Taiwan’s Foxconn and Chinese automaker Zhejiang Geely Holding Group said on Wednesday they will join hands to provide contract manufacturing for automakers. They will each hold 50% of a venture that will also provide consulting services on electric vehicle (EV) technologies to automakers, the companies said in a statement. It marks the latest move by… Continue reading Apple supplier Foxconn inks partnership with Geely for contract manufacturing of cars
Author: Deal Street Asia Online News
Elon Musk’s Tesla registers subsidiary in India, names three directors
According to a Registrar of Companies (RoC) filing, the new entity Tesla India Motors and Energy Private Limited is registered in Bengaluru, Karnataka and is classified as a subsidiary of a foreign company. It has also registered its office in Lavelle Road, a business district in the southern city, with paid-up capital of ₹1 lakh and… Continue reading Elon Musk’s Tesla registers subsidiary in India, names three directors
Cognizant to acquire US-based cloud transformation consultancy group Linium
The acquisition marks Cognizant’s seventh cloud-related acquisition since January 2020, and continued investment in expanding capabilities in the strategic focus areas of cloud, data and artificial intelligence (AI), digital engineering, and internet of things (IoT). Including Linium, Cognizant has invested approximately $1.4 billion in acquisitions over the past 12 months in these areas. “Linium’s specialized… Continue reading Cognizant to acquire US-based cloud transformation consultancy group Linium
Goldman-backed car maintenance startup Tuhu looks to raise at least $200m
A Chinese online car-services platform backed by investors including Goldman Sachs Group Inc. and Tencent Holdings Ltd. is seeking fresh funding at a valuation of about $4 billion, according to people familiar with the matter. Shanghai Lantu Information Technology Holding Ltd., commonly known as Tuhu, is working with advisers on the new round that could… Continue reading Goldman-backed car maintenance startup Tuhu looks to raise at least $200m
China’s Baidu said to plan smart EV firm, to make cars at Geely plant
China’s Baidu Inc plans to form a company to make smart electric vehicles (EV), two sources familiar with the matter said, with manufacturing to be carried out at plants owned by automaker Geely. Baidu, the leading search engine company in China, will take a majority stake and absolute voting power in the new company. The venture will revamp some of Geely‘s existing car manufacturing facilities to make the vehicles, with in-car software input from Baidu and… Continue reading China’s Baidu said to plan smart EV firm, to make cars at Geely plant
Hyundai Motor says it is in early talks with Apple for tie-up in EVs, batteries
Hyundai Motor Co said it was in early discussions with Apple after Korea Economic Daily TV reported that the two were in talks to cooperate on electric cars and batteries, sending Hyundai‘s shares surging 24%. “Apple and Hyundai are in discussions but they are at an early stage and nothing has been decided,” Hyundai Motor said in a statement. The… Continue reading Hyundai Motor says it is in early talks with Apple for tie-up in EVs, batteries
LafargeHolcim buys Firestone Building Products from Japan’s Bridgestone in $3.4b deal
LafargeHolcim, the world’s biggest cement maker, on Thursday, announced $3.4 billion deal to buy Firestone Building Products from Japan’s Bridgestone Corporation in its biggest acquisition in more than a decade. The purchase of the roofing products business is the biggest under CEO Jan Jenisch, who since taking over in 2017 has focussed on paying down debts, quitting… Continue reading LafargeHolcim buys Firestone Building Products from Japan’s Bridgestone in $3.4b deal
Italy’s CNH Industrial revives talks to sell truckmaker Iveco to China’s FAW
CNH Industrial is in talks with China’s FAW over the future of truckmaker Iveco, the Italian-American group said on Wednesday after sources told Reuters it had revived previously aborted negotiations. A spokesman for CNH Industrial – whose new CEO, Scott W. Wine, took office this week – confirmed that the group is in preliminary discussions over… Continue reading Italy’s CNH Industrial revives talks to sell truckmaker Iveco to China’s FAW
UK-based self-driving software startup Oxbotica raises $47m from Tencent, others
Self-driving software startup Oxbotica said on Wednesday it has raised $47 million in its latest funding round led by the venture arm of oil giant BP and including health and safety device maker Halma Plc and Tencent. The startup, an Oxford University spin-out that develops autonomous systems that could be used in vehicles from taxis to freight… Continue reading UK-based self-driving software startup Oxbotica raises $47m from Tencent, others
Warburg-backed Chinese car parking firm Sunsea secures $100m Series B
Chinese car parking management firm Sunsea Parking has secured $100 million in a Series B round of financing from global investment bank Goldman Sachs’s venture department and Korean PE firm Anchor Equity Partners, according to a company statement on Tuesday. Chinese new economy-focused investment bank Paradigm Advisors was the advisor for the Series B round.… Continue reading Warburg-backed Chinese car parking firm Sunsea secures $100m Series B