BUSINESS - Page 29

Two Chinese suppliers for Tesla will invest nearly a billion dollars in the northern Mexican state of Nuevo Leon, where the automaker is planning a new factory. The investments were announced by state Governor Samuel Garcia, who is seeking to leverage Mexico’s “nearshoring” trend that has attracted multibillion-dollar investments from overseas manufacturers. The millennial-generation governor is also making the first steps toward a centrist independent presidential bid, a move that could split opposition to the ruling leftist party. During a

The plan to co-develop cheaper EVs was a rare example of the global auto industry uniting behind a common goal, with all car makers from Volkswagen to Toyota investing billions in new battery-powered vehicles over the next few years. The companies aim to beat Tesla, which has a commanding lead in sales of electric vehicles. In a joint statement, GM and Honda said they would continue working together on other collaboration areas, including purchasing supplies, technology, design, and research. The

Barclays (BARC.L) hinted at significant cost-cutting later this year as the British lender warned competition for savers’ money was eating into its margins, even as it reported quarterly profit that narrowly beat expectations. It cut its domestic bank’s net interest margin outlook to 3.05% and 3.1%, as higher savings rates drive customers away and stifle profits from loans and mortgages. It also said it was “evaluating material structural cost actions” to help improve returns, which could incur hefty charges as

Only recently, when global producers needed something made quickly, they looked as far as China. Their factories churned out consumer electronics, high-tech computers, and fast-food gadgets. They also made heavy machinery, mining equipment, and industrial tools. These manufacturers tapped China’s abundant labor and cheap materials to build their products, making it hard to compete with them in the global marketplace. The tycoons that owned those factories were happy, too. They reaped huge profits from their offshoring operations, and their investors

The Japan auto show returns for the first time in four years and is newly rebranded for the electric vehicle era in a marketing overhaul that may be more reflective of industry aspirations than Japanese automakers’ lagging battery-powered lineup. The Tokyo Mobility Show, which opens on Thursday, is critical for the domestic industry. This year, Toyota (7203.T), the world’s top-selling automaker, announced a strategic pivot to battery EVs, emphasizing autonomous and connected vehicles that can reduce dependence on oil and

South Korea’s Samsung SDI (006400. KS) said on Monday it will supply Hyundai Motor (005380. KS), the world’s fourth-largest carmaker, with electric vehicle (EV) batteries for seven years starting in 2026. It marks the first battery supply deal between the two chaebol companies. Samsung SDI already supplies EV batteries to GM, Stellantis, and BMW, among others. The agreement will enable Hyundai to diversify its battery form factor and shift to prismatic batteries from the pouch-type batteries it has mainly used

Despite employing thousands of the world’s best rocket engineers and spending $1 billion a year out of his pocket to fund Blue Origin, Jeff Bezos’ space company still needs to manage to turn a profit. That’s a troubling sign given that the second-richest man in the world is investing so much capital into Blue Origin, which aims to supplant Elon Musk’s SpaceX as the regent of modern space travel. This week, a third executive departure was disclosed as Blue Origin

The company faces many issues, from the need for a mass-market car to the production challenges of a new battery factory. Tesla (TSLA.O) on Wednesday joined General Motors (GM.N) and Ford (F.N.) in being cautious about expanding electric vehicle (E.V.) production capacity, citing economic uncertainties and underscoring fears of a slowdown in demand for cars powered by renewable energy. G.M. said it would delay production by a year of its Chevrolet Silverado and GMC Sierra electric pickup trucks at its

LONDON, Oct 19- Nestle said it “temporarily shut down” one of its production plants in Israel as a “precaution,” becoming the first consumer products giant to announce a response to the conflict there. Several global companies have temporarily shut some operations in the country and asked their employees to work from home after the surprise attack by Palestinian Islamist group Hamas earlier this month. However, other packaged goods companies have remained quiet, even as retail, healthcare, and oil companies have

Tesla CEO Elon Musk raised production concerns — and revealed the first deliveries — for the automaker’s much-awaited Cybertruck electric pickup truck. The company announced that deliveries would begin on Nov. 30 in a blog post on its website. The delivery event will take place at the company’s Gigafactory in Texas. At the event, Tesla may unveil additional details about the truck’s specs and pricing. In an email to employees published by Electrek, Musk warns that ramping up production of