…Nio was meant to be China’s Tesla killer. Backed by a host of well known investors including Tencent, Baillie Gifford and Sequoia Capital, the electric car company was seemingly China’s chosen one to…
Category: Newswire
British Icon MG Motor Unveils an Electric SUV in India
MG Motor unveiled an electric sport utility vehicle in India, becoming just the second automaker to launch such a product in a market where clean-energy cars have yet to make a dent.
Italy ‘claims FCA undervalued Chrysler
Bloomberg reported Thursday that Italian tax authorities have claimed Fiat Chrysler Automobiles underestimated the value of its American business by 5.1 billion euros ($5.6 billion) following its phased acquisition of Chrysler several years ago, presenting the carmaker with a potentially hefty bill as it prepares to merge with French rival PSA Group.Fiat Chrysler is now registered in the Netherlands with a tax residence in the U.K. – not Turin, Fiat’s home for more than a century.The move triggered the so-called exit tax that Italy collects on capital gains realized when companies move assets outside the country.
British icon MG Motor to sell electric SUV in India where few can afford them
MG Motor unveiled an electric sport utility vehicle in India, becoming just the second automaker to launch such a product in a market where clean-energy cars have yet to make a dent.The vehicle will take on South Korea’s Hyundai Motor Co., the only other brand with an electric SUV in India.Together, they control two-thirds of the market where 3.4 million passenger vehicles were sold in the year through March.
Audi Hungaria starts serial production of mild-hybrid e-vehicles
The local unit of German carmaker Audi started serial production of its Audi Q3 and Q3 Sportback models with mild-hybrid system, the company told Hungarian news agency MTI on Thursday.The Q3 models are Audiʼs first hybrid cars.
Volvo Group Venture Capital Invests in Software for Autonomous Mobility
GÖTEBORG, Sweden, Dec. 5, 2019 /PRNewswire/ — Volvo Group Venture Capital AB has invested in Apex.AI, a leading software company in autonomous mobility. The investment will fund the development of a safety-certified software framework for autonomous systems. Apex.AI, a Palo Alto, California-based company founded in 2017, is building an automotive-grade version of ROS (Robot Operating… Continue reading Volvo Group Venture Capital Invests in Software for Autonomous Mobility
General Motors and LG Chem Team Up to Advance Toward an All-Electric Future, Add Jobs in Ohio
DETROIT, Dec. 5, 2019 /PRNewswire/ — Will create more than 1,100 new jobs in a new, Ohio-based facility Joint venture to drive cost per kilowatt hours to industry-leading levels New battery plant to have an annual capacity of more than 30 gigawatt hours with flexibility for expansion Companies enter joint agreement to develop advanced tech,… Continue reading General Motors and LG Chem Team Up to Advance Toward an All-Electric Future, Add Jobs in Ohio
Nissan will pause US operations for two days this January
New York (CNN Business)Nissan plans to close US operations for two days in early 2020.The news was first reported by Motor1.com, and CNN Business confirmed the move with the auto maker.Affected employees will not be paid during the shutdown.
Tesla Competitor NIO Launches Another SUV in China
NIO Inc. is introducing its third sport utility vehicle, a streamlined model aimed at spurring demand in China’s slowing electric-car market.
GM lays off 800 workers during switchover to electric vehicles at Detroit plant
General Motors said Tuesday that it is laying off more than 800 workers as it converts its Detroit Hamtramck plant to an electric vehicle facility.The switch to electric vehicles means the plant won’t need as many workers.FOX Business’ Jason Racki, Grady Trimble and Jonathan Garber contributed to this report.