Tag Archives: Industry

Porsche CFO floated idea of IPO, could be valued at $81B, automaker says no way

Going public with an IPO is a quick way to raise capital, which is important to Volkswagen Group in the wake of the diesel scandal. Porsche could provide that capital with an IPO of its own, if it were interested. On Friday finance chief Lutz Meschke floated the idea during a media event for the automaker's upcoming Taycan electric car. Bloomberg reported...

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Bloodhound land speed record attempt on hold as project runs out of money

Bloodhound Programme Ltd, the company behind the Bloodhound SSC land speed record attempt, announced Monday that it has entered into administration, a process similar to bankruptcy protection. Unfortunately, the project is unlikely to get off the ground again unless Bloodhound Programme manages to raise $33 million. “While not an insignificant amount...

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Scott Keogh named new head of Volkswagen Group America

Volkswagen Group has named Scott Keogh its new Volkswagen Group of America head. He takes on the roles of president and CEO of Volkswagen Group of America and head of the Volkswagen brand for the North American region. The executive was formerly head of Audi America and the Volkswagen brand in the region. Keogh replaces Hinrich J. Woebcken, who will...

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BMW sets course to buy controlling stake in Chinese joint venture

To build cars in China and escape the country's steep tariffs on imports, foreign automakers have had to partner with local firms via 50:50 joint ventures. However, the Chinese government earlier this year laid out a plan to phase out the rule by 2022, thus paving the way for foreign automakers to buy out their joint-venture partners and take home more of...

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James Murdoch could take chairman role at Tesla

James Murdoch, son of billionaire media mogul Rupert Murdoch, is the leading candidate to take over the chairman role at Tesla, the Financial Times reported Wednesday, citing two people familiar with the matter. However, Elon Musk, current CEO and chairman at Tesla, hit Twitter shortly after the report was published with the statement, “This is...

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Volvo will use Nvidia AI chip in next-gen SPA2 platform

Volvo is the latest automaker to announce plans to integrate Nvidia's powerful Drive AGX chips in its cars. Volvo said Wednesday that Nvidia's Drive AGX Xavier chip will be the basis of the core computer that features in the next-generation SPA modular platform, which has been dubbed SPA2 and expected to offer Volvo's first fully self-driving system. The...

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PSA Group will decide in coming months what brand(s) to launch in US

French automaker PSA Group, which controls the Peugeot, Citroën, DS and Opel (Vauxhall) brands, plans to sell cars in the United States no later than 2026. In the coming months, the automaker will make some key decisions surrounding how it plans to return, including what brand(s) will lead the charge. PSA CEO Carlos Tavares told Automotive News...

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Daimler and Geely could join forces to take on China’s booming ride-hail market

German auto giant Daimler and its Chinese shareholder Zhejiang Geely Holding Group could join forces to take on the booming ride-hail market in China, which is currently dominated by Didi Chuxing. Citing people familiar with the matter, Bloomberg reported Tuesday that Daimler and Geely are considering the formation of a 50:50 joint venture that would offer...

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Faraday Future enters dispute with key investor

Electric car startup Faraday Future is currently embroiled in a dispute with key investor Evergrande Health Industry Group, a subsidiary of property developer China Evergrande Group. Evergrande agreed in June to purchase a 45-percent stake in Faraday Future from a company by the name of Season Smart. As part of the deal, Evergrande paid $860 million...

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Toyota and Softbank form Monet mobility company, plan autonomous services

Toyota and technology investment firm Softbank on Thursday agreed to join forces in developing a new mobility company that will offer a variety of services including automated delivery and ride hailing. The new company, to be called Monet Technologies, will be established before the end of 2018 with a 50.25-percent ownership by Softbank and the remaining...

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