Category: Newswire

Allison Transmission Provides Update on Impact of COVID-19

INDIANAPOLIS–(BUSINESS WIRE)–Allison Transmission Holdings Inc. (NYSE: ALSN) today provided a business update in light of the rapid spread of the COVID-19 virus. In response to recent disruptions to our supply chain, changes in customer demand and a weaker outlook for the global economy, Allison is temporarily suspending production at select manufacturing facilities beginning March 30,… Continue reading Allison Transmission Provides Update on Impact of COVID-19

Tata Motors to spin off cars unit to seek strategic allies

Tata Motors Ltd., the Indian owner of Jaguar Land Rover, plans to separate its cars business from trucks and buses, as the company seeks partners for a unit slammed by the coronavirus outbreak and a global shift to electric vehicles.Tata Motors’ shares fell 0.1% in Mumbai after surging as much as 7.2% earlier in the day.Tata Motors also appointed Shailesh Chandra, head of its electric vehicles business, as the head of the cars unit.

Ford Sollers to suspend car production in Tatarstan from March 28 to April 5

KAZAN, March 27. /TASS/. Car production at the Ford Sollers plant in Yelabuga, Russia's republic of Tatarstan, will be suspended next week in accordance with the Russian President's decree establishing March 30-April 3, 2020 paid days off across the country, the company's PR-coordinator in Tatarstan Indira Salimgaraeva told TASS.
“In compliance with the decree by Russian President Vladimir Putin issued on March 25 following the aggravation of the situation caused by the spread of the coronavirus COVID-19 in Russia, a special mode of activity will be introduced at the Ford Sollers plant in Yelabuga from March 28 to April 5. During this period, the production and shipment of Ford Transit cars, the reception of automotive components and other production activities not related to the life support and maintenance of the accident-free condition of the plant will be suspended, a non-working week has been announced for employees,” she said.
She added that the next week will be a..

Wunder Mobility Acquires Leading Car Rental Technology Provider KEAZ

LOS ANGELES, March 27, 2020 /PRNewswire/ — Wunder Mobility announced today that it has acquired the technology and talent of Australia-based car-sharing and rental technology provider, KEAZ. KEAZ’s technology allows companies ranging from rental agencies, car dealerships and corporates to provide users with shared access to vehicles via a customized mobile application and powerful back-office management… Continue reading Wunder Mobility Acquires Leading Car Rental Technology Provider KEAZ

Ferrari to resume production in Maranello and Modena as of 14 April 2020. 

Maranello, 27 March 2020 – Ferrari N.V. (“Ferrari” or the “Company”) (NYSE/MTA: RACE) announces today that subject to supply chain continuity it now plans to resume production as of 14 April 2020.All activities that can be conducted in smart working will continue to be performed as has been the case in recent weeks. The Company… Continue reading Ferrari to resume production in Maranello and Modena as of 14 April 2020. 

LG Chem signs 480 mln-euro loan deal with European Investment Bank

LG Chem Wroclaw Energy, the Polish subsidiary of South Korea’s top chemical firm LG Chem Ltd., has signed a 480 million-euro (US$530 million) loan agreement with the European Investment Bank (EIB).The television assembly factory is located next to LG Chem’s EV battery plant in Wroclaw.LG Chem supplies EV batteries to 13 of the top 20 car brands, including German automaker Volkswagen, French carmaker Renault, American auto giant General Motors and South Korea’s largest carmaker, Hyundai Motor.

Hyundai to suspend car production of cars at St. Petersburg plant during week off

MOSCOW, March 26. / TASS /. Hyundai will suspend car production at its plant in St. Petersburg between March 30 to April 3 in connection with a presidential decree on the announcement of a non-working week in the country, the company said in a statement on Thursday.
“Hyundai Motor Company announces that, according to the decree of the Russian President, in connection with the difficult epidemiological situation associated with the spread of coronavirus, Hyundai Motor Manufacturing Rus plant will suspend production for the period of March 30 to April 3,” the company said.
Earlier, the Nissan plant in St. Petersburg announced a suspension of production for a week for the same reason.
Earlier this week automakers began to suspend production at their Russian factories due to problems with the supply of parts. Volkswagen and PSA have already announced a downtime, while Sollers also announced the risk of suspension of production of cars at UAZ and Ford Sollers. A significant part of the tota..

Kia Sonet launch in August, will rival Maruti Suzuki Vitara Brezza, Hyundai Venue

Kia Sonet was one of the major attractions at this year’s Auto Expo.The upcoming Sonet might share its engines with Hyundai Venue.The transmission options include 6-speed MT and 7-speed DCT with 1.0-litre Kappa Turbo GDI petrol motor, 5-speed MT with 1.2-litre Kappa petrol motor and 6-speed MT with 1.5-litre U2 CRDi BS6 diesel engine.

Nissan plans to suspend car production in St. Petersburg next week

MOSCOW, March 26. /TASS/. Nissan plans to suspend production of cars at a plant in St. Petersburg as part of the announced paid week off, an official representative of the company told TASS.
Earlier, Russian President Vladimir Putin signed a decree declaring a paid week off in the country from March 30 to April 3.
“We will most likely stop the plant next week, now the procedures necessary for this are underway,” he said.
Previously, the plant also announced transition to work in one shift for several months due to the difficult situation in the car market.
According to the Association of European Businesses (AEB), sales of Nissan cars in Russia in 2019 fell by 20% to 65,000 vehicles. In February 2020, the company sold 5,700 vehicles, which is 7% lower than last year's results.
On March 25, Russian President Vladimir Putin has declared that Russians will have a paid week off due to the coronavirus pandemic, the extended public holiday will last from March 28 to April 5. “Now it is ..