Category: Official Press Release

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.

A successful year for ALL TIME STARS.

Showroom scheduled to open in Motorworld München. “2017 was a successful year for ALL TIME STARS”, says Christian Boucke, Head of Mercedes-Benz Classic. “Our good performance is a perfect match for the outstanding development at Mercedes-Benz Cars.’ Patrik Gottwick, responsible for the vehicle business at Mercedes-Benz Classic: “We are proud that we have also been… Continue reading A successful year for ALL TIME STARS.

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.

Ten countries in 24 hours: Audi e-tron on tour

Ten European countries in 24 hours – the Audi e-tron (combined electrical consumption in kWh/100 km*: 26.4 – 22.9 (WLTP); 24.6 – 23.7 (NEDC), combined CO2 emissions in g/km: 0 (0 g/mi)) has impressively demonstrated its long-distance qualities. On August 20, nine journalists set out on the tour stretching over 1,600 km (994.2 mi) from… Continue reading Ten countries in 24 hours: Audi e-tron on tour

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.

Profit of battery giant CATL surges in H1

SHENZHEN, Aug. 24 (Xinhua) — Contemporary Amperex Technology Co., Ltd. (CATL), China's largest automotive lithium-ion battery maker, posted a 130.8 percent net profit growth in the first half of 2019 amid a booming new energy vehicle (NEV) market.
Net profit in the January-June period rose to 2.1 billion yuan (296 million U.S. dollars), CATL said in its interim statement filed to the Shenzhen Stock Exchange Friday.
During the six months, its total revenue soared 116.5 percent year on year to 20.3 billion yuan. The revenue from its automotive lithium-ion battery systems business surged 135 percent to 16.9 billion yuan, according to the statement.
In the first half, CATL had a 46 percent share of the automotive lithium-ion battery market in China.
Despite sluggish sales for gasoline-powered vehicles, the NEV market has experienced a boom in China and thus resulted in a strong demand for lithium-ion batteries.
In the six months, automobile sales in China fell 12.4 percent year on ye..