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Hindalco looks to take ‘direct’ route to rev up auto parts biz – ET Auto

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Hindalco Industries , the world’s largest aluminium rolling and recycling company, is looking at a bigger play in the auto component business by leveraging the growing electric vehicle (EV) industry, said people aware of the company’s plans. Hindalco didn’t respond to ET’s queries.

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AutoZone’s quarterly profit beats estimates on demand for car parts – ET Auto

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AutoZone beat estimates for third-quarter profit on Tuesday, driven by strong demand for automotive parts as more Americans held on to their ageing cars amid higher prices and wait times for newer models. Quarterly net sales at the auto parts supplier, which competes with Advance Auto Parts and O’Reilly Automotive , rose 3.5%

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Hyundai Mobis to expand investment in EV parts, automotive chips – ET Auto

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New Delhi: Hyundai Mobis , South Korea’s leading auto parts maker, has said it plans to boost its investment in electric vehicle (EV) parts and automotive chips this year. Such projects will make up around 70% of its total investment, rising sharply from the current 50%, he added.

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Auto sector sourced 50% parts locally, says minister – ET Auto

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The Indian automobile sector was able to source almost 50% of required auto parts from domestic markets under the INR 26,000 crore Production-Linked Incentive (PLI) scheme, said Union minister for heavy industries Mahendra Nath Pandey on Tuesday. India has emerged as the automotive powerhouse and the world is looking at us.

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Auto parts seller LKQ cuts 2024 sales forecast as warm weather slows demand – ET Auto

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It now expects to report organic revenue growth for parts and services between 2.5% Auto parts distributor LKQ cut its full-year sales forecast on Tuesday and missed estimates for first-quarter profit amid falling metal prices and softening demand for spares in North America. for 2024, down from its prior guidance of 3.5%

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Five automakers to recall over 1,56,000 cars for faulty parts – ET Auto

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Updated On Jul 12, 2024 at 09:41 AM IST --> Published On Jul 12, 2024 at 09:33 AM IST 1 min read --> Join the community of 2M+ industry professionals Subscribe to our newsletter to get latest insights & analysis.

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Luminar to cut nearly 20% jobs as part of restructuring – ET Auto

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Luminar Technologies , a maker of lidar sensors for self-driving cars , said on Friday that it would cut its workforce by about 20%, as part of a restructuring plan for the current year. Luminar is also looking to sub-lease some of its facilities in portions or fully, reducing global footprint as part of the restructuring.

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