Chinese auto parts e-commerce platform Casstime has raised as much as 564 million yuan ($80 million) in a Series C1 funding found co-led by Sequoia Capital China and Source Code Capital, according to an announcement The round also saw the participation of its long-standing investor HUA Partners. With the current round investment, the total amount… Continue reading Chinese auto parts firm Casstime raises $80m from Sequoia, others
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Hero Motocorp’s Haridwar plant crosses 25 million cumulative production milestone
Hero MotoCorp’s Haridwar plant has crossed cumulative production of 25 million units. Plant head Mukesh Goyal with his team at the roll out of the 25th million two-wheeler. Hero MotoCorp, the world’s largest manufacturer of motorcycles and scooters, achieved another milestone with its manufacturing facility at Haridwar, Uttarakhand achieving the unique distinction of surpassing 25… Continue reading Hero Motocorp’s Haridwar plant crosses 25 million cumulative production milestone
Fiat Chrysler and Peugeot owner PSA agree £35bn merger
Automotive industry Tie-up of Italian and French firms would create world’s fourth-biggest carmaker The two companies said the merger would generate cost savings without closing factories. Photograph: Marco Bertorello/AFP/Getty Images The boards of Fiat Chrysler Automobiles (FCA) and the Peugeot owner, Groupe PSA, have approved a €40bn (£35bn) merger that would create the world’s fourth-biggest… Continue reading Fiat Chrysler and Peugeot owner PSA agree £35bn merger
Fiat Chrysler, Peugeot deal good news but must not affect jobs in Italy – Italian minister
ROME, Oct 31 (Reuters) – A planned merger between Italy’s Fiat Chrysler (FCA) and French Peugeot owner PSA is good news provided it does not affect jobs in Italy, the country’s industry minister said on Thursday. “We will ask FCA for continuity on its industrial plan and on investments and production in Italy”, Stefano Patuanelli… Continue reading Fiat Chrysler, Peugeot deal good news but must not affect jobs in Italy – Italian minister
France-based IBS to set up lithium-ion battery manufacturing in India, partners Ion Energy for BMS
Mumbai-based Ion Energy, one of the leading company working on advanced battery management and intelligence systems for electric mobility and energy storage applications, has announced the successful launch of IBS, a France based battery pack manufacturer that leverages Ion’s technology in all of their batteries. Coming out of stealth mode, IBS showcased its first electric… Continue reading France-based IBS to set up lithium-ion battery manufacturing in India, partners Ion Energy for BMS
UPDATE 2-Fiat Chrysler and Peugeot plan to create world’s No.4 carmaker
MILAN/PARIS (Reuters) – Fiat Chrysler (FCHA.MI) and Peugeot owner PSA (PEUP.PA) plan to join forces through a 50-50 share swap to create the world’s fourth-largest automaker, they said on Thursday, triggering a new wave of consolidation in the car industry. Logos of Peugeot and Fiat are seen in this illustration picture taken October 30, 2019.… Continue reading UPDATE 2-Fiat Chrysler and Peugeot plan to create world’s No.4 carmaker
China’s auto market could shrink about 8% this year: industry official
BEIJING/SINGAPORE (Reuters) – Auto sales in China may skid to 26 million this year, a drop of around 8%, a senior industry executive warned, as the world’s largest auto market braces for a second year of contraction amid slowing economic growth and tighter vehicle emissions standards. FILE PHOTO: Cars for export wait to be loaded… Continue reading China’s auto market could shrink about 8% this year: industry official
Fiat Chrysler-PSA must keep French industrial footprint: France’s Le Maire
PARIS (Reuters) – France welcomed a planned merger between Italy’s Fiat Chrysler (FCHA.MI) and French Peugeot maker PSA (PEUP.PA), but would be vigilant about the firm’s French industrial footprint and about maintaining its decision centers, French Finance Minister Bruno Le Maire said in a statement on Thursday. Le Maire also said that he would hold… Continue reading Fiat Chrysler-PSA must keep French industrial footprint: France’s Le Maire
UPDATE 1-Ford reaches tentative labor deal with United Auto Workers union
FILE PHOTO: 2020 Ford Explorer cars are seen at Ford’s Chicago Assembly Plant in Chicago, Illinois, U.S. June 24, 2019. REUTERS/Kamil Krzaczynski DETROIT (Reuters) – Ford Motor and the United Auto Workers union on Wednesday announced a tentative agreement for a new labor deal, allowing the No. 2 U.S. automaker to avoid a strike like… Continue reading UPDATE 1-Ford reaches tentative labor deal with United Auto Workers union
Ford shutters oldest Brazil plant as revival bid faces doubts
FILE PHOTO: The Ford logo is seen at the Ford oldest Brazil plant in Sao Bernardo do Campo, Brazil September 3, 2019. REUTERS/Rahel Patrasso SAO PAULO (Reuters) – Ford Motor Co (F.N) on Wednesday said it was shutting down its oldest plant in Brazil later in the day as planned, with prospects for saving any… Continue reading Ford shutters oldest Brazil plant as revival bid faces doubts