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Renault to invest $320 million, hire 550 workers to make electric vans in Northern France
Reuters
·
1y ago
Medial
French car maker Renault has announced plans to invest €300 million ($323.25 million) in its assembly plant in Sandouville, France, to manufacture new-generation electric vans from 2026. The project is part of Renault's electric vehicle unit, Flexis, a joint venture with Volvo and CMA CGM. Renault will also be adding 550 staff members to its current workforce of 1,850 over the next four years. This move comes after regulatory approval was obtained to officially launch the joint venture between Renault and Volvo, with CMA CGM expressing interest in investing up to €120 million.
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Japan’s Mitsui invests in electric commercial vehicle maker EKA Mobility
VCCircle
·
1y ago
Medial
Japanese conglomerate Mitsui & Co. has partnered with Dutch electric bus maker VDL Groep to invest over $100 million in India's Pinnacle Mobility Solutions, the manufacturer of EKA Mobility electric commercial vehicles. Mitsui will make substantial financial investments to help expand EKA's manufacturing operations and diversify its product portfolio, with a focus on increasing exports to emerging markets. Additionally, VDL Bus & Coach will transfer technology to produce electric buses in India. The collaboration aims to make India a global hub for electric vehicle manufacturing.
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Chinese EV maker Xpeng to hire 4,000, invest in AI
Reuters
·
1y ago
Medial
Chinese electric vehicle maker Xpeng plans to hire 4,000 new employees and invest in artificial intelligence to compete in the highly competitive auto market. The company aims to expand its workforce by 25% and invest 3.5 billion yuan ($486.36 million) in AI research for intelligent driving. Xpeng also plans to release around 30 new products or revised models within three years. Despite weak demand in the auto market, Xpeng remains optimistic and sees 2024 as a turning point for the Chinese auto brands. Rival automakers are cutting costs, while Xpeng focuses on growth.
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Revolut plans $1.1 billion French expansion, will apply for banking licence
Economic Times
·
2m ago
Medial
British finance company Revolut plans to invest 1 billion euros in France over three years and apply for a French banking licence. Announced at the Choose France investment summit, hosted by President Emmanuel Macron, Revolut will open a new Paris office for Western Europe operations, creating at least 200 jobs. With over 55 million customers and existing operations in France, Revolut holds a UK banking licence and considers Lithuania a key growth base.
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Fuji Electric keen to expand presence in India with a larger factory
Economic Times
·
1y ago
Medial
Japanese industrial automation solutions provider, Fuji Electric, is set to expand its presence in India and increase its investments in the country. The company is planning to double down on its supply chain operations and is eyeing Tamil Nadu as its preferred location for a larger factory. Fuji Electric recently invested INR 150 crore in a new factory in Chennai and their parent company in Japan is expected to invest up to $200 million by next year. The company also intends to hire local talent and export its products manufactured in India to the APAC region.
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Foxconn subsidiary Shunsin eyes $80 million Vietnam investment for integrated circuits
Economic Times
·
9m ago
Medial
Taiwanese company, Foxconn's subsidiary Shunsin, is looking to invest $80 million in northern Vietnam for the production of integrated circuits. This investment plan by Foxconn will primarily be centered in Bac Giang province and will focus on producing and processing electronic components, specifically integrated circuit boards.
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Apple supplier Luxshare to invest $330 million more in northern Vietnam
Economic Times
·
1y ago
Medial
Apple supplier Luxshare plans to invest an additional $330 million in northern Vietnam. This investment aims to expand Luxshare's production facilities and meet the growing demand for electronic devices. The move showcases Luxshare's commitment to enhancing its manufacturing capabilities and strengthening its position in the global technology supply chain.
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Zetwerk to make IT hardware, EV components in new foray
Economic Times
·
1y ago
Medial
Zetwerk, a manufacturing services company, is venturing into the IT hardware sector by manufacturing laptops and preparing to produce components for electric vehicle (EV) manufacturers, according to cofounder Rahul Sharma. The company, which achieved unicorn status in 2021, plans to invest over Rs 1,000 crore in its consumer electronics business over the next three years. Additionally, it intends to expand its presence beyond northern India with the establishment of three new facilities.
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China's Li Auto pins hopes on first all-electric model
Reuters
·
1y ago
Medial
Chinese electric vehicle (EV) startup Li Auto has launched its first pure electric model, the MEGA multi-purpose vehicle (MPV). The company expects it to become its top seller among cars priced above half a million yuan. Li Auto also unveiled higher-priced versions of its existing L series and announced plans to invest at least 6 billion yuan ($833.6 million) in building charging stations. The MEGA Max, the fastest-charging mass-produced car according to founder Li Xiang, starts deliveries on March 11 and can travel 500km on a 12-minute charge. Li Auto aims to pay factory workers at levels comparable to Japan and Germany within three years.
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BlueStone to get ₹550cr funding, Kamath to infuse ₹100cr: Report
Inshorts
·
1y ago
Medial
Zerodha co-founder Nikhil Kamath plans to invest Rs 100 crore into omnichannel jewellery retailer Bluestone as part of a funding round. Other notable participants in the funding round include Zomato founder Deepinder Goyal and CEO Amit Jain. Bluestone is in the final stages of securing a funding round of around Rs 550 crore ($65 million), which would value the company at approximately Rs 3,600 crore ($440 million). The investment will be used to expand the omnichannel presence and invest in technology.
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PhonePe Rolls Out Initiative To Drive More Accessibility In Insurance Cover
Inc42
·
1y ago
Medial
PhonePe, a leading digital payments company in India, has introduced a pre-approved term life insurance feature that does not require proof of income during purchase. The initiative is aimed at attracting previously underserved customers, including self-employed individuals, gig workers, and merchants, who comprise over 30 million people in India. With over 550 million users and 270 million daily transactions, PhonePe's foray into the term life insurance market aligns with its participation in the Reserve Bank of India's digital currency pilot.
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