Author: Deal Street Asia Online News

Baidu’s EV arm Jidu raises $400m in new funding round

Baidu’s electric vehicle (EV) arm Jidu Auto said on Wednesday that it had raised nearly $400 million from Baidu and Zhejiang Geely Holding Group in a fresh funding round. Jidu, an EV venture between China’s search engine company Baidu and Chinese automaker Geely, said in a statement that it would deliver its mass-produced “robot” cars in 2023.… Continue reading Baidu’s EV arm Jidu raises $400m in new funding round

Chinese automaker Changan to list EV unit around 2025

Chinese state-run automaker Chongqing Changan Automobile plans to list its electric vehicle (EV) unit around 2025, the China Securities Journal said on Tuesday. The unit completed fundraising round B on Monday, said the paper, reaping 5 billion yuan ($789.84 million), 2 billion yuan over its planned target. Changan did not immediately respond to a request for comment. Reuters reported last year that the unit was planning to list on STAR Market.… Continue reading Chinese automaker Changan to list EV unit around 2025

India’s Ola Electric raises $200m from Tekne, Edelweiss, others at $5b valuation

Indian electric vehicles maker Ola Electric announced on Monday that it has raised over $200 million from Tekne Private Ventures, Alpine Opportunity Fund, Edelweiss and others at a valuation of $5 billion. The latest financing comes within two months of the Bengaluru-based startup securing about $53 million led by Singapore’s state investment firm Temasek, with… Continue reading India’s Ola Electric raises $200m from Tekne, Edelweiss, others at $5b valuation

Vantage Point: Indonesia becomes a battleground for used car platforms and other updates

This weekly newsletter highlights top developments and trends across Southeast Asia’s digital economy and ecosystem, without losing sight of the solid links between the online and offline worlds. Executive Summary Used car race hots up in Indonesia Ajaib widens fintech play Vidio dominating OTT in Indonesia Grab stakes its claim in digital banking Used car… Continue reading Vantage Point: Indonesia becomes a battleground for used car platforms and other updates

China’s CATL launches service that lets users swap EV battery in a minute …

China’s Contemporary Amperex Technology Co Ltd (CATL) on Tuesday launched a battery swap service for electric vehicles (EV) called EVOGO, which it said would allow drivers to change car batteries in one minute. The battery maker will set up swap stations in ten cities around China and users will be able to access the service… Continue reading China’s CATL launches service that lets users swap EV battery in a minute …

UK self-driving startup Wayve raises $200m Series B from Microsoft, others

British self-driving technology startup Wayve said on Tuesday it has raised $200 million from investors to scale up its autonomous driving technology globally and launch more pilot projects with commercial fleet partners. The Series B funding round brings the startup’s total fundraising to $258 million and includes new investments from venture capital firms D1 Capital Partners, Moore… Continue reading UK self-driving startup Wayve raises $200m Series B from Microsoft, others

Indonesia’s used cars platform Moladin closes $42m Series A round

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to… Continue reading Indonesia’s used cars platform Moladin closes $42m Series A round

Hero Motocorp to invest over $56m in Indian EV startup Ather Energy …

Indian two-wheeler vehicle maker Hero Motocorp Ltd said on Friday it would invest up to 4.20 billion rupees ($56.66 million) in electric vehicle (EV) startup Ather Energy as it looks to expand its presence in the green mobility space. The company, which held 34.8% in Ather Energy prior to the investment, said its new stake in the startup would… Continue reading Hero Motocorp to invest over $56m in Indian EV startup Ather Energy …

Mahindra’s SsangYong Motor sold for $255m to Edison Motors-led consortium

A consortium led by South Korean electric carmaker Edison Motors Co has agreed to acquire the debt-laden SsangYong Motor Co Ltd for 305 billion won ($254.65 million), SsangYong Motor said on Monday. SsangYong is burdened with high debt and its vehicle sales last year fell to 84,496, down about 21% from a year earlier, a regulatory filing from… Continue reading Mahindra’s SsangYong Motor sold for $255m to Edison Motors-led consortium