Cairo-born and Dubai-based mass transit and shared mobility services provider SWVL has carried out its second round of layoffs affecting 50% of its remaining headcount, according to a statement shared by the company. The news is coming six months after SWVL laid off 32% of its workforce in a “portfolio optimization program” effort geared towards… Continue reading SWVL reduces its headcount by 50% six months after axing 400+ staff
Author: Tech Crunch Online News
Stellantis to restructure European dealer network in July 2023
Stellantis, the parent company to brands like Jeep, Dodge, Fiat, Maserati and Peugeot, said Thursday it would reorganize its European dealer networks in July 2023 in an effort to cut costs and support its investment into electrification. Starting next summer, Stellantis said it would end all current sales and services contracts with dealers in Austria,… Continue reading Stellantis to restructure European dealer network in July 2023
Tesla extends FSD access to “anyone in North America who requests it”
Tesla is extending its “full self-driving” (FSD) beta software “to anyone in North America who requests it from the car screen,” according to CEO Elon Musk who tweeted out the news late Wednesday evening. The rollout of FSD across the continent comes as Tesla is potentially facing a criminal investigation from the U.S. Department of… Continue reading Tesla extends FSD access to “anyone in North America who requests it”
What it would mean for Tesla to buy back shares
Tesla investors are begging CEO Elon Musk and the board of Tesla to consider buying back shares as the company’s stock price slumps to a two-year low. Tesla stock was trading at $183.20 after hours on Wednesday, and its market capitalization has plunged by almost $700 billion since its peak a year ago. Musk said… Continue reading What it would mean for Tesla to buy back shares
Dat Bike gets another $8M to put more e-bikes on Vietnam’s roads
Dat Bike is on a mission to put more electric bikes on Vietnam’s roads. The startup said today it has raised $8 million led by returning investor Singapore-based firm Jungle Ventures, just seven months after its first round of funding was announced. GSR Ventures and Delivery Hero Ventures also participated in this round, along with… Continue reading Dat Bike gets another $8M to put more e-bikes on Vietnam’s roads
Electric motorbike maker Zapp Electric Vehicles to go public via SPAC
UK-based electric two-wheeler manufacturer Zapp Electric Vehicles is merging with a blank-check company to become publicly traded on the Nasdaq at a post-money valuation of $573 million. Zapp says it will use the proceeds from the merger to bring its long-awaited i300 high performance, seated city scooter to market. The i300 was initially revealed back… Continue reading Electric motorbike maker Zapp Electric Vehicles to go public via SPAC
Lyft, Redwood Materials partner to recycle shared e-bike and e-scooter batteries
Lyft is partnering with Redwood Materials, a battery recycling company founded by ex-Tesla co-founder JB Straubel, to ensure the batteries from its fleets of shared electric bikes and scooters don’t end up in landfill at their end of life. The news, reported by The Verge, comes the same week that Lyft ended its dockless bike… Continue reading Lyft, Redwood Materials partner to recycle shared e-bike and e-scooter batteries
HyperloopTT’s SPAC public debut may be going nowhere fast
Hyperloop Transportation Technologies (HyperloopTT) has entered into a definitive merger agreement with special purpose acquisition company (SPAC) Forest Road Acquisition Corp. II, which is led by former Disney executives Tom Staggs and Kevin Mayer. The combined company will list shares at a pre-money valuation of $600 million. In theory, hyperloop technology is a vacuum tube-based… Continue reading HyperloopTT’s SPAC public debut may be going nowhere fast
Leta, a Kenyan supply chain and logistics SaaS provider, raises $3M to scale in Africa
Leta, a Kenyan B2B supply chain and logistics SaaS provider launched last year to optimize fleet management, is looking for growth opportunities in West Africa, even as it scales operations in its existing five markets. Leta’s proprietary route and load optimization technology is designed to boost efficiency in the delivery of goods to customers, and… Continue reading Leta, a Kenyan supply chain and logistics SaaS provider, raises $3M to scale in Africa
Faraday Future warns it may not be able to deliver its luxury EV
Electric vehicle startup-gone-SPAC Faraday Future has raised a going concern warning, per regulatory filings. The company said it has substantial doubt as to whether it would be able to continue operating over the next year, adding that it is uncertain when it will dispatch first deliveries of its FF 91 luxury EVs. This isn’t the… Continue reading Faraday Future warns it may not be able to deliver its luxury EV