Page 5 - Auto Component News Today

Lfp Battery: The battery industry has witnessed a rapid demand surge in recent years as the world moves to a greener economy, causing a lithium price surge and buyers seeking alternatives. However, experts at a conference on Thursday believed LFP will remain dominant in the ESS sector due to its established supply chain, higher energy density compared to the sodium-ion alternative and lower cost than the nickel-rich battery.

Sunil Bohra, executive director & group CFO, Uno Minda, said: “We have already spent Rs 540 crore in H1 and we’re lining up another Rs 540 crore for a four-wheel alloy wheel plant in north India.”

The investment announced Wednesday comes as electric vehicle sales growth is starting to slow and GM and Ford have started to pull back on their spending. But Kai Daniels, supervising principal of GM Ventures, said the company is proceeding with its EV plans.

Denso, a Toyota group supplier and one of the worlds largest makers of auto parts and components, has been ramping up its chip business in recent years, including by forging partnership deals to help it secure more semiconductors.

Daechang Seat Corp., based in Gyeongju, South Korea, said Monday that it would invest USD 72.5 million in a plant in Savannah, hiring more than 500 people. Its the latest company to announce a plant to supply Hyundais USD 7.6 billion plant to assemble electric vehicles and batteries in Ellabell, near Savannah. The Hyundai plant, which was announced last year, could grow to 8,500 employees and could begin producing vehicles as early as 2024.

"The latest supply deal marks the first ever partnership between Samsung and Hyundai Motor Group in the field of electric vehicle batteries," Samsung SDI said in a statement.

Tsmc: Last October, the Biden administration published a sweeping set of export controls, including a measure to cut off China from certain semiconductor chips made anywhere in the world with U.S. tools, vastly expanding the reach of a bid to slow Beijings technological and military advances.

PLI Auto Industry: Applicants under the scheme had proposed an investment of INR 67,690 crore, of which INR 10,755 crore has been invested till June-end this year, an official statement said.

Applicants under scheme had proposed investment of Rs 67,690 crore, of which Rs.10,755 crore has been invested till June-end this year, an official statement said.

Bharat Forge’s risks from exposure to the auto sector are now in the rear view mirror as non-auto diversifications begin to bear fruit