STOCKHOLM: Sweden’s Volvo Car Group reported a 8.2% rise in operating profit on Thursday for the second half of 2020, and said it would improve profitability to pre-corona levels this year if market conditions continue to normalise. The Gothenburg-based carmaker, owned by China’s Geely Holding, reported July-December operating earnings of 9.50 billion Swedish crowns ($1.1… Continue reading Volvo Cars posts 8% rise in July-December profit
Author: Economic Times of India Online News
California leads US sprint towards electric vehicles
NEW YORK: California is “far and away” leading the U.S. shift to electric vehicles, researchers said on Wednesday, as President Joe Biden’s new administration steps up its clean energy drive. California, the most populous U.S. state, is the only one with deadlines for electrifying transit buses, heavy trucks, and commercial vehicles, found an analysis by… Continue reading California leads US sprint towards electric vehicles
China’s FAW considers acquiring BMW partner Brilliance in $7.2 billion deal: Sources
Under plans currently being discussed, FAW would first purchase 30.43% of Brilliance owned by Huachen and 11.89% owned by the state-controlled Liaoning Provincial Transportation Investment Group, said the sources. FAW Group is looking at acquiring Brilliance China Automotive Holdings Ltd, BMW‘s main Chinese partner, in deals that may cost it some $7.2 billion and then… Continue reading China’s FAW considers acquiring BMW partner Brilliance in $7.2 billion deal: Sources
From trusted Ghosn adviser to nemesis: High-powered Nissan executive Hari Nada’s great escape
Thanks in his ruthless corporate knife-fighting skills, Nada allowed himself to deftly transform from trusted Ghosn adviser to nemesis. TOKYO: It was the fall of 2018, and Hari Nada, a high-powered Nissan executive, was afraid he might be headed to jail. Japanese prosecutors, Nada wrote in a note, were “seriously considering a criminal charge” against… Continue reading From trusted Ghosn adviser to nemesis: High-powered Nissan executive Hari Nada’s great escape
Elon Musk’s shy 36-year-old finance chief, Zachary Kirkhorn, behind Tesla’s remarkable turnaround
Several sell-side analysts said they’ve never talked with him on the phone. But, by the yardsticks that measure most CFOs, he has excelled. Tesla shares have risen more than 1,300% during his tenure. Tesla Inc. is widely expected to report its sixth consecutive quarterly profit Wednesday — and potentially its first $1-billion quarter. That follows… Continue reading Elon Musk’s shy 36-year-old finance chief, Zachary Kirkhorn, behind Tesla’s remarkable turnaround
GM workers’ union firm on wanting jobs at Talegaon plant
GM ceased production of parts at the plant in early 2020 due to mounting losses. PUNE: The General Motors Employees Union (GMEU), which represents the workers at GM’s shuttered Talegaon plant, said they were not willing to accept a severance package offered by the auto giant, and instead want employment at the plant, which is… Continue reading GM workers’ union firm on wanting jobs at Talegaon plant
Faraday Future to push forward with EV project in China will enlist Geely’s help: Sources
The company told prospective investors this month it plans to locate the plant in a “tier one Chinese city” and envisions that it will have the capacity to make over 100,000 vehicles a year in its initial phase, one of the sources said. By Yilei Sun and Brenda Goh SHANGHAI: Embattled startup Faraday Future will… Continue reading Faraday Future to push forward with EV project in China will enlist Geely’s help: Sources
Vietnam’s Vingroup to raise $303.6 mln via bonds for phones, autos units
HANOI: Vingroup, Vietnam‘s biggest listed company, is seeking to raise 7 trillion dong ($303.6 million) through issue of domestic bonds this year to fuel its automobile and smartphone units, the company said in a statement. The issuance would be in three phases, starting on Feb. 18, the company said. Nearly 73% of capital raised will… Continue reading Vietnam’s Vingroup to raise $303.6 mln via bonds for phones, autos units
China Evergrande New Energy Vehicle Co attracts investors to raise $3.4 billion
The company’s balance of interest-bearing indebtedness was 716.5 billion yuan ($110.6 billion) at the end of 2020 HONG KONG: Property giant China Evergrande’s Hong-Kong listed electric vehicles firm said on Sunday it would bring in six new investors to raise HK$26 billion ($3.4 billion) to fund technology research and repay debt. China Evergrande New Energy… Continue reading China Evergrande New Energy Vehicle Co attracts investors to raise $3.4 billion
Elon Musk targets telecom for next disruption with Starlink internet
Elon Musk became the world’s richest person this month by upending the global auto industry and disrupting aerospace heavyweights with reusable rockets. Now he’s setting his sights on another business dominated by entrenched incumbents: telecommunications. Musk’s Space Exploration Technologies Corp. has launched more than 1,000 satellites for its Starlink internet service and is signing up… Continue reading Elon Musk targets telecom for next disruption with Starlink internet