Auto News Archives — City Business News

May 24, 2022 No Responses

Toyota To Cut Global Production Plan, Deliver 9.3m Vehicles By March 2023

Toyota Motor Corporation will cut its global production plan by about 100,000 to roughly 850,000 vehicles in June due to the semiconductor shortage. Reuters report on Tuesday that the company did not change its estimate of producing about 9.7 million vehicles worldwide...

May 21, 2022 No Responses

World’s Most Expensive Car

A 1955 Mercedes-Benz 300 SLR Uhlenhaut Coupe, one of only two on Earth, has sold for a record $143 million, making it the most expensive car in the world. The car was named after its creator and chief engineer, Rudolf Uhlenhaut, and wa...

May 21, 2022 No Responses

Hyundai Budgets $5.5b For EV, Battery Facilities In U.S.

South Korea’s Hyundai Motor Group said on Friday it plans to invest about $5.54 billion to build its first dedicated full electric vehicle (EV) and battery manufacturing facilities in the United States Reuters report that Hyundai will break gr...

May 21, 2022 No Responses

Nissan, Mitsubishi Unveil Light Electric Vehicles

Japan’s Mitsubishi Motors Corp and Nissan Motor Co unveiled their first jointly developed light electric vehicles (EVs), aiming to draw more Japanese drivers to battery-powered cars by offering low-priced micro models. According to Reuters, the two Japan...

May 19, 2022 No Responses

Hyundai To Invest $16.5b In South Korea EV Business

Hyundai Motor Group said on Wednesday it plans to invest a total of 21 trillion won ($16.54 billion) through 2030 for the expansion of its electric vehicle (EV) business in South Korea. The South Korean auto group, which houses Hyundai...

May 18, 2022 No Responses

Hyundai Partners Tata Power On Fast Chargers

The management of Hyundai Motor India has announced a partnership with Tata Power to set up electric vehicle (EV)-charging infrastructure in India. Hyundai explained that it plans to facilitate the installation of Tata Power’s DC 60 kW fast chargers acro...

May 17, 2022 No Responses

Russia Nationalises Renault’s Moscow Plant

Renault has announced it is selling its majority stake in Russian carmaker Avtovaz, following pressure over its continued presence in the country. The French carmaker said it would sell its 68% interest to a Russian science institute, while its shares...

May 17, 2022 No Responses

VW Targets 800,000 Fully-Electric Cars This Year, 1.3m In 2023

Volkswagen is planning to build 800,000 fully electric cars worldwide this year and 1.3 million in 2023, the carmaker said, as it works towards making half its global output all-electric by 2030. It is optimistic that it will reach European...

May 12, 2022 No Responses

Toyota Records $22b Full-Year Profit

Toyota Motor Corporation on Wednesday posted a record full-year net profit helped by strong sales and a cheaper yen, but issued cautious forecasts as the pandemic and the war in Ukraine disrupt supply chains.The Japanese auto giant, which kept its cr...

May 11, 2022 No Responses

Geely Acquires Stake In Renault Korea, Targets US Exports

China’s Geely Automobile will buy just over a third of Renault’s Korea unit for roughly $200 million, potentially helping it boost U.S. exports, and freeing up funds for the French automaker to invest in its electric business. Renault, wh...

May 11, 2022 No Responses

Toyota Cuts Production Due To Lockdown In Shanghai

Toyota says it will suspend operations at more production lines at its factories in Japan this month due to the coronavirus lockdown in Shanghai. The firm says the production halt will come into effect on Monday and stay in place...

May 10, 2022 No Responses

Toyota To Forecast Higher Profit, Helped By Solid Demand

Toyota Motor Corporation is expected to forecast higher profit for the year ahead when it reports earnings this week, helped by solid demand and a weaker yen, even as commodities costs and supply chain woes put pressure on the global...

May 10, 2022 No Responses

Hyundai Plans U.S. EV Plant

Hyundai Motor Company plans to build a new electric-vehicle manufacturing plant in the United States and has held discussions with officials in Georgia, near existing plants for the Hyundai and Kia brands, people with knowledge of its plans told Reuters....

May 9, 2022 No Responses

Nigeria Implores Toyota, Nissan, VW, Others On Assembly Plant

By citybusinessnews@yahoo.com — The National Automotive Design And Development Council (NADDC) has implored multinational firms such as Toyota Motor Corporation, Volkswagen and Nissan to establish production plants in Nigeria. Sp...