Category: News Site

Grab’s acquisition of Uber Southeast Asia drives into problems

The long-rumored Grab acquisition of Uber’s Southeast Asia business may be official now, but it’s far from complete. In fact, what should be a celebratory coming-of-age moment for the Southeast Asian local champion is threatening to become nightmarish thanks to persistent regulators, panicky Uber staff and reluctant drivers who are supposed to switch to Grab… Continue reading Grab’s acquisition of Uber Southeast Asia drives into problems

AUTOSHOW-Ford hopes China easing will speed up Zotye venture approval

BEIJING (Reuters) – Ford Motor Co’s (F.N) Asia head said on Wednesday he hoped recent Chinese moves to relax ownership rules in the country’s auto market would speed up regulatory approval for its electric vehicle joint venture with local firm Zotye Automobile Co Ltd (000980.SZ). FILE PHOTO – The wheel of a 2018 Ford Focus… Continue reading AUTOSHOW-Ford hopes China easing will speed up Zotye venture approval

BAIC Motor plans $422 mn share sale to replenish working capital

BAIC Automotive Group‘s stake in the Hong Kong-listed firm will be reduced to 42.6 per cent on completion of the deal from 44.98 percent, while Daimler’s holding will fall to 9.55 per cent from 10.08 per cent. HONG KONG: BAIC Motor Corporation said on Wednesday it planned to sell new shares for $422 million to… Continue reading BAIC Motor plans $422 mn share sale to replenish working capital

Volvo electric cars to make up 50% of brand’s sales by 2025

Volvo is aiming for fully electric cars to make up 50% of its total sales volume by 2025. The Swedish brand used the Beijing motor show to reveal its intentions of drastically boosting EV output in a bid to capitalise on shifts in demand from Chinese customers, who are making their country the quickest adopter of… Continue reading Volvo electric cars to make up 50% of brand’s sales by 2025

In Eisenach, Opel employees reject “French social relations”

They were nearly 800 kilometers away but gave themselves a speckled duel. On the one hand, Carlos Tavares, the boss of PSA, who promised his shareholders to straighten Opel with an iron fist. On the other hand, Wolfgang Schäfer-Klug, chairman of the German brand’s works council, promised the employees to stand firm against the “propaganda”… Continue reading In Eisenach, Opel employees reject “French social relations”

BMW Concept iX3 previews future Jaguar I-Pace rival

BMW says lessons learnt through the establishment of its i sub-brand and recent developments surrounding its upcoming iNext model have allowed it to provide the new Concept iX3 with “new dimension” in performance, operating range, weight and packaging over its first dedicated electric powered production model, the three-year-old i3. The new pure electric SUV, unveiled at… Continue reading BMW Concept iX3 previews future Jaguar I-Pace rival

Audi recalls 1.2 mn cars and SUVs worldwide

The recall covers the 2013 to 2016 A4, the 2013 to 2017 A5, the 2012 to 2015 A6, and the Q5 SUV from 2013 to 2017. All have 2-Liter turbocharged engines. DETROIT: Audi is recalling about 1.2 million cars and SUVs worldwide because the electric coolant pumps can overeat and possibly cause a fire. The… Continue reading Audi recalls 1.2 mn cars and SUVs worldwide

China’s BAIC Motor to raise $422m via share sale for working capital

April 25, 2018 BAIC Motor Corporation Ltd said on Wednesday it planned to sell new shares for HK$3.3 billion ($422 million) to replenish funds for working capital. The automaker said it would sell 420 million shares or 5.2 percent of its enlargedshare capital to third party investors. They will be sold at HK$7.89 apiece, or… Continue reading China’s BAIC Motor to raise $422m via share sale for working capital