BUSINESS

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Huawei's profits fell 28 percent last year due to international economic uncertainty and weak domestic consumption, the Chinese smartphone maker said Monday. The Shenzhen-based company has faced US sanctions since 2019 over espionage concerns, forcing it to diversify its growth strategy. Huawei denies the allegations.

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Tesla's highly anticipated Cybertruck has hit another major roadblock, with over 46,000 units being recalled due to a safety issue involving a part of the vehicle's exterior trim. The recall, which is Tesla's largest for the Cybertruck to date, affects nearly all models produced since November 2023.

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Hyundai will invest $21 billion (£16.3 billion) in the US, including a new $5.8 billion steel plant in Louisiana, the South Korean automaker announced just days before expected new US tariffs. The investment will also fund expansion of American vehicle production and new technologies like autonomous driving and AI.

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Siemens plans to cut over 6,000 jobs worldwide, the German industrial giant announced Tuesday, citing weak demand and increased competition in China and its home market. The cuts, about two percent of its global workforce, will mostly affect its factory automation unit, with some positions also impacted in its electric vehicle charging business.

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Audi will cut 7,500 jobs in Germany by 2029 in response to slowing electric vehicle demand and rising Chinese competition, the premium carmaker announced Monday. The cuts, which represent about eight percent of Audi's global workforce, are intended to improve "productivity, speed and flexibility" at its German plants.