BEIJING (Reuters) – China’s loss-making Tesla wannabe Nio Inc will expand its sales network with smaller showrooms, slash its workforce and spin off some business units, company executives said on Wednesday, in a move to control massive cash burn amid slowing electric vehicle sales in the world’s largest auto market. Chinese electric vehicle start-up Nio… Continue reading Nio aims to control cash burn with smaller showrooms, leaner staff
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Tesla owners start seeing a data usage counter with a 50GB cap
Sponsored Links Roberto Baldwin/Engadget Tesla last year started splitting data into standard and premium tiers, but it’s now hinting that it might watch how much data you’re using, too. Some owners have noticed a data use counter showing up on their cars with a seeming 50GB cap. It’s not yet clear what this cap is… Continue reading Tesla owners start seeing a data usage counter with a 50GB cap
MaxAB raises $6M seed round to optimize Egypt’s B2B grocery markets
Cairo based startup MaxAB looks to optimize the supply-chain network for Egypt’s food and grocery retailers. The B2B e-commerce company raised a $6.2 million seed-investment co-led by Beco Capital and 4DX Ventures. Others co-leaders included 500 Startups, Endure Capital, and Outlierz Ventures. Founded in 2018, MaxAB has built a digital platform to manage procurement and… Continue reading MaxAB raises $6M seed round to optimize Egypt’s B2B grocery markets
VW board, workers support top managers despite indictment
HAMBURG (Reuters) – Volkswagen’s (VOWG_p.DE) supervisory board and workers on Wednesday gave their backing to the carmaker’s top managers a day after German prosecutors pressed charges related to the diesel emissions scandal. FILE PHOTO: Hans Dieter Poetsch, Chairman of the Volkswagen’s supervisory board, speaks during the Volkswagen Group’s annual general meeting in Berlin, Germany, May… Continue reading VW board, workers support top managers despite indictment
Exclusive: GM and UAW union making progress in talks for new labor deal – sources
DETROIT (Reuters) – General Motors Co (GM.N) and the union that represents its 48,000 striking hourly workers in the United States have made progress in talks toward a new deal but are grappling with the pay and job security of newer and temporary workers, two people familiar with the talks said on Wednesday. FILE PHOTO:… Continue reading Exclusive: GM and UAW union making progress in talks for new labor deal – sources
ES8 Battery Recall Cost NIO Over $49 Million
The average cost of the NIO ES8 battery pack recall was around $147 per kWh. By the way of releasing Q2 financial results, NIO shared also an interesting note about the cost of battery recall of 4,803 NIO ES8 cars. The affected fleet of ES8 needed replacement of 70 kWh battery packs (with CATL NEV-P50… Continue reading ES8 Battery Recall Cost NIO Over $49 Million
Ford close to JV deal with Mahindra in India: sources
NEW DELHI (Reuters) – Ford Motor Co (F.N) and Mahindra & Mahindra (MAHM.NS) are likely to sign a deal next week to form a joint venture in India, two sources told Reuters, in a move that will see the U.S. carmaker end most of its independent operations in the country. FILE PHOTO: Ford logo is… Continue reading Ford close to JV deal with Mahindra in India: sources
Northern Ireland’s Wrightbus expected to go into administration
Automotive industry Insolvency expected after failure of last-minute buyout talks Latest: Wrightbus goes into administration, putting 1,400 jobs at risk Wrightbus manufactured London’s New Routemaster buses. Photograph: Marek Slusarczyk/Alamy Stock Photo Wrightbus, one of Northern Ireland’s largest employers with 1,400 staff, is expected to slump into administration tomorrow after failing to securing an eleventh-hour rescue… Continue reading Northern Ireland’s Wrightbus expected to go into administration
South Korea’s Myongshin to build EVs for Chinese brand at ex-GM plant
SEOUL (Reuters) – South Korean auto parts maker Myongshin, which bought a shuttered General Motors’ factory, has agreed to supply more than 50,000 electric vehicles a year to Chinese venture Future Mobility Corp (FMC). A supplier to Tesla Inc, Myongshin signed a deal on Wednesday to manufacture the electric vehicles for FMC’s Byton brand beginning… Continue reading South Korea’s Myongshin to build EVs for Chinese brand at ex-GM plant
S.Korea’s Myongshin to build EVs for Chinese brand at ex-GM plant
SEOUL (Reuters) – South Korean auto parts maker Myongshin, which bought a shuttered General Motors’ factory, has agreed to supply more than 50,000 electric vehicles a year to Chinese venture Future Mobility Corp (FMC). A supplier to Tesla Inc, Myongshin signed a deal on Wednesday to manufacture the electric vehicles for FMC’s Byton brand beginning… Continue reading S.Korea’s Myongshin to build EVs for Chinese brand at ex-GM plant