Tag: car

  • Car imports surge

    Car imports surge

    The number of imported cars in Vietnam rose 61 percent to 129,733 units in the first 10 months this year.

    Passenger vehicles saw a rise of 50 percent to 90,029 units, according to Vietnam Customs.

    In October, the three major import markets were Thailand with 8,320 units, followed by Indonesia, 3,925, and China, 1,733.

    Over 11,700 cars with nine seats or less were imported to Vietnam last month, doubling from September.

    A media representative of a Japanese auto brand said the rise came as customs activities resumed after months of social distancing.

    Companies were also importing more vehicles to prepare for the end-of-year shopping season.

    Vietnam also imported $4.07 billion worth of car parts and equipment in the first 10 months, up 33.5 percent year-on-year.

    Sales of imported, completely-built units rose 24 percent year-on-year to 97,028 in the first 10 months, according to Vietnam Automobile Manufacturers Association (VAMA).

  • Waymo, UPS Expand Autonomous Freight Truck Tie-Up Ahead Of Holidays

    Waymo, UPS Expand Autonomous Freight Truck Tie-Up Ahead Of Holidays

    Alphabet Inc’s Waymo said on Wednesday it is expanding its partnership with United Parcel Service Inc to move freight using autonomous trucks between two of the parcel delivery company’s Texas facilities during the holiday season.

    Waymo Via, the company’s delivery operation, began its partnership with UPS in early 2020 when it shuttled packages for the company between the Metro Phoenix area and its Tempe hub in Arizona using an autonomous minivan.

    The company said trial runs would start in the coming weeks, where big rigs equipped with its fifth-generation Waymo Driver technology will deliver for UPS’ North American Air Freight unit between facilities in Dallas-Fort Worth and Houston, Texas.

    Driver shortages have hit U.S. trucking and delivery companies, most notably FedEx Corp, as they race to hire workers for the crucial holiday season when package volumes can easily double. Waymo and UPS said the trials would help assess the impact of autonomous driving technology on safety and efficiency.

  • Apple reportedly accelerates ‘Project Titan’ as fully self-driving car could arrive by 2025

    Apple reportedly accelerates ‘Project Titan’ as fully self-driving car could arrive by 2025

    It might not fit in your pocket, but you might consider the Apple Car to be a mobile product. And today Apple has decided to produce a car that will be able to drive without any help from humans. Apple reportedly had been deciding between producing a car with limited self-driving capabilities similar to models currently available, and an auto that requires no human intervention.

    Sources familiar with the situation told Bloomberg that under team leader and VP of technology Kevin Lynch, Apple is working to take humans out of the equation right off the bat with its first vehicle. And we might see the Apple Car released as soon as 2025. But today’s report says that this date can change and Apple also could decide to offer limited autonomy (steering and acceleration) with its first model if need be.

    Many inside the team are not optimistic that the product will be available to consumers as soon as 2025. The timeline is aggressive and Apple still needs to find partners to help it build the vehicle. Still, investors liked the sound of what they were hearing and Apple’s shares hit an all-time high today of $158.40, up over 3% on the day.

    Apple has called its work on a self-driving car “Project Titan” as it competes with Tesla and others who are racing to complete what is obviously a complex task. Still, the company has shaved some years off of its timeline from the five-to-seven years that Apple engineers had been planning to the four years mentioned in today’s report. Apple’s car would be expected to go without a steering wheel and a large iPad-like touchscreen would be placed in the middle of the vehicle for the passengers to use.

    In case of an emergency, Apple has considered the inclusion of an emergency takeover mode. The company also has finished much of the work required to develop the chip needed to, uh, drive the car. The same team inside Apple that designed the chips used on the iPhone, iPad, and Mac did the work for the car’s processors instead of the Project Titan team. This component is the most advanced ever designed by Apple and consists mostly of neural processes needed for the vehicle to self-drive.

    Apple is also looking to include stronger safeguards for its self-driving cars than those available from Tesla and Waymo. This includes layers of backup systems just in case something in the car fails while it is going 65 miles per hour on the highway with your family inside. The tech giant is looking to hire engineers to develop test and safety features related to Project Titan.

    A recent job posting for engineers says, “The Special Projects Group is seeking an accomplished mechanical engineer to lead the development of mechanical systems with safety-critical functions. You will use your passion for figuring things out to help design safety systems and to lead the testing and countermeasure of those systems.” Apple also recently hired Tesla’s former self-driving software director CJ Moore.

    Another Apple job listing for software engineers mentions that those hired will work on “experiences for human interaction with autonomous technology.” The listing also hints that the software being developed will be based on similar technology used on the iPhone’s iOS operating software.

    Apple also has talked about using the combined charging system (CCS) to power up the vehicle allowing it to be used with a “global network of chargers.” This would be a big change from the firm’s current use of its proprietary Lightning charging platform used for the iPhone and iPad.

    With Apple looking to sell the cars for individual ownership, it will have to develop a global network of dealers, repair centers, and more. Apple might also be counting on more availability of faster 5G signals in order to make sure that there is no lagging with the mapping and navigation systems that will be used for the vehicle.

  • Volkswagen Powers Up The Grid To Take On Tesla

    Volkswagen Powers Up The Grid To Take On Tesla

    Volkswagen plans to double staff numbers at its charging and energy division, roll out new payment technology next year and strike more alliances to take on Tesla in a key electric vehicle (EV) battleground: power infrastructure. By ensuring there are enough fast-charging plugs – and enough power – for the EVs it wants to sell, Europe’s biggest carmaker hopes to convince drivers worried about battery ranges that they can ditch their fossil fuel cars for good.

    Underlining its electric ambition, Volkswagen has drafted in power industry veteran Elke Temme, who spent nearly two decades at German energy companies RWE and Innogy, to help the carmaker get in better shape to take on Tesla. In the job since January, Temme, 53, has been tasked with bundling the carmaker’s various power activities such as procuring energy, enabling customers to charge their cars at home, and on the road, and selling the electricity required.

    Getting this done will require a bigger workforce and Temme plans to double the staff at Volkswagen’s European charging and energy division, known as Elli, to about 300 in 2022, having already tripled it this year, she told Reuters in an interview. “We’re investing in huge growth areas that don’t always have to be profitable right away. We always see these investments in the overall context of our group strategy,” she said. “That’s why building up a comprehensive infrastructure is key.”

    Temme declined to specify the budget she has been given but said Volkswagen, led by Tesla admirer Herbert Diess, has approved the investment requests for the division, which also sells home battery storage systems similar to Tesla’s Powerwall. Volkswagen leads the pack worldwide by far with its investment plans for EVs and batteries through 2030, according to a Reuters analysis, and it is planning to spend 35 billion euros on battery EVs by 2025.

    But when it comes to the networks of fast-chargers that many analysts believe are crucial for bringing EVs into the mainstream, VW has some catching up to do. Tesla has been rolling out high-performance Superchargers for years and has a global network of about 30,000 fast-chargers that it says can give a 200 km (125 mile) boost in 15 minutes. The company said in October that its own network has doubled in the past 18 months – and will triple over the next two years.

    Volkswagen, meanwhile expects its network of fast-chargers to nearly quadruple to about 45,000 by 2025 – when it aims to overhaul Tesla as the global EV market leader – with 18,000 EV pumps in Europe, 17,000 in China and 10,000 in North America. Volkswagen in March said it plans to spend 400 million euros on expanding its fast-charging network on the continent by then. But that’s a drop in the ocean compared with the 5 billion euros the European Union reckons is needed every year until 2040 to expand charging infrastructure on the continent, and it is raising the pressure on utilities and governments to step up.

  • 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.”

  • Volvos Concept Recharge Uses Sustainable Materials

    Volvos Concept Recharge Uses Sustainable Materials

    With the Concept Recharge, Volvo Cars demonstrate the steps it will take in all areas of pure electric car development to reduce its cars’ and its overall carbon footprint. The company plans to sell only fully electric cars by 2030 and aims to be a climate-neutral and circular business by 2040. By using sustainable materials inside the car, equipping it with tyres from recycled and renewable material, improving aerodynamics, and through other measures, Volvo Cars can take huge steps to reduce its carbon impact through the car itself.

    When combining those steps with the use of clean energy throughout a decarbonized supply chain, manufacturing process, and use phase of the car, Volvo Cars believes it can reduce a car’s lifecycle CO2 impact by 80 percent versus a 2018 Volvo XC60, without losing the inherent premium qualities that Volvo cars have become known for.

    This would mean that the Concept Recharge would have an overall lifecycle CO2 impact below 10 tonnes when charged with 100 percent renewable energy.

    Volvo Cars is in the forefront when it comes to working with sustainable and natural materials in its cars, and the Concept Recharge is another proof point of its commitment to push forward with this ambition.

    The interior design is rich in sustainable materials, both natural and recycled materials – think of responsibly sourced Swedish wool, environmentally responsible textiles and lightweight composites created from natural sources.

    Sourced Swedish wool is transformed into fully natural breathable cloth, free from additives. This warm and soft material is used in the seat backrest and instrument panel top. Meanwhile, the floor and lower doors are covered by a rich carpet of 100 percent wool. The seat cushions and touch surfaces on the door are made from an environmentally responsible material that contains Tencel fibers from cellulose. This fabric has great durable strength and is soft to the skin. By using Tencel fibers, which have been produced through high water- and energy-efficient processes, Volvo designers can reduce the use of plastics in interior parts.

    The seatbacks and headrests, as well as part of the steering wheel, use a new material created by Volvo Cars called Nordico. It is a soft material made from bio-based and recycled ingredients that come from sustainable forests in Sweden and Finland, providing a CO2 footprint that is 74 percent lower than leather.

    Elsewhere in the interior, including in the lower storage areas, back of the headrest, and the footrest, the Concept Recharge uses a flax composite, developed by Volvo Cars in collaboration with suppliers. It uses fibers from the linseed plant, which are mixed with composites to provide a strong and lightweight, yet attractive and natural, aesthetic.

    On the exterior, the front and rear bumpers as well as the sill moldings also consist of flax composite. Using a flax composite both inside and out in this way results in a significant reduction of plastics used.

    With the internal combustion engine making way for the pure electric powertrain, tires play an even more important role. Not only are they crucial for safety, but they also contribute largely to the vehicle’s battery range. This means tires for electric cars always have to be on top of technology development.

    Hence the Concept Recharge features special tires made by Pirelli, which are completely free from mineral oil and are made from 94 percent fossil-free materials, including recycled and renewable materials such as natural rubber, bio-silica, rayon, and bio-resin. This reflects the circular approach shared by Volvo Cars and Pirelli, with a focus on reducing resource consumption and environmental impact.

    Beyond its sustainable materials, electric powertrain, and special tires, Concept Recharge also improves the environmental credibility of SUVs through efficiency and aerodynamics.

    With the Concept Recharge, Volvo Cars envision the future of aerodynamics. It incorporates innovative aerodynamic features such as exterior design details that smooth the airflow, a new wheel design, a lower roof, and a more upright rear end.

    As such, it takes the classic SUV shape and improves airflow to increase range, while offering the incredible space opportunities that come naturally with an electric car and its lower floor.

  • Auto sales hit six-month high

    Auto sales hit six-month high

    Vietnam auto sales reached 29,797 units last month, the highest since April, indicating demand recovery after prolonged social distancing.

    This is the second monthly sales rise in a row after a chain of five dropping months from April to August when the fourth Covid-19 wave hit, according to a report by Vietnam Automobile Manufacturers Association (VAMA).

    In the first 10 months, total sales hit 218,734 units, up nearly 3 percent year-on-year.

    Truong Hai Auto (Thaco) continued to lead sales with 75,604 units in the period, up 6.3 percent year-on-year.

    Toyota followed with 45,131 units, down 9.6 percent.

    Mitsubishi, Ford, and Honda rounded out the top five.

    In October, the best-selling model was the sedan Hyundai Accent with 3,346 units, followed by the pickup truck Ford Ranger.

    Last year, sales had fallen by 8 percent to 296,634 units as the Covid-19 pandemic badly affected the economy, hitting people’s incomes and discretionary spending.

  • McLaren Denies Being Acquired By Audi

    McLaren Denies Being Acquired By Audi

    Earlier in the day, reports had emerged that Audi had closed a deal to acquire the entire McLaren group. Audi had been exploring an acquisition of the McLaren Formula 1 team to facilitate its entry into the pinnacle of motorsport in 2026 when the new engine formula come into the sport. It had been open to the full acquisition of the entire McLaren Group that gives it access to the McLaren supercar brand. Audi, of course, already has a controlling stake in Lamborghini and the Volkswagen Group has been looking to enter the world of Formula 1 with its Audi and Porsche brands. Due to the pandemic, McLaren had faced many losses and was forced to lay off 1,200 workers.

    Even though its F1 team has been on a revival and its financials have improved with external funding, last month the supercar maker also lost its longtime CEO Mike Flewitt who ran the main motorcar brand while its Applied sciences division was already sold.

    Volkswagen Group has been looking to enter the world of Formula 1 with its Audi and Porsche brands

    While Audi seems keen, McLaren has come out and rubbished all these claims. “McLaren Group is aware of a news media report stating it has been sold to Audi. This is wholly inaccurate and McLaren is seeking to have the story removed. McLaren’s technology strategy has always involved ongoing discussions and collaboration with relevant partners and suppliers, including other carmakers, however, there has been no change in the ownership structure of the McLaren Group,” the company said in an official statement.

    ly denied the report which originated from Autocar. “As part of our strategic considerations, we are constantly looking at various cooperation ideas,” said an Audi spokesperson in response to the Autocar report. Porsche is looking at a partnership with Red Bull for its powertrains division while Audi had been planning to acquire a team and McLaren was the one on top of its list. If it can’t get McLaren, it will be looking at either Sauber or Williams which are now the last of the three independent teams left in the sport.

    For Audi, McLaren is very attractive. Apart from being the third most successful F1 team in history, it is a storied supercar brand. Its team is also now back on the upswing with a great set of drivers in Lando Norris and Daniel Ricciardo. What’s interesting is if an acquisition were to happen what will happen to the McLaren brand which counts F1 core to its identity?

  • Musk Sells Nearly $7 Billion Worth Of Tesla Shares This Week

    Musk Sells Nearly $7 Billion Worth Of Tesla Shares This Week

    Tesla CEO Elon Musk offloaded a combined $6.9 billion worth of shares in the electric car company this week, taking advantage of a meteoric rally that vaulted the firm’s value to over $1 trillion. The billionaire sold 1.2 million shares held by his trust for more than $1.2 billion on Friday, the latest in a flurry of his stock transactions, according to U.S. security filing released later in the day.

    The world’s richest person and Tesla’s top shareholder last Saturday tweeted that he would sell 10% of his shares if users of the social media platform approved the move. The 10% would be about 17 million shares at the time of his tweet.

    He has sold 6.36 million shares this week – around 37% of 17 million. He now needs to offload about 10 million more shares to fulfill his pledge to sell 10% of his holdings.

    Shares of Tesla Inc closed lower on Friday, down 2.8% at $1,033.42, snapping an 11-week winning streak. The shares are up more than 46% this year following a sharp rally in October.

    The stock sales, which marked the first time that Musk cashed out on a stake of that size since the company was founded in 2003, were massive by capital market standards, eclipsing the initial public offerings of most companies.

    By getting Twitter users to green-light the move, he has blunted potential criticism of cashing out at a time when Tesla’s valuation has become frothy and shares are at record highs.

    Tesla shares fell 15.4% this week and lost some $187 billion in market value, more than the combined market capitalizations of Ford Motor Co and General Motors Co.

    Despite the week’s losses, Tesla is still the most valuable automaker in the world. Recent strong gains in the stock have underscored demand for shares of electric vehicle (EV) makers.

    After the blockbuster market debut of Rivian Automotive Inc on Wednesday, the two most valuable U.S. automakers are EV companies.

    In a veiled jab at the Irvine, California-based rival, Musk tweeted on Thursday: “There have been hundreds of automotive startups, both electric & combustion, but Tesla is (the) only American carmaker to reach high volume production & positive cash flow in past 100 years.”

    Musk had previously said he would have to exercise a large number of stock options this year, which would create a big tax bill. Selling some of his stock could free up funds to pay the taxes.

    Prior to the sale, Musk owned a stake of about 23% in Tesla, including stock options. After his exercise on 2.15 million stocks on Monday, he has options for 20 million more shares he needs to exercise by next August.

    “We expect the share sales will continue, as Musk holds millions of options worth billions of dollars that would otherwise expire worthlessly, and he has also prearranged share sales under 10b5-1 plans,” said Jason Benowitz, senior portfolio manager at the Roosevelt Investment Group LLC in New York.

  • Porsche AG Benefits From Being Part Of Volkswagen Group

    Porsche AG Benefits From Being Part Of Volkswagen Group

    Porsche AG, part of the Volkswagen Group, profits from being part of Volkswagen, its CEO Oliver Blume said on Wednesday, following speculation that an IPO of the luxury unit could be on the cards.

    “We feel very comfortable in the Volkswagen Group, we can profit from synergies. The important thing in this time is to focus on transformation,” Blume said, speaking at a car industry conference organized by autos publication Automobilwoche in Ludwigsburg, Germany. China Vehicle Sales Fall 9.4% In October 2021

    Germany’s Manager Magazin reported in October that investment bank Goldman Sachs and law firm Freshfields were among advisors working on a possible listing of the unit.

    Volkswagen’s CEO Herbert Diess said on Oct. 28 the company was constantly reviewing its portfolio but provided no further comment.

  • Vietnam supplier resumption to reboot Japan auto industry

    Vietnam supplier resumption to reboot Japan auto industry

    The resumption of auto part factories in Vietnam is set to contribute to the recovery of Japanese automakers struggling with a supply shortage due to Covid-19.

    The three Vietnam factories of Japan’s Furukawa Electric, which make wire harnesses for cars, are expected to soon return to full capacity.

    Factory floors “have returned to a position where they can respond to requests from a client,” Furukawa Electric President Keiichi Kobayashi said.

    The fourth Covid-19 wave has forced most southern companies to operate under restrictions, but since October, utilization rates at all three factories in Ho Chi Minh City and Ben Tre Province have been recovering steadily.

    Vietnam was the source of about 40 percent of Japan’s wire harness imports last year, with pandemic restrictions having forced Toyota Motor and seven other Japanese automakers to cut September production in half compared to a year earlier.

    Yazaki and Sumitomo Electric Industries also restoring production at their Vietnamese plants could further help support a production comeback in Japan’s auto sector.

  • Elon Musk Sells $5 Billion In Tesla Shares After Twitter Poll

    Elon Musk Sells $5 Billion In Tesla Shares After Twitter Poll

    Tesla Chief Executive Elon Musk sold about $5 billion in shares, the billionaire reported in filings on Wednesday, just days after he polled Twitter users about selling 10% of his stake. In his first share sale since 2016, Musk’s trust sold nearly 3.6 million shares in Tesla, worth around $4 billion, while he also sold another 934,000 shares for $1.1 billion after exercising options to acquire nearly 2.2 million shares. The 4.5 million shares equate to about 3% of his total holdings in the electric vehicle manufacturer, which makes up the vast part of his estimated $281.6 billion fortune, according to Forbes.

    Musk on Saturday polled Twitter users about selling 10% of his stake, helping to push down Tesla’s share price after a majority on Twitter said they agreed with the sale. The stock sank 12% on Tuesday in a multi-day selloff that endangered the company’s position in the $1 trillion club, but recovered 4.3% on Wednesday.

    The options-related sales were set up in September through a trading plan that allows corporate insiders to establish preplanned transactions on a schedule, the filing said. The sales of the option-related shares paid for associated taxes. It was not clear how or whether the trading plan related to Musk’s Twitter poll. Tesla did not respond to a request for comment.

    The additional share sales were separate and provide Musk with sizeable reserves of cash, given his wealth is largely tied to his stakes in Tesla and SpaceX. Musk has more than 20 million further stock options that are due to expire in August of next year. If Musk carried out the 10% stock sale plan, it would be a slight negative near term, said Mark Arnold, chief investment officer at Hyperion Asset Management in Brisbane where Tesla is the top holding in its global fund. “But the stock is pretty liquid and its not a huge percentage of total issued shares, so it shouldn’t have that much of an impact … we’re quite comfortable with the outlook for the business,” he said.

    While Tesla has lost close to $150 billion in market value this week, retail investors have been net buyers of the stock. Some 58% of Tesla trade orders on Fidelity’s brokerage website on Wednesday were for purchases, rather than sales. Retail investors made net purchases of $157 million on Monday and Tuesday, according to Vanda Research. Tesla is now up more than 51% in 2021, thanks largely to an October rally that was fueled by an agreement to sell 100,000 vehicles to rental car company Hertz.

    “The company itself is on fire, with strong results,” said Tim Ghriskey, a senior portfolio strategist at New York-based investment management firm Ingalls and Snyder. Bullish sentiment returned to Tesla’s options on Wednesday, with about 1.1 calls traded for every put. Calls are typically used for bullish trades, while buying puts shows a bearish bias. The company’s options accounted for about $109 billion in premium changing hands over the last two weeks, or about one in every three dollars traded in the U.S.-listed options market, according to a Reuters analysis of Trade Alert data.

  • Apple Hires Tesla’s AutoPilot Software Pilot Boss

    Apple Hires Tesla’s AutoPilot Software Pilot Boss

    Apple has hired CJ Moore who was Tesla’s head of software for its AutoPilot autonomous driving system. CJ Moore recently had disputed Elon Musk’s claims around AutoPilot and said that it was fundamentally a level 2 ADAS system while Musk has been pitching it as an autonomous driving system. CJ Moore will be reporting to another ex-Tesla executive Stuart Bowers who is the Vice President of engineering at Apple.

    In January Musk had claimed that Tesla’s autopilot will be able to operate reliably to a level better than that of a human driver. Tesla’s FSD driving beta went live only earlier this year but still, it doesn’t make Tesla’s cars fully autonomous. Tesla is also facing an investigation from authorities in the US in relation to crashes while its cars have been in AutoPilot mode. Moore was called in as a witness after a Tesla crash that left two people dead in April.

    The Apple Car project which has been called Project Titan has been in the works for more than half a decade – and has been riddled with issues. Apple recently lost its day-to-day chief of the project Doug Field who also left for Ford. Apple placed operational control in hands of Kevin Lynch the former Apple Watch software chief.

    Apple has also hired Ulrich Kranz, the co-founder of Canoo, and the former Vice President at BMW who helped create its electric cars. Apple has also poached Tesla’s Andrew Kim, Michael Schewkutsch, and Steve MacManus.

    Apple has been struggling to close battery supply from the likes of BYD and CATL while it also still doesn’t have a manufacturing partner having spoken to many players like Magna and Nissan.

  • Self Driving Startup Momenta Raises $500 Million

    Self Driving Startup Momenta Raises $500 Million

    Chinese self-driving startup Momenta has raised $500 million in a Series C funding. This round of funding comes after GM invested $300 million in the startup. This means now Momenta is valued at over $ billion.

    Momenta’s product portfolio includes advanced driver assistance systems which it sells to OEMs like GM and another tier 1 suppliers like Bosch. It also does R&D on unmanned level 4 ADAS systems. It has a high-profile constellation of investors including China’s SAIC group, GM, Toyota, Mercedes Benz and Bosch. It also has Temasek which is Singapore’s sovereign fund and Jack Ma’s Yunfeng Capital onboard as institutional investors.

    Momenta’s main point of differentiation is its relationship with automotive OEMs as many of the top ones are its investors as well. Many of its peers have taken a different path as they have developed in-house robotaxi fleets which is a more capital-intensive operation. It harvests data from its customers who are mass-producing vehicles.

    In China, it has Pony.AI and WeRide as its main rivals, and while they have raised a lot of money Momenta’s fundamentals are stronger because of its frugal operations.

    For GM, Momenta deploys a solution that is a mixture of consumer-grade millimeter-wave radars and high definition cameras which will be used in the automaker’s cars sold in China. Momenta also opened an office recently in Stuttgart in Germany probably because of its relationship with Mercedes Benz which is also based out of the same city.

  • Vietnam’s VinFast eyes over $200 mln capital investments in California

    Vietnam’s VinFast eyes over $200 mln capital investments in California

    VinFast said Friday it will make over $200 million in capital investments and place its U.S. headquarter in California as part of its plan to expand operation in North America.

    VinFast, the automobile arm of Vietnam’s largest conglomerate Vingroup, became the country’s first fully-fledged domestic car manufacturer when its gasoline-powered models built under its own badge hit the streets in 2019.

    It is aiming to debut in the U.S. with two battery-electric SUVs and inaugurate 60 showrooms across the country next year, the company said.

    VinFast has said it will keep an eye on the possibility of a manufacturing facility in the U.S.