Auto Industry News

The $430 billion U.S. Inflation Reduction Act (IRA) passed in August ended $7,500 consumer tax credits for electric vehicles assembled outside North America, sparking anger from South Korea, the European Union, Japan and others.

This comes in addition to a previously announced 4,000 yuan insurance subsidy, but is only applicable for customers buying a current car model and completing delivery by the end of December.

The lease program will require customers to opt in for a service expected to bring monthly lease payments down by 10%, Toyota's leasing affiliate said.

VinFast, which began operations in 2019, is gearing up to expand in the U.S. market, where it hopes to compete with legacy automakers and startups with its two all-electric SUVs, the VF8 and VF9, including battery leasing to reduce the purchase price.

The United Auto Workers (UAW) union called on automakers to shift their entire supply chain out of China's Xinjiang region after a new report on Tuesday suggests that nearly every major automaker has significant exposure to products made with forced labor.

The company's automotive efforts, known as Project Titan, have proceeded unevenly since 2014, when it first started to design a vehicle from scratch.

The German carmaker's management and works council struck an agreement on restructuring the site in southwestern Germany, which also foresees a 20% reduction in fixed costs by 2025 compared with 2019 and workforce cuts, the report said, citing company sources.

Disruptions to the country's supply chain expanded on Thursday, the eighth day of the nationwide strike by more than 20,000 truckers, as the government prepares to order more of them back to work.