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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.

  • Audi S5 Sportback Added To The Company’s Official Website Ahead Of Launch

    Audi S5 Sportback Added To The Company’s Official Website Ahead Of Launch

    Audi India, which is all set to launch the S5 Sportback this month, has listed the upcoming coupe sedan in its official website. The carmaker announced the arrival of the S5 Sportback last month, at the launch of the new Audi Q2, with a teaser image confirming a November 2020 launch. However, the fact that the company has now added the car to its website, indicates that the launch is imminent. The new Audi S5 Sportback will be the sixth and last launch from the Ingolstadt-based carmaker in India for the year 2020.

    In line with the company’s current trend, the upcoming Audi S5 Sportback will also be petrol-only model, and it will be powered by a 3.0-litre TFSI engine that delivers 349 bhp and 500 Nm of peak torque. The engine comes mated to an eight-speed Tiptronic automatic transmission, propelling the coupe sedan to sprint from 0-100 kmph in about 4.5 seconds. The Audi S5 Sportback also comes with sport suspension, along with standard Audi drive select with four different modes – comfort, auto, dynamic and individual.

    Visually, the new S5 Sportback will come with the company’s signature single-frame grille with large honeycomb pattern design, flaunting the four-ring logo and the S5 badging. The grille will be flanked by sleek LED headlamps that come with LED daytime running lamps, and blue elements. The S5 Sportback runs on set 19-inch 5-arm-pylon design wheels and the signature sloping roofline that seamlessly merges into the boot lid. The car will also come with blacked-out ORVMs and black inserts on the bumper. At the rear, the car comes with sharp spoiler, sleek LED taillamps with smoked details and a muscular bumper with black rear diffuser and a quad exhaust system.

    The cabin of the new Audi S5 Sportback will feature an all-black interior with a sporty flat-bottom steering wheel, a larger stick-out display for infotainment, and a fully digital inclement cluster with virtual cockpit. The cabin also comes with wide aircon vents, electrically adjustable front seats with memory function, signature Audi-style automatic shifter lever with paddle shifters, and sport seats.

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  • MINI Reveals The Vision Urbanaut

    MINI Reveals The Vision Urbanaut

    The Mini Vision Urbanaut is the company’s interpretation of a vision of space. This digital vision vehicle offers more interior space and versatility than ever before, but still on a minimal footprint. It’s not exactly ‘mini’ in the true sense of the term because at 4,460mm long, there’s a lot of room and yes according to the company, the Urbanaut provides an interior space that can be used in many different ways and offers whole new ease of movement inside the car. Adrian van Hooydonk, Head of BMW Group Design said, “The MINI brand has always stood for ‘Clever Use of Space’. In the MINI Vision Urbanaut, we extend private space far into the public realm, creating completely new and enriching experiences,”

    The Mini Vision Urbanaut is an electric concept vehicle that makes clever use of space.

    The Mini Vision Urbanaut was designed from the inside out. The designers created the spacious interior experience before developing the exterior, using floor plans, pieces of furniture plus wooden scale models to provide an indication of size. Over the course of the project, augmented reality was employed to create a digital model, which was then systematically optimized.

    The interior of the MINI Vision Urbanaut provides the ideal environment in which to go on a journey but is also the aim of the journey. Having arrived at the chosen destination, it can transform into a living room in just a few simple steps. Occupants enter the innovative cabin through a large sliding door on the side of the car. The cutting-edge slide and swivel mechanism is the ideal design for urban driving conditions where space is at a premium. There are no other doors on the driver’s side or front passenger side.

    The darker environs of the cabin’s rear section provide a quieter space – the Cosy Corner. This area invites passengers to enjoy some time to themselves. A textile-covered “Loop” extends over the seat bench and features the option of LED backlighting. Between Cosy Corner and the driver’s area is the open and airy central section of the car, which offers quick access to all seating areas. With the door open, it is even possible to sit on the floor. On the side of the car opposite the entry door, a small integrated table with a plant adds a finishing touch to the interior fittings. The table signifies the car’s new center point – the place where passengers meet, face, and engages with one another.

    Oliver Heilmer, Head of MINI Design said, “The car becomes a kind of retreat, a haven where you can relax – or work with full concentration – during a journey. Wanderlust is the only MINI moment where the MINI Vision Urbanaut is being driven or driving with automated driving functions.”
    The Mini Urbanaut was conceived from the outset as an electrically powered vehicle with automated driving functions but the company has not yet provided details on the powertrain.

    The front end of the MINI Vision Urbanaut represents a clear evolution of two time-honored MINI design icons – the headlights and radiator grille. Positioned under a milled aluminum structure with slotted openings, the headlights are only visible when switched on. Thanks to their multicolor dynamic matrix design they can display different multi-colored graphics, which creates a new form of communication between the car and the outside world to suit each moment. The lights on the MINI Vision Urbanaut complement the front “grille” with the attractive look distinctive to every MINI. The enclosed grille itself is now octagonal in shape, representing an evolution of the traditional hexagonal form. Since the MINI Vision Urbanaut does not have a combustion engine requiring cooling air, the grille assumes a new function: it now serves as an intelligence panel for automated driving.

    As with the headlights, multicolor dynamic matrix rear lights behind milled aluminum covers deliver a fresh aesthetic and present a different look in the various driving modes and MINI moments. On closer inspection, the distinctive, convex surfaces also pay homage to previous MINIs and the classic Mini. One small detail – the contour of the rear windows – references the form of the front grille and underscores the car’s stylistic consistency.

    The clear form of the exterior supplies the car’s colors, materials, and details with the perfect stage. The matt exterior shade Zero Gravity transitions from a metallic green with blue flip effect to a subtly toned grey. The windows show a pattern in body color, fading in a gradient from bottom to top. This creates a harmonious transition from the vehicle body to the windows and roof. The pattern also provides a certain amount of privacy without having to darken the windows; the interior remains bright.

    The concept behind the MINI Vision Urbanaut includes services designed to make using the car an enriching and seamless experience. For example, the MINI Vision Urbanaut can be opened using smart devices – so, in keeping with its status as a mobility option of the future, it can be accessed by anyone within a defined circle of family and friends. Playlists, audiobooks or podcasts to suit the route and the moment can be explored while traveling. A personal journey planner displays tips and points of interest (POI) tailored to the individual, as well as recommendations from the MINI Community. These can be proposed and selected as desired.

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  • Auto industry seeks to develop components segment

    Auto industry seeks to develop components segment

    While the automotive industry’s target of using 35-45 percent locally made parts remains elusive, auto companies are increasing investments in supporting industries.

    On September 22 TC Motor began construction of the 340 ha Thanh Cong Viet Hung Complex for Automotive Supporting Industries in northern Quang Ninh Province.

    A spokesperson for the Ninh Binh-based auto firm believed that the complex would attract many companies in the auto ecosystem.

    TC Motor is also clearly interested in making parts for Hyundai cars produced in Vietnam. The South Korean brand, which it assembles and distributes, topped the market in the last 10 months.

    Next to Quang Ninh is the VinFast plant that makes cars, motorbikes and electric bikes in the Dinh Vu-Cat Hai industrial zone in Hai Phong City. A third of the 335-ha plant is used to produce auto and motorbike parts.

    The last of the big three local auto companies, Truong Hai (Thaco), is no exception to this trend, making large investments in supporting industries.

    Thaco says that it currently has 12 plants in the 1,200 ha Chu Lai-Quang Nam industrial zone making both internal and exterior parts for buses, trucks and cars; composite parts; automotive glass; air conditioners for trucks, buses and passenger cars; bumpers for passenger cars; seats and seat covers; wires; springs; car body parts and more.

    This producer of Kia and Mazda vehicles is the second largest in the Vietnamese market after TC Motor. Its ambition is to become an original equipment manufacturer (OEM) for not only the domestic market but also exports.

    Where is Vietnam on the automotive map?

    While the Vietnamese car market ranks fourth in Southeast Asia in terms of scale, sales and production, the country’s supporting industry ranked considerably lower.

    In a report in 2018 the Ministry of Industry and Trade said the use of locally produced parts in the Vietnamese auto industry was just 7-10 percent on average, miles away from the 40 percent goal set in 2004.

    While Vietnam is still struggling to develop its supporting industries, an important requirement for auto manufacturing, other Southeast Asian nations like Thailand and Indonesia have already surpassed the 70-80 percent mark.

    To bolster production, it is necessary to have strong supporting industries and steady market growth, said, experts. Vietnam is behind only Myanmar in Southeast Asia in terms of sales growth, but weak supporting industries and a small number of parts suppliers limit production to mere assembly of imported parts.

    The high costs of imported parts have also led to a paradoxical situation of locally made cars being more expensive than imported ones.

    Statistics from the Vietnam Automobile Manufacturers Association (VAMA) show that its members source around 15 percent of tier 1, or low-technology, parts like chairs and wires domestically, and import the rest.

    Thailand and Indonesia only import 10 percent of tier 4 parts, which include the most important like gearboxes and engines.

    In 2018 there were around 2,100 part suppliers in Thailand and only 276 in Vietnam.

    Auto manufacturing costs in Vietnam are around 15-20 percent higher than elsewhere. A steel filler cap costs around $1.5 in Thailand, but $3.8 in Vietnam.

    With even lower-tier parts being expensive in Vietnam, reducing the costs of higher-tier parts like car body, electronics, engines, and gearboxes seems infeasible, said some experts.

    The inability of suppliers in Vietnam to make parts more complicated than tires, seats, and wires require the domestic industry to import about $2 billion worth of car parts each year, mostly components like the braking and steering system, from countries like Japan, China, and South Korea, according to a report by the Ministry of Industry and Trade.

    Car sales in Vietnam reached 385,600 units last year, but the size of the Indonesia and Thailand market was 2.6 times bigger and that of Malaysia, 1.6 times.

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  • Nissan Plans To Invest Heavily In China Luxury Segment, COO Says

    Nissan Plans To Invest Heavily In China Luxury Segment, COO Says

    Japan’s Nissan Motor plans to invest heavily in China’s luxury auto segment, its chief operating officer said on Monday.

    Ashwani Gupta made the comment in an interview during the Reuters Auto Summit teleconference. He also said that while he was satisfied with the automaker’s business in the United States, it wasn’t enough.

  • Nissan Says ‘Absolutely Not’ In Talks About Mitsubishi Stake Sale

    Nissan Says ‘Absolutely Not’ In Talks About Mitsubishi Stake Sale

    Nissan Motor Co is “absolutely not” in talks to sell its stake Mitsubishi Motors, Nissan’s chief operating officer said on Monday, following a report the carmaker was considering pulling out of its alliance partner. “We are not in any discussion or consideration of changing the capital structure in our partner companies. We are moving ahead with many projects,” Ashwani Gupta said in an interview at the Reuters Automotive Summit teleconference.

    He spoke after Bloomberg News reported earlier, citing unidentified sources, that Nissan was considering selling its 34% stake in Mitsubishi Motor to help it cope with the slump in demand caused by the COVID-19 pandemic.

    Such a deal would fundamentally reshape a three-way alliance that includes France’s Renault built by Carlos Ghosn, former chairman of the alliance. The partnership was plunged into uncertainty when Ghosn was arrested in 2018 on financial misconduct charges, which he denies.

    At Monday’s closing price in Tokyo, Nissan’s stake in Mitsubishi Motors was worth 102.2 billion yen ($975.8 million).

    Nissan shares rose 5% on the Bloomberg report, while Mitsubishi Motors, which said it would continue to collaborate with its alliance partner, gained 3%.

    Nissan, which is 43% owned by Renault, last week cut its operating loss forecast for the year to March by 28%, helped by a rebound in demand, especially in China.

    Mitsubishi Motors, Japan’s No.6 automaker, expects to post an operating loss of 140 billion yen for its business year.

    Both companies are cutting production levels and costs in a bid to return to profitability.

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  • PSA Boss Sees More Auto Deals

    PSA Boss Sees More Auto Deals

    The head of Peugeot maker PSA Group expects more consolidation in the auto industry as carmakers invest vast sums to make electric vehicles, he said on Monday, while predicting some wouldn’t make it through the coming decade.

    “Only the most agile with a Darwinian spirit will survive,” Carlos Tavares said at the Reuters Automotive Summit teleconference, adding PSA was no longer investing in internal combustion engines as Europe and China push for cleaner driving.

    Tavares also said PSA was far ahead of its objectives in meeting European Union CO2 emission targets.

    PSA is working towards a planned merger with Italian-American Fiat Chrysler Automobiles NV (FCA) and Tavares reiterated this was on track for the first quarter of 2021.

    “So far, so good,” he said, adding much of the hard work in bringing the two companies together had already been done.

    PSA and FCA will operate under the name Stellantis after they merge, becoming the world’s fourth-largest carmaker.

    Tavares said one of the tasks facing the merged group would be improving its performance in China, the world’s largest car market, where it will have a considerably smaller market share than in Europe and the United States.

    “No global car company can afford not to be in the largest car market in the world,” Tavares said.

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  • Volvo Cars Drops New Cars From 30 Metres. Here’s Why

    Volvo Cars Drops New Cars From 30 Metres. Here’s Why

    Volvo Cars, in what can only be described as the most extreme crash test yet, is dropping all-new cars from a height of 30 meters. It’s all research though and this extreme test will allow rescue services to prepare for any possible crash scenario and to simulate the forces that erupt in the most extreme crashes, beyond what can be simulated with ordinary crash testing.

    For the first time, it dropped several new Volvos multiple times from a crane, from a height of 30 meters. This approach helped create enough damage to adequately simulate the damage found in the most extreme crash scenarios: think of single-car accidents at very high speed, accidents whereby a car hits a truck at high speed, or accidents whereby a car takes a severe hit from the side.

    In such situations, people inside the car are likely to be in a critical condition. Therefore the priority is to get people out of the car and to a hospital as quickly as possible, using hydraulic rescue tools.

    All findings from the crashes and the resulting extrication work will be collected in an extensive research report. This report will be made available free of use to rescue workers elsewhere, allowing them to benefit from the findings and further develop their life-saving capabilities.

    Usually, rescue workers get their training vehicles from scrapyards. But these cars are often up to two decades old. And in terms of steel strength, safety cage construction and overall durability, there is a vast difference between modern cars and those built fifteen to twenty years ago.

    This makes it crucial for rescue workers to constantly update their familiarity with newer car models and review their processes, in order to develop new extrication techniques. In other words, these training sessions can mean the difference between life and death. So at the request of the rescue services, Volvo Cars decided to step things up a notch.

    A total of ten Volvos, of different models, were dropped from the crane several times. Before the drop, Volvo Cars safety engineers made exact calculations about how much pressure and force each car needed to be exposed to, in order to reach the desired level of damage.

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  • Tesla Launches World’s Largest Supercharger Station

    Tesla Launches World’s Largest Supercharger Station

    Tesla has been expanding its supercharger network at a rapid pace and now the world’s most valuable automaker has unveiled the world’s largest supercharger station in Firebaugh, California. This supercharger station has been in development for a couple of months and it will have 56 supercharging stalls. In China, Tesla already has stations with 50 stalls, 56 is a new record.

    This is going to make the supercharger station significantly larger than the average station Tesla has in the US. The station is located between the Bay Area and Los Angeles which is obvious as Elon Musk himself stays in Los Angeles and Tesla’s original market was predominated by people in Silicon Valley and Hollywood. These two also represent the two largest markets for the electric car maker.

    Tesla has also built solar canopies, a restaurant and convenience stores at the location which makes the charging pitstop a little more engaging. The solar canopies are meant to provide shade to the vehicles while also helping power the supercharger station.

    This comes after the company has launched a new self-driving beta which improves the autonomous capabilities of its cars. It also comes at a time where the company has unveiled new models of the Model 3 and Model Y which have a greater range.

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  • Nissan Magnite Pre-Bookings Begin At Dealer Level

    Nissan Magnite Pre-Bookings Begin At Dealer Level

    Nissan India will be launching the Magnite Subcompact SUV in India on November 26, 2020. It is one of the highly awaited subcompact SUVs in India. We have now learnt that select dealerships in Mumbai and Delhi are accepting unofficial bookings for the 2020 Magnite for a token amount of ₹ 25,000. The carmaker has already revealed key specifications and features of the car. Recently, the variant-wise prices of the SUV were leaked online, suggesting that it will get a starting price of ₹ 5.5 lakh (ex-showroom).

    The upcoming Magnite will be Nissan’s first subcompact SUV in India which will be pitted against the likes Kia Sonet, Maruti Suzuki Vitara Brezza, Hyundai Venue, Mahindra XUV300 among others. The company commenced the production of the subcompact SUV at its manufacturing facility, in Oragadam, Chennai. The same facility will be used for catering domestic and export markets.

    The exterior appeal of the SUV will be highlighted by a large chrome bordered grille featuring sleek headlamps and LED projector lights with LED daytime running lamps. It will also 16-inch dual-tone alloy wheels, silver roof rails, silver faux skid plates, wheel arches, underbody cladding, LED tail lights, dual-tone roof option and much more. The car will be based on Renault-Nissan Alliance’s CMF-A+ platform. The new Nissan Magnite will be offered in four key trims – XE, XL, XV Upper and XV Premium.

    On the inside, the Magnite SUV will get all-black interior which will be complemented by several features like 7-inch fully digital instrument cluster, 8-inch infotainment system with Apple CarPlay and Android Auto support, multi-functional steering wheel, automatic AC, electrically adjustable and foldable ORVMs, push-button start, wireless charging, segment-first 360-degree camera and much more. As for safety, the SUV will be equipped with ABS with EBD, dual airbags and anti-roll bars, vehicle dynamics control, hill start assist, traction control and Tyre Pressure Monitoring System.

    The soon-to-be-launched Nissan Magnite SUV will come in two petrol engine options – the 1.0-litre naturally aspirated motor and the new 1.0-litre turbocharged petrol engine. The former will be tuned to produce 71 bhp and 96 Nm of power figures, while the latter will churn out 99 bhp and 160 Nm of peak torque. Transmission options will include a 5-speed manual and a CVT automatic transmission.

    The naturally aspirated petrol variant will return 18.75 kmpl of mileage, while the manual variant with 1.0-litre turbo-petrol engine will offer a mileage of 20 kmpl. However, the and CVT version with turbo-petrol will provide 17.7 kmpl of mileage.

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  • Volkswagen To Invest 1 Billion Euros In Slovakia Plant

    Volkswagen To Invest 1 Billion Euros In Slovakia Plant

    Volkswagen plans to invest 1 billion euros ($1.18 billion) in its Slovak plant, including 500 million euros to produce next-generation Passat and Skoda Superb models, VW Slovakia Chairman Oliver Gruenberg said on Monday.

    The German carmaker’s investment will be in projects across the model range made in Slovakia and will create 2,000 jobs in the coming years, personnel chief Sebastian Krapoth said.

    The auto industry, led by Volkswagen and three other carmakers, is the backbone of Slovakia’s manufacturing and export sectors.

    Skoda had announced on Friday that production of its higher-end model, Superb, would move to Slovakia. The Superb and Passat share the same platform and many parts.

    That followed the cancellation of plans to source production in Turkey. It also upset unions at Volkswagen’s Czech unit, Skoda Auto, home to the Superb brand over the past two decades.

    “Total investments for Bratislava are being planned in the range of 1 billion euros,” Gruenberg told a news conference broadcast live on television. “It is an investment across the entire model range at Volkswagen Slovakia.”

    He said the plan will not add overall production capacity at the plant, which made 377,750 cars last year. The plant, which mostly produced top-end models such as the Audi Q7 and Porsche Cayenne, exports more than 99% of its output.

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  • Rolls-Royce supplies power solutions for SpaceDC’s first Indonesian green focused data center facility

    Rolls-Royce supplies power solutions for SpaceDC’s first Indonesian green focused data center facility

    Space officially launched its new ID01 25.45MW data centre campus with Rolls-Royce technology on 4 November 2020. It is the first green-focused data center in Indonesia. With innovative design and infrastructure, SpaceDC enables a power usage effectiveness (PUE) of 1.3, which is changing the industry’s approach to carbon footprint and ensures uptime for the users. Three MTU gas and diesel systems from Rolls-Royce with the latest exhaust after-treatment technology provide efficient and clean base load and emergency power as well as cooling.

    “There is a growing demand for local data centres in Southeast Asia, even more since the Covid-19 crisis”, says Darren Hawkins, CEO of SpaceDC. “With the trend of decarbonization, new concepts of power supply for data centres are at the forefront.” SpaceDC is a data centre provider who aims to lower the environmental impact of data centres. “This company philosophy fits very well with Rolls-Royce’s goal of continuously enhancing the eco-friendliness of our drive and energy systems and bringing them closer to CO2 neutrality,” explains Andreas Görtz, Vice President Power Generation at Rolls-Royce Power Systems.

    For the JAK2 facility in Jakarta, Rolls-Royce supplied three containerized gas and diesel systems.

    The diesel systems, which secure the power supply of the data centre, comprise two MTU 20V4000 DS3300 gensets in a 40 ft container with SCR systems to reduce emissions.

    “Reliable backup power is the lifeblood for any data centre – and it is absolutely fundamental in creating a world class facility,” said Darren Hawkins. “In designing our JAK2 data centre, we selected Rolls-Royce, with its MTU products, as our partner because they provide the best in market technology and power efficiency for this data centre, which is aligned with our vision of meeting international standards as part of the overall value proposition to our customers in the region and beyond.”

    A 20-cylinder MTU Series 4000L64 FNER gas genset in a 40ft container is installed as CHP (Combined Heat and Power) application with a total efficiency of above 90%. The system will provide baseload electricity and cooling via an absorption chiller utilising the exhaust gas heat to provide cooling. The MTU gas systems offer best in class power density and have been designed specifically to withstand hot and humid conditions. This is especially crucial for the facility in Jakarta where the climate is tropical almost year-round. The MTU power solutions offer an extended Time Between Overhaul (TBO) of 84,000 hours, requiring less maintenance and overhaul intervals for maximum productivity and reliability.

    “Deploying generators in a tropical environment like Indonesia comes with a unique set of challenges, especially for a data centre environment where uptime is absolutely critical. We’re proud that our Series 4000 generator sets will help SpaceDC meet the special demands of the location and ensure the highest levels of reliability for their customers,” said Andreas Görtz.

    “Working with Space, we’ve seen great synergy in developing complete power generation solutions that are market-leading in terms of efficiency and reliability. And we are proud that they chose us as a partner to support them with our sustainability service and backup power”, said Waluyanto Sukajat, Acting Managing Director, PT. MTU Indonesia.

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  • France Says Japanese Tyremaker Bridgestone To Shut Bethune Plant

    France Says Japanese Tyremaker Bridgestone To Shut Bethune Plant

    Japanese tyremaker Bridgestone has decided to “close the door” on its Bethune plant in northern France, Junior Economy Minister Agnes said on Thursday.

    Bridgestone said in September it wanted to close the factory in the face of low demand for its main product, low-profile tyres.

    The government will, however, fight to ensure it remains an industrial site and will work on possible new offers for the site, Pannier-Runacher said after meeting Bridgestone and plant representatives in Bethune.

    “Bridgestone leaves the Bethune site. We’ll be there alongside the employees to find the best possible solutions”, Pannier-Runacher told reporters, adding that the tyremaker did not want to invest in the plant due to overcapacity.

    With 863 employees, the factory has a daily production capacity of about 17,000 tyres.

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  • 18th U.S. Takata Death Reported, First In A BMW

    18th U.S. Takata Death Reported, First In A BMW

    A U.S. auto safety regulator said on Thursday it identified the 18th U.S. death tied to a Takata airbag inflator rupture after the review of a recent BMW crash. The National Highway Traffic Safety Administration (NHTSA) said it had concluded a Takata airbag inflator rupture during a September crash in Arizona had led to fatal injuries of the driver. This was the first reported Takata death in a BMW vehicle after 15 U.S. deaths in those of Honda Motor Co and two in Ford Motor Co vehicles since 2009.

    BMW said its “engineers will work closely with federal investigators to inspect the vehicle and to understand the details of the incident.”

    The German automaker added it had “been working diligently to identify and contact owners of these older vehicles equipped with recalled Takata airbags.”

    The defect, which leads in rare instances to airbag inflators rupturing and sending metal fragments flying, prompted the largest automotive recall in U.S. history of about 63 million inflators. Worldwide, about 100 million inflators by 19 major automakers were recalled.

    More than 290 U.S. injuries are also tied to faulty Takata inflators and at least 27 deaths worldwide. The issues especially affects older vehicles with long-term exposure to hot, humid conditions. A number of the deaths have occurred in Arizona. Millions of unrepaired airbags remain in cars on U.S. roads.

    NHTSA said in a statement Thursday the “incident underscores the importance of replacing every recalled Takata airbag. When notified of a safety defect, we urge vehicle owners to immediately contact their automaker’s local dealer to schedule a free repair.”

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  • Nissan Explores Possible Sale Of 34% Stake In Mitsubishi Motors

    Nissan Explores Possible Sale Of 34% Stake In Mitsubishi Motors

    Nissan Motor Co may sell its 34% stake in Mitsubishi Motors Corp in what would be a fundamental change in a three-way alliance that also includes France’s Renault SA, Bloomberg News reported, citing unidentified sources.

    Nissan is considering looking for potential buyers, which could include other shareholders such as trading firm Mitsubishi Corp, as it is worried it may struggle to recover from a downturn caused by the coronavirus pandemic, Bloomberg said.

    “There are no plans to change the capital structure with Mitsubishi,” Nissan told Reuters in an emailed statement.

    Nissan, which has 34% stake in Mitsubishi Motors, is worried it may struggle to recover from a downturn caused by the coronavirus pandemic

    Nissan, which is 43% owned by Renault, last week cut its operating loss forecast for the year to March by 28% to 340 billion yen (2.5 billion pounds), helped by a rebound in demand, especially in China.

    Mitsubishi Motors, Japan’s No.6 automaker, expects to post an operating loss of 140 billion yen for the business year.

    Both companies are cutting production levels and costs in a bid to return to profitability.

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  • Hyundai Looks Ahead To New SUVs In 2021 And Urban Air Taxis By 2028

    Hyundai Looks Ahead To New SUVs In 2021 And Urban Air Taxis By 2028

    South Korean automaker Hyundai Motor Co is supercharging its product portfolio next year with the introduction of several new SUVs, while looking even farther out to the launch of its first urban air taxis toward the end of the decade, the company’s top U.S. executive said on Monday.

    “We are all-in on autonomous vehicles,” as well as electric vehicles, said Jose Munoz, president and CEO and Hyundai Motor North America, at an Automotive Press Association teleconference.

    His remarks come at a time when investment in robo-taxis has slowed, even as the global pandemic has spurred interest in personally-owned vehicles, especially trucks and SUVs. Hyundai hopes to tap that interest next year with the all-new Santa Cruz, a compact utility vehicle with a pickup bed, and the Ioniq 5 crossover, the first in a series of new all-electric models.

    Early next year, the redesigned Tucson compact crossover goes into production at Hyundai’s Montgomery, Alabama plant, which also will begin building the Santa Cruz in late spring as part of a $410 million expansion. Munoz said Hyundai will work with the new Biden administration to develop infrastructure to support battery-electric and hydrogen-electric vehicles.

    He seemed most excited by Hyundai’s work with Motional – its $4 billion (£3 billion) self-driving technology joint venture with Aptiv PLC and its partnership with Uber Technologies on urban air taxis, which Munoz predicted would be in operation at such major U.S. airports as LAX in Los Angeles and JFK in New York “by 2028, maybe earlier.”

    Hyundai already is developing “flying devices” powered by electric motors and batteries that can transport five to six passengers from highly congested urban and suburban centers to those airports, Munoz said. “We see a lot of opportunities ahead of us in autonomous vehicles,” including air taxis, he said.