By Nam Hyun-woo SsangYong Motor’s decision to file for court receivership is expected to help the ailing carmaker speed up the process of finding a new owner. If the court approves this, the company will have three months to address its financial problems before a court-led restructuring process takes effect. Industry officials noted that the… Continue reading World NM: SsangYong receivership to speed up HAAH’s acquisition000643
Category: Newswire
World NM: SsangYong Motor owes hefty overdue debt as it files for court receivership000642
Debt-ridden SsangYong Motor Co. said Tuesday it owes a total of 315.3 billion won (US$285 million) in overdue debt to financial institutions as it filed for court receivership a day earlier. China-based SAIC Motor Corp. acquired a 51 percent stake in SsangYong in 2004 but in 2009 relinquished its control of the carmaker in the… Continue reading World NM: SsangYong Motor owes hefty overdue debt as it files for court receivership000642
World NM: Ouster, maker of self-driving tech, agrees $1.9 billion deal to go public000641
Ouster Inc, a U.S. startup that makes lidar sensors for self-driving cars and smart cities. The deal values San Francisco-based Ouster at around $1.9 billion and makes it the fifth lidar manufacturer this year to agree a SPAC merger to go public, following on from Velodyne Lidar Inc, Luminar, Innoviz and Aeva. SPACs like Colonnade… Continue reading World NM: Ouster, maker of self-driving tech, agrees $1.9 billion deal to go public000641
Daimler and Infosys Announce Strategic Partnership to Drive Hybrid Cloud-powered Innovation & IT Infrastructure Transformation in the Automotive Sector
Pivotal partnership for the automotive industry. Daimler IT deepens its focus on software engineering and collaborates with Infosys to innovate and transform its IT infrastructure Provide agile, open, scalable and smart hybrid cloud infrastructure leveraging Infosys Cobalt and leading cloud providers, to accelerate Daimler’s multi-cloud journey Joint goal to develop a persona-driven, cognitive, anytime, anywhere… Continue reading Daimler and Infosys Announce Strategic Partnership to Drive Hybrid Cloud-powered Innovation & IT Infrastructure Transformation in the Automotive Sector
Volvo Cars imagines the future of autonomous drive by tapping into origins of human communication
At the same time, the company is also looking further into the future, considering how autonomous cars will communicate with other road users in a driverless world. This research looks beyond current Highway Pilot plans, which aims to have cars drive safely on their own on chosen areas of highway that Volvo has verified as… Continue reading Volvo Cars imagines the future of autonomous drive by tapping into origins of human communication
World NM: Debt-laden SsangYong Motor files for court receivership000637
Financially-troubled SsangYong Motor Co. said Monday it has filed for court receivership as it struggles with snowballing debts amid the COVID-19 pandemic. In 2011, Mahindra acquired a 70 percent stake in SsangYong for 523 billion won and now holds a 74.65 percent stake in the carmaker. If Samjong gives no opinion on SsangYong’s annual financial… Continue reading World NM: Debt-laden SsangYong Motor files for court receivership000637
Shape Process Automation Brings Advanced Material Processing And Handling Solutions To The Automotive Light-Weighting Initiative
AUBURN HILLS, Mich., Dec. 21, 2020 /PRNewswire/ — WKW Automotive, a major Tier 1 supplier, has awarded Shape Process Automation, a program valued at approximately $15MUSD to provide two inline laser systems complete with material handling capabilities. This program has the potential to be the highest throughput aluminum robotic laser cutting line in the world. Shape… Continue reading Shape Process Automation Brings Advanced Material Processing And Handling Solutions To The Automotive Light-Weighting Initiative
Superpedestrian Raises $60M from Citi, OurCrowd and Others, Fueling Expansion of LINK: Industry’s Only Scooter Fleet with On-Board Intelligence
NEW YORK, Dec. 21, 2020 /PRNewswire/ — Superpedestrian has secured major financial backing from the Citi Impact Fund, OurCrowd, Winthrop Square Capital, and others–part of a new $60 million investment in the transportation robotics company that will fuel responsible growth of its LINK scooter fleet equipped with unique On-Board Intelligence and an active safety system.… Continue reading Superpedestrian Raises $60M from Citi, OurCrowd and Others, Fueling Expansion of LINK: Industry’s Only Scooter Fleet with On-Board Intelligence
THOR Announces Acquisition Of Luxury RV Manufacturer Tiffin Motorhomes
ELKHART, Ind., Dec. 21, 2020 /PRNewswire/ — THOR Industries, Inc. (NYSE: THO) today announced the acquisition of Tiffin Motor Homes, Inc. and related companies (collectively, the “Tiffin Group”) for $300 million, funded with a combination of available cash and a draw on the Company’s existing asset-based credit facility. The Purchase Agreement was executed and effective… Continue reading THOR Announces Acquisition Of Luxury RV Manufacturer Tiffin Motorhomes
Senmiao Technology Announces Launch of Ride-Hailing Platform in Changsha, its Second Major City in China
CHENGDU, China, Dec. 18, 2020 /PRNewswire/ — Senmiao Technology Limited (“Senmiao”) (Nasdaq: AIHS), a financing and servicing company focused on the online ride-hailing industry in China as well as an operator of its own online ride-hailing platform, today announced the launch of its proprietary online ride-hailing platform, Xixingtianxia, for drivers in Changsha, China. Changsha is… Continue reading Senmiao Technology Announces Launch of Ride-Hailing Platform in Changsha, its Second Major City in China