The time it's taking for some of China's electric car makers to pay suppliers is ballooning — a further sign of stress in the nation's increasingly cutthroat auto market.
Demand for battery EVs has faced challenges since the second half of 2023. Sales volume has sagged this year, especially in Europe and the US, the world's second and third-largest automotive markets.
Mahindra announced a substantial investment in its EV business over the next three years as the company tries to catch up with EV leaders, particularly Tata, in the rapidly growing market in India.
Nio Inc. is launching a more affordable electric car brand in China in a bid to gain a firmer foothold in the world's most competitive market as Tesla Inc.'s momentum slips.
Following reports of Apple's withdrawal from the development of self-driving electric vehicles, Samsung Electronics is reportedly discontinuing its preliminary research on software algorithms for autonomous vehicles. The company will shift its focus to research and development in robotics due to uncertain commercialization prospects for self-driving technology.
In a bold move to cater to the evolving energy needs of consumers, Kymco has launched its first electric scooter series featuring the Ionex BMU battery metering module, which integrates both charging and battery swapping capabilities.
Siemens and Hon Hai Technology Group (Foxconn) have signed a Memorandum of Understanding (MoU) to accelerate digital transformation and sustainability in smart manufacturing systems.
The US announced 25% to 100% tariff hikes on China-made EVs, batteries, semiconductors and other goods. Although the move does not impact South Korean industries for now, companies must tackle a new round of supply chain disruptions as US-China trade disputes heat up.
China blasted the Biden administration's move to increase US tariffs on a wide range of Chinese imports, vowing to take its own action, without giving specifics.
Foxconn held its earnings call for the first quarter of 2024 on May 14, during which the focus remained on AI servers and the EV market. By building upon its solid technological expertise, Foxconn hopes that innovative business models can generate more momentum across its various business groups.
Vincent Yang, CEO and founder of ProLogium, stated that the factory in Zhongli, Taoyuan has entered the customer verification stage, with plans to produce 200 Lithium-Ceramic Batteries (LCBs) for Electric Vehicles (EVs) in November, and aims to produce 1,500 EV LCBs by early 2025.
NXP Semiconductors and Pegatron have announced plans to open a joint laboratory and work together on various automotive electronics applications. Their early partnership will concentrate on applications that can be implemented quickly, starting with smart cockpits.
The adoption of automotive Ethernet is increasing at a fast pace, which is likely to create significant economic prospects for related chip suppliers, according to industry sources.
Hesai Technology Co., a developer of sensor technologies used in self-driving cars, is suing the US Department of Defense for including it on a list of companies accused of aiding China's military.
As Tesla lays off almost its entire team for charging business and slows charging station deployment, its competitors are poised to grow their market share and lure talents who left the company.
An Indian startup is commercializing globally significant Gallium Nitride (GaN) semiconductor technology with applications in wireless transmitters and 5G networks.
China's homegrown car companies attracted the automotive industry's attention at the 2024 Beijing Auto Show last week, while global automakers gathered at the site.
Lam Research is expanding its investments to help India grow a chipmaking ecosystem. India-based Mindgroove Technologies introduced a RISC-V SoC to meet local demands.
President Joe Biden's administration is poised to unveil a sweeping decision on China tariffs as soon as next week, one that's expected to target key strategic sectors while rejecting the across-the-board hikes sought by Donald Trump, people familiar with the matter said.
Magna International's Austrian plant is experiencing a double hit resulting from the sluggish EV demand. An EV startup customer has filed for bankruptcy, and orders from legacy automakers lack a driving force.
Toyota Motor reported hefty profit growth for the past fiscal year ending March 2024, thanks to booming hybrid EV sales and a weaker Japanese Yen. The automaker said it plans to invest JPY2 trillion (US$13.79 billion) in its suppliers, growing the EV lineup and developing Software-Defined Vehicles (SDV).
