Hyundai Motor has invested an undisclosed sum into Chinese e-scooter maker Immotor, the company announced. The South Korean car giant said the aim was to co-develop personal mobility business aimed at the Chinese market. Shenzhen-based Immotor, which offers its Immotor Go brand of foldable electric scooters with modular batteries, was founded in 2016. Around 30 million electric two-wheelers are now being sold in China every year. Immotor's core technology can track deliverymen's courses, battery status, and nearby charging station status, and can analyse data in real time for maximum efficiency.
Hyundai's fingerprint tech allows drivers to unlock and start cars using their fingers. Hyundai Motor has developed a car system that will allow drivers to unlock and start their cars using their fingerprints, it announced. The system will be installed in the 2019 Santa Fe with the aim of launching in China during the first quarter next year. Drivers can register their fingerprints to the car before using the system. There will be a fingerprint reader in the door handle that will send the encrypted data to the system and unlock the car.
SK Telecom, Hyundai Construction Equipment, and Trimble will collaborate to use 5G for managing construction equipment, the companies announced. The three will develop solutions for remote construction equipment monitoring, real-time safety management, and AI-based construction operations, they said. The hope is to create construction equipment that will operate longer and also reduce overall construction time in order to increase efficiency and save costs. Hyundai Construction Equipment makes excavators and forklifts while US-based Trimble provides navigation and modeling services for construction firms. In the short-term, the three will make intelligent construction equipment and use various sensors for safety.
Pinduoduo, the third-largest ecommerce website in China after Alibaba and JD.com, is facing class-action lawsuits in the US following recent media reports that it has been selling fakes and knock-offs over the platform resulted in share tumbles. Six law firms, including Rosen Law Firm, Pomerantz LLP, Law Offices of Howard G. Smith, Faruqi & Faruqi LLP, The Schall Law Firm, and Bronstein, Gewirtz & Grossman LLC, are looking to file class-action lawsuits on behalf of individual investors who bought Pinduoduo shares, according to a Sina news report on Saturday. Pinduoduo has faced a flood of media reports in China since its initial public offering (IPO) in New York claiming that the platform has been actively selling low-price knock-offs with a high resemblance to brand names of well-known products. Law Offices of Howard G. Smith said on its website that it believes Pinduoduo and certain executives violated federal law, which specifically misled investors regarding its financial condition. Pomerantz LLP said it's investigating concerns whether Pinduoduo and its officers and/or directors have engaged in securities fraud or other unlawful business practices.
LG Chem will invest 1.2 trillion won to expand the capacity of its battery factories in Nanjing, China, the company announced. One of the factories produces electric vehicle batteries and the other is devoted to home appliances. The two factories, which were both completed in 2015, will each receive 600 billion won in investment by 2020, the company said. The fresh investment follows the construction of a separate electric vehicle factory, which commenced in October. LG Chem is planning to invest 2.1 trillion won by 2023 into the second electric vehicle factory.