Endurance announces 1st acquisition targeted at the EV opportunity

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

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

RIL, M&M bid for incentives under India’s Rs 18k-cr battery scheme: Report

Indian conglomerate Reliance Industries, South Korea’s Hyundai Motor Co and automaker Mahindra & Mahindra are among companies that have submitted bids under the country’s Rs 18,000-crore billion battery scheme, two sources told Reuters. India last year finalised an incentive program to encourage companies to invest in the local manufacturing of batteries as it looks to … Read more

Mahindra-owned SsangYong Motor sold to a consortium for $255 mn

A consortium led by South Korean electric carmaker Edison Motors Co has agreed to acquire debt-ridden SsangYong Motor Co Ltd for 305 billion won ($254.65 million), SsangYong Motor said on Monday. SsangYong is burdened with high debt and its vehicle sales last year fell to 84,496, down about 21% from a year earlier, a regulatory … Read more

Carmakers rethink production strategies to deal with global chip shortage

Whether buying computer chips directly from manufacturers, reconfiguring cars, or producing them with parts missing, automakers are having to get creative to cope with the global shortage of semiconductors. The shortage, due to supply problems and a surge in demand for consumer electricals during the pandemic, has hit the auto industry hard, with millions of … Read more

Sundaram Finance Holdings raises stake in carbon fibre Italian Company

Sundaram Finance Holdings (SFH) is putting in further 2 million Euros in it’s portfolio company Mind S.r.l., Italy (MSI), to augment the working capital needs and for further growth. Key points to note – MSI manufactures carbon fibre components for the automotive industry in Europe. SFH had acquired 40.6% stake in MSI last year for … Read more