Author: Deal Street Asia Online News

Evergrande misses payment deadline on bond, EV unit warns of cash crunch

China Evergrande’s electric car unit warned on Friday it faced an uncertain future unless it got a swift injection of cash, the clearest sign yet that the property developer’s liquidity crisis is worsening in other parts of its business. Evergrande owes $305 billion, has run short of cash and investors are worried a collapse could… Continue reading Evergrande misses payment deadline on bond, EV unit warns of cash crunch

China Evergrande shares plunge to 11-year low on default risks

Shares of Evergrande on Monday plunged as much as 19% to their lowest in over 11 years, extending losses as investors take a dim view of its business prospects with a fast approaching deadline for payment obligations this week. By noon, the stock had touched HK$2.06, the weakest level since May 2010. The company’s property… Continue reading China Evergrande shares plunge to 11-year low on default risks

Indian auto marketplace Droom eyes $135m from IPO early next year

The company is likely to file draft papers for the initial public offering in the next couple of months, and the IPO could be launched in early 2022, one of the two people said. “They have picked up two domestic investment banks, JM Financial and ICICI Securities, to begin work on their IPO,” the person… Continue reading Indian auto marketplace Droom eyes $135m from IPO early next year

Taiwanese electric scooter maker Gogoro to go public via $2.35b SPAC deal

Taiwanese electric scooter maker Gogoro, which is partly backed by Singapore state investor Temasek, said on Thursday that it will go public through a merger with a blank-check company in a deal that sets its enterprise value at $2.35 billion. Gogoro – which has been pushing to expand overseas – will merge with Poema Global Holdings Corp,… Continue reading Taiwanese electric scooter maker Gogoro to go public via $2.35b SPAC deal

Xpeng Heitech seeks to deliver flying cars to customers in 2024

Xpeng Heitech, a flying car startup backed by electric vehicle maker Xpeng Inc, said on Wednesday that it would deliver flying cars to customers in 2024. The startup, founded in 2013 and funded by Xpeng and Xpeng‘s Chief Executive He Xiaopeng, now employs 400 people and will expand workforce to have 700 people by the end of this year, company’s founder Zhao Deli told World New Energy Vehicle Congress. Xpeng Heitech’s model… Continue reading Xpeng Heitech seeks to deliver flying cars to customers in 2024

Chinese EV maker Xpeng says it may consider acquisitions to expand capacity …

Chinese electric vehicle maker Xpeng Inc would consider acquiring less successful rivals to expand production capacity in the future, company President Brian Gu told reporters during a conference call. Xpeng is building two new factories in China. At the same time, the Chinese government is signaling it wants to see consolidation in the Chinese electric vehicle sector to… Continue reading Chinese EV maker Xpeng says it may consider acquisitions to expand capacity …

Cash-strapped Evergrande warns of growing default risks as pressures mount

Cash-strapped property group China Evergrande Group said on Tuesday it has engaged advisers to examine its financial options and warned of default risks amid plunging property sales, sending its stock and bond prices sharply lower. The real estate giant has been scrambling to raise funds it needs to pay lenders and suppliers, with regulators and financial markets worried that any… Continue reading Cash-strapped Evergrande warns of growing default risks as pressures mount

Self-driving startup DeepRoute.ai nets over $300m Series B from Alibaba, others …

Self-driving technology developer DeepRoute.ai announced on Tuesday the completion of a Series B funding round at over $300 million, as the startup continues its commitment to advancing urban logistics and popularising robotaxis. The oversubscribed round was led by Chinese e-commerce giant Alibaba Group, with participation from Asia-based growth capital investor Jeneration Capital and a fund… Continue reading Self-driving startup DeepRoute.ai nets over $300m Series B from Alibaba, others …

German-Chinese startup Agile Robots raises $220m led by SoftBank Vision Fund 2 …

German-Chinese startup Agile Robots said on Thursday that it had raised $220 million from investors led by the SoftBank Vision Fund 2 and would invest the proceeds in expanding its production and sales operations. The investment round valued Agile Robots, which has dual headquarters in Munich and Beijing, at more than $1 billion – adding… Continue reading German-Chinese startup Agile Robots raises $220m led by SoftBank Vision Fund 2 …