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

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...
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World’s Most Expensive Car

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

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...
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Autochek Acquires Morocco’s KIFAL Auto

Autochek Acquires Morocco’s KIFAL Auto

Autochek, the automotive technology company making car ownership more accessible and affordable across Africa, has announced the acquisition of KIFAL Auto, Morocco’s leading automotive technology startup, to drive its expansion into North Africa. &...
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Hyundai To Invest $16.5b In South Korea EV Business 

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...
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Hyundai Partners Tata Power On Fast Chargers

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...
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Russia Nationalises Renault’s Moscow Plant 

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

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...
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Geely Acquires Stake In Renault Korea, Targets US Exports 

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...
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Toyota Cuts Production Due To Lockdown In Shanghai

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...
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Toyota To Forecast Higher Profit, Helped By Solid Demand

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

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...
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Nissan To Invest $700m In Mexico

Nissan To Invest $700m In Mexico

The Japanese automaker, Nissan Motors said on Wednesday it would invest more than $700 million in Mexico during the next three years to boost its operations in the country. The investment is set to improve the facilities, equipment and automation procedures.....
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Porsche AG Acquires Stake In Group14 Technologies 

Porsche AG Acquires Stake In Group14 Technologies 

German automotive manufacturer, Porsche on Wednesday announced its stake acquisition in the US company Group14 Technologies, a producer of advanced silicon-carbon technology for lithium-ion batteries.    As the lead investor, Porsche is raising ...
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