Latin American SoftBank-backed startup Kavak is Mexico’s first unicorn

In a significant development, SoftBank-backed used-car platform Kavak has become Mexico’s first ever tech “unicorn”. The startup was valued at $1.15 billion in its latest funding round last month, said its CEO Carlos Garcia. Since its founding in 2016, Mexico City-based Kavak has raised more than $400 million in total funding with SoftBank, Greenoaks Capital…

Tesla trims starting price for its Shanghai-made Model 3 sedans

On Thursday, U.S. electric vehicle maker Tesla Inc stated, it has trimmed the starting price for its China-made Model 3 vehicles by nearly 8% to $36,805.21 (249,900 yuan). The development comes in the wake of Tesla receiving subsidies from the Chinese government for its electric vehicles. Earlier the starting price for its Model 3 electric…

Walmart looking to invest up to $25 billion in Tata Group’s upcoming digital platform

On Tuesday, according to a report from the Mint newspaper which cites sources familiar with the matter at hand, Walmart Inc is in talks with India’s Tata Group for a potential investment of up to $25 billion in its new “super app”. The new “super app could be launched as a joint venture between Tata…

Elon Musk to spin off SpaceX IPO once revenue growth becomes steady, predictable

Elon Musk, Tesla Inc’s CEO plans on listing his space internet venture, Starlink, in the years ahead when revenue growth is predictable and smooth. “Public market does *not* like erratic cash flow haha,” tweeted Musk. In 2019, Musk said Starlink was an important new revenue stream for Space Exploration Technologies, SpaceX. In February 2020, SpaceX’s…

Hacker gains access to Tyler Technologies’ internal network, U.S. election software safe

In a statement Tyler Technologies said, its network was hacked by a ransomware, a kind of computer virus through which hackers encrypts files and decrypt them once their payment demands are met. The hacker was able to gain access to its internal networks, but could not access to the systems it hosts for clients; incidentally,…

Tesla aims to ramp up battery production to 3,000 gigawatt-hours

Following Tesla’s unveiling of its plans to produce its own batteries in order to trim costs, shares of its two battery suppliers fell on Wednesday. Shares of South Korea’s LG Chem and Japan’s Panasonic have fallen with the news reaching the market. After initially opening higher, LG Chem’s shares was trading down by 3.1% while…

Mobile streaming service Quibi exploring strategic options to raise funds

According to a report from the Wall Street Journal, Quibi, the streaming service founded by former Disney executive Jeffrey Katzenberg, is exploring strategic options including a possible sale, a funding round or going public through a merger with a special purpose acquisition company. When asked to comment, Quibi said it does not comment on rumor…

Baidu-backed Chinese EV startup WM raises $1.5 billion in funding round

On Tuesday, Baidu-backed Chinese electric vehicle (EV) startup WM Motor said, it has raised $1.47 billion (10 billion yuan) in its latest funding round. In recent months, shares of Electric Vehicle makers, including that of Tesla Inc, have surged with auto makers looking to the markets for funds. Incidentally, China’s Xpeng Inc and Li Auto…

Volkswagen ID.4 compact SUV comes with 3 years unlimited charging in US

In a statement German auto giant Volkswagen AG said, owners of its ID.4 compact electric sport utility vehicle will gain three years of unlimited charging in the United States. This will at no additional cost to the price of the vehicle. Customers who purchased or leased its ID.4 electric SUV, which was launched in August…