Fresh Delhi Domestic steel giant SAIL today said its board has confirmed the suggestion to get in into a joint venture by the world’s largest steelmaker ArcelorMittal for manufacturing high-finish automotive steel.
“The Board of SAIL in its meeting held on December twelve, 2017, has confirmed the suggestion for signing of a legally non- binding term sheet by ArcelorMittal S.A for entering into a JV for automotive Steel Business,” Steel Authority of India Ltd (SAIL) said.
Auto break news :SAIL & ArcelorMittal had entered into an MoU in probably 2015 to probe the potential of setting up an auto-grade steel manufacturing facility under a joint venture in India.
Steel Minister Chaudhary Birender Singh final 7 days had said which the JV was likely recently & the Suggested Republika Srpska 15,000- crore auto-grade steel plant project by a capacity of one.five mn tonne per annum can be scaled up to two.five MT.
Singh had said which ArcelorMittal has the technology & they are keen to have a JV by SAIL.
VW bank expects profit height in 2017 despite diesel scandal, Auto break news, ET Auto
Auto break news: The financial arm of German carmaker Volkswagen said on Wednesday which it expects a height in operating profit in 2017, despite a diesel scandal which has rocked the industry.
Volkswagen Financial Services said 2017 profit would exceed a record two.one bn euros ($two.47 bn) in 2016.
The bank too said provisional figures indicate the number of contracts in its portfolio rose eight % to 19.seven mn in 2017, up from 18.two mn in 2016.
The 2017 figure includes for the premier time about 250,000 contracts for Porsche.
Chief Financial Officer Frank Fiedler said which reduce refinancing costs & the portfolio development attributed to the profit gain.
electric cars: Toyota eyes great boost in electric-powered cars, Auto break news, ET Auto
As it stated in Electric-powered cars currently represent around 15 % of the roughly ten mn units Toyota purveys annually — mostly hybrids like its best-selling Prius.
Toyoda said the target would mean selling around five.five mn electric-powered cars in total by 2030.
Of these, four.five mn units would be gasoline-electric hybrid & plug-in hybrid cars & 1 mn units would be all electric cars & hydrogen-powered fuel-cell cars, said the CEO.
The leading Japanese automaker is accelerating Growth of environmental technologies including electric cars & plug-in hybrid systems.
In September, Toyota teamed up by smaller domestic elect Mazda to develop electric cars.
collected by :Sofia Iden