Mumbai (Business Emerge), October 9: Hyundai Motor Company is set to make a significant impact on the Indian automotive sector by channeling the proceeds from its upcoming initial public offering (IPO) into research and development as well as new vehicle innovations. The $3.3 billion IPO of its Indian division, anticipated to be the largest ever in India, is aimed at establishing the country as a key manufacturing hub for emerging markets. The company’s IPO is projected to value its Indian business at approximately $19 billion, positioning it within the world’s third-largest automotive market. This move will see Hyundai competing against…
Author: David Brown
Beijing (Business Emerge), October 9: In September, Tesla’s sales of electric vehicles manufactured in China increased by 19.2% compared to the same month last year, as reported by the China Passenger Car Association (CPCA). This growth marks a pivotal moment for the company as it showcases its resilience in the competitive EV market. During the same month, deliveries of the locally produced Model 3 and Model Y rose by 1.9% compared to August. Although Tesla has announced its global deliveries for the quarter, it has yet to provide detailed figures specifically for the Chinese market. BYD, a Chinese competitor, experienced…
Washington (Business Emerge), October 9: Honda has announced a significant recall affecting 1.7 million cars and SUVs in the United States due to a steering issue that could hinder maneuverability and elevate the risk of accidents. The recall encompasses various models produced from 2022 to 2025, including the Civic, Civic Type R, CR-V, HR-V, Acura Integra, and Integra Type S. Since 2021, the company has logged 10,328 warranty claims associated with this problem. The National Highway Traffic Safety Administration (NHTSA) launched an investigation into this matter in March 2023, subsequently intensifying its inquiry in November. According to the NHTSA, the…
Paris (Business Emerge), October 7: Stellantis has announced that it will commence production of the next iteration of its popular mid-sized Jeep Compass SUV at the Melfi facility in southern Italy in 2025. The new model, built on Stellantis’ versatile Medium platform, will support multiple propulsion systems, including fully electric, hybrid, and traditional internal combustion engines, enabling greater flexibility and affordability for consumers. This new production initiative is anticipated to partially address Stellantis’ recent production slump in Italy, driven by weak market demand and ongoing factory upgrades for new models. Vehicle output at Stellantis’ Italian facilities has declined by over…
Beijing (Business Emerge), October 7: The European Commission’s recent move to impose tariffs on Chinese-manufactured electric vehicles poses a significant threat to decades of EU-China cooperation and may jeopardize climate-change goals, Chinese state media outlet Xinhua reported on Saturday. On Friday, the EU confirmed it would proceed with substantial tariffs on electric vehicles (EVs) imported from China, despite opposition from Germany, the bloc’s largest economy. This represents the biggest trade dispute with Beijing in over ten years. According to Xinhua, the decision exposes a “deep-seated protectionist impulse.” The state-run outlet argued that, instead of fostering cooperation, these tariffs might escalate…
Frankfurt (Business Emerge), October 7: Volkswagen CEO Oliver Blume has called on the European Union to reconsider its proposed tariffs on China-manufactured electric vehicles, suggesting that incentives be provided for investments made within Europe. In an interview with the Sunday paper Bild am Sonntag, Blume stated, “Instead of punitive tariffs, the focus should be on recognizing mutual investments. Those who invest, generate jobs, and collaborate with local firms should receive benefits regarding tariffs.” The EU is moving forward with plans to implement tariffs on electric vehicles produced in China, as announced by the EU executive last Friday. This decision is…
Stuttgart (Business Emerge), September 6: Daimler Truck is preparing for a downturn in the commercial vehicle market, with incoming CEO Karin Radstrom expected to steer the company through a period of reduced demand. Joe Kaeser, Chairman of the German truck manufacturer, emphasized the need for the company to adapt to market changes, calling for strategic action to improve profitability. Radstrom, currently head of the Mercedes-Benz lorry division, will officially assume her role as CEO on October 1. Her appointment comes after Daimler Truck lowered its revenue expectations and cut working hours at its German facilities due to weaker demand across…
Washington (Business Emerge), September 6: Piedmont Lithium, a leading U.S. miner of electric vehicle battery metals, has withdrawn its application for a government loan and is reassessing its expansion strategy across two continents. This decision comes in response to a significant decline in lithium prices, which have dropped 83% over the past year. The company’s move to scale back is part of a broader industry retrenchment, triggered by reduced electric vehicle sales and an oversupply of lithium from Chinese producers. The company had previously applied for a loan through the U.S. Department of Energy’s Loan Programs Office (LPO), aiming to…
Göteborg (Business Emerge), September 6: Volvo Cars, the Swedish automaker, announced on Thursday that it is once again revising its profit margin and revenue expectations for the year, citing difficult market conditions. This marks the second adjustment in 2024, coming just a day after the company dropped its ambitious plan to fully switch to electric vehicle (EV) sales by 2030. Volvo pointed to several factors, including the effects of tariffs and slowing demand for EVs, as key reasons for the shift. The global auto industry is grappling with lower demand for electric vehicles, driven in part by a lack of…
New York (Business Emerge), September 6: Tesla Inc.’s stock surged by more than 6% on Thursday, bolstered by the company’s ongoing push to introduce its Full Self-Driving (FSD) software in European and Chinese markets. The launch, dependent on regulatory approvals, reflects Tesla’s continued efforts to lead the autonomous vehicle space. This development comes as the company prepares for the unveiling of its highly anticipated robotaxi, “Cybercab,” next month. CEO Elon Musk announced in July that Tesla is likely to secure regulatory approvals for FSD in these regions before the year ends. He further indicated on Thursday that the right-hand drive…