International company news in brief: Tesla’s India board chair steps down after nine years

Bengaluru — Tesla’s India country head, Prashanth Menon, has resigned, Bloomberg News reported on Thursday, at a time when the US electric carmaker is getting closer to launching its cars in the world’s third-largest car market.

Tesla’s China teams will oversee India operations, with no immediate successor named, the report said, citing unnamed sources.

Menon is stepping down as the chairperson of Tesla India’s board after working with the Elon Musk-led company for nearly nine years, it added.

Tesla did not immediately respond to a Reuters request for comment.

In March, the carmaker had signed a lease deal to open its first showroom in Mumbai, Reuters had reported, reviving plans it had shelved last year. Reuters

Nintendo aiming to sell 15m Switch 2 units

Tokyo — Nintendo on Thursday said it expects to sell 15-million Switch 2 units and for operating profit to rise 13% to ¥320bn ($2.22bn) in the year ending March.

Nintendo is preparing for the Switch 2’s June 5 launch, which will test its ability to manage supply chains to minimise disruption from US President Donald Trump’s trade war.

The gaming device is the successor to the Switch, which has sold more than 150-million units since its 2017 launch and transformed Nintendo’s fortunes after the Wii U flopped.

“Nintendo clearly wants to play it safe and chose what is a cautious but probably reasonable forecast,” said Serkan Toto, founder of the Kantan Games consultancy.

The company is known for its conservative forecasts. Toto sees Switch 2 sales at closer to 20-million units.

Nintendo paused the start of US pre-orders as it considered the impact of increasing US tariffs. It later said it would maintain pricing at $449.99. Reuters

Saudi’s Jameel signs deal with China’s Geely

Beijing — Saudi Arabia’s Jameel Motors said on Thursday that it has signed a deal with Geely Auto to distribute the Chinese automaker’s line-up of electric vehicles and plug-in hybrids in Poland.

Jameel Motors will initially focus on the distribution of the Geely EX5 electric SUV, followed by a plug-in hybrid vehicle, with the first model available for sale in the third quarter of this year, according to a company statement. Reuters

Russian state bank to fund joint projects with China

Moscow — Russian state development bank VEB plans to provide about 3.5-trillion roubles ($42.74bn) in funding for joint projects with Chinese businesses, VEB head Igor Shuvalov said on Thursday as the two countries’ leaders held talks in Moscow.

China is Russia’s biggest trading partner and increased trade between the two countries has thrown Moscow an economic lifeline at a time when it is navigating sweeping Western sanctions imposed over its war in Ukraine.

China buys more Russian oil and gas than any other country and has increased exports to Russia, particularly of cars and other machinery. Reuters

Trump tariffs of no cheer for Molson Coors beer

Bengaluru — Molson Coors on Thursday lowered its forecasts for annual sales and profit, in anticipation of US President Donald Trump’s tariffs weighing on beer demand, sending its shares down about 6% in premarket trading.

Consumers in the US, faced with a possible recession in the already inflationary prices of goods due to Trump’s tariffs, have been paring back on discretionary spending such as alcohol.

“Uncertainty about the effects of geopolitical events and global trade policy, including the effects on economic growth, consumer confidence and expectations about inflation, and currencies has pressured the beer industry and consumption trends,” said Molson Coors CEO Gavin Hattersley.

The company expects a low single-digit decline in annual net sales, compared with previous expectations of a growth in the low-single digits. Reuters

European car makers secure emissions reprieve

Brussels — European car makers will have longer to comply with EU CO₂ emissions targets for cars and vans and could reduce potential fines after the European parliament gave its backing on Thursday to a softening of the rules.

European manufacturers had warned that enforcing the targets this year could have resulted in fines of up to €15bn ($17bn), given the goals rely on selling more electric vehicles, a segment where they lag Chinese and US rivals.

After heavy lobbying, the European Commission proposed allowing automakers to meet the targets based on their average emissions over the period 2025-2027, rather than just this year.

EU legislators voted by 458 votes to 101 in favour of the change. There were 14 abstentions. Reuters