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Hertz’s Electric Vehicle Ventures: Leadership Change and Strategic Reevaluation

Hertz Global Holdings Inc. is making a change in leadership following challenges stemming from its investments in electric vehicles. Stephen Scherr, who has been serving as CEO for just over two years, has decided to step down. He will be replaced by Gil West, the former chief operating officer of General Motors Co.’s Cruise Robotaxi unit, effective April 1.

Scherr’s tenure at Hertz coincided with the company’s ambitious foray into electric vehicles, which began shortly after emerging from bankruptcy. Hertz made significant investments in EVs, including placing orders for 100,000 vehicles from Tesla Inc., as part of its strategy to modernise its fleet and capitalise on the growing demand for electric mobility.

However, these bets on EVs did not yield the expected results. Last year, Tesla’s price cuts significantly reduced the resale value of Hertz’s used EVs, leading to challenges related to depreciation and demand. As a result, Hertz announced plans to sell off a substantial portion of its EV fleet, citing lacklustre demand and costly depreciation.

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Xpeng’s Strategy to Capture the Mass EV Market

Xpeng, a prominent Chinese electric vehicle (EV) maker, has unveiled plans to enter the highly competitive EV market segment with a new, more affordable brand. During an industry event in Beijing, Xpeng’s Chairman and CEO, He Xiaopeng, announced that the new brand’s models will be priced between 100,000 yuan and 150,000 yuan (RM65,536-RM98,304). This pricing strategy aims to target a wider consumer base by offering EVs at a lower price point compared to premium EV makers, whose vehicles typically fall in the 200,000-300,000 yuan (RM131,072 – RM196,608) range.

The decision to introduce a cheaper brand comes amid heightened competition in China’s EV market, with companies like BYD leading efforts to reduce prices. Xpeng’s move reflects the industry’s trend toward affordability and accessibility, as companies seek to attract more customers by offering more competitively priced EVs.

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Nissan and Honda Explore Partnership Amid Changing Automotive Dynamics

The revelation of potential talks between Nissan Motor and Honda Motor regarding a strategic partnership signifies a significant development in the automotive industry. Faced with mounting competition from new market players, both companies acknowledge the imperative to capitalise on their individual strengths and delve into collaborative ventures, particularly within the realms of electric vehicles (EVs) and automotive software.

During a joint press conference, Honda’s President and CEO, Toshihiro Mibe, underscored the necessity of collaboration in tackling the evolving challenges within the industry. He outlined broad areas of potential cooperation, spanning automotive software, EV batteries, and synergistic product development. While specifics were not disclosed owing to the nascent stage of discussions, the establishment of multiple working groups was announced to thoroughly explore collaboration opportunities.

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The Redesigned Mini John Cooper Works Countryman: 0-100km/h in 5.4 Seconds

The newly redesigned Mini John Cooper Works Countryman stands out with its bold and distinctive appearance, characterised by a strikingly upright and minimalist silhouette. This design perfectly complements the exceptional performance capabilities of the car.

At the heart of the JCW Countryman lies a powerful 300hp engine, delivering exhilarating acceleration and dynamic driving experiences. Thanks to its enhanced aerodynamics, it can sprint from a standstill to 100km/h in a mere 5.4 seconds, making it a true force to be reckoned with on the road.

The exterior design of the Mini JCW Countryman further emphasises its sporty character. Finished in the eye-catching Legend Grey body colour, the vehicle commands attention wherever it goes. Adding to its visual appeal are the signature JCW contrasting Chili Red accents, which adorn the mirror caps, roof, and air outlet inlays. These bold red elements not only highlight the sportiness of the model but also pay homage to its racing heritage.

Overall, the Mini John Cooper Works Countryman combines striking design elements with powerful performance, making it a standout choice for enthusiasts who demand both style and substance from their vehicles.

R&B Racing Triumphs in the 2024 Motul 12 Hours of Sepang

R&B Racing has once again asserted their dominance in endurance racing, emerging victorious in the 2024 Motul 12 Hours of Sepang. The Chinese team, known for their previous triumph in the inaugural Shanghai 8 Hours in 2023, showcased unparalleled skill and determination on the track.

Despite facing initial setbacks that saw them drop down the order, the #44 R&B Racing Porsche 911 GT3 R crew, comprising Yuan Bo, Lu Wei, and Ye Honghi, staged an impressive comeback in the GT3 Am class. Holding onto the lead for the remainder of the race, they not only secured the class victory but also clinched the overall win, solidifying their status as formidable contenders.

In the GT3 Am category, the #71 Prime Speed Sport Aston Martin Vantage GT3 EVO II and the #777 Climax Racing Audi R8 LMS GT3 EVO II secured second and third place, respectively, showcasing intense competition throughout the field.

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Crackdown on Smuggling: MACC Seizes Eight Luxury Cars Including Lamborghinis

The Malaysian Anti-Corruption Commission (MACC), in collaboration with other enforcement agencies, has seized eight luxury cars, including two Lamborghinis, as part of an ongoing investigation into a syndicate allegedly involved in smuggling tobacco, cigarettes, and liquor into the country.

The confiscated luxury cars, estimated to be worth around RM6 million, are believed to belong to individuals holding positions as company owners and middlemen suspected of paying bribes to enforcement agency officers.

Sources indicate that the recent special operation conducted by MACC, the Inland Revenue Board, and Bank Negara aimed to crackdown on the syndicate’s illegal activities. Investigations have revealed links to money laundering schemes.

In connection with the case, 11 individuals, including five civil servants, have been arrested. The syndicate’s smuggling activities are suspected to have caused approximately RM400 million in tax revenue losses. Initial findings suggest that bribes amounting to RM8 million were paid to various individuals, including civil servants, to facilitate the syndicate’s operations.

The syndicate is believed to have operated between 2018 and last year. MACC’s anti-money laundering division director, Datuk Mohamad Zamri Zainul Abidin, has confirmed the seizure of the luxury cars as part of the investigation.