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John Deere to lay off around 610 employees

John Deere has reportedly announced new layoffs affecting 610 production workers at its facilities in Illinois and Iowa, effective from August 30, due to declining market demand and rising operational costs. These layoffs follow previous reductions and are part of the company's strategic efforts to realign its operations and strengthen its market positioning.

https://www.latestly.com/auto/john-deere-layoffs-agricultural-machinery-manufacturer-to-lay-off-around-610-employees-amid-declining-market-demand-and-rising-costs-6075086.html?utm_source=inshorts&utm_medium=referral&utm_campaign=fullarticle

New Delhi, June 30: John Deere, the agricultural equipment manufacturer, has reportedly announced a new round of layoffs. The layoffs follow previous workforce reductions earlier this year at various John Deere plants, including in East Moline, Moline, and Ankeny, Iowa, impacting hundreds of employees. The company has also laid off its employees from the Waterloo plant in Iowa. The layoffs are expected to be part of John Deere's strategic move to realign its operations and enhance its positioning in the market. The company reported profits of USD 10.166 billion last year, but it has also communicated that operational costs are rising and market demand is declining, which requires organisational changes. As per a report of Fox Business, the company is set to lay off approximately 610 production workers at its facilities in Illinois and Iowa by the end of the summer. As per the report, the layoffs might include 280 employees at a plant in East Moline, Illinois, 230 workers at a factory in Davenport, Iowa, and around 100 staff members at the Dubuque, Iowa, plant.Yes Bank Layoffs: Private Sector Bank Lays Off Around 500 Employees in Cost-Cutting Move; Check Details. The company cites a decrease in demand for its products from these specific factories as the primary reason for the job cuts. The layoffs will take effect starting from August 30. The report suggests that workers will be provided with a Supplemental Unemployment Benefit covering approximately 95% of their weekly net pay for up to 26 weeks, along with profit-sharing options and health benefits.Planet Labs Layoffs: Earth Imaging and Monitoring Company Lays Off 17% of Its Workforce, Around 180 People as Part of Cost-Cutting Measures. The Department of Agriculture predicts that farm income will decrease by 25.5% to USD 116.1 billion this year compared to 2023. The company has lowered its annual profit forecast for the second time and expects a bigger drop in sales of large agricultural equipment. In addition, there have been reports of job cuts. John Deere recently made an announcement that it will be relocating the production of skid steer loaders and compact track loaders from its Dubuque facility to Mexico by the end of 2026 to enhance their factories for upcoming products and increase its operational efficiency. . .

India's high-speed train hopes face hurdles

India's Vande Bharat Express, launched in 2019, aimed to revolutionise rail travel but still falls short of international high-speed standards. Trains tested at 180 km/h are limited to 160 km/h and sometimes reduced to 130 km/h due to safety concerns. Infrastructure limitations, like inadequate tracks and signalling systems, impede achieving true high-speed rail status.

https://www.thecore.in/economy/india-train-high-speed-trains-vande-bharat-558094?utm_source=inshorts&utm_medium=referral&utm_campaign=fullarticle

India has semi-high-speed trains that can potentially cut travel times substantially, but the lack of necessary allied infrastructure is holding them back. Indias tryst with high-speed trains has been in public discourse for decades. We saw some green shoots when Vande Bharat Express trains were launched in 2019. But even today, by international standards, Indias high-speed trains are semi-high speed at best, according to Sudhanshu Mani, who served as general manager at Indian Railways' Integral Coach Factory and is also credited as the mastermind behind the Vande Bharat Express train. High speed is a term loosely used, and there are various definitions ranging from speeds above 200 km/hr to above 250 km/hr, I would place it more like at least above 220 km/hr, Mani told The Core. Currently, the fastest trains in India are the Vande Bharat Express from Delhi to Varanasi and the Gatimaan Express that connects Delhi and Jhansi. These trains have been tested to run at 180 km/hr but are commercially cleared only to run at 160 km/hr. Recently, this was further reduced to 130 km/hr amid safety concerns as the Train Protection & Warning System (TPWS) on certain routes malfunctioned leading to multiple fatal accidents. Other Vande Bharat Express trains like those on the Mumbai-Shirdi route in Maharashtra have average speeds as low as 64 km/hr. The overall average speed of Vande Bharat trains in the country was 83 km/hr as of April last year. But whats causing trains that have been tested to run at 180 km/hr to run at much lower speeds? Its the lack of allied... Indias tryst with high-speed trains has been in public discourse for decades. We saw some green shoots when Vande Bharat Express trains were launched in 2019. But even today, by international standards, Indias high-speed trains are semi-high speed at best, according to Sudhanshu Mani, who served as general manager at Indian Railways' Integral Coach Factory and is also credited as the mastermind behind the Vande Bharat Express train. High speed is a term loosely used, and there are various definitions ranging from speeds above 200 km/hr to above 250 km/hr, I would place it more like at least above 220 km/hr, Mani told The Core. Currently, the fastest trains in India are the Vande Bharat Express from Delhi to Varanasi and the Gatimaan Express that connects Delhi and Jhansi. These trains have been tested to run at 180 km/hr but are commercially cleared only to run at 160 km/hr. Recently, this was further reduced to 130 km/hr amid safety concerns as the Train Protection & Warning System (TPWS) on certain routes malfunctioned leading to multiple fatal accidents. Other Vande Bharat Express trains like those on the Mumbai-Shirdi route in Maharashtra have average speeds as low as 64 km/hr. The overall average speed of Vande Bharat trains in the country was 83 km/hr as of April last year. But whats causing trains that have been tested to run at 180 km/hr to run at much lower speeds? Its the lack of allied infrastructure and safety measures. There are two main reasons, track conditions, and signalling systems. To run at these high speeds, the rail tracks need to be upgraded and this hasnt happened at the pace expected. Fencing of the tracks (is required), because the impact of any cattle getting run over is much higher on a higher speed. Improvement in overhead traction line is also needed, Mani said. Indias train signalling system is due for an upgrade and recent fatal accidents have further highlighted this need. Yet, the installation of Kavach, an automatic train protection (ATP) system, isn't fast-tracked. India has trains that can potentially cut travel times substantially, but the lack of necessary allied infrastructure is holding them back. Once these factors are addressed, we may have substantial kilometres being able to support the 160 km/hr speeds. In these circumstances, having trains running at 220 km/hr across the country seems a distant dream so far. One may argue why India needs such super fast in the first place. With air travel booming, it is clear that there is a need for public transport systems and fast trains are key to boosting economic growth too. However, air travel remains inaccessible for many Indians as it is expensive. Additionally, trains are considered a cleaner and greener alternative. However, travel times are the biggest challenge. The comfort of the passengers has been more or less taken care of in both of these modes of transport, according to Mani. For example, (from) Delhi to Bhopal, if you can bring it (travel time) down to, say, four and a half hours, then the advantage that air traffic has is lost, and people would prefer to travel in trains, he said. In its lofty plans for high-speed rail travel, India also has bullet trains on the board, running at targeted speeds of 250 km/hr. The Mumbai - Ahmedabad is the first route on the map and some progress has also been made. However, there have been delays and the train is expected to be operational only by 2029 with an estimated travel time of two hours 45 minutes. Setting up bullet trains would require building more dedicated tracks. When you build a dedicated track, then you cannot have too many curvatures. There are too many gradients because these are the impediments to speedy track, Mani said. According to Mani, in the next five years, only the Mumbai-Ahmedabad bullet train plan is expected to materialise, and even the existing tracks wouldnt be able to reach the capacity to run 200 km/hr trains. India has semi-high-speed trains that can potentially cut travel times substantially, but the lack of necessary allied infrastructure is holding them back.

Ather Energy to invest ₹2,000 cr to set up EV plant in Maharashtra

Electric scooter maker Ather Energy will set up a manufacturing facility in Maharashtra's Aurangabad Industrial City with over ₹2,000 crore investment. The state's Deputy CM Devendra Fadnavis met Ather's Co-founder Swapnil Jain on Wednesday and said the plant will create around 4,000 jobs. "This...plant will annually produce up to 1 million units of vehicles and battery packs both," Fadnavis said.

https://www.ndtvprofit.com/business/ather-energy-to-invest-rs-2000-crore-in-electric-scooter-plant-in-maharashtra?utm_campaign=fullarticle&utm_medium=referral&utm_source=inshorts

Ather Energy plans to invest Rs 2,000 crore to set up its third manufacturing facility in Chhatrapati Sambhaji Nagar in Maharashtra. The electric two-wheeler maker will establish the facility in Aurangabad Industrial City, helping generate around 4,000 jobs, Devendra Fadnavis, the state's deputy chief minister, said on social media. The facility is expected to have an annual production capacity of up to one million vehicles and battery packs, Fadnavis said. "The development underscores Maharashtra's supportive business environment and robust electric vehicle manufacturing policies which align with Prime Minister Narendra Modi's vision for India's industrial growth," Fadnavis said. With the Samruddhi Expressway providing effective connectivity, investors are increasingly seeing the potential of the region, the deputy CM said. Big investment in Maharashtra in automotive sector!Welcome to Maharashtra, Ather !Just got done with a meeting with the Founder of Ather Energy, Shri Swapnil Jain and Im glad to share that he informed about their great decision that Ather Energy, the leading electric scooter pic.twitter.com/Hc8EeaDdM6 Ather Energy has transitioned to a public company as it prepares for an initial public offering. On June 21, the company adopted a resolution to remove "Private" from its official name, a move that sets the stage for the public share sale, as per documents filed with the Registrars of Companies and reported by TheKredible. Ather Energy aims to proceed with an IPO filing this month, seeking to raise approximately $400 million at a $2 billion valuation.

Tesla car flips 7 times in crash, Musk says 'Safety primary' as all survive

Tesla CEO Elon Musk on Tuesday reacted to a video showing an old accident of a Tesla Model Y car which flipped 7 times yet killed none of its passengers. Musk said, "Safety is our primary design goal." The video shows people inside the car cushioned by airbags despite the car being damaged severely after the crash.

https://www.latestly.com/socially/auto/tesla-model-y-flips-seven-times-in-crash-yet-everyone-inside-car-survives-safety-is-our-primary-design-goal-says-elon-musk-while-reacting-to-old-accident-video-6065009.html/amp?utm_campaign=fullarticle&utm_medium=referral&utm_source=inshorts

Elon Musk, the CEO of Tesla, reacted to a video showing a terrifying accident reportedly involving a Tesla Model Y. The old accident footage captured the electric SUVfaced a high-speed crash, rolling over seven times before landing on its side. Despite the seriousness of the accident, all passengers inside the vehicle miraculously survived without serious injuries. In his reaction on June 25, Elon Musk emphasised that safety is Tesla's primary design goal. The video was shared by X user Mario Nawfal (@MarioNawfal).Elon Musk Deepfake Used in YouTube Live Video to Push Cryptocurrency Scam; Attracts Over 30,000 Viewers. Elon Musk Says Safety Is Our Primary Design Goal (SocialLY brings you all the latest breaking news, viral trends and information from social media world, including Twitter, Instagram and Youtube. The above post is embeded directly from the user's social media account and LatestLY Staff may not have modified or edited the content body. The views and facts appearing in the social media post do not reflect the opinions of LatestLY, also LatestLY does not assume any responsibility or liability for the same.) Latestly.com, 2024

Space debris falls through roof in Florida home; family sues NASA

A family in Florida, is suing NASA for $80,000 in damages after their home was hit by space debris that fell to Earth and punched a hole in the roof. The debris was a material made up of metallic cylinder slab from a cargo pallet that left a hole in the floor and roof, but no one was hurt.

https://freepressjournal.in/world/space-debris-falls-on-florida-home-family-sues-nasa?utm_source=inshorts&utm_medium=referral&utm_campaign=fullarticle

A family in Naples, Florida, is suing NASA for $80,000 in damages after their home was hit by space debris that fell to Earth and punched a hole in the roof. In a press release, the legal firm Cranfill Sumner stated that it had filed a claim on plaintiff Alejandro Otero's and his family's behalf. On March 8, 2024, while their son Daniel was at home, a metallic cylinder slab from a cargo pallet that had been released by the International Space Station in 2021 struck the Otero family's house. It left a hole in the floor and roof, but no one was hurt. Debri left a mark on the roof | Instagram A Shocking Discovery Alejandro Otero was on vacation when his son called him with the unbelievable news. A cylindrical object had ripped through their roof and floor, causing significant damage. Thankfully, no one was hurt in the incident. The object was retrieved and sent to the Kennedy Space Center for analysis. NASA confirmed in April that it was a metal component used to hold old batteries on a disposal pallet. Debri left a mark on the ceiling | Instagram This pallet was jettisoned from the International Space Station in 2021. While most of the pallet was expected to burn up during re-entry, this particular piece remained intact. Seeking Compensation The Otero family, through their law firm, Cranfill Sumner, filed a claim against NASA to recover damages. These damages include repairs to their home, any business interruptions caused by the incident, emotional distress, and the cost of hiring outside help to deal with the situation. In their lawsuit against NASA, the Oteros seek damages for non-insured property, business interruption, mental and emotional distress, and the price of outside agencies' assistance. My clients are seeking adequate compensation to account for the stress and impact that this event had on their lives, the Otero familys attorney, Mica Nguyen Worthy, said in a statement. They are grateful that no one sustained physical injuries from this incident, but a near miss situation such as this could have been catastrophic. If the debris had hit a few feet in another direction, there could have been serious injury or a fatality. according to a report by The Guardian Debri left a mark on the floor | Instagram Attorney Mica Nguyen Worthy, representing the Otero family, highlighted the growing problem of space debris due to increased space activity. She emphasized the importance of this case, stating it could set a legal precedent for future claims involving space debris damage.Worthy noted the family's relief that no one was physically injured. However, she stressed the potential severity of the situation. A slightly different trajectory of the debris could have resulted in serious injury or even death.The lawsuit also aims to encourage better practices for dealing with space debris in the future, hoping to prevent similar incidents. NASA has six months to respond to the claim. This case will be closely watched to see how the legal system addresses the issue of space debris and the potential liability of space agencies.

What is Reusable Launch Vehicle? Know more about ISRO's 'Pushpak'

ISRO completed the third and final flight of the RLV-LEX series on June 23rd, 2024. The RLV-LEX-03 or "Pushpak," successfully landed under more challenging wind conditions, signifying a significant step towards a fully operational Reusable Launch Vehicles (RLV). The RLVs, unlike traditional rockets that are discarded after a single, these are designed to be recovered, used and launched again.

https://www.freepressjournal.in/science/what-is-a-reusable-launch-vehicle-isro-successfully-lands-rlv-for-third-consecutive-time?utm_source=inshorts&utm_medium=referral&utm_campaign=fullarticle

Bengaluru: ISRO recently completed the third and final flight of the RLV-LEX series on June 23rd, 2024. This mission, named RLV-LEX-03 or "Pushpak," successfully landed under more challenging wind conditions, signifying a significant step towards a fully operational RLV. Reusable Launch Vehicles (RLVs) are the game-changers in space travel. Unlike traditional rockets that are discarded after a single use, RLVs are designed to be recovered and launched again. This significantly reduces the cost of space access, paving the way for more frequent missions and a more sustainable space industry. Let's delve into the efforts of two leading space agenciesISRO (Indian Space Research Organization) and SpaceXin developing RLV technology. The Indian Space Research Organisation (#ISRO) accomplished the third landing experiment of the Reusable Launch Vehicle (RLV LEX-03) named #Pushpak on Sunday. pic.twitter.com/2PWLgOB70C ISRO's RLV Program Taking Flight with "Pushpak" ISRO's Reusable Launch Vehicle Technology Demonstrator (RLV-TD) program focuses on building a winged, reusable spaceplane. Named "Pushpak" after the mythical flying chariot, the RLV-TD is a test bed for crucial technologies needed for a fully reusable launch system. Here's a breakdown of ISRO's RLV journey: Testing the Waters: The program began with the RLV-LEX (Landing Experiment) series in 2023. These suborbital flights involved dropping the RLV from a helicopter at high altitude and then guiding it to a horizontal landing on a runway. This series successfully demonstrated the vehicle's autonomous navigation and landing capabilities under simulated re-entry conditions. Static fire of Flight 5 Starships six Raptor engines pic.twitter.com/UiF5UG432F SpaceX's Starship SpaceX, led by Elon Musk, has taken a more ambitious approach with its Starship program. Starship is a fully reusable launch system consisting of a Super Heavy booster and a Starship spacecraft. Unlike ISRO's winged design, Starship is a vertical takeoff and landing (VTOL) vehicle, similar to a giant rocket. Here's a glimpse into SpaceX's Starship development: Rapid Prototyping: SpaceX has adopted a rapid prototyping approach, building and testing multiple Starship prototypes iteratively. This allows them to quickly learn from failures and incorporate improvements in subsequent versions. Early Milestones: SpaceX has conducted numerous high-altitude test flights of the Starship prototypes, with some achieving successful landings. Notably, on June 6th, 2024, Starship achieved a first: both the Super Heavy booster and the Starship spacecraft successfully completed a suborbital flight and landed, marking a significant milestone towards full reusability. Comparing ISRO's RLV and SpaceX's Starship ISRO and SpaceX are leading the way in developing reusable launch vehicles. While their approaches differ, both programs aim for reusability and showcase distinct approaches: Design Philosophy: ISRO's RLV-TD is a winged spaceplane designed for horizontal landings. This design offers advantages in terms of maneuverability and potentially lower fuel consumption during re-entry. SpaceX's Starship, on the other hand, utilizes a VTOL design with a simpler, more rocket-like structure.Development Strategy: ISRO has adopted a more cautious and methodical approach, conducting extensive ground testing and suborbital flights before venturing into orbital missions. SpaceX, in contrast, has been more aggressive, rapidly iterating through prototypes and conducting high-altitude test flights. Current Stage: ISRO has successfully demonstrated the core technologies needed for a reusable launch vehicle with the RLV-LEX series. SpaceX, on the other hand, has achieved the first full launch and landing of both stages of their Starship system, marking a significant advancement. ELON: SPACEX WILL START BY COLONIZING THE MOONElon spoke on the prospects of living on Mars ahead of the 4th test of SpaceX's starship in June:"It is the first rocket that will make multi-planetary life one of the possible outcomes. I think (that we'll be on the moon) pic.twitter.com/6CFWeSPE5b Challenges and Opportunities Developing RLVs is a complex endeavor. Both ISRO and SpaceX face challenges: Technical Hurdles: Reusable launch vehicles require advanced heat shielding to withstand the intense temperatures encountered during re-entry. Additionally, perfecting the complex landing maneuvers for both winged and VTOL designs is crucial. Economic Viability: While reusability promises significant cost savings in the long run, the initial development costs for RLVs are high.Despite these challenges, the potential benefits of RLVs are immense. Reduce Launch Costs:Reusability can drastically lower the cost of space access, enabling more frequent missions and opening up space for new ventures.Enable Sustainable Space Exploration: By reducing the amount of debris left in orbit after each launch, RLVs contribute to a more sustainable space environment.Revolutionize Space Travel: Reusable launch vehicles hold the key to making space travel more accessible and affordable, paving the way for a future with regular space missions and potentially even space tourism.

Italy fines car firm ₹53 cr for selling China-made cars as Italian

Italian Competition Authority has imposed a fine of €6 million (around ₹53 crore) on DR Automobiles for misleading consumers about the Chinese origin of its DR and EVO cars. The company marketed the cars as being produced in Italy, even though they were mostly made in China, the regulator said. DR Automobiles said it will appeal against the decision.

https://auto.hindustantimes.com/auto/cars/wait-what-italy-car-brand-dr-automobiles-fined-millions-for-passing-chinese-cars-as-italian/amp-41718967736729.html?utm_campaign=fullarticle&utm_medium=referral&utm_source=inshorts

Ola Electric faces investor pushback on $7bn IPO valuation: Report

Ola Electric is reportedly facing investor pushback on its targeted valuation for its upcoming ₹5,500-crore IPO. The electric scooter maker aims for a valuation of around $7 billion, compared with a valuation of about $5 billion based on initial feedback from investors, Bloomberg reported. Current investors could reportedly opt not to sell shares in the company at $5 billion valuation.

https://www.ndtvprofit.com/ipos/ola-electric-is-said-to-face-investor-pushback-on-ipo-valuation?utm_campaign=fullarticle&utm_medium=referral&utm_source=inshorts

(Bloomberg) -- Ola Electric Mobility Ltd., Indias largest electric scooter maker, is facing investor pushback on its targeted valuation for its upcoming initial public offering, according to people familiar with the matter. The companys founder has been aiming for a potential valuation of as much as $7 billion in a Mumbai listing, the people said, asking not to be identified as the information isnt public. That would compare with a valuation of about $5 billion based on initial feedback from investors, the people said. At $5 billion, Ola Electrics current investors may opt not to sell existing shares in the company, the people said. Considerations are ongoing and no final decisions have been made, the people said. A representative for Bengaluru-based Ola Electric didnt immediately respond to a request for comment. Backed by SoftBank Group Corp. and Tiger Global Management, Ola Electric is looking to raise 55 billion rupees ($659 million) by selling new shares in the IPO, according to its prospectus. Indias market regulator approved the companys IPO plans on Thursday. The scooter makers IPO comes as India continues to be a bright spot for equity capital markets in Asia. Bankers expect more to come as potential uncertainty regarding the countrys elections has now passed and expectations for economic growth remain strong. The IPO is part of the companys ambitious plans to expand into battery-powered cars and EV cells. Founder Bhavish Aggarwal is building what hes touting as the worlds largest electric vehicle hub in southern India for producing battery-powered two-wheelers, cars and lithium-ion cells. The startup has also launched electric motorcycles. Ola Electric is planning to use part of the proceeds to help expand the manufacturing capacity of its electric vehicle cell factory to 6.4 gigawatt hours from 5 gigawatt hours. Kotak Mahindra Capital Co., Citigroup Inc., Bank of America Corp. and Goldman Sachs Group Inc. are among banks working on the share sale, according to the prospectus. More stories like this are available on bloomberg.com 2024 Bloomberg L.P.

Volkswagen to lay off employees in US

Volkswagen has reportedly announced that it will lay off an unspecified numbers of employees at Chattanooga location of Tennessee in the United States. The Volkswagen layoffs will impact salaried and administrative roles, likely below 50 people will be sacked. The company said to provide support during transition.

https://www.latestly.com/auto/volkswagen-layoffs-german-automobile-manufacturer-planning-to-lay-off-employees-at-chattanooga-location-in-us-aims-to-save-costs-and-drive-efficiency-6054820.html?utm_source=inshorts&utm_medium=referral&utm_campaign=fullarticle

Chattanooga, June 21: Volkswagen plans to lay off an unspecified numbers of employees from itsChattanooga city in Tennessee in the United States to drive efficiency and save costs. The German automobile maker said reducing the workforce would be part of implementing a global performance programme. A report said the Volkswagen layoffs would affect some administrative and salary positions. A company spokesperson said that Volkswagen layoffs would "drive efficiency and cost savings at its core brand," citingareportbyLocal 3News. The reportsaid that the Volkswagen spokesperson also highlighted that positions, including "salaried" and "administrative"roles, would be affected in the layoff round for the U.S. business.Paytm Layoffs, Termination: Employees File Complaint With Ministry of Labour for Unlawful Treatment, Indian National Congress AIPC Says Will Fight for Them. The report said that the job cuts would not impact the "hourly workers"at the assembly plant. The spokesperson furtherhighlighted that Volkswagen would support the employees duringthis transition period.According to the report, the Times Free Press told that the Volkswagen layoffs would likely impact less than 50positions at theVolkswagenChattanooga location.The report also emphasised that thelayoffswould not include any production workers. According to anotherreportbyNewsChannel 9,when asked about the number of positions affected by this decision, the spokesperson said that it would lead to a small number of salaried and administrative employees leaving their positions. Further, the report mentioned that the changes would not beisolated to Volkswagen inChattanooga. These reports mentionedthat the company is implementing a global performance programme to cut costs and boost efficiency. This could hint at future layoffs at the company in other locations beyond theChattanooga plant; however, it cannot be confirmednow.Bluevine Layoffs: Fintech Company Cutting 12% of Its Israeli Workforce To Adjust Priorities and Respond to Changing Market Needs. The automobile industry, particularly the EV industry, including Tesla, Rivian, and Fiskers, recently announced mass layoffs, leading to thousands of people leaving their roles. These layoffs at electric car manufacturing companies were announced amid theongoing price wars,slow demand and otherreasons. . .

Bugatti unveils over ₹33 crore hypercar that goes from 0-100 kmph in 2 seconds

Bugatti has unveiled a new hybrid hypercar called 'Tourbillon', which is priced at around $4 million (over ₹33 crore). The 'Tourbillon', which replaces the brand's Chiron car, has a 16-cylinder gas engine with a top speed of 445 kmph and a combined output of 1,800 bhp. It can go from zero to 100 kmph in 2 seconds, the company said.

https://auto.hindustantimes.com/auto/cars/2026-bugatti-tourbillon-hypercar-breaks-cover-with-1-775-bhp-445-kmph-top-speed/amp-41718953938862.html?utm_campaign=fullarticle&utm_medium=referral&utm_source=inshorts

Nissan introduces Magnite Geza CVT Special Edition

Nissan introduces the Magnite Geza CVT Special Edition-An SUV specially designed to upgrade your music experience on the go with enhanced infotainment system. Nissan stated, adding that all this, with the convenience of X-tronic CVT Transmission, makes your driving experience effortless. Customers can bring home this most affordable CVT SUV at ₹9.84 lakh.

https://www.nissan.in/vehicles/new/magnite_geza_special_edition.html?utm_source=Inshorts&cid=ban_FY24-FY25-JUN-NISSAN-MAGNITE-MUL-NA-RTL-NA-AMI-IND-NA-LG-NA-NA-NISSAN-NA-NA-NA-NA-MAGNITE-EST-0198_NMIPL_Awareness_Inshorts_with-Nissan-Geza-Premium-Story-EM2_PanIndia

Magnite Geza Special Edition Make an impression wherever you go, in a car that makes a statement, every time. Finally a car that can take you places while giving you an unforgettable experience, every time. Nissan Approved Accessory option included in this Geza Edition. Customer choice available to buy with or without these Geza Edition features. Geza Edition contains Affiliate accessories from trusted Nissan Suppliers, they are not Nissan Genuine Accessories. Warranty on these accessories is supported by Supplier. For More details, Contact Nissan Dealer. Seat cover is not a part of Geza Edition package, it is available as optional accessory. Nissan 2024

SEBI clears Ola Electric's ₹5,500 crore IPO

Ola Electric has received market regulator SEBI's nod for its initial public offering (IPO). On June 11, reports claimed that the company had secured the SEBI nod for its IPO to raise ₹5,500 crore via fresh issue and an offer for sale of up to 9.52 crore shares. Ola Electric is reportedly eyeing a $6 billion valuation through the IPO.

https://www.cnbctv18.com/market/ola-electric-ipo-sebi-clears-issue-india-ev-startup-19431078.htm/amp?utm_campaign=fullarticle&utm_medium=referral&utm_source=inshorts

News Popular Categories Trending Now Live TV Market quick Links Let's Connect with CNBCTV 18 Network 18 Group : TV18 Broadcast Limited. All rights reserved.

Tata Motors to hike commercial vehicle prices by up to 2% in July

Tata Motors on Wednesday announced it will hike the prices of its commercial vehicles by up to 2% from July 1. "The price increase is to offset the impact of rising commodity prices," the company said. Tata Motors earlier increased the prices of its commercial vehicles by up to 3% from January and up to 2% from April.

https://www.ndtvprofit.com/markets/tata-motors-shares-fall-after-2-price-hike-of-commercial-vehicles?utm_campaign=fullarticle&utm_medium=referral&utm_source=inshorts

Shares of Tata Motors Ltd. fell on Wednesday after it increased the prices of its commercial vehicles by 2%, effective July 1. The price increase is to offset the impact of rising commodity prices. This is the third instance of a price hike implemented by the automaker in 2024. Tata Motors had announced the first increase in price of up to 3% from Jan. 1 followed by 2% from April 1. The price hike will be applicable to the entire range of commercial vehicles and will vary depending on the individual model and variant, the company said in an exchange filing. Tata Motors subsidiary Jaguar Land Rover Ltd. and Chery Automobile Company Ltd. are set to produce an advanced portfolio of electric vehicles based on Cherys EV architecture, exclusively under the Freelander name, according to an another exchange filing on Wednesday. Today we are taking this important strategic step for JLR, one that underlines our ongoing commitment to China and complements our existing business in China. We believe that working together to develop new models of collaboration for the worlds largest and fastest-growing electric vehicle market, combined with the appeal of the Freelander brand, promises a very exciting future for CJLR, said Adrian Mardell, chief executive officer at JLR. Yin Tongyue, chairman of Chery Group, said, Chery and JLR are forging an innovative collaboration model that epitomises our growth path for the future. The blend of Chery's advanced EV technology with the distinctive appeal of the Freelander brand will undoubtedly provide China and global consumers with a unique electric vehicle experience. Shares of the company fell as much as 0.91% to Rs 994.90 apiece. It pared losses to trade 0.29% lower at Rs 983.15 apiece as of 12:20 p.m. This compares to a 0.04 decline in the NSE Nifty 50 Index. The stock has risen 26.04% on a year-to-date basis and 65.06% in the last 12 months, according to NSE data. Total traded volume so far in the day stood at 0.39 times its 30-day average. The relative strength index was at 54.57. Out of 33 analysts tracking the company, 21 maintain a 'buy' rating, eight recommend a 'hold,' and four suggest a 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 11.3%.

Some say they'll buy Ferrari only if it's electric: CEO Vigna

As Ferrari aims to unveil its first fully electric model next year, CEO Benedetto Vigna said it's trying to balance the needs of younger buyers as well as old established clients. "Some would-be customers tell me that they would only join the Ferrari community if they could buy an electric...Others say they would never purchase an electric Ferrari," he said.

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(Bloomberg) -- Ferrari NV wont be giving up on internal combustion anytime in the coming years, the supercar makers chief executive officer said, as the company remains committed to a full range of powertrains for a wide range of buyers. Even as Ferrari races to unveil its first fully electric model late next year, CEO Benedetto Vigna will push ahead with his strategy to innovate with new technologies while remaining open to an array of solutions, he said in an interview for Bloombergs Italian-language podcast, Its a delicate balance for the carmaker, as younger buyers skew electric but many established clients are loath to give up Ferraris trademark roar. Some would-be customers tell me that theyd only join the Ferrari community if they could buy an electric, the CEO said. Others say they would never purchase an electric Ferrari. Vignas comments come during a challenging moment for the high-end automotive sector, as manufacturers wrestle to lower emissions at a time when demand for electric vehicles is slowing and governments are scaling back subsidies. Mercedes-Benz Group AG has stopped development of separate underpinnings for electric sedans to save money and plans to sell gasoline-powered cars well into the 2030s. Lamborghinis CEO has said he believes its still too early for the firm to make its signature high-performance sports cars fully electric. But elsewhere, competition in electric vehicles is intensifying. Chinas BYD Co. in February unveiled a 1.68 million-yuan ($232,000) high-performance EV that at least in theory would challenge Ferrari and Lamborghini. Vigna said he prefers to listen to customers rather than fixate on any single technology, which meshes well with the fact that hybrid models something of a compromise option accounted for about half of the companys new-car shipments last quarter. Ferrari needs to be able to give customers a unique driving experience regardless of engine propulsion type, Vigna said. That means traditional, hybrid and fully electric options, he said. Still, the CEO has been the driving force behind the gradual shift toward battery power, and a plant dedicated to building hybrid and electric cars will be ready later this week. Its just a matter of listening to different voices to get a full vision, Vigna said. More stories like this are available on bloomberg.com 2024 Bloomberg L.P.

Suzuki’s shares fall 5% in Tokyo as Hyundai India files DRHP

Shares of Maruti-parent Suzuki Motor fell over 5% on Tokyo Stock Exchange on Monday after its rival Hyundai's India unit filed its DRHP for the country's biggest-ever IPO. Meanwhile, Hyundai's shares rose over 6% on South Korean exchange. Hyundai's suppliers and subsidiaries' shares also rose as much as 14%. Hyundai is selling a 17.5% stake in Indian unit.

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Plans for what may be one of Indias largest-ever initial public offerings boosted shares of Hyundai Motor Co., putting them on course for a record high. Hyundai which will collect all of the proceeds from the IPO of its local unit saw its stock jump as much as 6.3% in Seoul. The Korean automaker is selling a 17.5% stake in Hyundai Motor India Ltd., according to a draft red herring prospectus filed on Friday. The maker of the Genesis sedan is seeking to raise about $2.5 billion in the IPO, with a potential listing planned by the end of the year, Bloomberg News reported last week, citing people familiar with the matter. That would rival the 2022 listing of Life Insurance Corp. of India for the nations largest IPO on record. Hyundai has been locked in competition with rivals including Maruti Suzuki India Ltd. and Mahindra & Mahindra Ltd. as Indias car demand shifts toward sports utility vehicles and electric models. Shares of Marutis parent Suzuki Motor Corp. fell as much as 5.1% in Tokyo. Meanwhile, Hyundais suppliers and subsidiaries climbed. SL Corp. jumped as much as 14% while HL Mando Co. gained 5.2% and Kia Corp. rose 4.6%. The IPO sends a clear message that Hyundai Motors India investment will increase, said Shin Yoonchul, an analyst at Kiwoom Securities Co. While investors had expected higher investments in North America and Europe, they had not expected a big output increase in India. Investors are searching for the companies that have entered India and will see high growth in orders. Discover the latest business news, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!

Tesla halts Cybertruck deliveries over issues with wiper: Report

Elon Musk-owned Tesla has halted deliveries of Cybertruck over issues with the motor of its giant windshield wiper, which is reportedly the largest windshield wiper installed on a passenger vehicle, Electrek reported. Some Cybertruck buyers, whose deliveries were delayed by roughly a week, were told the windshield motors would have to be replaced. No recall notice has been released yet.

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(Bloomberg) -- Tesla Inc. has halted Cybertruck deliveries because of a problem with its windshield wiper, Electrek reported. Many buyers said Tesla has informed them their deliveries may be delayed by about a week, with some saying they were told there were issues with the wiper motor, according to the website. No recall notice has been issued, Electrek said. More stories like this are available on bloomberg.com 2024 Bloomberg L.P.

Musk dances as Tesla shareholders approve $56-billion pay package

Billionaire Elon Musk danced on stage after shareholders of his EV-making firm Tesla approved a pay package worth $56 billion for him. He was seen jumping and moving sideways while smiling and walking on stage during a shareholder meeting as people shouted his name. "I just want to start off by saying, 'Hot damn! I love you guys'," Musk said.

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Live TV news business economy companies Updated Jun 15, 2024, 21:58 IST Elon Musk Secures Record $56 Billion Pay Package From Tesla Shareholders - Details Tesla Shareholders Re-Approve Billion-Dollar Pay Package For Elon Musk Anvita Group Announces Massive Rs 2,000 Crore Mega Project 'Ivana' Near Hyderabad Is Reliance Jio Gearing Up For India's Largest IPO? Analysts Weigh In India's Forex Reserves Dip by USD 1.713 Billion to USD 651.997 Billion Budget 2024: Government Eyes Refining Salary Taxation to Boost Growth Depositories in India - A Complete Guide Anant Ambani-Radhika Merchant Sangeet: Ambani Ladies Set The Fashion Quotient Sky High In Custom-Made Ensembles India Champions vs Pakistan Champions WCL 2024 Live Streaming: When And Where To Watch? Toxic Arsenic, Lead Commonly Found In US Tampons, Says Landmark Study Gold Price Today In India: Yellow Metal Rates In Major Indian Cities - Check Chennai Rain Throws Daily Lives in Disarray, Prompts Yellow Alert; Will Heavy Showers Subside Soon? Follow Us : 2024 Bennett, Coleman & Company Limited

What are the risks related to Hyundai India's IPO?

The risk factors listed in Hyundai India's draft IPO papers are an increase in the prices of parts, limited number of suppliers for parts and materials, decrease in demand, and dependence on Hyundai Motor Co. Other risks include outstanding legal proceedings and potential disruptions at Chennai manufacturing plant. Conflict of interest with group company Kia was also listed among risks.

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Hyundai Motor India Ltd. has filed the draft papers for its initial public offering, which can potentially be the countrys largest. That, however, doesnt come without risks. Heres a look at the key risk factors mentioned in the DRHP: Increases in the prices of parts and materials could adversely affect business and results of operations. Limited number of suppliers for parts and materials. Any interruption in the availability of parts and materials could adversely impact operations. We depend on Hyundai Motor Co., our promoter, for our operations. Any adverse change in our relationship with HMC and the companies in the Hyundai Motor Group could have an adverse impact on business, reputation, financial condition, and results of operations. Outstanding legal proceedings and any adverse outcome may adversely impact our business, reputation, financial condition and results of operations. Related party transactions with HMC and companies within the Hyundai Motor Group that may involve conflicts of interest. Two of our Group Companies, Kia Corporation and Kia India Pvt., are in a similar line of business which may involve conflict of interests. Potential disruptions at Chennai manufacturing plant could impact business. The Talegaon Manufacturing Plant, once operational, could adversely impact our operations. Any decrease in the demand for or disruption in the manufacture of SUVs, or any other passenger vehicle models we rely on in the future. Our long-term competitiveness depends on the evolution of the EV market and the adoption of alternative fuels in India. Our failure to recognise these market trends and meet customer demands for EVs, could adversely impact operations. Any disruption in the dealership and distributorship network for the sale of our passenger vehicles and the provision of services, including after-sale services, could adversely affect business.

Hyundai India paid ₹8,088 crore royalty to parent in Apr-Dec FY24

Hyundai Motor India is currently paying around 3.5% of its sales revenue to its South Korean parent as a royalty payment. The Indian unit paid ₹8,088 crore in royalty during the April-December period of FY24, as per IPO papers filed by the company. It paid ₹14,358.19 crore in royalty in FY23, up roughly 30% from ₹10,973.36 crore in FY22.

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Royalty payouts by Hyundai Motor India Limited (HMIL) to its parent company in South Korea reached near historic highs in FY23 on the back of best-ever sales reported by the carmaker.The manufacturer of models such as the Creta, Venue, Verna , i20, Exter, Alcazar, etc., has been paying around 3.5 percent of sales to Hyundai Motor Corporation (HMC). As per the Draft Red Herring Prospectus (DRHP) reviewed by Moneycontrol, HMILs royalty outgo to HMC during financial Year ended March 31, 2023 was Rs 14,358.19 crore, nearly 30 percent higher compared to Rs 10,973.36 crore paid during FY22. During the April-December period of FY24, the country's second largest carmaker paid Rs 8,088.80 crore to parent company based in Seoul, as per the DRHP. Last fiscal, HMIL launched many new models as well as product upgrades including Exter, new Creta, Creta N Line, new i20 and introduction of ADAS in Hyundai Venue and Venue N Line. Under the existing Royalty Agreement dated June 10, 2024 with HMC, the South Korean carmaker has granted HMIL a non-exclusive, non-transferable right and license to manufacture and sell passenger vehicles and/or parts. Hyundai India can also use HMCs trademarks in connection with such manufacturing and selling activities for which the Indian subsidiary is required to pay an amount to HMC equal to 3.5 percent of its sales revenue, as per DRHP. Hyundai India has registered its highest-ever total sales of 7,77,876 units in FY24 with aYear-on-Year (YoY) growth of 8 percent as compared with 7,20,565 units in FY 2022-23. The carmaker also reported its highest-ever domestic sales since inception, registering 6,14,721 units in FY24,with a YoY growth of 8.3 per cent overFY 2022-23 (5,67,546 units) Pursuant to the Royalty Agreement, we require HMCs prior written consent to engage in export sales, directly or indirectly (which is to be determined as set forth in the Royalty Agreement), arising from sale of the passenger vehicles or parts, the DRHP mentioned. Before the current Royalty Agreement was entered into, HMIL paid a separate royalty fee for each passenger vehicle model sold, it added. However, it also mentioned, "Pursuant to the Royalty Agreement, we require HMCs prior written consent to engage in export sales, directly or indirectly. Further, the Royalty Agreement may be terminated upon the occurrence of certain events, such as deterioration of quality of products or our inability to make the royalty payments to HMC. Any such termination could prevent us from being able to manufacture and sell passenger vehicles under this arrangement, which in turn will adversely impact our business and operations. A Hyundai India spokesperson declined to comment on the companys royalty payouts to parent firm.

Hyundai files papers for India's biggest ever IPO

Hyundai Motor India has filed draft papers with SEBI to raise around $2.5-3 billion through an IPO, making it India's biggest ever public offering, reports said. Hyundai will not issue new shares, but its parent company will sell 142 million shares. Hyundai Motor India was India's second-largest carmaker after Maruti Suzuki in FY24 in terms of passenger sales volumes.

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South Korean auto giant Hyundai Motor Co's Indian arm Hyundai Motor India Limited has filed draft papers with market regulator Sebi to raise around $3 bn via an initial public offer (IPO) at a targeted valuation between $18 bn to $20 bn, multiple sources in the know told Moneycontrol on the condition of anonymity. If the listing plans fructify, this deal, a pure OFS or offer for sale by the promoter, would be India Inc's biggest-ever IPO and beat the earlier record set by state-owned LIC's $2.7 bn listing in 2022. On June 14, Moneycontrol had reported that the Indian unit of the auto giant would shortly file papers with the regulator. "The objects of the offer are to carry out the Offer for Sale of up to 142,194,700 Equity Shares of the face value of Rs 10 each by the Promoter Selling Shareholder and to achieve the benefits of listing the Equity Shares on the Stock Exchanges," said the June 14 draft red herring prospectus (DRHP) reviewed by Moneycontrol. "Further, our Company expects that listing of the Equity Shares will enhance our visibility and brand image and provide liquidity and a public market for the Equity Shares in India," the DRHP added. If required and depending on the roadshows and market conditions, the firm might explore a pre-IPO round at a later stage as a de-risking strategy, sources added. Citi, HSBC Securities, JP Morgan, Kotak Mahindra Capital and Morgan Stanley are the i-banks advising on the transaction with law firm Shardul Amarchand Mangaldas acting as the company counsel and Latham and Watkins acting as the international counsel. On May 24, Moneycontrol had reported that the filing of draft papers by Hyundai's India unit was expected by the end of June and the firm was looking to raise between $2.5 bn to $3bn. Citi, JP Morgan and HSBC Securities had been engaged previously for the high-profile deal, Moneycontrol had reported on February 9. Also Read:Hyundai picks Shardul Amarchand, Latham as legal advisors for India IPO Hyundai Motor India Limited was India's second largest carmaker after Maruti Suzuki in FY24 in terms of passenger sales volumes. The share price of rival Maruti Suzuki India has risen by 24.35 per cent in the last six months. The market leader has a market cap of around Rs 4,00,000 crore or nearly $48 bn. Hyundai's India unit ended FY23 with revenue of Rs 60,000 crore and profits of Rs 4,653 crore, the highest amongst the non-listed car manufacturers in the country, according to Autocar Professional. India is a significant market that accounted for around 13 percent of Hyundais global sales in 2023. i20, Verna, Creta, Aura and Tucson are some of the firm's car models in the Indian market. The India unit clocked the highest-ever domestic sales in 2023, crossing the six-lakh mark. The Economic Times was the first to report the India listing plans of Hyundai on February 5. Responding to media reports, Hyundai Motor Co issued an official statement to the Korean Stock Exchange on February 7. Hyundai said that as a global company, it is constantly reviewing various activities, including listing overseas subsidiaries, to increase corporate value, but nothing has been confirmed to date. Hyundai Motor Group's Executive ChairEuisun Chung made a visit to India last monthto review the firm's mid to long -term mobility strategies.

Mahindra & Mahindra becomes India's second-most valued automaker

Mahindra & Mahindra has become India's second-most valued automobile manufacturer. It overtook Tata Motors on Friday to take the second spot. Mahindra & Mahindra now has a market capitalisation of ₹3.64 lakh crore, second only to Maruti Suzuki India, which currently stands at ₹4.04 lakh crore in market capitalisation.

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News Popular Categories Trending Now Live TV Market quick Links Let's Connect with CNBCTV 18 Network 18 Group : TV18 Broadcast Limited. All rights reserved.

Which were India's 10 best-selling cars in May?

Maruti Swift became India's top-selling car after 19,393 units were sold in May 2024. It was followed by Tata Punch whose 18,949 units were sold in May. It was followed by Maruti Dzire (16,601), Hyundai Creta (14,662), Maruti WagonR (14,492), Maruti Brezza (14,186), Maruti Ertiga (13,893), Mahindra Scorpio (13,717), Maruti Baleno (12,842) and Maruti Fronx (12,681).

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A hatchback is once again Indias best-selling car, amid an outsized demand for oversized cars. The Maruti Suzuki Swift has dethroned the Tata Punch as Indias best-selling car in the same month its latest iteration went on sale, according to data sourced from the Society of Indian Automobile Manufacturers. Sales of the hatchback rose 12% over the year earlier to 19,393 units in May 2024. Though volumes of the compact SUV surged 70% year-on-year, they still were the second highest. That the Swift has reclaimed the top spot is noteworthy, for it shows that hatchbacks cant be written off amid burgeoning sales of SUVs in India. Maruti Suzuki believes hatchbacks are the way to go in a country that has among the lowest car penetration ratios in the world. With only 32 vehicles per 1,000 people, India presents a vast opportunity for automakers, Hisashi Takeuchi, managing director of Maruti Suzuki India Ltd., said at the launch of the fourth-generation Swift on May 9. As car ownership rises, hatchbacks will serve as the entry point for many customers, and thus expand. Hatchbacks make up nearly a third of Indias passenger vehicle market. Maruti Suzuki enjoys more than 60% market share in the segment. But in May 2024, SUV sales surged 26.9% year-on-year to 2,13,462 units, even as those of compact cars fell 13% from the year-ago period, according to SIAM data. In May 2023, their volumes were nearly equal at 1,68,178 and 1,63,619 units, respectively. That gap has now widened, so much so that SUVs now command nearly 60% of incremental sales. Maruti Suzuki is thus sitting on a pile of small cars, as there are few takers. As on May 31, Indias largest carmaker had an unsold inventory of 1.68 lakh carsor 35-36 days of buffer stock. It manufactured 1.93 lakh units last month. Those figures far exceeded the 1.57 lakh units sold. And while its SUVsBrezza, Grand Vitara, Fronx and Ertigaenjoy waiting periods, its breadwinner carsthe Alto K10, S-Presso, Celerio, etc.are finding few takers. That prompted the company to launch a special editiona first in nearly four decades of operationsto clear stock. The all-new Swift, Maruti Suzuki believes, is the catalyst for a turnaround. In less than a month since launch, the fourth-generation of the hatchback has received over 40,000 bookings for just the petrol variant on sale. While the CNG powertrain is some time away, Maruti Suzuki believes that will only add to incremental sales. The new Swift is already our best-selling model, Partho Banerjee, the head of sales and marketing at Maruti Suzuki, said during a sales call on May 1. The CNG variant will be out in a few months. That should shore up our volumes further. Developed at an investment of Rs 1,450 crore, the fourth-generation Swift is powered by an all-new 1,200-cc three-cylinder engine that makes 82 BHP of power. The car, which returns about 25 km/litre, gets six airbags as standard. Its being produced at the companys Gujarat facility. Prices start at Rs 6.49 lakh, ex-showroom India.

ISRO shares photos sent by Aditya L1 of 'Solar Fury'

ISRO published recent images taken by the SUIT and VELC instruments of the Aditya L1 spacecraft sent to the Sun, that captured the sun's dynamic activity, 'Solar Fury' in May 2024. Significant geomagnetic storms were caused by a number of flares in the X and M classes that were linked to coronal mass ejections of the spacecraft.

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By: Manasi Kamble | June 12, 2024 Sun image in Narrow Band 300 nm (NB6): The continuum emission shows the sunspots in the active regions. The plage region around the sunspots is also visible. The sunspots show umbra (dark sunspots) and penumbra (less dark region around the sunspot). X (@ISRO_ADITYAL1) Sun image in Narrow Band 283 nm (NB5): The continuum emission shows the sunspots in the active regions. The plages around the active regions are also visible. The relative brightness of the sunspots are different from 276 nm narrow band. This variation appears as the different narrow bands probe different heights of the atmosphere, probing the structural difference of the magnetic tubes at different heights. X (@ISRO_ADITYAL1) Sun image in Mg II h line (NB4): Similar to NB3, NB4 shows the bright active regions on the Solar disk. The active regions signify magnetically active regions on the Suns surface. Solar flares may originate in these active regions due to changes in magnetic fields. The Sun is moving towards solar maximum, giving rise to enhanced activity. So, there are several active regions visible around the equatorial region. X (@ISRO_ADITYAL1) Sun image in Mg II k line (NB3): NB3 shows the bright, active regions on the Solar disk. The active regions signify magnetically active regions on the Suns surface. Large solar flares may originate in these active regions due to changes in magnetic field. The Sun is moving towards solar maximum, giving rise to enhanced activity. So, there are several active regions visible around the equatorial region. X (@ISRO_ADITYAL1) Sun image in Narrow Band 276 nm (NB2): The continuum emission shows the sunspots in the active regions. The plages around the active regions are also visible. X (@ISRO_ADITYAL1) Sun image in Broad Band 320-360 nm (BB3): 320-360 nm broadband probes the UV continuum emission from the chromosphere, sampling a wide range of depth in the solar atmosphere. The sunspots on the disk and the limb are prominently visible. X (@ISRO_ADITYAL1)

What's the upcoming toll system & how is it different from FASTag?

The government is looking to launch Global Navigation Satellite System-based Electronic Toll Collection system. Unlike FASTag which requires physical toll plazas, the new system calculates and collects tolls by communicating with satellites to track vehicles through virtual toll booths. The new system provides barrier-less and distance-based tolling, charging users for only the stretch travelled.

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Live TV news auto Updated Jun 11, 2024, 11:03 IST Bajaj Auto Working On 100 Percent Ethanol-Powered Bike, Nitin Gadkari Confirms At Freedom CNG Launch Bajaj Freedom 125 CNG Bike: 5 Things That Make It Unique Bajaj Freedom CNG Bike Launched In India: Price, Range, Mileage, Variants Jaguar I-Pace EV Delisted From India Website, F-Pace Only Model On Sale MotoGP Confirmed To Be Back In India: UP Signs Agreement With Dorna Sports Anant Ambani-Radhika Merchant Sangeet: Ambani Ladies Set The Fashion Quotient Sky High In Custom-Made Ensembles India Champions vs Pakistan Champions WCL 2024 Live Streaming: When And Where To Watch? Toxic Arsenic, Lead Commonly Found In US Tampons, Says Landmark Study Gold Price Today In India: Yellow Metal Rates In Major Indian Cities - Check Chennai Rain Throws Daily Lives in Disarray, Prompts Yellow Alert; Will Heavy Showers Subside Soon? Follow Us : 2024 Bennett, Coleman & Company Limited

Hyundai Motor India may file papers for $2.5bn IPO in June: Report

Hyundai Motor Company plans to file papers for its Indian unit's IPO this month, Bloomberg reported. The automaker reportedly plans to raise about $2.5 billion through the IPO at a valuation of $25 billion. The initial public offering, expected to take place by the end of the year, could become one of India's largest IPOs, the report added.

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(Bloomberg) -- Hyundai Motor Co. is planning to file for an initial public offering for its India unit as soon as this month, according to people familiar with the matter, with a potential listing planned by the end of the year. The automaker is seeking to raise about $2.5 billion in an IPO, the people said, which would make it one of the biggest on record in India, following Life Insurance Corp. of Indias 206 billion rupee ($2.5 billion) offering in 2022. Hyundai is potentially seeking a valuation of as much as $25 billion, the people said, asking not to be identified discussing private information. A Hyundai representative didnt respond to a request for comment. The Economic Times reported earlier Tuesday that Hyundais India unit is likely to file a draft prospectus with the market regulator over the next two weeks. Hyundais advisers for the first-time share sale include Citigroup Inc., HSBC Holdings Plc, JPMorgan Chase & Co., Kotak Mahindra Bank Ltd. and Morgan Stanley, Bloomberg News has reported previously. While no final decisions on details such as size and timing have been made, if Hyundai goes ahead with an IPO it will use the proceeds to expand operations. Hyundai Motor India Ltd. is Indias second-biggest carmaker by sales. More stories like this are available on bloomberg.com 2024 Bloomberg L.P.

What is the car-testing scandal in Japan?

Toyota has halted domestic shipments of three models, Corolla Fielder, Corolla Axio, and Yaris Cross, this week amid ongoing government inquiry. Along with Honda, Mazda, Suzuki and Yamaha, Toyota is accused of failing to follow standardised steps when certifying new car models before they go into mass production. The firm's headquarters were raided by Transport Ministry officials last week.

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Tesla just another car company without Ashok Elluswamy: Elon Musk

Elon Musk praised Ashok Elluswamy's pivotal role in Tesla's AI/Autopilot software development, emphasizing his technical expertise and leadership. Elluswamy, the team's first member turned leader, lauded Musk's visionary guidance. His background in robotics and decade-long tenure at Tesla highlight his significant contributions to autonomous driving technology.

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Ashok Elluswamys pivotal role in the development of Teslas AI/Autopilot software has been acknowledged by none other than Elon Musk himself. Musk expressed gratitude to Elluswamy for his contributions, emphasizing that he was instrumental in laying the foundation for the self-driving technology that sets Tesla apart. Thanks Ashok! Ashok was the first person to join the Tesla AI/Autopilot team and ultimately rose to lead all AI/Autopilot software. Without him and our awesome team, we would just be another car company looking for an autonomy supplier that doesnt exist. Btw, I never https://t.co/7eBfzu0Nci Elon Musk (@elonmusk) June 9, 2024 Elluswamys journey with Tesla began as the first member of the AI/Autopilot team and eventually led to his leadership of the team. Musk praised Elluswamys technical expertise, perseverance, and hard work, highlighting his indispensable role in Teslas pursuit of autonomy. In a reciprocal gesture, Elluswamy also lauded Musks visionary leadership, attributing Teslas success in AI to Musks ambition and foresight. He emphasized Musks deep technical understanding and intuition, which enabled Tesla to make groundbreaking decisions ahead of the curve. Having studied engineering at prestigious institutions and honed his skills through years of experience, Elluswamy expressed gratitude to Musk for pushing him and the Tesla team to achieve feats that seemed impossible at the time. Elluswamys background in robotics and his tenure at Tesla for over a decade underscore his invaluable contributions to the companys technological advancements. His collaboration with Musk and the Tesla team has been instrumental in realizing the vision of autonomous driving and revolutionizing the automotive industry.

Retail car sales dip 1% YoY in May amid LS polls, severe heatwave

Retail sales of passenger vehicles fell 1% year-on-year to 3,03,358 units in May, according to the Federation of Automobile Dealers Associations (FADA). Dealers cited the impact of elections, extreme heat and market liquidity issues as major factors for decline, FADA President said. "Due to the extreme heat, the number of walk-ins to showrooms dropped by around 18%," he added.

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Car sales at dealerships fell in May as buyers chose to stay away from showrooms amid a heatwave and Lok Sabha elections. Retail sales of passenger vehiclesmeasured as registrations on the governments Vahan portalfell 1% year-on-year to 3,03,358 units in May 2024, as against 3,35,123 units in the year-ago period, according to a statement by the Federation of Automobile Dealers Association on Monday. It was down nearly 10% from a month earlier. While bookings and production werent a concern, what hurt incremental demand was the lack of new cars, intense competition, and poor marketing efforts by carmakers, FADA President Manish Raj Singhania said. Customers also delayed purchases while awaiting the election outcome. Walk-ins at showrooms dropped by about 18% due to the extreme heat. Liquidity issues and high inventory levels continue to strain profitability for dealerships, Singhania said. Although discount schemes and good product availability are in place, low customer inquiries and postponements due to seasonal factors remain concerns. Overall, retail auto sales witnessed a marginal uptick last month, on the back of a resurgence in demand for three-wheelers. As many as 20,89,603 vehicles were registered in May 2024, as against 22,06,070 units a year agoan annual increase of 2.61%, the FADA data showed. Sequentially, however, retail auto sales dipped 5.28%. PV retail sales at 3.03 lakh units, down 1% YoY CV retail sales at 83,059 units, up 4.1% YoY 2W retail sales at 15.3 lakh units, up 2.5% YoY 3W retail sales at 98,265 units, up 20.09% Singhania is cautiously optimistic about incoming demand. The formation of a continued government could boost infrastructure projects and economic activities. Dealers are hopeful about better supplies and positive movement in key sectors like cement, coal, and iron ore, he said. The India Meteorological Department has forecast above-normal rains at 106% of the long-period average this year, which is expected to enhance rural demand and support economic activities.

TVS iQube Hits it Out of the Park with the Most Accessible Family EV

A favourite among Indian families, the TVS iQube Electric now has more than 300,000 satisfied customers, announced TVS. With an expanded lineup starting at just ₹94,999, TVS iQube offers impressive features like 150 km real range, touchscreen, and Alexa skillset, making it an ideal choice for anyone aspiring to start their EV journey.

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We probably won't work great in Internet Explorer. We support the recent versions of major browsers like Chrome, Firefox, Safari, and Edge. Booking Amount starting from 5 000 | Fully refundable

Shriram Finance lands $468 mn social loan

Funds were raised through a syndicated term loan deal of $425 million and EUR 40 million. SFL has a wide range of offerings ranging from credit solutions for commercial vehicles, two-wheeler loans, car loans, home loans, gold loans, personal loans, and small business loans. It claims to have assets under management (AUM) of ₹2,24,862 crore.

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. Entrepreneur and its related marks are registered trademarks of Entrepreneur Media LLC Jun 5, 2024 Share Mumbai-based Shriram Finance Limited (SFL) announced that it has raised USD 468 million in multi-currency to fund business growth. Funds were raised through a syndicated term loan deal of USD 425 million and EUR 40 million. According to SFL, the three year ECB facility was structured as a Social Loan anchored by BNP Paribas (BNPP), DBS Bank (DBS), Hong Kong and Shanghai Banking Corporation (HSBC), and Sumitomo Mitsui Banking Corporation (SMBC), who were the joint mandated lead arrangers, bookrunners, and social loan coordinators for this facility. In line with its focus on increasing the accessibility of financial services to the unbanked and underbanked sectors, the funds raised through this social loan will be used to empower small entrepreneurs and vulnerable groups across India. Umesh Revankar, Executive Vice Chairman of Shriram Finance Limited, said, "This marks the largest syndicated multi-currency transaction by a private sector non-banking finance company. The strong interest from the international investor community underscores global confidence in our mission." SFL has a wide range of offerings ranging from credit solutions for commercial vehicles, two-wheeler loans, car loans, home loans, gold loans, personal loans, and small business loans. It claims to have assets under management (AUM) of INR 2,24,862 crore. Entrepreneur Staff Editor Most folks have a hard line between work and life. "It's just business," "I am a different person at work," etc. But what if we brought some of the beauty of the personal into the professional? It takes a delicate balance of skill, hard work and instinct to grow a successful business. This serial entrepreneur loves the unique challenge; here are the key lessons she's learned along the way. Cuban put xAI's Grok and OpenAI's ChatGPT in a head-to-head contest following the presidential debate. Here's the bot that came out on top. Huang co-founded the now trillion-dollar AI chip maker Nvidia at a Denny's in San Jose, California, 31 years ago. Rachael Leina'ala Soares and Heather Aiu co-founded ALOHA Collection in 2014 inspired by a "wet bikini" and "sweaty yoga gear." This strategic investment will help in accelerating technology enhancements, expanding market reach, and ensuring robust infrastructure and customer support for future growth. . Entrepreneur and its related marks are registered trademarks of Entrepreneur Media LLC

Behind Uber’s recovery and growth in India

Uber India is earning higher revenue per user, primarily because of an influx of new riders drawn by budget commuting options like bike taxis and autos. As these riders gradually transition to utilising services such as car rentals and parcel deliveries, their spending on the platform increases, according to a senior executive at the company.

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Nissan's warning for 84,000 car owners: Don't drive your car

Leading automobile manufacturer Nissan has issued a warning for 84,000 car owners in the USA: Don't drive your cars. This stern warning was issued, after the defective airbag in the Nissan cars claimed 27 lives, and injuring more than 400 passengers in the USA. Company is offering free towing, mobile repair, and in some locations for the impacted cars.

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Saturday, July 6, 2024 Rohit Kulkarni Jun 05, 2024 A do not drive warning has been issued by Nissan in which affects its 84,000 vehicles made between 2002 and 2006 since they are believed to carry defective air bags that have killed or injured hundreds of people. Recall Alert for Select Nissan and Infiniti Models As per the release by the National Highway Traffic Safety Administration, this warning has covers different model year: The owners of such vehicles have been asked to check and see if their vehicle has an open Takata air bag recall and not to drive it until the defective air bag is replaced. In order to have new air bags installed, Nissan and Infiniti are offering free towing, mobile repair, and in some locations. Urgent Safety Advisory Takata Airbag Defects in Vehicles It has been confirmed by the NHTSA that as many as 27 people in the United States have been killed and at least 400 have been allegedly injured by defective Takata air bags that have exploded. The agency warned that even a minor crash can result in an exploding Takata air bag causing death or life-altering, gruesome injuries. Nissan is the latest in the list of automakers to issue a do not drive warning for older models containing the defective air bags. In January, Toyota issued an advisory for about 50,000 vehicles in the U.S. made between 2003 and 2005. As per the data by NHTSA, as many as 67 million Takata air bag inflators have been recalled in the U.S. over the past decade by multiple automakers. One can check if the vehicle is due for the recall by using your vehicle identification number (VIN) and license plate number. Previous article Next article Get latest news and views related to startups, tech and business As disease rates rise and medical technology develops, treatment costs climb. Its essential to understand that medical costs are not exclusively associated with hospitals. The cost of prescription drugs, diagnostic procedures, ambulance and operating room fees, consultations with doctors, and other costs are also constantly increasing. All of them could put a big strain on [] In its latest update Apple said that it is preparing for the iOS 16.2 update for iPhones across the world. Notably, like the previous release, there are a couple of changes coming for the iPhones. iOS 16.2 Update Release Date So far, Apple has not announced a release date for iOS 16.2 update. Reportedly, the [] Around 300 workers at Microsoft Corp.s ZeniMax Studios have commenced the process of forming a union which is said to be the first at the software giant in the US. Here, Microsoft Corp.s ZeniMax Studios known for popular video games including Skyrim and Fallout. Forming Union In Microsoft Corp Moreover, the quality assurance employees at [] Indias air safety protocols and executions have improved drastically over the years, as validated by the findings of a specialized agency of the United Nations, the International Civil Aviation Organization or ICAO. The UN watchdog has upgraded Indias ranking in terms of aviation safety to the 48th position, jumping past the rankings of countries like [] Get latest news and views related to startups, tech and business Trak.in is a mission to uncover the truth: We are Indias leading news portal, covering business, technology, ecommerce, startups, and mobile ecosystem. 2024 - Trak.in - Indian Business of Tech, Mobile & Startups. All Rights Reserved. Part of Awesome Websites.

I'm truly sorry: Toyota Chairman Toyoda on cheating on safety test of some cars

Toyota Chairman Akio Toyoda apologised after an investigation found the company cheated on safety test of some car models. "As the person responsible for the Toyota Group...I am truly sorry," he said, bowing at a news conference. The Japanese automaker used inadequate or outdated data in collision tests, conducted incorrect testing of airbag inflation and falsified engine power tests.

https://global.toyota/en/newsroom/corporate/40932340.html

Jun. 03, 2024 Toyota Motor Corporation held a press conference in Tokyo on June 3, 2024 from 5:00 p.m. JST. The video of the press briefing is available below. Monday, June 3, 5:00 p.m. - 6:30 p.m. JST The ending time is subject to change depending on the circumstances. Japanese (English interpretation provided) Explanation, Q&A I am Akio Toyoda. Thank you for attending this press conference today despite the sudden notice. On January 26 this year, we received instructions from Japan's Ministry of Land, Infrastructure, Transport and Tourism to conduct an investigation on type designation applications, which we followed. The investigation is still ongoing, but it identified that seven models, including those that have already ended production since 2014, were tested using methods that differ from the standards defined by the national authorities, and we reported this to the Ministry on May 31. This matter involves two companies, Toyota Motor Corporation and Toyota Motor East Japan. As the person responsible for the Toyota Group, I would like to extend my sincere apologies to our customers, car enthusiasts, and all stakeholders for this issue, following Hino, Daihatsu, and Toyota Industries Corporation. I am truly sorry. All the cases are related to certification. The certification system in Japan verifies whether a product meets the established standards mainly in the fields of safety and environment using measurement methods in accordance with rules. Vehicles can only be manufactured and sold after meeting certification test standards. The point of this issue is that the vehicles were mass-produced and sold without going through the correct certification processes. Miyamoto from the Customer First Promotion Group will now explain the details. I am Miyamoto. Please allow me to explain the details. First, we believe that certification is the bare minimum and most important process for mass-producing and selling cars to customers and ensuring that they can be used safely and securely. Broadly, there are three ways of conducting certification. The first is to have an examiner from a designated technical service witness the test. The second is for the automaker to carry out the in-house certification test themselves and submit the data. The third is to submit the compatible development test data for certification. This time, cases were found in the second and third ways. Among them, we have found six specific cases. This is the list of six cases. This is the first case. During the partial redesign of the Crown and Isis in 2014 and 2015, airbag timer ignition development test data was used for certification application. When a collision occurs, occupants are protected primarily by seat belts and airbags. In the case of Isis, we were working on seat belt development to improve its performance. In this development test, a timer ignition method was used to create more severe collision conditions than those in the certification test. In addition, additional model development was being done for the Crown. The purpose of this development test was to confirm the occupant protection performance of seat belts and airbags. A timer ignition method was used to ensure the deployment of the airbags in the test prototype. The performance of automatic airbag ignition had already been verified in an existing model. In both cases, a certification test should have been conducted again under conditions as close as possible to what would be delivered to the customer, and such data should have been submitted. However, the development test data was used for certification. Next, the second case. In 2015, during the development of the Corolla, a test was conducted to check the damage to a pedestrian's head in a collision. Development test data under more severe test conditions were used for certification. As shown in the figure, the impact angle of 65 degrees is a more severe test condition. The test should have been conducted again with the 50-degree impact angle stipulated by regulations, and this data should have been submitted for certification. However, the development test data was used for certification. Next, the third case. In 2015, during the development of the Corolla, Sienta, and Crown, a test was conducted to check the damage to a pedestrian's head and legs in a collision. The data of the opposite side of the applied measuring points was used for certification, and unilateral point data was used for both sides in certification. It was confirmed that the test results for the left and right points of the vehicle show no difference. The test should have been conducted again with the selected measuring points, and this data should have been submitted. There is a process for applying for and obtaining an agreement in advance to determine the measuring points. However, we believe that there was insufficient communication with the technical service about the change of measuring points during the structural changes and the technical verification process during development. Next, the fourth case. This is a test to confirm fuel leakage and other issues due to the impact of a rear-end collision during the development of the Crown in 2014 and the Sienta in 2015. The development test data under more severe test conditions with a moving barrier was used for certification. A 1,800 kg moving barrier was used for the development test, which is heavier than the regulation standard of 1,100 kg; therefore, the test had a greater impact. The test should have been done again using the 1,100 kg moving barrier stipulated by regulations, and this data should have been submitted. Next, the fifth case. During the development of the Yaris Cross in 2020, a test was carried out to examine the damage caused to the rear seat when luggage placed in the rear space of the vehicle moves due to the impact of a collision. After regulation changes, there was an additional requirement for luggage blocks. However, the development test data using the old blocks was submitted for certification application. The test should have been done again using the new blocks, and that data should have been submitted. Lastly, the sixth case. During the development of the Lexus RX engine in 2015, a certification test was conducted to check the engine power. In this test, the targeted power could not be achieved. When a problem like this occurs, the test should have been stopped, the cause investigated, and measures taken. However, the engine control system was adjusted to achieve the targeted power, and the re-tested data was used for certification. This case is different in nature from cases (1) to (5) in that the results were changed to meet the standards. A subsequent investigation has determined that the cause is the partial collapse of the test muffler. The six cases explained can be grouped as: Cases (1) to (5) involve development test data applied for certification, and case (6) involves the automaker conducting its own certification test and submitting that data. In terms of the scale involved in the certifications explained today, we certify about 50 models per year and submit about 7,000 reports over 10 years. The content of one report, for example, in the case of pedestrian protection, includes the results of numerous point collision tests and the results of tests on the left and right sides of the bumper. We do not have the total number of test results at this time, but we have reviewed tens of thousands of test results. Although we are still in the process of reviewing them, we have reported on six cases today. This concludes my explanation. Although still ongoing, our investigation involving tens of thousands of items, has revealed six cases. We have conducted internal verifications on all the cases and confirmed that they all meet the legally defined standards and can be used safely by our customers. We conducted internal verifications on all the cases. We confirmed that all cases meet the legally defined standards and can, therefore, be used safely by our customers. We conducted internal verifications on all the categories. We confirmed that all categories meet the legally defined standards and can, therefore, be used safely by our customers. Nevertheless, these acts shake the very foundations of the certification system, and as an automobile manufacturer, we believe they are acts that must never be committed. After the press conference on January 30 of this year, my immediate action was to ensure that everyone involved, including myself, correctly understood the problem. Therefore, in February, I took the lead and called on Toyota, Hino, Daihatsu, and Toyota Industries to hold the TPS Jishuken (Joint Kaizen Activities) for Certification Work. First, we focused on the processes in which certification-related work was most prone to problems and began by visualizing the material and information flow diagram. As a result, work structure issues have now become clear, and we will carry out concrete improvements. The other day, I went to the genba myself and checked on the progress. The presidents of each company, Oyaji genba leaders, veteran engineers, and young employees who have been working at the company for a few years participated beyond the boundaries of titles and individual corporate frameworks to learn from one another while studying the material and information flow diagram. By doing so, we were able to find where the problems were in the work structure. We also discovered that not only Toyota but also Group companies are facing the same issues. That is where we are at now. Since we are all part of the same Group, we should talk to each other and continue to make improvements together, including top management and genba employees. I feel that we have taken the first step in this direction. I intend to extend our efforts throughout the entire Group and restore authority to the genba to create a solid corporate culture that makes ever-better cars. These efforts will need to be done steadily and will take time, but I will go to the genba myself and take responsibility for their progress. We appreciate your kind attention. Toyota Motor Corporation works to develop and manufacture innovative, safe and high-quality products and services that create happiness by providing mobility for all. We believe that true achievement comes from supporting our customers, partners, employees, and the communities in which we operate. Since our founding over 80 years ago in 1937, we have applied our Guiding Principles in pursuit of a safer, greener and more inclusive society. Today, as we transform into a mobility company developing connected, automated, shared and electrified technologies, we also remain true to our Guiding Principles and many of the United Nations' Sustainable Development Goals to help realize an ever-better world, where everyone is free to move.

Force Motors soars with 44% April sales growth

Force Motors is currently trading at ₹8,954.00, up by 211.25 points or 2.42% from its previous closing of ₹8,742.75 on the BSE. The scrip opened at ₹9,092.90 and has touched a high and low of ₹9,092.95 and ₹8,832.90 respectively. So far 5,077 shares were traded on the counter.

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Kalyan Jewellers India soars on reporting 27% consolidated revenue growth in Q1FY25 Dhanlaxmi Bank rises on reporting 6% growth in gross advances in Q1FY25 Mahindra Lifespace climbs on closing two deals worth Rs 2050 crore in Mumbai, Benga... Punjab National Bank surges on reporting 10% rise in global business during Q1FY25 IDBI Bank gains on reporting 15% rise in total business during Q1FY25 Advait Infratech zooms on securing letter of intent worth Rs 158.90 crore Quick Heal Technologies rises on partnering with NewJaisa Technologies Sanghvi Movers jumps on incorporating wholly owned subsidiary Satin Creditcare Network inches up on raising Rs 50 crore through NCDs FSN E-Commerce Ventures rises as its arm incorporates wholly owned subsidiary in Qatar Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel https://t.me/InvestmentGuruIndiacom Download Telegram App before Joining the Channel Force Motors is currently trading at Rs. 8954.00, up by 211.25 points or 2.42% from its previous closing of Rs. 8742.75 on the BSE. The scrip opened at Rs. 9092.90 and has touched a high and low of Rs. 9092.95 and Rs. 8832.90 respectively. So far 5077 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 10272.65 on 29-Apr-2024 and a 52 week low of Rs. 1,845.05 on 02-Jun-2023. Last one week high and low of the scrip stood at Rs. 9092.95 and Rs. 7950.00 respectively. The current market cap of the company is Rs. 11794.07 crore. The promoters holding in the company stood at 61.63%, while Institutions and Non-Institutions held 7.21% and 31.16% respectively. Force Motors has reported 43.54% rise in its total sales (Domestic + Export) for Small Commercial Vehicles (SCV), Light Commercial Vehicles (LCV) and Utility Vehicles (UV) at 2,624 units for April 2024 as compared to 1,828 units sold in April 2023. Out of total, the companys domestic sales for SCV, LCV and UV stood at 2268 units. The company has exported 356 units of SCV, LCV and UV in month of April 2024. Force Motors is a Pune-based commercial vehicle maker. It is a fully vertically integrated automobile company, with expertise in design, development and manufacture of the full spectrum of automotive components, aggregates and vehicles. Firms` revenue growth falls but steady operating margins across most sectors: Ind-Ra MKP Mobility touches roof on acquiring 49% stake in CMR-Kataria Recycling Market breadth turns very negative as 88 pc of stocks decline Disclaimer: ADVICE (IF ANY) OR DATA OR INFORMATION OR CONTENT RECEIVED VIA THIS WEB SITE SHOULD NOT BE RELIED UPON FOR PERSONAL, MEDICAL, LEGAL OR FINANCIAL DECISIONS AND YOU SHOULD CONSULT AN APPROPRIATE PROFESSIONAL FOR SPECIFIC ADVICE TAILORED TO YOUR SITUATION. INVESTMENTGURUINDIA.COM OR BDINFO MEDIA PVT. LTD. MAKES NO REPRESENTATIONS ABOUT THE SUITABILITY, RELIABILITY, TIMELINESS, AND ACCURACY OF THE INFORMATION, SOFTWARE, PRODUCTS, SERVICES AND RELATED GRAPHICS CONTAINED ON THIS WEB SITE FOR ANY PURPOSE. ALL SUCH INFORMATION, SOFTWARE, PRODUCTS, SERVICES AND RELATED GRAPHICS ARE PROVIDED "AS IS" WITHOUT WARRANTY OF ANY KIND. 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Ola Electric to lay off around 400–500 employees

Ola Electric, an electric vehicle manufacturer known for its electric scooters, plans to lay off 400-500 employees across different departments as part of its efforts to streamline operations, manage costs and prepare for its initial public offering amidst a challenging competitive EV industry.

https://www.latestly.com/auto/ola-electric-layoffs-ev-maker-to-lay-off-around-400-500-employees-in-restructuring-process-check-details-6008575.html?utm_source=inshorts&utm_medium=referral&utm_campaign=fullarticle

New Delhi, June 3: Ola Electric, the electric vehicle (EV) maker, is planning significant layoffs. The company is expected to lay off around 400-500 employees as part of its restructuring process. Ola Electric, known for its popular electric scooters, has been facing various challenges in the competitive EV sector. The decision to reduce its employees is anticipated to affect across different departments. The layoffs might be a part of Ola Electric's strategy to streamline its operations. As per a report of Economic Times, Ola Electric plans to cut 400-500 employees to improve its financial performance and operational efficiency. The company is reducing its workforce in an effort to lower operating expenses as it prepares for its initial public offering, led by its founder, Bhavish Aggarwal. The step is seen as a way to manage costs and ensure the company stays competitive in the fast-growing EV industry.Ola Electric Captures 49% of Market Share in Electric Two-Wheeler Segment in May With 37,191 Registrations. Some of the employees to be affected by the layoffs may be replaced with new employees who can be hired at a lower salary compared to the previous staff. This could allow the company to reduce labour costs by bringing in new employees to fill certain roles rather than retaining the more experienced and higher-paid staff. Ola Cabs recently laid off approximately 200 employees in April. The layoffs were part of a cost-cutting initiative for streamlining operations. In May, the company recorded sales figures, selling over 37,000 electric scooters. However, the company's financial performance has been mixed. In the fiscal year 2023, Ola Electric reported a net loss of Rs 1,472 crore on an operating revenue of Rs 2,631 crore.Layoffs 2024: Malaysia-Based Media Chinese To Reduce 44% of Its Workforce and Use AI To Save Costs and Monetise Digital Content. The loss highlights the challenges faced by the company in establishing a profitable business model in the competitive electric vehicle sector. Bhavish Aggarwal has set ambitious goals for both Ola Electric and Ola Cabs. He aims to achieve profitability for companies as they approach their initial public offerings (IPOs). . .

Maruti Suzuki cuts prices of auto gear shift models by ₹5,000

Maruti Suzuki India on Saturday announced a price cut for its auto gear shift (AGS) models. "The prices of AGS variants across models (Alto K10, S-Presso, Celerio, Wagon-R, Swift, Dzire, Baleno, Fronx & Ignis) have been reduced by ₹5,000," the company said in an exchange filing. The AGS technology combines the benefits of manual and automatic transmissions.

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Curated By: Shahrukh Shah News18.com Last Updated: June 01, 2024, 16:36 IST The top car maker Maruti Suzuki has announced price cuts on its Auto Gear Shift (AGS) product line in India. As per the details by the brand, it has reduced the prices across the above-mentioned portfolio by Rs 5,000. Interested customers can take benefit by visiting the companys authorized or online through official website. The reason for reducing the prices is not known as yet. However, some reports suggested that the changes have been made to make the range more affordable and to attract new customers. While sharing the news, the company in its official statement says. The prices of AGS variants across models (Alto K10, S-Presso, Celerio, Wagon-R, Swift, Dzire, Baleno, Fronx & Ignis) have been reduced by 5,000/-. The prices will come into effect from today, i.e. June 1, 2024." In case you are wondering what are the Auto Gear Shift (AGS), it is an automatic transmission technology, which combines the benefits of manual and automatic transmissions. The gearbox is equipped with an intelligent Shift Control Actuator that is operated by the Transmission Electronic Controller unit. The whole system works smartly and adjusts the gear shifts to deliver enhanced performance, The technology was introduced in the country back in 2014. The sole purpose of releasing it is to offer an improved and seamless driving experience to the customers. Meanwhile, Maruti Suzuki offers a wide range of products to Indian customers. The portfolio includess Grand Vitara, Ertiga, Baleno, Brezza, Alto K10, Fronx, Jimny, Swift, Desire, and XL6 among others. About the Author Location: New Delhi, India Euro 2024 Highlights, Round of 16 in Photos: Netherlands Thrash Romania By 3-0, Turkey Beat Austria By 2-1 As Hathras Stampede Kills 116, Here's a Look At India's Worst Stampedes In Recent Years | In GFX Celebrating 50 Years of the Rubiks Cube: A Visual Tribute To Creator Erno Rubik Ismail Kadare: A Visual Story Exploring The Life Of An Albanian Literary Icon Anant Ambani-Radhika Merchant Wedding Countdown Begins With Mass Wedding For 50 Underprivileged Couples NEET PG 2024 Date Live Updates: When Will Revised Schedule be Announced? Check Latest News Cricket Viral Video: Virat Kohli Video Calls Anushka Sharma; Team India Set to Arrive in India on Thursday Morning Parliament Session LIVE: PM Narendra Modi Likely To Address Rajya Sabha Today ROM vs NED, Euro 2024 Ro16 Highlights: The Netherlands Progress With 3-0 Win Over Romania Hathras News LIVE Updates: Death Toll Rises To 121; Fresh Plea Filed In Supreme Court Follow us on Download News18 App

Kia India sees 3.9% growth in sales in May, exports also surge

Kia India on Saturday said it has registered the sale of 19,500 units in May, a growth of over 3.9 per cent (year-on-year) compared to 18,766 units in the corresponding month of the last year. The automaker said it also dispatched 2,304 units from India to overseas markets in the month, taking the production figure of Kia to 21,804 units.

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Tata Power launches rooftop solar initiative for homes in UP Honda India Foundation (HIF) signs MOU with Marriot Group of Hotels Accel to host India`s largest Cybersecurity Summit on July 25 Bajaj Auto launches world's first CNG-powered motorcycle `Freedom 125` Government makes ISI mark mandatory for steel & aluminium utensils to ensure safety... After Eiffel Tower, UPI goes live at another location before Paris Olympics After Apple, Google set to manufacture Pixel phones in India Over 9 bn eSIM-capable devices to be shipped by 2030 globally CREDAI - COLLIERS Developer Sentiment Survey `24 : More than 50% of Developers Seek... India ranks 3rd in fintech funding globally in Jan-June period Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel https://t.me/InvestmentGuruIndiacom Download Telegram App before Joining the Channel Kia India on Saturday said it has registered the sale of 19,500 units in May, a growth of over 3.9 per cent (year-on-year) compared to 18,766 units in the corresponding month of the last year. The automaker said it also dispatched 2,304 units from India to overseas markets in the month, taking the production figure of Kia to 21,804 units. With this, the company surpassed the 2.5 lakh export milestone to over 100 countries, it said in a statement. Seltos contributed the majority, with almost 60 per cent of exports from India accounted for by the model. Sonet and Carens followed Seltos with 34 per cent and 7 per cent, respectively, of the overseas dispatches. "With a robust network expansion strategy in place, we shall continue to grow in the rest of the year and cross 1 million domestic sales milestone soon," said Hardeep Singh Brar, SVP and Head Sales and Marketing at Kia India. Launched in January 2024, the new Sonet emerged as the highest-selling model for Kia India in May, with 7,433 units, closely followed by Seltos and Carens with 6,736 and 5,316 units, respectively. "So far in this year, we have been aggressive in introducing new competitive variants of our models, which has contributed significantly to our sales," said Brar. The company has sold more than 9.8 lakh units in the domestic market, with Seltos contributing almost 50 per cent of the total. Kia India commenced mass production in August 2019 and has an installed annual production capacity of 300,000 units. CII pushes for Digital Infra Fund with more Govt investment, for inclusive growth and employ... 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Ola Electric secures 49% of the electric 2-wheeler market in May

Ola Electric, on Saturday, said that it has captured 49 per cent market share in the electric two-wheeler (2W) segment in May, with 37,191 registrations (as per government's Vahan portal) riding on its S1 scooter portfolio. The company recently revised the prices of its premium offerings S1 Pro, S1 Air, and S1 X+.

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Tata Power launches rooftop solar initiative for homes in UP Honda India Foundation (HIF) signs MOU with Marriot Group of Hotels Accel to host India`s largest Cybersecurity Summit on July 25 Bajaj Auto launches world's first CNG-powered motorcycle `Freedom 125` Government makes ISI mark mandatory for steel & aluminium utensils to ensure safety... After Eiffel Tower, UPI goes live at another location before Paris Olympics After Apple, Google set to manufacture Pixel phones in India Over 9 bn eSIM-capable devices to be shipped by 2030 globally CREDAI - COLLIERS Developer Sentiment Survey `24 : More than 50% of Developers Seek... India ranks 3rd in fintech funding globally in Jan-June period Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel https://t.me/InvestmentGuruIndiacom Download Telegram App before Joining the Channel Ola Electric, on Saturday, said that it has captured 49 per cent market share in the electric two-wheeler (2W) segment in May, with 37,191 registrations (as per governments Vahan portal) riding on its S1 scooter portfolio. The deliveries of the S1 X range of mass-market scooters began last month. We continue to lead Indias EV transition efforts in the 2W segment with a leading 49 per cent share in the market and a steady growth in our registrations, said Anshul Khandelwal, CMO, Ola Electric Technologies. With our S1 X, we continue to work towards expanding the EV 2W market for overall growth of the industry, he added. The S1 X portfolio is available in three battery configurations (2 kWh, 3 kWh and 4 kWh), priced at Rs 74,999, Rs 84,999 and Rs 99,999, respectively. The company recently revised the prices of its premium offerings S1 Pro, S1 Air, and S1 X+ to Rs 1,29,999, Rs 1,04,999 Rs 89,999, respectively. Ola Electric said that it offers an eight-year/80,000 km extended battery warranty for the entire range of products at no extra cost. Meanwhile, Ola founder Bhavish Aggarwal's brother Ankush Aggarwal has returned to the ride-hailing business as CEO after working with Ola Electric. Stocks step back, oil bounces as peace talks stall Tata Power launches rooftop solar initiative for homes in UP Vikram Solar Wins a 397.7 MWp Module Supply order for NTPC?s prestigious Khavda Solar Projec... Disclaimer: ADVICE (IF ANY) OR DATA OR INFORMATION OR CONTENT RECEIVED VIA THIS WEB SITE SHOULD NOT BE RELIED UPON FOR PERSONAL, MEDICAL, LEGAL OR FINANCIAL DECISIONS AND YOU SHOULD CONSULT AN APPROPRIATE PROFESSIONAL FOR SPECIFIC ADVICE TAILORED TO YOUR SITUATION. INVESTMENTGURUINDIA.COM OR BDINFO MEDIA PVT. LTD. MAKES NO REPRESENTATIONS ABOUT THE SUITABILITY, RELIABILITY, TIMELINESS, AND ACCURACY OF THE INFORMATION, SOFTWARE, PRODUCTS, SERVICES AND RELATED GRAPHICS CONTAINED ON THIS WEB SITE FOR ANY PURPOSE. ALL SUCH INFORMATION, SOFTWARE, PRODUCTS, SERVICES AND RELATED GRAPHICS ARE PROVIDED "AS IS" WITHOUT WARRANTY OF ANY KIND. INVESTMENTGURUINDIA.COM OR BDINFO MEDIA HEREBY DISCLAIMS ALL WARRANTIES AND CONDITIONS WITH REGARD TO THIS INFORMATION, SOFTWARE, PRODUCTS, SERVICES AND RELATED GRAPHICS, INCLUDING ALL IMPLIED WARRANTIES AND CONTINGEMENT. IN NO EVENT SHALL INVESTMENTGURUINDIA.COM OR BDINFO MEDIA BE LIABLE FOR ANY DIRECT, INDIRECT, PUNITIVE, INCIDENTAL, SPECIAL, CONSEQUENTIAL DAMAGES OR ANY DAMAGES WHATSOEVER INCLUDING, WITHOUT LIMITATION, DAMAGES FOR LOSS OF USE, DATA OR PROFITS, ARISING OUT OF OR IN ANY WAY CONNECTED WITH THE USE OR PERFORMANCE OF THIS WEB SITE, WITH THE DELAY OR INABILITY TO USE THIS WEB SITE, THE PROVISION OF OR FAILURE TO PROVIDE SERVICES, OR FOR ANY INFORMATION, SOFTWARE, PRODUCTS, SERVICES AND RELATED GRAPHICS OBTAINED THROUGH THIS WEB SITE, OR OTHERWISE ARISING OUT OF THE USE OF THIS WEB SITE, WHETHER BASED ON CONTRACT, TORT, STRICT LIABILITY OR OTHERWISE, EVEN IF INVESTMENTGURUINDIA.COM OR BDINFO MEDIA HAS BEEN ADVISED OF THE POSSIBILITY OF DAMAGES. BECAUSE SOME STATES/JURISDICTIONS DO NOT ALLOW THE EXCLUSION OR LIMITATION OF LIABILITY FOR CONSEQUENTIAL OR INCIDENTAL DAMAGES, THE ABOVE LIMITATION MAY NOT APPLY TO YOU. IF YOU ARE DISSATISFIED WITH ANY PORTION OF THIS WEB SITE, OR WITH ANY OF THESE TERMS OF USE, YOUR SOLE AND EXCLUSIVE REMEDY IS TO DISCONTINUE USING THIS WEB SITE. MUTUAL FUND INVESTMENTS IS SUBJECT TO MARKET RISK. PLEASE READ THE COMPLETE OFFER DOCUMENT, PRODUCT BROCHURE BEFORE MAKING INVESTMENTS. BEFORE INVESTING IN INSURANCE PLEASE READ THE COMPLETE PRODUCT DETAILS AND TAKE REGISTERED EXPERT ADVICE TO UNDERSTAND THE FINER POINTS & DETAILS OF THE PRODUCTS. MUTUAL FUND INVESTMENTS ARE SUBJECT TO MARKET RISKS, READ ALL SCHEME RELATED DOCUMENTS CAREFULLY. To Read Complete Disclaimer Click HereData Source Provided Data Source Provided By : Accord Fintech Pvt. Ltd. 2023-24 INVESTMENT GURU INDIA. All Rights Reserved.

Tesla recalls 1.25 lakh EVs in US over seat belt warning system issue

Tesla is recalling over 1.25 lakh EVs in the US over a seat belt warning system issue. The affected cars may fail to activate warning light and audio alert for unbelted drivers. This comes nearly a week after the Elon Musk-owned company finished fixing seat belts on its 1.1 lakh vehicles as some detached which the car was being driven.

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Nissan paid ex-COO Gupta ₹31 cr to quit amid harassment allegations: Report

Japanese automaker Nissan paid former COO Ashwani Gupta $3.7 million (nearly ₹31 crore) to leave the company after a sexual harassment probe was launched against him, Bloomberg reported. Gupta's compensation was made public in a notice of annual shareholders' meeting. His total pay of nearly ₹39 crore in FY24 is more than what Nissan CEO Makoto Uchida made (₹36 crore).

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(Bloomberg) -- Nissan Motor Co. paid former Chief Operating Officer Ashwani Gupta 582 million ($3.7 million) to depart the company last year amid allegations of misconduct, people familiar with the matter said. Gupta left Nissan in June last year, surprising investors who had seen him as a potential future candidate for the top job. He departed after the company investigated misconduct it considered to be sexual harassment and paid for him to leave, said the people, who asked not to be identified because the information is private. That compensation figure is now public in a notice of annual shareholders meeting, which showed Gupta will also receive allowances. A spokesperson for Nissan said the company has no comment beyond the public notice. Gupta declined to comment. Read More: Nissan COO Who Led Post-Ghosn Turnaround Leaving Carmaker Gupta played a leading role steering Nissan back to profitability following the 2018 arrest of former Chairman Carlos Ghosn. His remuneration for the year through March 2023 of 726 million even saw him out-earn Chief Executive Officer Makoto Uchida, who took home 673 million. Other amounts recently paid out to retiring executives include 314 million for former President Hiroto Saikawa. Three other executive directors received compensation ranging from 191 million to 373 million in the same period, according to the securities report for the year that ended in March 2020. While that makes Guptas departure payment comparatively high for Japan, the amount pales in comparison to so-called golden parachute agreements in places like the US. Google agreed to pay as much as $135 million to two top executives who left the company after being accused of sexual harassment. Former Fox News host Bill OReilly, who was ousted over allegations of sexual harassment, was reported to have received as much as $25 million for agreeing to leave the company. Gupta joined Honda Motor Co. in 1996, working in both India and Japan. He subsequently moved to Renault SA in 2006 and worked as an executive at Renault-Nissan BV. After a stint as COO at Mitsubishi Motors Corp., he took the job at Nissan in 2019. He is currently chief executive officer at Adani Ports and Special Economic Zone Ltd. --With assistance from Supriya Singh and Reed Stevenson. More stories like this are available on bloomberg.com 2024 Bloomberg L.P.

Tesla Power removes logo from EVs amid trademark row with Tesla

Battery maker Tesla Power India has asked its vendors to remove its logo from e-scooters amid a trademark dispute with US EV maker Tesla. During the hearing at the Delhi High Court, Tesla Power said it doesn't plan to sell or manufacture electric vehicles. The American firm sued Tesla Power earlier this month for using its name.

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NSE launches India's 1st electric vehicle index

NSE on Thursday announced that its subsidiary NSE Indices has launched India's first electric vehicle (EV) index named Nifty EV & New Age Automotive index. The index will track the performance of the companies which are part of the EV ecosystem. "The index will be reconstituted semi-annually and rebalanced on a quarterly basis," as per a press release.

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Indian car dealers face over 4.5 lakh unsold units amid sale slump

Car dealers in India are staring at an inventory of more than 4.5 lakh units for the month of May, as demand cools off after three years of blockbuster sales. June isn't looking bright either. "What's being reported is actually conservative. Dealers are actually sitting on 4.5-5 lakh units," Vinkesh Gulati, chairman (research and academy), Federation of Automobile Dealers Associations.

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Car dealers in India are staring at an inventory of more than 4.5 lakh units for the month of May, as demand cools off after three years of blockbuster sales. June isnt looking bright either. Whats being reported is actually conservative. Dealers are actually sitting on 4.5-5 lakh units, Vinkesh Gulati, chairman (research and academy) at the Federation of Automobile Dealers Associations, told NDTV Profit in a telephone interview. The market itself has grown to 3.5 lakh units per month, but more than one lakh units lying in a stockyard is unsustainable. If inventory levels were up to 4 lakh, we would have been comfortable. But they are at least one lakh more, Gulati said. Thats not good for buyers and dealers alike, as cost of holding inventory builds up over months. In fact, the inventory is already at levels seen in the months preceding the October-November festive season, when carmakers stock dealerships to cater to the incoming demand. According to Gulati, inventory levels in May are already at more than 40 days, something seen only in the month of September. Gulati called for paring of production by original equipment manufacturers to align the demand-supply dynamics. The monthly output is about 3.85 lakh. Dispatches in May are seen at more than 3.5 lakh. Thatll only clog the pipeline further.

Nissan issues warning for 84,000 cars in US over explosive airbags

Nissan has issued a 'do not drive' warning for roughly 84,000 older cars in the US equipped with defective Takata airbags that can explode. The warning covers certain model year 2002-2006 Nissan Sentra, 2002-2004 Nissan Pathfinder and 2002-2003 Infiniti QX4 vehicles. The defective airbags have caused 27 deaths in the US till now, as per US road safety regulator NHTSA.

https://auto.hindustantimes.com/auto/news/nissan-warns-owners-of-older-cars-in-us-over-faulty-airbag-inflators/amp-41717034188446.html?utm_campaign=fullarticle&utm_medium=referral&utm_source=inshorts

Turno bags $6 million in Series A extension round from BII

Turno bagged $6 million in a Series A extension round from BII and other investors. Stellaris Venture Partners and B Capital, two previous investors, also participated in this round. Turno had raised $16.9 million in total prior to this round. The Bengaluru-based EV segment aims to deploy the raised capital for market expansion and build on its battery technology platform.

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. Entrepreneur and its related marks are registered trademarks of Entrepreneur Media LLC May 30, 2024 Share EV distribution and financing startup Turno has raised USD 6 million in a Series A extension round of funding led by British International Investment (BII) and existing investor Quona Capital. Stellaris Venture Partners and B Capital, two previous investors, also participated in this round. Turno had raised USD 16.9 million in total prior to this funding round. As per the startup, Turno will primarily utilise this funding round to expand its network in the country, look at large form factor vehicles, and invest in battery technology. Abhinav Sinha, Managing Director and Head of Technology and Telecoms at BII, said, "Backing local entrepreneurs to solve development challenges, including the impact of climate change is a key priority for BII in India. Turno's innovative business model, lower cost offering, and novel efforts at repurposing EV batteries will help attract more people and businesses to adopt commercial EVs." Founded in 2022 by Hemanth Aluru and Sudhindra Reddy, Turno is a commercial vehicle marketplace that sells three-wheel EVs such as Mahindra & Mahindra, Piaggio, Euler Motors, and Etrio, among others. Turno CEO Hemanth Aluru said the biggest challenge for the EV segment is increasing the awareness level of these vehicles and creating a framework for the resale of these units. Today, the core focus of Turno is primarily on the financing and distribution of three-wheeler cargo EVs. "We not just provide financing but also support them in the resale value of the vehicles," Aluru said. The platform claims to have eight retail outlets in the country and sells these vehicles in a multi-brand format through partnerships with leading manufacturers like Bajaj, Mahindra Electric, Greaves, Piaggio, Euler Motors, etc. According to Aluru, the penetration of three-wheeler cargo EVs has gone up from 7 percent to 30 percent in the last two years. Turno has a presence in about six states: Karnataka, Delhi, Telangana, Maharashtra, Tamil Nadu, and Gujarat. The plans are to expand to another 810 states in the next 1215 months. Aluru claims that Turno saw a four-fold increase in business in FY24 and anticipates continuing this trend in the current fiscal year. In addition, Turno intends to launch a few experimental projects in the more recent EV categories, which would include huge form factors similar to commercial buses. This startup will also be investing in building out its proprietary battery technology to create a grid-like setup that can become an energy source for other activities. Entrepreneur Staff Editor Most folks have a hard line between work and life. "It's just business," "I am a different person at work," etc. But what if we brought some of the beauty of the personal into the professional? Save on a reliable operating system and beloved office suite with this limited-time deal. The settlement involves customers who purchased a Kirkland Signature product. Live launching and traditional evergreen strategies are outdated marketing tactics. Here's how to build an evergreen funnel that actually converts. Salesforce covered Benioff's personal security costs last fiscal year. Discover how to master keyword selection, content structure and on-page SEO to rank better on Google. . Entrepreneur and its related marks are registered trademarks of Entrepreneur Media LLC

Hyundai adds Kotak, Morgan Stanley as India IPO advisers: Report

South Korea's Hyundai Motor Co. has added Kotak and Morgan Stanley as advisers for its initial public offering in India, Bloomberg reported citing people familiar with the matter. The syndicate of advisers to the Hyundai India IPO includes Citi, HSBC and JPMorgan, the people said, asking not to be named discussing private information.

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South Korea's Hyundai Motor Co. has added Kotak and Morgan Stanley as advisers for its initial public offering in India, Bloomberg reported citing people familiar with the matter. The syndicate of advisers to the Hyundai India IPO includes Citi, HSBC and JPMorgan, the people said, asking not to be named discussing private information. IFR previously reported that the IPO is planned for June this year. When contacted by NDTV Profit, Hyundai India refused to comment on the matter. Kotak and Morgan Stanley didnt immediately respond to Bloombergs requestsforcomment. A Hyundai India IPO could raise about $2.5 billion, making it one of Indias biggest listings, Bloomberg has reported previously. The maker of the Creta SUV will use the proceeds to expand operations in the country, including exports. Nearly one in four Hyundai cars are sold in India now. In fact, in the month of April, Hyundai sold nearly as many cars in India as in its home country of South Korea. In South Korea, the carmaker sold 63,733 unitsa decline of 4.4% year-on-year. In India, sales volume rose 10% year-on-year to 63,701 units50,201 units locally and 13,500 exports. In April 2024, Hyundai Motor India achieved its fourth consecutive month of 50,000-plus units in domestic sales, Tarun Garg, chief operating officer of India operations, said in a statement on May 1. Driven by models like the Creta, Venue and the Exter, SUVs continue to be a growth driver contributing 67% of domestic sales.

Zypp Electric raises $15 Mn in Series C led by ENEOS

The Gurugram-based platform aims to deploy the raised funds to expand its fleet from 21,000 to 2,00,000 electric scooters and extend its services to 15 cities across India by 2026. Founded in 2017 by Akash Gupta, Rashi Agarwal, and Tushar Mehta, Zypp Electric provides electric scooters to local merchants and e-commerce companies for last-mile deliveries.

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. Entrepreneur and its related marks are registered trademarks of Entrepreneur Media LLC May 27, 2024 Share Tech-enabled EV-as-a-service platform Zypp Electric announced that it has raised INR 116 crore (USD 14 million) in its Series C round from Japan-based petroleum firm ENEOS. As per the official release, the series C1 funding comprises USD 15 million in equity closure as part of its ongoing USD 50 million round, which is split into USD 40 million in equity and USD 10 million in debt. In addition to the current investors, 9 Unicorns, IAN Fund, Venture Catalysts, WFC, and others, notable investors such as ENEOS participated in the equity investment. The fresh funds will be utilised to expand Zypp's fleet from 21,000 to 200k electric scooters and extend its services to 15 cities across India by 2026. Akash Gupta, Co-founder and CEO of Zypp Electric, said, "Securing USD 15 million in Series C1 funding is a pivotal moment and strong validation amid the current funding environment for Zypp Electric. This investment propels our mission to revolutionise last mile delivery with sustainable EV solutions." "We are eager to expand our fleet and enhance our tech platform, driving significant growth across India. Our commitment to reducing emissions and improving the lives of our drivers, partners, and customers remains stronger than ever. These funds will be utilised to drive the company towards the full path of growth along with EBITDA profitability," he added. Founded in 2017 by Akash Gupta, Rashi Agarwal, and Tushar Mehta, Zypp Electric provides electric scooters to local merchants and e-commerce companies for last-mile deliveries. The company currently delivers groceries, medicines, food, and e-commerce packages from point A to point B through their fully automated IoT and AI-enabled scooters. ENEOS added, "In India, the last-mile delivery market is skyrocketing, especially within urban areas. Zypp is operating its business as a pioneer in the EV motorcycle delivery market with competitiveness, and this is the reason why we made the decision to invest." Zypp Electric registered a revenue of INR 325 crore in FY 2324 and launched operations in Mumbai and Hyderabad recently. It claims to have done over 50 million shipment deliveries via electric vehicles from January 2023 to March 2024. Zypp Electric has forayed into the three-wheeler cargo business and will soon cross 1,000 electric L5 loaders in its EV fleet. BigBasket, Zepto, Flipkart, Myntra, Zomato, Swiggy, Blinkit, Uber, Porter, Rapido, 1MG, Delhivery, and Blue Dart are some of its important partners. Entrepreneur Staff Editor We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024. Most folks have a hard line between work and life. "It's just business," "I am a different person at work," etc. But what if we brought some of the beauty of the personal into the professional? It takes a delicate balance of skill, hard work and instinct to grow a successful business. This serial entrepreneur loves the unique challenge; here are the key lessons she's learned along the way. As we look ahead to the Union Budget 2024, FMCG firms anticipate measures to drive sustainable, inclusive growth and address inflation Rachael Leina'ala Soares and Heather Aiu co-founded ALOHA Collection in 2014 inspired by a "wet bikini" and "sweaty yoga gear." Nvidia was founded in 1993 and went public in January 1999, first trading at $12 per share. . Entrepreneur and its related marks are registered trademarks of Entrepreneur Media LLC

Fisker lays off 'unspecified' numbers of employees

Fisker, an electric vehicle startup, is facing financial challenges, leading to multiple rounds of layoffs, including recent ones impacting various departments, as it explores options like securing additional funding or a potential buyout. The layoffs might be planned with an aim to gradually reduce the workforce to a minimal essential team consisting of only "mission critical" employees.

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New Delhi, May 25: Fisker, a startup company manufacturing electric vehicles, has laid off its employees. Fisker's recent layoffs highlight the difficulties associated with companies in the evolving EV industry. The EV firm may be financially facing difficulties and might have taken this step to secure Fisker's future in an increasingly competitive electric vehicle industry. As per areport ofBusiness Insider, Fisker initiated another round of layoffs, further intensifying its workforce reductions.It remains unclear howmany employees were affected by the latest round of layoffs.There are some reports indicatingemployees fromdepartments likeIT, sales and customer relations at Fisker might have been affected by the recent layoffs.The company had previously announced plans to reduce staff by 15 per cent in Februaryandthe latest development provides further insight into the company's financial situation.Media Matters Layoffs: American Journalism Group Lays Off Around Dozen Employees Amid Elon Musk Legal Battle. On April 29, Fisker Automotive notified its employees about potential layoffs in the coming months, as required by the Worker Adjustment and Retraining Notification (WARN) Act. The electric vehicle startup informed workers that they may lose their jobs in the coming days if the company fails to secure a buyer or additional funding.The layoffs mightbe plannedwithanaimtograduallyreducethe workforce to a minimal essential team consisting of only "mission critical" employees.Walmart Layoffs: Retail Giant To Lay Off Thousands of Employees Unless They Relocate; Check Details. During a companywide meeting, Fisker's CEO, Henrik Fisker, stated that the automaker had reached out to several other car manufacturers and thatthe companymight be in talks about a possible acquisition. Henrik Fisker expressed this by saying, "I do hope we're closing in on something serious here in weeks rather than months".The CEO's remarks came shortly after he had informed employees that Fisker was engaged in discussions with four automakers regarding a possible buyout of the company. . .

Jeep launches offroad-focused variant of its smallest SUV Avenger

Jeep has launched an offroad-focused variant of its smallest SUV, Avenger. The Avenger 4xe gets an all-wheel drive hybrid engine but will be sold with a petrol and an EV variant too. The vehicle's engine lets it accelerate from 0-100 kmph in 9.5 seconds with a top speed of 194 kmph. It also features mud and snow tyres as standard.

https://www.timesnownews.com/auto/car-news/jeep-avenger-4xe-unveiled-with-hybrid-powertrain-improved-off-road-capabilities-article-110383570/amp?utm_campaign=fullarticle&utm_medium=referral&utm_source=inshorts

Live TV news auto car news Updated May 24, 2024, 11:01 IST Bajaj Auto Working On 100 Percent Ethanol-Powered Bike, Nitin Gadkari Confirms At Freedom CNG Launch Bajaj Freedom 125 CNG Bike: 5 Things That Make It Unique Bajaj Freedom CNG Bike Launched In India: Price, Range, Mileage, Variants Jaguar I-Pace EV Delisted From India Website, F-Pace Only Model On Sale MotoGP Confirmed To Be Back In India: UP Signs Agreement With Dorna Sports Anant Ambani-Radhika Merchant Sangeet: Ambani Ladies Set The Fashion Quotient Sky High In Custom-Made Ensembles India Champions vs Pakistan Champions WCL 2024 Live Streaming: When And Where To Watch? Toxic Arsenic, Lead Commonly Found In US Tampons, Says Landmark Study Gold Price Today In India: Yellow Metal Rates In Major Indian Cities - Check Chennai Rain Throws Daily Lives in Disarray, Prompts Yellow Alert; Will Heavy Showers Subside Soon? Follow Us : 2024 Bennett, Coleman & Company Limited

Kia unveils its latest EV which offers 600-km range, AI assistant

Kia unveiled its latest offering in electric vehicle segment with the EV3, which offers a range of up to 600 km and an AI-powered assistant. The EV features 31-minute fast-charging (10-80%) with 81.4 kWh battery capacity. Its interiors will get a 30-inch panorama display while its exteriors will get hidden door handles and a body cladding made of recycled plastics.

https://www.timesnownews.com/auto/electric-vehicles/kia-ev3-electric-car-breaks-cover-with-600-km-range-article-110370413/amp?utm_campaign=fullarticle&utm_medium=referral&utm_source=inshorts

Live TV news auto electric vehicles Updated May 23, 2024, 20:02 IST Kia has equipped the EV3 with nearly 30 inches of screen space Bajaj Auto Working On 100 Percent Ethanol-Powered Bike, Nitin Gadkari Confirms At Freedom CNG Launch Bajaj Freedom 125 CNG Bike: 5 Things That Make It Unique Bajaj Freedom CNG Bike Launched In India: Price, Range, Mileage, Variants Jaguar I-Pace EV Delisted From India Website, F-Pace Only Model On Sale MotoGP Confirmed To Be Back In India: UP Signs Agreement With Dorna Sports Anant Ambani-Radhika Merchant Sangeet: Ambani Ladies Set The Fashion Quotient Sky High In Custom-Made Ensembles India Champions vs Pakistan Champions WCL 2024 Live Streaming: When And Where To Watch? Toxic Arsenic, Lead Commonly Found In US Tampons, Says Landmark Study Gold Price Today In India: Yellow Metal Rates In Major Indian Cities - Check Chennai Rain Throws Daily Lives in Disarray, Prompts Yellow Alert; Will Heavy Showers Subside Soon? Follow Us : 2024 Bennett, Coleman & Company Limited

Why could some 2-wheeler makers be barred from govt EV schemes?

Some electric two-wheeler makers, including Hero Electric and Okinawa Autotech, could be blacklisted from future EV schemes of the Indian government, Hindustan Times reported. This comes as the Centre is planning to take action against firms which failed to return incentives wrongly claimed under FAME-II scheme. The two EV makers, along with four others, were found flouting FAME-II norms.

https://auto.hindustantimes.com/auto/electric-vehicles/why-hero-electric-okinawa-could-be-blacklisted-from-govts-future-ev-schemes/amp-41716531786018.html?utm_campaign=fullarticle&utm_medium=referral&utm_source=inshorts

India's Ashok Leyland beats Q4 profit estimates on reduced costs

Indian truck maker Ashok Leyland beat fourth-quarter profit estimates on Friday as reduced costs outweighed beleaguered demand for its trucks and buses. Standalone profit rose 19.8% to ₹9 billion ($108.36 million) for the three months to March 31, surpassing analysts' estimates of ₹8.69 billion, according to LSEG data.

https://investmentguruindia.com/newsdetail/india-s-ashok-leyland-beats-q4-profit-estimates-on-reduced-costs295414?utm_source=inshorts&utm_medium=referral&utm_campaign=fullarticle

Kalyan Jewellers India soars on reporting 27% consolidated revenue growth in Q1FY25 Dhanlaxmi Bank rises on reporting 6% growth in gross advances in Q1FY25 Mahindra Lifespace climbs on closing two deals worth Rs 2050 crore in Mumbai, Benga... Punjab National Bank surges on reporting 10% rise in global business during Q1FY25 IDBI Bank gains on reporting 15% rise in total business during Q1FY25 Advait Infratech zooms on securing letter of intent worth Rs 158.90 crore Quick Heal Technologies rises on partnering with NewJaisa Technologies Sanghvi Movers jumps on incorporating wholly owned subsidiary Satin Creditcare Network inches up on raising Rs 50 crore through NCDs FSN E-Commerce Ventures rises as its arm incorporates wholly owned subsidiary in Qatar Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel https://t.me/InvestmentGuruIndiacom Download Telegram App before Joining the Channel Indian truck maker Ashok Leyland beat fourth-quarter profit estimates on Friday as reduced costs outweighed beleaguered demand for its trucks and buses. Standalone profit rose 19.8% to 9 billion rupees ($108.36 million) for the three months to March 31, surpassing analysts' estimates of 8.69 billion rupees, according to LSEG data. Input costs came off a high base last year as manufacturers globally battled higher transportation and raw material costs amid conflicts and the lingering impact of the pandemic. Ashok Leyland's input and services costs dropped 7.3% and brought down total expenses by 6.5% to 99.14 billion rupees. Meanwhile, commercial vehicle sales floundered on poor agricultural yield and higher discounts and were coming off a high base. Ashok Leyland's total sales volume fell nearly 6% in the January-March period, as per its monthly sales data, driving a 3.1% fall in its revenue to 112.67 billion rupees. Sales volume of commercial vehicles for market leaders Tata Motors and Eicher Motors, which makes trucks and buses under a joint venture with Volvo, had also fallen in the quarter. The segment, however, is a smaller business for both. Tata Motors and Eicher's profit climbs were on the back of their respective premium vehicle sales - Jaguar Land Rover and Royal Enfield. Ashok Leyland's shares rose as much as 3.3% to a record high after the results. Gold prices inch higher on US rate-cut bets, Middle East woes Accel to host India`s largest Cybersecurity Summit on July 25 US Fed most likely to hold rates Disclaimer: ADVICE (IF ANY) OR DATA OR INFORMATION OR CONTENT RECEIVED VIA THIS WEB SITE SHOULD NOT BE RELIED UPON FOR PERSONAL, MEDICAL, LEGAL OR FINANCIAL DECISIONS AND YOU SHOULD CONSULT AN APPROPRIATE PROFESSIONAL FOR SPECIFIC ADVICE TAILORED TO YOUR SITUATION. INVESTMENTGURUINDIA.COM OR BDINFO MEDIA PVT. LTD. MAKES NO REPRESENTATIONS ABOUT THE SUITABILITY, RELIABILITY, TIMELINESS, AND ACCURACY OF THE INFORMATION, SOFTWARE, PRODUCTS, SERVICES AND RELATED GRAPHICS CONTAINED ON THIS WEB SITE FOR ANY PURPOSE. ALL SUCH INFORMATION, SOFTWARE, PRODUCTS, SERVICES AND RELATED GRAPHICS ARE PROVIDED "AS IS" WITHOUT WARRANTY OF ANY KIND. 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Range Rover & Range Rover Sport to be made in India for first time

Tata Motors-owned Jaguar Land Rover will start making its flagship Range Rover model as well as the Range Rover Sport in India for the first time. These models were previously only manufactured at the Solihull plant in the UK and then exported to 121 markets, including India. The local assembly is expected to reduce its prices by 18% to 22%.

https://auto.hindustantimes.com/auto/cars/range-rover-range-rover-sport-to-be-locally-manufactured-in-india/amp-41716537519928.html?utm_campaign=fullarticle&utm_medium=referral&utm_source=inshorts

Vehicles' permanent registration to be done at showrooms in T'gana

HYDERABAD: In a major relief for new vehicle buyers in Telangana, permanent registrations will soon be conducted at showrooms, without waiting in long queues at RTA offices. Though this procedure was introduced by the Central government in 2021, the BRS government did not adopt it. The Congress government intends to implement it to simplify the registration process for common man.

https://www.deccanchronicle.com/nation/in-other-news/get-your-vehicle-registered-at-showroom-soon-895423?utm_source=inshorts&utm_medium=referral&utm_campaign=fullarticle

HYDERABAD: In a major relief for new vehicle buyers in Telangana, permanent registrations will soon be conducted at showrooms, without waiting in long queues at RTA offices. Though this procedure was introduced by the Central government in 2021, the BRS-led government in the state did not adopt it. The Congress government, however, intends to implement it to simplify the registration process for the common man and also to curb extra earnings of corrupt officials. During an interaction, transport minister Ponnam Prabhakar said showroom registrations will commence once the election code of conduct is lifted. The policy of registering new vehicles at showrooms will be implemented soon in Telangana. This move will greatly benefit new vehicle purchasers. As soon as the election code is lifted, the concerned departments will proceed with the necessary actions. He further added, Since this government was formed, we have introduced several people-friendly reforms and will continue to strive for more. On average, around 2,300 new vehicles are registered daily in Telangana. Vehicle owners have expressed frustration over Telangana not adopting it, while the rest of the country has implemented similar policies. M. Purushotham Reddy, RTO Hyderabad, said, This initiative will be welcomed by both the department and vehicle owners. Each day, around 300 vehicles are registered at the RTA Khairatabad alone. Our officers are engaged in inspections throughout the day. According to P. Ramesh, a showroom owner in the city, While other states have already implemented this system, Telangana is still in the process. For instance, our neighboring state Andhra Pradesh has the same policy. This will save consumers time, as everything will be done at the showroom. The required documents, personal details, vehicle body number, chassis number, photographs, etc., can all be handled at the showroom. Nowadays, people are very busy, and taking a day off for registration is difficult, he explained.

MG may soon launch restyled Astor as new SUV spotted in India

MG Motor may soon launch a new vehicle called VS HEV (Hybrid), a restyled Astor sold in Thailand and Indonesia, which was spotted undisguised in India. The SUV may get a redesigned fascia, new headlamps and an enclosed grille over the current Astor. It may also get a new dashboard and a revised central tunnel with a new gear lever.

https://auto.hindustantimes.com/auto/cars/mg-motor-to-launch-astor-facelift-soon-new-suv-called-vs-spotted-in-india/amp-41716262618555.html?utm_campaign=fullarticle&utm_medium=referral&utm_source=inshorts

Singapore Airlines flight encounters ‘severe turbulence’, one dies

At least one person died and several others were injured after a Singapore Airlines flight from London encountered severe turbulence. The flight was on its way from London to Singapore. There were injuries and one fatality on board the Boeing 777-300ER. The aircraft diverted to Bangkok.

https://www.connectedtoindia.com/singapore-airlines-flight-encounters-severe-turbulence-one-dies/?utm_source=inshorts&utm_medium=referral&utm_campaign=fullarticle

At least one person died and several others were injured after a Singapore Airlines flight from London encountered severe turbulence. The flight was on its way from London to Singapore. The airline posted on X: Singapore Airlines flight #SQ321, operating from London (Heathrow) to Singapore on 20 May 2024, encountered severe turbulence en-route. The aircraft diverted to Bangkok and landed at 1545hrs local time on 21 May 2024. We can confirm that there are injuries and one fatality on board the Boeing 777-300ER. Singapore Airlines offers its deepest condolences to the family of the deceased, the airline said. The airline said it is working with the local authorities in Thailand to provide the necessary medical assistance. SIA said it is sending a team to Bangkok to provide any additional assistance needed. The aviation company did not specifically mention the total number of people injured in the mishap. IPL needs to do away with on-ground cheer leading? View Results 2016. ConnectedtoIndia. All rights reserved.

2024-05-20

Vote against $56 bn pay for Musk: Tesla investors to shareholders

A group of Tesla shareholders has urged other shareholders to vote against a $56 billion pay package for CEO Elon Musk. "Over the past three years...Tesla has...lagged behind its competitors," the group said. "We believe...the distractions caused by Musk's many projects, particularly his decision to buy Twitter, have played a material role in Tesla's underperformance," it added.

https://auto.hindustantimes.com/auto/electric-vehicles/tesla-shareholder-group-targets-distracted-elon-musk-slams-56-billion-pay-package/amp-41716263902478.html?utm_campaign=fullarticle&utm_medium=referral&utm_source=inshorts

Tesla employees working in fear and anxiety of getting laid off

Elon Musk's Tesla started laying off employees since April 2024. The first Tesla layoff round cut 10% of the total workforce, followed by other rounds. According to a report, the employees are afraid to get 'Dear Employee...' layoff email and getting laid off. Some employees shared their experience while going to work at company.

https://www.latestly.com/auto/tesla-employees-living-in-fear-anxiety-of-layoff-email-with-dear-employee-and-absence-of-elon-musks-indication-on-conclusion-about-ongoing-job-cuts-report-5979648.html?utm_source=inshorts&utm_medium=referral&utm_campaign=fullarticle

Austin, May 21:Tesla layoffs sent shockwaves to the electric vehicle, tech and automobile industry as Elon Musk's runcompany announced workforce reductiondue to slow EV sales, other players' competitive prices, and poor Q1 results.Tesla layoffs began mid-April when thecompany cut 10% of its global workforce and began laying off other department in the following weeks.Tesla CEO Elon Musk reportedlyemailed the seniors working at its Supercharger teamand let many others go, disbanding the department. According to areportbyIndia Today, Tesla employees started living in fear of getting emails with "Dear Employee...". The report said that the Tesla layoffs launched in April, cutting 10% of the workforce, had beena part of cost-cutting measures, aslump in sales and due to poorfirst-quarter results.The layoffs at Tesla, the employees working in the company reportedly feared job loss. The reporthighlighted that Tesla layoffs are expected to last until June 2024, as per Bloomberg.Tesla Layoffs: Elon Musks EV Company To Lay Off 601 Employees Across Multiple Locations in California Starting From June 20, Says Report. The report said that the Tesla workers had been worried, waking upimagining they would get an email with "Dear Employee..." that would cost themtheir jobs.The report hints thatElon Musk's Tesla had been on a path of uncertainty, which left the employees in constant worry. Explaining the situation on LinkedIn, Michael Minick, company's former sales representative who was part of Tesla layoffs in April said that it was "difficult to imagine the feeling of walking on eggshells at work." He addedthat there was a feeling of uncertainty about being unable topay bills or feed the family.Michael Minick further said that it would be a relief to know that they could breathe and focus on their work without the grey cloud of uncertainty on their head.Tesla Rehiring After Layoffs: Elon Musk-Run Company Hires Some Employees Again After Firing Them To Expand Supercharger Network. The report said that the employees working at Elon Musk's Tesla had madeseveralchanges, which included shifting from Silicon Valley roots and focusing on AI (artificial intelligence) and robotics. The report mentionedthat some employees at Tesla said thatElon Muskprioritising projects like Robotaxi and EV manufacturing led to a decline in morale.The report said theanxiety increased amongthe employees due to the "absence of clear indication" of Elon Musk's conclusion about Teslalayoffs. . .

Kia to let customers lease 3 models on pilot basis

Kia has launched 'Kia Lease' program for Sonet, Seltos and Carens models. Customers can lease any of the three Kia models without any initial down payment for 24-60 months by paying monthly charges, which include maintenance and insurance costs and start from ₹21,900/month. The program will be available in Delhi-NCR, Mumbai, Hyderabad, Chennai, Bengaluru and Pune.

https://www.timesnownews.com/auto/car-news/now-you-can-lease-kia-seltos-sonet-carens-in-india-under-rs-30000-per-month-article-110212566/amp?utm_campaign=fullarticle&utm_medium=referral&utm_source=inshorts

Live TV news auto car news Updated May 17, 2024, 19:01 IST Bajaj Auto Working On 100 Percent Ethanol-Powered Bike, Nitin Gadkari Confirms At Freedom CNG Launch Bajaj Freedom 125 CNG Bike: 5 Things That Make It Unique Bajaj Freedom CNG Bike Launched In India: Price, Range, Mileage, Variants Jaguar I-Pace EV Delisted From India Website, F-Pace Only Model On Sale MotoGP Confirmed To Be Back In India: UP Signs Agreement With Dorna Sports Anant Ambani-Radhika Merchant Sangeet: Ambani Ladies Set The Fashion Quotient Sky High In Custom-Made Ensembles India Champions vs Pakistan Champions WCL 2024 Live Streaming: When And Where To Watch? Toxic Arsenic, Lead Commonly Found In US Tampons, Says Landmark Study Gold Price Today In India: Yellow Metal Rates In Major Indian Cities - Check Chennai Rain Throws Daily Lives in Disarray, Prompts Yellow Alert; Will Heavy Showers Subside Soon? Follow Us : 2024 Bennett, Coleman & Company Limited

Two friends start 2-wheeler service company, earn ₹10Cr annually

VOC Automotive, founded by Venkatesh B M and Lokesh S in 2019, offers multi-brand 2-wheeler services in Bengaluru. Identifying a gap in affordable, nearby services, they provide 30% lower costs and doorstep options. Despite pandemic challenges, they expanded to 107 outlets and generated 10Cr in FY24. They plan to hit 100Cr revenue by FY25, with 300 outlets across India.

https://startuppedia.in/startup-stories/bengaluru-friends-start-2-wheeler-automobile-startup-earn-rs-10-crore-per-year-4583547?utm_source=inshorts&utm_medium=referral&utm_campaign=fullarticle

0 Powered by Founded in 2019 by Venkatesh B M and Lokesh S, Bangalore-based VOC Automotive is a one-stop solution for multi-brand 2-wheeler service needs and requirements. google-news Follow Us VOC Automotive Founders Working in the automobile industry for about a decade, two friends, Venkatesh B M and Lokesh S, observed a gap in the 2-wheeler automobile industry. They found that 2-wheeler bike users usually don't visit authorized service centers for servicing and other repair work. Because of two reasons: One is that the cost is relatively high in authorized centers compared to unauthorized service centers. Second is that the authorized centers are mostly not available in their proximity. Both Venkatesh and Lokesh belong to humble families. While Venkatesh's father, who was an auto-rickshaw driver, went on to become a businessman, earning to survive, Lokesh's father was a farmer, earning to get by. Life until 12th grade was stable as they lived in their respective villages, where expenses were relatively low. However, financial struggles began to arise when they moved to Bangalore for further education. "We struggled a lot when we moved to Bangalore. We had to look for scholarships for further education," recollected Venkatesh while speaking to Startup Pedia. The co-founders of VOC Automotive met in Sri Jayachamarajendra Polytechnic College (SJP), Bangalore while pursuing Engineering in Automobile. Since then, being good friends, they have been in touch despite working in different cities but in the same companies. They both worked at India Yamaha Motor Pvt Ltd and then Honda Motorcycle & Scooter India Pvt. While working with Honda Motorcycle & Scooter India Pvt. as Area Managers they realized their business acumen and understanding of the market, leading them to venture into entrepreneurship together. The Bangalore-based entrepreneurs found a market gap and wanted to bridge it. Hence, in October 2019, they launched their automobile startup called VOC Automotive in Bangalore. Narrating the entrepreneurial journey with Startup Pedia, Venkatesh said, "We both were doing great in our careers, earning handsome salaries. However, when we found a market gap, we were so passionate that we decided to embark on entrepreneurship." VOC Automotive is a one-stop solution for multi-brand 2-wheeler service and repair. They provide multiple services such as general service, major service, paid services, minor service, accidental services, painting & denting, teflon & silencer coating. The startup provides services at 30% lower charges than others without compromising quality. Moreover, it is also solving the problem of proximity by increasing the number of outlets and doorstep services, offering privileged membership so that customers can reduce their costs by more than 30%. In a groundbreaking move in the industry, they offer a warranty: six months if the engine oil is replaced and two years for any off-engine work, full engine work, or major services. This warranty applies to vehicles starting from 2015. This is happening for the first time in the 2-wheeler industry. The startup has an app, VOC Smart Rider for Customer, where people can book any desired service, and it will be done either at the doorstep or at the nearby VOC Automotive center. The startup is also solving the proximity problem by Aggregating hyperlocal authorized and unauthorized 2-wheeler automobile service centers through Smart Dealer App. Since they had a problem-solving startup plan, they managed to raise Rs. 3 crore as pre-revenue funding to start their business. With the business launching in October 2019 with setting up an office. They were working on launching an outlet when the COVID-19 pandemic hit in March 2020. That was challenging for them. "We had investors' money that we were burning for about 50 employees' salaries and office space. It was challenging, but we were positive things would fall into place soon," said Venkatesh. In August 2020, they managed to launch the first VOC Automotive outlet in Bangalore. Since then, there has been no looking back. The Bangalore-based automobile startup operated solely through a single outlet during its inaugural year. Subsequently, its expansion was remarkable. By the second year, it had 6 outlets, followed by 10 in the third year, 12 in the fourth year, and a remarkable 71 outlets by the fifth year. "It was like a sort of Chinese bamboo story. The number of outlets increased 7x in the fifth year of our business. It is because our existing outlets have been showing continuous profitability and hence, franchisees believed in us and came forward to own our franchises. Many of our franchisees have multiple franchises," Venkatesh told Startup Pedia. He further added that, currently, there are 107 outlets. Most of the outlets are in Bangalore, Hyderabad, Karnataka , Telangana, Andhra Pradesh, and other cities across South India. Except for one, all the other outlets are franchises. Talking about the success stories of VOC Automotive franchises, Venkatesh narrated that a franchisee in Karnatakas Chikkaballapur district makes Rs. 2.5 lakh in profit monthly. Regarding the franchisee model, the total investment required for a franchise is approximately Rs. 25 lakhs. The return on investment (ROI) is expected within two years, with operational break-even achievable in six months. As the number of outlets increased, the number of customers also grew gradually. In the second year, there were 5000 vehicles served; in the third year, it served 20,000 vehicles; and in the fourth and fifth years, the Bangalore-based automobile startup managed to serve 3 lakh customers across all their outlets. With this, the startup's revenue has also been growing exponentially. While there was no business in the first two financial years of launching the business, in the third year, which is FY-22, it made Rs. 2 lahks in revenue; in the 4th year (FY-23), it did Rs. 2.7 crores, and in the 5th year (FY-24), it clocked Rs. 10 crores in revenue. Until now, they have raised Rs. 9 crore in total funding. Of this, Rs. 3 crore was secured as pre-revenue funding. Following that, they obtained investment from family and friends. Moreover, CWI ( Corporate warranty India Pvt Ltd ) which has been in the industry for 25 years and has presence in 5 countries also backed the startup. Currently, the startup is valued at Rs. 103 crore. During the interview with Startup Pedia, Venkatesh shed light on the financial growth of the startup and said, "In FY-25, we are targeting to clock Rs. 100 crore in revenue as we have a rigorous plan for expansion across India." The startup became profitable last year and currently has 20% EBITDA. While elaborating on the expansion plan, Venkatesh said that there will be 300 outlets across India, venturing into the north and west parts of India soon. The automobile startup aims to serve 1.88 lakh vehicles in the current financial year. The startup is on a spree of collaboration to provide top notch services. Such as Collaboration with Insurance companies for accidental claims , EV companies for Service Partnering , Petrol (fuel) Pumps and OEM companies. VOC Smart Rider App, which was launched just a year ago, aims to onboard 4 lakh customers in the current financial year. VOC Smart Dealer will function as a hyperlocal aggregator for two-wheeler customers, allowing them to select their preferred service centers. The automobile startup also plans to launch a vertical where customers can buy and sell pre-owned 2-wheelers through the app. With the aim of creating employment, the startup will soon launch an academy, VOC Technical Academy - VTA, to train and employ 2500 people who are 10th pass or fail. "We are doing this to create employment across India," said Venkatesh. Subscribe to our Newsletter!

New Kia Carens, which may debut in India in 2025, spotted testing

The face-lifted version of Kia's entry-level MPV Carens, expected to debut in India in early 2025, was spotted testing on South Korean roads by Autospy user 'cshin1207'. The test vehicle appears to be a lower-specs variant seen with revised front fascia, repositioned headlamps and new LED DRLs but without a sunroof. It featured revised inverted-L-shaped LED taillamps and shark-fin antenna.

https://www.timesnownews.com/auto/car-news/india-bound-kia-carens-facelift-spied-testing-in-korea-ahead-of-global-debut-article-110168323/amp?utm_campaign=fullarticle&utm_medium=referral&utm_source=inshorts

Live TV news auto car news Updated May 16, 2024, 11:50 IST Bajaj Auto Working On 100 Percent Ethanol-Powered Bike, Nitin Gadkari Confirms At Freedom CNG Launch Bajaj Freedom 125 CNG Bike: 5 Things That Make It Unique Bajaj Freedom CNG Bike Launched In India: Price, Range, Mileage, Variants Jaguar I-Pace EV Delisted From India Website, F-Pace Only Model On Sale MotoGP Confirmed To Be Back In India: UP Signs Agreement With Dorna Sports Anant Ambani-Radhika Merchant Sangeet: Ambani Ladies Set The Fashion Quotient Sky High In Custom-Made Ensembles India Champions vs Pakistan Champions WCL 2024 Live Streaming: When And Where To Watch? Toxic Arsenic, Lead Commonly Found In US Tampons, Says Landmark Study Gold Price Today In India: Yellow Metal Rates In Major Indian Cities - Check Chennai Rain Throws Daily Lives in Disarray, Prompts Yellow Alert; Will Heavy Showers Subside Soon? Follow Us : 2024 Bennett, Coleman & Company Limited

What are the differences between 3-cylinder & 4-cylinder engines?

Automobile manufacturers have begun switching to three-cylinder engines for some of their vehicles over emission norms. The difference between three and four-cylinder engines is that the former is smaller, lighter and has fewer moving parts. It offers better fuel efficiency and emits fewer pollutants. However, four-cylinder engines produce more power, torque and have a balanced firing order.

https://auto.hindustantimes.com/auto/news/is-three-better-than-four-breaking-the-economics-of-three-cylinder-and-four-cylinder-engines/amp-41715828449269.html?utm_campaign=fullarticle&utm_medium=referral&utm_source=inshorts

Elon Musk's China visit has no political implication: S Jaishankar

External Affairs Minister S Jaishankar said Tesla CEO Elon Musk visiting China soon after cancelling his trip to India had "no political implication". "This is a business decision," he stated. Noting that Tesla already has a longstanding business in China, he added, "You look at existing investments with one lens and you look at new decisions with another lens."

https://youtu.be/U_uD9XolZzM?t=269&utm_campaign=fullarticle&utm_medium=referral&utm_source=inshorts

Skoda's new sub-4 metre SUV spotted testing

A new sub-4 metre Skoda SUV, which will likely compete with vehicles like Hyundai Venue and Kia Sonet, has been spotted testing on Indian roads in a picture shared on Facebook by Vaibhav Gagare. The camouflage-clad vehicle featured LED headlamps and DRLs. It was also equipped with roof rails and a shark fin antenna, dark alloy wheels and LED taillamps.

https://www.timesnownews.com/auto/car-news/maruti-suzuki-brezza-mahindra-xuv-3xo-rivaling-skodas-new-suv-spotted-testing-article-110225239/amp?utm_campaign=fullarticle&utm_medium=referral&utm_source=inshorts

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Tesla yet to communicate plans under new EV policy: Govt official

Elon Musk-owned Tesla is yet to communicate its plans to the Indian government under the new EV policy, a government official told PTI. This comes after Musk, who was scheduled to visit India on April 21-22, postponed his trip citing "very heavy Tesla obligations". "They (Tesla) are just silent...The (EV) policy was always meant for everybody," the official said.

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US electric carmaker Tesla is 'silent' and yet to communicate its India plans to the government under the new EV policy, an official said on Friday. American tech billionaire Elon Musk, who was scheduled to visit India on April 21-22, had postponed his visit at the last moment citing "very heavy Tesla obligations". Musk, CEO of electric carmaker Tesla, was also slated to meet Prime Minister Narendra Modi during the visit. "They (Tesla) are just silent.. the (EV) policy was always meant for everybody," the official said when asked whether the company has communicated its plans to the government. The commercial decisions are announced by the companies, the official added. An e-mail query sent to Tesla remained unanswered. Earlier in April, he confirmed his visit to India in a post on X saying, "Looking forward to meeting with Prime Minister @NarendraModi in India". In June last year, Musk met with Modi during the latter's US visit and stated that he planned to visit India in 2024 while expressing confidence that Tesla would enter the Indian market soon. His proposed visit had raised expectations that he would announce plans for Tesla to set up shop in the country, along with his satcom venture Starlink. It was expected that Musk would announce plans for Tesla to set up its manufacturing unit in India and investments for the same that could be billions of dollars and the way forward for selling Tesla electric cars in India at the earliest. Not just electric cars, he is also eyeing the Indian market for his satellite internet business Starlink, for which regulatory approvals are awaited. Musk had in the past called for import duty reduction in India to be able to sell Tesla cars in the country. His planned visit to India came weeks after the government announced a new electric vehicle policy under which import duty concessions will be given to companies setting up manufacturing units in the country with a minimum investment of USD 500 million, a move aimed at attracting major global players like Tesla. Last month, an advisor representing Tesla The Asia Group (TAG) attended the first stakeholders' meeting on the new EV policy, along with those from Vietnam's EV maker VinFast and all the major manufacturers in India, including Maruti Suzuki, Hyundai, Tata, Mahindra, Kia, Skoda Auto Volkswagen India, Renault, Mercedes-Benz, BMW and Audi. The stakeholder consultation meeting was aimed at seeking inputs for the guidelines to be framed for the new EV manufacturing policy. As per the policy, the companies that would set up manufacturing facilities for EV passenger cars will be allowed to import a limited number of cars at lower customs/import duty of 15 per cent on vehicles costing USD 35,000 and above for five years from the date of issuance of the approval letter by the government. At present, cars imported as completely built units (CBUs) attract customs duty ranging from 70 per cent to 100 per cent, depending on the engine size and cost, insurance and freight (CIF) value. CBUs whose CIF value is more than USD 40,000 attract a 100 per cent import duty (for petrol engines size more than 3000 cc and diesel engines of size more than 2500 cc). Whereas those with CIF value under USD 40,000 attract 70 per cent duty (for petrol engine sizes under 3000 cc and diesel engine sizes under 2500 cc). CBUs whose CIF value is more than USD 40,000 attract a 100 per cent import duty (for petrol engines size more than 3000 cc and diesel engines of size more than 2500 cc). The new EV policy seeks to promote India as a manufacturing destination for EVs and attract investment from reputed global manufacturers. Last year, Tesla approached the Indian government seeking duty cuts to import its vehicles in India. Discover the latest business news, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!

Matel raises $4 million in Series A from Transition VC and Gruhas

The Pune-based platform plans to allocate the raised capital for scaling up production, new product development, and expanding the R&D team and required equipment over the next three years. Over the next 2 years, Matel also plans to foray into electric motors required in the defence sector.

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. Entrepreneur and its related marks are registered trademarks of Entrepreneur Media LLC May 16, 2024 Share Matel, a mobility and energy solutions company, has announced the raising of USD 4 million in a Series A funding round, led by Transition VC. Nikhil Kamath-backed Gruhas and Millenium Semiconductor founder Haresh Abichandani also participated in the round. Steer Advisors was the sole transaction advisor for this round. Mahesh Toraskar, Founder, Matel, said, "At Matel, we believe in more than just creating products; we are committed to fostering meaningful connections, driving positive change, and delivering exceptional value to all our stakeholders." "This fundraise marks a pivotal moment in our journey, empowering us to further enhance the experience of our customers and partners while simultaneously advancing our vision for a sustainable future. We plan to allocate the raised capital for scaling up production, new product development, and expanding our R&D team and required equipment over the next three years," he added. Founded in 2017 by Mahesh Toraskar, Sunil Patel, and Netaji C Patro, Matel manufactures synchronous machines and motor controllers for e-mobility, industrial applications, agricultural pumping, and the HVAC sector. It offers a full-stack powertrain solution to OEMs of EVs and the industrial sector. Raiyaan Shingati, Co-founder and Managing Partner, Transition VC, said, "We're keen on Matel's focus on motors and motor controllers, crucial in the EV value chain. Matel's integrated product approach, combining controllers and motors, unlocks significant efficiencies, aligning perfectly with our investment strategy." Over the next 2 years, Matel also plans to foray into electric motors required in the defence sector. Most folks have a hard line between work and life. "It's just business," "I am a different person at work," etc. But what if we brought some of the beauty of the personal into the professional? Cuban put xAI's Grok and OpenAI's ChatGPT in a head-to-head contest following the presidential debate. Here's the bot that came out on top. Huang co-founded the now trillion-dollar AI chip maker Nvidia at a Denny's in San Jose, California, 31 years ago. Nvidia was founded in 1993 and went public in January 1999, first trading at $12 per share. This guide provides all the information you need to open and operate a successful restaurant. This lifetime subscription to Prism Drive Secure Cloud Storage makes saving files more affordable. . Entrepreneur and its related marks are registered trademarks of Entrepreneur Media LLC

Tesla to lay off more 601 people in California

Elon Musk's Tesla recently reported to be re-hiring the laid-off employees from its Supercharger team. However, the EV company recently said in its WARN notice that it will cut more 601 people from multiple locations in California mostly Palo Alto and Fremont. The latest round of Tesla layoffs will begin from June 20, 2024.

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San Francisco, May 16:Tesla layoffshad been going on for weeks, leading to thousandsof employees leaving their jobs amid the slow EV sales and global pricewars between other players. Recently, there werereports about Teslare-hiring some laid-off employees from Supercharger team after laying an entire team includingsenior roles.According to anew report, Tesla willlay offmore 601 employees in California as per the notice to the government. Tesla layoffs began almost a month ago, in mid-April, when theElon Musk-run EVcompanyconfirmed to cut 10% of its workforce worldwide, leading tothousands of people leaving their roles. Although there were some hopes about thelaid-off employees, Elon Musk said that it would be highly unlikely that theywould be hired in any alternativeroles. Now, areportbyETAutosaid that the fresh Tesla layoffs will begin cutting 601 more people from different facilities.Tesla Rehiring After Layoffs: Elon Musk-Run Company Hires Some Employees Again After Firing Them To Expand Supercharger Network. Tesla Layoffs Continue, Company To Cut 601 More Jobs From June 20: The report said that the latest round of Tesla job cuts will be implemented in San Francisco from thecompany facilities located in Palo Alto, Fremont, and California. The layoffs will begin on June 20, 2024, as the 14-day period would begin on the same date.Elon Musk's Tesla informed about the latestround of job cuts in its WARN (Worker Adjustment and Retraining Notification). Earlier, the EV companyreportedly said tocut6,020rolesin California andTexas.On April 30, Elon Musk disbanded the entireTesla Supercharger team, including senioremployeesand later announced a $500 million investment to expand the department, extending the current charging network. The layoffs at Tesla affected employees and some interns who planned to join the electric vehicle-making company.Indeed Layoffs: US-Based Job Search Company Lays Off Around 1,000 Employees To Simplify Organisation, CEO Chris Hyams Shares Heartfelt Message to Affected. According to a post on X, Tesla will lay off 601 employees acrossseveral locations in California starting June 20, 2024. It said 164 employees will be cut from 45500 Fremont Blvd, 65 from 47700 Kato Road, and 149 from 901 Page AvenueinFremont. More than53 employees will be cut from 1501 Page Mill Road, 52 from 3000 Hanover Street, and 118 from 3500 Deer Creek Road in Palo Alto. . .

UP man drives Audi with helmet after being fined ₹1,000

Bahadur Singh Parihar, from Jhansi, Uttar Pradesh, was fined ₹1,000 for driving his Audi without a helmet. The challan was issued for a car, however, he was fined for driving a two wheeler without helmet. A photo on the challan showed a two wheeler. Parihar decided to start wearing a helmet while driving his car.

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Jhansi: An Uttar Pradesh man was left confused when he was fined Rs 1,000 for driving his Audi without a helmet. He now wears a helmet while driving his car. Bahadur Singh Parihar received a message that his car was challaned by Jhansi traffic police. When he checked the Parivahan website to know the reason of being fined, he was left scratching his head. He was fined Rs 1,000 for driving a two wheeler without helmet. A photo on the challan showed a two wheeler. However, the category of the vehicle on the challan was Motor Car. When Parihar approached the traffic police officials, he was told that the matter would be dealt with after Lok Sabha elections. Lok Sabha elections in Uttar Pradesh will conclude on June 1 and the counting of votes is scheduled to take place on June 4. To avoid getting challaned again, Parihar has decided to wear a helmet until the matter is resolved. I was challaned for driving my car without wearing a helmet. If I have to drive a car wearing a helmet what can I do? I will have to wear a helmet while driving, Parihar told NDTV. He added, The traffic police authorities have told me they will address the issue after the elections. This is not the first time such an incident has happened. In 2019, an Aligarh man started wearing a helmet while driving his car after getting challaned for not wearing one. He received an e-challan of Rs 500 for not wearing a helmet while driving his four-wheeler.

Delhi to Gurugram in 7 minutes via flying taxis

Flying taxis, developed by InterGlobe Enterprises and Archer with Boeing's support, are set to revolutionize urban travel. Metropolitan areas like Delhi and Gurugram will soon witness the introduction of these e-VTOL aircraft, promising swift journeys above congested streets. Approval from regulatory authorities is awaited, with fares expected to be slightly higher than traditional options.

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Saturday, July 6, 2024 Rohit Kulkarni May 16, 2024 Metropolitan cities are notorious for their congested streets, where bumper-to-bumper traffic is an everyday struggle. However, a revolutionary solution is on the horizon for residents of Delhi and Gurugram, promising to elevate them above the gridlocked roads and into the skies. InterGlobe Enterprises, the parent company of IndiGo, has partnered with American firm Archer, with backing from aerospace titan Boeing, to introduce flying taxis an innovative mode of urban transportation that combines the convenience of taxis with the freedom of flight. The Promise of Flying Taxis These flying taxis, known as e-VTOL (electrical vertical takeoff and landing) aircraft, are set to transform the way people travel between cities. With a capacity for five passengers, these taxis offer unparalleled comfort and efficiency. The journey between Delhi and Gurugram, which typically takes hours by road, will now be completed in just 7 minutes. But its not just Delhi and Gurugram; flying taxis will also connect key destinations in Bengaluru, Mumbai, and Chennai. The launch is anticipated in 2026, heralding a new era of urban mobility in India. Operational Mechanism The centerpiece of this futuristic transportation system is the 12-rotor Midnight model, designed to provide a seamless travel experience. With ample space for luggage and seating for a pilot and four passengers, these taxis prioritize both comfort and efficiency. Drawing inspiration from similar models in the US, American carrier United is already planning routes between major cities. Archer is awaiting approval from the Federal Aviation Administration (FAA) in the US, paving the way for Indias own flying taxi network pending clearance from the Directorate-General of Civil Aviation (DGCA). Affordability and Accessibility Nikhil Goel, Archers Chief Commercial Officer, envisions these air taxi services to be just a slight premium over traditional ground transportation options. With fares expected to be approximately 1.5 times the cost of an Uber ride, rapid and hassle-free travel will soon become a reality for urban commuters. For example, a trip from Connaught Place to Gurugram, which currently costs Rs 500 via app-based taxis, will be priced between Rs 2,000 to Rs 3,000 with flying taxis, offering unprecedented convenience and efficiency. Conclusion The advent of flying taxis represents a significant leap forward in urban transportation, promising to alleviate traffic congestion and revolutionize the way people commute between cities. With their imminent arrival, residents of Delhi, Gurugram, and other metropolitan hubs can look forward to a future where travel is not just efficient but also exhilarating. As we embrace this groundbreaking technology, the sky is no longer the limit its just the beginning. Previous article Next article Get latest news and views related to startups, tech and business As disease rates rise and medical technology develops, treatment costs climb. Its essential to understand that medical costs are not exclusively associated with hospitals. The cost of prescription drugs, diagnostic procedures, ambulance and operating room fees, consultations with doctors, and other costs are also constantly increasing. All of them could put a big strain on [] In its latest update Apple said that it is preparing for the iOS 16.2 update for iPhones across the world. Notably, like the previous release, there are a couple of changes coming for the iPhones. iOS 16.2 Update Release Date So far, Apple has not announced a release date for iOS 16.2 update. Reportedly, the [] Around 300 workers at Microsoft Corp.s ZeniMax Studios have commenced the process of forming a union which is said to be the first at the software giant in the US. Here, Microsoft Corp.s ZeniMax Studios known for popular video games including Skyrim and Fallout. Forming Union In Microsoft Corp Moreover, the quality assurance employees at [] Indias air safety protocols and executions have improved drastically over the years, as validated by the findings of a specialized agency of the United Nations, the International Civil Aviation Organization or ICAO. The UN watchdog has upgraded Indias ranking in terms of aviation safety to the 48th position, jumping past the rankings of countries like [] Get latest news and views related to startups, tech and business Trak.in is a mission to uncover the truth: We are Indias leading news portal, covering business, technology, ecommerce, startups, and mobile ecosystem. 2024 - Trak.in - Indian Business of Tech, Mobile & Startups. All Rights Reserved. Part of Awesome Websites.

Stellantis-backed Leapmotor to enter India by end of 2024

The Stellantis-backed Leapmotor is set to enter India in the final quarter of 2024, as the Chinese electric carmaker looks to grow out of its home turf. Zhejiang Leapmotor Technology Co and Stellantis BV have formed a joint venture called Leapmotor International BV to expand into global markets-first into Europe by September, and then India by October-December.

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The Stellantis-backed Leapmotor is set to enter India in the final quarter of 2024, as the Chinese electric carmaker looks to grow out of its home turf. Zhejiang Leapmotor Technology Co. and Stellantis BV have formed a joint venture called Leapmotor International BV to expand into global marketsfirst into Europe by September, and then India by October-December, according to a statement. The company will enter Asia Pacific, Middle East and Africa, and South America around the same time. The T03 and C10 electric cars will launch first with at least one new model to be introduced every year for the next three years. The partnership between Leapmotor and Stellantis demonstrates a high level of efficiencyopening a new chapter in the global integration of China's EV industry, Jiangming Zhu, founder-chairman and chief executive at Leapmotor, said in the statement. We believe that this cooperation can give Leapmotor a boost to become a respected world-class intelligent electric vehicle company. Founded and headquartered in Hangzhou, China, Leapmotor has quickly become the third-largest electric carmaker in the worlds largest EV market. In 2023, Stellantisthe holding company of brands like Fiat and Jeepacquired 20% stake in the company to sell Leapmotor cars in Europe. Leapmotor International, the Stellantis-led joint venture, is headquartered in Amsterdam and led by its Chief Executive Officer Tianshu Xina former Stellantis China executive. The creation of Leapmotor International is a great step forward in helping address the urgent global warming issue with state-of-the-art BEV models that will compete with existing Chinese brands in key markets around the world, said Stellantis CEO Carlos Tavares. Leveraging our existing global presence, we will soon be able to offer our customers price-competitive and tech-centric electric vehicles that will exceed their expectations.

Tesla rehires some supercharger employees after layoffs

Elon Musk's run Tesla rehiring some employees from the Supercharger team who were previously laid off, indicating a step to streamline operations while focusing on the expansion and importance of the Supercharger network amidst broader company layoffs. As of now, the exact number of employees who have been rehired by Tesla remains unknown.

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New Delhi, May 14: Elon Musk, the CEO of Tesla, is reportedly rehiring some of the employees from the Supercharger team whowere recently laid offas part of a larger plan to cut costs at the electric vehicle company. As per a report of Yahoo Finance, Elon Musk likely to bring backa portion ofemployees from Tesla's Supercharger team who were laid off last month. The decision might beapart of a broader strategy to streamline operations and focus on key priorities at Tesla.Elon Musk Announces USD 500 Million Expansion Plan for Its Supercharger Station After Implementing Massive Tesla Layoffs in Same Department; Check Details. Tesla recently announced layoffs, with the Supercharger teambeing impacted.While cost savingswere citedas the primary reasonbuttheSupercharger network generates animportantportion of the company's revenues.Despite the layoffs, the Supercharger network remains amajorachievement for Tesla in the electric vehicle industry. De Zegher, Tesla North America's director ofchargingwas also laid off by the company.The layoffs affected nearly 500 employees of Tesla's Supercharger team.As of now, the exact number of employees who havebeen rehiredby Tesla remains unknown.The companyhas not providedspecific details regardingthe details ofthe rehiring process or the criteria used to determine which individuals wouldbe broughtback into the team. As per a report of Tech Times, by 2022, around 40,000 Supercharger fast charging stations were already operational worldwide.Itwas a first step in this directionand still more will be built over timeas the number of Tesla electric vehicles on the road keeps rising.Elon Musk-Run Tesla Regains Top Position in Battery EV Sales Despite YoY Decline, Says Report. Recently, Elon Musk revealed Tesla's plans to spend 500 million United States dollarsforexpanding the Supercharger network even further. This expansion is taking place at a time when there is high demandon the Superchargernetwork due to the company's successful partnerships with some of the world's major automakers. . .

Tesla rehires Supercharger staff after firing most of the team: Report

Tesla is rehiring some of the nearly 500 Supercharger team members after firing most of the team last month, Bloomberg reported. This comes days after billionaire Elon Musk said Tesla will spend $500 million on growing Supercharger network this year. Musk had reportedly fired the team after its head, Rebecca Tinucci, tried to fire fewer workers than Musk asked for.

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