Tag Archives: Autos

Waymo joins critics of California’s self-driving data


FILE PHOTO: Reuters reporter Alexandria Sage steps out of a Waymo self-driving vehicle during a demonstration in Chandler, Arizona, November 29, 2018. Picture taken November 29, 2018. REUTERS/Caitlin O’Hara

(Reuters) – Alphabet Inc’s (GOOGL.O) Waymo, widely considered the front-runner in self-driving vehicles, on Wednesday joined a growing chorus of dissenters panning a California requirement on reporting test data, as the state released 2019 results.

Waymo tweeted that the metric, called disengagements, is not an accurate or relevant way to measure a company’s technical progress, even though it is widely used to do that.

“The disengagement metric does not provide relevant insights” nor does it distinguish Waymo’s “performance from others in the self-driving space,” the company said.

California requires self-driving companies to provide disengagement data on how often a human driver must intervene to take control from a self-driving system during testing on public roads.

Other self-driving companies, including General Motors Co’s (GM.N) Cruise and California startup Aurora also have criticized the disengagement data.

Reporting by Munsif Vengattil in Bengaluru and Paul Lienert in Detroit; Editing by Shounak Dasgupta and Richard Chang

Our Standards:The Thomson Reuters Trust Principles.


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How a shadow banking disaster despatched India’s autos sector right into a tailspin


MUMBAI (Reuters) – Sudhir Gharpure and his gross sales crew sat chatting at an enormous Maruti Suzuki (MRTI.NS) dealership on the outskirts of Mumbai some two hours after its doorways have been opened on a current Saturday morning – not a single buyer was in sight.

FILE PHOTO: A employee adjusts the windscreen wipers of a parked automobile at a Maruti Suzuki stockyard on the outskirts of the western Indian metropolis of Ahmedabad September 1, 2011. REUTERS/Amit Dave/File Picture

“There was near 15-20 bookings every day, however now we’re all the way down to 3-5 on good days,” stated Gharpure, the final supervisor on the dealership.

Gharpure’s expertise is just not an remoted one. Throughout India dealerships are being pushed out of enterprise and the Indian auto sector goes by its greatest stoop in almost twenty years. Passenger car gross sales fell for eight straight months till June, and in Might gross sales dropped 20.55% – the sharpest recorded fall in 18 years.

Preliminary knowledge signifies passenger car gross sales might have plunged as a lot as 30 % in July. The stoop in India, together with a simultaneous slide in Chinese language auto gross sales, is a blow for automakers wrestling with increased prices pushed by extra stringent emission norms and a push to develop electrical automobiles.

Not like in China, the place the plunge in automobiles gross sales has been prompted largely by new emissions guidelines, India has seen a mixture of elements which have mixed to erode demand for vehicles.

Prime Minister Narendra Modi’s 2016 ban on high-value financial institution notes, increased tax charges below a brand new items and providers tax regime, a increase of ride-sharing companies similar to Uber and Ola, and a weak rural financial system have all performed a job.

However many sellers and automakers agree it’s a deepening liquidity crunch amongst India’s shadow banks that has been the most important single think about an auto gross sales collapse, which some worry might result in greater than 1,000,000 job losses.

Non-banking finance firms (NBFCs), or shadow banks, have dramatically slashed lending following the collapse of one of many greatest, IL&FS, in late 2018.

IL&FS, or Infrastructure Leasing & Monetary Companies Ltd, was a behemoth in shadow banking and its defaults and unraveling, amid fraud allegations, have dried up funding for rivals and led to a surge of their borrowing prices.

Non-bank or shadow banking companies generate credit score exterior conventional lenders, by means similar to collective funding autos, broker-dealers or funds that put money into bonds and cash markets.

In India, NBFCs have in recent times helped fund almost 55-60% of business autos each new and used, 30% of passenger automobiles and almost 65% of the two-wheelers within the nation, in response to ranking company ICRA.

To worsen issues, the stress within the autos market has additionally prompted banks to start trimming their publicity to the sector.

“The automobile doesn’t promote, it’s the finance that sells,” stated R. Vijayaraghavan, a senior advertising and marketing guide on the similar Mumbai dealership. “At present the finance is just not promoting, so the automobiles will not be promoting.”


Some 286 dealerships have shut down within the final 18 months throughout India as rising prices for stock administration have made companies unviable, in response to the Federation of Vehicle Sellers Affiliation (FADA), a foyer group of auto sellers.

“The slowdown within the (NBFC) sector has dragged down car gross sales development,” stated A.M. Karthik, monetary sector head at ICRA. “Now the auto slowdown is turning into extra seen because the liquidity squeeze continues.”

Automakers together with Maruti Suzuki (MRTI.NS), Tata Motors (TAMO.NS), and Mahindra & Mahindra (MAHM.NS) are feeling the warmth and have both lower manufacturing or quickly closed crops to right mounting shares.

In keeping with FADA knowledge, passenger car inventories now stand at 50-60 days up from round 45 days earlier, whereas these of two-wheelers are even increased at 80-90 days. For business autos, stock ranges vary between 45 and 50 days.

“We’re asking sellers to keep up a list of 21 days, which is sort of half of the present ranges,” stated Ashish Kale, president of FADA.

No less than 4 sellers from totally different manufacturers stated, nonetheless, there was little scope to scale back inventories as automakers have been pushing them to purchase inventory regardless of there being no demand even with heavy discounting and different sops on supply.

Whereas 70-75% of automobile gross sales have been beforehand financed in-house by NBFC or financial institution brokers sitting at a dealership, that has fallen to about 50%, say sellers, as patrons battle to qualify below extra stringent lending norms put in place by lenders which are below stress to shore up their books.

Furthermore, as many NBFCs usually lent to much less creditworthy shoppers, banks are reticent to hurry in to fill the void, as they themselves battle to deal with an current pile of about $150 billion in unhealthy loans.

“The banking sector is definitely one of many elements that has affected the expansion of the business,” stated R.C. Bhargava, chair of Maruti Suzuki, noting rates of interest for automobile patrons have gone up within the final 12 months regardless of the central financial institution chopping charges.


With the autos sector using greater than 35 million individuals instantly and not directly, and contributing greater than 7% to India’s GDP and accounting for 49% of its manufacturing GDP, the fallout from the autos stoop is big and presents an enormous problem to Prime Minister Narendra Modi’s authorities because it begins its second time period.

Your complete provide chain, from car producers to element makers, are bleeding amid the stoop.

“I’ve been making my funds for the final 30 years and the lenders know me,” stated Adarsh Gupta, the director of finance at Autolite (India), a element manufacturing agency. “However even a two-day delay has individuals crying that I’ll default.

“I too need to pay, however due to the autumn in cashflows I’m dealing with short-term points and due to that it’s tough to get extra financing. That is the vicious cycle we’re in.”

Kale, the FADA president, stated on Sunday the commerce physique estimated that dealerships had collectively already lower round 7-8% of their workforce, or round 200,000 jobs nationwide.

“Many of the cuts which have occurred are in front-end gross sales jobs but when this continues, then even the technical jobs might be affected as a result of if we’re promoting much less then we may even service much less,” he stated.

Nonetheless, automakers are hopeful of a restoration within the months forward, helped by the September-December festive season that historically sees a surge in client spending.

“One can solely want that issues enhance sooner somewhat than later. With festive demand beginning to seep by, we should always begin seeing a gradual enchancment in gross sales,” stated P.B. Balaji, group CFO at Tata Motors.

Analysts are extra skeptical although, and say with out car financing turning into cheaper and simpler the possibilities for which are low. With no silver lining in sight, analysts worry unhealthy money owed might mount within the auto sector, forcing banks to additional cut back their publicity.

“We see market costs and gross sales coming down so there could also be points,” stated a high official on the Indian Banks’ Affiliation. “We might see a spillover by way of unhealthy loans for the general sector, however we’re going to wait and watch.”

Sellers stated they have been hopeful of tiding over the present downturn because the broader development story for India stays intact, however there might be much more ache earlier than a restoration kicks in.

“The long run goes to be multi-brand automobile showrooms,” stated advertising and marketing guide Vijayaraghavan. “That’s the solely manner for dealerships to outlive going ahead as overhead prices have to be shared.”

Further reporting by Derek Francis in BANGALORE; and Aftab Ahmed and Aditi Shah in NEW DELHI; Enhancing by Euan Rocha and Alex Richardson


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“Terminator” Vs Range Rover | TerraMax | Top Gear | Series 19 | BBC

[youtube https://www.youtube.com/watch?v=jV51BGIzkwU&w=580&h=385]

James May assesses the new Range Rover at Nevada’s Automotive Test Center for the ultimate challenge against an autonomous military machine – the Terminator of all terrain vehicles; The TerraMax….