Seoul, June 24: Unionised workers of South Korea’s leading automaker Hyundai Motor on Monday overwhelmingly voted in favour of staging a strike following the collapse of annual wage negotiations between management and the union.

Earlier this month, the union decided to call off further negotiations after holding the eighth round of wage talks at the company’s plant in Ulsan, around 300 km from Seoul, Yonhap News Agency reported. Monday’s vote was conducted at the Ulsan plant. According to the union, 89.97 per cent of a total of 41,461 votes cast were in favour of a strike. If executed, the walkout would be the first for the company in six years. Hero MotoCorp To Hike Prices of Select Motorcycles and Scooters by up to Rs 1,500 Effective From July 1.

Hyundai Motor’s union has not carried out a strike in the last five years, taking into consideration various factors, such as the Covid-19 pandemic and national trade issues. The union plans to discuss whether and when to carry out the strike in a future meeting. It will also continue to hold working-level negotiations with the management. BIS Introduces Two New Standards To Boost Safety and Quality of EVs; Check Details.

The management has reportedly offered to provide a basic monthly salary increase of 101,000 won ($73.50) and an additional bonus package, which includes an incentive of 350 per cent of an individual’s monthly salary, as well as the issuance of 20 shares of company stock. The company also offered to create a joint management-union fund to be used for donations and other public outreach programmes.

(The above story first appeared on LatestLY on Jun 24, 2024 06:05 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).

Seoul, June 23: Research and development (R&D) expenditures by major South Korean companies hit an all-time high last year despite their falling sales amid an economic slowdown, data showed on Sunday.

The country’s top 1,000 companies made investments of 72.5 trillion won ($52.12 billion) combined in 2023, up 8.7 per cent from a year earlier, according to the data from the Ministry of Trade, Industry and Energy and the Korea Institute for Advancement of Technology. It was the largest ever amount, it showed, reports Yonhap news agency. CERT-In Finds Multiple Bugs in ‘Golang Go’ Programming Language Affecting IBM’s Data Management Software.

The increase came despite their sales falling 2.8 per cent on-year to 1,642 trillion won, and the proportion of corporate R&D investment out of sales rose 4.4 per cent in 2023 from the previous year’s 3.9 per cent. Tech giant Samsung invested the largest amount in R&D last year with 23.9 trillion won, which was up 14.4 per cent on-year and accounted for 32.9 per cent of the total investment by South Korean companies.

Leading carmaker Hyundai Motor came next with 3.7 trillion won, which marked 15.6 per cent on-year growth. R&D spending by chip behemoth SK hynix fell 10 per cent year-on-year to 3.6 trillion won. Home appliances giant LG Electronics increased its R&D expenditure by 10 per cent to 3.3 trillion won, and Samsung Display Co. spent 2.8 trillion won on R&D last year, up 12 per cent on-year.

Kia Corp. was the fifth-largest R&D investor last year with 2.2 trillion won, the data showed. Of the 1,000 companies, 171 were large conglomerates and 491 were second-tier mid-sized companies. The remaining 338 firms were mid- and small-sized companies. Byju’s Moves Karnataka High Court Against NCLT Order Restraining It From Going Ahead With Its Second Rights Issue.

“The number of mid-sized companies that were among the top 1,000 major R&D investing companies has risen over the past years. The government will extend support for companies to increase investment for innovation,” a ministry official said.

(The above story first appeared on LatestLY on Jun 23, 2024 02:04 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).

New Delhi, June 22: In a bid to boost the safety and quality of electric vehicles (EVs), the Bureau of Indian Standards (BIS) on Saturday introduced two new standards. The two new standards — ‘IS 18590: 2024’ and ‘IS 18606: 2024’ — will aim to enhance the safety of EVs in the L, M, and N categories.

“These standards focus on the critical component of electric vehicles — the powertrain — ensuring it meets stringent safety requirements. Additionally, they emphasise the safety and performance of batteries, ensuring they are both powerful and secure,” said the Ministry of Consumer Affairs, Food and Public Distribution. India-European Union Trade and Technology Council Organise Event Featuring 12 High-Impact Startups in Battery Recycling Technologies for EVs.

According to the Ministry, the shift to electric mobility extends beyond cars and trucks and e-rickshaws and e-karts are gaining popularity across the country. To address this, BIS has introduced ‘IS 18294: 2023’, which establishes safety standards specifically for these vehicles. Tata Motors Announces To Hike Price of Its Commercial Vehicles by up to 2%, Effective From July 1.

These standards cover various aspects, from construction to functionality, ensuring the safety of both drivers and passengers. With these new standards, BIS said it has raised the bar, now having a total of 30 Indian Standards dedicated to electric vehicles and their accessories, including charging systems. “These standards are crucial in driving the transition to a more sustainable, environmentally friendly, and efficient transportation system in the country,” said the ministry.

(The above story first appeared on LatestLY on Jun 23, 2024 10:42 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).

Chattanooga, June 21: Volkswagen plans to lay off an unspecified numbers of employees from its Chattanooga city in Tennessee in the United States to drive efficiency and save costs. The German automobile maker said reducing the workforce would be part of implementing a global performance programme. A report said the Volkswagen layoffs would affect some administrative and salary positions.

A company spokesperson said that Volkswagen layoffs would “drive efficiency and cost savings at its core brand,” citing a report by Local 3 News. The report said that the Volkswagen spokesperson also highlighted that positions, including “salaried” and “administrative” roles, would be affected in the layoff round for the U.S. business. Paytm Layoffs, Termination: Employees File Complaint With Ministry of Labour for ‘Unlawful Treatment’, Indian National Congress’ AIPC Says Will Fight for Them.

The report said that the job cuts would not impact the “hourly workers” at the assembly plant. The spokesperson further highlighted that Volkswagen would support the employees during this transition period. According to the report, the Times Free Press told that the Volkswagen layoffs would likely impact less than 50 positions at the Volkswagen Chattanooga location. The report also emphasised that the layoffs would not include any production workers.

According to another report by NewsChannel 9, when asked about the number of positions affected by this decision, the spokesperson said that it would lead to a small number of salaried and administrative employees leaving their positions. Further, the report mentioned that the changes would not be isolated to Volkswagen in Chattanooga. 

These reports mentioned that the company is implementing a global performance programme to cut costs and boost efficiency. This could hint at future layoffs at the company in other locations beyond the Chattanooga plant; however, it cannot be confirmed now. Bluevine Layoffs: Fintech Company Cutting 12% of Its Israeli Workforce To Adjust Priorities and Respond to Changing Market Needs.

The automobile industry, particularly the EV industry, including Tesla, Rivian, and Fiskers, recently announced mass layoffs, leading to thousands of people leaving their roles. These layoffs at electric car manufacturing companies were announced amid the ongoing price wars, slow demand and other reasons.

(The above story first appeared on LatestLY on Jun 21, 2024 07:17 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).

Every year, World Motorcycle Day is celebrated annually on June 21 in several countries around the globe. This day honours the passion and thrill associated with motorcycles and riders. It provides an opportunity for motorcycle enthusiasts around the world to come together, share their love for riding, and raise awareness about motorcycle safety. People use this day as an opportunity to share safety tips and experiences on social media to raise awareness. Upcoming Cars and Bikes Launches in June 2024: Check Out List of Upcoming Vehicles To Launch This Month.

World Motorcycle Day is a celebration of the freedom, adventure, and camaraderie that motorcycles bring to riders worldwide. On this day, people attend workshops on motorcycle handling and safety techniques. In this article, we will learn more about the 2024 World Motorcycle Day date and the significance of the global event.

World Motorcycle Day 2024 Date

World Motorcycle Day 2024 will be celebrated on Friday, June 21.

World Motorcycle Day Significance

World Motorcycle Day is a perfect opportunity to network with other riders and share experiences. Whether you’re a seasoned rider or a beginner, this day is an excellent opportunity to indulge in your passion for motorcycling and connect with others who share the same enthusiasm. On this day, various events are held, like seminars and workshops, to educate people about the importance of wearing proper safety gear by sharing tips and personal stories.

The celebration of the day often involves people taking a road trip to explore new destinations and scenic routes. This World Motorcycle Day 2024, take your motorcycle on off-road or adventure rides for a thrilling experience!

(The above story first appeared on LatestLY on Jun 21, 2024 10:49 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).

New Delhi, June 21: In a bid to enhance the Electric Vehicle (EV) landscape and ecosystems in India and Europe, the India-European Union Trade and Technology Council (TTC) organised an event, featuring 12 high-impact startups in battery recycling technologies for EVs.

An independent committee of experts from each side shortlisted these 12 startups through a rigorous process based on scientific merit, market readiness, and prospects for cooperation. “The initiative aligns with India and the EU’s commitment to promote a sustainable agenda, foster innovation, and forge stronger economic relations between India and the European Union,” said Office of Principal Scientific Advisor to the government of India in a statement. Ola Electrics Gets SEBI’s Nod for First IPO in India Worth Rs 5,500 Crore.

The event offered the startups/SMEs an exclusive platform to pitch their innovative technologies. Start-ups operating across the battery recycling value chain, covering collection to valuable mineral extraction participated in the matchmaking event.

“This matchmaking event brings together the best talents and technologies in the battery recycling space on both sides, giving them an exclusive platform for exchange, networking, and prospective investments,” said Professor Ajay Kumar Sood, Principal Scientific Adviser to the Central government.

“We believe the exchange trip, awarded to three Indian and three EU start-ups, to visit EV battery recycling facilities on either side would be highly beneficial,” he added. Marc Lemaitre, Director-General for Research and Innovation at the European Commission, emphasised the importance of an innovation-led EU-India partnership.

“This matchmaking event is such a step by bringing together innovative startups from both regions that want to scale up green solutions under the umbrella of the EU-India Trade and Technology Council,” said Lemaitre. As a next step, three start-ups each from India and EU will be awarded the opportunity to visit the EU and India, respectively for a week-long market immersion experience. LG Electronics Joins ChargePoint To Expand EV Charging Infrastructure in US.

The India-EU TTC was first announced by the European Commission President, Ursula von der Leyen, and Prime Minister Narendra Modi in April 2022, It is a key forum to deepen the strategic partnership on trade and technology between the two partners.

(The above story first appeared on LatestLY on Jun 21, 2024 10:12 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).

New Delhi, June 20: Italian luxury sports car brand Ferrari has yet to announce its first electric car to the world. Other luxury brands, such as BMW and Audi, have already introduced their EVs to the market. However, the sports car segment has yet to see some new models. According to a report, the Ferrari’s first EV would cost over €5,00,000. 

According to a report by Reuters, according to a source, Ferrari’s first electric car would cost over €5,00,000 (around $5,35,000). The report said that the Italian luxury sports car maker had been planning to introduce its new electric vehicle in the market. It said Ferrari had been preparing to open a plant to produce an electric car, and the company could also boost group production by up to a third. Citroen C3 Aircross ‘Dhoni Edition’ Launched in India; Know Price, Specifications and Features of Limited Edition SUV From Citroen.

Reuters said Ferrari was informed that it would launch its first EV next year and was confident that the ultra-rich community would be ready to buy its new model. The report mentioned an announcement made by an Italian luxury sports car maker when the existing rivals cut the prices of their models in the mass market due to the slow demand.

The report mentioned that the price tag would be well above the sale price of around €5,00,000, which might include extra for the sports car maker in the first quarter of 2024, especially when other brands are rivalling their EVs in the market. The report highlighted Porsche’s Tycan electric car, which starts at around €1,00,000. Chinese EV Maker BYD To Enter South Korean Market in Low-Cost Segment.

Ferrari’s new plant will be inaugurated in Maranello, northern Italy. The report mentioned that demand for Ferrari has been increasing in the market, with customers waiting up to two years for some models. The report said that the new factory in Maranello would help the company build petrol and hybrid cars and new EVs. The sources reportedly said that after Ferrari’s first EV, a second, which had also been in development, would be announced. 

(The above story first appeared on LatestLY on Jun 20, 2024 05:09 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).

Seoul, June 20: The South Korean government said on Thursday it has carried out a probe into some imported vehicles made by Japanese automakers Toyota Motor Corp. and Yamaha Motor Co. in connection with their improper certification tests in their home country. Tata Motors Announces To Hike Price of Its Commercial Vehicles by up to 2%, Effective From July 1.

Seoul’s Ministry of Land, Infrastructure and Transport said it has looked into whether 38 models from Japanese automakers currently under investigation for fraudulent certification tests in Tokyo were being sold in South Korea. The ministry said none of the models in question have been imported into South Korea, reports Yonhap news agency. It, however, discovered that some models of Toyota’s Lexus RX line and Yamaha’s Tmax and YZF-R3 motorcycle models sold in the country were equipped with the same engines and horns as ones in problematic models. LG Electronics Joins ChargePoint To Expand EV Charging Infrastructure in US.

Accordingly, the ministry said it has been reviewing the three models for manufacturing defects since Friday. As of this month, there are 6,749 registered Lexus RX units, 1,910 Yamaha Tmax units and 1,318 YZF-R3 units in the country. The ministry said it plans to monitor measures taken by Japanese authorities and take proper action if the vehicles fail to meet safety standards.

(The above story first appeared on LatestLY on Jun 20, 2024 10:53 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).

New Delhi, June 18: Citroen, the French automaker, has launched the “Dhoni Edition” of its C3 Aircross SUV in India. The limited-edition Citroen Citroen C3 Aircross Dhoni Edition is a unique way to pay tribute to the legendary cricketer Mahendra Singh Dhoni, who has been appointed as Citroen’s brand ambassador in the country.

As per a report of Times of India, the Citroen C3 Aircross Dhoni Edition is launched in India. Highlighting the legacy of MS Dhoni, the limited edition SUV boasts exclusive accessories and updates, which offers a personalised touch. The Citroen C3 Aircross Dhoni Edition is expected to be an exciting release for MS Dhoni fans and automotive enthusiasts. Tata Nexon Subcompact SUV Achieves 7 Lakh Sales Milestone Since Launch; Price Benefits of up to Rs. 1 Lakh Announced.

Last month, Citroen India appointed Mahendra Singh Dhoni, former captain of the Indian cricket team, as its brand ambassador. To honour the cricketing legend, the company has introduced the limited edition ‘Dhoni edition’ C3 Aircross in India. The Citroen Citroen C3 Aircross Dhoni Edition price starts from Rs 11.82 lakh (ex-showroom) and the special edition will be available in a limited quantity of only 100 units in India. The SUV is available for booking at dealerships nationwide starting from today.

Citroen C3 Aircross Dhoni Edition Specifications and Features

The Citroen C3 Aircross Dhoni Edition SUV retains its mechanical specifications while receiving exclusive accessories. The Dhoni Edition C3 Aircross comes with the identical 1.2-litre three-cylinder turbo-petrol engine found in the regular model. The engine of the SUV delivers 110hp and 190Nm of torque, with the option to choose between a 6-speed manual or automatic transmission. Tata Nexon iCNG To Launch Soon in India; Know About Expected Specifications and Features.

Each Dhoni Edition C3 Aircross includes a special Dhoni-themed surprise inside the glove box. Additionally, to enhance the appeal, one fortunate vehicle among the limited 100 units will contain a glove personally signed by MS Dhoni. Each vehicle is also equipped with colour-matched seat covers, a front dashcam, illuminated sill plates and cushioned pillows.

(The above story first appeared on LatestLY on Jun 18, 2024 06:48 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).

Seoul, June 17: Shares of Hyundai Motor, South Korea’s leading carmaker, jumped here on Monday as it confirmed that its India unit has filed for an initial public offering (IPO) to raise around $3 billion (Rs 25,000 crore). Hyundai Motor surged 6.34 per cent to 285,000 won (US$206) shortly after opening on the South Korean exchange, marking a fresh 52-week peak.

The stock pared early gains to 279,000 won as of 10:30 a.m. (South Korean time), reports Yonhap news agency. Earlier in the day, Hyundai Motor said in a regulatory filing that its India unit submitted IPO documents to an Indian regulator. Hyundai Motor said that a listing of its India unit will be determined after India’s regulatory body reviews, without elaborating further. Dubai Police Adds Tesla Cybertruck to Its Tourist Police Luxury Patrol Fleet (Check Pics).

Hyundai Motor India filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an IPO. “The objects of the offer are to carry out the Offer for Sale of up to 142,194,700 (over 142 million) Equity Shares of the face value of Rs 10 each by the Promoter Selling Shareholder and to achieve the benefits of listing the Equity Shares on the Stock Exchanges,” according to the DRHP. Further, “our Company expects that listing of the Equity Shares will enhance our visibility and brand image and provide liquidity and a public market for the Equity Shares in India,” Hyundai Motor India’s DRHP added. Tesla Cybertruck Added to Dubai’s Tourist Police Luxury Patrol Fleet, Elon Musk Reacts.

If the listing gets the nod from the regulator, it will be the country’s biggest IPO (a pure offer for sale by the promoter) after the state-owned Life Insurance Corporation of India’s (LIC) $2.7 billion listing in 2022. In FY24, Hyundai Motor India was the country’s second-largest carmaker after Maruti Suzuki (in terms of passenger sales volumes).

(The above story first appeared on LatestLY on Jun 17, 2024 10:20 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).