All articles tagged with #automobile industry
Japan's exports declined in May for the first time in eight months, mainly due to US tariffs on automakers like Toyota, with ongoing trade negotiations and tariffs threatening Japan's fragile economy and export sector.
The United Automobile Workers (U.A.W.) union has reached a tentative agreement on a new labor contract with Stellantis, the parent company of Chrysler, Jeep, and Ram, following a similar deal with Ford. The agreement includes a 25 percent general wage increase for U.A.W. members and the possibility of cost-of-living wage adjustments. The deal requires approval by a union council and ratification by U.A.W. members. General Motors is the only automaker that has not yet reached an agreement with the U.A.W. The strike has halted production at various plants and warehouses.
Hyundai Motor's Indian unit will acquire General Motors' Talegaon plant in Maharashtra, allowing the U.S. automaker to exit the Indian market. The deal will increase Hyundai's annual production capacity and support its plans to launch more electric vehicles in India. Hyundai aims to upgrade the existing infrastructure at the plant and start manufacturing in 2025, with a target of reaching a cumulative production capacity of one million units per year. The deal value was not disclosed.