FreeWire Technologies, a provider of “power solutions for the grid edge,” has closed a $25-million Series B and venture debt financing round, which was led by existing investor BP Ventures, together with new investors ABB Technology Ventures and Energy Innovation Capital. The financing will support the commercialization of FreeWire’s fast charging technologies. The company’s solutions… Continue reading FreeWire Technologies raises $25 million in new financing
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Mitsubishi Motors seeks $2.8bn in loans
TOKYO — Mitsubishi Motors has requested 300 billion yen ($2.8 billion) in financing from domestic and foreign lenders as the coronavirus pandemic clouds the outlook for the auto industry, Nikkei learned Tuesday. This total includes 200 billion yen from Japanese private- and public-sector financial institutions. The automaker is in talks for a syndicated loan from… Continue reading Mitsubishi Motors seeks $2.8bn in loans
Nissan forecasts up to $886m annual net loss
TOKYO — Nissan Motor downgraded its earnings forecast for the fiscal year ended March to a net loss of as much as 95 billion yen ($886 million), as the company continues to be hit severely by the impact of the novel coronavirus crisis. The Japanese carmaker announced on Tuesday that its net income could be… Continue reading Nissan forecasts up to $886m annual net loss
Ford set to restart main European car factories on Monday 4 May
Automotive industry Production will begin slowly with UK plants remaining shut until later in the spring An employee works on the production line at the Ford plant in Saarlouis, Germany, in 2007. It is set to reopen on Monday 4 May. Photograph: Ralph Orlowski/Getty Images Ford said it would restart its main European car factories… Continue reading Ford set to restart main European car factories on Monday 4 May
Inceptio: money for autonomous trucks
The Chinese startup Inceptio has raised $ 100 million for its automated truck concept. In China, the introduction of autonomous driving using robot taxis is currently starting on several fronts. Has exemplified this AutoX recently announced its launch in the AutoNavi app. Other Chinese start-ups, too WeRide or Pony.ai forge on this plan. The Chinese… Continue reading Inceptio: money for autonomous trucks
Geely & Caocao Chuxing: robot taxis from 2021
Another start-up from China is planning to launch the robot taxi service commercially: Caocao Chuxing. AutoX has just started its robot taxi service in Shanghai. The start-up WeRide wants to start next year and Pony.ai wants to be ready for the market in five years. These startups are not the only ones and most are… Continue reading Geely & Caocao Chuxing: robot taxis from 2021
AutoX starts official robot taxi service in Shanghai
The start-up AutoX has integrated its app into the Alibaba app area. The service is now officially on the market. Nice Waymo has put its app online for using the robot taxi service, but can only be used by selected people. The Chinese start-up AutoX operates in the USA also a robot taxi service, but… Continue reading AutoX starts official robot taxi service in Shanghai
Europcar Updates Financial Plan
Europcar is continuing its negotiation with some of its lending banks to obtain additional financing guaranteed by the French State via the BPI. Photo via Depositphotos. As part of the cash preservation plan announced on March 23, and updated April 15, Europcar has finalizated the second tranche of its Spanish State guaranteed program, with new three-year maturity… Continue reading Europcar Updates Financial Plan
Avis Receives Loan
Photo via Travelarz/Wikimedia. Avis Budget Group has received a waiver of the leverage covenant included in its existing senior credit facilities, comprised of a term loan and revolving credit facility, until June 30, 2021. The waiver is included in an amendment to the credit facilities, which allows Avis to incur an additional $750 million of first lien… Continue reading Avis Receives Loan
Hyundai’s debt offerings draw strong response
SEOUL, April 28 (Yonhap) — Hyundai Motor Co.’s planned 300 billion won (US$240 million) worth of corporate bond sales have received a strong market response despite the coronavirus impact on the automobile sector, financial sources said Tuesday. Hyundai will sell the debt with a maturity period of three to seven years on May 8, to… Continue reading Hyundai’s debt offerings draw strong response