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Mexican unicorn Kavak raises a $485M Series D at a $4B valuation.

Kavak, the Mexican startup that’s disrupted the used car market in Mexico and Argentina, today announced its Series D of $485 million, which now values the company at $4 billion. This round more than triples their previous valuation of $1.15 billion, which established them as a unicorn just a couple of months ago in October of 2020. Kavak is now one of the top five highest-valued startups in Latin America. The round was led by D1 Capital Partners, Founders Fund, Ribbit, and BOND, and brings K...
Tags: Startups, Transportation, Ecommerce, Apps, Mexico, Finance, Funding, Articles, Tech, Colombia, Automotive, Used Cars, Brazil, Argentina, Online Marketplace, Logistics


EC roundup: BNPL startups, growth marketing tips, solid state battery market map, more

When I needed a new sofa several months ago, I was pleased to find a buy now, pay later (BNPL) option during the checkout process. I had prepared myself to make a major financial outlay, but the service fees were well worth the convenience of deferring the entire payment. Coincidentally, I was siting on said sofa this morning and considering that transaction when Alex Wilhelm submitted a column that compared recent earnings for three BNPL providers: Afterpay, Affirm and Klarna. I asked him why h...
Tags: Startups, Transportation, Cloud, Enterprise, Microsoft, Labor, Finance, Linkedin, Tech, Amanda Milligan, Fractl, Diversity, Automotive, SaaS, Venture Capital, Private Equity


Goldman Sachs is creating an auto-tech joint venture amid a SPAC boom for EV and lidar companies: Report

Lordstown Motors is one of the many EV companies that have gone public through SPACs over the past year. Lordstown Motors Goldman Sachs is creating a JV focused on automotive tech, Bloomberg reported. Auto-tech companies have been part of a number of acquisitions and public listings in recent years. They include Amazon's acquisition of Zoox and Nikola's SPAC merger. Visit the Business section of Insider for more stories. Goldman Sachs is forming an investment-banking joint venture that wil...
Tags: Amazon, Transportation, Finance, Cars, Trends, Tesla, Bloomberg, Goldman Sachs, Goldman, SPAC, Nikola, Friedland, Mark Matousek, Tesla Uber, Zoox, Rivian


End-to-end operators are the next generation of consumer business

Roger Lee Contributor Share on Twitter Roger Lee is a general partner at Battery Ventures, based in Menlo Park, CA, who focuses on investments in software and consumer tech, including online marketplaces. More posts by this contributor Keys to ascending the consumer-internet throne How to communicate with your board in tough times Justin Da Rosa Contributor ...
Tags: Health, TC, Transportation, Ecommerce, Column, Real Estate, Entertainment, Finance, Marketing, San Francisco, Supply Chain Management, Tech, Automotive, Yellow Pages, Exit, Battery Ventures


Tesla Knocks Facebook Off List of Top Five U.S. Companies by Market Cap

Elon Musk’s march towards either overseeing one of the biggest stock market bubble pops in recent history or being the guy who opens a solar-powered portal to Hell on Mars continues unabated: Tesla is now one of the country’s top five companies by market cap.Read more...
Tags: Auto, Transportation, Facebook, Spacex, Elon Musk, Science, Technology, Finance, Tesla, Automotive, Autonomous Vehicles, Mars, Automobiles, Electric Cars, Self Driving Cars, Stonks


Elon Musk has a new title: world’s richest person

Elon Musk, the controversial and enigmatic entrepreneur who heads up SpaceX and Tesla, has reached a status that only three others have held in the past two decades: world’s richest person. On his way to the top spot, Musk has surpassed a bevy of billionaires this year, including Warren Buffet and Bill Gates. He reached the pinnacle Thursday thanks to Tesla’s share price that has skyrocketed nearly 830% since March 2020 along with a substantive pay package that was triggered after achieving ...
Tags: Amazon, Transportation, Spacex, Elon Musk, Finance, Tech, Tesla, Bloomberg, Automotive, SEC, Jeff Bezos, Warren Buffet, Musk, Toyota Tesla, Ford GM VW Group


Nissan Posts Predictable Quarterly Loss, Says Annual Losses Won’t Be Too Bad

Despite predicting a rough year for itself long before the pandemic kicked the whole industry in the shins, Nissan is reporting a sunnier financial forecast.  Thanks to its vast restructuring efforts and better-than-anticipated sales, the Japanese automaker has trimmed estimated annual operating losses by 28 percent. According to Nissan, that should place the 2020 cash […] The post Nissan Posts Predictable Quarterly Loss, Says Annual Losses Won’t Be Too Bad appeared first on The Truth About Cars...
Tags: Finance, Autos, Nissan, News Blog, Studies & Reports, Financial Reports, Ashwani Gupta, Makoto Uchida


Is the 2020 SPAC boom an echo of the 2017 ICO craze?

I wanted to write an essay about Microsoft and TikTok today, because I was effectively a full-time reporter covering the software giant when it hired Satya Nadella in 2014. But, everyone else has already done that and, frankly, there’s a more pressing financial topic for us to parse. Let’s take a minute to take stock of SPAC (special purpose acquisition companies) which have risen sharply to fresh prominence in recent months. Also known as blank-check companies, SPACS are firms that are sent pub...
Tags: Fundings & Exits, Startups, TC, Microsoft, Finance, Satya Nadella, Tech, Tesla, Automotive, Payments, Electric, SPAC, Nikola, NIO, Market Analysis, Porch.com


Report: Automotive Industry Borrows $132 Billion Through Pandemic

The automotive industry has borrowed an estimated $132 billion since the world started taking the coronavirus more seriously, according to a recent analysis by Bloomberg. Despite migrating around the planet months before anyone thought to close down a single airport or suggest masks were necessary, March is broadly viewed as the start of the pandemic […] The post Report: Automotive Industry Borrows $132 Billion Through Pandemic appeared first on The Truth About Cars.
Tags: Finance, Bloomberg, Studies, Autos, Automotive Industry, Loans, PPP, Reports, Dealerships, News Blog, Car Dealerships, Automotive Sector


Amazon now sells auto insurance in India

Amazon’s India business said on Thursday it has begun offering auto insurance to cover two and four-wheeler in the country, marking American giant’s first foray into this financial services category globally. The e-commerce giant said it had inked a deal with Mumbai-headquartered Acko General Insurance to offer customers car and motor-bike insurance. Amazon is also an investor in Acko. Mahendra Nerurkar, chief executive and director of Amazon Pay in India, said on Wednesday evening at a fi...
Tags: Amazon, Apps, Asia, Finance, India, Insurance, Tech, Walmart, Automotive, Mumbai, Flipkart, Vijay Shekhar Sharma, Amazon India, Paytm, ICRA, Paytm India


McLaren May Sell Stake in F1 Team to Improve Chances of Survival

With McLaren scrounging for cash and cutting 1,200 positions from its ranks in the hopes of prolonging its own existence, it would be an understatement to claim 2020 has been unkind to the automaker. Most nameplates are having a rough year. And almost all are seeking ways to turn things around before the situation becomes untenable […] The post McLaren May Sell Stake in F1 Team to Improve Chances of Survival appeared first on The Truth About Cars.
Tags: Finance, F1, Autos, Mclaren, Formula 1, Industry News, News Blog


Here’s a list of tech companies that the SBA says took PPP money

The U.S. Treasury Department released Monday a highly anticipated trove of data identifying every company that has received a loan of more than $150,000 from the Paycheck Protection Program (PPP) — a list that includes some of the hottest names in the tech startup world, including Bolt Mobility, Getaround, Luminar, Stackin, TuSimple and Velodyne. The data, which lists the names of companies that received small business loans over $150,000, was the result of a push for greater transparency around...
Tags: TC, Congress, Finance, Tech, Automotive, Bird, Morgan Stanley, PPP, Index Ventures, Citi, Trump, Small Business Administration, U S Treasury Department, SBA, LUMINAR, Y Combinator Research


All bets are off as Hertz pulls plan to issue $500 million in new stock

Hertz, which filed for bankruptcy last month, halted its $500 million stock offering Wednesday after the U.S. Securities and Exchange Commission told the rental company it would review its controversial plan to sell shares that could soon be wiped out completely. Hertz disclosed Monday that it would issue a $500 million stock offering following approval from the U.S. Bankruptcy Court for the District of Delaware . Last week, the court gave Hertz permission to sell up to 246.8 million unissu...
Tags: Money, Finance, Tech, Automotive, Commission, ATM, SEC, Stock Market, Hertz, Stock, Robinhood, Delaware, Advisors, U.S. Securities and Exchange Commission, U S Bankruptcy Court, Jefferies LLC


Forget the casino, bankrupt Hertz can now sell up to $1 billion in stock

Hertz, the rental car company that is going through Chapter 11 bankruptcy proceedings, can now sell up to $1 billion in stock as it seeks to tap into one of the hottest tickets in town: traders with an appetite for short-term speculative bets. The decision Friday by the U.S. Bankruptcy Court for the District of Delaware gives Hertz permission to sell as up to 246.8 million unissued shares to Jefferies LLC. Hertz, which made the emergency request Thursday, has not entered into an agreement wit...
Tags: TC, Finance, Tech, Economy, Automotive, Rental Car, New York Stock Exchange, Hertz, Stock, Robinhood, Jefferies, U S Bankruptcy Court for the District of Delaware, Nikola Motor, Robintrack, Jefferies LLC Hertz, Robinhood Hertz


Rivian is building an in-house insurance agency

Rivian is hiring an insurance agency data manager, a job posting that suggests the all-electric automaker is planning to offer its own insurance to customers. The job was first posted by , which also reached out to TechCrunch with the tip. Roadshow/CNET about this new position. Rivian wouldn’t provide more details about its plans, but did confirm it has some job postings in the area of insurance. The job is to lead Rivian’s property and casualty (P&C) insurance agency, a position that e...
Tags: Money, California, Finance, Insurance, Tech, Tesla, Economy, Automotive, Michigan, Illinois, TechCrunch, Normal, State Farm Insurance, Bloomington Ill, Plymouth Mich, Rivian


Uber pushes adjusted quarterly profit target to 2021

Uber has pushed its target to achieve a measure of profitability to a quarter in 2021, reversing a decision made just three months ago to move up the goal to the end of this year. Uber will miss its target to reach an adjusted EBITDA quarterly profit in the fourth period of 2020, CFO Nelson Chai said during the company’s earnings call Thursday. The new target is a quarter in 2021. “Our goal remains the same, returning our growth to business and achieving profitability for all of our stakeh...
Tags: TC, Transportation, Uber, Europe, Money, Finance, Tech, Ceo, Economy, Automotive, Profit, Earnings, North America, Cfo, Earnings Guidance, EBITDA


Tesla’s newest board member has a long stance against short selling

Tesla has added Hiromichi Mizuno as a new member to its board of directors and audit committee — the former chief investment officer of Japan’s $1.5 trillion pension fund and a longtime opponent of common market practices like short selling. With Mizuno’s appointment the Tesla board now has 10 members, including Oracle founder, chairman and CTO Larry Ellison and Walgreens executive Kathleen Wilson-Thompson. Mizuno will also sit on the board’s audit committee. Hiro has a long career in fina...
Tags: TC, Japan, Elon Musk, Board of Directors, Finance, Articles, Tech, Tesla, Ceo, Walgreens, Automotive, United States, Telecommunications, Larry Ellison, Corporate Governance, Director


Uber withdraws 2020 guidance

Uber is walking back its annual guidance for 2020 due to the COVID-19 pandemic. Update: This article was corrected to reflect that the guidance was for 2020, not an update that would include the fourth quarter adjusted EBITDA profitability target. Uber CEO Dara Khosrowshahi said earlier this year that the company planned to make an operating profit by the final quarter of 2020. That shouldn’t be confused with annual guidance. Uber said Thursday it was withdrawing its 2020 guidance for gross b...
Tags: TC, Transportation, Uber, Finance, India, Tech, Economy, Automotive, Zomato, Online Food Ordering, EBITDA, GAAP, Didi, Dara Khosrowshahi, Yandex.taxi, Coronavirus


Uber pulls back from operating profit target

Uber is walking back its guidance for what was supposed to be a milestone year for the ride-hailing company that included reaching an operating profit by the last quarter. Uber said Thursday it was withdrawing its 2020 guidance for gross bookings, adjusted net revenue and adjusted EBITDA, which were provided on February 6, 2020 during the company’s earnings call. “Given the evolving nature of COVID-19 and the uncertainty it has caused for every industry in every part of the world, it is impos...
Tags: TC, Transportation, Uber, Finance, India, Tech, Economy, Automotive, Zomato, Online Food Ordering, EBITDA, GAAP, Didi, Dara Khosrowshahi, Khosrowshahi, Yandex.taxi


Stocks post worst quarter since 2008 financial crisis

The first quarter of 2020 ended with a whimper  — with the Dow Jones Industrial Average, S&P 500 and NASDAQ posting their worst quarter in decades — as the COVID-19 pandemic continues to cause uncertainty and volatility across all major stock market indices. At the beginning of the quarter, we were still basking in a decade-long bull market. The global pandemic, and the economic havoc it caused, put an end to those halcyon days. All major American indices dropped into bear-market territory March...
Tags: TC, Cloud, Europe, Finance, China, Tech, Automotive, United States, SaaS, Earnings, Federal Reserve, Nasdaq, Dow Jones, Bessemer, Stonks, COVID-19


GM Pads Wallet to Weather Coronavirus Storm

Following in the footsteps of rival Ford, General Motors is drawing on credit to bolster its cash reserves. The company, which announced a temporary shutdown of its U.S. assembly plants last week, is in the same basket as pretty much any other automaker operating in the country. As well, GM — again, like Ford — […] The post appeared first on The Truth About Cars.
Tags: Finance, General Motors, Ford, Gm, Autos, Ford General Motors, News Blog, U S assembly, Coronavirus


Beijing Auto Show postponed due to coronavirus

China’s annual auto show in Beijing has been postponed because of novel coronavirus, as the number of cases of people infected surpass 71,000. The Beijing International Automotive Exhibition, which was scheduled to begin April 21, is the latest high-profile event that has been either cancelled or postponed over concerns of coronavirus. A new date will be announced in the future, organizers said on the official event website. Earlier this month, MWC canceled its event in Barcelona, which was supp...
Tags: TC, Asia, Finance, China, Tech, Barcelona, Beijing, Automotive, New York Times, Credit Suisse, Shanghai, Financial Services, Communist Party, Republic of China, Credit Suisse Group AG, Beijing Auto Show


Shrunken unicorn Fair cancels car leasing to Uber drivers

When Fair laid off 40% of its staff in October, CEO Scott Painter promised it wasn’t shuttering leasing services to on-demand fleets. But just one week later, Painter was removed as CEO and replaced in the interim with Adam Hieber, a CFA from Fair investor SoftBank. Today, according to two sources, Fair announced at an all-hands meeting that it would end its Fair Go program that helped Uber drivers lease cars. The program will cease in April. Uber now confirms the news to TechCrunch, and n...
Tags: Startups, TC, Transportation, Uber, Finance, Softbank, Tech, Automotive, Venture Capital, Getaround, TechCrunch, Flexport, Fair, Elliott Management, Scott Painter, xChange


Shrunken unicorn Fair cancels car leasing to Uber drivers, citing high insurance premiums

When Fair laid off 40% of its staff in October, CEO Scott Painter promised it wasn’t shuttering leasing services to on-demand fleets. But just one week later, Painter was removed as CEO and replaced in the interim with Adam Hieber, a CFA from Fair investor SoftBank. Today, according to two sources, Fair announced at an all-hands meeting that it would end its Fair Go program that helped Uber drivers lease cars. The program will cease in April. Uber now confirms the news to TechCrunch, and n...
Tags: Startups, TC, Transportation, Uber, Finance, Softbank, Tech, Automotive, Venture Capital, Getaround, TechCrunch, Flexport, Fair, Elliott Management, Scott Painter, xChange


SoftBank-backed Fair puts the brakes on weekly car rentals for Uber drivers

When Fair laid off 40% of its staff in October, CEO Scott Painter promised it wasn’t shuttering leasing services to on-demand fleets. But just one week later, Painter was removed as CEO and replaced in the interim with Adam Hieber, a CFA from Fair investor SoftBank. Today, according to two sources, Fair announced at an all-hands meeting that it would end its Fair Go program that helped Uber drivers lease cars on short-term deals. The program will cease in April. Uber now confirms the news ...
Tags: Startups, TC, Transportation, Uber, Finance, Softbank, Tech, Automotive, Venture Capital, Getaround, TechCrunch, Flexport, Fair, Elliott Management, Scott Painter, xChange


Tesla temporarily closes Shanghai factory over coronavirus concerns

Tesla has shut down its Shanghai factory as part of a broader order by the Chinese government to stem the spread of the coronavirus in the region, a closure that will delay Model 3 production and ultimately put slight downward pressure on profits in the first quarter, the automaker’s finance chief Zach Kirkhorn said during an earnings call Wednesday. Prior to the call, Tesla reported Wednesday $105 million in net income, or 56 cents a diluted share, compared with $140 million, or 78 cent...
Tags: Apple, TC, Finance, China, Tech, Tesla, Automotive, United States, Shanghai, Tim Cook, Toyota, Starbucks, Viruses, Wuhan, Tesla Model 3, FREMONT


US to inject $300M into research for cleaner transport tech

The electric vehicle market looks like it’s going to get a boost in the United States. The Trump administration has just announced that it’s set up a $300 million grant to research clean vehicle technologies. Mark Menezes, an official from the US Department of Energy announced the grant earlier today at the Washington Auto Show, Washington Examiner reports. The DoE is also partnering with an energy utility research group. [Read: Tesla Model 3 drives surge in UK’s battery-powered vehicle registra...
Tags: Startups, UK, Money, Finance, Cars, US, United States, Trump, US Department of Energy, Tesla Model, Hard Fork, Mark Menezes, Washington Auto Show Washington Examiner


VW knows it must become a tech company to compete with Tesla

German marque, and the world’s largest car maker by sales, Volkswagen (VW) appears to be wising up to the changing landscape of the automobile world. In a meeting with more than 100 company managers in Berlin this week, VW CEO Herbert Diess said that the company will have to “slaughter some sacred cows” and transform into a tech company if it’s to survive, the FT reports. In other words, VW is going to have to retire beloved vehicles in favor of greener alternatives. It seems that VW is growing ...
Tags: Startups, Europe, Finance, Berlin, Cars, Tesla, World, Vw, Herbert Diess, Volkswagen VW


What is the law on displaying a number plate?

The DVLA have very strict laws on how a number plate should be displayed . It is essential that number plates are visible so that they can be recognised easily if there has been a road accident, if a camera catches you speeding or even if a vehicle needs to be found in the case of theft. Without a number plate, it would not be possible to differentiate between vehicles which could cause a whole host of problems. As years have gone on, the DVLA have implemented more rules in-regard to how a num...
Tags: Auto, Food, UK, Finance, Car, DVLA, Number Plate, Vehicle, Charles Wright


Should I Repair or Just Replace My Old Car?

One of life’s simple pleasures is not having to make a car payment every month. Your trusty ride is paid off, only costing you for gas, insurance and repairs.Read more...
Tags: Personal Finance, Money, Saving Money, Finance, Value, Cars, Maintenance, Repair, Vehicles, Car Buying, Autos, Ask Lifehacker, Lifehacks, Automobiles, Edmunds, Car Shopping



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