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Nissan Launched its First Electric SUV “The Ariya”

15Jul By AdityaNo Comments

Automobile

Nissan Launched its First Electric SUV “The Ariya”

TOKYO, 15th July 2020 – Nissan unveiled its First electric SUV the Ariya, coming with twin electric motors, an estimated 300 miles of range. The starting price of the SUV is $40,000 and it will be sold in Japan in mid-2021. Representing the pinnacle of Nissan’s technologies and design, the 100% electric Nissan Ariya debuted during a digital event in Yokohama. The model is a major step in Nissan’s transformation as the company refocuses on key strengths, including electrified vehicles and SUVs. “We created the Nissan Ariya as an answer to the aspirations and practical needs of today’s customers,” said Nissan CEO Makoto Uchida. “Combining our strengths in EVs and crossovers, it’s a showcase for Nissan’s new era of excitement and design.” The Ariya sets the pace for Nissan’s plan...

Harley-Davidson fire CFO and 700 Employees

10Jul By AdityaNo Comments

Automobile

Harley-Davidson fire CFO and 700 Employees

CHICAGO, 10th July 2020: The 117-year-old American bike company Harley-Davidson announced that it's eliminating 700 jobs and replacing CFO as part of its rebuild of the company plan. Chief Financial Officer John Olin, who has been with Harley 17 years, has left the company. His duties are being assumed on an interim basis by Treasurer Darrell Thomas, the company said in a news release. "Significant changes are necessary and we must move in new directions," Jochen Zeitz, chairman, president, and CEO said in the press release. Harley’s new efforts called “Rewire.” in which about 700 positions being eliminated by the end of the year. Harley has 6,000 employees worldwide. The cuts will affect 500 current employees globally and cost the company $50 million in restructuring cos...

Amazon agrees to buy self-driving startup Zoox for over $1 billion

26Jun By reutersNo Comments

Automobile

Amazon agrees to buy self-driving startup Zoox for over $1 billion

Seattle, 26th June, 2020: Amazon has agreed to pay over $1 billion to buy self-driving startup Zoox Inc, the Information reported on Thursday, citing sources, in a move that would expand the e-commerce giant's reach in autonomous-vehicle technology. The report did not mention the exact purchase price and added Amazon is unlikely to disclose it when the deal is announced, likely to be on Friday. A majority of Zoox investors are getting their money back, with some making a positive return, the report added. Lux Capital, DFJ and Atlassian co-founder Michael Cannon-Brooks are some of the investors. Amazon and Zoox did not immediately respond to a Reuters request for comment. The Wall Street Journal reported last month that the companies were in advanced talks and the deal could val...

TVS Motor acquires UK-based Norton Motorcycles

17Apr By Press Trust of IndiaNo Comments

ACQUISITION, Automobile

TVS Motor acquires UK-based Norton Motorcycles

TVS Motor has acquired UK-based iconic bike manufacturer Norton Motorcycles for GBP 16 million (around Rs 153 crore). The company has acquired Britain's most iconic sporting motorcycle brand Norton in an all-cash deal for a consideration of GBP 16 million by acquiring certain assets of Norton Motorcycles (UK) through one of its overseas subsidiaries, TVS Motor Company said in a statement. Founded by James Lansdowne Norton in Birmingham in 1898, Norton Motorcycles is among the most popular British motorcycle brands of all time. Norton Motorcycles is known for its classic models and range of luxury motorcycles ranging from authentic retro classic reboots of the famous Commando to its contemporary 200 bhp, 1200cc V4 superbikes. "This is a momentous time for us at TVS Motor Company...

CarDekho to offer ESOP scheme worth $3.5 mn

11Feb By PriyankaNo Comments

BUSINESS

CarDekho to offer ESOP scheme worth $3.5 mn

Automobile portal CarDekho said it will offer an ESOP cash-out scheme worth USD 3.5 million (over Rs 24 crore) to about 100 of its current and former employees. CarDekho will allow eligible employees (current and former) to cash out 50 per cent of their vested options under Girnarsoft group's ESOP Exercise and Secondary Sale Plan, a statement said. "The current discretionary ESOP cash-out scheme is valid for both existing employees who have served 2 years and former employees who have served 4 years in the company and held vested options as of 31st January 2020," it added. The cash-out, estimated to be worth USD 3.5 million, is the second one this financial year, it added. The first ESOP cash out was announced in April last year, where Jaipur-headquartered CarDekho had bought E...

Volvo Cars and Its Chinese Owner Plan to Merge

10Feb By AnkitaNo Comments

Automobile

Volvo Cars and Its Chinese Owner Plan to Merge

Sweden's Volvo Cars and its Chinese owner Geely said they are considering merging into a single group to better share technology and financial resources while preserving their separate brands. The merged firm "would have the scale, knowledge and resources to be a leader in the ongoing transformation of the automotive industry," they said in a statement. "The combination would preserve the distinct identity of each of the brands Volvo, Geely, Lynk & Co, and Polestar," they added. Geely bought Volvo in 2010 from Ford which hadn't been able to turn around the Swedish automaker. But under the Chinese firm Volvo has rebounded and smashed its sales records. Volvo sold more than 705,000 vehicles in 2019, besting the record it set in 2018 by 10 percent, and the automaker expects co...

5Feb By AnkitaNo Comments

FUNDING

Israeli Start-up Kardome Raises Seed Funding from Hyundai

TEL AVIV, Israel, Feb. 4, 2020-- Israeli startup Kardome raises seed round, led by Korean car giant Hyundai Motor Company. Kardome was founded in January 2019 by serial entrepreneurs Dani Cherkassky and Alon Slapak, with the goal of meeting the growing demand for reliable voice control technology from automakers and electronics manufacturers. Kardome's technology gives the machine better "ears" through algorithms that manage to isolate the user's voice, even in a noisy environment with multiple speakers and background noises that are active at the same time. Kardome's technology combines dedicated software with the use of microphones that exist in various products. Kardome software enables the implementation of a new generation of voice user interface, operating reliably even in...

Mahindra Acquire Fifth Gear Ventures For $4.2 Million

18Jan By AdityaNo Comments

ACQUISITION

Mahindra Acquire Fifth Gear Ventures For $4.2 Million

Mahindra & Mahindra (M&M) subsidiary has inked a pact to acquire Fifth Gear Ventures Ltd, which operates an e-commerce market platform, for up to Rs 30.45 crore. Mahindra First Choice Wheels Ltd (MFCWL), a subsidiary of the company, has signed a share purchase agreement to acquire fully Fifth Gear Ventures Limited (FGVL), in one or more tranches, M&M said in a regulatory filing. Upon acquisition of the stake, FGVL would become a subsidiary of MFCWL, it added. The acquisition is to be completed by March 31st, 2020, the auto major said. "MFCWL is acquiring FGVL with the objective of expanding its presence in the digital automotive space and seamlessly integrating the online and offline user experience," M&M said. Incorporated in September 2015, FGVL is engaged ...

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 ac...

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 produce...

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 corres...

5Dec By AdityaNo Comments

FUNDING

CarDekho Raises $70 Million Series D Funding

New Delhi, Dec. 5, 2019-- India's leading automobile selling platform CarDekho raises $70 million Series D in funding from China-based Ping An Insurance Group, Sequoia Capital and Hillhouse Capital. This is Ping An's first venture investment in India through its Ping An Global Voyager Fund. CarDekho Group, founded in 2008, is one of India's leading autotech companies. It has successfully digitized the auto ecosystem in India and is aggressively pursuing the vision to own the personal mobility space by helping customers across their entire car buying and ownership journey. CarDekho Group currently has operations in India, Indonesia, and Philippines and operates leading Indian auto sites such as CarDekho.com, Gaadi.com, ZigWheels.com, BikeDekho.com, InsuranceDekho.com, and PowerD...