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Ola Invest $326 Million to setup World’s Biggest eScooter Plant

14Dec By PriyankaNo Comments

Automobile

Ola Invest $326 Million to setup World’s Biggest eScooter Plant

Tamil Nadu, Dec 14, 2020: India's leading cab service provider Ola inked an agreement with the Tamil Nadu government to invest $326 Million (Rs 2,400 crore) for setting up its first electric scooter factory in the state. Upon completion, the factory will create nearly 10,000 jobs and will be the world's largest scooter manufacturing facility that will initially have an annual capacity of 2 million units, a statement said. "In line with Prime Minister Narendra Modi's vision, Ola's factory is an important step in making an Atmanirbhar Bharat. It will catalyse reduction of India's import dependence in a key future sector like electric vehicles, boost local manufacturing, create jobs as well as improve the technical expertise in the country," it added. Ola said India with its unique ...

Ather Energy discontinues Ather 450 scooter

28Nov By AnkitaNo Comments

Automobile

Ather Energy discontinues Ather 450 scooter

New Delhi, Nov 28, 2020: Electric two-wheeler startup Ather Energy decided to replace its first product, Ather 450, with Ather 450X and Ather 450 Plus, which have been built on the same platform, with improved hardware and software capabilities. The company had launched the Ather 450 in 2018. The company will stop the sale of Ather 450 on November 28 in both Bengaluru and Chennai, Ather Energy said in a statement. This marks the end of phase one of Ather Energy as a company as it moves on to a new stage of rapid growth aided by a new round of Series D funding, it added. "Our maiden model, Ather 450 was the outcome of four years of continuous work on R&D, design, prototype building and testing, and improving the product to make it production worthy. The learnings from Ather...

10Nov By AdityaNo Comments

FUNDING

Escooter platform TIER raises $250 mln in funding led by SoftBank Vision Fund 2

Berlin, 10th Nov 2020: TIER, a Europe-based eScooter platform raises $250 million in Series C funding led by SoftBank Vision Fund 2. Existing investors including Mubadala Investment Company’s financial investment arm, Mubadala Capital, Northzone, Goodwater Capital, White Star Capital, Novator and RTP Global also participated in the round. Since its 2018 launch, TIER has established itself as the European market leader through unrivalled capital efficiency and operational excellence as it deployed 60.000 e-scooters across 80 cities in ten countries. The Berlin-based company is already profitable and will use the investment to accelerate the company’s vision to Change Mobility for Good. TIER is revolutionising urban transport with innovative new technologies and micro-mobility solutions...

1Jun By AdityaNo Comments

FUNDING

Singapore based eScooter startup Beam secures $26 million funding

Singapore, 1 June 2020 – Beam, Singapore based leading eScooter startup raises US$26 million in Series A round of funding. The funding round was led by Sequoia India and Hana Ventures and included investors across APAC. Beam is forging a new path for micromobility in contrast to the established dockless model that allows scooters to be parked anywhere on city streets. For Beam, the future is docked. Having a “virtual docked” model ensures riders park in predetermined parking spots by offering incentives through the Beam mobile app. "We're grateful to our incredibly supportive investors who believe in our unique 'virtual dock' approach to micromobility and continue to support us through a very uncertain macroeconomic environment. I'm really excited about our new technology an...

5Oct By NitishNo Comments

FUNDING

Bird Raises $275 Million Series D Funding from CDPQ and Sequoia Capital

SANTA MONICA, Calif., Oct. 5, 2019-- Bird, the leader in micro-mobility, today announced its Series D funding round. CDPQ and Sequoia Capital led the $275 million round as a result of Bird's shift from rapid and expensive growth to creating industry leading positive unit economics and building a sustainable business. The capital will help Bird continue on its path to profitability and ongoing vehicle research and development. Bird's custom designed and engineered vehicles play a pivotal role in its unit economics. Less than a year after announcing Bird Zero, which has a lifespan of over 12 months, the company unveiled Bird One, a next generation e-scooter built for the shared micro-mobility market. Shortly following Bird One came Bird Two, which is available in Los Angeles...

Volkswagen signs e-vehicle startup as first partner for production platform

5Mar By reutersNo Comments

Automobile

Volkswagen signs e-vehicle startup as first partner for production platform

FRANKFURT - Volkswagen has signed German start-up e.GO Mobile as the first external partner for its modular platform for electric vehicles (EV), as it seeks to simplify production across a variety of models. The partner will use VW's so-called MEB production system to "bring e-vehicles to market that complement Volkswagen's model offering," the carmaker said in a statement. A specific vehicle has yet to be decided on jointly, it added. The VW brand's strategy chief Michael Jost said in a newspaper interview in January the group was in advanced talks with competitors over opening its modular EV production platform to rivals. The platform seeks the cost advantages of large production numbers by standardizing as much as possible even across very different models. Volkswagen i...