Category: Newswire

Car industry continues worldwide downward trend in Q2: Ernst & Young study

BERLIN, Aug. 28 (Xinhua) — The downward trend in the global auto industry in the second quarter (Q2) of this year continued, according to an analysis of the key financial figures of the world's 16 largest auto groups presented by auditing and consulting firm Ernst & Young (EY) in Frankfurt on Wednesday.
“The global automotive industry is experiencing a sales and profit crisis that is still primarily cyclical,” said Constantin Gall, head of Automotive and Transportation at EY.
According to the study, total profits of the world's 16 largest automotive groups had fallen 18 percent in Q2 of 2019.
The number of vehicles sold declined in all major markets and led to five percent global decline in sales, with only Mitsubishi, Honda, Toyota and BMW selling more new cars than a year ago.
French and U.S. car manufacturers recorded the sharpest declines in vehicles sold, of ten percent and nine percent respectively.
Among the largest automobile groups, Toyota was “slightly ahead” of Vo..

Czech business interested in producing solar panels in Zakarpattia region

Czech entrepreneurs are interested in the production of solar panels and renewable energy in Ukraine’s Zakarpattia region.Czech entrepreneurs expressed interest in the production of solar panels and renewable energy in Zakarpattia region.Also, the chairman of Zakarpattia Regional State Administration was informed about the holding of the Czech days in Uzhhorod on September 6-8.

Hyundai Motor agrees wage deal, avoids strike for first time in 8 years

Hyundai Motor Co and its South Korean workers’ union have reached a tentative wage deal and averted strike action for the first time in eight years, sending the automaker’s shares up by more than 4%.Under the latest wage agreement, each unionised worker will receive a one-off payment of up to 9 million won ($7,414), an additional payment equivalent to one and a half months’ salary, 15 Hyundai Motor shares, and a basic salary increase of 1.74%.The wage agreement will help Hyundai avert production losses as it tries to regain ground in the U.S. market with its new Palisade SUV, shipped from South Korea. More sourcesHyundai Motor agrees wage deal, avoids strike for first time in 8 years (The Business Times: Aug 28, 2019 at 12:00 AM)

KIA has set new benchmarks for safety and quality: MD

KIA Motors India has set new benchmarks for safety and production quality in the automobile manufacturing sector at its greenfield car manufacturing unit at Erramanchi village in Anantapur district.The manufacturing facility, built just within a little over a year right from scratch, has a capacity to manufacture 3 lakh cars a year, but currently is manufacturing 280 units of Seltos against a capacity of 400 for this model.Depending on the demand for the car that was pre-booked by more than 32,000 people all over India, the automotive production line — worldwide 15th facility of KIA Motors — will enhance its capacity.

Carlos Ghosn faces new allegation he used Nissan funds to bankroll tech investment fund

Former Nissan boss Carlos Ghosn used money from the Japanese car company to bankroll a technology start-up investment business.The allegations state that the funds were used to start an investment business with Nissan distributor Suhail Bahwan Automobiles in Oman.Once the money had been paid to the Oman business, $5m of it was sent back to Mr Ghosn through Lebanon-based company Good Faith Investments,…