BEIJING, June 16, 2020 /PRNewswire/ — Renren Inc. (NYSE: RENN) (“Renren” or the “Company”), which operates a leading premium used auto business in China through its subsidiary Kaixin Auto Holdings (NASDAQ: KXIN) (“Kaixin“) as well as several U.S.-based SaaS businesses, today announced that Ms. Yi Yang has been appointed as acting Chief Financial Officer, effective… Continue reading Renren Announces Appointment of Acting Chief Financial Officer and Change in Board of Directors
Category: Newswire
Jaguar Land Rover plunges to £501m loss as sales sink
Jaguar Land Rover has plunged to a huge loss as sales fell by almost a third in the first three months of the year, driving it to announce 1,100 jobs will go.The 1,100 agency workers being cut from the company’s manufacturing operations will leave about 1,000 contract staff spread around the business, including in non-production roles.In January 2019, about 10pc of the workforce – 4,500 jobs worldwide – was cut as JLR responded to falling sales of its cars.
Spain launches a $4.2 billion coronavirus auto industry stimulus package
Spain launched a 3.75 billion euros ($US4.2 billion) stimulus program to help the country’s automotive industry recover from the fallout of coronavirus.The automotive industry is considered one of the many lifelines of the Spanish economy.Spain is Europe’s second largest car manufacturing country, producing around 3 million cars every year.
Kongsberg Automotive: OSE notification regarding EGM
Mon, Jun 15, 2020 11:11 CET KONGSBERG AUTOMOTIVE ASA – ALL RESOLUTIONS PASSED BY THE EXTRAORDINARY GENERAL MEETING NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY, IN OR INTO AUSTRALIA, CANADA, JAPAN, HONG KONG, THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD… Continue reading Kongsberg Automotive: OSE notification regarding EGM
Kongsberg Automotive Renegotiated Terms for its Revolving Credit Facility
Sun, Jun 14, 2020 21:43 CET Kongsberg Automotive (the “Company”) has renegotiated certain terms of its Euro 70 million revolving credit facility (“RCF”) with its banks, Danske Bank and J P Morgan. Under this relief agreement (“Relief Agreement”), the Company can utilize 80% of its RCF line without being subject to the NIBD/EBITDA covenant testing.… Continue reading Kongsberg Automotive Renegotiated Terms for its Revolving Credit Facility
Auto sales rebound for second straight month in May
Vehicle sales in May soared 14.5 percent year-on-year in China as customer confidence was boosted by the country’s ability to mitigate the coronavirus pandemic.The government’s stimuli on new car sales and generous discounts at dealerships were also contributing factors.The Japanese carmaker’s other joint venture FAW-Toyota delivered over 72,000 vehicles in the same month, up 2 percent.
Volkswagen, Audi ordered to keep Mexican factories shut 13.06.2020
German carmaker Volkswagen and its subsidiary Audi won’t be able to restart production at their plants in the Mexican state of Puebla as planned on Monday due to fears about the coronavirus spreading.Its plant at Puebla southeast of Mexico City is the largest automobile production facility in the country.The Mexican newspaper La Razon reported that restarting production at the Audi and VW facilities in Puebla would see some 30,000 employees returning to work.
Battery Industry Veteran Isobel Sheldon Joins Britishvolt to Build Ground Breaking UK Gigafactory
LONDON, June 13, 2020 /PRNewswire/ — Battery manufacturer Britishvolt today announces the appointment of seasoned battery industry professional Isobel Sheldon, as Chief Strategy Officer (CSO) and Head of the Advisory Board, to support building the UK’s first large scale cell gigafactory. In this new role, Isobel’s familiarity with the global battery landscape will allow her… Continue reading Battery Industry Veteran Isobel Sheldon Joins Britishvolt to Build Ground Breaking UK Gigafactory
Capacity utilization of Russian automobile plants is below 30% – newspaper
MOSCOW, June 13. /TASS/. Capacity utilization of systemic companies in the Russian automotive industry declined from 50% to less than 30% after two months of the lockdown due to the coronavirus pandemic, Izvestiya newspaper reports on Saturday, citing data of the Russian Ministry of Industry and Trade.
Automobiles production plummeted by 60.2% year-on-year in April 2020, according to the Russian statistical agency Rosstat. Key reasons for the decline was suspension of operations by automobile plants because of nonworking days in the country during the pandemic period, disruption of imported components' deliveries and falling demand, the agency told the newspaper.
The segment of minivans suffered most in the commercial transport sector, GAZ Group told Izvestiya. The plant capacity utilization fell more than twofold in June 2020 on an annualized basis, according to Group data.
Russian President Vladimir Putin announced nonworking days in the country from March 30 to May 12 in order ..
Bitauto Enters into Definitive Agreement for Going-Private Transaction
BEIJING, June 12, 2020 /PRNewswire/ — Bitauto Holdings Limited (“Bitauto” or the “Company”) (NYSE: BITA), a leading provider of internet content & marketing services, and transaction services for China’s automotive industry, today announced that it has entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Yiche Holding Limited (“Parent”), and Yiche Mergersub… Continue reading Bitauto Enters into Definitive Agreement for Going-Private Transaction