BUSINESS

DOLLAR TREE SELLS STRUGGLING CHAIN FOR $1 BILLION, A FRACTION OF ITS $8.5 BILLION PURCHASE PRICE

Photo Credit: Getty Images

Dollar Tree's decade-long investment in Family Dollar has come to a disappointing end. The company announced on Wednesday that it would sell the struggling discount chain to private equity firms Brigade Capital Management and Macellum Capital Management for $1 billion—a stark contrast to the $8.5 billion it paid for the acquisition in 2015.

TESLA CYBERTRUCK RECALL HITS THOUSANDS OF VEHICLES IN LATEST SAFETY CRISIS

Photo Credit: Getty Images

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.

HYUNDAI PLANS $21BN INVESTMENTS IN US

Photo Credit: Getty Images

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.

SIEMENS PLANS TO CUT JOBS WORLDWIDE

Photo Credit: Getty Images

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.

CHINESE BYD OVERTAKES TESLA IN ELECTRIC VEHICLE SALES AND INNOVATION

Photo Credit: Getty Images

In the rapidly evolving world of electric vehicles, a seismic shift is underway. Chinese automotive manufacturer BYD has emerged as a formidable challenger to Tesla, marking a pivotal moment in the global electric vehicle market.

CARMAKER AUDI ANNOUNCES JOB CUTS

Photo Credit: Getty Images

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.

SAMSUNG CO-CEO HAN JONG-HEE PASSES AWAY, LEAVING LEADERSHIP SHIFT IN MOTION

Photo Credit: Getty Images

Samsung Electronics is grappling with the sudden passing of its co-CEO, Han Jong-hee, who suffered a fatal heart attack on Tuesday. The 63-year-old executive, a pivotal figure in Samsung's global expansion, had been at the helm of the company's consumer Samsung Electronic leadership.

FOXCONN'S 2024 PROFIT FALLS SHORT OF EXPECTATIONS

Photo Credit: Getty Images

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.