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Those talks continued over the past week with Tesla discussing minute details of its plans to gain access to India's fast-growing EV market, and Modi personally tracking developments, sources say. Months after seeking clearance for its own $1 billion investment in India, BYD is no longer keen to pursue the approval, Reuters reported. India has told Tesla it will allow its Chinese suppliers into the country if they forge partnerships with local firms, just like Apple did. Tesla does not currently sell vehicles in India. "Add to that an affordable product tailored for the Indian market and it has the potential to be a hit locally."

Persons: Narendra Modi, Elon Musk, Elon, BYD, Tesla, Modi, Musk, Gaurav Vangaal, Tesla's, Sam Fiorani, Aditi Shah, Aftab Ahmed, Aditya Kalra, Shivangi Acharya, Kim Coghill Organizations: India's, India's Press, REUTERS, Economic, Indian, Reuters, EVs, Apple, Global Times, P Global Mobility, Tata Motors, Toyota, Hyundai Motor, Kia, AutoForecast Solutions, Thomson Locations: New York City , New York, U.S, India, New Delhi, Thailand, New York, China, Shanghai

☆ Hyundai, Kia recall 91,000 US vehicles over fire risks, urge owners to park outside
▼ + stars: | 2023-08-03 | by ( David Shepardson | ) www.reuters.com time to read: +1 min

[1/2] Hyundai logo is seen during Munich Auto Show, IAA Mobility 2021 in Munich, Germany, September 8, 2021. The recall covers Hyundai 2023-2024 Palisade, 2023 Tucson, Sonata, Elantra, and Kona vehicles and 2023-2024 Seltos and 2023 Kia Soul, Sportage vehicles. Owners will be notified in late September and dealers will inspect and replace the electric oil pump controller as needed. Kia said it has six reports of potentially related thermal events but no accidents or injuries while Hyundai has four similar reports. In addition to the fire risk, heat damage could trigger a short circuit impacting other onboard vehicle controllers, Hyundai said.

Persons: Wolfgang Rattay, Kia, David Shepardson, Jane Merriman, Nick Zieminski Organizations: REUTERS, Hyundai, Kia, Traffic, Administration, Thomson Locations: Munich, Germany, KS, United States, Tucson

☆ Hyundai and Kia warn drivers of 90,000 vehicles to park outside due to fire risk
▼ + stars: | 2023-08-03 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +3 min

These include 2023 Kia Soul and Sportage vehicles and 2023 and 2024 Kia Seltos models. Last year, owners of nearly 500,000 Kia and Hyundai vehicles were, similarly, warned to park their vehicles away from structures because of a risk of fire. Hyundai and Kia also recalled over 250,000 vehicles in 2022, again warning drivers to park outside, because of the potential for fire from a trailer hitch wiring issue. In a 2021 recall, owners of 380,000 Kia vehicles were also warned to park outside because there was a risk of fire from electronic circuits under the hood. In 2020, Kia recalled 295,000 vehicles because they could catch fire while driving because of fuel leaks.

Persons: Hyundais, Kia Organizations: CNN, Hyundai, Kia, National, Hyundai Motor Group Locations: United States, Canada, South

[1/2] Tesla Chief Executive Officer Elon Musk gets in a Tesla car as he leaves a hotel in Beijing, China May 31, 2023. Months after seeking clearance for its own $1 billion investment in India, BYD is no longer keen to pursue the approval, Reuters reported. India has told Tesla it will allow its Chinese suppliers into the country if they forge partnerships with local firms, just like Apple did. Tesla does not currently sell vehicles in India. "Add to that an affordable product tailored for the Indian market and it has the potential to be a hit locally."

Persons: Elon Musk, Tingshu Wang, Elon, BYD, Tesla, Narendra Modi, Modi, Gaurav Vangaal, Tesla's, Sam Fiorani, Aditi Shah, Aftab Ahmed, Aditya Kalra, Shivangi Acharya, Kim Coghill Organizations: Tesla, REUTERS, Economic, Indian, Reuters, EVs, Apple, Global Times, P Global Mobility, Tata Motors, Toyota, Hyundai Motor, Kia, AutoForecast Solutions, Thomson Locations: Beijing, China, India, New Delhi, Thailand, New York, Shanghai

☆ Hyundai to expand the glove compartment in its EVs, redesigning them to resemble airline overhead bins
▼ + stars: | 2023-08-02 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +4 min

Now, Hyundai Motor Group is adding another amenity to that list: a bigger and better glove compartment. The newly designed glovebox is modeled on overhead bins in airliners, Hyundai Motor Group said Wednesday. The dashboard invention was the gold medal winner in an internal contest at Hyundai Mobis, the auto parts division of Hyundai Motor. For example, Toyota eschews a glove box entirely in its electric vehicles, the Toyota BZ4X and Lexus RZ 450e. Why it’s called a glove boxToday’s glove box is the direct descendant of storage bins in early automobiles that were usually in the floor or under the seat.

Persons: It’s, it’s, Dorothy Levitt —, —, Dorothy Levitt, De Dion, Horace W, Nicholls, Levitt, “, ” Organizations: CNN —, Hyundai Motor, Hyundai Motor Group, Hyundai, Kia, Hyundai Mobis, Hyundai Motor . Employees, Toyota, Lexus, McGill University Library, Nationwide Insurance

☆ AI chip firm Tenstorrent raises $100 mln from Hyundai, Samsung
▼ + stars: | 2023-08-02 | by ( Stephen Nellis | ) www.reuters.com time to read: +2 min

Courtesy of Tenstorrent /Handout via REUTERSAug 2 (Reuters) - Tenstorrent, a Canadian startup headed by chip industry veteran Jim Keller that is developing artificial intelligence chips, said on Wednesday it has raised $100 million from Hyundai Motor Group (005380.KS) and a Samsung (005930.KS) investment fund, among others. Keller, who has previously developed chips for Apple (AAPL.O), Tesla (TSLA.O) and Intel (INTC.O), took over as the startup's CEO earlier this year. Tenstorrent makes its own AI chips, but also sells its intellectual property and other technology to customers looking to make their own AI chips. Hyundai established a semiconductor development group last year and said that it plans to use Tenstorrent technology in "future Hyundai, Kia and Genesis" vehicles. “With this investment, the Group expects to develop optimized but differentiated semiconductor technology that will aid future mobilities and strengthen internal capabilities in AI technology development," Heung-soo Kim, executive vice president and head of the global strategy office at Hyundai Motor Group, said in a statement.

Persons: Jim Keller, Heung Soo Kim, Keller, Tenstorrent, Kim, Stephen Nellis, Marguerita Choy Organizations: Global, Hyundai, REUTERS, Hyundai Motor Group, Samsung, Nvidia, Apple, Intel, Kia, Catalyst Fund, Fidelity Ventures, Eclipse Ventures, Epiq, Maverick Capital, Tesla, LG, Thomson Locations: Santa Clara , California, U.S, Handout, Canadian

SEOUL/SHANGHAI, July 31 (Reuters) - Chinese battery materials firms are ramping up investment in South Korea, announcing projects worth at least $4.4 billion this year to try to meet U.S. electric vehicle (EV) tax credit rules aimed at lowering reliance on China's supply chains. The IRA, designed to wean the U.S. off the Chinese supply chain for electric vehicles (EVs), will also eventually bar tax credits if any EV battery components were manufactured by a "foreign entity of concern", a provision aimed at China. South Korea has a free-trade agreement with the United States that would likely make batteries manufactured in the North Asian nation and later installed in U.S.-manufactured electric cars eligible for the federal tax credits. SK On and its supplier EcoPro Co (086520.KQ) also announced a joint venture with China's Green Eco Manufacture to make battery precursors in South Korea. POSCO Holdings (005490.KS) said last month it would cooperate with China's CNGR Advanced Material (300919.SZ) on nickel refining and precursor production in South Korea.

Persons: Kang Dong, hasn't, China's, 1,274.0000, Heekyong Yang, Zoey Zhang, Miyoung Kim, Tom Hogue Organizations: SK, U.S, Hyundai Motor Securities, China JV, U.S . Treasury Department, South, New Energy Technology, Reuters, Zhejiang, LG Chem, LG Energy, EcoPro, China's, POSCO Holdings, LG, Samsung SDI, EV, Thomson Locations: SEOUL, SHANGHAI, South Korea, United States, China, U.S, Korea, Ningbo, Seoul, South Korean, Korean, KS, Shanghai

SEOUL, July 28 (Reuters) - SK Innovation Co Ltd (096770.KS), owner of South Korea's top refiner SK Energy, said on Friday it expects refining margins to gradually improve in the second half thanks to favourable market conditions backed by solid travel season demand. Analysts said SK Innovation's refining business had been hit by declines in refining margins and oil prices, while its battery business had continued generating losses due to costs related to its newly set up U.S. battery plants. SK Innovation's battery unit SK On, which was split off last year, accounted for about 20% of the company's revenue in the second quarter. SK Innovation said it expects its battery unit's profitability to improve in the second half thanks to the U.S. tax subsidies from the Inflation Reduction Act. Shares of SK Innovation were trading down 0.9%, versus benchmark KOSPI's (.KS11) 0.5% fall at 0210 GMT.

Persons: Refinitiv SmartEstimate, Kim Kyunghoon, 1,282.8300, Heekyong Yang, Joyce Lee, Jamie Freed, Kim Coghill Organizations: SK Innovation Co, refiner SK Energy, Analysts, SK Innovation's, SK, SK Innovation, Ford Motor, Hyundai Motor, Chief, SK On's, LG Energy, Thomson Locations: SEOUL, North America, Europe

The company, which supplies General Motors Co (GM.N), Tesla Inc (TSLA.O) and others, warned it faces weaker EV demand in Europe and China than previously expected. The U.S. is the only market where demand forecasts have not been cut, the company said. LGES reported an operating profit of 461 billion won ($363 million) for the April-June period, up from 196 billion won a year earlier, but that was far below the company's estimate of 612 billion won and an average analyst forecast of 641 billion won compiled by Refinitiv SmartEstimate. "LGES' comment on sluggish EV demand in Europe, where it has major customers like Volkswagen and Renault, seems to be affecting the company's share price," said Kang Dong-jin, an analyst at Hyundai Motor Securities. Revenue for the quarter rose 73% to 8.8 trillion won, LG Energy said in a regulatory filing.

Persons: bln, Lee Chang, LGES, Refinitiv SmartEstimate, Jang Seungkwon, Kang Dong, 1,271.1000, Heekyong Yang, Jihoon Lee, Hyunsu Yim, Shri Navaratnam, Sonali Paul Organizations: GM Bolt, Korea's LG Energy Solution, General Motors, General Motors Co, Tesla Inc, sil, Volkswagen, Renault, Hyundai Motor Securities, Revenue, LG Energy, Thomson Locations: SEOUL, Europe, China, U.S

☆ Electric cars aren’t just for the wealthy anymore
▼ + stars: | 2023-07-27 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +7 min

CNN —Thanks to a combination of new models, more production and new tax laws, electric vehicles are no longer just for the wealthy. Currently the “days supply” of electric vehicles – a measure of the number units on dealer lots relative to how quickly they sell – is now twice that of new vehicles overall. The biggest bargain among electric vehicles currently, whether you lease or buy, happens to be one that’s going away soon. A Chevrolet Bolt EV sits parked at a charging station at Stewart Chevrolet on April 25, 2023 in Colma, California. For almost $10,000 less, in terms of sticker price, Hyundai offers the soon-to-be redesigned Kona Electric.

Persons: Kia, Erik Pendzich, it’s, Mark Luxcombe, Wolters, “ There’s, ” Luxcombe, Brian Moody, Moody, ”, Stewart, Justin Sullivan, Kia EV6, Josh Lefkowitz, Tony Quiroga, Bing Guan, Quiroga, Chevrolet Bolt Organizations: CNN, General Motors, Ford, Hyundai, Kia, Volkswagen, GT, New York, Wolters Kluwer, Cox Automotive, Chevrolet Bolt, Stewart Chevrolet, GM, Angeles, Kona, EV, Chevrolet Locations: America, Colma , California, Los Angeles , California

Tesla, which accounted for more than 60% of U.S. EV sales last year, has the largest network of fast-chargers with almost 18,000 Superchargers. Tesla said earlier this year it would open part of that charging network to EVs from rivals in order to be eligible for a share of funding from $7.5 billion in federal subsidies. The new charging company will support both charging standards but will compete with Tesla's network. CEOs of the seven auto brands said a charging network built out like gas stations with restrooms, food service and retail operations would support a faster EV rollout. Automakers, however, lack the necessary electricians or experience working with retailers, said Andres Pinter, co-CEO at installation and maintenance company Bullet EV Charging Solutions.

Persons: Tesla, Mercedes Benz, Akshay Singh, Karine Jean, Pierre said, Biden, TESLA, Carlos Tavares, Steve Marcus, –, Andres Pinter, Andre Barlow, Doyle Barlow, Mazard, Abhirup Roy, Jarrett renshaw, Kevin Krolicki, Ben Klayman, Paul Lienert, Diane Bartz, Chizu Nomiyama, Bernadette Baum, Marguerita Choy Organizations: General Motors, Hyundai Motor, Kia, Honda, BMW, EV, Tesla, Industry, White House, U.S, REUTERS, GM, Hyundai, BMW –, American, Solutions, VW, Daimler, Ford, Justice, Justice Department, White, Thomson Locations: U.S, North America, Las Vegas , Nevada, America, Europe, San Francisco, Washington

[1/2] A Hyundai Kona vehicle is unveiled at the New York International Auto Show, in Manhattan, New York City, U.S., April 5, 2023. PERFORMANCEHyundai said vehicle sales rose 8.5% to 1.06 million units in the second quarter, with EV sales soaring 47% to nearly 78,000 units. In the United States, Hyundai's biggest market, sales of green energy cars that include EVs and plug-in hybrids more than doubled to 46,000 units. Overall vehicle sales in the U.S. grew 14% to 225,000 units, led by sedans, while in South Korea, its second-biggest market, sales rose 13% to 206,000 units. Hyundai said last month it planned to boost EV production in the United States to three-quarters of its total production there by 2030 from just 0.7% now.

Persons: Andrew Kelly, Elon Musk, Kim Jinwoo, Zayong Koo, Refinitiv SmartEstimate, 1,279.1700, Heekyong Yang, Miyoung Kim, Jacqueline Wong Organizations: Hyundai, New York, REUTERS, Kia Corp, Korea Investment & Securities, EV, Thomson Locations: Manhattan , New York City, U.S, SEOUL, KS, United States, North America, South Korea

In particular, memory chip demand from corporate buyers stocking AI data centres as well as gaming personal computers is expected to increase in the second half of the year, the world's second-biggest memory chip maker said. SK Hynix reported a 2.9 trillion won ($2.28 billion) operating loss in the June quarter, down from 4.2 trillion won profit a year earlier on weak memory chip pricing and demand. AI CHIPSSK Hynix said demand for AI server memory had more than doubled in the second quarter compared to the first quarter. SK Hynix leads the market in high bandwidth memory (HBM) DRAM used in the fast-growing field of generative AI. Samsung, the world's biggest memory chip maker, will report its detailed second-quarter financial results on Thursday.

Persons: SK Hynix, Greg Roh, Nam Dae, 1,274.1300, Joyce Lee, Heekyong Yang, Christopher Cushing, Jamie Freed Organizations: Korea's SK Hynix, Microsoft, SK Hynix's, SK, SK Hynix, Revenue, Samsung Electronics, Hyundai Motor Securities, eBEST Investment, Securities, Samsung, Thomson Locations: SEOUL, KS, HBM

☆ In challenge to Tesla, major automakers launch EV charging network
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: +3 min

July 26 (Reuters) - A group of major automakers on Wednesday said they were forming a new company to provide electric vehicle charging in the United States in a challenge to Tesla and a bid to take advantage of Biden administration subsidies. Tesla (TSLA.O), which accounted for more than 60% of U.S. EV sales last year, has the largest current network of fast-chargers with almost 18,000 Superchargers in the United States. The new charging company will support both CCS and the Tesla standard. “A strong charging network should be available for all – under the same conditions – and be built together with a win-win spirit,” Stellantis CEO Carlos Tavares said in a statement. The new company would compete against established EV charging companies, including Volkswagen's (VOWG_p.DE) Electrify America, ChargePoint (CHPT.N) and EVGo (EVGO.O), which are also looking to accelerate the rollout of chargers with federal funding.

Persons: Tesla, Mercedes Benz, Tesla’s, –, ”, Carlos Tavares, Biden, Kevin Krolicki, Ben Klayman, Chizu Organizations: General Motors, Hyundai Motor, Kia, Honda, BMW, EV, Tesla, U.S, Hyundai, BMW –, American, CCS, Thomson Locations: United States, U.S, North America, America

☆ Mitsubishi's China venture with GAC to cut staff costs after SUV sales dive
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +3 min

[1/2] The logo of Mitsubishi Motors Corp is seen at a showroom of the company's headquarters in Tokyo, Japan November 26, 2018. REUTERS/Toru HanaiBEIJING/SHANGHAI, July 13 (Reuters) - Mitsubishi Motors' (7211.T) joint venture with China's Guangzhou Automobile Group (GAC) (601238.SS) on Thursday said it would cut staff costs to try to revive its fortunes after sharp sales declines for sport utility vehicles (SUV) such as the Outlander. The joint venture, known as GAC Mitsubishi Motors, was launched by GAC, Mitsubishi Motors and trading house Mitsubishi Corp (8058.T) in 2012, focusing on SUV sales in China. The announcement follows mounting pressure on the joint venture that makes Mitsubishi's Outlander model. Mitsubishi's sales in China peaked in 2018, when it recorded sales of over 141,000 vehicles, according to industry data.

Persons: Toru Hanai, Mitsubishi, AlixPartners, Kevin Krolicki, Shri Navaratnam, Mark Potter Organizations: Mitsubishi Motors Corp, REUTERS, Mitsubishi Motors, China's Guangzhou Automobile Group, GAC, GAC Mitsubishi Motors, Mitsubishi Corp, Mitsubishi, Hyundai, Beijing, Thomson Locations: Tokyo, Japan, Toru Hanai BEIJING, SHANGHAI, ., China

☆ Kia to invest $200 million in US plant, build EV9 SUV in 2024
▼ + stars: | 2023-07-12 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

July 12 (Reuters) - Kia (000270.KS) said on Wednesday it will invest more than $200 million in its assembly plant in the U.S. state of Georgia to begin production of its electric EV9 SUV next year. The Korean automaker said the company will add about 200 jobs to build the three-row SUV alongside four other models at the West Point, Georgia, plant. It will be the first Kia electric vehicle assembled in North America and comes as automakers are shifting away from gas-powered vehicles. A rising amount of electric vehicle (EV) and battery investments have been made in Georgia. Hyundai separately broke ground in October on a $5.54 billion EV and battery plant in Georgia's Bryan County.

Persons: Brian Kemp, David Shepardson, Jonathan Oatis, Matthew Lewis Organizations: Kia, Hyundai Motor Group, SK, Korean, U.S, Hyundai, SK Innovation, Ford, Georgia, Thomson Locations: KS, U.S ., Georgia, Korean, Point , Georgia, North America, Georgia's Bartow County, Georgia's Bryan County, Commerce , Georgia, Washington

☆ GM positions new Chevy Trax, Buick Envista crossovers to fill an affordability gap
▼ + stars: | 2023-07-11 | by ( Michael Wayland | ) www.cnbc.com time to read: +4 min

In this article GM Follow your favorite stocks CREATE FREE ACCOUNT2024 Buick Envista GMDETROIT – General Motors is positioning two new crossovers from Chevrolet and Buick as its answer to affordability issues left by discontinued, cheaper sedans. GM's new 2024 Buick Envista and redesigned 2024 Chevrolet Trax crossovers start at $22,400 and $20,400, respectively. 2024 Chevrolet Trax (left) and 2024 Buick Envista Michael Wayland / CNBCExecutives from Buick and Chevrolet say they expect the vehicles to be among their bestsellers as production ramps up and the crossovers are imported from factories in South Korea. 2024 Buick Envista GMThe new Trax and Envista are sibling vehicles as they share the same platform and have similar interiors and silhouettes. 2024 Chevrolet Trax (right) and 2024 Buick Envista Michael Wayland / CNBC

Persons: Cox, Michelle Krebs, Envista Michael Wayland, Sam Russell, Russell, Chevrolet hasn't, Steve Majoros, Paul Waatti Organizations: DETROIT –, Motors, Chevrolet, Buick, Cox Automotive, GM, Toyota Motor, Hyundai, Trax, CNBC, Silverado, Chevy, Trailblazer Locations: South Korea

☆ Explainer: What's behind China's failed 'truce' in EV price war?
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +5 min

[1/2] A Tesla Model 3 electric vehicle (EV) is displayed at the China International Fair for Trade in Services (CIFTIS) in Beijing, China September 1, 2022. Toyota (7203.T) offered a discount on its bZ4X EV, and Nissan (7201.T) offered an incentive on its Ariya EV. Volkswagen's (VOWG_p.DE) joint ventures with SAIC and FAW also announced price cuts in China on their ID-series EVs on Friday. AlixPartners said while China's EV market will continue to grow rapidly, intensifying competition and excess capacity will also drive a shakeout. In one example, Chinese automakers have invested $1.4 billion in Thailand since 2020, now dominating the Thai EV market after taking share from the Japanese brands that have long operated there.

Persons: Florence Lo, Tesla, CAAM, Li Auto, Liu Xu, furloughs, AlixPartners, Zhang Yan, Kevin Krolicki, Tom Hogue Organizations: Tesla, Fair for Trade, Services, REUTERS, China Association of Auto Manufacturers, stoke, HK, Volvo, Chery Automobile, Global, Ford, Toyota, Nissan, EV, General Motors, Honda, Consultancy, Consumers, SAIC, GAC, Dongfeng, FAW Group, China's Ministry of Industry, Information Technology, FAW, National Strategy Institute of Tsinghua University, International, Hyundai, Thai EV, Thomson Locations: Beijing, China, Shanghai, Europe, Southeast Asia, Thailand, Singapore

The world's largest memory chip and smartphone maker estimated its operating profit fell to 600 billion won ($459 million) in April-June, from 14.1 trillion won a year earlier in a short preliminary earnings statement. It would be Samsung's lowest profit for any quarter since a 590 billion won profit in the first quarter of 2009, according to company data. Shares in Samsung fell 1.4% in early morning trade, underperforming a 0.6% drop in the wider market (.KS11). In the January-March quarter, the company reported a whopping 4.58 trillion won loss in its chip business as memory chip prices fell further and its inventory values were slashed. Revenue in April to June likely fell 22% from the same period a year earlier to 60 trillion won, Samsung said in the statement.

Persons: Chris Helgren, Refinitiv, Greg Roh, 1,307.6700, Joyce Lee, Heekyong Yang, Shri Navaratnam, Sonali Paul Organizations: Samsung Electronics, REUTERS, Samsung Electronics Co, Samsung, Hyundai Motor Securities, Revenue, Thomson Locations: Manhattan, New York City, U.S, SEOUL, KS

☆ EV sales: Hyundai overtakes GM, but Tesla's U.S. dominance continues
▼ + stars: | 2023-07-07 | by ( Michael Wayland | ) www.cnbc.com time to read: +6 min

Meanwhile, Hyundai — including the Kia brand that's owned by the same parent company — increased its EV sales by roughly 11% during that time to 38,457 units. GM, which was second in EV sales through the first quarter, more than quadrupled electric car and truck sales to 36,322 units through June compared with a year earlier. And Volkswagen more than doubled EV sales to 26,538 units sold through June. Scott Mlyn | CNBCGM's EV sales thus far have been disappointing, especially when it comes to new models with the automaker's "Ultium" battery technologies. Correction: GM was second in EV sales through the first quarter of this year.

Persons: Brandon Bell, Tesla, Andrew Frick, hasn't, Elon Musk, Musk, disappoints Hyundai's, Randy Parker, we're, Parker, Scott Mlyn, Cadillac Lyriq, Mary Barra, Barra, It's, —, Phil LeBeau, Lora Kolodny Organizations: Getty, Hyundai Motor, General Motors, Motor Intelligence, Hyundai, Kia, GM, Ford Motor, EV, Ford, U.S, Automotive, Biden, Hyundai Motor America, New York Auto Show, CNBC, GMC Hummer, Cadillac, Chevrolet, Aspen Ideas, Chevrolet Silverado, Detroit Locations: Austin , Texas, U.S, Mexican, Texas, North America, South Korea

☆ Samsung flags 96% drop in quarterly profit as chip glut drags on
▼ + stars: | 2023-07-06 | by ( ) edition.cnn.com time to read: +3 min

It would be Samsung’s lowest profit for any quarter since a 590 billion won profit in the first quarter of 2009, according to company data. Shares in Samsung (SSNLF) fell 1.4% in early morning trade, underperforming a 0.6% drop in the wider market. In the January to March quarter, the company reported a whopping 4.58 trillion won loss in its chip business as memory chip prices fell further and its inventory values were slashed. But in the second quarter, losses in Samsung’s memory chip business likely shrank due to more sales of DRAM chips — used in PCs, mobile phones and servers — analysts said. Revenue in April to June likely fell 22% from the same period a year earlier to 60 trillion won, Samsung said in the statement.

Persons: Refinitiv, ”, Kang, Greg Roh Organizations: Samsung Electronics, Samsung, Daishin Securities, Hyundai Motor Securities, ”, Apple Locations: Seoul

☆ Dodge Durango, Jeep SUVs push Stellantis second-quarter sales up 6.4%
▼ + stars: | 2023-07-03 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

DETROIT – Higher sales of the Chrysler Pacifica minivan and Jeep Compass and Dodge Durango SUVs pushed Stellantis' second-quarter U.S. new vehicle sales up 6.4% from a year earlier. Stellantis reported second-quarter sales of 434,648 vehicles, up from 408,521 cars and trucks a year earlier. Stellantis' results come after other legacy automakers reported second-quarter sales increases, and electric vehicle makers Tesla and Rivian reported deliveries that topped analyst quarterly expectations. Honda Motor and Nissan Motor on Monday both reported double-digit second-quarter sales increases of roughly 45% and 33%, respectively, compared to a year earlier. Other automakers such as General Motors and Ford Motor are expected to report second quarter sales later this week.

Persons: Stellantis, Jeff Kommor Organizations: DETROIT –, Chrysler Pacifica minivan, Jeep Compass, Dodge Durango, Pacifica, Cox Automotive, Honda Motor, Nissan, Hyundai Motor, Motors, Ford Locations: Durango

REUTERS/Amit Dave/File PhotoPARIS/DELHI, June 28 (Reuters) - Indian aerospace suppliers see record jet orders by the country's top two carriers boosting domestic parts manufacturing and aircraft repairs, but argue the government must do more to support production. Rising traffic, a search for alternative sourcing to China and orders this month from Air India and IndiGo for nearly 1,000 jets combined have made India a key market for aerospace. "We deserve a piece of that pie," added Sardessai, whose company makes engine and plane interior parts. While he could not estimate how much small suppliers will benefit, any subsidy or incentive could be helpful. AEROSPACE INCENTIVESSome suppliers like Sardessai and Aravind Melligeri, CEO of aerospace-parts producer Aequs, said India should create a production-linked incentive scheme for aerospace as it has done with other sectors.

Persons: Vallabhbhai, Amit Dave, Shekhar Sardessai, Safran, Alaric Diniz, Aravind Melligeri, Aequs, Narendra Modi's, Japan's Suzuki, Sachin Agarwal, Agarwal, Sardessai, Ankit Patel, Patel, Allison Lampert, Aditi Shah, Ben Klayman, Matthew Lewis Organizations: An Air, An Air India Airbus, International Airport, REUTERS, Air, IndiGo, Reuters, Kineco Group, Deloitte, Indian, Apple, Japan's, Hyundai, PTC Industries, PTC, Electric, Airbus, Boeing, Thomson Locations: An Air India, Ahmedabad, India, PARIS, DELHI, Indian, China, Air India, Paris, Goa, KS, Uttar Pradesh, Russian, Bengaluru, Europe, Delhi

☆ RPT ANALYSIS For EV batteries, lithium iron phosphate narrows the gap with nickel, cobalt
▼ + stars: | 2023-06-23 | by ( Paul Lienert | ) www.reuters.com time to read: +5 min

[1/2] Tesla Model 3 vehicles are seen for sale at a Tesla facility in Fremont, California, U.S., May 23, 2023. REUTERS/Carlos Barria/File PhotoDETROIT, June 23 (Reuters) - As the auto industry scrambles to produce more affordable electric vehicles, whose most expensive components are the batteries, lithium iron phosphate is gaining traction as the EV battery material of choice. But technological advances have also reduced the performance gap with more widely used materials such as nickel and cobalt. Ford Motor (F.N) aims to open a $3.5 billion LFP cell manufacturing plant in western Michigan, leveraging technology licensed from China’s CATL (300750.SZ), the world’s largest EV battery maker. The rapidly increasing adoption of LFP by EV manufacturers including Tesla and Hyundai suggests those companies “are not ready to decouple from China," Meng said.

Persons: Carlos Barria, Tesla, ”, Stanley Whittingham, Mujeeb Ijaz, “ We’ve, China’s, Jim Farley, Shirley Meng, Meng, Lukasz Bednarski, Bednarski, LFP, Whittingham, “, Paul Lienert, Matthew Lewis Organizations: Tesla, REUTERS, DETROIT, EV, Toyota, Hyundai, U.S, Binghamton University, Ford, University of Chicago, Argonne, Laboratory’s, Center for Energy Storage Science, New Energy, Thomson Locations: Fremont , California, U.S, North America, New York, Michigan, Van Buren, China, United States, Norway, Israel, South Korea, EVs, Detroit

☆ Renault Korea to manufacture EVs in city of Busan: city government
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +1 min

SEOUL, June 22 (Reuters) - Renault Korea Motors plans to build infrastructure at its plant in the southeastern city of Busan to manufacture electric vehicles (EVs), the Busan city government said. The automaker aims to produce 200,000 EVs a year at its Busan facilities, a statement issued by the city cited Renault Group Executive Vice President Guido Haak as saying. It was not immediately clear how much Renault planned to invest to build the EV production facilities. Renault Korea did not have an immediate comment. The announcement comes after Hyundai Motor said in May it will invest around 2 trillion won ($1.54 billion) in Ulsan, South Korea, to build a designated EV factory.

Persons: Guido Haak, Haak, 1,294.7800, Heekyong Yang, Soo, hyang Choi, Ed Davies Organizations: Renault Korea Motors, Renault Group, Busan Mayor Park, Renault, Hyundai Motor, Thomson Locations: SEOUL, Busan, France, Renault Korea, Ulsan, South Korea

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