Automobile

BLOOMBERG Ola Electric Mobility Pvt is in line for an initial public offering (IPO) sooner than its founder previously imagined, reflecting the Indian startup’s whirlwind pace of growth since it started selling electric scooters in late 2021. “I thought it would take me four to six years of revenue to go public,” Founder and Chief Executive Officer Bhavish Aggarwal said ...

BLOOMBERG Hyundai Motor Co recruited female technicians for automobile manufacturing in South Korea for the first time, following union pressure to improve gender equality. The world’s third-largest automaker hired six women out of 200 new technicians, the first time it allowed females to apply for the position since the company started in 1967, according to a statement from Korea Metal ...

BLOOMBERG France’s Renault SA has formally signed a joint venture agreement with China’s Zhejiang Geely Holding Group Co to set up a new combustion engine and hybrid powertrain company. The move follows a letter of intent signed between the three parties in March as the joint venture seeks to pool resources to work on hybrid technology and synthetic fuels to ...

BLOOMBERG  Audi’s new boss faces a number of pressing issues to fix the premium brand, after years of missteps left Volkswagen AG’s cash cow with a stale model lineup and behind in the shift to electric cars. Gernot Döllner, a 54-year-old VW veteran who wrote his dissertation on speeding up product development, has little time to waste to ensure the ...

BLOOMBERG  Honda Motor Co forecast profit for the current fiscal year that slightly exceeded analyst projections thanks to a recovery in automobile production, drops in some material prices and robust sales of motorcycles in India and Southeast Asia. The Japanese automaker also said in a statement that it plans to buy back as much as $1.5 billion yen of its ...

BLOOMBERG  Tesla Inc’s electric vehicles (EV) took the top four spots on this year’s Cars.com Inc list of the most-American-made cars, the second time in as many years all of the EV-maker’s models ranked in the top ten. Tesla’s Model Y SUV, Model 3 sedan, Model X SUV and Model S sedan ranked in spots one through four, according to ...

BLOOMBERG  Renault’s electric-vehicle (EV) venture is set to be profitable as soon as 2025 with the company readying the Ampere unit for an initial public offering (IPO). The French carmaker also expects to break even on free cash flow by then before raising results to a double-digit operating profit margin by the end of the decade, Renault said. Chief Executive ...

BLOOMBERG Nikola Corp is cutting 270 jobs as the maker of electric big rigs seeks to reduce costs and preserve cash. The move will affect 150 employees supporting European operations and another 120 workers based mostly at sites in Arizona and California, the company said in a statement. Nikola expects to save $50 million annually through the staff reduction, while ...

BLOOMBERG  Toyota Motor Corp posted its biggest two-day gain in three years, fuelled by an aggressive messaging campaign around the Japanese carmaker’s electric-vehicle strategy, a drama-free shareholders’ meeting and a broader global stock rally. Shares in the world’s largest carmaker are up 12%, their biggest jump since March of 2020, with the reappointment of Chairman Akio Toyoda adding to the ...

BLOOMBERG The clouds are finally parting for Tesla Inc investors who stuck with the electric-vehicle maker through a rough ride. A rush of good news for the company and the return of bullish market conviction have put the stock on pace to more than double this year. The Elon Musk-led EV company has added more than $194 billion to its ...