Chinese auto manufacturer BAIC Motor plans to raise around $2 billion in an initial public offering (IPO) in Hong Kong in 2014's second quarter, according to sources cited by Thomson Reuters publication IFR.
Automotive
Audo invests in Paris bio gasoline startup
Germany-based car maker Audi is investing in Paris, France-based bio gasoline startup Global Bioenergies, which makes cheap gasoline from sugar, as part of an effort to decrease greenhouse gas emissions amid stricter regulations.
American car booking firm Uber to invade Asia Pacific market -source
San Francisco, California-based online car booking service Uber planned to venture into the Asia Pacific market and start hiring staff members across 14 cities, according to an Uber representative.
Google Executive Chairman Eric Schmidt warns technological advances could endanger jobs
Eric Schmidt, the Executive Chairman of search giant Google, has warned that technological advances could eliminate a wide variety of jobs, the Financial Times reported.
US-based car buying service CarWoo! closes down
Burlingame, California-based car buying service CarWoo! posted an announcement on its website saying the company will be shutting down, with some of its employees heading to rival TrueCar.
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The Vietnamese government plans to exit its stakes in 11 state-owned companies under the transport ministry via stock market listings to boost economic productivity and growth.
German-based carmaker Volkswagen intends to introduce a mid-sized sports utility vehicle for its North American market in 2016 as part of its $7 billion investment program, Bloomberg reported.
Judge Kevin Gross of the US Bankruptcy Court in Wilmington, Delaware on Friday rejected a planned sale of Fisker Automotive to Hong Kong businessman Richard Li. Gross ruled in favor a competitive bidding between Li and Chinese auto parts maker Wanxiang Group instead.
China-based automotive glass supplier Fuyao Glass Industry Co will pour in a $200-million investment to build a manufacturing facility at the former assembly plant of General Motors (GM) in Ohio, US.
The new Mercedes-Benz C-Class has cameras that can read road signs and sensors to judge distance to the car in front, but is not yet able to make full use of the hardware.
Sergio Marchionne, chief executive officer of Italy's Fiat, said that the carmaker could issue a mandatory convertible bond as a way of financing investments after its $4.35 billion deal to buy the rest of Chrysler.
Santander Consumer USA Holdings is seeking a valuation of as much as $8.4 billion in its initial public offering. The auto loan company owned by Spain's Banco Santander as well as private equity firms expects to raise $1.56 billion in the listing.
Tencent Holdings Ltd, the biggest Internet firm in Asia, invested an unconfirmed amount in China-based cab booking app Didi Taxi to promote its payment service to mobile web users.
China-based car parts conglomerate Wanxiang has sweetened its bid for failed US electric car maker Fisker Automotive in a battle with its rival suitor, Hong Kong-based firm Hybrid Technology.
