INVESTMENTS

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• Suniel Shetty invests in tyre startup Regrip, talks about investing in EVs

  Actor and entrepreneur Suniel Shetty who has invested in startups across health, tech, food sectors believes that even though the startup ecosystem is booming, one must understand that all of them are not going to be a #unicorn. He also stated that a startup should work with the mindset of a MSME. In the following video, Shetty shares insights on his journey in entrepreneurship, his interest in EV startups, top 5 mantras for startup founders, and how collaboration can bring a win-win situation.

  

• Dutch SPAC in advanced talks to acquire QEV Technologies

  SPEAR Investments I, a SPAC, is in advanced talks to acquire Spanish EV firm QEV Technologies for 209 million euros. The merger will enable QEV to trade on the Amsterdam stock exchange, providing a boost to the SPAC market amid challenges faced by other vehicles.

  

• TomTom beats quarterly forecasts, ups revenue outlook on strong car business

  TomTom, the digital mapping specialist, has raised its revenue outlook after reporting a smaller-than-expected Q2 loss due to strong auto industry demand.

  

• Sanjay Kaul appointed to rejig SMEV and to tide over current crisis

  SMEV will suspend all operational actions until a new structure is fashioned under the guidance of Kaul, the society said.

  

• Vietnam's Truong Hai considers stake sale in USD 5 bn automotive arm

  Vietnamese conglomerate Truong Hai Group is considering bringing in an investor for its automobiles arm, Thaco Auto, in a deal that could value the unit at around USD 5 billion. The group is in talks with a financial advisor to explore the potential sale of a minority stake in Thaco Auto after receiving interest from regional financial investors and corporates.

  

• Ex-Audi boss avoids jail time after 'dieselgate' confession

  Former Audi CEO, Rupert Stadler, was given a suspended sentence and fine in a German court for his involvement in the 2015 emissions-cheating scandal that rocked the car industry. Stadler was given a one-year, nine-month suspended sentence and ordered to pay a USD 1.2m fine after he pleaded guilty to fraud by negligence.

  

• GM investing USD 920 mln in Ohio diesel engine plant

  GM, like other automakers, faces increasingly stringent emissions requirements from California and the U.S. Environmental Protection Agency. It will need to boost the efficiency of internal combustion models and ramp up zero-emission model sales to meet tougher regulations.

  

• China's Geely in early talks to enter Thailand EV market: Sources

  Major Chinese automaker Geely is in the early stages of planning an entry into Thailand's electric vehicle (EV) market, including weighing models for import and local manufacturing, according to two people with knowledge of the discussions.

  

• Chips have become the backbone of vehicles

  Cars talking to each other, talking to home appliances, talking to the service bay at the workshop, talking to the OEM for diagnostic solutions – these are not the future, these are already here. And as cars increasingly become computers on wheels, the demands on semiconductors are growing.

  

• Modi invites Australian businesses to invest in infra, semiconductors, space sectors

  On May 23, the prime minister met business leaders of top Australian companies and called for enhancing cooperation with the Indian industry in areas such as technology, skilling and clean energy.

  

• Gulf Oil Q4 FY23 PAT at INR 62.17 cr

  For the year ended March 31, 2023, the company has achieved Net Revenue of INR 2,999.10 crore and PAT of INR 232.30 crore as against Net Revenue of INR 2,191.64 crore and PAT of INR 211.08 crore respectively for the year ended March 31, 2022.