Chinese electric vehicle manufacturer Iconiq Holding Limited (NWTN) has agreed to merge with Nasdaq-listed special purpose acquisition company (SPAC) East Stone Acquisition Corporation, valuing the combined company at $2.5 billion. In a statement, the two companies said the proposed merger has already been approved by both boards and will now be up for approval by… Continue reading Chinese EV maker Iconiq to merge with Nasdaq-listed SPAC East Stone
Author: Deal Street Asia Online News
Indian bike taxi startup Rapido raises $180m funding led by Swiggy …
Bengaluru-based bike taxi startup Rapido has raised $180 million in its Series D funding round led by food delivery giant Swiggy, per an announcement on Friday. The round also saw investment from two-wheeler maker TVS Motor Company, along with existing investors, Westbridge, Shell Ventures, and Nexus Ventures, the company said in a statement. The funds… Continue reading Indian bike taxi startup Rapido raises $180m funding led by Swiggy …
EV maker Nio suspends production as China’s COVID-19 curbs disrupt supply chain …
Chinese electric vehicle (EV) maker Nio said on Saturday it has suspended production after the country’s measures to contain the recent surge of COVID-19 cases disrupted operations at its suppliers. “Since March, due to reasons to do with the epidemic, the company’s supplier partners in several places including Jilin, Shanghai and Jiangsu suspended production one after the… Continue reading EV maker Nio suspends production as China’s COVID-19 curbs disrupt supply chain …
Vietnamese automaker VinFast files for IPO in US
Vietnamese automaker VinFast said on Thursday that a Singapore-based holding company that owns a stake in it had confidentially filed for an initial public offering (IPO) with U.S. securities regulators. VinFast, which is a unit of Vietnam’s biggest conglomerate Vingroup JSC, said it had not determined the size and price range for the IPO. “There are options to look at.… Continue reading Vietnamese automaker VinFast files for IPO in US
Nippon Steel buys majority stakes in two Thai firms from Ares SSG fund
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
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 …