On Tuesday, in a statement LG Display Co Ltd said, it plans on investing $2.83 billion (3.3 trillion won) in small- to mid-size organic light-emitting diode (OLED) panel facilities. In a regulatory filing it said it will start making the investment starting this month until March 2024. ($1 = 1,164.8800 won)
China’s Geely Holding-owned Volvo Cars will temporarily stop production at its Swedish plant in Gothenburg because of a shortage of semiconductors. A global crunch of chips has hit carmakers hard, with many forced to cut down on production. Electronic device makers are also struggling to keep up with a pandemic-led demand for gaming consoles, phones,…
In a significant development, the U.S. Senate voted 68-32 to approve a sweeping legislative package aimed at boosting the country’s ability to compete with China, with the U.S. Congress seeking to take a tough line on Beijing. The bipartisan measure authorizes around $190 billion in provisions to strengthen U.S. technology and research spending; it will…
On Friday, Japan’s Nikkei reported Nissan Motor Co along with its China-based battery maker partner Envision AESC group will build new battery plants for electric vehicles in Japan and in the United Kingdom; the duo are set to invest more than $1.82 billion (200 billion yen) to this end. The new plants are scheduled to…
In a statement lidar sensor maker Innovusion said, it had raised $64 million to ramp up production and supply Chinese electric vehicle (EV) maker Nio Inc’s ET7 sedan, which is scheduled to start deliveries in early 2022. The funding includes new investments from Singapore state investor Temasek and venture capital firm Joy Capital. Existing investors also…
An auto industry group in the United States has it warned that the shortage in the global semiconductor market is likely to result in 1.28 million fewer vehicles manufactured this year and disrupt production for the coming six months. In a written response to a government-initiated review, the Alliance for Auto Innovation said the U.S.…
On Monday, in a significant development South Korea’s LG Electronics Inc said it will stop the production and sales of its loss-making smartphone division. Earlier this year in January, LG had announced that it was considering all options for the business after recording nearly six years of losses totaling to nearly $4.5 billion. Talks to…
On Tuesday, in a statement Samsung Electronics said as of last week, production of chips at its U.S. chip plant at Austin, Texas has returned to near-normal levels. In mid-February, chipmakers in the area, including Samsung had shutdown production facilities due to severe weather. Samsung declined to comment on when production would be fully back…
On Monday, following Toyota Motor Corp opening its first commercial hydrogen fuel pump site in the Australian state of Victoria, it urged the government to encourage the rollout of more such sites across the country so as to boost the take-up of cleaner cars. Next month, Toyota is bringing in twenty of its Mirai hydrogen…
On Thursday, shares of Foxconn rose by 4.5% after the company announced that it will collaborate with Fisker Inc to produce more than 250,000 electric vehicles a year, starting from late 2023. Over the last 1 year, Taiwan based Foxconn has ramped up interest in electric vehicles and has announced deals with Stellantis NV’s Fiat…
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