Almost 28,900 cars were sold in Vietnam in October, up 21 percent from the previous month, according to the Vietnam Automobile Manufacturers Association (VAMA). Cars on display at the Vietnam Motor Show in Ho Chi Minh City last month (Photo: VNA) VAMA reported on November 13 that the sales included 21,288 passenger cars (up 25 percent), 7,096 commercial vehicles (down 7 percent) and 515 special-purpose vehicles (up 31 percent). While 17,599 domestically assembled cars were sold in October (up 2 percent), the number of imported completely built vehicles sold was 11,300, up 46 percent month on month. Among car brands in Vietnam, Toyota led the market with 8,426 cars sold, followed by Honda (3,475), Mazda (2,920), Kia (2,657) and Ford (2,574). Insiders attributed the surge in sales to businesses’ launch of promotion programmes throughout the Vietnam Motor Show 2018 last month and others to meet their yearly targets. Notably, the sharp rise in imported car sales was also … [Read more...] about Imported cars boost auto sales in October
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Train car manufacturer Hyundai Rotem to close down South Philadelphia plant
Train car manufacturer Hyundai Rotem will shutter its South Philadelphia plant by the end of August, following adebacle that nearly crippled SEPTAtwo summers ago and ending a 10-year run in the city. The South Korean company will reportedly close the 300,000-square-foot facility at 2400 Weccacoe Ave., which had employed 300 workers in Philadelphia, according to Railway Age. In 2009, Hyundai Rotem entered a contract to build 120 Silverliner V commuter cars for SEPTA. Defects in Silverliners' suspension systems forced SEPTA to remove them from the Regional Rail fleet in the summer of 2016, causing extended delays and service disruptions as the company refurbished them. Hyundai Rotem ultimately blamed the cracks on faulty welds done by a subcontractor based near Pittsburgh. The plant's looming closure is partly driven by SEPTA's $137.5 million contract with Chinese-owned CCRC MA Corporation, whose Massachusetts-based plant will deliver the first of 45 bi-level trains to … [Read more...] about Train car manufacturer Hyundai Rotem to close down South Philadelphia plant
Hyundai teams up with VW’s Audi to boost hydrogen cars
By Costas Pitas LONDON (Reuters) – Hyundai <005380.KS> agreed a deal with Audi <NSUG.DE> on Wednesday to collaborate on hydrogen car technology, hoping to boost an energy segment that has lagged behind battery electric vehicles. The South Korean firm wants to increase the uptake of hydrogen cars, which are propelled by electricity generated by fuel cells but have been held back by a lack of infrastructure and the push for battery electric vehicles by the likes of Tesla <TSLA.O>. The pair will be able to access each other’s intellectual property and share components, including any new parts developed by Audi, which is responsible for hydrogen fuel cell technology in the Volkswagen Group <VOWG_p.DE>, the world’s biggest car seller. Hyundai hopes that the move will create greater demand for vehicles such as its ix35 model and bring down costs to make the technology profitable. “We want to provide to our component suppliers more chance and … [Read more...] about Hyundai teams up with VW’s Audi to boost hydrogen cars
Decree 116 moves foreign car makers to expand production in Vietnam?
Vietnam’s policy on tightening car import regulations under Decree 116 may be the main reason behind foreign car makers' decision to expand production in Vietnam. The Toyota automotive plant in Vinh Phuc province. Source: toyotavinhphuc.info Most recently, Toyota Vietnam proposed the Vinh Phuc People’s Committee to rent 9.1ha of land in Phuc Yen city to expand its automobile manufacturing plant, raising its annual capacity from the current 50,000 to 90,000 units by 2023. Accordingly, the total capital for this expansion is about $40 million. Toyota’s move is supposed to be the result of Decree No.116/2017/ND-CP, which introduced many strict conditions and regulations about importing cars, which came into effect early this year. Not only Toyota, but Ford and Hyundai are also planning to expand production scale in Vietnam due to the decree. According to the Vietnamese government, Decree 116 aims to boost the development of the country’s automobile … [Read more...] about Decree 116 moves foreign car makers to expand production in Vietnam?
Hyundai Motor says reviews investing in contract manufacturing
SEOUL (Reuters) – Hyundai Motor <005380.KS> on Monday conducted due diligence on a contract car manufacturing plant site for possible investment, as the South Korean firm seeks ways to cut costs and conserve capital to develop new technologies such as electric vehicles. The move follows Hyundai’s announcement on Friday that it had submitted a letter of intent to consider investing in the plant proposed by the city of Gwangju in the southwest of the country. Contract manufacturing has been largely used by electronics industry – Apple Inc <AAPL.O> outsources production of the bulk of iPhones and other devices to Taiwan’s Foxconn – and established automakers are gradually embracing contractors too in a bid to save costs. Canadian auto parts supplier Magna International Inc <MG.TO> produces BMW and other cars, and Hyundai’s affiliate Kia Motors <000270.KS> outsources the production of its Picanto mini car. But Hyundai’s … [Read more...] about Hyundai Motor says reviews investing in contract manufacturing