Author: Central Desk

2023 marks a pivotal year for Mexico’s automotive sector with foreign direct investment (FDI) soaring to unprecedented heights. Data from the Economy Ministry reveals a remarkable influx of $5.44 billion into car, truck, and vehicle manufacturing from January to September. This represents a striking 67.7% leap from 2022’s figures during the same period, surpassing the previous record of $4.29 billion set in 2019 by 26.7%. This uptick in FDI stems from an increasing number of foreign automotive companies choosing Mexico for new or expanded operations. A standout development was Tesla’s announcement of a $5-10 billion electric vehicle ‘gigafactory’ in Nuevo…

The UK government’s recent declaration of a £4.5 billion investment in manufacturing propels the nation’s industrial strategy, with a significant thrust towards automotive and electric vehicle (EV) development. This financial commitment of UK investment is part of Prime Minister Rishi Sunak’s economic expansion vision, which aims to transform the nation’s manufacturing landscape, emphasizing the shift to net-zero emissions. A pivotal component of this investment targets the British automotive industry with over £2 billion, underlining a commitment to zero-emission vehicle advancement. Complementing this, £975 million is set aside for aerospace, focusing on energy efficiency and zero-carbon aircraft technologies. Further augmenting these…

Celebrating its 30th year, the Charlotte Auto Show recently wrapped up a four-day extravaganza at the Charlotte Convention Center. This event, a magnet for car enthusiasts, displayed a wide array of vehicles from 29 brands, featuring SUVs, trucks, and luxury sports cars. The showstopper was the Toyota Corolla, priced at $21,000, declared by Toyota Product Specialist Quaid McIver as ‘the world’s most popular car.’ The exhibition, with nearly 200 vehicles, catered to diverse tastes and needs. Jenn Jackson, the Charlotte Auto Show’s executive director, expressed joy over the public’s response to the myriad of vehicles presented. This year, electric vehicles…

India’s electric vehicle landscape faces a critical juncture as major auto manufacturers like Mahindra & Mahindra, Tata Motors, Maruti Suzuki, and Hyundai confront the government’s contemplation of lowering import duties for luxury EVs. This move, largely aimed to benefit companies such as Tesla, has sparked significant unease among these domestic giants, concerned about the impact of changing import duty policies on their market positions. The government treads cautiously, with a senior official (source: Times of India) suggesting a potential temporary duty cut, stressing that the policy is still under development and subject to thorough discussions with industry players. Tesla’s lobbying…

A groundbreaking smart parking initiative designed in Riyadh to support individuals with special needs has clinched the top prize at the Al-Ahsa Forum for Startups’ Sana Hackathon. Developed by a trio of visionaries, Yaqeen Al-Thabit, Joud Al-Kulaib, and Sakina Al-Oufi, this project is more than just a technological advancement, it’s a step towards a more inclusive society. The core of this initiative is a robust commitment to protecting parking spaces for special needs individuals, blending technology with a service model that boosts confidence and aids their seamless societal participation. This endeavor aims not just for convenience but for empowering these…

Global oil demand defies expectations, soaring to an all-time high this year with a nearly 40 percent increase. This occurs even as Battery Electric Vehicles (BEVs), projected to make over 10 percent of global auto sales, gain popularity. This trend contradicts the belief that electric vehicles would significantly reduce oil consumption. In Norway, the leader in Electric Vehicle (EV) adoption, oil usage remains steady despite 80 percent of new auto sales being EVs. A similar pattern emerges in China, the largest EV market, where oil demand escalated by 50 percent alongside a 20 percent rise in EV penetration. Contrary to…

Xiaomi, celebrated for its smartphone prowess, steps into the automotive sphere with the SU7, its inaugural electric vehicle (EV). This move showcases Xiaomi’s ambition to transcend beyond mobile devices and venture into diverse technological territories. The Xiaomi SU7 Unveiled The revelation of Xiaomi’s SU7 has sparked widespread interest and speculation. The images and documents provide insights into this eagerly awaited EV, stirring excitement among tech aficionados and automotive experts. Design: A Fusion of Sophistication and Creativity Xiaomi’s SU7 is a blend of sophistication with creative ingenuity. The front design echoes the Tesla Model 3, featuring a streamlined hood and prominent…

The 2023 Los Angeles Auto Show set the stage for a transformative collaboration between Hyundai Motor Company and Amazon, introducing a new era of online car sales. This strategic alliance, unveiled through a live broadcast, is geared towards revolutionizing customer experiences, including simplifying the vehicle purchasing process and catalyzing a digital shift in the automotive industry. Scheduled for launch in 2024, this partnership will see Amazon initiating online sales of Hyundai vehicles in the U.S., marking a novel approach in vehicle retail. Andy Jassy, CEO of Amazon, shared his vision for the collaboration: “Our broad, strategic partnership should do just…

Ontario’s EV (Electric Vehicle) supply chain received a significant boost with Dana Canada Corporation’s recent investment announcement. This global leader in drivetrain and electric propulsion systems is set to expand its manufacturing capabilities, focusing on thermal management systems essential for EV batteries and electronics. The investment, approximately $60 million CAD, will enhance Dana’s facilities at Oakville and Cambridge. Dana’s presence spans 31 countries, and this expansion positions the Cambridge site as a primary manufacturing location in Canada, complemented by growth at the Oakville Technology Centre. These developments are expected to generate 105 new, well-paying jobs in these areas. Vic Fedeli,…

IVECO, an Italian multinational transport vehicle manufacturing company under the Iveco Group, has revolutionized its product range and service offerings. With an investment of 1 billion euros, the company has revamped its entire product line, marking this as the most significant investment cycle in its history. This transformative step was unveiled at the ‘Be the Change’ launch event in Barcelona, Spain, attended by over 1,300 stakeholders including customers, dealers, partners, and international media. This investment marks a pivotal moment for Iveco, encompassing the simultaneous renewal of every product line in its range. The company’s strategy focuses on enhancing business productivity,…