Automakers bank on buyback option to tackle slowdown

It’s not just the established companies that are offering this facility but also the new ones. Nilanjan Banerjee of New Delhi bought Mahindra’s premium luxury SUV, Alturas, this month. No big deal, except that he will keep the vehicle for three years, or 30,000 km, after which he is assured a buyback at 57% of… Continue reading Automakers bank on buyback option to tackle slowdown

Peugeot workers target Brexit spoils

With the no-deal risk rising after Johnson decided to suspend parliament, France, Spain, Germany or Portugal are poised to mop up work if an accord with the European Union can’t be reached. Autoworkers in continental Europe are angling to snatch Vauxhall production that owner PSA Group plans to move out of the U.K. if Prime… Continue reading Peugeot workers target Brexit spoils

SpotHero raises $50 million in Series D funding

SpotHero is planning to deepen technology stack to standardize and optimize access to parking throughout North America. New Delhi: SpotHero, a digital parking solutions provider has raised $50 million in Series D funding, claims the company in a release. The funding move was led by Macquarie Capital, bringing SpotHero total funding of $118 million till… Continue reading SpotHero raises $50 million in Series D funding

Cost of EVs to be at par with combustion engine cars in 3-4 yrs: Kant

“The cost of electric vehicles will almost become at par with combustion (engine) cars in the next 3-4 years,” the NITI Aayog CEO said while addressing a CII event here. NEW DELHI: NITI Aayog CEO Amitabh Kant on Wednesday said the cost of electric vehicles will almost become at par with combustion engine cars in… Continue reading Cost of EVs to be at par with combustion engine cars in 3-4 yrs: Kant

Maruti to invest in new products, expansion despite the downturn

“Demand for SUVs in India is growing rapidly. Only recently, we introduced the XL6. We recognise the importance of SUVs and will work to ensure that the market is adequately covered”, said Maruti Suzuki chairman RC Bhargava. NEW DELHI: Maruti Suzuki chairman RC Bhargava said despite the downturn the company will continue investments in new… Continue reading Maruti to invest in new products, expansion despite the downturn

Volvo’s Polestar opens China factory to export to Europe, US

Polestar opened a factory Tuesday in the western city of Chengdu to produce the Polestar 1, a two-door, gasoline-electric hybrid coupe with a carbon-fiber body. BEIJING – Amid rising trade tension, Volvo’s electric brand, Polestar, is going ahead with plans to export its first Chinese-made model to the United States next year, the automaker’s CEO… Continue reading Volvo’s Polestar opens China factory to export to Europe, US

Maruti Suzuki cuts 3,000 contract jobs

Maruti Suzuki India Ltd Chairman R.C. Bhargava said that the company had not renewed the contracts of 3,000 temporary employees. NEW DELHI – Maruti Suzuki India Ltd Chairman R.C. Bhargava said on Tuesday the company had not renewed the contracts of 3,000 temporary employees, as the automaker battled rising inventory amid a slowdown in demand.… Continue reading Maruti Suzuki cuts 3,000 contract jobs

Porsche invests $2 mn in Israeli AI tech startup

The Israeli solution is based on nearly a decade of advanced nanophotonics research Jerusalem, German luxury auto manufacturer Porsche has invested $2 million in Israeli startup TriEye, which has developed visibility enhancement technology in harsh weather conditions, the two companies said. TriEye, founded in 2017 and headquartered in the coastal city of Tel Aviv, has… Continue reading Porsche invests $2 mn in Israeli AI tech startup

Zendrive raises $37 million Series B funding

Zendrive has also launched the FullStop, its first-ever AI-powered predictive risk solution for stop sign compliance. New Delhi: Road safety solution provider Zendrive has raised a Series B funding of $37 million, from key investors like XL Innovate, Hearst Ventures alongside existing investors – ACME Capital, BMW iVentures, NYCA, SignalFire, and others. Zendrive claims that… Continue reading Zendrive raises $37 million Series B funding

BYD’s profit triples as China’s electric car boom continues

China is considering offering favourable treatment to other vehicle technologies including petrol-electric hybrid vehicles SHANGHAI – Chinese electric car maker BYD Co Ltd posted a 203.6% rise in first-half profit on Wednesday, as China’s new energy vehicle market continues to surge. The Shenzhen-based company, which is backed by U.S. investor Warren Buffett and whose products… Continue reading BYD’s profit triples as China’s electric car boom continues