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Get latest articles and stories on Business at LatestLY. Gurugram (Haryana) [India], May 25: MOVIN, a logistics brand launched as a joint venture between UPS and InterGlobe Enterprises, celebrates the completion of its first year of operations with the inauguration of its 11th strategic hub in Kanchipuram, Chennai. MOVIN, today, also announced introduction of Electronic Vehicles (EV) in Delhi, Mumbai, Bengaluru, and Chennai by end of 2023. Business News | MOVIN Celebrates One Year of Operations, Strengthens Network by Opening Strategic Hub in Tamil Nadu.

South Korean Trade, Industry and Energy Ministry announced on May 23 that the government and local automakers will invest KRW14.3 trillion (US$10.9 billion) in the automotive component industry, helping EV production grow fivefold by 2030.

In response to increased competition from Chinese competitors, SiC substrate suppliers from Europe and the US have slightly lowered prices for Asian customers, according to industry sources.

Market sources recently pointed out that Taiwan-based Largan Precision has privately settled its patent infringement "warning" against EV leader Tesla regarding automotive lenses. According to sources, Largan has already obtained most of Tesla's automotive lenses order.