The US is giving its automotive industry another boost toward EVs. The federal government will offer over US$100 million in grants to help small- and medium-sized automotive components suppliers expand or retool their production facilities.
Taiwan-based Tong Yang Group announced its operating results for April 2024 on May 7. The leading car components supplier also revealed that it had purchased land at the Cigu Technology Industrial Park in southern Taiwan to expand production.
Rumors have been around in the electric vehicles market, with Tesla's Cybertruck recently facing a recall, causing a temporary slowdown in supply chain deliveries. It is anticipated that deliveries will resume in the third quarter.
A rapidly growing, global market for hybrid electric vehicles should power earnings at major Asian automakers including Japan's Toyota Motor Corp. and India's Tata Motors Ltd.
Samsung SDI and Stellantis have been building a joint battery plant in the US to produce the South Korean company's sixth-generation prismatic battery, P6.
The US Department of Treasury will grant EV makers a two-year extension for restrictions on some hard-to-trace battery materials, including China-dominated graphite. The move was welcomed by automakers while upsetting some US politicians.
Leading South Korea-based battery manufacturers LG Energy Solution, Samsung SDI, and SK On reported unsatisfactory financial performance in the first quarter of 2024 due to slow EV market growth, customers adjusting their inventory levels, and falling metal prices.
Amidst the global economic downturn and the continuous slowdown in end-product IT demand, Samsung Electro-Mechanics (Semco) and LG Innotek, which previously experienced severe performance slumps, have outperformed industry expectations in the first quarter of 2024 by supplying high-value-added products for AI and EV demand.
Chinese carmaker Seres, a Huawei partner, came out of the red in the first quarter of 2024 after experiencing losses for five years. The Aito EVs it co-developed with Huawei have gained traction in the market and accounted for 70% of Seres' sales volume.
While the European Union and the US have imposed many restrictions on China-made EVs, the measures seem also to benefit Chinese carmakers. European and US consumers have become more aware of Chinese EVs, which may affect the future market dynamic.
Foxconn has invested in critical EV components and modules, in addition to vehicle manufacturing, to scale its EV venture. Its partner ZF Group, one of the leading automotive suppliers, announced on Wednesday that the two companies had completed the process of forming a joint venture for passenger car chassis systems on April 30.
Hyundai Motor and its affiliate Kia view software as a crucial element of their future development. The pair targets China's fast-growing connected vehicle market and will collaborate with local tech giant Baidu.
Hyundai Motor and Kia achieved outstanding financial performance in the first quarter of 2024 while facing challenges such as soft battery EV growth, high interest rates, and geopolitics. Hyundai plans to expand hybrid EV production, which contributed significantly to its sales.
Tesla CEO Elon Musk paid an unannounced visit to China on April 28. His main goal is reportedly accelerating the rollout of Tesla's Full Self-Driving (FSD) software in China. Coincidently, the country said on the same day that vehicles made by Tesla and other carmakers comply with data security requirements.
Smart wearable and GPS giant Garmin has decided to expand its production into Southeast Asia as part of its long-term strategy for the next 10-20 years, with initial production lines in Thailand to focus on automotive navigation OEM products.
Japan-based electric motor manufacturer Nidec is reducing its products for the Chinese EV sector and planning to increase its sales of electric motors for industrial machinery in the US. Both measures aim to improve Nidec's profit. Its net income will likely hit JPY165 billion (US$1.06 billion) in fiscal 2024, which ends in March 2025.
The Chinese car market has gained worldwide traction because of EVs. Homegrown automakers seize the opportunity to scale inside and outside China. The country has put many resources and effort into the EV sector, drawing criticism and doubts.
Japan-based semiconductor company Renesas released its financial results for the first quarter of 2024 on April 25. The company experienced a limited profit decline and expected the weaker performance to continue in the second quarter.
