Electric Van Sales: Stellantis warns of plant closures as e-van sales stall, ETHRWorld
Join the community of 2M+ industry professionals. Subscribe to Newsletter to get latest insights & analysis in your inbox.
All about ETHRWorld industry right on your smartphone! Download the ETHRWorld App and get the Realtime updates and Save your favourite articles.
Hordain: US-European automaker Stellantis may close factories in the coming months because sales of electric light commercial vehicles are not finding enough clients, its European chief warned Wednesday.Jean-Philippe Imparato also said EU targets for increasing the bloc's fleet of e-van vehicles would be impossible to reach, putting the company at risk of billions of euros in fines."We're just a few months' away from disaster," Imparato said at the Stellantis factory in Hordain, northern France, where around 2,600 employees produce commercial vans for the group's Citroen, Peugeot, Fiat and Opel brands.The company has said it faces fines of 2.6 billion euros ($3.1 billion) over the three years to end-2027 if e-vans remain at the current level of nine percent of the European market.It says EU targets call for e-vans to represent 13 percent of the overall fleet in 2025 before rising to 24 percent in 2027."Everybody tells me, 'Don't worry, you won't have to pay them'," Imparato said."But for now all I have are statements. There's no sense of urgency," he said."If I have to pay this penalty, I shut down factories, it's inevitable," he said, because the targets mean Stellantis would have to cut back on production of diesel vans.The company also has van factories in Britain, Germany, Italy, Poland and Spain.Stellantis is one of Europe's biggest producers of light commercial vehicles, used for transport of both goods and people.European automakers are bristling as e-vehicle sales lag despite Brussels' target that they make up 100 percent of new sales by 2035.The automotive sector is the jewel in Europe's industrial crown, employing around 13 million people and contributing around seven percent to the bloc's GDP.In May, EU countries gave final approval to a reprieve for European carmakers over new emission targets, as they seek to balance climate goals with support for the struggling industry.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
18 minutes ago
- Time of India
Trump letters and who's talking: State of play as tariff deadline nears
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel U.S. President Donald Trump said on Sunday his administration is close to finalizing several trade agreements in the coming days and will notify other countries of higher tariff rates by July 9, with the higher rates scheduled to take effect on August promises to work on 90 deals in 90 days, Trump and his team have been able to complete only a limited deal with Britain and a not well-defined agreement with Vietnam. A long-promised deal with India has remained the state of play for several U.S. trading partners facing deadlines this week:U.S. officials said they were making good progress with the 27-member European Union, after its top trade negotiator Maros Sefcovic met with officials in Washington last week. EU diplomats said talks were continuing but they had not achieved a breakthrough as of EU diplomat said the bloc's regulations on social media and other technology companies, stricter than those in the U.S., were not up for negotiation, and a 17% tariff proposed by the U.S. side on agriculture and food exports remained a big officials have said they are open to a U.S. deal that would apply a universal 10% tariff on many of its exports, but want to secure exemptions from sectoral tariffs already in place or planned for pharmaceuticals, alcohol, semiconductors, and commercial aircraft, Bloomberg EU is also pushing for U.S. quotas and exemptions to effectively ease Washington's 25% tariff on automobiles and auto parts, as well as its 50% tariff on steel and aluminum, the report said, citing people familiar with the says it is continuing to seek an agreement with the U.S. while defending its national interest. Japan's tariff negotiator Ryosei Akazawa held "in-depth exchanges" over the phone with U.S. Commerce Secretary Howard Lutnick on Thursday and Saturday, the Japanese government discussions came after Trump this week hammered Japan over what he said was Tokyo's reluctance to import U.S.-grown rice, and accusing Japan of engaging in "unfair" autos trade. He has also called on Japan to import more U.S. Monday, Trump said Japan could be among those receiving a tariff letter, and suggested it could face duties of up to 35%.Trump has long promised a trade deal with India, but talks have stalled on disagreements over U.S. tariffs on auto components, steel and agricultural which is facing 26% tariffs on its exports to the U.S., has signaled it is ready to slash its high tariff rates for the U.S. but has not conceded on Washington's demands for opening up the agriculture and dairy Friday, New Delhi also proposed retaliatory duties against the U.S. at the World Trade Organization , saying Washington's separate 25% tariff on automobiles and some auto parts would affect $2.89 billion of India's has offered to cut duties on key imports from the United States to "near zero" and to buy $500 million worth of U.S. wheat as part of its tariff talks to avert a 32% tariff rate. State-owned carrier Garuda Indonesia also plans to buy more Boeing planes as part of a $34 billion pact with U.S. partners due to be signed this by some other countries of excessive red tape, Indonesia eased import licensing requirements for some goods and waived import restrictions on plastics, chemical products and other industrial raw materials on June 30, a goodwill gesture ahead of the July 9 deadline. Indonesia has also invited the U.S. to jointly invest in a state-owned Indonesian minerals project as part of its tariff frequent rounds of talks and some preliminary agreements, South Korea had said it would seek an extension on Trump's July 9 deadline, although talks will continue this Sung-lac, President Lee Jae Myung's national security adviser, plans to visit Washington during July 6-8 to discuss a range of bilateral issues. The country's trade minister, Yeo Han-koo was also due to meet with U.S. Trade Representative Jamieson Greer and other U.S. Korea already imposes virtually no tariffs on U.S. imported goods under a free-trade agreement, and so the U.S. has focused on other issues, including foreign exchange rates and defense costs. Trump often complains about the cost-sharing arrangement for the 28,500 U.S. troops stationed in South is making a last-ditch effort to avert a 36% tariff by offering greater market access for U.S. farm and industrial goods, along with increased purchases of U.S. energy and Boeing jets, Finance Minister Pichai Chunhavajira told Bloomberg News on proposals have included reducing its own tariffs, purchasing more American goods and increasing initial proposal included measures to enhance market access for U.S. exports and tackle transshipment violations, as well as Thai investment that would create U.S. jobs. Bangkok said also pledged to import more U.S. natural gas and cut tariffs on imports of corn from the United is exploring what concessions it can make to avert a 31% tariff rate on goods it ships to the U.S., including granting the U.S. greater market access for produce like seafood and citrus as home to pharmaceutical giants Roche and Novartis, both big U.S. investors, Switzerland also wants assurances that it can avert pharmaceutical tariffs that Trump has threatened to impose at a later date.
India.com
37 minutes ago
- India.com
Meet Kanpur man, a class 12 dropout, who started with a call center Job later built a multi-crore business empire, his net worth is...
New Delhi: The story of Raghav Kapoor from Kanpur is a perfect example of courage, passion, and the determination to never give up, even in the face of adversity. Raghav, who comes from a very humble family, dropped out of studies post-12th grade and began his journey with a job at a call center earning Rs 12,000 per month. Soon, he started his own leather designer brand, 'Finalines', without any formal training. Today, its turnover is in crores. Let's take a look at Raghav Kapoor's journey to success. Started Career with a Rs 12,000 Job Raghav, who was born and brought up in Kanpur, had a difficult childhood. When he was in third standard, his father's shoe business witnessed a massive loss, eventually leading to the shop's closure. To cope up with the financial crunch, the family even had to sell their house. During this difficult time, his mother and father started a ladies' fashion boutique called Hers Fashion in a 200-square-foot shop in Gomti Nagar, Kanpur — a store that still runs to this day. Although Raghav was average in academics, he always had a deep interest in art and design. After finishing his 12th grade, he realized that pursuing higher education didn't appeal to him. So, Raghav began his career with a call center job that paid Rs 12,000 — a sum that felt like a huge amount to him at the time. How Raghav Gained The Experience: For Raghav, working at a call centre was a difficult task and people around him were noticing his daily struggle. Seeing his hardships, Raghav's brother-in-law, Varun Jolly, gave him an opportunity to work in his small export business, Text Horse. There, Raghav got the chance to design leather products such as reins, straps, and saddles for horses. Ragha worked almost 14 to 16 hours a day for nearly eight years, learning the intricacies of transforming leather into beautiful designs and patterns. This experience gave him a deep understanding of leather design, which later became the foundation of his own venture. Today, a Multi-Crore Turnover 'Finalynes' began in Kanpur from a small 600-square-foot space inside Varun's manufacturing unit, with a team of just 20 people—including staff and pattern makers. Today, 'Finalynes' manufactures nearly 5,000 pieces every month across 70 SKUs (Stock Keeping Units). Its turnover has crossed ₹7 crore. It is a B2C brand that operates entirely through its own website. Around 80 percent of its sales are in India, while 20% come from European countries.
Time of India
an hour ago
- Time of India
Gold price prediction: What's the gold rate outlook for July 7, 2025 week - should you buy or sell?
Gold price prediction: Gold prices saw notable fluctuations over the last week, ultimately settling near a six-week low. (AI image) Gold price prediction today: Gold prices are expected to continue being volatile in the near future on the back of uncertainties regarding US President Donald Trump's tariff policies, the approaching July 9 deadline, possible trade deals, and the fresh threat of additional 10% tariffs on BRICS countries that align with 'anti-American policies'. Manav Modi, Senior Analyst, Commodity Research at Motilal Oswal Financial services Ltd shares his outlook on gold prices and strategy for gold investors: Gold prices saw notable fluctuations over the last week, ultimately settling near a six-week low amid easing global tensions and shifting investor sentiment. The softening of US-China trade hostilities, including agreements on rare earth shipments, dampened safe-haven demand for gold. On other hand, a tentative Iran-Israel ceasefire and Trump's tariff reprieve on multiple countries also reduced geopolitical risk premiums. Despite the US dollar weakening to its lowest in over three years, gold prices were weighed down by stronger-than-expected US nonfarm payroll data and mixed labour market signals, which cast doubt on near-term Federal Reserve rate cuts. President Trump intensified his push for lower rates, even sending annotated global rate comparisons to Fed Chair Powell, though Powell maintained a cautious "wait and see" stance. Political developments added further complexity: Senate Republicans passed Trump's aggressive tax-and-spending bill, while trade negotiations also picked up pace over the weekend. US is close to finalizing several trade agreements in the coming days and will notify other countries of higher tariff rates by July 9, President Trump mentioned over the weekend, with higher rates scheduled to take effect on August 1. President Trump's tariff decision on BRICS nation will also be important to keep an eye on. Elsewhere, the first session of indirect Hamas-Israel ceasefire talks in Qatar ended inconclusively, adding that Israeli delegation didn't have a sufficient mandate to reach an agreement with Hamas. The USDINR hovered just below 86, influencing domestic prices. With the FOMC minutes and tariff deadlines approaching, market attention remains sharply focused on Fed policy cues and global trade dynamics. Gold Stance: Sideways to lower Gold Price Range: Rs 96,000 – 98,000, break below lower range could take prices to Rs 94,000. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
