Hyundai Motor India and Tata Power have entered into a partnership to build fast-charging facilities for Hyundai's dealer stores and customers, an important step for Hyundai's electric vehicles (EV) expansion in India.
SK On and Ford Motor are spending KRW8 trillion (US$6.35 billion) on equipment for EV battery factories they are jointly setting up in the US states of Kentucky and Tennessee, according to South Korean media ET News.
International IDMs including Infineon and STMicroelectronics continue stepping up production of automotive, industrial control and networking chips to meet ever-rising demand, outsourcing more backend operations for such chip solutions to partners in Taiwan, according to industry sources.
The rapid growth of electric vehicles (EVs) and energy storage systems has intensified the short supply of lithium batteries, while battery materials prices are being further pushed up by manufacturers' overbooking of materials, according to Chinese media reports.
Taiwan's first-tier IC design houses Novatek Microelectronics and Realtek Semiconductor are seeking more capacity support from foundry partners TSMC and UMC to fulfill new orders from new clients that are bolstering their growth despite a decline in demand for consumer chips, according to industry sources.
Optimistic about getting approval under India's chip incentive scheme, Vedanta has started to find customers before building its chip plant, while Ather Energy, one of the few electric two-wheeler vendors not caught in recent fire incidents in India, has received India's government funding.
Hon Hai Technology Group (Foxconn) has taken another significant step into the electric vehicle (EV) market by signing a contract manufacturing agreement and a joint venture agreement with Lordstown Motors (LMC).
South Korean steel manufacturer Posco has entered into an agreement with Taiwan-based solid-state battery developer ProLogium to supply cathode, anode, and solid electrolyte materials, according to the EV battery maker.
Less than a year ago, Ford India decided to quit manufacturing in India but later applied for India's incentive scheme to make electric vehicles (EV). Now Ford has made another U-turn, dropping its EV manufacturing plan in India.
TDK has announced plans to construct a new factory building at its manufacturing site in Kitakami, Japan's Iwate Prefecture, for automotive MLCCs. Construction of the factory is scheduled to begin at the end of the company's fiscal year (March 2023), and will be completed in June 2024.
Hon Hai Precision Technology (Foxconn) has reiterated a flat revenue growth outlook for both the second quarter of 2022 and the full year, while order visibility has also strengthened compared to March.
Several Chinese carmakers, including XPeng, GAC Group and Leapmotor, shared their experiences on brand upgrading during a recent online forum, highlighting their efforts of catching up with foreign marques' joint ventures in China and expanding global market presence.