Author: Central Desk

Samsung Electronics is intensifying its focus on the fast-growing automotive electronics market by empowering its US-based subsidiary, Harman International Industries, to spearhead its automotive solutions business. The global market for automotive electronics is projected to reach $470 billion by 2030, positioning this sector as a significant growth avenue for the Korean technology giant. As part of a company-wide business reorganization, Samsung has renamed its automotive electronics team under the Device eXperience (DX) division to the Harman Relations Team. This move signals a strategic decision to leverage Harman’s expertise and its parent company’s advanced hardware and software technologies. Acquired by Samsung…

The European Automobile Manufacturers’ Association (ACEA) has welcomed the conclusion of the trade agreement between the European Union (EU) and the Mercosur bloc, urging prompt ratification by the Council and the European Parliament. The agreement, poised to create one of the world’s largest free trade areas, promises economic growth for both regions while advancing environmental and social commitments. Boost to the Automotive Industry Sigrid de Vries, Director General of ACEA, emphasised the agreement’s potential to enhance the global competitiveness of European automakers. “The conclusion of this deal will contribute to strengthening the global competitiveness of European automobile manufacturers by eliminating…

Ford Motor Company has unveiled a significant restructuring initiative aimed at ensuring the long-term sustainability of its European operations. The automaker, which has faced mounting losses in its passenger vehicle business in the region, is responding to what it calls ‘highly disruptive’ shifts in the industry, particularly the transition to electrified vehicles and intensifying competition. As part of the restructuring, Ford plans to reduce its European workforce by 4,000 positions by the end of 2027, subject to consultations with social partners across the continent. The majority of these cuts will impact operations in Germany and the UK, with minimal reductions…

Porsche Cars Great Britain has announced plans to expand its retail operations in Greater London by acquiring Porsche Centre East London and Porsche Centre South London. This move aims to enhance the customer experience across the capital, integrating physical and digital services to align with the Porsche brand’s reputation for excellence. The acquisition, subject to regulatory approval, is set to take effect in early 2025. The two centres, currently operated by Lithia UK, will join the existing Porsche Retail Group (PRG) network, which includes renowned locations in Mayfair, West London, Hatfield, Guildford, and Reading. These centres have established themselves as…

Hyundai Motor India (HMIL) has announced a price increase of up to ₹25,000 on its entire model range, effective from January 1, 2025. This decision is attributed to rising input costs, unfavourable currency exchange rates, and higher logistics expenses. The price hike will apply to all vehicles in Hyundai’s MY25 lineup. Explaining the rationale behind the move, Tarun Garg, Whole-Time Director and Chief Operating Officer of HMIL, stated, “At Hyundai Motor India, our endeavour is always to absorb rising costs to the extent possible, ensuring minimal impact on our customers. However, with the sustained increase in input costs, it has…

General Motors (GM) has reported a $5 billion earnings impact from its Chinese joint venture with Shanghai Automotive Industry Corporation (SAIC). The losses, detailed in a securities filing, include a non-cash impairment of $2.6 to $2.9 billion and equity losses of $2.7 billion. These are attributed to intense competition in China’s automotive market, which has forced price cuts and operational adjustments. Restructuring Amid Challenges To address these issues, GM is restructuring its Chinese operations, including plant closures. The related costs will be recorded in the fourth quarter of 2024. The company noted that the devaluation of its Chinese venture reflects…

The U.S. Energy Department has proposed a loan of up to $7.54 billion to StarPlus Energy, a joint venture between automaker Stellantis and Samsung SDI. The funds will support the construction of two lithium-ion EV battery manufacturing plants in Indiana, as part of efforts to strengthen the nation’s electric vehicle (EV) infrastructure, according to Reuters. Boosting EV Battery Production The proposed investment underscores the rising demand for lithium-ion batteries in the EV sector. Once operational, the plants are projected to produce 67 GWh of batteries annually, enough to power approximately 670,000 electric vehicles. This development aligns with the United States’…

Vietnamese electric vehicle (EV) maker VinFast plans to begin production at its India plant by mid-2025, six months ahead of schedule. The Tuticorin facility, with an initial annual capacity of 50,000 EVs, will serve both domestic and export markets. VinFast Chairwoman Le Thi Thu Thuy highlighted the critical role of the India plant in the company’s global strategy. Supported by a $2 billion agreement with the Tamil Nadu government, the plant will assemble CKD parts initially, with the potential to scale production to 300,000 units annually. VinFast continues to grow internationally, recently opening its first dealership in Dubai, marking its…

British luxury carmaker Jaguar has unveiled its new electric concept vehicle, the Jaguar Type 00, sparking widespread debate over its bold design and rebranding strategy. The car, showcased in Miami on Monday, features vibrant colours including ‘Miami Pink’ and ‘London Blue,’ and incorporates distinctive elements such as a long bonnet, sweeping roofline, and 23-inch alloy wheels. The launch follows Jaguar’s recent rebrand, under the tagline ‘Copy Nothing,’ which aims to position the company as bold and disruptive. The rebrand includes a modern logo with geometric shapes and advertisements showcasing diverse individuals dressed in striking colours like yellow, orange, and pink—noticeably…

The China Association of Automobile Manufacturers (CAAM) has urged Chinese automakers to exercise caution in procuring US-made semiconductors following the latest round of US chips export controls. The restrictions, introduced this week, target 140 entities, including Chinese firms in the semiconductor sector. In a statement, CAAM criticised the US government’s “arbitrary” changes to export control rules, stating that they have disrupted the stable supply of US chip products. The association warned that trust in US automotive chips is eroding, with concerns about reliability and security impacting procurement decisions. CAAM emphasised the need to safeguard the security and stability of the…