Vietnam Express reported Audi prefers to participate in more exclusive and luxurious events, Ferry Enders, its CEO for Vietnam, said at the launch of a new showroom in HCMC’s District 7 in March 2024. Lexus expressed it has different business strategies every year, and this year they include not participating in the event. Mercedes has not explained its absence.

Other major brands to not participate are Mini, Kia, Mazda, and Peugeot, all manufactured and distributed in Vietnam by Thaco. VinFast, Nissan and Jeep have also opted out. 

11 companies have confirmed their participation: Ford, GAC, Honda, Isuzu, Mitsubishi, Skoda, Subaru, Suzuki, Toyota, Volkswagen and Volvo. Surprisingly, three motorbike brands, Honda, SYM and Yamaha will also take part.

Last year the Vietnam Motor Show was cancelled due to falling demand for cars in the country. The annual event is usually organised in October to boost sales during the year-end season.

Auto brands have been introducing new models at lower prices than their predecessors to boost demand. South Korea’s Hyundai launched the 2024 MPV Stargazer at prices starting at VND489 million (US$19,210), down 15% from the previous 2022 model.

However, it boasts more advanced technology with wireless charging for smartphones, electronic brakes, forward collision waring, and lane assist. Toyota announced a 4.6% cut in the prices of its 2024 Corolla Cross SUV to VD820 million (US$32,200). It has received many new upgrades in technology and safety systems including a larger entertainment monitor and reverse brake assist.

Germany’s Volkswagen is selling its special edition of the SUV Teramont starting at VND2.5 billion (US$98,200), down 12% from the 2021 version. Mazda, assembled in Vietnam by Thaco, is selling its CX-5 at VND749 million (US$29,400), down 10% from the previous model.

“The key is to claim more market share. Amid a slow market, customers prefer affordable products. Prices determine the number of buyers,”  the manager of a Japanese auto dealership in HCMC said to explain why prices are being lowered.

Other industry insiders said by lowering prices companies are able to reduce their inventories, thus cutting storage costs. Higher sales also mean they are able to pay their bank loans faster. Last year auto sales plummeted by 25% to 369,400 units with most brands suffering double-digit declines. In Q1 2024, the Vietnam Automobile Manufacturers Association posted a decline of 18% to 58,200 units.

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Aptiv was a former partner in Motional with Hyundai, Motional is a joint venture between Aptiv and Hyundai Motor Company, which uses the IONIQ 5 electric car as its robotaxi. The EV is used in Las Vegas through Uber and Lyft.

“While our Motional joint venture continues to make progress on their technology road map, we’ve decided to no longer allocate capital to it,” Aptiv CEO Kevin Clark said during the earnings call.

Aptiv’s 2024 profit forecast of US$5.55 to US$6.05 per share includes a non-cash equity loss of about US$340 million, or US$1.20 of earnings per share, related to Motional’s losses. South Korean automaker Hyundai Motor Group agreed to pump nearly US$1 billion into self-driving company Motional.

The Hyundai Group’s new investment will see it acquire 11% of Motional’s common equity held by Aptiv for US$448 million. The funds will come from different firms across the Hyundai brand, including Kia and Hyundai Mobis (parts supplier).

In a statement to The Korean Economic Daily, the group will also fund Motional with an additional US$475 million, with the investment again split between Hyundai, Kia and Hyundai Mobis. 

“Hyundai Motor Group decided to obtain stable management rights in Motional to proactively develop autonomous driving technology and internalise core technology… Hyundai Motor Group decided to obtain stable management rights in Motional to proactively develop autonomous driving technology and internalise core technology.” it read.

Aptiv joins Ford Motor, Volkswagen and General Motors in cutting down or backing out of the technology, which is often touted as the future of mobility. Reuters heard from Evangelos Simoudis, an investor, author and corporate adviser, who said:

“Companies are realising that attaining level 4 of autonomous driving is way more difficult and expensive than the industry predicted.”

Level 4 autonomous driving refers to the vehicle moving automatically in longitudinal and lateral axes and the driver does not have to keep their eyes on the road or supervise the vehicle. Last October, GM got into trouble after an accident involving a pedestrian with its robotaxi. It resulted in General Motors’ Cruise recalling 950 driverless cars from the roads across the United States and slapped with federal investigations.

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The metalworking world can look forward to a huge wave of demand for almost every sector ever since the concept of floating cars made appearances in CES 2024. XPeng AeroHT, a Chinese company at the forefront of eVTOL technology, used CES 2024 to debut their upcoming “Land Aircraft Carrier.”

Image credit – aeroht.com

Scheduled for mass production in 2025, the Land Aircraft Carrier consists of two parts: a ground module and an air module. The ground module is a battery-electric vehicle for up to five passengers. This module has an extended-range electric powertrain and a three-axle, six-wheel configuration for enhanced all-wheel drive and rear-wheel steering.

For real city hoppers, AutoFlight’s five-seater Prosperity eVTOL (electric vertical take-off and landing) aircraft completed a significant milestone by autonomously flying the 50km (31 miles) route from Shenzhen to Zhuhai. The flight from Shenzhen to Zhuhai across the Pearl River Delta took just 20 minutes, a journey that would require three hours by car.

Image credit – autoflight.com

This is the world’s first public flight of an eVTOL aircraft on a cross-sea and inter-city route, spanning across the bay where the Pearl River meets the sea, connecting the two southern Chinese cities of Shenzhen and Zhuhai. This flight marks a significant milestone in the development and road to certification of this exciting new form of mobility.

Supernal, part of Hyundai Motor Group’s Advanced Air Mobility division, also used CES to showcase its latest eVTOL innovations. Specifically, the company debuted its S-A2 product concept, the follow-up to its S-A1, which was introduced at CES 2020. The S-A2 is a V-tail aircraft designed to cruise 120 miles per hour at 1,500 feet, catering to typical city operational needs for 25- to 40-mile trips. It features a distributed electric propulsion architecture with eight all-tilting rotors, ensuring vertical lift and horizontal cruise efficiency. 

Image credit – supernal.aero

This time, Suzuki was not about to let its fellow carmakers have all the fun. Forming joint venture, SkyDrive Inc, it developed its own SkyDrive SD-05 vehicle, which SkyDrive refers to as a flying car, is being built by Sky Works, the SkyDrive manufacturing division, in partnership with Suzuki. SkyDrive plans to operate its electric aerial vehicle (EAV) at Expo 2025 Osaka, Japan.

Image credit – en.skydrive2020.com

“Partnering with Suzuki, a renowned automotive manufacturer, is a momentous occasion for SkyDrive,” said Tomohiro Fukuzawa, CEO of SkyDrive. “It is the beginning of a new phase.  We share a goal of quality, innovation and customer satisfaction, making them an ideal partner in our quest to revolutionize urban air mobility.” The Suzuki manufacturing plant has the capability to produce 100 of the three-seater EAVs per year.

With the emergence of electric vertical take-off and landing (eVTOL) aircraft, city-hopping travelers may soon opt for flying taxis over traditional bullet trains. Companies like XPeng AeroHT, AutoFlight, and Supernal are pioneering the development of eVTOL technology, showcasing the potential for efficient and convenient air mobility solutions.

Additionally, collaborations between automotive giants like Suzuki and SkyDrive highlight the growing interest in aerial vehicles, further accelerating the evolution of urban air mobility. As the metalworking industry gears up to meet the demand for these groundbreaking innovations, we are on the brink of a transformative era in transportation, where the skies above our cities become the new highways of tomorrow.

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Motional is a joint venture between Aptiv and Hyundai Motor Company, which uses the IONIQ 5 electric car as its robotaxi. The EV is used in Las Vegas through Uber and Lyft.

“While our Motional joint venture continues to make progress on their technology road map, we’ve decided to no longer allocate capital to it,” Aptiv CEO Kevin Clark said during the earnings call.

Aptiv’s 2024 profit forecast of US$5.55 to US$6.05 per share includes a non-cash equity loss of about US$340 million, or US$1.20 of earnings per share, related to Motional’s losses. The company joins Ford Motor, Volkswagen and General Motors in cutting down or backing out of the technology, which is often touted as the future of mobility.

Reuters heard from Evangelos Simoudis, an investor, author and corporate adviser, who said: “Companies are realising that attaining level 4 of autonomous driving is way more difficult and expensive than the industry predicted.”

Level 4 autonomous driving refers to the vehicle moving automatically in longitudinal and lateral axes and the driver does not have to keep their eyes on the road or supervise the vehicle. Last October, GM found itself in hot water after an accident involving a pedestrian with its robotaxi. It resulted in General Motors’ Cruise recalling 950 driverless cars from the roads across the United States and slapped with federal investigations.

The exit from Argo came after three years of joint efforts to develop automated driving systems and more than US$3 billion in investments, highlighting the cost pressure and safety hurdles automakers face. Meanwhile, Aptiv beat Wall Street expectations for fourth-quarter profit, fueled by an uptick in demand for auto parts and tech-related products from global automakers.

It reported adjusted earnings of US$1.40 per share for the quarter ended 31 December 2023 compared with expectations of US$1.33, according to LSEG data. Aptiv’s shares were down about 4% amid a weak broader market.

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The facility introduces a new ‘smart urban mobility hub’ concept, which includes a highly automated flexible production system and provides unprecedented ways for electric vehicle (EV) buyers to interact with their vehicles and the Hyundai brand. HMGICS symbolises the Group’s determination to progress onwards with its global leadership in the creation of sustainable, innovative mobility solutions and progressive customer experience.

Following the Group’s groundbreaking ceremony at its new Ulsan EV factory, HMGICS will establish itself as one of two Hyundai Motor Group innovation pillars that will lead the company’s future in the electrification era over the next 50 years as part of its challenge to become a 100-year company.

Euisun Chung, Executive Chair of Hyundai Motor Group giving speech at HMGCIS Grand Opening ceremony

Given its worldwide reputation for innovation and diversity, Hyundai Motor Group chose Singapore as the ideal home for its first industry-changing smart urban mobility hub. Delivering a human-centric manufacturing approach, HMGICS elevates collaboration between people, robotics, and Artificial Intelligence (AI) technology to new levels of synchronisation.

Further to this, digital twin Meta-Factory technology will ensure ultra-rapid responses to changing customer demands and production requirements. Seamlessly integrated into the Jurong Innovation District urban landscape and the broader Singapore smart city ecosystem, the seven-story, 86,900 m² HMGICS facility has the capability to manufacture up to 30,000 EVs per annum.

Lawrence Wong, Deputy Prime Minister of Singapore; Euisun Chung, Executive Chair of Hyundai Motor Group; and Dukgeun Ahn, Minister for Trade, Korea undertaking HMGICS factory tour

Operational since early 2023, HMGICS already produces IONIQ 5 and the fully autonomous IONIQ 5 robotaxi and will add IONIQ 6 to its portfolio of models built on-site next year. The facility will serve as a testbed for developing future mobility solutions — including Purpose Built Vehicles (PBVs) — thanks to its advanced manufacturing capability.

“HMGICS is an open and connected urban innovation hub that encourages and embraces creativity and collaboration. It seeks to completely redefine the very concept of manufacturing,” said Euisun Chung, Hyundai Motor Group Executive Chair at the HMGICS Grand Opening Ceremony. 

“We thought hard about how to meet the diverse needs of our many customers,” he added. “By combining our manufacturing expertise and the latest cutting-edge technologies, the result is this Innovation Center — a new paradigm of manufacturing.”

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Source: Pulse

The move is seen as part of an effort to advance aggressively into the Association of Southeast Asian Nations (ASEAN), following India, while its Chinese business remains sluggish. It is also seen as a strategy by its parent Hyundai Motor Group to diversify its global production base.

According to multiple sources from the automobile industry, Kia is discussing details on building a factory in Thailand. It is the first venture into building a new overseas plant in four years after the construction of the Indian factory in 2019.

Kia and the Thai government are expected to sign an investment deal on the factory construction later this year. Construction is expected to begin in H1 2024 for the plant with an annual production capacity of up to 250,000 units.

Kia currently operates overseas production facilities in the U.S., China, India, Slovakia, and Mexico. The Thailand factory will be its sixth global production base. As for Hyundai Motor Group, it will be the second production base in ASEAN.

Kia’s bigger sibling Hyundai Motor Company. began operations of a production facility in Indonesia last year. Hyundai Motor Group’s entry into Indonesia and Thailand comes as the two countries are the largest automobile markets with potential for growth.

According to the ASEAN Automotive Federation, Indonesia had the largest sales in the first half of this year with 505,985 units, followed by Thailand with 406,131 units, and Malaysia with 366,037 units.

Thailand has emerged as a market that will offer new business opportunities to Kia, as its government pledges to expand the production of electric vehicles (EVs) by 2030 with supportive initiatives. Kia will promote its flagship EVs, such as EV6, in Thailand.

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Tenstorrent sells AI processors and licenses AI and RISC-V IP to customers that want to own and customise their silicon. Both Hyundai Motor Group and Samsung have a strong history of product leadership and enjoy massive success in their respective markets.  

“The trust in Tenstorrent by Hyundai Motor Group and Samsung Catalyst Fund leading our round is truly humbling,” said Jim Keller, CEO of Tenstorrent. “It has been impressive watching Hyundai Motor Group become the third largest automaker in the world through their aggressive adoption of technology including their acquisition of Boston Dynamics, their joint venture with Aptiv, and now their investment in us.”

Jim Keller is a legendary CPU designer who took over as CEO of AI chip company Tenstorrent at the beginning of 2023, after serving as CTO for two years. His history includes stints at Apple, Tesla and AMD.

“Tenstorrent’s high growth potential and high-performance AI semiconductors will help the Group secure competitive technologies for future mobilities,” said Heung-soo Kim, Executive Vice President and Head of the Global Strategy Office (GSO) at Hyundai Motor Group. “With this investment, the Group expects to develop optimized but differentiated semiconductor technology that will aid future mobilities and strengthen internal capabilities in AI technology development.” 

“Samsung has long been a leader in the electronics industry and they are the ideal partner to co-lead this round,” continued Keller. “We are excited by the opportunity to work together with Tenstorrent.” “Samsung Catalyst Fund invests in disruptive ideas that we believe can change the world,” said Marco Chisari, EVP of Samsung Electronics, Head of Samsung Semiconductor Innovation Center.

“Tenstorrent’s industry-leading technology, executive leadership, and aggressive roadmap motivated us to co-lead this funding round. We are excited by the opportunity to work with Tenstorrent to accelerate AI and compute innovations.” Funding will be used to accelerate the company’s product development, the design and development of AI chiplets, and its ML software roadmap.   

 

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Source: Reuters

Hyundai is already India’s second-biggest carmaker by sales, will introduce five EV models by 2032 to add to the two it already sells — the Kona and Ioniq 5 sport utility vehicles (SUVs). It will also grow its charging stations to 439 by 2027.

Kia will start producing small EVs from 2025 and develop EV charging infrastructure as well as double its sales network, aiming to boost its domestic market share to 10% eventually, from 6.7% currently, Hyundai Motor Group said in a statement.

Hyundai has already laid out plans to invest $2.45 billion to beef up EV production in the country, and is bullish on the local appetite for EVS.

“The country is becoming an increasingly important center for electric vehicle production and sales,” Hyundai said.

It expects EV sales to hit 1 million units by 2030, a massive jump from the 48,105 EVs sold in the country in fiscal 2023, according to government data quoted by an industry body. That could include Teslas, with the Elon Musk-run company planning to sell locally made EVs, starting at US$24,000. Hyundai’s foray into India’s electric vehicle (EV) market marks a significant step towards a sustainable automotive future for the nation.

With its established reputation for innovation and quality, Hyundai brings a refreshing wave of electric mobility options to the Indian consumers. The company’s strategic entry not only aligns with India’s ambitious clean energy goals but also caters to the growing demand for environmentally-friendly transportation solutions.

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Source: Straits Times

The opening of the Hyundai Motor Group Innovation Centre in Jurong was initially delayed by the Covid-19 pandemic, which shifted the timeline from end-2022 to the Q2 2023. Unspecified delays have now pushed that to the Q4 2023.

The new timeline was given by Hyundai Motor’s head of sales innovation group Andy Kang on 20 June 2023. He said the centre in Jurong Innovation District – which has a planned annual capacity of 30,000 cars – has so far assembled around 100 Ioniq 5 electric cars for the Singapore market.

“We are looking eventually at exporting to nearby markets such as Australia and New Zealand,” said Mr Kang.

The S$400 million innovation centre, which incorporates a research and development centre and a test circuit, currently assembles the Ioniq 5 from these imported parts: a painted body from Hyundai’s manufacturing plant in Indonesia, and chassis and powertrain from its home plant in South Korea.

But things may change. Mr Kang said the company is “considering doing body pressing and painting here in the future”, and would need a new designated site for this. The move, if it happens, will transform Singapore into a full car-manufacturing location, as opposed to an assembly site now.

Asked how economically feasible it is for Hyundai to have a full manufacturing facility here when it already has one in Indonesia, Mr Kang said: “We have many models. And our innovation centre is looking at new ways of manufacturing. For instance, it does not have an assembly line, but uses robots to move parts around the factory floor. We are looking at new ways of manufacturing that are different from the traditional ways.”

Mr Kang was speaking on the sidelines of an event to announce a suite of charging options for Hyundai Ioniq 5 customers.

These include a complimentary home charger by electric vehicle charging specialist Schneider Electric, 18 months of free charging at public chargers operated by home-grown Charge+, and $2,000 worth of charging rebates for OCBC Bank credit card holders.

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Source: Reuters

Indonesia is courting Tesla Inc to invest in the country, which has become a key player in the electric vehicle industry thanks to its rich nickel reserves. Here are some of the major investment deals involving nickel in Indonesia:

Jan. 2020: Indonesia bans exports of unprocessed nickel to attract investment in downstream processing.

Dec. 2020: BASF and Eramet sign a joint agreement to assess the development of a nickel and cobalt hydrometallurgical refining complex which include a High-Pressure Acid Leaching (HPAL) plant and a Base Metal Refinery (BMR), that will produce EV battery materials. A final investment decision may be made in 2023.

Dec. 2020: Indonesia’s investment ministry signs an MOU with LG Energy Solution on integrated EV battery investment with total investment of US$9.8 billion.

Mar. 2021: Indonesia establishes the Indonesia Battery Corporation (IBC), a joint venture of state owned enterprises to cooperate with foreign investors in developing an EV battery supply chain.

Sept 2021: South Korea’s LG Energy and Hyundai Motor Group start construction of a US$1.1 billion battery cell plant to make batteries for EVs, the first stage of their US$9.8 billion deal to develop integrated EV battery facilities.

Jan. 2022: Indonesia’s Investment Ministry signs an MoU with Foxconn, Gogoro Inc, IBC and Indika Energy for investment in electric vehicle and battery development.

Feb. 2022: A joint venture of Zhejiang Huayou Cobalt, Tsingshan Holding Group and China Molybdenum Co makes the first shipment of nickel mixed hydroxide precipitate to China from Morowali, the biggest nickel processing hub on Indonesia’s Sulawesi island.

March 2022: Hyundai launches a plant in Indonesia to produce battery-powered electric vehicles, its first in Southeast Asia.

April 2022: IBC and state mining company Aneka Tambang sign a framework agreement with China’s biggest battery manufacturer CATL Group, through its subsidiary Ningbo Contemporary Brunp Lygent Co (CBL), for partnership spanning from nickel mining and processing to EV battery manufacturing and battery recycling.

June 2022: South Korea’s LG Energy breaks ground on a US$3.5 billion smelter with the capacity to produce 150,000 tonnes of nickel sulfate per year in Batang, Central Java. It will also build a $2.4 billion factory in the Batang park to produce 220,000 tonnes of precursor and 42,000 tonnes of cathode per year.

July 2022: Vale Indonesia and China’s Zhejiang Huayou Cobalt sign an agreement with U.S. carmaker Ford Motor to build a 120,000 tonnes mixed hydroxide precipitate (MHP) plant in Southeast Sulawesi.

Aug. 2022: Production of an electric vehicle, Wuling Air, is launched in Indonesia. It is being built by SGMW Motor Indonesia, part of a joint venture of SAIC Motor Corp Ltd, General Motors Co and Wuling Motors.

Sept 2022: Vale Indonesia signs an agreement with Zhejiang Huayou to build a second plant to produce nickel MHP with 60,000 tonnes capacity.

Nov 2022: Vale and Zhejiang Huayou start construction of their 120,000 tonnes MHP facility in Southeast Sulawesi.

Jan 2023: Indonesia’s Aneka Tambang and Hong Kong CBL Limited, a subsidiary of China’s CBL, sign a conditional share purchase agreement for partial ownership on Antams’s nickel mine in East Halmahera, North Maluku.

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