Sona BLW Precision Forgings (Sona Comstar) has become the first automotive component manufacturer to receive certification under the Auto Production Linked Incentive (PLI) scheme. The company has filed seven applications for different products under the PLI scheme, and it has received the certification for its first product – a hub wheel drive motor for electric… Continue reading Sona Comstar first component supplier to receive auto PLI certification
Category: US Motoring Press
Yulu raises Rs 160 crore in fresh funding from Magna and Bajaj Auto
Yulu, India’s largest shared electric two-wheeler mobility company, has announced equity infusion of $19.25 million (about Rs 160 crore) in its business. The funds have been raised through further issuance of shares to Yulu’s existing strategic investors Magna and Bajaj Auto Ltd. Over the last year, Yulu has seen a nearly five-fold leap in revenue. The… Continue reading Yulu raises Rs 160 crore in fresh funding from Magna and Bajaj Auto
Yulu raises Rs 160 crore in fresh funding from Magna and Bajaj Auto
Yulu, India’s largest shared electric two-wheeler mobility company, has announced equity infusion of $19.25 million (about Rs 160 crore) in its business. The funds have been raised through further issuance of shares to Yulu’s existing strategic investors Magna and Bajaj Auto Ltd. Over the last year, Yulu has seen a nearly five-fold leap in revenue. The… Continue reading Yulu raises Rs 160 crore in fresh funding from Magna and Bajaj Auto
VinFast targets sales of 100,000 EVs in 2024, looks to build scale in Asian markets
Vietnamese electric vehicle manufacturer announced its fourth-quarter and full calendar-year 2023 results yesterday. The EV OEM sold a total of 34,855 electric vehicles (cars and e-bus) in 2023, marking a 374% increase compared to the previous year. This included 13,513 electric vehicles in the fourth quarter, up 35% from the third quarter of 2023. Despite a slight decrease… Continue reading VinFast targets sales of 100,000 EVs in 2024, looks to build scale in Asian markets
VinFast targets sales of 100,000 EVs in 2024, looks to build scale in Asian markets
Vietnamese electric vehicle manufacturer announced its fourth-quarter and full calendar-year 2023 results yesterday. The EV OEM sold a total of 34,855 electric vehicles (cars and e-bus) in 2023, marking a 374% increase compared to the previous year. This included 13,513 electric vehicles in the fourth quarter, up 35% from the third quarter of 2023. Despite a slight decrease… Continue reading VinFast targets sales of 100,000 EVs in 2024, looks to build scale in Asian markets
VinFast to break ground on Tamil Nadu EV plant on February 25
VinFast Auto has, in an official communication, announced that it will break ground at its integrated electric vehicle (EV) manufacturing site in Thoothukudi City, Tamil Nadu on February 25, 2024. On January 6, 2024, VinFast and the government of Tamil Nadu signed a Memorandum of Understanding (MoU). The collaboration aims toward an intended commitment of… Continue reading VinFast to break ground on Tamil Nadu EV plant on February 25
VinFast to break ground on Tamil Nadu EV plant on February 25
VinFast Auto has, in an official communication, announced that it will break ground at its integrated electric vehicle (EV) manufacturing site in Thoothukudi City, Tamil Nadu on February 25, 2024. On January 6, 2024, VinFast and the government of Tamil Nadu signed a Memorandum of Understanding (MoU). The collaboration aims toward an intended commitment of… Continue reading VinFast to break ground on Tamil Nadu EV plant on February 25
Allison Transmission’s VC division invests in Niron Magnetics
Allison Ventures, Allison Transmission’s venture capital arm, has announced its strategic investment in Niron Magnetics, a pioneering company in the field of sustainable non-rare earth permanent magnets. This investment marks a significant milestone in the advancement of clean energy solutions and the reduction of reliance on critical materials. “Niron Magnetics is excited to have Allison… Continue reading Allison Transmission’s VC division invests in Niron Magnetics
Allison Transmission’s VC division invests in Niron Magnetics
Allison Ventures, Allison Transmission’s venture capital arm, has announced its strategic investment in Niron Magnetics, a pioneering company in the field of sustainable non-rare earth permanent magnets. This investment marks a significant milestone in the advancement of clean energy solutions and the reduction of reliance on critical materials. “Niron Magnetics is excited to have Allison… Continue reading Allison Transmission’s VC division invests in Niron Magnetics
Rivian and Lucid shares plunge after weak EV earnings reports
A Rivian electric truck sits parked in front of a Rivian service center on August 08, 2023 in South San Francisco, California. Justin Sullivan | Getty Images Shares of electric vehicle makers Rivian and Lucid plummeted Thursday after the companies reported disappointing results and stagnant production in their fourth-quarter earnings after the bell Wednesday. Rivian… Continue reading Rivian and Lucid shares plunge after weak EV earnings reports