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Category: Newswire
Automakers scale back production
Auto assemblers have decided to slow down their production in the current month amid backlog of unsold stocks, slowdown in new booking and on spot sales, substantial hike in vehicle prices and new budgetary measures.Honda Atlas Cars Ltd (HACL) has decided to cease production of vehicles from July 12-21.The government has further dented the auto industry with additional taxes and duties in Budget 2019-20 such as five per cent additional customs duty on imported parts coupled with new rates of FED.
Xpeng Motors Launches G3 2020 Edition
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Israeli startup reinvents the wheel, by using it to contain car’s key components
Israeli startup REE has unveiled a “revolutionary” new design and look for electric vehicles, in which all of the classic components of the car — the motor, the steering system, the brakes and the suspension — are moved from under the hood into the wheels.REE’s approach, which will be officially presented on Wednesday at the TechCrunch Mobility event in San Jose, California, strategically places the motor, steering, suspension, drivetrain, sensors, brakes, thermal systems and electronics into the wheels.This allows manufacturers to use the same platform, or car framework, for different types of vehicle bodies.
A Cloud-Based EV Battery Management Service Launched
German supplier Robert Bosch GmbH launches a cloud-based EV battery management system it says will extend a battery’s life by as much as 20%.
Geely Profit Warning Seen as Bad Omen for Other China Carmakers
Geely Automobile Holdings Ltd., controlled by Volvo Cars owner Li Shufu, issued a profit warning that drove down its shares and those of other Chinese automakers as it sparked concern investors are underestimating the depths of the industry’s slump.
Credit Suisse Hires Ford’s Heyer to Lead Auto Tech Banking
Credit Suisse Hires Ford’s Heyer to Lead Auto Tech Banking Bloomberg | Jul 8, 2019 at 7:48 PM Credit Suisse Group AG has hired Joe Heyer from Ford Motor Co. to oversee investment banking in the automotive technology sector.
Hyundai Says Little Hold-Up Left for Long-Awaited U.S. Pickup
Hyundai Motor Co. expects to enter the U.S. pickup market soon with what’s likely to be an American-made vehicle aimed at luring buyers who aren’t traditional truck owners, an executive said Monday.
Carmaker JAC Fined $25 Million for Cheating Emissions Tests
The 170 million yuan fine will be included in JAC’s 2019 financial report, putting further pressure on its balance sheet for the year.The China Passenger Car Association, another government-backed association, predicted passenger car sales will fall around 1%.In a similar case in 2016, Chongqing-based Chang’an Automobile (Group) Co. Ltd. was fined 3.78 million yuan after some of its vehicles were found to be pumping out excess pollution.
FAW sees strong H1 sales of Hongqi models
China’s leading automaker FAW Group posted a skyrocketing year-on-year increase in the sales of its Hongqi-brand vehicles in the first half of the year (H1).The company’s Hongqi production workshop based in Northeast China’s Jilin province sold 33,242 vehicles in H1, up 255 percent year-on-year.The sales boom was attributed to the company’s launch of two models including a new Hongqi H5 and the brand’s first pure electric SUV E-H3, since the beginning of this year.