Pinnacle Auto Appraisers' Blog

Keeping the auto appraising industry up to date with important auto industry and appraiser information.

VW offers workers redundancy six months after exciting Russia - Automotive News Europe

VW offers workers redundancy six months after exciting Russia  Automotive News Europe
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Malaysia's Sime Darby seeks to expand car retail business into India ... - Reuters

A logo of Sime Darby is seen at its car showroom in Petaling Jaya

A logo of Sime Darby is seen at its car showroom in Petaling Jaya, Malaysia November 30, 2023. REUTERS/Hasnoor Hussain/File Photo Acquire Licensing Rights

KUALA LUMPUR/SINGAPORE, Nov 30 (Reuters) - Sime Darby (SIME.KL), Malaysia's industrial and automotive conglomerate, is looking to set up a luxury car retail business in India and expand in Indonesia to tap into the growth potential of both economies, its top executive told Reuters.

"We cannot ignore India," Group Chief Executive Officer Jeffri Salim Davidson told Reuters.

"It's just something too big, you cannot ignore. So we're looking for opportunities in India to see whether we can do something with a local partner and start a car retail business there," he added. India, the world's most populous country, is its fifth-largest economy.

Jeffri said Sime Darby also plans to expand in Indonesia, Southeast Asia's largest economy, following a joint venture with a local firm to sell BMW cars in Jakarta and Medan.

Sime Darby, which derives 35% of its revenue from China, sees demand for luxury cars there remaining strong despite slowing economic growth. "Chinese people have money, they still buy cars," Jeffri said. "The problem in China is not the demand problem, it's a supply problem."

Jeffri said car makers in China ramped up production in the hopes of gaining market share post-pandemic, creating a supply imbalance which prompted manufacturers to cut prices, squeezing the profit margins of retail distributors.

Sime Darby was founded in 1910 and is one of Malaysia's oldest conglomerates with businesses spanning plantations to manufacturing. It currently has operations in 17 countries.

It spun off its palm oil and property businesses in 2017, and had divested other businesses including Ramsay Sime Darby Health Care which was sold off this month.

Sime Darby now focuses on industrial and motor businesses, including assembling Porsche cars in Malaysia and distributing BYD electric vehicles in Malaysia and Singapore.

In August, it announced the acquisition of a 61.2% stake in Malaysian automotive-to-manufacturing company UMW Holdings (UMWS.KL) - which assembles Toyota cars in Malaysia and owns a stake in local car maker Perodua - for 3.57 billion ringgit ($767.41 million).

Jeffri said the deal will make Sime Darby the biggest automotive player in Malaysia, capturing over 50% of the country's automotive market.

"We very much play largely in the luxury segment," he said. "By doing this, we suddenly play in the mass market... so suddenly, we're all the way through the value chain."

($1 = 4.6520 ringgit)

Reporting by Rozanna Latiff in Kuala Lumpur and Yantoultra Ngui in Singapore; editing by Miral Fahmy

Our Standards: The Thomson Reuters Trust Principles.

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Research Insight: order backlog, China demand to drive Infineon ... - DIGITIMES

While carmakers and automotive semiconductor companies hold different views on the outlook for the global car market, industry leader Infineon is optimistic about the future. According to DIGITIMES Research, the growing demand for automotive semiconductors, robust order backlogs and the edge in China's EV sector will further Infineon's revenue growth.

In the fourth quarter of the 2023 fiscal year, which ended on September 30, 2023, Infineon's automotive segment reached EUR2.16 billion (US$2.37 billion) in revenue, up 12% year-over-year. The strong market demand and the increasing MCU market share helped the sales.

For the full 2023 fiscal year, Infineon reported EUR8.24 billion in automotive revenue, a 26.5% growth from the 2022 fiscal year. The number accounted for 50.5% of the company's total revenue, compared to a proportion of 45.8% in the previous year.

Although car industry players have diverse perspectives on market outlook, Infineon has said the revenue growth in the automotive business is expected to be in the low double-digit percentage range in the 2024 fiscal year. Its operating profit rate is estimated to stay between 25% and 28%, similar to the 2022 and 2023 fiscal years.

Several factors contributed to Infineon's promising financial forecast. According to research firm LMC Automotive, the global car market will slow down in 2024 with a growth rate of 1% to 2%. However, Infineon expects the value of semiconductors in a car will continue to rise significantly as the applications in EVs, advanced driver assistance systems (ADAS), self-driving technology, and automotive electrical/electronic architecture grow. Infineon's automotive semiconductors currently support over 300 product series.

Global EV market to reach 20 million cars in FY24

According to the Germany-based semiconductor manufacturer, it had order backlogs of EUR29 billion as of September 2023, with automotive segment taking up the most. Power modules and MCUs generated the majority of the orders.

While some Western carmakers have scaled down their short-term EV investments, China continues to see the demand increase. Infineon estimated that the global battery EV market will reach 15 million cars in 2024. DIGITIMES Research said the estimation will achieve 20 million vehicles when adding plug-in hybrid EVs.

China has been the most important automotive market in the world and takes up about a quarter of Infineon's automotive revenue. Infineon partners with many China-based companies and supports more than 10 EV platforms. The semiconductor value of each car it enables remains between US$500 and US$1,300, showing that the company covers both mid and high-end vehicle models.

Chinese automakers have turned to local semiconductor manufacturers for supplies, intensifying competition in the country's semiconductor industry. However, these carmakers will keep working with Infineon as they expand overseas, benefiting the semiconductor company's EV business.

Adopting silicon carbide (SiC) devices in EVs helped Infineon reach EUR500 million in SiC revenue in the 2023 fiscal year, up 65% year-over-year. Automotive products contributed to 40% of the revenue. With the company's growing production capacity, Infineon estimated that its SiC revenue will increase by 50% in the 2024 fiscal year, with automotive applications rising to 50%.

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Dog nearly blinded after road rage suspect jumps on, shatters car’s window - WSAZ

SAN JOSE, Calif. (KGO) - A 1-year-old dog and his owner are recovering from a road rage incident caught on camera that appears to show a suspect smashing a car’s back window, injuring the dog inside.

Bambi, a maltipoo who is a little more than 1 year old, is recovering after being nearly blinded in the road rage incident, which happened Nov. 11 in San Jose, California.

“It’s still left him very disabled in a way,” said James, the dog’s owner, who did not want to give away his full identity out of fear.

Bambi, a maltipoo who is a little more than 1 year old, is recovering after being nearly...

Bambi, a maltipoo who is a little more than 1 year old, is recovering after being nearly blinded in a road rage incident in which glass from a smashed window got into his eyes.(Source: KGO via CNN)

James was driving with Bambi and another dog when two people in a silver BMW confronted him. He says he believes they were mad at him for not driving over the speed limit.

“He started waving middle fingers and hand signs, and I kind of rolled down the window and asked him, ‘Hey, what’s up? Is there something wrong? Did I do something wrong to you?’” James said. “I guess he got really agitated and mad with that.”

James tried driving away from the incident but says one of the people followed him. Things got violent when they came to a stop.

“The first person who was following me got out of his car with his friend, started punching me through the window,” James said.

Shortly after, video shot by a driver in the area shows another driver get out of a different car, walk over to James’ car and jump on the back window, smashing it.

“The window just shattered all over the back seat, all over the front seat,” James said.

Glass covered Bambi’s body and got into his eyes, nearly blinding him.

Police say the people in the two cars that approached James are all connected. James says he didn’t know any of them prior to the incident.

The suspect who jumped on the back window was arrested and faces felony vandalism, battery and animal abuse. Police are still working to identify the other two suspects.

“It is all a very dangerous situation that they engaged in,” said Stacie Shih, a San Jose Police Department spokesperson. “Really jeopardized not only the driver, the occupants and the dogs but the people around them.”

She adds that anyone who finds themselves in a potential road rage incident should not engage.

“I think it’s important to always take a step back,” Shih said. “I’m not saying that road rage is justifiable, but you never know where someone is coming from. With that said, everyone is responsible for following the rules of the road.”

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‘A car is not worth anybody’s life’: Woman robbed at gunpoint outside Sumner Winco shares story - KIRO Seattle

SUMNER, Wash. — Sumner police are looking for two men they said assaulted a woman at gunpoint and stole her car. Police said the men also shot at people trying to help the woman, injuring one person. The horrifying encounter happened in the Winco Foods parking lot on November 20 and most of the encounter was caught on camera.

Police said two men approached the woman as she was walking toward the entrance of the store and asked her for money.

“When I went to hand them the quarters, he grabbed my hand, pulled me towards him, took a gun out of his pocket and said ‘gimme your keys,’” Lydia Vasquez, the victim, said.

Surveillance video from the store shows most of the struggle from a distance. Police even shared photos of the two suspects sitting on electric shopping carts inside the store. Vazquez said not only did these guys grab her purse, but they also demanded her keys. She said the two became more aggressive with her when she told them the keys were in her car.

“‘Well, if you are not going to give us the keys, you’re coming with us then’,” Vazquez said a suspect told her.

She said the encounter caught the attention of everybody and multiple people stepped in and tried to help, but that’s when she and police said things quickly escalated. Police said one of the suspects pulled out a gun and opened fire at both cars trying to stop them.

“When I turned, I saw the taller kid with the gun…he must’ve kicked the door or something. But he must’ve shot the door,” Vazquez said.

Police said a bullet ricocheted off a car door and hit one of the people trying to help in the face. Police said that the person sustained non-life-threatening injuries.

“I just kind of squatted down and put my hands over my ears because my ears are ringing from the gunshot,” Vazquez said.

Vazquez said police found her Honda CRV a few days later at a 7-Eleven in Tacoma. She said there is some damage to her fog light and back bumper, but she is thankful to have her car back.

“I am still shocked and amazed that it drives,” Vazquez said.

But she said she’s even more thankful for how the community rallied around her during her time of need.

“A lot of people really….really keep their eyes open and will step in for people,” Vazquez said.

Vazquez said this situation has made her more careful and plans to not shop alone for some time. If you have any information, give Sumner Police a call.

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Free Review:

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