Author: Central Desk

Russian automakers are charting new international territories, responding to challenges within their domestic market. Aurus Motors, a luxury vehicle producer, leads this charge by initiating F-Class Senat sedan production in Dubai. This initiative, highlighted by Trade and Industry Minister Denis Manturov, signals the start of an expansive plan, focusing first on establishing a strong foothold in the United Arab Emirates. Russian automakers like UAZ and AvtoVAZ are exploring ventures in regions as varied as Cuba, Ghana, Africa, and Central Asia. These endeavors mark a revival of Russia’s automotive export ambitions, contrasting sharply with the previous year’s slowdown. Traditionally, Russian car…

A transformative collaboration emerges as SAIC Motor, a global automotive giant, and JSW Group, a prominent Indian conglomerate, announce their Joint Venture (JV). This partnership signifies a new era for India’s green mobility and automotive growth. SAIC Motor, a Fortune 500 entity with an annual revenue of $110 billion and operations across 100 countries, joins JSW Group, with diverse interests and a revenue footprint of $23 billion. This alliance aims to revolutionize India’s automotive landscape. Key to this JV is the Shareholder Agreement and Share Purchase & Share Subscription agreement, signed at MG UK Headquarters, London. The event marks a…

Lotus Technology Inc., the dynamic arm of the Geely-owned Lotus Group based in China, has announced a major financial milestone with funding agreements totaling approximately $870 million. This substantial financial influx sets the stage for its upcoming initial public offering (IPO) in the United States. This investment, a blend of private investment in public equity financing and convertible notes, propels Lotus Tech to a significant position within the electrification and luxury vehicle sectors. GlobalData’s deals database indicates these agreements precede Lotus Tech’s intended merger with L Catterton Asia Acquisition Corp (LCAA), a special purpose acquisition company (SPAC) created by affiliates…

For improving urban mobility and reducing parking-related issues, Dott, a leading European micromobility operator, is set to revolutionize the parking of its shared e-scooters and e-bikes through advanced AI technology, developed in collaboration with Captur. This innovative approach is poised to enhance the integration of Dott’s services in cities, promoting responsible parking behaviors and maintaining clearer pavements and roads. The AI technology, a groundbreaking development in the micromobility sector, will automatically evaluate parking photos submitted by users at the end of their journeys. This process, tailored to meet the unique needs of each city and in alignment with local authorities,…

Greenpeace organization’s recent announcement reveals a concerning trend. The significant increase in sport utility vehicle (SUV) sales by leading carmakers Toyota, Volkswagen, and Hyundai-Kia is negating the environmental benefits anticipated from the shift to electric vehicles. This report emerged just before the United Nations COP28 climate summit, aligning with findings from the Global Fuel Economy Initiative. This alliance’s research indicates that the popularity of larger SUVs hampers emission reduction efforts in the automotive sector. Erin Choi, a Greenpeace activist, emphasizes the urgency of the situation, pointing out the rapid escalation in SUV manufacturing by these major automakers, which risks exacerbating…

Tesla’s Cybertruck, revealed by CEO Elon Musk in 2019, now faces a postponed delivery date to November 30. Originally poised to challenge the Ford F-150 with a lower price tag, the vehicle’s cost projections have surged, partly due to inflation and production complexities. Musk’s admissions of manufacturing challenges and the absence of specific details on Tesla’s order page amplify the uncertainty surrounding the Cybertruck’s final pricing, now anticipated to be around $60,000. Ramping Up Production Musk compared escalating Cybertruck production to Tesla’s previous struggles with large-scale manufacturing. Originally advertised with prices ranging from $39,900 to $69,900, Tesla confronts the reality…

Berlin witnessed a pivotal industry summit where Germany’s government and top automakers solidified their aim for deploying 15 million electric cars on German streets by 2030. Hosted by Chancellor Olaf Scholz on Monday, 27 November, the event, known as the Transformation of the Automotive and Mobility Industry Strategy Platform, brought together key stakeholders to strategize on realizing this ambitious target, despite the backdrop of falling sales. The discussions, led by political leaders and industry experts, centered on the clear preference for electric vehicles over other technologies, such as fuel cells and synthetic fuels. This consensus, underscored in a report by…

The European Investment Bank (EIB) has committed a substantial investment to Iveco Group N.V., a prominent force in the automotive domain, especially in Commercial & Specialty Vehicles, Powertrain, and associated Financial Services. This initiative, a 450 million euro segment of a larger 500 million euro allocation approved by the EIB’s Board, is signed in Turin and targets the transport sector’s decarbonization, emphasizing electrification, efficiency, and safety. Funds from this investment will propel Iveco Group’s efforts to forge advanced technologies and designs in electric propulsion. Additionally, the investment will bolster advancements in autonomous driving, digitalization, and vehicle connectivity. These enhancements are…

Volkswagen Group, responding to the competitive pressure from local brands like BYD, announces a new initiative for affordable battery electric vehicles (BEVs). The plan focuses on entry- and mid-level models, specifically designed for the Chinese market. During the inauguration of the Volkswagen Group China Technology Company (VCTC) in Hefei, an ambitious $1.1bn EV development and procurement hub, the company revealed its ‘China for China strategy’. This approach underscores VW’s commitment to regaining its lost market share in China, which is the world’s largest vehicle market. Ralf Brandstaetter, CEO of Volkswagen China, highlighted that the new platform, dubbed the A Main…

Changan Automobile’s shares reached their daily trading limit after announcing a joint venture with Huawei Technologies. This collaboration between a Chinese carmaker and a telecom equipment giant signals a transformative move in smart auto solutions. Following the announcement, Changan Auto’s shares escalated by 10 percent to $2.73 (CNY19.56) per share during Shenzhen’s lunch break. Since November 23, the stock has witnessed a remarkable 20 percent increase. Huawei leads the venture, contributing its technological prowess, assets, and personnel. Changan Auto and other entities will own up to 40 percent. Investment details and ownership ratios are pending further discussions. The venture’s core…