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Category: Automotive

Retail News Asia is committed to providing both local and global retailers with the latest Auto and Car news throughout the Asian market. This on a daily base.

  • Toyota And Mahindra Register Growth, Maruti Suzuki Car Sales Drop

    Toyota And Mahindra Register Growth, Maruti Suzuki Car Sales Drop

    Carmakers in India have officially started to come out with their sales numbers for the month of March 2019. The Financial Year 2018-19 has been quite an eventful year for the Indian auto industry with the year ending in a positive note. As for the sales performances in March 2019, the results were quite mixed. In fact, the country’s largest carmaker, Maruti Suzuki India, continued to see a decline in sales in March 2019, while other manufacturers like Toyota Kirloskar Motors and Mahindra and Mahindra registered marginal growth.

    Toyota India

    In March 2019, Toyota Kirloskar Motor sold 13,662 units in India, registering a growth of 0.9 per cent, compared to the 13,537 units during the same month last year. As for the company’s domestic sales, Toyota’s wholesales numbers went up to 12,818 units last month, compared to the 12539 vehicles sold in March 2018, registering a growth of 2 per cent. Exports, on the other hand, saw a decline of 15.4 per cent during the month of March 2019 with 844 units, against the 998 vehicles that were exported during the same month last year. However, as for the company total sales during FY 2018-19, Toyota Kirloskar Motor recorded a sales growth of 7 per cent in the domestic market with 150,525 units, compared to the 140,645 units being sold during FY 2017-18.

    Commenting on the sales performance, N. Raja, Deputy Managing Director, Toyota Kirloskar Motor said, “We are happy to have clocked a growth of 7 per cent in domestic sales in FY 18-19 as compared to FY 17-18. Innova Crysta and Fortuner have been maintaining the growth trajectory and continue to be leaders in the segment.” He also added that “All New Camry Hybrid Electric Vehicle or self-charging electric vehicle has already crossed 500 bookings since its launch in Jan 2019. Additionally, Etios Liva has also contributed to the positive sales momentum in FY 18-19 with a growth of 13% as compared to FY 17-18.”

    Maruti Suzuki India

    Maruti Suzuki India has registered a decline of 1.6 per cent in the last month of the Financial Year 2019. Last month the company sold 158,076 vehicles, including domestic sales and export, compared to the 160,598 units that were sold in March 2018. The company’s total sales in India alone reached 147,613 units in March 2019, registering a marginal de-growth of 0.7 per cent, against the 148,582 vehicles sold during the same month last year. Exports, on the other hand, took a massive hit with a decline of almost 13 per cent with 10,463 units, compared to the 12,016 units exported in March 2018.

    Maruti Suzuki has registered the highest ever total sales in FY 2018-19 at 1,862,449 units, a growth of 4.7 per cent, compared to the 1,779,574 units sold in 2017-18. The company’s domestic sales for FY 2018-19 reached 1,753,700 units, also the highest ever, compared to the 1,653,500 units sold in 2017-18. In fact, this is the 7th straight year of growth in domestic sales for Maruti Suzuki India.

    Mahindra and Mahindra

    Mahindra and Mahindra has registered a marginal growth of 1 per cent in total sales for the month of March 2019 with 62952 units. In comparison, the company sold 62076 units in March 2018. Mahindra’s domestic sales touched 59,012 vehicles during March 2019, as against 58,652 vehicles in March 2018, registering a similar growth of 1 per cent. The Passenger Vehicles segment (which includes UVs, Cars and Vans) sold 27,646 vehicles in March 2019, registering a growth of 4 per cent. The company’s exports, on the other hand, saw substantial growth of 15 per cent with 3940 units, against the 3424 exported in March 2018.

    On the other hand, the company’s sales performance for the financial year that ended on March 31, 2019, stood at 6,08,596 vehicles, compared to 5,49,153 vehicles during FY-18, registering a growth of 11 per cent.

    Commenting on the performance, Rajan Wadhera, President, Automotive Sector, Mahindra and Mahindra said, “We have closed FY-19 with robust double-digit growth of 11 per cent at an overall level, despite strong headwinds faced by the Indian automotive industry this year. This growth has been supported by our three new product launches, which have been well received in the market. The commercial vehicles segment and exports have also posted strong growth rates of 15% and 37% respectively.”

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  • Ambassador To Return As PSA’s EV Brand For India

    Ambassador To Return As PSA’s EV Brand For India

    While the PSA Peugeot-Citroen group has officially announced that it will bring its Citroen brand to India, we finally have some news on its plans for Ambassador too. Two days before holding its first-ever official press conference in India to show us Citroen’s debut model for the country, we have learnt of a parallel plan afoot within the company. Speaking on specific conditions of anonymity, senior PSA board member and reclusive heiress Evié de Courant has shared with this reporter that the Ambassador brand will be used exclusively for electric vehicles to be sold in India only. The sub-brand will be the first new addition to the PSA family, after its last acquisition of erstwhile GM brands Opel and Vauxhall in August 2017.

    The Ambassador range of cars will likely only debut post 2022, and it is not as yet decided whether it would entail a standalone retail network. While Citroen will have a full-fledged dealer network, Ambassador branded cars are likely to be sold using an exclusive online sales strategy. Workshops for the two will be common though. The plan is to initially launch a compact SUV or crossover style car, and then a premium hatchback. Both are expected to share their platform and some components with similar sized ICE (internal combustion engine) models from the Citroen brand, to maximise economies of scale. The intent is to make Ambassador a profit-making entity from within the first quarter of the start of sales.

    PSA has also been in Formula E since 2015-16 and will bring a lot of its learnings to the EV plan. Citroen’s premium brand DS has also announced its range of EVs for Europe, which will use the E-Tense badge. The DS3 Crossback E-Tense is expected to be the first model and is expected to have a 330-kilometre range. Expect the Ambassador crossover to sport a similar electric powertrain.

    While the initial focus will be on India, the company believes the Ambassador brand will have a strong resonance with Indian diaspora across the world – especially in the Commonwealth states, which are also largely right-hand-drive. And so there is already a feasibility study on to examine the export potential of Ambassador badged products from 2023 onwards, according to Ms de Courant.

    It may be recalled that whilst entering into its two joint ventures (JVs) with Hindustan Motors (HM) in January 2017, PSA had also acquired rights to the Ambassador brand for ₹ 80 Crore a month later. At the time, HM had released a statement that read, “Ambassador has been an iconic brand and a surplus asset with us. We were looking for a suitable opportunity and found the right buyer in the PSA group. We intend to use the proceeds from the sale in clearing dues of employees, lenders and others.”

    It was at the start of 2017 that the two companies had also entered into two partnerships with an initial investment of ₹ 700 Crore for vehicle and engine manufacturing in Tamil Nadu. The first of the two JVs is between PSA and HMFC or Hindustan Motors Finance Corp for the assembly and distribution of new cars. HFMC currently also assembles Mitsubishi and Isuzu branded cars. The second is a JV for engine making with AVTEC – hived off years ago from HM that is a components and engines supplier to the auto industry. We trust the two will have a lot more success and will build on a strong foundation, unlike the veracity of this report. And on any other day we would have loved for this news to be true

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  • Maruti Suzuki Sales Grow in 2019, But March Sales Hit Weak

    Maruti Suzuki Sales Grow in 2019, But March Sales Hit Weak

    Maruti Suzuki has registered the highest ever total sales in FY 2018-19 at 1,862,449 units, a growth of 4.7 per cent, compared to the 1,779,574 units sold in 2017-18. The company’s domestic sales for FY 2018-19 reached 1,753,700 units, also the highest ever, compared to the 1,653,500 units sold in 2017-18. In fact, this is the 7th straight year of growth in domestic sales for Maruti Suzuki India. But, in the month of March 2019, the company’s total sales went down by 1.6 per cent in the last month of the Financial Year 2019.

    Last month the company sold 158,076 vehicles, including domestic sales and export, compared to the 160,598 units that were sold in March 2018. The company’s total sales in India alone reached 147,613 units in March 2019, registering a marginal de-growth of 0.7 per cent, against the 148,582 vehicles sold during the same month last year. Exports, on the other hand, took a massive hit with a decline of almost 13 per cent with 10,463 units, compared to the 12,016 units exported in March 2018.

    In March, the domestic market, it was the company’s Mini cars segment, which includes the Alto range and the pre-facelift WagonR that took the biggest hit, a drop of 55.1 per cent by selling 16,826 units, against the 37,511 units sold in March 2018. Same was the case for the company’s mid-size sedan, Ciaz, which saw a decline of 15 per cent by selling just 3,672 units in March 2019, compared to the 4,321 units sold during the same month last year.

    In contrast, the compact segment, which includes the new WagonR, Swift, Dzire, Baleno, and Ignis, saw a considerable growth of almost 20 per cent with cumulative sales of 82,532 units. The utility vehicles and Vans segment also saw substantial growth of 12.3 per cent (25,563 units) and 20.1 per cent (22,764) respectively. Similarly, in the commercial vehicle space, the sale of the Super Carry LCV also went up by 82.9 per cent selling 2,582 units last month, compared to the 1,412 units sold in March 2018.

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  • Vardenchi To Open New Lifestyle Garage Store In Mumbai

    Vardenchi To Open New Lifestyle Garage Store In Mumbai

    Motorcycle design company, Vardenchi, is all set to open its first ‘Lifestyle Garage’ in Goregaon, Mumbai. The flagship space will offer a wide range of bespoke motorcycle upgrade solutions and crafted biker products. Biker Products will include a range of fashion motorcycle helmets, lifestyle riding gear, a collection of apparel like t shirts hoodies and shoes. Motorcycle Upgrade products will include accessories for Safety, Utility and Style such as lights, seats, guards, luggage and more.

    A lot of motorcycle parts and materials have inspired the design of the Lifestyle Garage. Akshai Varde, MD/Founder, Vardenchi said, “The Vardenchi Lifestyle Garage is a culmination of our long standing vision of offering ‘everything motorcycle.’ The market and the timing are very well positioned for a concept like this and we are extremely excited to kick off the first of an entire network of franchise stores”

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  • Volkswagen Polo, Ameo And Vento Get Black And White Edition

    Volkswagen Polo, Ameo And Vento Get Black And White Edition

    Volkswagen India has introduced Black and White special editions for its Polo, Ameo and Vento in India. The engine options and the specifications remain the same, although the Black and White edition cars get a bunch of cosmetic upgrades. The Black and White editions get body graphics, leatherette seat covers, roof edge spoiler, 16-inch Portago alloy wheels, black roof and ORVMs and a Black and White Badge on the front fenders. Volkswagen also re-introduced the ‘Deep Black’ colour on the Polo and the Vento but not on the Ameo. The good news is that the Black and White edition for the Polo, Ameo and Vento is available at no extra cost and will be available at all Volkswagen dealerships.

    Steffen Knapp, Director, Volkswagen Passenger Cars said, “It is our constant endeavor to enhance our product offerings that are in-line with evolving consumer aspirations. The Polo & Vento have been strong contenders within their segments. Adding a dash of style, these enhanced

    Also, camouflaged test mules of the new Vento and Polo have been spied testing in India which suggests that the new models could be just around the corner. Since an all-new Vento which will be developed on an Indianised version of the MQB A0 platform has been scheduled for 2021 in India, the 2019 model will receive minor tweaking, most of which is likely to be done to the front end.

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  • Volvo XC40 full-electric variant to debut later this year

    Volvo XC40 full-electric variant to debut later this year

    Volvo will reveal the full-electric version of the XC40 before the end of the year, the company told at a safety event here last week. Officials declined to provide additional details. Adding a battery-powered version of the compact SUV to the lineup is a crucial step for Volvo, which wants full-electric cars to account for half of its global sales by 2025.

    The XC40 will be the first battery-driven model from the Swedish brand and the second full-electric vehicle from the Volvo Car Group. The first was the Polestar 2, which the group’s electrified performance brand debuted in February and revealed to the public at the Geneva auto show this month.

    Both full-electric vehicles will be on the road by 2020.

    In addition, both models will use the Compact Modular Architecture (CMA) that Volvo developed with Chinese sister brand Geely. CMA also underpins the 01, 02 and 03 from Lynk & CO. The trio of Lynk & CO cars accounted for more than 120,000 combined sales in China last year. The upstart brand, which is co-owned by Volvo Cars and Zhejiang Geely Holding, plans to open stores in five European cities next year.

    The XC40, which was the 2018 European Car of the Year, is Volvo’s No. 2-selling model globally after its large sibling, the XC60.

    Last month Volvo said the XC40 would also get two plug-in hybrid powertrain options, starting with a T5 Twin Engine variant and followed by the T4 Twin Engine.

    Volvo CEO Hakan Samuelsson said he expects plug-in hybrids to account for up to 25 percent of global sales in the model lines that offer them. Currently about 10 percent to 15 percent of Volvo’s global sales come from plug-in hybrids. The powertrain is offered in the XC90 and XC60 SUVs, V90 and V60 station wagons and the S90 and S60 sedans.

  • Ford confirms end of C-Max

    Ford confirms end of C-Max

    Ford confirmed it will end production of its C-Max minivan at its factory in Saarlouis, Germany, but said the plant will stay open with further investment in the Focus car that is also built there. Production of the C-Max and Grand C-Max will stop by the end of June, the automaker said on Friday in a news release.

    Ford will also end night-shift production at the factory. The moves will reduce costs as Ford seeks to turn around its money-losing European operations.

    Ford said it will continue to invest in production of the Focus compact car in Saarlouis. There is strong demand for higher margin wagon, Active and ST variants of the Focus, the company said.

    Ford said on March 15 that it plans to cut more than 5,000 jobs in Germany to help return its operations in the region to profit in the near-term. The turnaround plan will involve job cuts, looking at plant closures and discontinuing money-losing vehicle lines, Ford has said.

    The automaker employs about 53,000 people in Europe, with more than 24,000 of them in Germany. It has 18,000 employees in Cologne, the location of its European headquarters and a factory that builds the Fiesta subcompact hatchback. Another 6,000 are employed in Saarlouis and a further 200 staff are based at an engineering center in Aachen.

    Ford is dropping the C-Max and Grand C-Max because of a sharp drop in demand as customers switch to SUVs and crossovers.

    Sales of the C-Max and Grand C-Max fell 21 percent to 53,080 in Europe last year, according to JATO Dynamics. Focus sales dropped 8 percent to 194,097.

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  • Kia Showcasted Three Concept Cars At The Seoul Motor Show

    Kia Showcasted Three Concept Cars At The Seoul Motor Show

    Kia Motors is all set to reveal a trio of new concepts at the 2019 Seoul Motor Show and they will preview the brand’s future design direction. Two of the three concepts make their international debut in Seoul, with the rugged Kia Masterpiece Concept which shows off a large SUV body with a luxurious, high-tech cabin. The Masterpiece is accompanied by the Kia Signature which is essentially the SP concept that the company showcased at the 2018 Auto Expo and finally the Imagine by Kia concept car which is an all-electric sports sedan which embodies Kia’s desire to create exciting low-emissions passenger cars.

    Each of the cars illustrate different elements of the brand’s future model strategy. The Kia Masterpiece concept makes its first public appearance, with a rugged and robust large SUV. The Masterpiece hints at how the brand could adapt its latest designs and features for the large off-road SUV segment. It sees sculpted bodywork and bold lines and it combines a purposeful SUV stance and raised body, and an all-wheel drive system. The front of the car features Kia’s new tiger nose grille, extended outwards across the whole front section of the concept, with no clear boundaries between grille and LED headlamps. The design of the front of the car is echoed in the rear of the car, with signature lines at both ends of the vehicle giving the car a consistent design all round.

    The Signature Concept is the made its international debut at the India’s Auto Expo 2018 in Delhi. Driven by advanced technology, the Kia SP Concept hints at the company’s plans to introduce a new small SUV for its global markets as well. The SP Concept gets a wide grille and long hood at the front, and a rear design which emphasises stability with wide rear lamps and body lines, the Signature stands out on the road. At the front, its lamps are connected to the ‘tiger nose’ grille, with integrated daytime running lamps. Its strong shoulder line, with a glasshouse which tapers towards the rear of the car, lends the compact SUV an air of understated sportiness. The exterior is completed with a series of distinct styling features, contributing to the car’s contemporary, technical design. These include thin LED lamps at the front and rear, sharp lines pressed into the bodywork, and precise metallic details. Of course the production ready version will be revealed later this year.

    Finally, it’s the Imagine by Kia concept which was revealed at the 2019 Geneva International Motor Show, but it’ll now make its Asian debut. The fully-electric sports sedan concept has been designed at Kia’s European design center in Frankfurt, Germany. This concept is Kia’s first pure electric four-door passenger car. The Imagine by Kia concept represents a more progressive Kia design language for the future, with intelligent reinterpretations of existing Kia motifs and a bodywork characterized by a blend of tautly-drawn sheet metal, crisp lines, and efficient aerodynamics.

    The design team has exploited the chassis architecture of the powertrain’s all-electric layout to maximise cabin space and create an airy and spacious interior. The concept features 21 individual ultra high-resolution screens. While not immediately destined for production, the Imagine by Kia concept hints at interior and exterior design elements that could be adapted for future production models from the brand.

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  • Ducati Diavel 1260 Receives 2019 Red Dot Design Award

    Ducati Diavel 1260 Receives 2019 Red Dot Design Award

    Ever since it came into existence, the Ducati Diavel has been a standout motorcycle as far as design and performance is concerned. Its raw sex appeal and power cruiser styling has been liked by enthusiasts. And furthering its reputation, the new Ducati Diavel 1260 has won the Red Dot Award “best of the best” in the product design category this year. The Diavel 1260 won the award amongst 5,500 products, with 40 international jury members voting for it to be the winner. This is the third time that Ducati has won a Red Dot award with previous winners being the 1199 Panigale in 2013 and the XDiavel S in 2016. Yes! It is a second for the Ducati Diavel family as well.

    The 2019 Ducati Diavel 1260 makes 159 bhp at 9500 rpm and 128 Nm of peak torque kicking in at 7500 rpm, from the 1,262 cc, Testastretta V-twin with desmodromic valve timing. The new Diavel offers three riding modes – Sport, Touring and Urban. Each mode has its own engine map, as well as distinctive settings for traction control, wheelie control and cornering ABS. Other features include a full-colour TFT display, hands-free ignition, and cruise control.

    The S variant gets Bluetooth connectivity on the TFT screen and full LED lighting. The top-spec S variant gets fully adjustable 48 mm fork and rear shock from Ohlins. The S model also uses Brembo M50 monobloc front brake calipers, whereas the regular Diavel 1260 uses Brembo M4.32 calipers. Both variants use twin 320 mm front discs and a 260 mm rear disc.

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  • Nissan India To Increase Prices Of The Datsun GO And GO+

    Nissan India To Increase Prices Of The Datsun GO And GO+

    The 2018 Datsun GO and GO+ will be getting more expensive from April. Nissan India has announced to increase the prices of both the models by up to 4 per cent which will be effective from next month i.e. April 1. Nissan has decided to increase the prices after a series of price hike announcements made by other carmakers such as Mahindra, Tata Motors and Renault. Similar to other carmakers, even Nissan has cited rising input costs as the primary reason for the price hike.

    Hardeep Singh Brar, Director Sales and commercial, Nissan Motor India said, “Datsun believes in offering accessible and value-for-money products powered by Japanese engineering. With the rise in input costs and several economic factors, we are making a nominal price adjustment to our Datsun GO and GO+ models.”

    Nissan had launched the facelifted Datsun GO and GO+ last year after giving both the models an extensive update. The top-end variants of the 2018 Datsun GO and GO+ come equipped with a touchscreen infotainment system and get some segment first features like Daytime Running Lights and Vehicle Dynamic Control. Both the cars are powered by a 1.2-litre, three-cylinder petrol engine which produces 67 bhp and 104 Nm of peak torque.

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  • Fiat Chrysler To Cut 1,500 Jobs At Canadian Minivan Plant

    Fiat Chrysler To Cut 1,500 Jobs At Canadian Minivan Plant

    Fiat Chrysler Automobiles NV said on Thursday it will eliminate one shift at its Windsor, Ontario, assembly plant where it builds minivans, resulting in the loss of 1,500 jobs.

    The Italian-American automaker said in a statement the elimination of a shift, which will take effect on Sept. 30, was to address slowing global demand. The company said it would offer retirement packages to eligible employees and attempt to place indefinitely laid off hourly employees in open full-time positions. Earlier this week, Canadian media outlets reported Fiat Chrysler would idle the plant for two weeks in April, the third time this year the plant has been temporarily closed.

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  • Isuzu To Increase Prices Of The D-Max

    Isuzu To Increase Prices Of The D-Max

    Isuzu Motors India has announced to increase the prices of its commercial pick-up range- the D-Max Regular Cab and the D-Max S-Cab. The company has decided to increase the prices by 2 per cent which will be effective from April 1. Following a series of price hike by carmakers like Mahindra, Tata Motors, Renault and Nissan, even Isuzu has made the price hike announcement citing similar reasons. The company has cited rising input costs and distribution costs as the reason for the increase in prices.

    It has become a common practice for automakers to adjust prices of select models at the beginning of a financial year in a bid to sustain their margin. Isuzu has increased the prices of its commercial range which means only the D-Max pick-up trucks will get more expensive. The Isuzu D-Max V-Cross which is more of a lifestyle vehicle will see no change in the prices.

    The D-Max Regular Cab and the S-Cab are priced at ₹ 7.40 lakh and ₹ 8.89 Lakh, respectively (all prices ex-showroom, Delhi). Both the pick-up trucks are powered by a 2.5-litre, four-cylinder, turbocharged engine which churns out 78 bhp and 176 Nm of peak torque and is mated to a five-speed manual gearbox as standard.

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  • Honda Motorcycle And Scooter India Inaugurates Its 1,000th Dealership

    Honda Motorcycle And Scooter India Inaugurates Its 1,000th Dealership

    Honda Motorcycle and Scooter India recently inaugurated its 1,000th dealership in India at Zirakpur in Punjab. The 1,000th Honda Exclusive Authorised Dealer is a 4S facility. With an aggressive expansion plan, Honda has added 3,300 touch-points in the last five years across the country. At present, HMSI has a total of 6,000 touch-points in India, one of the highest for a two-wheeler manufacturer. Recently, Honda also achieved another milestone, with customers in north India crossing the 60 lakh sales mark in the company’s 18th year of operations. The 60,00,000 sales milestone has been driven by demand for Honda two-wheelers in the states of Jammu and Kashmir, Rajasthan, Punjab, Haryana, Himachal Pradesh and in Delhi and Chandigarh. For Honda, the first 10 lakh customers were added in the initial 9 years (from 2001 to 2010), but the next 50 lakh Honda customers took the same duration (2010-2019). The most recent 10 lakh Honda customers were added in a little over a year.

    Minoru Kato – President & CEO, Honda Motorcycle & Scooter India Pvt. Ltd. said, “I am delighted to be present here on milestone 1000th Honda dealer inauguration. Honda also fulfilled its commitment of providing 6000 network touchpoints to our valuable customers by the end of current financial year. This landmark achievement brings Honda closer to the hearts of its customers, who have reposed their trust in the brand.”

    Honda’s increasing customer base in India is attributed to the growing acceptance of scooters in the region. And the growing sale of scooters in the past decade has also led to a huge spurt in automatic scooters contribution to overall two-wheeler sales. In the last 10 years, automatic scooter sales have nearly doubled from 10 per cent to 19 per cent. This trend is attributed to more women joining the workforce, faster expanding road network in rural areas, and increasing demand for unisex two-wheelers which fulfil the needs of every family member. HMSI currently is the largest seller of scooters in India, and the Honda Activa is one of the highest selling two-wheelers in India.

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  • Renault Samsung XM3 Unveiled At The Seoul Motor Show

    Renault Samsung XM3 Unveiled At The Seoul Motor Show

    Renault and Samsung who operate in a joint venture in the South Korean market have unveiled a new C-segment coupe SUV at the 2019 Seoul Motor Show. The Renault Samsung XM3 Inspire concept was first showcased at the Arkana concept last year at the Moscow Auto Show and has been rebadged for the South Korean market. To be specific, the second party in the JV- Samsung Motor is different from Samsung electronics which manufacture electronic goods and smartphones. The company was commissioned in 1994 and started market operations in 1998.

    The key difference between both the show cars is limited to the grille which has been tweaked and sports the Renault-Samsung logo instead of Renault’s diamond logo and is finished in white paint shade. The Renault Samsung XM3 Inspire being a coupe concept sits high up the ground wearing the top hat of a sedan. It gets a tapering roofline and a panoramic glass roof along with massive wheel arches that cover the 19-inch alloy wheels. It is also equipped with LED headlights with C-Shaped daytime running lights.

    The XM3 Inspire concept is a part of Renault Samsung Motor’s future product line up. The production model of the Renault Samsung XM3 Inspire will be launched in the South Korean Market in 2020.

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  • Tesla Supplier Agrees To Buy GM’s South Korean Plant

    Tesla Supplier Agrees To Buy GM’s South Korean Plant

    A South Korean supplier of Tesla Inc said on Friday it had agreed to buy a shuttered auto factory from General Motors’ local unit to start contract manufacturing of electric vehicles. The deal comes after GM closed one of its four South Korean plants in late May and let go thousands of workers, as part of a global restructuring drive which culminated in a major financial support package from the South Korean government. GM did not disclose the sales price of the Gunsan factory, but auto parts maker Myongshin said it would buy the land and buildings of the GM facility for 113 billion won ($99.5 million)on June 28.

    Myongshin, also a Hyundai Motor supplier, is part of a consortium which would initially spend a total of 200 billion won on the factory to produce 50,000 EVs starting 2021 and 150,000 EVs in 2025, according to a statement by a provincial government.

    “We aim to close this deal as soon as possible to ensure that there will be ongoing economic activity,” GM Korea said in a statement.

    The consortium was in talks with an unidentified global automaker to manufacture electric vehicles at the facility, a source with direct knowledge of the matter earlier told Reuters, adding that it was not Tesla.The plant could take advantage of South Korea’s free trade deal with the United States and Europe, as well as the country’s electric car supply chain, he said.

    The electric car factory would create 900 jobs and another 2,000 at suppliers and other firms, the North Jeolla Province government said.

    GM’s loss-making South Korean operation used to be a key manufacturing base for the company in Asia but it has been hit hard by the U.S. automaker’s exit from Europe, a major export market. GM executives have also complained about labor costs and disputes.

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