Feintool, a Swiss automotive supplier, said on December 2 that it would close one of its plants in Germany and lay off up to 200 people due to weak demand for electric vehicles and uncertainty about the transition to renewable energy. Feintool plans to reorganize the production of motor rotors and stators and announced that it will close the unprofitable plant in Sachsenheim near Stuttgart, while moving most of the production to the Tokod plant in Hungary. In its stamping business unit, Feintool will focus on electrical lamination stamping. The research and development and tool making center and automated automotive production will be concentrated in Vaihingen near Sachsenheim. Feintool said […]
Preliminary industry data released by the Society of Motor Manufacturers and Traders (SMMT) showed that in November this year, new car registrations in the UK fell 1.9% year-on-year to 153,610, but due to record discount levels, the UK’s pure electric vehicles soared 58.4% year-on-year to 38,581, and the overall market share exceeded the prescribed target for the first time. New AutoMotive, a transportation research organization, said that a quarter of the new cars registered in the UK in November this year were pure electric vehicles, which was the highest monthly electric vehicle market share in the UK in the past two years. New AutoMotive said that the latest data shows […]
According to foreign media reports, General Motors will generate two more than 5 billion US dollars of costs and assets due to its Chinese business, one of which is related to business reorganization, and the other reflects the decline in the value of joint ventures. On December 4, GM said in a securities filing document that it is expected that the value of its joint venture in China will be reduced by $ 2.9 billion, and the cost of another $ 2.7 billion will be expected to close the factory and reorganize it. Business in China. […]
Hyundai Motors has set another record in the U.S. sales. Hyundai’s impressive lineup of electric vehicles is spurring consumer demand, with the company’s best-selling IONIQ 5 SUV more than doubling sales in November from a year ago, setting a new monthly U.S. sales record. Hyundai sold 76,008 vehicles in the U.S. in November, and its record-breaking momentum has not slowed down. Randy Parker, CEO of Hyundai Motor America, said sales growth was driven by growing consumer demand for electric and hybrid vehicles. Hyundai’s U.S. electric vehicle sales increased 77% in November compared to the same period last year, while hybrid vehicle sales increased 104%. Last month, the company’s electrified […]
Sajjan Jindal, chairman and family owner of Indian steelmaker JSW, said JSW plans to launch its own electric car brand, marking the company’s entry into India’s growing electric car industry. Before announcing plans to launch an electric car brand, JSW announced in March this year a $1.5 billion joint venture with SAIC Motor to produce and sell MG-branded electric cars in the Indian market. In an interview, Jindal said that JSW plans to build an automobile plant in Aurangabad, Maharashtra, western India, which will exclusively produce its own brand of cars. This is also the first time that the company has revealed its goal of producing cars under its […]
According to foreign media reports, on December 3, the European Commission called for an EU fund with an additional 1 billion euros (about $ 1.1 billion) to support electric vehicle battery manufacturing because the current electric vehicle industry is facing pressure. The European Commission stated that the fund will become part of the 4.6 billion euros of the INNOVATION Fund to support the development of net zero technology and renewable hydrogen energy for the EU. European electric vehicle manufacturers are facing fierce competition from Asia. At the same time, consumers’ demand failed to meet expectations, resulting […]