Hyundai Motor said on Tuesday it was considering raising its stake in its underperforming truck joint venture in China, potentially joining other foreign automakers in boosting ownership in the world’s biggest car market. Sichuan Hyundai Motor is Hyundai‘s only commercial car venture in China that makes cargo trucks and buses. Beijing relaxed rules last year on foreign firms controlling any… Continue reading South Korea’s Hyundai Motor may raise stake in China truck JV
Author: Deal Street Asia Online News
Indian cab aggregator Ola launches new self-drive car rental Ola Drive
Cab aggregator Ola today formally launched a self-drive car rental service on its platform ‘Ola Drive’, with a plan to add 20,000 vehicles by end of 2020, according to a company statement on Thursday. The service was initially rolled out for users in Bengaluru as a pilot. Ola now plans to launch the service across Hyderabad, Mumbai,… Continue reading Indian cab aggregator Ola launches new self-drive car rental Ola Drive
Indian auto parts maker Minda acquires Germany’s Delvis
Auto parts maker Minda Industries Ltd has signed a definite pact to acquire German automotive lamps engineering, design and testing company, Delvis Gmbh, at an enterprise value of about €21 million. The deal will include two subsidiaries, Delvis Solution and Delvis Products, Gurugram-based Minda said in a regulatory filing. The transaction, subject to closing conditions… Continue reading Indian auto parts maker Minda acquires Germany’s Delvis
Chinese automaker BYD, property developer Vanke launch $154m tech & logistics fund
BYD, a Chinese automobile manufacturer backed by Warren Buffett, has joined forces with residential real estate developer China Vanke to launch a fund that will invest 1.1 billion yuan ($153.93 million) into the technology and logistics sectors. The partnership, which was sealed on September 30, will see BYD Auto Industry, an affiliate of BYD, inject… Continue reading Chinese automaker BYD, property developer Vanke launch $154m tech & logistics fund
Scooter startup Tier raises $60m led by UAE’s Mubadala Capital
One of Europe’s biggest e-scooter sharing companies said it has raised $60 million in new financing, led in part by one of the sovereign wealth vehicles behind SoftBank Group Corp.’s gargantuan Vision Fund. Berlin-based Tier Mobility, a primary competitor to U.S. e-scooter unicorns Lime and Bird, said it would use the money to accelerate its… Continue reading Scooter startup Tier raises $60m led by UAE’s Mubadala Capital
STRIVE, ITOCHU invest in Japanese flying car developer SkyDrive’s $14m round
Japanese flying car developer SkyDrive has secured $14 million in a fresh funding round, which will finance the startup to carry out flight tests with humans on board. Tokyo-based venture capital firm STRIVE III Limited Liability Partnership and ITOCHU Technology Ventures, the venture capital arm of Japanese ITOCHU Corporation, poured money into the new round.… Continue reading STRIVE, ITOCHU invest in Japanese flying car developer SkyDrive’s $14m round
Australian insurer Suncorp sells vehicle repair unit to AMA Group for $284m
Australian insurer Suncorp Group Ltd said it will sell its vehicle repair business for A$420 million ($283.5 million) as it seeks to focus on its core insurance and banking operations after disappointing results in recent times. The sale of the business, Capital S.M.A.R.T, to smash repairs firm AMA Group comes less than a month after… Continue reading Australian insurer Suncorp sells vehicle repair unit to AMA Group for $284m
India Digest: Wipro earmarks $28m for venture fund; Ola expands in UK; Sleepycat gets $1.56m
Wipro has set aside $28 million for its venture fund, which will invest in retail startups, while cab-hailing service Ola has launched in the UK. Meanwhile, mattress maker Sleepycat secured $1.56 million in a DSG-led Series A round. Wipro allocates $28m for startup venture fund Wipro Consumer Care and Lighting, the FMCG brand of Wipro… Continue reading India Digest: Wipro earmarks $28m for venture fund; Ola expands in UK; Sleepycat gets $1.56m
Indonesia Digest: Grab partners ITB for R&D; Telkomsel backs PrivyID Series A2
Grab has partnered with Bandung Institute of Technology to conduct R&D while Jakarta-based digital signature firm PrivyID has secured its Series A2 funding from Telkomsel Mitra Inovasi. Grab partners Bandung Institute of Technology Southeast Asian ride-hailing app Grab has established a partnership with Bandung Institute of Technology or ITB to conduct research and development for… Continue reading Indonesia Digest: Grab partners ITB for R&D; Telkomsel backs PrivyID Series A2
India: WhistleDrive raises $10m Series B funding from Colosseum
Hyderabad-based WhistleDrive said on Thursday that it has raised ₹72 crore from Chicago-based Colosseum Group under its Series B round of funding. The company, which provides technology-enabled fleet services to corporates, now plans to enter two new cities to add to the three where it currently operates. Rakesh Munnanooru, founder and chief executive, WhistleDrive, said… Continue reading India: WhistleDrive raises $10m Series B funding from Colosseum