Hyundai Motor Group Executive Vice Chairman Chung Euisun on Thursday held talks with Indonesian President Joko Widodo to discuss the carmaker’s market entry and future investment plans.During the meeting held at the presidential palace in Jakarta, the Indonesian leader reportedly sought more investments by Hyundai in the country, touting the carmaker as the most dynamic company in the world.Indonesian President Joko Widodo (right) and Hyundai Motor Group Executive Vice Chairman Chung Euisun shake hands prior to their meeting held at the presidential palace in Jakarta on Thursday.
Category: Newswire
Koreaʼs Bumchun picks Hungary for first foreign plant
South Koreaʼs Bumchun Precision revealed Wednesday it will build a HUF 13.3 billion plant supplying parts for electric cars in Salgótarján in northern Hungary.The Hungarian government will provide HUF 2.65 bln for the construction of the plant.Szijjártó welcomed the fact that on the 30th anniversary of the establishment of diplomatic relations between Hungary and South Korea, bilateral trade flow between the two countries increased by 41% during the first four months of this year.
Aston Martin Bear Says It Needs a Billion Pounds to Catch Up With Ferrari
The only analyst with a sell rating on Aston Martin Lagonda shares says the luxury carmaker will need to raise at least a billion pounds ($1.25 billion) in fresh capital in order to remain competitive with rival Ferrari NV while reining in its net debt.
VW second-quarter operating profit up 30% as SUV push pays off
Volkswagen Group shares rose 2% after the carmaker posted a 30% rise in second-quarter operating profit despite a drop in vehicle sales as rising demand for sports utility vehicles and premium brands boosted margins.Volkswagen bucked a trend of falling demand for passenger cars by launching a range of higher-margin sports utility vehicles at a time when demand for sedans is falling.By contrast, Volkswagen Group’s operating return on sales rose to 7.2% in the first half, up from 6.8% in the year-earlier period.
DiDi, Toyota to set up JV for smart fleet management
BEIJING, July 25 (Xinhua) — Chinese mobile transportation platform Didi Chuxing has teamed up with Japanese carmaker Toyota to expand their partnership in smart transportation.
Toyota will invest 600 million U.S. dollars in DiDi and a joint venture which the two companies will establish with GAC Toyota Motor Co. Ltd. to provide vehicle-related services for ride-hailing drivers on DiDi's network, DiDi announced Thursday.
The two parties announced collaboration on the e-Palette, a self-driving modular store in January 2018, and have piloted vehicle-related services for DiDi ride-hailing drivers.
“We look forward to combining DiDi's expertise in AI-based large-scale mobility operations and Toyota's leading connected vehicle technology to build a next-generation intelligent transportation framework for sustainable cities,” said DiDi's Senior Vice President Stephen Zhu.
DiDi initiated a cross-sector alliance last year with top carmakers and industry players at home and ..
As Q1 profit drops 98.5%, Nissan to cut 12,500 jobs
Japanese car maker Nissan Motor Co. said it is axing 12,500 jobs and warned a quick turnaround in its performance was not imminent after reporting its quarterly profit was nearly wiped out.2 automaker even as it tries to recover from a financial misconduct scandal surrounding ousted Chairman Carlos Ghosn.Nissan’s operating profit in the April-June quarter compared with the ¥109.14 billion made in the year-ago period and missed the ¥39.52 billion average of eight analyst estimates compiled by Refinitiv. More sourcesNissan to slash 9% of workforce as Q1 profit nearly wiped out (Reuters: Jul 25, 2019 at 8:16 AM)
Nissan axes 12,500 jobs as profits collapse
Nissan will axe 12,500 jobs worldwide by 2022 in a larger than expected cull after revealing that profits were almost wiped out in the most recent quarter.The redundancies come as the Japanese car company, which employs 139,000 people worldwide, suffers from sluggish sales and ballooning costs while it deals with the fallout from the scandal surrounding ousted chairman Carlos Ghosn.Profits at Japan’s second-biggest car maker plunged 98.5pc to 1.6bn yen (£11.9m), far worse than the 66pc decline predicted by analysts, as it continues to struggle in North America.
GM’s Cruise autonomous car company postpones self-driving taxi launch
General Motors-controlled Cruise is delaying the rollout of a commercial self-driving taxi service that it previously said would start in 2019.The autonomous tech firm has mainly been testing vehicles on public streets in San Francisco, where it also shuttles employees in Chevrolet Bolt electric cars outfitted with cameras, Lidar and radar systems that are manufactured under the Cruise brand name.Cruise is in a race against several self-driving efforts, including Ford and VW-run Argo AI’s ride-hailing and delivery service scheduled for 2021, and Waymo.
Tesla Slumps as Musk’s Expansion Plans Put Profit Out of Reach
Tesla Inc. shares plummeted after a worse-than-expected loss cast fresh doubts on whether building and selling electric cars can be a sustainably profitable business.
Tesla expects the Model Y to be more profitable than the Model 3
Tesla expects its upcoming Model Y SUV to be more profitable than its Model 3 sedan, the electric-car maker said on Wednesday in its second-quarter earnings letter.Like Tesla’s Model X SUV, the Model Y will be able to seat seven people.Tesla reported a larger-than-expected loss for the second quarter, losing $US1.12 per share (versus an expected loss of $US0.31 per share) on revenue of $US6.35 billion (versus an expected $US6.45 billion).