Finance

China-Based EV Startup Future Mobility Raises $200 Million

August 16, 2017 at 12:27 AM

Chinese startup Future Mobility Corp., which hopes to begin selling highly automated electric cars in two years, has attracted $200 million in first-round funding from Chinese investors.

Elio Motors Seeks $100 Million Cash Infusion

August 15, 2017 at 4:12 PM

Startup Elio Motors Inc. is scrambling to launch an initial public offering so it can raise $100 million needed to launch production of its three-wheeler in 2019.

Nexteer’s Net Profit Jumps 21% in First Half

August 15, 2017 at 1:45 PM

Steering systems supplier Nexteer Automotive Corp. says its next profit in January-June climbed 21% to $180 million.

Magna Posts Record Second-Quarter Results

August 11, 2017 at 1:56 PM

Magna International Inc. reports its revenue and net income in April-June grew 3% to US$9.7 billion and 1% to $561 million, respectively.

Germany’s Free Democrats Party Urges Lower Saxony to Dump VW Stake

August 09, 2017 at 10:17 AM

Germany’s liberal Free Democrats Party is pushing Lower Saxony to sell its 20% stake in Volkswagen AG to avoid conflict of interest between the region’s economy and VW management.

Tata Motors’ Quarterly Revenue Shrinks

August 09, 2017 at 9:51 AM

A one-time accounting gain boosted Tata Motors Ltd.’s net profit 42% to 32 billion rupees ($497 million) in April-June. But revenue shrank 10% to 587 billion rupees ($9.2 billion).

Tesla Plans $1.5 Billion Bond Sale for Model 3 Launch

August 08, 2017 at 12:45 AM

Tesla Inc. aims to raise $1.5 billion through a corporate bond offering to bolster its $3 billion cash supply as it ramps up production of its $35,000 Model 3 electric sedan.

Toyota’s Net Profit Rises, But Operating Profit Falls

August 04, 2017 at 12:32 PM

Toyota Motor Corp.’s net profit grew 11% to 613 billion yen ($5.5 billion) in the fiscal first quarter ended June 30.

Delphi’s Second-Quarter Income Jumps 42%

August 04, 2017 at 12:03 AM

Delphi Automotive plc reports its net income in the second quarter of 2017 surged to $386 million from $271 million a year earlier.

U.S. Sales Drive Subaru’s 18% Operating Profit Jump

August 03, 2017 at 9:02 AM

Subaru Corp. hiked April-June revenue 11% to 855 billion yen ($7.7 billion) as unit sales climbed 11% to 271,300 vehicles.

BMW Net Profit Climbs 14%

August 03, 2017 at 2:12 AM

BMW AG reports its net profit surged 14% to €2.2 billion ($2.6 billion) in April-June.

Tesla's Second-Quarter Losses Deepen

August 02, 2017 at 5:09 PM

Tesla Inc. more than doubled revenue to $2.8 billion in the second quarter. But the company’s net loss expanded to $336 million from $239 million.