BANKRUPTCY

South Korean automaker Ssangyong Motor filed for court receivership this week. The automaker was unable to reach an agreement to extend its loan repayment deadlines with foreign banks.

CHANGE IN MANAGEMENT

Kia Motors America has promoted its head of sales, Bill Peffer, to the role of COO starting on Jan. 1, 2021.

INDUSTRY DIRECTIONS

Tesla will release its "Full Self-Driving" software suite on a subscription basis in early 2021. The software currently costs $10k.

LITIGATION

FCA is suing Canadian supplier Martinrea over an alleged breach of contract they say could cost them over $100M. The automaker says that Martinrea "improperly and unilaterally" reallocated some engine block production in Mexico to another customer.

GM is recalling around 840k vehicles in the US due to potential suspension problems and seatbelt failures.

Volkswagen is recalling over 105k Beetles from 2012-2014 due to faulty Takata air bags.

MERGERS, VENTURES, ACQUISITIONS

The European Union this week gave its conditional approval of FCA's merger with PSA Group after the automakers promised to address competition fears. The newly merged company will be called Stellantis.

LG Electronics and Magna are teaming up for a new JV to build electric vehicle components. The new company is expected to employ 1,000 people and will focus on power inverters, electric motors, and onboard chargers.

PLANT CLOSING

Mercedes-Benz will shutdown its plant in Iraccemapolis, Brazil, ending vehicle production in the country. The closure, which will results in the loss of 370 jobs, is a result of a drop in demand for luxury vehicles.

Honda is closing its plant in Greater Noida, India. As a result, the automaker's CR-V and Civic models will be discontinued in the country.

PLANT OPENING

Metal coatings supplier Heich Surface Technologies is building a new plant in Jasper, Alabama. The new 100,000sf plant will create 70 jobs for the area.

Magna subsidiary Dieomatic is building a new 343,084sf plant in St. Clair, Michigan. It is estimated that the plant will create between 150-350 jobs for the area.

PLANT SHUTDOWN

Hyundai is suspending production at its plant in Asan, South Korea for eight working days through January 6, 2021. The suspension is to "...secure stable production volumes".

Toyota has halted production in France and the UK due to transport delays caused by the spread of a mutant strain of coronavirus.

PRODUCTION INCREASE

SKF India is looking to increase its bearing production capacity as all its manufacturing units are currently running at full capacity. SKF India managing directory Manish Bhatnagar said the company has had to "turn down orders" as a result.

REGULATION

Some Mexican automakers and suppliers want more time to meet the new stringent content rules set out by the new USMCA trade deal.

The Michigan Senate took a bill to ban direct sales by EV automakers such as Tesla, Lucid and Rivian off its schedule, effectively killing the legislation.

The European Union finalized a new trade deal with the UK on Christmas Eve. European auto industry lobbying group ACEA says the agreement will allow the sector to avoid the "catastrophic" effect of a chaotic Brexit.