Apple Cancels Electric Vehicle Project

Apple has decided to discontinue its electric car project, which has been in development for about a decade. Consequently, some employees who were working on the car project will be transferred to the company's artificial intelligence (AI) division, affecting nearly 2,000 employees. The Chief Operating Officer and Vice President of Apple have confirmed that the electric car project will be discontinued. The employees from the car team will now focus on generative AI projects, which are a top priority for the company. It is unclear how many employees will be affected by this decision, and there may be some layoffs. Investors have reacted positively to this move, causing Apple's shares to rise. The decision to terminate the project is unexpected, considering its potential value in the billions of dollars and the fact that it extended Apple's presence in a new industry.

https://internasional.kontan.co.id/news/apple-pilih-membatalkan-proyek-kendaraan-listrik

Worldwide sales surge for Toyota

Toyota Motor saw continued growth in vehicle production and sales in January-March. Global vehicle production reached 740,332 vehicles, an increase of 7% year-on-year and the 13th consecutive month of growth. Global sales also increased by 11% year-on-year, driven by overseas markets, particularly the US market, which grew by 23%. During the IIMS 2024 event, Toyota achieved 2,540 SPKs (sales per kiosk). Sales in China saw a significant increase of 39%, while growth in Europe was more modest at 2%. The increase in global sales helped to offset a 14% decline in Japan. Toyota attributed the sales increase to higher dealer sales compared to the previous year due to the change in the Lunar New Year calendar. In addition, Toyota management acknowledged that competition in China is becoming more challenging and pointed out that nearly 40% of their vehicle sales are petrol-electric hybrids.

https://internasional.kontan.co.id/news/penjualan-global-toyota-melesat

Reckitt's performance falls short of analysts' projections.

Reckitt, a pharmaceutical company, reported lower-than-expected sales results. Net revenue decreased by 1.2%, while analysts expected growth of 1.6%. Consequently, the company's full-year net income reached only ￡55 million, lower than previous estimates. Reckitt's adjusted operating profit for the year also declined to ￡3.37 billion from ￡3.44 billion. Despite the unsatisfactory fourth-quarter performance, CEO Kris Licht expressed confidence in the future, looking forward to 2024 and beyond. Reckitt aims to achieve a net revenue growth of 2%-4% this year, with its healthcare business accounting for over 40% of its revenue. However, the healthcare segment experienced a decline of 2.2% in the fourth quarter.

https://internasional.kontan.co.id/news/kinerja-reckitt-meleset-dari-proyeksi-para-analis

China's electric car price war is intensifying following the launch of new products by BYD.

Chinese electric vehicle manufacturer BYD has launched new versions of its Han sedan and Tang SUV at reduced prices. The Han sedan is available as a plug-in hybrid and pure electric vehicle, while the Tang hybrid SUV will have starting prices that are 10.35% to 14.3% lower than previous versions. This move follows BYD's introduction of the Dolphin hatchback and Qin Plus DM-i plug-in hybrid sedan last week, both of which also had lower starting prices. The price reductions for the Qin Plus EV and hybrid are 15% and 20% respectively, which is larger than last year's reductions. Furthermore, the new version of the Tang hybrid is 14% cheaper than the previous model. BYD has also introduced new brands, such as Yangwang.

https://internasional.kontan.co.id/news/perang-harga-mobil-listrik-di-china-kian-panas-setelah-byd-luncurkan-produk-baru