An investment fund backed by Hillhouse Capital won a bid to acquire a 15% stake in Gree Electric Appliances Inc., China’s largest air-conditioner maker, from its government-owned parent in a deal with an estimated value of $7.5 billion. A review board selected Hillhouse-backed Zhuhai Mingjun over a consortium led by buyout firm Hopu Investment Management… Continue reading Hillhouse Group wins bid to acquire 15% stake in China’s Gree Electric
Author: Deal Street Asia Online News
ABB buys majority stake in Chinese EV charging company
ABB has bought a majority stake in Shanghai Chargedot New Energy Technology Co. Ltd, a Chinese electric vehicle charging company, the Swiss engineering company said on Monday as its ramps up its operations in e-mobility. Chargedot, which employs 185 people, makes charging stations and software platforms to enable vehicles to be charged with electricity. ABB, which… Continue reading ABB buys majority stake in Chinese EV charging company
Faraday looks at $850m fundraise sidestepping founder’s woes
Faraday & Future Inc.’s new chief executive aims to raise about $850 million by the first quarter of next year, an effort he doesn’t expect to be derailed by the financial problems facing the electric-vehicle startup’s founder. The company plans to use proceeds from the upcoming funding round as a bridge to an initial public… Continue reading Faraday looks at $850m fundraise sidestepping founder’s woes
India Digest: Uber investor backs InstaCar; Credence raises funding
Online outstation taxi marketplace InstaCar has raised an undisclosed sum from Uber investor David Cohen while Credence Whole Foods Pvt. Ltd snagged over $1 million in a strategic investment from IndoCan Honey. InstaCar raises capital from Uber Cabs investor Outstation taxi marketplace InstaCar has raised an undisclosed sum from Uber investor David Cohen, according to… Continue reading India Digest: Uber investor backs InstaCar; Credence raises funding
South Korea’s Hyundai Motor may raise stake in China truck JV
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
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