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Hurun Global Rich List Ranks Jeff Bezos, Bernard Arnault and Bill Gates on the top

Fri, 02/28/2020 - 12:01

Hurun Global Rich List has ranks Jeff Bezos as number one spot, followed by Bernard Arnault of fashion and lifestyle company LVMH. Bill Gates has dropped to third position but he has been donating a major part of his wealth for philanthropic projects.

Warren Buffett has been ranked at number 4 with net worth of USD 102 billion. Facebook founder Mark Zuckerberg ranks number 5 with net worth of $84 billion.

Affordable fashion brand Zara’s founder Armancio Ortega ranks on number 6 with estimated wealth $81 billion. Carlos Slim ranks on number 7 in Hurun Global Rich List.

Google co-founder Sergey Brin ranks at number 8, followed by Larry Page on number 9.

Indian billionaire Mukesh Ambani and Steve Ballmer from Microsoft share number 9 ranking with estimated wealth of $67 billion.

Business: Business NewsGeneral: FeaturedTNMPeople: Jeff BezosBill GatesBernard Arnault

Chinese EV startup Nio planning to introduce new compact e-SUV --- the ‘ES3’

Thu, 02/20/2020 - 14:35

Chinese electric car startup Nio is planning to introduce a new model before the end of 2019. The new model, marking the company’s third vehicle, will be another electric SUV called the ‘ES3.’

According to Nio, the forthcoming ES3 model will be a five-seater compact e-SUV. It is based on the same platform as Nio’s two bigger electric SUVs -- the ES8 and the ES6 -- which will be produced by the company in collaboration with JAC Motor.

The series production of the ES3 compact e-SUV is scheduled to commence at a Beijing factory in the second half of 2020. The target production for the ES3 by Nio for 2020 is 80,000 units, which will subsequently be increased to 150,000 units in 2021.

The technical specifications of the upcoming Nio ES6 e-SUV have not yet been officially disclosed. Nonetheless, reports from China have suggested that the vehicle will have a driving range equal to or more than the 500 km (NEDC) range of the ES6 model. The reported driving range of the ES3 evidently comes against the backdrop of the fact that the ES3 will be smaller and lighter than the ES6, despite the same platform.

Meanwhile, Nio has announced that the ES3 will be positioned as a high-end product above the standard market segment for compact SUVs. The compact SUV segment in China typically ends at approximately 200,000 yuan.

Business: Auto SectorGeneral: FeaturedTNMRegion: ChinaCompanies: NIO

Germany is planning EUR 75B investment for massive transport turnaround

Sat, 01/18/2020 - 13:43

In a recent report from Germany, Sueddeutsche Zeitung has revealed that the Federal Ministry of Transport has planned a EUR 75 billion investment for a massive transport turnaround in the country. The investment will benefit the railways as well as electric transport on the roads, to enable Germany to achieve its targeted climate goals by 2030.

The Sueddeutsche Zeitung report is based on a draft paper apparently prepared by the Federal Ministry of Transport with regard to the planned billion-euro infrastructure fund. The draft paper has reportedly been uncovered ahead of the decisive meeting of the climate cabinet scheduled to be held on September 20, 2019.

In the planned infrastructure fund, an amount of approximately EUR 20 billion has been earmarked for the railways. Meanwhile, for promoting electromobility, the German government is mulling a two-fold increase in the federal share of electric-vehicle (EV) incentives to EUR 4,000 on the purchase of EVs with a list price of up to EUR 30,000.

In addition, with Germany aiming to have 50% buses running on electricity by 2030, the government is also considering a EUR 8,000 funding for electric cabs, along with encouraging the second-hand EV market by EUR 500.

Moreover, together with focusing on an increased adoption of EVs in Germany, the government’s billion-euro infrastructure budget also comprises an allocation of an undisclosed amount for advancing research related to alternative fuels, including for freight transport.

Region: GermanyBusiness: Travel SectorGeneral: FeaturedTNMCleanTech

FREY reveals prices of new two high-speed full suspension e-bikes --- EX and CC

Fri, 12/13/2019 - 00:23

Electric bicycle manufacturer FREY has revealed that pricing details for its two brand new high-speed full suspension electric bikes --- the FREY EX and the FREY CC models. The two new e-bikes were officially introduced by FREY in September 2019.

At the unveiling of the two new e-bikes, FREY had not disclosed their prices. However, the prices of both the models have now been revealed by the company, which has also claimed that potential buyers have already started ordering the new e-bikes.

According to the pricing information disclosed by FREY for the new EX models, the cost of the entry-level EX Basic model is US $3,380, while the cost of the EX Advanced model is US $3,760, and the top-of-the-line EX Pro model is priced at US $4,010.

FREY has revealed that the EX Basic model is outfitted with one single removable 672 Wh battery, whereas the EX Advanced and EX Pro models are equipped with dual batteries.

Meanwhile, the cost of the FREY CC model, outfitted with one 840 Wh removable battery, is $2,980.

Overall, the new EX and CC models launched by FREY feature the Bafang Ultra motor which is underrated by the manufacturer at 1,000 W and 50 km/h (31 mph). The EX model will largely attract trail riders, while the CC model will apparently be preferred by riders looking for a fast and comfortable commuter e-bike.

Business: Business NewsCompany NewsCompanies: FREYRegion: United StatesGeneral: FeaturedTNM

Norway: EV chargers replacing gas pumps at several gas stations

Fri, 12/13/2019 - 00:20

With the pace of adoption of electric vehicles (EVs) in Norway being the fastest in the world, the gas stations in the country are noticeably getting affected by the move towards electrification.

The widespread use of EVs in Norway has prompted gas stations to consider a change in their business models. With EVs increasingly taking over gas-powered vehicles, some gas stations in the country have either reduced their capacity or have shut down.

Moreover, at several gas stations across Norway, gas pumps have been replaced by EV charging points, in order to cater to the charging requirements of EV drivers. One of the gas stations at which all the gas pumps were replaced by EV chargers in September 2019 was the Circle K at the Aleksander Kielland site in Norway’s capital city Oslo.

Although gas pumps still deliver the core products at the gas stations, the demand for gas and diesel in Norway has already recorded a significant reduction. The reason behind the reduced demand for gas and diesel is that EVs presently account for more than 50% of the new cars sales in the country.

In reference to the rapid transition to EVs in Norway, Christina Bu -- from the Norwegian Electric Vehicle Association -- said that the move heralds “a new era.” Bu further added: “It is a historic milestone that the gas station chains replace fossil fuel pumps with electric chargers.”

Region: NorwayBusiness: Auto SectorGeneral: FeaturedTNMCleanTech

Porsche and Boeing sign MoU to explore prospects in Urban Air Mobility market

Fri, 12/13/2019 - 00:18

In a recent announcement, German automaker Porsche and US aerospace company Boeing have revealed that they are partnering up for exploring the potential prospects in the Urban Air Mobility (UAM) market, including flying taxis.

According to a Memorandum of Understanding (MoU) signed by Porsche and Boeing, an international team will be created by the two companies for gathering an insight on new mobility applications

Furthermore, the independent new team will also address the diverse aspects of the UAM market. Towards that end, the team will analyze the market potential for premium vehicles as well as possible use cases.

Although no specific timeline has thus far been provided by Porsche and Boeing with regard to the expected launch of an urban air taxi, a concept for a fully electric vertical takeoff and landing vehicle (VTOL) is being developed by the two companies, in collaboration with Boeing’s Aurora Flight Sciences. Engineers at two Porsche subsidiaries -- Porsche Engineering Services GmbH and Studio F.A -- are also contributing to the development of the VTOL concept.

In reference to the UAM-related partnership between Porsche and Boeing, Steve Nordlund -- Boeing NeXt’s Vice President and General Manager -- said that the partnership with Porsche unfolds an opportunity for Boeing “to investigate the development of a premium urban air mobility vehicle with a leading automotive brand.”

Companies: PorscheBoeingBusiness: Aviation SectorGeneral: FeaturedTNM

Dyson decides to shelve its EV project, says the project is not commercially viable

Thu, 12/12/2019 - 23:59

British vacuum cleaning specialist company Dyson has decided to shelve its ‘ground-breaking’ plans to manufacture electric vehicles (EVs).

The surprise move by Dyson to discontinue its EV project was revealed by the company’s founder Sir James Dyson in a recent email to the employees. With regard to the reasons behind the move, Sir Dyson said that the company is apprehensive about the commercial viability of the EV project.

Highlighting the fact that the EV project had been shelved because of financial reasons, and not engineering reasons, Sir Dyson said in the email that the team working on the project had “tried very hard throughout the development process.” He also added alongside that the company no longer sees a way to make the EV project “commercially viable.”

As a result of Dyson’s plans to axe the EV project, the whopping £2.5 billion amount which the company has already invested in the project will be rechanneled in the company’s other technology.

Dyson was previously planning to develop and manufacture EVs with unusual design and technology, including extraordinarily big wheels as well as the use of solid-state batteries. The company had said in the past that it plans to start the production of three EVs by 2021. The recent decision to cancel those plans will affect most of the more than 500 employees positioned at the company’s new base at Hullavington Airfield in Wiltshire.

Business: Auto SectorCompany UpdatesCompanies: DysonRegion: United KingdomGeneral: FeaturedTNM

U.S.-China tariffs to be discussed during high-stakes White House meeting

Thu, 12/12/2019 - 20:11

President Trump will be meeting senior trade advisers during a meeting at the White House. Financial markets are expecting better outcome for the 17-month long trade war between China and the United States.

Markets were expecting Chinese leadership and President Trump to reach a deal ahead of December 15 deadline for tariffs. Negotiations between officials have failed to reach any deal and tariff rollbacks are probably not on the cards.

Traders in China and United States have suffered due to tariffs but the resolution to the issue isn’t still in the sight. Reports also suggest that tariffs haven’t had any major impact on the U.S. economy or stock markets.

As per a Reuters report, “Trump’s advisers are divided about whether to proceed with the Dec. 15 tariffs and what impact such a move would have on U.S. financial markets, one source familiar with White House trade deal negotiating procedures said.”

Business: EconomyRegion: ChinaUnited StatesPeople: Donald TrumpGeneral: FeaturedTNM