In a statement, citing a rise in demand, General Motors stated it will start boosting the number of vehicles produces in North America starting from next week. From June 1 GM’s crossover assembly plants in the United States and Canada will include two production shifts. Three of GM’s U.S. assembly plants which produce medium and…
The impact if the novel coronavirus pandemic on the global automotive industry is forcing the Formula One team owner and maker of supercars, McLaren Group, to cut 1,200 jobs. The Surrey-based company had a total workforce 4,000 people and there for the job cuts is equivalent to more than a quarter of its total employee…
According to news reports, United States plane making giant Boeing is poised to make an announcement of job cuts by this week. The company has last month announced its plans to reduce its global workforce by as much as 10 per cent. The total number of people employed by the company globally is about 160,000…
In a tweet on Wednesday, Arizona’s Attorney General Mark Brnovich said “Google collects detailed information about its users, including their physical locations, to target users for advertising. Often, this is done without the users’ consent or knowledge”. Arizona has filed a consumer fraud lawsuit against Alphabet Inc’s Google alleging that the tech giant used “deceptive”…
On Thursday, China’s Tencent Holdings Ltd said, it has raised $6 billion in debt in what is the largest ever debt deal by an Asian company this year. According to a term sheet, the deal, which was finalized early on Thursday, saw Tencent raising $1 billion in five-year debt, $2.25 billion in 10-year, $2 billion…
According to a report from the Wall Street Journal, Amazon.com Inc is in advanced talks to acquire self-driving startup Zoox Inc. The potential acquisition will expand Amazon’s reach in autonomous-vehicle technology. In a funding round in 2018, Zoox was valued at at less than the $3.2 billion, reported WSJ citing sources familiar with the matter…
On Tuesday, ride hailing service provider Bolt stated, it has raised $109 million (100 million euros) from London-based investment firm Naya Capital Management in a deal which values the company at 1.7 billion euros. Bolt said, it will use the funds to further increase its market share in a sector deeply affected by the coronavirus…
Since March, a “steady recovery” has been seen by Alibaba in its business in China, said the Chinese e-commerce giant, but also warned about there are a lot of uncertainties in the path to economic recovery. In the first three months of this year, there was a 22 per cent growth in the company’s sale…
After the novel coronavirus pandemic hit the business of the United States based 102-year-old car rental firm Hertz very badly, the firm has been forced to file for bankruptcy protection in the US. It had voluntarily filed for Chapter 11 reorganisation, the company said in a US court filing on Friday. The company is also…
On Friday, French Finance Minister Bruno Le Maire stated, unless Renault adapts it could disappear. The development underscores the amount of support the French automaker requires in order to cope with the fallout from the coronavirus pandemic. In an interview with Europe 1 radio, Le Maire stated, Renault’s French plant in Flins must not close…
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