Hyundai’s hydrogen heavy-duty fuel cell trucks to enter fleet service in Germany

Key Signals in Automotive

Centre Setup and Expansion
Hyundai Motor, Kia announces plans to build new EV plant in Korea 
The company announced the news at the Niche Hour Forum hosted by the Korea Industry Alliance Forum held at the Automobile Centre in Seocho District, western Seoul. Kim announced that Hyundai Motor would convert the driving test site of the company’s Ulsan plant into an EV plant. Read More>>
Gentex expanding in Zeeland 
The Michigan Strategic Fund board, on July 25, approved grants that will aid Zeeland-based Gentex Corporation in its expansion. The USD 300 Mn project will bring five hundred new jobs to the company and add 650,000 square feet of space, including a new high-tech manufacturing plant and a distribution center in Zeeland Charter Township. Read More>>
Hitachi to establish Kyoso Centre near AMRF in Bradfield 
The company will establish its Kyoso Centre alongside the Advanced Manufacturing Research Facility in the First Building in Bradfield in 2023. The NSW government has agreed to finalize the private sector tenancy agreement for the building with the Japanese multinational, whose collaborative research model will attract advanced technology jobs to Western Sydney. Read More>>
Hyundai Motor to deliver 27 Xcient fuel cell trucks to clients in Germany 
The company will deliver its 27 Xcient Fuel Cell trucks to its clients in Germany, the largest commercial vehicle market in Europe. It will sign contracts with seven German companies, including coordination and manufacturing companies. Read More>>
ioneer inks binding lithium offtake agreement with Toyota and Panasonic JV PPES 
PPES will use ioneer’s lithium carbonate to produce batteries for US electric vehicles, promoting electrification in the US market. The five-year binding agreement is for a total of 4,000 tonnes per annum of lithium carbonate from ioneer’s Rhyolite Ridge Lithium-Boron operation in Nevada. Read More>>
Tesla inks battery materials deal with two Chinese suppliers 
The company has signed new long-term deals with two of its existing Chinese battery materials suppliers, the latest move by automakers to secure supplies amid intensifying competition. The announcements come as major automakers look to scoop up battery metals in the face of a looming shortage. Read More>>
Executive Movement
Hyundai Motor North America appoints Edgar Carranza as Chief Executive Officer of Hyundai Motor Mexico 
The company has named Edgar Carranza, Hyundai Motor Mexico, Chief Executive Officer, effective August 1. Currently, Carranza is Chief Operations Officer for HMM. As CEO, Mr. Carranza will be responsible for operations, marketing, sales, service, and customer satisfaction activities. He will develop and execute a strategy to increase profits and market share. Read More>>
Mitchell Elkind to join the AHA leadership team as chief clinical science officer 
The American Heart Association has announced that Mitchell Elkind, a long-time volunteer of the organization and renowned neurologist, will be joining the staff leadership team later this year as chief clinical science officer. Elkind served as the national volunteer president of the AHA in 202021. Read More>>
Lotus Cars appoints a new Director of Legal & Compliance 
Lotus appointed Pui-Yee Tang as its new Director of Legal & Compliance. Pui-Yee has been the Head of Legal & Compliance since March 2021. Before joining Lotus in September 2019, Pui-Yee was a director at a London law firm. Her practice focused on complex commercial disputes, cross-border proceedings, class actions, and investment activities. Read More>>
Financial and Market Activity
Leggett & Platt’s Q2 income slides 15%; the company sees challenges ahead 
The company sees a slide in 2Q net income. Diversified manufacturer Leggett & Platt reported a second-quarter net income of USD 95.2 Mn, a 15% decline from a net income of USD 112.2 Mn in the same quarter last year. Sales for the quarter were USD 1.33 Bn, a 5% increase from second quarter sales of USD 1.27 Bn last year. Read More>>

Latest Industry Insights from Draup Braindesk

Draup has identified the Hino Motors Business and Technology, Outsourcing Opportunities, and Recommended Area
  • Key Product and Technology Areas:
  1. Hino Motors focuses on developing battery electric vehicle Flat-floor Route Buses with CASE technology and services. 
  2. Hino Motors is eager to create a new value for society through the next generation with modified and specialized EV chassis. 
  3. The company aims to explore an Automated Mapping Platform with smarter and safer logistics that helps to reflect a key role in the automated and advanced driving system.
  • Outsourcing Opportunities:
  1. Hino Motors has ~7 outsourcing partners. Cognizant is the major service provider for Hino Motors.
  2. Consulting System Integration and Product Engineering Services are the major outsourced segments.
  • Key Focus and Recommended Area:
  1. Hino Motors focuses on Electric Automobile systems and CASE technology services to develop the automobile industries with the next generation, which make the sector automated. 
  2. Key Recommended Area is: Hybrid Electric Vehicles.

Key Funding Alert

Bosch to invest EUR 3 Bn (USD 3.05 BN) more in the semiconductor business 
Bosch announced the investment to strengthen its own semiconductor business. By 2026, Bosch plans to invest in its semiconductor division as part of the IPCEI funding program on microelectronics and communications technology. Read More>>

Startup Spotlight

Company –  Three Wheels United
Total Funding – USD 9.94 Mn
About: Three Wheels United is a tech-enabled financier of light electric vehicles. Three Wheels United is a Global fintech lender for electric mobility in the Global South. The company is disrupting lending to low-income and less literate clients. Read More>>

Latest Reports Published in Draup

Panasonic Corporation Account Intelligence Report 
Panasonic is eager to enhance its connectivity solutions by designing and developing sensors, chips, capacitors, and semiconductors. Its revenue increased by 10% in FY2022 compared to FY2021 due to increased sales of automotive batteries and mounting machines. Read More>>
Mazda Account Intelligence Report 
Mazda focuses on launching new SUV models enhanced with driving pleasure and safety performance. It focuses on capability expansion and developing a next-gen electric/electronic architecture, enabling speedy data processing from inside and outside vehicles. Read More>>
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