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UK's BII Will Invest In A New Mahindra EV Segment Valued At $9 Billion

Mahindra and Mahindra Ltd and British International Investment (BII) will each invest up to $250 million in the automaker's new electric car segment, valued at $9.1 billion, sending Indian shares jumping on Friday.   BII will own 4.8 per cent of the company, which will specialise on...

Tesla Sells An All-Time High ‘Made In China’ Vehicles In June

Tesla scored its greatest monthly sales of China-made automobiles in June since opening its Shanghai facility in 2019, according to data released on Friday, as the American automaker ramped up output that had been impacted by the city's COVID-19 lockdown.   According to the China Passenger...

Chips Help Samsung To Record The Largest Q2 Profit Since 2018, But Says Demand Is Cooling

Samsung Electronics Co Ltd of South Korea reported its biggest April-June profit since 2018, boosted by robust sales of memory chips to server customers even as demand from inflation-hit smartphone makers cools.   Following the release of preliminary results, shares of the world's top...

Amazon Partners With Just Eat On Meal Delivery In The United States, And Grubhub Invests

Amazon has agreed to buy a 2 per cent share in Just Eat Takeaway.com's failing US meal delivery service Grubhub and will provide Prime members with access to the service for a year.   Just Eat Takeaway's shares have dropped 70% this year as shareholders requested that it sell or find a...

Voyager Digital, A Cryptocurrency Lender, Declares Bankruptcy

Voyager Digital declared bankruptcy on Wednesday, a week after the crypto lender froze withdrawals, trading, and deposits on its platform to investigate strategic alternatives.   Voyager, based in New Jersey, stated in its Chapter 11 bankruptcy filing on Tuesday that it had more than 100,000...

Customers Of Retailer Sainsbury's Choosing To Purchase More Of Own-Brand Products

Customers at Sainsbury's are shifting to own-brand items and scaling back on non-essential expenditure as prices grow faster, according to the supermarket's CEO.   Simon Roberts went on to say that the strain on household budgets is only going to become worse during the rest of the year....

Sanofi Introduces A Worldwide Health Brand With Non-Profit Treatments

In the first part of its effort to extend access to its medicines globally, French manufacturer Sanofi will make 30 of its therapies, including insulin, available on a not-for-profit basis in 40 low-income nations.   The treatments will be delivered under the new Impact brand, which is part...

China’s Covid Lockdowns Force Drop In Tesla's Deliveries

Tesla Inc delivered 17.9 per cent fewer electric vehicles in the second quarter compared to the previous quarter, due to a COVID 19-related closure in China that impacted its manufacturing and supply chain.   The world's largest electric vehicle manufacturer said on Saturday that it...

GM Sells More Cars Than Toyota In The United States In Q2 Despite Lingering Inventory Shortages

General Motors Co outpaced Toyota Motor Corp in sale of cars for the second quarter in the United States, according to data released on Friday, despite ongoing semiconductor constraints and supply chain shocks that have limited the capability of auto manufacturers to meet...

China's Great Wall Motor Abandons A $1 Billion India Proposal

After failing to get regulatory permits, China's Great Wall Motor has cancelled plans to invest $1 billion in India and laid off all staff at its facilities there, according to three persons with firsthand knowledge of the case.   The Chinese automaker has planned to enter the Indian market...

Exxon Predicts That Operating Profits Would More Than Double In The First Quarter

According to a regulatory filing, Exxon Mobil Corp indicated on Friday that soaring margins from fuel and oil sales could deliver a record quarterly profit.   This year, oil has sold for more than $105 per barrel, with gasoline selling for around $5 per gallon in the United States. The...

GM Abandons Plans To Sell A Car Facility In India To China's Great Wall

General Motors (GM) announced on Friday that it had cancelled the sale of a defunct Indian facility to China's Great Wall Motor due to a lack of regulatory permissions, amid a stricter attitude by New Delhi toward Chinese investments.   In January 2020, GM agreed to sell the facility to...
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