Business
Chinese auto market: Govt unveils plan to ‘stabilise’ sector; emphasis on ‘cost surveys and price monitoring’ – The Times of India
China rolled out a two-year plan aimed at easing turbulence in its car industry, where aggressive price cuts and trade disputes have weighed heavily on growth.State news agency Xinhua said the programme, covering 2025 and 2026, was issued jointly by eight government departments. It places emphasis on “cost surveys and price monitoring” while urging carmakers to step up innovation and stimulate home demand.The sector is expected to see sales of about 32.3 million vehicles this year, a rise of 3%. That is slower than the 4.5% expansion recorded in 2024, according to data from the China Association of Automobile Manufacturers.Beijing has funnelled significant funds into the electric vehicle sector, hoping to position the country as a global leader. The new plan sets an ambitious target of 15.5 million new energy vehicles to be sold in 2025, representing 20% year-on-year growth.Yet the industry is under pressure from a cut-throat price war. Cheap models and trade-in deals have flooded the market, pushing many smaller firms out of business. At a meeting in July, officials urged carmakers to abandon “irrational competition” in favour of healthy development.China’s drive to export more vehicles is also meeting resistance. The EU launched a probe in 2023 into possible unfair competition in the sector, and this week Mexico announced plans to hike tariffs on Chinese car imports to 50% from the current 15–20%, a decision that sparked an angry response from Beijing.
Seoul: South Korean automakers Hyundai Motor Co. and Kia Corp. are ramping up efforts to expand their presence in Japan with new hydrogen and electric vehicles (EVs), as per a report by Pulse, the English service of Maeil Business News Korea. At the Japan Mobility Show in Tokyo, which kicks off on Thursday, Hyundai Motor and Kia are expected to make their first joint appearance, targeting a market traditionally dominated by domestic automakers and internal combustion engine vehicles.
The report stated that before the event on Wednesday, Hyundai premiered The All-New NEXO, its latest hydrogen fuel cell electric SUV, while Kia debuted its PV5 purpose-built electric van.
“The All-New NEXO, which rivals the Toyota Mirai, is powered by a 150kW motor. It accelerates from zero to 100 km/h in 7.8 seconds, and offers a driving range of up to 720 km. Refueling takes about five minutes. Local sales are set to begin in the first half of next year. Kia also showcased its INSTER, known in Korea as the Casper Electric, and KONA Electric. The automaker said it plans to enter Japan’s electric van market next year with the PV5. The company expects rising demand as Japan aims to have 30 per cent of new car sales be electric by 2030,” the release said.
The automaker has partnered with Japan’s trading firm Sojitz Corp. to establish Kia PBV Japan, a joint venture focused on electric commercial vehicles.
Japan’s auto market remains dominated by domestic brands, led by Toyota, which controls nearly 90 per cent of the entire sales. Hyundai Motor re-entered Japan in 2022 after a 13-year absence.
“We will tailor our approach specifically for Japan,” said the report, quoted Hyundai Vice President Chung Yoo-suk. “In the compact car segment, we achieved our business plan for the first time this year since re-entering the market, and plan to continue introducing new models from next year.”
The Government is being urged to go “further and faster” to protect the car industry from energy costs.
The TUC said high energy bills in the UK meant car makers were struggling in the face of competition from abroad.
On a visit to the Jaguar Land Rover factory in Solihull, the TUC general secretary Paul Nowak called on the Government to put its “foot on the accelerator” and speed up support for the UK car industry.
He said: “Car making is one of the jewels in the crown of British industry, and British classics like Range Rover and Jaguar are iconic around the world.
“But sky-high energy costs mean we risk losing out to competition from abroad.
“The Government has set out welcome support in the industrial strategy, but must go further and faster to bring down energy bills for British businesses.
“It’s time for the Government to put its foot on the accelerator, and act now to protect jobs and manufacturing in the UK.”
Business
Trump sanction fallout: HMEL halts Russian oil imports after new US curbs; denies blacklisted ship-use reports – The Times of India
HMEL, a joint venture between Lakshmi Mittal and Hindustan Petroleum Corporation Ltd (HPCL), announced on Wednesday that it has suspended imports of Russian crude oil following new Western restrictions on Moscow’s energy trade. In a statement, the Bathinda-based refinery said the suspension would remain in place “pending receipt of any outstanding orders” and cited “new restrictions on crude oil imports from Russia by the United States, European Union and the United Kingdom,” reported Economic Times.HMEL clarified that it could not verify a Financial Times report alleging that its earlier shipments had arrived on vessels linked to Western sanctions. The company emphasised that it buys crude on a “delivered-at-port” basis — meaning sellers handle the shipping — and therefore has “no visibility over intermediate vessels” or any attempts to disguise their locations during transfers. The refinery, which has a capacity of 11 million tonnes per annum, is jointly owned by HPCL and the Mittal Group (49 per cent each), with financial institutions holding the remaining stake. According to the FT, HMEL received around $280 million worth of Russian crude between July and September using vessels blacklisted by the US, while the final shipment was made by Samadha — a tanker under EU sanctions but not on the US list. HMEL said Samadha “was not under US sanctions at the time of delivery” and reiterated that “all transactions undergo extensive due diligence, including counterparty KYC, sanctions screening and vessel history checks.” The move comes amid heightened scrutiny of India’s Russian oil imports after Washington imposed fresh sanctions last week on major producers Rosneft and Lukoil. Other Indian refiners, including Indian Oil Corporation and Reliance Industries, have also indicated that they are reviewing compliance protocols to ensure adherence to international sanctions.
US’ Carter’s Q3 FY25 sales edge down 0.1% to $757.8 mn
Hyundai, Kia Enhance Green Vehicle Lineup In Japan
Egypt’s textile & apparel imports from Turkiye rise 7.7% in H1 2025
-
Entertainment1 week agoJohn Grisham unveils his first-ever mystery, “The Widow”
-
Tech1 week agoThis Smart Warming Mug Is Marked Down by $60
-
Fashion1 week agoThe North Face and Cecilie Bahnsen launch second collaboration
-
Politics5 days agoTrump slams ‘dirty’ Canada despite withdrawal of Reagan ad
-
Sports1 week ago
These five NBA players could be ready for an all-star breakthrough
-
Tech1 week agoAn Amazon outage has rattled the internet. A computer scientist explains why the ‘cloud’ needs to change
-
Business7 days agoJLR shutdown after cyber hack drives slump in UK car production
-
Sports1 week agoWomen’s World Cup: Pakistan’s campaign ends with South Africa loss