Author: World_Newz Mon

Hyundai Motor agrees wage deal, avoids strike for first time in 8 years

Hyundai Motor Co and its South Korean workers’ union have reached a tentative wage deal and averted strike action for the first time in eight years, sending the automaker’s shares up by more than 4%.Under the latest wage agreement, each unionised worker will receive a one-off payment of up to 9 million won ($7,414), an additional payment equivalent to one and a half months’ salary, 15 Hyundai Motor shares, and a basic salary increase of 1.74%.The wage agreement will help Hyundai avert production losses as it tries to regain ground in the U.S. market with its new Palisade SUV, shipped from South Korea. More sourcesHyundai Motor agrees wage deal, avoids strike for first time in 8 years (The Business Times: Aug 28, 2019 at 12:00 AM)

KIA has set new benchmarks for safety and quality: MD

KIA Motors India has set new benchmarks for safety and production quality in the automobile manufacturing sector at its greenfield car manufacturing unit at Erramanchi village in Anantapur district.The manufacturing facility, built just within a little over a year right from scratch, has a capacity to manufacture 3 lakh cars a year, but currently is manufacturing 280 units of Seltos against a capacity of 400 for this model.Depending on the demand for the car that was pre-booked by more than 32,000 people all over India, the automotive production line — worldwide 15th facility of KIA Motors — will enhance its capacity.

Carlos Ghosn faces new allegation he used Nissan funds to bankroll tech investment fund

Former Nissan boss Carlos Ghosn used money from the Japanese car company to bankroll a technology start-up investment business.The allegations state that the funds were used to start an investment business with Nissan distributor Suhail Bahwan Automobiles in Oman.Once the money had been paid to the Oman business, $5m of it was sent back to Mr Ghosn through Lebanon-based company Good Faith Investments,…

Ireland to build 1,000 on-street EV charge points in five years

DUBLIN, Aug. 26 (Xinhua) — Ireland will build 1,000 on-street charge points for electric vehicles (EV) over the next five years, announced a senior official here on Monday.
Richard Bruton, the Irish Minister for Communications, Climate Action and Environment, said the plan is part of the government's efforts in achieving its commitment to a target of 936,000 electric vehicles on Irish roads by 2030.
Upon the completion of the construction of these new charge points, there will be a total of 2,000 on-street charge points across the country, said the minister in a statement posted on the ministry's website.
Currently there are 2.1 million passenger vehicles in Ireland, said the statement, adding that the number is expected to grow to 2.3 million and 2.6 million by 2030.
If the Irish government's 2030 target for 936,000 electric vehicles can be achieved, it means an estimated 35 percent to 40 percent of the country's total passenger vehicle population will be electric..

Great Wall Motors exports secondhand vehicles

TIANJIN, Aug. 26 (Xinhua) — China's largest SUV and pickup maker Great Wall Motor Co., Ltd. said that its first batch of secondhand vehicles departed from north China's Tianjin Municipality recently and will be exported to Asian and African countries.
Often Cars (Tianjian) Import and Export Trade Service Co., Ltd., the wholly owned subsidiary of Great Wall, said ten secondhand vehicles, involving a total value of 27,000 U.S. dollars, would be sold in countries including Cambodia, Nigeria and Ghana.
A total of 60 secondhand home-grown vehicles, with a value of more than 700,000 U.S. dollars, were exported by another foreign trade company to Nigeria from Tianjin in July.
China has launched exports of secondhand cars since May, with Beijing, Tianjin, Shanghai and Guangdong among the first batch of 10 regions allowed to conduct such trade, according to the Ministry of Commerce.
As of July 22, south China's Guangdong Province has exported 300 secondhand vehicles to Cambodia,..

Renault Samsung may slash jobs; others consider restructuring

Carmakers here are mulling job cuts and restructuring as they enter the fog of uncertainties over a sharp drop in sales, continued confrontations with labor and the delayed launches of some new vehicles.It is the first restructuring plan proposed by the Korean unit of the French carmaker in seven years.In a desperate effort to sustain its production volume in Busan, the company has been asking its head office in Paris to allocate production volume for the XM3 compact SUV.

Auto companies in India halt production to tackle slowdown

With India’s auto sales declining for the ninth straight month in July, more automotive manufacturers are laying off workers and temporarily halting production to keep costs in check.Japanese carmaker Toyota Motor and South Korea’s Hyundai Motor are the latest in a string of companies to halt production at plants to combat slumping sales, according to company memos to employees, reviewed by Reuters.The sales declines have triggered major job cuts in India’s auto sector.

Nio to cut more jobs as electric vehicle startup continues to struggle

Electric carmaker Nio Inc is to slash jobs to control expenses and improve operational efficiency, as the Chinese startup feels the pinch from a lackluster performance and the overall slowdown in the country.In the first seven months of 2019, the company delivered 8,379 vehicles.The company posted a net loss of 2.62 billion yuan ($370 million) for the first quarter of this year, 71.36 percent more than the same period in 2018.