Author: Deal Street Asia Online News

Foxconn to make electric SUVs with cash-strapped Chinese startup Byton, may invest $200m

Cash-strapped Chinese startup Byton, Apple assembler Foxconn and the Nanjing Economic and Technological Development Zone have agreed to start building electric sport-utility vehicles in 2022, according to a statement on Monday. Young Liu, chairman of Foxconn said in the statement that the partnership with Byton will be a key part in Foxconn’s strategy in electric vehicle (EV) industry.… Continue reading Foxconn to make electric SUVs with cash-strapped Chinese startup Byton, may invest $200m

Indian auto major M&M in talks to offload majority stake in Ssangyong

Mahindra & Mahindra Ltd. is in discussions with an investor for selling a majority stake in Ssangyong Motor Co. as India’s largest SUV maker reassesses its investments amid the pandemic. Mahindra will hold 30% or less in Ssangyong if the deal goes through and will also do a 25% capital reduction, Pawan Goenka, managing director… Continue reading Indian auto major M&M in talks to offload majority stake in Ssangyong

Gojek picks up 22% stake in Bank Jago, opening door to digital banking for customers

Indonesian ride-hailing and super app Gojek has picked a 22 per cent stake in Bank Jago through its payments and financial services arm GoPay, for an undisclosed amount. The partnership will allow Bank Jago to provide digital banking services through the Gojek platform. Gojek’s millions of users will be able to instantly open a bank… Continue reading Gojek picks up 22% stake in Bank Jago, opening door to digital banking for customers

Indian mobility startups eye new offerings to fuel EV strategy

Vogo, a two-wheeler shared mobility startup, plans to launch low-speed EV variants, while Yulu, the biggest in this space, is exploring high-speed variants as part of its product offering. “We aim to introduce low-speed variants in the first half of 2021 as there is a market for this segment in short distances. We are finalising… Continue reading Indian mobility startups eye new offerings to fuel EV strategy

Hyundai units, chief may pay up to $828m to buy Boston Dynamics from SoftBank

Hyundai Motor Group units and its chairman have agreed to buy an 80% stake in robot maker Boston Dynamics from SoftBank Group Corp for around 800 billion to 900 billion won ($736 million-$828 million), a person familiar with the matter told Reuters on Friday. Hyundai can leverage the robot technology to expand automation at its… Continue reading Hyundai units, chief may pay up to $828m to buy Boston Dynamics from SoftBank

Asia Digest: Nextrans kicks off VCFP 2; Grab Vietnam’s initiatives; Anacacia invests in Mwave

South Korean early-stage investor Nextrans has kicked off the Generation 2 of Venture Capital Foundation Program, Grab Vietnam has announced two new initiatives to help small and medium enterprises while Sydney-based private equity firm Anacacia Capital has invested an undisclosed sum in Mwave. VC firm Nextrans kicks off VCFP 2 South Korean early-stage investor Nextrans… Continue reading Asia Digest: Nextrans kicks off VCFP 2; Grab Vietnam’s initiatives; Anacacia invests in Mwave

Australian logistics tech startup Shippit raises $22m, eyes SEA expansion

Australian commerce and logistics technology company Shippit has raised A$30 million ($22 million) in Series B funding that the firm will use to finance its Southeast Asia expansion, among others. The funding round was backed by US-based technology investment firm Tiger Global along with the investor’s local representative Jason Lenga, according to the announcement. Shippit,… Continue reading Australian logistics tech startup Shippit raises $22m, eyes SEA expansion

Uber in advanced talks to sell air taxi unit Uber Elevate to Joby Aviation

Uber Technologies is in advanced talks to sell its air taxi business, “Uber Elevate”, to aerospace firm Joby Aviation, news website Axios reported on Wednesday, citing sources. Uber did not immediately respond to a Reuters request for comment. Its shares rose over 6% following the news. Hyundai Motor Co, which in January announced a partnership… Continue reading Uber in advanced talks to sell air taxi unit Uber Elevate to Joby Aviation

China’s Dongfeng Motor sets up automobile industry equity investment fund, commits $90m

China’s state-owned auto giant Dongfeng Motor Corporation has agreed to make a 597 million yuan ($90 million) commitment to a motor industry equity investment fund, said a company filing to the Stock Exchange of Hong Kong on Monday. Dongfeng inked an agreement with Bank of Communications’ BOCOM International Holdings, BOCOM International’s Shanghai Bole, Dongfeng’s subsidiary… Continue reading China’s Dongfeng Motor sets up automobile industry equity investment fund, commits $90m