Pakistan's PM and army commander are in Switzerland for US-Iran talks. Meanwhile, Trump threatens to charge ships passing through the Strait of Hormuz if no agreement is reached with Iran. The EU prepares for potential energy supply crises due to the conflict.
Eaton is combining its Mobility business with auto parts maker Dana in a $5.1 billion deal. This move aims to create a leaner company, shedding a slower-growing unit to focus on higher-margin electrical and aerospace businesses, particularly those supporting the AI data center boom.
Nearly 1,000 United Auto Workers members at a Dauch Corp. plant in Three Rivers, Michigan, went on strike Monday over a new contract. Workers seek to regain wages lost since 2008, when pay was cut significantly. The strike impacts parts for GM pickup trucks and Stellantis minivans.
A fire broke out at Hyundai Mobis's auto parts plant in Chennai, India, on Sunday, destroying a building that produces automotive electronics. While no casualties were reported, concerns have been raised about potential supply disruptions for Hyundai Motor and Kia manufacturing facilities in the country.
The 12th Chengdu International Auto Parts and Aftermarket Services Exhibition opened on May 21st, featuring over 56 professional buyer delegations from around the world, including emerging markets. The event highlights new energy and intelligent connected vehicles, aiming to meet industry upgrade trends and global market demands.
The European Commission is evaluating its options after U.S. President Donald Trump threatened to raise tariffs on European automobiles to 25 percent, citing alleged non-compliance with a previous trade agreement.
Hyundai Mobis reported first-quarter net profit of 883.05 billion won, down 14% year-on-year, as prolonged Middle East tensions dampened vehicle sales and parts demand. Operating profit rose 3.3% to 802.65 billion won on increased high-end electric component supplies, while sales climbed 5.5% to 15.56 trillion won. The company plans to invest 2.1 trillion won in R&D this year, up 12%.
A small plane crashed in the parking lot of an O'Reilly Auto Parts store in Pacoima, Los Angeles, shortly after 11 a.m. Monday. The 70-year-old pilot was rescued and taken to a local hospital in critical condition. Officials confirmed he was the only person on board. The plane clipped high voltage lines, prompting police to evacuate nearby businesses and residences. No other injuries were reported.
