electric car | Pixr8 News

Tesla Rival NIO Raises $1 Billion in US IPO to Accelerate Growth

13Sep By Gauri SinghNo Comments

Market

Tesla Rival NIO Raises $1 Billion in US IPO to Accelerate Growth

One of the largest electric vehicle startup NIO which is also a rival of Tesla has reportedly has made its market debut on the US stock market with a $1 billion IPO (initial public offering). The company’s basic motive behind this move is to boost up the production of its electric vehicles as well as and expand their EV infrastructure. With this IPO, the company has become the first Chinese-backed electric vehicle startup to go public in the US. The startup was backed by Chinese internet giant Tencent Holdings Ltd. Last year, NIO raised up to $600 million in its latest financing round led by Baidu. “We had actually a healthy book and then some orders got pulled or reduced because of market conditions,” NIO’s chief financial officer, Louis Hsieh, said. It was last month that an ann...

Mercedes Benz Forays into the EV Segment with Newly Launched SUV

4Sep By Gauri SinghNo Comments

News

Mercedes Benz Forays into the EV Segment with Newly Launched SUV

The luxury car maker Mercedes Benz is all set to foray into the electric car segment. Benz has launched its much-anticipated electric SUV today which might give a tough fight to the predominant EV player Tesla. While Tesla has been facing challenges a few days back against going private, Benz has taken a great step and took advantage of the situation brewing up. The market for upscale electric cars is Tesla's to lose, with sales of its entry-level Model 3 sedan expected to reach about 50,000 cars this year and almost double that in 2019. "While Tesla currently has a strong hold on the luxury electric market, I don't think this will be the case after the arrival of the German premium offerings," said Wajih Hossenally, an automotive powertrain analyst with IHS Markit. "Tesla has virtuall...

EVs to Get Upto Rs 1.4 Lakh Subsidy, Petrol Cars to Become Expensive

28Aug By Gauri SinghNo Comments

INDIA

EVs to Get Upto Rs 1.4 Lakh Subsidy, Petrol Cars to Become Expensive

Nowadays, electric vehicles are getting major attraction and therefore, the government has reportedly decided to offer a direct subsidy of around Rs 1.4 lakh for each electric car with an aim to boost sales of the electric vehicles, including cars and two-wheelers and three-wheelers. The particular announcement was made during a meeting of the committee on EVs on 23rd August 2018, which was chaired by Expenditure Secretary AN Jha. Along with this decision, the ministry also decided to increase the allocation of subsidy on e-vehicles from Rs 4,000 crore to Rs 5,000 crore for a period of five years under the second phase of Faster Adoption and Manufacturing of Electric (and Hybrid) vehicles (FAME) scheme. Under the phase 2 of the scheme, the government is looking to see about 8-fold in...

China’s Electric Car Maker Nio Files an IPO to Raise $1.8 Billion

14Aug By Gauri SinghNo Comments

Market

China’s Electric Car Maker Nio Files an IPO to Raise $1.8 Billion

A Chinese electric car maker Nio has announced its filing to go public on the New York Stock Exchange. The company through this initial public offering (IPO) is looking to raise $1.8 billion. With this, Nio has become the first Chinese automaker to seek a listing in the U.S. This news comes at a time when Elon Musk is looking forward to taking Tesla private. The company seems to represent new competition to automaker Tesla. "We are generally targeting to launch a new model every year in the near future as we ramp up our business," the company stated. The initial public offering is being led by Morgan Stanley, Goldman Sachs Group Inc., JP Morgan Chase & Co., Bank of America Corp., Deutsche Bank AG, Citigroup Inc., Credit Suisse Group AG and UBS Group AG. The company applied to l...

India’s First Electric Car That Will Run 200 km On a Single Charge

4Jan By AdityaNo Comments

Story

India’s First Electric Car That Will Run 200 km On a Single Charge

Hriman Motors LLP, a Delhi-headquartered startup, is working on building a serious 2 Seater electric car with a battery that will never need to be replaced. The RT90 will offer a 4G Connected IoT platform, with 200 kms max travel range per charge. A single charge will take about 10 mins on a fast DC Charger and 1-2 hours on an AC Charger. Currently, the test horse is undergoing road trials and expect to see the car by mid of 2018. You may buy it and drive it at 50 paise per km or choose a Total Cost of Ownership model where you can expect getting an electric car in your home by paying just 6 to 8 rupees per km and no other hidden cost and zero down payment. People with good credit will be able to walk in a dealership swipe their credit card for 600 rupees and drive out with the IoT e...

2Jan By reutersNo Comments

CHINA

LeEco Founder Defies China Return Order, Stays In U.S. For Car Fundraising

The founder of debt-laden tech conglomerate LeEco has defied orders from Chinese regulators to return to the country before end-2017, saying he needed to stay in the United States as a fundraising for his electric car startup was making progress. The Beijing branch of the China Securities Regulatory Commission (CSRC) issued a notice last week ordering LeEco CEO Jia Yueting to return to China to sort out a mounting debt pile linked to his firms and protect investors’ rights. Jia said in a statement that he had asked his brother, Jia Yuemin, to meet the regulator face-to-face last Friday to provide a report after the notice was issued. “I am deeply sorry and blame myself for the negative impact of LeEco’s debt crisis,” he said in the statement that was posted on his official WeChat ...

Battery Swapping Can Push Electric Car Revolution: ADB Blog

23Oct By Press Trust of IndiaNo Comments

BLOGS

Battery Swapping Can Push Electric Car Revolution: ADB Blog

Battery swapping can propel India's electric car revolution in the short-term as the country struggles to deal with vehicular pollution, said a blog on Asian Development Bank's site today. Tenders to procure 10,000 high-performance electric cars have already been announced, and the government is expected to invite bids for 50,000 electric three-wheelers from the original equipment manufacturers by the end of this year. As per the blog, over 6 lakh electric rickshaws using lead-acid batteries are plying Indian roads. It takes 8-9 hours for each vehicle to get fully charged, and the batteries must be replaced twice a year. "India's push for electric vehicles is moving forward, but many challenges remain. One of them is the country's lack of charging infrastructure," said the blog. ...

7May By reutersNo Comments

INDIA

India’s Green Car Plan Prioritizes Electric Vehicles Over Hybrids

India's most influential government think-tank has recommended lowering taxes and interest rates for loans on electric vehicles, while capping sales of conventional cars, signaling a dramatic shift in policy in one of the world's fastest growing auto markets. A draft of the 90-page blueprint, seen by Reuters, also suggests the government opens a battery plant by the end of 2018 and uses tax revenues from the sale of petrol and diesel vehicles to set up charging stations for electric vehicles. The recommendations in a draft report by Niti Aayog, the planning body headed by Prime Minister Narendra Modi, are aimed at electrifying all vehicles in the country by 2032 and will likely shape a new mobility policy, said government and industry sources. The report's focus solely on electric v...

Tesla Raises $1.2 Billion, 20 Percent More Than Planned

19Mar By reutersNo Comments

FUNDING

Tesla Raises $1.2 Billion, 20 Percent More Than Planned

Tesla said on Friday it had raised about $1.2 billion, roughly 20 percent more than it had planned, by selling common shares and convertible debt, ahead of the launch of the crucial Model 3 sedan. The company, led by Elon Musk, said it sold 1.3 million common shares at $262 apiece to raise $350 million and that it raised another $850 million though the sale of convertible senior notes due 2022. The electric car company said on Wednesday it planned to sell $250 million worth of stock and $750 million in notes. Tesla had been expected to raise capital since late last year, with the expectations gaining steam last month after Musk said the company could be "close to the edge" on cash needs. Musk had Tesla was considering a number of options, including raising capital, to reduce ri...

Automobile Major Mahindra Wants Electric Cars Out From GST Tax

28Oct By NitishNo Comments

Automobile, News

Automobile Major Mahindra Wants Electric Cars Out From GST Tax

Automobile major Mahindra hopes that the proposed GST regime will not treat electric cars as luxury items and therefore, it should be taxed accordingly. "We hope that the upcoming GST regime will not treat electric cars as luxury items and will not be taxed at high rates," Mahesh Babu, CEO-designate of Mahindra Electric, told reporters here today. Launching the 'e2o Plus' hatchback electric car here today, he said that the initial cost of acquisition of such cars are very high, compared to conventional ones in the same category. "The cost price of an electric car is pretty steep even after passing on the special incentive given by the government to the buyer. But the cost of ownership is very low," Babu said. The sole automobile company manufacturing electric cars in India, has pr...

Beijing Based LeEco Launches Driverless Electric Concept Supercar

21Apr By AnkitaNo Comments

CHINA

Beijing Based LeEco Launches Driverless Electric Concept Supercar

Chinese technology company LeEco today unveiled what it claimed to be the world's first driverless electric concept supercar. The company, which has an aggressive strategy for Indian smartphone space, also launched three smartphones, Le 2, Le 2 Pro and Le Max 2, and two premium televisions Le Super 4X50 and Pro/X50. The LeSEE supercar encompasses a unique internet design, with a large and flamboyant LED screen. The car works on the idea of "inter-connection" and offers fully-automatic driving functions. It can also learn on its own with facial recognition, emotion recognition, system recognition and path recognition. The company did not share details of the car with regard to commercial launch, time and money invested in developing and price tag, among others. All it said was it w...