Nidec to invest $7bn-plus in EV motors, CEO Nagamori says

KYOTO — Nidec plans to invest a total of 1 trillion yen ($7.21 billion) in its E-Axle electric motor systems by around fiscal 2030, Chairman and CEO Shigenobu Nagamori told Nikkei, in its bid to become the world’s top player in the field. The adoption of electric vehicles will rapidly accelerate starting in 2025, according… Continue reading Nidec to invest $7bn-plus in EV motors, CEO Nagamori says

BYD accelerates in Thailand as fuel costs drive EV demand

BANGKOK — Thai motorists are eyeing electric vehicles at the country’s annual motor expo that opened in Bangkok on Thursday, as they look for relief from high fuel prices. But with only a few brands ready to deliver EVs by year’s end, Chinese automaker BYD has an early advantage. “Any brand that can deliver fast,… Continue reading BYD accelerates in Thailand as fuel costs drive EV demand

Japanese automakers hit by China’s zero-COVID lockdowns

TOKYO — Ongoing COVID lockdowns in China are forcing Japanese car and truck manufacturers to drastically adjust their production schemes in the country, in some cases forcing Honda and Toyota to completely suspend operations at their factories there. The country’s zero-COVID policy of initiating massive lockdowns to stop outbreaks is keeping workers in their homes,… Continue reading Japanese automakers hit by China’s zero-COVID lockdowns

Mitsubishi Motors joins ranks offering inflation bonuses to workers

TOKYO — Mitsubishi Motors will offer one-time bonuses of up to 100,000 yen ($722) to help employees deal with inflation, joining a growing list of Japanese companies providing financial assistance. The automaker will distribute the allowances Friday. About 12,000 regular and other nonmanagerial employees will receive the full 100,000 yen lump sum. Another 2,000 nonregular… Continue reading Mitsubishi Motors joins ranks offering inflation bonuses to workers

India’s automakers race to lead the pack in an electric future

MUMBAI — Major automakers in India are making a big push toward electric vehicles, hoping to grab the lion’s share of the country’s nascent market. Tata Motors has introduced electrics that are 30% to 50% cheaper than conventional models, showing a willingness to sacrifice profitability for market share. Other manufacturers are increasing investments as the… Continue reading India’s automakers race to lead the pack in an electric future

Hyundai Motor to procure EV batteries from SK On in North America

SEOUL (Reuters) — South Korea’s Hyundai Motor Group has signed an agreement to source electric vehicle (EV) batteries in North America from battery maker SK On, the companies said on Tuesday. The partnership follows the signing in August of the U.S. Inflation Reduction Act, which will require automakers to source a certain percentage of critical… Continue reading Hyundai Motor to procure EV batteries from SK On in North America

Honda suspends Wuhan plants amid China’s zero-COVID lockdowns

TOKYO — Honda Motor announced Monday that it has suspended operations at three automobile plants in Wuhan, China, as coronavirus lockdowns in the country continue. The suspension comes as employees are unable to go to work due to citywide shutdowns stemming from China’s strict “zero-COVID” policy. The Japanese company said it is considering whether operations… Continue reading Honda suspends Wuhan plants amid China’s zero-COVID lockdowns

Japan’s NGK Spark Plug to buy U.S. medical device maker

TOKYO — Japanese auto parts manufacturer NGK Spark PlugĀ said Monday that it will purchase MGC Diagnostics Holdings, a U.S. medical device maker, in a deal worth $170.2 million. NGK will make the acquisition through its U.S. subsidiary Caire, which produces oxygen concentrators. Once the transaction closes on Dec. 30, MGC will becomeĀ a wholly owned subsidiary… Continue reading Japan’s NGK Spark Plug to buy U.S. medical device maker

Japan’s battery future hinges on EV growth, says lithium ‘father’

TOKYO — Japan must rapidly increase its sales of electric vehicles if it wants to lead the global storage battery market and lock horns with China and South Korea in 2025, warns the Nobel-winning inventor of modern batteries, as competition intensifies over the essential component of green cars. Japan once led the field of lithium-ion… Continue reading Japan’s battery future hinges on EV growth, says lithium ‘father’

India’s Ultraviolette Automotive raises funding from Qualcomm

BENGALURU — TVS Motor-backed electric bike maker Ultraviolette Automotive has raised funding from Qualcomm Ventures and Lingotto, the largest shareholder in Italian sports carmaker Ferrari, as it looks to expand its operations and ramp up its technology. This marks a part of the Series D round for the company. Go to Source