London-based startup Wheely has raised a $15 million Series B round led by Concentric with Oleg Tscheltzoff, Misha Sokolov and other investors also participating. The company wants to build an Uber competitor focused on the luxury market. It’s a bit ironic when you think about it as Uber started as a luxury company. But everybody… Continue reading Wheely raises $15 million for its luxury ride-hailing app
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Bentley not sold on electric, planning plug-in hybrids for full lineup
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Bentley Continental GT V8
The ultra-luxury carmaker Bentley is at work on a new model strategy, and fully electric vehicles might not play as much of a part in it as the company had previously hinted.
The company, which is part of the Volkswagen Group, will reveal more about its future direction in July, corresponding with its 100th anniversary, according to a report earlier this month in Autocar, citing Werner Tietz, the board member in charge of Bentley’s engineering.
Bentley is looking to expand its buyer base rather than sell more cars to existing buyers. Part of the strategy will also involve offering a plug-in hybrid version of each of its models by 2025. It might also add another SUV to the lineup, although it hasn’t detailed whether that means one larger or smaller than the current Bentayga.
2019 Bentley Bentayga Hybrid
Bentley had previously hinted that it was leaning toward making a smaller SUV all-electric—although that was before an extensive leadership change at the company in 2017.
Bentley backing away from all-electric?
In the Autocar report, Tietz sounds notably less bullish about all-electric vehicles than his predecessor as engineering boss, Rolf Frech. “It is by no means certain that battery-electric is the right way to go,” said Tietz, who argued that the current technology wouldn’t work for towing horse trailers or boats.
2017 Tesla Model X
There are of course many people who do tow—today—with the Tesla Model X. One couple we recently featured towed a 3,800-pound camping trailer around the Southeastern U.S. and saw range drop by at least a third. Rivian is also developing its electric R1T pickup and R1S SUV around impressive towing capability—of up to 11,000 pounds.
One other noteworthy change is that the brand won’t be building “pure sports cars”—a decision that’s a bit surprising as the brand had shown several concept cars that looked aimed at Aston Martin, or even Ferrari.
Bentley EXP 12 Speed 6e concept, 2017 Geneva auto show
The most interesting evolution of those ideas was the EXP12 Speed 6e, a plush, racy-looking, fully electric, two-seater shown in 2017. Bentley then said that a production model based on it would be able to “drive between London and Paris or Milan and Monaco on a single charge.”
In the meantime, it’s considering a small electric city car while also evaluating fuel-cell technology and looking at carbon-neutral synthetic fuels.
Considering the changing priorities of luxury-vehicle buyers, and the importance of being seen in a vehicle that’s efficient and technologically advanced—in a world that includes Tesla—we’re eager to see where this storied British brand is headed.
Carmaker BYD to build NEV base in east China
NANJING, April 26 (Xinhua) — Leading Chinese new energy vehicle (NEV) maker BYD will set up an industrial base for passenger vehicles and key components in the city of Changzhou, east China's Jiangsu Province.
The strategic cooperation agreement on the project was signed between BYD and the municipal government of Changzhou Thursday, according to the local government.
With a total investment of 10 billion yuan (about 1.5 billion U.S. dollars), the base is designed to produce 400,000 NEVs each year with an annual output worth of 50 billion yuan.
The company also plans to establish a research and development center in the city in the future.
BYD Chairman Wang Chuanfu said this project will make the company's passenger car network complete in China along with its existing bases in Shenzhen, Xi'an and Changsha, which will benefit Changzhou with the addition of new job opportunities.
Daimler hurt by production delays at Mercedes, China slowdown
FRANKFURT (Reuters) – Daimler’s first-quarter operating profit fell 16 percent on Friday as a 718 million euro ($800 million) one-off gain failed to offset raw material costs, technology investments and production delays at three Mercedes-Benz factories. FILE PHOTO: An illuminated logo of Mercedes is seen on the Mercedes-Benz F105 at an exhibition before the Daimler… Continue reading Daimler hurt by production delays at Mercedes, China slowdown
Uber aims for $90bn stock market debut
Uber has revealed that it is seeking a valuation of $90bn (£70bn) in its much anticipated stock market flotation. The taxi-app firm has said that its shares will be priced at between $44 and $50 each, with the share issue set to raise about $10bn. As part of the offer it will sell $500m worth… Continue reading Uber aims for $90bn stock market debut
Panasonic Could Supply Tesla With 2170 Cells From Japan
It’s not decided yet, but Panasonic is considering production of 2170 lithium-ion cells for Tesla in Japan According to Reuters’ sources, Panasonic is considering an upgrade of its Japanese lithium-ion cell factories to better suit Tesla’s needs. “Panasonic Corp may upgrade one of its battery plants in Japan to produce advanced-format battery cells for Tesla… Continue reading Panasonic Could Supply Tesla With 2170 Cells From Japan
Ford says Justice Department opened a criminal probe tied to its emissions certification process
Aly Song | Reuters
People walk by a Ford Escape SUV displayed during the media day for the Shanghai auto show in Shanghai, China, April 16, 2019.
The Justice Department has launched a criminal investigation in a matter relating to Ford Motor's U.S. emissions certification process.
Ford disclosed in an SEC filing Friday that the company has also notified a number of other state and federal agencies and are cooperating fully with all government investigations. The matter stems back to issues related to road load estimations, including analytical modeling and coastdown testing. It does not involve the use of defeat devices to cheat on emissions tests.
The company also said in the filing that it cannot predict the outcome of the investigation and “cannot provide assurance that it will not have a material adverse effect on us.”
The automaker's stock is up 6% in premarket trading after it reporting quarterly earnings that topped expectations.
This is breaking news. Please check back for updates.
Auto-ISAC adds four additional cyber-security companies
The Automotive Information Sharing and Analysis Center (Auto-ISAC) welcomes two new members BlackBerry and Verizon and, two new strategic partners Pen Test Partners and Regulus. The inclusion of these four companies increases the strength of the Auto-ISAC’s position as an auto cybersecurity information sharing community that works to prevent cyber threats to the connected vehicle. The Auto-ISAC was formed by automakers in 2015… Continue reading Auto-ISAC adds four additional cyber-security companies
Uber sets terms for IPO, posts $1 billion first-quarter loss
FILE PHOTO: Uber’s logo is displayed on a mobile phone in London, Britain, September 14, 2018. REUTERS/Hannah Mckay/File Photo (Reuters) – Uber Technologies Inc unveiled terms for its initial public offering on Friday, telling investors the ride-hailing company and insiders would seek to sell as much as $10.35 billion in stock at a valuation of… Continue reading Uber sets terms for IPO, posts $1 billion first-quarter loss
UPDATE 1-Uber sets terms for IPO, posts $1 bln Q1 loss
(Updates with PayPal deal, detail on roadshow) By Joshua Franklin April 26 (Reuters) – Uber Technologies Inc unveiled terms for its initial public offering on Friday, telling investors the ride-hailing company and insiders would seek to sell as much as $10.35 billion in stock at a valuation of up to $91.5 billion. Uber also said… Continue reading UPDATE 1-Uber sets terms for IPO, posts $1 bln Q1 loss