Author: Nikki News Feed

VinFast shares skid more than 40% in sharp reversal

NEW YORK — Shares in Nasdaq-listed Vietnamese electric-vehicle maker VinFast plunged more than 40% on Tuesday, wiping out the previous session’s gains for the auto-industry newcomer. On Monday, VinFast had surged 20% to reach the third-highest market capitalization among global automakers, behind only Tesla and Toyota Motor. Go to Source

Toyota to resume production on Wednesday at all Japan factories

NAGOYA, Japan — Toyota Motor announced Tuesday night that it will gradually resume operations at all of its 14 factories in Japan starting Wednesday, with 12 factories operating normally from the morning and the remaining two plants starting in the afternoon. Japan’s largest automaker was forced to halt operations at 12 of its factories Tuesday… Continue reading Toyota to resume production on Wednesday at all Japan factories

Proterial’s new magnet for EVs cuts rare earth use to one-fifth

TOKYO — Japan’s Proterial has developed a magnet for electric vehicle motors that requires one-fifth the amount of terbium, a rare earth metal, compared to existing levels. Currently, terbium is produced mainly in China. With geopolitical risks, stable procurement of terbium over the medium to long term is an issue for many Japanese companies. The… Continue reading Proterial’s new magnet for EVs cuts rare earth use to one-fifth

Vietnam’s VinFast now world’s No. 3 automaker as market cap surges

NEW YORK — The Vietnamese electric vehicle maker VinFast now has the third-highest market capitalization among global automakers, behind only U.S.-based Tesla and Japan’s Toyota Motor. The company’s shares rose 20% in the U.S. market on Monday and its market capitalization reached $191.2 billion, according to CNBC. The company’s U.S. operations have yet to get… Continue reading Vietnam’s VinFast now world’s No. 3 automaker as market cap surges

Volkswagen joins Tesla in accelerating China’s auto price war

SHANGHAI/HONG KONG — The price war has flared up once again in China’s auto market, as the Volkswagen Group jumps into the fray with other players dangling deep discounts to spur demand. A good number of customers were checking out vehicles at a SAIC Volkswagen Automotive dealership in Shanghai on a weekday in late August.… Continue reading Volkswagen joins Tesla in accelerating China’s auto price war

China’s Xpeng to acquire Didi’s smart EV unit in deal worth up to $744m

HONG KONG (Reuters) — Chinese electric car company Xpeng said it will acquire ride-hailing giant Didi’s smart electric vehicle (EV) unit in a deal worth as much as $744 million and the two companies will form a strategic partnership. Xpeng’s shares surged around 13% in Monday trade. Go to Source

China’s BYD buys U.S. Jabil’s mobility unit for $2.2bn

(Reuters) — Electric vehicle maker BYD said on Monday its unit struck a deal with U.S.-based manufacturing company Jabil’s Singaporean division to buy its mobility business in China for 15.8 billion yuan ($2.17 billion). The deal will expand BYD Electronic’s (BE) customer base, product portfolio and its business of smartphone components, and boost its growth… Continue reading China’s BYD buys U.S. Jabil’s mobility unit for $2.2bn

China’s auto exports belie roadblocks to conquering Europe, U.S.

Riding the wave of an electric vehicle frenzy and the global shift toward electrification, Chinese automakers have performed well in their push to go global, but the road ahead is not without hurdles, especially from some governments in Europe and the U.S., which are ramping up policies to promote their own EV industries. In the… Continue reading China’s auto exports belie roadblocks to conquering Europe, U.S.

Australia looks to EV boom to transform economy

SYNDEY — Australia is building up a domestic industry to supply electric-vehicle manufacturers, with a goal of diversifying an economy long dependent on mining and fossil fuels. Battery material manufacturer Austvolt opened a research and development laboratory Wednesday in Bentley, a city in the state of Western Australia. Go to Source