Author: Central Desk

Hyundai Motor Company’s recent divestment of its Russian manufacturing operations to Art-Finance marks a pivotal shift in the South Korean automaker’s global strategy. This move, two years after Russia’s incursion into Ukraine, signals a broader reconfiguration within the international automotive industry. The transaction, detailed by Reuters, encompasses Hyundai’s transfer of its two St. Petersburg plants to Art-Finance. The deal, greenlit by Russian authorities and the federal anti-monopoly body, was finalized for 10,000 roubles, approximately $A168.44. This sum signifies a substantial financial downturn for Hyundai, with the company absorbing a loss of about $A325.8 million. Hyundai’s decision, while economically strenuous, underscores…

Tata Motors, a commercial vehicle manufacturer juggernaut in India, heralded a new era in trucking with the launch of the Turbotronn 2.0 engine. This technologically superior, fuel-efficient engine, a product of indigenous innovation, is set to power Tata’s 19-42 tonne truck range, catering to diverse sectors. Specifically designed for the evolving needs of e-commerce, logistics, and courier services, the Turbotronn 2.0 addresses customer demands with an enhanced driving experience and robust performance, while significantly reducing Total Cost of Ownership (TCO). Enduring rigorous testing over 30 lakh kilometers and 70,000 cumulative hours across varied duty cycles and challenging terrains, the Turbotronn…

Robust labor demands and movements have swept through the global automotive sector, with reports now revealing that Toyota, the Japanese auto giant, is under pressure from its labor union to grant the largest annual bonus in its history. The Toyota Motors union is set to finalize its demand for a historic bonus in the financial year ending March, aiming for 7.6 months of pay, surpassing the previous high of 7.2 months as reported by Reuters. This demand follows suit with other major automakers such as Tesla, Hyundai, and Honda, which have all increased wages in specific markets after successful strikes…

Tesla’s Model Y has clinched the title of the world’s best-selling car for 2023, unseating Toyota from its longstanding position and marking a significant milestone in the evolution of the electric vehicle (EV) market. Preliminary data from JATO Dynamics reveals that the Model Y achieved an extraordinary 64% year-on-year surge, solidifying its status as the first electric vehicle to lead the global market with an estimated 1.23 million units sold. Global Analyst Felipe Munoz at JATO Dynamics commended Tesla’s achievement, stating, “The increase in global sales of the Model Y is unprecedented, particularly for a vehicle in the top ten…

Rolls-Royce has launched its first-ever electric vehicle, the Spectre, in India. Priced at a staggering $1 million (₹7.5 crore), the Spectre now holds the title of the most expensive electric vehicle available in the country. This launch represents a monumental shift for the British luxury carmaker and sets a new benchmark in India’s evolving electric vehicle market. Currently, the most expensive gasoline car in India is the Bentley Mulsanne EWB Centenary Edition, priced at $2 million or ₹14.5 crore. This comparison highlights the rapidly growing presence and influence of electric vehicles in the luxury automotive sector, even as they begin…

The landscape of the global auto parts sector experiences a significant uplift with Aisin Canada Incorporated’s announcement to enlarge its Stratford factory twofold. This strategic move, poised to generate 150 full-time jobs, heralds an era of economic growth and opportunity in the region. Tokyo-based Aisin, a manufacturer of automotive components like sunroofs, door frames, and seating components, plans to commence the expansion between late March and early April. The main goal is to double the size of its current facility by spring 2025. Wayne Robert, President of Aisin Canada, underscores the expansion’s necessity due to current capacity constraints. “It’s a…

Tesla’s chief Elon Musk recently articulated a stark prediction regarding the future of the electric vehicle (EV) market, focusing on the critical role of trade regulations amidst the burgeoning dominance of Chinese EVs. During a recent financial disclosure discussion, Musk highlighted Tesla’s challenges against competitors like BYD, which has recently eclipsed Tesla in global EV sales. Backed by Warren Buffett, BYD’s ascent as the top EV seller last quarter signals a transformative shift within the EV realm. Musk emphasized the formidable competitiveness of Chinese firms, suggesting their potential for extensive international success is tethered primarily to trade barriers. Absent these,…

Evtec’s recent completion of the JVM Castings Limited (JVM) acquisition marks a pivotal moment in the automotive industry’s transition toward electrification. This strategic move extends beyond mere business expansion, symbolizing alignment with the worldwide initiative to electrify automotive technology. JVM Castings, established in 1929 and a stalwart in the UK automotive supply chain, has predominantly served Jaguar Land Rover, the nation’s premier car manufacturer. With its base of operations in Worcester and a team of over 200 skilled professionals, JVM’s expertise in producing body castings and powertrain assemblies is unparalleled. Integrating this historic company into Evtec’s portfolio signifies a new…

At a pivotal company assembly in Japan, Akio Toyoda, the chairman of Toyota, delivered a thought-provoking forecast regarding the automotive industry’s trajectory. Contrary to prevailing industry trends, Toyoda anticipates electric vehicles (EVs) will not surpass 30% of the global car market. As reported by the Toyota Times, Toyoda’s vision diverges from a pure EV focus. Instead, Toyota’s strategy encompasses a spectrum of powertrain technologies: hybrids, fuel-cell electric vehicles (FCEVs), alongside traditional gasoline, diesel, and hydrogen-powered engines. This multi-faceted approach stems from a keen awareness of global energy disparities. An estimated one billion people globally lack electricity access, many within Toyota’s…

Stellantis’s latest acquisition of CloudMade’s artificial intelligence assets marks a pivotal advancement in the automotive realm. This strategic move involves acquiring CloudMade’s advanced AI framework and machine learning models, crucial for auto tech innovation, along with a broad spectrum of intellectual property rights and patents. This acquisition, formulated as an asset transaction, propels Stellantis’ STLA SmartCockpit development, meshing seamlessly with the Dare Forward 2030 strategy. CloudMade’s AI framework, distinguished for its superior cloud and software development kit, revolutionizes automotive data analytics and in-car user experience. Stellantis harnesses this technology, promising to reshape the SmartCockpit and elevate mobile experiences for consumers…