Massachusetts voters passed a ballot measure on Nov. 5 that would allow online taxi drivers to unionize, making it the first U.S. state to allow drivers for ride-hailing companies such as Uber and Lyft to unionize, according to foreign media reports. U.S. media reported that results were in from 94 percent of precincts, with 53.9 percent of voters backing a new framework that would allow online ride-hailing drivers, who are considered independent contractors by the companies, to organize and collectively bargain with the companies over pay and benefits. American Media announced the results of the vote on Nov. 6 […]
On November 6, South Korean Trade Minister Cheong In-kyo said he expects local Korean companies to invest more in the U.S. if the next U.S. administration raises tariffs on imported products. If the U.S. adopts protectionist measures, the South Korean government will engage in trade diplomacy, while individual companies may move faster, Cheong In-kyo said. Asked how the next U.S. President Trump’s trade and tariff policies will affect the Korean auto industry, Cheong In-kyo said: “If U.S. import tariffs are raised, the first alternative that Korean automakers can consider will be to increase direct investment and local production activities in the United States.” Cheong In-kyo added: “The Korean auto […]
Electric car manufacturer Lucid Group (NASDAQ: LCID) released an exciting third-quarter financial report, showing that the company’s revenue exceeded Wall Street expectations, thanks to strong market demand for its luxury electric sedans. With the rapid development of the electric vehicle market, Lucid’s performance has attracted great attention from investors, causing its stock price to rise 8% in after-hours trading. Lucid’s third-quarter revenue was US$225 million, higher than the average Wall Street analyst expectation of US$208 million. This performance shows Lucid’s competitiveness in the electric vehicle market, especially in the field of high-end luxury electric sedans. The company’s Lucid Air model continues to attract a lot of consumers’ attention with its […]
On November 5, Italian luxury automaker Ferrari announced that in the third quarter of this year, its net revenue rose 6.5% year-on-year to 1.644 billion euros; adjusted EBITDA rose 10.3% year-on-year to 467 million U.S. dollars; adjusted EBITDA margin was as high as 28.4%, higher than that of the same period of the year-ago period of 27.4%; and adjusted net profit rose 13% year-on-year to 375 million U.S. dollars; Adjusted EBITDA rose 7 percent year-on-year to 638 million euros, slightly higher than analysts’ expectations. However, in the third quarter of this year, Ferrari’s total car shipments fell 2% […]
On November 5, 2024, French tire manufacturer Michelin announced that in view of the difficulties and increasing pressures in the European automotive industry, the company plans to close two factories in France. This decision will directly affect about 1,250 employees and become an important measure for Michelin in the face of uncertainty and transformation pressure in the global automotive industry. Michelin said in a statement that the closure of the two factories was based on the company’s deliberate decision on future business layout. The company pointed out that the European automotive industry is facing multiple challenges such as falling demand, rising costs and high energy prices, which has led to […]
[Tokyo report] According to the latest news from the Yomiuri Shimbun, Nissan Motor and Mitsubishi Corporation announced that the two parties have decided to establish a new joint venture by the end of fiscal year 2024 (April 2024-March 2025) to focus on autonomous driving vehicles and electric vehicle (EV) related services. This strategic cooperation will further accelerate the layout of the two companies in the future travel field and promote the demand for innovative automotive technologies in the Japanese and global markets. The establishment of this joint venture marks the beginning of in-depth cooperation between Nissan and Mitsubishi Corporation in the fields of electrification and intelligent connected vehicles. The joint […]