Tag: cars

NIO’s First Mass Market Brand Coming in September and 10% Cheaper than Tesla!

NIO plans to start selling the first model under a mass-market brand as early as September, according to founder and chief executive William Li. The production cost for these new electric vehicle models would be 10% less than that of Tesla’s Model Y. Li told investors on Tuesday that this would give NIO “better flexibility” in pricing its first model, codenamed Alps, which will feature battery-swapping technology. This advantage is due to China’s well-developed EV supply chain and NIO’s extensive research and development efforts over the years.

Li suggested that the luxury EV manufacturer might adopt a more aggressive pricing strategy to compete with rivals in the segment. The new brand will primarily target Chinese families and prioritize volume sales, while NIO’s original brand will continue to focus on gross margin.

In 2023, the net loss of the Shanghai-based company increased to RMB 20.7 billion ($2.9 billion) from RMB 14.4 billion the previous year, while its revenue grew by approximately 12.9%. NIO’s stock ended the day at $5.48, a 2.8% increase.

VinFast Investing in India with a new $2 billion EV Plan

VinFast, the electric vehicle manufacturer from Vietnam, has announced its plans to invest an initial $500 million to establish an integrated facility in India and enter the world’s third-largest automobile market.

Through a memorandum of understanding with the state government of Tamil Nadu, VinFast intends to invest up to $2 billion, although no specific timeframe has been provided.

Construction of the facility in Thoothukudi, with a potential annual capacity of 150,000 units, is expected to begin this year. This project is projected to create 3,000-3,500 job opportunities.

Why Uber Doesn’t Enter Small Regional Towns in the UK

Uber, a ride-hailing giant, has become a popular choice for those looking for a quick and affordable ride in cities worldwide. However, if you live in a small regional town in the UK, you may find that Uber is not available in your area. In this blog, we will explore why Uber doesn’t enter small regional towns in the UK.

Lack of Demand

One of the main reasons why Uber doesn’t enter small regional towns in the UK is due to the lack of demand. Uber operates in locations where there is a high demand for their services. This is because Uber’s business model relies on having a high volume of rides to generate revenue. Small regional towns may not have enough people or traffic to make it worthwhile for Uber to operate in those areas.

Competition

Another reason why Uber doesn’t enter small regional towns in the UK is due to competition. In small towns, there may be local taxi services that dominate the market. These taxi services may have an established customer base and have been serving the local community for many years. For Uber to enter these markets, they would need to compete with these established taxi services, which may not be financially viable.

Infrastructure

Uber also needs a reliable infrastructure to operate. In small towns, the infrastructure may not be developed enough to support Uber’s operations. For example, there may not be enough drivers or vehicles available to meet the demand for Uber services. Additionally, the roads and transportation systems in small towns may not be as developed as those in larger cities, which could make it difficult for Uber to operate efficiently.

Conclusion

In conclusion, Uber doesn’t enter small regional towns in the UK due to several reasons, including a lack of demand, competition, and infrastructure. While Uber may not be available in these areas, there are still other transportation options available, including local taxi services and public transportation.

Uber and Yandex Spin Out Russian self-driving car subsidiary into its own entity

Uber and Yandex will be spinning off their self-driving car subsidiary into its own entity – MLU BV.

MLU BV will have $150 million in new capital from Yandex, including $100 million in equity and $50 million as a convertible loan.

In connection with the deal, Yandex will hold 61.7% of MLU and Uber will own 33.5%. Bloomberg reported in June that Yandex had been looking to buy all of Uber’s initial 38% stake as an alternative to taking the taxi business public. Uber merged its Russian operations with Moscow-based Yandex in 2017.