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News on Medial
What are EV startups doing to ride out weak demand?
Economic Times
·
1y ago
Medial
US electric vehicle startups are facing a slump in demand due to high borrowing costs and repair expenses. In response to the weak demand, startups like Rivian, Lucid Group, Fisker, and Nikola are adjusting their production plans and strategies. Rivian is introducing smaller and cheaper electric SUVs and cutting costs, while Lucid has reduced the price of its vehicles and aims to produce a cheaper midsize vehicle. Fisker is laying off staff and seeking a partnership with a manufacturer, and Nikola is shifting its focus to hydrogen-powered big rigs after issues with its battery-electric trucks.
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Related News
Indian space startups shouldn't copy ISRO: Ex-ISRO scientist Narayanan
Inshorts
·
1y ago
Medial
Former ISRO scientist Nambi Narayanan said he's not "too happy" with the work done by Indian space startups as they can produce better take-off platforms. "Our space startups are too focused on reinventing the wheel. They shouldn't be duplicating what ISRO is already doing," Narayanan said. He added that the startups must venture into areas where ISRO doesn't have expertise.
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Industry pain abounds as electric car demand hits slowdown
Reuters
·
1y ago
Medial
The global slowdown is causing challenges for automakers and suppliers in the electric vehicle (EV) industry. This includes bankruptcies, scrapped IPOs, and production cuts. Investment in capacity and technology has outpaced actual EV demand, leading to cost-cutting measures. GM and Ford have both reduced their EV production targets due to slower growth rates. Consumer anxiety, limited charging infrastructure, and battery issues are contributing to a slower adoption curve. Suppliers like CATL and Albemarle are also facing challenges as demand slows. EV startups are particularly affected, with several experiencing financial difficulties. Despite the near-term setbacks, automakers are still placing long-term bets on EVs.
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BluSmart spent Rs 98 Cr to make Rs 29 Cr in FY22
Entrackr
·
2y ago
Medial
BluSmart Mobility, an EV ride-hailing service, and EV charging operator, claims to turn profitable by the end of the calendar year 2023. This confidence likely comes from consistent VC support (read large funding rounds), increasing demand for sustainable mobility options, and customer dissatisfaction with platforms like Uber and Ola.
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TSMC earnings back reports of relatively weak iPhone 15 demand
Startup News FYI
·
1y ago
Medial
The latest earnings report from TSMC suggests weak demand for the iPhone 15 compared to the previous iPhone 14 lineup. While the iPhone 15 Pro and Pro Max models are popular, their demand doesn't compensate for disappointing sales of the base and Plus models. Reports indicate a decline in iPhone 15 sales compared to the same post-launch period for the iPhone 14, with a 4.5% drop in sales estimated. Weak consumer demand and competition from domestic rivals like Huawei are attributed to this downturn. TSMC's earnings report also indicates weak demand for consumer electronics, particularly in China.
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Battery-swapping companies cash in on quick commerce’s EV turn
Economic Times
·
5m ago
Medial
The rise of electric vehicles (EVs) for quick commerce deliveries is benefiting startups offering charging and battery swapping services. Companies like Blinkit, Zepto, and Flipkart’s Minutes are adopting EVs to reduce delivery costs. Startups such as EMO Energy and Kazam are expanding infrastructure, with EMO planning to serve 100,000 vehicles. Despite a decline in EV sector financing, demand remains strong. BatterySmart and Kazam succeed by partnering with quick commerce platforms to enhance EV operational efficiency and accessibility.
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For EV startups, things are going from bad to worse
Livemint
·
8m ago
Medial
Several electric vehicle (EV) startups are facing financial troubles, with some already filing for bankruptcy. The cooling demand for EVs, rising costs, and supply-chain issues are affecting their ability to launch new products. The recent US presidential election results could have further negative implications for these startups, as President-elect Joe Biden's administration is expected to eliminate tax credits for EVs and funding for EV ventures may be at risk. The transition to a second Trump administration could also impact established automakers, such as Ford and General Motors, delaying or reducing their future EV investments.
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Chinese EV maker Xpeng to hire 4,000, invest in AI
Economic Times
·
1y ago
Medial
Chinese EV maker Xpeng plans to hire 4,000 new employees and invest millions in artificial intelligence to navigate the competitive auto market. CEO He Xiaopeng announced the expansion and the investment in AI research and development for intelligent driving. Xpeng intends to release around 30 new products or updated models within three years. While rivals are cutting costs due to weak demand, Xpeng is optimistic and sees 2024 as a turning point for Chinese auto brands. Volkswagen has invested in Xpeng and holds a 4.99% stake in the company.
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These startups wanted to be the next Tesla. Will they survive the EV slowdown?
Livemint
·
1y ago
Medial
Several electric vehicle (EV) startups, including Rivian Automotive, Lucid Group, Fisker, Polestar Automotive, and VinFast Auto, are facing financial challenges as they struggle to compete in the EV market. These companies have been burning through cash reserves, losing money on every vehicle sold, and experiencing weaker-than-expected sales. While they initially garnered attention and investor support, their future viability is now uncertain. Factors such as high sticker prices, limited charging infrastructure, and consumer concerns about EV reliability have contributed to a slowdown in demand. These companies are now focused on conserving cash and stabilizing operations to survive.
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Having Overtaken Tesla, BYD Is Running Into Problems Overseas
Livemint
·
1y ago
Medial
Chinese automaker BYD, known for its electric vehicles (EVs), is facing challenges in expanding its presence overseas. Despite surpassing Tesla as the world's top EV seller, BYD has struggled to replicate its success in Europe and other major foreign markets. Issues such as weak market demand, high pricing, quality control, and internal tensions over market share have hindered its progress. The company's inexperience is evident in problems like mold in cars and vehicle stockpiling in European warehouses. BYD is unlikely to achieve its target of selling 400,000 cars outside China this year due to slower EV sales growth and company-specific issues.
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Is Removing Angel Tax Enough to Keep Indian Startups from Eyeing Dubai?
OutlookIndia
·
8m ago
Medial
The Indian government has abolished the angel tax, which was a burden for startup founders. The move aims to support the growth of startups in the country. Many Indian businesses have been moving to Dubai due to its favorable policies and ease of doing business. The removal of the angel tax could be an attempt by the Indian government to prevent more startups from migrating. However, factors like ease of doing business and transparent regulations are also attracting startups to Dubai. The Indian government is aware of the need to improve its policies and retain startups in the country.
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