Aptiv’s new technical center to develop safer, greener, and more connected mobility solutions
Key Signals in Automotive
Layoff Ford cuts 3800 jobs in Europe, 1300 of them in the UK Ford’s European engineering operations are the most dramatically impacted, accounting for 2,800 of the axed roles, although Sander emphasized that the company would retain 3400 engineering roles in the region. Read More>> Rivian lays off 6% of the workforce, hitting California offices Rivian plans to lay off 6% of its workforce for the second time in the past year. It provides laid-off workers extended pay, equity vesting, and health benefits. Recent electric vehicle price cuts by competitors Tesla and Ford added pressure to the firm, which has been deeply unprofitable despite the surrounding hype. Read More>>Centre Setup and Expansion Vietnamese EV Maker VinFast to launch US production in 2024 VinFast plans to start production in the United States by 2024 amid recent restructuring efforts in its North American operations. The company went through a restructuring process that included cutting jobs in the U.S. and Canada to streamline its operations. Read More>> Aptiv opens a new state-of-the-art campus for its Technical Center in Bengaluru The facility was inaugurated in the presence of the global leadership team, the employees of Aptiv, and their families. The 237,000-square-foot state-of-the-art campus is located at Brigade Tech Gardens, Whitefield, Bengaluru. Read More>>Product Launch Audi launches new Audi Q3 sport back The car is equipped with quattro all-wheel drive as standard and a 2.0 L TFSI petrol engine. The new Audi Q3 Sportback generates 190 hp and 320 Nm of torque and can go from 0-100 km/h in 7.3 seconds. The Audi Q3 has been a segment leader, and they are confident that the new Audi Q3 Sportback will replicate its popularity among customers. Read More>>Executive Movements Volvo Group Finance Chief steps down Tina Hultkvist has decided to resign from her role as Chief Financial Officer and member of the Executive Board, effective immediately. Jan Ytterberg, previously Volvo Group CFO and member of the Executive Board, and currently in the role of Volvo Group senior advisor, will step in as acting CFO. Read More>> Kia America appoints Brad Mays Kia announced the hiring of Brad Mays as Director of Brand Experience. In the role, Mays will lead all aspects of public relations and external communications, including events, experiential, auto shows, and strategic partnerships. Read More>> Hino Trucks names Glenn Ellis as President Hino Trucks appointed Glenn Ellis as President and Board Chairman to succeed Shigehiro Matsuoka. In addition, Ellis will serve as an officer of Hino Motors Ltd., Hino Trucks’ parent company. Ellis focused on expanding Hino’s dealer network and product offering to include zero-emissions trucks while continuing to grow Hino trucks’ market share. Read More>>Financial and Market Activity Eicher Motors’ profit is up 62% to INR 741 Cr (USD 89. Mn) amid Royal Enfield’s rising demand and higher CV sales Eicher Motors reported that its revenue from operations increased 29.2% to INR 3,721 Cr (USD 450.1 Mn) in Q3FY23 from INR 2,880.65 Cr (USD 348. 52 Mn) in the same quarter last year. The company’s sales increased 29.6% to INR 3,665.23 Cr (USD 443.44 Mn) in Q3FY23 as against INR 2,827.59 Cr (USD 342.1 MN) during Q3FY22. Read More>> Mahindra & Mahindra’s December quarter profit rises 14% to INR 1,528 Cr (USD 184.8 Mn) The company reported a 14% rise in its profit after tax for the third quarter that ended in December 2022, driven by robust sales. Its revenue surged 41% to INR 21,654 Cr (USD 2.6 Bn) for the third quarter compared to INR 15,349 Cr (USD 1.85 Bn) in the year-ago period. Read More>>
Latest Industry Insights from Draup Braindesk
Increasing investments by companies in autonomous driving, connectivity, and electrification are expected to fuel the automotive engineering services market
The global automotive engineering services industry is driven by growing investment in engineering R&D facilities and technological advancements by companies.
The rising demand for emission-less transportation, advanced safety measures, and comfort propel the industry’s growth. The increasing urbanization and growing population in developing economies like India fuel the industry’s demand growth.
Electric vehicles have rapidly evolved with the ongoing developments in EV-related technologies and EV services. Due to incentives and OEM support, growing EV demand will increase ER&D spending on electric vehicle technologies.
Europe is expected to be the leading market due to the rising demand for low-emission vehicles, and Germany is home to major car manufacturers.
Key Funding Alert
German Automaker BMW will invest USD 866 Mn in the Central Mexican state of San Luis Potosi
BMW currently employs 3,000 people at the San Luis Potosi plant, which produces the BMW 3 Series, 2 Series Coupe, and M2. The BMW 2 Series Coupe and M2 are produced in San Luis Potosi for at least 17 countries. Read More>>
Startup Spotlight
Company – Niron Magnetics Total Funding – USD 51.6 Mn About: Niron develops innovative advanced magnetic materials for high-performance and low-cost permanent magnets. Niron Magnetics is developing the world’s first advanced manufacturing process for the mass production of permanent magnets powered by our breakthrough material formulation. Read More>>
Latest Reports Published in Draup
Hyundai Motor Company Account Intelligence Report
Hyundai Motor is strengthening its autonomous driving technology and plans to invest USD 79 Bn by 2030 in autonomous driving software technology and electric vehicle-related businesses. It will introduce vehicles in 2025 based on eM and eS platforms. Read More>>
Thyssenkrupp AG Account Intelligence Report
Thyssenkrupp is keen on supplying improved products to customers of butanol projects and offering solutions for petrochemical, refinery, and fertilizers on an EPC basis. Adopting modern techniques improves the productivity of mining operations, drilling, and blasting. Read More>>
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