“We hope that this collaboration will help us gain a deeper understanding of the Chinese market and develop strategies that better meet the needs of customers in China,” Nissan President and Chief Executive Makoto Uchida declared. This is an extension of the partnership that Nissan has had with Tsinghua since 2016 when the focus was on intelligent mobility and autonomous driving technology.

The automaker is looking to export its existing lineup of internal combustion engine vehicles as well as upcoming pure electric and plug-in hybrid vehicles. China currently makes up a little over a fifth of Nissan’s total sales, with about 2.8 million vehicles sold during the first 10 months of 2023.

The post Nissan to Export China-Developed EVs Globally appeared first on theprimarymarket.com.

In a regulatory filing, Harmonic Drive Systems stipulated that Toyota would sell 4,379,400 shares in the company, however, no price has been specified. According to Wednesday’s closing price of 4,135 yen per share, Toyota’s stake in the precision control equipment maker would be worth 18.1 billion yen ($123 million).

As a means of limiting the impact of Toyota’s sale on its shareholders, Harmonic Drive Systems confirmed that it would buy back 700,000 of its shares. This accounts for about 0.73% of its outstanding stock.

The post Toyota to Sell Entire Stake in Harmonic Drive Systems appeared first on theprimarymarket.com.

Q3’s EV sales were almost a 50% rise from last year as well as 15,000 more sales than the 298,000 in the second quarter. According to KBB, total EV sales for the year are expected to exceed one million. “Higher inventory levels, more product availability, and downward pricing pressure have helped spur continued linear growth of EV sales in the US market,” Cox Automotive’s chief economist Jonathan Smoke observed.

Despite more than 150,000 sales in the third quarter, Tesla saw its market share fall to 50% from 62% at the same point last year. Still, the company’s sales are growing, up 19.5% year-over-year and beating the industry growth rate of 16.3%.

The post EV Sales Hit Record in Q3 appeared first on theprimarymarket.com.

In addition to parking their vehicles outdoors, both vehicle manufacturers warned owners to keep their distance from their vehicles until repairs are completed. Documents posted by U.S. safety regulators on Wednesday showed that the anti-lock brake control module in the vehicles concerned can leak fluid, which in turn can cause an electrical short and a fire while the vehicles are parked or being driven.

Both companies have confirmed that they will replace the anti-lock brake fuse in the vehicles concerned at no extra cost to owners. Kia is set to begin sending notification letters to customers on November 14, while Hyundai will do the same starting November 21.

The post Hyundai and Kia Recall Over 3 Million Vehicles Due to Fire Risk appeared first on theprimarymarket.com.

“Pent-up demand has been fueling the vehicle market this year,” Charlie Chesbrough, Cox Automotive senior economist observed. “Consumers, and even more so large fleets, have become buyers as inventory improves.”

This rise in demand comes despite rising interest rates on new vehicle loans. Cox Automotive has raised its full-year U.S. new vehicle sales forecast from 15 million units to a range of 15.3 million to 15.4 million units.

The post U.S. New Vehicle Sales Expected to Rise in September appeared first on theprimarymarket.com.

The agreement includes a 10% wage increase for workers during the first year, followed by increases of 2% and 3% during the second and third year. In addition, a $10,000 productivity and quality bonus would be awarded to all employees on the active payroll of the company. Also included are increases to monthly basic benefits and special allowances in benefit and hybrid pension plans.

Representing approximately 5,600 Canadian auto workers, Unifor targeted Ford as part of a larger pattern bargaining tactic. By selecting one of the Detroit Three to negotiate with first, Unifor hoped to set the tone for subsequent deals with other companies.

The post Ford Motors Offers Wage Increases of Up to 25% appeared first on theprimarymarket.com.

Unlike the NCM cathodes, the factory will produce lithium-phosphate-iron (LFP) cathode materials. The South Korean chemical maker stated that it’s looking to produce 50,000 LFP materials annually at the plant – enough to install in 500,000 entry-class EVs. Production at the facility is slated to begin in 2026.

The South Korean company explained that the LFP materials produced at the Moroccan plant will be supplied to the North American market and will be eligible to receive subsidies under the U.S. Inflation Reduction Act (IRA) because Morocco is a free-trade partner with the United States.

The post LG Chem to Build EV Battery Material Plant in Morocco appeared first on theprimarymarket.com.

This comes after the company faced a loss of 73 cents per share during the second financial quarter, plunging from a profit of 58 cents per share during the same period the previous year.

Earlier in the month, Goodyear announced a similar decision to cut 1,200 jobs across its units in Europe, the Middle East, and Africa. The tire manufacturing giant has revealed that such job cut decisions form part of its broader strategy to completely restructure its business by the end of 2024.

The post Goodyear to Cut 700 Jobs, Sell Asia Pacific Stores appeared first on theprimarymarket.com.

In addition to its “integral link pushrod and rocker arm architecture,” as is common in race cars, the Mustang GTD will house its all-new rear suspension and spring setup in its rear trunk.

Farley also spoke on the company’s electric vehicle efforts, admitting to an ongoing issue with the Model e. “The [Model] e business, the volume is ok. We spent the first half getting ready to triple production in the fourth quarter, but the profitability is really challenged,” he said, admitting that while consumers have expressed fondness for the car, they are unwilling to pay premium prices.

Still, Farley claimed that the company’s fortunes should improve upon ironing out some issues, many of which revolve around getting customers adjusted to EVs. Human issues such as charging the EV as necessary and planning routes accordingly are proving challenging, with the company looking to assist by expanding its EV charging network.

The post Ford CEO Unveils New Supercar, Provides EV Update appeared first on theprimarymarket.com.

Selling 552,511 vehicles in India last year, Hyundai emerged as the country’s second-largest carmaker in terms of sales. For General Motors, the sale of the Talegaon factory enables it to exit from the Indian market in its entirety. The U.S. automaker last sold vehicles in India in 2017, amid dwindling sales. Its exit from India proved challenging, however, due to legal issues with workers as well as a struggle to sell the Maharashtra-based plant.

In 2019, General Motors came close to selling the factory when it entered talks with Great Wall Motors. Negotiations broke down last year after both parties were unable to obtain regulatory approvals due to the Indian government’s increased scrutiny of investments of Chinese origin.

The post Hyundai Moves to Purchase GM India Plant appeared first on theprimarymarket.com.

“We hope that this collaboration will help us gain a deeper understanding of the Chinese market and develop strategies that better meet the needs of customers in China,” Nissan President and Chief Executive Makoto Uchida declared. This is an extension of the partnership that Nissan has had with Tsinghua since 2016 when the focus was on intelligent mobility and autonomous driving technology.

The automaker is looking to export its existing lineup of internal combustion engine vehicles as well as upcoming pure electric and plug-in hybrid vehicles. China currently makes up a little over a fifth of Nissan’s total sales, with about 2.8 million vehicles sold during the first 10 months of 2023.

The post Nissan to Export China-Developed EVs Globally appeared first on theprimarymarket.com.

In a regulatory filing, Harmonic Drive Systems stipulated that Toyota would sell 4,379,400 shares in the company, however, no price has been specified. According to Wednesday’s closing price of 4,135 yen per share, Toyota’s stake in the precision control equipment maker would be worth 18.1 billion yen ($123 million).

As a means of limiting the impact of Toyota’s sale on its shareholders, Harmonic Drive Systems confirmed that it would buy back 700,000 of its shares. This accounts for about 0.73% of its outstanding stock.

The post Toyota to Sell Entire Stake in Harmonic Drive Systems appeared first on theprimarymarket.com.

Q3’s EV sales were almost a 50% rise from last year as well as 15,000 more sales than the 298,000 in the second quarter. According to KBB, total EV sales for the year are expected to exceed one million. “Higher inventory levels, more product availability, and downward pricing pressure have helped spur continued linear growth of EV sales in the US market,” Cox Automotive’s chief economist Jonathan Smoke observed.

Despite more than 150,000 sales in the third quarter, Tesla saw its market share fall to 50% from 62% at the same point last year. Still, the company’s sales are growing, up 19.5% year-over-year and beating the industry growth rate of 16.3%.

The post EV Sales Hit Record in Q3 appeared first on theprimarymarket.com.

In addition to parking their vehicles outdoors, both vehicle manufacturers warned owners to keep their distance from their vehicles until repairs are completed. Documents posted by U.S. safety regulators on Wednesday showed that the anti-lock brake control module in the vehicles concerned can leak fluid, which in turn can cause an electrical short and a fire while the vehicles are parked or being driven.

Both companies have confirmed that they will replace the anti-lock brake fuse in the vehicles concerned at no extra cost to owners. Kia is set to begin sending notification letters to customers on November 14, while Hyundai will do the same starting November 21.

The post Hyundai and Kia Recall Over 3 Million Vehicles Due to Fire Risk appeared first on theprimarymarket.com.

“Pent-up demand has been fueling the vehicle market this year,” Charlie Chesbrough, Cox Automotive senior economist observed. “Consumers, and even more so large fleets, have become buyers as inventory improves.”

This rise in demand comes despite rising interest rates on new vehicle loans. Cox Automotive has raised its full-year U.S. new vehicle sales forecast from 15 million units to a range of 15.3 million to 15.4 million units.

The post U.S. New Vehicle Sales Expected to Rise in September appeared first on theprimarymarket.com.

The agreement includes a 10% wage increase for workers during the first year, followed by increases of 2% and 3% during the second and third year. In addition, a $10,000 productivity and quality bonus would be awarded to all employees on the active payroll of the company. Also included are increases to monthly basic benefits and special allowances in benefit and hybrid pension plans.

Representing approximately 5,600 Canadian auto workers, Unifor targeted Ford as part of a larger pattern bargaining tactic. By selecting one of the Detroit Three to negotiate with first, Unifor hoped to set the tone for subsequent deals with other companies.

The post Ford Motors Offers Wage Increases of Up to 25% appeared first on theprimarymarket.com.

Unlike the NCM cathodes, the factory will produce lithium-phosphate-iron (LFP) cathode materials. The South Korean chemical maker stated that it’s looking to produce 50,000 LFP materials annually at the plant – enough to install in 500,000 entry-class EVs. Production at the facility is slated to begin in 2026.

The South Korean company explained that the LFP materials produced at the Moroccan plant will be supplied to the North American market and will be eligible to receive subsidies under the U.S. Inflation Reduction Act (IRA) because Morocco is a free-trade partner with the United States.

The post LG Chem to Build EV Battery Material Plant in Morocco appeared first on theprimarymarket.com.

This comes after the company faced a loss of 73 cents per share during the second financial quarter, plunging from a profit of 58 cents per share during the same period the previous year.

Earlier in the month, Goodyear announced a similar decision to cut 1,200 jobs across its units in Europe, the Middle East, and Africa. The tire manufacturing giant has revealed that such job cut decisions form part of its broader strategy to completely restructure its business by the end of 2024.

The post Goodyear to Cut 700 Jobs, Sell Asia Pacific Stores appeared first on theprimarymarket.com.

In addition to its “integral link pushrod and rocker arm architecture,” as is common in race cars, the Mustang GTD will house its all-new rear suspension and spring setup in its rear trunk.

Farley also spoke on the company’s electric vehicle efforts, admitting to an ongoing issue with the Model e. “The [Model] e business, the volume is ok. We spent the first half getting ready to triple production in the fourth quarter, but the profitability is really challenged,” he said, admitting that while consumers have expressed fondness for the car, they are unwilling to pay premium prices.

Still, Farley claimed that the company’s fortunes should improve upon ironing out some issues, many of which revolve around getting customers adjusted to EVs. Human issues such as charging the EV as necessary and planning routes accordingly are proving challenging, with the company looking to assist by expanding its EV charging network.

The post Ford CEO Unveils New Supercar, Provides EV Update appeared first on theprimarymarket.com.

Selling 552,511 vehicles in India last year, Hyundai emerged as the country’s second-largest carmaker in terms of sales. For General Motors, the sale of the Talegaon factory enables it to exit from the Indian market in its entirety. The U.S. automaker last sold vehicles in India in 2017, amid dwindling sales. Its exit from India proved challenging, however, due to legal issues with workers as well as a struggle to sell the Maharashtra-based plant.

In 2019, General Motors came close to selling the factory when it entered talks with Great Wall Motors. Negotiations broke down last year after both parties were unable to obtain regulatory approvals due to the Indian government’s increased scrutiny of investments of Chinese origin.

The post Hyundai Moves to Purchase GM India Plant appeared first on theprimarymarket.com.