LONDON (Reuters) – British Steel, the country’s second largest steel producer, has collapsed after failing to secure emergency government funding, jeopardising some 25,000 jobs, Britain’s Official Receiver said on Wednesday. FILE PHOTO: A general view shows the British Steel works in Scunthorpe, Britain, May 21, 2019. REUTERS/Scott Heppell The High Court ordered the compulsory liquidation… Continue reading British Steel goes into liquidation after failing to secure loan
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Daimler says all costs under scrutiny after moderate start to 2019
The Mercedes logo is seen on a Vision Mercedes-Maybach Ultimate Luxury show car ahead of the Daimler annual shareholder meeting in Berlin, Germany, May 22, 2019. REUTERS/Hannibal Hanschke BERLIN (Reuters) – German luxury carmaker Daimler said all costs were under scrutiny after reporting a moderate start to the year and affirmed its full-year forecast. “Everything… Continue reading Daimler says all costs under scrutiny after moderate start to 2019
VW truck brand to invest $344 mln in Brazil after Ford exit
FILE PHOTO: The logo of Swedish truck maker Scania is pictured at the IAA truck show in Hanover, September 22, 2016. REUTERS/Fabian Bimmer/File Photo SAO PAULO (Reuters) – Volkswagen AG truck brand Scania said on Tuesday it will invest 1.4 billion reais ($344.14 million) to modernize its Brazilian factory in Sao Bernardo do Campo, an… Continue reading VW truck brand to invest $344 mln in Brazil after Ford exit
Self-driving trucks begin mail delivery test for U.S. Postal Service
(Reuters) – The U.S. Postal Service on Tuesday started a two-week test transporting mail across three Southwestern states using self-driving trucks, a step forward in the effort to commercialize autonomous vehicle technology for hauling freight. The TuSimple self-driving truck is pictured in this undated handout photo obtained by Reuters May 20, 2019. TuSimple/Handout via REUTERS… Continue reading Self-driving trucks begin mail delivery test for U.S. Postal Service
City simulator wins VC backing as investors seek driverless car exposure
LONDON (Reuters) – Venture capital investors backed Immense Simulations, a British software company which creates interactive replicas of cities, on Tuesday in the latest sign of money pouring into firms that stand to gain from driverless vehicles becoming more mainstream. Immense Simulations raised $4.6 million in its Series A funding round co-led by British venture capital firm… Continue reading City simulator wins VC backing as investors seek driverless car exposure
Sweden’s Veoneer to raise $500 million for working capital
May 20 (Reuters) – Swedish auto tech company Veoneer said on Monday it intends to raise cash for working capital through an offering of its common stock and convertible senior notes. The company plans concurrent offerings of $350 million of shares of common stock and $150 million aggregate principal amount of convertible senior notes due… Continue reading Sweden’s Veoneer to raise $500 million for working capital
China’s Didi shuns Mexico’s ride-hailing tax plan
MEXICO CITY, May 20 (Reuters) – Chinese ride-hailing platform Didi said on Monday it would not take part for now in a new Mexican scheme to retain tax from drivers and delivery riders at technology companies, after rival firms Uber and Cabify signed up to the program. In a statement, Didi said it will continue… Continue reading China’s Didi shuns Mexico’s ride-hailing tax plan
Daimler plans to cut administration costs by 20%: Handelsblatt
FILE PHOTO: Ola Kaellenius, a board member of Daimler AG presents the new Mercedes GLC F-CELL during the Frankfurt Motor Show (IAA) in Frankfurt, Germany September 12, 2017. REUTERS/Kai Pfaffenbach/File Photo FRANKFURT (Reuters) – Incoming Daimler boss Ola Kaellenius is working on a cost cut program to reach profit margin targets which are threatened by… Continue reading Daimler plans to cut administration costs by 20%: Handelsblatt
GM says most new vehicles to get over-the-air upgrade tech by 2023
The General Motors logo is seen outside its headquarters at the Renaissance Center in Detroit, Michigan in this file photograph taken August 25, 2009. REUTERS/Jeff Kowalsky/Files DETROIT (Reuters) – General Motors Co said on Monday most of its global models will be capable of over-the-air software upgrades by 2023, as the automaker rolls out new… Continue reading GM says most new vehicles to get over-the-air upgrade tech by 2023
Ford Motor Co to cut 10% of white-collar jobs as part of global restructuring
DETROIT (Reuters) – Ford Motor Co said on Monday it will eliminate about 10% of its global salaried workforce, cutting about 7,000 jobs by the end of August as part of its larger restructuring in a move that will save the No. 2 automaker $600 million annually. FILE PHOTO: FILE PHOTO – The Ford logo… Continue reading Ford Motor Co to cut 10% of white-collar jobs as part of global restructuring