Saturday, April 13

Tag: Automobile

Tesla Recalls 1,617,643 Vehicles in China Over Safety Concerns
CHINA

Tesla Recalls 1,617,643 Vehicles in China Over Safety Concerns

Beijing, 5th Jan 2024: In a recent announcement, the government regulator has mandated a recall of 1,617,643 Tesla vehicles, comprising both imported and domestically produced models. This recall affects various popular Tesla models, including the Model S, Model X, Model 3, and Model Y, manufactured between August 26, 2014, and December 20, 2023. Notably, this recall covers a significant portion of the vehicles Tesla has sold in China. The recall has been initiated due to two critical safety concerns identified by China's State Administration for Market Regulation. The first issue affects 7,538 vehicles and involves a problem with the door unlock logic control. Specifically, in the event of a collision, the non-collision side door latch may detach from the latch mechanism, leaving the ...
Ferrari Embraces Crypto: A Groundbreaking Move in Luxury Sports Car Industry
Automobile

Ferrari Embraces Crypto: A Groundbreaking Move in Luxury Sports Car Industry

NY, 15th Oct 2023: Ferrari, the esteemed Italian luxury sports car manufacturer, has recently made a revolutionary decision to accept cryptocurrency as a form of payment. Initially introduced in the United States and soon to be extended to Europe, this move was prompted by dealers and individual clients who have made significant investments in the world of crypto. Enrico Galliera, the Chief Marketing and Commercial Officer of Ferrari, expressed his enthusiasm for the company's initiative to facilitate the purchase of their luxury vehicles through digital currencies. With a strong customer base already booked for the coming years, Galliera is optimistic about this bold plan, stating, "Our aim is to connect with individuals who may not currently be our clients but have the means to affor...
Decoding the Success Story of BYD: A Case Study
Automobile

Decoding the Success Story of BYD: A Case Study

BYD, a Chinese automobile manufacturer, has risen to prominence in recent years, capturing the attention of industry experts and consumers alike. This article aims to decode the success story of BYD, examining the factors that have propelled the company's growth and success. By delving into various aspects of BYD's journey, we can gain valuable insights into the strategies and practices that have made it a formidable player in the automotive industry. Visionary Leadership One of the critical factors behind BYD's success is its visionary leadership. The company was founded in 1995 by Wang Chuanfu at age of 29. He partnered with his cousin Lu Xiangyang and established BYD Company. BYD Auto is a subsidiary of the BYD Company. BYD Auto emerged after the BYD Group acquired the Qinchua...
Future of Automobile Industry & Key Trends
Automobile

Future of Automobile Industry & Key Trends

The future of automobile industry is expected to be shaped by several key trends and developments. Here are some significant aspects that could shape the industry in the coming years: Electric Vehicles (EVs): The shift toward electric vehicles is gaining momentum. Governments around the world are setting ambitious targets to reduce carbon emissions, and automakers are investing heavily in the development of electric cars. As battery technology improves, EVs are becoming more affordable, offering longer ranges, and charging infrastructure is expanding. This trend is likely to continue, leading to increased adoption of electric vehicles. Autonomous Vehicles (AVs): Self-driving cars are another major development in the automobile industry. Companies are investing in auton...
Volvo will make only EVs by 2030; will be sold exclusively online
Automobile

Volvo will make only EVs by 2030; will be sold exclusively online

Swedish automaker Volvo says it is phasing out the production of all cars with internal combustion engines including hybrids and will make only electric vehicles by 2030. But if you want one, you'll have to buy it online. There is no long-term future for cars with an internal combustion engine, said Henrik Green, Volvo's chief technology officer. Volvo's announcement follows General Motors' pledge earlier this year to make only battery-powered vehicles by 2035. While its all-electric vehicles will be sold exclusively online, dealerships will remain a crucial part of the customer experience and will continue to be responsible for a variety of important services such as selling, preparing, delivering, and servicing cars. As part of the announcement, the Swedish automaker will un...
Ola Invest $326 Million to setup World’s Biggest eScooter Plant
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
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...
CARS24 raises USD 200 Million, Becomes Unicorn
FUNDING

CARS24 raises USD 200 Million, Becomes Unicorn

New Delhi, Nov 25th, 2020: Online used car marketplace CARS24 raises USD 200 million (around Rs 1,480 crore) in its latest funding round, led by DST global. Other existing investors including Exor Seeds, Moore Strategic Ventures, and Unbound also participated in this round. The latest round of funding raises Cars24 valuation at over USD 1 billion. The funding will be used to invest aggressively in technology and product innovation and scale new business verticals, it added. The company has raised a total funding of USD 400 million till date from investors including Sequoia India and Kingsway Capital. Last year, it had also raised funds from cricketer M S Dhoni. With annual transactions exceeding 2,00,000 units and a 4X increase in website engagement, the company has already...
Volvo Trucks launches range of Electric Trucks for European Market
Automobile

Volvo Trucks launches range of Electric Trucks for European Market

GOTHENBURG, Sweden, Nov. 5, 2020-- In 2021, Europe will be able to order all-electric versions of Volvo's heavy-duty trucks. Volvo Trucks' massive drive towards electrification marks a major step forwards on the road to fossil-free transport. Volvo Trucks is now running tests of the electric heavy-duty Volvo FH, Volvo FM and Volvo FMX trucks, which will be used for regional transport and urban construction operations in Europe. These trucks will have a gross combination weight of up to 44 tonnes. Depending on the battery configuration the range could be up to 300 km. Sales will begin next year and volume production will start in 2022. This means that from 2021 onwards Volvo Trucks will sell a complete range of battery-electric trucks in Europe for distribution, refuse, regional...
Harley Davidson & Hero MotoCorp collaborate for Indian Market
Automobile

Harley Davidson & Hero MotoCorp collaborate for Indian Market

NEW DELHI, India, Oct. 28, 2020 -- After closing its services in India Harley-Davidson tie-up with Hero MotoCorp, the world’s largest maker of motorcycles and scooters in terms of unit volumes for selling its bikes in India. Per a distribution agreement, Hero MotoCorp will sell and service Harley-Davidson motorcycles and sell Parts & Accessories and General Merchandise riding gear and apparel through a network of brand-exclusive Harley-Davidson dealers and Hero MotorCorp’s existing dealership network in India.  As part of a Licensing agreement, Hero MotoCorp will develop and sell a range of premium motorcycles under the Harley-Davidson brand name. These actions are aligned with Harley-Davidson’s business overhaul, The Rewire, and the company’s announcement in S...
CarDekho to open 50 offline stores in India
Automobile

CarDekho to open 50 offline stores in India

Jaipur, Oct 13th, 2020: Automobile portal CarDekho has decided to open 50 offline stores in the country within the next six months in view of rising demand for used cars, according to a senior company official. Amid the coronavirus pandemic, people are looking forward to using their own car instead of public transport and, therefore, the demand for used cars has increased, particularly in the segment of $3000 to $7000 (Rs 2-Rs 5 lakh), CarDekho Group Head (Trust Mark Stores) Sharad Jaiswal told PTI. He added that the company's first store ''CarDekho Gaadi Trust Mark'' was opened in New Delhi, and the firm is planning to open 50 such exclusive stores by March 2021 to sell used cars. He said the company plans to open 50 Trust Mark Exclusive stores and 200 Retail Touchpoints by marc...
General Motors Acquire $2 billion equity stake in Nikola
ACQUISITION

General Motors Acquire $2 billion equity stake in Nikola

PHOENIX/DETROIT, Sept. 09, 2020 — Nikola Corporation (NASDAQ: NKLA) and General Motors Co. (NYSE: GM) announced a strategic partnership, where General Motors invest $2 billion to acquire 11 percent ownership of Nikola and the right to nominate one director. Nikola will also utilize General Motors’ Ultium battery system and Hydrotec fuel cell technology, representing a key commercialization milestone for General Motors. General Motors will be subject to a staged lock-up provision beginning in one year and ending in June 2025. General Motors will engineer, homologate, validate and manufacture the Nikola Badger battery electric and fuel cell versions. “Nikola is one of the most innovative companies in the world. General Motors is one of the top engineering and manufacturing companie...