Hyundai Motor Group said it will invest 18 trillion won ($13 billion) to apply an advanced software programme to all of its vehicles and offer its customers regular software updating services.
The South Korean carmaker has decided to make the massive software investment to launch most of its new vehicles as "software defined vehicle (SDV)" in global markets from 2025, Hyundai said in a statement.
Hyundai Engineering announced on the 28th that it has completed construction of GTL (Gas-to-Liquid) plant worth $2.62 billion (about 3.1 trillion won) in Uzbekistan.
Hyundai Engineering held a completion ceremony on the 25th (local time). At the ceremony, officials from the Uzbekistan government, including President Shavkat Mirziyoyev, Prime Minister Abdulla Aripov, Energy Minister Alisher Sultanov, and Korean officials, including Hyundai Engineering CEO Kim Chang-hak, attended.
South Korea's Hyundai Motor's first-quarter net profit slumped 44 per cent to its lowest level for the quarter in a decade as the spreading coronavirus outbreak hit demand for cars worldwide, the company said on Thursday.
Net profit for January-March was 463 billion won ($376 million), far below an average Refinitiv estimate of 607 billion won drawn from 15 analysts.
Hyundai Motor India and TVS Motor have decided to halt production in line with other automakers because of the coronavirus (Covid-19) pandemic.
Hyundai said that it will be taking the preventive counter-measure of suspending its manufacturing operations at the Chennai facility from March 23, 2020 till further notice to stop the spread of coronavirus (Covid-19) pandemic.
Shares of Amara Raja Batteries rallied 6 per cent to Rs 791 on the BSE on Monday after the company reported a good operational performance in December quarter (Q3FY20). The stock of the auto ancillary company was quoting close to its 52-week high level of Rs 814, touched on Thursday, January 27, 2020.
The company’s earnings before interest, tax, depreciation and amortisation (Ebitda) margins expanded 130 basis points (bps) year-on-year (YoY) to 16.2 per cent, driven by lower raw material costs and impacted by higher-than-expected other costs.
Hyundai Motor India (HMIL) is expected to roll out a mass market electric vehicle product in two to three years.
The company expects the second half of the year to show improvement in domestic market and while there are concerns about the comparitively higher price for the BS-VI models, there might also excitement among the customers on the new technology, said Tarun Garg, director, sales and marketing division, HMIL.
US ride-hailing company Uber Technologies Inc and South Korean automaker Hyundai Motor have teamed up to develop electric air taxis, joining the global race to make small self-flying cars to ease urban congestion.
Global players like Germany's Daimler , China's Geely Automobile and Japan's Toyota have all unveiled investments in startups that aim to deploy electric flying cars capable of vertical takeoff and landing.
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