According to a senior executive from South Korea’s LG Energy Solution, the company plans on investing more than $4.5 billion in its U.S. battery production business over a span of four years; as part of that strategy, it plans on building at least two new plants. The investment will boost the U.S. battery production capacity…
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…
With companies temporarily closing their offices and with more people working from home with company data because of the Wuhan coronavirus, hackers are likely to take advantage of the situation, said cyber security experts. Government officials from the United States and Britain along with others have warned on the cyber security dangers of working remotely…
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…
WeWork is trimming its footprint in China and is expanding it in Singapore. On Thursday, Office-sharing startup WeWork stated, it plans on opening two new locations in Singapore later this year. The development comes even as WeWork seeks a $1 billion loan from its biggest-backer Softbank Group Corp in order to progress on its major…
HP’s expects to cut 7,000 to 9,000 jobs through a combination of employee exits and voluntary early retirement and save around $1 billion by fiscal year 2022. U.S. personal computer maker HP Inc stated, it will cut up to 16% of its workforce as part of a restructuring measure aimed at pruning costs. In a…
The layoffs are expected to be in the hundreds and is likely to effect those in research positions in the company.
The Chinese ride hailing giant aims to focus on its core businesses this year. On Friday, a source familiar with the matter at hand disclosed, Chinese ride sharing giant Didi Chuxing will be laying off 15% of its workforce, roughly 2,000 people, in 2019. According to the source, Didi Chuxing’s CEO Cheng Wei told during…
The funds from its latest funding round will be used to double its existing workforce. On Wednesday, British app-only bank Monzo disclosed that its backers now value it at $1.3 billion (1 billion pounds) thus giving it a unicorn status. The increase in valuation comes after Monzo raised 85 million pounds in its latest funding…
China-based Luenmei Quantum Co and Samsung Catalyst Fund led investors in Mantis Vision’s latest funding round. On Monday, Mantis Vision, a high-tech Israeli firm which is in the business of providing 3D content and sharing technologies, stated it had raised $55 million in a funding round led by Samsung Catalyst Fund and China-based Luenmei Quantum…
business-gurus.com 