Author: Nikki News Feed

Malaysian unicorn Carsome keen to expand in Southeast Asia

KUALA LUMPUR — Malaysia’s first unicorn, online used-car platform Carsome, has advanced by leaps and bounds since launching in 2015 and is now looking to strategically position itself in a Southeast Asian market it sees as growing to an estimated $270 billion by 2025, CEO Eric Cheng told Nikkei Asia. Founded by Cheng and Teoh… Continue reading Malaysian unicorn Carsome keen to expand in Southeast Asia

Nissan to invest up to $2.5bn more in U.K. for EV and battery production

SUNDERLAND, U.K. — Nissan Motor on Friday announced it will make an additional investment of up to 2 billion pounds ($2.5 billion) in its British EV business, with most of the money directed to the production of three new electric vehicle models at the automaker’s Sunderland plant. The investment also is to be used to… Continue reading Nissan to invest up to $2.5bn more in U.K. for EV and battery production

Toyota to invest nearly $400m for a third plant in India

BENGALURU (Reuters) — Japan’s Toyota Motor on Tuesday said it will invest nearly $400 million to set up a third manufacturing facility in India as it looks to meet surging demand. The new plant, which will create 2,000 new jobs and be able to produce over 100,000 units a year, would take Toyota’s overall annual… Continue reading Toyota to invest nearly $400m for a third plant in India

Guangzhou motor show opens with array of EVs and plug-ins

GUANGZHOU — Electric vehicles and plug-in hybrids are projecting a significant presence at this year’s international auto show that opened here on Friday, highlighting the increasingly heated race in China’s EV market. More than 1,100 vehicles are on display at the Guangzhou International Automobile Exhibition, with “new energy” vehicles, a category including EVs and plug-in… Continue reading Guangzhou motor show opens with array of EVs and plug-ins

Volvo Cars shares drop to record low as Geely trims stake

OSLO (Reuters) — Shares of Swedish automaker Volvo Cars fell 14% on Friday as its majority shareholder, China’s Geely, sold a small part of its stake at a deep discount to the previous day’s closing price. Geely on Thursday launched a placing of 100 million Volvo Cars shares, which the deal’s bookrunners said after the… Continue reading Volvo Cars shares drop to record low as Geely trims stake

Japan’s Itochu weighs buying scandal-hit Bigmotor used-car chain

TOKYO — The Japanese trading house Itochu and a domestic corporate reconstruction fund, J-Will Partners (JWP), are considering acquiring the used-car giant Bigmotor, Nikkei has learned, on the condition that the founding family not be involved with company management. Bigmotor is currently unlisted, with its shares held by the asset management company of its founder,… Continue reading Japan’s Itochu weighs buying scandal-hit Bigmotor used-car chain

South Korea’s EcoPro Materials soars in stock market debut

SEOUL — EcoPro Materials, a South Korean electric vehicle battery materials company, made a surprisingly strong debut on Seoul’s main stock exchange on Friday, with its shares closing up 58% from its initial public offering price. The Pohang-based company raised 419.2 billion won ($323.3 million) in net proceeds from its initial public offering. It plans… Continue reading South Korea’s EcoPro Materials soars in stock market debut

Hyundai Motor, in first, to sell new cars on Amazon from next year

SEOUL — Hyundai Motor will sell its cars on Amazon from next year, a first for any automaker. The two companies jointly announced the move at the Los Angeles Auto Show on Thursday, along with a plan to install Amazon’s Alexa artificial intelligence speaker in Hyundai vehicles from 2025. Hyundai also named the U.S. e-commerce… Continue reading Hyundai Motor, in first, to sell new cars on Amazon from next year

South Korean electric battery makers cutting back in U.S.

SEOUL — South Korean battery makers are reducing workforces and curtailing production in the U.S. as the transition to electric vehicles slows, casting a shadow over an industry seen as a pillar of President Joe Biden’s economic policies. LG Energy Solution, the world’s second-largest battery maker, said on Wednesday that it will let go of… Continue reading South Korean electric battery makers cutting back in U.S.