GM to write down value of China business by more than $5bn

Business News

General Motors told shareholders on Wednesday that it would write down the value of its China business by more than $5bn.The company’s board of directors determined that the non-cash charges were necessary “in light of the finalization of a new business forecast and certain restructuring actions” with the joint venture, according to a company filing.CEO Mary Barra has been transforming GM’s operations in China as the former profit engine slipped to a loss in the last year. Barra told investors in October that they would see improvements from this effort by the end of the year, saying there would be “a significant reduction in dealer inventory and modest improvements in sales and share”.The automaker lost about $350m in the region in the first three quarters of this year.GM expects to incur restructuring costs of $2.6bn to $2.9bn and to reduce the value of the joint-venture value by $2.7bn.GM partners with SAIC Motors in China to build Buick, Chevrolet and Cadillac vehicles.The US automaker got into the Chinese market in the late 1990s, and by 2010 it was selling more vehicles in China than in the US. The GM joint venture peaked in 2018 with annual sales of 2m cars.But sales of foreign vehicles have been hit by the rise of local automakers. Sales at SAIC-GM slumped 59% in the first 11 months of this year to 370,989 units while local new energy vehicle (NEV) champion BYD sold more than 10 times that number in the same period.Volkswagen, which lost its title of bestselling brand in China to BYD in 2022, is doubling down on efforts to deepen ties with Chinese partners including Xpeng Motor and SAIC for EV technologies to counter its flagging sales in its biggest market. The German automaker and SAIC agreed recently to extend their joint-venture contract by a decade to 2040.Japanese carmaker Nissan Motor also is cutting 9,000 jobs and significantly reducing its manufacturing capacity due to its slipping sales in China and the US.In Detroit, GM’s cross-town rival Ford Motor is transforming its presence in China to become a vehicle export hub, though some analysts are urging Detroit’s automakers to cut their losses and exit the world’s largest auto market altogether.Reuters contributed to this article

PV Hardware USA Tracker Innovation Maximizes Captured Solar Energy During Cloudy Weather Conditions

Technology

“Diffuse Control” algorithm enables increased energy collection during overcast days while minimizing motor energy consumption
HOUSTON (December 4, 2024) – PV Hardware USA, a leading solar tracker manufacturer and provider of innovative solar tracking solutions for the global solar energy market, optimized solar energy collection with the introduction of Diffuse Control, an advanced solar tracker algorithm that enables a solar plant to maximize energy collection during overcast conditions, potentially increasing production by up to 20% on some days compared to traditional sun tracking algorithms.

“Sun tracking is most often based on pure geometry, where the sun’s position is followed by moving the trackers perpendicular to the main direction of the rays,” said Oscar Cabrero, Electronics and Control Manager of PVHardware USA. “However, we know there is energy to be collected surrounding the photovoltaic modules. When diffuse light predominates the environment, our advanced algorithm calculates the optimal panel inclination tilt to capture this energy.”
While solar panels still generate electricity using traditional solar tracker technology during cloudy weather, they produce significantly less power compared to sunny days. Utilizing real-time weather data captured by sensors placed within the solar plant, the Diffuse Control algorithm automatically calculates in real time the optimal solar panel inclination tilt required to capture the most energy during rainy or cloudy conditions. To avoid unnecessary energy use, the advanced algorithm can be configured to minimize motor consumption during operation, thereby maximizing productivity gains.
“Using new models of how solar energy is captured, we now understand that measuring environmental irradiances is the best way to calculate a panel’s inclination tilt during inclement weather,” Cabrero said. “With this new understanding, PVH was able to develop the Diffuse Control algorithm.”
PVH conducted a series of tests to validate the performance of the Diffuse Control algorithm, including empirical testing of the technology over several months and a side-by-side comparison between two real contiguous solar plants where standard solar tracking and the Diffuse Control model were implemented. Findings revealed that in diffuse irradiance conditions, the Diffuse Control model captured more irradiance, resulting in a higher production and energy gain. A white paper detailing the technology and the testing confirming its efficacy is available for download at https://pvhardware.com/white-paper-diffuse-control/.
About PV Hardware: PV Hardware (PVH) is a solar tracker manufacturer and provider of innovative solar tracking solutions for the global solar energy market, including solar trackers, fixed structures and SCADA systems. Each product designed by PVH can be easily installed on any type of terrain, withstands different weather conditions, and is prepared to withstand high winds, supporting any type of module, including thin-film and bifacial. Founded in 2011, PVH has supplied more than 29GW to photovoltaic plants operating in various countries around the world. It is currently the world’s third-largest supplier of solar trackers and structures and has the expertise to properly manage solar tracking installations of any capacity, anywhere.

Popular business challenge aimed at upskilling students returns for eighth year

Business News

Watch more of our videos on ShotsTV.com and on Freeview 262 or Freely 565Visit Shots! nowMore than 100 students from various schools throughout Northern Ireland are anticipated to showcase their entrepreneurial abilities at the upcoming NI Schools’ Business Challenge 2025, with registration for the event now open.The initiative is a collaboration among Queen’s Business School, Henderson Group, BDO Northern Ireland, and is supported by CCEA, inviting AS/A-Level Business Studies students to take part. It will take place on February 19, 2025 at Queen’s Business School in Riddel Hall.Referencing the content of the CCEA A-Level Business Studies qualification, students will be tasked with transforming a business idea or strategy into actionable plans on the day of the event. They will need to employ creativity, innovation, and teamwork while navigating real-world challenges and scenarios.Laura Jackson, Partner at BDO NI, said: “Developing young talent extends far beyond traditional classroom learning. The business community plays a crucial role in supporting practical educational experiences that prepare students for future professional challenges. Pictured at Queen’s Business Hub is (L-R): Dr Danielle McConville, Head of Department for Accounting of Queen’s Business School; Bronagh Luke, Head of Corporate Marketing at Henderson Group; Kristina Hyland, Audit Director at BDO NI; Ciaran Connolly, Professor and Deputy Head of Queen’s Business School; Claire Scott McAteer, Senior Lecturer at Queen’s Business School; Laura Jackson, BDO NI Partner and Head of Audit; and Billy Moore, Group Financial Director at Henderson Group.“By engaging in hands-on learning and collaborative projects, students gain essential social and entrepreneurial skills that are vital in today’s business environment. BDO NI are delighted this programme is in its eighth year and remain committed to encouraging schools across the region to demonstrate their students’ capabilities and potential.”The initiative will see students challenged to work as a team to develop – in real time – a business strategy based on a case study provided by Henderson Group. The judging panel, which is made up of representatives from BDO NI, Queen’s Business School and Henderson Group, will evaluate each submission and school presentation with the winner being revealed on the day.Professor Ciaran Connolly, Queen’s Business School said: “The NI Schools’ Business Challenge Case Study explores key functions of business and provides an insight into how businesses operate by exploring elements such as marketing, e-business, planning, sustainability, and risk management. It offers students an opportunity to apply their knowledge and share their ideas with representatives from the NI business community in a friendly and supportive environment.”Glenlola Collegiate were crowned 2024 winners and came away with VIP suite tickets for a Belfast Giants Ice Hockey game and a £500 prize pot for their school. The event gave the students a unique platform to engage with industry professionals as well as the opportunity to see around the new Student Hub at Queen’s Business School.Billy Moore, Group Financial Director, Henderson Group, said: “We are excited to meet the next generation of future leaders and see what entrepreneurial skills this cohort of challengers can bring to our next business strategy case study. Working together as a team and gaining this kind of practical experience is priceless for a young person aiming to enter into the business world after their studies, and we’re delighted to be a part of it.”Being part of CCEA’s business related A-Level qualifications is what makes this initiative stand out according to Jill Armer, Education Manager from CCEA who added: “Every year we see even more outstanding presentations from students studying A level Business Studies and/or Professional Business Services. “The event is a brilliant and enjoyable opportunity for students to use their knowledge and bring the topics they are learning into sharp focus using real facts and figures from the Henderson Group. The day itself is fun, and students and teachers have the chance to learn more about the prospects and facilities at Queen’s University and further opportunities for career development with BDO.”For more information on the initiative – or to register a teams(s) for the challenge, please contact Professor Ciaran Connolly at Queen’s Business School via [email protected] or 02890 974796.

Defense & Aerospace Technology Report [Dec 04, 24] Protecting Circuit Boards & Role of Photonics Technology

Technology

On today’s Technology Report, David Schild, the executive director of the Printed Circuit Board Association of America, discusses proposed Protecting Circuit Boards and Substrates legislation as part of the tax reconciliation package that would cut taxes on printed circuit boards and substrates by 25 percent, the case for supporting an industry that left the United States in search of lower production costs, and the association’s 2025 agenda; and Dr. Charles Middleton, the chief technology officer at Critical Frequency Design, discusses the role of photonics technologies that promise to revolutionize military communications, the company’s Free Space Optics (FSO) communications solution that was recently tested under the Naval Surface Warfare Center Crane Division’s Silent Swarm 2024 exercise, the future of the technology, and the outlook of the company as it seeks to navigate the Valley of Death with Defense & Aerospace Report Editor Vago Muradian.