According to a document filed in the U.S. District Court in Illinois, China’s ByteDance has agreed to settle a $92 million class-action lawsuit from U.S. TikTok users who had alleged data privacy concerns. ByteDance, TikToko’s owner, has agreed to the settlement after more than a year of litigation. “While we disagree with the assertions, rather…
In a significant development, the U.S. Postal Service (USPS) stated, it will award a multibillion-dollar, ten-year contract agreement to Oshkosh Defense to manufacture a new generation of postal delivery vehicles. Under the initial $482 million investment, Oshkosh Defense, a unit of Oshkosh Corp, will finalize the production design, testing and vehicle tooling required prior to…
During a U.S. Senate Select Committee on Intelligence, Microsoft Corp’s president Brad Smith stated, the company has notified 60 customers that their data was most likely compromised by hackers during a hacking campaign revolving around Texas-based software firm SolarWinds Corp. In prepared remarks, Smith told members of the U.S. Senate Select Committee on Intelligence that…
In a development that further fuels speculation of an impending deal between Volkswagen’s supercar brand Bugatti and electric hypercar maker Rimac Automobili, Porsche AG’s CEO told German weekly Automobilwoche that both companies make a good technological fit. Last year, British automotive magazine Car had reported that VW was on the brink of selling Bugatti to…
According to a source familiar with the matter at hand, Volkswagen is weighing options which includes listing of its luxury car division Porsche AG which will provide it sufficient liquidity towards electrification of its vehicles. “Those considerations exist,” said the source said while cautioning that they are still not being actively discussed in committees; any…
On Friday Toyota Motor Corp said, it has developed a packaged fuel cell system module that cuts carbon footprint midst the industry’s tilt towards electric vehicles (EVs). Toyota Motor, which launched a revamped version of the Mirai in December has not been successful in winning drivers over to fuel cell vehicles (FCV). The FCV segment…
On Friday, in a statement French industrial gas giant Air Liquide said, it has entered into a collaboration with Japan’s Itochu Corp, a trading house, to further develop the hydrogen mobility markets in Japan. Initially, both companies will focus on the development of hydrogen retail infrastructure in Japan for both commercial and for passenger vehicles,…
In a statement Fisker Inc’s chairman and CEO Henrik Fisker said, the electric vehicle startup is weighing options to set up a battery cell manufacturing facility with a major supplier in either Europe or the United States. The move is aimed at securing components in its supply chain. Earlier Fisker had struggled with the recall…
On Thursday, shares of Foxconn rose by 4.5% after the company announced that it will collaborate with Fisker Inc to produce more than 250,000 electric vehicles a year, starting from late 2023. Over the last 1 year, Taiwan based Foxconn has ramped up interest in electric vehicles and has announced deals with Stellantis NV’s Fiat…
A paper gain of almost $3.3 billion on an investment of $43 million personal investment in the blank-check acquisition firm they are merging with luxury electric vehicle startup Lucid Motors Inc have been made by veteran dealmaker Michael Klein and his partners, said a report from Reuters. A meteoric rise in the shares of Klein’s…
The further tightening of the travel restrictions on the global aviation sector because of the Covid-19 pandemic has forced the global airline industry body IATA to reassess its December forecasts and warn of a bleaker outlook for the industry for the current year. The body now expects global airline industry to burn cash till the…
According to Apple Inc’s chief executive Tim Cook, over the past six years the iPhone maker has acquired about 100 companies. Cook, while talking to shareholders at the company’s annual general meeting, said that on the average, Apple buys a company every three to four weeks. In the first-quarter of its fiscal year 2021, the…
Following a truce with the Australian government over a tussle related to the new content law being brought in the country, an investment of at least $1 billion in the news industry in the country over a period of the next three years would be made by the social media company Facebook. The largest social…
On Wednesday, the world’s second-largest memory chip maker SK Hynix stated, it has agreed to a five-year procurement contract worth $4.34 billion (4.8 trillion won) with ASML Holding N.V. to secure extreme ultraviolet (EUV) scanners that are used to manufacturing chips. In a regulatory filing, SK Hynix said, the deal is for its planned mass-production…
On Wednesday, Nokia said it has won an order from Globe Telecom to build a 5G network for the Philippines’ second and third largest islands Mindanao and Visayas. Nokia will also upgrade the existing 4G network for the largest mobile network operator in the Philippines. Financial details of the transaction was not disclosed.
