21 April 2018

Industrials and Utilities

  • Tesla CEO Elon Musk acknowledged that the unprecedented level of robots used in the production of Model 3 has added complexity and delays. Photo: Bloomberg

    Tesla’s Musk says no need for more capital, sees profit soon

    Apr 16, 2018 9:23am
    Elon Musk, chief executive of electric-car maker Tesla Inc., said the company will be profitable in the third and fourth quarters of this year and will not have to raise any money from investors, Reuters reports....
  • Other than fueling a surge in the importation of high-end models, lower tariffs are unlikely to bring much impact to the Chinese auto industry. Photo: Reuters

    Lower car tariffs may have little impact on Chinese auto makers

    - Apr 13, 2018 9:33am
    Chinese President Xi Jinping announced a raft of measures to further open up the economy at the Boao Forum Asia in the southern island of Hainan on Tuesday, most likely mitigating the risk of a looming...
  • Uber does not exert enough control over drivers for its limo service, UberBLACK, to be considered their employer under the federal Fair Labor Standards Act, the US district court judge said. Photo: Bloomberg

    Uber drivers not company’s employees, US judge rules

    Apr 13, 2018 8:54am
    A US judge in Philadelphia has ruled that limousine drivers for Uber Technologies Inc. are independent contractors and not the company’s employees under federal law, Reuters reports. US District Judge Michael Baylson on Wednesday said the San...
  • The Tesla Model X car crashed and caught fire near Mountain View, California, on March 23, prompting investigations by the authorities. Photo: Reuters

    Tesla, US safety board clash over Autopilot investigation

    Apr 13, 2018 8:51am
    Tesla Inc. lashed out at the National Transportation Safety Board after the agency took the unusual step of removing the automaker as a party to its investigation of a fatal crash in March in which a...
  • Tesla is believed to have set an ambitious target for launch of production of Model Y, a crossover version of the Model 3. Photo: Reuters

    Tesla aims to begin Model Y production in Nov 2019: report

    Apr 12, 2018 9:23am
    Tesla is targeting November 2019 for start of production of its Model Y sport utility vehicle, with output in China to begin two years later, Reuters reports, citing sources familiar with the matter. The electric car...
  • Apple's 50-megawatt solar farm, east of the firm’s data center in Mesa, Arizona is pictured in this undated handout photo obtained by Reuters on Monday. Credit: Apple/Reuters

    Apple says all its facilities now powered fully by clean energy

    Apr 10, 2018 9:09am
    Apple said on Monday that it has achieved its goal of powering all of its global facilities, including data centers, offices and retail stores, with 100 percent renewable energy. The US tech giant also said nine suppliers...
  • Didi Chuxing will launch first in Toluca, an urban hub some 60 kilometers from the country’s capital. Photo: Reuters

    China’s Didi Chuxing prepares to launch Mexico operations

    Apr 9, 2018 9:10am
    Chinese ride-hailing company Didi Chuxing has publicly launched in Mexico with a website advertising its service to drivers and passengers, setting the stage for a showdown with rival Uber, Reuters reports. A spokesman for Didi Chuxing...
  • Doubts remain among analysts and fund managers about Tesla's ability to keep production growing to a promised 5,000 Model 3 units per week in three months' time. Photo: Reuters

    Tesla says no need to raise more capital as Model 3 output rises

    Apr 4, 2018 9:08am
    Tesla Inc. sought to squash any speculation it might need to raise more capital this year as it announced it built 2,020 of its cheaper Model 3 sedans in the last seven days, Reuters reports. The...
  • Moody’s has downgraded Tesla's credit rating, citing "the significant shortfall in the production rate of the company’s Model 3 electric vehicle”. Photo: Reuters

    Tesla reels from downgrade, fatal crash probes

    Mar 29, 2018 8:55am
    Shares of Tesla Inc. fell sharply again on Wednesday, reeling from a credit downgrade of the electric car maker by Moody’s Investors Service, federal probes of a fatal crash and concerns about Model 3 production, Reuters...
  • News of the investigation sparked a selloff in Tesla stock, which tumbled 8.2 percent to its lowest close in almost a year. Photo: Reuters

    US opens probe into fatal Tesla crash, fire in California

    Mar 28, 2018 9:07am
    A fatal crash and vehicle fire of a Tesla Inc. Model X near Mountain View, California, last week has prompted a federal field investigation, Reuters reports, citing the US National Transportation Safety Board. News of the...
  • After burning a lot of cash on international expansion, Uber appears to be focusing more now on improving its financials. Photo: Bloomberg

    Will Uber exit Hong Kong market?

    - Mar 27, 2018 2:39pm
    Uber Technologies has taken another significant step to cut its losses in Asia after facing bruising competition and regulatory challenges in the region. The ride-hailing services company announced Monday that it is selling its Southeast Asia...
  • Uber will take a 27.5 percent stake in Grab and Uber CEO Dara Khosrowshahi will join Grab’s board. Photo: Reuters/Bloomberg

    Uber to sell Southeast Asia business to rival Grab

    Mar 26, 2018 12:11pm
    Ride-hailing firm Uber Technologies has agreed to sell its Southeast Asian business to bigger regional rival Grab, Reuters reports, citing a statement from the two firms. The deal is Uber’s second retreat from Asia after the...
  • Chairman Li Shufu has been making major acquisitions abroad to strengthen Geely’s technological muscle amid a shake-up of the global auto market. Photos: Xinhua/Bloomberg

    Geely earnings more than double on strong domestic sales

    Mar 21, 2018 4:38pm
    Chinese carmaker Geely Automobile Holdings Ltd. (00175.HK), whose chairman recently took a US$9 billion stake in Germany’s Daimler AG, said its profits more than doubled in 2017, driven by strong domestic sales of popular SUVs, Reuters...
  • File picture of Uber's self-driving Volvo vehicle moving through an intersection in Scottsdale, Arizona. Volvo confirmed its XC90 SUV was involved in Monday's crash but said the software controlling the car was not its own. Photo: Reuters

    Uber suspends self-driving car tests after pedestrian killed

    Mar 20, 2018 8:51am
    Uber said it was suspending North American tests of its self-driving vehicles after one such car hit and killed a woman crossing the street in Arizona. It was the first fatality involving a pedestrian hit by...
  • Hong Kong tycoon Li Ka-shing waves goodbye after announcing his retirement at a news conference on Friday. Photo: Reuters

    Li Ka-shing announces retirement, will stay on as senior adviser

    Mar 16, 2018 6:03pm
    Li Ka-shing, Hong Kong’s richest man, on Friday announced that he will step down as chairman of his business empire later this year but stay on as a senior adviser. He will be succeeded by his eldest...
  • The United States already has 29 duties in place against Chinese steel products, and China’s steel exports to the US fell to just 1 percent of its total steel exports last year. Photo: Bloomberg

    World steel markets unfazed by US tariff move

    Mar 9, 2018 8:05am
    The imposition of a 25 percent US tariffs on steel imports has raised fears of a global trade war but steel producers outside North America believe they can weather the storm without too much disruption to...
  • Tesla CEO Elon Musk said no “US auto company is allowed to own even 50 percent of their own factory in China, but there are five 100 percent China-owned EV auto companies in the US”. Photo: AFP

    Tesla’s Musk complains to Trump about China auto trade rules

    Mar 9, 2018 8:03am
    Tesla Inc. chief executive Elon Musk took to Twitter to call on US President Donald Trump to challenge Chinese auto trade rules. In a series of tweets aimed at the president, Musk said he is “against import...
  • Electrify will use new funding to expand its business, eyeing markets such as Southeast Asia, Japan and Australia. Photo: Reuters

    Singapore-based Electrify raises US$30 mln in ICO

    - Mar 8, 2018 6:17pm
    Singapore-based startup Electrify has raised US$30 million through an initial coin offering (ICO) as it seeks to expand its retail electricity marketplace business. The company, using blockchain technology, built a marketplace of retail electricity information, which...
  • NIO self-driving concept electric vehicles.  Shanghai will open more roads for testing of smart cars. Photo: Bloomberg

    China issues first licenses to road test driverless vehicles

    Mar 2, 2018 9:23am
    China has issued licenses to automakers that allow self-driving vehicles to be road-tested for the first time, the state-owned Xinhua News Agency reported. Two licenses were offered to Shanghai-based SAIC Motor Corp. Ltd., and the other went...
  • A NIO EP9 autonomous electric vehicle stands on display at a company showroom in Beijing, in this picture taken in early December last year. Photo: Bloomberg

    China EV startup NIO begins work for US IPO: report

    Mar 1, 2018 9:49am
    Shanghai-based electric vehicle startup NIO has begun preparations for a planned US stock market listing this year, a deal which could be worth up to US$2 billion, according to Reuters. NIO, formerly known as NextEV, has...

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