BUSINESS

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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.

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Foxconn's 2024 net profit fell short of expectations due to weak consumer electronics sales, the Taiwanese tech giant reported Friday. While demand for its artificial intelligence (AI) servers remained strong, the world's largest contract electronics manufacturer is increasingly diversifying into areas like electric vehicles.

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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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Deliveroo announced its first annual profit after 12 years, fueled by increased orders and revenue, even as the company prepares to exit Hong Kong. The food delivery service posted a £2.9 million ($3.8 million) profit after tax last year, a significant improvement from its £31.8 million loss in 2023. American Will Shu founded the company in 2013.