HO CHI MINH CITY — Vingroup is seeking partnerships with different financial institutions as it awaits updates on UBS’s takeover of Credit Suisse, an adviser on a planned U.S. listing of the Vietnamese conglomerate’s electric-vehicle arm VinFast. The Swiss bank has also been facilitating financing for the construction of a VinFast plant in America, according to the EV maker.… Continue reading Vietnam’s Vingroup awaits clarity on Credit Suisse after buyout
Author: Nikki News Feed
Germany, EU agree to allow some combustion engines after 2035
FRANKFURT/BRUSSELS (Reuters) — The European Union and Germany have reached a deal on the future use of combustion engines, officials said on Saturday, an issue that has been closely followed by the auto industry. The agreement will allow some combustion engines beyond 2035 and was quickly condemned by a prominent environmental group. The bloc and… Continue reading Germany, EU agree to allow some combustion engines after 2035
EV price war in Thailand heats up as Bangkok Motor Show commences
BANGKOK — The electric vehicle price war has reached Thailand, with Chinese, Japanese and South Korean automakers offering steep discounts on new models at the kingdom’s annual international motor show, which opened this week. At the Bangkok Motor Show, BYD, China’s leading electric vehicle maker, launched its new low-priced electric hatchback at 799,999 baht ($23,457),… Continue reading EV price war in Thailand heats up as Bangkok Motor Show commences
Toyota to end Camry sales in Japan, ending 43-year history
NAGOYA, Japan — Toyota Motor plans to discontinue sales of the Camry sedan in the Japanese market, focusing on countries where the automaker’s 43-year-old flagship model remains popular. Toyota has notified Japanese dealerships that it will cease production of the Camry for domestic customers at the end of the year. Production will continue for exports. Go to… Continue reading Toyota to end Camry sales in Japan, ending 43-year history
Volvo to export all-new compact EV from China: CEO
TOKYO — Volvo’s all-new electric vehicle slated for launch this year will be manufactured in China and exported to Europe and Japan, the Swedish automaker’s CEO said in an interview with Nikkei. The new strategic EV will target a “brand new segment,” said Volvo Cars CEO Jim Rowan. “It’s going to be a brand new demographic, a… Continue reading Volvo to export all-new compact EV from China: CEO
Vietnam’s VinFast EVs enter ride-hailing with Grab rival Be Group
HO CHI MINH CITY — VinFast electric vehicles are getting into the ride-hailing business through a deal between Vingroup’s chairman and Vietnamese startup Be Group. Pham Nhat Vuong, the founder of VinFast owner Vingroup, set up a new company called Green and Smart Mobility (GSM) that will supply electric motorbikes and cars and also invest… Continue reading Vietnam’s VinFast EVs enter ride-hailing with Grab rival Be Group
Geely CEO pans his performance despite first profit rise in 4 years
HONG KONG — China’s Geely Automobile Holdings reported ostensibly stellar results on Tuesday, but the company’s CEO openly vented dissatisfaction and offered self-criticism rarely seen from a mainland Chinese corporation on how things were not going right. “Even though we had some achievements, what is important to do now is to examine our shortcomings,” Gui… Continue reading Geely CEO pans his performance despite first profit rise in 4 years
China’s automaker price war threatens profitability: analysts
The rash of recent price cutting in China’s auto market could further squeeze the profitability of manufacturers already struggling with slowing demand, analysts have warned. “The evolving price war in China’s car market … is likely to extend into the second quarter and erode profitability along the entire automobile value chain in 2023,” analysts at… Continue reading China’s automaker price war threatens profitability: analysts
Mazda to appoint Masahiro Moro as new president and CEO
TOKYO — Mazda Motor on Friday announced that the company will appoint Masahiro Moro, Director and Senior Managing Executive Officer, as the automaker’s new president and CEO. The 62-year-old will officially take over following the company’s annual general shareholders meeting in June. This will be the first change of president in five years. Go to… Continue reading Mazda to appoint Masahiro Moro as new president and CEO
Nickel, copper prices sink on worries about China’s economy
TOKYO — Speculators are ditching nonferrous metals, driving down prices for the vital industrial commodities as concerns about China’s modest economic forecasts and the recent collapse of American banks cloud the global outlook. International prices of nickel, used in construction materials and automobiles, have fallen almost to a four-month low. The prices of copper and… Continue reading Nickel, copper prices sink on worries about China’s economy