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☆ Winners and losers of the UAW talks with GM, Ford and Stellantis
▼ + stars: | 2023-10-31 | by ( Michael Wayland | ) www.cnbc.com time to read: +7 min

UAW President Shawn Fain warned of a more combative union heading into the talks, but not many, if anyone, expected the union to strategically outmaneuver the companies like it did, leading to record deals for 146,000 UAW members with GM, Ford Motor and Stellantis . UAW members must still vote to ratify the tentative agreements. 1, of course, are the UAW members," said Art Wheaton, a labor professor at The Worker Institute at Cornell University. Some winners, some losers: UAW membersBroadly speaking, the UAW members covered by the new deals are winners, however not everyone faced the financial toll of the union's strikes against the Detroit automakers. They may also be targets of increased organizing efforts by members seeking better wages like those for UAW members.

Persons: Joe Biden, Shawn Fain, Evelyn Hockstein, General Motors, Fain, Tesla, Wheaton, Shawn Fain Fain, they've, Marick, It's, Ford, John Lawler, Masters, I'm, Biden Organizations: United Auto Workers, Reuters DETROIT, General, Detroit, UAW, GM, Ford Motor, Worker Institute, Cornell University, Wayne State University, Ford, Deutsche Bank, Finance, Detroit automakers, Toyota, Hyundai, EVs Locations: Bellville , Michigan, U.S, Detroit, Michigan

It would also require the Labor Department to compile a list of companies ineligible for federal contracts based on "serious, repeated, or pervasive violations of child labor laws." The Labor Department said earlier this month that in the 2023 fiscal year, which ended on Sept. 30, 2023, investigations had found close to 5,800 kids illegally employed in the U.S., an 88% increase from 2019. Another bipartisan Senate bill introduced on Thursday by Republican Marco Rubio from Florida, with Democrats Alex Padilla from California and John Hickenlooper from Colorado, and Republican Roger Marshall from Kansas, would require the Labor Department to report more details to lawmakers about the perpetrators and victims involved in child labor cases. A February 2022 Reuters story exposed child labor at Alabama chicken plants, revealing how unaccompanied Central American migrants in debt to human smugglers were working grueling factory shifts. Later, in November, the Labor Department filed a complaint against cleaning company Packers Sanitation Services Inc. (PSSI) for employing dozens of kids cleaning meatpacking plants around the country, some of whom suffered chemical burns and other injuries.

Persons: Cory Booker, Kevin Lamarque, Josh Hawley, Republican Marco Rubio, Alex Padilla, John Hickenlooper, Republican Roger Marshall, Rubio, Dick Durbin, Mica Rosenberg, Joshua Schneyer, Kristina Cooke, Aurora Ellis, Jonathan Oatis Organizations: Capitol, REUTERS, Democratic, Labor Department, U.S . Department of Agriculture, The Labor Department, Republican, Central, Packers Sanitation Services Inc, Hyundai, Kia, Reuters, Democratic Senators, Senate, Thomson Locations: Washington , U.S, United States, U.S, New Jersey, Missouri, Florida, California, Colorado, Kansas, Alabama, Korean, Mexico, Illinois, New York

A Hyundai Elantra N is displayed at the Auto Shanghai show, in Shanghai, China April 18, 2023. Hyundai reported a net profit of 3.2 trillion won ($2.36 billion) for the July-September period, up from 1.3 trillion in profit a year earlier. That exceeded an estimate of 2.9 trillion won from 19 analysts compiled by LSEG SmartEstimate, which is weighted toward forecasts from analysts who are more consistently accurate. Revenue rose 8.7% year-on-year to 41 trillion won. Shares of Hyundai Motor were trading down 0.2% as of 0451 GMT, versus benchmark KOSPI's (.KS11) 2.4% fall.

Persons: Aly, LSEG SmartEstimate, 1,358.3200, Heekyong Yang, Joyce Lee, Clarence Fernandez, Jamie Freed Organizations: Hyundai, Auto, REUTERS, Rights, General Motors, EV, Hyundai Motor, Thomson Locations: Auto Shanghai, Shanghai, China, Rights SEOUL, KS

☆ Tesla faces Justice Department probe of range claim
▼ + stars: | 2023-10-25 | by ( Chris Isidore | ) edition.cnn.com time to read: +2 min

New York CNN —The Justice Department is investigating whether or not Tesla cars can live up to the EPA’s official estimates of how far they can go on a single charge. But Consumer Reports has conducted tests that it said shows Tesla vehicles fall well short of the advertised range, no matter the weather. The organization conducted its own range tests on the Tesla Model Y as well as the Volkswagen ID.4, the Hyundai Ioniq 5 and the Ford Mustang Mach-E. The ID.4 and Mach-E both did slightly better than claimed in warm weather, the Ioniq 5 got within two miles of the claim of a 256-mile range. It went 274 miles in warm weather in the Consumer Reports test, compared to the official EPA stated range of 326 miles.

Persons: “, ” Organizations: New, New York CNN, The Justice, SEC, DOJ, Tesla, Volkswagen, Hyundai, Ford, Consumer, EPA, Justice Department Locations: New York

Hyundai to Hold Software-Upgrade Clinics Across the US for Vehicles Targeted by ThievesHyundai says it will set up “mobile clinics” at five U.S. locations to provide anti-theft software upgrades for vehicles now regularly targeted by thieves using a technique popularized on TikTok and other social platforms

Persons: Hyundai Organizations: Hyundai, Hold, Vehicles

[1/2] United Auto Workers (UAW) union members picket outside Ford's Kentucky truck plant after going on strike in Louisville, Kentucky, U.S. October 12, 2023. Total economic losses from the auto workers' strike have reached $9.3 billon, the Anderson Economic Group said earlier this week. Getting the deal ratified will be up to Fain and UAW leaders, and that is not assured. UAW workers at the company now called Stellantis rejected a proposal endorsed by UAW leaders in 2015. UAW leaders feared that the automakers would cut jobs at combustion engine factories and shift work to non-union joint venture battery plants or overseas suppliers.

Persons: Luke Sharrett, Shawn Fain, Ford, Sam Fiorani, Stellantis, Joe Biden, Fain, Donald Trump, Mrinmay Dey, Peter Henderson, Abhirup Roy, Shailesh Kuber, Sayantani Ghosh, Cynthia Osterman Organizations: United Auto Workers, UAW, REUTERS, Ford, General Motors, Chrysler, Stellantis, GM, AutoForecast Solutions, CNBC, Anderson Economic Group, Detroit, U.S, Republican, Mack, EV, Detroit Three, Toyota, Tesla, Hyundai, Thomson Locations: Ford's Kentucky, Louisville , Kentucky, U.S, Arlington , Texas, Kentucky, Sterling Heights , Michigan, Detroit, Michigan, United States, Bengaluru

An employee walks past the logo of LG Energy Solution at its office building in Seoul, South Korea, November 23, 2021. LGES, which supplies Tesla (TSLA.O), General Motors (GM.N) and other automakers, said revenue growth in 2024 would not be as high as the mid-30% rate forecast for this year. LGES shares dropped as much as 6.69% to the lowest level in more than 12 months, versus the benchmark KOSPI's (.KS11) 0.6% fall. The company also said it would produce cheaper lithium iron phosphate (LFP) batteries from 2026 to better respond to demand for lower-priced EVs. But it was down 6% from the June quarter due to the demand slowdown in Europe, production adjustments by automakers and lower metal prices.

Persons: Kim Hong, Lee Chang, sil, Kim Gyunghoon, Kim, Kang Dong, LGES, 1,345.0800, Heekyong Yang, Joyce Lee, Miyoung Kim, Jamie Freed Organizations: LG Energy, REUTERS, GM JV, Korean, EV, General Motors, GM, Hyundai Motor Securities, Thomson Locations: Seoul, South Korea, SEOUL, China, Europe, Poland, U.S, Ohio, ARIZONA, Arizona

A year has passed since Hyundai Motor Group broke ground on the $7.6 billion vehicle and battery plant, the South Korean automaker's first U.S. factory dedicated to producing EVs. The plant is being built parallel to Interstate 16 on a site that covers more than 2,900 acres (1,170 hectares). Tollison said suppliers opening shop in nine Georgia counties near the Hyundai plant will create another 6,000 jobs. It’s the largest economic development project in Georgia’s history. Pat Wilson, Georgia’s economic development commissioner, has said Hyundai is projected to have a direct payroll of $4.7 billion over the next 10 years.

Persons: ”, Oscar Kwon, Jose Munoz, ” Munoz, Tollison, Pat Wilson Organizations: Hyundai Motor Group, Korean, Hyundai, Metaplant, Economic Development Authority, LG Energy Locations: Georgia, U.S, Savannah

☆ South Korea's Hyundai, Saudi Aramco clinch $2.4 bln gas plant deal
▼ + stars: | 2023-10-24 | by ( Hyonhee Shin | ) www.reuters.com time to read: +2 min

[1/2] General view of the summit between President of South Korea, Yoon Suk-Yeol and Saudi Arabia's Crown Prince, Mohammed bin Salman in al Yamamah Palace in Riyadh, Saudi Arabia October 22, 2023. Saudi Press Agency/Handout via REUTERS Acquire Licensing RightsSEOUL, Oct 24 (Reuters) - South Korea's Hyundai Engineering & Construction (000720.KS) and Hyundai Engineering have signed a $2.4 billion contract with oil giant Saudi Aramco (2222.SE) to build a gas processing plant, Seoul's presidential office said on Tuesday. Jafurah is Saudi's largest unconventional non-oil associated gas field, with reserves estimated at 200 trillion cubic feet (5.7 trillion cubic metres) of raw gas. State-run Korea National Oil Corp also clinched a storage deal with Aramco during Yoon's visit that allows the Saudi company to store 5.3 million barrels of oil in South Korea's reserve facilities in the port of Ulsan for five years. After a four-day stay in Riyadh, Yoon left for Doha on Monday where he will attend an international horticultural expo before holding a summit on Tuesday with Qatar's Emir Sheikh Tamim bin Hamad al-Thani, his office said.

Persons: Yoon Suk, Saudi Arabia's Crown Prince, Mohammed bin Salman, Yoon Suk Yeol, Yoon, Saudi Crown Prince Mohammed bin Salman, Emir Sheikh Tamim bin Hamad, Hyonhee Shin, Tom Hogue Organizations: Saudi Arabia's Crown, Saudi Press Agency, Handout, REUTERS Acquire, Rights, Hyundai Engineering, Construction, Saudi Aramco, South Korean, Hyundai Motor Group, Hyundai, Aramco, Saudi Crown, Saudi, Hamas, Korea National Oil Corp, Doha, Thomson Locations: South Korea, al Yamamah, Riyadh, Saudi Arabia, Rights SEOUL, Saudi, Israel, South Korea's, Ulsan, Thani

WASHINGTON (AP) — The Senate voted 98-0 to approve President Joe Biden’s nominee to lead the Federal Aviation Administration on Tuesday, ending a span of nearly 19 months in which the agency was without a Senate-confirmed chief. Michael Whitaker is a former deputy FAA administrator and most recently served as chief operating officer of a Hyundai affiliate that is developing an air taxi. Whitaker's confirmation seemed assured last week, when members of the Senate Commerce Committee endorsed him unanimously. The nomination of Denver International Airport CEO Phil Washington languished for months, then failed to get out of the Commerce Committee because of opposition from Republicans and independent Kyrsten Sinema of Arizona. The FAA has been without a Senate-confirmed administrator since March 2022, when Stephen Dickson stepped down midway through his five-year term.

Persons: Joe Biden’s, Michael Whitaker, Whitaker, Whitaker's, Maria Cantwell, Phil Washington, Stephen Dickson Organizations: WASHINGTON, —, Federal Aviation Administration, Hyundai, Senate, Denver International, FAA Locations: Arizona

☆ Billionaire investor Leon Cooperman warns of sticky inflation and looming recession - and flags the threat of financial disaster
▼ + stars: | 2023-10-23 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

Leon Cooperman warned of sticky inflation, higher interest rates, and a potential recession. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementShort-sighted officials have paved the way for stubborn inflation, steeper interest rates, and a full-blown recession, Leon Cooperman told Insider in an interview this week. As prices continue to jump, Cooperman suggested interest rates — which the Fed has raised from virtually zero to above 5% during the last 18 months — could rise further.

Persons: Leon Cooperman, Cooperman, —, Goldman Sachs, that's, frugally, We've Organizations: Service, Reserve, Omega Advisors, Yankee, Hyundai, Treasury Locations: Bronx, Washington

A general view of the Samsung SDI battery factory in God, Hungary, December 12, 2022. REUTERS/Marton Monus Acquire Licensing RightsSEOUL, Oct 23 (Reuters) - South Korea's Samsung SDI (006400.KS) said on Monday it will supply Hyundai Motor (005380.KS) with electric vehicle (EV) batteries for seven years starting 2026, marking the first battery supply deal between the two companies. "The latest supply deal marks the first ever partnership between Samsung and Hyundai Motor Group in the field of electric vehicle batteries," Samsung SDI said in a statement. The battery maker, which supplies to General Motors Co (GM.N), Stellantis (STLAM.MI), BMW (BMWG.DE) among others, added that it will supply prismatic batteries manufactured at its factory in Hungary for Hyundai Motor's EVs targeting the European market from 2026 through 2032. Samsung SDI did not disclose the size of the deal.

Persons: Marton Monus, Heekyong Yang, hyang Choi, Diane Craft, Jacqueline Wong Organizations: Samsung SDI, REUTERS, Rights, Korea's Samsung SDI, Hyundai, Samsung, Hyundai Motor Group, General Motors Co, BMW, Hyundai Motor's, Thomson Locations: God, Hungary, Rights SEOUL, KS

☆ Hyundai to build Saudi car plant jointly with Saudi wealth fund
▼ + stars: | 2023-10-22 | by ( ) www.reuters.com time to read: +1 min

The logo of Hyundai Motor Company is pictured at the New York International Auto Show, in Manhattan, New York City, U.S., April 13, 2022. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsRIYADH, Oct 22 (Reuters) - South Korea's Hyundai Motor Group (005380.KS) will build a car plant in Saudi Arabia jointly with the Public Investment Fund (PIF), Saudi Arabia's sovereign wealth fund, South Korea's President Yoon Suk Yeol said on Sunday. Hyundai Motor Group, the world's No. Yoon visited Saudi Arabia where he met with Saudi Crown Prince Mohammed bin Salman, the kingdom's de facto ruler. Yoon traveled with a delegation of business leaders including Hyundai Motor Group Executive Chair E.S.

Persons: Andrew Kelly, Yoon Suk Yeol, Yoon, Saudi Crown Prince Mohammed bin Salman, Chung, Prince Mohammed, Pesha Magid, Heekyong Yang, Aziz El Yaakoubi, John Stonestreet, David Holmes Organizations: Hyundai Motor, New York, REUTERS, Rights, Hyundai Motor Group, Public Investment Fund, South, Hyundai, South Korean, Saudi Crown, Thomson Locations: Manhattan , New York City, U.S, Rights RIYADH, KS, Saudi Arabia, Saudi, Riyadh, Gulf

☆ Consumers can now find huge discounts on electric cars
▼ + stars: | 2023-10-21 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +4 min

CNN —Thanks to growing competition in the market, and some reticence from consumers, automakers and car dealers are offering huge discounts on electric vehicles, particularly luxury models. In September 2022, the average electric vehicle purchased in the United States, excluding Teslas, went for about $1,500 over sticker price. (Remember, for most new vehicles, the manufacturer’s suggested retail price, or sticker price, is just a suggestion, with the final selling price usually higher or lower.) In sheer dollars, the average price paid for a non-Tesla electric vehicle actually went up slightly over the past year. A couple looks at a Volkswagen ID.4 electric vehicle while shopping at a new car dealership.

Persons: Joseph Yoon, Pat Ryan, ” Ryan, Michael Nagle, Tesla, It’s, Yoon, Alison Flores, “, Edmunds, Charles Krupa Organizations: CNN, Edmunds, Nissan, New York, Bloomberg, Getty, Tesla, Teslas, Audi, BMW, Mercedes, Volkswagen, Hyundai, Volvo, Tax, H, AP Locations: Edmunds, United States, That’s

☆ South Korea's Yoon Departs for Saudi Arabia and Qatar
▼ + stars: | 2023-10-21 | by ( Oct. | At A.M. | ) www.usnews.com time to read: +1 min

SEOUL (Reuters) - South Korean President Yoon Suk Yeol left for Saudi Arabia and Qatar on Saturday to discuss business cooperation as well as to discuss security conditions amid the crisis in the Middle East, his office said. Yoon, in what would be the first state visit by a South Korean leader, will hold talks with Saudi Crown Prince Mohammed bin Salman on Sunday, and will travel to Qatar on Oct. 24-25 for a summit and to attend a business forum. The state visit takes place roughly a year after the Saudi crown prince visited South Korea and discussed cooperation in the areas of energy, defence and infrastructure construction, signing investment pacts worth $30 billion with Korean firms. Business leaders accompanying President Yoon include Samsung Electronics Executive Chairman Jay Y. Lee, Hyundai Motor Group Executive Chair E.S. Chung and the heads of Hanwha, GS, and HD Hyundai conglomerates, according to Yoon's office.

Persons: Yoon Suk Yeol, Yoon, Saudi Crown Prince Mohammed bin Salman, Jay Y, Lee, Chung, Cynthia Kim, Lincoln Organizations: South, Saudi Crown, Business, Samsung Electronics, Hyundai Motor Group, Hyundai Locations: SEOUL, Saudi Arabia, Qatar, South Korean, Saudi, South Korea

☆ Analysts' comments on China's export permits for some graphite products
▼ + stars: | 2023-10-20 | by ( ) www.reuters.com time to read: +3 min

Here is what analysts are saying about the measure:IVAN LAM, SENIOR ANALYST, COUNTERPOINT RESEARCH:"In addition to China, other countries and regions also implement graphite export controls. Graphite has a wide range of applications in industry, and the demand for its use is growing. KANG DONG-JIN, ANALYST AT HYUNDAI SECURITIES IN SEOUL:"It's not that China would suddenly stop export graphite, but it would be more intensely regulated and reviewed. It is still unclear how far China would take this graphite export curb, which would determine the supply chains. "With this new graphite export curb, South Korean firms - or South Korea in general, which heavily rely on China for graphite imports, would need to seek alternatives, such as mines from the United States or Australia, but it would likely increase cost burden for many."

Persons: Aly, IVAN LAM, CHRISTOPHER RICHTER, you've, KANG DONG, JIN, Brenda Goh, Daniel Leussink, Heekyong Yang, Miyoung Kim, Nivedita Organizations: REUTERS, Rights, EU, Thomson Locations: Port, Shanghai, China, Rights SINGAPORE, Russia, Ukraine, TOKYO, SEOUL, South Korea, United States, Australia, Tokyo, Seoul

☆ Car theft surged more than 10% in one year. See the most stolen models.
▼ + stars: | 2023-10-20 | by ( Graham Rapier | ) www.businessinsider.com time to read: +2 min

The Dodge Charger SRT Hellcat is the most frequently stolen vehicle in the US, a nonprofit says. The nonprofit said it identified the top stolen cars from 2020 to 2022 based on a review of claims per insured vehicle. As you might expect, pricey cars like the Dodge Charger SRT Hellcat, which can cost more than $80,000, topped the list. AdvertisementAdvertisementThieves favor the Dodge Charger SRT Hellcat the most, stealing it about 60 times more frequently than the average car, IIHS said, landing it a relative claim frequency of more than 6,000. Here's the full list of the most stolen vehicles, according to IIHS: (as a reference point, the average relative claim frequency across all vehicles is 100):

Persons: IIHS, — Organizations: Dodge, Kia, Hyundai, Service, FBI, Insurance Institute for Highway Safety

☆ The auto industry overestimated EV demand this year. Now companies are scrambling.
▼ + stars: | 2023-10-20 | by ( Nora Naughton | Alexa St. John | ) www.businessinsider.com time to read: +7 min

The EV segment has enjoyed a long period of exponential growth. AdvertisementAdvertisementCar companies talk a big game about the transition to electric cars. He currently has enough electric cars to last for 100 days across all brands. Though the EV share of some automakers' businesses is small, the EV segment has been enjoying a long period of exponential growth. And without more affordable options, dealers told Insider they are running out of customers to pitch their electric cars to.

Persons: carmakers, EVs, —, Ford, General Motors, it's, It's, Vince Sheehy, " Sheehy, Cameron Johnson, Sheehy, Tesla, Eric Freshee, Stewart Stropp, Power, Stropp, Martin French Organizations: Service, General, Ford, Hyundai, Volkswagen, GMC, Magic City Auto Group, ICE, EV, Tamaroff Locations: Volta, Washington, D.C, Virginia, headwinds, Midwest, EVs

☆ Toyota’s electric cars will adopt Tesla’s charging standard
▼ + stars: | 2023-10-20 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +2 min

CNN —Toyota has joined the growing list of automakers that have decided to switch to using Tesla’s charging standard. Beginning in 2025 all Toyota electric vehicles sold in the US will have charging ports designed to work with Tesla’s North American Charging Standard (NACS), rather than the Combined Charging System plugs automakers in the US now use. Toyota’s announcement means that all of America’s best-selling automakers — Toyota ranks second only to General Motors in US sales — have agreed to switch to Tesla’s standard in the next few years. Tesla chief executive Elon Musk announced in November of last year that he was inviting other automakers and charging companies to adopt Tesla’s NACS. Major charging companies have announced they will offer both types of cables to service electric vehicles with either type of charging port.

Persons: Toyota's, NATHAN LEACH, Elon Musk, Ford, Tesla, doesn’t Organizations: CNN, Toyota, — Toyota, General Motors, GM, Benz, Nissan, Honda, Hyundai, Kia, Lexus, EV, CCS, Ford, Chrysler, Fiat, Volkswagen, Mazda, Subaru Locations: EVs, America

DETROIT (AP) — Owners of Toyota and Lexus electric vehicles in North America will be able to charge on Tesla's network starting in 2025, and the Japanese automaker also will start using Tesla's EV connector. In a statement Thursday, Toyota says it will adopt Tesla's North American Charging Standard plug in a little over a year. The announcement comes just after Hyundai, Kia and BMW made similar announcements for their electric vehicles. In June SAE International, formerly the Society of Automotive Engineers, said that it would set performance standards for Tesla’s electric vehicle charging cords. Volvo Cars has also signed a deal with Tesla to join its charging network.

Persons: Rivian, Tesla Organizations: DETROIT, Toyota, Lexus, Tesla, EV, Hyundai, Kia, BMW, SAE International, Society of Automotive Engineers, U.S, Ford, General Motors, Volvo Locations: North America, U.S

☆ The Baron Partners Fund crushed 99% of its peers over the last 15 years while beating the Nasdaq by over 300%. 6 stocks they're betting on for the long-term — and 3 qualities they look for in companie
▼ + stars: | 2023-10-18 | by ( William Edwards | ) www.businessinsider.com time to read: +6 min

That puts the Baron fund in the top 1% of similar funds, according to Morningstar data. 6 stocks Baron is betting onThe first is electric-vehicle maker Tesla (TSLA), one of the star performers of the market being up 135% year-to-date. For example, its 12-month forward price-to-earnings ratio is 58.48, and its PEG ratio is 2.24. Arch Capital has a fairly low 12-month forward price-to-earnings ratio of 11.82, but no PEG ratio is available. The firm's PEG ratio is 2.13.

Persons: Michael Baron, Baron, they've, Baron doesn't, Elon Musk, Tesla, Elon, That's, Charles Schwab, Schwab, he's, FactSet Organizations: Baron Partners Fund, Nasdaq, Morningstar, Partners Fund, Ford, GM, Hyundai, Arch Locations: New York

☆ Infineon signs semiconductor supply deal with automakers Hyundai, Kia
▼ + stars: | 2023-10-18 | by ( ) www.reuters.com time to read: +1 min

Infineon Technologies AG logo is seen during German Economy Minister Robert Habeck and Foreign Minister Annalena Baerbock's visit, in Dresden, Germany July 13, 2023. REUTERS/Annegret Hilse/File Photo Acquire Licensing RightsBERLIN, Oct 18 (Reuters) - German chip manufacturer Infineon (IFXGn.DE) said on Wednesday it has signed a multi-year agreement with Hyundai and Kia to supply power semiconductors for the production of electric cars. Infineon will build and reserve manufacturing capacity to supply silicon carbide and silicon power modules and chips to Hyundai and Kia until 2030, with the two carmakers to support the project with financial contributions, Infineon said in a statement. "This partnership not only empowers Hyundai Motor and Kia to stabilise its semiconductor supply but also positions us to solidify our leadership in the global EV (electric vehicle) market," Heung Soo Kim, Hyundai's Executive Vice President, said in a statement. Reporting by Rachel More, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

Persons: Robert Habeck, Annalena Baerbock's, Annegret, Heung Soo Kim, Rachel More, Louise Heavens Organizations: Infineon, REUTERS, Rights, Hyundai, Kia, Hyundai Motor, Thomson Locations: Dresden, Germany

☆ Tesla's dominance in the EV market is fading — and all hinges on the Cybertruck
▼ + stars: | 2023-10-12 | by ( Alexa St. John | Nora Naughton | ) www.businessinsider.com time to read: +4 min

Tesla needs the Cybertruck to claw back market share from other brands. After years of little-to-no competition, Tesla's EV dominance is being tested. Four years later, the Cybertruck finally arrives in an increasingly crowded EV market and, for the first time, as a late-arriver to its electric truck segment. Even as total EV sales in the US hit a record high in the third quarter, Tesla's share fell to a record low of 50%, according to Cox Automotive . AdvertisementAdvertisementTesla's first foray into the lucrative truck market is supposed to hit consumer driveways any day now , and it couldn't be coming at a better time.

Persons: Tesla, —, Tesla's, that's, It's, Cox, Musk, Sam Fiorani Organizations: Service, Elon, Cox Automotive, Ford, GM, Volkswagen, Hyundai, Chevrolet, AutoForecast Solutions, Tesla

☆ Hyundai Motor to make BAIC's ARCFOX electric cars in Beijing - report
▼ + stars: | 2023-10-11 | by ( ) www.reuters.com time to read: +2 min

[1/2] A Beijing Hyundai sign is seen at an entrance to the Beijing Hyundai Motor plant in Chongqing, China October 8, 2018. REUTERS/Yilei Sun/File Photo Acquire Licensing RightsSEOUL, Oct 11 (Reuters) - Hyundai Motor has decided to produce Beijing Automotive Group Co's EV brand ARCFOX cars at its plant in Beijing in a bid for a breakthrough in a major market where it has been struggling to make a foothold, a news report said on Wednesday. The plan is for Beijing Hyundai Motor, a joint venture of Hyundai Motor (011760.KS) and Beijing Automotive Group (BAIC), to produce the ARCFOX vehicles, and the companies are discussing the details, the report cited the sources as saying. Beijing Hyundai Motor will likely oversee the design, production and quality control and use its plant in Beijing, the report said. When asked to comment on the report, Hyundai Motor said it was "currently reviewing various measures for EV production, but nothing has been decided," in a statement to Reuters.

Persons: BAIC, Jack Kim, Heekyong Yang, William Maclean Organizations: Beijing Hyundai, REUTERS, Yilei, Rights, Hyundai, Beijing Automotive, Korea Economic, Beijing Hyundai Motor, Hyundai Motor, Beijing Automotive Group, Reuters, Kia, Thomson Locations: Beijing, Chongqing, China, Rights SEOUL, Korea

☆ Union at Kia Corp suspends strike action to resume talks with company
▼ + stars: | 2023-10-11 | by ( Heekyong Yang | ) www.reuters.com time to read: +2 min

The union and Kia's management had been holding talks for three months over wage increases and an extension of the retirement age. Earlier, the union said it would limit working hours for six working days from Oct. 12 after negotiations stalled, in what would have been the first industrial action at Kia in three years. Kia declined to comment on the industrial action. Last month, the union at South Korea's second largest automaker with more than 26,600 members said 92.3% of its members had approved strike action unless the management accepts their demands. Because the deals with Hyundai Motor and affiliate Hyundai Mobis (012330.KS) were concluded without any industrial action, Kia's unions are likely to avoid any major industrial action, analysts said.

Persons: Kim Hong, Kia Corp's, Lee Jae, Heekyong Yang, Edmund Klamann Organizations: Kia Corp, REUTERS, Rights, Kia, Reuters, South, Hyundai Motor, Hyundai Mobis, Eugene Investment, Securities, Thomson Locations: Seoul, South Korea, Rights SEOUL, KS, South Korea's

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