Elliott calls on Hyundai to increase returns, review assets
Hedge fund Elliott on Tuesday renewed pressure on Hyundai Motor, prompting it to return $10.6 billion of capital to shareholders and look forward to sell non-core assets, consisting of costly land it bought in Seoul for new headquarters. The call came after Hyundai posted a drop in third-quarter revenues in late October, hitting its shares
- Published in Hyundai
Renault-Nissan raises investment in France with new vans
Renault stated it will build new Nissan and Mitsubishi vans at its local plants, boosting investment in the country as it looks for closer integration of the three-way automaking alliance with government support. The declaration, timed to coincide with a plant visit by President Emmanuel Macron, “underlines the importance of France for the alliance”, Renault-Nissan-Mitsubishi
Mazda to recall 640,000 vehicles worldwide for diesel engine issue
Mazda Motor on Thursday stated it planned to recall around 640,000 vehicles worldwide to resolve issues including a problem with the valve springs used in its diesel engines. The Japanese automaker stated it would recall around 230,000 vehicles at home and an estimated of 410,000 units in overseas markets, except the United States, where Mazda
- Published in Mazda
Hyundai, Kia Motors to develop new solar charging technology
Hyundai Motor and its affiliate Kia Motors are preparing to launch a solar charging technology for some Hyundai vehicles to fulfill global emission regulation targets, the South Korean automakers stated. Solar panels are going to be mounted on the roof or hood of the vehicles, the companies stated. The companies are introducing three solar charging
- Published in Hyundai
Honda and GAC to construct $430 million Chinese plant for new-energy cars
Honda Motor’s joint venture with GAC Group is going to invest 3.27 billion yuan ($469 million) in new-energy vehicle production in China, GAC stated in a stock exchange filing on Wednesday. The move is part of Honda and GAC’s target to meet China’s tough green car quotas. The Honda-GAC joint venture is going to construct
- Published in Honda
Ford Motor and Baidu to launch self-driving road tests in China
Ford Motor and Baidu Inc started a two-year project on Wednesday to test self-driving automobiles on Chinese roads, in middle of a global race by automakers and internet firms to develop autonomous vehicle technology. The project will begin testing on designated roads in Beijing by the end of this year, and possibly other Chinese areas,
U.S. Senate panel wants to question Hyundai, Kia over engine fires
The Senate Commerce Committee’s Republican chairman and ranking Democrat stated on Wednesday they had asked top U.S. executives at Hyundai Motor and Kia Motors to testify at a November 14 hearing on reports of engine fires associating vehicles from these two automakers. The call to testify comes after safety advocates raised issues about fires in
- Published in Hyundai
Geely dispels rumors about political ties with Chinese President
Chinese automaker Geely Automobile Holdings has been subjected to speculation about its political ties. The automaker has moved to dispel a widely held belief its chairman’s wife was related to Xi Jinping, who is the President of China. The automaker, which owns a stake in Daimler and the firm that makes London black cabs, disclosed
- Published in Asian
Honda Aircraft expects rise in light jet deliveries in next year
Honda Aircraft chief executive Michimasa Fujino stated on Tuesday he expects deliveries of the HondaJet to increase in 2019 above the estimated 50 aircraft customers will take this year, as the light business plane maker thinks of targeting Asia for growth. In last year, the division of Honda Motor provided 43 of the six-seater light
- Published in Honda
Toyota, SoftBank teams up to target self-driving car services
Toyota Motor and SoftBank Group are teaming up to develop self-driving vehicle services, signaling deepening alliances among top automakers and tech companies as the global race to develop autonomous cars intensifies. Japan’s biggest automaker and its most influential tech firm will jointly work on a platform to operate self-driving vehicles which can be used as
- Published in Toyota
All vehicles Mazda to be electric hybrid, EVs by 2030
Mazda Motor stated on Tuesday that all of the vehicles it produces by 2030 will be electrified, where as 5 percent of its cars will be all-battery electric vehicles (EVs). The Japanese automaker joins a expanding number of worldwide automakers who are planning to decrease emissions by producing more gasoline-hybrid vehicles, plug-in hybrids and battery
- Published in Mazda
Trump metals tariffs to cost Ford $1 billion in profits, says Ford CEO
Steel and aluminum tariffs imposed by the Trump administration have cost Ford Motor about $1 billion in profits, its chief executive officer stated on Wednesday, where as Honda Motor stated higher steel costs have brought “hundreds of millions of dollars” in recent costs. “From Ford’s perspective the metals tariffs took about $1 billion in profit
Ford extends talks with Volkswagen and Mahindra to cut expenses
With its stock trading close to a 6-year low late last month, Ford Motor CEO Jim Hackett gathered the automaker’s top 300 executives close to its headquarters located in Michigan for a global leadership meeting. Hackett’s message: Ford should put in motion plans to restructure its business now in order to secure promised expenses savings,
- Published in Ford, Mahindra, Volkswagen
Nissan blames recent improper tests on ‘low awareness’ of regulations
Nissan Motor stated on Wednesday an “extremely low awareness” of the seriousness of investigation standards and rules had resulted in improper measuring of exhaust emissions and fuel economy in auto models made in Japan. Nissan stated in July that sample testing for emissions and fuel economy in final vehicle inspections at majority of its factories
- Published in Nissan
Hyundai is setting a new benchmark with fourth-generation Santa Fe
Hyundai is “setting a new benchmark” in the SUV segment with the release of the all-new fourth-generation Santa Fe, as per a statement yesterday. With this, the company is providing customers outstanding design, innovative technology and the recent safety features, while maintaining the popular model’s reputation for excellent value. Starting with the launch of its
- Published in Hyundai