Representative Image New Delhi: Mahindra and Mahindra (M&M) on Wednesday said it has increased stake in its Finland-based arm Sampo Rosenlew Oy to 79.13 per cent with the acquisition of additional 1,050 shares for Rs 31.15 crore. Sampo Rosenlew is a leading player in combine harvesters’ market, well-known for mid-sized combine harvesters in the markets… Continue reading M&M ups stake in Finland-based subsidiary
Author: Economic Times of India Online News
SheerDrive raises seed round funding from Group Landmark
Representative Image Ahmedabad: SheerDrive, a Mumbai-based digital used-car platform, has successfully closed its seed round funding with Group Landmark, a TPG portfolio company, and India’s leading automobile retail chain with more than 80 facilities across 27 cities. SheerDrive aims to transform and streamline the way pre-owned cars are bought and sold. It offers an online… Continue reading SheerDrive raises seed round funding from Group Landmark
Joby Aviation takes over Uber’s air taxi business, Elevate
Uber in January announced it had partnered with South Korean automaker Hyundai Motor Co to develop electric air taxis as part of its Elevate program. By Tina Bellon and Uday Sampath Kumar – Joby Aviation, an electric passenger aircraft developer, said on Tuesday it would take over Uber Technologies Inc‘s flying taxi unit, Elevate, the… Continue reading Joby Aviation takes over Uber’s air taxi business, Elevate
Chip supply crunch likely to hit China’s auto output in Q1 2021: industry body
Representative Image BEIJING/SHANGHAI: A shortage of certain auto chips may start to have a big impact on car production at some Chinese companies in the first quarter next year, a senior industry executive said on Tuesday, which may cast a shadow over the global auto sector’s recovery. Automobiles have become increasingly dependent on chips –… Continue reading Chip supply crunch likely to hit China’s auto output in Q1 2021: industry body
Daimler board backs strategy, staff fund planned
File Image BERLIN: The supervisory board of German automaker Daimler agreed on Thursday to back a strategic plan to cut fixed costs, capex and R&D spending and announced a new transformation fund for staff worth 1 billion euros ($1.22 billion) up until 2025. Daimler said in a statement that the supervisory board had given its… Continue reading Daimler board backs strategy, staff fund planned
Germany scraps renewable fee on green hydrogen to encourage new technology
The government also intends to monitor effects of the measure in 2022 and look into further activities to boost green electricity in power systems. BERLIN: Germany‘s government on Wednesday lifted a charge levied on power prices to support renewable energy for producers of so-called green hydrogen, part of a bid to encourage the nascent technology… Continue reading Germany scraps renewable fee on green hydrogen to encourage new technology
General Motors Co sent back to drawing board after most South Korea union members reject labour deal
SEOUL: General Motors Co, which has long struggled with labour relations in South Korea, will have to renegotiate a preliminary labour deal after a majority of union members voted against it. Only about 45% of members were in favour of an agreement reached with union negotiators last week for each member to receive a lump… Continue reading General Motors Co sent back to drawing board after most South Korea union members reject labour deal
Setco Automotive CFO Vinay Shahane passes away
File Image New Delhi: Setco Automotive on Wednesday said its long-time chief financial officer Vinay Shahane passed away on November 23. “We regret to inform you of the sudden and sad demise of Mr. Vinay Shahan, Vice President and CFO of the company. Mr. Shahane’s sudden and unexpected passing away will be an irreparable loss… Continue reading Setco Automotive CFO Vinay Shahane passes away
Cars24 raises new funds led by DST Global, valuation hits $1 billion
Online used car marketplace Cars24 has secured $200 million Series E financing led by existing investor DST Global at a post-money valuation of just over $1 billion, doubling from $500 million when it had raised $100 million financing in October last year. The financing round also catapults the company into the unicorn club, becoming the… Continue reading Cars24 raises new funds led by DST Global, valuation hits $1 billion
US safety agency seeks input on autonomous vehicle rules
So far the NHTSA has taken a voluntary approach to autonomous vehicles without standards and regulations. DETROIT – The U.S. government’s road safety agency is asking for public comment on how it should regulate safe deployment of self-driving vehicles. Seeking public comment is an early step in drawing up possible regulations, but that process takes… Continue reading US safety agency seeks input on autonomous vehicle rules