Category: News Site

Hertz Misses Lease Payment

The Wall Street Journal reports that the company is preparing for a bankruptcy. Photo via Depositphotos. In an 8-K filing with the Securities and Exchange Commission on April 27, Hertz disclosed it has missed certain vehicle lease payments for its U.S. rental car fleet “to preserve liquidity to support its ongoing operations,” Hertz states in the… Continue reading Hertz Misses Lease Payment

Self-driving vehicles get in on the delivery scene amid COVID-19

SAN FRANCISCO (Reuters) – Self-driving cars, trucks, sidewalk robots and shuttles are rolling out of the labs and parking garages and onto American streets to help deliver groceries, meals, and medical supplies. Although self-driving car companies have paused on-road testing in the U.S., as it is not considered an essential business, pivoting to deliveries allows… Continue reading Self-driving vehicles get in on the delivery scene amid COVID-19

Lyft is laying off 982 employees, furloughing a further 288 due to COVID-19 pandemic

Less than 24 hours after it was reported that Uber was considering layoffs of 20% of staff, its big rival Lyft is announcing its own cuts. Today the company said it would be reducing employee count by 17%, working out to 982 employees, and furloughing an additional 288, due to the effects of the COVID-19 pandemic… Continue reading Lyft is laying off 982 employees, furloughing a further 288 due to COVID-19 pandemic

EU clears French 5 billion euro loan guarantee to Renault

FILE PHOTO: The logo of Renault carmaker is pictured at a dealership in Orvault, near Nantes, France, February 19, 2020. REUTERS/Stephane Mahe BRUSSELS (Reuters) – The European Commission approved on Wednesday a 5 billion euro ($5.4 billion) loan guarantee to carmaker Renault group (RENA.PA) to mitigate the impact of the coronavirus crisis. The Commission, which… Continue reading EU clears French 5 billion euro loan guarantee to Renault

UPDATE 1-VW urges Germany to help boost demand for cars as profit plunges

FILE PHOTO: A cartoon of a VW logo squashing the coronavirus is displayed on a building at Volkswagen’s headquarters to celebrate the plant’s re-opening during the spread of the coronavirus disease (COVID-19) in Wolfsburg, Germany April 25, 2020. REUTERS/Fabian Bimmer FRANKFURT (Reuters) – Volkswagen (VOWG_p.DE) urged the German government on Wednesday to help boost demand… Continue reading UPDATE 1-VW urges Germany to help boost demand for cars as profit plunges

British-startup Urban Electric completes trial of pop-up EV charger

British electric vehicle charging startup Urban Electric Networks has successfully completed trials of its UEone prototype on-street pop-up charging hub for EVs. The trial was conducted in association with Oxford City Council, Co-wheels Car Club and product design agency and manufacturer Duku, which was funded by the Office for low Emission Vehicles (OLEV) and administered… Continue reading British-startup Urban Electric completes trial of pop-up EV charger

Covid lockdown: Auto companies take corporate bond route to raise funds

At least five auto companies have issued or announced NCDs worth a total of Rs 5,500 crore in last two weeks. Mumbai: Several automotive companies have taken the corporate bond route to raise capital to fund cash-flow mismatches, in the wake of the nationwide lockdown that has halted their production and sales. In the past… Continue reading Covid lockdown: Auto companies take corporate bond route to raise funds

Altair announces brand refresh

Altair, the global technology company offering solutions in product development, high-performance computing  and data analytics has announced a brand refresh. The step is aimed at reflecting Altair’s position as a solutions-based company that empowers innovation while evolving for sustainable growth more accurately. The new brand with the mantra ‘Only Forward’, demonstrates that Altair’s focus on… Continue reading Altair announces brand refresh

VW says expects to be profitable in 2020 as first-quarter earnings drop

FILE PHOTO: A cartoon of a VW logo squashing the coronavirus is displayed on a building at Volkswagen’s headquarters to celebrate the plant’s re-opening during the spread of the coronavirus disease (COVID-19) in Wolfsburg, Germany April 25, 2020. REUTERS/Fabian Bimmer FRANKFURT (Reuters) – Volkswagen (VOWG_p.DE) on Wednesday said it expected to be profitable on a… Continue reading VW says expects to be profitable in 2020 as first-quarter earnings drop