24 June 2018

Industrials and Utilities

  • The latest closures at SolarCity raise new questions about the viability of cash-strapped Tesla’s solar business. Photo: Bloomberg

    Tesla to close solar facilities in US nine states: Reuters

    Jun 22, 2018 8:45am
    Electric car maker Tesla Inc.’s move last week to cut 9 percent of its workforce will sharply downsize the residential solar business it bought two years ago in a controversial US$2.6 billion deal, Reuters reports, citing...
  • Volvo employees work at the company's first US production plant in Ridgeville, South Carolina, on Wednesday. Photo: Reuters

    Volvo Cars CEO says auto tariffs threaten jobs at new US plant

    Jun 21, 2018 9:57am
    Chinese-owned Volvo Cars opened a new auto factory in South Carolina on Wednesday as company executives warned that the US-China trade dispute could undermine plans to create up to 4,000 more auto jobs in the heavily...
  • Once the world’s most valuable public company, General Electric foundered in several key industrial markets in recent years, and a diversion into financial services steered it into the eye of the 2008 financial crisis. Photo: Reuters

    General Electric loses place in elite Dow Jones index

    Jun 20, 2018 8:18am
    General Electric Co. has lost its spot in the Dow Jones Industrial Average after over a century in the blue-chip stock index, a new blow to a company that once towered over the American business landscape...
  • Tesla CEO Elon Musk said an employee had made code changes to the company’s operating system and exported “large amounts of highly sensitive Tesla data to unknown third parties”. Photo: Bloomberg

    Tesla’s Musk alleges ‘extensive’ employee sabotage

    Jun 19, 2018 9:05am
    Tesla Inc. chief executive Elon Musk accused an employee of “extensive and damaging sabotage” to the company’s operations, Reuters reports. In an email sent to company employees on Monday, Musk said an employee had made code changes...
  • Tesla had to make a 'difficult, but necessary' decision to cut the workforce, CEO Elon Musk said. Photo: Reuters

    Tesla to cut 9% of workforce as it seeks to stem losses

    Jun 13, 2018 9:00am
    Electric carmaker Tesla is cutting several thousand jobs as it seeks to reduce costs and become profitable without endangering the critical production ramp-up for its Model 3 sedan. In an email he said had been sent...
  • Data collection and analysis of the entire process from production to shipment is at the core of Industry 4.0. Image: HKPC

    Industry 4.0 is a must for HK manufacturers

    - Jun 8, 2018 10:23am
    How much do you know about Industry 4.0? Is it about automated factories where robots do the work? Well, not quite. Without data collection and analysis, such a system cannot be called Industry 4.0. At the...
  • Tesla says drivers are supposed to keep their hands on the wheel at all times when using the Autopilot system. Photo: Reuters/AFP

    Fatal Tesla crash driver had hands off wheel, says US agency

    Jun 8, 2018 8:23am
    The driver of a Tesla Inc. Model X car using Autopilot did not have his hands on the steering wheel in the six seconds before a fatal crash in California in March, the US National Transportation...
  • Elon Musk has defended Tesla's progress on Model 3 production, saying the output goals will be met. Photo: Reuters

    Tesla aims to meet Model 3 output goal; Musk stays as chairman

    Jun 6, 2018 9:15am
    Tesla is “quite likely” to accomplish its goal of building 5,000 Model 3s per week by the end of June as the firm’s production lines are now demonstrating the ability to build 3,500 vehicles per week, the...
  • Coal is used to generate almost 40 percent of electricity worldwide. Photo: Reuters

    Big investors urge G7 to step up climate action, shift from coal

    Jun 4, 2018 8:20am
    Institutional investors with US$26 trillion in assets under management called on Group of Seven leaders to phase out the use of coal in power generation to help limit climate change, despite strong opposition from Washington, Reuters...
  • A self-driving GM Bolt EV is displayed during a media event in San Francisco in November last year. The Cruise autonomous vehicle unit has now drawn major investment from Softbank. Photo: Reuters

    SoftBank to invest US$2.25 bln in GM autonomous vehicle unit

    Jun 1, 2018 9:21am
    Japan’s SoftBank Group will invest US$2.25 billion in General Motors’ autonomous vehicle unit Cruise, the companies said on Thursday, a deal which sent GM shares up nearly 13 percent. The investment from SoftBank’s Vision Fund represents...
  • Panasonic says it aims to achieve zero cobalt usage in car battery production. Photo: Bloomberg

    Panasonic seeks to develop cobalt-free car batteries

    May 31, 2018 9:42am
    Panasonic Corp, a battery cell supplier to electric carmaker Tesla, said on Wednesday that it aims to develop automotive batteries that do not involve the use of cobalt.  The Japanese technology giant plans to cut down on...
  • Alibaba has made its third investment in a Chinese courier as part of efforts to expand its logistics network. Photo: Reuters

    Alibaba-led consortium buys US$1.38 bln stake in ZTO Express

    May 30, 2018 9:47am
    Alibaba Group has led a consortium of investors to buy about 10 percent of Chinese courier ZTO Express (Cayman) Inc for US$1.38 billion. The consortium includes Alibaba’s majority-owned logistics affiliate Cainiao Smart Logistics Network, Reuters reports,...
  • In a fresh trade protectionist move, the Trump administration is said to be preparing to impose new tariffs on imported vehicles. Photo: Bloomberg

    Trump may impose tariffs on car imports: report

    May 24, 2018 8:33am
    The Trump administration is considering a proposal to impose new tariffs on imported vehicles, invoking a national security law that was used to impose tariffs on aluminum and steel, Reuters reports, citing people with knowledge of...
  • GE is expected to announce another deal as part of a plan to cut costs and boost the conglomerate's share price. Photo: Bloomberg

    GE nears deal to merge transportation unit with Wabtec: report

    May 21, 2018 9:04am
    General Electric Co. is nearing a deal to merge its transportation business with Wabtec Corp, a US maker of equipment for the rail industry, Reuters reports, citing sources familiar with the matter. A deal valuing the...
  • CEO Elon Musk said Tesla is flattening the management structure to improve communication, combining functions and trimming non-vital activities. Photo: AFP

    Musk says ‘thorough reorganization’ underway at Tesla

    May 15, 2018 10:40am
    Tesla Inc. chief executive Elon Musk told employees the company is undergoing a “thorough reorganization” as it contends with production problems, senior staff departures and recent crashes involving its electric cars, Reuters reports. In an email...
  • Xerox has terminated its planned deal with Fujifilm and reached a settlement with activist shareholders Carl Icahn and Darwin Deason. Photo: Bloomberg

    Xerox ends US$6.1 bln Fujifilm deal, settles with Icahn

    May 14, 2018 9:22am
    Xerox Corp announced that it is ending a planned US$6.1 billion deal with Japan’s Fujifilm and that it has reached a settlement with activist investors Carl Icahn and Darwin Deason. The company also said in a...
  • Tesla CEO Elon Musk described analysts' questions about the company's capital requirements as “boring”. Photo: Bloomberg

    Short-sellers win US$700 million after Tesla plunges

    May 4, 2018 9:33am
    Short-sellers who had targeted Tesla Inc. logged a US$700 million paper profit on Thursday after the stock fell nearly 9 percent a day after chief executive Elon Musk stunned analysts by dodging “boring” questions about the...
  • Martin Winterkorn, Volkswagen's former CEO, has been accused by US authorities of conspiring to cover up the automaker's diesel emissions cheating. Photo: Bloomberg

    Ex-Volkswagen boss charged in US over diesel emissions scandal

    May 4, 2018 9:13am
    The US Justice Department has filed criminal charges against Volkswagen’s former chief executive, Martin Winterkorn, in connection with the diesel emissions scandal involving the German automaker. The charges, filed in secret in March, were revealed on...
  • Tesla stood by its production targets for Model 3, saying its key new vehicle was on track. Photo: Bloomberg/Reuters

    Tesla vows to curb spending after worst-ever quarterly loss

    May 3, 2018 8:45am
    Tesla Inc. sought to downplay investor concerns over its finances, saying it expected to achieve net profits in its third and fourth quarters after posting its worst-ever quarterly loss on Wednesday. The electric-car company said spending...
  • China's leading mobile transport platform Didi Chuxing recently introduced an in-app payment function that allows users to pay the taxi fare with a credit card linked to their Didi account. Photo: Bloomberg

    HK taxi industry should adopt reliable digital payment system

    - May 2, 2018 3:34pm
    Hong Kong’s taxi industry is under growing pressure to accept digital payments, but many cabbies are reluctant to adopt the new technology. Though many of them are now using real-time traffic navigation apps to find the most convenient...

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