When Choi Ba-da pitched his car-sharing firm Luxi to Hyundai Motor officials in 2017, he told them there would be no future for South Korea's top automaker if it failed to embrace emerging technologies. His pitch worked: Hyundai agreed to buy a 12 percent stake in Luxi for $5 million, its first investment in a car-sharing firm as it joined rivals in the race for new-age transportation. But about six months later, Hyundai sold its stake after thousands of angry taxi drivers, worried about their jobs, threatened to boycott Hyundai cars, Choi told Reuters. Hyundai officials say they were also wary of laws limiting car sharing in South Korea. Hyundai's breakup with Luxi illustrates how rigid regulations, strong labour unions and a risk-averse culture among South Korea's giant family run conglomerates, or chaebol, have hindered the growth of start-ups in Asia's fourth-largest economy. President Moon Jae-in's administration says the country's decades-old growth … [Read more...] about No Uber or Airbnb in S.Korea: Red tape, risk-aversion hobble start-ups
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By Chris Fournier Bloomberg Tues., Dec. 4, 2018 Plunging automobile sales add to evidence that higher borrowing costs are beginning to eat into Canadian economic growth, possibly faster than the central bank expected. Light vehicle sales dropped 9.4 per cent in November from a year earlier, the most since 2009, according to a report Monday by DesRosiers Automotive Consultants Inc. Outside the financial crisis, the decline was the biggest since 2004. Meanwhile, Bank of Canada data show growth in residential mortgages decelerated to 1.38 per cent in September on an annualized three-month basis, the weakest pace since 1982. The central bank has raised borrowing costs five times since July 2017. Policy-makers are widely expected to leave the benchmark rate on hold Wednesday at 1.75 per cent, however more hikes are predicted for next year. The median forecast in a Bloomberg survey of economists shows the rate at 2.5 per cent by the end of 2019. Royce Mendes warns the … [Read more...] about Falling car sales are latest sign of rate hikes hitting Canada
Asia UnhedgedReal-time intel on what moves markets American carmakers are missing their chance to gain a foothold in the market of the future, and investors have noticed By David P. Goldman September 22, 2018 5:15 AM (UTC+8) Share Tweet Linkedin Print Email Share 0 Comment 0 Economic historians will cite July 9, 2018 as the date on which the US lost the trade war with China – before the war began. That was when Germany’s top manufacturing companies – Volkswagen, BMW, Daimler, BASF and Siemens – announced tens of billions of dollars of new investments in China as Chinese Premier Li Keqiang posed for a photo op with German Chancellor Merkel in Berlin. BMW will expand its joint venture with Brilliance Auto to produce 519,000 vehicles a year. It also set up a joint venture to produce an electric version of the Mini together with Great Wall Auto. And it agreed to buy US$4.7 billion worth of batteries from Chinese producer CATL, which just announced a … [Read more...] about Did Trump just kill the US auto industry?
Auto sales fall by 12.5% in first half of 2018 Louella Desiderio (The Philippine Star) - July 18, 2018 - 12:00am MANILA, Philippines — Car sales recorded a 12.5 percent decline in the first semester from a year ago as consumers held off their purchases of big ticket items amid rising inflation. A joint report released yesterday by the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) and the Truck Manufacturers Association (TMA) showed that vehicle sales reached 171,352 units in the first six months, lower than the 195,772 units sold in the same period last year. CAMPI president Rommel Gutierrez said the double-digit decline in sales was due largely to consumers’ decision to prioritize the purchase of basic goods and services as buying big ticket items like motor vehicles is less favorable at this time due to rising inflation. “This is a typical consumer’s behavior pattern when … [Read more...] about Auto sales fall by 12.5% in first half of 2018
The Detroit Auto Show runs through Jan. 28. Automakers have put a lot of new pickup trucks and SUVs on the show floor. They’ve also rolled out some surprises. The 2018 North American International Auto Show (NAIAS), better known as the Detroit Auto Show, will run through Jan. 28 at the Cobo Center in downtown Motown. Detroit comes hot on the heels of CES this year and kicks off a 2018 that’s expected to see lower new-vehicle sales in the US than in the previous three booming years. But that hasn’t stopped automakers from showcasing their newest machines, especially pickups. Here’s all the cool shiny sheet metal on the show floor:Chevy debuted its all-new Silverado full-size pickup truck.Ford showcased its much-anticipated Ranger — a throwback nameplate and Ford’s entry into the revived company pickup segment.Fiat Chrysler Automobiles unveiled its new Ram 1500s, setting the stage for a … [Read more...] about Check out all the cool cars at the 2018 Detroit Auto Show