Category: Newswire

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.

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..

Aurus Senat Sedan price to be $272,400

MOSCOW, August 23. /TASS/. The price of Aurus Senat Sedan executive-class car will be 18 mln rubles ($272,400) in the basic configuration, Chief Executive Officer of Aurus Adil Shirinov said on Friday.
“Aurus Senat Sedan, the car presented here to you this day, will have the price of 18 mln rubles ($272,400) in the basic configuration,” Shirinov said.
The vehicle will not be offered for retail sales in 2019, he noted.
About 200 vehicles will be produced in 2020, Minister of Industry and Trade Denis Manturov said earlier. A portion of them will be subjected to tests, another portion will be provided to the Russian government and the rest will be freely sold.
The first showroom of Russian brand of executive cars Aurus was opened in Moscow City business center earlier on Friday.
Aurus is a Russian brand of cars for senior officials. The car was designed as part of the Cortege project, which has been implemented by NAMI (Central Scientific Research Automobile and Automotive Engines Institu..

BYD H1 profit triples from booming NEV sales

SHENZHEN, Aug. 23 (Xinhua) — China's leading new energy vehicle (NEV) manufacturer BYD reported a year-on-year rise of 203.6 percent in net profit for the first half of 2019 on booming NEV sales.
Its net profit reached 1.45 billion yuan (about 205 million U.S. dollars), compared to 479 million yuan in the same period last year, the Shenzhen-based company said in its interim statement filed to the Shenzhen Stock Exchange.
The figure hit the lower end of its earnings guidance issued in April.
During the January-June period, its revenue grew 14.8 percent year on year to 62.2 billion yuan. The revenue from the NEV sector surged 38.8 percent to 25.5 billion yuan.
Despite sluggish sales for gasoline-powered vehicles, the NEV market has experienced a boom in China.
In the six months, the automobile sales in China fell 12.4 percent year on year to 12.3 million units while the NEV sales soared 49.6 percent to 617,000 units, according to the China Association of Automobile Manufacturers.
D..