Chinese Automakers Could Outperform Global Rivals, Says Elon Musk 2024.01.29 AsiaToday Reporter Lee Jang-won = Tesla CEO Elon Musk warned on Sept. 24 (local time) that Chinese automakers will take down most other automakers in the world if there are no trade barriers...

China's Great Wall Motors Starts Production of Electric Vehicles in Thailand 2024.01.29 China's Great Wall Motor announced on January 12, 2024 that the GWM Aura 03, also known as the GWM Aura Goodcat, has begun production at GWM's Rayong plant in Thailand...

Tesla Faces Uncertain Future: Could it Lose its Place Among Tech Giants? 2024.01.27 [text] Tesla's fourth-quarter earnings in the U.S. were below expectations, and the outlook for the year is not good. As a result, Tesla may drop out of the 'Magnificent Seven'. Tesla's growth has been slowing due to slowing demand for electric vehicles and competition from Chinese EV makers...

Oil Prices Rally as US Crude Reserves Shrink and China Fuels Demand 2024.01.27 The price of West Texas Intermediate (WTI) crude oil broke above $75 and hit a new high as US crude inventories fell. China's massive stimulus program and geopolitical risks are not yet reflected in prices.

China's Electric Car Market Slump Drives Lithium Prices Down by 80% 2024.01.26 AsiaToday Sunmiri Reporter = Lithium prices have plunged 80% in a year due to sluggish demand for electric vehicles in China, prompting lithium producers to urgently cut supplies.

Tesla Expects Significant Slowdown in Sales in 2024 2024.01.26 Tesla released its Q4 2023 earnings and said it expects significantly lower growth in its automotive business in 2024...

Volkswagen's ID.4 Secures IRS Tax Deduction in the United States 2024.01.26 Volkswagen has announced that all ID.4 models will be eligible for the IRA tax credit in the U.S. in 2024. The ID.4 with SK On battery components produced in the U.S. will be eligible for a federal tax credit of $7,500. ID...

UK Car Production Skyrockets by 16.8% in 2023 2024.01.26 The UK Society of Motor Manufacturers and Traders (SMMT) announced on January 25, 2024 that the number of vehicles produced in 2023 increased by 17% year-on-year to 951,117 units. This is the first time in seven years that production has surpassed the previous year's figure, despite supply chain disruptions caused by the coronavirus pandemic...

Samsung Electronics Breaks Pre-Sale Record with the World's First AI Phone 2024.01.26 Samsung Electronics' Galaxy S24 series has set a new record for the most units sold in pre-sales in Korea, with 1.21 million units sold. The Galaxy S24 Ultra was the most popular, accounting for about 60% of sales, while Titanium Black and Marble Gray were the most popular colors...

Hyundai Motor Group Records 450,000 Electric Vehicle Sales in 2023 2024.01.26 Hyundai Motor Company sold 268,785 battery electric vehicles in 2023. That's 451,000 units, compared to Kia's 182,000. Hyundai's increase was driven by the Ioniq 5 and Ioniq 6...

Market Watch: U.S. Faces Dilemma as FOMC Meeting Hints at Delayed Rate Cut 2024.01.26 The first US Federal Open Market Committee (FOMC) meeting of the year will take place on February 30-31 (local time). The first US interest rate announcement of the year will be made in the early hours of February 1. The market consensus is that this will be the year of the rate cut, but the timing is getting later and later...

Volkswagen Still Struggling with Electric Motor Shortages 2024.01.26 Volkswagen is still struggling with a shortage of electric motors at its Kassel parts plant, German media outlet Handelsblatt reported on January 25, 2024...

Semiconductor Smugglers Caught in South Korea: $10 Million Scheme Uncovered 2024.01.26 A Korean distributor caught by Seoul Customs was sent to jail on criminal charges for attempting to smuggle semiconductors to China. Semiconductors are classified as strategic goods and require an export license. The company disguised the semiconductors and smuggled them to China, and obtained the payment through false declaration and laundering...

Biden's EV Push vs. Trump's Comeback: A Shock for the Auto Industry 2024.01.26 This is the year of the US presidential election. Already, there is a generalized talk about the need to respond to Trump's election. This has led to concerns that Biden's EV strategy, which he has been actively promoting, will change...

Hyundai IONIQ 6 Is Now Cheaper Than A Tesla Model 3 2024.01.26 [TheGuru=Jinwoong Yoon] Hyundai's electric car, the Ioniq 6, has been garnering a lot of attention in the U.S. electric car market this year. The reason is that it is the most affordable electric sedan in its class, while its performance is comparable to more expensive models...

China's Market Boost: Plans to Bolster Capital Market with Long-Term Funds 2024.01.25 Chinese authorities have revealed plans to strengthen medium- and long-term fund injections into the money market to stabilize the market. Chinese authorities said they will take stronger and more effective measures to stabilize market confidence, Yonhap News Agency reported on Nov. 22, citing Reuters...

Hyundai Expands Horizons: Luxury Base by Hudson River in NYC 2024.01.25 [TheGuru=Jinwoong Yoon] Hyundai Motor Company is opening a new base in a luxury office tower near the Hudson River in New York City. Hyundai's new office tower is located near the Hudson River in New York City.

Audi Scores Historic Victory in the 2024 Dakar Rally 2024.01.25 Audi wins the world's toughest desert rally, the Dakar Rally, with a low-emission prototype Audi RS Q e-tron, which for the first time ever features an electric drive, high-voltage battery and energy converter.

Chinese Car Company Nio Soars to 50th Spot in Global 100 Sustainability Rankings 2024.01.25 Chinese electric vehicle startup Nio has announced that it has been named to the 2024 Global 100, which recognizes companies leading the way in sustainable economies.

Korean Semiconductors Face 'Trump Risk' 2024.01.24 With the re-election of former President Trump, the US government's moratorium on Korean semiconductor companies' Chinese factories is expected to be tested again. This is expected to force Korean companies to make difficult decisions considering the risks and pressures from both China and the United States.

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