Turkish electric car project to see investment of $3.7 billion

On Friday, Turkey’s official gazette stated, its new domestic electric car project will receive a fixed investment of $3.7 billion (22 billion lira) over a period of 13 years, and will have an annual production capacity of 175,000 vehicles. Its new domestic electric car project, launched on October 30, will receive state support, including tax…

Huawei launches world’s first 5G communication hardware for automobiles

Huawei’s modile, based on its Balong 5000 5G chip, is aimed at establishing itself as a key supplier for parts for the upcoming connected car industry. On Monday, in a development that further underscores China’s ambition to position Huawei Technologies as a vehicle to further its global ambitions, the embattled tech giant stated, it has…

Didi Chuxing Technology to plough in $1 billion in its auto services platform

Valued at $56 billion, sources say Didi aims to spin-off its car services business before its potential blockbuster IPO. On Monday, China’s biggest ride-hailing service Didi Chuxing Technology stated it will invest $1 billion in its auto services business as part of a re-branding exercise ahead of its anticipated initial public offering (IPO). Didi also…