 Wheelers
Ather Rizta electric scooter debut on April 6
Ather Energy is gearing up for its next phase which will kickstart with the launch of its new electric scooter named Rizta. A more family-oriented scooter, the upcoming Rizta is said to be a departure from the current-gen 450s which are more focussed on performance.
📝 Sokudo launches two electric scooters, prices start from Rs 59,889
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🌇 Allied Industries
Greaves to launch top of the line model in its quest to 'democratise' electric mobility; taps connected tech to enhance competitiveness
New Delhi: Greaves Electric Mobility will launch a top-of-the-line connected two-wheeler to democratize electric mobility by offering advanced features at an affordable or no additional cost, a top official of the company said.
The future of mobility: Innovations in fuel aggregation and congestion monitoring
Need for fuel aggregation and congestion monitoring
Mahindra Logistics to commence operations of 1.1 lakh sqft fulfilment centre in West Bengal, to generate 750 jobs
Mahindra Logistics Limited, an integrated logistics solutions provider in India, announced that it is set to broaden its footprint in West Bengal. As part of this expansion, Mahindra Logistics will commence operations of a 1.1 lakh sqft fulfilment centre in Malda, West Bengal, dedicated to handling fulfilment and last-mile deliveries. This centre, it added, is a critical part of Mahindra Logistics’ supply chain network and will execute efficient and timely deliveries through end-to-end fulfilment and distribution capabilities. Additionally, Mahindra Logistics is also adding 14 last-mile delivery stations, touching approximately 15,000 households daily.
📝 Vitesco Technologies prepares series application of its High Voltage Box
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🌢 Fuels, Lubricants & Charging Stations
Oil slips on US demand, interest rate fears
Oil prices on Thursday fell after a larger-than-expected build in U.S. crude stockpiles stoked worries about slow demand, while signs that U.S. interest rates could remain elevated added to pressure.
Castrol’s shift to volumes over margins gives it the growth lube
Castrol India’s strategic shift to focus on volume over margin and a bunch of prospective products for the electric vehicles (EV) segment have made the stock attractive for investors. It has gained 41% in the past three months after remaining range bound in the previous nine months. It gained 6% on the BSE on Thursday.
📝 Govt hikes windfall tax on petroleum crude
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💸 Finance & Insurance
Hala Mobility gets funding from and partners with Perpetuity Capital to expand fleet
New Delhi: Hala Mobility, the multi-modal EV ride sharing platform has raised INR 1 crore from EV Finance platform – Perpetuity Capital to expand their fleet. Hala Mobility has also announced a partnership with Perpetuity Capital to further finance 500 Electric two-wheelers (E2Ws) over the next 12 months. The partnership aims to help last-mile delivery drivers and gig economy workers get access to direct funding to buy electric vehicles for commercial use.
ALD Automotive India, LeasePlan India rebranded as Ayvens India
It was in May 2023 that ALD Automotive completed the acquisition of LeasePlan and strengthened its global footprint in the sustainable mobility space. And now with an eye to the future, it has unveiled its new identity in India as ‘Ayvens India’, which boasts a fleet of 44,000 vehicles and is the leading vehicle leasing and fleet management company in the country.
📝 How to Claim Under Third-Party Car Insurance
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📖 Magazines News
Tesla Roadster will do 96kph in less than 1 second, says Musk
Source Credit: Autocar India
The production version of the Tesla Roadster will be unveiled later this year, company CEO Elon Musk has said, claiming the electric model will arrive with bombastic performance statistics – including a sub-1.0sec 0-96kph time.
Ferrari Purosangue India price from Rs 10.5 crore
Source Credit: Autocar India
The Ferrari Purosangue, the brand’s first four-door model, has finally touched down in India, with the first customer deliveries having recently taken place. With that, we now know the India price for the first Ferrari SUV and it’s Rs 10.5 crore, ex-showroom India.
Behind the scenes at Tata Motor's crash test facility
Source Credit: Autocar India
If there’s one carmaker who has spurred interest around vehicle safety in recent years more than anyone else, it would be Tata Motors. With as many as 5 vehicles with a 5-star safety rating from GNCAP and a minimum of 4 stars for its remaining lineup, Tata Motors has really put safety in the forefront for its vehicles.
Hyundai Creta N Line revealed; bookings open
Source Credit: Autocar India
Hyundai has commenced bookings for the Creta N Line for a token amount of Rs 25,000, and the launch is slated for March 11. The Creta N Line will be the third model in Hyundai’s line-up to get the N Line treatment, and as with the cars before it, there will be sportier exterior and interior embellishments as well as a retuned suspension and steering geometry.
Next-gen Honda Amaze launch this festive season
Source Credit: Autocar India
Honda’s smallest sedan, the Amaze, will see a full model change later this year. The third-gen Amaze will replace the second-gen model, which has been around since 2018, when it goes on sale by Diwali 2024.
Maserati GranCabrio convertible revealed with 550hp V6 engine
Source Credit: Autocar India
Following the GranTurismo in 2023, Maserati has just unveiled the all-new GranCabrio, with the promise that it enhances the theatre of its GranTurismo sibling, without introducing compromises to performance or comfort. It trades a coupe roof for a folding fabric arrangement that can be lowered or raised in 14 seconds, at speeds of up to 50kph.
New MG3 hatchback showcased at 2024 Geneva motor show
Source Credit: Autocar India
Chinese-owned British brand MG Motor has showcased the new MG3 hatchback at the ongoing Geneva Motor show. The Hyundai i20-rivaling MG will go on sale in Europe initially, followed by other markets.
Apple Car project reportedly scrapped
Source Credit: Autocar India
Apple has reportedly scrapped its long awaited “Apple Car” project. The announcement was made yesterday during an internal meeting by COO Jeff Williams and project boss Kevin Lynch, insiders told Bloomberg, with the pair confirming the project will now wind down.
Stellantis may bring Leapmotor EVs to India in 2025
Source Credit: Autocar India
Amid the rush of global electric vehicle brands in the Indian market, Stellantis, the fourth largest automotive conglomerate in the world, is exploring the possibility of introducing yet another nameplate from its stable of 14 brands in the Indian market. Leapmotor, a Chinese EV brand in which Stellantis picked up a 20 percent strategic stake in October 2023 for Euro 1.5 billion (about Rs 13,500 crore) is being considered for an India entry.
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📰 International News
US says to investigate national security data risks from Chinese vehicles
The White House said on Thursday the United States is opening an investigation into whether Chinese vehicle imports pose national security risks and could impose restrictions due to concerns about "connected" car technology.
A variety of new batteries are coming to power EVs
The tall grey buildings covering an industrial complex at Nysa, in south-west Poland, look like a modern car factory has been teleported into the surrounding farmland. The plant, though, does not make cars, but it is a new and vital part of the automotive supply chain for electric vehicles (EVs). These rely on batteries containing materials that can be expensive, hard to come by and are mostly processed in China. The plant at Nysa is the first to produce those materials at scale in Europe.
Detroit warned Apple about car making. It had to learn the hard way
The Car Guys warned Apple that the metal-bashing business could be a tough, low-margin game. But nobody wanted to listen to a bunch of dinosaurs from Detroit.
US looks at regulating connected vehicles to prevent abusers from tracking victims
The agency that regulates U.S. telecommunications is considering a rule that could stop domestic abusers from tracking victims through vehicles that are connected wirelessly.
Rolls-Royce unveils Arcadia Droptail
Rolls-Royce Motor Cars has presented Rolls-Royce Arcadia Droptail, an exquisite coachbuilt expression of tranquillity. Arcadia Droptail is the epitome of quiet irreverence, celebrating purity of form and natural materials while serving as a bold statement of the client’s personal taste, the company said.
Republican US senator wants to hike tariffs on Chinese vehicles
Republican U.S. Senator Josh Hawley introduced legislation Wednesday to hike tariffs on Chinese vehicle imports as concerns mounted about the potential competitive impact on U.S. car companies.
Lower auto prices are finally giving Americans a break after years of inflationary increases
Price increases for cars and trucks in the United States, which helped fuel inflation for nearly three years, are slowing and in some cases falling, helping cool overall inflation and giving frustrated Americans more hope of finding an affordable vehicle.
Polestar secures USD 1 bn external funding
Polestar Automotive Holding UK PLC, the Swedish electric performance car brand, has secured USD 950 million in external funding. The company is making strong progress on its strengthened business plan and achieving its 2025 targets.
ZF adds sensors for ADAS to Aftermarket CV range
OE-quality sensors are available to the independent aftermarket for the first time. The ZF Aftermarket range covers a large part of the spare parts requirements of truck workshops.
Nissan to start autonomous mobility services by 2027 in Japan
Nissan Motor Co has announced its roadmap to commercialise its in-house-developed, autonomous-drive mobility services in Japan.
CATL and BYD target 50% battery price cut this year to make EVs affordable
New Delhi: CATL and BYD are set to halve battery prices in 2024, with CATL focusing on optimizing production resources to achieve cost reductions, a website focused on coverage of the new energy vehicle industry in China has reported.
Automakers question feasibility of California 2035 EV sales mandate plan
Major automakers said on Wednesday that a California plan to end the sale of gasoline-only vehicles by 2035 might be unworkable in 11 other states that adopted it, citing insufficient consumer demand.
Self-driving sensor maker Luminar falls as production delay at Volvo hits earnings
Luminar Technologies shares tumbled about 10% on Wednesday after the self-driving sensor maker's fourth-quarter results missed estimates on delayed production schedule for Volvo Cars' new EX90 electric SUVs.
Scuderia Ferrari signs Harman as official partner for 2024 F1 season
Harman, the subsidiary of Samsung Electronics, confirms it will continue as an official partner of Scuderia Ferrari for a second Formula One season. The on-track marketing partnership extends to technology on the road, with Ferrari becoming the first automotive OEM to adopt Harman’s in-cabin monitoring system, Harman Ready Care, for its next-generation road cars.
Volkswagen, Xpeng say first jointly made car will be electric SUV
German automaker Volkswagen and Chinese electric vehicle (EV) partner XPeng on Thursday said the first car they plan to develop together will be an SUV for which they will jointly source parts.
Electrified vehicles are becoming more popular in US, survey says
Electrified vehicles including hybrids and fully electric are becoming more desirable than their gasoline counterparts, influential U.S. magazine Consumer Reports said on Tuesday, while adding seven of them to its top-ten picks for 2024.
Chrysler recalling more than 330,000 Jeep Grand Cherokees due to steering wheel issue
Chrysler is recalling more than 330,00 Jeep Grand Cherokees because of a steering wheel issue that may cause drivers to lose control of their vehicles.
Chile's SQM posts profit down 82% as lithium prices slide
Chile's SQM, the world's second-largest lithium producer, on Wednesday posted an 82% fall in its fourth-quarter net profit from a year earlier, below forecasts as prices for the key battery metal continued to slide from earlier peaks.
Bridgestone to showcase ‘Fleet Care’ suite of solutions at TMC 2024 in US
Bridgestone Americas (Bridgestone), will return to the Technology & Maintenance Council (TMC) Annual Meeting & Transportation Technology Exhibition during March 4-7, 2024, in New Orleans, La., to highlight Bridgestone Fleet Care, the company’s comprehensive suite of solutions designed to enhance fleet operation.
Behind Apple's doomed car project: False starts and wrong turns
Brian X Chen & Tripp Mickle For the last decade, many Apple employees working on the company’s secretive car project, internally code-named Titan, had a less flattering name for it: the Titanic disaster. They knew the project was likely to fail.
Why Apple has shelved its car project: Vehicles are now more about software than hardware
Apple Inc. has dropped its decade-long effort to build an electric self-driving car. Jeff Williams, Chief Operating Officer, and Kevin Lynch, a vice president of technology who headed the car project at the Cupertino-based tech major, have made the announcement internally, Bloomberg reported.
Tesla must face race bias class action by 6,000 Black US workers
A California state judge tentatively ruled that nearly 6,000 Black factory workers can sue Tesla as a group for the electric vehicle maker’s alleged failure to address rampant race discrimination and harassment at its Fremont plant.
Tata JLR aims to generate over a third of its own power globally by 2030
The unit of India's Tata Motors said it aimed to generate more than a quarter of its own energy in the United Kingdom, where the bulk of its operations are located.
📝 Chinese automaker BYD looking for Mexico plant location, executive says
📝 Daimler Truck support system for ‘Vision Zero’ to cover all road users
📝 Mercedes-Benz expands support for global fellowship beVisioneers
📝 Honda combines personal mobility and VR in extended reality mobility experience
📝 Mercedes cancels Maybach SUV sedan, considers it too expensive to develop
📝 Tesla Roadster to debut in late 2024 with new design and SpaceX tech, says Musk
📝 Tech giants and their automobile dream: Status report
📝 Do you love Mercedes enough to splurge $4 million for a branded flat in Miami?
📝 Driving in New York set to get enormously costly as officials battle gridlocks
📝 iPhone maker Foxconn's entry into EV industry showcased at Geneva Motor Show.
📝 This Tesla Cybertruck sold for over double its regular price. Check details
📝 Tesla Roadster 2025 to make 0-60 mph in less than a second with SpaceX tech, says Elon Musk
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