Struggling to contain large capital requirements and increasing debt, Volkswagen-backed Swedish battery cell-maker Northvolt AB has filed for bankruptcy in the US, the company announced Nov. 21. “Northvolt AB and certain of its subsidiaries voluntarily filed for Chapter 11 reorganization in the United States,” the company said in a statement. It further said that the decision will enable the company to restructure its debt, appropriately scale the business to current customer needs a...

Hyundai Mobis has unveiled its "Value-up" business strategy during the 2024 CEO Investor Day, held in Seoul, South Korea, on Nov. 19. The mid-to-long term business strategy aims to achieve an average annual revenue growth of 8% and an operating margin ranging from 5% to 7% by 2027. Under the new business strategy, Hyundai Mobis plans to significantly expand its revenue outside its parent, Hyundai Motor Group (HMG), and also the owners of Hyundai, Genesis and Kia. The leading South Korean auto...

After a successful public listing on India’s National Stock Exchange (NSE) on Oct. 22, subcontinent’s second-largest carmaker, Hyundai Motor India Ltd. (HMIL), said that the company plans to work on localizing the electric vehicle supply network for battery systems, battery cells and drive systems. Hyundai Motor India, which is a subsidiary of South Korea’s Hyundai Motor Co., also plans to invest in building EV charging infrastructure to encourage customers for wider adoption of EVs across...

South Korean consumer electronics major LG Electronics plans to accelerate its growth in new emerging business areas, including the company’s electric vehicle charger business, the company announced on the sidelines of a press conference organized on Oct. 10 at LG Digital Park in South Korea. LG, which claimed that its EV charger business is turning out to be an emerging unicorn within the LG umbrella, is looking to aggressively expand its presence in the global EV charger market through st...

Human Horizons, the parent company of the premium electric vehicle brand HiPhi, has declared bankruptcy in mainland China, Autocar reported, citing the official announcement made by the Yancheng's Economic and Technological Development Zone court on Aug. 8. The move by the EV startup brought an end to its efforts to secure investments for reviving production. In February, HiPhi decided to suspend the production of its luxury EVs as a part of a restructuring initiative aimed at salvaging the f...

As reported in a press release on Aug. 5, Continental announced that its executive board is considering the potential spin-off of its Automotive group sector to form two independent companies to maximize value and growth. The decision, set for the fourth quarter of 2024, is aimed at responding to the dynamic changes in the automotive industry, particularly in light of recent technological shifts and market demands for greater flexibility. If the executive board and supervisory board approve, ...

Porsche has cut down its sales outlook for the fiscal year 2024 due to a significant supply shortage of aluminum components, which are used by the German sports-car maker in all its models, the company announced July 23. “The supply shortage is the result of the flooding of a production facility of an important European aluminum supplier who has informed its customers in writing of the occurrence of a force majeure event,” the Volkswagen-backed luxury performance carmaker said in a statem...

In a press briefing May 16, Honda outlined its investment and technology development strategy for this decade. The automaker said the mid-2020s will be the transitional period, from internal combustion engines (ICE) to electric vehicles, emphasizing its flexibility in responding to changes in demand, business environment and the need to ensure profitability. Honda confirmed its electrification target to make EVs and fuel-cell EVs represent 100% of its global vehicle sales by 2040. As of 2030, Ho...

Samsung Electronics has halted its autonomous vehicle research, joining Apple and other global automakers in abandoning Level 4 autonomous driving, according to a report by Business Korea on May 10. The company has shifted its development personnel to the robotics field as part of a strategy of selection and concentration. The decision comes amid a challenging landscape for autonomous driving technology, with numerous companies facing difficulties in development and lack of business prof...

South Korean carmaker Kia Corp. organized its 2024 CEO Investor Day in Seoul, South Korea, on April 5, sharing updates on its future strategies, goals for 2030, business roadmap to achieve those, as well as financial targets through the decade, according to a press release dated April 5. At the CEO Investor Day, Kia updated its mid-to-long term business strategy with a focus on electrification and its Platform Beyond Vehicle (PBV) business. The company reiterated its 2030 annual sales target ...

Taiwan Semiconductor Manufacturing Co. (TSMC), the leading global producer of advanced semiconductor chips, halted certain chip manufacturing equipment and evacuated personnel following the most powerful earthquake to strike the island of Taiwan in 25 years, according to a Bloomberg report on April 3. As the primary contract chip manufacturer for tech giants such as Apple Inc. and Nvidia Corp., TSMC relocated staff from specific areas and is evaluating the repercussions of the 7.4 magnitude q...

In a recent test conducted by the Insurance Institute for Highway Safety (IIHS), 13 out of 14 automated driving systems were found to have marginal or poor performance. The IIHS developed this rating system to evaluate the safety of these systems and their ability to keep drivers focused, according to a report published by IIHS on March 12. The ratings assess various aspects including driver monitoring, involvement and the encouragement of safety feature usage. Among the tested systems, only ...

French automotive supplier Forvia Hella has further expanded its market position in the field of digital access systems with additional customer orders, with a series production goal of 2025 in Romania and Mexico. The Smart Car Access system from Forvia Hella is based on ultrawide-band (UWB) technology, allowing the end user to open and close the car completely hands-free and start the engine without having to pick up their smartphone. The integrated UWB technology also protects the vehi...

Toyota Motor Corp. (TMC) and Panasonic Holdings Corp. (Panasonic HD) have mutually agreed to let the carmaker acquire Panasonic’s stake in Primearth EV Energy Co. Ltd. (PEVE) to make it a wholly owned subsidiary, Toyota announced March 5. The acquisition, which is scheduled to take place later in March, will help Toyota in strengthening its capabilities in mass-producing automotive batteries. PEVE was first established in December 1996 by the two companies, where Panasonic HD had a ...

AMS Osram has revised its microLED strategy following an "unexpected cancellation of [a] cornerstone project," it said in a press release dated Feb. 28. The supplier announced that it expects a non-cash impairment charge of between €600 million-€900 million in the first quarter of fiscal 2024. AMS Osram also revised its mid-term revenue compound annual growth rate (CAGR) of 6-8% on a like-for-like basis and expects a positive impact to its cash-flow profile within the next 24 month...

Stellantis plans to commence the production of its medium-size electric vans at its Luton-based manufacturing plant in the UK from the first half of 2025, the vehicle manufacturer announced Feb. 22. Significance: The company said that it aims to begin limited production of the group’s all-electric, medium-size vans from spring 2025 at its Luton factory, making the facility the second Stellantis plant in the UK to manufacture electric vehicles, and contributing to meet the growing deman...