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Hyundai and Kia Invest $110 Million in Electric Vehicle Startup

17Jan By NitishNo Comments

Automobile, FUNDING

Hyundai and Kia Invest $110 Million in Electric Vehicle Startup

SEOUL, South Korea, Jan. 16, 2020 -- Hyundai Motor Company and Kia Motors Corporation invest USD $110 million in a new partnership with Arrival, a UK-based electric vehicle startup. Through the partnership, Hyundai and Kia plan to introduce competitively priced small and medium-sized electric vans and other products for logistics, on-demand ride-hailing and shuttle service companies. Arrival's scalable electric platform can be adapted for multiple vehicle categories and types which Arrival, Hyundai and Kia will explore for the development of a range of Purpose Built Vehicles (PBV). The partnership with Arrival will help Hyundai and Kia meet the rapidly growing demand in Europe for eco-friendly commercial vehicles, and accelerate the brands' transformation from car mak...

Toyota Invests $394M in Flying Taxi Startup

17Jan By AnkitaNo Comments

Automobile, FUNDING

Toyota Invests $394M in Flying Taxi Startup

SANTA CRUZ, Calif., Jan. 17, 2020-- Toyota is exploring a new flight path for mobility through a new collaboration with Joby Aviation (Joby), an aerospace company that is developing and commercializing all-electric vertical take-off and landing (eVTOL) aircraft to enable the deployment of fast, quiet and affordable air transportation services. The collaboration reflects Toyota's recognition of the long-term potential of the urban air mobility market to meet the evolving needs of society, as well as Joby's position as an industry leader in working to deliver safe and affordable air travel to everyone. "Air transportation has been a long-term goal for Toyota, and while we continue our work in the automobile business, this agreement sets our sights to the sky," said Toyota Motor Corp...

Hyundai India Rolls Out Online Sales Platform

17Jan By Press Trust of IndiaNo Comments

Automobile

Hyundai India Rolls Out Online Sales Platform

Hyundai Motor India has launched an online sales platform in addition to its existing physical retail sales network. The company said its 'Click to Buy' is a first-of-its kind online sales platform with simple and transparent process for purchase of Hyundai cars. "It is India's first online sales platform to cater to the needs of new-age digital customers for purchase of new Hyundai cars," Hyundai Motor India MD and CEO SS Kim said in a statement. The retail selling has witnessed a tremendous shift since the last decade and the new generation is immensely inclined to buy products online, he added. Hyundai has currently introduced the initiative on a pilot basis with few dealers in Delhi-NCR. All company models will be available on the 'Click to Buy' website and this would a...

Tata Nano Ends 2019 with Zero Production, Sold One Unit Only

7Jan By Press Trust of IndiaNo Comments

Automobile

Tata Nano Ends 2019 with Zero Production, Sold One Unit Only

NEW DELHI: Tata Motors did not produce a single unit of its entry-level car Nano in 2019 although it sold just one unit in February even as the company is yet to officially retire Ratan Tata's “people's car”. According to a regulatory filing by the company, Tata Motors had zero production and sales of the Nano in December 2019 while it produced 82 units and sold 88 units in December 2018. Similarly, in November 2019 there was zero production and sales of the entry-level model, whereas in the year-ago period it produced 66 units and sold 77 units. In October 2019 also, according to the filing, it did not produce or sell any unit of the Nano while in the year-ago month it rolled out 71 units while selling 54 units. In the first nine months of 2019 also Tata Motors did not produc...

Delivery of Tesla Made-in-China Model 3 set for December 30

29Dec By PriyankaNo Comments

Automobile

Delivery of Tesla Made-in-China Model 3 set for December 30

Tesla China told Pixr8 News that they are aiming to begin deliveries of the all-electric Model 3 sedan from December 30th. That’s far earlier than the company’s own estimates, and immensely earlier than what Tesla’s skeptics have suggested. Monday’s event will deliver Tesla's 15 Model 3 car to local customers that are comprised of Tesla China employees. The first delivery date of the Made-in-China Model 3 marks the 357th day since Tesla and its construction partner started working on the Gigafactory 3 complex, which was then just a plot of land. The speed upon which Gigafactory 3’s Phase 1 zone was completed marks a new record for global automakers currently operating in China. The Made-in-China Model 3 is Tesla’s key to the local Chinese auto industry, which also corre...

Nissan Invests $303 Million in Japanese Plant for EV Production

28Nov By PriyankaNo Comments

Automobile

Nissan Invests $303 Million in Japanese Plant for EV Production

Nissan is investing $303 million in its flagship auto plant in Japan's Tochigi prefecture in a first rollout of a production system geared toward electric vehicles. Nissan Motor Co. Executive Vice President Hideyuki Sakamoto said that manufacturing methods must change because vehicles increasingly have both hybrid and electric engines and new parts for connectivity and artificial intelligence services. Sakamoto said the production changes, set to be completed next year, use robotics and sensors to decrease physical stress on assembly-line workers. They are tailored for a workforce increasingly manned by senior workers and women. Among the innovations for Nissan's so-called intelligent factory is a powertrain mounting system that allows at least 27 configurations to be installed i...

Volkswagen to Pay $87 Million for Diesel Emissions Scandal

16Sep By AdityaNo Comments

Automobile

Volkswagen to Pay $87 Million for Diesel Emissions Scandal

Volkswagen and a law firm say the German automaker has agreed to pay up to 127 million Australian dollars ($87 million) to settle an Australian class action stemming from its 2015 diesel emissions scandal. The settlement was announced in the Federal Court in Sydney on Monday and has yet to be approved by a judge. Maurice Blackburn law firm says Volkswagen will pay between AU$87 million and AU$127 million, depending on how many owners of the affected 100,000 vehicles sold in Australia join the class action. Volkswagen said in a statement that it made no admission of liability in the settlement. Volkswagen has paid 30 billion euros ($33.5 billion) in fines and civil settlements around the world after it installed software on diesel vehicles to cheat on emissions tests. https...

Indian Government New Policy for Electric Vehicle Push in India

1Aug By PriyankaNo Comments

Automobile

Indian Government New Policy for Electric Vehicle Push in India

India includes some of the world's most polluted cities, the government is focused on ensuring reduced greenhouse gas emissions from the automotive sector. Thus, the Indian government has planned to invest $1.4 billion toward incentivizing electric vehicle manufacturing in the country through its Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme. To further, promote the adoption of EVs in the Indian market, the government during the 36th GST council meeting recommended a reduction in GST from 12% to 5% for electric vehicles and the GST for EV charger/charging stations has been reduced from 18% to 5%. Additionally, the government is planning to introduce several tax benefits of up to INR 1.5 Lakhs ($2,189) on interest paid on loans, with a total exemption ben...

BS-VI transition lead to dumping of old Two Wheelers in India

1Jul By PriyankaNo Comments

Automobile

BS-VI transition lead to dumping of old Two Wheelers in India

New Delhi: Terming the transition to Bharat Stage VI (BS-VI) emission norms from April next year as "joker in the pack", Bajaj Auto Ltd has cautioned that there could be dumping of old BS-IV stock in the domestic market, triggering an "unwarranted price war" in the second half of the ongoing fiscal. In its Annual Report for 2018-19, the Pune-based firm said while its motorcycles, three-wheelers and quadricycles will be "fully BS-VI compliant not just on April 1, 2020 but some months earlier, it is difficult to anticipate the state of BS VI readiness of our competitors". "For the industry as a whole, we believe that the joker in the pack will be the tough Bharat Stage VI, or BS VI, emission norms that will come into play from 1 April 2020," the company wrote to its shareholders. ...

BattRE Launches Affordable & Smart Electric Scooter

6Jun By PriyankaNo Comments

Automobile

BattRE Launches Affordable & Smart Electric Scooter

New Delhi, 6th June 2019: On the occasion of World Environment Day BattRE, technology-driven startup launches affordable and smart electric E-Scooters. BattRE Electric Mobility is introducing a whole gamut of innovative features & services to truly enhance the customer experience as they step into the green technology revolution. Some of the features include keyless start, under-seat storage, USB port, rear reverse, and motorcycle-like handle. BattRE is launching e-scooters in the cities of Nagpur, Hyderabad, Anantpur, and Kurnool. The cost of BattRE e-scooters starts from Rs 63,555 onwards. BattRE is a technology driven startup founded in 2017 and headquartered in Jaipur which provides innovative e-bicycle and e-scooter solutions to tackle the issues raised by carbon fo...

Mahindra Electric in talks to supply Electric Vehicle parts

5Jun By AnkitaNo Comments

Automobile

Mahindra Electric in talks to supply Electric Vehicle parts

Mahindra Electric is in talks with global automotive manufacturers to supply electric vehicle parts. The company, a part of the Mahindra Group, will start supplies of such electric vehicle parts to group firm Ssangyong Motor, by early 2021. "Mahindra is investing on aggregates (for electric vehicles) which is the battery packs, motor transmission and power electronics. It is an industry at a very nascent stage, we have already said we will be happy to supply those parts to anybody, any original equipment manufacturer (OEM) in India or abroad," Mahindra Electric CEO Mahesh Babu said. The group has announced Rs 1,000 crore investment in the next three years, increasing the capacity to over 70,000 units per annum from the current 15,000 units. Moreover, it is also setting up a s...

Toyota AI Ventures Launch a $100M Fund for early age startups

2May By PriyankaNo Comments

Automobile

Toyota AI Ventures Launch a $100M Fund for early age startups

LOS ALTOS, Calif. (May 2, 2019) – Silicon Valley-based venture capital firm Toyota AI Ventures announced a new $100 million fund dedicated to investing in early-stage startups developing disruptive technologies and business models in the autonomous mobility and robotics markets. Toyota AI Ventures is a subsidiary of Toyota Research Institute (TRI). In less than two years, Toyota AI Ventures has invested in a diverse portfolio of 19 startups. Fund II brings the firm’s total assets under management to more than $200M to invest in and support promising startups around the world.“Auto manufacturers must participate in the startup ecosystem to stay ahead of the rapid shift in the auto industry,” said Jim Adler, managing director of Toyota AI Ventures. “Investing in startups creates long-te...