Tag: Didi

Buffett-backed Chinese EV maker BYD profit up 162% in 2020

By Reuters Staff 1 Min Read Slideshow ( 2 images ) BEIJING (Reuters) – Chinese electric vehicle maker BYD Co Ltd,, which is backed by billionaire Warren Buffett, on Monday reported a 162% growth in 2020 net profit as it became a major mask maker amid the COVID-19 pandemic. BYD reported 4.23 billion yuan ($643.75… Continue reading Buffett-backed Chinese EV maker BYD profit up 162% in 2020

Toyota invests in Chinese self-driving partner Momenta

TIANJIN, China — Toyota Motor has invested in Chinese autonomous-driving startup Momenta as part of a $500 million fundraising round, expanding the Japanese automaker’s development infrastructure in China as tensions between Beijing and the U.S. simmer. Momenta’s systems use deep learning to analyze information from a vehicle’s cameras and sensors and construct a map of its… Continue reading Toyota invests in Chinese self-driving partner Momenta

Scrappy electric carmakers upend pecking order in auto industry

TOKYO — The accelerating trend to e-mobility will lead to a paradigm shift in the global car market that could radically change the landscape for the industry. Tesla has emerged as the early leader in the high-stakes electric vehicle race, topping the list of EV manufacturers. No Japanese manufacturer is among the top 10. Apple… Continue reading Scrappy electric carmakers upend pecking order in auto industry

Uber is in its strongest position in years

Uber has made many changes over the years, and the pandemic has forced a reckoning in its business. It has offloaded expensive distractions and put its focus back on ride-hailing and food delivery. CEO Dara Khosrowshahi is nearing a $100 million payday as Wall Street embraces Uber’s turnaround. Visit the Business section of Insider for… Continue reading Uber is in its strongest position in years

Tencent-backed Aiways breaks into Europe and China EV market

SHANGHAI — Chinese electric vehicle startup Aiways is expanding its sales footprint in Europe, where more electric cars were sold last year than in China. Aiways has pursued this strategy since it was founded in 2017, as it looks to grow outside China’s fiercely competitive domestic market. The Shanghai-based pure-play EV manufacturer sealed deals with… Continue reading Tencent-backed Aiways breaks into Europe and China EV market

China guides its self-driving startups into the fast lane

HONG KONG/ PALO ALTO, U.S. — When AutoX said in December that it had become the first Chinese company to test fully self-driving vehicles on open roads in the country, the result took a back seat to the fact that the test took place at all. The boast of 4-year-old Auto X about its test… Continue reading China guides its self-driving startups into the fast lane

Uber stock slips as Chinese rival reportedly plans to enter the Western European market (UBER)

Nisian Hughes/Getty Images Uber shares fell Wednesday with a report that rival Didi is preparing to operate in Europe. Didi is considering ride-hailing services in the UK, France and Germany, The Wall Street Journal reported.   Didi is making expansion plans ahead of a possible IPO for the Beijing-based company.   Visit the Business section of Insider… Continue reading Uber stock slips as Chinese rival reportedly plans to enter the Western European market (UBER)

Didi’s bike-sharing unit Qingju rakes in $600m in Series B round

Qingju, the bike-sharing unit of Chinese ride-hailing giant Didi Chuxing, has raised $600 million in its Series B round of financing and is set to raise another $400 million in loans, DealStreetAsia has learnt. The development was first reported by 36Kr, the Chinese-language media platform of Nasdaq-listed 36Kr Holdings, that cited sources privy to the… Continue reading Didi’s bike-sharing unit Qingju rakes in $600m in Series B round