Vietnam’s largest conglomerate Vingroup is in talks with investors, including Qatar’s sovereign fund and BlackRock, to privately raise about $1 billion in equity for its car unit, three sources aware of the matter said. The fundraising exercise comes as VinFast, Vingroup‘s automobile arm, is betting big on the U.S. market, where it hopes that its electric SUVs and a battery leasing model will be enough… Continue reading Vietnam’s Vingroup seeks to raise $1b from global investors for car unit
Category: Tech News
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India’s Ola looks to raise over $500m debt from US investors
Bengaluru-based ride hailing and electric vehicle maker Ola is looking to raise over $500 million in debt from US investors in a so-called Term Loan B (TLB) deal, joining technology peers Oyo and Byju’s that have previously tapped this market to raise debt, said two people aware of the development. Investment banks JP Morgan and… Continue reading India’s Ola looks to raise over $500m debt from US investors
BMW combines M legacy and rockstar esthetic into a quick V8 hybrid SUV
BMW couldn’t mark the 50th anniversary of its high-performance M division with any ol’ concept vehicle. Instead, the German automaker tapped into a rock star aesthetic that would make David Lee Roth proud with a plug-in hybrid concept that merges V8 power with next level M design. The XM SUV plug-in hybrid concept — suitably… Continue reading BMW combines M legacy and rockstar esthetic into a quick V8 hybrid SUV
Stellantis locks in lithium supply agreement to secure EV battery materials
Stellantis, the global corporation formed through a merger between Fiat Chrysler Automobiles and French automaker Groupe PSA, signed a binding agreement with a lithium producer as more automakers look to secure key parts of the battery supply chain. The agreement is one in a flurry of deals between automakers and suppliers as the demand for… Continue reading Stellantis locks in lithium supply agreement to secure EV battery materials
Nissan lays out $17.6 billion plan to electrify its future
Nissan is the latest automaker to announce a plan to spend gobs of money on an ambitious electrification strategy. The company said it will spend 2 trillion yen (around $17.6 billion) over the next five years to accelerate the roll-out of electric vehicles. And to emphasize that point, Nissan unveiled a pack of delightful EV… Continue reading Nissan lays out $17.6 billion plan to electrify its future
Portl Raises $12M in Series A Funding
Portl, a Los Angeles CA-based company plug & play holoportation platform, raised $12M Series A funding. The round was led by True Capital Management with participation from Tim Draper (Tesla, SpaceX, Skype), Marshawn Lynch, Quavo, Breanna Stewart, Albert Pujols, Luke Walton, Robert Griffin III (RG III), Deandre Ayton, Nneka Ogwumike, and Managing Partners of Structure Capital, Jillian Manus (Uber) and Mike Walsh (Uber, SalesForce). The company intends to use… Continue reading Portl Raises $12M in Series A Funding
Nissan unveils ‘Ambition 2030’ electric car plan – are they finally coming back to EVs?
Nissan has announced a new electrification plan intending to bring the company into the electric age with four new concepts, $17 billion in investment over five years (including solid state batteries), and 15 fully electric models by 2030. Ambition 2030 also includes targets for Nissan’s future sales mix. In the next five years (by 2026),… Continue reading Nissan unveils ‘Ambition 2030’ electric car plan – are they finally coming back to EVs?
China Evergrande shares fall after chairman cuts stake
Shares in China Evergrande Group fell as much as 4.8% on Monday morning, after its chairman trimmed his stake in the cash-strapped property developer to raise about $344 million. The group’s electric vehicle unit, China Evergrande New Energy Vehicle Group Ltd, also dropped more than 5% after it said the company was still exploring ways to pump capital into the unit with different investors. Evergrande has… Continue reading China Evergrande shares fall after chairman cuts stake
Second-hand car auction platform Motorway hits Unicorn status after $190M raise with Index, ICONIQ
It was only in June that Motorway – a U.K. platform on which professional car dealers can bid in an auction for privately owned cars for sale – raised $67.7 million in a Series B round. It’s now raised a $190m Series C funding round led by Index Ventures and ICONIQ Growth, a leading Silicon… Continue reading Second-hand car auction platform Motorway hits Unicorn status after $190M raise with Index, ICONIQ
LG appoints new CEO to lead its beleaguered electronics division
LG has appointed a new CEO to lead its electronics business. Starting December 1st, current Chief Strategy Officer William Cho will take over for Bong-seok Kwon as the CEO of LG Electronics. Meanwhile, according to The Korea Herald, Kwon will head up LG’s main holding company. Cho has been with LG Electronics since 1987. Prior… Continue reading LG appoints new CEO to lead its beleaguered electronics division