Tag Archives: business

NEWS

VW wants to use part of its EV budget for development of combustion engines

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IT is safe to say that the transition towards full electric (EV) is not progressing as some manufacturers expected. Several manufacturers have delayed their electrification goals.

Just last year, Volkswagen projected that EVs would account for up to 80 percent of vehicle sales in Europe by the end of this decade. However, the lukewarm reception of their ID models has led VW to reassess their strategy.

Of the 180 billion Euros (RM914 billion) budget allocated in 2023 for new-generation EVs, the German manufacturer will now use one-third of it for the development of combustion engines.

This announcement came from Arn Antlitz, Chief Financial Officer and Chief Operating Officer at Volkswagen Group. “The company aims to spend approximately 60 billion Euros (RM304 billion) to ensure our combustion cars remain competitive.”

He added, “The future is electric, but the past has not yet ended.”

Last year, VW CEO Thomas Schäfer referred to ICE as “old technology” in the context of e-fuel. He stated that synthetic fuels were just “unnecessary noise,” even though Porsche, also part of the same group, is actively involved in synthetic fuels at its plant in Chile.

Another premium brand under VW is also researching how sustainable fuels can evolve. Bugatti plans to build fuel stations that can be installed at owners’ homes and filled with synthetic fuels.

Lamborghini believes combustion engines can be saved by making them run on fuels other than fossil oil. Bentley is also exploring fuels with almost zero carbon emissions.

It is clear that more car manufacturers are reassessing their EV strategies as consumers are not yet ready to let go of ICE engines.

Manufacturers are somewhat aggressive as emission standards become stricter, necessitating investment in cleaner-running petrol engines. At the same time, the influx of EVs from China is also concerning major manufacturers.

NEWS

Toyota GR Supra production to end in 2026, Magna Steyr plant lays off 500 workers – report

THIS is an unpleasant news, as you only have a two-year window to acquire a Toyota GR Supra grand tourer model before production ceases in 2026.

This is due to reports from Automobilwoche stating that vehicle manufacturer Magna Steyr, based in Graz, Austria, will lay off approximately 500 workers after the production of several key models like the BMW 5 Series, Jaguar E-Pace and I-Pace, and the Fisker Ocean comes to an end.

For your information, the same factory is also utilized to assemble the non-identical twin models BMW Z4 and Toyota GR Supra since 2019. Carscoops quoted Vice President of Toyota Motor North America, Dave Christ, who explained, “we collaborated with BMW, and it has been a success.”

He further added, “we will reassess the situation going forward. I think, if we want to build something, we will think about how to do it.” These statements suggest that Toyota is likely to develop a new generation of the GR Supra independently or potentially engage in a partnership with a different manufacturer.

The Toyota GR Supra is a high-performance mass-produced car created by Toyota Gazoo Racing, following its previous offerings of limited production models under the sub-brand GRMN (Gazoo Racing Meister of Nurburgring).

It comes in two engine versions, a 2.0-liter inline-four engine producing 258 hp and 400 Nm, or a 3.0-liter inline-six engine generating up to 382 hp and 500 Nm, powering the rear wheels.

Initially, the GR Supra was only available in an automatic version, with a specially developed manual transmission becoming available in 2022, limited to inline-6 engine Supra models.

NEWS

Ducati aspires to make Thailand as export hub

Ducati Motor Holding, a leading Italian motorcycle manufacturer, aims to establish Thailand as a key export hub following the opening of a production plant in Rayong. This marks Ducati’s first assembly plant in Asia.

With an investment of 400 million Baht (RM51.6 million), the facility is capable of producing 10,000 motorcycles annually in its initial phase.

“Thailand is a crucial market for big or premium motorcycles, and we aspire to make Thailand our export base,” stated Claudio Domenicali, CEO of Ducati Motor Holding.

“We manufacture all Ducati models at the Rayong plant, ensuring that our products meet the high standards set by the company in Italy,” he added.

The company aims to export its production to the Asia-Pacific region. Its current primary markets outside of Asia include Italy, Germany, the UK, and the United States.

In Thailand, the high-performance motorcycle market is expected to grow, driven by the lifestyles of riders.

The Federation of Thai Industries (FTI) forecasts an overall sales of high-performance motorcycles to reach approximately 15,000 units in Thailand this year.

NEWS

McLaren is now fully-owned by Bahrain

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THIS is official, McLaren Group has announced that it has a new owner. The Bahrain Mumtalakat Holding Company, the government investment arm of the country, now has full control over the sports car manufacturer.

Previously, Mumtalakat held a 60% stake, which has now been increased to 100%.

Paul Walsh, Chairman of McLaren Group, stated that this change “will help us to be more focused on achieving our long-term business plans.” This includes investments in new products and technologies.

McLaren Automotive is also likely to have the necessary financial support for the development of new models, including electric vehicles.

The supercar manufacturer has faced financial challenges in recent years, and in 2022, it sold some of its historic vehicles to make way for the delayed Artura.

A year earlier, McLaren also sold its headquarters and Formula One factory. The company appointed a new CEO in 2022 and launched the 750S in 2023.

There are rumors indicating that McLaren will unveil their hypercar towards the end of this year. Reportedly, it has been “refined” and is said to feature a V8 plug-in hybrid engine with over 1,000hp.

It is reported that the hypercar will not feature McLaren’s signature dihedral doors but instead will have gullwing doors, in addition to a new carbon fiber chassis and 3D-printed suspension components.