Uber has announced it has sold a $500 million stake in its Uber Freight logistics business to New York-based private equity firm Greenbriar Equity Group. Uber will retain majority ownership of Uber Freight. The investment values the logistics arm of the company at $3.3 billion on a post-money basis. Visit Business Insider’s homepage for more… Continue reading Uber Freight raises $500 million from New York-based private equity firm at a $3.3 billion post-money valuation
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Tesla will sell its electric cars in India in 2021 ‘for sure,’ Elon Musk said
Tesla will enter the Indian market in 2021, CEO Elon Musk tweeted on Friday. The Indian government is pushing for a boost in electric vehicle sales as it increasingly focuses on cutting emissions, and said that 30% of the country’s vehicles on the road must be electric by 2030. India has the world’s fifth biggest… Continue reading Tesla will sell its electric cars in India in 2021 ‘for sure,’ Elon Musk said
Uber sells $500M stake in its freight business as the ride-hailing giant works to conserve cash
One year ago, Uber’s business model could be categorized as an “all of the above approach,” a strategy to generate revenue from all forms of transportation, including ride-hailing, micromobility, logistics and package and food delivery. The COVID-19 pandemic upended that business strategy, prompting Uber to offload its shared micromobility unit Jump, double down on delivery… Continue reading Uber sells $500M stake in its freight business as the ride-hailing giant works to conserve cash
GM unveils Buick Electra electric crossover concept, claims over 400 miles of range with Ultium battery
GM has unveiled a new Buick Electra electric vehicle concept and claims a range of over 400 miles with GM’s Ultium battery. The Buick Electra was a flagship luxury vehicle for the Buick brand for decades and now GM might bring it back as an electric car. In Shanghai this week, SAIC-GM, GM’s joint-venture in… Continue reading GM unveils Buick Electra electric crossover concept, claims over 400 miles of range with Ultium battery
Tesla (TSLA) acquires German battery assembly line maker supplying BMW and Mercedes
Tesla is acquiring a German battery assembly line manufacturer supplying BMW and Mercedes-Benz, according to several reports. Over the last few years, Tesla has been on a buying spree of companies involved in manufacturing engineering and building machines for manufacturing, like Hibar Systems and Compass Automation. Now Tesla is reportedly adding another similar company as… Continue reading Tesla (TSLA) acquires German battery assembly line maker supplying BMW and Mercedes
GM considers boosting stake in Nikola in reworked deal
General Motors Co. is considering revisions to its deal with embattled Nikola Corp., according to people familiar with the discussions, and may seek a higher stake in the startup now that its valuation has fallen after allegations of deception. GM tentatively agreed to take an 11% stake in Nikola as part of a cash-free deal… Continue reading GM considers boosting stake in Nikola in reworked deal
Car trim company warns 130 jobs at risk
About 130 workers at a car trim plant in Monmouthshire could lose their jobs. Northern Automotive Systems in Gilwern is consulting staff on cutting over a third of the 320-strong workforce. Parent company NBHX said the site had made “considerable financial losses” in recent years, with market shifts due to Brexit also a factor in… Continue reading Car trim company warns 130 jobs at risk
Vertu Motors completes Sandicliffe Kia Nottingham dealership acquisition
Vertu Motors has completed the acquisition of Sandicliffe Motor Group’s Kia dealership in Nottingham. The newly-added site, on Vernon Rd, Old Basford, Nottingham, is the AM100 PLC’s third network addition with the Korean car brand completed so far in 2020. Taking to Twitter to announce the completion of the deal this lunch time, Vertu chief… Continue reading Vertu Motors completes Sandicliffe Kia Nottingham dealership acquisition
BorgWarner completes acquisition of Delphi Technologies
Eight months after it entered into a pact to acquire Delphi Technologies, BorgWarner Inc. today announced it has completed its acquisition. The combination of BorgWarner and Delphi Technologies is expected to strengthen BorgWarner’s electronics and power electronics products, capabilities and scale, creating a leader in electrified propulsion systems that BorgWarner believes is well-positioned to take… Continue reading BorgWarner completes acquisition of Delphi Technologies
Mahindra & Mahindra celebrates 75th anniversary by launching new Thar
Mahindra & Mahindra today launched the new second-generation Thar on the occasion of its 75th anniversary. On October 2, 1945, ‘Mahindra & Mohammed’ was set up by brothers, JC and KC Mahindra along with Ghulam Mohammed. JC and KC Mahindra, the founders of Mahindra & Mahindra (Image: M&M). Mahindra Jeeps roll ouf the factory, ready… Continue reading Mahindra & Mahindra celebrates 75th anniversary by launching new Thar