Search Results for: globalization-drives-consolidation-commercial-vehicle-market

2023-09-16

Korean Battery Companies Increase Sales Significantly

FAR EAST: SOUTH KOREA REPORT

The consolidated financial results for the April-June period of the three major Korean battery companies show significant sales growth. LG Energy Solution’s sales grew 73% y/y and operating profit was 2.4x y/y. SK On’s sales grew 2.9x y/y due to the expansion of EV production. Samsung SDI’s sales grew 23% y/y.

LG Energy, the world’s second largest automotive battery maker, posted a 73% y/y increase in sales to KRW 8.774 trillion (approximately $6.6 billion) and a 2.4x y/y increase in operating profit to KRW 461 billion (approximately $340 million), while its joint production with GM of the U.S., which will begin operations in 2022, also contributed to the continued growth in sales and profit.

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2023-09-21

Zepp Gets Financial Boost To Build State-of-the-Art Fuel Cell Systems Factory

Dutch company Zepp.Solutions, one of Europe’s leading hydrogen fuel cell system suppliers, has secured €1.98 million ($2.16 million) grant funding from the European Just Transition Fund (JTF) to develop a cutting-edge fuel cell systems factory in the Netherlands.

Zepp’s goal is to speed up the energy transition and foster reliance in the labor market with support from the Ministries of Economic Affairs and Climate and Social Affairs and Employment, and the municipalities in the Dutch Greater Rijnmond area.

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2023-10-23

2023 Cannes Yachting Festival Sets Records

EUROPE REPORT
Natasa Mulahalilovic
Natasa Mulahalilovic

The 46th Cannes Yachting Festival was the largest one ever, hosting 610 exhibitors and 705 boats. The Cannes Yachting Festival remains the largest and the most visited European pleasure boat show organized on the water.

The show’s organizers said the event has never hosted that many motor and sailing, mono and multi hulls, outboard boats, ribs and semi-rigid boats, tenders, electric, hydro-foiling, and other types of boats. 

The show ran Sept. 12-17, offering six days of meetings and exchange with boat builders, engine and equipment manufacturers, designers and architects and other professionals from the pleasure marine industry.

The event hosted by a beautiful Mediterranean Cannes attracted 55,000 visitors coming from more than 130 worldwide countries. As usual, it was organized in two locations in the city, Vieux Port and Port Conto des Cannes. Motorboats and yachts in all sizes and with all propulsion types were displayed at the Vieux Port and sailing yachts and catamarans at the Port Canto des Cannes.

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2023-10-24

Brazil’s School Bus Program Postponed

Initially scheduled to begin Sept. 12, 2023, the auction of the federal program “Caminhos da Escola” was postponed indefinitely. A new date has not been set. The new stage, which provides for the purchase of 163,000 buses was eagerly awaited by chassis and body manufacturers, would have been delayed until 2024 because of the time needed for the production.

The reason is technical: according to the bidding notice published at the end of last month, important chassis manufacturers as Volvo and Merecedes would be excluded from the bidding process due to new certification demanded.

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Malaysia’s Proton Considers Building EV Plant in Thailand

SOUTHEAST ASIA: MALAYSIA REPORT
Akihiro Komuro
Akihiro Komuro

Malaysian state-owned carmaker Proton is considering building an EV plant in Thailand, according to reports from Thailand government officials. The Thai government has long focused on promoting related industries.

At a joint press conference with the Prime Minister of Malaysia, where he is visiting, the Thai Prime Minister said, “I hope we can confirm clear steps to invite the plant and proceed quickly,” and indicated that he plans to work out the details with the parties involved soon. The amount of investment and production capacity were not disclosed.

Proton was established in 1983 as a national policy to revive Malaysia’s automotive industry. Currently, the company is rushing to switch to EVs after receiving an investment from Geely, a private Chinese automotive giant.

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Sonalika Group Plans $100 Million for Export Facility

INDIA REPORT
Aditya Kondejkar

Sonalika Group is planning to spend approximately $100 million to set up a manufacturing facility for the production of tractors aimed at the international export market. Production will be used to developing products tailored to meet customer requirements in Latin America, Europe, United States, Oceania and South Asia

“We are looking at investing $100 million to set up a dedicated facility for exports. The new unit will have total installed capacity of 100,000 units and will be commissioned within the next two years,” according to Gaurav Saxena, director and CEO of the company’s International Tractors Ltd., operation.

One-third of the group’s revenue is attributed to exports, and the organization aims to be among the world’s top three tractor brands by 2030, considering the global sale of 1.5 million tractors. Presently, ITL exports 35,000 units and has set a target to reach 100,000 units within the next seven years.

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2024-01-22

Thailand Lithium Deposit World’s Third Largest

THAILAND REPORT
Akihiro Komuro
Akihiro Komuro

The Thai government has announced the discovery of a large lithium deposit, calling the deposit the third largest in the world after Bolivia and Argentina. It has estimated reserves of approximately 14.8 million tons. The deposit was found at two sites in the southern province of Phang Nga. However, it will take some time to find out how much of the discovered resources can be used.

Thailand is keen to become the center of EV production in Southeast Asia, leveraging its experience in assembling conventional cars, and the discovery of the lithium deposit will give the country a boost in achieving this goal.

Source: AFPBB

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