Japan’s Nippon Steel Corp has completed its acquisition of majority stakes in two electric arc furnace steelmakers in Thailand, paying about $477 million in total, it said on Monday. The company, Japan’s biggest steelmaker, said in January that it will buy Thai steelmakers G Steel PCL and G J Steel PCL in a deal worth up to… Continue reading Nippon Steel buys majority stakes in two Thai firms from Ares SSG fund
Author: Deal Street Asia Online News
US agency to review if Pony.ai followed crash reporting order
The National Highway Traffic Safety Administration (NHTSA) on Tuesday said it will review whether startup technology firm Pony.ai complied with government reporting requirements for driverless crashes. Pony.ai earlier this month agreed to issue a recall for some versions of its autonomous driving system software after an October crash in California. The recall, which the NHTSA said was the “first recall of an automated driving… Continue reading US agency to review if Pony.ai followed crash reporting order
Temasek-backed Ola Electric faces India probe following e-scooter fire
India is investigating how an e-scooter built by Ola Electric caught fire at the weekend, with the government worried the incident could cause panic and hamper growth of the nascent electric vehicle (EV) sector, a top bureaucrat told Reuters. For Prime Minister Narendra Modi’s government, EVs are crucial to meeting India’s carbon reduction target and reducing its… Continue reading Temasek-backed Ola Electric faces India probe following e-scooter fire
China pushing hard for swappable batteries for electric vehicles
A year ago Tesla dismissed the alternative path of electric car battery swapping as “riddled with problems and not suitable for widescale use”. It seems Beijing disagrees. In fact, China is pushing hard for swappable batteries for electric vehicles (EVs) as a supplement to regular vehicle charging, with the government throwing its weight behind several companies advancing the technology. Four companies – automakers Nio… Continue reading China pushing hard for swappable batteries for electric vehicles
Self-driving truck startup TuSimple to explore options for APAC businesses
Self-driving driving truck startup TuSimple Holdings Inc said on Monday it would explore “certain transactions” for its Asia-Pacific-focused businesses, sending shares in the company up 2.3% in premarket trade. The company, backed by Chinese social media firm Sina Corp, said the exploration process does not include plans for a divestiture or a similar transaction for any of… Continue reading Self-driving truck startup TuSimple to explore options for APAC businesses
China’s NIO Capital closes oversubscribed USD Fund II at $400m …
NIO Capital, an investment firm founded by Chinese electric vehicle (EV) maker NIO, announced on Monday that it reached the final closing of a flagship fund at about $400 million to step up investments in energy, automobiles, and deep technology industries. The new fund, named “Eve ONE Fund II,” received capital commitments from a diversified… Continue reading China’s NIO Capital closes oversubscribed USD Fund II at $400m …
EV-focused fund Rockets Capital raises $200m from Xpeng, others …
Rockets Capital, a fund focused on investments in the smart energy vehicle (EV) supply chain, said on Thursday it raised more than $200 million from investors that included Xpeng, Sequoia China, IDG Capital and GGV Capital. The round’s strategic anchor investor was electric vehicle manufacturer Xpeng, Rockets Capital said in a statement, adding that eGarden and 5Y Capital were among other investors. Rockets Capital, which… Continue reading EV-focused fund Rockets Capital raises $200m from Xpeng, others …
Chinese EV battery maker Phylion looks to raise $236m in new round
Phylion, a maker of lithium-ion batteries for electric vehicles (EVs), is planning to raise up to 1.5 billion yuan ($236 million) in a new round of financing, according to a statement on Tuesday. State-backed Shenzhen Capital Group, the lead investor of the round, has already seeded 950 million yuan ($149 million), the statement added. Upon… Continue reading Chinese EV battery maker Phylion looks to raise $236m in new round
Ride-hailing firm Didi said to halt Hong Kong listing plans …
Ride-hailing firm Didi Global Inc has suspended preparations for its Hong Kong listing after failing to appease Chinese regulators’ demand to overhaul its systems for handling sensitive user data, Bloomberg News reported on Thursday. The Cyberspace Administration of China told Didi executives that their proposals to prevent security and data leaks had fallen short, Bloomberg said, citing people familiar with the matter. Didi did not immediately… Continue reading Ride-hailing firm Didi said to halt Hong Kong listing plans …
Self-driving startup Pony.ai valued at $8.5b after first tranche of Series D funding …
Self-driving tech company Pony.ai, backed by Toyota Motor Corp, has raised the first tranche of its Series D round of financing to reach a valuation of $8.5 billion, the startup announced on Monday. While it did not disclose the investors or financial details of the first tranche, Pony.ai said that the fresh capital brought its… Continue reading Self-driving startup Pony.ai valued at $8.5b after first tranche of Series D funding …