Renault will sell just over a third of its Korea unit to China’s Geely Automobile Holdings for 264 billion won ($207 million) as the French automaker looks to shore up sales in its home market and focuses on its electric business. The deal also comes months after Geely and Renault announced a partnership to develop a lineup of… Continue reading Renault to sell 34% of its Korea unit to China’s Geely for $207m …
Author: Deal Street Asia Online News
Uber to cut costs, slow down hiring to turn lean, CEO tells employees
Uber Technologies Inc will scale back hiring and reduce expenditure on its marketing and incentive activities, CNBC reported on Monday, citing a letter from Chief Executive Officer Dara Khosrowshahi. The ride-hailing company becomes the latest to rein in costs to have a lean investment model, after Facebook-owner Meta Platforms Inc said last week it would slow down the growth of its workforce. Khosrowshahi… Continue reading Uber to cut costs, slow down hiring to turn lean, CEO tells employees
Chinese new energy startup Greater Bay Technology raises $150m, joins unicorn club …
Guangzhou Greater Bay Technology, which is incubated by Chinese state-owned automaker GAC Group, has closed nearly 1 billion yuan ($149.8 million) in a Series A round to become the latest unicorn company from China’s new energy sector. The Guangzhou-based startup said in a statement on Thursday that it reached the unicorn valuation of over $1… Continue reading Chinese new energy startup Greater Bay Technology raises $150m, joins unicorn club …
Vietnam-based investment app Finhay said to raise $25m funding
Singapore-based Openspace Ventures and mid-market private equity firm Vietnam Investment Group (VIG) are understood to have co-led a $25 million funding round for Vietnamese robo-advisor Finhay. Finhay’s existing backer, Thien Viet Securities (TVS), also participated in the round, sources familiar with the matter told DealStreetAsia. Go to Source
Indonesian used car marketplace Moladin raises $95m in DST-led Series B …
Moladin, an Indonesia-based marketplace for used cars and motorbikes, has raised $95 million in its Series B funding round led by DST Global, according to regulatory filings seen by DealStreetAsia – DATA VANTAGE. The filing with Singapore’s Accounting and Corporate Regulatory Authority (ACRA) confirms DealStreetAsia’s report in April that said the startup was finalising a… Continue reading Indonesian used car marketplace Moladin raises $95m in DST-led Series B …
Carsome acquires auto websites WapCar, AutoFun WapCar …
Malaysia-based used car marketplace Carsome has acquired Malaysian digital automotive content producer WapCar and its sister website Autofun for an undisclosed sum. WapCar and AutoFun will become a subsidiary named WapCar AutoFun under Carsome after the acquisition is complete. The vehicle content platform was set up in 2019 and runs several websites and social media… Continue reading Carsome acquires auto websites WapCar, AutoFun WapCar …
Chinese EV makers’ deliveries fall as lockdowns hit dealers, plants
Multiple Chinese electric-vehicle (EV) makers posted shrinking monthly deliveries in April as the country’s severe Covid outbreaks disrupted sales channels, supply chains and road transport. In April, Nasdaq-listed Li Auto Inc. delivered 4,167 vehicles, representing a 62% month-on-month plunge and a 14-month low, according to a Sunday statement. Go to Source
Toyota unit signs deal with Thailand on EV incentives
The Thai unit of Toyota Motor Corp on Friday signed an agreement with Thailand on incentives to promote the use of electric vehicles in Southeast Asia’s major auto production base. The EV incentives include tax breaks and subsidies to help reduce the price of EVs to make them more affordable, the finance ministry said in… Continue reading Toyota unit signs deal with Thailand on EV incentives
Vietnam’s VinFast must steer clear of many road blocks for a successful US listing …
Vietnamese electric vehicle (EV) company VinFast, whose Singapore-based holding company has filed for a US public listing, faces a rocky road before it can appeal to retail investors. While the filing to US regulators did not specify the size and price range of the IPO, VinFast is reportedly looking to raise $2 billion at a… Continue reading Vietnam’s VinFast must steer clear of many road blocks for a successful US listing …
Indonesian used-cars marketplace Moladin raising $95m led by DST Global
Moladin, an Indonesia-based marketplace for used cars and motorbikes, is finalising a $95 million Series B round from both new and existing investors, sources privy to the development told DealStreetAsia. While Russian billionaire Yuri Milner’s DST Global is understood to have come in as a new investor to lead the round, existing backers such as… Continue reading Indonesian used-cars marketplace Moladin raising $95m led by DST Global