Ford announced earlier this year its plan to shut down its plant in the Sao Paulo. SAO PAULO: The government of Sao Paulo says that the state’s governor has committed himself to helping Ford Motor Co. find a buyer for its truck and small car plant. The Brazilian plant is expected to close down later… Continue reading Brazil governor to help Ford Motor Co. find a factory buyer
Author: Economic Times of India Online News
VW’s Audi to cut 10 percent of management positions: CEO
Audi aims to reduce the number of engine types by one third. FRANKFURT: Volkswagen‘s premium auto brand Audi plans to eliminate one layer of management or about 10 percent of the division’s executive positions in a cost cutting drive, the unit’s chief executive told daily Handelsblatt. “One thing is clear, our cost base is too… Continue reading VW’s Audi to cut 10 percent of management positions: CEO
China ride-hailing giant Didi to lay off 15% employees this year: Source
Didi Chuxing will lay off 15% of its staff or about 2,000 people this year, a source said, marking the ride-hailing firm’s first major cut back as it grapples with regulatory scrutiny and public backlash over the murder of two of its users. Didi CEO Cheng Wei said at a meeting with management that the… Continue reading China ride-hailing giant Didi to lay off 15% employees this year: Source
China’s BAIC Motor slips on profit-booking
China car sales dropped 13 per cent in December. Shares in BAIC Motor Corp Ltd slip about 1 per cent, after gaining as much as 3.2 per cent earlier in the session, as investors locked in profit following the passenger vehicle maker’s 2018 profit estimate. As of previous close, stock surged 22.74 per cent so… Continue reading China’s BAIC Motor slips on profit-booking
France’s Macron unveils plan to give electric battery industry a jolt
P While some carmakers assemble battery packs, Europe has no significant production of their constituent cells. ARIS: France will invest 700 million euros ($790 million) over the next five years into projects to boost the European electric car battery industry and reduce its carmakers’ reliance on dominant Asian rivals, President Emmanuel Macron said on Wednesday.… Continue reading France’s Macron unveils plan to give electric battery industry a jolt
China’s NavInfo jumps to 5-month high on BMW tie-up
The deal fully reflects its leading industry position in the area. Shares in digital map provider NavInfo Co jump as much as 10 pct to their highest since Sept 7, 2018, as the company joins hands with BMW. Stock is up for 4th straight session, posts biggest intraday pct gain since mid-Aug. It has gained… Continue reading China’s NavInfo jumps to 5-month high on BMW tie-up
Ford joins HIA to offer shared mobility to techies
The buses will cater to about two dozen destinations across eight routes to begin with and offer Wi-Fi to commuters. PUNE: Carmaker Ford India’s smart mobility arm has introduced its shared mobility solution in the city in partnership with the Hinjewadi IT Association (HIA). The app-based bus service called “office ride” will operate within the… Continue reading Ford joins HIA to offer shared mobility to techies
The wheels have come off at Jaguar Land Rover for Tata Motors
by Chris Bryant When companies book a massive writedown, shareholders often just shrug. That’s because impairments usually happen a long time after the market has formed a fairly accurate opinion of the company’s financial position — and a charge doesn’t impact cash. JLR will shell out about 4 billion pounds this financial year on that… Continue reading The wheels have come off at Jaguar Land Rover for Tata Motors
Volvo Cars courts investors to raise cash for Polestar
The company is also ditching the industry’s traditional route to market via dealers. STOCKHOLM: Volvo Cars is talking to Chinese and U.S. tech investors as the company seeks external finance for its Polestar performance electric car brand, the Swedish company’s chief said on Thursday. Carmakers are seeking partnerships to cut the cost of building new… Continue reading Volvo Cars courts investors to raise cash for Polestar
No deal Brexit will force 3-weeks JLR plant shutdown in April, profitability to be hit: Tata Motors
JLR would also need to reassess its manufacturing and sourcing strategy. NEW DELHI: Tata Motors Thursday said in case of a “no deal Brexit” JLR will have two to three weeks of plants shutdown in the UK, while its British arm’s profitability will be adversely impacted in the long term. As part of its preparations… Continue reading No deal Brexit will force 3-weeks JLR plant shutdown in April, profitability to be hit: Tata Motors