SEOUL (Reuters) – Hyundai Motor’s South Korean union will stage a four-hour strike on Thursday to protest against the automaker’s move to set up a low-cost carmaking joint venture, a union source told Reuters. The decision was made during a meeting of union representatives on Wednesday, he said. A union spokesman confirmed the plan. Reporting… Continue reading Hyundai Motor’s South Korean workers to strike Thursday: union source
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German auto bosses did not discuss trade issues with Trump – VDA
BERLIN, Dec 5 (Reuters) – Talks between German auto bosses and U.S. President Donald Trump in Washington focused on the companies’ plans for the United States and were not about trade issues, German car association VDA said on Wednesday. “It is a good sign when there is dialogue in times of conflict,” VDA President Bernhard… Continue reading German auto bosses did not discuss trade issues with Trump – VDA
China’s Didi restructures key units to improve safety following passenger deaths
China’s largest ride-hailing operator Didi Chuxing announced on Wednesday a major restructuring, which trails a series of tweaks to its core businesses following two separate passenger murders that happened in May and September. The reshuffle will see Didi — which owns Uber’s China business — knit three key platforms into a new overarching Ride-hailing Business Group… Continue reading China’s Didi restructures key units to improve safety following passenger deaths
Always fresh – The new Sprinter as a refrigerated and insulated van.
The reliable partner for every delivery service, the new Sprinter is designed to meet a variety of different needs and also features technical innovations. Sprinter bodies from the Mercedes-Benz service partner Winter are convenient and come with an integrated cooling system. This eliminates the need for an additional roof mounting. This makes the Sprinter from… Continue reading Always fresh – The new Sprinter as a refrigerated and insulated van.
China’s Didi announces reorganization plan to address safety
FILE PHOTO: A Didi Chuxing driver checks the information on the application in his car in Beijing, China August 28, 2018. REUTERS/Jason Lee SHANGHAI (Reuters) – Chinese ride-hailing firm Didi Chuxing on Wednesday announced a reorganization plan aimed at improving safety on its platform, as it works to address public and government concerns raised after… Continue reading China’s Didi announces reorganization plan to address safety
Dealers made money in October but profitability remains in decline
Franchised dealer profits in October were up by £7,500 in October year-on-year. Average dealer profits from the month were £6,000, compared to a £1,500 loss in October 2017, according to data from ASE Global. Its chairman Mike Jones said: “This appears to be directly related to the unwinding of the WLTP supply issues with a… Continue reading Dealers made money in October but profitability remains in decline
China’s BAIC sinks on report Daimler may raise stake in joint venture
FILE PHOTO: The logo of Beijing Automotive Group (BAIC) is seen during the Auto China 2016 auto show in Beijing, China, April 29, 2016. REUTERS/Damir Sagolj (Reuters) – BAIC Motor Corp’s (1958.HK) shares slumped 13.5 percent on Wednesday after Bloomberg reported that Germany’s Daimler AG (DAIGn.DE) is considering increasing its stake in its joint venture… Continue reading China’s BAIC sinks on report Daimler may raise stake in joint venture
Press release / December 4, 2018 LeddarTech Accelerates Momentum with $US 23.7 Million in Bridge Financing Latest financing to support LeddarTech’s accelerated growth and development efforts for its proprietary solutions based on its unique automotive LiDAR development platform, which is rapidly gaining traction with Tier-1 suppliers.
Leddartech/Press release/LeddarTech Accelerates Momentum with $US 23.7 Million in Bridge Financing
LeddarTech Accelerates Momentum with $US 23.7 Million in Bridge Financing
Latest financing to support LeddarTech’s accelerated growth and development efforts for its proprietary solutions based on its unique automotive LiDAR development platform, which is rapidly gaining traction with Tier-1 suppliers.
QUEBEC CITY, December 4, 2018 — LeddarTech, an industry leader providing the most versatile and scalable automotive LiDAR development platform, announces the successful closing of a $US 23.7 million ($CDN 31.4 million) bridge. These funds will enable the company to continue the expansion of its research and development teams to accelerate the introduction of its automotive LiDAR development platform.
The financing consists of a revolving loan from Desjardins Group, one of the leading Canadian financial cooperatives, as well as a convertible note from existing shareholders, led by Desjardins-Innovatech, S.E.C.
“This financing from both our strategic and financial investors, as well as the continuous support from our banking partners in our growth, is a testament to the continued confidence they have in LeddarTech,” stated Charles Boulanger, CEO of LeddarTech. He added, “The company is also considering additional opportunities for H1 2019 to further scale-up operations and accelerate our go-to-market strategy.”
“We are experiencing strong traction for our LiDAR development platform, with six tier-1 vendors actively developing automotive-grade LiDAR solutions based on the Leddar Engine and LeddarCore systems-on-chip, as well as strong interest from many other prospective strategic partners with whom we are currently discussing potential collaborations. This new investment will enable us to enhance the organization at all levels to meet market demand and support these new customers,” stated Frantz Saintellemy, president and COO, LeddarTech.
About LeddarTech
LeddarTech is an industry leader providing the most versatile and scalable automotive LiDAR development platform based on the unique LeddarEngine, which consists of a suite of automotive-grade, functional safety certified SoCs working in tandem with LeddarSP signal processing software. The company is responsible for several innovations in cutting-edge mobility remote-sensing applications, its patented technologies enhancing ADAS and autonomous driving capabilities for automobiles, trucks, buses, delivery vehicles, robotaxis, shuttles, and more. Additional information about LeddarTech is accessible at www.LeddarTech.com, and on LinkedIn, Twitter, Facebook and YouTube.
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Faraday Future furloughs more employees as cash woes continue
For a company with such a forward looking name, the road ahead has been looking pretty bleak for Faraday Future. Debts, fleeing executives and payroll delays have clouded the last year of the automaker’s history — with ultimately very little to show for it. Faraday took to Twitter today to note the latest in its… Continue reading Faraday Future furloughs more employees as cash woes continue
Alphabet’s Wing to take off in Finland
Alphabet-owned Wing is launching its first operations in Europe, bringing its autonomous drone delivery service to Finland in the spring of 2019. The service will start with a small trial in the Helsinki area, Wing announced Tuesday. “Finns are internationally renowned for being early-adopters of new technologies, and we’re looking forward to working with the… Continue reading Alphabet’s Wing to take off in Finland