After numerous rumored postponements to the vehicle’s intended release, repeated strategy disagreements, large-scale layoffs, and the loss of key team members assigned to the self-driving vehicle project, it appears that Apple is scrapping the idea of building a car entirely.
According to Bloomberg, hundreds of members of Apple’s Project Titan have been laid off, reassigned to other projects, or have outright quit over the last few months. As a result, the initiative has been embarrassingly “refocused” once again. (Read More…)
Ford has long been at the forefront of the currency debate, claiming currency manipulation when the yen went to levels that nearly killed the Japanese auto industry, and shouting “currency manipulation” now that the yen is back to normal levels. Now, Ford itself experiences the devastating effects of changing exchange rates: Ford is shutting down all its manufacturing operations in Australia. The reason: A strong Australian dollar. Says Reuters: (Read More…)
If you are a car manufacturer, and you haven’t yet lined up your Chinese joint venture, don’t even bother to apply.
This is the message the Chinese government sends to the world in its new Foreign Direct Investment Industry Guidelines, which were released yesterday. These guidelines open more sectors of the Chinese industry to foreign investment, but they effectively close the door to foreigners who want to play in the increasingly overcrowded Chinese car industry.
Automakers have been removed from the list of industries the Chinese government “encourages foreign companies to invest in,” China Daily reports. (Read More…)