Business

Uber Buys Middle East Rival in $3.1 Billion Deal

March 26, 2019 at 10:22 AM

Uber Technologies Inc. is acquiring Careem Inc., a larger ride-hailing rival in the Middle East and North Africa, for $3.1 billion in cash and convertible notes.

Israeli Lidar Firm Lands $130 Million in Funding

March 26, 2019 at 9:31 AM

Israel’s Innoviz Technologies Inc. has secured $132 million in its Series C funding round.

Report: Daimler to Decide Smart’s Future by Year-End

March 25, 2019 at 12:12 PM

Daimler AG is losing its patience with its Smart minicar unit and may decide to pull the plug on the chronically underperforming brand by the end of the year, Handelsblatt reports.

Report: Fiat Chrysler Rejected PSA Merger Bid

March 25, 2019 at 12:36 AM

Earlier this year, Fiat Chrysler Automobiles NV turned down an overture from PSA Group to merge, sources tell The Wall Street Journal.

Hyundai Prevails in Activist Proxy Fight

March 22, 2019 at 1:44 AM

Hyundai Motor Group shareholders have rejected a proposed board overhaul and bonus dividend proposed by activist hedge fund Elliott Management Corp.

Opel’s Union Okay Employee Transfers at German Tech Center

March 22, 2019 at 12:22 AM

As many as 2,000 workers at PSA Group’s Opel engineering center in Russelsheim, Germany, will be allowed to transfer to a French engineering company.

Chinese Firm Licenses WiTricity Wireless Charging Tech

March 21, 2019 at 4:11 PM

Boston-based WiTricity Corp. has agreed to license its wireless charging technology for electric vehicle batteries to China’s Zhejiang VIE Science & Technology Co. for local applications.

Toyota, Suzuki Expand Partnership for India, Europe

March 20, 2019 at 2:05 PM

Toyota Motor Corp. and Suzuki Motor Corp. have agreed to further their cooperative efforts with new initiatives to share compact cars and electrified vehicles in Europe and India.

VW, FAW Form Connectivity JV in China

March 20, 2019 at 12:55 PM

Volkswagen AG’s namesake brand and Chinese partner FAW Group are forming a joint venture in Chengdu, China, that will focus on connectivity and other digital services for the local market.

SAIC Miffed at VW Comment About JV

March 20, 2019 at 12:41 AM

SAIC Motor Corp. has taken offense that Volkswagen CEO Herbert Diess told reporters that VW might raise its 50% stake in the venture launched by the two carmakers 34 years ago.

U.S. Auto Suppliers Report “Deep Concern” Over Trade

March 19, 2019 at 5:02 PM

Auto suppliers in the U.S. are growing increasingly worried about the impact of tariffs and trade conflicts on their business this year, the Original Equipment Manufacturers Assn. reports.

Peugeot Family Would Back More PSA Ventures

March 19, 2019 at 11:56 AM

PSA Group’s founding Peugeot family says it would support CEO Carlos Tavares in partnerships or another acquisition similar to Opel.