Goldman Sachs is forming an investment-banking joint venture that will specialise in automotive technology, Bloomberg reported on Friday. Auto technology has provided plenty of dealmaking and underwriting opportunities for Wall Street banks in recent years, as there have been a number of high-profile acquisitions and public listings involving electric-vehicle, autonomous-vehicle, and ride-hailing companies. Goldman has… Continue reading World NM: Goldman Sachs is creating an auto-tech joint venture amid a SPAC boom for EV and lidar companies: Report000858
Author: World_Newz Mon
World NM: Why a former auto industry CEO thinks Croatian supercar and technology firm Rimac is the next EV powerhouse000856
Michael Perschke has been all over the automotive map, from directing Audi India to becoming the CEO of ultra-luxury EV company Automobili Pininfarina upon its 2018 launch. Perschke wants New Automovile Development to become a core “go-to boutique investment firm” for institutional investors looking for sustainable investment targets in the non-public market, including everything from… Continue reading World NM: Why a former auto industry CEO thinks Croatian supercar and technology firm Rimac is the next EV powerhouse000856
World NM: GM sacrifices profits in $27bn electric drive000847
General Motors will spend $27bn (£22bn) on phasing out all petrol and diesel-powered vehicles by 2035 despite admitting its electric drive will come at the expense of profits. The company will spend more than $7bn on electric and self-driving vehicles this year and develop 30 battery-driven models by 2025. Toyota raised its profit forecasts by more… Continue reading World NM: GM sacrifices profits in $27bn electric drive000847
World NM: Kia to transform itself into EV carmaker000841
By Baek Byung-yeul Kia has vowed to improve its electric vehicle (EV) sales, and will release 11 EV models by 2026, while transforming itself into a total mobility company, the Hyundai Motor Group affiliate said Tuesday. In the U.S. market, which accounts for the largest portion of Kia’s sales and profits, the company plans to… Continue reading World NM: Kia to transform itself into EV carmaker000841
World NM: Russian Railways does not renounce Gefco stake sale000836
/Update/ MOSCOW, February 8. /TASS/. Russian Railways keeps plans of selling shares in the international logistical operator Gefco, First Deputy CEO of the Russian railway operator Vadim Mikhailov told reporters on Monday. “Gefco [sale] was in plans in 2020. We do not remove [this topic] from the agenda. The question of the form of the… Continue reading World NM: Russian Railways does not renounce Gefco stake sale000836
World NM: Meet Lunaz Design, the firm turning old-school Rolls-Royces and Bentleys into new-age, red-carpet worthy EVs000828
There will come a time when cars that use fossil fuels to get around will be a novelty, and our roads will be packed with cars silently flinging passengers along with electricity. Once the hard bit of figuring out how the powertrain and electrics are going to fit and work within the framework of an… Continue reading World NM: Meet Lunaz Design, the firm turning old-school Rolls-Royces and Bentleys into new-age, red-carpet worthy EVs000828
World NM: Ford ceases electric vehicle plan with China’s Zotye000827
Ford has decided to terminate its agreement with Chinese automotive company Zotye over an electric vehicle joint venture, the automaker announced on Thursday. Ford’s original ambition was to build a $756 million joint venture into electric vehicle technology in China to build small electric passenger vehicles. Electric vehicle sales are currently forecast to account for… Continue reading World NM: Ford ceases electric vehicle plan with China’s Zotye000827
World NM: Ford posts $1.3b loss for 2020000825
Ford Motor Company reported a loss of $2.8 billion and a revenue of $36 billion in the fourth quarter of 2020. For the whole year of 2020, the Dearborn-based automaker reported a loss of $1.3 billion and a revenue of $127.1 billion. The US automaker generated $1.9 billion in adjusted free cash flow in the… Continue reading World NM: Ford posts $1.3b loss for 2020000825
World NM: Tesla’s Shanghai factory produces superchargers000824
Tesla Inc has started producing electric vehicle superchargers at its new plant in Shanghai, as the US electric carmaker continues to expand its footprint in China, the world’s largest automobile market. Total EV sales in China reached 1.3 million units in 2020, up from 1.1 million units in 2019. Xpeng Motors, another Chinese electric carmaker,… Continue reading World NM: Tesla’s Shanghai factory produces superchargers000824
World NM: SsangYong urged to draw ‘specific’ outcomes in talks with investors000823
By Lee Min-hyung Korea Development Bank (KDB) has reiterated its unwavering position that no financial support will be made to SsangYong Motor, unless the cash-strapped carmaker comes to “specific” terms with a potential investor over its rehabilitation plans. This is in response to SsangYong Motor’s recent announcement that it will keep engaging in negotiations with… Continue reading World NM: SsangYong urged to draw ‘specific’ outcomes in talks with investors000823