Author: Mei Ling Tan

  • Saxo Bank Taps Another Veteran of UBS

    Saxo Bank Taps Another Veteran of UBS

    The bank’s Swiss arm is enlisting the services of a 37-year veteran of Swiss heavyweight UBS.

    Saxo Bank is adding Claudius Sutter to its board of directors, it said in an emailed statement on Wednesday. Sutter takes over for Tino Gaberthuel, who is not standing for reelection.

    The move is noteworthy because Sutter spent 37 years at UBS’ private bank, including several helping develop Smartwealth, a digital wealth manager the Swiss bank launched in the U.K., then abandoned three years ago.

    Saxo’s Swiss bank is overseen by Andreas Amschwand, also a veteran of UBS. The Swiss banker ran UBS’ foreign exchange operations for nearly 25 years, before leaving for a board seat at Julius Baer and later the chair of Seba, along with Sygnum one of Switzerland’s first crypto banks.

  • UBS Opens Major New Asian Office

    UBS Opens Major New Asian Office

    The Swiss banking giant’s top two were on hand to open a new office in Singapore – its largest in the wider region.

    Zurich-based UBS officially opened its Singapore office at 9 Penang Road, in a ceremony that featured Chairman Axel Weber, CEO Ralph Hamers, and Asia-Pacific boss Edmund Koh, it said in a statement. The 400,000 square feet of prime property will be the Swiss bank’s largest office in the region.

    Singapore’s finance minister Lawrence Wong was on hand, lauding UBS’ efforts in the city-state with regards to talent development in a LinkedIn post. Fabrice Filliez, Swiss ambassador in Singapore, and Bloomberg founder Michael Bloomberg also attended.

    For UBS, which employs more than 3,000 people in the city-state, the office represents a larger, campus-style, facility. The Swiss wealth manager has also settled into Singapore’s Command House, a historical landmark wher

    UBS’ plans to move out of the financial district into Penang Road raised eyebrows at the time because the latter is not a typical headquarter location for a major bank. However, Penang Road is a stone’s throw from the prime Orchard Road shopping belt and the location offers good connectivity.

    The bank launched two new initiatives to mark the launch: Techconnect SEA, an ecosystem that aims to connect and grow Southeast Asia’s next generation of unicorns, and an app called Circle One which will connect investors to ideas on a global ecosystem.

  • TRAI releases consultation paper on satellite gateway

    TRAI releases consultation paper on satellite gateway

    Telecom Regulatory Authority of India (TRAI) has extended an invitation to industry stakeholders to gather inputs on a framework for satellite gateways in India. This will facilitate the launch of satellite communication services in India.

    Prior to this, the Department of Telecommunications (DoT) has requested TRAI to furnish recommendations on licensing framework for establishing a satellite gateway. DoT has requested TRAI to address existing limitations in satellite gateway operations as there is no provision regarding the use of gateway by service providers established by a satellite constellation operator.

    The regulator is called to look into factors and make recommendations on entry fee, license fee, bank guarantee, NOCC charges, and other issues which may concern LEO, MEO and HTS systems.

    TRAI has since released a consultation paper to garner inputs by 13 December.

  • Treasury Wines shuffles US wines with acquisition of Frank Family Vineyards

    Treasury Wines shuffles US wines with acquisition of Frank Family Vineyards

    Australian vintner, Treasury Wine Estates Ltd. said it will buy U.S. luxury winemaker Frank Family Vineyards for $315 million, saying the deal offered a rare opportunity to bolster its high-end wine portfolio.

    Treasury said Napa Valley, California-based Frank Family Vineyards is highly complementary to its Americas business and fills a key portfolio gap for luxury chardonnay. Treasury said it is well placed to grow the business given its leading luxury sales credentials, national distribution network and California asset base.

    “This is a compelling strategic and financial investment, comfortably meeting our investment criteria and one we expect will deliver attractive growth and financial returns for TWE’s shareholders over the long-term,” Treasury Chief Executive Tim Ford said.

    Analysts have expected Treasury to make acquisitions as winemakers focus more on the lucrative higher-end parts of the market. Treasury has been selling off some of its downmarket U.S. brands and assets and it said Thursday that process was largely complete, with total net cash proceeds of about 300 million Australian dollars (US$218 million).

    It said it is using those proceeds to help pay for Frank Family Vineyards. Treasury added that Frank Family Vineyards has a long-term track record of delivering strong revenue and earnings growth, as well as earnings margins in the range of 35%-40%.

    The acquisition is expected to be completed in December.

  • Lyre’s latest fundraising round values company at $500 million

    Lyre’s latest fundraising round values company at $500 million

    Fast-growing non-alcoholic spirits brand Lyre’s, has raised $37 million in a round that values the business at A$500 million less than three years after it launched. The funding round was led by a new investor, D Squared Capital, alongside existing investor, Morgan Creek Capital Management, which has also backed Alibaba, SpaceX, Lyft, and Allbirds). Other previous investors joining the fresh round include DLF Venture, VRD Ventures, and Maropost Ventures.

    The Sydney-based business previously raised $16 million in a seed round in September 2020.

    Co-founders Mark Livings and Carl Hartmann launched Lyre’s in April 2019 with the goal of creating non-alcoholic versions of the world’s most popular spirits. It now produces 14 non-alcoholic spirits with the distinct flavors of gin, whisky, vermouth, amaretto, absinthe, rum, and others, as well as a range of ready-to-drink pre-mixed non-alcoholic cocktails, from an Amalfi spritz to and rum and cola and G&T.

    With around 20% of the population not drinking alcohol, consumption trends heading down among existing drinkers, and an emerging, liberated middle class in Muslim countries looking to have fun and socialize while eschewing alcohol.

    CEO Mark Livings said the latest capital injection will be used predominantly for marketing, and create more than 50 new jobs in sales and marketing, production, logistics, finance, and e-commerce.

    Lyre’s products are now available in more than 60 countries, up 50% in 2021, including in the Middle East and China. This year also saw the business manufacture its one-millionth bottle, and develop six new product variations including Classico, their first no-alcohol Prosecco-style sparkling which launched to market in early November. The company now has production facilities in the UK, Germany, Australia, and the US.

    The drinks startup has also established an R&D division in partnership with beverage technology giant Döhler.

    Livings said range now covers more than 90% of the world’s best-selling cocktails.

    “Millennials and older Gen Zs are drinking less alcohol than any generation before them, but the mindful drinking movement transcends generations and cultural borders. We’re not only growing our business – we’re expanding the whole category, entering territories like the Middle East and Far East virtually uncontested,” he said.

    “The pace of growth we’re seeing is exceptional. We sold our first bottle in 2019 and today we’re selling one at least every 30 seconds. On our current trajectory, Lyre’s is set to become the fastest independent beverage brand to reach Unicorn status.”

    Off-premise sales of low-alcoholic and non-alcoholic drinks have jumped in 12 months from $291 million to $3.1 billion. In Australia, the category is expected to grow by 16% over four years to 2024.

    D Squared Capital Managing Director Daniel Grossman said the company is forging a new path in a critical category.

    “The no/low alcohol beverage market is one of the fastest-growing markets in F&B and is showing similar characteristics to plant-based milks, meats, and other mindful consumer categories,” he said.

    “Lyre’s leading product, brand, and range of award-winning SKUs have proven that they are the industry leader and we are excited to be backing the best in class company.”

  • Tune Protect and AirAsia to unveil travel protection for foreign travellers into Langkawi and Thailand

    Tune Protect and AirAsia to unveil travel protection for foreign travellers into Langkawi and Thailand

    In an industry first, Tune Protect and AirAsia have launched the Covid Travel Pass as an added convenience for air travelers to meet the mandatory insurance coverage set by the governments for fully vaccinated international travelers flying into the countries. Kicking off with Langkawi, Malaysia, and various tourist destinations in Thailand, the service will be expanded to include other countries and destinations in due course.

    Currently, travelers flying AirAsia into Langkawi, Malaysia, and destinations in Thailand can subscribe to the Covid Travel Pass when booking their flight tickets on the AirAsia super app, post-flight purchase subscription options are also available before travelers depart. The introduction of the Covid Travel Pass plans is timely as they also meet the year-end travel needs of AirAsia’s guests who wish to head to their much-awaited holidays and the impending opening of regional and international borders.

    The Covid Travel Pass plans are complete with enhanced COVID-19 coverage to satisfy the Malaysian government’s requirement for international travelers coming into Langkawi to have mandatory insurance coverage of USD 80,000 while for Thailand, the required mandatory coverage is USD 50,000.

    “As Malaysia and Thailand open their international borders, AirAsia is prepared to meet the rise in the pent-up travel demand especially towards the end of the year as a peak travel period. Traveling today comes with a new set of protocols and we want to reassure our guests that we are ready to welcome them with the right travel protection products provided by Tune Protect while observing strict and disciplined protocols to ensure the safety of our passengers in-flight and beyond so that they can have total peace of mind,” said Bo Lingam, Group CEO of AirAsia Aviation.

    AirAsia has spent a period of downtime in travel over the past one-and-a-half years to further improve and revamp its flight procedures and processes. In the highest interest of safety and well-being of all its guests and employees, AirAsia will accept only fully vaccinated guests onboard its flights, and likewise, ensure only fully-vaccinated employees will operate flights and be on duty at the airport terminals.

    Despite mostly not flying for a good part of the past 18 months, all AirAsia’s aircraft are properly maintained according to procedures set by the manufacturer. AirAsia has set up an in-house maintenance, repair, and operations (MRO) unit called Asia Digital Engineering that provides services not only to AirAsia but also other airlines. Likewise, all its pilots and cabin crew are regularly sent for mandatory refresher courses and ongoing retraining so that they are always on top of their job.

  • VinFast announces US headquarters in Los Angeles

    VinFast announces US headquarters in Los Angeles

    VinFast on Wednesday announced its U.S. headquarters will be located in Los Angeles, California, affirming its goal to become a global automaker spearheaded by electric vehicles.

    The company’s U.S. headquarters is located in the Playa Vista area – a neighborhood known as “Silicon Beach” and packed with tech firms in Los Angeles.

    “We are so proud to welcome VinFast to our city as we continue leading the way to a better-connected, cleaner, and more sustainable transportation future,” said Los Angeles Mayor Eric Garcetti.

    The headquarters is over 15,000 square feet (1,393 square meters) with room to expand.

    VinFast intends to establish its management team and hire more than 400 employees at its headquarters and a regional office in Los Angeles within the next several years.

    In addition to its corporate headquarters in Los Angeles, VinFast is investing in regional offices, a call center, and a network of storefronts to help introduce the brand and products to American customers.

    VinFast’s decision to place its U.S. headquarters in California was due in part to a $20.5 million tax credit awarded by the California Governor’s Office.

    The California government’s announcement, released on Nov. 5, builds on VinFast’s investment of more than $200 million in its initial phase in California, thus creating over 1,000 new, full-time jobs statewide.

    VinFast, a unit of Vietnam’s conglomerate Vingroup, will officially debut two of its first electric vehicles, the VF e35 and VF e36, at Los Angeles Auto Show that begins this week.

  • Holiday air tickets in low demand as Covid stirs fear

    Holiday air tickets in low demand as Covid stirs fear

    Air tickets for the upcoming Tet holiday are in low demand as people are reluctant to make travel plans due to the long quarantine time and a rising number of Covid-19 cases.

    In previous years, Loan’s family had usually finished booking six Tet (Vietnam’s Lunar New Year) air tickets for the Ho Chi Minh City – Da Nang route at a total price tag of over VND40 million by the end of August.

    But this year, she has yet to make a decision.

    “My two children are not vaccinated so we are reluctant to travel. We plan to stay in HCMC this year and visit our parents later when the pandemic situation is stable.”

    Hanh and her husband in Thu Duc City initially planned to bring their children to her hometown in the central highlands province of Kon Tum, but the 14-day quarantine policy for those yet to be vaccinated discourages her.

    “There are only a few days of holiday, we don’t want to spend all of them in quarantine.”

    Ticket agents are reporting an unusual drop in demand compared to previous years in a time when sales often boom as people make travel plans for Tet, which falls in early February next year.

    Hong, the owner of a ticket office in Phu Nhuan District, said by this time last year she had sold hundreds of tickets for the biggest holiday of the year, but this year she had sold none.

    “I have texted frequent customers but none have made any travel plans.”

    Airlines have also not released specific Tet travel plans as per usual.

    Only Bamboo Airways and Vietjet Air have begun selling Tet tickets but with volume totaling 20 percent in the same period last year with prices around 15-20 percent lower.

    A media representative of Vietnam Airlines said it is difficult to plan for Tet ticket sales.

    The Civil Aviation Authority of Vietnam (CAAV) currently only allows airlines to sell Tet tickets for two routes a day or less.

    Some insiders say the rising number of Covid-19 cases and the migration of workers from HCMC and Hanoi to their hometowns would lower air travel demand this year.

    Vietnam recorded 10,250 new covid-19 cases Tuesday, the highest in nearly eight weeks.

    As Tet ticket sales often account for a third of an airline’s revenue for the year, plunging demand is set to cause even more financial challenges to carriers, which have struggled to survive the pandemic

    Vietnam Airlines posted a loss of VND8.58 trillion in the first six months, increasing its accumulative loss to VND17.77 trillion ($781.23 million).

    Vietjet Air posted a first-half post-tax profit of VND121.8 billion, most of it coming from financial services.

    The two airlines have not released earning figures for the third quarter, but most flights were suspended in the third quarter due to the fourth Covid-19 wave.

    Bui Doan Ne, deputy chairman of Vietnam Aviation Business Association, said it is difficult to make forecasts about the recovery of airlines this year as the Covid-19 situation remains unpredictable.

  • New Zealand personal care brand Ethique concentrates on raising the bar

    New Zealand personal care brand Ethique concentrates on raising the bar

    Brianne West founded zero-waste beauty and lifestyle brand Ethique in her kitchen in Christchurch back in 2012, while completing her science degree. Since then, Ethique’s plastic-free products for face, hair, body, and home have prevented the manufacture and disposal of more than 11 million plastic containers worldwide, with a goal of 500 million by the end of 2030.

    But West didn’t start out having all the answers. So she started with questions.

    “I had absolutely no knowledge at all, I just did a lot of research. I’m a person who’s curious about pretty much everything,” West said. “The advantage of that is I’m very happy to spend hours of time searching Google or talking to people and really understanding more about products and materials.”

    West understands that it’s not always easy for brands to tell the wood from the trees when it comes to the sourcing of sustainable materials. This is why she says it’s so important to be curious, ask questions and, most importantly, ask for proof.

    “I’m lucky I’m a qualified scientist but [my advice is to] break something down to its component pieces to understand how that works, ask for proven or independent studies – that could be biodegradability or compostability studies if you’re looking at the packaging.”

    Of course, operating sustainability is not just about environmentally friendly packaging. As a certified B Corp, Ethique aims to operate sustainably and ethically in every single way.

    “Every decision we make, we factor in whether it’s fair and kind to the people we are dealing with and whether it’s detrimental to the environment. And if the answer is that it’s not ideal, then we don’t do it,” West said.

    “One example would be our fair trade policy. We ensure that with the ingredients we buy, people are paid fairly for them and they have ownership of the value chain. We try to work directly with people who produce it, so that they can get all the value out of their product.”

    Ethique also has a charitable program – donating 2 percent of sales to conservation, animal welfare, and environmental groups – and Living Wage certification for all teams.

    Crowdfunding and solid support

    Ethique was equity crowdfunded twice: first in 2015 with PledgeMe, which raised $200,000 in under 10 days; and two years later, when the brand was more established, raising half a million dollars in less than 90 minutes.

    “The key to crowdfunding is to tell a really compelling story and to get as many people interested before you actually launch. It needs to be something people can really get behind, be passionate about and want to see succeed,” West said. “Of course, you’ve also got to have really solid financials, make sure that what you’re saying is true so you are not misleading people.”

    With around 350 shareholders onboard, Ethique had a wide pool from which to get feedback on packaging and processes, but it did add to the pressure.

    “It was a massive support and a wonderful feeling having them there, but also I was acutely aware that I had a good chunk of people’s money resting on my shoulders and I never took that lightly.”

    In October 2020, Ethique completed “a very large investment phase” and was able to give back to those shareholders who had supported the business for so long.

    “Ninety-nine percent of those shareholders recognized the value of the shares and moved away with an enormous return,” West said. “Although they were sad to leave the company, they were very handsomely rewarded for their support of us, which is amazing. It was really cool to be able to pay off some of our shareholders’ mortgages, which was kind of the goal.”

    Ethique goes global

    Ethique is now in 24 markets globally, with 4500 stockists around the world. A 2016 article propelled the brand to new audiences and before long, Britney Spears and Ashton Kutcher were sharing the brand on their social media platforms.

    West has no idea how.

    “That was a total accident. I’ve no idea how they got hold of it. It was a total fluke!”

    Today, the US, UK, Australia, New Zealand, and Japan are Ethique’s top-performing markets. In some of these markets, the product range is adapted to better meet the needs of shoppers. In Japan, for example, sweet and citrus fragranced products are preferred over woody smells, West explained.

    Moving with the market

    While best known for products in bar form, Ethique is now experimenting with concentrates, as West believes that’s where the category is headed.

    “If I was to bet on a horse, it would be on concentrates, not refillable,” she said.

    Ethique now provides naturally derived and sustainably sourced active ingredients in a compostable cardboard box, and the customer adds water to create their own liquid product. There is a tutorial on the website to show customers how it’s done.

    “We’re targeting people who don’t use shampoo bars because we’ve already solved the problem there, and I don’t want to cannibalize those sales. We have found that people who’d like bars stay with bars, so this is for people who prefer a liquid product.”

    While Ethique might not be able to convince everybody that concentrates are the way forward, West believes they’re a more convenient solution for the customer. However, she is glad to see more sustainable choices on the market for consumers regardless.

    “Typically it’s very hard to create mass behavior change. If you can make a sustainable product convenient, then they pick up will be much quicker,” she said.

    “If you’re refilling dishwashing liquid, shampoo, conditioner, laundry detergent etc, you’ve got five or six bottles that you’ve got to carry around with you. It’s just not something a lot of people will do,” West explained. “I know a few retailers who find [refillables] very capital intensive and very messy, from a labor perspective, so there are some challenges.”

    Real change, not greenwashing

    As someone whose whole business proposition has been around sustainability from the get-go, West does find it frustrating to see so many businesses talk a lot about sustainability without making genuine change.

    “When businesses are greenwashing or completely misleading their consumers, if they put a tenth of the effort into actually doing something, they would genuinely start to change the world,” she said.

    But she does understand how difficult it is for bigger companies that have operated one way for so long to shift their core focus to sustainability.

    Her advice is: “If you are trying to retroactively put sustainability at the core of your business, do it one thing at a time, and do it properly.”

  • Hey! Kafe ramps up local expansion plan

    Hey! Kafe ramps up local expansion plan

    Indonesia-based digitally-native beverage startup, Hey! Kafe, is expanding its local footprint with 300 stores by the end of next year.

    According to the company, the brand’s expansion plan will be supported by an asset-light model backed by technology. That means a majority of its outlets will be compact booths that minimize capital expenditure and facilitate Grab & Go delivery service.

    Online delivery orders are projected to account for 70 percent of the brand’s sales.

    Founded by Edward Djaja, who is also the founder of Seven Retail, Hey! Kafe has opened 60 stores across the country since its launch in June last year.

    Focusing on the product development process, Hey! Kafe tests more than 20 product concepts each month, targeting the young customer segment with more than 12,000 cups of beverages sold daily.

    “Here in Hey! Kafe, our north star metric is same-store sales growth, which enables the brand to achieve stellar unit economics,” said Djaja. “We are proud to say that our strategy has resulted in a payback period of under 12 months, which is a key milestone for us to scale rapidly in a sustainable manner in the coming years.”

    The beverage retailer is supported by several investors, including Trihill Capital, which backed the company in the seed round. Besides its expansion plan, Hey! Kafe also plans to launch an in-house mobile application next year.

  • L’Occitane takes majority stake in beauty brand Sol de Janeiro

    L’Occitane takes majority stake in beauty brand Sol de Janeiro

    The L’Occitane group has acquired an 83 percent stake in Brazilian-inspired body care brand Sol de Janeiro as part of a strategy to expand its premium beauty offer.

    Upon the deal’s closure, Sol de Janeiro will become a majority-owned subsidiary of L’Occitane group. The value of the deal has not yet been disclosed.

    L’Occitane said Sol de Janeiro is a strategic fit in terms of brand recognition and identity, product quality, management capability, as well as growth, profitability, and cash generation prospects.

    “With a compelling brand story and an experienced and entrepreneurial management team, Sol de Janeiro reflects our values and premium beauty image,’ said Andre Hoffmann, vice chairman & CEO of L’Occitane.

    “Sol de Janeiro’s digital presence and established body care business are complementary to the group’s balanced geographical strategy to build a portfolio of strong brands in all major geographical regions,” the company said in a statement.

    Sol de Janeiro is expected to strengthen L’Occitane’s international presence to expand into new markets.

    Founded in 2015 in the US, Sol de Janeiro has become one of the fastest-growing premium skincare brands in North America and is known for its body care, fragrance, and hair care products designed for multi-generational consumers.

  • Vietnam, US trade to hit unprecedented $100 billion

    Vietnam, US trade to hit unprecedented $100 billion

    Vietnam–U.S. trade could reach $100 billion for the first time this year, up 221 times against the figure in 1995 when the two countries first established diplomatic relations.

    In the first eight months, the figure hit $73 billion. Last year, it was $90.8 billion, Hoang Quang Phong, deputy chairman of the Vietnam Chamber of Commerce and Industry (VCCI), told a forum Tuesday.

    In the last five years, Vietnam’s exports to the U.S. increased on average by 230 percent each year, while the figure from U.S. to Vietnam was 175 percent.

    Vietnam is the 10th biggest trade partner of the U.S., while the U.S. is Vietnam’s biggest trade partner.

    Although the Covid-19 pandemic has disrupted supply chains, many U.S. businesses have been investing in projects in Vietnam in the sectors of manufacturing and processing, clean energy, aviation, healthcare, and pharmaceuticals.

    On the other hand, Vietnam’s exports to the U.S. are in the areas of furniture, footwear and garments.

    Ngo Sy Hoai, deputy chairman of the Association of Vietnam Timber and Forest Products, said Vietnam is the biggest exporter of wood products to the U.S.

    Vietnam is also the second biggest importer of U.S. wood material behind China, he added.

    Although the wood sector has targeted a value of $10 billion exports to the U.S., actual figures are likely to reach $8 billion this year due to Covid-19 impacts, he said.

    Hoai added that Vietnamese companies need to pay more attention to U.S. regulations on legal logging to prove their materials were not illegally cut.

    Former Vietnam Ambassador to the U.S. Pham Quang Vinh said although the U.S. cannot come back to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), it has made economic initiatives in digital trade, infrastructure and energy, which will offer new partnership potential between both countries.

    Vietnam and the U.S. could consider another bilateral free trade agreement based on existing commitments.

  • Qualcomm’s Apple M1-rivalling silicon arriving in 2023

    Qualcomm’s Apple M1-rivalling silicon arriving in 2023

    Qualcomm revealed plans to bring to the market an Apple M1-beating chip by 2023 during its 2021 investor conference.

    The processor will be based on technology from Nuvia, a chip startup that was founded by ex-Apple engineers who had worked on Apple A and M series chips and was bought by Qualcomm earlier this year. We can hope to see Nuvia’s tech in smartphone chips too at some point in the future.

    For now, the focus is on the next generation of Arm-based processors which Qualcomm claims will set a new performance benchmark for Windows PCs. The chip will offer industry-leading sustained performance and battery life, or so Qualcomm hopes. It will feature Arm-based CPU cores, Adreno graphics, 5G modem, Hexagon DSPs, and Spectra imaging core.

    If you look at what Apple has done with the M-series, on the upper hand it even has the performance of an [Nvidia] RTX 3080 at discrete graphics.” – Qualcomm CEO Cristiano Amon.

    Qualcomm will also work on improving its Adreno GPUs to offer a desktop-like gaming experience on PCs. The chip giant is aiming to have samples out for customers in around nine months, with the official launch planned for 2023.

    Whether the chip will be able to live up to the claims or see the same fate as the Qualcomm Snapdragon 8cx and Microsoft Surface SQ2 PC chips that failed to make a mark remains to be seen.

    Apple meanwhile has already launched even more powerful versions of the M1 chip, the M1 Pro and M1 Max, and is now reportedly working on the third-generation of Mac chips that will likely offer significantly better CPU performance than the latest chips. The M series chip power a slate of new Apple products, including some of the best tablets that money can buy.

  • REE Unveils Leopard, A Fully Autonomous Concept Vehicle

    REE Unveils Leopard, A Fully Autonomous Concept Vehicle

    REE Automotive revealed its autonomous concept vehicle based on a brand new ultra-modular EV platform design. The full-scale concept is geared for customers including last-mile autonomous and electric delivery companies, delivery fleet operators, e-retailers, and technology companies seeking to build fully autonomous solutions.

    Leopard’s design and specifications are the results of collaborative work with leading global delivery and technology companies focused on autonomous delivery and Mobility as a Service (MaaS) fleets. The concept vehicle is 3400 mm in length with front-wheel-steer, rear-wheel-drive, and has a 2-tonne gross vehicle weight.

    Leopard – the last mile autonomous concept vehicle – is designed to carry significantly more cargo due to REE’s low, flat floor. This means improved environmental impact of fewer trips in fewer vehicles, backed by a strong cost of ownership (TCO) structure: each vehicle in the fleet will be less expensive to run and maintain due to reduced energy cost and improved serviceability, leading to lower maintenance costs.

    Daniel Barel, REE co-founder, and CEO said, “Autonomous and electric vehicles ‘Powered by REE’ offer unsurpassed operational efficiency and the lowest total cost of ownership combined with full flexibility when it comes to integrating top hats in virtually any size, shape or form. We’re here to make the shift to a carbon-neutral future a reality faster and at scale.”

  • Production Starts On The First Road-Going Full-Electric Volta Zero Vehicles

    Production Starts On The First Road-Going Full-Electric Volta Zero Vehicles

    Volta Trucks has begun production of the first road-going ‘Design Verification’ (DV) prototype Volta Zero vehicle at a bespoke facility in Coventry, UK. The DV prototypes are the first full-electric Volta Zero vehicles to be built in the recently unveiled production-ready design. A total of 25 vehicles will be manufactured and once completed in January, the fleet will embark on a rigorous testing regime. This will involve Volta Trucks engineers replicating a wide range of customer usage and delivery cycles, as well as taking the Volta Zero to the extremes of cold weather environments in the Arctic, hot weathers in equatorial conditions, and crash testing, all to validate the safety, durability, and reliability of the vehicle.

    The results of the comprehensive DV testing program will be fed into the final prototype stage – ‘Production Verification’ (PV). The PV prototype vehicles will be built at the company’s new manufacturing plant in Steyr, Austria, in mid-2022. Many of these production-specification prototypes will be lent to selected customers for extended periods to be tested in their real-world logistics conditions, undertaking millions of delivery kilometers, alongside Volta Trucks’ own engineers.

    Ian Collins, Chief Product Officer of Volta Trucks, said; “In August, the first Volta Zero rolling chassis started testing, and we’ve already extracted huge amounts of data from that vehicle. We have integrated that feedback into the Design Verification prototypes that start production today. We now move into a rapid test – learn – iterate – develop phase. This is going to be far more condensed and intensive than a normal vehicle testing program, given our ambitious timeline to start series production in a year’s time, which is driven by customers’ needs for zero-emission trucks.

    This will take us to some of the hottest, coldest, and most extreme conditions in the world, all to ensure that the product specification vehicles that roll off the production line by the end of 2022 deliver the highest possible quality standards and exceed our customers’ expectations.”