Lyft said on Wednesday that it would cut nearly 1,000 jobs and had furloughed 288 workers. Both Lyft and its larger competitor Uber have seen ride-hailing volumes plummet during the coronavirus pandemic. Shares of Lyft were up more than 5% on Wednesday, outpacing broader market gains. Visit Business Insider’s homepage for more stories. Lyft said… Continue reading Lyft is laying off nearly 1,000 employees — 17% of its workforce — as the coronavirus sends the ride-hailing industry into a nosedive (LYFT)
Tag: People
UPDATE 1-Uber’s Middle East business Careem cuts 31% of workforce
DUBAI (Reuters) – Uber Technologies’ Careem subsidiary on Monday announced it was cutting 536 jobs this week, representing 31% of the Dubai-headquartered company’s workforce. FILE PHOTO: Careem CEO Mudassir Sheikha speaks to Reuters in an interview at the company headquarters in Dubai, UAE, December 13, 2018. REUTERS/Satish Kumar/File Photo The announcement came hours after Uber… Continue reading UPDATE 1-Uber’s Middle East business Careem cuts 31% of workforce
Nissan to retrench further in new plan to focus on US, Japan, China
May 4 (Reuters) – Nissan Motor Co Ltd will pull back from Europe and elsewhere to focus on the United States, China and Japan under a plan that represents a new strategic direction for the embattled carmaker, people with direct knowledge of the plan told Reuters.
The “operational performance plan” is due to be announced on May 28 and goes beyond fixing problems from ousted leader Carlos Ghosn's aggressive expansion drive, the people said.
Pursuit of market share, particularly in the United States, led to steep discounting and a cheapened brand. Under the new, three-year plan – reported here for the first time – Nissan aims to restore dealer ties and refresh lineups to regain pricing power and profitability, the people told Reuters.
“This is not just a cost-cutting plan. We're rationalising operations, reprioritising and refocusing our business to plant seeds for the future,” one of the people said.
The plan also aims to cut competition and expand cooperation with alliance par..
German car sector morale plunges ahead of crunch Merkel meeting
BERLIN (Reuters) – The business climate in Germany’s auto sector suffered its biggest slump in April and hit its lowest level since 1991, when the Ifo economic institute began collecting data post-reunification, a survey showed on Monday. FILE PHOTO: A worker wears a protective mask at the Volkswagen assembly line after VW re-starts Europe’s largest… Continue reading German car sector morale plunges ahead of crunch Merkel meeting
German manufacturing output posts record contraction in April: PMI
FILE PHOTO: Automated vehicles carry parts for building Porsche Taycan electric cars at Porsche’s Zuffenhausen manufacturing complex, in Stuttgart, Germany, September 9, 2019. Picture taken September 9, 2019. REUTERS/Joe White BERLIN (Reuters) – German factory output shrank at the fastest rate on record in April and firms in the export-oriented sector cut jobs at the… Continue reading German manufacturing output posts record contraction in April: PMI
Elon Musk talks Tesla cars playing augmented reality games while driving
In a new comment, Elon Musk talks about possibly developing a game for Tesla cars using augmented reality game while driving… or Minecraft. For the last two years, Tesla has been spending some resources to involve video games into its user experience and it plans to do more of it in the future as Musk… Continue reading Elon Musk talks Tesla cars playing augmented reality games while driving
Exclusive: Nissan to retrench further in new plan to focus on U.S., Japan, China
(Reuters) – Nissan Motor Co Ltd (7201.T) will pull back from Europe and elsewhere to focus on the United States, China and Japan under a plan that represents a new strategic direction for the embattled carmaker, people with direct knowledge of the plan told Reuters. FILE PHOTO: People walk past a dealer shop of Nissan… Continue reading Exclusive: Nissan to retrench further in new plan to focus on U.S., Japan, China
Silver Lake to invest $747M in India’s Jio Platforms
Weeks after Facebook invested $5.7 billion in Jio Platforms, India’s top telecom operator, private equity firm Silver Lake is following suit — and is willing to pay a premium for it. Silver Lake announced on Monday it will be investing 56.56 billion Indian rupees (about $746.8 million) in Jio Platforms for about 1.15% stake in the Indian… Continue reading Silver Lake to invest $747M in India’s Jio Platforms
@VW Group: The TRATON GROUP prepares for the re-opening of the economy in a very challenging environment
In anticipation of a downturn in the market in Europe and due to the initial effects of the global corona pandemic, the TRATON GROUP recorded falls in unit sales, sales revenue, and operating profit in the first three months of 2020 and is now making preparations for the re-opening of the economy in a very… Continue reading @VW Group: The TRATON GROUP prepares for the re-opening of the economy in a very challenging environment
Europcar gets 307 million euros in financing to cope with COVID-19 crisis
FILE PHOTO – The logo of car rental company Europcar is seen at Zurich Airport, January 9, 2018. REUTERS/Arnd Wiegmann PARIS (Reuters) – French car hire company Europcar (EUCAR.PA) said on Sunday it had secured a total of 307 million euros ($337.18 million) in new financing to manage through the coronavirus crisis. The sum includes… Continue reading Europcar gets 307 million euros in financing to cope with COVID-19 crisis