Sector: Auto
Maruti Suzuki gets land allotted for a new manufacturing facility in Haryana. Phase 1 to be completed by 2025
Key points to note – The facility is coming up at IMT Kharkhoda in District Sonipat, Haryana This is Maruti Suzuki’s (MSL) 3rd facility in Haryana – other two being at Gurgaon and Manesar The Company has got 800 acres of land allotted for this facility from Haryana State Industrial and Infrastructure Development Corporation Limited … Read more
Mercedes-Benz sees best-ever year in India
Pointing to a strong demand in the luxury car space, German giant Mercedes-Benz has said that it has pending orders in excess of Rs 3,500 crore in India with over 5,000 cars yet to be delivered, as the company expects to clock its best-ever sales in the country this year on the back of a … Read more
Varroc decides to consolidate. Divesting out of the challenging operations in US and Europe.
This is what some investors had wanted and that’s exactly what Varroc Engineering Ltd (VEL) has decided. Key announcements – VEL has entered into a definitive agreement with Compagnie Plastic Omnium SE, France to divest its 4-Wheeler lighting business in the Americas and Europe Agreed consideration is an Enterprise Value of EUR 600 mn (approx … Read more
How Elon Musk Could Arrange The Massive $43 Billion To Buy Twitter
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
MG eyes 2nd factory, Rs 5,000 crore raise
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
Tesla Delivered Record-Breaking Vehicles in First Quarter of 2022
Tesla delivered a record-breaking 310,048 vehicles in Q1 — more than any previous quarter. Elon Musk said this quarter has been “exceptionally difficult” due to supply chain issues and COVID. A recent COVID-19 spike in China has forced Tesla’s new Shanghai factory to temporarily shut down. Something is loading. Tesla announced it delivered 310,048 vehicles … Read more
Cost of EVs to be at par with petrol-run vehicles in 2 years: Nitin Gadkari
Road transport minister Nitin Gadkari on Tuesday said rapid strides in technology and green fuel will reduce the cost of electric automobiles, bringing them at par with petrol-run vehicles in the next two years. Replying in the Lok Sabha on the demands for grants for road transport and highways ministry, 2022-23, Gadkari emphasised the need … Read more