Hyundai motor group plans to invest $16.5 BLN in S.Korea EV business
Hyundai Motor Group said that it plans to invest a total of 21 trillion won through 2030 for the expansion of its electric vehicle (EV) business in South Korea. The South Korean auto group, which houses Hyundai Motor Co and Kia Corp, plans to annually build 1.44 million units of EVs in South Korea by 2030. […]
Production halt to be extended by Stellantis
Stellantis will extend its planned production stoppage at its Melfi plant in southern Italy, for about one week. This stoppage is due to a global microchip shortage, according to the FIM-CISL union. Melfi is one of the carmaker’s largest plants in Italy, coming after Stellantis. They said it was extending production halts at several plants […]
Covid fueled semiconductors crunch chips away at carmakers
In grim warnings, major carmakers including Toyota and Volkswagen offered fresh evidence that the auto industry remains firmly in the grip of an ongoing semiconductor chip shortage that shows no sign of abating. After being forced to close plants in this pandemic took hold, carmakers are now facing stiff competition from the sprawling consumer electronics […]
Toshiba returns to Q1 profit on demand for automotive chips
Toshiba Corp said that it swung back to profit in the first quarter, as the sales of automotive chips and hard disk drives recover from a pandemic-driven slump in demand. The scandal-hit Japanese conglomerate also said that it has been working on the selection of candidates for a permanent CEO and board chairman. Satoshi Tsunakawa, […]
Exclusive Hyundai to slash combustion engine line-up, invest in EVS
Hyundai Motor Group will slash the number of combustion engine models in its line-up. This is to free up resources to invest in electric vehicles (EVs). This move will result in a 50% reduction in models powered by fossil fuels, adding the strategy was approved by top management in March. This was reported to the […]
Musk says Tesla new self-driving rollout could take a couple months
Tesla Inc is tweaking its self-driving software to eliminate a phantom braking problem. It may soon release a significantly improved version within few months, stated Elon Musk. Tesla shares were down 4.4% at $589.89. The U.S. safety regulator said it has launched a probe into a fatal crash near Fontana, California, involving one of the […]
Toyota forecasts profit rebound amid chip shortage
Japan’s Toyota Motor Corp announced a $2.3 billion share buyback. And also, they have forecasted that the annual profit will rise by 14% to pre-pandemic levels. It has shrugged off the chip shortage that has hurt other car makers. In united states, this world’s biggest automaker by vehicle sales expects renewed demand. It is to […]
Higher prices help Stellantis weather worsening chip shortage
Stellantis is expected to deliver a strong performance this year because of its higher prices and robust consumer demand. Despite a worsening global shortage of semiconductor chips this quarter, the world’s fourth-biggest carmaker is heading towards a strong performance. Without environmental credits bought from Tesla, the group also expected to meet European CO2 emissions targets […]
Rolls-Royce relaunches sale of Norway based Bergen
Roll-Royce is a well-versed British engineering company. Its Norwegian maritime engine unit Bergen is back on the block. And also, this happened in less than two months after Norway blocked a previous deal for it to be bought by a Russian company. The sale process has also restarted now. Norway had already stopped Rolls-Royce from […]
Ferrari pushes back profit goal, but keeps electric pledge
Ferrari an Italian company, even though pushed back its profit target for next year due to the delaying investments in the pandemic stuck to its timetable for a first electric car by 2025. The luxury carmaker famed for its ‘Cavallino Rampante’, or ‘Prancing Horse’, badge had predicted adjusted core earnings of 1.8-2.0 billion euros ($2.2-$2.4 […]