As per newspaper report, M&M is seeking approval from National Company Law Tribunal for a merger of Mahindra Electric Mobility Ltd (MEML) with itself. Rationale given Consolidation of the complete value chain of Electric Vehicle (EV) development, manufacturing and sales. MEML has expertise in EV technology while M&M has expertise in automotive design, engineering and … Read more
The world’s richest man and chief executive of Tesla Elon Musk has said that the electric car maker is going to reduce its staff strength by 10% and also he had a super bad feeling about the world economy. An internal email which was titled “pause all hiring worldwide,” was sent to Tesla executives on … Read more
Money is being raised by Greaves Electric Mobility (GEM), currently a 100% subsidiary of Greaves Cotton Limited (GCL). It has got total commitments of $220 mn from Abdul Latif Jameel (ALJ), a family-owned diversified business founded in Saudi Arabia in 1945. Key points to note – ALJ is a leading distributor of Toyota products for … Read more
Hero Motocorp Ltd (HML) at 34% market share is the largest two wheeler manufacturer in India. Given the increasing interest in Electric Vehicles (EV) globally, market has been keenly awaiting the launch by HML. The Company has also made it’s intentions clear –Â beside in the process of launching it’s own EV, it has also … Read more
Memorandum of Understanding (MoU) is signed by Tata Passenger Electric Mobility Limited (TPEML), a subsidiary of Tata Motors Ltd (TML). Key points to note – Subject facility is located in Sanand, Gujarat. This unit is adjacent to the already existing plant of TML at Sanand, which should help in a smooth transition. Potential acquisition would … Read more
‘Batteries are developed using agro-waste such as rice straw and cattle manure’ Indi Energy, a start-up working on battery technology, said its indigenously developed Sodium-ion batteries are the answer to curbing the cases of fire accidents involving electric vehicles (EVs) in the country. “We believe in a sustainable tomorrow and with this vision, we have … Read more
Electric Vehicles (EV) is a hot theme nowadays. No one wants to be left behind. Endurance Technologies Limited (ETL) has joined the list and is acquiring 100% of Maxwell Energy Systems Private Limited (Maxwell). Key points to note – Maxwell is a Mumbai based wholly owned subsidiary of a US company, ION Energy Inc. (“ION”) … Read more
The purchase isn’t straightforward, but Elon Musk has several financing paths. One option is to sell his Tesla shares outright. Another is borrowing against them to stage a leveraged buyout, possibly with outside partners. Musk, 50, currently has about $3 billion in cash or other somewhat liquid assets after spending $2.6 billion buying a 9.1% … Read more
Hamstrung by lack of government approvals for its FDI plans, British carmaker MG Motors — a subsidiary of Chinese auto major SAIC — plans to raise up to Rs 5,000 crore through external commercial borrowings (ECBs) or private equity route as it looks to set up a second factory in India, while launching new cars, … Read more