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Foxconn teams up with China’s Geely to build cars for other automakers

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The Foxconn logo is displayed on a Foxconn building in Taipei on January 31, 2019.

Sam Yeh | AFP | Getty Images

Foxconn and Chinese carmaker Geely have created a joint venture aimed at selling manufacturing and services to the global auto industry.

The deal, which was announced on Wednesday, marks Foxconn’s continued expansion into the auto sector and reflects Geely’s desire to partner with technology companies.

Foxconn and Geely will provide car production, consulting, intelligent driving systems and other services to global automotive enterprises, the two companies said.

Taiwanese firm Foxconn is best known as the company that assembles Apple’s iPhones. Last year, it launched a platform to help automobile companies make electric cars. And this month, Foxconn signed a deal with Chinese electric carmaker Byton to help produce its first vehicle.

Meanwhile, Geely inked a deal with Chinese search giant Baidu to be a minority shareholder in a new standalone electric vehicle company. Geely will be the manufacturing partner in Baidu’s new venture.

Foxconn and Geely will each hold a 50% stake in their joint venture.

In theory, automakers could come to Foxconn and Geely to design and even manufacture their next car. The vehicle that is produced will bear the automaker’s name and branding.


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Lexus LS 500h Nishijin: Lexus LS 500h Nishijin launched in India, priced at Rs 2.22 crore

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NEW DELHI: Lexus India on Monday launched a new variant of its flagship sedan LS in India. The LS 500h Nishijin comes with an enhanced interior reflecting the traditional Japanese arts.
The Lexus LS 500h Nishijin variant starts at Rs 2.22 crore (ex-showroom), while the standard variant costs Rs 1.91 crore (ex-showroom). The Nishijin variant costs Rs 30.77 lakh dearer than the standard variant.

The LS 500h Nishijin features unique ornamentation of ‘Nishijin and Haku’ inspired by a mysterious phenomenon of ‘path of moonlight on the sea’. The ornamentation is created by weaving silver threads of Nishijin brocade to represent shimmering waves and the Haku platinum metal foil representing moonlight shining on waves.

The LS 500h Nishijin comes with such exquisite craftsmanship to offer a comfortable and unparalleled in-cabin experience. Some of the key features include 12.3-inch touchscreen infotainment system that can be controlled with iPhone and Android smartphones. The controls on the steering wheel and the centre console have also received an uplift to offer better visibility. On the outside, the Nishijin variant comes with a modified bumper to enhance the sedan’s stance.
The LS 500h’s standard variant also comes with a new Gin-ei Luster colour scheme. The silver colour scheme reacts delicately to even the slightest amounts of light.

“Following the positive response of the LS 500h in India, we are delighted to unveil the new Nishijin variant and improvements to the flagship model. These upgrades keep in line with the sophistication and craftsmanship of the Lexus LS 500h flagship luxury model and will deliver optimum performance with cutting-edge technologies while keeping in mind the environmental benefits and the sought-after comfort of our guests. We are excited to see the response to this new and luxurious variant in the Indian market, ” said P.B. Venugopal, President, Lexus India.


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Tata Motors news: Tata Motors ties up with private lenders for commercial vehicles financing

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NEW DELHI: Homegrown auto major Tata Motors on Monday said it has entered into partnerships with leading private banks, including HDFC Bank, ICICI Bank and Yes Bank, to fund its commercial vehicles.

The tie-ups aim to enhance value offerings for customers of both new as well as pre-owned vehicles throughout the customer lifecycle, Tata Motors said in a statement.

The offerings arising out of these tie-ups will include ancillary financial provisions such as fuel financing, working capital financing, aggregate financing and service cost financing. It will enable customers to avail attractive financial schemes from all the partner financiers with minimal formalities, it added.

The other private banks include Equitas Small Finance Bank, AU Small Finance Bank, Union Bank of India and Punjab National Bank. NBFCs such as Cholamandalam Investment and Finance Co Ltd, HDB Financial Services, and Sundaram Finance are also part of the tie-ups.

“Our partnership will certainly add value and leverage our common strengths to meet the ever-evolving needs of our customers.

“We are confident of an increased reach in customer categories, product segments and geographies and hope that this will help us serve our customers in an efficient and delightful manner in the future as well,” said Tata Motors Vice-President (Sales and Marketing, and Commercial Vehicles Business Unit) Rajesh Kaul.

Tata Motors said its BS-VI offerings have garnered “an overwhelming response in the market, with the fleet owners appreciating the lowered total cost of ownership of the vehicles”.

It added that in the wake of such enthusiasm, these financial offerings promise customers easy access to financial schemes from leading banks in the country for the purchase and financing of the vehicles and services.

Some of these financing solutions will target large corporate and individual customers with large fleets in the medium and heavy commercial vehicle (M&HCV) space, with attractive offerings in terms of cost and high quality of service, the company said.

It added that some others will cater to small commercial vehicle (SCV) customers in semi-urban and rural locations, with special offerings dedicated to the customers of pick-up, the Tata Yodha.


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Toyota Kirloskar Motor ties up with government for skilling youths

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NEW DELHI: Toyota Kirloskar Motor (TKM) on Monday said it has joined hands with the government of India for skilling of youths. The company has signed a Memorandum of Understanding (MoU) with the Directorate General of Training (DGT), Ministry of Skill Development and Entrepreneurship to develop skills among youth under the Flexi-MoU Scheme of the government of India, TKM said in a statement.

Under the Flexi-MoU scheme, TKM is identified as Industrial Training Provider (ITP) to develop skilled human resources for manufacturing companies and first-time entrepreneurs, it added.

The company will focus on developing students at the Toyota Technical Training Institute (TTTI) through its Toyota Koushalya programme. TTTI imparts skills training to youth from economically weaker sections of the society from rural areas of Karnataka.

The Toyota Koushalya provides an opportunity for the youth to acquire skills relevant to the manufacturing industry and improve their employment potential through a ‘Learn and Earn’ approach consisting of a mix of theoretical and On-the-Job Training (OJT). These youth will be trained by supervisors who are Master Trainers in the world-renowned Toyota Production System (TPS), the company said.

“Upon completion of the training, trainees need to take up an exam jointly conducted by DGT and TKM as per DGT guidelines and Craftsman Training Scheme (CTS) to get certified. The programme aims at skilling youth who have passed their 10th standard and facing difficulty in affording higher education. Admissions to the programme have already commenced,” it added.

The two-year training programme will be imparted in four trades – automobile welding, automobile assembly, automobile painting and mechatronic, TKM said.

Quoting Neelam Shami Rao, Director, Directorate General of Training, Government of India the statement said: “The Flexi-MoU scheme is designed to cater to the needs of both the industry and the trainees. The scheme allows industries to train candidates as per their skill set requirements and provides trainees with an industry environment aligned with the market demand and latest technology. We are glad to partner with Toyota to develop youth as skilled and industry-ready employable technicians.”

TKM Vice President, HR and Services G Shankara said Toyota has a unique philosophy of developing quality people and focuses “on developing its people, who in turn establish good processes, offer ever-better products and services, thereby achieving customer delight.”


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