Japanese automakers hit by China’s zero-COVID lockdowns

TOKYO — Ongoing COVID lockdowns in China are forcing Japanese car and truck manufacturers to drastically adjust their production schemes in the country, in some cases forcing Honda and Toyota to completely suspend operations at their factories there. The country’s zero-COVID policy of initiating massive lockdowns to stop outbreaks is keeping workers in their homes,… Continue reading Japanese automakers hit by China’s zero-COVID lockdowns

Mitsubishi Motors joins ranks offering inflation bonuses to workers

TOKYO — Mitsubishi Motors will offer one-time bonuses of up to 100,000 yen ($722) to help employees deal with inflation, joining a growing list of Japanese companies providing financial assistance. The automaker will distribute the allowances Friday. About 12,000 regular and other nonmanagerial employees will receive the full 100,000 yen lump sum. Another 2,000 nonregular… Continue reading Mitsubishi Motors joins ranks offering inflation bonuses to workers

India’s automakers race to lead the pack in an electric future

MUMBAI — Major automakers in India are making a big push toward electric vehicles, hoping to grab the lion’s share of the country’s nascent market. Tata Motors has introduced electrics that are 30% to 50% cheaper than conventional models, showing a willingness to sacrifice profitability for market share. Other manufacturers are increasing investments as the… Continue reading India’s automakers race to lead the pack in an electric future

Hyundai Motor to procure EV batteries from SK On in North America

SEOUL (Reuters) — South Korea’s Hyundai Motor Group has signed an agreement to source electric vehicle (EV) batteries in North America from battery maker SK On, the companies said on Tuesday. The partnership follows the signing in August of the U.S. Inflation Reduction Act, which will require automakers to source a certain percentage of critical… Continue reading Hyundai Motor to procure EV batteries from SK On in North America

Honda suspends Wuhan plants amid China’s zero-COVID lockdowns

TOKYO — Honda Motor announced Monday that it has suspended operations at three automobile plants in Wuhan, China, as coronavirus lockdowns in the country continue. The suspension comes as employees are unable to go to work due to citywide shutdowns stemming from China’s strict “zero-COVID” policy. The Japanese company said it is considering whether operations… Continue reading Honda suspends Wuhan plants amid China’s zero-COVID lockdowns

Japan’s NGK Spark Plug to buy U.S. medical device maker

TOKYO — Japanese auto parts manufacturer NGK Spark PlugĀ said Monday that it will purchase MGC Diagnostics Holdings, a U.S. medical device maker, in a deal worth $170.2 million. NGK will make the acquisition through its U.S. subsidiary Caire, which produces oxygen concentrators. Once the transaction closes on Dec. 30, MGC will becomeĀ a wholly owned subsidiary… Continue reading Japan’s NGK Spark Plug to buy U.S. medical device maker

Japan’s battery future hinges on EV growth, says lithium ‘father’

TOKYO — Japan must rapidly increase its sales of electric vehicles if it wants to lead the global storage battery market and lock horns with China and South Korea in 2025, warns the Nobel-winning inventor of modern batteries, as competition intensifies over the essential component of green cars. Japan once led the field of lithium-ion… Continue reading Japan’s battery future hinges on EV growth, says lithium ‘father’

India’s Ultraviolette Automotive raises funding from Qualcomm

BENGALURU — TVS Motor-backed electric bike maker Ultraviolette Automotive has raised funding from Qualcomm Ventures and Lingotto, the largest shareholder in Italian sports carmaker Ferrari, as it looks to expand its operations and ramp up its technology. This marks a part of the Series D round for the company. Go to Source

China EV startup WM Motor cuts wages amid rising losses: sources

WM Motor Holdings is cutting salaries by half for management and nearly a third for staff members, Caixin has learned, as the electric vehicle startup struggles with sluggish sales and ballooning losses. The Shanghai-based automaker began the cost-control measures in October, also canceling annual bonuses and vehicle purchases subsidies, the source said, citing a Monday… Continue reading China EV startup WM Motor cuts wages amid rising losses: sources

BYD to hike EV prices on higher material costs, end of subsidies

GUANGZHOU — Chinese electric vehicle leader BYD will raise prices of electric vehicles and plug-in hybrid cars domestically on Jan. 1 in response to soaring raw material prices for batteries and as government subsidies run out at the end of the year. The price increase ranges from 2,000 yuan to 6,000 yuan ($280 to $840)… Continue reading BYD to hike EV prices on higher material costs, end of subsidies