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Sales of new cars in Russia fell 5.2% year-on-year in October to 152,057 units, after a 0.2% decline in the previous month, the Association of European Businesses (AEB) said on Thursday. "Total market sales in October underachieved last year's result by 5.2%, firmly keeping the market on the path of a slow but continuous erosion of the much-needed volume gains secured in the years 2017-2018," Joerg Schreiber, chairman of the AEB Automobile Manufacturers Committee, said in a statement. The AEB said last month it expected sales of new cars to fall 2.2% in Russia in 2019.
Russia's sales of new cars in 2019 are expected to fall 2.2% from last year to 1.76 million units, the Association of European Businesses (AEB) lobby group said on Friday. The AEB had originally forecast sales to rise to 1.87 million this year from 1.8 million units in 2018, but said in July that "market growth in the full year of 2019 is not a realistic scenario anymore". Sales of new cars in Russia fell 0.2% year-on-year in September to 157,129 units, which is "not a bad result looking at the negative track record in recent months", the AEB said in a statement.
Sales of new cars in Russia fell 0.2% year-on-year in September to 157,129 units, after a 1.3% decline in the previous month, the Association of European Businesses (AEB) said on Friday. "With three months to go in the current year, the (AEB) expects a full-year sales result of 1.76 million units, reflecting the same slightly negative trend towards year end," Joerg Schreiber, chairman of the AEB Automobile Manufacturers Committee, was quoted as saying in a statement.
Moody's Investors Service says that the proposed joint venture (JV) between Hyundai Motor group entities and Aptiv Plc (Baa2 stable) to develop autonomous driving is credit positive for the three affected group companies, namely Hyundai Motor Company (Baa1 negative), Kia Motors Corporation (Baa1 negative) and Hyundai Mobis Co., Ltd. (Baa1 negative). "The proposed JV with Aptiv will provide the Hyundai Motor group companies earlier access to level 4 and 5 autonomous driving technologies, with the potential for accelerated commercialization of such products," says Wan Hee Yoo, a Moody's Vice President and Senior Credit Officer.
National Basketball Association players hold a fascination that not many can attain - and, happen to be some of the highest-paid athletes in the world. Although playoff season may be behind us, America's NBA obsession is long from over. For tried and true NBA fans, this should come as no surprise.
Hyundai Motor Co and affiliate Kia Motors Corp said on Wednesday they will recall about 168,000 U.S. vehicles at risk of fuel leaks, after recalling them in 2017 for engine fire risks, and will offer software upgrades for 3.7 million vehicles. The Korean automakers said the software update aims to protect the vehicles from internal damage, and they will also offer new extended warranties for engine issues. Kia said that 20 percent of the vehicles involved have already received the update.
South Korea's Hyundai Motor Group flagged another year of tepid car sales growth on the back of a slow 2018, saying trade protectionism adds uncertainty and major markets such as the United States and China remained sluggish. In his first New Year address to employees, group heir apparent Euisun Chung said Hyundai Motor Co and Kia Motors Corp would complete a restructuring of South Korea's second-biggest conglomerate, which is widely expected to pave the way for him to formally succeed his octogenarian father as head of the group. The complicated succession plans come as Hyundai contends with a bunch of problems that have cost it market share in China and the United States and stalled its rise up the ranks of global automakers.
Hyundai Motor Co plans to start producing electric vehicles (EVs) in Indonesia as part of an around $880 million auto investment in the country, Industry Deputy Minister Harjanto said on Thursday. The Korean company, which together with affiliate Kia Motors is the world's No.5 automaker, plans to build a factory in Indonesia with a capacity of around 250,000 units, including for electric cars, Harjanto told Reuters. Indonesia has ample reserves of nickel laterite ore, a vital ingredient for the lithium-ion batteries used to power EVs.
Hyundai Motor's talks to build a low-cost carmaking factory with a local government suffered a setback on Wednesday as the South Korean automaker rejected proposed revisions to certain terms related to wage negotiations. Hyundai and the southwestern city of Gwangju had reached a preliminary deal on Tuesday for the factory that included an annual wage of 35 million won ($31,492) for employees of the joint venture (JV), which is less than half of the average 92 million won that existing Hyundai workers earn. The plan was given a green light by the city's consultative body on Wednesday on condition that Hyundai would revise certain terms that allow the JV to skip annual wage negotiations with its workers, a city official said.
South Korea's Hyundai Motor and a local government partner are aiming to sign a final deal this week on a low-cost carmaking joint venture despite stiff opposition from labour unions who fear the move would cause job losses and cut wages. In a first such move for Korea's biggest automaker, Hyundai and the southwestern city of Gwangju agreed on Tuesday on a preliminary deal to jointly build a new factory which will have an annual capacity of 100,000 mini-SUVs starting in 2021. It would also better align the automaker with the government of President Moon Jae-in, which is struggling to keep manufacturing jobs from moving overseas amid U.S. President Donald Trump's threats to impose hefty tariffs on vehicle imports.