Automobile

BLOOMBERG Malaysian conglomerate Sime Darby Bhd said it’s buying a 61.2% stake in UMW Holdings Bhd for 3.57 billion ringgit ($769 million) to further strengthen its position in the country’s automobile industry. Sime Darby entered into a conditional purchase agreement with the nation’s largest state-owned fund, Permodalan Nasional Bhd, to buy its shares of UMW. The company will subsequently make …

BLOOMBERG Hyundai Motor Co’s union workers voted to go on strike for the first time in five years, part of an effort to boost wages and raise the mandatory retirement age as inflation hits the South Korean economy. A majority of the roughly 45,000 unionised workers at Hyundai voted to strike, officials said in a text message on Friday. The …

BLOOMBERG Stellantis NV is considering a tie-up with a Chinese electric vehicle company as Europe’s second-largest automaker by sales seeks to bolster its presence in the world’s biggest auto market, according to people familiar with the matter. The carmaker has explored potentially working with Chinese EV makers including Zhejiang Leapmotor Technologies Ltd, the people said, asking  not to be identified …

BLOOMBERG A group of Tesla Inc investors stands to recover an average of about $12,000 a head for losses they incurred from Elon Musk’s famous 2018 tweet that he had “funding secured” to take the carmaker private at $420 a share — and then didn’t. The US Securities and Exchange Commission (SEC) aims to pay the investors the $40 million …

BLOOMBERG Ola Electric Mobility Pvt is expanding its electric two-wheeler lineup — with its first motorbike and cheapest scooter yet — as it seeks to lure buyers away from gasoline-fueled transportation. The Bengaluru-based startup unveiled four premium electric motorbikes, with sales and deliveries starting in December, at an event at its Ola Future Factory in the southern state of Tamil …

BLOOMBERG Tesla Inc added new lower-range iterations of the Model S sedan and Model X sport utility vehicle to its lineup that cost $10,000 less than their previous base prices. The Standard Range Model S starts at $78,490 and offers an estimated 320 miles (515 kilometers) of range, while the Standard Range Model X is priced from $88,490 and goes …

BLOOMBERG Toyota Motor Corp’s quarterly profit exceeded estimates as improvements in supply of semiconductors and a weak yen helped it capitalise on a global rebound in demand for vehicles. The stock closed at a record high. Operating profit for the three months through June was a record ¥1.1 trillion ($7.7 billion), the world’s No 1 carmaker said in a statement. …

BLOOMBERG GoTo Group cut its 2023 loss projection after staunching some of the bleeding in the second quarter, taking the Indonesian internet leader closer to its goal of getting into the black after an era of costly expansion. Its shares rose 6.6% in Jakarta, the biggest gain since June. Indonesia’s largest tech company reported second-quarter adjusted loss before interest, taxes, …

BLOOMBERG Tesla Inc Chief Financial Officer Zachary Kirkhorn stepped down after 13 years at the electric-vehicle maker, a surprise shakeup that raises new questions about succession in the top ranks of Elon Musk’s company. Kirkhorn, one of just four executive officers and a prominent voice for the company with shareholders, resigned from his duties, the company said in a regulatory …

BLOOMBERG Mazda Motor Corp will expand its electric vehicle lineup from around 2025 in response to declining sales in China, seeking to catch up with EV manufacturers in the world’s largest car market. Electrified vehicles — including hybrids and battery EVs — have taken over almost a third of the market in China. “The new trend is faster than we …