JLR’s new UK gigafactory to create jobs and batteries for electric vehicle companies
Key Signals in Automotive
Partnerships Hyundai Motor India partners with Shell India to expand EV-charging infrastructure in India As part of this collaboration, 60 kW DC Fast Chargers will be installed across 36 Hyundai EV dealerships, with the possibility of upgrading to 120 kW Fast Chargers. The partnership aims to promote a cleaner and greener future by providing customer-centric solutions for BEV adoption. Read More>> MSU, Toyota Mississippi, and Liquid Wire Inc. announce a collaboration project The project aims to advance research and development in advanced materials and automotive technology. The partnership is expected to foster innovation and drive progress in the industry. Read More>>Centre Setup and Expansion Suzuki Marine opens a facility in Panama City The facility serves as a hub for Suzuki Marine’s operations and showcases its commitment to the Panama City community. This expansion brings opportunities for job creation and economic growth in the area. Read More>> Battery gigafactory deal with Jaguar Land Rover could be imminent, Jeremy Hunt hints amid car job loss warnings The UK Government and Tata JLR entered a deal for a new battery factory in Somerset, aiding the production of EVs. The new gigafactory would supply car batteries for electric vehicles. This factory increases the UK capacity in the supply of batteries for EVs. Read More>>Executive Movements REV Group appoints Mark Skonieczny as Chief Executive Officer He previously served as Interim CEO and CFO and will continue as a director. Mr. Skonieczny will continue contributing to the company’s growth and strategic decisions as a director. Read More>> Opus Group promotes industry veterans to EVP and general manager for Chicago and Indianapolis offices With his extensive experience in commercial real estate, he will provide leadership and development for Opus Chicago and Indianapolis offices. This promotion recognizes Yungerman’s significant contributions and positions Opus for continued success. Read More>> Faraday Future names Ed Darwick as Head of Finance Faraday Future appointed Edward Darwick as Head of Finance Operations, bringing 20 years of experience in FP&A and operational finance control. His global finance expertise will aid FF’s growth in the EV market. Read More>>Layoff TuSimple to lay off 30% of the workforce, keeps its China business TuSimple laid off, reducing its U.S. workforce by 60% to 220 employees. A failed partnership deal and a delisting notice from Nasdaq for delayed quarterly report filings preceded the layoff. Read More>>Mass Hiring Volvo is looking to hire 1,300 team members The company aims to expand its workforce to meet growing demand and support its operations. This move signifies Volvo’s commitment to growth and investment in job creation. Read More>>Product Launch Hyundai to launch upgraded G70 models in Korea Hyundai Motor launched upgraded G70 and G70 Shooting Brake models in Korea, featuring 2.5-liter and 3.3-liter gasoline turbocharged engines. The G70 Shooting Brake is the first Genesis model for European markets. Read More>> Volkswagen launches new variants of Taigun & Virtus Volkswagen launched a manual transmission on the top-end Virtus GT Plus with a 1.5L TSI EVO engine. Two new variants have been added to the Taigun lineup: GT Plus MT and GT DSG. Lava Blue becomes a new exterior color option for both Virtus and Taigun, while Deep Black Pearl is introduced for GT Plus models. Read More>>Financial and Market Activity Robust demand drives growth for JK Tyre & Industries in FY2023 JK Tyre & Industries announced financial results for FY2023 with a revenue of INR 14,644 Cr (US$ 1.7 Bn), a 22% increase from the previous year. The net profit also rose to INR 263 Cr (US$ 31.7 Mn) compared to INR 201 Cr (US$ 24.2 Mn). Read More>>
Latest Industry Insights from Draup Braindesk
Engine & Exhaust Components:
Engine & Exhaust components and Body & Structural parts are expected to capture more than 50% of the potential auto-component domestic & export market. Expansion of the portfolio in these segments can benefit the company as outsourcing is expected to gain momentum soon.
Innovation for New Material Development:
Due to the rapid advancements in the automotive industry, which aim to introduce lighter, more durable, and stronger materials in modern-day vehicles, auto component manufacturers must invest in developing new and innovative materials that can enhance the quality and efficiency of vehicles.
Development of EV and EV Components:
The rapid growth of the Electric Vehicle market & India’s EV ambitions projects a strong potential in DC-DC converters, onboard chargers, circuit breakers, Electric motors, battery packs, and more. Diversification of offerings with the government incentives & PLI1 schemes would be beneficial.
Capturing Global Clients:
The Government of India is pushing local auto component manufacturers to acquire global clients and expand their business portfolio, focusing on increasing export. From its share of US$ 15 Bn in 2019, India aims to double its auto component exports to US$ 30 Bn by 2026.
Key Funding Alert
Hyundai Motor to invest US$ 2.45 Bn in Tamil Nadu over 10 yrs; to install 100 EV charging stations
The company’s investment will contribute to developing EV infrastructure in Tamil Nadu. The establishment of charging stations will encourage the adoption of electric vehicles in the state. Hyundai’s investment will also create employment opportunities and boost the local economy. Read More>>
Startup Spotlight
Company – Unagi Scooters Total Funding – USD 40.95 Mn About: Unagi is an electric scooter startup that aims to liberate people from the tyranny of transportation frustrations–the costs, inconveniences, the carbon emissions. It tries to maximize power and range with ultralightweight portability in a perfect industrial design. Read More>>
Latest Reports Published in Draup
Harman International Industries Account Intelligence Report
Harman generates and develops infotainment, communication, and safety solutions for automakers, such as advanced displays, digital cockpit platforms, car audio systems, professional and consumer audio, lighting, and video solutions to deliver new experiences. Read More>>
Bajaj Auto Limited Account Intelligence Report
Bajaj Auto provides high-quality vehicles, including mid-sized motorcycles, electric scooters, and naked sports motorcycle brands, with aggressive styling and improved safety features to establish sustainability in electric vehicles and next-gen technologies. Read More>>
Here’s what’s new on our Sales Intelligence Platform IT Spend analysis in an account’s financials view
Introducing IT Spend Analysis in an Account’s Financials view to help you understand the account spending propensity.
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