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Senmiao Technology Reports Fiscal 2024 Third Quarter Financial Results
CHENGDU, China, Feb. 12, 2024 /PRNewswire/ -- Senmiao Technology Limited ("Senmiao") (Nasdaq: AIHS), a financing and servicing company focused on the online ride-hailing industry in China as well as an operator of its own online ride-hailing platform, today announced financial results for its fiscal 2024 third quarter ended December 31, 2023. Fiscal 2024 Third Quarter Financial and Operating Highlights Total revenues of $1.6 million compared to $1.7 million in the prior-year period, primarily due to decreased revenues from online ride-hailing platform services, which was partially offset by increased revenues from the automobile rental business. Loss from operations narrowed to $1.1 million, from $1.3 million in the prior-year period. Net loss was $0.9 million, compared to $1.0 million in the prior-year period. From October 23, 2020, the date Senmiao launched its online ride-hailing platform, to December 31, 2023, more than 35.4 million rides were completed (including orders completed on the platform operated by Senmiao and on partner platforms), with fares paid by riders totaling $114.0 million. As of February 9, 2024, Senmiao has operations in 26 cities in China, including Chengdu, Changsha and Guangzhou. Management Commentary Xi Wen, Chairman, Chief Executive Officer and President of Senmiao, stated, "We were pleased to see continued strength in our automobile rental business, which enabled us to achieve a significant gross margin increase and improved bottom-line results for the fiscal 2024 third quarter. While the online ride-hailing platform services business recorded decreased revenues due to increased competition and compliance checks in a couple of our key markets, we are optimistic about our ability to grow the number of completed orders and improving overall operating efficiency through our recently announced partnership with Anhui Lianma Technology Co., Ltd., a company with extensive experience in online ride-hailing platform operation in multiple cities in China. We more than doubled gross profit during the period as a result of increased revenue contributions from the automobile leasing business, and our ongoing cost-cutting initiatives have resulted in a 24.0% decrease in SG&A expenses, all of which led to a significantly improved bottom line. As we look to continue improving our operating and financial performance, we also continue to seek and assess business opportunities that will serve as catalysts for Senmiao's business growth." Financial Review Revenues Total revenues were $1.6 million for the fiscal third quarter ended December 31, 2023, compared to $1.7 million in the prior-year period. During the quarter ended December 31, 2023, the automobile rental business generated operating lease revenues of $1.0 million, a 27.0% increase from $0.8 million in the prior-year period, primarily due to increased average utilization of automobiles under operating lease growing from 42.9% to 80.6%. The online ride-hailing platform services business generated revenues of $0.5 million, compared to $0.8 million in the prior-year period. The decrease was mainly due to fewer completed orders as a result of increased competition and compliance checks conducted by our platform partner Gaode in Chengdu, one of Senmiao's major markets, during the period. Cost of Revenues Cost of revenues decreased 22.9% to $1.2 million for the fiscal third quarter ended December 31, 2023, from approximately $1.6 million in the prior-year period, primarily due to a $0.2 million decrease in maintenance and insurance expense related to the automobile rental business as Senmiao used more NEVs during the period, and a $0.1 million decrease in direct expense and technical service fees for the online ride-hailing platform services business as a result of fewer completed orders. Gross Profit Gross profit was $0.4 million for the fiscal third quarter ended December 31, 2023, an increase of 128.5% from $0.2 million in the prior-year period, primarily due to increased gross profit from Senmiao's automobile rental business, partially offset by decreased gross profit from online ride-hailing platform services and other services. Selling, General and Administrative Expenses Selling, general and administrative expenses decreased 24.0% to $1.1 million for the fiscal third quarter ended December 31, 2023, from $1.4 million in the prior-year period, which was mainly attributable to the Company's ongoing cost control efforts and initiatives to streamline its operations, which resulted in a $0.2 million decrease in salary and employee benefit expenses and a $0.2 million decrease in office rental and insurance charges. Loss from Operations Loss from operations for the fiscal third quarter ended December 31, 2023, narrowed to $1.1 million, from loss from operations of $1.3 million in the prior-year period. This was primarily due to decreased cost of revenues. Net Loss Net loss for the fiscal third quarter ended December 31, 2023, was $0.9 million, compared to $1.0 million in the prior-year period. Loss per Share Loss per diluted share for the fiscal third quarter ended December 31, 2023, was approximately $0.10 based on a weighted average number of basic and diluted common stock of 9.4 million, compared to loss per diluted share of approximately $0.13 based on a weighted average number of basic and diluted common stock of 7.7 million in the prior-year period. Financial Position As of December 31, 2023, Senmiao had cash and cash equivalents of $1.1 million, compared to $1.6 million as of March 31, 2023. Total stockholders' equity was $2.2 million as of December 31, 2023, compared to $4.4 million as of March 31, 2023. Additional information regarding Senmiao's results of operations for this quarterly period can be found in Senmiao's Quarterly Report on Form 10-Q for the quarter ended December 31, 2023, to be filed with the Securities and Exchange Commission on the date of this earnings release. About Senmiao Technology Limited Headquartered in Chengdu, Sichuan Province, Senmiao provides automobile transaction and related services including sales of automobiles, facilitation and services for automobile purchases and financing, management, operating leases, guarantees and other automobile transaction services, as well as operates its own ride-hailing platform aimed principally at the growing online ride-hailing market in Senmiao's areas of operation in China. For more information about Senmiao, please visit: http://www.senmiaotech.com. Senmiao routinely provides important updates on its website. Cautionary Note Regarding Forward-Looking Statements This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements (including those relating to the operation of Senmiao's ride-hailing platform) are subject to significant risks, uncertainties and assumptions, including those detailed from time to time in the Senmiao's filings with the SEC, and represent Senmiao's views only as of the date they are made and should not be relied upon as representing Senmiao's views as of any subsequent date. Senmiao undertakes no obligation to publicly revise any forward-looking statements to reflect changes in events or circumstances. For more information, please contact: At the Company: Yiye ZhouEmail: firstname.lastname@example.org Phone: +86 28 6155 4399 Investor Relations: The Equity Group Inc. In ChinaCarolyne Sohn, Vice President Lucy Ma, Associate+1 408-538-4577 +86 10 5661 email@example.com firstname.lastname@example.org Alice Zhang, Associate+1 email@example.com © 2024 Senmiao Technology Ltd. All rights reserved. SENMIAO TECHNOLOGY LIMITED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Expressed in U.S. dollars, except for the number of shares) December 31, March 31, 2023 2023 (Unaudited) ASSETS Current assets Cash and cash equivalents $ 1,064,822 $ 1,610,090 Restricted cash 2,375 - Accounts receivable 50,820 158,435 Accounts receivable, a related party 5,493 6,312 Inventories - 6,678 Finance lease receivables, current portion 150,394 146,114 Prepayments, other receivables and other assets, net 1,256,431 1,438,243 Due from related parties, net, current portion 2,512,079 1,488,914 Total current assets 5,042,414 4,854,786 Property and equipment, net 2,959,653 3,343,457 Other assets Operating lease right-of-use assets, net 90,982 121,672 Operating lease right-of-use assets, net, related parties 325,101 92,916 Financing lease right-of-use assets, net 421,645 623,714 Intangible assets, net 636,017 774,324 Finance lease receivable, non-current 86,184 71,133 Due from a related party, net, non-current 1,922,441 3,640,206 Other non-current assets 650,713 716,407 Total other assets 4,133,083 6,040,372 Total assets $ 12,135,150 $ 14,238,615 LIABILITIES, MEZZANNIE EQUITY AND EQUITY Current liabilities Borrowings from a financial institution, current $ 144,871 $ 8,813 Accounts payable 165,839 183,645 Advances from customers 139,732 148,188 Accrued expenses and other liabilities 3,846,364 3,377,507 Due to a related party 386 8,667 Operating lease liabilities 33,840 60,878 Operating lease liabilities - related parties 319,323 143,462 Financing lease liabilities 204,069 264,052 Derivative liabilities 91,755 501,782 Current liabilities - discontinued operations 471,868 487,829 Total current liabilities 5,418,047 5,184,823 SENMIAO TECHNOLOGY LIMITED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED) (Expressed in U.S. dollars, except for the number of shares) December 31, March 31, 2023 2023 (Unaudited) Other liabilities Borrowings from a financial institution, non-current 108,653 - Operating lease liabilities, non-current 51,568 83,485 Operating lease liabilities, non-current - related parties 161,375 42,247 Financing lease liabilities, non-current 253,872 388,064 Deferred tax liability 41,525 42,930 Total other liabilities 616,993 556,726 Total liabilities 6,035,040 5,741,549 Commitments and contingencies (Note 19) Mezzanine Equity Series A convertible preferred stock (par value $1,000 per share, 5,000 shares authorized; 991 and1,641 shares issued and outstanding at December 31, 2023 and March 31, 2023, respectively) 234,364 269,386 Stockholders' equity Common stock (par value $0.0001 per share, 500,000,000 shares authorized; 9,568,040 and 7,743,040shares issued and outstanding at December 31, 2023 and March 31, 2023, respectively) 956 773 Additional paid-in capital 43,834,973 43,355,834 Accumulated deficit (40,003,077) (37,715,294 Accumulated other comprehensive loss (1,593,976) (1,247,099 Total Senmiao Technology Limited stockholders' equity 2,238,876 4,394,214 Non-controlling interests 3,626,870 3,833,466 Total equity 5,865,746 8,227,680 Total liabilities, mezzanine equity and equity $ 12,135,150 $ 14,238,615 SENMIAO TECHNOLOGY LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Expressed in U.S. dollars, except for the number of shares)
FORMULA E MOVES GLOBAL LOGISTICS AND DEVELOPMENT HUB TO VALENCIA’S CIRCUIT RICARDO TORMO
Formula E has today announced the relocation of its global logistics headquarters to the Circuit Ricardo Tormo, Valencia, marking a significant operational shift. This strategic relocation is coupled with an ambitious expansion of the Circuit, transforming it into a cutting-edge development hub for the all-electric ABB FIA Formula E World Championship. Previously located at the British Donington Park circuit, the new global hub in Valencia presents a strategic advancement in logistics efficiency and sustainability for Formula E. Its proximity to a major port optimizes freight routes across Europe and beyond, significantly enhancing Formula E’s ability to leverage sustainable sea freight options. This includes the prioritization of ships powered by sustainable biofuel, in collaboration with the championship’s Official Founding and Logistics Partner, DHL. The move underscores Formula E's unwavering commitment to innovation and environmental stewardship. The new location will also become the series’ permanent test track and development centre, with dedicated test sessions and offices. The Circuit will host track days, featuring developmental, current, and previous generation cars, providing a unique opportunity for individuals to gain in-depth knowledge about the championship, explore EV technology, and experience driving the cars firsthand. In the initial relocation phase, the logistics base will move to a temporary structure adjacent to the Circuit Ricardo Tormo's public entrance, complemented by office space. This arrangement will remain in place until a move into permanent office and warehouse space, giving Formula E a dedicated facility that will centralise and streamline its freight and technology development. The relationship between the Valencian track and the electric ABB FIA Formula E World Championship dates back to 2018, starting with pre-season testing and later hosting a double-header of races amid the pandemic. This event marked the first time Formula E not only competed in Spain but also ran on a conventional, permanent racetrack. Alberto Longo, Co-Founder and Chief Championship Officer, Formula E, said: “This move to the Ricardo Tormo Circuit is an important step for the championship in maintaining the most sustainable freight routes possible while using it as a base for developing future generations of our race cars. Having a permanent centre at the circuit in Valencia will feel to me - and many at Formula E - like home, while keeping us at the cutting edge of EV technology as well as showcasing our unique sport to guests and future partners of the championship.” Vicente Barrera, Vice President, Generalitat Valenciana said: “The Valencian Government is very happy to welcome the operational headquarters of Formula E to the Valencian Community. Formula E is a brand that is linked to values that we share of sustainability and technological advancement to reach a better future. We are looking forward to working together.”
TuanChe Has Regained Compliance with Nasdaq's Minimum Bid Price Requirement
BEIJING, Feb. 12, 2024 /PRNewswire/ -- TuanChe Limited ("TuanChe" or the "Company") (NASDAQ: TC), a leading integrated automotive marketplace in China, today announced that it has received a notification letter (the "Compliance Notice") from the Listing Qualifications Department of the Nasdaq Stock Market Inc. ("Nasdaq") dated February 9, 2024, informing the Company that it has regained compliance with the Nasdaq Listing Rule 5550(a)(2) (the "Minimum Bid Price Requirement"). As previously announced, TuanChe received a notification letter (the "Deficiency Notice") from the Nasdaq dated February 17, 2023 indicating that the closing bid price for the Company's American depositary shares (the "ADSs") was below the minimum bid price of $1.00 required for continued listing under the Nasdaq Listing Rule 5550(a)(2) for 30 consecutive business days. According to the Deficiency Notice, if at any time during the 180-day compliance period, the closing bid price of the Company's ADSs is at least $1.00 for a minimum of ten consecutive business days, the Nasdaq will provide the Company written confirmation of compliance and the matter will be closed. According to the Compliance Notice, the closing bid price of the Company's ADSs has been at $1.00 per ADS or greater for 10 consecutive business days from January 26 through February 8, 2024. Accordingly, the Company has regained compliance with the Minimum Bid Price Requirement, and the matter is closed. About TuanChe Founded in 2010, TuanChe Limited (NASDAQ: TC) is a leading integrated automotive marketplace in China. TuanChe offers services to connect automotive consumers with various industry players such as automakers, dealers and other automotive service providers. TuanChe provides automotive marketing and transaction related services by integrating its online platforms with offline sales events. Through its integrated marketing solutions, TuanChe turns individual and isolated automobile purchase transactions into large-scale collective purchase activities by creating an interactive many-to-many environment. Furthermore, leveraging its proprietary data analytics and advanced digital marketing system, TuanChe's online marketing service platform helps industry customers increase the efficiency and effectiveness of their advertising placements. For more information, please contact firstname.lastname@example.org. Safe Harbor Statement This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, the Company's business plans and development and business outlook, which can be identified by terminology such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. Such statements are based upon management's current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law. For investor and media inquiries, please contact: TuanChe LimitedInvestor RelationsTel: +86 (10) 6397-6232Email: email@example.com Piacente Financial CommunicationsBrandi Piacente Tel: +1 (212) 481-2050Email: firstname.lastname@example.org
Lynk & Co Wins Top Honors in the IDA's SUV Category
LOS ANGELES, Feb. 12, 2024 /PRNewswire/ -- Lynk & Co's flagship model, Lynk & Co 09, was honored with the prestigious Silver Award in the 2023 International Design Awards (IDA). Lynk & Co 09 emerged as the only award-winner in the Automotive & Transport-Cars: SUV category, offering significant recognition for the brand's exceptional design philosophy. Lynk & Co Wins Top Honors in the International Design Award 2023 Launched in 2007, the IDA has successfully organized 15 editions so far. It is renowned for its expertise and authority in identifying, honoring, and advancing outstanding designers. With its global DNA, Lynk & Co is a premium global brand that emphasizes meeting the changing demands of open urbanites. The brand continuously launches innovative products for increased convenience by utilizing its extensive worldwide R&D, technological, and design resources. Born with the brand vision of "changing mobility forever," Lynk & Co 09 brings users of this extraordinary SUV a rewarding experience. Being the sole recipient in the Automotive & Transport-Cars: SUV category, Lynk & Co 09 exemplifies the qualities the award seeks in an outstanding SUV. Lynk & Co 09 is a remarkable automotive masterpiece that distinguishes itself through its versatility, spacious interior, and exceptional off-road capabilities. The design of Lynk & Co 09 perpetuates the timeless design elements of Lynk & Co, renowned as "Mega-city Contrast," incorporating inspiration from urban skylines. With a sleek body and "Aurora Borealis" daytime running lights, it epitomizes modern elegance. The vertical grille seamlessly blends with integrated headlights, shaping an embracing structure that radiates modernity. The rear lights adopt a continuous crystal tail lamp design, uniquely shaping a visually striking and easily recognizable form. The interior boasts Nappa lavish leather surfaces, enhanced by 21 silver-plated particle-feel control keys and meticulously crafted etched aluminum panels. It offers a tailored experience for the discerning modern consumer, featuring a 12.3-inch HD Digital instrument Cluster, a 12-inch touchscreen display, a 6-inch LW touchable center stack, and a full-color voice-controlled head-up display. The spacious cargo area of Lynk & Co 09 accommodates diverse outdoor equipment storage requirements, providing consumers with the utmost versatility to meet various lifestyle needs. Having already launched a variety of models that have garnered widespread acclaim in the Chinese, Middle Eastern, Southeast Asian, and European markets, Lynk & Co remains dedicated to innovation and design quality, maintaining a steadfast pursuit of excellence. The brand is committed to enhancing the driving and riding experience through user-friendly human-machine interaction and intelligent connectivity, ensuring that every journey is seamless and enjoyable. Winning the IDA award affirms Lynk & Co's brand DNA and past efforts while catalyzing continual progress, ensuring a continued offering of models with outstanding designs for consumers. About Lynk & Co:Launched in 2016, Lynk & Co is created for the new generation of open urbanites. Lynk & Co is not just a new car brand but a new brand in the car industry. Born global, open, and connected, the brand aims to build an open platform connecting people, cars, and the world. Contact: email@example.com Lynk & Co 09
The new Porsche Taycan: improved in almost every discipline
All three body variants will feature the numerous modifications from the date of launch – the Taycan sports sedan, the versatile Taycan Cross Turismo, which is available with an off-road package, and the sporting-yet-practical Taycan Sport Turismo. In each case, four powertrain options are available, with rear- and all-wheel drive variants. The revised versions will arrive at Porsche Centres from the spring of 2024. On the path to series production, development engineers and test drivers in camouflaged test cars have covered more than 3.6 million kilometres around the world to keep improving the first all-electric sports car from Porsche. The sports car manufacturer has produced almost 150,000 examples of the Taycan. The most important individual markets for the Taycan are currently the US, the UK, Germany and China. “We ushered in the new era of e-mobility with the Taycan at the end of 2019. It immediately proved to be a game changer and innovative pioneer in the e-vehicle segment,” says head of the model line, Kevin Giek. “We are now continuing this success story with the extensively updated Taycan. The model line has reached new heights in terms of performance, with exceptional driving dynamics and driving pleasure. At the same time, we were able to significantly improve efficiency, range, day-to-day usability and comfort.” - Even higher performance All updated models accelerate much faster than their predecessors. Two examples from both ends of the portfolio: as sports sedans, the Taycan and Taycan Turbo S reach the 100 km/h mark from a standstill in just 4.8 and 2.4 seconds respectively. This makes them 0.6 and 0.4 seconds faster than their predecessors. With the new push-to-pass function in the Sport Chrono package, a boost of up to 70 kW, depending on the model, can be called upon for 10 seconds at the touch of a button. The increased acceleration rates are generally the result of higher system output. For example, the base Taycan delivers 60 kW more than before. In the Taycan Turbo S, it’s an additional 140 kW with Launch Control. This increases the system output of the top model to 700 kW/952 PS. - More than 35 per cent more range compared to the predecessor Depending on the body variant and engine, the WLTP range has increased to up to 678 km, an increase of 175 km or 35 per cent. The updated Taycan not only requires fewer charging stops on long trips than its predecessor, but it also recharges faster: at 800-volt DC charging stations, for example, it can be charged at up to 320 kW. That’s 50 kW more than before. The fast-charging window of the new performance battery has been significantly expanded. This means that charging capacities of more than 300 kW can be sustained for up to five minutes, and very high charging capacities can be achieved more quickly, even at low temperatures. Depending on an individual’s driving style, among other variables, this can halve the time required to go from a 10 to an 80 per cent charge compared to the predecessor car. In the first-generation Taycan, the charging time from 10 to 80 per cent SOC at 15 degrees Celsius is 37 minutes. Under the same conditions, the updated Taycan takes just 18 minutes despite its larger battery capacity. The Performance Battery Plus now has a gross capacity of 105 kWh, increased from 93 kWh. - New active chassis All updated Taycan models come with adaptive air suspension as standard. The new Porsche Active Ride suspension can be ordered as an option for the all-wheel drive versions. This system offers an unprecedented bandwidth between driving comfort and driving dynamics. The suspension keeps the body of the Taycan level at all times, even during dynamic braking, steering and acceleration manoeuvres. With a smooth ride, the system absorbs bumps almost completely. In dynamic driving situations, the Porsche Active Ride suspension ensures an almost perfect connection to the road thanks to a balanced distribution of wheel loads. If the appropriate mode is activated, the suspension can compensate for pitching and rolling motions in order to reduce the acceleration forces acting on the occupants. - Extensive efficiency measures The simultaneous improvement of performance and efficiency is down to a number of factors: an advanced powertrain with a new rear-axle motor with up to 80 kW more power than its predecessor on all models, a modified pulse inverter with optimised software, more powerful batteries, revised thermal management, a next-generation heat pump and a modified recuperation and all-wheel-drive strategy. The maximum recuperation capacity during deceleration from high speeds has increased by more than 30 per cent from 290 to up to 400 kW. All variants now come as standard with aerodynamically optimised wheels and reduced-rolling-resistance tyres. New 21-inch wheels and tyres were specially developed for this purpose. - Significantly improved equipment with less weight Although the models weigh up to 15 kilograms less, the standard equipment is even more extensive than before. Ambient lighting, ParkAssist with reversing camera, electrically folding exterior mirrors with mirror surround lighting, heated front seats, Porsche Intelligent Range Manager (PIRM), heat pump with a new cooling system, smartphone tray for wireless charging, electric charging ports on the driver and front passenger sides, Drive Mode switch and Power Steering Plus are all now standard features. The Taycan base models are now also equipped with adaptive air suspension and aluminium door sill protectors as standard. In addition to the upgraded equipment, the improved product specification includes a battery with increased capacity but with a reduced weight. - Even more attractive design With new front- and rear-end styling with new headlights and tail lights, the experts at Style Porsche have further honed the clean, purist design of the Taycan. The new front wings and the flatter headlights give even greater emphasis to the width of the Taycan. The new headlights feature high-resolution HD matrix technology with detailed optics and now display the brand’s characteristic four-point graphics at night. The Porsche logo in the rear light strip features a three-dimensional, glass-look design. An illuminated version of this is available for the first time, featuring welcome/leaving animations. Among other notable features, the accent colour Turbonite makes the Turbo and Turbo S models stand out more distinctively from the other versions in both the exterior and interior. - Updated control and display concept The instrument cluster, central display and optional passenger display feature an optimised user interface with additional functions. The mode switch on the steering wheel now comes as standard. For Taycan models equipped with the Sport Chrono package and the Performance Battery Plus, there is a special push-to-pass button on the mode switch. Using the new control lever on the left behind the steering wheel, control of the driver assistance systems is even more intuitive. Apple CarPlay has been more deeply integrated into the vehicle displays and functions. The new In-Car Video function enables video streaming on the central display and the passenger display.
FORMULA E ANNOUNCES NXT GEN CUP AS SUPPORT SERIES FOR NEXT GENERATION OF DRIVERS
Formula E has today announced the NXT Gen Cup, the world's first 100% electric junior touring car series with both male and female drivers, as a support series to help develop the next generation of young talent in key motorsport markets. The NXT Gen Cup will feature at all four European race events of the ABB FIA Formula E World Championship’s Season 10 including Misano, Monaco, Berlin and its season finale in London. It is planning for its strongest calendar to date with six European races in total, with the start of its driver line-up, many of whom are aged under 17 years old, to be announced from next week. The ABB FIA Formula E World Championship introduces the NXT Gen Cup as a dedicated support series giving young male and female talent the opportunity to compete on the same circuits as Formula E’s 22 world-class drivers. It also benefits Formula E’s mission of showcasing new formats of sustainable electric racing in iconic locations around the world while giving fans additional on-track action as part of the race-day spectacle. Subject to final FIA approval, the NXT Gen Cup’s inaugural appearance in the Formula E paddock will kick off in Misano, Italy, on the 13th and 14th April marking the start of the World Championship’s European tour and the first time it has raced at the World Circuit. Alberto Longo, Co-Founder and Chief Championship Officer of Formula E, said: “We are delighted to welcome the NXT Gen Cup after their hugely successful debut last year. The addition of an all-electric junior category to the European part of our calendar will further contribute to the essential nurturing of young talent, a key part to our sport and give them the opportunity to race on the same stage as our world-class drivers and teams.” Fredrik Lestrup, series founder of NXT Gen Cup, said: "For NXT Gen Cup to go from an idea on paper less than two years ago to racing together with the ABB FIA Formula E and DTM this year is mind-boggling and an inspiring proof on the hard work by everyone involved. “We have together with Formula E and DTM created a spectacular calendar which will provide our junior drivers with a robust foundation to start their racing careers and show their talents to some of the best teams and partners in the world. I want to extend a huge thanks to everyone who has made this possible and we are thoroughly motivated to start our most exciting season so far!” The Swedish-born series will feature two 20-minute practice sessions (except Monaco with just FP1), a 20-minute qualifying session and a 20-minute race, also bolstering Formula E’s commitment to growing sustainable motorsport and EV technology. The NXT Gen Cup is a fully electric racing series for 20 young drivers aged 15-25 taking their first steps into racing, with the aim to educate them and develop their talents in order to build a successful racing career. The single-make series runs an all-electric car developed and built by Lestrup Racing Team, the LRT NXT1 - a 1150kg machine based on an electric MINI Cooper SE road car. The front-wheel drive, 180bhp race car boasts an extra 60bhp when push-to-pass features are active, with a 30kWh battery and 800 V system. Features also include regen when braking, adjustable Ӧhlins shock absorbers and Hankook Semi-slick all-weather tyres. 20 race cars have been built for the series, giving all drivers equal equipment. All charging operations are handled together with NXT Gen Cup’s Official charging partners ABB E-Mobility. 2024 NXT Gen Cup Calendar* 13-14 April - Misano - Italy – ABB FIA Formula E World Championship 27 April - Monaco - ABB FIA Formula E World Championship 11-12 May - Berlin - Germany - ABB FIA Formula E World Championship 05–07 July - Norisring - Germany - DTM 20-21 July - London - Great Britain - ABB FIA Formula E World Championship 18-20 October - Hockenheim - Germany - DTM * = Subject to FIA approval For more information on the NXT Gen Cup, visit https://www.nxtgencup.com/
Frost & Sullivan Recognizes Petromin Express with the 2023 Saudi Arabian Competitive Strategy Leadership Award for Delivering Futuristic and Highly Ta
Petromin Express is revolutionizing the automotive quick services industry through its tailored automotive products and services, pioneering strategies, and sustainable practices with a deeply customer-centric mindset. SAN ANTONIO, Feb. 8, 2024 /PRNewswire/ -- Frost & Sullivan recently researched the automotive quick services industry and, based on its findings, recognizes Petromin Express with the 2023 Saudi Arabian Competitive Strategy Leadership Award. Petromin is a global leading Saudi Arabian organization that offers innovative, sustainable, and reliable automotive services in over 40 countries. Petromin capitalizes on the tremendous growth opportunities in the automotive quick services industry by leveraging a rich portfolio of services and products. These services include Petromin Express, a trusted quick service center offering a wide range of high-quality vehicle care solutions and superior customer care. Alongside the automotive quick service business, Petromin's verticals span the entire automotive customer journey, including car maintenance, authorized dealerships, fleet management services, service stations, automotive oils and lubricants, automotive aftermarket parts, used vehicle services, and electric vehicle (EV) charging network. The company works closely with regulators to implement a robust governance framework and ensure the strictest compliance with relevant legislation in the markets in which it operates. This strategy allows the company to grow in dozens of markets and increase its customer base exponentially. "The company serves over 12,000 customers daily at its automotive quick service stations. Petromin is dedicated to delivering high service standards through trust and convenience to maintain customer satisfaction and its brand equity," said Elizabeth Whynott, Best Practices Research Analyst at Frost & Sullivan. Petromin Express has an outstanding multi-level customer relationship management process, with its customer satisfaction department regularly collecting customer feedback to identify areas for improvement and resolve any post-service complaints. The company is fully committed to delivering world-class customer experience and solves all issues within 24 hours, improving its high customer satisfaction rates even more. This unwavering customer-centric approach has enabled Petromin Express to establish itself as a reliable and trusted provider of quick automotive services. Additionally, through market research, Petromin consistently innovates and develops new services to continue meeting its customers' ever-evolving needs and offering optimal performance. In the next few years, Petromin plans to expand its cost-effective business model in the Indian, Malaysian, and North African markets, consolidating its leading position in the industry and significantly expanding its operations. "Petromin's primary mission is to offer tailored automotive products and services, identifying and fulfilling customer needs since its inception. Continuous efforts to establish an extensive Petromin Express station network facilitate its goal of providing convenient, comprehensive, and trusted quick automotive services," noted Vitali Bielski, Growth Advisor, Mobility at Frost & Sullivan. Continuous efforts to establish an extensive Petromin Express station network facilitate its goal of providing convenient, comprehensive, and trusted quick automotive care solutions. Each year, Frost & Sullivan presents this award to the company that has leveraged competitive intelligence to execute a strategy successfully that results in stronger market share, competitive brand positioning, and customer satisfaction. Frost & Sullivan Best Practices Awards recognize companies in various regional and global markets for demonstrating outstanding achievement and superior performance in leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analyses, and extensive secondary research to identify best practices in the industry. About Frost & Sullivan For six decades, Frost & Sullivan has been world-renowned for its role in helping investors, corporate leaders, and governments navigate economic changes and identify disruptive technologies, Mega Trends, new business models, and companies to action, resulting in a continuous flow of growth opportunities to drive future success. Contact us: Start the discussion. Contact:Tammy ChanE: firstname.lastname@example.org About Petromin Express National Car Maintenance Company (NCMC), a subsidiary of Petromin Corporation, strategically orchestrates a holistic array of automotive services, meticulously tailored to span the entire spectrum of the customer journey. Its division, Petromin Express, is renowned for its quick vehicle care solutions, leveraging an extensive network to offer unparalleled service quality and technical innovation. With a commitment to operational excellence and a pioneering approach to automotive care, Petromin Express enhances the vehicle ownership experience, affirming its leadership and innovating within the automotive service industry.
NaaS Technology Inc. Announces Positive NTR for January 2024 and Updates Revenue Guidance for Full Year 2023
BEIJING, Feb.8, 2024 /PRNewswire/ -- NaaS Technology Inc. (Nasdaq: NAAS) ("NaaS" or the "Company"), the first U.S. listed EV charging service company in China, today provided an update on its recent business developments and announced its revised revenue guidance for the financial year ended December 31, 2023. Focusing on improving operational efficiency, the Company has achieved a positive net take rate (NTR, transaction-side gross margin) while maintaining a 49% year-over-year growth in charging volume for its connectivity business during the month of January 2024. This achievement is built on the momentum of the continuous expansion of its charging service, with charging volume in the fourth quarter of 2023 increasing by over 55% as compared to the same period in 2022. The Company currently expects its revenue for the full year of 2023 to be in the range of RMB310 million (US$44 million) to RMB330 million (US$46 million), representing a year-over-year growth of 234% to 256%, respectively. The foregoing is the current and preliminary view of the Company's management and is subject to changes and uncertainties. About NaaS Technology Inc. NaaS Technology Inc. (Nasdaq: NAAS) is the first U.S. listed EV charging service company in China. The Company is a subsidiary of NewLink Technology Limited, a leading energy digitalization group in China. The Company provides one-stop solutions to energy asset owners comprising charging services, energy solutions and new initiatives, supporting every stage of energy asset's lifecycle and facilitating energy transition. As of September 30, 2023, NaaS had connected 767,611 chargers covering 73,710 charging stations, representing 41.6% and 50.0% of China's public charging market share respectively. Safe Harbor Statement This press release contains statements of a forward-looking nature. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as "will," "expects," "believes," "anticipates," "intends," "estimates" and similar statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry. All information provided in this press release is as of the date hereof, and the Company undertakes no obligation to update any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: NaaS' goals and strategies; its future business development, financial conditions and results of operations; its ability to continuously develop new technology, services and products and keep up with changes in the industries in which it operates; growth of China's EV charging industry and EV charging service industry and NaaS' future business development; demand for and market acceptance of NaaS' products and services; NaaS' ability to protect and enforce its intellectual property rights; NaaS' ability to attract and retain qualified executives and personnel; the COVID-19 pandemic and the effects of government and other measures that have been or will be taken in connection therewith; U.S.-China trade war and its effect on NaaS' operation, fluctuations of the RMB exchange rate, and NaaS' ability to obtain adequate financing for its planned capital expenditure requirements; NaaS' relationships with end-users, customers, suppliers and other business partners; competition in the industry; relevant government policies and regulations related to the industry; and fluctuations in general economic and business conditions in China and globally. Further information regarding these and other risks is included in NaaS' filings with the SEC. Exchange Rate This press release contains translations of certain RMB amounts into USD at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB7.0999 to US$1.00, the noon buying rate in effect on December 29, 2023, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or USD amounts referred could be converted into USD or RMB, as the case may be, at any particular rate or at all. For analytical presentation, all percentages are calculated using the numbers presented in the financial statements contained in this earnings release. For investor and media inquiries, please contact: Investor RelationsNaaS Technology Inc.E-mail: email@example.comMedia inquiries:E-mail: firstname.lastname@example.org
BeyonCa Founder Soh Urges Creation of New Automotive Ecosystem Amid Fragmentation of Supply Chain and AI-driven Transformation
BEIJING, Feb. 8, 2024 /PRNewswire/ -- During a recent investment roundtable with Barron's China, Singaporean Weiming Soh, a seasoned figure in the automotive industry and the founder-chairman of the premium smart EV company BeyonCa, advocated the establishment of a new industrial ecosystem to address the fragmentation in the traditional supply chain. "China has taken the lead globally due to its first-mover advantage, cost efficiency, and robust engineering prowess in the electrification shift, emerging as the world's largest car exporter," Soh stated. "However, the disruption of the traditional supply chain caused by deglobalization, accelerated by the COVID-19 pandemic, is a reality we must confront." "The EV industry must establish a new ecosystem with novel player roles and collaboration models, shaping the industry's future direction and facilitating Re-Globalization," Soh emphasized, adding that the roles between OEMs and OEMs, and between OEMs and supply chain partners, will transform from simple procurement relationships to partnerships. In Soh's view, the new ecosystem aligns with the changes in automotive construction, attributes, roles, and functions accompanying electric and intelligent vehicles, spanning from inside the car, around the car, and beyond the car. Inside the car, this involves a modular platform comprising a Skateboard Chassis, Scalable Battery Pack, E-Powertrain, E/E central computing hardware platform, infrastructure, solid state, and upper body, primarily reflected in design and connectivity, noted Soh. Around the car, he addresses charging infrastructure, encompassing fast charging technologies, V2X, and battery swapping. Finally, extending beyond the car aims to provide customers with an integrated user experience, incorporating services like insurance and healthcare, facilitated by AI technologies such as computer vision, natural language processing, and video/speech recognition. "With the rapid introduction of AI foundation models into the automotive field, smart cars have become the focal point of future competition in the electric vehicle industry. This signifies a shift of the production process and the business model, indicating that OEMs can no longer operate in silos from R&D to industrial production to market and user development and operation," he elaborated. "This inevitability heralds the emergence of a new industrial ecosystem characterized by collaborative R&D, co-IP, closed-loop data, and more." In 2021, Soh, alongside a distinguished team of industry veterans, founded BeyonCa. Positioned to compete with high-end car series such as Mercedes-Benz, BMW, and Audi, BeyonCa aims to define the super-premium smart EV segment through its exquisite design led by former Bentley designer Dirk van Braeckel, meticulous craftsmanship, smart experiences, and scenario-driven services within, around, and beyond the car. Backed by strategic investors Renault and Dongfeng, BeyonCa has forged a strategic partnership with the government of Zhejiang Province, and signed a Memorandum of Understanding (MOU) with Al Faisaliah Group Holding Company (AFG), a prominent diversified investments group headquartered in Riyadh, the capital of Saudi Arabia, aiming to cultivate the EV market in the Middle East. "The penetration rate of electric vehicles in the Middle East is expected to rise from the current 1% to approximately 20-27% by 2030, while that of Southeast Asia and the Pacific regions is anticipated to increase from the current 1% to approximately 30-45%. These regions will be the focal points of our international business expansion," Soh disclosed during the roundtable. He argued that a perfected supply chain is the greatest advantage of China's automotive industry. Going global is no longer just about exporting complete vehicles; more importantly, it involves venturing abroad with supply chain partners to establish an ecosystem in local markets. This signifies ecosystem globalization, enabling better localization efforts. "Localization should be based on the combination of local resource endowments," Soh said. "Our AI competence & eco-system development center will be based in Singapore, which is committed to becoming a global hub, while Indonesia and the Philippines, with abundant nickel ore resources, are suitable for establishing processing bases here."
Greenland Technologies Announces Addition of Correlli Incorporated to HEVI's Fast Growing Approved Service Provider Network Program
EAST WINDSOR, N.J., Feb. 6, 2024 /PRNewswire/ -- Greenland Technologies Holding Corporation (Nasdaq: GTEC) ("Greenland" or the "Company"), a technology developer and manufacturer of electric industrial vehicles and drivetrain systems for material handling machineries and vehicles, today announced the addition of Correlli Incorporated ("Correlli") to Greenland's fast growing HEVI Authorized Service Provider (ASP) national network program, which will support increased demand for the Company's growing HEVI electric industrial vehicle product line. Correlli is an all-in-one equipment service provider. Incorporated in the state of Maryland, it is licensed and fully insured. President Patrick Correlli and his sons started Correlli on June 1, 1999 as an independent repair shop. The business now supports repairs on all makes and models of construction equipment and is now a dealer for many equipment manufacturers. For more information please visit www.correlli.net. Raymond Wang, CEO of Greenland, commented, "We're delighted to welcome Correlli to the rapidly expanding HEVI Authorized Service Provider national network program. With almost 25 years of experience, Correlli has established itself as a leading one-stop solution for heavy equipment requirements in Baltimore. As a family-owned business, they align with our dedication to excellence in products, service, and support. Having Correlli on board gives us added confidence that HEVI owners can rely on this trusted company for top-notch service and support." CEO Wang continued, "We are seeing continued momentum from established local partners, which has accelerated the growth and expanded the reach of HEVI's national network program. We are confident that this ongoing development will provide a substantial competitive edge over the long term. Customers can make more informed buying decisions, as they take comfort in the assurance that Greenland backs the electric industrial vehicles and there's an established national network of reliable heavy-equipment service providers, such as Correlli, supporting them." About Greenland Technologies Holding Corporation Greenland Technologies Holding Corporation (NASDAQ: GTEC) is a developer and a manufacturer of drivetrain systems for material handling machineries and electric vehicles, as well as electric industrial vehicles. Information on the Company's clean industrial heavy equipment division can be found at HEVI Corp. Safe Harbor Statement This press release contains statements that may constitute "forward-looking statements." Such statements reflect Greenland's current views with respect to future events and are subject to such risks and uncertainties, many of which are beyond the control of Greenland, including those set forth in the Risk Factors section of Greenland's Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission ("SEC"). Copies are available on the SEC's website, www.sec.gov. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, Greenland's expectations with respect to future performance. In addition, there is uncertainty about the further spread of the COVID-19 virus or the occurrence of another wave of cases and the impact it may have on the Company's operations, the demand for the Company's products, global supply chains and economic activity in general. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated or expected. Statements contained in this news release regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. Greenland does not intend and does not assume any obligation to update these forward-looking statements, other than as required by law.
Autohome Inc. Announces 2023 Q4 and Annual Earnings: New Business Drives Sustained Growth
HONG KONG, Feb. 6, 2024 /PRNewswire/ -- Autohome Inc. (NYSE: ATHM; HKEX: 2518) ("Autohome" or the "Company"), the leading online destination for automobile consumers in China, today announced its fourth quarter and annual financial results for 2023. Over the past year, Autohome delivered solid operational and financial results with overall growth driven primarily by new businesses. According to the announcement, the Company's total net revenues in the fourth quarter were RMB1.91 billion. The total net revenues for the year increased by 3.5% year-over-year to RMB7.18 billion, of which the online marketplace and others business accounted for 30.6% of total revenue. The adjusted net income for the year was RMB2.16 billion with an adjusted net margin of 30.1%. In addition, Autohome remains committed to delivering returns to its investors as thanks for their long-term support; as of December 31, 2023, it has completed a US$200 million share repurchase program, repurchasing approximately 6.73 million American depositary shares ("ADSs"). On December 13, 2023, Autohome announced that Tao Wu has been appointed as an executive director of the Company and the Chief Executive Officer, where he is fully responsible for the Company's strategic planning, organizational management, and business development. Tao Wu stated in the earnings conference call that, "In 2023, the Company's total revenue grew steadily with a strong new business development. Looking ahead, we are committed to maintaining our leadership in these key areas, further exploring synergies with Ping An Group, and supporting the Company's long-term growth with unique value propositions and a more diverse and vibrant ecosystem." User scale continues to grow alongside the construction of a diverse content ecosystem In 2023, Autohome made user experience the core focus, creating a comprehensive system encompassing content, tools, and services to provide users with high-quality, convenient, and efficient auto consumption experiences. According to QuestMobile, Autohome's mobile daily active users ("DAUs") increased by 25.4% year-over-year to reach 68.19 million last December. The Company also launched an annual original IP 'NEV Breakthrough Plan', a comprehensive evaluation program that assesses new energy vehicles ("NEV") safety based on facts and data, deeply dismantles, tests, and analyzes the safety issues of NEV. So far, the program has received 325 million impressions and over 200 million views across the entire network. In the future, Autohome will maintain its focus on catering to the evolving needs of users, creating a rich and diverse content ecosystem that provides users with convenient access to high-quality, comprehensive services throughout the entire car ownership lifecycle, and improve user experience. Autohome Space taps into 20 Cities and revenue from NEV brands ramp up Over the past year, Autohome's NEV business has accelerated its roadmap. Revenue from NEV brands has increased by 81.6% year-on-year, continuing to outperform industry sales growth rates. By the end of 2023, Autohome Space has expanded to 20 cities across the country, particularly in mid to lower tier cities, to explore potential opportunities. In addition, the number of Space brand partners has gradually increased, and the offering of 3D holographic car models has covered more than 70 mainstream models. Going forward, Autohome will continue to increase its investment in the new retail model, allowing the Company to provide a comprehensive range of high-quality, one-stop automotive service experiences to consumers across the country. Deep application of AI and large language model drives strong revenue growth in digitized business In 2023, Autohome made continuous breakthroughs in AI product technology and large language models across a wide range of products and services, launched AI-driven data products, and promoted the application of large language models to all business scenarios. These measures helped dealer customers reduce overall costs and increase efficiency. In 2023, the average revenue of data products per dealer store and the average number of data products adopted by each dealer store both grew by over 20% compared to the prior year. The number of dealer customers for data products continued to ramp up, driving a 38% year-over-year increase in dealer data revenue for the year. As user behavior in car consumption changes, Autohome actively analyzes and identifies user concerns and vertical media blind spots. Combining AI new technology, the Company created CarPlan, the first large model-assisted decision-making product in the automotive industry. Since its launch as an independent mini-program in September 2023, it has provided car purchase decisions for more than 2 million users. The company's 'Super Subsidy' event covers more than a hundred brands and thousands of popular car series. In 2023, it issued over 100 million real car purchase rights to more than 1 million users, effectively tapping the consumption potential of China's car market and boosting sales. Empowering car dealers with used car digitization tools, TTP achieves breakthrough in replacement business In terms of the complex used car business, Autohome leverages data and technical advantages to offer a wide range of products to facilitate efficient business operation management for used car dealers. The Company also launched a membership product specifically designed for used cars, providing dealers with a comprehensive information management platform, which has covered more than 20,000 car dealers. TTP used car replacement business has partnered with 45 original equipment manufacturers ("OEMs"). In 2023, Autohome achieved solid year-over-year growth in both transaction volume and revenue for TTP while maintaining profitability. Overall, Autohome maintained a steady growth in revenue in 2023, while achieving a more optimal revenue mix and driving a significant increase in user traffic. The Company's new retail business is growing rapidly, and the overall business is making steady progress. Looking ahead, the prospects of the Chinese auto market are full of opportunities and challenges. The company will continue to invest in new models, technologies and products, and proactively explore opportunities for further business, resource and user integration with Ping An Group. Through these efforts, the Company aims to create new growth momentum and position ourselves for continued success in the future. About Autohome Autohome Inc. (NYSE: ATHM; HKEX: 2518) is the leading online destination for automobile consumers in China. According to QuestMobile, in December 2023, the mobile DAUs reached 68.19 million with an increase of 25.4% year-over-year. Its mission is to engage, educate and inform consumers about everything auto. Autohome provides occupationally generated content, professionally generated content, user-generated content, and AI-generated content, a comprehensive automobile library, and extensive automobile listing information to automobile consumers, covering the entire car purchase and ownership cycle. The ability to reach a large and engaged user base of automobile consumers has made Autohome a preferred platform for automakers and dealers to conduct their advertising campaigns. Further, the Company's dealer subscription and advertising services allow dealers to market their inventory and services through Autohome's platform, extending the reach of their physical showrooms to potentially millions of internet users in China and generating sales leads for them. The Company offers sales leads, data analysis, and marketing services to assist automakers and dealers with improving their efficiency and facilitating transactions. Autohome operates its "Autohome Mall," a full-service online transaction platform, to facilitate transactions for automakers and dealers. Further, through its websites and mobile applications, it also provides other value-added services, including auto financing, auto insurance, used car transactions, and aftermarket services. For further information, please visit: https://www.autohome.com.cn/about/index.html
Zuellig Pharma to Rollout the Volvo FE Electric truck for cold chain logistics
TAIPEI, Feb. 6, 2024 /PRNewswire/ -- The signing ceremony between Taikoo Motors, Zuellig Pharma, and Long Feng Medical Logistics confirmed the first delivery of a Volvo FE Electric truck for cold chain logistics in Taiwan, marking their partnership in promoting green transportation and heralding a new era of environmentally sustainable logistics. Mr. John Chou, CEO from Zuellig Pharma Taiwan (left); Mr. Yin-Chin Cheng, President of Long Feng Medical Logistics (right), and Mr. Willy Chen, Director of Commercial Vehicle at Taikoo Motors (middle), at the contract signing for Volvo electric truck for cold chain logistics. Recognized by EcoVadis with the Platinum certification for three years in a row for their efforts in sustainability, over the past century, Zuellig Pharma provides world-class distribution, digital, and commercial services to support the ever-growing healthcare needs in Asia. "The Zuellig Group was founded in 1922. As we celebrated our 100-year anniversary, we were also thinking about how to power our sustainable business for the next 100 years, placing a greater emphasis on the development of a sustainable future. As the largest healthcare service provider in Asia, with a business network spanning over 13 countries, the Zuellig Group is committed to achieve carbon neutral by 2030. All the companies in our group are taking active steps towards our goal of being carbon neutral. It was with great pleasure to join hands with our long-time partner, Yin-Chin Cheng, President of Long Feng Medical Logistics, to take the lead in the introduction of an electric truck that is suitable for cold chain logistics, hoping to accelerate our pace towards a carbon-neutral future." said John Chou, CEO from Zuellig Pharma Taiwan. Volvo FE electric truck, the best choice for our partners in sustainability The Volvo FE Electric truck is capable of driving up to 300km. It not only produces minimal emissions but also reduces interferences from noises in urban areas which benefits the drivers, the residents, and the global climate. The introduction of high-capacity batteries means that fewer batteries are needed for the same power available today, enabling further flexibility to suit customers individual transport needs. If customers' assignments require shorter ranges, they can increase their payload by using fewer batteries – with a payload increase of 605kg for every battery not carried. The new batteries offer 42% extra energy capacity and can be rapidly charged to 80% in just 90 minutes using DC charging technology, allowing customers to schedule their assignments more flexibly and saying goodbye to range anxiety. Taikoo Motors is committed to provide the best services as well as total solutions for our customers individual transport needs.
General Motors Unveils Plans to Forge Ahead in Korea in 2024 Through an Unprecedented Focus on Customer Experience
On February 2, General Motors hosted its New Year Press Conference at The House of GM, its integrated brand space in Seoul. The automaker highlighted its notable accomplishments in 2023 and outlined its strategic plans for 2024, with a focus on enhancing the customer experience by expanding its brand and product, sales and service, and electric vehicle offerings. This year, GM will introduce two electric vehicles built on the Ultium platform. It will also carry out the strategic positioning of the Chevrolet, Cadillac and GMC brands, launch OnStar safety and connected vehicle service, open the Seoul Service Center and expand ACDelco aftersales parts sales service. GM is dedicated to creating a distinct presence and enhancing its influence in the domestic market, emphasizing the unique and varied experiences that only GM can deliver to customers in all aspects of the business. New Year Press Conference attendees from GM's Korean Operations included President Hector Villarreal and Vehicle Sales, Service and Marketing Vice President Gustavo Colossi. The program began with a video message from Shilpan Amin, GM senior vice president and president of GM International. "Our priority remains to deliver the very best vehicles to our customers,” said Amin. “We believe we have the unique flexibility to meet customer demand and keep pace with the market for both traditional vehicles powered by internal combustion engines and electric vehicles. Last year, the sales of Trax and Trailblazer grew 311% and 82% respectively year over year in the U.S market. This is a testament to the unwavering dedication, exceptional productivity and steadfast commitment to quality competitiveness by our talented team in Korea." He added, "2024 promises to be a year in which GM reaffirms our commitment to the Korean market. We are excited to be introducing new models, showing our ongoing dedication to this crucial part of our global operations." In 2024, GM will bolster its presence in Korea by focusing its foundational strategy on offering a distinct customer experience with three elements: products and brands, sales and service, and electric vehicles. ① Brand and Product Experience Introduce four new vehicles – the Cadillac LYRIQ, Chevrolet Equinox EV, Cadillac XT4 and Chevrolet Colorado – to offer a unique and diverse product experience Extend customer engagement through integrated brand spaces including The House of GM and The Village of GM ② Sales and Service Experience Hold the grand opening of the Seoul Service Center in July Introduce OnStar global connectivity service in H1 Broaden the scope of ACDelco with an expanded range of aftermarket parts sales service ③ Electric Vehicle Experience Launch two electric vehicles – the Cadillac LYRIQ and Chevrolet Equinox EV – based on Ultium, GM's dedicated electric vehicle platform Continue expanding the release of Ultium-based electric vehicles, catering to various segments, purposes and price points in the future "We aim to deliver a distinct and varied product experience exclusive to GM through our Chevrolet, Cadillac and GMC brands, putting the customer at the center of everything we do," said Villarreal. "We plan to strengthen GM’s presence in the fiercely competitive domestic market and meet the needs of those seeking the unique American product experience and new lifestyle that only GM can provide by expanding our comprehensive range of products." "We take pride in offering a diverse range of vehicles that cater to a broad spectrum of preferences backed by excellent safety and outstanding performance," said Colossi. "Whether it's the sleek design and versatility of a Chevrolet, the reliability and robustness of a GMC, or the luxury and innovation of a Cadillac, our vehicle portfolio is meticulously curated to meet the unique preferences of Korean drivers." In 2024, GM will broaden its distinct product and service offerings for Korean consumers through strategic positioning, the introduction of new vehicles, and the provision of new services across the GM, Chevrolet, Cadillac and GMC brands. ① Seoul Service Center, a flagship facility delivering an upscale service experience Open at Yangpyeong-dong, Seoul, in July with a floor area of 23,556 square meters, four underground floors and eight floors above ground Offer comprehensive, one-stop service ranging from vehicle maintenance to product experience and purchase Serve as a hub for premium service with cutting-edge technology, drive-through service, valet assistance and private vehicle delivery Complement the East Seoul Service Center, which is being upgraded ② OnStar service for an extended digital customer experience Introducing in H1, with Chevrolet Trax Crossover as the first model to be applied To be applied to all brands & models that will be launched in the Korean market from H1 in order. Offer an expanded digital experience, beginning with vehicle diagnostics, remote control services, and wireless over-the-air through the Mobile App ③ ACDelco for an innovative maintenance service experience Extend parts sales service offerings to include domestic brands, on top of supporting current 13 imported premium vehicle brands Rapidly expanded the nationwide network of approx. 160 service points since its launch in 2023 Enhance customer access and service by broadening sales channels through e-commerce platforms GM’s Korean Operations achieved a remarkable 76.6% surge in demand in 2023, selling 468,059 complete vehicles. This was driven by a strategic emphasis on popular models such as the Chevrolet Trax Crossover and Trailblazer, which secured the top two spots in Korean domestic passenger car exports for 2023. This year, GM intends to fully utilize its annual production capacity of 500,000 units. Its primary focus will remain sustaining the success of the Trax Crossover and Trailblazer and fostering the sustainable business environment of its facilities.
The new Taycan impresses with a real-world range of up to 587 kilometres
Porsche launches the extensively updated Taycan. The new model variants offer more range as well as shorter and more robust charging processes. During an initial range test from Los Angeles to San Diego and back, pre-series models demonstrated their further improved efficiency. The all-electric sports cars covered up to 587 kilometres on one battery charge on public roads. "For the particularly efficient Taycan sports saloon with the large battery, this practical, final test resulted in a total range of up to 587 kilometres," says the Vice President for the model line Kevin Giek. "A great result. The range test in Southern California impressively demonstrated how efficient the reworked Taycan is. We are continuing to focus on our 'fast travel' strategy for electric mobility: short charging stops paired with high real-world ranges thanks to efficient drives." The range test was carried out under everyday conditions. Twelve international media representatives drove four vehicles on three days on Interstate Highway 405 and 5 between the Southern Californian metropolises of Los Angeles and San Diego. The teams drove at the maximum speed of 75 mph permitted on interstates. This corresponds to around 120 km/h. All four test cars were equipped with the larger Performance Battery Plus. The cars were charged at the Electrify America Charger in Torrance/Los Angeles. Here, the Taycan demonstrated over 300 kW charging power for many minutes and was able to charge from 10 to 80 per cent state of charge several times in well under 20 minutes. The charging performance, charging time and the time it takes to start charging were also greatly improved in this test. Porsche has built almost 150,000 examples of the Taycan since the start of production. The main individual markets for the model are currently the US, the UK, Germany and China. The extensively revised Taycan will be presented in a few days.
HIGHWAY HOLDINGS REPORTS FISCAL 2024 THIRD QUARTER AND NINE MONTH RESULTS; THIRD QUARTER SALES INCREASE 60% YEAR OVER YEAR
HONG KONG, Feb. 1, 2024 /PRNewswire/ -- Highway Holdings Limited (Nasdaq: HIHO) (the "Company" or "Highway Holdings") today reported financial results for its fiscal third quarter and nine months ended December 31, 2023, with a 60% increase in revenue and a $0.06 increase in diluted earnings per share for the fiscal third quarter of 2024, both compared to the year ago period. Net sales for the third quarter of fiscal year 2024 increased 60% to $4.1 million compared with $2.6 million in the year ago period. Net income for the third quarter of fiscal year 2024 increased to $302,000, or $0.07 per diluted share, compared with $52,000 or $0.01 per diluted share in the year ago period. Net sales for the first nine months of fiscal year 2024 were $6.8 million, compared with $8.5 million in the year ago period. Net income for the first nine months of 2023 was $177,000, or $0.04 per diluted share, compared with a net income of $831,000, or $0.20 per diluted share for the same period last year. Revenue in the first nine months of fiscal year 2024 was significantly impacted by the COVID boom and post-COVID bust cycle on Highway Holdings' customers. Roland Kohl, chairman, president and chief executive officer of Highway Holdings, said, "We ended the calendar year on a positive note, as compared to the year ago period, with revenue increasing about 60% in the third quarter of fiscal year 2024 and diluted EPS increasing 600% over the same period. We are happy to announce such strong results, and encouraged to be off to a good start for the new calendar year 2024. We are cautiously optimistic about the coming year based on several company catalysts that we believe will help us to drive growth, as we focus on the continued recovery of our business and turnaround of our Company." "There are three main reasons for our cautious optimism. First, we are seeing a slow but steady return to more normal order patterns of our customers. This represents an important inflection point after almost 12 months since the start of the downturn. Our strong revenue growth in the third quarter of fiscal 2024 was led in part by this return to more normal order patterns and we read this as a sign that the huge inventory levels of our customers now have been depleted, which indicates that the time with zero or little order quantities are behind us." "Second, as we noted last quarter, we are benefitting from a restarting of the business from our customer Playmaji, Inc., which owns the Polymega game console business. This business has now returned to full production after the motherboard supplier stabilized its supply chain and finally achieved a reasonable component lead time last year. We expect to see continued regular orders for the existing Polymega products in 2024, while also adding on manufacturing support for some very promising new products that could be further additive to our sales in the near future." "Finally, we are excited about our intended acquisition of a majority of Synova, for which we announced a letter of intent last month. Our customers' response to the transaction has been very positive and we are working to complete the acquisition over the coming month. Synova serves as an all-encompassing OEM manufacturer, with a comparable technological proficiency and a parallel business approach with Highway Holdings. Sharing the extensive synergies will make both companies highly attractive to our combined customer base, while allowing increased cost savings for a more profitable operation." "As a result of the above catalysts, we are looking cautiously optimistic into the future. We have remained focused on the turnaround of our business after fighting against the many challenges that negatively impacted our customers and our business, and resulted at the beginning of the fiscal year in an almost complete evaporation of previously stable revenue streams. This was a tremendously challenging period, which we believe we have emerged from stronger due to our resilience supported by our very strong and solid financial situation. We are cautiously confident entering the new calendar year 2024 and focused on achieving a significant turnaround in our Company's performance as we continue to navigate continued volatility worldwide." Gross margin for the third quarter of fiscal year 2024 was 21.3 percent, compared to 28.4 percent in the year ago period, mainly due to a different product mix with various margin levels particularly for Polymega game console deliveries in the current quarter. Gross margin for the first nine months of fiscal year 2024 was 24.1 percent, compared to 33.7 percent in the year ago period which is not considered comparable as it included some rental subsidy from PRC government in fiscal year 2023, which affected the product margin. The Company reported a $58,000 currency exchange gain for the fiscal 2024 nine months, compared with a $26,000 currency exchange gain a year earlier. The currency exchange gain in the current year was mainly due to the weakening of the Kyat used in our Myanmar operations and the Chinese RMB. The Company does not engage in currency exchange rate hedging, and the fluctuation in the exchange rate of the RMB and Kyat are expected to affect the Company's future results. The Company's balance of cash at December 31, 2023 was approximately $6.2 million, or approximately $1.43 per diluted share. The Company's current ratio was 2.13:1 at December 31, 2023. About Highway Holdings Highway Holdings is an international manufacturer of a wide variety of quality parts and products for blue chip equipment manufacturers based primarily in Germany. Highway Holdings' administrative offices are located in Hong Kong and its manufacturing facilities are located in Yangon, Myanmar and Shenzhen, China. For more information visit website www.highwayholdings.com. Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements, which involve risks and uncertainties, including but not limited to economic, competitive, governmental, political and technological factors affecting the company's revenues, operations, markets, products and prices, the impact of the worldwide COVID-19 pandemic, and other factors discussed in the company's various filings with the Securities and Exchange Commission, including without limitation, the company's annual reports on Form 20-F. (Financial Tables Follow) HIGHWAY HOLDINGS LIMITED AND SUBSIDIARIES Consolidated Statement of Income (Dollars in thousands, except per share data) (Unaudited) Three MonthsEnded Nine Months Ended December 31, December 31, 2023 2022 2023 2022 Net sales $4,107 $2,562 $6,776 $8,547 Cost of sales 3,231 1,835 5,140 5,669 Gross profit 876 727 1,636 2,878 Selling, general and administrative expenses 679 722 1,728 2,130 Operating income 197 5 (92) 748 Non-operating items Exchange gain /(loss), net 27 3 58 26 Interest income 63 16 156 35 Gain/(Loss) on disposal of Asset 3 2 16 7 Other income/(expenses) 8 0 14 5 Total non-operating income/ (expenses) 101 21 244 73 Net income before income tax and non-controlling interests 298 26 152 821 Income taxes 1 15 7 10 Net income before non-controlling interests 299 41 159 831 Net loss /(income) attributable to non-controlling interests 3 11 18 0 Net income attributable to Highway Holdings Limited's shareholders 302 52 177 831 Net Gain/ (loss) per share – Basic $0.07 $0.01 $0.04 $0.20 Net Gain/ (loss) per share - Diluted $0.07 $0.01 $0.04 $0.20 Weighted average number of shares outstanding Basic 4,386 4,072 4,314 4,058 Diluted 4,396 4,130 4,323 4,115 IGHWAY HOLDINGS LIMITED AND SUBSIDIARIES Consolidated Balance Sheet (Dollars in thousands, except per share data) Dec 31, Mar 31, 2023 2023 Current assets: Cash and cash equivalents $6,186 $6,952 Accounts receivable, net of doubtful accounts 3,533 1,886 Inventories 1,812 1,413 Prepaid expenses and other current assets 200 406 Income tax recoverable - 3 Total current assets 11,731 10,660 Property, plant and equipment, (net) 379 401 Operating lease right-of-use assets 2,004 2,514 Long-term deposits 205 213 Long-term loan receivable 95 95 Investments in equity method investees - - Total assets $14,414 $13,883 Current liabilities: Accounts payable $2,477 $928 Operating lease liabilities, current 586 573 Other liabilities and accrued expenses 1,845 1,991 Income tax payable 551 568 Dividend payable 46 1 Total current liabilities 5,505 4,061 Long term liabilities: Operating lease liabilities, non-current 1,013 1,482 Deferred income taxes 98 107 Long terms accrued expenses 17 17 Total liabilities 6,633 5,667 Shareholders' equity: Preferred shares, $0.01 par value - - Common shares, $0.01 par value 44 41 Additional paid-in capital 12,140 12,003 Accumulated deficit (3,879) (3,396) Accumulated other comprehensive income/(loss) (517) (444) Non-controlling interest (7) 12 Total shareholders' equity 7,781 8,216 Total liabilities and shareholders' equity $14,414 $13,883
Auto Industry and Tech Convergence Propel 69.3% of New Vehicles to Level 2++ Automation by 2030
ABI Research's latest whitepaper, sponsored by AMD, outlines a scalable approach to ADAS and autonomous driving NEW YORK, Feb. 1, 2024 /PRNewswire/ -- The automotive industry, in conjunction with major suppliers in Artificial Intelligence (AI), high-performance compute, mapping, and location intelligence, is investing heavily in the development and deployment of assisted and autonomous driving. According to global technology intelligence firm ABI Research, in 2030, 69.3% of all new passenger vehicle sales will have an SAE driving automation level of 2+ or higher. In its latest whitepaper, A Scalable Approach to ADAS and Autonomous Driving, ABI Research explains the broad spectrum of applications that will support drivers to drive more safely, take on specific tasks on the driver's behalf, or ultimately entirely replace drivers through the automation of the entire driving process. "Different autonomous applications vary in features and the level of driver involvement. Some demand constant supervision, while others permit manual, visual, or cognitive disengagement. Active safety systems offer limited support, keeping the driver fully in control. In contrast, driverless vehicles eliminate the need for human operators by handling all driving tasks autonomously," says James Hodgson, Smart Mobility and Automotive Research Director at ABI Research. "Therefore, the automotive industry should adopt a scalable approach to their active safety, semi-autonomous, and fully driverless applications. Maximizing the re-use of components between different feature/disengagement combinations will yield many benefits to the market." The whitepaper, A Scalable Approach to ADAS and Autonomous Driving, provides an overview of each SAE Level and explores the technology implications of ADAS and active safety, 360-degree perception, high-performance compute, and the redundancy in perception, processing, and software. It also discusses the core role of safety rating agencies in making cars safer and driving the adoption of active safety. "Overall, the only feasible approach to delivering on feature-rich and unsupervised automation is to construct today's supervised autonomous applications on an architecture that has the potential to scale by adding technologies that will replace the supervisory role that human drivers play today," Hodgson concludes. For more information, download the whitepaper, A Scalable Approach to ADAS and Autonomous Driving. The whitepaper is also available in Chinese and Japanese. About ABI Research ABI Research is a global technology intelligence firm uniquely positioned at the intersection of technology solution providers and end-market companies. We serve as the bridge that seamlessly connects these two segments by providing exclusive research and expert guidance to drive successful technology implementations and deliver strategies proven to attract and retain customers. ABI Research是一家全球性的技术情报公司，拥有得天独厚的优势，充当终端市场公司和技术解决方案提供商之间的桥梁，通过提供独家研究和专业性指导，推动成功的技术实施和提供经证明可吸引和留住客户的战略，无缝连接这两大主体。 For more information about ABI Research's services, contact us at +1.516.624.2500 in the Americas, +44.203.326.0140 in Europe, +65.6592.0290 in Asia-Pacific, or visit www.abiresearch.com. Contact Info: GlobalDeborah PetraraTel: +email@example.com
GM’s Korean Operations Sold 43,194 Vehicles in January, 165.8% Increase Year on Year
GM's Korean Operations sold 43,194 vehicles in January. Sales were up 165.8% compared to the same month last year. It marked the 19th consecutive month of year-over-year growth. Overseas sales of GM's Korean Operations reached 40,300 units in January, up 164.6% on an annual basis and the 22nd consecutive month of year-over-year overseas growth. The Chevrolet Trax Crossover along with its derivative model led the way, selling 23,703 units in global markets in January. Chevrolet's entry model has redefined the concept of crossover vehicles, with its generous space, innovative features and contemporary, stylish design. Monthly sales have exceeded 20,000 units five consecutive months. The Chevrolet Trailblazer along with its derivative model sold 16,597 units globally in January, up 9.3% compared to the same month last year. The model’s sophisticated design and outstanding marketability have contributed to its worldwide popularity. Specifically, the Trailblazer’s market appeal was enhanced with key changes last year, including a completely redesigned interior. In January, GM’s Korean Operations’ domestic sales totaled 2,894 units, marking growth of 183.4% compared to the same month last year. The Chevrolet Trax Crossover took the lead, with sales reaching 2,246 units. The Chevrolet Trailblazer recorded sales of 461 units and experienced growth of 7.2% compared to the same month last year. Chevrolet Traverse sold 119 units in the domestic market, up 48.8% year on an annual basis. With its impressive size and best-in-class power, the Traverse remains a popular choice among imported large SUVs. “Chevrolet’s globally strategic vehicles are garnering favorable feedback from both local and international customers,” said GM’s Korean Operations Vice President of Vehicle Sales and Service Gustavo Colossi. “In 2023, the Chevrolet Trax Crossover and The New Trailblazer secured the top two positions in cumulative exports of domestic passenger vehicles.” In February, GM is offering unprecedented promotions for key models, including the Chevrolet Trax Crossover, The New Trailblazer, Traverse and Tahoe, as well as the GMC Sierra, to sustain the positive momentum. Chevrolet is holding a range of exclusive promotions. It is presenting diverse installment options for Trailblazer buyers, including combined installments or unique plans that blend cash incentives with installment benefits. Comprehensive details are available on the Chevrolet website (https://www.chevrolet.co.kr/) and the GMC website (https://www.gmckorea.co.kr/). * Cadillac performance is excluded from the monthly performance of GM’s Korean Operations.