Mexico Launches National EV Project Olinia: Automotive Week

In this week’s automotive news, Mexico’s new administration announces a national EV project, Olinia, while DiDi pushes electric mobility. Meanwhile, Chinese companies expand both truckload and motorcycle markets in the country. Additionally, Toyota braces for supply chain impacts, and VW agrees to pay millions to settle Dieselgate with 10,00 customers. 

Brace for full throttle. This is the week in automotive!

VW Settles 'Dieselgate' for US$25.3 Million with 10,000 Customers

Volkswagen has agreed to pay US$25.3 million to 10,000 customers in Austria as part of an out-of-court settlement related to the 'Dieselgate' scandal, the Austrian consumer protection group VKI confirmed on Wednesday. 

Mexico Set to Produce National EV, Olinia

In her inaugural address as President of Mexico, Claudia Sheinbaum unveiled plans to develop "Olinia," a fully electric vehicle created and assembled by young Mexican engineers. This initiative is part of a comprehensive strategy to enhance Mexico's standing in the global automotive and semiconductor sectors.

Toyota Anticipates US Port Strike's Effects on Auto Supply Chain

Toyota has ramped up production and inventory in response to the U.S. dockworkers' strike that began on October 1, 2024, affecting the East Coast and Gulf Coast. This strike represents the first large-scale work stoppage among dockworkers in nearly 50 years, prompted by a breakdown in labor negotiations for a new contract, as reported by Mexico Business News.

China Accelerates Presence in Mexico’s Truckload Market

The entry of Chinese competitors into the Mexican freight market is reshaping the landscape. On the one hand, domestic and international truck manufacturers must adapt to the growing competition, especially in terms of price, quality and customer service. On the other hand, the presence of these brands encourages modernization and the adoption of new technologies in the local industry.

DiDi Partners with EMA to Boost EVs in Mexico

DiDi has announced its membership in the Electric Mobility Association (EMA), a coalition focused on promoting electric mobility in Mexico. The company recently initiated a project aiming to add 100,000 electric vehicles to its fleet by 2030, involving an investment of 1 billion pesos and positioning DiDi as the operator of the largest electric vehicle fleet in Latin America.

Mexico's Motorcycle Market to See 16 New Chinese Brands by 2025

The Mexican motorcycle industry is poised for a major transformation as an influx of Chinese companies plan to establish local assembly operations in the coming year. According to Laura González, Director, International Motorcycle Show in Mexico (SIMM), at least 16 new Chinese brands are expected to enter the market by 2025, aiming to capitalize on Mexico’s strategic position for exporting to North and Latin America.

AmpUp Raises US$15 Million for EV Charging Expansion

AmpUp, an electric vehicle charging platform, has secured a US$15 million Series A funding round to expand its market presence within the U.S. EV charging sector. The funding round was led by Touchdown Ventures, with additional participation from Autotech Ventures, MUUS Climate Partners, Holman, Goodyear, and WEX Venture Capital, among others.

Bentley Patents Vehicle Drone for Parking Aid and Traffic Alerts

Bentley is exploring the development of a drone integrated into its vehicles, based on the "Flying B" emblem. Recent patent filings indicate that this drone could serve various functions for Bentley owners, enhancing the driving experience and integrating technology into automobiles.

Nissan Buys Back US$551 Million in Shares from Renault

Nissan Motor will buy back ¥79.9 billion (US$551 million) in shares from Renault, a move aimed at restructuring their long-standing alliance. The decision allows Nissan to acquire approximately 195.5 million shares using its net cash position.

OPEC Predicts ICE Vehicles Will Dominate Until 2050

The Organization of the Petroleum Exporting Countries (OPEC) has released its annual report, "World Oil Market Outlook 2024," projecting that over 70% of vehicles worldwide will still rely on combustion engines by 2050, despite the anticipated growth of electric vehicles (EVs).