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Wejo To Go Public, Deal Values Auto Data Startup At $800 Million
The deal will raise $330 million in proceeds for Wejo, the companies said. That includes $230 million from Special-Purpose Acquisition Company (SPAC) Virtuoso and another $100 million referred to as Private Investment in Public Equity (PIPE).
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As China Plans New Rules, Global Automakers Move To Store Car Data Locally
This month, China's cyberspace regulator posted a draft rule that said automakers must seek customer approval to collect driving data.
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Mahindra Sees Demand Rebound But Chip Crunch, Pandemic Hurt
Mahindra expects auto sales, revenue and profit for the first quarter of the current fiscal year to be 15%-20% lower than the preceding quarter due to the pandemic and chip shortage.
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Nissan Plans Work Stoppages In Mexico In June Due To Chip Shortage
Nissan's Aguascalientas Plant 1 will shut down for seven days in June, while the same facility's Plant 2 will close for one day in the month.
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Mahindra Expects Car Sales To Take Two Years To Rebound After COVID Shock
Car sales had started to pick up in the January-March period but a second, more deadly wave of infections forced lockdowns again. This time consumer sentiment has taken a hit and discretionary spending is likely to take longer to recover.
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Ford Boosts EV Spending, Aims To Have 40% Of Volume All-Electric By 2030
Under a plan dubbed "Ford+," the automaker said it now expects to spend more than $30 billion on electrification, including battery development, by 2030, up from its prior target of $22 billion.
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Renault-Nissan Fights Court Battle With Indian Workers On Operations During COVID-19 Surge
Renault-Nissan India and workers at its plant in Tamil Nadu have been locked in a legal tussle after workers petitioned a court to halt operations because social distancing norms were being flouted.
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India's Crude Imports Stall In April As Virus Stifles Demand
India's top state oil refiners reduced processing runs and crude imports in April as the pandemic took a toll on fuel consumption, leading to higher product stockpiles at the plants.
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Indian Refiners Process Less Crude In April As Pandemic Stalls Activity
The country's biggest refiner, Indian Oil Corp has reduced crude processing to average at 84% of overall capacity from 96% in April.
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Pope Francis To Get First Electric Popemobile From U.S. Firm Fisker
Fisker will convert its all-electric Ocean sport utility vehicle for use by the pope, providing a retractable glass cupola and sustainable interior materials, such as the carpets.
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Volkswagen's Mexico Unit Sees New Output Tweaks In June On Chip Shortage
Volkswagen said it expects the supply of chips to remain complex in coming months and that it plans to gradually resume activities when the supply of chips permits it.
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Tesla Raises Price Of Model Y, Model 3 Variants
The price of its cheapest Model 3 Standard Range Plus has been increased to $39,990, while the Model 3 Long Range AWD was raised to $48,990.
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Tesla Cooperating With Chinese Authorities After Accident Killed Police Officer
A video circulated on China's Twitter-like Weibo and in local state media showed a Tesla Model X next to two police officers lying on the ground after an accident.
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Tesla Crash Victim Lauded 'Full Self-Driving' In Videos On Tiktok
Two videos of a man driving with his hands off the wheel were posted on the alleged Tiktok account of the victim, 35-year-old Steven Hendrickson of Running Springs in California.
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TSMC Looks To Double Down On U.S. Chip Factories As Talks In Europe Falter
Company officials are debating whether the next plant should be a more advanced facility that can make chips with so-called 3-nanometer chipmaking technology compared to the slower, less-efficient 5-nanometer technology used for the first factory.
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Oil Drops 3% On India's COVID-19 Crisis, U.S. Pipeline Restart
Prices also came under pressure as a broader surge in commodity prices, labor shortage and much stronger-than-expected consumer prices data this week have stoked inflation concerns that could force the U.S. Federal Reserve to raise interest rates.
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Chip Shortage To Cost Automakers $110 Billion In Revenues In 2021: Report
The more direct approach to securing precious metal supplies was launched after a supply and price disruption in that market.
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Chip Shortage To Hit About 100,000 Mazda Vehicles In 2021
The worldwide shift to remote work and learning during the pandemic had boosted demand for laptops and other gadgets, exacerbating a global chip shortage.
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Alphabet Waymo Self-Driving Unit CFO Following CEO Out The Door
The chief financial officer of Alphabet Inc's self-driving unit is following its chief executive out the door, Waymo announced on Wednesday.
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Stellantis CEO Sees Chip Supply Crisis Hitting Carmakers 'Hard And Strong'
A global crisis in microchip supply was hitting the automotive industry "hard and strong," Stellantis CEO said on Wednesday, and carmakers would have to completely rethink semiconductor supply chains.
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