Electric vehicle (EV) infrastructure startup Revos has received $4 million from venture capital firms, US-based Union Square Ventures (USV) and Bengaluru-headquartered Prime Venture Partners (PVP), as part of its Series A round. Revos has raised about $4.5 million so far, including the latest round. The company will use the capital to deploy EV chargers across… Continue reading EV infra startup Revos bags $4 million in funding
Author: Economic Times of India Online News
Manufacturing growth slows in August, PMI at 52.3
Growth in manufacturing activities in the country slowed in August as input costs increased and concerns surrounding the damaging impact of Covid-19 on demand and firms’ finances dampened business confidence, a private survey showed on Wednesday. The IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) was at 52.3 in August, down from 55.3 in July,… Continue reading Manufacturing growth slows in August, PMI at 52.3
August 2021 auto sales: Consumer demand positive, supply side constraints pose challenge
In anticipation of the festive season, dealers are getting robust enquiries and order bookings across segments. New Delhi: The Indian automotive industry, it appears, is gradually getting out of the COVID-induced lockdown challenges. Except for Maruti Suzuki, all other major OEMs have reported positive sales growth in August 2021 compared to the same last year.… Continue reading August 2021 auto sales: Consumer demand positive, supply side constraints pose challenge
VW reaches $42 million settlement with U.S. owners over Takata air bags
The settlement is the latest by major automakers and much of the funding goes to boosting recall completion rates. To date, seven other major automakers have agreed to settlements worth about $1.5 billion covering tens of millions of vehicles. By David Shepardson WASHINGTON: Volkswagen‘s U.S. unit has agreed to a $42 million settlement covering 1.35… Continue reading VW reaches $42 million settlement with U.S. owners over Takata air bags
Minda Corp to buy 26% stake in charging solutions startup EVQPOINT
The investment will make Spark Minda Group EVQPOINT’s exclusive technology and manufacturing partner for battery chargers and EV supply equipment, the auto component maker said. New Delhi: Minda Corporation Limited [MCL], through its 100% subsidiary Spark Minda Green Mobility Solutions, on Wednesday entered into definitive agreements for acquiring 26% equity stake in charging solutions startup… Continue reading Minda Corp to buy 26% stake in charging solutions startup EVQPOINT
Tata Motors domestic sales up 53% at 54,190 units in August; EV sales at 1022
For August 2021, domestic sales in the passenger vehicle segment grew 51% at 28,018 units, which include 26,996 ICE vehicles and 1,022 electric cars. New Delhi: Auto major Tata Motors on Wednesday reported a growth of 53% in its total domestic sales at 54,190 units in August 2021. The auto major sold 35,420 units in… Continue reading Tata Motors domestic sales up 53% at 54,190 units in August; EV sales at 1022
China’s Xiaomi completes business registration of electric vehicle unit
The smartphone maker, which became the world’s second top-selling brand behind Samsung in the second quarter, confirmed its foray into electric cars in March, pledging to invest $10 billion over the next 10 years. By Josh Horwitz SHANGHAI: Chinese smartphone giant Xiaomi Corp said on Wednesday it has completed the official business registration of its… Continue reading China’s Xiaomi completes business registration of electric vehicle unit
GDP data for first quarter 2021-22 reaffirms imminent V-shaped recovery, says Chief Economic Advisor
New Delhi: GDP data for the first quarter 2021-22 reaffirms the government prediction of an imminent V-shaped recovery, said Chief Economic Advisor (CEA), Krishnamurthy Subramanian, on Tuesday. Subramanian also mentioned that the Gross nonperforming assets (NPAs) declined from 11.2 per cent in March (2018) to 7.4 per cent in March (2021). While briefing the media… Continue reading GDP data for first quarter 2021-22 reaffirms imminent V-shaped recovery, says Chief Economic Advisor
Shell to vastly expand EV charging network in Britain
LONDON – Royal Dutch Shell on Wednesday announced plans to vastly expand its network of electric vehicle charging points in Britain, aiming to install 50,000 on-street posts by 2025. Shell will implement the plans through ubitricity, an on-street charging point company that it acquired in February which operates around 3,600 chargers in Britain. The expansion… Continue reading Shell to vastly expand EV charging network in Britain
Auto sales preview: Sales recovery to continue in August but supply-side issues persist
NEW DELHI: Commercial vehicles (CVs) and two-wheelers volumes are likely to report strong sales in August, while tractor volumes may see some seasonal softness, say market experts. Demand for personal vehicles (PVs) might remain strong, notwithstanding supply-side challenges, say the experts tracking the sector. Dealers are witnessing a strong rise in enquiries and order booking… Continue reading Auto sales preview: Sales recovery to continue in August but supply-side issues persist