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Volkswagen Group and SAIC Motor have extended their joint venture agreement until 2040, aiming to secure early planning security in the dynamic Chinese automotive market. The partners are accelerating the transformation of SAIC VOLKSWAGEN in product portfolio, production, and decarbonisation to achieve a leading market position with intelligent, fully connected electric vehicles. The agreement includes plans for new e-models, optimization of the production network, and ambitious decarbonisation goals, aligning with the 'In China, for China' strategy to drive transformation in China's automotive industry. [Extracted from the article]

Nissan's global production has decreased for the fifth consecutive month, with sales also declining globally for the seventh month. Despite a production increase in Mexico, the US market showed signs of recovery with the first sales increase in three months. Nissan is implementing restructuring plans to cut costs, including reducing jobs and manufacturing capacity, while also facing the threat of potential US tariffs that could disrupt operations. [Extracted from the article]

Toyota's global production declined for the ninth consecutive month in October, with decreases in the US and China, although less severe than previous months. The company's global sales increased by 1.4% to 903,103 vehicles, despite challenges in key markets. Production in the US and China fell due to various issues, while Japan saw an 8% increase in production. Toyota's ability to maintain steady sales growth and recover from production interruptions is evident in its October figures. [Extracted from the article]

Jaguar Land Rover (JLR) has partnered with Dow MobilityScience and Adient to create prototype car seats using recycled foam derived from polyurethane foam sourced from used vehicles. This collaboration aims to achieve circularity in automotive seating by incorporating closed-loop seat foam content in production. Initial tests show the feasibility of including 20% recycled foam content in the seats, with plans to increase this percentage further to reduce CO2 emissions and enhance sustainability. JLR is integrating the material into its production process and plans to test it in pre-production vehicles by early 2025, stemming from research at JLR's Circularity Lab focused on waste reduction and vehicle recyclability. [Extracted from the article]

In October, UK car manufacturing output decreased by 15.3%, marking the eighth consecutive month of decline, as plants transition to producing zero emission vehicles. Despite a 32.6% decline in volume, almost a third of cars produced were battery electric, plug-in hybrid, or hybrid electric. Both domestic and export markets experienced declines, with overall production falling by 10.8% in the year to date, leading to concerns in the industry about meeting Zero Emission Vehicle mandates and maintaining competitiveness. [Extracted from the article]

Hyundai Motor Company has announced plans to buy back KRW1trn (US$717m) worth of its own shares over the next three months to increase shareholder returns. The buy-back of 4.66 million shares, approved by the board of directors, will see 70% of repurchased shares cancelled and the remaining shares awarded to employees as compensation. This move is part of Hyundai's medium-term "value-up" plan to enhance shareholder value and achieve a total shareholder return of 35% or more over the next three years. [Extracted from the article]

Volkswagen Group has sold its stake in a plant located in China's Xinjiang Autonomous Region to a Shanghai government-owned entity. The decision to divest from the region comes amidst reports of human rights abuses, including forced labor, which the Chinese government denies. The plant, which previously produced vehicles and engines, now employs fewer than 200 staff for pre-delivery checks. Volkswagen's exit from Xinjiang is part of a broader cost-cutting strategy amid weak sales in China and Europe. [Extracted from the article]

Stellantis will temporarily suspend production of the electric Fiat 500 at its Mirafiori plant in Turin, Italy, from December 2 to January 5 due to weak market demand for electric vehicles in Europe. The decision follows previous production stoppages at the facility throughout the year. Despite the halt, administrative offices and research sites at the plant will remain operational, which is a significant employer in the region with around 13,000 staff members. Additionally, Stellantis plans temporary production halts at other plants in Italy and the UK amid investment discussions. [Extracted from the article]

Mercedes-Benz has enhanced its active parking assist with the PARKTRONIC system, allowing for automated parking at speeds of up to 4km/h to simplify and expedite the parking process, especially in tight spaces. The system is accessible through a digital button on the car's display and includes various camera views to aid in parking. Safety features are integrated, with sensors detecting potential hazards and the ability to issue warnings or engage emergency braking if necessary. Additionally, Mercedes-Benz plans to upgrade vehicles with an automated driving system for autonomous driving on German motorways at speeds up to 95km/h, pending certification by the end of 2024. [Extracted from the article]

The UK automotive industry is facing challenges with the transition to zero-emission vehicles, prompting calls for government intervention to support the sector. Manufacturers are concerned about the costs and market demand for battery electric vehicles (BEVs), with potential impacts on business viability and jobs. The UK's Zero Emission Vehicle (ZEV) Mandate sets targets for EV market share and imposes fines for non-compliance, leading to concerns about the industry's ability to meet these requirements. [Extracted from the article]

Hyundai Motor Company has entered into a partnership with the Ulsan City government in South Korea and the Guangzhou government in China to advance the development of a hydrogen ecosystem. The agreement aims to establish a hydrogen industry council to promote collaboration in producing, supplying, and utilizing hydrogen energy, as well as fostering partnerships for hydrogen-related technologies. Hyundai Motor plans to support Ulsan and Guangzhou in becoming prominent hydrogen-friendly cities, with a focus on expanding hydrogen infrastructure and mobility projects. [Extracted from the article]

The Industry Minister of Thailand, Akanat Promphan, is seeking to encourage Japanese automakers to increase their investments in battery electric vehicle (BEV) production in the country. Currently, Japanese automakers focus on internal combustion engine (ICE) and hybrid vehicles in Thailand, while the BEV market is dominated by Chinese automakers. The Thai government is urging Japanese automakers like Toyota, Isuzu, Honda, Mitsubishi, Mazda, and Nissan to accelerate their transition to zero-emission vehicles and invest in local BEV assembly. Toyota and Isuzu are already planning to launch battery-powered pickup trucks locally next year. [Extracted from the article]

China Motor Corporation (CMC) has increased the local content of its MG vehicles to 20% in response to new government regulations in Taiwan. The company, a long-standing partner of Mitsubishi Motors, assembles MG vehicles from CKD kits supplied by SAIC Motor. CMC aims to meet the local content requirements to reintroduce the MG brand to the Taiwanese market in the new year. The company's vice president, Chien Ching-wu, emphasized the importance of boosting local content ratios in collaboration with suppliers to comply with the regulations. [Extracted from the article]

Stellantis, the owner of the Vauxhall brand in the UK, has announced the closure of its vehicle manufacturing plant in Luton, which has been operational since 1905. The plant, which currently employs around 1,100 workers, produces combustion engined light commercial vehicles (LCVs) and was set to start producing electric versions of the Vivaro commercial van in 2025. Stellantis plans to consolidate its UK manufacturing footprint and invest GBP50 million in enhancing the Ellesmere Port plant as the UK's sustainable, EV-only volume manufacturing site, while offering relocation support to impacted employees in Luton. [Extracted from the article]

Nissan is seeking an anchor investor as Renault decreases its stake in the company, with a new electric vehicle partnership with Honda in the works. The Japanese carmaker is exploring options such as Honda purchasing shares amidst restructuring efforts due to declining sales in China and the US. While Nissan aims to find a stable long-term shareholder, Renault may consider selling some of its shares to Honda as part of their alliance restructuring. [Extracted from the article]