Luxgen Motor Co (納智捷汽車), a subsidiary of the nation’s largest automaker, Yulon Motor Co (裕隆汽車), said yesterday that it would work to expand its markets in the Middle East and make inroads into Russia next year.
Luxgen, which was launched in January last year, has recently signed agreements with dealers in Oman, Bahrain, Vietnam, Qatar and the Dominican Republic.
The company entered these markets after participating in car exhibitions that eventually led to partnerships between the company and its dealers in these countries, Luxgen senior vice president Vincent Tsao (曹中庸) told reporters at the Taipei Automobile Show.
PHOTO: CNA
“We plan to expand our market scope in the Middle East to cover Saudi Arabia, Iran and other countries,” he said.
The automaker will take part in an auto exhibition in Dubai next year, he said.
With an eye on entering the Russian market next year, the company is also considering participating in an auto show in Russia in the second half of next year, he added.
On the question of how it plans to market its vehicles to foreign consumers, Tsao said that Luxgen’s advantage is its incorporation of Taiwan’s information and energy technologies into its vehicles’ electronic systems.
He added that Luxgen’s current marketing strategy is focused on branding rather than quantity.
Luxgen made its first overseas shipment on Dec. 20, sending 100 vehicles to the Dominican Republic. The company has forecast that its overseas shipments will exceed 1,000 units next year.
For the Chinese market, a joint venture formed by Yulon and China’s Dongfeng Motor Corp (東風汽車) is planning to ship luxury Luxgen models next year, Tsao said.
VALUABLE STOCK: The company closed at NT$1,005 a share, on demand for AI and HPC chips, and is expected to issue a positive report during its earnings conference Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) shares rose 2.66 percent to close at a record high of NT$1,005 yesterday. as investors expect the company to continue benefiting from strong demand for artificial intelligence (AI) and high-performance computing (HPC) chips. TSMC is the 19th member of the local bourse’s NT$1,000 stock club, which includes smartphone chip designer MediaTek Inc (聯發科) and electric transformer manufacturer Fortune Electric Co (華城電機). Yesterday’s rally swelled TSMC’s market capitalization to NT$26.06 trillion (US$802.3 billion) and contributed about 211 points to the TAIEX, which closed up 350.1 points, or 1.51 percent, to 23,522.53, another record high, Taiwan Stock
The waves of the Aegean Sea lap gently at the tables and chairs of two beach restaurants on Greece’s Halkidiki peninsula. It is an idyllic scene, but one that is totally illegal. Like many others in Greece, the two establishments on Pefkochori Beach do not have a license to set up shop so close to the water. After a wave of protests last summer by locals about bars and restaurants illegally covering beaches with sunbeds and tables, the Greek state is taking action. It is cracking down on rogue tourist practices with surveillance drones, satellite imagery and a special app
Luxgen Motor Co (納智捷汽車), a subsidiary of Yulon Motor Co (裕隆汽車), yesterday said it is again offering a NT$100,000 discount for its entry-level n7 electric vehicle models. The n7’s price has gone down from NT$1.099 million to NT$999,000, Luxgen said, adding that there are 25,000 preorders for the model. MG Motor’s electric hatchback, the MG4, entered the market in the middle of last month, with a starting price of NT$990,000. China Motor Corp (中華汽車), which distributes MG vehicles in Taiwan, said it aims to sell 1,600 MG4s this year. MG, originally a British brand, was acquired by China’s SAIC Motor
South Korea’s SK Hynix Inc, the world’s No. 2 memorychip maker, is to invest 103 trillion won (US$74.6 billion) through 2028 to strengthen its chips business, focusing on artificial intelligence (AI), its parent SK Group said yesterday. SK Group also said it plans to secure 80 trillion won by 2026 to invest in AI and semiconductors as well as fund shareholder returns, while streamlining its more than 175 subsidiaries. The sprawling conglomerate outlined the plans following a two-day strategy meeting, aiming to revive the group after SK Hynix, its main money maker, and the group’s electric vehicle battery arm suffered heavy losses. SK